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Scott Mertens's Answers

how many points should i pay when i refinance?
Hello Mike, we receive this question a lot. It is an easy mathematical calculation: cost of points divided by monthly savings equals total months to recoup cost. For example, if you borrower $125,000 and the rate with no points is 3.5% your monhly payment (principal and interest only) would be $893.60. If...
My wife owns our house in her name; we want to refinance together
ssbamafan60, this is a great question, and a good idea. Are a title owner already? If not, you need to have a quit claim deed drawn up placing you on title with your spouse as an owner. Then you should be able to do a VA refinance. As for reputable lender, you can Google Primary Residential Mortgage in Wyoming. ...
can we refi using my wife's information?
You should be able to do this. We would want to see that she has "vested interest" in the property, such as her name on title. There is a theory referred to as "continuity of obligation" and spouses may share this even though she is not formally obligated on the note. If you would like to discuss in more detail...
how much would I have to pay monthly in order to pay my mortgage off in 7 years
Hard to say without more information, but if you were to refinance your current loan at a rate of 3.75%, with an original balance of $87,000, you would have to pay $1,179 to pay it off in 7 years. Feel free to reach out with more questions.Scott
Getting fha streamline with no out of pocket costs - possible?
Absolutely. All closing costs can be covered by a lender credit. Depending on your qualifications, it could be a very minimal increase in the interest rate. Scott MertensPRMI 603.742.3331
Overdraws in checking account and mortgage
It does not show up when lenders use an automated underwriting ending like desktop originator or Loan Prospector. I can tell you that underwriters are schooled to look for these items on your bank statments. An OD can force a lender to "downgrade" your file from automated underwriting to manual...
There are many ways to complete a refinance depending on your loan type. Rates have dipped a bit, and we would welcome the opportunity to work with you. We are a locally managed mortgage banker right in Dover NH. Feel free to call anytime at 742.3331 and ask for Scott, or check us out online at www...
any good lenders doing 95/5 loans?
We do a lot of 95% loan to value loans at great rates. We also offer 97% loan to value in all areas, and 100% financing in areas eligible for USDA Rural Housing loans. We are a direct lender and offer in house underwriting. Feel free to check us out online at or give me a call at 603.742.3331...

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