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Richard Airey's Answers

Will I get better rates if I can actually pay off my mortgage like right away?
Look for a lender who will offer a "no closing cost loan". You will get a higher interest rate, but if you're paying it off quickly you're better off saving the fees.
I've had two late payments in the past year...can I not refinance?
Depends on the late payment... was it on a mortgage or another type of loan? If it was on a mortgage you are out of luck for 12 mos. If not, contact a local mortgage professional and have them run your scenario. They will be able to give you accurate information the same day and let you know if you qualify based on...
If my husband and I are about to divorce should we wait to refinance?
The correct answer is: "It depends". Here's the good news; you are asking this question earlier rather than later. My recommendation is to consult with a lender in your area now. They will be able to provide a mortgage consultation, a copy of your credit report, and let you know what you would currently...
How long must I wait for the Rates to drop again? If at all?
If only we had the crystal ball. The current trend is for rates to keep increasing. How quickly and how high are the real questions. Now, the current, rapid increase we've seen over the last 2 weeks or so is, in many experts opinion, an overreaction to recent data showing the economy making a comeback as...
Do you do bridge loans until I sell my property?
Bridge loans are hard to find these days. Which state are you in?
whats the absolute lowest credit score you have to have to get a mortgage loan
FHA technically has no minimum but banks impose their own guidelines. The lowest I've seen is 580.
I just paid off my first house. What steps do I need to take to buy my second home?
Generally speaking, purchasing a second home will require a down payment of 10%. Your first step will be to contact your local Mortgage Banker and get pre-approved. Although we are located in Maine, we do have a loan officer who is licensed and does business in Florida. I'd be happy to put you in touch with...
Must I have a business license or previous experience to buy a real estate property for investment?
There are many options. You would be best served to sit with more than one lender in your area. Pick a reputable mortgage banking company and also try a reputable mortgage broker. A good loan officer will be able to lay out your options and discuss the pros and cons of each.
Is it possible to get approved for an fha loan with a credit score of 590?
You may find lenders who will consider doing an FHA loan with FICO scores below 600. However they will carefully scrutinize what's on your credit report rather than just look at the scores. Also, you will probably find they will require a larger down payment than the minimum 3.5%. I've seen as high as 10%...
Which bank to choose?
In addition to the comments already supplied, I would recommend finding a local Mortgage Banker. These companies underwrite and fund their own loans, unlike mortgage brokers. This usually means better service and often lower fees.
Is 15 year fixed mortgage the best kind of mortgage at this time?
This question would be better posed to your licensed financial planner or CPA as this decision should be part of a larger financial strategy. However, there are 10 yr. fixed rate mortgages available. It's not unheard of to find rates in the 2's currently. You will probably want to shop your local credit...
Is there a way that we can make the home seller pay closing cost?
Sure... just ask. There is no way to "make" the seller pay them but a good Realtor will be able to include that conversation in the negotiation process. Also, make sure you ask your lender if your particular loan program allows seller concessions.
What is likelihood of getting a cashout refinance with a credit score of 615
It is possible. You may have to go FHA but it should be doable. Unfortunately I am not licensed in your state, but you should call a local mortgage company to inquire.
what is minimum fico needed for reverse mortgage thank you
Reverse mortgages do not take FICO scores into account. Your credit score is irrelevant for a reverse mortgage. Hope this helps.
What kind of loan is available for FICO score 678 year in 2014?
With that FICO you should be able to qualify for Conventional or government financing. Of course there are other factors involved with approval. It also makes a difference with what is on your credit report such as foreclosures, Bankruptcy, collections, judgements, etc. You need to contact a...
Will lenders take below 600 credit scores with high income
Yes, there are lenders who will go down to 580. Your best bet is to contact some local reputable lenders including local banks. Ask about their portfolio products. Good Luck.
best loan scenario for bad credit?
You should also check with local community banks. They often have portfolio products and may entertain lending to you with a sizable down payment and if you have reserves. Keep in mind they will require a detailed explanation of all derogatory information on your credit report, and will want to see a...
Why do they use the lower co borrower credit scorwe?
Your lender will pull a "Tri-Merge" credit report, which includes 3 scores from Experian, Transunion and Exuifax. They will look at the middle score, and if there is more than one borrower, they will use the lowest of the middle scores. This is standard practice for all mortgage lenders and mortgage...
what would be my MI rate if I put 12% down?
This would depend on your FICO scores, the type of property being purchased, whether it's your primary residence or not, and the state the property is located in. Your local trusted mortgage professional would be able to offer you a quote, or you could try running a quote at a Mortgage Insurance...

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