Can I continue my old mortgage remaining period as partial loan on my new house?

I have 3 years remaining in my old house 5/1 mortgage. Im planning to sell the house and buy a new one. Can I use the old mortgage to cover the partial amount for new loan?

Can I continue my old mortgage remaining period as partial loan on my new house?

No. Mortgages are on specific properties. You cannot transfer them from one to another. Sorry! To be absolutely sure, call your mortgage company, they will be able to answer it for you for certain as they are the ones granting the mortgage in the first place.

Why aren't mortgage brokers and lenders hiring loan processors from home?

What are some %26quot;cons%26quot; as to why mortgage brokers and lenders aren't hiring their loan processors from home? Especially in the new age of %26quot;paperless%26quot; offices?

Why aren't mortgage brokers and lenders hiring loan processors from home?

Because of the privacy issues with borrowers credit information, for one - the Lender has control over what is in its own offices. Also, as for the brokers, they're on the road, often, anyway, so when they do need to return to a desk, it should be at the office. I hope this helps.

Good luck!

What are the advantages and dis-advantages of having points on a mortgage loan?

ty

What are the advantages and dis-advantages of having points on a mortgage loan?

paying points will lower your interest rate, and money paid for points is tax deductible...the con is that 1 point is 1 percent of your financed amount...you have to pay this money at closing, therefore you need to have some funds available

What are the advantages and dis-advantages of having points on a mortgage loan?

Paying for points will help to lower your interest rate.

What are the advantages and dis-advantages of having points on a mortgage loan?

Each point is the equivalent of 1% of your loan amount. If you are paying points to buy your rate down you should determine how long it will recover the amount paid in points to determine whether or not it is a viable option. To do so, deduct the payment (P%26amp;I) at the lower rate from the payment at the higher rate and then divide the total amount paid in points by that difference. That will give you the number of months it will take to recover the costs of the points paid. Unless this is your final home purchase, recovery should occur in 3 - 5 years. If you are going to be in the home less time than that, decide accordingly.

In addition, most lenders report points paid on a purchase on a 1099 which means you may be entitled to deduct them from your taxes on a Schedule A thereby reducing your taxable income and increasing your refund.

Can an approved loan for mortgage be turned down or canceled?

closing is tommorrow, and im quite sure i may be making a mistake.

what do i do?

the loan is for $250,000

help me please.

Can an approved loan for mortgage be turned down or canceled?

Call up the company where the meeting is and tell them you're canceling the meeting as well as the contract. Your husband (?) may have put down a deposit, which he will lose, but at least you won't lose your own money. He can't take advantage of you without your permission. Personally, if he's living in another town, I would have him investigated, or at least followed, because he sounds so crummy that I bet he has a gf on the side!

Can an approved loan for mortgage be turned down or canceled?

A purchase money mortgage CANNOT be cancelled 3 days after it closes! That only applies to refinances and second mortgages!

You can cancel your deal at any time before you sign the papers. Once you close you are locked into that mortgage until you sell the property or refinance. But keep in mind that if you cancel the deal then the seller may be able to keep your deposit and may be able to sue you for damages. I suggest that you speak to an attorney before taking any action.

Can an approved loan for mortgage be turned down or canceled?

By the prospective lender, yes, if conditions change. By you, yes, if you decide you don't want to do the deal. Criteria: is the property a good value at the price? What are price tendencies in your area? (Seattle, up; Detroit, down.) How secure is the income stream that will be required to pay the mortgage? How long would you expect to own the property? What are you going to do if you don't buy it? Is the mortgage appropriately priced for your credit rating? (If you can get money for 6.25%, don't worry about this; that is about as good as it gets these days.) If the mortgage is not at a fixed rate, how badly can you get had when the rate adjusts? There is no doubt more of this, but that will get you started.

Can an approved loan for mortgage be turned down or canceled?

Your lender and Realtor should have put your mind at ease by now, and you should be excited at the prospects of home ownership. It is natural to experience some cold feet, but not at this late date.

You do not have a 3 day right of recission on this.

You can cancel, but it is going to cost you the earnest money and perhaps some money to the lender (depending on what you signed).

Can an approved loan for mortgage be turned down or canceled?

You can cancel at anytime up until closing on a purchase and up to 3 days after the loan closes if it's a refinance of your primary residence if you feel uncomfortable. If you are not satisfied, now is the time to act. Good luck.

Do banks prefer to receive cash or have the person to take mortgage loan from them?

I put a bid on a house yesterday but this morning I found out that there were 7 other offers were put on this bank owned property. Since there are too many offers, the bank decided to close the deal today.

My agent just called and she said I am one of the 2 that the bank is interested in selling the house to. I also found out that the other person are willing to pay cash for this property. I live in CA, I have no idea how can this person come out with $350K cash??? Just curious and mad..

Anywho.. I'm just wondering if anyone knows if the bank would choose the other person over me? FYI I am pre-approved with the same lender who owns that very property.

So it's a verdict between me - who will borrow money from the same bank that is selling the house and.. that person who has cash. I would think the bank wants my interest money over the course of this coming 30 years??

Anyone can answer???? Thanks!

Do banks prefer to receive cash or have the person to take mortgage loan from them?

They want the highest price. Whoever is responsible for selling this house doesn't care about the profit potential over 30 years, they just want it off of the books. Even if the cash to buy it comes from their bank, they will be paid in a lump sum to remove this property from their books.

The cash buyer can probably close faster and that will be a consideration. The cash buyer doesn't need mortgage approval and that will be a consideration.

Look at it from their point of view. I can have $350k in cash today or I can take a chance that you can get financing in a few weeks at $355k. I would take the fast $350k any day.

I hope it works out for you. Good luck!

Do banks prefer to receive cash or have the person to take mortgage loan from them?

The other people most likely put a loan on another property in order to have the cash available to buy this house. Depending on what the other people put for a closing date and what you put, that might be a deciding factor and what the other people bid. If they are higher than you then the bank might take the other deal. it could go either way because who knows what there bid is

Do banks prefer to receive cash or have the person to take mortgage loan from them?

How much are you putting down?

These days, if I was a bank I would take the money whenever i can get it. The potential to make more money over the life of the loan is great but there are always people to loan to but not many people are handing over $350,000 every day. They probably did take out a loan just not with that bank.

Do banks prefer to receive cash or have the person to take mortgage loan from them?

When buying foreclosures this sort of thing happens. Just be patient. The present market is such that if it looks like a good deal today, it will be a better deal tomorrow.

Since you have just 5% to put down, look into VA/FHA. FHA has a section 203(k) rehab mortgage that is tailor made for buying a foreclosure and fixing it up.

Too bad you aren't in Florida, I could fix you up with 100% financing programs

http://www.atlanticeloan.com/pages/100-p...

The 100% programs I have are great for buying and fixing up foreclosures.

Good Luck

Charlie Camp

Atlantic Mortgage

Do banks prefer to receive cash or have the person to take mortgage loan from them?

Actually depends on how the bank feels they can keep you as a customer. Things to look at? Is there a prepayment penalty on your loan. If so for how long? 2 or 3 year prepayment penalty than the bank will only recover half of the 20 k in between cash and financed offer. Look at inventory in your area. If there more homes in your area with same bed/baths/acre than possibly the cash would be a good deal. Cash can close faster than financed. Yet, financed can close in under 30 days as well.

Overall dont get into a bidding war. Many sellers are low balling home prices to get into a bidding war with buyers and making them pay either at retail or comparable for todays market for the home. Work with your REALTOR and figure out whether this house is a good deal compared to the surrounding homes. Now, if you really want the house because of demographics and you really like the house than ask your REALTOR what is a fair market asking price. He/She should be able to tell you what is comparable price to housing around the area.

Hope this helps and dont get into a bidding war. Not worth it into todays market.

Can I, as a non-licensed mortgage residential loan broker, be independant and work from my home in V

I would like to represent home sellers and seekers from my home. Can I? How?

Can I, as a non-licensed mortgage residential loan broker, be independant and work from my home in Va.?

You need a license to be a loan broker. I would think you have to be an agent first, working under a broker, but I am not positive.

Can I, as a non-licensed mortgage residential loan broker, be independant and work from my home in Va.?

As to licensing requirements you'll need to check with the state's licensing people.

As to what hints you can get on running your show from your house you might want to visit these folks and they might have some assistance for you.

Mortgage Brokers Association: http://www.namb.org/namb/Default.asp

Best of luck on your research

Can I, as a non-licensed mortgage residential loan broker, be independant and work from my home in Va.?

You may be able to - but your professional integrity wil be under scrutiny and you may be closed down.

If you want to be seen as a professional, get your licence. And investigate your local government rules re running business from home.

Without that licence, though, you will stand out as a last resort lender, and possibly one that is a bit dodgy. I';m sure you aren't, but do you want to start your business with that reputation?

Is there anyone here who could help me find a lowest mortgage loan? Thanks?

If you want you phone to ring off the hook then yes go for Lending Tree. Every Tom, Dick and Harry out there will have your personal information.

Take the excellent advice given to you by the very first person to answer. Sorry I forgot the username.

Is there anyone here who could help me find a lowest mortgage loan? Thanks?

In today's market - the smartest thing you can do is to visit your local bank and talk to a live person (ask to see a mortgage originator). Rates are as good or better than ever (if your credit is good) and, with the real estate slowdown, mortgage originators are bending over backward to work with borrowers.

Stay away from the online mortgage companies While they can do a good job, if you run into a problem there is no one sitting behind a desk you can go visit face to face.

In the current economy, I'd also stay away from mortgage brokers. There are fewer and fewer of them every day (many are going out of business) and you don't need to have to either chase someone who goes out of business to get fees back or find out at the last minute that the broker's deal with the third party lender fell through.

Going through your local bank makes sense ----- they'll be there for you during the process.

Good luck and hope this helps!

Is there anyone here who could help me find a lowest mortgage loan? Thanks?

Check out LendingTree.com. They are a mortgage broker that helps you find hundreds of banks. They then compile it into a list for you and detail out the monthly payments, loan fees, and interest rates. After that, you simply contact the company you are interested in.

If that does not interest you, contact a mortgage broker direct. They do the same thing. However, they will only tell you about the loan they like the best...and since lenders pay mortgage brokers a commission on the backside, you may not get the best loan for you.

Hope this helps.

Is there anyone here who could help me find a lowest mortgage loan? Thanks?

Go to http://www.mortgagelenders.us.com This site searches over 100 lenders to find the best mortgage loan for you.

What should I expect "fees" to be on a $290,000 mortgage loan?

it appears to total 6 - 7000 so far.

What should I expect %26quot;fees%26quot; to be on a $290,000 mortgage loan?

That is about right, but look for a little more than 10K. It varys from state to state, and from bank to bank. Don't be afraid to ask your lender. Infact, when you get prequalified they should give you an estimate on your closing costs including home inspections and other misc things.

What should I expect %26quot;fees%26quot; to be on a $290,000 mortgage loan?

You did not mention if this is a refi or purchase nor where your located so it is hard to give you a great answer...

Average on a refi for closing costs in a non-attorney state +/- $2500-$4000

On a purchase look somewhere in the $6000-$10000 range.

Good luck!

Is there such a loan mortgage to refinance a home with people with bad credit?

intrest rate went up but having difficulty making payments and lowering my credit score

Is there such a loan mortgage to refinance a home with people with bad credit?

It may be too late if you have missed mortgage payments already but find an FHA Lender for a refi. The FHA program is back in favor now that people are in ARM's that are about to explode on them.

There are still plenty of Subprime Lenders who refi on bad credit but if you can go FHA, that will get you into a 30 year fixed with a very good rate. Yes, you will have to pay PMI, but it will likely be worth it depending on what your payments will adjust to.

Best wishes!

Me2Me2Me3@yahoo.com

Is there such a loan mortgage to refinance a home with people with bad credit?

there are companies that do this, but you will pay alot. I am trying to get a home equity loan but my credit is horrible.

Currently I am working on getting my credit score higher so I can get that loan.

I can get one now but I will pay 18% interest and thats no good.

Is there such a loan mortgage to refinance a home with people with bad credit?

It depends how bad your credit is. Everyone is really tightening up on lending. My best advise to you is to do whatever it takes to make your mortgage payments on time, the more you are late the harder it will be to get another loan and eventually impossible and you will end up losing your home.

Is there such a loan mortgage to refinance a home with people with bad credit?

I suggest Hometown Banc Corp. They may be your best opportunity for someone to say yes. If your credit does not measure up, they don閳ユ獩 simply 閳ユ竾orget to call you back.閳? They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at the source website and a Hometown loan officer will contact you .

Is there such a loan mortgage to refinance a home with people with bad credit?

You need to talk to someone in the mortgage industry immediately. FHA will probably be your best bet if you haven't been late beyond 30 days on the mortgage. If you have and there is a good enough reason, then you may be able to write a letter of explanation and still have it refinanced. Ask friends and family about their recent mortgage experiences and asked them to refer you to someone if they had a good experience. There's a lot people in the industry looking to take advantage of people just like you.. So be careful.

How soon after you file for Bankruptcy can you get a mortgage loan?

Technically you can apply anytime after but lenders usually want a 2 year gap from the bankruptcy. Lending money is a risk a that the lender takes upon themselves with you.

Find yourself a good mortgage broker and let him do the work in finding you a loan as they have access to many loan programs we dont know about. For example I found out that Chase has a special mortgage program for police officers and fire fighters. (My cousin is a mortgage broker.)

How soon after you file for Bankruptcy can you get a mortgage loan?

7 years i believe

I,ve inherited my grandmothers house can I get a mortgage or loan on it to redevelop it.?

My grandmother left her house to my brother and myself.We would like to redevelop it and maybe rent it out for a couple of years.We think that it's going to cost around 鎷?0,000 so need to release the money from the property.The property is worth around 鎷?18,000.

The problem is that that I'm not working at the moment and am not planning to as I will be doing most of the work on the house and will be my full time job.

My brother is working but doesn't earn a great deal.

We're planning to repay the loan using the income from the rent that we get for it each month.

Can we still get a loan or will I have to get a job?

If I'm working then it'll mean that the house will take so much longer to finish and we'll be losing out on several months worth of rent.

I,ve inherited my grandmothers house can I get a mortgage or loan on it to redevelop it.?

Yes get a buy to let mortgage which is based on rental income and not your income. Need any further advice please feel free to e-mail me.

I,ve inherited my grandmothers house can I get a mortgage or loan on it to redevelop it.?

I would sell it and buy 2 flats and do them up to rent out.

Think of the profit in years to come.

I,ve inherited my grandmothers house can I get a mortgage or loan on it to redevelop it.?

id sell an go on a shoppin spree !!

I,ve inherited my grandmothers house can I get a mortgage or loan on it to redevelop it.?

You could try a remortgage based on the saleable price of the house once it's renovated. Go and see a bank or a good financial advisor - they should be able to offer you advice.

I,ve inherited my grandmothers house can I get a mortgage or loan on it to redevelop it.?

I would leave well alone for now, go to citizens advice or seek legal advice by way of solicitor before going into anything

I,ve inherited my grandmothers house can I get a mortgage or loan on it to redevelop it.?

You would have to lie to get a self certified loan, but unless you've a history of borrowing your chances are slim.

I,ve inherited my grandmothers house can I get a mortgage or loan on it to redevelop it.?

its unlikely you will be able to get a mortgage, as these will require a proof of earnngs, there also would be problems if you are doing a lot of building work as the mortgage lender may not be too keen on seeignthe property be knocked about before it can be resold..

Just guessing you may be better off with a commercial loan. once your building works are completed and you have a tennant then you could mortgage and offset the income against the debt. but make sure the lender knows its a property being rented out.

I,ve inherited my grandmothers house can I get a mortgage or loan on it to redevelop it.?

Go and see a bank manager, will be difficult and will depend also on your credit rating. It may be possible but without significant earning and no rent available to pay mortgage until house is complete will be difficult. Advantage you have is that you own the property and is only regarding releasing equity from it...

Probably get one of those mortgages for people with poor credit etc but becarefull of costs.

I,ve inherited my grandmothers house can I get a mortgage or loan on it to redevelop it.?

If you own a house worth 118L free and clear, then you should have no problem getting that mortgage for 40L. Banks worry when borrowers default. But in your case, the value of the house is so high, the bank can always foreclose and get all of their money back. So even if you defaulted, the bank can get its money back. There's no risk for them.

I,ve inherited my grandmothers house can I get a mortgage or loan on it to redevelop it.?

You would have to put the house up for colorital, and I am not sure that would work because you don't have a job. Its a catch 22. You need to get a job to show that you will be able to make payments on the loan.

I,ve inherited my grandmothers house can I get a mortgage or loan on it to redevelop it.?

I'm afraid you will find it very difficult to get a mortgage if your income is very low, even for a buy-to-let. BTL mortgages are generally based on the monthly rental. As long as your rental income is around 130% of the mortgage payment, then you're ok. The problem you have is that you are not going to be generating any income to pay off the interest payments on the mortgage, until you successfully rent out the property. I would strongly recommend you see a mortgage broker for a free consultation. They would be able to confirm the situation and may know some sneaky way around the problem, although I don't know an easy answer, except, as you say, getting a job. Sorry.

I,ve inherited my grandmothers house can I get a mortgage or loan on it to redevelop it.?

I think you might find it hard, as the when it is actually being renovated, for that period you would not have anyone living in it, so would not be able to pay the money back.

I would contact an independant financial adviser

I,ve inherited my grandmothers house can I get a mortgage or loan on it to redevelop it.?

You can apply for a buy to let loan.

As long as the deeds are in your name then you can secure a loan against the property.

The bank will assess your current income and you expected income from the rent. They may ask that you already have tennants in place before they give you the money so that they are guarenteed to get their monthly payments.

****Have you thought about approaching your local housing association or council. Often they will give you a guarenteed weekly income whether there is a tennant in or not, they will also do improvements on the property at no cost to yourself.

This is often peoples first choice because they don't have to bother about landlords regulations and tennants problems. This would be my recommended plan of action.

Hope it works out!

I,ve inherited my grandmothers house can I get a mortgage or loan on it to redevelop it.?

You should have a job,

at the bank they wont even talk with you.

Try with a regular part time job.

I,ve inherited my grandmothers house can I get a mortgage or loan on it to redevelop it.?

You should be able to get a Buy to Let remortgage on this property. It is a remortgage as you already own the property.

Buy to let mortgages do not usually go on income they will go on the potential rental yield. Having said that, if you are inexperienced landlords, a minimum income level may be required by some companies to prove that you can maintain the mortgage in periods of no tenant i.e whilst the work is being carried out.

There are a few provisos though. The company could insist that the property is suitable to rent without the improvements. They could insist on any work being done within a certain timescale and ask for quotes etc. Also, as you are going to rent the property there are certain legal obligations that you have to ensure the safety of any potential tenants. For this, you may have to upgrade current fittings. Check with your local Council for guidelines..

My advice would be to find an independent mortgage adviser in your area and ask them to source the mortgage for you. It may cost you a small fee for them to provide this advice.

Alternatively, go to your own bank. You already have a relationship with them and they can see your accounts and may be more willing or able to offer some help but please explain everything up front.

Hope this helps.

I,ve inherited my grandmothers house can I get a mortgage or loan on it to redevelop it.?

I can help im experienced in this program in july i refinanced a client the house was paid for and given to him by his parents he was unemployed I gave him a loan showing no income verification his credit was poor also he got 128,000 from my servces i would be more than happy to see what i can do for you feel free to call me 813-6547439 or write ascavohq@yahoo.com Anthony

I,ve inherited my grandmothers house can I get a mortgage or loan on it to redevelop it.?

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I,ve inherited my grandmothers house can I get a mortgage or loan on it to redevelop it.?

yes

Is there a place where I can get a 40,000 mortgage loan for 249.00 a month?

I dont think so.For that amount it would be more like $500 per month.

Is there a place where I can get a 40,000 mortgage loan for 249.00 a month?

Not a chance!

Is there a place where I can get a 40,000 mortgage loan for 249.00 a month?

go to your local banks, call up and apply forone of them %26quot;no interest for the first 12 months%26quot; places and pay the 250 a month for the rest of your life

Is there a place where I can get a 40,000 mortgage loan for 249.00 a month?

Some lenders may not go under $50,000 for a loan amount. The loan will depend on the location and condition of the property and your credit history. You're not likely to get that loan amount on a mobile home unless it has a permanent foundation, but you may get one on a modular. You won't know until you make an application. Beware of some of the Internet lenders who may say $249. The fine print may say that amount is good for the first month or so, and may not include taxes and insurance.

Is there a place where I can get a 40,000 mortgage loan for 249.00 a month?

Well it all depends on what type of interest rate you get. If you had an interest rate of 8% and had an interest only program you would have a payment around $270.

kmyers@lendsmartmortgage.com

Is there a place where I can get a 40,000 mortgage loan for 249.00 a month?

Of course. That's only 7.5% interest, assuming an interest-only home equity line of credit or something like that.

With decent credit, you should be able to find what you're looking for

How much should I expect to pay monthly for 400.000 mortgage loan SFlorida w / good credit 680?

be honest and realistic

How much should I expect to pay monthly for 400.000 mortgage loan SFlorida w / good credit 680?

About 725.00 for every 100,000 and that does not include taxes and insurance.

How much should I expect to pay monthly for 400.000 mortgage loan SFlorida w / good credit 680?

if you lock in now while rates are low...

and you have a steady job....

and your home is valued at least at 440000

then you could get a 6.5% interest rate and pay..........

2528.27 / month without taxes

How much should I expect to pay monthly for 400.000 mortgage loan SFlorida w / good credit 680?

I am not sure as I am in Michigan, but I have someone in Florida that can help you. Sunquest Mortgage in Altamonte Springs FL. Speak with Neal at 800-810-2999 or 407-774-9996. Tell him Kim told you to call.

How much should I expect to pay monthly for 400.000 mortgage loan SFlorida w / good credit 680?

The average U.S. credit score is a 650 and the average rate attached to that is 6.75. You should work with loan officers (or get one reccomended) to see how they can work for you. There are multiple things they can do including pay off some credit card debit etc. (if you have any) while still maintaining a low rate. I personally bought a house about a year ago and worked with someone at Premier Mortgage. She was very honest and was refferred to me by a friend. If you want it... her number is 240-843-4416, all applications are free : ) Hope you find something!!

How much should I expect to pay monthly for 400.000 mortgage loan SFlorida w / good credit 680?

The rule of thumbs is 10% but that depends on your interest rate, if there is a maintenance included and if the area you are in has high or low property tax rate.

I want to flip a house, but can't get the mortgage loan, any suggestions?

Approach the seller for contract w/a one year/24 month balloon. You would make a down payment and monthly payments. Most of these payments would go towards interest (as it would w/a bank) and a one lump balloon payment 12 or 24 months later that would pay off the house.

Seller gets more than their accepted price and gets the house sold and you get 12 to 24 months to flip the house and resell.

I want to flip a house, but can't get the mortgage loan, any suggestions?

You need to find a private investor. You can do the work and he will supply the financial backing. Or you can start off as being a birddog, which means you locate the distressed properties for a fee. You will gain important experience in order to know how it is done in the real world. If you have never flipped a house I would strongly suggest you do your due diligence. Some people think its fast money but it is really a lot of hard work. There can be a lot of pit falls if you are just starting out, like staying on budget, finding the right property, etc. I suggest you do research to start with.

Do you think its going to be easier to get a mortgage loan in '08'?

Ya... Getting mortgage loan is one of the easiest challenge in our life.Go to different banks if you are denied at one bank.Don't ever rely on the online loan providers sometimes they wil surely scam you.Just take a look at this link to get the free quotes from the experts around the globe

Do you think its going to be easier to get a mortgage loan in '08'?

not likely. the economic forcast for 08 isn't all that great and the lenders will still be licking their wounds. expect requirements to get tighter.

Do you think its going to be easier to get a mortgage loan in '08'?

Yes, IF you have good credit and at least 10% down payment.

What is the best low-cost or free way to get targeted traffic to my mortgage loan website?

I would like traffic from people needing home loans of all types not just window shoppers or paid to click visitors.

What is the best low-cost or free way to get targeted traffic to my mortgage loan website?

gumtree.com is a free advertising site!!

What are the pros and cons of taking out a fannie mae loan over a standard mortgage loan?

Fannie Mae loans are written to very commonly accepted guidelines and offered by most mainstream lenders, which can allow for excellent financing for homeowners seeking very traditional financing, particularly the popular 30 year fixed rate mortgages which the company basically sets the benchmark for.

Pros:

1. Consistent pricing from most lenders, so you don't have to shop around as much.

2. Ability to handle less than perfect credit even with a smaller down payment through the MyCommunity100 program.

3. A great alternative to a %26quot;subprime loan%26quot; for borrowers whose median FICO credit score is below 620.

Cons:

1. Fannie Mae loans for single family residences in the 48 continental states are only available to a maximum of $417,000, however the limits for 2 family to 4 unit properties is higher, as are the limits for loans made in Alaska and Hawaii. Larger loans are considered %26quot;jumbo%26quot; and do not qualify for Fannie Mae programs.

2. Borrowers with truly excellent credit may qualify for better programs than those offered by Fannie Mae.

3. Fannie Mae loans are not available in popular interest only or interest deferred (pay option) varieties. You had better want a regular 30 year fixed mortgage with principal and interest payments.

Summary:

All in all, if the loan is less than $417,000 or otherwise meets the Fannie Mae %26quot;conforming%26quot; loan size limits, you would be well advised to explore the option of getting a Fannie Mae loan. However, you may wish to consider getting quotes for both conforming (Fannie Mae) and non-conforming (non-Fannie Mae) loans. Note that some lenders offer programs from Freddie Mac, the other giant standard in smaller mortgages, which are in most cases identical to Fannie Mae for most purposes.

Good Luck!

What are the pros and cons of taking out a fannie mae loan over a standard mortgage loan?

none. fannie mae offers great fixed rate principal and interest programs. so do the lenders. if you want interest only loans or adjustable loans (2,3,5, or 7 year), then it is better to go with traditional financing as opposed to fannie mae. Let me know if you need help figuring this out.

What is the difference between stated and full doc for a mortgage loan?

It has to do with your income. Stated means that you tell them how much you make, and they do not verify it. Full doc, means that you have to provide documentation and it is verified.

What is the difference between stated and full doc for a mortgage loan?

Full doc requires pay stubs while stated doesn't - you just stae your career and what you make and they go from statistics of other with that career to document it. Full doc usually gets you a lower rate, though.

What is the difference between stated and full doc for a mortgage loan?

Full Doc Loans give you the best interest rate you qualify for. A State Income is usually cost a little more in interest.

For more Information on different Loan Programs and Rate Check out this website: http://www.firstmeridiancapital.com/Rate...

What is the difference between stated and full doc for a mortgage loan?

A %26quot;full doc%26quot; loan requires complete documentation and proof of income. This includes W2's, paystubs, tax returns, etc. A %26quot;stated%26quot; loan requires only that you %26quot;state%26quot; your income and does not require proof.

What is the difference between stated and full doc for a mortgage loan?

Actually, nothing, if you have very good credit and are either buying or refinancing an owner occupied property. The company that I work for has a program specifically set up for people with good credit that either can't, or don't really want to, prove income or assets.

You can get the same programs and rates as a borrower proving everything---we actually use your credit as proof that you are a good borrower!

Feel free to contact me if you would like additional information.

What is a real estate escrow payment? Can I get a mortgage loan without one?

The %26quot;real estate escrow payment%26quot; is the portion of your principal, interest, taxes and insurance payment that is held in an escrow account until such time as the property taxes and the fire insurance renewal are due and payable. The lender pays these sums for you from that account.

An escrow account is normally required by the investor if the borrower makes less than a 20% down payment on the home.

If you put down 20% or more you are not required to have an escrow account.

Another popular way to avoid the requirement is to do a first mortgage at 80% and a second up to the amount you need.

Some portfolio lenders self insure and so will waive the requirement but expect higher rates to hedge the resultant risk.

What is a real estate escrow payment? Can I get a mortgage loan without one?

Usually, an escrow account is where the mortgage automatically takes care of other expenses involved with owning a house, such as property tax and home owner's insurance.

You can definitely get a loan without one, although under some particular circumstances it may be required or may be one of the conditions of the loan itself. (But there are plenty of loans available that don't require an escrow account.)

Personally, I have one, because it simplifies paying taxes and insurance for me (i.e. all that is automatic with my mortgage payment). On the other hand, I do lose a little money in interest since my lender gets to hold onto that money until it's needed.

What is a real estate escrow payment? Can I get a mortgage loan without one?

Escrow takes care of your insurance and taxes. I have my mortgage set up this way and it works really well especially for those of us on a budget.

What is a real estate escrow payment? Can I get a mortgage loan without one?

An escrow payment account is to assure the lender funds are available to pay critical expenses on the property. Those expenses are insurance, taxes and other assessments.

To get a mortgage without one you would need a minimum middle credit score of 700 or more. The value of the loan to the property of 79% or more. A reserve account of PITI (principal, interest, taxes and insurance ) of 3-6 payments.

The higher risk the property owner is to the lender the more chance an impound account (real estate escrow account) will be required.

If you can meet one or more of the above mentioned requirements you may not need an impound account.

Please contact me if I can assist you with answering more questions. I also do mortgage loans.

Chris C

Real Estate Broker/Lender

What is a real estate escrow payment? Can I get a mortgage loan without one?

If you do not want top escrow your taxes and home owners ins. then it can be waived but there usually is a cost from the bank of .20% - .25% of the loan amount.

Where can i find a list of people who did a mortgage loan in 2003?

refiance, purchase, home equity

Where can i find a list of people who did a mortgage loan in 2003?

nowhere

Where can i find a list of people who did a mortgage loan in 2003?

Title companies, among other places. The counties sell the information to aggregators.

Where can i find a list of people who did a mortgage loan in 2003?

if you are in mortgages, check with your title company. that is where the other thousands get the same lists from.

Where can i find a list of people who did a mortgage loan in 2003?

Since this pertains to personal financial information, you would have to buy the information from a marketing company that sells those kinds of leads. However, if you search the county records, you may be able to find properties that transferred in that time frame....be careful when you solicit people......

So I have another question. I have 100% financing for a mortgage loan that I was approved for and...

In my approval letter it states that the seller will pay all closing costs and prepaids. So the money the seller pays will that come off of the amount I finance or be added to the amount financed. Example: 100,000 closing cost/prepaids 5000 would that be 95,000 financed or 105,000. I'm a first time buyer and really confused. Help ME Please.

So I have another question. I have 100% financing for a mortgage loan that I was approved for and...?

it will be less not more. so if your loan was 100,000 and closing cost are 10k you mortgage will be for 90k

So I have another question. I have 100% financing for a mortgage loan that I was approved for and...?

Be careful. something is fishy. Get a good lawyer and find out what this is all about. As a first time buyer, you are eligible to apply for a sellers discount.. Your lawyer should be able to help you with all of these.

So I have another question. I have 100% financing for a mortgage loan that I was approved for and...?

If the approval letter states the seller will pay the closing costs, it means you were approved with the condition that the seller will pay closing costs. Make sure you let your realtor know of this condition. This will have to be negotiated in the purchase agreement.

As for the financing, it means, if the house is 100,000 and closing costs are 5000, you would finance 100,000 and the seller will pay closing costs of 5000. Then the seller will only get 95000 for their house. Or if the house will appraise high enough, the seller might make you the offer of raising his asking price to 105,000 to cover the 5000 he has to give you. That way he still gets the 100,000 he wanted, not 95,000. But then your loan ends up being 105,000.

So what I'm saying is, it depends on your purchase price and the offer you make the seller. Please make sure you discuss this with your realtor.

So I have another question. I have 100% financing for a mortgage loan that I was approved for and...?

The seller's contribution will be applied to your closing costs, not against the amount you finance. You have costs like appraisal, title, escrow, recording cots, etc. The contribution from the seller will pay these for you at closing.

Using your example, your loan amount will be the sales price of $100,000 and you Wall bring no funds to closing to pay the $5000 in costs.

So I have another question. I have 100% financing for a mortgage loan that I was approved for and...?

Okay, make sure you understand what you're saying!! If you are approved for 100K, your total loan can ONLY BE 100K.

A bank can't tell the seller to pay your costs. Only you can do this as part of the offer/negotiation stage.

Say a seller has a house for 100K up for sale. If you think your closing costs are going to be 5,000, but you want to try and get a better deal on the house, you offer them 100,000 %26quot;with a 5,000 credit for buyer's closing costs%26quot;.

If the seller excepts, this means they are essentially accepting an offer for 5,000 under asking price. Your loan is for 100,000 and yet the seller only nets $95,000.

If you want to offer the seller full price (like if you think other people are putting in offers) but you still need your costs paid, you offer $105,000, %26quot;with a buyer's credit of $5,000 for closing costs.%26quot; This would only work if you are approved to $105K!

Even though it looks like the seller is paying your costs, you're essentially paying htem yourself, becuase if the seller would pay $5k towards your closing costs that means they'd accept $5K less without paying your costs.....know what I mean?

Also, you DO have to include a dollar amount...so if you get to closing and your closing costs are $5,500, that means you will have to bring the $500 balance to closing.

So I have another question. I have 100% financing for a mortgage loan that I was approved for and...?

Closing costs are the costs associated with originating, processing and closing your loan. They include fees paid to the mortgage broker/bank, the lender, the title company, and any taxes/insurance/interest that are required to be paid up front. If you were paying the closing costs, they would not be rolled into your mortgage, since you are already at 100%. You would likely have to pay them out-of-pocket before you could close. The money the seller pays for closing costs and prepaids will not affect your loan amount at all (you're very lucky, most sellers aren't willing to pay all costs). Do pay attention to the fact that most lenders will only allow a seller to pay closing costs up to 6% of the loan amount, (that would be $6000 on a $100,000 loan), so be sure your mortgage broker or bank isn't charging you outrageous amounts, i.e., origination fee, administrative fee, processing fee. (The closing costs also include any judgements or collections that the lender requires you pay before closing.) The origination fee should not be more than 2 points (2%), unless you have bad credit. An administrative fee is an add-on fee that really is just additional revenue for the mortgage broker. If your broker/bank is charging you a processing fee, your lender should not, and vice-versa. Make sure you're not paying for that twice. Also, check to see if your broker/bank is receiving a yield-spread rebate (it will probably be in VERY small print with the initials ysp on your closing documents). This is money they get back from the lender in exchange for a slightly higher interest rate to you. You have a right to deny the yield-spread or ask that it be paid to you. One other thing, given the current mortgage situation, I would be very careful with a 100% loan. The market is not good and it looks like we're in for a correction. This means that the value of your property could actually go down slightly in the near future, meaning you would owe more than your home is worth. This is not a good situation to get into.

I need help to settle part of the monthly instmt on mortgage loan which my 2 other bros has stop sev

i am at johor bahru,melodies gdn. can someone help me to sell or buy to release me of my problem

I need help to settle part of the monthly instmt on mortgage loan which my 2 other bros has stop seviciing?

These Yahoo's can't help you. You need to start locally. Ok you say you and your brothers are on the mortgage, what about the title? Who's name is on the deed/title? If just yours, sell it and pay off the mortgage balance. If all names are on it, get them to sign a quit claim deed, then sell it and pay off the mortgage. Otherwise, get a lawyer and sue them for performance on the mortgage.

I need help to settle part of the monthly instmt on mortgage loan which my 2 other bros has stop seviciing?

i'm not sure, but i think this site has the answer to this particular question. they've got lots of stuff about this anyway.

I need help to settle part of the monthly instmt on mortgage loan which my 2 other bros has stop seviciing?

It sounds like to me there are three people paying for one mortgage and 2 people (your brothers) have stopped paying. You need to get renters in order to make up the missing payments, sell quick or deed in lieu the home back to the lender.

Difference between a mortgage and personal loan?

I need a small amount of money %26lt; 10k. What is the Difference between a mortgage and personal loan? How do i decide which one to apply for ?

Difference between a mortgage and personal loan?

The word 'mortgage' originally came from the French and it means %26quot;death writing%26quot;. In other words, you made this written agreement and you were bound by it for life. The first mortgages were written twice, side-by side on the same piece of parchment, then torn down the middle. Each party got one-half, and if there was even any doubt as to the authenticity the two halves were placed together along the torn edge and the jagged tear compared. Mortgages were used for land transactions which were called %26quot;real estate%26quot;, as opposed to personal property, which was called %26quot;chattel%26quot; and came from the word meaning 'cattle' or livestock.

Today all transactions involving real estate are required to be in writing; the old practice of ripping a document down the middle long since abandoned. Mortgages involve two documents, the mortgage and note. The note is a promise to pay %26quot;promissory note%26quot; and the mortgage offers the collateral, or security, for that note.

A personal loan may or may not be backed by collateral, such as an automobile loan, and many personal loans contain fine print in them that provide for the lender to be able to repossess the property in the event of non-payment by the borrower. I noticed this once in a receipt for a fairly large-ticket item I bought from Sears; it said way down in the fine print that if I did not pay they had the right to come and take the item back. So many personal loans do contain security clauses as well. Many personal loans are secured on the signature of the borrower alone.

Difference between a mortgage and personal loan?

A mortgage is a huge amount of money that you have to repay with a reasonable interest rate and a long time to pay it off.

A personal loan is a smaller amount of money that you have to repay at a higher interest rate with a reasonable amount of time to pay it off.

If you want under $10k then personal loan is the way to go. You can't get a mortgage for such a small loan (well, the banks thinks its small!).

Difference between a mortgage and personal loan?

It sounds like your quesiton is the difference between a secured debt and an unsecured debt, which means you either borrow money against your home and your credit ability or your credit ability alone. You will pay less interest with a secured debt.

Difference between a mortgage and personal loan?

a mortgage is on a house only. you need a personal loan unless you want to put your house up as collateral.

Difference between a mortgage and personal loan?

A mortgage is more of a long term loan while a personal loan takes much less time to pay off. A personal loan can be used to purchase a vehicle. A mortgage is used to to purchase property.

Difference between a mortgage and personal loan?

mortgage loan involves huge amount of money that is more than $100k n this always arranged by banks or finance co.u've to pay low interest back to bank every year according to the contract made.But personal loan is totally different from mortgage,u've to pay higher interest in a shorter time.ur 10k is a small amt,u can go 4 personal loan,but be careful to read the contract thoroughly.

good luck.

Can a real estate attorney remove someone from the deed and mortgage loan of a house?

I guess that depends on who you are removing and whose doing the removing. If they are the same person, maybe. If they are not the same person - no.

Can a real estate attorney remove someone from the deed and mortgage loan of a house?

NO !!!

Only home owner name on deed or mortgage loan can do that

Can a real estate attorney remove someone from the deed and mortgage loan of a house?

He/she can do the paperwork. The owner or trustee (under certain circumstances) can remove someone.

The person removed must allow themselves to be removed unless it's provable breach of contract.

Is there a place where I can get a 40,000 mortgage loan for 249.00 a month?

I dont think so.For that amount it would be more like $500 per month.

Is there a place where I can get a 40,000 mortgage loan for 249.00 a month?

Not a chance!

Is there a place where I can get a 40,000 mortgage loan for 249.00 a month?

go to your local banks, call up and apply forone of them %26quot;no interest for the first 12 months%26quot; places and pay the 250 a month for the rest of your life

Is there a place where I can get a 40,000 mortgage loan for 249.00 a month?

Some lenders may not go under $50,000 for a loan amount. The loan will depend on the location and condition of the property and your credit history. You're not likely to get that loan amount on a mobile home unless it has a permanent foundation, but you may get one on a modular. You won't know until you make an application. Beware of some of the Internet lenders who may say $249. The fine print may say that amount is good for the first month or so, and may not include taxes and insurance.

Is there a place where I can get a 40,000 mortgage loan for 249.00 a month?

Well it all depends on what type of interest rate you get. If you had an interest rate of 8% and had an interest only program you would have a payment around $270.

kmyers@lendsmartmortgage.com

Is there a place where I can get a 40,000 mortgage loan for 249.00 a month?

Of course. That's only 7.5% interest, assuming an interest-only home equity line of credit or something like that.

With decent credit, you should be able to find what you're looking for

What is the lowest credit score I need for a decent mortgage loan?

About 620

What is the lowest credit score I need for a decent mortgage loan?

700

What is the lowest credit score I need for a decent mortgage loan?

The lowest I would try for a mortgage loan with is a median score (middle score) of 620. I work with mortgage companies from Baltimore to San Diego getting their clients' credit scores up to 620. You get a better rate, put less, if any down, And the process is easier. Did I mention BETTER RATE? When you look at the amortization of a 30-year note and look at the difference between 6% and 7% you would be shocked to see how much more you paid by trying to get a loan before your credit was where it needed to be when you got the 7% loan. And I'm not trying to get your business - you can attempt to fix your credit yourself.

Good luck!

What is the lowest credit score I need for a decent mortgage loan?

Depends on how you define %26quot;decent%26quot;.

I agree, 620 is the lowest for a conforming loan which typically carries a lower rate. However, your rate will also depend on how much you put down and whether or not you can prove your income and assets.

However, you can get an FHA loan with a 580 and the rate isn't that bad either.

Check with a local broker to get pre-qualified.

What is the lowest credit score I need for a decent mortgage loan?

i don't think you should apply unless you are over 600 at least..

What is the lowest credit score I need for a decent mortgage loan?

Mortgage rates differ a lot and are based on your credit rating and the value of the home. Before approving your loan, your lender will scrutinize your credit history. There are two types of mortgages according to the type of rate: fixed or adjustable. Consult a mortgage broker or contact the lender directly asking for quotes. This lets you decide between both the varieties of mortgages.

http://lower-your-debts.com/category/Mor...

What is the lowest credit score I need for a decent mortgage loan?

to tell the truth--ya might want to clear out as many credit issues,,before apply for a mortgage,,your rate will be X-TREMELY,high due to the scores,,been there--then it takes time,,for the credit bureau to get the info,from the creditor and process,,it;s not a pay to today,apply tommoroow(been there that;s how i no)it;s timme...and effort(your monthly mortgage will be outrageous,==do your homework first

Can some who has a mortgage and an equity loan apply for another mortgage?

I currently own a two family house with a mortgage and equity loan up to it's current market value. Can I qualify for another mortgage because I want to buy another house. And how much would I have to put down? Bearing in mind that I am not interested in selling but would rent out the current house.

Can some who has a mortgage and an equity loan apply for another mortgage?

You are walking tight rope...one slip and your @ss is grass...pay down before you go down.

Can some who has a mortgage and an equity loan apply for another mortgage?

considering u are nearly bankruptable now.

most lenders will give u a high rate loan.

great place to go when u are in debt is to 2nd job.

u need a reality check. pay down ur present costs so we don't come visiting.

u are drowning in debt.

Can some who has a mortgage and an equity loan apply for another mortgage?

Sure, your new house would have to be purchased as an investment property-- generally a slightly higher rate.

Can some who has a mortgage and an equity loan apply for another mortgage?

You need to sit down with the loan officer at your local bank. He can tell you the particulars as far as how much you could borrow for the additional property. I think the whole thing would turn on how much you are still owing on the present property more than the amount of equity. He will know for sure..noone else can tell you without the exact figures. Buying another home to rent is a good idea on paper, but remember you are the one who has to fix everything that goes wrong and every thing that breaks...You cant't hire someone else to do any of that work..or there goes your profit down the drain. Consider the condition of the second home into the decision..not only for value..but for upkeep. Good luck..閳?br>Can some who has a mortgage and an equity loan apply for another mortgage?

You have zero equity and two payment on the house you own. Unless you have a huge proveable income, you're not going to get another mortgage.

Can some who has a mortgage and an equity loan apply for another mortgage?

yes.. at one time I had over 30 mortgages. but on different places LOL We normally put do 20% because it was a business loan. and did not have to pay the additional PMI in surance, We are now millionaires a couple times over,and started with only $40k 20 years ago.

Equity loan is not that bad unless you have used all of it.

Don't let the nay-sayers discourage you. The banks are overloaded with REO properties, and some will be more than willing to sell some. When I started 20 years ago the int. rates were in the 13-15% range. and if I had listened to all the people that said it can't be done, would have nothing to show for those 20 years. IT IS A LOT OF WORK%26gt; not all fun and games either.

Higher rates?? FUNNY!! I bought a $195k property from a bank, because they wanted 9% and the other guy bidding on the property would only go 8.5%,,, cost me $100 a month for 8 years. and now paid off. Mean while the rents kept going up, Today we get $6400 a month from them. Who do you think was right for half a point?? Other guy is now dead and gone. and his kid is spending his money.

If you think YOU are a good risk, don't let one bank say no and quit, go to 5-6 in your area.

Can some who has a mortgage and an equity loan apply for another mortgage?

If the house you are buying is larger (more sq ft. etc.) you can finance it as your primary residence assuming you are going to rent the other one. If you get a signed lease agreement on it then it can be processed that way. If you have the income and assets to support this then it can be done. Get advice from an experienced broker.

Can some who has a mortgage and an equity loan apply for another mortgage?

Hi

I am kristy from the united state. i am a student

I saw your question I have decided to help people out due to the fact that I myself has been scammed four times by four lenders in my search for a loan but at last I got a reliable lender a PROF. that gave me the loan($25,000 USD) that I was in dire need of. Hence I decided that I will refer anybody I come across to this God sent lender he is reliable and his terms are fair. You can get to him via his email address: prof_hanson101@yahoo.com, Please tell him that kristy . I have search for a legit lender until I got him and I decided to help my fellow humans with this because there are a lot of fake lenders out there and I do not want any body to fall a prey please get to him and tell him that I referred you to him. If you need urgent loan for xmas, Apply now before is too late.

Can some who has a mortgage and an equity loan apply for another mortgage?

based upon my own experience,here is a good resource that I have good luck with and would like to share with.

http://mortgage.onlineidea.info

Can some who has a mortgage and an equity loan apply for another mortgage?

Hello,

I am Mrs. Jessica David, i saw your ad, that is why i decided to write you so that i can refere you to the lender that lend me a loan of $50,000 last week for a business start up. His name is Mr Blair James and he is the only legitimate lender i know that can help you for the loan. You should contact him via this email: equitableloans@yahoo.com.

What do you like most and least about being a mortgage loan officer/broker?

I like helping people finance their first homes and educating them on the home buying process. Anyone who is in the industry or who has bought a home knows what I mean. For those of you who don't, it can be the single most confusing purchase you will ever make (if you don't have a good broker explaining things to you). More things go into the purchase of a home than anything else (ok, except commerical purchases....but I digress....). I don't like surprises at my closings and strive to avoid them at all costs. This means my clients know what happened, what is happening, and what will happen throughout the process.

What I like the least? Hearing about the useless, greedy, and often ignorant loan officers out there who scam people. If you don't understand what your loan officer is telling you - and he/she can't or won't explain it to you - go to a different loan officer.

What do you like most and least about being a mortgage loan officer/broker?

I love being able to match people to a suitable loan.

I dislike these young hotshots who put everyone on an A.R.M. loan. I had two widows on social security come to me recently that are going to lose their homes because some big shot kid put them on adjustable arms. I cannot help them, but I did check and both hot shots are no longer in the business.

One of the young hotshots was the ladies own son.

What do you like most and least about being a mortgage loan officer/broker?

I love the endless variety. I love the feeling of satisfaction I feel helping people make their dreams of home ownership come true. I love the interaction with all of the people who deal with all of the puzzle pieces that make up a mortgage loan. I love figuring it all out so that it makes sense for my borrower and knowing that I have empowered them to make informed choices. I love that my earning potential is limited only by how hard I am willing to work.

I hate being lumped in the same group as those unethical and uncaring few who prey upon the consumer for their own financial gain. I hate it when the media misleads the public with inaccurate or sensational %26quot;sound bites%26quot;.

How Much Does Buying a Point Lower Interest on a mortgage loan?

Points are calculated as 1 point = 1%. So it would equal a 1% upfront interest charge. It takes 8 points to drop an interest rate 1%. The following is the table for figuring it all out.

1% = 8pts

3/4% = 6pts

1/2% = 4pts

1/4 = 2pts

Basically buying a point isn't going to change your interest rate, you would need to buy at least 2 to see a reduction.

How Much Does Buying a Point Lower Interest on a mortgage loan?

A point is pre-paid interest and yes, 1 point = 1% of the loan amount which is often referred to as a %26quot;discount point%26quot;.

However, the discount point and the rate reduction are not necessarily a 1 for 1 ratio. It depends on the particular program you have applied for and current market conditions.

The only way to truly know how much your 1% discount point will buy down the rate is to call your Loan Officer and have him/her price it out for you.

What three major factors determine a person to get a mortgage loan?

1. Income

2. Credit Score %26amp; history

3. Debt to income

What three major factors determine a person to get a mortgage loan?

income

debt

credit worthiness/score

What three major factors determine a person to get a mortgage loan?

Credit, Income, and Job Stability, Age

What three major factors determine a person to get a mortgage loan?

credit score, available cash and a good realtor!!!

What three major factors determine a person to get a mortgage loan?

I would have to say:

1) Credit rating with FICO score

2) Debt-to-income ratio

3) Currently employed

What three major factors determine a person to get a mortgage loan?

income stability and security

credit rating

debt

What three major factors determine a person to get a mortgage loan?

Character, capability and credit.

What three major factors determine a person to get a mortgage loan?

Are you asking what the person should look for in a mortgague or the things that the person will be judged on by the mortgage company?

What three major factors determine a person to get a mortgage loan?

Debt to Income ratio

Credit score

% Down payment ability...if either of the first 2 were not conforming to standards for 100% loan (usually split 80/20 to avoid having to pay lenders insurance)

What three major factors determine a person to get a mortgage loan?

1. FICO score

This is most important, and pretty much covers everything. Use myfico.com. it's the most accurate and is accepted by 90% of all banks.

2. Payment history.

Good history, better chance.

3. Money.

Most banks will not accept you if the monthly payment is more than 28% of your paycheck.

What three major factors determine a person to get a mortgage loan?

Ability to repay.

Amount of downpayment.

Race.

What three major factors determine a person to get a mortgage loan?

probably these 3 :

1) current income stream (i.e. how much money do you make and for how long have you been working

2) credit history (are you good at paying bills and have a proven, long record of good credit)

3) size of assets held (do you own investments, how much savings do you have, how much real-estate etc.)

What three major factors determine a person to get a mortgage loan?

I'll try:

Income - 2yr job history. Debt to Income ratio.

Assets - Down Payment and Reserve Funds (if you lost income for 1-2 months, would you be able to pay your mortgage?)

Credit - score, number of and age of credit accounts

Property - Single family, stickbuilt is best. Manufactured, second home, investor are harder.

Sorry, couldn't do it in three.

Do I have to have a Deed of Trust if I am getting a 2nd mortgage loan from my father. I do plan on d

I do plan on deducting the interest I pay on my taxes. He agrees to claim the interest on his taxes. I just don't want to have to pay any real estate attorney or title attorney any more money than I already am. Can't I set all this up on my own without using any attorney's???

Do I have to have a Deed of Trust if I am getting a 2nd mortgage loan from my father. I do plan on deducting?

If you want to do it right, you will need to execute a deed of trust to your Father outlining the loan amount, interest rate, the number of years for the loan, and the amount in dollars or as a percent for the late fees. Your Father then will want to record it with the county recorders office in order to protect his interest.

The link that I provided should have the paperwork that you will need to do it on your own.

What are the consequences of defaulting in a Real Estate mortgage loan?

The bank will take the real estate that the loan is against....

just like a reposession of a car.

What are the consequences of defaulting in a Real Estate mortgage loan?

1. You lose your home.

2. Your credit is trashed.

3. You may have to make up any of the lender's losses.

4. You may have to pay taxes on any forgiven debt if #3 does not apply.

What are the consequences of defaulting in a Real Estate mortgage loan?

One word- Foreclosure

The bank then put your house on auction. For instance, if your house is worth $300.000 they sell to the highest bit sometimes it's only 200.000, by then you have to pay the attorney fee, the guy who's in charge the foreclosure, the adversities that the lawyer puts the house on sale etc... when it all set and done, you probably get a very little of the money back not to mention ruining your credit.

I have learned a huge lesson today from my lawyer just because I refused to pay my condo association the repair that I've never authorized. Their lawyer threats to put a lien on my condo. After I paid for the repair, now they want $1100 lawyer fee and if I don't pay, they will put a lien against my condo. This has nothing to do with my mortgage payment which I've never been late. If this is a condo association can do to me, imagine what the bank can do to you and your house if you default on your payment.

It's not worth it if you defaulting the loan. Try to sell it first, pay off the bank and move into an apartment.

What are the consequences of defaulting in a Real Estate mortgage loan?

It is serious ! mortgage and credit cards are installment accounts and even 60 %26amp; 90 days past due cause severe damage to your credit score it will stay on your credit for 7 years after paid. If you can ,sell !,if not bankrupcy will be just as bad but you save lots of money on written off interest and fees and get to keep your property. Talk to a professional

credit counselor or bankrupsy lawyer. If they repo your house they liquidate it to bidders and you still owe the balance of what they don't get.

What are the consequences of defaulting in a Real Estate mortgage loan?

In California, most loans are written such that they will not come after you for the deficiency amount. However, they will report the shortfall to you on a 1099, causing you to claim the shortfall as income you received.

Add to the fact that your credit score will drop to the 500 levels for some time to come.

How smart do you have to be to be a mortgage loan processor?

is it difficult? can a person of average intelligence learn to do this?

How long would it take to become one if you were shadowing a processor?

How smart do you have to be to be a mortgage loan processor?

I'm both an originator and a processor. You do not have to be smart per se. You have to be fairly organized and it helps if you have a good eye for details. You can learn to do it pretty quickly, within weeks at the most. Of course, as with any job you will continue to learn as you go a long and refine your skills.

How smart do you have to be to be a mortgage loan processor?

most are of average intelligence.

You should be fine

What exactly does underwriting do when you apply for a mortgage loan?

Do they call your job?

What exactly does underwriting do when you apply for a mortgage loan?

When you first apply for a mortgage ... your Mortgage Agent (or your Loan Officer) will fill out a Loan Application. Some of the documentation collected at this time will be pay-stubs, bank-statements, and W-2 forms.

After reviewing your file ... the Loan Officer will discuss with

you which %26quot;Loan Product%26quot; .... or which %26quot;Type of Loan%26quot; is

best for you. (For example .... an FHA or VA loan .... OR maybe a Conventional Loan that requires 5-20% down) This

will ALL be dependent upon your income/debt ratio, your

credit score, and your credit history.

You should also receive a written %26quot;Good Faith Estimate%26quot; of

ALL of your closing expenses.

The Underwriting Process is the last phase .... before FINAL

approval.

During this process .... Your entire file is evaluated by an

Underwriter (sometimes it is a %26quot;group%26quot; of people ....Or,

now they are EVEN doing %26quot;computer underwriting.%26quot; Everything in your file will be VERIFIED ..... including your

employment. Most underwriters require an %26quot;Employment Verification%26quot; Letter. This document is either Mailed or Faxed

to your Supervisor or to the Human Resource Department of

your job. (Depending on the Lender's Policies .... it is ALSO

%26quot;possible%26quot; that your job WILL BE called .... I would recommend letting your supervisor know that you are shopping for a mortgage ....)

Depending on the results of this FINAL verification process ...

Additional documents %26quot;may%26quot; be required. For example,

be prepared to provide your MOST recent pay-stub. And

%26quot;sometimes%26quot; the underwriter(s) will request additional years

of W-2 forms .....

Once the underwriters are satisfied that EVERYTHING in

your file has be verified .... and that your income/debt ratio

meet Lender guidelines ..... All Lender requirements must be documented; including (of course) an appriasal and proof of Homeowner's Insurance .... Then your file will be given a %26quot;Clear-to-Close%26quot; .... meaning that your file is %26quot;officially%26quot; out of underwriting .... and that a Closing Date can be set.

Hope that this was helpful ..... Best Wishes if you are currently

shopping for a new home!

What exactly does underwriting do when you apply for a mortgage loan?

they check all of the information you give on your application, including your work history and salary, and make sure you submit all of the backup paperwork necessary to be able to approve your mortgage loan. if the underwriter doesn't like what he or she sees, the won't recommend that you get your loan.

What exactly does underwriting do when you apply for a mortgage loan?

They'll run a credit report, verify your employment, and ask for either tax records from previous year (to verify income) or ask for 2 pay stubs. If you have something bad on your credit report, they will allow you to write a letter of explanation.

They will also require an appraisal of the property. Depending on the circumstances, if it is a first mortgage, they'll probably restrict your loan amount to no more than 80% of the appraised value. You'll also have closing fees.

Based on your credit report and other information, they may refuse to lend or offer you a higher interest rate.

Be sure to check out everything available to you...funding from local organizations, first time home buyer, etc. Also, watch out for ballooning payment or interest mortgages. Try to get a 15 year fixed if you can afford the payments.

Now is a chancey time to buy because of the problems with subprime lending...a lot of foreclosures so finance companies and mortgage companies are a little wary.

If your credit is not up to par..and you're wanting to buy a home, try a contract deal with the home owner. Sometimes, esp. elderly people who are moving into their last residence but staying in town won't mind a steady monthly income. Good luck.

What exactly does underwriting do when you apply for a mortgage loan?

Depending on the bank and the contract, yes, they will call your job. They get a signed consent form from you to contaact whomever they need to, in order to verify the information you have put on your loan application.

This includes your rental and any other creditors you have.

What exactly does underwriting do when you apply for a mortgage loan?

It is the underwriter's job to make certain everything on that loan application is as it has been represented. Not only that, but they will investigate any omissions that they find out about.

The underwriter may or may not call your job, but someone will. Probably twice - once during initial investigation, again right before actually funding the loan to make certain you haven't been laid off or something. No big deal; employers are required to cooperate, and they shouldn't mind. It's actually reportable to the department of Labor if they do not cooperate by telling the truth as they know it.

They're going to verify lots of other stuff, also. If you told the truth on your 1003 (loan application), it should all come back fine. If you've been working there ten years and you were a month off on your hire date, I've never seen it be a problem, and I've done somewhere around 1000 loans.

Can a spouse with no income be included in a mortgage loan?

Absolutely. The only thing that is a reason not to have a spouse on the loan is if they hurt the process, such as debts in their name only that make it more difficult to qualify, or poor credit. But even spouses with no income and no credit history can be on a loan without hurting the process, and start building credit history when the payments are made. The only reason to leave them off is because they will somehow hurt the qualification process.

I did have one lady who was doubtful her husband would make the payments on time, so she wanted to be left off the loan so late payments wouldn't hurt her credit. This was a valid concern, and we did it that way.

Now lenders generally want the title of the property at the time the loan is done to reflect the people on the loan, so if a spouse is left off the loan, they may have to quitclaim off the property long enough to do the loan. Once the loan is done, they can be quitclaimed right back onto title.

Can a spouse with no income be included in a mortgage loan?

Yes, that does two things.

1) If YOU make all of the payments on time, it improves the spouses credit rating. Unfortunately, if the spouse has a bad credit rating currently, it can force you into a higher interest rate and increase the monthly mortgage payment.

2) If YOU cannot make the payment for any reason, both of you are liable.

Keep in mind though that If you separate for any reason, and you are forced to sell the house, the spouse will get 1/2 of the proceeds without ever having contributed a cent.

I would recommend just putting it in your name and if you ever refinance after the spouse gets a job then you can add the spouse to the mortgage.

Can a spouse with no income be included in a mortgage loan?

my husband and i have a mortgage and i have no income they would not put me on the loan but they did put me on the deed to the house

Can a spouse with no income be included in a mortgage loan?

I do not recommend because its possible that person will make the qualification more difficult and costly.

Can a spouse with no income be included in a mortgage loan?

Yes,

Many times the wife is put on the loan with no income and in most cases if they are not on the loan they are still an owner on the property and have to sign some of the loan papers. Keeper her off will not work to hide you bad payhistory on your mortgage. For one most lenders will do a 12 or 24 month pay history so they will find out if you have been late. The ones that don't will get a payoff and see that there are late fees on the mortgage and they will know you are late or in foreclosure.

more on this at www.diversifiedlender.com

Can a spouse with no income be included in a mortgage loan?

Yes.. but if they have around the same credit score as you, or a higher credit score!! It all depends on credit what kind of rate you will get!! Do your homework on who you want to go through.. You also can just put it in your name and put him on the Title once you buy the house...

Can a spouse with no income be included in a mortgage loan?

Is htere a specific reason you wnat to include your spouse on the loan?

Are you trying to better his/her credit?

You can put that person on the loan, but it WILL change the wualifications depending on the type of mortgage loan you are applying for...

If you really need to improve your spouse's credit, it may be smart to add them to the loan regardless of the qualifying... Credit is very important and it makes alot of sense to put someone on a mortgage fo rhtat matter...

If you want to know more, feel free to call me any time...

See my profile for contact information...

good luck!

Jason Fry

Licensed Mortgage Banker

Providential Bancorp

My credit score is around 619 can i get a mortgage loan?

my income is low but i have someone else that has been working at there job for 7 yrs

My credit score is around 619 can i get a mortgage loan?

you need a 620 for MyCommunity...that's no money down.

you will need 2.25% down payment for FHA mortgages.

also the seller will have to pay for your closing costs.

My credit score is around 619 can i get a mortgage loan?

And are they willing to cosign? Co-inhabit?

My credit score is around 619 can i get a mortgage loan?

What do you mean %26quot;you have someone else..for 7 yrs%26quot;? Are you married or is this just someone you live with? If you aren't married, don't buy a house with someone else.

If you have a credit score of 619, read the articles that tell you how to improve it, do those thingsas well as you can, and save the money so you will have a down payment.

My credit score is around 619 can i get a mortgage loan?

Home loans are now available to many people for whom they would have been out of the question just a few years ago. You閳ユ獓 be in much better shape to bargain for better interest rates if you had a more impressive credit history, but if the house you want is the deal you%26lt;!--believe it to be, a bad credit home loan can still work to your advantage.Your best bet in assuming a bad credit home loan is to pay as much cash up front as possible, and see if by doing so you can negotiate a lower interest rate.

http://badcredits.awardspace.com/homeloa...

You閳ユ獟l save enough money over the term of the loan to compensate for the sacrifices you had to make in handing over the down payment.

The bad credit home loan can be a win-win proposition for both lenders and borrowers; the lenders, thanks to the higher--%26gt;interest rates, get bigger returns on the money loaned, and the borrowers get a homes in which to build equity, and chances to restore their credit records so that the first bad credit home loans they take will also be the last!

My credit score is around 619 can i get a mortgage loan?

Mortgage rates differ a lot and are based on your credit rating and the value of the home. Before approving your loan, your lender will scrutinize your credit history. There are two types of mortgages according to the type of rate: fixed or adjustable. Consult a mortgage broker or contact the lender directly asking for quotes. This lets you decide between both the varieties of mortgages.

My credit score is around 619 can i get a mortgage loan?

Hi,

You can get it. Checkout http://mortgage.creditmortgagepro.com for some useful info and tips. Good luck!

How do I prepare amortization table for a 30 year Mortgage loan using Microsoft excel?

download it from the site below its free and all formulas are there for you so you can see how they did it.

How do I prepare amortization table for a 30 year Mortgage loan using Microsoft excel?

Quick Amortization Schedule

looks fairly simple see the web site below

Is there even such a thing as a 40 year mortgage loan? Are they even used much?

Yes, there are 40 year loan programs available. I have never done one for my clients because there is not a significant change in the payment to justify adding 10 more years to their term.

Is there even such a thing as a 40 year mortgage loan? Are they even used much?

YEs, but if you need one you are buying too much house.

Is there even such a thing as a 40 year mortgage loan? Are they even used much?

There are a few around, but the payments are not much lower than on a 30-year mortgage, especially if written when interest rates are high. So they are seldom used.

Is there even such a thing as a 40 year mortgage loan? Are they even used much?

Yes there are 40 year mortgages as well as 50 year mortgages. They will become more and more popular as the price of houses go up.

The longer the terms of the mortgage the less the monthly payments. The interest rate normally have nothing to do with the terms of the mortgage.

Long long ago there were no 30 year mortgages. When they went into effect lots of individuals said why would a person want a 30 year mortgage as they are now saying about the 40 and 50 year mortgages.

Pretty soon the 40 and 50 year mortgages will become a staple item as the 15, 20, and 30 year mortgages are today. This product might determine if you can qualify for a mortgage and purchase a house or continue to rent.

There are a few companies that are using them, though all the lenders have them available for consumers, if they desire them. I persosnally think both the 40 and 50 year mortgages are excellent products.

As soon a the mortgage brokers and agents realize this is an excellent tool they will be better of and able to offer their clients a quality product that will put them in a house they can afford, instead of forcing the 30 year down each client's throat.

I hope this has been of some use to you, good luck.

%26quot;FIGHT ON%26quot;

Is there even such a thing as a 40 year mortgage loan? Are they even used much?

There are 40 year loans, including conforming loans. The longer the loan term the lower the payment - but also the more interest you pay and the slower (obviously) that you pay off the principal.

Usually, there is not a significantly lower enough payment to justify moving from a 30 to a 40 year amortization period.

Is there even such a thing as a 40 year mortgage loan? Are they even used much?

Yes. The 40 year is becoming a more popular product these days. The difference between the 30 year and the 40 year are not huge, but there is a difference. If you plan on staying in the home for the full term, I would go with the 30 year or even less. However, if you are only going to be in the home for a short amount of time, finance it for as long as the bank will allow. The nice thing about the 40 year is that it gives you the security of knowing your rate is fixed while giving you some savings at the same time, unlike an adjustable that is only fixed for a period of time. Below is an example of the 40 year vs. the 30. you can judge for yourself if it's for you or not based on the amount of time you're planning on being in the property.

Example:

300k loan amount at 6.75% over 30 years = 1945.79 pmt (PI)

300k loan amount at 6.75% over 40 years = 1810.07 pmt (PI)

The difference in this example is 135.72 per month.

I hope this helps, and good luck.

MY Group is getting a daily Spam from ! The Largest MORTGAGE Loan Lenders Directory On The NET?

How do I stop it. It is from http://www.internetloanplace.com/

MY Group is getting a daily Spam from ! The Largest MORTGAGE Loan Lenders Directory On The NET?

You have to be an owner or moderator to stop it.

If you are, then click on Management on the left-hand side of your Group's web page. Then click on Messages under Group Settings. Then click the (small) Edit link next to Posting And Archives. Then select Moderated in the Moderation column. Don't forget to click Save Changes when you're done. This will force all messages to be approved by you (or another moderator) before being posted to the Group; the junk mail like you mention can be deleted in the approval process without being posted to the Group.

MY Group is getting a daily Spam from ! The Largest MORTGAGE Loan Lenders Directory On The NET?

if you are a modeator

ban that person who is posting it or report it

if you are not leave that group

What interest rate can I expect on a 80/20 mortgage loan?

Me %26amp; my husband are trying to purchase our first home. We should be pre-approved in the next few days. My middle credit score %26amp; my husbands are each 580, we make $75K combined. We are looking to purchase a home for approx $140K...any ideas on what rates we should expect? Thanks!

What interest rate can I expect on a 80/20 mortgage loan?

Probably in the low 7's

What interest rate can I expect on a 80/20 mortgage loan?

For 100% one loan honestly your looking at around 10% with a 580 fico score. On an 80/20 you can expect about 7.9% on the first and 11.5% on the 2nd. if your lucky. Why dont you do a first time buyer program?

What interest rate can I expect on a 80/20 mortgage loan?

You are going to get killed on your rate with a credit score of under 600. I would consider renting until you and your husband could get your credit score in the 710+ range. I don't know what rate you'd get, but it's probably going to be well over 7%.

You can probably find a better answer here:

http://finance.yahoo.com/loan/mortgage/c...

What interest rate can I expect on a 80/20 mortgage loan?

Low 7's....I don't think so. You have a %26quot;poor%26quot; credit score, I'm assuming full income doc, and zero down.

You're probably looking at the mid 8's on the first and double digits on the second.

If it's full-doc and you can document your income and you don't have current collection accounts or judgments, try for FHA or the My Community loan, though you might make too much money for the My Community one. These offer rates in the high 6's to low 7's.

What interest rate can I expect on a 80/20 mortgage loan?

I can get you a 100% 30yr Fixed Rate @ 9.9% or a 2yr Arm @ 8.9% give you time to work on your credit!

Sneldon Berry

S_Berry_Jr@yahoo.com