Any mortgage experts on the forums?

[yelped]

It’s pretty nuts, but at this point a poor credit score would still be a net negative (but barely). I assume it will still be harder for those with poor credit to qualify for the actual loan though.

Overall, lower-credit buyers will still pay more in LLPA fees than high-credit buyers – but the latest changes will close the gap.

“The official said the LLPA changes will result in an average price hike of just three to four basis points, or 0.03% to 0.04%, across the spectrum of mortgage recipients – the equivalent of a few dollars per month.”

Main issue is that the increase for consumers with high credit scores is substantial (more than .03%), and it is to subsidize those with bad credit.

[happyyyr]

I have 250k morgatge on my house in 08701. House should appraise for 850k. Looking to either get a helok or 2nd morgatge. Which of the tow has better rates and which place can get this done quickest?
Ty 

[my08701]

I have 250k morgatge on my house in 08701. House should appraise for 850k. Looking to either get a helok or 2nd morgatge. Which of the tow has better rates and which place can get this done quickest?
Ty

call Yosef Pick at TD in Lakewood. he is honest and will give you the differences..

[Yakov15]

I’m looking to purchase a home and rent it out for a few years, until I can afford to move in. Is it a simple process to use expected rental income to get approved for a loan?

[Ver hut gazugt]

I’m looking to purchase a home and rent it out for a few years, until I can afford to move in. Is it a simple process to use expected rental income to get approved for a loan?

yes and your Morgage broker should tell you what can be expected. Btw You need to keep one rental for yourself.

[Yakov15]

yes and your Morgage broker should tell you what can be expected. Btw You need to keep one rental for yourself.

Thanks. And if it’s a single unit property I will need to get an investment type loan?

[AsherO]

Thanks. And if it’s a single unit property I will need to get an investment type loan?

It’s an entirely different type of mortgage if it isn’t going to be your primary residence.

[theblakdavid]

AFAF- trying to get a mortgage and mortgage broker is telling him his credit score is too low- he should davka open a cc jointly with someone at bofa and will help get his approvals from bofa

Does that make any sense and why would that make more of a difference over any AU on a cc?

[ckmk47]

AFAF- trying to get a mortgage and mortgage broker is telling him his credit score is too low- he should davka open a cc jointly with someone at bofa and will help get his approvals from bofa

Does that make any sense and why would that make more of a difference over any AU on a cc?

He could probably become an authorized user on an existing card of someone with good credit.
That broker may often work with BOA or knows what criteria they use to give mortgages.

[cgr]

AFAF- trying to get a mortgage and mortgage broker is telling him his credit score is too low- he should davka open a cc jointly with someone at bofa and will help get his approvals from bofa

Does that make any sense and why would that make more of a difference over any AU on a cc?

BofA reports AUs differently than other banks. From my experience most mortgage brokers recommend that rather than Chase or Amex for a quick credit boost. My understanding is that Chase is hit or miss with reporting AUs and Amex reports the date that the AU was added which doesn't help.

[theblakdavid]

BofA reports AUs differently than other banks. From my experience most mortgage brokers recommend that rather than Chase or Amex for a quick credit boost. My understanding is that Chase is hit or miss with reporting AUs and Amex reports the date that the AU was added which doesn't help.

Cool- so technically any au that would hit and backdate can help but bofa reports differently so higher chance of success?

[Mf1]

Doeas anybody know if its actually worth trying to qualify for down payment loan in ny from https://hdfconnects.org/downpayment-closing-costs-assistance/?utm_source=zillow&utm_campaign=dpr&utm_medium=partner

[bFeldman]

How soon after I close on my house and get the keys can I apply for a new credit card?

[ckmk47]

How soon after I close on my house and get the keys can I apply for a new credit card?

Immediately

[yfr bachur]

Anyone with experience with israeli mortgages?

[zevi]

Anyone ever hear of or use ‘Loan Factory’