does the fact that the house is next to rail track affect chances of getting mortgage for it? it's a new built block of flats in london.Mortgage for property by rail track?
Not if the property is properly appraised to reflect the value verses the actual cost. It will probably affect future sale of the property.
Friday, April 30, 2010
Mortgage and Auto Inquiries Pulled w/in 30 days are suppose to count as one as far as scoring goes, correct?
What if you think inquiries for mortgage and auto loans are not being calculated as one and your score is lowered because of it? How do you dispute this?Mortgage and Auto Inquiries Pulled w/in 30 days are suppose to count as one as far as scoring goes, correct?
it's 14days....and you can dispute the inquiries not the score.
equifax does online disputes for inquiries..
transunion and experian only takes mail disputes for inquiriesMortgage and Auto Inquiries Pulled w/in 30 days are suppose to count as one as far as scoring goes, correct?
That is not the reason for a lower score, it only contributes to it.
It sounds like two different items, as I never heard of a combined credit check for both an auto and mortgage loan.
Anyway, you can't dispute what really did happen.
How can you dispute it if its true? The bundling is really a courtesy. As far as I know it's 14 days, but I've heard 30 too. Inquiries are only 10% of your score so it really shouldnt make too much of a difference.
Auto finance is what I do for a living and it's 14-days not 30.
You can not dispute scores. The only thing you can dispute is your credit report. If your report is accurate then there is nothing to dispute.
The scoring systems do count multiple inquires for Mortgage and Auto Inquiries. However, your score is based on several factors. So it could have been lowered for other reasons, but since the scoring systems are extremely complicated and proprietary you will not know the exact effect they had. The closet you will come to is when you get your score it should include reasons why it was scored as it was. This will be both Negative and Positive reasons.
The link below is from the company that does the FICO score and can give you some information on how scores are calculated.
it's 14days....and you can dispute the inquiries not the score.
equifax does online disputes for inquiries..
transunion and experian only takes mail disputes for inquiriesMortgage and Auto Inquiries Pulled w/in 30 days are suppose to count as one as far as scoring goes, correct?
That is not the reason for a lower score, it only contributes to it.
It sounds like two different items, as I never heard of a combined credit check for both an auto and mortgage loan.
Anyway, you can't dispute what really did happen.
How can you dispute it if its true? The bundling is really a courtesy. As far as I know it's 14 days, but I've heard 30 too. Inquiries are only 10% of your score so it really shouldnt make too much of a difference.
Auto finance is what I do for a living and it's 14-days not 30.
You can not dispute scores. The only thing you can dispute is your credit report. If your report is accurate then there is nothing to dispute.
The scoring systems do count multiple inquires for Mortgage and Auto Inquiries. However, your score is based on several factors. So it could have been lowered for other reasons, but since the scoring systems are extremely complicated and proprietary you will not know the exact effect they had. The closet you will come to is when you get your score it should include reasons why it was scored as it was. This will be both Negative and Positive reasons.
The link below is from the company that does the FICO score and can give you some information on how scores are calculated.
What is MSF in terms of mortgage commitments?
for example, they classify mortgage commitments by the following channels:
MSF, branch, broker services, social housing, private label.
if you know what social housing and privaqte label mean too, that would be great. thanks!What is MSF in terms of mortgage commitments?
where r u located?
what are you seeking?
branch; one of many service sites
broker services; same thing--they
farm out to service providers whatever you need;
social housing? section 8
private label; contractor services.
MSF, branch, broker services, social housing, private label.
if you know what social housing and privaqte label mean too, that would be great. thanks!What is MSF in terms of mortgage commitments?
where r u located?
what are you seeking?
branch; one of many service sites
broker services; same thing--they
farm out to service providers whatever you need;
social housing? section 8
private label; contractor services.
Can you get a bad credit mortgage loan anymore?
Have a credit score of around 620-640. Past wage garnishment (a year ago) but paid off early. Past car repossession (reason for the garnishment.) Other small things charged-off. Only looking for a mortgage loan of $25K or less with $10K for down payment. With todays economy, is there any chance of finding a mortgage company? What kind of rates would I be looking at?Can you get a bad credit mortgage loan anymore?
won't says it's impossible - only a lender who can look at your actual data could say that - when people over 700 can't always get loans, I'd say the chances aren't great.
You have nothing to lose by checking into it though. Just go talk to a couple of lenders and find out. Having a down payment would be a huge help to you.
This site may help you to compare many lender at once
http://easymortgageadvisor.blogspot.com/
fill the form and you can get a free quote from Top Banks, Brokers and Mortgage Lenders
Hope this help,Can you get a bad credit mortgage loan anymore?
Your credit isn't actually ';bad';! Most FHA loans require a 620 midscore or above. The repo and garnishment are issues, but hopefully can be explained.
There still are many companies that have loans for people with rough credit....some are the ';hard money'; and others that are just a little more flexible. Of course, with these come a higher interest rate.
I would say that your situation is definitely possible - if nothing else you can try a private investor.
Good Luck!
Feel free to ask if you need any help!
All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrower and even for those with more experience! Here, we will discuss the different types of loan options, and how they work.
creditreport.imess.net - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.
An FHA lender should be able to help you.
won't says it's impossible - only a lender who can look at your actual data could say that - when people over 700 can't always get loans, I'd say the chances aren't great.
You have nothing to lose by checking into it though. Just go talk to a couple of lenders and find out. Having a down payment would be a huge help to you.
This site may help you to compare many lender at once
http://easymortgageadvisor.blogspot.com/
fill the form and you can get a free quote from Top Banks, Brokers and Mortgage Lenders
Hope this help,Can you get a bad credit mortgage loan anymore?
Your credit isn't actually ';bad';! Most FHA loans require a 620 midscore or above. The repo and garnishment are issues, but hopefully can be explained.
There still are many companies that have loans for people with rough credit....some are the ';hard money'; and others that are just a little more flexible. Of course, with these come a higher interest rate.
I would say that your situation is definitely possible - if nothing else you can try a private investor.
Good Luck!
Feel free to ask if you need any help!
All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrower and even for those with more experience! Here, we will discuss the different types of loan options, and how they work.
creditreport.imess.net - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.
An FHA lender should be able to help you.
Is it possible to obtain a mortgage if you do contract work?
They will probably just ask for 2 years of tax returns. That is the response I usually get when looking for mortgages.Is it possible to obtain a mortgage if you do contract work?
I didn't have a problem. 2 years back tax returns were good enough.Is it possible to obtain a mortgage if you do contract work?
Yep. You may be asked to document your income (i.e. tax records, etc.) and your credit score will be very important.the bees pop beauty
I didn't have a problem. 2 years back tax returns were good enough.Is it possible to obtain a mortgage if you do contract work?
Yep. You may be asked to document your income (i.e. tax records, etc.) and your credit score will be very important.
Why are so many online mortgage companies based in Louisville, KY?
I recently filled out an online application at lendingtree.com and I was contacted by 14 brokers, all in Kentucky.Why are so many online mortgage companies based in Louisville, KY?
The mortgage brokers that respond are not ';online mortgage companies'; They are whomever pays lending tree for your information. (Are you in Kentucky?) Lending tree makes money collecting lead fees from brokers, not from actually getting you a loan. You would be better served by picking a broker yourself based on your own set of criteria than having Lending tree sell you to the highest bidder ... and in their case ... multiple bidders.Why are so many online mortgage companies based in Louisville, KY?
Lending Tree is brokering (selling) their loans to various companies in each state. These companies are not brokerages they buy the loans from Lending Tree. It depends on your credit history and employment as to what lenders Lending Tree believes would be the easiest for you to rececive a loan approval.
Good question. It could be because First Residential, a pioneer company in on-line mortgages, was started in Louisville. Amongst the mortgage guys I know who have all signed on to buying lending tree leads, they all say their edge of getting leads lies in the fact that so few other lending tree mortgage company clients offer government insured loans (FHA, VA, etc). Or it could just be a coincidence.
lending tree sells your information to several brokers. a company i worked for use to pay for these leads they sell your information to aprox 8 different broker firms. the fee used to be about 2500 per month. that was afew years ago. stear clear of marketing companies!
here is a real online direct lender
The mortgage brokers that respond are not ';online mortgage companies'; They are whomever pays lending tree for your information. (Are you in Kentucky?) Lending tree makes money collecting lead fees from brokers, not from actually getting you a loan. You would be better served by picking a broker yourself based on your own set of criteria than having Lending tree sell you to the highest bidder ... and in their case ... multiple bidders.Why are so many online mortgage companies based in Louisville, KY?
Lending Tree is brokering (selling) their loans to various companies in each state. These companies are not brokerages they buy the loans from Lending Tree. It depends on your credit history and employment as to what lenders Lending Tree believes would be the easiest for you to rececive a loan approval.
Good question. It could be because First Residential, a pioneer company in on-line mortgages, was started in Louisville. Amongst the mortgage guys I know who have all signed on to buying lending tree leads, they all say their edge of getting leads lies in the fact that so few other lending tree mortgage company clients offer government insured loans (FHA, VA, etc). Or it could just be a coincidence.
lending tree sells your information to several brokers. a company i worked for use to pay for these leads they sell your information to aprox 8 different broker firms. the fee used to be about 2500 per month. that was afew years ago. stear clear of marketing companies!
here is a real online direct lender
How many people lost their mortgage payment on the Bears VS Vikings game last night?
HA..HA..HA
Everyone said we would get whipped and we showed the Bears that we are for real. I heard Vegas wasn't paying out much because everyone took the Bears on this one. What had happened suckers?
BELIEVE IN GUS!!
FREROTTE FOR PRESIDENT!!
ROOT FOR GUS! HES THE BEST QB EVER!
FIGHT ON! FIGHT ON TO VICTORYHow many people lost their mortgage payment on the Bears VS Vikings game last night?
frerotte sucks, Daunte Culpepper is the best.How many people lost their mortgage payment on the Bears VS Vikings game last night?
Do you hear yourself Gus Frerotte is the same quarterback who knocked his self out when he played for the Redskins after running for a touchdown. Do you remember that, Gus Frerotte was a back up for a reason he is not a franchise quarterback he is a descent quarterback who can manage a game but when he have to win a game I would not bet my last two quarters on him. But I'll bet the farm on Adrian Peterson it is he and that defense that has made the Vikings a good team in the bad NFC North where all of the teams combined have 18 wins.
people must not know about adrian peterson. he has had a field day everytime he has played the bears. and he did again. and adrian peterson for president.
I didnt bet on the game, but I picked the Vikings to win that game in my pick-em leauge. And so did most people.
I didn't bet, and if i did wouldn't have betted on a close game like that...
And frerotte is rubbish. AP carries you
Just keep him away from those walls!
Everyone said we would get whipped and we showed the Bears that we are for real. I heard Vegas wasn't paying out much because everyone took the Bears on this one. What had happened suckers?
BELIEVE IN GUS!!
FREROTTE FOR PRESIDENT!!
ROOT FOR GUS! HES THE BEST QB EVER!
FIGHT ON! FIGHT ON TO VICTORYHow many people lost their mortgage payment on the Bears VS Vikings game last night?
frerotte sucks, Daunte Culpepper is the best.How many people lost their mortgage payment on the Bears VS Vikings game last night?
Do you hear yourself Gus Frerotte is the same quarterback who knocked his self out when he played for the Redskins after running for a touchdown. Do you remember that, Gus Frerotte was a back up for a reason he is not a franchise quarterback he is a descent quarterback who can manage a game but when he have to win a game I would not bet my last two quarters on him. But I'll bet the farm on Adrian Peterson it is he and that defense that has made the Vikings a good team in the bad NFC North where all of the teams combined have 18 wins.
people must not know about adrian peterson. he has had a field day everytime he has played the bears. and he did again. and adrian peterson for president.
I didnt bet on the game, but I picked the Vikings to win that game in my pick-em leauge. And so did most people.
I didn't bet, and if i did wouldn't have betted on a close game like that...
And frerotte is rubbish. AP carries you
Just keep him away from those walls!
I have been paying the mortgage note on my dead fathers property for over a year, it this property mine?
Should I transfer this mortgage in my name and, also my lawyer did not mention this to me, the only thing in my father's name is his bank accounts and a truck. Should the accounts and truck only be in the probate inventory. Besides I live in the property.I have been paying the mortgage note on my dead fathers property for over a year, it this property mine?
It is not yours unless the deed has your name on it.I have been paying the mortgage note on my dead fathers property for over a year, it this property mine?
The property is not yours unless it passed to you under a trust, which I doubt - you would know about it and would have have to have signed papers. It does not matter where you live.
You sound like you are in a pretty ****** up situation. If the only things in your father's name are the truck and bank account, who owns the property that you have been paying the mortgage for? You need to find a real lawyer who will start the probate process and place ALL the belongings of your dad into probate,find out who the property belongs to, and so on.. If your dad died over a year ago, this is way overdue.
NO WILL GIVING YOU THE PROPERTY OR BUSINESS?
MAKE A WILL DATE IT A FEW YEARS BACK IF NEED BE. TAKE MONEY OUT AND HIDE IT.
GET WILL PROBATED THEN.
HAVE ALL DOCUMENTS, MAKE SURE ALL HIS BILLS ARE TAKEN CARE OF OR THE PROPERTY WILL BE SOLD.
iF A LOT OF BILLS, FIND A WAY TO GET FINAMCING TO PAY THEM OFF DURING PROBATE OR THE PROPERTY WILL BE SOLD TO PAY THEM OFF.
You do not own the property unless the deed has been put in your name. The mortgage is just the loan for the property not ownership ofit.
If you have the loan to a car in your name but the title is not in your name, you don't own the car - just responsible for making the payments on it. Same with a house.
It is not yours unless the deed has your name on it.I have been paying the mortgage note on my dead fathers property for over a year, it this property mine?
The property is not yours unless it passed to you under a trust, which I doubt - you would know about it and would have have to have signed papers. It does not matter where you live.
You sound like you are in a pretty ****** up situation. If the only things in your father's name are the truck and bank account, who owns the property that you have been paying the mortgage for? You need to find a real lawyer who will start the probate process and place ALL the belongings of your dad into probate,find out who the property belongs to, and so on.. If your dad died over a year ago, this is way overdue.
NO WILL GIVING YOU THE PROPERTY OR BUSINESS?
MAKE A WILL DATE IT A FEW YEARS BACK IF NEED BE. TAKE MONEY OUT AND HIDE IT.
GET WILL PROBATED THEN.
HAVE ALL DOCUMENTS, MAKE SURE ALL HIS BILLS ARE TAKEN CARE OF OR THE PROPERTY WILL BE SOLD.
iF A LOT OF BILLS, FIND A WAY TO GET FINAMCING TO PAY THEM OFF DURING PROBATE OR THE PROPERTY WILL BE SOLD TO PAY THEM OFF.
You do not own the property unless the deed has been put in your name. The mortgage is just the loan for the property not ownership ofit.
If you have the loan to a car in your name but the title is not in your name, you don't own the car - just responsible for making the payments on it. Same with a house.
I need the best lead generation service ? Who are the top converting mortgage Internet lead providers?
As anyone in the mortgage industry knows there a numerous mortgage lead providers, how to approach that's companies I need the best lead generation service ? Who are the top converting mortgage Internet lead providers?
Well, a little over a month back, I had a colleague refer me to a new company called DeCesare Marketing. He told me that they were MILES cheaper than the competition and actually produced stellar results. Went with their Business Basic package for only $250/month and got 4500 outbound dials to who/where I defined as my target. Hesitant at first, as you can imagine, paying 20% of what every other company wanted to charge me. But, I can proudly say that I have found a great deal, and am now passing the word onto you. 4500 outbound dials from them to whatever you define as your target, and you are sure to receive a better value than paying these other guys by the lead! Check them out... www.decesaremarketing.com
Tell them Wayne Jenkins referred you (maybe I will get a discount) :-PI need the best lead generation service ? Who are the top converting mortgage Internet lead providers?
Try out telemarketing as it works better than the internet leads. I have a personal experience as I had worked for a company few years ago and if you want to save money and get quality results, try outsourcing.
Good Luck
I can give you every person in the united states, how much their mortgage is, how big thier house is, how many occupants and much much more.
If you want a free sample 5000 leads email me on jmarshallgunn@gmail.com
James Marshall-Gunn
US Leads
Well, a little over a month back, I had a colleague refer me to a new company called DeCesare Marketing. He told me that they were MILES cheaper than the competition and actually produced stellar results. Went with their Business Basic package for only $250/month and got 4500 outbound dials to who/where I defined as my target. Hesitant at first, as you can imagine, paying 20% of what every other company wanted to charge me. But, I can proudly say that I have found a great deal, and am now passing the word onto you. 4500 outbound dials from them to whatever you define as your target, and you are sure to receive a better value than paying these other guys by the lead! Check them out... www.decesaremarketing.com
Tell them Wayne Jenkins referred you (maybe I will get a discount) :-PI need the best lead generation service ? Who are the top converting mortgage Internet lead providers?
Try out telemarketing as it works better than the internet leads. I have a personal experience as I had worked for a company few years ago and if you want to save money and get quality results, try outsourcing.
Good Luck
I can give you every person in the united states, how much their mortgage is, how big thier house is, how many occupants and much much more.
If you want a free sample 5000 leads email me on jmarshallgunn@gmail.com
James Marshall-Gunn
US Leads
How will Bankruptcy Affect My Mortgage?
I am filing for bankruptcy in Canada due to a failed business in my name. My husband and I own our home together. The bankruptcy trustee is not interested in the home as there is no equity in it. How will the mortgage be affected since I am filing for bankruptcy and my husband is not and continuing to pay the monthly mortgage? Will there be a problem or should things just continue on in just my husband's name?How will Bankruptcy Affect My Mortgage?
If you are filing a Chapter 7 simply all them to sign a reaffirmation as soon as possible.
Good Luck!How will Bankruptcy Affect My Mortgage?
You can't just remove yourself from the mortgage. I have to be honest, I am interested in knowing what happens when you have open accounts and file bankruptcy. Which bankruptcy chapter are you choosing?
I'm not sure if it differs in Canada, but in the US it will not affect your mortgage. The same thing goes for car payments. Really the only thing affected by the bankruptcy are the things you list in the bankruptcy. We went through one several years ago and had no problems with our mortgage and car.
If you are filing a Chapter 7 simply all them to sign a reaffirmation as soon as possible.
Good Luck!How will Bankruptcy Affect My Mortgage?
You can't just remove yourself from the mortgage. I have to be honest, I am interested in knowing what happens when you have open accounts and file bankruptcy. Which bankruptcy chapter are you choosing?
I'm not sure if it differs in Canada, but in the US it will not affect your mortgage. The same thing goes for car payments. Really the only thing affected by the bankruptcy are the things you list in the bankruptcy. We went through one several years ago and had no problems with our mortgage and car.
Are there any current subprime Mortgage lenders in NYS?
I have a credit score of 620 and my chapter 7 bankruptcy was discharged 5/08. Are there any subprime Mortgage Lenders is open in NY?Are there any current subprime Mortgage lenders in NYS?
Even with your chapter 7 bankruptcy you might still find a lender that can be of assistance to you. It has been over 12 months.
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.
Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.
If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.
You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.
Make sure your mortgage broker explain all your options so you may make an intelligent decision.
What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.
So select the best option for you and your financial situation.
You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.
I hope this has been of some benefit to you, good luck
';FIGHT ON';
FIRST TIME HOME BUYERS (SHORT VERSION)
There are many things you should do, but the first thing you should do is contact a mortgage broker that does FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy.
You will need proof of income so have available pay stubs, w-2, bank statements and other items your mortgage broker will require.
He will inform you of what is necessary once you contact him.
This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage.
I hope this has been of some benefit to you, good luck.
';FIGHT ON';Are there any current subprime Mortgage lenders in NYS?
No. Mortgage money is extremely tight and you just do not qualify for a conventional or FHA loanthe bees eye liquid
Even with your chapter 7 bankruptcy you might still find a lender that can be of assistance to you. It has been over 12 months.
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.
Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.
If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.
You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.
Make sure your mortgage broker explain all your options so you may make an intelligent decision.
What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.
So select the best option for you and your financial situation.
You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.
I hope this has been of some benefit to you, good luck
';FIGHT ON';
FIRST TIME HOME BUYERS (SHORT VERSION)
There are many things you should do, but the first thing you should do is contact a mortgage broker that does FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy.
You will need proof of income so have available pay stubs, w-2, bank statements and other items your mortgage broker will require.
He will inform you of what is necessary once you contact him.
This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage.
I hope this has been of some benefit to you, good luck.
';FIGHT ON';Are there any current subprime Mortgage lenders in NYS?
No. Mortgage money is extremely tight and you just do not qualify for a conventional or FHA loan
My loan is through Ownit mortgage, I am afraid to send a payment since the doors are closed. What to do?
Should I wait to be contacted? Do I have to refinance?My loan is through Ownit mortgage, I am afraid to send a payment since the doors are closed. What to do?
Send the payment certified mail. You will get a receipt when it is delivered. If you're payment is late, it will go on your credit. Your payment will get to where it needs to go when you send it. Believe that all the attorneys are accounting for every dime that comes anywhere near that place.My loan is through Ownit mortgage, I am afraid to send a payment since the doors are closed. What to do?
send it to me, my door is wide open! haha
I'm sure they owed money to someone who will assume their assets. The money you owed them being one of them I'm sure you will be contacted. If you're really concerned you can look into your options of refiancing. I'd wait and see. When did they close?
Who wrote your loan? Can you call them?
Even though OwnIt is no longer originating new loans, they are still servicing existing loans.
Send your payements as usual. If they sell it to another servicer, you will be notifiied.
Are u sure it closed.. do they have other branch offices ? I would assume another company would be taking over the loans.. You need to find out more information.. You dont want to be late on your mortgage payments... It will affect your credit and cost u fines... Find out as soon as you can!!
send it. they may be out of business, but your mortgage is still active but with another firm. it was either transferred or soled. if it's a govt loan, such as va or fha, they will just assign it to another company and you'll be notified of where to send further payments. just don't hold it, it will go against you as a late payment.
Ownit does not service any loans. They are a intermediary banker. You should get a letter in the mail from your servicer very soon. Hang tight. You must have just gone through a refinance recently. Correct me if i'm wrong. Send the payment if you need to send one. Your terms and more are federally insured.
SEND THE PAYMENT.
You still owe the money. Someone will be buying their entire portfolio of loans, and will be expecting payments. They are still collecting payments and servicing the loans, one way or another, while their bankruptcy/closure/sale is being completed.
You will not have to refinance. No way. Your loan and it's terms will not be affected in any way.
Just pay the payment the same way you have. It might be advisable to monitor your bank to make sure the check is clearing your bank in a reasonable amount of time. Sending it electronically might be a good idea, or sending it via certified mail, so you can have proof your payments are being made, in case some errors take place on their part during the transition.
Mortgage loans are bought and sold by banks all the time, and they usually handle it pretty well. This is a bit different, in that Ownit might be understaffed right now, which is why I recommend just a bit of caution and awareness on your part to protect your credit.
But simply not paying is not an option, not without damaging your credit. They'll sort it out, you'll get notices in the mail (open potential junk mail just in case it's your new mortgage servicer!!!).
Send the payment certified mail. You will get a receipt when it is delivered. If you're payment is late, it will go on your credit. Your payment will get to where it needs to go when you send it. Believe that all the attorneys are accounting for every dime that comes anywhere near that place.My loan is through Ownit mortgage, I am afraid to send a payment since the doors are closed. What to do?
send it to me, my door is wide open! haha
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I'm sure they owed money to someone who will assume their assets. The money you owed them being one of them I'm sure you will be contacted. If you're really concerned you can look into your options of refiancing. I'd wait and see. When did they close?
Who wrote your loan? Can you call them?
Even though OwnIt is no longer originating new loans, they are still servicing existing loans.
Send your payements as usual. If they sell it to another servicer, you will be notifiied.
Are u sure it closed.. do they have other branch offices ? I would assume another company would be taking over the loans.. You need to find out more information.. You dont want to be late on your mortgage payments... It will affect your credit and cost u fines... Find out as soon as you can!!
send it. they may be out of business, but your mortgage is still active but with another firm. it was either transferred or soled. if it's a govt loan, such as va or fha, they will just assign it to another company and you'll be notified of where to send further payments. just don't hold it, it will go against you as a late payment.
Ownit does not service any loans. They are a intermediary banker. You should get a letter in the mail from your servicer very soon. Hang tight. You must have just gone through a refinance recently. Correct me if i'm wrong. Send the payment if you need to send one. Your terms and more are federally insured.
SEND THE PAYMENT.
You still owe the money. Someone will be buying their entire portfolio of loans, and will be expecting payments. They are still collecting payments and servicing the loans, one way or another, while their bankruptcy/closure/sale is being completed.
You will not have to refinance. No way. Your loan and it's terms will not be affected in any way.
Just pay the payment the same way you have. It might be advisable to monitor your bank to make sure the check is clearing your bank in a reasonable amount of time. Sending it electronically might be a good idea, or sending it via certified mail, so you can have proof your payments are being made, in case some errors take place on their part during the transition.
Mortgage loans are bought and sold by banks all the time, and they usually handle it pretty well. This is a bit different, in that Ownit might be understaffed right now, which is why I recommend just a bit of caution and awareness on your part to protect your credit.
But simply not paying is not an option, not without damaging your credit. They'll sort it out, you'll get notices in the mail (open potential junk mail just in case it's your new mortgage servicer!!!).
How do i calculate a mortgage?
I i want to buy a how for 200k and have a downpaymnet of 10% and my credit is below national average.
How do i know an aproximate of my monthly mortgage?How do i calculate a mortgage?
Not a problem:
http://www.mortgage-calc.com/
Quick, easy calculatorHow do i calculate a mortgage?
Go on line and find a web site that will calculate it for you.
Most real estate web sites have a morgage calculation at their
site
i think you get 3 to 4 times your salary there are morgage calcs on the web go to yahoo.com and search for morgage calc
t
How do i know an aproximate of my monthly mortgage?How do i calculate a mortgage?
Not a problem:
http://www.mortgage-calc.com/
Quick, easy calculatorHow do i calculate a mortgage?
Go on line and find a web site that will calculate it for you.
Most real estate web sites have a morgage calculation at their
site
i think you get 3 to 4 times your salary there are morgage calcs on the web go to yahoo.com and search for morgage calc
t
I want to get a mortgage and buy property for my parents to live?
They want to pay a rent but it would be taxed at my highest rate. If they did not pay rent or a nominal amount and put the rest of the money they would have been paying for rent aside into one of their bank accounts and that money passed to me on thier deaths, is there any legal/tax problem with that? (we are talking less then 拢200,000)I want to get a mortgage and buy property for my parents to live?
doesn't sound like any legal implications. But for safetys sake get a written tenancy agreement and get a solicitor to put everything that you and your parents have agreed upon in writing.
Good luck x xI want to get a mortgage and buy property for my parents to live?
No.
doesn't sound like any legal implications. But for safetys sake get a written tenancy agreement and get a solicitor to put everything that you and your parents have agreed upon in writing.
Good luck x xI want to get a mortgage and buy property for my parents to live?
No.
Out of work, was in mortgage advice, where shall i go from here?
I feel as if this role is no longer for even though I was good when the market was good. Not sure if I should stay in Sales, any advice would be appreciated!Out of work, was in mortgage advice, where shall i go from here?
I am/was in exactly the same position so I really sympathize for u. It's a huge shame the markets so bad because it can be sick a rewarding role both financially and personally, helping ppl save money or a young family set up their 1st home is an extremely rewarding thing to be part of.
Anyway more to the point I was also a mortgage advisor and had to look for a new job closer to home. Of you really have lost the passion to sell then I suggest you go into either customer service, supervisory or managment work but stay in financial services. Why waste all that experience and knowlede of products, compliance, customer skills etc. Maybe get a job in a bank ( many are employing for non advisor roles as I was searching too) I'm sure the manager would kill to have someone with your experience to coach less experienced and non specialised staff, there might also be a chance to earn a bit of commission if u don't mind a bit of sales too. Or like myself maybe get into mortgage advisor supervisory work, this would mean you stay in the same field and your employers may continue your exams to advanced CeMAP, I have just been offered this role. It has meant taking a paycut but it's a job n pays the bills in a worsening financial climate.
Keep your head up n keep searching as it's not easy finding a job however, you will find 1 eventually.
Whatever you end up doing best of luckOut of work, was in mortgage advice, where shall i go from here?
Well....I guess it depends on your interests, time you have to spend on education, what your current education is-degree? etc., past employment experience...If I were to suggest something for the short term, I would say that y0ou should find a job in a large retail store such as Saks 5th Ave or Nordstrom where you will be commission based and be able to make money on your own terms. Its something that your selling experience will help you in and if you are the best of the bunch you will make the money. Thats how those stores work.
You may try going into customer services. It would be a fairly easy transition and there are more opportunities there right now.
I am/was in exactly the same position so I really sympathize for u. It's a huge shame the markets so bad because it can be sick a rewarding role both financially and personally, helping ppl save money or a young family set up their 1st home is an extremely rewarding thing to be part of.
Anyway more to the point I was also a mortgage advisor and had to look for a new job closer to home. Of you really have lost the passion to sell then I suggest you go into either customer service, supervisory or managment work but stay in financial services. Why waste all that experience and knowlede of products, compliance, customer skills etc. Maybe get a job in a bank ( many are employing for non advisor roles as I was searching too) I'm sure the manager would kill to have someone with your experience to coach less experienced and non specialised staff, there might also be a chance to earn a bit of commission if u don't mind a bit of sales too. Or like myself maybe get into mortgage advisor supervisory work, this would mean you stay in the same field and your employers may continue your exams to advanced CeMAP, I have just been offered this role. It has meant taking a paycut but it's a job n pays the bills in a worsening financial climate.
Keep your head up n keep searching as it's not easy finding a job however, you will find 1 eventually.
Whatever you end up doing best of luckOut of work, was in mortgage advice, where shall i go from here?
Well....I guess it depends on your interests, time you have to spend on education, what your current education is-degree? etc., past employment experience...If I were to suggest something for the short term, I would say that y0ou should find a job in a large retail store such as Saks 5th Ave or Nordstrom where you will be commission based and be able to make money on your own terms. Its something that your selling experience will help you in and if you are the best of the bunch you will make the money. Thats how those stores work.
You may try going into customer services. It would be a fairly easy transition and there are more opportunities there right now.
Is it a common practice for mortgage lenders to not call you back if they can not provide you service?
I was recently told that everything looks good and we can help you but I have not heard back since. It has been a week. No emails, phone calls etc.. Why can't they simply state if there was a problem sorry we can not help you but here is someone that may be able to.Is it a common practice for mortgage lenders to not call you back if they can not provide you service?
They do not want to waste their time with someone who does not meet the criteria. A friend of mine is waiting to hear back from a Mortgage lender who called almost 2 months ago.
Go with a mortgage broker who is likely to give you more personalized service and be brutally honest about your prospects.
I'll be frank - the mortgage business must be pretty slow right now because three other mortgage brokers have nothing else to do but answer questions in this forum. They know that too many Americans have bad credit and no longer qualify for any mortgage. So, they earn their paycheck by answering questions knowing that they will be reported for abuse if they advertise their services on this forum. Maybe they have already contacted you but are they even licensed to originate mortgages in your state?Is it a common practice for mortgage lenders to not call you back if they can not provide you service?
A broker should always call you back no matter what.
I have had clients with extremely bad credit and given them options. Pretty much anybody with a 500 FICO score and up can get a home loan.
Your broker should also provide you with a Good Faith Estimate, Truth and Lending, and your 1003 form 3 days after running your credit check. That's what I do for my clients.
Start shopping around for another Mortgage Company to work with. You do not need to have a property picked out when you see a broker. If they are good at what they do and want your business, they can figure out what you can qualify for.
For me, every client is important no matter how difficult or easy a loan may be.
That all depends on who you were working with. They obviously don't value your business. I beleive that in this business, we must let good news and bad news travel fast. Hopefully this experience hasn't disheartened your effort to find someone who does appreciate your business... Good luck.
Yes I am also trying to refi. and they look at my credit and say I'll call you back and I never hear anything. It is a real pain, especially after you give all your information to them..I am now working with a local person and they call back a lot quicker. Good luck.
Because they are on to the next prospect. These guys are paid by how much they sell. If you aren't approved then they are not interested.
They do not want to waste their time with someone who does not meet the criteria. A friend of mine is waiting to hear back from a Mortgage lender who called almost 2 months ago.
Go with a mortgage broker who is likely to give you more personalized service and be brutally honest about your prospects.
I'll be frank - the mortgage business must be pretty slow right now because three other mortgage brokers have nothing else to do but answer questions in this forum. They know that too many Americans have bad credit and no longer qualify for any mortgage. So, they earn their paycheck by answering questions knowing that they will be reported for abuse if they advertise their services on this forum. Maybe they have already contacted you but are they even licensed to originate mortgages in your state?Is it a common practice for mortgage lenders to not call you back if they can not provide you service?
A broker should always call you back no matter what.
I have had clients with extremely bad credit and given them options. Pretty much anybody with a 500 FICO score and up can get a home loan.
Your broker should also provide you with a Good Faith Estimate, Truth and Lending, and your 1003 form 3 days after running your credit check. That's what I do for my clients.
Start shopping around for another Mortgage Company to work with. You do not need to have a property picked out when you see a broker. If they are good at what they do and want your business, they can figure out what you can qualify for.
For me, every client is important no matter how difficult or easy a loan may be.
That all depends on who you were working with. They obviously don't value your business. I beleive that in this business, we must let good news and bad news travel fast. Hopefully this experience hasn't disheartened your effort to find someone who does appreciate your business... Good luck.
Yes I am also trying to refi. and they look at my credit and say I'll call you back and I never hear anything. It is a real pain, especially after you give all your information to them..I am now working with a local person and they call back a lot quicker. Good luck.
Because they are on to the next prospect. These guys are paid by how much they sell. If you aren't approved then they are not interested.
Is it important to get a mortgage so the bank you get it from retains servicing.?
Should I get the lower rate for ';servicing released';?Is it important to get a mortgage so the bank you get it from retains servicing.?
It is not that important and the chances of your loan's servicing getting sold at some point in the life of the loan is almost a certainty.
Ah, I remember the 90's...
Why did Wells Fargo sell my loan? Why did Home Savings sell my loan? Why did Countrywide sell my loan?
Most people thought those companies would never sell their servicing off!Is it important to get a mortgage so the bank you get it from retains servicing.?
There isn't any guarantee from major banks to retain the servicing rights if that's the major factor.
when you apply for a mortgage the lender will provide a servicing transfer disclosure that will tell you if they service loans and detail the percentage a loans they have sold or serviced over the past 3 yearsthe bees eye liquid
It is not that important and the chances of your loan's servicing getting sold at some point in the life of the loan is almost a certainty.
Ah, I remember the 90's...
Why did Wells Fargo sell my loan? Why did Home Savings sell my loan? Why did Countrywide sell my loan?
Most people thought those companies would never sell their servicing off!Is it important to get a mortgage so the bank you get it from retains servicing.?
There isn't any guarantee from major banks to retain the servicing rights if that's the major factor.
when you apply for a mortgage the lender will provide a servicing transfer disclosure that will tell you if they service loans and detail the percentage a loans they have sold or serviced over the past 3 years
Where can i find a mortgage interest cancellation calculator online?
i am looking for a calculator to assist me in deciding on whether or not to get a second lein line of credit to help pay down my mortgage faster.Where can i find a mortgage interest cancellation calculator online?
Try this one:
http://www.bills.com/homeloan-calculator鈥?/a>
Try this one:
http://www.bills.com/homeloan-calculator鈥?/a>
How good is a usda mortgage loan? My husband and I got approved for one but I'm not sure how it works.?
We are approved but I've heard that they are much like an FHA loan and I've heard that I need to stay away from those type of loans. I'd like to know if I decided to refinance later down the road would there be a penalty and would I have to pay anything back to USDA.How good is a usda mortgage loan? My husband and I got approved for one but I'm not sure how it works.?
two kinds of these loans. No recapture and some with recapture.I would stay away from the recapture loan as when you do refinance they take a chunk of the equity in value back as they have subsidizes the loan for lower note payments. These are the hardest to refinanceHow good is a usda mortgage loan? My husband and I got approved for one but I'm not sure how it works.?
Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.
http://www.worldbestloans.com/Mortgage%20Loan.htm
A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.
two kinds of these loans. No recapture and some with recapture.I would stay away from the recapture loan as when you do refinance they take a chunk of the equity in value back as they have subsidizes the loan for lower note payments. These are the hardest to refinanceHow good is a usda mortgage loan? My husband and I got approved for one but I'm not sure how it works.?
Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.
http://www.worldbestloans.com/Mortgage%20Loan.htm
A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.
Does anyone know a reputable mortgage company for unique situations?
(90%Stated/around 620Fico) What is Homesteps? Are they lenient?Does anyone know a reputable mortgage company for unique situations?
Stated income with a 620 Fico is NOT going to fly.
No way, no bank, no how, not even in subprime.
Those days are OVER!Does anyone know a reputable mortgage company for unique situations?
call 3 mortgage brokers in your city
Stated income with a 620 Fico is NOT going to fly.
No way, no bank, no how, not even in subprime.
Those days are OVER!Does anyone know a reputable mortgage company for unique situations?
call 3 mortgage brokers in your city
If you win the lottery, is it better to buy or pay off something at once, or with a mortgage or financial plan?
Lets just say you came into some money, something like 400,000. You pay off all your bills, buy a new car, put a chunk of it in retirement. You have enough to purchase a new house, in full. Would it be better buy the house at once, or get a mortgage, pay interest to the bank, but at the same time, getting interest on the amount left. Assume equal rates you pay to a bank on a mortgage as you would if you left the money in the bank.If you win the lottery, is it better to buy or pay off something at once, or with a mortgage or financial plan?
Found money disapeers quickly. Pay the taxes due ont he money first, then pay cashf or a home you want to live in forever, haggle on the price, don't overpay. Pay cash for two reliable new vehicles.
Invest the rest in as many protected accounts as you can 401K for you and your wife (Max $15K each per year) Roth IRA (Max $5K each per year) College savings plans if you have kids.
Invest in total stock market index funds or small cap index funds.
It only would make sense to do the loan if the interest rate on the money in savings were greater than the rate of the loan Loan rate being about 5%, your savings should return 6% or higher. Now if you have a high income and you could deduct the interest expense from your taxes, this would be worth doing the loan, HOWEVER this does not take loan origination costs into consideration or that
The entire mortgage crisis right now is due to people looking at homes as investments and not homes. Being debt free is a great idea if you have the chance to, and if your home is paid off, you really don't have to work as much, so your income tax bill will be greatly reduced.If you win the lottery, is it better to buy or pay off something at once, or with a mortgage or financial plan?
I would not pay for a property (house condo or whatever) in full and in one shot because you never know if there are problems with that property (even if you have it checked by a specialist beforehand)..
there are pros and cons of paying cash for your house and it was put to me that when it's paid for noone can take it away, so if you buy one that is priced enough so you don't spend all yuor money I would do it as I did and the rest invest wherever you like to. keep enough on hand to live good and rest go to a bank and ask for finance person to give you ideas.
Investing in 401's along with stock market nor a good idea right now, like putting money into a old used car, keep putting in and no return.
many have annunity funds which give you a fixed rate, banker will give you many ideas and go home to think it over before you invest anywhere to give your mind time to clear before doing anything.
Found money disapeers quickly. Pay the taxes due ont he money first, then pay cashf or a home you want to live in forever, haggle on the price, don't overpay. Pay cash for two reliable new vehicles.
Invest the rest in as many protected accounts as you can 401K for you and your wife (Max $15K each per year) Roth IRA (Max $5K each per year) College savings plans if you have kids.
Invest in total stock market index funds or small cap index funds.
It only would make sense to do the loan if the interest rate on the money in savings were greater than the rate of the loan Loan rate being about 5%, your savings should return 6% or higher. Now if you have a high income and you could deduct the interest expense from your taxes, this would be worth doing the loan, HOWEVER this does not take loan origination costs into consideration or that
The entire mortgage crisis right now is due to people looking at homes as investments and not homes. Being debt free is a great idea if you have the chance to, and if your home is paid off, you really don't have to work as much, so your income tax bill will be greatly reduced.If you win the lottery, is it better to buy or pay off something at once, or with a mortgage or financial plan?
I would not pay for a property (house condo or whatever) in full and in one shot because you never know if there are problems with that property (even if you have it checked by a specialist beforehand)..
there are pros and cons of paying cash for your house and it was put to me that when it's paid for noone can take it away, so if you buy one that is priced enough so you don't spend all yuor money I would do it as I did and the rest invest wherever you like to. keep enough on hand to live good and rest go to a bank and ask for finance person to give you ideas.
Investing in 401's along with stock market nor a good idea right now, like putting money into a old used car, keep putting in and no return.
many have annunity funds which give you a fixed rate, banker will give you many ideas and go home to think it over before you invest anywhere to give your mind time to clear before doing anything.
What is the process of mortgage renewal in Canada ?
Does one have to requalify each time the mortgage is up for renewal?What is the process of mortgage renewal in Canada ?
i'm a mortgage broker from Alberta, what will usually happen is your high st bank will send you a mortgage renewal about 6 months before the end of your current term. This will usually be at the banks posted rates, which will be about at least 1% higher than what is available.
You will have to re-qualify for a mortgage as basically you are getting a new mortgage, so you have to prove your income once more and maybe an appraisal if it's not an insured mortgage
i'm a mortgage broker from Alberta, what will usually happen is your high st bank will send you a mortgage renewal about 6 months before the end of your current term. This will usually be at the banks posted rates, which will be about at least 1% higher than what is available.
You will have to re-qualify for a mortgage as basically you are getting a new mortgage, so you have to prove your income once more and maybe an appraisal if it's not an insured mortgage
Can a felon hold a mortgage brokers license or real estate license in Mississippi?
I have a friend who is, according to him, convicted of aggrevated assault and armed robbery. His version is that he was at work but allowed friends the use of his car. Records sort of bear that out. I know him to be honest but public trust is whats important.Can a felon hold a mortgage brokers license or real estate license in Mississippi?
No, they cannot.Can a felon hold a mortgage brokers license or real estate license in Mississippi?
see those are crimes that sadly violate eligiblity to hold one sadly...applying make up eye liquid
No, they cannot.Can a felon hold a mortgage brokers license or real estate license in Mississippi?
see those are crimes that sadly violate eligiblity to hold one sadly...
Why won't turtobax include mortgage interest paid in NJ state deductions?
I work on NJ, live in PA, pay a high interest on my home in PA. I was filing NJ tax return using turbotax, but it doesn't ask or include mortgage interest paid as a deduction. Can't I claim deductions in my NJ tax return?Why won't turtobax include mortgage interest paid in NJ state deductions?
If you live in PA, you do NOT file a NJ return even if you work in NJ. NJ and PA have a reciprocity agreement so you ONLY file in your home state if you worked in one and lived in the other.
Edit: If they withheld NJ tax in error, you file a non-resident NJ return showing $0 income and the NJ tax that was withheld. Attach an explanatory note to expedite things. Then file your PA resident return and pay any tax due.
Make SURE to correct this with your employer. They need to stop withholding NJ taxes. If possible have them withhold PA taxes. If they won't or can't withhold PA taxes you'll have to start making estimated tax payments to PA to cover your tax liability.Why won't turtobax include mortgage interest paid in NJ state deductions?
You're welcome. TFTP.
One you only file in PA the have an agreement. Second mortgage interest is not deductable for state taxes, only Federal
If you live in PA, you do NOT file a NJ return even if you work in NJ. NJ and PA have a reciprocity agreement so you ONLY file in your home state if you worked in one and lived in the other.
Edit: If they withheld NJ tax in error, you file a non-resident NJ return showing $0 income and the NJ tax that was withheld. Attach an explanatory note to expedite things. Then file your PA resident return and pay any tax due.
Make SURE to correct this with your employer. They need to stop withholding NJ taxes. If possible have them withhold PA taxes. If they won't or can't withhold PA taxes you'll have to start making estimated tax payments to PA to cover your tax liability.Why won't turtobax include mortgage interest paid in NJ state deductions?
You're welcome. TFTP.
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One you only file in PA the have an agreement. Second mortgage interest is not deductable for state taxes, only Federal
What is the average time it takes to be approved for a mortgage?
Hi,
We just did a refinance %26amp; it took about at least a month for us until all was settled. Just make sure you have everything that is needed %26amp; get ready for last minute calls like ';Hey can you fax us over this form';. Also make sure they are working for you %26amp; not vice versa! I just heard on NPR that getting mortages are going to be a little more involved due to the of how the housing market is doing.
Good Luck!What is the average time it takes to be approved for a mortgage?
The people who bought my house were preapproved, but it usually runs between 60 and 90 days. Sometimes more, if there are questions that haven't been resolved, such as where the down payment money came from, if the buyer (applicant) has a lot of open credit card accounts. They don't have to have any balances, but the fact that they are ';open'; can be of concern to the mortgage broker.What is the average time it takes to be approved for a mortgage?
As a mortgage Broker i can get you approved with in 2-5 days
Pre-approved? That can be done in one day most of the time. I recently applied for a Home Equity line of credit online and got approved in 45 seconds.
It depends on the lender could be two five days or a day
Not sure what the average time is but with most lenders, you can apply on-line and get approved in a fairly quick turn around time anymore.
I don't know about average time, but I filled out an online form with my bank and got a check 3 days later...
There are going to be alot of different answers to that question. Each case is a little different and there is no real average.
Down payment is a big factor. Banks love to see money up front. If they know you are going to pay that 10% of more up front they will move through things faster.
It could probably be anywhere from 2 days to 6 months. Most people I would think would fall into the ';a few weeks'; category.
We just did a refinance %26amp; it took about at least a month for us until all was settled. Just make sure you have everything that is needed %26amp; get ready for last minute calls like ';Hey can you fax us over this form';. Also make sure they are working for you %26amp; not vice versa! I just heard on NPR that getting mortages are going to be a little more involved due to the of how the housing market is doing.
Good Luck!What is the average time it takes to be approved for a mortgage?
The people who bought my house were preapproved, but it usually runs between 60 and 90 days. Sometimes more, if there are questions that haven't been resolved, such as where the down payment money came from, if the buyer (applicant) has a lot of open credit card accounts. They don't have to have any balances, but the fact that they are ';open'; can be of concern to the mortgage broker.What is the average time it takes to be approved for a mortgage?
As a mortgage Broker i can get you approved with in 2-5 days
Pre-approved? That can be done in one day most of the time. I recently applied for a Home Equity line of credit online and got approved in 45 seconds.
It depends on the lender could be two five days or a day
Not sure what the average time is but with most lenders, you can apply on-line and get approved in a fairly quick turn around time anymore.
I don't know about average time, but I filled out an online form with my bank and got a check 3 days later...
There are going to be alot of different answers to that question. Each case is a little different and there is no real average.
Down payment is a big factor. Banks love to see money up front. If they know you are going to pay that 10% of more up front they will move through things faster.
It could probably be anywhere from 2 days to 6 months. Most people I would think would fall into the ';a few weeks'; category.
Upstairs neighbor moved. Mold forming in my room. Can I sue the mortgage company where the condo was sold to?
The water heater from the condo unit directly upstairs from us is leaking and mold is forming in my room. Can I sue the mortgage company that bought the condo unit? What are my rights?Upstairs neighbor moved. Mold forming in my room. Can I sue the mortgage company where the condo was sold to?
I would list both the mortgage company and the prior tenents in the law suit. Let them argue over who should pay. The prior tenants should have gotten it fixed, but when the mortgage company bought the place it shoudl have been listed on the inspection, which makes them aware of it. Ulitmantely its a civil matter.
I would list both the mortgage company and the prior tenents in the law suit. Let them argue over who should pay. The prior tenants should have gotten it fixed, but when the mortgage company bought the place it shoudl have been listed on the inspection, which makes them aware of it. Ulitmantely its a civil matter.
Can a felon hold a mortgage brokers license or real estate license in Mississippi?
I have a friend who is, according to him, convicted of aggrevated assault and armed robbery. His version is that he was at work but allowed friends the use of his car. Records sort of bear that out. I know him to be honest but public trust is whats important.Can a felon hold a mortgage brokers license or real estate license in Mississippi?
He can, if he shows his rehabilitation to the board that will review his application. It is a very lengthy and complicated process that requires a lot of paperwork, but it is possible.
He can, if he shows his rehabilitation to the board that will review his application. It is a very lengthy and complicated process that requires a lot of paperwork, but it is possible.
Should I pay off my mortgage before I sell my house?
i have about $40,000 left on my mortgage to pay off which will probably take 4-5 yrs. within probably the next 10 yrs i would like to sell this house and buy a bigger one. what difference would it make if i paid it off in 4 yrs or if i left it unpaid during the selling process? either way i would have to pay it off right?Should I pay off my mortgage before I sell my house?
even if you don't sell the house it would be better to pay it off if it does not put any financial strain on you. I am a loan officer and i can tell you that the amount of interest you pay over the course of a loan is HUGE.
Also, when you sell your house your mortgage is automatically payed off with the proceeds from the sale. the bank has what is called a lien on your home. The lien means that until you have that loan payed off you cannot refi or sell the home. In short when you sell or refinance your home the lien/mortgage is paid automatically.Should I pay off my mortgage before I sell my house?
Either way you have to pay it off. If you sell and buy up in a down market I think you win. Because when the market rebounds your new house will have a bigger gain. That being said if you have the ability to pay down your mortgage is may not be a good deal in the short term. You can save the extra money and build up a cash reserve to help with the new house. Down payment or rehab. Regardless you are in good shape.
That depends on a lot of things. What is your mortgage rate? Do you have any other debt? What would you use the money for if it was not to pay down the mortgage?
If you have any other debt, you should pay that down instead as it is most likely non-tax deductible and at a higher rate. If you have no other debt, you might get a better return by investing in a business you have or in stocks or mutual funds. Your time frame of 10 years is long enough to consider such options. Paying down the mortgage is better than putting it in the bank, but other options might be better unless your mortgage rate is really high. e:mail me if you have more information you want to share. Good luck to you!
As long as you're making your payments on time, you can do either.
This realy depends on whether you have a clause charging extra interest for early payment.
Well, if you pay it off isnt that more cash in your pocket when deal closes?
even if you don't sell the house it would be better to pay it off if it does not put any financial strain on you. I am a loan officer and i can tell you that the amount of interest you pay over the course of a loan is HUGE.
Also, when you sell your house your mortgage is automatically payed off with the proceeds from the sale. the bank has what is called a lien on your home. The lien means that until you have that loan payed off you cannot refi or sell the home. In short when you sell or refinance your home the lien/mortgage is paid automatically.Should I pay off my mortgage before I sell my house?
Either way you have to pay it off. If you sell and buy up in a down market I think you win. Because when the market rebounds your new house will have a bigger gain. That being said if you have the ability to pay down your mortgage is may not be a good deal in the short term. You can save the extra money and build up a cash reserve to help with the new house. Down payment or rehab. Regardless you are in good shape.
That depends on a lot of things. What is your mortgage rate? Do you have any other debt? What would you use the money for if it was not to pay down the mortgage?
If you have any other debt, you should pay that down instead as it is most likely non-tax deductible and at a higher rate. If you have no other debt, you might get a better return by investing in a business you have or in stocks or mutual funds. Your time frame of 10 years is long enough to consider such options. Paying down the mortgage is better than putting it in the bank, but other options might be better unless your mortgage rate is really high. e:mail me if you have more information you want to share. Good luck to you!
As long as you're making your payments on time, you can do either.
This realy depends on whether you have a clause charging extra interest for early payment.
Well, if you pay it off isnt that more cash in your pocket when deal closes?
How or should we split mortgage int. and R.E. tax deduction...?
Is it OK for me to claim 100% of these deductions while my partner claims the standard deduction, (we've owned the house since August) or do we each need to claim a portion, even though I earn twice as much. Just trying to maximize our returns...How or should we split mortgage int. and R.E. tax deduction...?
You can only claim what you actually paid. Either of you can itemize or not, it's your individual choice.
If you itemize, see the instructions for Schedule A for the additional documentation that you'll both need to attach to your tax returns. You won't be able to e-file in this case; you'll have to mail in your tax return.How or should we split mortgage int. and R.E. tax deduction...?
do the math on paper then decideapplying make up eye liquid
You can only claim what you actually paid. Either of you can itemize or not, it's your individual choice.
If you itemize, see the instructions for Schedule A for the additional documentation that you'll both need to attach to your tax returns. You won't be able to e-file in this case; you'll have to mail in your tax return.How or should we split mortgage int. and R.E. tax deduction...?
do the math on paper then decide
How do I get a mortgage company to finance me after I filled Ch. 13.?
We have asked a couple of companys and no one wants to help us. We filled in 2001 and it was discharged in 2003. We have a fair credit score. How can we start over if no one will give us a chance?How do I get a mortgage company to finance me after I filled Ch. 13.?
I am also a mortgage professional, (Mortgage loan officer) and we definitely have loan programs that will help get a mortgage loan the day after BK discharge. You WILL, most definitely, have to have re-established credit @ a department store that carries their own credit. You will certainly have a higher interest rate, but after 1 or 2 years, you will have established a mortgage history. DO NOT BE LATE! You can refinance and lower your rate.How do I get a mortgage company to finance me after I filled Ch. 13.?
I am a mortgage professional. You must wait for a year after a BK to obtain financing..ok, you've done that. You also must not have any lates on a mortgage within the last year for some banks or two years for others. Bad credit after a BK is the kiss of death for several years, until you reestablish. Sub prime lending is evaporating right now, and is going to make it hard for you to get a loan without money down. You could try an 80-20 loan which is essentially a first and a second mortgage at the same time, which is done to avoid lenders mortgage insurance. The best way is to have 20 percent down and do a conforming loan (conforms to govt standards) and provide all documentation.
The upshot of it is, you either have to find an owner finance and pay way too much, or save 20 percent to put down, or wait a year or two for the industry to recover.
You can follow this link
%26lt;a href=';http://www.anrdoezrs.net/click-221鈥?target=';_blank'; onmouseover=';window.status='http://www.e鈥?true;'; onmouseout=';window.status=' ';return true;';%26gt;Bad Credit Home Loans%26lt;/a%26gt;
%26lt;img src=';http://www.ftjcfx.com/image-2215926鈥?width=';1'; height=';1'; border=';0';/%26gt;
I found this site with interesting proposals. Good luck!
http://all-mortgage-calculators.blogspot鈥?/a>
I am also a mortgage professional, (Mortgage loan officer) and we definitely have loan programs that will help get a mortgage loan the day after BK discharge. You WILL, most definitely, have to have re-established credit @ a department store that carries their own credit. You will certainly have a higher interest rate, but after 1 or 2 years, you will have established a mortgage history. DO NOT BE LATE! You can refinance and lower your rate.How do I get a mortgage company to finance me after I filled Ch. 13.?
I am a mortgage professional. You must wait for a year after a BK to obtain financing..ok, you've done that. You also must not have any lates on a mortgage within the last year for some banks or two years for others. Bad credit after a BK is the kiss of death for several years, until you reestablish. Sub prime lending is evaporating right now, and is going to make it hard for you to get a loan without money down. You could try an 80-20 loan which is essentially a first and a second mortgage at the same time, which is done to avoid lenders mortgage insurance. The best way is to have 20 percent down and do a conforming loan (conforms to govt standards) and provide all documentation.
The upshot of it is, you either have to find an owner finance and pay way too much, or save 20 percent to put down, or wait a year or two for the industry to recover.
You can follow this link
%26lt;a href=';http://www.anrdoezrs.net/click-221鈥?target=';_blank'; onmouseover=';window.status='http://www.e鈥?true;'; onmouseout=';window.status=' ';return true;';%26gt;Bad Credit Home Loans%26lt;/a%26gt;
%26lt;img src=';http://www.ftjcfx.com/image-2215926鈥?width=';1'; height=';1'; border=';0';/%26gt;
I found this site with interesting proposals. Good luck!
http://all-mortgage-calculators.blogspot鈥?/a>
Assumed Mortgages??? Has anyone ever does this? Do you know of a lender that is still allowing this?
it was pretty common in the past, now it is very hard to find a lender who is still doing it. Some private investors however might agree to it. Best is to deal with it on a case by case if you find a property you like.Assumed Mortgages??? Has anyone ever does this? Do you know of a lender that is still allowing this?
There are lenders that do this but, in this economy, why would you want to?
Typically, most houses are upside down financially. This means people owe more on the house than it is worth. If you assume the mortgage on this type of house, then you're paying too much for the house.
The only reason why a person would want to assume a mortgage is because interest rates are really high at the time they want to buy the home and they can't qualify under the higher rate.
Rates are historically low right now which means you're probably getting screwed on the purchase price if you assume the loan.Assumed Mortgages??? Has anyone ever does this? Do you know of a lender that is still allowing this?
It is not too hard to do. The buyer has to fill out the exact same paperwork that the seller filled out when she first got the loan. When the qualifying process is finished, the buyer is substituted into the loan in place of the seller.
Since today's interest rate is lower than any previous rate, you would be assuming a worse loan. The only time you would do this is if you could assume the loan with no money down. But that would be part of the ';qualifying'; process; that you would have to put 5% or 10% down payment..
There are lenders that do this but, in this economy, why would you want to?
Typically, most houses are upside down financially. This means people owe more on the house than it is worth. If you assume the mortgage on this type of house, then you're paying too much for the house.
The only reason why a person would want to assume a mortgage is because interest rates are really high at the time they want to buy the home and they can't qualify under the higher rate.
Rates are historically low right now which means you're probably getting screwed on the purchase price if you assume the loan.Assumed Mortgages??? Has anyone ever does this? Do you know of a lender that is still allowing this?
It is not too hard to do. The buyer has to fill out the exact same paperwork that the seller filled out when she first got the loan. When the qualifying process is finished, the buyer is substituted into the loan in place of the seller.
Since today's interest rate is lower than any previous rate, you would be assuming a worse loan. The only time you would do this is if you could assume the loan with no money down. But that would be part of the ';qualifying'; process; that you would have to put 5% or 10% down payment..
What is reverse mortgage & how is it different from mortgage?
A reverse mortgage is specifically designed for the needs of seniors and keeping them in their homes, whereas a traditional mortgage is not structured for that purpose.
With a traditional “forward” mortgage, all the money is borrowed up front and paid off over time with monthly payments. Over time the mortgage balance decreases as each monthly payment is made.
With a reverse mortgage the money is borrowed over time and is not paid off until the borrower either permanently leaves the house or passes it on to their estate. No payments are made until then. With a reverse mortgage the bank pays the borrower versus the borrower paying the bank. The balance increases over time with a reverse mortgage.
Reverse mortgages are not scams. Reverse mortgages are a good thing that helps many seniors stay in their homes versus prematurely going to nursing homes, etc. Reverse mortgages by the way are also almost entirely misunderstood and the same false information is repeated again and again.
All the borrowers must be 62 years old or older. Unlike traditional mortgages, credit is unimportant as no payments are being made. You also do not need income to qualify for a reverse mortgage as you do with a traditional mortgage, as no mortgage payments at all are being made. The reverse mortgage gives the borrower income versus using their income to make mortgage payments.
Reverse mortgages also allow for life estates and trusts to protect the equity in the home from Medicaid reimbursement, which is not allowed with traditional mortgages.
For more information go to: http://www.mtgmortgages.com/reverse_mort…What is reverse mortgage %26amp; how is it different from mortgage?
WE and CRA: Don't talk to people!
To the rest: it is not a scam and it is not used as a solution for excessively indebted individuals.
The reverse mortgage allows individuals to cash out their illiquid investment in real estate without having to sell their homes. THIS IS NO DIFFERENT than retirees dippind into their savings or retirement accounts.
Everyone else is generally right. I would just add one more bit of information. The homeowner can cash out his/her equity in a number of ways. As one poster stated, the owner can get the entire loan up front. The owner can also get a fixed or variable monthly payment. Alternatively, the mortgage can be set up so that the owner can take draws at his/her discretion during a period that is stated in the note.
In all of these cases, interest accrues while the loan is outstanding and both principal and interest are repaid at either a specified time in the future, when the home owner dies, or when the property is sold. The note will explicitly which event(s) will trigger a repayment.What is reverse mortgage %26amp; how is it different from mortgage?
A reverse mortgage is exactly what the word imply. A bank or financial institution pays you for your house. They are essentially buying your house, or equity in it. A mortgage is a loan that you pay back, at interest and secure with a house and or property. Both are types of loans that use your home as collateral. The reverse mortgage is a scheme that was recently devised to take advantage of the many senior citizens that own their homes outright and no longer need a mortgage. The selling point of a reverse mortgage is the extra money that many seniors become convinced that they need.
the bank pays you and takes your house when you die or they have paid you off
There are many types of reverse mortgages. But the major ones are: federally insured reverse mortgages, single-purpose reverse mortgages, and proprietary reverse mortgages. When the federal government provides insurance for the mortgage, it is called federally insured reverse mortgages. Single-purpose reverse mortgages, and proprietary reverse mortgages are financed by the agencies authorized by government, banks and financial mortgage companies. There are pros and cons for each of these mortgages. You need to consider them carefully before submitting your application.
http://simplify-your-debt.com/category/R…
A reverse mortgage is a mortgage where the bank pays you money based on the equity in your house. With each payment they make to you, the principal balance that is owed to the bank increases, plus the bank also adds interest to the balance. If you still have a mortgage on your house, the bank giving you the reverse mortgage will pay off any money that is owed, so that the reverse mortgage is the only debt secured by the house.
When you die or move out of the house, the mortgage is repaid out of the proceeds from selling the house. When these loans were initially introduced (about 20 years ago), if the proceeds were not enough to pay off the loan, then the bank was able to try to collect the additional amount owed from the homeowner or their heirs. Current loans do not permit that - the bank must eat the loss, so banks limit the amount of money they will lend.
These loans are restricted to homeowners who are at least 62 years old and have equity in their homes.
They do not impact your credit, since you do not make payments on them.
A reverse mortgage is basically where instead of paying a payment to cover the interest and principal, the payment is much less and any shortfall in the payment is added on to the end of the mortgage possibly.
As with most financial instruments, there are times when they are used with an appropriate overall plan where they make sense and other times where they do not make any sense at all for a person.
For example, if you have a good overall financial plan that includes a high yield, low risk investment, you may take the money out of your home using a reverse mortgage and invest it in this.
If the investment pays say $1500 a month and the mortgage is just costing $500 a month, your net gain is $1000.
If you then reinvest that, you could do the calculations to see how many years before you not only can pay off your entire mortgage but have a large balance in your investment as well.
That is just one example. It would depend on many variables and I would only suggest this if you have some reputable and valid advice from an attorney and financial planners.
It is probably not appropriate for the average home owner who is not an investor.
a reversed mortgage is one that lends you the money up front, for you, to get out of debt. You put up your house and property as collateral. The costs and fees of this loan are small, compared to a bank loan or second mortgage. The differences are, that neither you, nor anyone else, is allowed to try to pay back any amount of the loan until you have permanently 'vacated' the premises by dying or moving. Then it's left to you or your survivors to pay back the debt (with interest). Generally the company demands all of the money up front. The only way this is usually accomplished is, that, you sell the property to the highest bidder. They might also help you acomplish this for a large fee. The company then takes the amount of the loan with the interest attached and you or your survivors are left with little or nothing to show for it. In my opinion, a reversed mortgage is completely as ethical as a 'loan shark' company and only legal if you sign the contract. If your intent on getting a reversed mortgage, make sure you have a very competent lawyer to help you avoid some of the 'lay-man' traps that you would easily fall into. Ironically(again, in my opinion), if he/she were truly competent, then your lawyer would probably advise you to seek an alternative solution to your debt problem.
get a convential mortage instead, the Reverse will negatively impact your finances.
With a traditional “forward” mortgage, all the money is borrowed up front and paid off over time with monthly payments. Over time the mortgage balance decreases as each monthly payment is made.
With a reverse mortgage the money is borrowed over time and is not paid off until the borrower either permanently leaves the house or passes it on to their estate. No payments are made until then. With a reverse mortgage the bank pays the borrower versus the borrower paying the bank. The balance increases over time with a reverse mortgage.
Reverse mortgages are not scams. Reverse mortgages are a good thing that helps many seniors stay in their homes versus prematurely going to nursing homes, etc. Reverse mortgages by the way are also almost entirely misunderstood and the same false information is repeated again and again.
All the borrowers must be 62 years old or older. Unlike traditional mortgages, credit is unimportant as no payments are being made. You also do not need income to qualify for a reverse mortgage as you do with a traditional mortgage, as no mortgage payments at all are being made. The reverse mortgage gives the borrower income versus using their income to make mortgage payments.
Reverse mortgages also allow for life estates and trusts to protect the equity in the home from Medicaid reimbursement, which is not allowed with traditional mortgages.
For more information go to: http://www.mtgmortgages.com/reverse_mort…What is reverse mortgage %26amp; how is it different from mortgage?
WE and CRA: Don't talk to people!
To the rest: it is not a scam and it is not used as a solution for excessively indebted individuals.
The reverse mortgage allows individuals to cash out their illiquid investment in real estate without having to sell their homes. THIS IS NO DIFFERENT than retirees dippind into their savings or retirement accounts.
Everyone else is generally right. I would just add one more bit of information. The homeowner can cash out his/her equity in a number of ways. As one poster stated, the owner can get the entire loan up front. The owner can also get a fixed or variable monthly payment. Alternatively, the mortgage can be set up so that the owner can take draws at his/her discretion during a period that is stated in the note.
In all of these cases, interest accrues while the loan is outstanding and both principal and interest are repaid at either a specified time in the future, when the home owner dies, or when the property is sold. The note will explicitly which event(s) will trigger a repayment.What is reverse mortgage %26amp; how is it different from mortgage?
A reverse mortgage is exactly what the word imply. A bank or financial institution pays you for your house. They are essentially buying your house, or equity in it. A mortgage is a loan that you pay back, at interest and secure with a house and or property. Both are types of loans that use your home as collateral. The reverse mortgage is a scheme that was recently devised to take advantage of the many senior citizens that own their homes outright and no longer need a mortgage. The selling point of a reverse mortgage is the extra money that many seniors become convinced that they need.
the bank pays you and takes your house when you die or they have paid you off
There are many types of reverse mortgages. But the major ones are: federally insured reverse mortgages, single-purpose reverse mortgages, and proprietary reverse mortgages. When the federal government provides insurance for the mortgage, it is called federally insured reverse mortgages. Single-purpose reverse mortgages, and proprietary reverse mortgages are financed by the agencies authorized by government, banks and financial mortgage companies. There are pros and cons for each of these mortgages. You need to consider them carefully before submitting your application.
http://simplify-your-debt.com/category/R…
A reverse mortgage is a mortgage where the bank pays you money based on the equity in your house. With each payment they make to you, the principal balance that is owed to the bank increases, plus the bank also adds interest to the balance. If you still have a mortgage on your house, the bank giving you the reverse mortgage will pay off any money that is owed, so that the reverse mortgage is the only debt secured by the house.
When you die or move out of the house, the mortgage is repaid out of the proceeds from selling the house. When these loans were initially introduced (about 20 years ago), if the proceeds were not enough to pay off the loan, then the bank was able to try to collect the additional amount owed from the homeowner or their heirs. Current loans do not permit that - the bank must eat the loss, so banks limit the amount of money they will lend.
These loans are restricted to homeowners who are at least 62 years old and have equity in their homes.
They do not impact your credit, since you do not make payments on them.
A reverse mortgage is basically where instead of paying a payment to cover the interest and principal, the payment is much less and any shortfall in the payment is added on to the end of the mortgage possibly.
As with most financial instruments, there are times when they are used with an appropriate overall plan where they make sense and other times where they do not make any sense at all for a person.
For example, if you have a good overall financial plan that includes a high yield, low risk investment, you may take the money out of your home using a reverse mortgage and invest it in this.
If the investment pays say $1500 a month and the mortgage is just costing $500 a month, your net gain is $1000.
If you then reinvest that, you could do the calculations to see how many years before you not only can pay off your entire mortgage but have a large balance in your investment as well.
That is just one example. It would depend on many variables and I would only suggest this if you have some reputable and valid advice from an attorney and financial planners.
It is probably not appropriate for the average home owner who is not an investor.
a reversed mortgage is one that lends you the money up front, for you, to get out of debt. You put up your house and property as collateral. The costs and fees of this loan are small, compared to a bank loan or second mortgage. The differences are, that neither you, nor anyone else, is allowed to try to pay back any amount of the loan until you have permanently 'vacated' the premises by dying or moving. Then it's left to you or your survivors to pay back the debt (with interest). Generally the company demands all of the money up front. The only way this is usually accomplished is, that, you sell the property to the highest bidder. They might also help you acomplish this for a large fee. The company then takes the amount of the loan with the interest attached and you or your survivors are left with little or nothing to show for it. In my opinion, a reversed mortgage is completely as ethical as a 'loan shark' company and only legal if you sign the contract. If your intent on getting a reversed mortgage, make sure you have a very competent lawyer to help you avoid some of the 'lay-man' traps that you would easily fall into. Ironically(again, in my opinion), if he/she were truly competent, then your lawyer would probably advise you to seek an alternative solution to your debt problem.
get a convential mortage instead, the Reverse will negatively impact your finances.
Perspective mortgages?
Does anyone know anything about this company and if so, do you know if they are legitimate or not?Perspective mortgages?
Many of the bigger companies are going out of business - Countrywide was just downgraded on the stock market. Go to your states equivalent of dept of Banking and Finance and look them up. Many states list and also show if there have been any problems.
If that doesn't work, use your gut, since you obviously don't know anyone who knows them. How did you get hooked in with them? Does what they tell you compare with their competitors? Does it seem too good to be true? Can a friend or relative recommend another lender?
Good luckPerspective mortgages?
I would seriously be careful. To date, 121 lenders or mortgage companies have been ';imploded';. Go for one of the bigger lenders, like Countrywide, Wells Fargo, Bank of America, etc...
Check out this site:
http://ml-implode.com/
If you have to ask, then they're probably not someone you want to do business with...
Many of the bigger companies are going out of business - Countrywide was just downgraded on the stock market. Go to your states equivalent of dept of Banking and Finance and look them up. Many states list and also show if there have been any problems.
If that doesn't work, use your gut, since you obviously don't know anyone who knows them. How did you get hooked in with them? Does what they tell you compare with their competitors? Does it seem too good to be true? Can a friend or relative recommend another lender?
Good luckPerspective mortgages?
I would seriously be careful. To date, 121 lenders or mortgage companies have been ';imploded';. Go for one of the bigger lenders, like Countrywide, Wells Fargo, Bank of America, etc...
Check out this site:
http://ml-implode.com/
If you have to ask, then they're probably not someone you want to do business with...
What is the penalty for mortgage fraud, particularly if a home owner falsifies income on a loan and then that?
It's a felony with possible jail time. But if you are making payments on time no one will press charges if that's all you did.What is the penalty for mortgage fraud, particularly if a home owner falsifies income on a loan and then that?
Mtg fraud is a very serous crime. This is a Federal crime that caries a max of 30 years in prison and $1,000,000 fine. To make it worse once the docs are transferred and the money for the loan it wired transferred to the escrow company it becomes wire fraud. The FBI considers this top priority along with Home Land Security. They are putting Mtg brokers, RE Agents, Appraisers and Home owners in prison for Mtg fraud. This is no joke. Due to the amount of foreclosures, the Feds are checking home loans very closely. They don't even need a court order to tap a phone or read emails because this falls under home land security. It can be the homeowner or LO stating higher income, stating primary residents when it was a rental, the appraiser over valuing a property, commission income when it was a bonus income. Agents and homeowners raising the list price of a home to cover the down payment, any type of kick back. Even if you did not do it but know about it and don't report it you can go to prison. Be afraid if you have committed fraud, because they will get you.What is the penalty for mortgage fraud, particularly if a home owner falsifies income on a loan and then that?
PRISON time...and serious prison time at that.
However, it's pretty hard to falsify income when you have to produce 30 days of paystubs (where employment is verfied as well as income with HR) and tax records (when banks order an IRS transcript to make sure what you filed with the gov't matches what you gave to the bank).
Very, very hard.
Do you REALLY think that banks don't verify income or that they just take your word for it?
do not tell them how much you make go stated stated so you dont have to say how much you make and they go of how much your annual salary is. say your self employed and your income varies and they cant do ****
ps suntrust mortgage is good about them refi with them if your going to
They take your house , because obviously you wont keep the payments up ,because you couldnt afford it in the first place,thats why you gave a false application , its not worth it
Fraud is a form of theft.
The nature of penalty depends on the extent of the fraud and how much the bank was cheated out of.
Probably about 5 years in prison.
Mtg fraud is a very serous crime. This is a Federal crime that caries a max of 30 years in prison and $1,000,000 fine. To make it worse once the docs are transferred and the money for the loan it wired transferred to the escrow company it becomes wire fraud. The FBI considers this top priority along with Home Land Security. They are putting Mtg brokers, RE Agents, Appraisers and Home owners in prison for Mtg fraud. This is no joke. Due to the amount of foreclosures, the Feds are checking home loans very closely. They don't even need a court order to tap a phone or read emails because this falls under home land security. It can be the homeowner or LO stating higher income, stating primary residents when it was a rental, the appraiser over valuing a property, commission income when it was a bonus income. Agents and homeowners raising the list price of a home to cover the down payment, any type of kick back. Even if you did not do it but know about it and don't report it you can go to prison. Be afraid if you have committed fraud, because they will get you.What is the penalty for mortgage fraud, particularly if a home owner falsifies income on a loan and then that?
PRISON time...and serious prison time at that.
However, it's pretty hard to falsify income when you have to produce 30 days of paystubs (where employment is verfied as well as income with HR) and tax records (when banks order an IRS transcript to make sure what you filed with the gov't matches what you gave to the bank).
Very, very hard.
Do you REALLY think that banks don't verify income or that they just take your word for it?
do not tell them how much you make go stated stated so you dont have to say how much you make and they go of how much your annual salary is. say your self employed and your income varies and they cant do ****
ps suntrust mortgage is good about them refi with them if your going to
They take your house , because obviously you wont keep the payments up ,because you couldnt afford it in the first place,thats why you gave a false application , its not worth it
Fraud is a form of theft.
The nature of penalty depends on the extent of the fraud and how much the bank was cheated out of.
Probably about 5 years in prison.
Where can i get temporary mortgage assistance?
my husband and i have had a few setbacks recently and his hours got cut at both jobs. our mortgage is currently 2 months behind and soon to be 3. does anyone know how we could get temporary assistance in paying our mortgage so we don't lose our home? or at least help to get the payments current. thanks.Where can i get temporary mortgage assistance?
I would try to talk to your bank as soon as possible and tell them that you are trying to catch up on the payments and was wondering if you could be put on a payment plann if you are not put on a payment plan that will catch you up. Good luck but I would do this as soon as possible to aviod any chance of forrclossure.Where can i get temporary mortgage assistance?
talk to your banks and tell them the situation. if the banks had their way they will take everything. act fast.
http://www.eMortgageDomain.com
google for mortgagesapplying make up eye liquid
I would try to talk to your bank as soon as possible and tell them that you are trying to catch up on the payments and was wondering if you could be put on a payment plann if you are not put on a payment plan that will catch you up. Good luck but I would do this as soon as possible to aviod any chance of forrclossure.Where can i get temporary mortgage assistance?
talk to your banks and tell them the situation. if the banks had their way they will take everything. act fast.
http://www.eMortgageDomain.com
google for mortgages
I was cotacted by Identicare a company said they could help me recover ppi i paid to my first mortgage with?
regency mortgage said i was owed approx 拢1,300. Identicare have had the details of accouint and dates yet i have heard nothing from them. I know they take a %, yet still no contact for over 5 months. Unfortunately i have mislaid my original correspondence with them . Can you suggest anything?I was cotacted by Identicare a company said they could help me recover ppi i paid to my first mortgage with?
Don't know who they are and can't find them through searching the usual channels. However, they will take a % as their fee, and any company that takes 5 months to do anything isn't worth bothering with to be frank.
You can easily reclaim PPI premiums and interest yourself anyway. It isn't difficult but it requires some effort to write letters. The best guide is on the moneysavingexpert site, which I've linked to below.
Regards.I was cotacted by Identicare a company said they could help me recover ppi i paid to my first mortgage with?
Who are they supposed to be recovering the money FROM. Contact them directly and forget the middleman. If you are entitled to recover anything, you don't need Identicare to do it.
Don't know who they are and can't find them through searching the usual channels. However, they will take a % as their fee, and any company that takes 5 months to do anything isn't worth bothering with to be frank.
You can easily reclaim PPI premiums and interest yourself anyway. It isn't difficult but it requires some effort to write letters. The best guide is on the moneysavingexpert site, which I've linked to below.
Regards.I was cotacted by Identicare a company said they could help me recover ppi i paid to my first mortgage with?
Who are they supposed to be recovering the money FROM. Contact them directly and forget the middleman. If you are entitled to recover anything, you don't need Identicare to do it.
What is the maximum interest rate that can be charged on a mortgage loan?
go to bank and ask bankerWhat is the maximum interest rate that can be charged on a mortgage loan?
25%, with some other factors involved.What is the maximum interest rate that can be charged on a mortgage loan?
That depends on the usury laws of your state and the going market competition. New Mexico does not have any usury laws. It's a free for all but the market takes care of the rate. It's the poor folks that get nailed because they can't use reputable lenders.
The simple answer is, what ever you agree upon.
Most of the time rates are related to your credit rating, availability of funds and the common market conditions.
If you are talking about a typical mortgage on a typical house by a typical applicant with decent credit, you can look at any bank, mortgage company or mortgage brokers website and get a good indication of what the current and local market is offering.
But again it often depens on what your specific situation is about that determines the final details, including but not limited to the rates.
In Canada an annual rate over 60 % is considered loan sharking and is therefore a criminal offence, so between current ratest and 60 % everything is possible.
It is also a good idea to consider how the rates are been quoted as far as the frequency of compounding periods per year, one is considered simple interest but in the USA most mortgages are compounded monthly, which infact is a higher than stated rate method, hiding the actual rate of interest in the method by which the interest is calculated.
Good Luck
It varies by state law, but usually 24% to 25%.
It mainly will depend on your credit score. If you have a good credit score, 640 or higher you APR that you get will be lower than if you had a credit score under 640.
I work in Washington State and that is our standards for the banks that we work with. The going rate here is 6.25% on a 30yr fix, but rates are starting to go down.
check with the banks for daily interest rates, they cant go over that limit.
Prime + 8%
That's 16.5% in todays market.
13.99% in New york
25%, with some other factors involved.What is the maximum interest rate that can be charged on a mortgage loan?
That depends on the usury laws of your state and the going market competition. New Mexico does not have any usury laws. It's a free for all but the market takes care of the rate. It's the poor folks that get nailed because they can't use reputable lenders.
The simple answer is, what ever you agree upon.
Most of the time rates are related to your credit rating, availability of funds and the common market conditions.
If you are talking about a typical mortgage on a typical house by a typical applicant with decent credit, you can look at any bank, mortgage company or mortgage brokers website and get a good indication of what the current and local market is offering.
But again it often depens on what your specific situation is about that determines the final details, including but not limited to the rates.
In Canada an annual rate over 60 % is considered loan sharking and is therefore a criminal offence, so between current ratest and 60 % everything is possible.
It is also a good idea to consider how the rates are been quoted as far as the frequency of compounding periods per year, one is considered simple interest but in the USA most mortgages are compounded monthly, which infact is a higher than stated rate method, hiding the actual rate of interest in the method by which the interest is calculated.
Good Luck
It varies by state law, but usually 24% to 25%.
It mainly will depend on your credit score. If you have a good credit score, 640 or higher you APR that you get will be lower than if you had a credit score under 640.
I work in Washington State and that is our standards for the banks that we work with. The going rate here is 6.25% on a 30yr fix, but rates are starting to go down.
check with the banks for daily interest rates, they cant go over that limit.
Prime + 8%
That's 16.5% in todays market.
13.99% in New york
If you pay someone's mortgage for 6 months are you intitled to own that property?
I have a house that my mother-in-law and I both owers. for the past year my mother in law left to go back to her country for a year. I was stuck with paying the mortage. I could not pay the mortgage myself so I go behind and had a modification. Now after a year and a half, she wants to move back in to the house. Is there anything I can do?If you pay someone's mortgage for 6 months are you intitled to own that property?
Do about what? You each own half the house.
She is as entitled as you are.If you pay someone's mortgage for 6 months are you intitled to own that property?
See if you can reach some sort of agreement with her. Perhaps you can get a credit of for something like 3 months of payments + interest, should the house be sold. This would not require her to come up with cash now, but would protect your interest.
I do not think that you can legally prevent her from returning to her own house. Just tell that you need her share of the missed loan payments or an agreement to pay in the future. Maybe in payments or deferred until the house is sold. I would also limit it to something like 5-10 years in the future.
This question should be directed to an expert real estate attorney.
It all depends if you have a formal contract between you and your mother-in-law in regards to ownership. Paying the mortgage for only 6 months doesn't entitle you to full ownership, maybe a portion, but not full. It also depends on who is listed on title. If the both of you are on title then you are each part owners, regardless if your name is on the mortgage or not. I'm assuming that you are on the mortgage since you modified the loan without her signature - since you said she was out of the country. Generally, if you are on the mortgage, then you are on title.
As to what you can do with her wanting to move back in.....well that's up to you and your spouse.
Be very, very nice to her, and try to get her to pay you back what she should have been paying, even if it takes her some time to do so.
But I am a little confused here. Your question states that you paid 6 months, then you say that she left for one year and you were stuck with the payments, and at the end, you say that after a year and a half she wants to move back. I hope you won't be as confused with the time period when you speak to your mother-in-law
yes, welcome her back with loving arms and learn better how to communicate; such as ';while you are gone, how shall we
both accommodate the mortgage?
Let her rep her position and if she has none, you are welcome
to force a sale of the house to get reimbursed.
Yes, you can have her pay the entire mortgage for the next year and a half. If that doesn't work, then have her sign a quit claim at the local Real Estate attorney's office. Then you can charge her rent.
If your both on the deed... no
Do about what? You each own half the house.
She is as entitled as you are.If you pay someone's mortgage for 6 months are you intitled to own that property?
See if you can reach some sort of agreement with her. Perhaps you can get a credit of for something like 3 months of payments + interest, should the house be sold. This would not require her to come up with cash now, but would protect your interest.
I do not think that you can legally prevent her from returning to her own house. Just tell that you need her share of the missed loan payments or an agreement to pay in the future. Maybe in payments or deferred until the house is sold. I would also limit it to something like 5-10 years in the future.
This question should be directed to an expert real estate attorney.
It all depends if you have a formal contract between you and your mother-in-law in regards to ownership. Paying the mortgage for only 6 months doesn't entitle you to full ownership, maybe a portion, but not full. It also depends on who is listed on title. If the both of you are on title then you are each part owners, regardless if your name is on the mortgage or not. I'm assuming that you are on the mortgage since you modified the loan without her signature - since you said she was out of the country. Generally, if you are on the mortgage, then you are on title.
As to what you can do with her wanting to move back in.....well that's up to you and your spouse.
Be very, very nice to her, and try to get her to pay you back what she should have been paying, even if it takes her some time to do so.
But I am a little confused here. Your question states that you paid 6 months, then you say that she left for one year and you were stuck with the payments, and at the end, you say that after a year and a half she wants to move back. I hope you won't be as confused with the time period when you speak to your mother-in-law
yes, welcome her back with loving arms and learn better how to communicate; such as ';while you are gone, how shall we
both accommodate the mortgage?
Let her rep her position and if she has none, you are welcome
to force a sale of the house to get reimbursed.
Yes, you can have her pay the entire mortgage for the next year and a half. If that doesn't work, then have her sign a quit claim at the local Real Estate attorney's office. Then you can charge her rent.
If your both on the deed... no
Unemployed, upside down on my mortgage, and getting a new job out-of-state. What should I do with the house?
I purchased my Florida house for $225K which is now worth around $160K. I lost my job but was able to find one in another state. People are telling me to purposefully foreclose. They say the difference between what it's worth and what they sell it for will be forgiven, I will have to pay income tax on that amount, and my credit will be shot for only 3 years. Is this true? What happens with a short-sale compared to this?Unemployed, upside down on my mortgage, and getting a new job out-of-state. What should I do with the house?
ACtually, the scenario you just described is a short-sale.Unemployed, upside down on my mortgage, and getting a new job out-of-state. What should I do with the house?
In a foreclosure, the difference between what you owe and what it's sold for is NOT forgiven---not unless you have somethign in writing from the bank that says this. Your people are idiots.
Have you checked into a short sale? Call the bank and tell them you need a short sale--and you want the difference forgiven.
Your credit will be shot for 7 years after the foreclosure--that's how long it stays on there--good luck trying to find a house or apartment in your new state.
I wont rent to people with foreclosures--the same reasons they have for not paying their mortgage become the same reasons they have for not paying my rent.
If the lender or whoever owns your mortgage agrees to let you sell for less than the loan balance and agrees to accept that amount as full payment, you have a short sale. You should get that agreement in writing and save it forever. If the bank forecloses you will owe them the difference between foreclosure balance plus a lot of foreclosure fees and whatever they can sell it for. The short sale and a foreclosure will both hurt your credit, but the foreclosure will hurt it a lot more.
NOOOOOO... foreclosure is the worst option possible. It means you couldn't afford to keep the house. At least a short sale is basically an agreement to sell it for less than it's worth - which isn't as bad. It's also easier to recover from the credit score plummet of a short sale than from a foreclosure. Who have you been talking to?
dont trust me on this
im letting my house go, but my lawyer guarantees me another 1-2 year(s)
im jus gonna find an apartment which is actually across the street from my house.
bein a nurse doenst make it too hard to find a job.
my lawyer tells me im gonna be ok. but she could jus be chasin my money
im in florida to btw
Give it up for rent to someone wait until housing goes up
ACtually, the scenario you just described is a short-sale.Unemployed, upside down on my mortgage, and getting a new job out-of-state. What should I do with the house?
In a foreclosure, the difference between what you owe and what it's sold for is NOT forgiven---not unless you have somethign in writing from the bank that says this. Your people are idiots.
Have you checked into a short sale? Call the bank and tell them you need a short sale--and you want the difference forgiven.
Your credit will be shot for 7 years after the foreclosure--that's how long it stays on there--good luck trying to find a house or apartment in your new state.
I wont rent to people with foreclosures--the same reasons they have for not paying their mortgage become the same reasons they have for not paying my rent.
If the lender or whoever owns your mortgage agrees to let you sell for less than the loan balance and agrees to accept that amount as full payment, you have a short sale. You should get that agreement in writing and save it forever. If the bank forecloses you will owe them the difference between foreclosure balance plus a lot of foreclosure fees and whatever they can sell it for. The short sale and a foreclosure will both hurt your credit, but the foreclosure will hurt it a lot more.
NOOOOOO... foreclosure is the worst option possible. It means you couldn't afford to keep the house. At least a short sale is basically an agreement to sell it for less than it's worth - which isn't as bad. It's also easier to recover from the credit score plummet of a short sale than from a foreclosure. Who have you been talking to?
dont trust me on this
im letting my house go, but my lawyer guarantees me another 1-2 year(s)
im jus gonna find an apartment which is actually across the street from my house.
bein a nurse doenst make it too hard to find a job.
my lawyer tells me im gonna be ok. but she could jus be chasin my money
im in florida to btw
Give it up for rent to someone wait until housing goes up
From personal knowledge how much would you say a 1 person income should be in order to get a mortgage?
in order to take get about 180,000 mortgage what would you say the annual income for 1 person should be?From personal knowledge how much would you say a 1 person income should be in order to get a mortgage?
The mortgage payment should be less than 40% of the income.From personal knowledge how much would you say a 1 person income should be in order to get a mortgage?
Let's see...with taxes, a 180,000 house would be about $1500/month. That's around 6% interesting and a 30-year loan.
They say you should never pay more than 20% of your monthly income on your mortgage. Anything about that is financial suicide.
As 20% of your income, you would need to make around $7500 monthly.
As 15% of your income, you would need to make around $10,000 monthly.
Of course, the more down payment you have, the more you can delegate as mortgage. Also, how much debt do you have in your life? Car payments? Student loans? ANY loans? That will also factor into how much you can afford.
The mortgage payment should be less than 40% of the income.From personal knowledge how much would you say a 1 person income should be in order to get a mortgage?
Let's see...with taxes, a 180,000 house would be about $1500/month. That's around 6% interesting and a 30-year loan.
They say you should never pay more than 20% of your monthly income on your mortgage. Anything about that is financial suicide.
As 20% of your income, you would need to make around $7500 monthly.
As 15% of your income, you would need to make around $10,000 monthly.
Of course, the more down payment you have, the more you can delegate as mortgage. Also, how much debt do you have in your life? Car payments? Student loans? ANY loans? That will also factor into how much you can afford.
Where can I find the best HELOC rates to refinance my second mortgage?
My current rate is near 10%, and I'd like to find a HELOC rate of prime minus 1%, no fees, and accepting a LTV of 90%Where can I find the best HELOC rates to refinance my second mortgage?
I agree, www.bankrate.com has rates from many different lenders, and links to specific places to obtain loans, like lowermybills.com. the HELOC rates are around 7%, but I'm not sure if they will allow an LTV of 90%.
http://www.bankrate.com/brm/rate/brm_loa鈥?/a>Where can I find the best HELOC rates to refinance my second mortgage?
bankrate.com
Ya know, they all offer pretty competetive rates. However you do need to look at some of the fine print on the HELOCs. What are you planning on doing with it? How many transactions per month? etc... I teach people how to use a HELOC to pay off their homes faster.
Out of all of the banks that I have worked with, I find that CHASE, WELLS FARGO, and US BANK offer great rates and very low hassle.
So like I say, what you are going to do with it, should play a factor in selecting the propor HELOC.
Take out a closed-end 2nd mtg with a fixed rate, helocs have variable interest rates and they work like a huge credit card since the balance never goes down.
You won't get such terms as prime minus 1% on a 2nd mtg either, have you thought about what's the avg. rate you are paying for BOTH your 1st and 2nd mtg.? Consider refinancing and consolidating both mtgs into one.
Credit unions (on average) offer much better HELOC rates than banks (see http://www.datatrac.net/CUNA/execonline.asp?view=product%26amp;pcode=C-0049)
Pen Fed CU regularly has extremely good rates on both HELOCs and regular home equity loans.
https://www.penfed.org/index.aspapplying make up eye liquid
I agree, www.bankrate.com has rates from many different lenders, and links to specific places to obtain loans, like lowermybills.com. the HELOC rates are around 7%, but I'm not sure if they will allow an LTV of 90%.
http://www.bankrate.com/brm/rate/brm_loa鈥?/a>Where can I find the best HELOC rates to refinance my second mortgage?
bankrate.com
Ya know, they all offer pretty competetive rates. However you do need to look at some of the fine print on the HELOCs. What are you planning on doing with it? How many transactions per month? etc... I teach people how to use a HELOC to pay off their homes faster.
Out of all of the banks that I have worked with, I find that CHASE, WELLS FARGO, and US BANK offer great rates and very low hassle.
So like I say, what you are going to do with it, should play a factor in selecting the propor HELOC.
Take out a closed-end 2nd mtg with a fixed rate, helocs have variable interest rates and they work like a huge credit card since the balance never goes down.
You won't get such terms as prime minus 1% on a 2nd mtg either, have you thought about what's the avg. rate you are paying for BOTH your 1st and 2nd mtg.? Consider refinancing and consolidating both mtgs into one.
Credit unions (on average) offer much better HELOC rates than banks (see http://www.datatrac.net/CUNA/execonline.asp?view=product%26amp;pcode=C-0049)
Pen Fed CU regularly has extremely good rates on both HELOCs and regular home equity loans.
https://www.penfed.org/index.asp
Will not paying this months mortgage delay my refinance?
We were supposed to close on our refinace Sept 10th, so I did not pay Sept mortgage, now the payment is late and the loan doc's won't be ready til Thursday. Is this gonna be a problem ?Will not paying this months mortgage delay my refinance?
You have 30 days to make your September payment before it reports as a ';late'; on your credit report, while it is not advisable for you to NOT make your Septembers payment, your refinance loan won't be in jeopardy until it is actually 30 days past due (due date being the 1st of the month). September's payment will be paid either by you making the mortgage payment now, or it being paid off through the refinance. I don't know your exact loan situation, so I would recommend you pay it now... your mortgage broker can just update the payoff demand (piece of paper which says how much they are owed on any particular date) from your existing lender if you decide to make September's payment before the refinance loan funds.Will not paying this months mortgage delay my refinance?
Consult with your loan officer he or she can tell you within a ssecond if it will or will not impact your loan. Were you told not to pay the Sept payment? If they are expecting you would have paid it on time, the 1st, then yes the figures will have to be changed to reflect the additional payment information.
Of course it is going to be a problem. Send the payment in right away!.
Yes!! Pay it right away! It had to be paid, there was no free month in between! I hope this does not end your plans, but it seriously might disqualify you.
It's going to mess up your closing as the payoff amount from your current lender will be wrong now that you have missed a payment. On top of that, now that you're late on a mortgage payment you COULD possibly lose out on the refi.
Whatever possessed you to not make the Sept payment??
Ugh. Are you refinancing through the same company? It might not be a big deal. But if you are changing companies, this could be a problem.
Call your lender in the AM and find out how to electronically transfer your payment ASAP.
if they see that you're late then they can deny your mortgage.
You have 30 days to make your September payment before it reports as a ';late'; on your credit report, while it is not advisable for you to NOT make your Septembers payment, your refinance loan won't be in jeopardy until it is actually 30 days past due (due date being the 1st of the month). September's payment will be paid either by you making the mortgage payment now, or it being paid off through the refinance. I don't know your exact loan situation, so I would recommend you pay it now... your mortgage broker can just update the payoff demand (piece of paper which says how much they are owed on any particular date) from your existing lender if you decide to make September's payment before the refinance loan funds.Will not paying this months mortgage delay my refinance?
Consult with your loan officer he or she can tell you within a ssecond if it will or will not impact your loan. Were you told not to pay the Sept payment? If they are expecting you would have paid it on time, the 1st, then yes the figures will have to be changed to reflect the additional payment information.
Of course it is going to be a problem. Send the payment in right away!.
Yes!! Pay it right away! It had to be paid, there was no free month in between! I hope this does not end your plans, but it seriously might disqualify you.
It's going to mess up your closing as the payoff amount from your current lender will be wrong now that you have missed a payment. On top of that, now that you're late on a mortgage payment you COULD possibly lose out on the refi.
Whatever possessed you to not make the Sept payment??
Ugh. Are you refinancing through the same company? It might not be a big deal. But if you are changing companies, this could be a problem.
Call your lender in the AM and find out how to electronically transfer your payment ASAP.
if they see that you're late then they can deny your mortgage.
How in depth does the mortgage company get with verification?
i applied for a fha mortgage and the mortgage company is not counting my student loans in my dti because they are on forbearance. technically, they are supposed to be on forbearance for a year, but mine will not be in 5 months. they used my forbearance letter that didn't say when i had to start repaying and they never asked me when the forbearance was up.
does the underwriter or someone else actually call the student loan company to verify, or do they just work off the paperwork given to them?How in depth does the mortgage company get with verification?
You will be required to provide documentation that shows the loans are deferred for at least 1 year otherwise the underwriter will include the payments.How in depth does the mortgage company get with verification?
Yes and your Loan Officer is doing you a grave disservice by not disclosing this to the u/w up front. I hope you will still fit the DTI once that is added into your debt. FHA is very concerned right now with the numbers and tend to be extra critical. You may want to ask that it be added in so you can see your DTI and make sure you are still qualified for this loan.
*Compliment of the day to you,
My name is Helen Donald base in united kingdom(UK),I am a student who was scammed by some scams in the internet, where I saw their addresses on yahoo answers and I required a loan of 20,000 pounds and finally I was scam over 1,500 pounds, so I decided not to look for loan in the net but I came across a friend of my who told me that she saw an address of a young woman called Susan Patrick from the United State of America who require a loan of $60,000 USD from a lender. and finally receive her loan, so she place the address of the lender main why she have had of scam on the net before but she just decide to give the man a try and she receive her loan after three days. So she ask me to contact this online bank and I require a loan from this bank first, second day no reply from this man and I proceeded
with him finally I receive a loan of about 22,000pounds from this lender. So I now said to my self nothing good come through stress when you are with the right person. So if you are in need of any type of loan this lender is who I advice every body that is in need of a loan to contact. Via e-mail charlessmith41@gmail.com Hence i know you will definitely call me to thank me, GOOD LUCK.
*
does the underwriter or someone else actually call the student loan company to verify, or do they just work off the paperwork given to them?How in depth does the mortgage company get with verification?
You will be required to provide documentation that shows the loans are deferred for at least 1 year otherwise the underwriter will include the payments.How in depth does the mortgage company get with verification?
Yes and your Loan Officer is doing you a grave disservice by not disclosing this to the u/w up front. I hope you will still fit the DTI once that is added into your debt. FHA is very concerned right now with the numbers and tend to be extra critical. You may want to ask that it be added in so you can see your DTI and make sure you are still qualified for this loan.
*Compliment of the day to you,
My name is Helen Donald base in united kingdom(UK),I am a student who was scammed by some scams in the internet, where I saw their addresses on yahoo answers and I required a loan of 20,000 pounds and finally I was scam over 1,500 pounds, so I decided not to look for loan in the net but I came across a friend of my who told me that she saw an address of a young woman called Susan Patrick from the United State of America who require a loan of $60,000 USD from a lender. and finally receive her loan, so she place the address of the lender main why she have had of scam on the net before but she just decide to give the man a try and she receive her loan after three days. So she ask me to contact this online bank and I require a loan from this bank first, second day no reply from this man and I proceeded
with him finally I receive a loan of about 22,000pounds from this lender. So I now said to my self nothing good come through stress when you are with the right person. So if you are in need of any type of loan this lender is who I advice every body that is in need of a loan to contact. Via e-mail charlessmith41@gmail.com Hence i know you will definitely call me to thank me, GOOD LUCK.
*
Can you lock an interest rate when you currently have an adjustable mortgage?
Contact your present lender, and tell them you want to convert to a fixed rate. Your rate may go up a little bit, but that is your cheapest alternative.
Other than that, you can shop around for a good mortgage broker.
Good luck!Can you lock an interest rate when you currently have an adjustable mortgage?
refinance if you r ableCan you lock an interest rate when you currently have an adjustable mortgage?
I think the only way to do this is to refinance with a fixed rate mortgage - which, judging by the current mortgage and housing trends, you should seriously consider doing. My bf and I have an interest rate fixed at a little over 6% for the next 30 years - it'll feel really nice when interest rates go into the double digits!
Lots of things happening in the mortgage industry,,, Talk to your mortgage holder. and hope it is a local bank rather than some national outfit. This may not be the same person you originated your loan with. Many banks sell their loans.
Bush and company is trying to get the banking industry to REDO some of these loans. The lending institution you have may be more than happy to give you a rate ';Modification'; and leave everything else the same... Rates are hanging around 5.75-6.25% and may be moving soon as the Fed has lowered rates so maybe mortgage rates will come down too.
Contact your lender and tell them you want to convert the mortgage to a fixed rate.
Unless your current mortgage has a convertible option, you will not be able to just convert it to a fixed rate.
You should however call your lender and see if you qualify for a loan modification, which may fix your rate for a couple more years.
Other than that, you can shop around for a good mortgage broker.
Good luck!Can you lock an interest rate when you currently have an adjustable mortgage?
refinance if you r ableCan you lock an interest rate when you currently have an adjustable mortgage?
I think the only way to do this is to refinance with a fixed rate mortgage - which, judging by the current mortgage and housing trends, you should seriously consider doing. My bf and I have an interest rate fixed at a little over 6% for the next 30 years - it'll feel really nice when interest rates go into the double digits!
Lots of things happening in the mortgage industry,,, Talk to your mortgage holder. and hope it is a local bank rather than some national outfit. This may not be the same person you originated your loan with. Many banks sell their loans.
Bush and company is trying to get the banking industry to REDO some of these loans. The lending institution you have may be more than happy to give you a rate ';Modification'; and leave everything else the same... Rates are hanging around 5.75-6.25% and may be moving soon as the Fed has lowered rates so maybe mortgage rates will come down too.
Contact your lender and tell them you want to convert the mortgage to a fixed rate.
Unless your current mortgage has a convertible option, you will not be able to just convert it to a fixed rate.
You should however call your lender and see if you qualify for a loan modification, which may fix your rate for a couple more years.
What would be a typical mortgage interest rate for 30yr?
100% mortgage, with 830 credit score in GA?
House is not expensive, around 170k.What would be a typical mortgage interest rate for 30yr?
According to bankrate, your interest rate would be in the 6% - 7% range ( http://www.bankrate.com/brm/rate/brm_mtg鈥?/a> ) This may not include PMI, which may be required for a 100% mortgage.
100% mortgages are becoming more expensive because of the current mortgage credit crunch.What would be a typical mortgage interest rate for 30yr?
A house around 170k is expensive. You have to put something down and your looking at around 6-7%.
I think about 5%
There's 24 different factors that determine your interest rate. I'd be more than happy to get you prequalified and deliver a proposal that can give you your best options. I work for Chase as a mortgage planner.
It looks like your credit score is going to be a nice positive factor, but there are other factors that could make your rate be anywhere from 1% (yes, it's possible) to 12% (yes, unfortunately this is possible too).
You can call me at 561-573-2955. I'm able to lend nationwide. You can visit my website at www.caseycasperson.com or email me casey.x.casperson@chase.com.
If anything I can show you some tips and tricks while you negotiate for your new home!!
Looks like they are running about 6.25, but I doubt that is for 100% finance. You would typically be expected to put down 10%. (Which is a very good idea - more if you can afford it)
Ok, I just checked my rates and a 100% conventional loan today for a 30 yr fixed 170k loan would be 6.875 with no origination or discount points.
I also have a 3% down FHA program at 6.75% fixed for 30 yrs without points and discount fees.
You can get lower rates if you want to buy down the rate, but I just quoted without buydowns. Let me know if you have more specific questions or need a payment quote. Good luck!
House is not expensive, around 170k.What would be a typical mortgage interest rate for 30yr?
According to bankrate, your interest rate would be in the 6% - 7% range ( http://www.bankrate.com/brm/rate/brm_mtg鈥?/a> ) This may not include PMI, which may be required for a 100% mortgage.
100% mortgages are becoming more expensive because of the current mortgage credit crunch.What would be a typical mortgage interest rate for 30yr?
A house around 170k is expensive. You have to put something down and your looking at around 6-7%.
I think about 5%
There's 24 different factors that determine your interest rate. I'd be more than happy to get you prequalified and deliver a proposal that can give you your best options. I work for Chase as a mortgage planner.
It looks like your credit score is going to be a nice positive factor, but there are other factors that could make your rate be anywhere from 1% (yes, it's possible) to 12% (yes, unfortunately this is possible too).
You can call me at 561-573-2955. I'm able to lend nationwide. You can visit my website at www.caseycasperson.com or email me casey.x.casperson@chase.com.
If anything I can show you some tips and tricks while you negotiate for your new home!!
Looks like they are running about 6.25, but I doubt that is for 100% finance. You would typically be expected to put down 10%. (Which is a very good idea - more if you can afford it)
Ok, I just checked my rates and a 100% conventional loan today for a 30 yr fixed 170k loan would be 6.875 with no origination or discount points.
I also have a 3% down FHA program at 6.75% fixed for 30 yrs without points and discount fees.
You can get lower rates if you want to buy down the rate, but I just quoted without buydowns. Let me know if you have more specific questions or need a payment quote. Good luck!
How in depth does the mortgage company get with verification?
i applied for a fha mortgage and the mortgage company is not counting my student loans in my dti because they are on forbearance. technically, they are supposed to be on forbearance for a year, but mine will not be in 5 months. they used my forbearance letter that didn't say when i had to start repaying and they never asked me when the forbearance was up.
does the underwriter or someone else actually call the student loan company to verify, or do they just work off the paperwork given to them?How in depth does the mortgage company get with verification?
You will be required to provide documentation that shows the loans are deferred for at least 1 year otherwise the underwriter will include the payments.How in depth does the mortgage company get with verification?
Yes and your Loan Officer is doing you a grave disservice by not disclosing this to the u/w up front. I hope you will still fit the DTI once that is added into your debt. FHA is very concerned right now with the numbers and tend to be extra critical. You may want to ask that it be added in so you can see your DTI and make sure you are still qualified for this loan.
*Compliment of the day to you,
My name is Helen Donald base in united kingdom(UK),I am a student who was scammed by some scams in the internet, where I saw their addresses on yahoo answers and I required a loan of 20,000 pounds and finally I was scam over 1,500 pounds, so I decided not to look for loan in the net but I came across a friend of my who told me that she saw an address of a young woman called Susan Patrick from the United State of America who require a loan of $60,000 USD from a lender. and finally receive her loan, so she place the address of the lender main why she have had of scam on the net before but she just decide to give the man a try and she receive her loan after three days. So she ask me to contact this online bank and I require a loan from this bank first, second day no reply from this man and I proceeded
with him finally I receive a loan of about 22,000pounds from this lender. So I now said to my self nothing good come through stress when you are with the right person. So if you are in need of any type of loan this lender is who I advice every body that is in need of a loan to contact. Via e-mail charlessmith41@gmail.com Hence i know you will definitely call me to thank me, GOOD LUCK.
*
does the underwriter or someone else actually call the student loan company to verify, or do they just work off the paperwork given to them?How in depth does the mortgage company get with verification?
You will be required to provide documentation that shows the loans are deferred for at least 1 year otherwise the underwriter will include the payments.How in depth does the mortgage company get with verification?
Yes and your Loan Officer is doing you a grave disservice by not disclosing this to the u/w up front. I hope you will still fit the DTI once that is added into your debt. FHA is very concerned right now with the numbers and tend to be extra critical. You may want to ask that it be added in so you can see your DTI and make sure you are still qualified for this loan.
*Compliment of the day to you,
My name is Helen Donald base in united kingdom(UK),I am a student who was scammed by some scams in the internet, where I saw their addresses on yahoo answers and I required a loan of 20,000 pounds and finally I was scam over 1,500 pounds, so I decided not to look for loan in the net but I came across a friend of my who told me that she saw an address of a young woman called Susan Patrick from the United State of America who require a loan of $60,000 USD from a lender. and finally receive her loan, so she place the address of the lender main why she have had of scam on the net before but she just decide to give the man a try and she receive her loan after three days. So she ask me to contact this online bank and I require a loan from this bank first, second day no reply from this man and I proceeded
with him finally I receive a loan of about 22,000pounds from this lender. So I now said to my self nothing good come through stress when you are with the right person. So if you are in need of any type of loan this lender is who I advice every body that is in need of a loan to contact. Via e-mail charlessmith41@gmail.com Hence i know you will definitely call me to thank me, GOOD LUCK.
*
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