My x and I split up a year ago, I moved out and my x stayed in the house. I've left my name on the mortgage (we weren't married so the house is the only thing legally binding us), but now I'd like to take it off. How does that work? Is it expensive? How long does it take? Our mortgage is through countrywide. How do I remove my name from the mortgage?
The only way is for your ex to refinance by himself, hopefully number one there is sufficient equity in the place to refinance and number two hopefully your ex has the right credit score to refinance if the answer is no toward anyone one of the conditions then only option is to sell the home if possible How do I remove my name from the mortgage?
You can remove your name on the Title of the property if you choose, by quit-claiming the deed to your x-husband. You still are responsible for the mortgage though and your name cannot be removed unless you either refinance using a different name or have your x-husband refinance only in his name.
If your x is still living at the property you will both need to hire a solicitor to arrange for your removal...this is done either by your x re-mortgaging the property in their sole name or asking permission from the bank/building society if you can be removed.
Call a solicitor and ask them how this is done. it doesn't cost must
Personally I would make him sell the house and give me my half and then he can do whatever he wants with his. If he gets ugly and stops paying or keeps paying late it is affecting your score also so I wouldnt even have let it go this long.
You cannot remove your name from the mortgage unless you pay it off. They need to refinance the property in their name only, then you will do a quitclaim deed to also remove your name from the title to the home.
Wednesday, November 23, 2011
What is the current disqualifying credit score that mortgage lenders have earmarked?
Let's say someone wants to get out of having to buy a new property they had put down a deposit for a couple years ago.
The only way I see to get that money back as stated in the contract is to disqualify for the loan per the developer's selected lender. How can I do that?
So I'm wondering how low do I have to get my credit score to ensure I won't qualify?!What is the current disqualifying credit score that mortgage lenders have earmarked?
Acceptable credit scores vary bank by bank. In many cases they are only one piece of the puzzle anyway.
Purposely screwing up your credit would be a very dumb thing to do. You would have to be losing a ton of money to make this worthwhile.What is the current disqualifying credit score that mortgage lenders have earmarked?
there is no set score.
depends on how money you put down, how money you make, if you've been at your job or career long enough etc.
The only way I see to get that money back as stated in the contract is to disqualify for the loan per the developer's selected lender. How can I do that?
So I'm wondering how low do I have to get my credit score to ensure I won't qualify?!What is the current disqualifying credit score that mortgage lenders have earmarked?
Acceptable credit scores vary bank by bank. In many cases they are only one piece of the puzzle anyway.
Purposely screwing up your credit would be a very dumb thing to do. You would have to be losing a ton of money to make this worthwhile.What is the current disqualifying credit score that mortgage lenders have earmarked?
there is no set score.
depends on how money you put down, how money you make, if you've been at your job or career long enough etc.
How do you start marketing effectively for a Mortgage company in Arizona?
I have been given the task of creating new Ideas to generate business in our (home, construction, lot, refinance and HELOC programs) What are some cheaper, more effective avenues that work?How do you start marketing effectively for a Mortgage company in Arizona?
nothing really cheap AND effective. ';best'; way is to produce some flyers detailing your most aggressive products that people will actually want. low rates, closing costs, etc etc. people get that crap all the time so there has to be something on there that catches their eye at least and makes them want to read on.How do you start marketing effectively for a Mortgage company in Arizona?
this article has some great business tips and much more that should help you out...
A few free resources 鈥?check out the sources box for links:
1) Create a blog pertaining to your field
2) Use Yahoo! Local %26amp; Yahoo! Groups 鈥?Be sure to read the TOS for each one!
3) Write articles pertaining to your field and/or expertise.
4) Advertise on Craiglist
Also, consider signing up for an affiliate program. These programs enable you to advertise on other's sites (your affiliates) and once a sale is made to you, your affiliates %26amp; the program are paid a commission.
I listed a few handy sites %26amp; articles relating to marketing, promotion %26amp; advertising. Here are some book titles that are relevant:
* 301 Do-It-Yourself Marketing Ideas: From America's Most Innovative Small Companies by Sam Decker
* Off The Wall Marketing Ideas: Jumpstart Your Sales without Busting Your Budget by Nancy Michaels, Debbi J. Karpowicz
* Guerrilla Marketing for Free: Dozens of No-Cost Tactics to Promote Your Business and Energize Your Profits by Jay Conrad Levinson
* Entrepreneur Magazine's Ultimate Small Business Marketing Guide: Over 1500 Great Marketing Tricks That Will Drive Your Business Through the Roof by James Stephenson
Hope that helps! I wish you much success %26amp; happiness in all your ventures!
nothing really cheap AND effective. ';best'; way is to produce some flyers detailing your most aggressive products that people will actually want. low rates, closing costs, etc etc. people get that crap all the time so there has to be something on there that catches their eye at least and makes them want to read on.How do you start marketing effectively for a Mortgage company in Arizona?
this article has some great business tips and much more that should help you out...
A few free resources 鈥?check out the sources box for links:
1) Create a blog pertaining to your field
2) Use Yahoo! Local %26amp; Yahoo! Groups 鈥?Be sure to read the TOS for each one!
3) Write articles pertaining to your field and/or expertise.
4) Advertise on Craiglist
Also, consider signing up for an affiliate program. These programs enable you to advertise on other's sites (your affiliates) and once a sale is made to you, your affiliates %26amp; the program are paid a commission.
I listed a few handy sites %26amp; articles relating to marketing, promotion %26amp; advertising. Here are some book titles that are relevant:
* 301 Do-It-Yourself Marketing Ideas: From America's Most Innovative Small Companies by Sam Decker
* Off The Wall Marketing Ideas: Jumpstart Your Sales without Busting Your Budget by Nancy Michaels, Debbi J. Karpowicz
* Guerrilla Marketing for Free: Dozens of No-Cost Tactics to Promote Your Business and Energize Your Profits by Jay Conrad Levinson
* Entrepreneur Magazine's Ultimate Small Business Marketing Guide: Over 1500 Great Marketing Tricks That Will Drive Your Business Through the Roof by James Stephenson
Hope that helps! I wish you much success %26amp; happiness in all your ventures!
What are the benefits of making an extra mortgage payment at the end of the year?
I am tring to sell my house. If I make an extra house payment on 12/31/08, will that benefit me?What are the benefits of making an extra mortgage payment at the end of the year?
If not selling your house, the benefit is years of saved interest expense.
If selling, don't do it. Keep your free cash in case things don't go exactly as planned - if the money is left over, put it down on the new house.What are the benefits of making an extra mortgage payment at the end of the year?
In addition to saving interest expense, you can write off more of the interest in your 2008 taxes when you file taxes in 2009.
If not selling your house, the benefit is years of saved interest expense.
If selling, don't do it. Keep your free cash in case things don't go exactly as planned - if the money is left over, put it down on the new house.What are the benefits of making an extra mortgage payment at the end of the year?
In addition to saving interest expense, you can write off more of the interest in your 2008 taxes when you file taxes in 2009.
What are mortgage interest rates based on and how do I estimate what my ARM rate will be when it adjusts?
My 5-1 ARM adjusted last year and went to 6.25%. It will adjust again this November. Are mortgage rates based on the feds fund rate? Or something else? How can I estimate what my new rate will be?What are mortgage interest rates based on and how do I estimate what my ARM rate will be when it adjusts?
There are multiple indices that are used by mortgage holders to adjust a mortgage rate. some are tied to t tresury bills, some are tied to the LIBOR rate.
You will need to check with the mortgage holder, (or just check your original mortgage contract) and find out what index your mortgage is tied to, and what the';spread'; is. (The spread is the additional % added to the index).What are mortgage interest rates based on and how do I estimate what my ARM rate will be when it adjusts?
As it was already mentioned, your rate could be based on any one of those indexes, however if it resets in November I am willing to bet that your rate is based on the Libor index. Check your paperwork and if you cant figure it out then call your Mortgage Representative for assistance. Last November the Libor was just over 3% and today it is just under 2% which means if it resets again this November your rate may actually be going down. If this is the case then your interest rate spread is 3% over the Libor, so come November 2009 your rate might drop to about 4.5% if the Libor stays the same between now and then. For more on basic finances visit Finance 101 located at www.honestbanker.blogspot.com
look at your loan agreement to see what your rate is tied. it will not be fed funds rate but some other index. those indexes are quoted daily in yahoo finance area.
be careful. 30 year rates are about 5%. your rate could be 10% in 3-4 years if inflation takes off like so many experts predict.
You need to check your contract - the index will be in there. It could be the prime rate, it could be a T-Bill rate, it could be the Fed Funds rate, it could be the LIBOR. Until you know what the index is, you can't calculate the new rate.
There are multiple indices that are used by mortgage holders to adjust a mortgage rate. some are tied to t tresury bills, some are tied to the LIBOR rate.
You will need to check with the mortgage holder, (or just check your original mortgage contract) and find out what index your mortgage is tied to, and what the';spread'; is. (The spread is the additional % added to the index).What are mortgage interest rates based on and how do I estimate what my ARM rate will be when it adjusts?
As it was already mentioned, your rate could be based on any one of those indexes, however if it resets in November I am willing to bet that your rate is based on the Libor index. Check your paperwork and if you cant figure it out then call your Mortgage Representative for assistance. Last November the Libor was just over 3% and today it is just under 2% which means if it resets again this November your rate may actually be going down. If this is the case then your interest rate spread is 3% over the Libor, so come November 2009 your rate might drop to about 4.5% if the Libor stays the same between now and then. For more on basic finances visit Finance 101 located at www.honestbanker.blogspot.com
look at your loan agreement to see what your rate is tied. it will not be fed funds rate but some other index. those indexes are quoted daily in yahoo finance area.
be careful. 30 year rates are about 5%. your rate could be 10% in 3-4 years if inflation takes off like so many experts predict.
You need to check your contract - the index will be in there. It could be the prime rate, it could be a T-Bill rate, it could be the Fed Funds rate, it could be the LIBOR. Until you know what the index is, you can't calculate the new rate.
What is the best source for an FHA mortgage in California? A large bank or a finance company?
I am interested in getting pre-approved for an FHA loan and have been talking to my bank and I want to know what my options are to keep my costs down and not get taken advantage of as a first-time home buyer. If you have resently had some experience with this in the Riverside County area any advise would be appreciated.What is the best source for an FHA mortgage in California? A large bank or a finance company?
Your state housing finance agency may have the best programs available for you if you can work within there restrictions with regard to purchase price and income.
Here is a link with more information:
http://www.calhfa.ca.gov/homebuyer/progr鈥?/a>
I think your bank may be the best source for you, but of course you can call around and get some quotes on FHA loans as they should be fairly easy to come by. Understand that there is an upfront fee of 1.5% that is paid to the FHA regardless of who you use. That fee can be financed.
Our base costs for an FHA loan are $1,400 plus title insurance and recording fees.
Our HFA program has a standard rate of 6.25% on a 30 year, but requires a 1% origination fee and there is really no rate competition.
For regular FHA loans, we could either charge an origination fee to offer a lower rate or not charge one at a slightly higher rate. For example, we could offer 6.75% with 0 points or 6.50% with 1% origination. These fees can vary according to loan size with management approval.
Of course, the FHA will allow the seller to pay closing costs and even provide down payment assistance if you need it (at least for the time being so you may want to move quickly if you need that kind of assistance as it may be going away as of 10/1/2008 as a result of HR3221) no matter who you choose to use. Just be sure that your Realtor understands what they need to ask for once you have your pre-approval worked out.
The bottom line is that you want to work with someone who is going to offer the best rate/cost combination. Then you want to be sure that they do what they said they would do and that they will ensure that you get to closing on time.
I hope something I have said will help you with your decision and I wish you the best of luck and happy house hunting.What is the best source for an FHA mortgage in California? A large bank or a finance company?
it depends on a few things, one timeframe. Almost everyone is going FHA now, so the big banks are pretty backed up in their FHA divisions. Generally a finance company can get a file completed much quicker. Next are your qualifications, meaning mostly your credit and income. The lower the credit and the tighter the income, your probably better off going to a finance company as they have fha lenders that specialize in that type of scenario, but going through a broker means paying certain items, such as origination and discount, but keep in mind that any FHA discount fee you pay should be tax deductible (see a tax professional) Bottom line is anyone can promise you the starts and the moon, work with who you trust the most, not who promises you something, if they promise or quote you something, demand it in writing, this should weed out the jokers, ask about time frames, when you can expect to close, how long does underwriting take, how long is my rate lock. Talk to a few people, but do not let them pull credit, that could drive down your score, see who you like and proceed from there, good luck
Try to get pre-approved with this Loan company. You can choose your own rate and term and how much you would like to pay for closing cost. They have several different option that you can choose from.
http://www.amerisave.com/partner/chongth鈥?/a>origins face mask
Your state housing finance agency may have the best programs available for you if you can work within there restrictions with regard to purchase price and income.
Here is a link with more information:
http://www.calhfa.ca.gov/homebuyer/progr鈥?/a>
I think your bank may be the best source for you, but of course you can call around and get some quotes on FHA loans as they should be fairly easy to come by. Understand that there is an upfront fee of 1.5% that is paid to the FHA regardless of who you use. That fee can be financed.
Our base costs for an FHA loan are $1,400 plus title insurance and recording fees.
Our HFA program has a standard rate of 6.25% on a 30 year, but requires a 1% origination fee and there is really no rate competition.
For regular FHA loans, we could either charge an origination fee to offer a lower rate or not charge one at a slightly higher rate. For example, we could offer 6.75% with 0 points or 6.50% with 1% origination. These fees can vary according to loan size with management approval.
Of course, the FHA will allow the seller to pay closing costs and even provide down payment assistance if you need it (at least for the time being so you may want to move quickly if you need that kind of assistance as it may be going away as of 10/1/2008 as a result of HR3221) no matter who you choose to use. Just be sure that your Realtor understands what they need to ask for once you have your pre-approval worked out.
The bottom line is that you want to work with someone who is going to offer the best rate/cost combination. Then you want to be sure that they do what they said they would do and that they will ensure that you get to closing on time.
I hope something I have said will help you with your decision and I wish you the best of luck and happy house hunting.What is the best source for an FHA mortgage in California? A large bank or a finance company?
it depends on a few things, one timeframe. Almost everyone is going FHA now, so the big banks are pretty backed up in their FHA divisions. Generally a finance company can get a file completed much quicker. Next are your qualifications, meaning mostly your credit and income. The lower the credit and the tighter the income, your probably better off going to a finance company as they have fha lenders that specialize in that type of scenario, but going through a broker means paying certain items, such as origination and discount, but keep in mind that any FHA discount fee you pay should be tax deductible (see a tax professional) Bottom line is anyone can promise you the starts and the moon, work with who you trust the most, not who promises you something, if they promise or quote you something, demand it in writing, this should weed out the jokers, ask about time frames, when you can expect to close, how long does underwriting take, how long is my rate lock. Talk to a few people, but do not let them pull credit, that could drive down your score, see who you like and proceed from there, good luck
Try to get pre-approved with this Loan company. You can choose your own rate and term and how much you would like to pay for closing cost. They have several different option that you can choose from.
http://www.amerisave.com/partner/chongth鈥?/a>
Is it possible to refinance your mortgage to get caught up on bills and late mortgage payments?
we have tried twice to refinance our house through a bank in order to get caught back up on the mortgage payments that we are behind and to do some home repairs, etc however we keep being told no because we are in fact behind several house payments. Is there anyone out there who will refinance you in a situation such as this?Is it possible to refinance your mortgage to get caught up on bills and late mortgage payments?
right now it is going to be extra hard to find some one to refinance your home -- i would rather see you gather all the family around the table and say for the next 12 months we are going to get out act together and get out finances in order and to do that we are going to down size -- we are just keeping what we need and nothing we want -- such as interent service -- cable tv -- cell phones -- and any other nice but not required items --- i am sure you could save enough to get your selves back on your feet!!!Is it possible to refinance your mortgage to get caught up on bills and late mortgage payments?
Since you're behind on your mortgage as well as your other bills, it's going to be rough to get financing. I suggest you call some mortgage brokers that work with hard to place financing. If that does not work, you might have to retain an bankruptcy atty in order to stop any actions. I could assure you you're not the only with this problem. Best of luck.
There isn't an easy answer to this question: it really depends on a lot of factors not addressed in your note. I'm a broker and in most cases I've been able to assist clients who were behind on mortgage payments. However there is a lot of other information that comes into play.
I'd strongly recomend talking to a good and honest broker - most of the time brokers have access to programs that banks can't offer you. Banks have a limited program menu, and if you don't fit their guidelines they can't lend to you. However a broker has access to many direct lenders that offer more specialized programs for specific clients.
For lack of a better analogy, when it comes to mortgages lending a bank might be like a Nike store and a broker like a athletic shoe store: if all you want it Nike, go to their store. But if you want a selection beyond Nike, go to the store with more of a selection. LoL - that's not perfect, but I hope you get my point.
Refinancing is still a loan that is going to require good credit and on time payments. If you are behind on your current mortgage and/or other bills, then you are probably NOT going to find anyone who will do a refinance for you. Sorry, but those are the facts.
wehn you refinance you are essentially applying for a new mortgage and lenders usually have restrictions on how many late mortgage payments you could have had in the past year, usually from 0 to 3. You should talk to a mortgage broker who can find a lender that allows more or unlimited late payments. Your rate will definitely not be the best or may not be good enough to refinance.
yes you can find lenders it looks like you need a foreclosure bailout. and some extra cash to pay off bills. here's aplace that can do this for you ASAPwww.directrlendg
Here are three options to explore:
1. - Can you borrow the money from somewhere to get yourself current on your mortgage? FHA will do a loan for you up to 85% LTV. However you must be able to show income to support the loan.
2. - If this is not an option your current lender will probably be willing to enter into a forberance agreement with you allowing you to spread what you are currently behind over a period of time, usualy 12-months. This might not be the answer for you as it sounds like you can't make the payments you have currently.
3. - Debt consolidation and restructuring may be the best alternative. If your current debt payments (non-mortgage) were cut in half could you afford to stay current then? If so speak to a reputable credit counselor to see if they can get you involved in a repayment program. It's going to wreak havoc on your credit but it sounds to me like you're past that point anyway.
What ever you decide to do be sure to communicate with your creditors. Ignoring the problem will only make it grow.
Go to a lawyer and get a Chapter13, this is a court action that will not be detrimental to your credit because it means you got yourself in a hole financially but you have all intent to pay. You end up paying the court a certain amount each month and that way you can keep your home and what you have and the bank you owe can't foreclose. Your not the only one in this situation a lot of lenders raised their rates and in doing so made payments impossible for people to keep up with its a bad situation but its the best way to get out of this one. Also understand you will have to pay the lawyer a couple of grand to file and you have to take a class online.
But once it is done you will feel a lot better!
Try out any bank
If you are late on mortgage payments, you are in a tough situation. Best get healthy on your back payments, then talk to the bank currently servicing your loan. They are most likely to work with you, but may have a higher interest rate.
right now it is going to be extra hard to find some one to refinance your home -- i would rather see you gather all the family around the table and say for the next 12 months we are going to get out act together and get out finances in order and to do that we are going to down size -- we are just keeping what we need and nothing we want -- such as interent service -- cable tv -- cell phones -- and any other nice but not required items --- i am sure you could save enough to get your selves back on your feet!!!Is it possible to refinance your mortgage to get caught up on bills and late mortgage payments?
Since you're behind on your mortgage as well as your other bills, it's going to be rough to get financing. I suggest you call some mortgage brokers that work with hard to place financing. If that does not work, you might have to retain an bankruptcy atty in order to stop any actions. I could assure you you're not the only with this problem. Best of luck.
There isn't an easy answer to this question: it really depends on a lot of factors not addressed in your note. I'm a broker and in most cases I've been able to assist clients who were behind on mortgage payments. However there is a lot of other information that comes into play.
I'd strongly recomend talking to a good and honest broker - most of the time brokers have access to programs that banks can't offer you. Banks have a limited program menu, and if you don't fit their guidelines they can't lend to you. However a broker has access to many direct lenders that offer more specialized programs for specific clients.
For lack of a better analogy, when it comes to mortgages lending a bank might be like a Nike store and a broker like a athletic shoe store: if all you want it Nike, go to their store. But if you want a selection beyond Nike, go to the store with more of a selection. LoL - that's not perfect, but I hope you get my point.
Refinancing is still a loan that is going to require good credit and on time payments. If you are behind on your current mortgage and/or other bills, then you are probably NOT going to find anyone who will do a refinance for you. Sorry, but those are the facts.
wehn you refinance you are essentially applying for a new mortgage and lenders usually have restrictions on how many late mortgage payments you could have had in the past year, usually from 0 to 3. You should talk to a mortgage broker who can find a lender that allows more or unlimited late payments. Your rate will definitely not be the best or may not be good enough to refinance.
yes you can find lenders it looks like you need a foreclosure bailout. and some extra cash to pay off bills. here's aplace that can do this for you ASAPwww.directrlendg
Here are three options to explore:
1. - Can you borrow the money from somewhere to get yourself current on your mortgage? FHA will do a loan for you up to 85% LTV. However you must be able to show income to support the loan.
2. - If this is not an option your current lender will probably be willing to enter into a forberance agreement with you allowing you to spread what you are currently behind over a period of time, usualy 12-months. This might not be the answer for you as it sounds like you can't make the payments you have currently.
3. - Debt consolidation and restructuring may be the best alternative. If your current debt payments (non-mortgage) were cut in half could you afford to stay current then? If so speak to a reputable credit counselor to see if they can get you involved in a repayment program. It's going to wreak havoc on your credit but it sounds to me like you're past that point anyway.
What ever you decide to do be sure to communicate with your creditors. Ignoring the problem will only make it grow.
Go to a lawyer and get a Chapter13, this is a court action that will not be detrimental to your credit because it means you got yourself in a hole financially but you have all intent to pay. You end up paying the court a certain amount each month and that way you can keep your home and what you have and the bank you owe can't foreclose. Your not the only one in this situation a lot of lenders raised their rates and in doing so made payments impossible for people to keep up with its a bad situation but its the best way to get out of this one. Also understand you will have to pay the lawyer a couple of grand to file and you have to take a class online.
But once it is done you will feel a lot better!
Try out any bank
If you are late on mortgage payments, you are in a tough situation. Best get healthy on your back payments, then talk to the bank currently servicing your loan. They are most likely to work with you, but may have a higher interest rate.
How much mortgage interest can I deduct on my primary residence?
You can deduct it all but the benefit is limited to the difference between the standard deduction and the total amount on Schedule A so most likely you won't see a 100% net tax benefit from the deduction unless you have other deductions on Schedule A, like charitable contributions or big medical expenses, etc.How much mortgage interest can I deduct on my primary residence?
Your lender should have sent you a report on the amount of interest you paid for the taxable year. You may deduct all that is on the form.
You may also deduct certain cost in connection with the purchase of your home,normally points paid toward getting your loan and a few other cost. Check with your CPA or tax adviser to find out which are deductible.
I hope this has been of some help to you, good luck.How much mortgage interest can I deduct on my primary residence?
All of it.
Rival
Your lender should have sent you a report on the amount of interest you paid for the taxable year. You may deduct all that is on the form.
You may also deduct certain cost in connection with the purchase of your home,normally points paid toward getting your loan and a few other cost. Check with your CPA or tax adviser to find out which are deductible.
I hope this has been of some help to you, good luck.How much mortgage interest can I deduct on my primary residence?
All of it.
Rival
What are the chances of me getting a mortgage for this house?
The house is listed at 88K. I have been out of college for 1 1/2 years. My credit score is around 630 and have been employed with the same company for over a year. My gross income from my full time and part time job is 51k a year. The only blemishes on my credit report are some unpaid medical bills from college. I also have a 14k car loan and student loans. My credit card debt is under a 1K. Please help. Im tired of renting and would love to purchase this house and gain some equity and make a profit off of it in two years. Also, if i have a roommate that pays rent does that help me or am i getting into tax problems with that situation?What are the chances of me getting a mortgage for this house?
How do you plan to make a profit on the house in two years? The days of flipping houses are mostly over for now. If you are going to live in the house and rent out a room you could use the extra income to purchase additional properties to rent out. I would try to pay off the medical bills before applying for a loan.What are the chances of me getting a mortgage for this house?
You should be approved for the mortgage with no problem.
You have to much dept and you are not employed long enough to get a loan.However you may try to find a house which is less expensive and give exact numbers to loan officer to figure it out putting about 20 % down or more would help as well.
Mortgage shouldn't be a problem. Roommates that pay rent do not help you qualify.
Why is your credit score so low if your credit report has no blemishes? 630 is not a very good score. You must have some late car payments and your medical bills DO screw up your score also along with school loans. I would pay the loans off first depending on the amount.
As far as your credit card... the debt of the card is not what matters, it's the amount of available credit on it and how much of it you used, you should never exceed 1/2 of what you have available. For instance, if you have a card with 2000.00 available credit, never ever use more than 1000.00 of it.
You could possibly get the mortgage but going on the very brief details you gave it's hard to say, there is alot more to it. I'd say you have about a 40% change of getting it. You also have to take into consideration the closing cost's, you have to have cash for that or ask the sellers to raise the price of the house so they can pay for your closing cost's, title insurance, land survey...etc.
There is a reason your credit score is only 630... thats not very good. I would pull a copyof your credit report and make sure everything is accurate!
630 is very low, but with your income and the fact that the house is not outrageously priced, you should still be able to get a loan. Medical bills do affect your credit score, but the mortgage company will also actually look at more than just the score, and medical bills weigh less on you when they make their decision than does running up a bunch on credit cards and not paying it. The more you put down it it, the better your chances of getting one, too, because the mortgage company is taking less of a risk.
It will be hard to make a profit off of a house in two years, even if it does go up in value. You will have costs associated with selling it. If you use an agent to sell it, you would have to sell it for around $95,000 just to break even. That's a 4% increase in value each year just to break even, and in the US, that's about average. So, to turn a profit in two years, you would need to be in a market that is still very strong.
If you have a roommate paying rent and you are not reporting it, you can get into tax problems. Instead of having them pay rent, have them pay a pre-agreed upon amount of the utilities. Then, you are not in a landlord/tenant situation and will have no problems. You just can't report it anywhere as ';income'; for you.
You should be able to get the loan. The part time job income may not count if you haven't had that job for more than a year as well, but it sounds like you make plenty of money and have few debts.
You don't really need a 20% down payment unless you're trying to get away from mortgage insurance.
It will probably take at least 2 years to break even from the costs of getting the loan.
If you're ok with staying put for at least 5 years or so, i'd say go for it.
How do you plan to make a profit on the house in two years? The days of flipping houses are mostly over for now. If you are going to live in the house and rent out a room you could use the extra income to purchase additional properties to rent out. I would try to pay off the medical bills before applying for a loan.What are the chances of me getting a mortgage for this house?
You should be approved for the mortgage with no problem.
You have to much dept and you are not employed long enough to get a loan.However you may try to find a house which is less expensive and give exact numbers to loan officer to figure it out putting about 20 % down or more would help as well.
Mortgage shouldn't be a problem. Roommates that pay rent do not help you qualify.
Why is your credit score so low if your credit report has no blemishes? 630 is not a very good score. You must have some late car payments and your medical bills DO screw up your score also along with school loans. I would pay the loans off first depending on the amount.
As far as your credit card... the debt of the card is not what matters, it's the amount of available credit on it and how much of it you used, you should never exceed 1/2 of what you have available. For instance, if you have a card with 2000.00 available credit, never ever use more than 1000.00 of it.
You could possibly get the mortgage but going on the very brief details you gave it's hard to say, there is alot more to it. I'd say you have about a 40% change of getting it. You also have to take into consideration the closing cost's, you have to have cash for that or ask the sellers to raise the price of the house so they can pay for your closing cost's, title insurance, land survey...etc.
There is a reason your credit score is only 630... thats not very good. I would pull a copyof your credit report and make sure everything is accurate!
630 is very low, but with your income and the fact that the house is not outrageously priced, you should still be able to get a loan. Medical bills do affect your credit score, but the mortgage company will also actually look at more than just the score, and medical bills weigh less on you when they make their decision than does running up a bunch on credit cards and not paying it. The more you put down it it, the better your chances of getting one, too, because the mortgage company is taking less of a risk.
It will be hard to make a profit off of a house in two years, even if it does go up in value. You will have costs associated with selling it. If you use an agent to sell it, you would have to sell it for around $95,000 just to break even. That's a 4% increase in value each year just to break even, and in the US, that's about average. So, to turn a profit in two years, you would need to be in a market that is still very strong.
If you have a roommate paying rent and you are not reporting it, you can get into tax problems. Instead of having them pay rent, have them pay a pre-agreed upon amount of the utilities. Then, you are not in a landlord/tenant situation and will have no problems. You just can't report it anywhere as ';income'; for you.
You should be able to get the loan. The part time job income may not count if you haven't had that job for more than a year as well, but it sounds like you make plenty of money and have few debts.
You don't really need a 20% down payment unless you're trying to get away from mortgage insurance.
It will probably take at least 2 years to break even from the costs of getting the loan.
If you're ok with staying put for at least 5 years or so, i'd say go for it.
What are the benefits of refinancing a reverse mortgage?
If someone has a reverse and wants to ';re-modify'; it at today's rates how can this help in today's crazy market?What are the benefits of refinancing a reverse mortgage?
It may not help because the borrower would have to re-pay the origination fees. And the amount that could be borrowed would likely be much less because the home's value will be less under the current market conditions.
I very much doubt whether the difference in interest rates could be made up after re-paying all the necessary fees to refinance a reverse mortgage.
It may not help because the borrower would have to re-pay the origination fees. And the amount that could be borrowed would likely be much less because the home's value will be less under the current market conditions.
I very much doubt whether the difference in interest rates could be made up after re-paying all the necessary fees to refinance a reverse mortgage.
What's it called when you basically stop mortgage payments and give your house back to the bank?
We have a mortgage, loaned from the bank, and we're considering just giving it back, because we can no longer make the payments. What's the official term for that?What's it called when you basically stop mortgage payments and give your house back to the bank?
The end result it is called a foreclosure no matter if you turn the house over to your lender or the lender actually foreclose on you because you fail to make the monthly mortgage payments .
You must be approved for a deed-in-lieu of foreclosure. This simply means that the lender or bank accepts the house from you, thus you are no longer obligated for the monthly mortgage payments nor the upkeep of the house.
If you contact your lender they might be able to work something out with you about your payments.
You should contact your lender's Loss Mitigation Department. Don't be thrown off the trail by some telephone answerer insist on speaking to a person from the Loss Mitigation Department and don't get off the telephone until you have spoken to someone from that department.
Ask if there are other programs available to you that can eliminate you from your existing situation.
I hope this has been of some use to you, good luck.
';FIGHT ON';What's it called when you basically stop mortgage payments and give your house back to the bank?
Foreclosure
If you can try to keep making payments or sell your house it would be best. Otherwise it's going to ruin your credit.
If you the borrower initiate then it is called deed in lieu of foreclosure. You still get a hit on your credit but it's not as bad as a foreclosure.
Keep in mind you might still have to pay deed tax on thecanceled debt which is considered as income. The tax is calculated on the basis of unpaid balance.
First try contacting your lenders loss mitigation dept. It may be hard to get to the right person. If you are 2 payments or more behind on your mortgage they can start the foreclosure process.
Time isnt on your side. Try working with a loss mitigation company that will work on your behalf with your lender to get an option that will keep you in your home. Foreclosurelight Loss Mitigation LLC helps many homeowners this way,
What ever you call it, it is not good. It will seriously damage your credit and put you on the street.
Of course you should start by contacting your servicer but before you abandon all hope, try contacting these folks to see if there is anything that could be done to find an affordable payment solution to keep you in your home.
http://hopenow.com/
I know it is tough out there and maybe there is nothing that can be done, but it is worth checking out all of your options.
Good luck.
Deed in lieu of foreclosure -- meaning you're giving the deed back instead of having the bank foreclose.
being a dead beat.
The end result it is called a foreclosure no matter if you turn the house over to your lender or the lender actually foreclose on you because you fail to make the monthly mortgage payments .
You must be approved for a deed-in-lieu of foreclosure. This simply means that the lender or bank accepts the house from you, thus you are no longer obligated for the monthly mortgage payments nor the upkeep of the house.
If you contact your lender they might be able to work something out with you about your payments.
You should contact your lender's Loss Mitigation Department. Don't be thrown off the trail by some telephone answerer insist on speaking to a person from the Loss Mitigation Department and don't get off the telephone until you have spoken to someone from that department.
Ask if there are other programs available to you that can eliminate you from your existing situation.
I hope this has been of some use to you, good luck.
';FIGHT ON';What's it called when you basically stop mortgage payments and give your house back to the bank?
Foreclosure
If you can try to keep making payments or sell your house it would be best. Otherwise it's going to ruin your credit.
If you the borrower initiate then it is called deed in lieu of foreclosure. You still get a hit on your credit but it's not as bad as a foreclosure.
Keep in mind you might still have to pay deed tax on thecanceled debt which is considered as income. The tax is calculated on the basis of unpaid balance.
First try contacting your lenders loss mitigation dept. It may be hard to get to the right person. If you are 2 payments or more behind on your mortgage they can start the foreclosure process.
Time isnt on your side. Try working with a loss mitigation company that will work on your behalf with your lender to get an option that will keep you in your home. Foreclosurelight Loss Mitigation LLC helps many homeowners this way,
What ever you call it, it is not good. It will seriously damage your credit and put you on the street.
Of course you should start by contacting your servicer but before you abandon all hope, try contacting these folks to see if there is anything that could be done to find an affordable payment solution to keep you in your home.
http://hopenow.com/
I know it is tough out there and maybe there is nothing that can be done, but it is worth checking out all of your options.
Good luck.
Deed in lieu of foreclosure -- meaning you're giving the deed back instead of having the bank foreclose.
being a dead beat.
Better to make extra principal payments or extra mortgage payments?
I am planning on paying down my mortgage early. Am I better off making an extra $500 principal payment or making an additional regular payment every other month? It seems that I pay more interest when I make extra payments, which helps on the taxes - but wondered what it would look like after a few years.Better to make extra principal payments or extra mortgage payments?
Apply it to the principal. Would you rather save a few thousand off of your AGI (reducing taxes by only a few hundred), or have tens of thousands more dollars in your pocket?
Even if you decide to move, paying down the principal gets you more equity in your home so you can take a bigger portion of the selling price.
Just because you can write off the taxes on your mortgage, does that really mean having one is better?Better to make extra principal payments or extra mortgage payments?
There are two things to consider:
Paying down your principal will reduce the amount of interest you pay over the life of your mortgage.
Making additional mortgage payments could effectively reduce your 30 Year Mortgage to a 20 Year Mortgage, and earn tax advantages.
If I were you, unless an expert chimes in on this subject, I'd ask your question of a mortgage banker. Look one up on the telephone and give them a call. You don't want ';amateur advice'; when it comes to something like this.
Good luck.
If you have an open end mortgage, you can pay down the mortgage any time. You should request an amortization from your mortgage co that will give a break down between interest/principle. On the first half on the life of a mortgage, you pay about 70% in interest. That's how they make their money.
If you have a 30 year mortgage and make an extra payment a year you will pay off your home in 20 years so in anwser to your question everthing you make extra on payment being $500 or a full extra payment everything will go to the principal. Good for you.
extra prinicpal payment because it knocks down the amount of interest you end up paying and reduce your total years of payments. you'll be able to pay off your house sooner and start saving your mortgage payments towards retirement or pay off other bills quick!
Why do you want to pay off your mortgage. Do you plan to live in the house for 30 years. If you do and don't want a house payment then pay of the interest. A 300k house will cost twice that over thirty years in interest. But I would advice not to pay it off, at some point sell it and downsize. you'll get killed in taxes each year.origins face mask
Apply it to the principal. Would you rather save a few thousand off of your AGI (reducing taxes by only a few hundred), or have tens of thousands more dollars in your pocket?
Even if you decide to move, paying down the principal gets you more equity in your home so you can take a bigger portion of the selling price.
Just because you can write off the taxes on your mortgage, does that really mean having one is better?Better to make extra principal payments or extra mortgage payments?
There are two things to consider:
Paying down your principal will reduce the amount of interest you pay over the life of your mortgage.
Making additional mortgage payments could effectively reduce your 30 Year Mortgage to a 20 Year Mortgage, and earn tax advantages.
If I were you, unless an expert chimes in on this subject, I'd ask your question of a mortgage banker. Look one up on the telephone and give them a call. You don't want ';amateur advice'; when it comes to something like this.
Good luck.
If you have an open end mortgage, you can pay down the mortgage any time. You should request an amortization from your mortgage co that will give a break down between interest/principle. On the first half on the life of a mortgage, you pay about 70% in interest. That's how they make their money.
If you have a 30 year mortgage and make an extra payment a year you will pay off your home in 20 years so in anwser to your question everthing you make extra on payment being $500 or a full extra payment everything will go to the principal. Good for you.
extra prinicpal payment because it knocks down the amount of interest you end up paying and reduce your total years of payments. you'll be able to pay off your house sooner and start saving your mortgage payments towards retirement or pay off other bills quick!
Why do you want to pay off your mortgage. Do you plan to live in the house for 30 years. If you do and don't want a house payment then pay of the interest. A 300k house will cost twice that over thirty years in interest. But I would advice not to pay it off, at some point sell it and downsize. you'll get killed in taxes each year.
Can your mortgage lender require PMI when your home value decreases?
Bought my home in 2007 with 20 % down. Never wanted to have to pay PMI. With current home values I may only have 10% equity now. Can the lender require PMI under these circumstances?Can your mortgage lender require PMI when your home value decreases?
Most mortgage contracts do not have a PMI clause for future equity changes. Furthermore, the mortgage holder doesnt have the time nor the money to order appraisals on mortgage inventories, to see if you need PMI.Can your mortgage lender require PMI when your home value decreases?
Generally they will not go back and modify the terms of the already closed loan, particularly if you are making your full payment on time. However, if you refinance, you may find yourself paying PMI because the loan will go through underwriting again.
So, just stay quiet and pay on time and you should be fine.
Yes, but only if the original loan contract specifies that PMI is required when the loan to value ratio goes above 80%.
Remember that equity has nothing to do with how much you put down or how much you've paid off of your loan. It only compares current value to loan amount. When values go down, equity goes down.
No. THe PMI was never contingent upon a ';future'; value of your house. It is not a part of your original contract with your lender..
I hold mortgages with several banks, none of them have even breached this topic. I do not think they can add it down the road, only at purchase.
Most mortgage contracts do not have a PMI clause for future equity changes. Furthermore, the mortgage holder doesnt have the time nor the money to order appraisals on mortgage inventories, to see if you need PMI.Can your mortgage lender require PMI when your home value decreases?
Generally they will not go back and modify the terms of the already closed loan, particularly if you are making your full payment on time. However, if you refinance, you may find yourself paying PMI because the loan will go through underwriting again.
So, just stay quiet and pay on time and you should be fine.
Yes, but only if the original loan contract specifies that PMI is required when the loan to value ratio goes above 80%.
Remember that equity has nothing to do with how much you put down or how much you've paid off of your loan. It only compares current value to loan amount. When values go down, equity goes down.
No. THe PMI was never contingent upon a ';future'; value of your house. It is not a part of your original contract with your lender..
I hold mortgages with several banks, none of them have even breached this topic. I do not think they can add it down the road, only at purchase.
What's it called when you basically stop mortgage payments and give your house back to the bank?
We have a mortgage, loaned from the bank, and we're considering just giving it back, because we can no longer make the payments. What's the official term for that?What's it called when you basically stop mortgage payments and give your house back to the bank?
The end result it is called a foreclosure no matter if you turn the house over to your lender or the lender actually foreclose on you because you fail to make the monthly mortgage payments .
You must be approved for a deed-in-lieu of foreclosure. This simply means that the lender or bank accepts the house from you, thus you are no longer obligated for the monthly mortgage payments nor the upkeep of the house.
If you contact your lender they might be able to work something out with you about your payments.
You should contact your lender's Loss Mitigation Department. Don't be thrown off the trail by some telephone answerer insist on speaking to a person from the Loss Mitigation Department and don't get off the telephone until you have spoken to someone from that department.
Ask if there are other programs available to you that can eliminate you from your existing situation.
I hope this has been of some use to you, good luck.
';FIGHT ON';What's it called when you basically stop mortgage payments and give your house back to the bank?
Foreclosure
If you can try to keep making payments or sell your house it would be best. Otherwise it's going to ruin your credit.
If you the borrower initiate then it is called deed in lieu of foreclosure. You still get a hit on your credit but it's not as bad as a foreclosure.
Keep in mind you might still have to pay deed tax on thecanceled debt which is considered as income. The tax is calculated on the basis of unpaid balance.
First try contacting your lenders loss mitigation dept. It may be hard to get to the right person. If you are 2 payments or more behind on your mortgage they can start the foreclosure process.
Time isnt on your side. Try working with a loss mitigation company that will work on your behalf with your lender to get an option that will keep you in your home. Foreclosurelight Loss Mitigation LLC helps many homeowners this way,
What ever you call it, it is not good. It will seriously damage your credit and put you on the street.
Of course you should start by contacting your servicer but before you abandon all hope, try contacting these folks to see if there is anything that could be done to find an affordable payment solution to keep you in your home.
http://hopenow.com/
I know it is tough out there and maybe there is nothing that can be done, but it is worth checking out all of your options.
Good luck.
Deed in lieu of foreclosure -- meaning you're giving the deed back instead of having the bank foreclose.
being a dead beat.
The end result it is called a foreclosure no matter if you turn the house over to your lender or the lender actually foreclose on you because you fail to make the monthly mortgage payments .
You must be approved for a deed-in-lieu of foreclosure. This simply means that the lender or bank accepts the house from you, thus you are no longer obligated for the monthly mortgage payments nor the upkeep of the house.
If you contact your lender they might be able to work something out with you about your payments.
You should contact your lender's Loss Mitigation Department. Don't be thrown off the trail by some telephone answerer insist on speaking to a person from the Loss Mitigation Department and don't get off the telephone until you have spoken to someone from that department.
Ask if there are other programs available to you that can eliminate you from your existing situation.
I hope this has been of some use to you, good luck.
';FIGHT ON';What's it called when you basically stop mortgage payments and give your house back to the bank?
Foreclosure
If you can try to keep making payments or sell your house it would be best. Otherwise it's going to ruin your credit.
If you the borrower initiate then it is called deed in lieu of foreclosure. You still get a hit on your credit but it's not as bad as a foreclosure.
Keep in mind you might still have to pay deed tax on thecanceled debt which is considered as income. The tax is calculated on the basis of unpaid balance.
First try contacting your lenders loss mitigation dept. It may be hard to get to the right person. If you are 2 payments or more behind on your mortgage they can start the foreclosure process.
Time isnt on your side. Try working with a loss mitigation company that will work on your behalf with your lender to get an option that will keep you in your home. Foreclosurelight Loss Mitigation LLC helps many homeowners this way,
What ever you call it, it is not good. It will seriously damage your credit and put you on the street.
Of course you should start by contacting your servicer but before you abandon all hope, try contacting these folks to see if there is anything that could be done to find an affordable payment solution to keep you in your home.
http://hopenow.com/
I know it is tough out there and maybe there is nothing that can be done, but it is worth checking out all of your options.
Good luck.
Deed in lieu of foreclosure -- meaning you're giving the deed back instead of having the bank foreclose.
being a dead beat.
Better to make extra principal payments or extra mortgage payments?
I am planning on paying down my mortgage early. Am I better off making an extra $500 principal payment or making an additional regular payment every other month? It seems that I pay more interest when I make extra payments, which helps on the taxes - but wondered what it would look like after a few years.Better to make extra principal payments or extra mortgage payments?
Apply it to the principal. Would you rather save a few thousand off of your AGI (reducing taxes by only a few hundred), or have tens of thousands more dollars in your pocket?
Even if you decide to move, paying down the principal gets you more equity in your home so you can take a bigger portion of the selling price.
Just because you can write off the taxes on your mortgage, does that really mean having one is better?Better to make extra principal payments or extra mortgage payments?
There are two things to consider:
Paying down your principal will reduce the amount of interest you pay over the life of your mortgage.
Making additional mortgage payments could effectively reduce your 30 Year Mortgage to a 20 Year Mortgage, and earn tax advantages.
If I were you, unless an expert chimes in on this subject, I'd ask your question of a mortgage banker. Look one up on the telephone and give them a call. You don't want ';amateur advice'; when it comes to something like this.
Good luck.
If you have an open end mortgage, you can pay down the mortgage any time. You should request an amortization from your mortgage co that will give a break down between interest/principle. On the first half on the life of a mortgage, you pay about 70% in interest. That's how they make their money.
If you have a 30 year mortgage and make an extra payment a year you will pay off your home in 20 years so in anwser to your question everthing you make extra on payment being $500 or a full extra payment everything will go to the principal. Good for you.
extra prinicpal payment because it knocks down the amount of interest you end up paying and reduce your total years of payments. you'll be able to pay off your house sooner and start saving your mortgage payments towards retirement or pay off other bills quick!
Why do you want to pay off your mortgage. Do you plan to live in the house for 30 years. If you do and don't want a house payment then pay of the interest. A 300k house will cost twice that over thirty years in interest. But I would advice not to pay it off, at some point sell it and downsize. you'll get killed in taxes each year.
Apply it to the principal. Would you rather save a few thousand off of your AGI (reducing taxes by only a few hundred), or have tens of thousands more dollars in your pocket?
Even if you decide to move, paying down the principal gets you more equity in your home so you can take a bigger portion of the selling price.
Just because you can write off the taxes on your mortgage, does that really mean having one is better?Better to make extra principal payments or extra mortgage payments?
There are two things to consider:
Paying down your principal will reduce the amount of interest you pay over the life of your mortgage.
Making additional mortgage payments could effectively reduce your 30 Year Mortgage to a 20 Year Mortgage, and earn tax advantages.
If I were you, unless an expert chimes in on this subject, I'd ask your question of a mortgage banker. Look one up on the telephone and give them a call. You don't want ';amateur advice'; when it comes to something like this.
Good luck.
If you have an open end mortgage, you can pay down the mortgage any time. You should request an amortization from your mortgage co that will give a break down between interest/principle. On the first half on the life of a mortgage, you pay about 70% in interest. That's how they make their money.
If you have a 30 year mortgage and make an extra payment a year you will pay off your home in 20 years so in anwser to your question everthing you make extra on payment being $500 or a full extra payment everything will go to the principal. Good for you.
extra prinicpal payment because it knocks down the amount of interest you end up paying and reduce your total years of payments. you'll be able to pay off your house sooner and start saving your mortgage payments towards retirement or pay off other bills quick!
Why do you want to pay off your mortgage. Do you plan to live in the house for 30 years. If you do and don't want a house payment then pay of the interest. A 300k house will cost twice that over thirty years in interest. But I would advice not to pay it off, at some point sell it and downsize. you'll get killed in taxes each year.
What are the benefits of refinancing a reverse mortgage?
If someone has a reverse and wants to ';re-modify'; it at today's rates how can this help in today's crazy market?What are the benefits of refinancing a reverse mortgage?
It may not help because the borrower would have to re-pay the origination fees. And the amount that could be borrowed would likely be much less because the home's value will be less under the current market conditions.
I very much doubt whether the difference in interest rates could be made up after re-paying all the necessary fees to refinance a reverse mortgage.
It may not help because the borrower would have to re-pay the origination fees. And the amount that could be borrowed would likely be much less because the home's value will be less under the current market conditions.
I very much doubt whether the difference in interest rates could be made up after re-paying all the necessary fees to refinance a reverse mortgage.
What are some tips on finding a good mortgage broker?
What are some tips on finding a good mortgage broker?What are some tips on finding a good mortgage broker?
the most basic thing is to have someone you have a decent amount of trust for. someone recommended by a friend etc.
the things you have to look for are:
1. top priority is seeing that the broker can actually get your loan on time. many deals fall through b/c the broker cannot get the deal through on time and has less control than the original lender
2. secondary priority is to see that they have access to competitive rates. not all brokers have access to all sources and rates, although most of them will be similar.
3. you need to see that the broker is someone you trust to get you the best rate regardless of how much money they make off the transaction.What are some tips on finding a good mortgage broker?
You can also use RMI to research and contact hundreds of brokers to see who can get you the best rates, etc.
You can quickly reference 100s of brokers at:
http://www.refinancingmortgageinfo.com/mortgage_broker.asp
Become a member of a credit union and get a loan through them it's your best bet of not getting screwed. I can find you a place if you need a realtor http://www.itsyoursale.com
Three most common ways to find a broker are A)referrals from friends or family, B) referrals from your realtor and C) through comparison shopping online.
If this is your first time buying a house, you want someone who is knowledgeable and patient. He/she should help you analyze your financial situation, explain to you differences between different mortgage options, and guide you through the entire process.
The broker should also be able to find you competitve rates. When comparing rates, you should take into consideration the points the broker take for himself/herself, not just the rate the bank is charging you.
Whenever possible, ask the broker for references. If someone is confident about his/her work, he/she should provide them.
Do your homework by comparing rates online first. That usually gives you a sense of what the range of mortgages you'll get.
Be careful about some of the online offerings though. Since you don't know the brokers or have local access to them, they can be slow to respond. If you're shooting for a tight timeline, shop for a backup broker.
Here are a couple good sites to start:
http://www.bankrate.com
http://www.homegain.com
the most basic thing is to have someone you have a decent amount of trust for. someone recommended by a friend etc.
the things you have to look for are:
1. top priority is seeing that the broker can actually get your loan on time. many deals fall through b/c the broker cannot get the deal through on time and has less control than the original lender
2. secondary priority is to see that they have access to competitive rates. not all brokers have access to all sources and rates, although most of them will be similar.
3. you need to see that the broker is someone you trust to get you the best rate regardless of how much money they make off the transaction.What are some tips on finding a good mortgage broker?
You can also use RMI to research and contact hundreds of brokers to see who can get you the best rates, etc.
You can quickly reference 100s of brokers at:
http://www.refinancingmortgageinfo.com/mortgage_broker.asp
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Become a member of a credit union and get a loan through them it's your best bet of not getting screwed. I can find you a place if you need a realtor http://www.itsyoursale.com
Report Abuse
Three most common ways to find a broker are A)referrals from friends or family, B) referrals from your realtor and C) through comparison shopping online.
If this is your first time buying a house, you want someone who is knowledgeable and patient. He/she should help you analyze your financial situation, explain to you differences between different mortgage options, and guide you through the entire process.
The broker should also be able to find you competitve rates. When comparing rates, you should take into consideration the points the broker take for himself/herself, not just the rate the bank is charging you.
Whenever possible, ask the broker for references. If someone is confident about his/her work, he/she should provide them.
Do your homework by comparing rates online first. That usually gives you a sense of what the range of mortgages you'll get.
Be careful about some of the online offerings though. Since you don't know the brokers or have local access to them, they can be slow to respond. If you're shooting for a tight timeline, shop for a backup broker.
Here are a couple good sites to start:
http://www.bankrate.com
http://www.homegain.com
Can our mortgage company require us to go with their insurance company?
We are in the process of trying to refinance with a new mortgage company. We currently have homeowner's insurance through Farm Bureau Insurance, as well as boat, automobile, and life insurance. The mortgage company we are refinancing with is saying that we must have and escrow account and pay their OWN homeowner's insurance, instead of Farm Bureau. I don't want to do this because we get a multi-line discount at Farm Bureau, and I like them. Can they do this?Can our mortgage company require us to go with their insurance company?
Absolutely not. Matter of fact, by law, they are required to have you sign an ';ainti-coersion'; disclosure. It states that they have NOT instructed you to, or required you to use a specific insurance company, to guarantee the closing of your loan. BIG no-no. The law was put in cto protect consumers from companies offering each other kick backs. ';send me business, and I'll send you business';. It is fraud. You are encouraged as a consumer to shop for the best deal. That applies to the insurance company, mortgage company, title company, etc. Kick backs and ';steering'; is seriously frowned upon by the Department of Banking and Regulations. They are risking their license.Can our mortgage company require us to go with their insurance company?
Listen to rob and all that said no!
They want the profits from the ins is all!!!
I would take a look at another lender as this one is trying to get paid for something they are not allowed to do. What is probably happening is the Loan Originator,Processor,Officer and Underwriter are getting a kickback from the insurance company. Please report them to HUD as they will investigate what the lender is doing. I'm sure if they are trying to persuade you they have done it many times before to others. You just happen to catch them at it.
I turned in a Major Lender years ago and they were suspended by HUD.
I never heard of it
I'm pretty sure they can't make you. I'm not certain though.
Why not check with your agent and see what he says. I think that this is in violation of some law but I don't know for sure, like restraint of trade?
No, you can have any insurance company you want providing the policy covers what is required by your mortgage company. Don't let them bully you into using their insurance co., they get HUUUUUUUUGE commissions which are built right into your premium (how convenient).
I have heard of this if you lose your insurance with your current company, but they usually charge you a ton!! I would be leary of this cause it just sounds like a monopoly.
You must have mis-understood..they may just asking you to set up an escrow account ..it does not mean you have to change insurance companies...escrow accounts are just extra money you pay and they save for the tax payments and insurance premiums..but you do not HAVE to make one. At least , I have never heard of any mortgage company REQUIRING one with their company.
No, it is illegal for them to require or steer you to use a certain mortgage company.
As far as the escrow account goes, they can require that. You may be able to not escrow your taxes and insurance, but it could cost you an additional 录 or more added to your interest rate (better to escrow).
If there is a possibility, just cancel the transaction with this company. If this problem is any indication, who knows what else that they are not truthful about.
I hope you are working with a LOCAL BANK or MORTGAGE BROKER.
A mortgage is going to be with you for a very long time and it could break you and your family鈥檚 future financial outlook. Don鈥檛 let anybody rush you into something that you do not fully understand.
Make sure to price out your loan with your LOCAL banks and mortgage brokers only.
A lot people giving advice on here are also looking to give you a loan (its not advice, its advertising), if they are not local to you and you can鈥檛 get to them within 1 hour don鈥檛 fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL; DON'T GET RIPPED-OFF BY SOMEONE IN WHO KNOWS WHERE WHICH YOU WOULD HAVE NO DIRECT ACCESS TO.
Remember Buddha's advice:
';Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense.'; You are the only ';expert'; you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is ';selling'; you something (its not advice, its advertising). Don't buy ';it.';origins face mask
Absolutely not. Matter of fact, by law, they are required to have you sign an ';ainti-coersion'; disclosure. It states that they have NOT instructed you to, or required you to use a specific insurance company, to guarantee the closing of your loan. BIG no-no. The law was put in cto protect consumers from companies offering each other kick backs. ';send me business, and I'll send you business';. It is fraud. You are encouraged as a consumer to shop for the best deal. That applies to the insurance company, mortgage company, title company, etc. Kick backs and ';steering'; is seriously frowned upon by the Department of Banking and Regulations. They are risking their license.Can our mortgage company require us to go with their insurance company?
Listen to rob and all that said no!
They want the profits from the ins is all!!!
I would take a look at another lender as this one is trying to get paid for something they are not allowed to do. What is probably happening is the Loan Originator,Processor,Officer and Underwriter are getting a kickback from the insurance company. Please report them to HUD as they will investigate what the lender is doing. I'm sure if they are trying to persuade you they have done it many times before to others. You just happen to catch them at it.
I turned in a Major Lender years ago and they were suspended by HUD.
I never heard of it
I'm pretty sure they can't make you. I'm not certain though.
Why not check with your agent and see what he says. I think that this is in violation of some law but I don't know for sure, like restraint of trade?
No, you can have any insurance company you want providing the policy covers what is required by your mortgage company. Don't let them bully you into using their insurance co., they get HUUUUUUUUGE commissions which are built right into your premium (how convenient).
I have heard of this if you lose your insurance with your current company, but they usually charge you a ton!! I would be leary of this cause it just sounds like a monopoly.
You must have mis-understood..they may just asking you to set up an escrow account ..it does not mean you have to change insurance companies...escrow accounts are just extra money you pay and they save for the tax payments and insurance premiums..but you do not HAVE to make one. At least , I have never heard of any mortgage company REQUIRING one with their company.
No, it is illegal for them to require or steer you to use a certain mortgage company.
As far as the escrow account goes, they can require that. You may be able to not escrow your taxes and insurance, but it could cost you an additional 录 or more added to your interest rate (better to escrow).
If there is a possibility, just cancel the transaction with this company. If this problem is any indication, who knows what else that they are not truthful about.
I hope you are working with a LOCAL BANK or MORTGAGE BROKER.
A mortgage is going to be with you for a very long time and it could break you and your family鈥檚 future financial outlook. Don鈥檛 let anybody rush you into something that you do not fully understand.
Make sure to price out your loan with your LOCAL banks and mortgage brokers only.
A lot people giving advice on here are also looking to give you a loan (its not advice, its advertising), if they are not local to you and you can鈥檛 get to them within 1 hour don鈥檛 fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL; DON'T GET RIPPED-OFF BY SOMEONE IN WHO KNOWS WHERE WHICH YOU WOULD HAVE NO DIRECT ACCESS TO.
Remember Buddha's advice:
';Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense.'; You are the only ';expert'; you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is ';selling'; you something (its not advice, its advertising). Don't buy ';it.';
How difficult is it to get a home mortgage loan?
I am looking to get a loan for a modular home and a piece of land. We would need about 250,000. My husband claimed bankruptcy in 2001 before we were married. I have good credit and make close to $60,000. However, I do have a few credit cards and a student loan to pay. He makes about 35,000, has limited credit cards and a car loan. For the most part we both pay our bills on time. Do you think the bank will even consider giving us a loan?How difficult is it to get a home mortgage loan?
Please take care - there are scammers on Y!A who actively seek out questions like yours and then offer loans but are scammers
Here are some tips for determining whether a loan is legitimate or a scam:
1) They don't use a free email address (yahoo, gmail, hotmail, etc)
2) They have a secure website you can go to to fill out their application (and no excuses about it being down at the moment)
3) They don't require ANY fees upfront (regardless of whatever excuse they use). Any fees will come out of proceeds of the loan (scammers want their fees via Western Union or Moneygram)
4) They have a REAL address (check it in the yellow pages) you can send mail to
5) They have a REAL phone number, not a cell phone
Often if you click on their profile you will find it is created in the last 24 hours - why? Because they are reported, profile closed down, but they simply create a new profile and start up again
Save yourself another headache and avoid them like the plague. The one from Lucky C (Rev. Peter White) above my post is a prime example of what I mean.... do not go anywhere near it.How difficult is it to get a home mortgage loan?
So you think that you're ready to buy your own home? Hopefully you've done a little research online to make your first home buying experience a good one. First of all you should contact a mortgage broker that will preapprove you for your new mortgage. This is now more important than ever%26lt;!--It's also important that once you receive a preapproval you get busy right away looking for your new home. The reasoning for this is that with the mortgage meltdown lenders are changing their lending programs as quickly as Paris Hilton changes her boyfriends. Scary, huh?
http://mortgages-finance.awardspace.com/First-Time-Home-Buyers-Loans.htm
http://badcreditloans.awardspace.com/
At this point you will let the mortgage broker now how much you would like to get preapproved for. The broker will then take a full mortgage--%26gt;loan application. The mortgage broker will also run your credit. With all this information in hand the mortgage broker will see if you have enough income for the price of the home that you would like to purchase.
Please take care - there are scammers on Y!A who actively seek out questions like yours and then offer loans but are scammers
Here are some tips for determining whether a loan is legitimate or a scam:
1) They don't use a free email address (yahoo, gmail, hotmail, etc)
2) They have a secure website you can go to to fill out their application (and no excuses about it being down at the moment)
3) They don't require ANY fees upfront (regardless of whatever excuse they use). Any fees will come out of proceeds of the loan (scammers want their fees via Western Union or Moneygram)
4) They have a REAL address (check it in the yellow pages) you can send mail to
5) They have a REAL phone number, not a cell phone
Often if you click on their profile you will find it is created in the last 24 hours - why? Because they are reported, profile closed down, but they simply create a new profile and start up again
Save yourself another headache and avoid them like the plague. The one from Lucky C (Rev. Peter White) above my post is a prime example of what I mean.... do not go anywhere near it.How difficult is it to get a home mortgage loan?
So you think that you're ready to buy your own home? Hopefully you've done a little research online to make your first home buying experience a good one. First of all you should contact a mortgage broker that will preapprove you for your new mortgage. This is now more important than ever%26lt;!--It's also important that once you receive a preapproval you get busy right away looking for your new home. The reasoning for this is that with the mortgage meltdown lenders are changing their lending programs as quickly as Paris Hilton changes her boyfriends. Scary, huh?
http://mortgages-finance.awardspace.com/First-Time-Home-Buyers-Loans.htm
http://badcreditloans.awardspace.com/
At this point you will let the mortgage broker now how much you would like to get preapproved for. The broker will then take a full mortgage--%26gt;loan application. The mortgage broker will also run your credit. With all this information in hand the mortgage broker will see if you have enough income for the price of the home that you would like to purchase.
What is the best way to get a mortgage loan modified?
I am barely able to pay the minimum payment( I have
a negative amortization loan) My credit is bad. Is it
better to try to get a modification when we start earning more money? My property is worth less than what I owe.What is the best way to get a mortgage loan modified?
Talk to your lender. With all of the mortgage problems in the nation, lenders are under pressure to fend off defaults. They may be willing to amend your mortgage rather than suffer another default.What is the best way to get a mortgage loan modified?
Go through a local mortgage broker and see if they can qualify you for a FHA Secure loan.
I think the only qualifying credit used in the approval decision is your mortgage history. And from what I heard they are allowing some recent late history.
Best of luck
a negative amortization loan) My credit is bad. Is it
better to try to get a modification when we start earning more money? My property is worth less than what I owe.What is the best way to get a mortgage loan modified?
Talk to your lender. With all of the mortgage problems in the nation, lenders are under pressure to fend off defaults. They may be willing to amend your mortgage rather than suffer another default.What is the best way to get a mortgage loan modified?
Go through a local mortgage broker and see if they can qualify you for a FHA Secure loan.
I think the only qualifying credit used in the approval decision is your mortgage history. And from what I heard they are allowing some recent late history.
Best of luck
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