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Sandy McKee's Answers

FICO 600 How do I raise this ?
Improving your credit scoresIt's important to note that raising your FICO credit score is a bit like being on a diet and trying to lose weight: It takes time and there is no quick fix. In fact, quick-fix efforts can backfire. The best advice is to manage credit responsibly over a period of time. Here...
Is it better for our rate to impound Tax & INsurance? My broker says yes, I don't trust him.
I will add that having impounds is convenient and there is no shock factor three times a year when you have to come up with taxes and insurance money to pay these bills. Most people choose to have impounds and not have to worry about paying these bills. The interest on these monies is nominal at best.
Can you ever request more money from the bank who reversed and owns your mortgage now?
You can do a refinance on a reverse mortgage assuming you have the equity to do so. I would be happy to run a scenario for you if you like. I can be reached at 520-907-3225 and my name is Sandy McKee. Thank you.
Is there still such a thing as a mortgage broker? Why would I go with a broker insterad of going direct with a bank for example: Wells Fargo, B of A, etc...
Going directly to a lender does not guarantee you will get the best rate/terms available. It is always best to shop out your good faith estimate with at least 3 lenders, broker or otherwise.
FHA Home, Selling Restrictions?
That would generally be in the sales contract. I would suggest getting this in writing if you are concerned about it.
I need a lender
You don't necessarily need perfect credit to qualify for a home loan. The only way to know for sure is to have your credit pulled to find out your score. Before you do so, you might want to make sure you qualify with your income/assets. A last resort is to use a hard money lender. Best of luck and give me a...
How Long Will It Take To Refinane?
I am not sure what type of loan you are applying for but 2 months is too long for any loan. I would ask for an approval letter from him with a list of conditions on the loan so you know exactly where you stand. In never hurts to have a second opinion to evaluate all of your options. Best of luck!
WHy did the stock market jump today? WIll it affect mortgage rates? SHould we lock today
US and China manufacturing positive numbers are what is driving the market today and this has eased some of the tensions for investors. Rates are really low and are up against a ceiling of resistance that may prevent them from going any lower. I wish I had a crystal ball to tell you to lock or not... Best of...
Will a gap in employment affect a loan application?
Hello,The answer is, it depends on when you went back to work and the circumstances of the job gap. According to my underwriter, It is possible to do a loan under certain circumstances. If you would like to discuss, please call me directly at 520-907-3225. Thank you, Sandy McKee
Is credit score of 719 as good as 720?
The answer is, it depends. On an FHA or VA loan you are probably not going to see an adjustment in rates below 740 but on a conventional you might see a small adjustment. The best thing to do is to run a credit analysis prior to doing anything to see where you stand and where you can improve. For example, we...
Mortgage advice needed to refi..
Wait for HARP 2 program in June when you have 12 months on time. It probably does not make much difference adding him on but will depend on program guidelines yet to be released. Your scores will improve depending on how much you pay down cards. Please call me at 520-907-3225 if you would like to discuss....
Can I get a refi if I work commute in another state?
I do not see it as an issue and I am confident my underwriter will not either. Please call me to discuss. Thank you, Sandy McKee 520-907-3225
HARP 2.0 after short sale
It's true. I had same issue on another loan and it is in Fannie guideline but not necessarily in Harp 2 guides.
Can I get a reverse mortgage if my home is fully paid for?
Yes you can as long as the home is your primary home and you are at least 62 years of age. Be sure to shop around because fees and rates can vary. If you would like a quote, please feel free to call me directly at 520-907-3225. I agree with William, you will want to deal with someone who specializes in reverse...
I had refinanced my 5.5% 15 year to 5.5% 30 years on Oct. 2009, Can I qualify for HARP2?
Hello,You do not qualify for Harp 2 as you probably already know. I would call your servicer and see if they are willing to help. This is most likely your only option. Best of luck, Sandy
do you need to show income for a harp loan
Yes you will need to show income for a HARP loan. You might also want to make sure you are eligible by going to either Fannie Mae OR Freddie Mac: of luck, Sandy McKee
reverse mortgage
Hello,No, age does not influence rates or costs. There is virtually no qualifying on a reverse mortgage. The amount you qualify for will be determined by your age and amount of equity in your home. Rates and costs vary widely so be sure to shop around. Best of luck! Sandy
property inspection waiver?
A property inspection waiver is part of the findings from the Fannie Mae underwriting engine. Most lenders require a property inspection waiver in order to proceed with the processing of a HARP loan. I hope this helps. Please feel free to call me with any questions. Sandy McKee 520-907-3225
After a divorce, is it better to refinance or perform a mortgage assumption?
Hello,My guess is that you are on the note with you ex. So, typically you would not have an option to assume your own note. You can call your current lender and ask. Your best bet, more than likely, may be a refinance. I would love an opportunity to discuss with you. Thank you. Sandy McKee 520-907-3225
can i get reverse mortgage if my home is paid off
Yes, in fact the more equity you have in your home the more you can draw from a reverse mortgage assuming you are 62 years of age. There is no qualifying for a reverse mortgage as long as you meet the age requirement. Please check out my website at I would be happy...

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