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Rick Pelleriti's Answers

Will the rates come back down or is this it?
Don't believe the experts, as they have been shown to be wrong half the time. At the beginning of 2010, everyone predicted rates would rise to 5.5% or so. However, the exact opposite happened, with wholesale rates for Conforming loans dropping to 3.75% - the lowest in history.Now, with the spectre of...
I have a line of credit for $20,000 that is outstanding on my house. My friend just inherited money and wants to pay this for me. Can he legally do this either online or by his check and are there any tax consequences?
It is always a good idea to check with your tax professional to make sure there are no tax consequences from the "gift." Yes, certainly anyone can make that payment for you.
how much is monthly payment difference between 4.25% and 4.75% on a 300K loan
Actually the answer is $89.12, but that doesn't change the point. As of Dec. 22, the wholesale rate in CA with a good FICO is 4.625%.
I want lower to 25 year fixed. Is appraisal required
If you are looking to get a lower rate with a refinance, then a new loan will require an appraisal as the lender needs to know there is enough equity to approve the loan.If you just want to pay off your loan in 25 years, consider making a higher payment. You can use an amortization schedule to determine what...
Can I get My Money back
I find it odd that they would try 3 times. Typically, the cost varies from $125 to a high of $250. In the business we call it a "resubordination." That would be a condition to get your loan approved (1st mortgage).If it got declined, you should know why. There would be no need to try again, unless you...
What is the correct process
If the home is being recorded into the name of your daughter, depending on the county, this may trigger a transfer tax. I would STRONGLY advise you consult a Real Estate attorney, and also talk to the title company about the transfer tax question.
first home, 23 years old
Although the standard guideline is two years, there is room for interpretation. Some lenders will allow education to be substituted, say a nurse or a doctor before beginning their practice.Also, if you were self-employed in the same field, some lenders will allow the switch from being self employed...
Surplus Home Loan? Please Explain
I have never heard of that terminology. Do you mean a HELOC? (Home Equity Line of Credit). This would be a second mortgage. Ask your lender for all details.
It depends on the interest rate. Typically, on a 30 year amortized loan at a standard rate between 4% and 5%, the total amount paid back is approximately twice as much.The total amount will always be shown on a required form called the TIL (Truth In Lending) statement.The higher the interest rate, the...
Loan for Gift Tax?
I imagine you have spoken to your tax advisor about the tax.Regardless, the answer is yes - assuming you can qualify, and there is enough equity, you can use the house as collateral. That is normal.
What is more important? Credit Score or Down Payment.
John gives a very good answer. To put it succinctly in another way, your credit score may be more important since if it is below 640, you will have a very difficult time getting a loan regardless of what you put down (unless you go for a 10% private money loan (hard money) which might require 40-50% down)...
Purchasing a Home for Investment
You need to be very careful about being able to qualify with your debt to income ratio. Lenders will only give you credit for 75% of your gross rental income.Also, lenders typically want you to have two years of rental experience.It is much tougher to qualify for a "non-owner" occupied home,...
what should my credit score be before a lender would loan me money
Ask your mortgage broker or mortgage banker of choice to show you the difference in price for various interest rates. Depending on what your FICO score is, you may wish to wait and increase your score before making any commitments. There are lots of ways to do that.A 10 point increase might make a huge...
Refinance with no closing costs?
I agree. Once your loan officer knows these 6 items:1. Your name2. Social Security #3. Property address4. Loan Amount5. Value of home6. Your incomeBy law, within 72 hours, you must receive a Good Faith Estimate which will quantify all the closing costs. This needs to be very accurate as it is a binding...
What will it take to subordinate a second mortgage? Does it require a certain LTV?
Good answers below. Here's a word to the wise. Be very careful about locking your rate so you can allow enough time for your existing lender to approve the resubordination request. It could take up to 30 days - and you will need to get the appraisal done first.
Refi at 15 yr or stay at 30yr
As I write this on March 14, rates have improved quite a bit since you asked the question. I would now say you probably will benefit from refinancing - as your savings will be justified despite the loan costs. Depending on home value and your FICO score - we are now seeing between 4.50% and 4.625% for the 30 yr...
Stock markets going down helps mortgage rates right?
There is often a general correlation - but I would say the best way to monitor is to follow the MBS market. (Mortgage Backed Securities).That is the price the secondary market (like Fannie and Freddie) will pay for a bundle of mortgages at various interest rates.So - as that market changes - it directly...
Help..Can we cancelled the escrow and started another loan application through another agent for 7/1.
Check with the original lender quick. If the loan has been cancelled by them, then it is obvious you can't go back - you would have to start over - but good luck having them cooperate with you as you probably already burned a lock.Note - you can get a 5 yr. ARM in the 3.0% range - low ARM rates are plentiful. ...
do you help people with poor credit?
I am a member of a Mortgage master-Mind Group and I can recommend an outstanding individual who specializes in credit repair. Hannah is an expert in her field. I can refer her to you if you wish - just let me know.Rick
What is a good average down payment there days? for the best rate possible?
Dan, as has been mentioned, there are many variables. In general, you no longer get a benefit once you exceed 40% down - to try and answer your question specifically.That is for the "best rate possible" with a conventional loan. You can get a better "rate" with FHA, but you need to do...

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