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-   -   Ask a California Mortgage Broker anything? (http://forum.e46fanatics.com/showthread.php?t=785982)

GRIFFIN 08-18-2010 01:16 PM

Ask a California Mortgage Broker anything?
 
As, we all know rates are great right now. So, let me know if I can help.:thumbsup:

ghorn 08-18-2010 01:25 PM

http://icanhascheezburger.files.word...oezmahmort.jpg

Starfire Auto 08-18-2010 01:27 PM

want to buy a condo for $150k, have $30k down. Cant prove income. Heard im SOL. True?

GRIFFIN 08-18-2010 01:30 PM

Quote:

Originally Posted by Sync Wireless (Post 12137993)
want to buy a condo for $150k, have $30k down. Cant prove income. Heard im SOL. True?

Pretty muich. I can make it happen with 2 years tax returns and a current P&L.

GRIFFIN 08-18-2010 01:32 PM

Quote:

Originally Posted by ghorn (Post 12137984)

http://threadbombing.com/data/media/38/Kermit.jpg

wasp9166 08-18-2010 01:32 PM

do you make gifs while your figuring up a buyers rates?

GRIFFIN 08-18-2010 01:34 PM

Quote:

Originally Posted by wasp9166 (Post 12138016)
do you make gifs while your figuring up a buyers rates?

Yes. I am very good at mutitasking.
http://threadbombing.com/data/media/64/bish_slapped.gif

m1356guy 08-18-2010 01:42 PM

i dont know. can we?

GRIFFIN 08-18-2010 01:48 PM

Quote:

Originally Posted by m1356guy (Post 12138055)
i dont know. can we?

sure.
http://threadbombing.com/data/media/19/evil.jpg

FadeToblack 08-18-2010 02:16 PM

Do you just laugh when you write a mortgage for a person, knowing that they are going to be under water for a very long long time. Historically low interest rates, largest vacant inventory of all time, huge supply...little to no demand. Historic home tax credit upwards of 8k for first time buyers, and it barely drives demand up. I would not touch RE with a 10 foot pole right now. Unless you can maybe buy a house for 100k and it has 110k worth of old copper pipe in it...:rofl::rofl:


80-90% of the housing market is artificially supported by the government. In Nevada alone, only 15% of the population are actual homeowners. Thats is only counting people who are not underwater on their house/condo. How are prices going to not GO DOWN.

GRIFFIN 08-18-2010 02:19 PM

Quote:

Originally Posted by FadeToblack (Post 12138221)
Do you just laugh when you write a mortgage for a person, knowing that they are going to be under water for a very long long time. Historically low interest rates, largest vacant inventory of all time, huge supply...little to no demand. Historic home tax credit upwards of 8k for first time buyers, and it barely drives demand up. I would not touch RE with a 10 foot pole right now. Unless you can maybe buy a house for 100k and it has 110k worth of old copper pipe in it...:rofl::rofl:


80-90% of the housing market is artificially supported by the government. In Nevada alone, only 15% of the population are actual homeowners. Thats is only counting people who are not underwater on their house/condo. How are prices going to not GO DOWN.



I don't laugh; it will turn around. I put my clients in good loans, but yes the market is a mess right now.

Nt_loader 08-18-2010 02:35 PM

Thinking about renting my house, looking at a possible relocation to another state. I am re-thinking the renting part and starting to look at a possible refi but as evryone else, my home aint work sh1t.

Any advice?

GRIFFIN 08-18-2010 02:42 PM

Quote:

Originally Posted by Nt_loader (Post 12138318)
Thinking about renting my house, looking at a possible relocation to another state. I am re-thinking the renting part and starting to look at a possible refi but as evryone else, my home aint work sh1t.

Any advice?

If you have no value in your home there is a chance for a modification or contacting your lender to take advantage of the HAMP program.
You could always do a short sale, which is not as bad as forclosure. That wasy you can move and not have the houe worry. If you do a short sale you cannot qualify for a new loan for 3 years.

Nt_loader 08-18-2010 02:51 PM

Quote:

Originally Posted by GRIFFIN (Post 12138349)
If you have no value in your home there is a chance for a modification or contacting your lender to take advantage of the HAMP program.
You could always do a short sale, which is not as bad as forclosure. That wasy you can move and not have the houe worry. If you do a short sale you cannot qualify for a new loan for 3 years.

I tried contacting my vendor and since my mortgage payment is within a certain % of my income they are not willing to do anything. I would only short sell if I had no other option, meaning no income and I could not rent it.

Looks like my best option at this time is to rent and go from there.

THX

GRIFFIN 08-18-2010 02:57 PM

Quote:

Originally Posted by Nt_loader (Post 12138369)
I tried contacting my vendor and since my mortgage payment is within a certain % of my income they are not willing to do anything. I would only short sell if I had no other option, meaning no income and I could not rent it.

Looks like my best option at this time is to rent and go from there.

THX

If you can rent and cover you mortgage your good to go.
Normally the lender can drop your payment to like 35% of your income.
If you are below 95% LTV I can do a refinace for you.

Nt_loader 08-18-2010 03:00 PM

Quote:

Originally Posted by GRIFFIN (Post 12138395)
If you can rent and cover you mortgage your good to go.
Normally the lender can drop your payment to like 35% of your income.
If you are below 95% LTV I can do a refinace for you.

I am going to give renting a shot if it comes to that and everything works like I expect. My payment is less than 35% of my income now, thats why the bank doesnt want to play nice.

I wish I was 95% LTV, im probably 70k under :(

GRIFFIN 08-18-2010 03:01 PM

Quote:

Originally Posted by Nt_loader (Post 12138404)
I am going to give renting a shot if it comes to that and everything works like I expect. My payment is less than 35% of my income now, thats why the bank doesnt want to play nice.

I wish I was 95% LTV, im probably 70k under :(

Good luck to you. let me know of you have any other questions.

Nt_loader 08-18-2010 03:09 PM

Quote:

Originally Posted by griffin (Post 12138410)
good luck to you. Let me know of you have any other questions.

thanks

e46vert 08-18-2010 03:28 PM

What is the HAMP program?

GRIFFIN 08-18-2010 03:34 PM

Quote:

Originally Posted by e46vert (Post 12138547)
What is the HAMP program?

Home Affordable Modification Program
http://www.freddiemac.com/singlefami...ification.html
http://makinghomeaffordable.gov/modi...igibility.html


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