admin answers:

They are all different. But remember, just because there is a late fee doesn’t mean it will effect your credit. Credit is only reported every 30 days, so on the 30th day you are late, it will ding your credit.

admin answers:

Usually the mortgage gets sold to another lender…especially if it is a big company. A mortgage is an asset to the Bank so even if they don’t sell it themselves it will be liquidated by the courts. It is unlikely that you would actually pay the bankruptcy court yourself or have to find a new lender…as it isn’t your fault they went bankrupt in the 1st place.

admin answers:

Golferwh is correct with one exception. You have to be able to prove that you have been a landlord for 2 years (with tax returns that show rental income) before you can use any of it.

admin answers:

Only PMI (Private Mortgage Insurance) will not be required if you put down 20%.
Other’s like home owners insurance, proterty tax will be part of it apart from Principle + interest component.
Home owners Insurance can be coupled with the car insurance to get some discount on both.
Property tax is dependant on value of your house and rate can be found on your city/county web-site.

admin answers:

You should get her to talk to an independent mortgage broker who can search a panel of lenders for the best deals hat are available for your daughter depending on her circumstances, A reputable independent broker will not charge a fee for advice, only a small fee for getting a mortgage offer in place.

admin answers:

It is your ability to pay the Mortgage payments that have a bearing not what a currency does,as long as you can meet your obligation you should be ok,what may change is the value of your property,as long as you meet the payments and ride out the storm you should do ok.housing is in shortage in the UK but for now purchasers are few,but in time that will change.We have been there before.

admin answers:

It depends, honestly, on what paperwork is actually completed and what you mean by a “decision.” I don’t mean to sound like a politician here, but there are mutliple definitions at work in the lending business.

If you completed just the loan application and Borrowers Authorization (to pull your credit), then the broker should be able to tell you within minutes if you’re pre-approved, but this doesn’t constitute a loan approval and does not go to an underwriter for review. This would be a pre-application and pre-qualifying.

If you have a home under contract and have completed all the disclosures, then the broker has the option to send it to underwriting for credit approval or to hold your paperwork until the remainder of the documents are in. If it wasn’t submitted to underwriting, then you’re not waiting for a decision, per se, but you’re waiting for the rest of the documents. If it was submitted to the underwriting team, it would probably take 3-4 days. This would be an application and credit approval.

If the broker is holding it until the additional paperwork is in, it might take a week to get the paperwork and another 24-48 hours for underwriter review. (In addition to your paperwork, the mortgage broker has to verify your employment and bank balances, order title work, survey, appraisal, and, depending on the loan type, do other work himself/herself.) This is final application and final approval.

But wait — there’s more! Nearly every file is “approved with conditons,” meaning the underwriter has questions about something that was submitted and will not actually offer final approval until those conditions are met. It can be anything from whether or not the appraisal is accurate to where a large deposit showing on your bank statement came from. Once the conditiosn submitted, THEN you can get final approval. (Of course, the underwriter might have more questions — that does happen.)

So, to summarize: If the file is first submitted for credit approval and then additional documents are added, it’s usually 24-48 hours after the last document; if the entire file is submitted at once, it *should* be just 3 days, but 5 days isn’t unreasonable. It all depends on the underwriting team’s workload. But, as you can see from above, your signing your share of documents doesn’t mean the file was ready for underwriting.

But, honestly? I’ve had files take two weeks to turn around from the date of last document submission. This past January, when rates were down to 4.5 percent, everyone’s underwriter’s were buried with refinances, and it took that long.

I’m sure that was confusing, but I hope helpful as well. There is no simple answer because additional information is needed to fully answer your question. I’m happy to respond via email, if you would like to clarify.

admin answers:

Three weeks ago this would have be a piece of cake to answer – now who knows — if you really do some research and look into maybe buying one of these bad mortgages the govt is going to pick up — with that much down payment you should be able to talk a great game!!!

admin answers:

The word Mortgage is a Law French term meaning “death contract,” meaning that the pledge ends (dies) when either the obligation is fulfilled or the property is taken through foreclosure.

The loan (any auto or otherwise) is generally provided at a cost, referred to as interest on the debt, which provides an incentive for the lender to engage in the loan.

admin answers:

I’m from Canada, so this answer may not be correct. But, in Canada I’m pretty sure you can’t claim interest on your taxes unless you are running a business from home.

admin answers:

Do not go to your local bank, they are closing loans in 30 days or so. Talk to a mortgage broker as they generally have relationships with lenders where they can get you closed in less than 10 days depending on how tough your situation is. You generally pay more for them but you will get better customer service and you have heard the saying “you get what you pay for!!”!!!!

admin answers:

They are going to go up, and loans are going to be very difficult to get you can give thanks to the dumb (but not all) lenders for giving people lines of credit they could not afford..

admin answers:

Because you and I are among the many unpeople in the United States. If you don’t make significant contributions to politicians (or graft) you are unlikely to receive much benefit from them.

Over the past 30 years, your real median income has declined drastically, while those making over $250,000.00 per year are making more and more each year. The Bush years have been very rewarding if you are on top of the income stack.

The wall street bail out is helping the rich. It is not designed to help everyday people. The loans are to banks which help corporations, but don’t help people who cannot qualify for a loan. They are not long-term. Mortgages require long-term commitments by someone.

admin answers:

Rates have been lower because the market has been slower. Now (between Thanksgiving and Christmas) is always the best time of year to purchase or refinance. Rates are usually lower at this time of year.

admin answers:

Not here in the next week or so.

Actually, I am quoting rates about .75% higher than this time last month.

The Fed has probably lowered rates as low as they can without creating further inflationary pressures.

No. Rates aren’t likely to go down much at all.

Best of luck.

admin answers:

Get a mortgage offer before going to an auction. Make sure the lender is able to complete your application within three weeks of the sale. If you don’t have the moneyin your account in time to pay for the property you could lose your deposit.

Remember you have to complete within 28 days and don’t forget to factor in stamp duty if you purchase over £60,000.

Good luck.

admin answers:

No, you can’t transfer anything. When you sell the townhouse, you have to pay off the mortgage on the townhouse. You should talk to your realtor and/or mortgage rep about this.

Good luck.

admin answers:

You can ask the bank to give you another 5 years as interest only. That is what I did. It cost me 600 in fees but at least I keep my house another 5 years untill I figure out what to do

admin answers:

You would have to create equity by putting up the the differance plus probably a bit down as well, looks like that would be a bit of a hefty sum

admin answers:

Yes, what you’re asking for is a private mortgage. The rate is determined by your parents, and you should definitely use an attorney and an accountant. They’ll help you figure out what the amortized payments are. Its not really a good or bad thing. The first part is the parents will need the 300k to lend to you. Also, make sure the taxes are figured into the payments as well. This way you don’t have to worry about the county forcing sale on the house due to delinquent taxes. You’ll need to find an escrow company in order to establish that as well.

admin answers:

If you can make a 20% down payment with that 100k, you have all kinds of advantages in getting a loan, including better interest rate. That would enable you to get a conforming loan.

The mortgage industry seems to be eager for low-risk buyers like yourself. When you go to a broker, be careful to read everything put before you, and not sign anything that commits you to a fee if you don’t use them. When I went in for a loan before, there was this paper they had that said I agree to pay them their fee if they find a loan for me, but I decline to take it. I said no, I can’t do business like that. They waived it.

You might even go to more than one broker or bank to see what’s out there. Never hurts to shop. If a broker doesn’t want to help you because you are shopping around, go elsewhere. There are plenty of others.

admin answers:

Elect a Democrat. The House just recently passed legislation to lower student loan interest rates from 6.8% to 3.4%. Bush opposes it.

admin answers:

I would say 6.25% Fixed if its a 30 year loan and 6% Fixed if its a 15 year old. It actually depends on every single thing

LTV (Loan to value)
Fico Score (The better the lower your rate will be)
DTI Ratio (Debts to income ratio)
Downpayment (The more, the lower your rate will be)

Apart from this, shopping around with 2-3 companies is always a good idea. Actually, you need a good Loan officer whom you can trust and who you think can shop for you alot because loan officers have access to more than hundreds of banks and they can always get you the best rate, making sure they are not taking too much in their pocket!

I am a loan officer and can get you some good rates if you want.
Mohit Madaan
Loan officer
Mohit@ImpressiveLeads.com
7187753226

admin answers:

There are no “first time home buyer” loans as such. There are loans available from FHA, VA and the USDA which don’t require as a big of a downpayment as a conventional loan. For example, the FHA only requires 3.5% down as compared to a conventional which wants 10%.

If you’re looking in a few months for a house, start saving for a downpayment NOW. The more you can put down, the lower your mortgage payments will be. If you can put 20% down, you don’t pay private mortgage insurance (PMI). Also, pull your credit reports from the 3 credit rating agencies. If there are any errors, get them cleaned up.

When you’re ready, get pre-approved for a mortgage. This will require the lender pulling your credit report, checking your last two years tax returns, last two months bank and investment statements and a month’s worth of paystubs. If you are approved, they will give you a letter with your approved amount. This way you don’t look at houses out of your price range.

Next, get a buyer’s agent. This is a realtor that works on YOUR behalf. Ask other people you know who have bought houses recently to see who they use and if they’d recommend them. They will show you houses in your price range with features you’re looking for. When you find the house you want, they will help you write the purchase agreement and make the offer. They will negotiate with the seller’s agent and help make you stay on schedule with items that need to be taken care of when buying a house. You don’t pay anything out of pocket for them as they split the commission with the seller’s agent.

When the seller accepts and signs the purchase agreement, go back to the lender who gave the pre-approval and officially apply for a mortgage. They will have the property appraised and if the sell price is less than the appraised price, they should approve the loan.

Also, you need to contact your insurance company and get homeowner’s insurance for the property. Mortgage lenders require this.

One thing you will want to do is get a home inspection. Your buyer’s agent should be able to recommend some home inspectors to you. They will go through the house inside and out and tell you of potential problems and things that will require maintenance.

If everything checks out, then all you’d have to do is sign the papers, get the keys and officially become a homeowner.

admin answers:

I work for Quicken Loans and I can assure you that the rates in our advertisements are not “bait and hook.” In fact, we never offer rates that are ridiculously low (known as teaser rates, which usually last for a month or two and then jump up to normal rates).

I’m going to make an assumption that you aren’t referring to “rates” at all, but I’m thinking that you are talking about low monthly payments. Such as “get a $150,000 loan for $450 a month.”

My guess is you are referring to the ads for our Secure Advantage loan, which allows you payment flexibility (in other words, you pay how much you want to each month in a range from a minimum payment to however much you want to pay). For example, if your minimum payment is $450 a month, you can pay that amount or any higher amount you want to.

The more you pay, the less you owe on your mortgage. If you only make minimum payments, you are only paying a percentage of your monthly interest and the amount unpaid gets added to the principal of your loan.

It’s pretty complicated to explain here and I would need a lot more space to really explain how it works, but it’s not a bait and switch. Everything is up front and legit and in writing. There aren’t going to be any surprises. Our customers who choose Secure Advantage are fully made aware of how the loan works and what happens depending on the amount you pay each month.

But, bringing this around full circle, the reason the amount in the advertisements seem so low is that they are the minimum amounts you could choose to pay each month. And the secure advantage offers a fixed-rate (getting back to your original questions about rates), for either 5 or 7 years.

I’ve added a link below to a page that gives more information about Secure Advantage.

I hope this answers your question. Quicken Loans doesn’t get a 94% satisfaction score from it’s customers by ripping them off. Seriously. We couldn’t be where we are today (just had our best month ever in the history of the company), if we used tactics like bait and switch.

I do appreciate the question though. It allows me a chance to set the record straight. Good luck with your home loan.

admin answers:

A Bridging Loan is a temporary, short-term loan, which is secured on land or property (eg your existing home) and is therefore a type of mortgage. If you already have a normal mortgage on the property, it may still be possible to arrange a bridging loan as a second mortgage, provided there is sufficient value in the property to provide security for the extra loan.
Try http://www.bridgingloanfinance.co.uk/ for more advice

*****SORRY – Just noticed you said you are a first time buyer

admin answers:

If the mortgage is in joint names then it would be up to her to pay it after divorce.

admin answers:

As of today’s rates, depending on where you’re buying and how much you’re financing, 6.25% is dead-on for the 30 year fixed mortgages today. Assuming no more than 1% origination fee and other costs being reasonable.

I never discourage my clients from getting other offers. You should always talk to a couple places, I’d recommend 1-2 brokers, 1-2 banks, and try the credit union too. In my experience, credit unions have decent rates and low costs. Banks have higher rates and average costs. Brokers will come in on both sides, depending on who you find. Theoretically, a broker should be able to get you the best deal. In practice, not always the case.

But it doesn’t sound at all like you’re getting screwed or taken advantage of, again assuming that’s 6.25% 30 year fixed with reasonable costs.

admin answers:

1. No programs, unless they are scams.

2. It would be considered a short sale and you need to get your bank’s permission to sell it for less than what is owed.

admin answers:

Lots of things affect the mortgage rates and short term its nearly impossible to tell what they will do, but I’ve never heard of any correlation between rates and the weekend. My advice is, just lock in whenever you are ready.

admin answers:

Anybody should give you a loan if you havent got a bad credit history, try moneysupermarket.com , am afraid am in no position to lend you money sorry

admin answers:

I am not sure why the government (tax payers) should have to step in. Those loans were signed, the borrowers knew the rates would go up. And NO ONE has bad credit who pays all of their debts on time. Again, bad credit is a choice, and people made the decision to have it.

I certainly hope that the government keeps out of private home sales, this is not a communist country and it would be disgusting to force Americans to support people who made selfish and irresponsible decisions in the first place. No one would have trouble if they paid their bills and ONLY bought homes they could afford to live in.

admin answers:

Go to daveramsey.com

Ask Dave. He’s a pretty smart guy and should be able to help you. Good luck.

admin answers:

I am Rev, Famous James, a Legitimate, Reputable money Lender. We are a company with financial assistance. We loan funds out to individuals in need of financial assistance, that have a bad credit or in need of money to pay bills, to invest on business. I want to use this medium to inform you that we render reliable beneficiary assistance as I’ll be glad to offer you a loan.

Services Rendered include;
*Refinance
*Home Improvement
*Investment Loan
*Auto Loans
*Debt Consolidation
*Business Loans
*Personal Loans
*International Loans.

FIRST INFORMATIONS NEEDED ARE:
Name Of Beneficiary:………
Country:………….
Sex:………….
Occupation:……..
Amount Required…………
Purpose of the Loan……..
Loan Duration:…………
Phone Number………….

Regards.
Rev, Famous James
Famous Refinance Institute
Hope to see your response via this mail address, famousrefinanceinstitute@live.com

admin answers:

It doesn’t make sense for her to make the improvements – even if she can find the loan, with her credit problems the fees and interest will void any gain.

Most home improvements don’t pay for themself anyway and she doesn’t have to deal with actually doing them. Sell the property as is. Get it on the market = NOW. So you will get all the spring buyers.

So the property doesn’t sell for top dollar, she will never notice the difference.

admin answers:

I use to do closings in an attorneys office for purchases and refis. There are a million possible reasons for the delay, but I am sure that none of them are acceptable.There is no reason why you should be waiting on the mortgage company if there is already a commitment letter. 99% of the time when I was doing closings it came down to the seller or the title company being the hold-up for the closing, not the mortgage company. I would call and seriously complain! As a seller I am sure you probably have your own deadlines regading your new residence. Your real estate agent needs to be sticking his/her neck out and bugging the heck out of someoen to get the ball on the move!

admin answers:

Speak to your lender about a FHA 203K loan. The 203K loan is sometimes refererred to as a “rehab loan”. With a 203K you can have the kitchen/bedroom remodel costs put into your initial loan. The rehab must have estimates up front and also must be done by an approved contractor.

The home must be able to be appraised at the completed price. For example:

Say the home is listed at $150,000 and has an old outdated kitchen and bathroom. Before making an offer you get estimates from an approved FHA203K contractor for remodeling the kitchen and bathroom. The estimates come in at $30,000.

An appraiser will then appraise the home as if the remodel has already been done. As long as the home appraises at $180,000 you will be able to get the loan.

A big advantage to doing it this way is you do not need to have that $30,000 in hand or need to borrow the money later at higher rates. The rehab is done right away so you do not have to live with the outdated kitchen/bathroom. Your monthly payment on the loan on 150K vs 180K should amount to around $180/month additional.

admin answers:

Probably there are back taxes too. You could contact the court house and ask about the deed. Also, the Tax authority should tell you where the tax bills go.

admin answers:

You can refinance now. There is no set time you have to wait unless you have a pre-payment penalty on your existing loan. Refinancing your home has to make sense by either putting you in a better financial position or serve a special purpose.

Common reasons to refinance:

- Lowering your interest rate or term of your loan (from a 30 year fixed to say a 20 year fixed)

- Debt Consolidation Refinance where you pay off non-mortgage debt by using the equity in your home (credit cards, auto loans, students loans, etc.)

- Using the equity in your home to pay for a major expense

- Swiching from an adjustable rate mortgage to a fixed rate mortgage

If you got your loan through a mortgage broker, they would really appreciate you not refinancing for about 4 months.

admin answers:

They will not take the deed, they would rather foreclose, but either way the second will follow you.

admin answers:

Hey,

You should complete a financial review with a financial planner to accurately see your capabilities on paper. There are usually a lot of ways one can work around your income to afford a mortgage, but a complete review of your current situation taking into account your goals and concerns….is a must in order to accurately determine where you are now/opposed to where you want to be in the future (ie. Purchasing a home)

If you are in Toronto or around the GTA I could do this with you, at no cost obviously.

I am a financial planner with Investors Group and I would be glad to sit down with you to analyze your situation and try to come up with a plan to get you there. It can be done. I have clients who have had the same questions.

Please let me know.

Wes.boag@investorsgroup.com

or

(416)491-7400, ext 681

Take care

Wes

admin answers:

Hello,

I do a lot or mortgage auditing for a auditing firm. There are several banks who make “subprime” loans. This means that your friends probably would be able to get a mortgage, but it would be about 4 to 5 points above the interest rate charged to those with good credit. If a bank would charge 6.00 right now…your friends would be looking at about a 10-12 percent interest rate.
The obvious downside is that this will cause them do downsize perhaps more than they expect. Their monthly payments will be much larger, even if they downsize, because so much of their payment will be going towards interest. The lenders charge this high interest rate to offset their risk for lending money to consumers with bad credit.

admin answers:

It will stay on your credit report for 7 years.

admin answers:

They would have to show economic impact from the oil spill in order to qualify.

If many people default on their mortgages, the economic impact would be horrendous. This action lessens the economic impact to our nation as a whole.

admin answers:

I have successfully gotten subordination agreements from Chase. They have a form to fill out, will want $100 or $200, & more than likely will want a copy of your appraisal. It will depend on what your CLTV will be. And they do NOTHING quickly. I agree. This is basic mortgage 101.

admin answers:

This loan is the most dangerous thing out there in the real estate world. There *ARE* situations where it is appropriate, but they are roughly 100 times less common than the number of these loans out there.

Basically, it has a very attractive minimum payment, but the real rate you are being charged is month to month variable, and starts at a rate 1 to 1.5% higher than thirty year fixed rate loans for comparable credit.

Unless you happen to have some equity that you can’t get right now, and just need some time to pay off other bills, it’s unlikely this loan is for you. It should *NEVER* be used for the purchase of a primary residence.

Much more here:

http://www.searchlightcrusade.net/posts/1126189276.shtml

http://www.searchlightcrusade.net/posts/1150813093.shtml

http://www.searchlightcrusade.net/posts/1151101964.shtml

http://www.searchlightcrusade.net/posts/1154808089.shtml

http://www.searchlightcrusade.net/posts/1155049674.shtml

admin answers:

Ok a construction loan is different because you only pay on the interest on the money that is out in other words for the first few months they are slowly taking out money to build the house so you dont get charged for the full amount until the house is completed. The loan on a construction loan once complete and a certificate for occupancy has been issued after final inspection by county building inspectors. Once you sign final paperwork your loan converts to a mortgage for whatever terms you agreed to.

A regular mortgage once you sing final paperwork at closing you are paying interest on the full amount of the loan.

admin answers:

Hello,

Your rate will be around 6% with todays rate.
There is good and bad with va loans, but mostly good. The only bad with va loans is the funding fee which is around 2.5% and can be reduced if you put more money down. If you plan on putting at least 20% down then I would not use my va loan and just go regular because you will not have mortgage insurance on a normal loan with a 20% down payment. The advantages of va loans is 100% financing with no mortgage insurance, and you can borrow more then 100% with good credit like yours.

Need the loan done for you go here:

www.amerisave.com/partner/esterling

Thanks

admin answers:

Around 800.00..but this does not include taxes, homeowners insurance or pmi.

admin answers:

Rough seas make good fishermen out of some and will dispose of the rest.

Calm seas are bad for everyone.