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Paul McFadden's Answers

Can I use the equity from my first home to get a better mortgage on another property?
Charl: the rate for a second home should be the same as for your primary home. If you can put 20% down that would be ideal. That way you won't have mortgage insurance. Good luck and let me know if you have any additional questions. Thanks!Paul
Mortgage with 3 different employeed residents.
If you and your wife can qualify without your son that would be best. It looks like this has already been answered. I'm happy to help and am local if that matters to you. Feel free to contact me if I can be of further assistance. Good luck with your purchase!Paul
Refinancing my home with 706 credit score
Sure. A lot of it depends on how long you plan on staying in your home. There are always costs to refinance in one form or another. My one piece of advice to you is to choose someone local. You have a lot of willing loan officers here but make sure you choose someone who knows the market, your area, etc. Out of state...
Please see my question below
You may be limited to 75% loan-to-value on your 4-plexes. Is this possible? Regarding your commercial property that's a pretty good rate already. I will check and see what we may be able to come up with. Thanks!Paul
Middle FICO credit 759, looking get a home mortgage in Seattle
You should be able to get a rate of close to 4% today. Rates change every day but I don't expect them to increase drastically any time soon. How soon are you looking at purchasing? Thanks for your inquiry. I appreciate it!Paul
Can I get cash-out with a new home loan?
You would need to pay cash if it's a purchase (probably with private money-we can help with this) and then you could refinance if the loan-to-value was right where you could take cash out. A few more details are needed from you. Is it a purchase? Are you able to get a great buy on the property where you...
Seattle WA FHA Lenders for Credit Scores Between 600-620 Options
There are a handful of places that will do these with a credit score in this range. You are welcome to contact me at (425) 818-2251. Thanks!Paul
how long do i have to wait to refinance?
12 months current and you should be ready to go. I believe interest rates will stay relatively low throughout the balance of this year so you still may be able to do this. FHA might be best as they're a little more lenient re: pricing and credit scores. I wish you well. Feel free to contact me if you have...
Need to find a home mortgage loan with a small business already in the house
I emailed my senior underwriter to see what might be able to be done. Thanks!Paul
What's the difference between a HARP 2.0 and a FHA Streamline Refinance?
You would need to have an FHA loan currently in order to do an FHA streamline refinance. Plus, your loan must have been closed and sold before June 1, 2009. Is this the case? I think my colleagues have answered the other parts well. If you're way upside down and your loan is owned by either Fannie Mae or...
My credit lady is reasonable and gets results. If you're interested give me a call at (425) 818-2251. Thanks!
HARP for an -accidental landlord- situation
This might still be possible. The key is to see if we can get an online approval for you. Call me at (425) 818-22512 and we can see if it makes sense for you. Thanks!Paul
Yes. Choose someone reasonably local when doing this. The allure of doing a big deal like this online isn't worth the time it will take to get it done. You would need to have good credit, etc. in order to make this work. Call or email me if you have any further questions. I'm happy to help!Paul
Best 100% Loan to Value va cash out refinancing Lenders
Here is what I found out for you. It is doable under the following conditions:1) if you are paying off the first mortgage and a second mortgage (whether secured at time of purchase or after)2) adding the costs to refinance to the loan.In other words, you can't take cash out but you can consolidate a...
Looking for a 60%LTV after a forclosure
You have some good answers here. Pick a local lender. The process will go much smoother for you. Thanks and good luck!
where to get a mortgage
I think it depends on the day you visit your bank. Sometimes I find the banks pretty competitive and other days they aren't. The more important thing is to work with someone you know, like and trust. Big banks often have inexperienced loan officers who don't know how to get your loan done. Big...
Can I get a home equity loan with bad credit?
Not sure. The best home equity choices are your local bank. They charge next to nothing to do these. I would check there. Good luck!
Any lenders that can do a Harp 2.0 refi after BK7 discharged 8/09?
You need to wait 4 years so should be go to go next year. Let me know if you have any other questions. Thanks!
Who pays for closing costs during a short sale?
The seller may not have the money to pay for closing costs so the lender would usually pick up the bill.
how do I know I have a Fannie Mae loan?
Go to Fannie Mae loan look up on Google and type in the information. Your loan needs to have been purchased before June 1, 2009. Let me know if you have any other questions. Thanks!Paul

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