Everyone asked:


I am currently pre-approved for a loan from a bank. However, I do want to see if I can get a lower interest rate with a broker. But when should I work with a mortgage broker? I haven’t found anything in particular that I like within my price range yet. So is it wise to work with a broker when I haven’t found anything yet? Should I wait until I have found something? Thank you for all your help!

busiacam asked:


My daughter sold her house under the ‘short sale’ guidelines. She had a second mortgage on the house. She was led to believe that when she was approved for the short sale that it included an approval by the second mortgage lender. Now she is being told that she owes a huge chunk of money. She was never given this information by her real estate agent. Shouldn’t the second mortgage lender have approved of the short sale before the final closing? Does she have any recourse?

… asked:


I’ve been in my house for about a year now and may have a career change. I was told some lenders may impose a penalty for selling your house too soon. If so, what is the typical penalty? I still need to go over my mortgage papers to find this out. It’s also a thirty year loan, not sure if this matters.

Rosemary V asked:


With lenders closing their wholesale departments, what do you think the future holds for all the mortgage brokers out there? Do you think that wholesale will disappear, and there will only be retail or warehouse lending? Please let me know your thoughts, or if you have heard any rumblings!

ancho juancho asked:


I’d like to buy a vacation trailer and although I can get a homeowner’s load on my property I’d like to get the mortgage interest tax benefits, which you don;’t get on a homeowner loan.

Can I mortgage a property for less than its total value?
In response to the first posting, I live in New York state and our tax guy said we cannot write off home equity loan interest.

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