Mortgage Broker


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Mortgage Broker


 

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What is the difference in lend officer and mortgage broker?


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Freddy Mac or Fannie Mae for HARP 125% refinance?
I am trying to refinance and I'm asking mortgage brokers/lenders the following question: "What will happen if my home appraisal comes in 'underwater,' as in below the amount of my loan?" Some tell me no problem, my FREDDY MAC loan is eligible for HARP refinance program. Others tell me that they wouldn't be able to help because I'm not a Fannie Mae loan. Is this a broker/lender decision or does HARP really exclude Freddy Mac loans? In other words, is HARP only applicable to Fannie Mae loans in terms of the 125% loan to value rules? So confused.

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How can I get financing for another rental property?
I have been trying to purchase a rental property listed for $40,000. But I have not been able to get approved for it because of other properties I own. I have tried at least 3 mortgage companies and I need 3 months of reserves for my primary residence and 6 months reserves for each rental property. Including $10000 for a down payment, it would be more than what I'm looking for for a mortgage. So in that case why would I need a bank? I spoke to a friend to was a mortgage broker and he told me that I can't even just borrow the money for someone else, get the financing, and return the money back to the person I borrowed it from. The money has to be in my account for at least 6 months. So how can I get around this restriction? OPM = Other People's Money. Good investors understand what this means. I'm making a profit on all of the properties and none of them are under water. The funniest thing is that the property I want to purchase is across the street from one that I already own. After being turned down for a mortgage, I asked the loan officer if I could refi for a shorter term at a lower rate on the existing property. I refinanced and the money I saved was almost the exact amount that they told me I needed to purchase the $40K property. I'm making a profit on all of the properties and none of them are under water. The funniest thing is that the property I want to purchase is across the street from one that I already own. After being turned down for a mortgage, I asked the loan officer if I could refi for a shorter term at a lower rate on the existing property. I refinanced and the money I saved was almost the exact amount that they told me I needed to purchase the $40K property.

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