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Let Mike Warsop with Gold Mortgage Banc answer your mortgage questions

Mike Warsop,
Loan Originator for Gold Mortgage Banc

In today's market, obtaining a mortgage has become very complex. Our company aims to ensure that obtaining a mortgage is made as simple as possible. Whether purchasing a home, refinancing to a lower rate, consolidating debt or needing a second mortgage, I am committed to helping my clients obtain the financing that best fits their needs.

I also have 17 years of mortgage experience. I can help those with great credit or those with poor credit. I can help you get your loan funded in as little as 10 days. Please apply online today, and I will get back with you within 24 hours of your application. Let me help you get back on track with several debt consolidation and credit rebuilding strategies.

We are licensed in most states.

Let the mortgage expert answer your questions in our forum.

913-643-2518-office
866-648-9006, Ext. 2518 -toll free
913-643-2169-fax
913-244-9612-cell

15095 W 116th ST
Olathe, KS 66062

Email: mikew@gmbmortgage.com
Website: www.mikewarsop-mortgageexpert.com

Most Recently Answered Questions

Questions 1 - 15 of 3880 (Page 1 of 195)

Submitted by Denise Dodson from St. Louis, MO

Q: We technically own our home (on paper) we have a personal loan that we pay to my father-in-law with interest but the deed is in our name. I found a rental property that I am interested in. Can I finance that property with my existing loan, is it considered into my financials? We would eventually sell the current property and live/rent the other.

Answered 08/04/08 15:43:02 by Mike Warsop,
Loan Originator for Gold Mortgag

A: You can only put the two together if the total of the two payoffs were within the loan to value allowable on which loan product you qualify for---how long have you been on the deed of your father-in-laws? Feel free to give me a call at 913-244-9612 and I can answer any other questions that you may have about this transaction. Thanks, Mike

Submitted by Kian from Virginia

Q: In 2005 I refinanced my mortgage with cash out to pay credit and medical bills. At the same time I also took an equity loan for minor improvements. I am now eligible to retire and the plan was to sell the house when I retire. The refinance w/cash out was a 5 year interest only loan. In view of the current situation for so many homeowners with these type loans I wanted to avoid the same situation for myself in 2010. I recently applied for refinance for a 30yr fixed, to consolidate both loans and a little more cash out for additional improvements before selling. The application was denied because now the value of the property is lower than what I owe. (1) How will this loan denial affect my credit (was in good standing before this, avg 690 score and no payments ever missed or late on anything)and ability to reapply for just a fixed rate on what I owe? (2) Should I wait awhile to see how the market changes and reapply maybe in late 2009 or try again now to avoid mortgate problems in 2010 when the ARM matures and the payments increase? My concern now is just to refinance for what I owe at a fixed rate.

Answered 08/04/08 11:42:38 by Mike Warsop,
Loan Originator for Gold Mortgag

A: The loan denial won't effect your credit in any way---your goal is to get the two loans below the value by 2010 when your payment adjusts == if you would like to talk more about it feel free to contact me at 913-244-9612. Thanks, Mike

Submitted by Jan Maack from Salt Lake City, Utah

Q: If I have a private loan with my mother without specific terms for repayment and I want to refinance my home, do I have to declare this loan on my loan application, even though it doesn't appear on my credit report and there are no specific terms for repayment?

Answered 08/04/08 11:40:50 by Mike Warsop,
Loan Originator for Gold Mortgag

A: Hi Jan, The easiest way to go would to just purchase it from your mother because you are going to have a real tough time refinancing since you have no sent mortgage note and it is an arms length transaction. Feel free to call me at 913-244-9612. Thanks, Mike

Submitted by Tyrone from Helena, AR

Q: I am a new real estate investor looking for my first fixer upper. I moved back to my hometown from Little Rock and nocticed the entire town to be a pool for profit. I have a bad credit score and I am looking for hard money lenders to finance at least one deal to help me get on my way to building wealth. I am willing to accept a loan for 65% LTV and put the house up for collateral. This is my dream. Who do you know that will help me get financed

Answered 07/31/08 13:28:17 by Mike Warsop,
Loan Originator for Gold Mortgag

A: I am sorry Tyrone but I am not familiar with any hard money lenders.

Submitted by Karen from Hibbing mn

Q: If i am a co-signer on a fha mortgage because of a persons poor credit how long does it take for me to be removed and how much does it cost? (12 months of good credit?)

Answered 07/31/08 13:27:37 by Mike Warsop,
Loan Originator for Gold Mortgag

A: Hi Karen, The only way that you can get removed is by the main borrower refinancing in their name only or by them selling the home.

Submitted by mary from kansas city mo

Q: Hello we are behind 3months on house payment mortage co wants $4000 by Aug 6th theres no way we can. this is thru countywide.we put it up for sale. even waiting on a short sale. our credit is poor should we just let it go back? I am scared our house payment was 1100.. they raised it to 1500. taxes went up. and because we were late on payments the raised it more. what should we do?

Answered 07/29/08 14:18:57 by Mike Warsop,
Loan Originator for Gold Mortgag

A: Hi Mary, If you can't afford it then I would let it go back because it will be a constant struggle and if all your money is going to the house payment then you won't have any money for anything else. I would rent for a while with a payment around 750 and work on improving your credit over the next 3 years.

Submitted by lisa from thibodaux la

Q: I GOT MY SELF IN A BAD SITUATION I GOT BEHIND ON MY MORTAGE PAYMENT 3 MONTHS THE MORTAGE COMPANY PUT ME ON A FORBEARING PLAN IT SOUND GOOD BECAUSE I DIDNT WANT TO LOOSE MY HOME MY HOUSE NOTE WAS 877.00 A MONTH INCLDE INSURANCE NOW IM PAYING 1,023.00 A MONTH FOR 18 MONTHS THENMY PAYMENT WOULD BE CURRENT IM A SINGLE PARENT MAKE GOOD MONEY TOO MUCH DEBT IS IT ANY WAY I COUD REFINANCE OR PAY OFF THESE DEBT I DONT WAN TO LOOSE MY HOME.

Answered 07/28/08 18:11:59 by Mike Warsop,
Loan Originator for Gold Mortgag

A: If you are 3 months past due in the last 12 months then you are going to have to get current and have a minimum of 12 months paid as agreed before refinancing will be an option. Wish I had better news but try as hard as you can to go through the forebearance agreement and time will pass quickly.

Submitted by Tony from Billerica, MA

Q: We put an addition on our home and when it came time to refinance we were upside down owing more than the house was worth. Very bad timing. Now our interest rates on our first and second mortgage are silly but we cannot refinance due to having no equity. I have a good credit rating of 725 and a household yearly income of just about $140k. Is there a way to negotiate with my current lenders to reduce our interest rates without refinancing?

Answered 07/28/08 18:10:35 by Mike Warsop,
Loan Originator for Gold Mortgag

A: I am sure they would be willing to talk about it but getting action is the harder part--now if your first mortgage is less than 97% of the value then we may be able to do an fha on the first and subordinate the second---feel free to call me at 913-244-9612 and we can discuss your options. Thanks, Mike

Submitted by Natalie from Illinois

Q: My name is still on the mortgage that my exhusband and I bought during our marriage I am wanting to get my name off of the mortgage but he says he does not have the money for the closing. Also there will be money exchanged because he will have to give me half the equity in the home. Do you have any suggestions on a inexpensive way to do this.

Answered 07/28/08 18:09:08 by Mike Warsop,
Loan Originator for Gold Mortgag

A: You can get your name of the mortgage with a quit claim deed but I think you are saying your name is on the note and if this is the case the only way that can happen is by him refinancing or selling the home. I can certainly look at doing the refinance as inexpensively as anyone. So feel free to have him call me at 913-244-9612. Thanks, Mike

Submitted by Jennifer from Jefferson, Ohio

Q: Hello. Two years ago my husband and I were approved for a home loan after 7 months of our bankruptcy discharge. We purchased a home for $125,000. the mortgage company split the loan 1st mortgage 100,000 and the 2nd 25,000.00 and than sold our loan. our intrest for the first one is 8% and the 2nd is 11.75%. Can you tell me why the would give us two loans instead of combining into one? Thank you for your time. Jen

Answered 07/28/08 18:07:14 by Mike Warsop,
Loan Originator for Gold Mortgag

A: Hi Jen, Two years ago if you were less than 2 years out of bankruptcy discharge then the only 100% loans that were available were 80/20's---now if your credit is all back on time and mortgage paid fine then we can look at putting them together in an fha loan if the value is at least 130k. If the value is not 130 then we can refinance the first and subordinate the second mortgage. Please call me at 913-244-9612 and we can discuss your options. Thanks, Mike

Submitted by Tony from Greensboro, NC

Q: I make 60K a year, my wife about 35K a year. We both have student loans, and 1 car payment. We are currently renting, and are looking to buy a house. Credit score is about 600. How much of a loan would we be approved for approximately at this score and salary? Thanks.

Answered 07/23/08 22:16:55 by Mike Warsop,
Loan Originator for Gold Mortgag

A: Hi Tony, I would think you would be best served by going fha with just a 3 % down payment and purchase price to 278,00 and loan amount of 271,00. I would love to help you with this transaction and you can call me at 913-244-9612. Thanks, Mike

Submitted by Rachel Irving from Milaca, MN

Q: My husband and I refinanced to a fixed rate about 2 or 3 years ago. It was a debt consolidation. I think we now owe more than our house is worth though I was told differently at the time. If we sell and don't get what we owe what happens to the extra? Does it get transferred to a different type of loan? is it due in full at time of sale? We can no longer afford our payments. (cost of living gone up my husbands wage has not in 5 years!)

Answered 07/21/08 11:51:51 by Mike Warsop,
Loan Originator for Gold Mortgag

A: Hi Rachel, You will either need the entire amount at time of sale or you can contact your lender about doing a short sale where you can accept an offer less than the payoff. I understand the tough times and hope things get better for you. Mike

Submitted by Nicole from Charlotte, NC

Q: My husband and I are currently looking into a fixer upper for our starter home. We are really excited to get into a house and make it our own... However, I just heard that we will not be able to finance for more than what we are paying on the house unless we have a bid from the contractor for all the work... and that the rest of the money would then be sent in both names... How can I get around this so that I can finance the renovations and still do most of the work ourselves??

Answered 07/21/08 11:50:27 by Mike Warsop,
Loan Originator for Gold Mortgag

A: Hi Nicole, The only type of loan that is out there like that is an fha 203k but the main problem is finding investors. I know one lender that finances these loans and if you interested in knowing more feel free to call me at 913-244-9612. There is great info also at : http://www.fhainfo.com/fha203k.htm thank you, Mike Warsop

Submitted by Gordon from Knoxville Tn

Q: I would like to purchase a home in the range of 250,000 to 260,000. I plan on a 130,000 to 150,000 15 year fixed mortgage. I work overseas and plan to remain overseas for the next 5 years. This would allow me to double up on my payments. I have no other debt and my income is 140,000 annual. My credit score is 768. Question is; I am 54 ,is these too old for a mortgage ?

Answered 07/21/08 11:37:08 by Mike Warsop,
Loan Originator for Gold Mortgag

A: NO you are never too old for a mortgage Gordon!! Who will be living in the house while you are overseas? Feel free to call me at 913-244-9612. Thanks, Mike

Submitted by Mary from Danbury CT

Q: I am buying a home in Iowa. I have been pre approved for a mortgage. Want to know if i need to be present for closing.

Answered 07/15/08 18:53:42 by Mike Warsop,
Loan Originator for Gold Mortgag

A: Hi Mary, They can either send the papers to you and it needs to be notarized or you can be at the closing in person if you need any help or other questions feel free to call me at 913-244-9612. Mike

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