Melissa O asked:


My husband and I are currently paying PMI (Private Mortgage Insurance) on our mortgage. (We have no second mortgages.) I know we need twenty percent equity in order to eliminate PMI, but I don’t think we’re quite there. Is taking out a home-equity line of credit to pay down the mortage a good idea? I know that we’d then have two loans to pay, but the PMI would be eliminate and all of our payments (minus the interest) would be going toward the loan rather that insurance. Is it possible to get a home-equity line of credit for 6%?

Rafael

Tireless asked:


I have a Mortgage payment due Novemeber 1. The place is going to be sold Novemebr 14. I was going to take the money I would use to pay the mortage and take $1000 off of the home equity loan (Principal) so it is that much less that I have to pay out of pocket at closing. Is this smart or dumb?

Peter

Val asked:


My fiance and I are getting married in September but we have already been preapproved for a mortgage and have started searching for a home. However, we found out we weren’t eligible for a specific program (I live in RI), though a few of our married friends were approved for the same one.

We have ‘excellent’ credit scores and everyone we have talked to has told us they don’t know why we werent eligible since this particular program, almost everyone is eligible for.

Our mortage lender told us it has to do with our debt to income ratio, too many open accounts, student loans, etc. But all our friends have the same type of payments, even more. My fiance thinks that because, on our application, we put that we are ‘single’, and that is why we were’nt approved for it. Does anyone know if this makes sense at all?

Minnie

luvladyblue asked:


I’m a freelance mortage loan officer for Freedom Mortage. My success lies square with my finding my own clients to refinance, purchase or invest. We offer debt conslidation and cash back. I am able to do loans any where nation wide. I’ve been cold calling but no one calls back. HELP!

Marjorie

Buckeye asked:


I have mortage preapproval from a lender, but I know it is a crappy deal. I am just using this letter to shop for homes and we are close to finding a home. I am a first time buyer. When should I shop for my final mortage? Put another way, do I need my final mortage at contract signing? If not, how much time after signing do I typically have to find the desired mortgage? Thanks!

Hazel