Question by loks: how can I negotiate to lower my interest rate for a home loan with the loan officer?
what can I say for him to lower my apr for a loan? this is my first time applying for a loan and do not have experience negotiating to lower my APR any advise?
also he told me he can lower my apr by buying points
any help from anybody out there is appreciated.
he told me 6.5 is the best I can get but I can buy points to lower
I live in the state of texas is this the average APR? people with good credit? also FHA loans he told me I have to have the PIM
for the mortgage for the life of the loan? I was told once you reached 20% percent ownership you can get rid of it but he told me no because it was an FHA loan is this true?
Best answer:
Answer by DirectLendingPlanet
the best way to get what you want is to look elseware if he refuses to match your best offer go with the best one!
find anouther broker he is not being truthful or he is totaly incompentant Anyone with a little expirance would know this fact Its on the brokers test i am guessing yoru broker is not licansed! yes if you have PMI once you have 20% equity in your home it goes away! he is trying you get you in a loan where he makes the most money.
tell him you are going with anouther broker who got you 6% and no pmi he will either come down on the rte and fees if he doesnt look elesware. ask for a good faith estimate and see what you apr is that will tell you if he’s over charging you.
also look at the lender fees. It is in your best interest to shop around if you know your scores talk to a few people and see what they offer.
if your scores are above 660 your not getting a good deal !
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Question by Jason: What are the limits to mortgage interest deduction?
My wife and I current do not owe a mortgage on our house (~$ 600K). I am considering getting a ($ 400K) home equity loan / mortgage. Our income would easily support the monthly payment. My questions are 1. Will the interest from the $ 400K loan be tax deductible or is interest on cash-out loans over $ 100K not eligible for deduction (I’ve heard)? 2. Will points on this load also be deductible? Thanks.
Best answer:
Answer by ang l
it depends on what you are using the money for. if you are going on a vacation, cialis 40mg no. if you are fixing up your house, yes.
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Question by bigrichinwa: Question on remodel requirements of FHA Loans?
I need some clarification on FHA loans.
Does the FHA loan required that an appraised value be met Meaning after appraisal does the home need to be improved to met FHA loan requirements? and are there any. See I was told that after appraisal that the home need to be remodeled to meet a certain appraisal figure?
What typically needs to be done to to make a home worth $ 130, approved 000? from 80, viagra 60mg 000
To Meet the standards of and to keep the FHA loan do you need to make the home the value a Appraiser states?
Best answer:
Answer by Landlord
This makes no sense, web the appraised value is simply what it is worth, it never has to be worth more then it is.
FHA requires homes to be move in ready, which is one reason many sellers do not accept FHA, they just do not want the hassle.
Once you buy it they will not be appraising it again.
Know better? Leave your own answer in the comments!
An FHA appraisal requires that there are no health, safety, or security issues that could negatively impact the occupants and provides a manual that addresses these issues. If there is a problem with the condition of the property, then the appraisal would be done “subject to” the problem being corrected and most likely re-inspected, to ensure compliance. The market that the property is located in will determine the value. As far as increasing the value of a home from 80k 130k, the market would be a huge factor in determining that. If comparable properties to the home are selling at 80k, then that is what it is worth. It would be highly improbable that the value could be increased by 50k, no matter how much remodeling you do.