Ask our mortgage assistant

Related answers

• VA Loans

  How do I find a lender that really knows VA loans?

  Interview them. Ask how many VA loans they close, how they handle your Certificate of Eligibility, VA appraisals, the funding fee exemption, and seller concessions, then compare two or three VA Loan Estimates from the same day. The Mortgage Advisory is a direct VA lender in California, Texas, and Colorado (a licensed mortgage broker in Florida), and we genuinely encourage veterans to compare us.

• FHA & Conventional

  Can I get an FHA loan if I already own a home?

  Sometimes. FHA loans are for the home you'll live in, and you can generally have only one FHA loan at a time. But FHA makes exceptions, like relocating for a job too far to commute, needing more room for a growing family, or moving out of a home you co-own with someone who's staying. You don't have to be a first-time buyer. The Mortgage Advisory reviews your situation and arranges FHA loans through approved partner lenders.

• FHA & Conventional

  How do I refinance from an FHA loan to a conventional loan, and is it worth it?

  You refinance into a new conventional loan that pays off the FHA loan. It's usually worth it when you have about 20% equity, because conventional loans don't need mortgage insurance at that point, and your credit has improved. The math has to beat the closing costs, especially if your current rate is low. The Mortgage Advisory is the direct lender on conventional loans in California, Texas, and Colorado and runs the break-even for you.

• HELOC & Equity

  What credit score and debt-to-income ratio do I need for a HELOC?

  Requirements vary by program, but many HELOCs look for a credit score in the mid-600s or higher, a debt-to-income ratio under roughly 45% to 50%, and total mortgage debt at or below about 80% of your home's value. Better credit gets better pricing. The Mortgage Advisory will tell you honestly where you stand, and which program fits, before anyone does a hard credit pull.

• Debt Consolidation

  I'm a homeowner with credit card debt. What are my options to pay it off?

  As a homeowner, you have more options than most people: balance transfer cards, a personal loan, a debt management plan, and your home equity through a HELOC, home equity loan, cash-out refinance, or, if you're 62 or older, a reverse mortgage. At The Mortgage Advisory, we steer people toward the option that lowers their Life Rate, the blended rate on everything they owe, and their total cost.