Confused about Mortgage PMI, LTV, HELOC & Appraisal...Please help!? - high ltv heloc
I bought my first house a small apartment) and a plan to 15% more costs (set for closure. I knew before that I have to pay PMI because they would have less than 20%. My appraisal came in high LTV something my more than 75%. I said I was still paying PMI because my LTV is on my purchase price is still 85%. I also wanted a small number of credit mortgage. In my estimation, could get a HELOC, but on my purchase price I can not (up to 85% LTV) to go. What is "value" is looking for a HELOC? When I think about a different lender for a HELOC after closing, look at my purchase price or estimated value? Thanks in advance!
Monday, January 11, 2010
High Ltv Heloc Confused About Mortgage PMI, LTV, HELOC & Appraisal...Please Help!?
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4 comments:
Pretty standard in the industry: The lender will use the lower sale price or estimated value for the dollar amount which is calculated to determine LTV. Thus, in this situation is the selling price, what the basis for the LTV. It stinks a little, but it is. The good news is you have instant equity when closed. You know you're a good business, if we buy the appraised value. As for the HELOC ... I'm beginning to see the lenders to remove an item from your portfolio. There are still some around, but they're sure to find harder to get /. I suggest waiting until after the point of obtaining the HELOC for a number of reasons, and there are still some lenders out of 100%. I do not know anyone in particular (Compass Bank) is always combined 100% CLTV (loan) in value if the loan has a principal residence is not in a declining market and other conditions. And only closed as a stand-alone HELOC ... not near as 2nd MTG to buy ... strange, but that their standard is. Another golden rule in the industry: the lower the selling price or estimated value "rule is in effect for the first year of your property. Again, there are the lenders, will meet only for 6 months or 3 months, but are harder to to find and probably not more than 90% CLTV. I think that the bank will be renovated using the above price. and you plan to live there? "fix and flip is?
Make your HELOC 10% and 80% first mortgage of 10% and left you will see paying the AMT.
1-please ask the seller to pay 3% of the price of your home for the closing costs.
It is a buyer's market, and must include the cost of the procedure.
2-PMI is now so expensive ..
3 - If the lender will do the same thing these days .. appriased report and the same problem to face.
trying to buy a condo to forclouser .. in your area, it is much cheaper than 20% of this market.
4 - Ask your agent for a complete list .. Forclousers Conde and ask your agent to look at these condos.
5 - You can write your PMI on your taxes too.
Luck in his new home
Ok ... Your LTV is not 75% ... Who has to pay PMI anyway.
LTV is calculated on the lesser of the appraised value or selling price of the house. PMI is calculated on the basis of the loan and the value of that number. So I will not be able to classify, PMI, to pay a 80% or less. Many loan officers that many who think and do everything possible, obtain a new appraisal, and you can drop PMI ... but you can not ... Oh, how I wish it were that simple.
You can take over a HELOC for the remaining 15%, but would itself clearly as a loan. They should not your house as an ATM card.
It is not to another lender. HELOC are all kinds of weapons, and huge grounds for attacks at the moment so as to tighten the guidelines.
No lender will see the estimated value, if you already have a contract for less.
What one finds only in line with the rest of the A-paper market.
Stay away from subprime .... dirand your home if you do too.
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