Home Equity Line Question - Ed Garcia? - Posted by Lauren

Posted by Ed Garcia on March 04, 2002 at 09:25:12:

Lauren.

When you state that “Now we are being told by our lender that our business has to be established at the same address for 2 years in order to qualify”. That’s either a cop out by the lender and there is something else wrong with your deal, and the lender doesn’t want to go into it. Or, the lender is new and doesn’t know what they’re doing. You and customers like you, are the reason for loans such as Stated Income, NIQ (none income qualifiers), NIV (none income verification), Easy docs, Lite docs, and the list goes on.

Giving your Broker or Lender the benefit of a doubt, and assuming they were just trying to get you a Fannie mae / Freddie mac loan, they could do a better job.

Lauren, I would go to another lender and get a second opinion. If you can, try to get a copy of your credit report from the first lender for your records and to share wit the second lender. This way you won’t muddy up your credit report with inquires.

Ed Garcia

Home Equity Line Question - Ed Garcia? - Posted by Lauren

Posted by Lauren on March 03, 2002 at 21:29:46:

Hi,

We own our own home which we have been in for 14 months. We currently have about $95K in equity based on rising property values in our area. We would like to tap some of that equity to invest in other real estate. We are also self employed with the same business for 6 years, have a fico of 701 and wanted to do a reduced doc loan. Now we are being told by our lender that our business has to be established at the same address for 2 years in order to qualify.

Is this an industry standard? We work out of our house, so obviously when we bought our new home, our business address also changed. When they approved our mortgage loan, they knew we were moving from out of state and bringing our business with us at that time and there was no problem then.

Do you think we will be able to do this loan with another lender? We currently have a 1st mortgage and home equity line of credit with our current lender. This is also our 4th loan with them with perfect history.

Thanks,
Lauren

Re: Home Equity Line Question - Ed Garcia? - Posted by Michael Grohowski

Posted by Michael Grohowski on March 05, 2002 at 13:57:30:

Ed gave you guys some good advice.
The lender cop out answer to you is ridiculous.
email me at mwg@mwgcapital.com and I will help you out.
-mwg