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4/26/2017

Update Your Mortgage to Lower Payment

A post Caroline Gerardo (@carolinegerardo) on

In the 1970's my sister Nori and I shared a pink and green bedroom
I don't have photographs of the wallpaper but below is close.
Do you feel stuck in a mortgage of the past?
Interest rates took a little dip back in time this week.
Call for a tune up. Perhaps we can erase your mortgage insurance
and lower your monthly payment. Discover the savings, for free
Refinance that flower power paper into jet fuel of today

Caroline Gerardo
NMLS 324982


(949)   784-- 9699

carolinergerardo @ eaglehm .com
Avocado green maybe not coming back?



Orange County California zip codes list below:
ORANGE County, CA 
ZIP City Population count
ZIP Code  90620
General Buena Park
45,113
ZIP Code  90621
General Buena Park
35,153
ZIP Code  90622
P.O. Box Buena Park
0
ZIP Code  90623
General La Palma
15,554
ZIP Code 90624
P.O. Box Buena Park
0
ZIP Code 90630
General Cypress
47,993
ZIP Code 90631
General La Habra
67,619
ZIP Code 90632
P.O. Box La Habra
0
ZIP Code 90633
P.O. Box La Habra
0
ZIP Code 90680
General Stanton
29,945
ZIP Code 90720
General Los Alamitos
21,751
ZIP Code 90721
P.O. Box Los Alamitos
0
ZIP Code 90740
General Seal Beach
23,729
ZIP Code 90742
P.O. Box Sunset Beach
831
ZIP Code 90743
P.O. Box Surfside
456
ZIP Code 92602
General Irvine
22,871
ZIP Code 92603
General Irvine
20,184
ZIP Code 92604
General Irvine
26,853
ZIP Code 92605
P.O. Box Huntington Beach
0
ZIP Code 92606
General Irvine
21,495
ZIP Code 92607
P.O. Box Laguna Niguel
0
ZIP Code 92609
P.O. Box El Toro
0
ZIP Code 92610
General Foothill Ranch
11,248
ZIP Code 92612
General Irvine
27,522
ZIP Code 92614
General Irvine
24,748
ZIP Code 92615
P.O. Box Huntington Beach
0
ZIP Code 92616
P.O. Box Irvine
0
ZIP Code 92617
General Irvine
14,044
ZIP Code 92618
General Irvine
16,366
ZIP Code 92619
P.O. Box Irvine
0
ZIP Code 92620
General Irvine
38,486
ZIP Code 92623
P.O. Box Irvine
0
ZIP Code 92624
General Capistrano Beach
7,248
ZIP Code 92625
General Corona Del Mar
12,478
ZIP Code 92626
General Costa Mesa
49,341
ZIP Code 92627
General Costa Mesa
61,510
ZIP Code 92628
P.O. Box Costa Mesa
0
ZIP Code 92629
General Dana Point
25,756
ZIP Code 92630
General Lake Forest
59,182
ZIP Code 92637
General Laguna Woods
16,012
ZIP Code 92646
General Huntington Beach
55,224
ZIP Code 92647
General Huntington Beach
57,245
ZIP Code 92648
General Huntington Beach
45,317
ZIP Code 92649
General Huntington Beach
32,463
ZIP Code 92650
P.O. Box East Irvine
0
ZIP Code 92651
General Laguna Beach
23,881
ZIP Code 92652
P.O. Box Laguna Beach
0
ZIP Code 92653
General Laguna Hills
29,291
ZIP Code 92654
P.O. Box Laguna Hills
0
ZIP Code 92655
General Midway City
8,337
ZIP Code 92656
General Aliso Viejo
49,046
ZIP Code 92657
General Newport Coast
9,741
ZIP Code 92658
P.O. Box Newport Beach
0
ZIP Code 92659
P.O. Box Newport Beach
0
ZIP Code 92660
General Newport Beach
34,797
ZIP Code 92661
General Newport Beach
3,744
ZIP Code 92662
General Newport Beach
2,756
ZIP Code 92663
General Newport Beach
21,649
ZIP Code 92672
General San Clemente
34,464
ZIP Code 92673
General San Clemente
29,309
ZIP Code 92674
P.O. Box San Clemente
0
ZIP Code 92675
General San Juan Capistrano
34,731
ZIP Code 92676
General Silverado
1,945
ZIP Code 92677
General Laguna Niguel
63,297
ZIP Code 92678
P.O. Box Trabuco Canyon
494
ZIP Code 92679
General Trabuco Canyon
32,611
ZIP Code 92683
General Westminster
89,747
ZIP Code 92684
P.O. Box Westminster
0
ZIP Code 92685
P.O. Box Westminster
0
ZIP Code 92688
General Rancho Santa Margarita
43,792
ZIP Code 92690
P.O. Box Mission Viejo
0
ZIP Code 92691
General Mission Viejo
47,582
ZIP Code 92692
General Mission Viejo
47,222
ZIP Code 92693
P.O. Box San Juan Capistrano
0
ZIP Code 92694
General Ladera Ranch
21,944
ZIP Code 92697
Unique Irvine
0
ZIP Code 92698
Unique Aliso Viejo
0
ZIP Code 92701
General Santa Ana
53,908
ZIP Code 92702
P.O. Box Santa Ana
0
ZIP Code 92703
General Santa Ana
65,445
ZIP Code 92704
General Santa Ana
88,123
ZIP Code 92705
General Santa Ana
44,706
ZIP Code 92706
General Santa Ana
36,457
ZIP Code 92707
General Santa Ana
59,492
ZIP Code 92708
General Fountain Valley
56,004
ZIP Code 92711
P.O. Box Santa Ana
0
ZIP Code 92712
P.O. Box Santa Ana
0
ZIP Code 92728
P.O. Box Fountain Valley
0
ZIP Code 92735
P.O. Box Santa Ana
0
ZIP Code 92780
General Tustin
57,741
ZIP Code 92781
P.O. Box Tustin
0
ZIP Code 92782
General Tustin
23,032
ZIP Code 92799
General Santa Ana
0
ZIP Code 92801
General Anaheim
62,068
ZIP Code 92802
General Anaheim
42,709
ZIP Code 92803
P.O. Box Anaheim
0
ZIP Code 92804
General Anaheim
85,914
ZIP Code 92805
General Anaheim
70,401
ZIP Code 92806
General Anaheim
37,173
ZIP Code 92807
General Anaheim
36,171
ZIP Code 92808
General Anaheim
20,039
ZIP Code 92809
General Anaheim
0
ZIP Code 92811
P.O. Box Atwood
0
ZIP Code 92812
P.O. Box Anaheim
0
ZIP Code 92814
P.O. Box Anaheim
0
ZIP Code 92815
P.O. Box Anaheim
0
ZIP Code 92816
P.O. Box Anaheim
0
ZIP Code 92817
P.O. Box Anaheim
0
ZIP Code 92821
General Brea
35,533
ZIP Code 92822
P.O. Box Brea
0
ZIP Code 92823
General Brea
3,613
ZIP Code 92825
P.O. Box Anaheim
0
ZIP Code 92831
General Fullerton
34,204
ZIP Code 92832
General Fullerton
24,752
ZIP Code 92833
General Fullerton
51,767
ZIP Code 92834
P.O. Box Fullerton
0
ZIP Code 92835
General Fullerton
24,010
ZIP Code 92836
P.O. Box Fullerton
0
ZIP Code 92837
P.O. Box Fullerton
0
ZIP Code 92838
P.O. Box Fullerton
0
ZIP Code 92840
General Garden Grove
54,083
ZIP Code 92841
General Garden Grove
32,845
ZIP Code 92842
P.O. Box Garden Grove
0
ZIP Code 92843
General Garden Grove
45,214
ZIP Code 92844
General Garden Grove
24,307
ZIP Code 92845
General Garden Grove
16,333
ZIP Code 92846
P.O. Box Garden Grove
0
ZIP Code 92850
Unique Anaheim
0
ZIP Code 92856
P.O. Box Orange
0
ZIP Code 92857
P.O. Box Orange
0
ZIP Code 92859
P.O. Box Orange
0
ZIP Code 92861
General Villa Park
5,781
ZIP Code 92862
General Orange
0
ZIP Code 92863
P.O. Box Orange
0
ZIP Code 92864
P.O. Box Orange
0
ZIP Code 92865
General Orange
19,704
ZIP Code 92866
General Orange
14,885
ZIP Code 92867
General Orange
44,515
ZIP Code 92868
General Orange
25,404
ZIP Code 92869
General Orange
37,184
ZIP Code 92870
General Placentia
52,033
ZIP Code 92871
P.O. Box Placentia
0
ZIP Code 92885
P.O. Box Yorba Linda
0
ZIP Code 92886
General Yorba Linda
46,564
ZIP Code 92887
General Yorba Linda
20,006
ZIP Code 92899
General Anaheim
0

New Fannie Mortgage Rules on Student Loans

 Student loan payment calculation – Fannie  simplified guidelines on student loans. If a payment amount is provided on the credit report, that amount can be used for qualifying. If the credit report does not identify a payment amount or reflects $0 the lender can use either 1% of the outstanding  balance or a calculated payment that will fully amortize the loan based upon documentation of loan repayment terms.

Revised Guide for Student Loan Obligations:. 
                                                                                                Student Loan Obligations mortgage rules
Student Loans in normal repayment status
Fannie Mae
Freddie Mac
FHA TOTAL SCORECARD/MANUAL
VA

 payment amount provided on the credit report

 If the credit report does not identify a payment amount or reflects $0 use either
  1% of the outstanding  balance or
 Calculated payment that  fully amortizes the loan based upon documentation of loan repayment terms.

Use the payment indicated on the credit report
    IF no monthly payment is reported on the credit report or no documentation in the credit file verifying the monthly payment, 1% of the outstanding loan balance is monthly amount for qualifying purposes.
Payment used is: 
 the greater of
·         1% x the outstanding balance, or
·         The monthly payment on the credit report

OR actual documented payment, provided the payment fully amortizes the loan over term. Obtain written documentation of actual monthly payment, the payment status, and outstanding balance and terms from the creditor.
Greater of credit
report payment or
5% x balance/12,
unless you can
prove the credit
report payment is the actual loan terms (fully amort. pmt).
Proof must come
from student loan servicer and be no more than 60 days old.



Student Loans in Deferred or Forbearance Status
Fannie Mae
Freddie Mac
FHA TOTAL SCORECARD/MANUAL
VA
Same as above
          Same as above

Same as above
No payment required if deferment period is
at least 12 months beyond date of closing.

If less than 12 months left of deferment calculate using greater of credit report payment or
5% x balance/12, unless you can prove the credit report payment is the actual loan terms (fully amort. pmt).
Proof must come from student loan servicer and be no more than 60 days old.




Student Loans under Income Based Repayment Plans

Fannie Mae
Freddie Mac
FHA TOTAL SCORECARD/MANUAL
VA
         Same as above
        Same as above

Same as above
Greater of credit report payment
or
5% x   balance/12, unless you can prove the credit
report payment is the actual loan terms (fully amort. pmt).
Proof must come from student loan servicer and be no more than 60 days old.




Excluding Debts Paid by Others – Other party isn't obligated on the debt. Non-mortgage debt if paid by another party for 12 months can be excluded from the borrower’s debt to income ratios Need: most recent 12 months’ cancelled checks (or bank statements) from the other party documenting a 12–month satisfactory payment history. No delinquent payments for that debt in order to exclude it from the borrower’s debt-to-income ratio.  Other party cannot be a party to the transaction. Non-mortgage debts include installment, revolving, lease payments, alimony, and child support.


Cash out refinance paying off off student loan(s) loan level price adjustment for out refinance transactions waived when all requirements have been met. At least 1 student loan must be paid off.  Loan proceeds must be paid directly to student loan servicer.   Lesser of 2% of $2000 cash back over and above the student loan payoff.  

Properties Listed for Sale – Fannie Mae eliminating the eligibility restriction for cash out refinances when the subject property was listed in the past 6 months. Property must be taken off the market on or before the disbursement date of the new mortgage.


Expiration of PERS – Final Project Approvals for streamline PERS submissions will be issued up to 24 months at Fannie’s discretion. Currently the term is 18 months.

Caroline Gerardo
NMLS 324982
https://carolinegerardo.eaglehm.com/ 

949  784-  9699   cell

I have a box full of Nancy Ann Story book dolls if anyone wants them contact me.
Most in boxes never opened

4/15/2017

How To Cancel Mortgage Insurance MI

How to cancel Mortgage Insurance
also known as MI and PMI


There are a number of misconceptions. Don't assume that MI payment falls off. Although some are tax deductible (don't forget when you file you taxes!!) no one likes to pay for insurance that doesn't give them anything.
Contact your loan servicer: ask for copy of promissory note if you don't have it
You must request the cancellation of MI in WRITING, 
a phone call doesn't legally start the process and some servicers may not give 
you correct information this is why you need the note.
A trusted mortgage banker can read the ins and outs of the note for you for free.
You don't need an attorney, but make sure you know your rights.

Must have 75% ltv (loan to value) seventy five percent or less first 2-5 years.
Almost all require 2 years to use current appraised value.


Mortgage lenders/investors will typically permit the cancellation of private mortgage insurance (private MI), when you have equity in the home. the Mi was placed to protect the lender in event of default (if
you went into foreclosure the insurance pays the lender somewhere between 18 and 25 percent of loan, depending on what you set up at the start.

Because MI insures a lender, the MI company- Names of some not all: MGIC   Genworth Mortgage Insurance Corporation MGIC Mortgage Guaranty Insurance Corporation PMI PMI Mortgage Insurance Co PMI Insurance Co  and PMI Mortgage Assurance Co  UGI  United Guaranty Residential Insurance Company and United Guaranty Mortgage Indemnity Company  RMIC  Republic Mortgage Insurance Company   Republic Mortgage Insurance Company of North Carolina    Triad Triad Guaranty Insurance Corporation  Essent Essent Guaranty

MI company cannot cancel MI coverage. Contact your lender and servicer and have them request cancellation.
If mortgage payments are made on time and you have enough equity in your home, cancelling your MI shouldn't be difficult at all. 
You may be able to get a cash refund.

Cancellation based on original value According to the Homeowners Protection Act of 1998 (HPA), ask your lender to cancel mortgage insurance when the mortgage balance reaches 80% of your home’s original value, either because: – You’ve made all of your scheduled payments or – You’ve made extra payments to reduce the principal balance ahead of schedule In addition to your good payment history: – 

Your property value must be at least the same as its original value and – There are no subordinate liens on your property If you meet these requirements, your lender must cancel the mortgage insurance on your loan. Cancellation based on current value 

You can also ask your lender to cancel mortgage insurance based on your equity due to your home’s value appreciating. (This scenario is not covered under the HPA, and lender/investor requirements may vary.) In addition to your good payment history: – If your mortgage is at least 2 years old but less than 5, you generally need at least 25% equity in your home – If your mortgage is more than 5 years old, you typically need at least 20% equity – Your lender will typically require an appraisal to verify your home’s value Your lender may have additional requirements. 
Automatic cancellation: According to HPA, your lender cancels mortgage insurance when: – You reach 22% equity in your home based on the original property value and – Your mortgage payments are current. Note there are lawsuits with homeowners against servicers who did not do this in a timely manner. I don't endorse the trust them scenario.

Homeowners Protection Act of 1998 –  effective in 1999 – establishes rules for automatic termination and borrower cancellation of private mortgage insurance (PMI) Law applies to loans closed after July 29, 1999 for the purchase, initial construction, or refinance of a single-family home. These protections do not apply to government-insured FHA or VA loans or to loans with lender-paid PMI.

For home mortgages signed on or after July 29, 1999, your PMI must – with certain exceptions – be terminated automatically when you reach 22 percent equity in your home based on the original property value, if your mortgage payments are current.
Your PMI also can be canceled, upon your request – with certain exceptions – when you reach 20 percent equity in your home based on the original property value, if your mortgage payments are current. One exception is if you have not been current on your payments within the year prior to the time for termination or cancellation. Another is if you have other liens on your property. A third is the property cannot have declined in value from the original value. For these loans, your PMI may continue. .
If your home loan opened before July 29, 1999, (frankly few are that old, most were sold or paid)  ask to have the P M I  or MI canceled once you exceed 20 percent equity in your home. No federal law requires your lender or mortgage servicer to cancel the insurance, but write the letter anyways. The savings could be great

Caroline Gerardo 
NMLS 324982

949- 784- 9699