Ask Anything About Mortgages

[SossMan]

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My mortgage has PMI on it, I paid the loan down to where I have 78% loan to value from the original agreement. My understanding is that this was to come off automatically at 78% but now they want a Brokers Price Opinion costing me $115 which I don't want to do just because of the cost. Is this required or are they just jerking me around?

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Standard. Don't you pay more than that in MI? They aren't going to waive the requirement, so you seem to be cutting your nose to spite your face.

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Well I paid to have the Brokers Price Opinion (which from what I gathered is just another appraisal but cheaper), it just seems like a waste.

From what I had read on ftc.gov it seemed that the lendor was required to remove the PMI automatically once the loan reached 78% LTV. Once the loan reaches 78% LTV the appraisal/opinion seems irrelevant.

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what do you think V stands for in LTV? it's not loan to purchase price, it's loan to value.

If your house would have appreciated quicker (maybe it did?) you could have gotten it removed earlier w/ a broker's opinion showing 78% LTV.

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The V stand for value. According to ftc.gov once the borrower has reached 22% equity based (or 78% LTV) on the ORIGINAL property value then the PMI is to be automatically removed.

http://www.ftc.gov/bcp/conline/pubs/alerts/pmialrt.htm

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looks like I stand corrected.

I would double check the exceptions and have it out w/ the lender.

[Strickly Bidness]

u r still teh pwn soss, still teh pwn.

SB

[Bicycles_Biatch]

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again, awesome thread...

Not sure if this has been asked as I only read a little over half the thread.

What's the deal with reverse mortgages?

My father in law is comtemplating this and it seems to fall into the shady deal category. He is around 70 and doesn't plan to live longer than 10 years.

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A reverse mortgage is very intricate and a very touchy subject right now in the mortgage industry. PM me for details.

Cliff-notes- bank takes over ownership of your house and pays you $xxx amount of dollars per month to live on until you die... then they take your house or your heirs owe the balance of the mortgage.

[Bicycles_Biatch]

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I'm going to be looking to buy a house in probably June-Aug with my fiance (we are getting married in Oct). Neither one of us will have a job since we will be moving states and she will have just finished college. She will hopefully have a teaching job starting in August, while I will be starting up a piano studio.

Obviously my income will extremely questionable for the first couple of months while I'm getting things together. How much trouble are we going to have getting a loan? I have 50k for a downpayment (we were looking in the 150-250 range). I don't have any kind of debts (no car payments, school loans, ect.) while she will have 14k in schools loans, no other debt.

Would it be best for us to take out a NINA (no income, no asset) loan based upon credit score (mine's 720, don't know about hers). Could we get a complete no-doc loan? Or is there any chance we will qualify for a full doc loan?

If we do have to take some kind of no-doc loan, how much higher is our interest rate going to typically be? Could we refinance after a year to get a full doc loan?

Thanks for all your help, this thread has been great.

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with $50K down... and a letter from your wife's school, no problem getting a new income verification loan.

You're good to go. PM me when you get closer to the purchase date and I'll get you some info on what rate range you should be looking at.

[SossMan]

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again, awesome thread...

Not sure if this has been asked as I only read a little over half the thread.

What's the deal with reverse mortgages?

My father in law is comtemplating this and it seems to fall into the shady deal category. He is around 70 and doesn't plan to live longer than 10 years.

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A reverse mortgage is very intricate and a very touchy subject right now in the mortgage industry. PM me for details.

Cliff-notes- bank takes over ownership of your house and pays you $xxx amount of dollars per month to live on until you die... then they take your house or your heirs owe the balance of the mortgage.

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Reverse mortgages are really really regulated now by HUD...there used to be a ton of private companies doing them and taking houses from old people and making them eat cat food. That's how they got a bad rap. They fit well for certain scenarios, and they are much less aggressive now.

[SossMan]

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u r still teh pwn soss, still teh pwn.

SB

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lol, I'm going to start a thread titled "ask me ALMOST anything about mortgages"

sry to BB if I'm stepping on your toes at all. But this is a good thread.

[Strickly Bidness]

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u r still teh pwn soss, still teh pwn.

SB

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lol, I'm going to start a thread titled "ask me ALMOST anything about mortgages"

sry to BB if I'm stepping on your toes at all. But this is a good thread.

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very good thread indeed. after all, who better to explain the intricate details of mortgages than a couple of poker players. an average broker (non 2+2er) couldnt explain it in such great detail.

[Bicycles_Biatch]

Rates are ticking upwards... Just an FYI

[OnlinePro]

not according to Bankrate.com rates have dropped about .10 points this week.