All Forum Posts by: Joe Cordeira

@Ali Radhi Hi Ali, Why not go for an fha loan 56.99 dti on the primary? Also you’ll be able to go 85%ltv. Although there will be pmi it won’t be much and I’m sure the rate will be a small sum better. May not have to pay off as much debt as well. Hope this helps! If I think of anything more I’ll let you know just the first thought that popped in my head otherwise I would need to see documents and calculate everything myself.

@Carlos Araujo Not sure exactly where you are looking but I’m out of queens and we do run into the same issues you state here. I do have some connections as far as getting around the violations but worst case scenario you can do the hard money and cure the violations from proceeds of the hard money loan and refinance within 12 months. Hope this helps!

@Alfredo Martinez There should be no prepayment penalty. Not sure what bank you are refinancing with but I believe this is a good move for you based on the new tax laws not being able to write off HELOC interest anymore. You do not need an attorney to review your documents as you will have a closing agent that does not work for the bank that will represent both parties. My best advice would be to closely review your initial disclosure, your rate lock disclosures, and your closing disclosures. Most times clients hair fly through them without review. Hope this helps!

@Sai Raj I would fix the heloc and keep where you are on the 1st Mortgage. Under new tax law you can only write off your first 500k in interest on the mortgage anyways as of right now. It may subject to change in the future. If you pay it off in 10 years you will be paying mostly principle on the HELOC as well. Hope that helps