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Richard Shapiro's Answers

What is better? Paying more points now and better rates or no points and worse rates?
I second CO Lender's answer. No need to pay points these days.
Does anyone know of a company in Wyoming that offers stated income home loans?
I dont believe there is stated loans offered anywhere.
Can I refinance a home equity loan?
You should at least investigate....
My sister and I own an 8 family owner occupied multi unit. We are very interested in a 20 year fixed rate, do you have any suggested lenders in the Massachusetts area.
This is not a regular residentional mortgage. It would be a commercial loan. We can do offer commercial if you would like to discuss. Rich Shapiro, Asset Mortgage Group-Natick MA. rshapiro @
Can I pay off a mortgage with a Home Equity Line of Credit in order to remove the lien on the propert?
If your Home Equity Line of Credit is enough to cover the mortgage, yes you can. When you pay off the mortgage, you will need to follow up with the mortgage company for them to issue a discharge which then removes the lien the first mortgage created. Now the $64k question: why would you want to pay off the...
Did I get a good loan for my situation?
That seems high even for NY.
Need a Refinance To Remove Ex Husband
Regarding your income, support payment can count. generally you need to show that your have been recieiving them for the past 3 months
Can our house ever be foreclosed wth an FHA Loan?
FHA insures you house but the insurance covers the lender if you default.
Reverse Mortgage or Refi?
They are popular depending on the area you are in. It is a product that seemed to spread west to east. the basics are that you will qualify for more when you are older. Min age for one is 62, a 70 year old will qualify for more funds than a 62 year old and an 80 year old even more. The basic qualifications are age and...
How do I qualify for a no-cost refinance?
Two ways to do no costs loans:-there are closing costs but they are rolled into the loan-there are closing costs but you recieve a lender credit to cover all or part of them. You will trade a slightly higer rate for this option.Which works better depends on loan size, equity, and what you are looking for...
How to refinance a new Fannie Mae - Freddy Mac backed loan?
A few questions:-Was the second mortgage used to purchase the home?-What are the balances of both mortgages-What indication did the lender use to lead them to the conclusion of your homes value?I would suggest contacting privately with the answers. We could run an AVM on your home to determine if you...
what mortgage options are available for first time home buyers. and is there a qualification number of years working at one job?
FHA is the most popular with a 3.5% down payment. After that there is Mass Housing and some 3% down FannieMae and FreddieMac. What goes into which program is best will depend on your credit, income, employment and debt situation as well as the type of home you wish to purchase. A seasoned Loan Officer can...
3 addresses on our mortgage, now PMI insurers will not insure us
Pmi would only be added if there is a value issue it seems like you're missing some information here can you either post or contact someone directly
When will HARP 2.0 be fully "automated"?
I concur with Steve on the closing costs issue. Typical closing costs for a refi with no points should be about $3k which includes lender fees, appraisal, credit, and associated attorney closing fees. You will also have escrow start ups which is some prepaid interest, a couple months of home owners...
Buying a Vacation Home while still planning to rent in the city: Is this a Primary Residence?
Generally the rates are the same for primary and second/vaction homes. You should be fine as this is a situation we have dealt with in the past.
Are you associated with the BBB?
We are not as we are licensed by the Commonwealth and complaints are handled through the Div of Banks or the AG's office.
Can I get a joint mortgage with my wife if she doesn't have a stable employment record?
Yes, but there is a chance we may not be able to use here income.Job gaps can be explained and are ok as long as they were less than 6 months.Rather than answer here, it may be better to discuss offline by email or phone. r shapiro at asset mortgage dot net
Is there any reason for a reverse mortgage heir to do a short sale rather allow the property to foreclose?
So the balance is greater than the potential sales price? Just walk away then. Assuming this is a HECM (FHA), then the shortfall is covered by FHA Mortgage Insurance.

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