Most Recently Answered Questions
Questions 56 - 75 of
3880 (Page 4 of 195)
Submitted by andrea from 3003 deer run rd mt. city tn
Q: we are thiking about a reverse mortgage.
we would like to know if we have enough equity
value 100000. owe 50000
thanks ann
Answered 03/11/08 04:34:42 by Mike Warsop,
Loan Originator for Gold Mortgag
A: Yes Andrea you have enough equity for a reverse mortgage do you qualify for age?
Submitted by Kathy from NEw Bloomfield Mo
Q: Hello i was wanting to know how hi dose your credit score have to be to buy a home?
Answered 03/11/08 04:34:03 by Mike Warsop,
Loan Originator for Gold Mortgag
A: Hi Kathy,
In order to go conforming your credit score must be at least 620 there is not a particular score for fha though. Feel free to call me at 913-244-9612.
Thanks,
Mike
Submitted by Nathan from Johnson City, TN
Q: We are looking at buying a house for $40,000, that needs about $55,000 worth of fix-ups to complete the inside. My question is can we get a mortgage for the whole $95,000 or just the $40,000
Answered 03/11/08 04:32:48 by Mike Warsop,
Loan Originator for Gold Mortgag
A: This is going to be difficult since most companies will consider the value to be 40k since that is the purchase price you could look into a 203k rehab loan through fha.
Submitted by Jennifer Young from Traverse City, MI
Q: My house is in redemption period and i want to know how to get a hold of my morgage holder. i recieved a notice saying i was to contact All First Morgage with no phone # or e-mail address to do so.....Help?
Answered 03/11/08 04:31:30 by Mike Warsop,
Loan Originator for Gold Mortgag
A: I am sorry i don't know who all first mortgage is but I searched for them and there is one in maryland and their number is 410-484-9499.
Submitted by Anonymous from Myrtle Beach, SC
Q: Mom owns a home that has a $20k loan on it. I pay the loan every month. The house needs about $45k worth of work and would then be appraised around $230k. I would like to borrow against the equity in the home to do the repairs. Mom does not have an income other than Soc. security. Would it make sense to transfer ownership to me or could mom get the loan based solely on the equity? If the house were transferred, would it make sense to do it at $1 or would their be capital gains implications? I am trying to help my mother out. Whatever makes sense for her is what I want to do. In this buyers market, we may want to sell her house and use the money to get a deal so that we could reap the benefits of appreciation when the market turns around. Does that make sense?
Answered 03/10/08 16:18:41 by Mike Warsop,
Loan Originator for Gold Mortgag
A: I apologize for not getting back to you sooner but I have been sick since Thursday March 6 but I am now back at it feeling great.
Most loans are going to have a seasoning requirement where you must be in title for a certain period of time before doing a cashout transaction now fannie mae doesn't have this guideline. I don't think trying to sell this home if it has 45k worth of work needed in the poor housing market would get you very many acceptable offers.
Feel free to call me at 913-244-9612.
Thanks,
Mike
Submitted by Anonymous from Myrtle Beach, SC
Q: Hello. I have a couple of questions. I have a six figure income. I have very little debt, however I have poor credit (fico around 625). Is it possible for someone like me to get a mortgage without paying exhorbitant rates? Secondly, there are many builders in my area who have completed or near completed homes sitting empty. Would it make sense to call them to inquire about buying a home near cost? It must be costing them a fortune. Thank you.
Answered 03/10/08 15:54:19 by Mike Warsop,
Loan Originator for Gold Mortgag
A: I apologize for not getting back to you sooner but I have been sick since Thursday March 6 but I am now back at it feeling great.
625 is not the worst score ever and I would like the opportunity to see if we could get you approved for an fha loan. You are right builders are hurting bad with inventory.
Feel free to call me at 913-244-9612.
Thanks,
Mike
Submitted by Anonymous from Memphis, TN
Q: My husband and I are seperated, but we maintain a great relationship for our kids. We plan on refinancing the home that I live in, but we both own. Is there anyway that we could just get the home in my name only, if we are both in aggreance?
Answered 03/10/08 15:45:46 by Mike Warsop,
Loan Originator for Gold Mortgag
A: I apologize for not getting back to you sooner but I have been sick since Thursday March 6 but I am now back at it feeling great. If you qualify for the loan in your name only then you could do the loan in your name only but he would have to be on the mortgage and then if you divorce then he can quit claim his rights to the property.
Thanks,
Mike
Submitted by Molly from Bossier, La.
Q: I put a contract on a home set to close March 18th. I'm a little concerened because the agent is rushing me to close now. I did'nt realize that the agent showing it was part owner. I told her my financial situation. I feel that it has hurt me financially. I explained that my credit score was 585. I have been at my job 5 years and have an annual income of $25,000. I told her i had $15,000 to put down. She knew i was having trouble getting the financing so she supposedly talked to the mortgage company for me. They approved the loan at 8.75% interest with $15,000 down with a balloon mortgage in 3 years. I am paying for all closings, Apprasial etc... The home appraised for $69,000 and the offer they accepted was for $68,000. They know that i have the funds in my account yet they were threatening me to close today or by next Tuesday even though my contract states March 18th. They told me they had someone else interested in the home.I just do not want to get taken advantage of.
Answered 03/10/08 15:42:12 by Mike Warsop,
Loan Originator for Gold Mortgag
A: Hi Molly,
I apologize for not getting back to you sooner but I have been sick since Thursday March 6 but I am now back at it feeling great.
Don't let them push you around young lady---you have til the 18th and if you feel pressured and have a problem with the fees and rate then maybe passing and looking at a better loan may be a better option for you.
Perhaps we could try to get you approved for an fha loan with a rate in the 6's.
Feel free to call me at 913-244-9612.
Thanks,
Mike
Submitted by lisa from elgin,mn
Q: What is the maximum rate that can be charged as closing costs? Is there a cap or certain % ?
thank you
Answered 03/05/08 17:54:35 by Mike Warsop,
Loan Originator for Gold Mortgag
A: Hi Lisa,
The cap is 7.99% but most people don't come close to that I would consider on about 3% of the loan amount---feel free to call me at 913-244-9612.
Thanks,
Mike
Submitted by Anonymous from No location specified
Q: My discharge was december 2005 and the mortgage co dinged me the 120day late on same month. I wanted to know how fha and fannie or conventional would treat that? I have heard that the 120 day late is seen as a foreclosure. but I show it paid after december for 4 mounths on time. Then sold the house-my scores are in the 680-690's perfect credit since dec 2005
Anonymous 3/03/08
Has your mortgage been on time since discharge? If so then there may be a chance we could look at fha or maybe even conforming depending upon your credit score. Feel free to call me at 913-244-9612. Thanks, Mike
Mike Warsop,
Loan Originator for Gold Mortgage Banc 3/03/08
Answered 03/05/08 17:32:05 by Mike Warsop,
Loan Originator for Gold Mortgag
A: You should call me at 913-244-9612 and I can work up your application and run your application through fannie mae or freddie mac and let you know if it gets me an approval---a 120 won't reflect as a foreclosure in the automated system but if you have to go manual underwrite then it would be considered that way.
Look forward to hearing from you.
Mike
Submitted by Katherine Vegas from Oviedo Florida
Q: I would like to known the procedure that I need to follow to transfer owner of the property in my name. Also I need the information about the escrow and FHA insurance because I will pay off my mortgage in two months.
Thank you
Katherine Patino
Answered 03/05/08 17:28:18 by Mike Warsop,
Loan Originator for Gold Mortgag
A: Hi Katherine,
Aren't you already showing as owner? Once you payoff the mortgage then you need to get a mortgage release from your mortgage company and then make sure it is recorded with register of deeds.
Mike
Submitted by Wicho from Brownsville, Tx
Q: We are about to start our new home under the one time closing program. I was given a rate a little high 6.8 30 year fixed. I can keep this rate if I decide to cape it now, and hopefully it will be lower when I close. I was hopeful a month ago that fixed mortgage rates would remain low (in the 5 percentage range)until we could close on our loan in a few months but now I'm getting kind of nervous as mortgage rates begin to creep back up. Can anyone offer any predictions or insight on what they think the trend of mortgage rates will be in the late summer of 08? Any advice would be much appreciated to this first time (nervous) homeowner!
Answered 03/05/08 17:22:51 by Mike Warsop,
Loan Originator for Gold Mortgag
A: Hi Wicho,
I wouldn't even try to give you a prediction on the rate movement since I have been wrong about everytime i try to figure how the bond traders are going to react---i would lock it whenever you feel you have a monthly payment that you can comfortably afford.
Mike
Submitted by seuser from austin, mn
Q: Hi,
I've been on SSi for 4 yrs with a disability. My net is only 720.00 month. are there programs for me that maybe lower the monthly payment?Would a 80/20 no PMI loan help? Or something through HUD? I'm glancing mobile homes in SC.on their own land.I've read where FHA loans help with closing & down payment rolled into the loan & sc has some programs that can help. Do you know of a lender that could assist? some payments were just 220.00 which I could afford.thanks
tina
Answered 03/05/08 17:21:00 by Mike Warsop,
Loan Originator for Gold Mortgag
A: It would really depend upon the purchase price but the maximum payment that you could qualify for a mortgage on fha would be around 275 since your payment would then be about 33% of your income.
Submitted by Anonymous from No location specified
Q: I am 2 years 3mo out of BR ch7, Also when my br was filed, my mortgage co would not take any of my mortgage payments-they kept sending them back- when my Br was complete, I paid them up to date but they dinged me for 120 days late then showed me current after that- so I show a 120day late on the same mounth my br was complete, Will, fha or fannie may or convential loans be an option for me if I wanted a loan today? I have had perfect credit since that time, and have since sold that house?
Answered 03/03/08 22:42:04 by Mike Warsop,
Loan Originator for Gold Mortgag
A: Has your mortgage been on time since discharge? If so then there may be a chance we could look at fha or maybe even conforming depending upon your credit score. Feel free to call me at 913-244-9612.
Thanks,
Mike
Submitted by Anonymous from chicago IL
Q: My wife and I own a condo that we are currently renting to 3 tenants.Our property is in the process of forcloser.The mortgage company has offered to put us in a loan modification program.They said that decion would take 30 days.It has be 60 days no answer.We just found out that even though the forecloser process is on hold, and there has been no judgement given towards the forcloser that it is still public knowledge.Should we share this infomations to the renters.
Answered 03/03/08 22:40:59 by Mike Warsop,
Loan Originator for Gold Mortgag
A: I would definitely share it with the renters since at anytime the sherrif could come and change the locks if it has become public record for notice of foreclosure.
Submitted by Anonymous from san jose,california
Q: hi, my husband and my sister are named in the loan of res. house.My husband only helped my sister to sign the loan for her,so basically the house is hers,but primarily the loan is in my husbands name.we helped her get equity line loan in bank of america.now she wants the house to be foreclosed bec. its in 2yr arm adjust. rate.she's a nurse w/ very good salary.we live in a townhouse,our own,paying monthly morgage.she can't be approved for refi. bec. of very low credit hist.,my husband want his name to be removed from the loan,how can he do that? pls. need urgent answer/sugeestion.we can't afford having two mortgages,we are low income couple,its just enough to get us by day to day life.pls. help. thank you very much.
Answered 03/03/08 15:06:31 by Mike Warsop,
Loan Originator for Gold Mortgag
A: If his name is on the loan then they are going to want him to pay for it or they will have to foreclose on the property----I am guessing your husband was on the loan because your sister didn't have good enough credit or enough income---if it was for not enough income then it will be hard to forgo the foreclosure because her payment is going up even further--if you have any other questions then call me at 913-244-9612.
Thanks,
Mike
Submitted by california mom from No location specified
Q: My husband and I are planning to buy our first home this year since it is now a buyer's market. We have been renting for the last 4 years. Our annual combined income is around 40K. Our fico score are ok about 710. My spouse though had one late payment on one major credit card in 2006 when he had to travel out of the country because of death in his immediate family member. How far do lenders look in one's credit history? Also, I would like to ask, is it better for me to move to a higher paying job in a different city (50 miles from where we are)now before we buy a house by the end of 2008 at the city where this company is located? Or move to a new employer later? Thank you for your advice.california mom
Answered 03/03/08 15:03:43 by Mike Warsop,
Loan Originator for Gold Mortgag
A: HI California Mom,
Your credit is just fine the late in 2006 will have no effect---the higher paying job now will allow you to qualify for more house now---feel free to call me at 913-244-9612.
Thanks,
Mike
Submitted by Anonymous from No location specified
Q: how many states are you licensed?
Answered 03/03/08 15:02:17 by Mike Warsop,
Loan Originator for Gold Mortgag
A: We are licensed in Kansas, Missouri, Nevada, Idaho, California, Utah, Colorado, Texas, Oklahoma, Nebraska, South Dakota, Minnesota,Arkansas, Florida, South Carolina, North Carolina, Virginia, Kentucky, Iowa, Illinois, Indiana, Alaska, Ohio, and Louisiana--I hope that I can help you.
Mike
Submitted by anonymous from Longmont, CO
Q: hi Mike! Thanks for the reply. It seems that the payoff was done during the month of Feb. I don't know what was the hold-up.. maybe the prior payoff attempt was done later in the month of January. The interest has accrued for Feb, and I'm being charged for it. I don't feel this is my mistake, but why am I being 'penalized' with the interest? This is all too sudden! I'm asking for the reason(s) for the holdup today.
Answered 02/29/08 17:46:18 by Mike Warsop,
Loan Originator for Gold Mortgag
A: Yeah I would ask the title company first why it took so long to get the check to the mortgage company.
Submitted by Anonymous from Olathe, KS
Q: I will be 2 years out of bankruptcy on March 31, and have a fico of 680. Assuming I have enough income, can I get a loan to buy rental property?
Answered 02/29/08 17:45:34 by Mike Warsop,
Loan Originator for Gold Mortgag
A: Do you own a primary residence? If so it would be possible but it would command a minimum of 10% down --- feel free to call me at 913-244-9162 as I am in Olathe, also.
Mike
