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Robert Le's Answers

What is the difference between a no closing cost loan and the interest rate?
No body works for free. The closing cost is roll into the higher interest rate. The interest rate will depend on the loan amount. Usually most no-closing cost loan only cover for non-recurring cost like escrow, title, notary, appraisal, underwriting, government recording. The cost that you have to pay...
Home loan question - 20% down or FHA????
Hi,It all depends on you. You can still down less than 20% and do not have to go with FHA. However, if you down less than 20% then you have to pay for PMI. For FHA, you have to pay upfront MI - 1.75, then you have to pay MI for 5 yrs and your Loan-to-Value (LTV) has to be less than 78%.Most Lender calculate a backend...
If my credit score is 650 and my fiance is 700 would we qualify for a $200,000 mortgage?
Hello Jilian.To depend if you are qualified for a $200k mortgage depends on your income, your credit score, and any debts you have. There are many loan programs that suit the needs of the borrower now. With FHA, you can down 3.5%, however; there is a upfront MI at 1.75 which you can finance into your loan. Also,...
Will my credit score drop if I pay off the loan early?
You credit escrow will not drop if you pay off the loan or sell the house early. You credit score will drop if you short sale or foreclosure. The credit score is a # to see how well you manage your financial life. You can pay credit card off early, but you need to use credit card and manage them. Recommend that you...
Refinance - single family mortgage
If the remodel is cost low, I recommend going to the large bank like Chase, BofA, Wellsfargo and get a HELOC.
Should I refinance now or later? Have I missed my chance?
My recommendation is you refinance now with No Point/No Cost. If rates goes down again, then refinance again with No Point/No Cost. It does not cost you anything to submit in an application
Re-fi rental home w LTV less than 70%
You do not need HARP 2.0 if you LTV is less 80%. For investment property, the interest rate is higher. And most lenders require the LTV for investment property to be 75% or else the interest is very high. You should shop around to get the best rates. I recommend doing a NO COST/NO FEE loan. If rates does lower,...
Streamline FHA Loand
If docs come out in May then 5 months, if june then 6 months, if july then 7 months. It is a good time to do Streamline FHA now, the new guideline have reduce the upfront MI from 1.75% to only 0.01% and the MI from 1.25% to 0.55%. I can help you now with the Streamline FHA. There is no fee to submit in an application. Email...
Purchase price significantly lower than mortgage?
hi,when he said "Now the real estate agent is saying that I cannot afford the mortgage payment in addition to the condo association fee". Do you have any credit debts, student loans, car loan? When you get a pre-approval, the lender does not look closely at your debt ratios. During the loan...
Refinance Conventional Underwater Loan
The only options is you have to bring money into the new loan to make the Loan-to-value low enough for you to get approved. If the Loan-to-value is above 80%, then you have to pay for mortgage insurance. Also, if your ex-husband is on title, then he will need to quit claim. Give me a call if you have any...
Is it uncommon for a lender not to give a buyer a copy of the loan approval?
why is everyone talking about appraisal? The question is LOAN APPROVAL. It is illegal for them to black out any items. You have to look at the GFE. You have to look at the APR and interest rate. If the gap is large, then they are charging you alot.
Can our mortgage be modified or refinanced.
To quatify for HARP 2, you loan must be own by either fannie mae or freddie mac., you must purchase the home before jun 1, 2009.
can I buy a home.
you have to wait for 3 years.
Secondary Income problem
For the rental, you will need at least 2 years of rental proof. Also, you have to claim the rental on your tax return.Give me a call or email me, we can discuss more options for you. 714-943-6499,
After filling out the HARP 2.0 application, I was laid off. Can I still qualify?
The new job must be in the same line of work and most lenders require you to work there for at least 3 months because 3 months is like the probation period. the lender will need to qualify you with the new income. I recommend going to a mortgage broker instead of a lender like BofA, Wellsfargo or Chase, since...
I am looking to buy a home
Since you walk away from house house 2.5 ago, you have to wait for 3 years to get an FHA loan. FICO of 640 is ok for a FHA. I have done FHA loans that the borrower will pay off credit cards during the purchase of the new home. I will recommend you to wait to pay off the credit card the during the purchase.
what is the most trustworthy mortgage company?
answer is none. you have to do you homework. you have to shop around for the rates. most people think large banks like chase, bank of america, wellsfargo. all are for themselve. Look at Goldman Sach, they tell you to buy one stock and goldman insurance that stock will go down. they made billions while...
Should I streamline my FHA, go to a 15 year conventional, refi at a 30, or just increase principal payments
i will do an arm 5-7 years. Most people said they will move in 5 years and it send up 7 years. You payment will be lower and you can always pay more in the principle.
Do I need to notify my lender if I am the owner of a C-Corp?
If the C-Corp is part of you income, then some lenders will request documents. therefore, give them only when they ask. I am a Mortgage Company in California. I can help you finding the best and lowest interest that fit your needs. Give me a call at 714-943-6499 or email me at robert.le@greenvillemortgage...
I refinanced 14 mos ago to a 15 year FHA loan. FHA streamline eligible?
yes, you can. I can help you with the FHA streamline. Give me a call at 714-943-6499 or email at I can get you a free quote.

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