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I’ll also try to answer questions about the mortgage process, though it’s difficult to answer each one based on the volume I receive.  Before you send a question, take a look at the mortgage help topics I have already covered, you may find your answer.  You can also use the search box to find relevant queries.

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16 Comments

  1. Jill November 16, 2014 at 7:07 pm -

    Hi Colin,

    Do you have any advice on what I should look for in a mortgage broker? My goal is to find someone who wants to get me the best deal but don’t they want to make as much money off of me as possible?

    Thanks so much,

    Jill

  2. Colin Robertson November 17, 2014 at 9:25 am -

    Hi Jill,

    Perhaps someone that is referred to you by a family member or a friend who actually wants repeat business from you or your friends/family in the future. Having some future reward may entice that broker to give you good pricing today with the promise of more business down the line. You may also need to compare costs/service of several to narrow it down. Good luck!

  3. Murali December 7, 2014 at 11:16 am -

    Hi Colin,

    Thank you, your website is full of good information.

    If someone is having an equity of $80,000 out of home value $290,000 / 15 years mortgage (Loan Amount $250,000 – Loan year 2011 December) with an interest rate of 3.5% is it advisable to refinance the $210,000 to reduce the monthly mortgage payments?

    Best Regards
    Murali

  4. Colin Robertson December 8, 2014 at 12:11 pm -

    Murali,

    The going rate for a 15-year fixed today is around 3.10%, per Freddie Mac. So you could potentially save some money if your current rate is 3.50%, but the savings might not be that sizable. You’ll also have to consider the costs to refinance, assuming the lender isn’t covering the costs for you, and the fact that your mortgage will restart again.

  5. Tanya Pinedo December 17, 2014 at 9:41 am -

    Hi Collin,

    I was approved for a conventional FHA loan at 3.5%. I went through a bankruptcy and was discharged 2 years ago. I owned a home that went into bankruptcy at that time. Everything was squared away and ready until a title search showed that I still had my name on the deed to the home I had not lived in for more than 4 years. Because of that, I was no longer eligible for the standard FHA loan. The house is now in the process of being taken out of my name, but my question is this: does my name on an existing title become a factor in the HELOC or not?

    Thank you

  6. Colin Robertson December 17, 2014 at 10:15 am -

    What HELOC are you referring to? If your name is on title, it could affect any subsequent loans you apply for.

  7. Rebecca December 19, 2014 at 8:26 am -

    My brother and his wife are trying to buy a home. I just sold mine and have the money in a CD in my and my mother’s name. His mortgage company is requiring several months of reserve. He said if I add his name to my CD that that would work. I am just wondering if his mortgage wants CD in his name alone?

  8. Colin Robertson December 19, 2014 at 12:27 pm -

    Rebecca,

    For joint accounts, you typically need a letter from the others listed stating that the borrower has full use of the funds.

  9. Holly February 7, 2015 at 6:15 am -

    Colin,
    I will like to buy a second home. I have been turned down by four lenders for the fact I have not been at my full-time nor part-time jobs for two years. All claim “I have no income”. My credit score is 800+, my debt to income ratio is lower than required, I have never defaulted on my current mortgage nor past mortgage, I have been in the same profession for 20 years. I have plenty in a money market and in a Roth IRA. Who will look at “the big picture” and not just employment longevity? Should I try the SIVA or no documentation route? If so, would it be best to work with a mortgage broker?

    I appreciate any help.
    Thank you.

  10. Colin Robertson February 7, 2015 at 11:01 am -

    Hey Holly,

    If you’ve been in the same industry for 20 years and your new job is similar to your old job, an underwriter might be able to consider your income. But new jobs are always scrutinized because they’re not yet proven. A broker might be helpful to navigate all the potential programs/lenders at once to find a home for your loan. And if that doesn’t bear any fruit, there’s always the potential of non-QM, though rates could be steep and you might need to put a lot of money down.

  11. Raisa April 22, 2015 at 11:25 pm -

    I am from Canada and I have a mortgage with the Royal bank on Canada who made a huge mistake in my mortgage in 2010. In 2009, the mortgage was a variable mortgage at 1.50 amortization 11 years, term 5 years. They renewed the mortgage without my consent in April 2010 gave me and Rate-Capper 5.50% ( term 5 years) with 58 years and 8 month of amortization which is illegal in Canada and the result of this mistake is that they charged approximately 17,731.00 only $ 200 went into the principal . They knew this problem since 2010. They don’t even want to provide me with any written documents explaining how this happened. They simple say they don’t know !! The mortgage is up for renewal May 18 and the interest have been since 2010 at around 3% I have gone to the client center who told me to negotiate with the branch who are telling me they will give me $2,230 of interest that they own me. Since they say the don’t know how this happened I don’t know how they came up with this $. WHAT SHOULD I DO? Is it possible to calculate how much they really own me.

    Thank you in advance for your advise

  12. Colin Robertson April 23, 2015 at 9:47 am -

    Hi Raisa,

    I’m not well versed in Canadian mortgage rules so unfortunately I can’t be of any assistance. But here in the U.S. it’s always good to negotiate if you’ve been wronged to get the most compensation. Perhaps using an amortization schedule to compare your original mortgage vs. what they changed it to will yield the difference in interest. Ask them to “show their work” regarding that figure they provided.

  13. Brad June 19, 2015 at 9:29 am -

    Dear Colin –

    I am ph.d student looking at why some home lenders do not seem to enforce required flood insurance policies on their clients. Any insight you can share would be great.

    Thank you

    Brad

  14. Colin Robertson June 19, 2015 at 2:45 pm -

    Brad,

    As far as I know flood insurance isn’t always required in non-high risk areas though some lenders may still demand it. At the end of the day it’s not really your house when you still owe the bank for the majority of the collateral.

  15. Michaela June 30, 2015 at 6:50 pm -

    If we switched lenders do we need a new purchase agreement stating who the new lender is?

  16. Colin Robertson July 1, 2015 at 2:36 pm -

    Michaela,

    Did the old agreement state who the original lender was?

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