NLIC.org

Harvey Said:

Question about a mortgage loan: private party vs. traditional lender/bank?

We Answered:

your plan is not a plan, it is a wish wait for it to come true one day. Dreamer!

Jeanne Said:

How do you refinance a mortgage? Who's best to go to? Bank? Private Lender?

We Answered:

Step 1. Get a copy of your credit report and FICO score.

Step 2. Go talk to loan officers at several banks and mortgage lenders and show them your credit report and FICO score and get their best rate in writing.

Step 2A. Buy a current publication (business newspaper or journal) that lists mortgage rates. Between your personal interviews and the published rates you should try and get at least a couple of dozen different terms for refinancing.

Step 3. Go to the lender/bank that currently holds your mortgage and show them all the rates you have collected and ask them to 'beat' the best offer. Give them the first 'option' of refinancing your loan. Because of that, they might offer the best rate. If they don't, take your business to the 'best' offer.

Figure on spending cash for closing costs in the several $1000 range (depending on the value of your home), but if you have equity greater than 25% you might also 'roll' the refinancing costs out of some of your equity to reduce your out-of-pocket expense.

One thing to consider: Subtract the new (refinanced) monthly payment from your current monthly payment. Now mutiply that by the number of months it takes to equal the closing costs of the refinance. Are you going to live in the house at least that many more months? If not, then it isn't worth it to refinance.

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Arnold Said:

Looking for a private lender for real estate purchase?

We Answered:

my Advice: Don't deal with anyone from a foreign country and never use wire transfer servies..

Gabriel Said:

I need a private person or lender for short term second mortgage?

We Answered:

right now it is going to be tough time == you are living in a gold mine == you might be better off selling the house and take the equity and get out of your situation and start over!!!

Wayne Said:

can a servicer and/or lender force place PMI (private mortgage insurance)? ?

We Answered:

GET yourself an attorney. The cost is $200-$500 and he/she can save you lots of money, pain and suffering. Something here doesn't make sense, so get an expert involved. Don't SIGN without expert advice.

Veronica Said:

Does anyone know of either a private person or lender who will do a second mortgage with 133k equity;low FICO?

We Answered:

in this day's market you will have a hard time -- you might be better to sale the house and use the equity to get a fresh start!!!