Recent content by BriantheBanker

State is MI Two property owners with common property lines. Rural area. Is there a property line type case or law that defines the 'do's & don'ts ' on property lines? Conduct? Situation, if it matters :) Guy1 sells residential house w/ ~8 acres to FOLKS ~1 yr ago. Guy1 and FOLKS share ~1 mile or...

What is the name of your state? MI I'm a mortgage banker. A client of mine emailed me, "I have a question that you may have an answer for. I will give some background information first. My previous loan was with Countrywide. After closing the new loan with your people, I got a check in the...

Symantics. A Heloc is a home equity line of credit. These loans are normally ARM's and can be borrowed against, paid off and borrowed from again (similar to a credit card.) A HELOC could be considered a conventional loan. Conventional loans are those other than government loans (FHA, VA) or...

ok so someone can't quit claim onto title???? File a deed and record it. (of course there is no such thing as quit back.) sometimes generalizing confusses the best of 'em.

in other words... :D You may not have to wait. 12 months was just an example. Some lenders may allow you to show a couple months of payments to over-ride payment. Quit .....means Some people think it is Quick Claim. the form you filed to get off title was a quit claim. you 'quit' off title...

refinance The only way to get rid of PMI (in your situation,) is to refinance with a NO PMI program. There are many programs that will allow you to finance >80% without PMI. Depending on your current rate, a refi for the same rate would still save you money. Additionally, do not escrow your...

proof of who is paying NOTE If the (other) guy can provide you with 12 months cancelled checks verifying (he) is paying NOTE, not you; you will be able to get financed. If the house is being rented, 75% of rent can be used to off-set the PITI payment. Quit back on to title. if you get back on...

too high of a rate chad, Your loan officer is looking to make (gross) ~2% on the rate. 5.875 is Too high! You can do MUCH better. Unless you need the cash tomorrow, look around for a bit better rate. 5.5% would still make the LO money. Good luck, BriantheBanker

too much info Here's a tip. When applying for a mortgage, describe your credit accurately but do not seem desperate. If you call and say, "my credit is bad, I don't know if you can help me, you're my last resort..." you are inviting/encouraging someone to possibly over charge or take advantage...

Fixed is NOT a good option, especially at 6.25%. :cool: Why would you go with a fixed loan??? Do you intend to live in this house and never refi or sell? The offer you posted is TERRIBLE!!!!!! I don't recommend fixed for many. There are some excellent and versatile 'alternative' programs with...

??? Please explain the difference.

N/a 2/28 & 3/27 are ARM programs. you have a fixed, so it doesn't apply. Many companies follow the fixed period for their pre-pay terms. 2 year fixed with 2 year prepay. Sorry to confuse you. BriantheBanker

YES and NO There is HUGE debate in the mortgage industry regarding who is in charge. (Some) Federal Banks claim state laws do not pertain to them. The problem is that states are trying to implement and interpret law differently. (Some) Fed banks claim it is not fair or feasible to follow state...

First things first... The Broker you are working with could take a pro-active step in assisting you with your proofs. Q.a) If the original documents (prepayment rider) show a 3 year prepayment penalty and the only copies I have show a 2 year prepayment penalty, is there anything I can do? I...

I need that number the next time I have a lien that won't discharge, I'm calling you. A BK Discharge does not release the lien. If you have underwriters who are insuring over, they are brave. I too have had some luck with persuading underwriters, from time to time to insure over items. To say...