Monthly Archives: October 2011

I have been waiting on buyer to get financing. What should I do?

Q: I put my house on the market and had a buyer immediately. Now I’ve been waiting for them to get a mortgage for a few months. What should I do? Read More.

Is living in Manhattan right for me?

Q: I live in Westchester and I’m about to retire, and I would like to try living in Manhattan for the very first time in my life. I really don’t know how to go about it because I just don’t know if it is going to be for me, although I do believe it is. So I was wondering if you could tell me your advice in how to go about my trial. Read More.

Please help with refinancing

Q: I’m refinancing and I have a credit score of 740. The problem I have is that I own a copyright for a screenplay which I am amortizing over 15 years on my tax return Schedule C. I am exercising my right to write it off. I’m trying to sell it. The amortization amount is a little over $6,000 a year. That brings my Schedule C income down from my normal business and causes me to be under the 45-50% debt-to-income ratio rule. I’ve been arguing with the underwriters that the amortization has to be added back like you add back depreciation on real estate. But I’m getting a $6,000 tax deduction and that’s causing my income to drop. Read More.

Need help refinancing to buy out my spouse

Q: I’m going through a divorce and I have to refinance to buy out my spouse. Not only do I own the house with my ex-husband, my father is the half-owner as well. How we can determine what my part, my ex-husband’s part, and my father’s part of the mortgage payment will be? Read More.

Do I have a good rate? Is it feasible to refinance?

Q: I currently have a mortgage rate of 5.01 percent and I was wondering — is it feasible for me to refinance it? Or is that rate pretty good? I’m hearing mixed things. Read More.

Is this a good investment opportunity?

Q: I have an opportunity to buy a property in a big resort area. It’s a reconverted hotel — a co-op, so it’s a lot cheaper. Is this a good investment for me? Read More.

Can I get an FHA pre-approval in two weeks?

Q: I am considering purchasing a single-family home, but I don’t have much of a down payment. I saw something that I like very much but they’re giving it to a realtor, although they said they would give me two weeks to come up with a mortgage.  If I can’t get it by then, I’d have to make an offer and so on. Can I get an FHA pre-approval in two weeks? Read More.