Your Questions About Check My Mortgage

Sandra asks…

Am I liable for the payment if my name is on the mortgage only?

My house is going to foreclosure. My name is on the mortgage but not on the deed nor the note, am i liable for the payment? I just check my credit report it is not affected at all, does that mean i’m safe and the bank won’t come after me??? I am in Michigan. Thanks.

admin answers:

If you are one of the signers (guarantors) to a mortgage loan, you are responsible for payment even if your name is not on the deed to the property on which the mortgage was generated. I’m not certain how you got yourself into such a silly situation, but I assume you are correct in the information provided.

I would venture that, at this time, the lender is only reporting credit deficiencies on another name on the mortgage (yes, that happens). However, once the property is foreclosed, that action becomes public record, and the credit reporting bureaus will gather such information from those records and put it in your credit file.

Whether or not the bank pursues you for repayment is the option of the bank.

David asks…

For tax purposes…is it ever considered income if someone writes you rent check in this situation?

I was wondering if a family member lives in my house and writes me personal checks every month amounting to about half the mortgage and utilities, could this ever be misconstrued somehow as income by the IRS? Would it mess with my taxes in any way?
I will be asking my accountant one day when I get around to it, but I’m sure some of you know the answer

admin answers:

No, your not renting for profit..however, do not try to claim the person paying you “rent” as a dependent you wont have a leg to stand on

Nancy asks…

Can a couple get a mortgage, with both incomes being considered, but only 1 credit check?

My fiance and I are thinking about buying a house together. He has a house currently but we need something bigger and in a better location. The problem is, while his credit is perfect mine is not.
We want to apply for a mortgage together but with only his credit being checked. I know this is probably not possible, but we need the bank to take both of our incomes into consideration, just not my credit. Is there anyway we can get a mortgage with both incomes considered, with only his credit checked?
Im obviously going to pay it back. I have a 40,000 car loan that I have had for 3 years and never missed a payment, so its rude for you to just assume I wont pay it back. I have bad credit from issues when I was a teenager.

admin answers:

Absolutely not. If they are going to give you money they want to know what kind of people both of you are. It sounds like you have vastly different ethics, ans your ethics indicate it is not wise to give you any money, you are not going to pay it back.

Mandy asks…

How my spouse’s credit score will affect to get a mortgage?

My spouse and I are planning to buy a house in the next few months. I am wondering how my spouse’s CS will affect to get a good mortgage deal. I have good credit (781, just checked) but my spouse has been accumulating credit history for less than two years. A point that may be consider is that neither my spouse nor I carry credit card debt, just student and car loans. The total payment is less than 5% of our monthly income. Thanks!

admin answers:

When you apply, put your name first on the application and your spouse as teh cosigner. You may get a slightly higher interest rate because of her score, but I think you’ll still be okay. Do you know what her score is?

Joseph asks…

Are certified check funds available anywhere, immediately?

I will be closing on the sale of my apartment, and moving to a new state, where we already have a house lined up to purchase. There is no mortgage involved. If I take the certified check I receive here , and use it to open an acct at a bank in my new state (my bank does not have branches in the new state), can I get a certified check issued immediately, for the closing over there?

Thanks

admin answers:

The bank that issued the certified check has the funds to cover the check.
It will depend on the bank you open an account with.

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Your Questions About Check My Mortgage Loan

Charles asks…

Can i still apply for a house loan if I don’t have the money yet?

but will get it on income tax, i withhold from my checks so i can just get most back at the end..so anyways if i get back around 8,000 can i still get a preapproval for a mortgage loan if i dont have the funds yet or do i have to wait it out til i have the cash

admin answers:

You can get pre-qualified, but not pre-approved. Better to just wait because a pre-qual means NOTHING!

Joseph asks…

trying to get a mortgage?

Me and my fiance are possibly looking into buying a house because we can pay a mortgage for about the same as apartment rent. We were told to check into an FHA loan, but what I was wondering was will we really even qualify given the way the market is right now. I am a full time student and make between 10-15 k, and she is a teacher and makes around 33k. I have good credit hers is bad, and between student loans and all we have a good bit of debt. But like I said if we could get a descent rate we would be able to pay nearly the same for mortgage payment as for rent, but dont know if we could get approved.

admin answers:

I just did a rough estimate for you.

Assuming that:
Your incomes = $4K/mo
Your debt before housing = $500/mo (min monthly payments)
Your interest rate = 6.5%

You could probably qualify for about $135K in purchasing and would have to have a minimume of 3% = $4,050.

Your princ/int payment would be $828, but you have to add taxes, insurance and mortgage insurance. The minimum I believe you would be able to pay is $1175/mo. Is that less than or = to your rent? Because your fiance has bad credit, I suspect FHA would be your only reasonably priced option.

These estimates are based on factors we see in CA. If you are in another state, this would just be a rough idea of what you might be looking at.

If you are getting info substantially different, feel free to contact me.

Susan asks…

How can I sue Wells Fargo Mortgages for not closing on my loan?

Wells Fargo pre-approved me for a home mortgage. They told me to go ahead and find the home. I found the home and signed a contract 74 days ago. I paid for the home inspection, appraisal and home insurance.
The mortgage specialist continued to assure me that everything was looking good. When the time for funding came around, I kept on calling to find out why the title company did not receive the funds for the closing. At the last minute, like two days before the first contract expired, I called again and they requested a letter from the Social Security Disability Administration stating that I was going to be disabled for at least three years. I asked the SSDA for an award letter but it just states that I receive SSD payments (not SSI).
I am only 47 years old and also receive a state pension for my disability. On my state pension letter that I gave Wells Fargo, it states that my benefits will be a lifetime benefit, meaning that I will not be able to work any longer. The SSD letter doen’t say anything like that because they will review your case every few years or so.
I explained everything to the Mortgage consultant and gave them all requested documents. They even asked me to provide a gift letter from my Domestic Partner of 22 years. They also asked me to submit my partner’s past two months bank information to justify that he has means to give me the money.
My partner is a retired school administrator who receives a state pension and Social Security benefits. He had a Durango 2005, almost new that we did not use because it was a gas gusher and he sold it and gave me the money for the down payment of the house, so I also proved to them where the money came from by giving them a copy of the check he received for the sale of the Durango.

We spent money, energies and time on this process. We traveled out of state to purchse the house with the Wells Fargo’s mortgage consultant advice and approval. I even received an FHA package congratulating me about the loan approval and amount to take to the closing.

I even called the office of one of the CEO of the mortgage department in Des Moines, Iowa and one of the top executive assistant to the president listened to my case and twice assured me that everything was going to be approved; then, today the wanted to continue extending this process. It cost us around $500.00 a week for hotel, food and gas while we do the inspection, appraisal, buy insurance for the property and the closing the assured us was going to take place twice on or before the end of January. Then they extended it to February 15th and now February 23rd , which they told me will not take place because of the letter they wanted at the last minute from the SSDA.

I honestly believe that everything when down hill when I told the mortgage loan consultant that I was gay and lived with my partner for 22 years.

Now, since I already did my part of the agreement between Wells Fargo and me and they kept on prolonging the closing process and never funded the loan, can I sue them?

admin answers:

No, you can not sue anyone for not lending you money. Loans are voluntary. You also have suffered no loss

Mark asks…

What are the chances of me getting a mortgage?

Ok, so me and my girlfriend are looking to get a small mortgage so that we can move out. We are looking to buy a duplex, so far we are looking at one in particular that is 35,000. As far as work needing to be done to it, it seems to have been updated within the past 5 years, except for the siding of the house. I can do that myself and that is not really that big of a deal. But basically here is our situation:

1. we will have about 4 – 5k for the downpayment
2. my credit is pretty good (last time I check was before the loan payoff, 680), I’ve paid off my 6k car loan, I have had high debt to credit ratio but by the time we are looking for a mortgage it will have been completely clear for 3 months with not a penny on it.
3. I work full time and go to school full time, I make $12 an hour and work overtime every week.
4. My girlfriend has good credit also (high 600), but works part time at $11 an hour and school full time.
5. Now I plan on renting out the other half as soon as possible, if need be I will do section 8 for garuanteed money.
6. My brother will be living with us also and he has a full time job.

So the thing is obviously since we do not have any car payments or anything monthly other than car insurance and cell phones, we will not have a problem making the monthly payment nor bills. But since I have been working for exactly a year at the time I want to apply and my girlfriend a little over a year, do we have a chance to get a loan. By the way we are both 21. My brother will not be on the mortgage but can I include him for monetay purposes? If someone that has experience in this area please help me out I would greatly appreciate it. If you need any more info please let me know. Thank you very much in advance.
Hey Chris S, since I am sort of new to this and do not really know how to delete your comment, I would appreciate it if you would delete it. I have been with her for over four years, I am not an idiot, and I do not appreciate you treating me like I am some young dumb kid in love for the first time. Your a jackass.
On a side note, yahoo answers is rediclious…. I’ve never seen so many fake accounts and spamming on any other website than this. They need to fix that or at least give the user who posted the question a chance to simply delete their comment.

admin answers:

Mortgages start at 50k for a Micro loan you have to go personal loan. You will need collateral, and proof of income for 2 years,

Ruth asks…

How can I see if a house has a mortgage attached to it or a loan of any kind?

My mother recently passed away and my sisters and brothers inherited a house that we didn’t know about. My oldest brother did and immediately put it in his name and his wife’s name under an LLC. He is claiming now that he did it to protect the house under pro-bate but I have a sneaking suspicion that he has borrowed money or used it as collateral for something. Is there anyway to check that out. The house is in SLC, UT. We only found out about it because of some sleuthing my other brother did. We are all managers on the LLC now if that makes a difference.

admin answers:

I am not exactly sure how your brother managed to put the house in his and his wife’s name without your mothers signature which is difficult for a deceased woman to provide. And I am not exactly sure how you and your Sib’s can inherit a house that is already in your brothers name. Something fishy is going on here.

But the good news is that if there is a mortgage on the property it will be recorded at the county court house and all you need to do is go there and check.

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Your Questions About Check My Mortgage

Chris asks…

If a roommate contributes toward my mortgage in my primary residence, is this taxable income for me?

I’m buying a house that will be completely in my name, but both myself and my fiance will live in it. I bought the house with the intention of my then girlfriend (now fiance) helping pay part of the monthly living expenses (mortage, utilities, etc.). The house will be the primary (only) residence for both of us. Since I’m the owner, I’ll be writing the checks to the bank for the mortgage and she’ll be giving me a check every month. Is her payment to me considered taxable income for me? Is there a special tax-free provison for shared living expenses? I know it won’t matter after we get married, but that won’t be until early 2008. Do I have to report every penny that she pays me for the mortgage in 2007?

admin answers:

It may be to your advantage to consider her your tenant for 2007. You would record her payment to you as rental income, and then you could deduct half of the mortgage interest, half real estate taxes, half of the utilities, half the repairs and maintenance etc. On Schedule E. Plus, you can depreciate 1/2 of the house for the year 2007.

You would likely generate a loss that would reduce your taxes.

You would be able to get some deductions on Schedule E that you cannot get otherwise (such as 1/2 of the utilities, which cannot be deducted for your personal residence).

You would be able to get deductions on Schedule E even if you do not have enough personal deductions to itemize on Schedule A.

Carol asks…

Applying for mortgage with joint checking?

I am the only one on the mortgage and my girlfriend makes car payments on a car that my dad bought. The loan is strictly in his name. But the payments come out of our checking. Is underwriting going to need proof that it is her paying for the car not me? I don’t want it to affect my debt to income ratio. What will they need if anything.

admin answers:

Technically, the loan on the car is not your debt. It is your Dad’s debt since the loan is in his name. As long as it’s not your loan, they don’t need to know anything.

His loan has no effect on your debt/income ratio. If she is putting money into your joint account, then it will be assumed that some of the expenditures are hers. If they ask, it’s easily explained.

This is a good example of why people who are not married should not have joint accounts, joint loans, joint leases, etc.

Lizzie asks…

Does looking up your credit history on line effect your chances of getting a mortgage?

I am currently in the process of trying to get a mortgage but am worried about previous credit history, would it affect my mortgage process if i checked it online????

admin answers:

No, it won’t hurt it. Realize that your lender will pull a more extensive report than you can get online. They should give you a copy if you ask. Their report will give you more insight to your scores.

David asks…

Is there danger in turning over a large sum of money to a mortgage company that maybe on the verge of failing?

My house was damaged in a recent fire. The insurance comany has sent me a check to forward to my bank/mortgage company that will cover the cost of repair. Will this money be protected from the time the mortgage company receives it, or is there a senerio that could result in me loosing the money or having the money become unavailable for an extended period if the bank/mortgage company liquidates before the repairs are completed?

admin answers:

The reason you have to send it to them is they must pay the contractor on the repairs as they are the loss payee It is held in escrow and sent out in 1/3rd as the work is done

Paul asks…

my mortgage was charged off even though my payments were current including chapter 13 payments, Why?

I filed chapter 13 in Ohio to save my home. Three years in, Charter One sent me a letter stating they charged off my mortgage and elected not to foreclose. When I contacted them, they gave me the run around for twenty five minutes. Finally someone told me that they didn’t understand why they did it because my chapter 13 payments and mortgage was current. I checked my deed and title and no liens are on either. It show a satisfaction of mortgage. What is going on?

admin answers:

You got a bluebird. If there is no lien recorded and the lender wrote-off the mortgage, then it means you don’t owe anything anymore. Sounds too good to be true, though. Ask the attorney who handled your chapter 13 for advice.

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Your Questions About Check My Mortgage

Carol asks…

do you need authorization to do a credit check?

I recently found out that a Mortgage company did a credit check on me, without my knowledge or concent. Do they have to have this to be legal? My my boyfriend was thinking about buying a house and used my information, to see if i could get the mortgage, dosent the leander need my authorization?

admin answers:

Yes the mortgage company needs your authorization to run a credit check, but at the same time what did your boyfriend think was going to happen when he supplied your information to the mortgage company ? They are going to run a check,

my bet the mortgage company is going to claim that your boyfriend since he had all your info, and was doing this with your knowledge had quasi authorization to approve the check

Sharon asks…

Credit checked/PreQual Mortgage – worried still?

Hi! I was prequalified for a mortgage earlier this month. They ran my credit and info through the fannie mae/freddie mac underwriting system. I was told I would have to pay back two debts. Credit scores are mid at 640. I have outstanding old collections. I wonder if this will fall through? They told me not to worry as they already ran the credit, but it freaks me out. They said based on the info I provided to them coupled with the credit report it went through. I am making an offer on a house this weekend. I just would like to ease my mind. Any thoughts on if this can fall through still?

admin answers:

Okay… Im thinking what they told you. I would think you should be fine. If they said they ran it through the system. These are the systems.

Fannie Mae = DU
Freddie Mac = LP

They would have ran it through one of the two systems. They will get a return. This will be an approval through the systems. This is not a prequal. It will list all conditions that a human underwriter must approve. A human underwriter can add more, but its rare.

To ease your mind, just ask for a copy of the DU, or LP findings. That will show you are approved and all conditions. There is absolutely nothing wrong with the lender providing those to you. It will give you a case number and it wills how you are approved, pending conditions. The conditions will be listed.

If they cant give you a copy of the DU or LP, the lender is lying if they told you they ran it through the system. If that is the case, find a new lender that will give you a copy. It takes 15 minutes tops to have this ran. Most brokers dont run it because they dont know what they are doing or dont have inhouse underwriters. Call them on their word and get a copy of the DU or LP. If they say you cant have a copy. They are lying. Move on.

Just say okay im a bit worried you said you sent it though the system. Can you please send me over a copy of the DU or LP findings? I want to make sure I can clear conditions. If they say anything other then *want me to fax that to you or email it to you?* thats where you know.

Paul asks…

Is there a way to find out how much you would pay on a mortgage each month without checking your credit score?

I’m not quite ready to purchase a house. I would like to know what I would pay each month on a home that is approx. $250,000. My credit is fair-good. My state is Virginia and I live 10 blocks from the ocean and would like to stay in my area. I don’t want to run the credit check in case that lowers my credit score. Is there anyway to find out APPROX. what I would pay??
Thank you to everyone who answered.

admin answers:

Your credit score WILL effect this number in some manner, as well as whether you have a down payment, bankrucpty’s and other factors.

But a 100% financing on a loan of that amount should cost you approx $2100 (or below I highballed the interest rate some).

You can run other scenarios through mortgage caluclators on the web, Y! Finance section has a few. Http://finance.yahoo.com/loan/mortgage/calculators_index

Linda asks…

Mortgage: 1 Year Fixed 2.80% VS 5 Year Fixed 3.89%?

I was checking the mortgage rates at a financial institution, and I found they offer a 1 year fixed for 2.8%, and 5 years fixed for 3.89%

I heard from someone that I can renew my mortgage term, so if that’s the case, why would someone go for the more expensive 5 years term if they can go with a 1 year term and renew annually? or am I missing something here?

I hope someone can explain.

Thanks

admin answers:

If the 1 yr term expires, then you would need to refinance. Depending on your financial situation you may not qualify to refiance to a better rate. Then you’re left with an adjusting rate. Plus each time you refinance your mortgage, you still need to pay the fees. You maybe saving on the monthly mortgage on the lower rate, but the fees you’re paying may not add up to the savings.

That’s why so many people were messed up with the housing crash.
People went for the lower rate, but when it’s time to refinance, their debt to ratio was higher than their loan, therefore, banks would not let them refinance to a lower rate and the people are left with a very high rate and a very high monthly mortgage.

If you are thinking of keeping your house for more than 5 years, I would say to go for the 5 yr fix rate. But if you for sure know you can sell or pay off your loan within 1 yr, then you go with the 1 yr fixed rate. Also, you have to make sure the mortgage you’re paying is with interest and principle, and not just interest.

Donald asks…

can i check to see if my discharge of mortgage is recorded with my county on line?

admin answers:

IN some counties in some states.

Since we don’t know where you are, check with the county clerk’s office in yours

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Your Questions About Check My Mortgage Loan

David asks…

Is it true that if you have more than one credit check in 3 months your credit rating goes down?

I’m thinking of buying a house and getting a mortgage, so my idea is to go to speak to a few banks and see what they’re offering. However, I have been told by a friend who has been through this that each time I get a credit check it gets recorded and if I have more than one in three months the amount I will get offered will reduce because they will assume my other credit checks were for loans, etc. Is this true?

Thanks in advance for your help.

admin answers:

You can get a copy of your own credit report without it affecting your score, and see if there’s any reason why you might be refused, and address it before you apply anywhere.
Most online banking sites will have mortgage calculator tools, advising you about what you could expect to borrow, given your earnings, and how much your repayments will be.
It’s a good idea to have a look at these, because it unfortunately does you no good to have refused applications on record.
Good luck.

Thomas asks…

Will I be denied a home mortgage loan?

I currently work for a temporary staffing company that hires me out as a consultant for temporary work assignments (my current one is anywhere from 3-8 months long). I have already been pre-approved for a mortgage loan.

My question is, now that I am closing on a home, will the lenders reject my loan application because I am a consultant with a “temporary” job? When they check my employment, do they even look into whether it is a temporary/consulting job or not? Please let me know if anyone has any insight..I am nervous everything is going to fall through on the last day of closing.

Thanks.
Thanks for the quick answers everyone. I assumed that if i was preapproved I would be okay, but then I read everywhere that they re-check your employment and everything like the day before actual closing and they are very thorough..so I got nervous that maybe they just did a quick check for pre-approval and would look further at my ”consulting” status upon closing. I feel a little better..wish me luck!

admin answers:

Pre-approvals are done without checking anything at all. Did you tell them you were a temp? I seriously doubt you will get a loan.

James asks…

Second Mortgage Loan Foreclosed??

I have 2 mortgages in my name for a house I was duped into signing onto. I never lived in this house, I did a favor for someone who was supposed to fix and sell the house which never happened. I signed over the deed in 2006 to a guy who was a friend of the lawyer I was using, and who was interested in doing a shortpay with the bank. I was told signing over the deed would help me. I had no knowledge of mortgages, houses, etc., at the time. The guy still hasn’t done anything regarding the property. I received a notice of sale stating the property would be auctioned off in July 2007. I have not received anymore info on the property since. I checked my credit report and 1 of the loans (80K) says foreclosed. Yet there is another company on my report which I believe is a collection agency and the outstanding bal. is 80K. Since I signed over the deed stating I ‘sold’ it to for 400K, in 2006, what happens with the mortgage loans in my name? What does it mean for 1 loan to be foreclosed?
The lawyer I used from the very beginnig of this nightmare was a friend of my friend at the time. She suggested I do a deed transfer. She said nothing about asking the bank if I could do it, she made it seem as though I was allowed. She has been NO help to me either. I was the only one listed on both mortgages. I just don’t understand what happens now. If 1 loan is foreclosed, does that mean the property was foreclosed too? Does it mean someone other that the person I did the deed transfer with is the new owner? Why isn’t the other loan foreclosed? What happens when I file my 2007 taxes??? Am I going to go to jail or have to pay the $400K back??
I do not want the property. This whole problem started because a friend who I trusted told me his friend wanted to do a deal where we’d make money by using my name to buy this house, then he does the fixing up then sell it for profit. I never lived in this house, nothing. None of what was supposed to happen happened. So now everyone who I had ‘helping’ me has disappeared. I have nobody to contact to find out what happened to the property, what happens to me, if I will be sued, if I will get into trouble with the IRS or go to jail. I don’t have money to hire a real estate lawyer, so I dont know what to do. I know how important credit is and I was promised my credit would not be effected. I was used and lied to and trusted someone I should not have. I just want to know what to do to get this house, mortgage and all out of my name and end the nightmare.
I guess I shouldn’t have used the word duped, because I wasn’t. I was very un-informed, used, misled and jerked. Do you think I will get sued or go to jail? How much do you think hiring a lawyer will cost?
Thank you all for your input and help. I only did the deed transfer because the lawyer I had ‘helping me’ at the time suggested I do it because it would help me. She said this person would negotiate with the bank to purchase the house for an agreed upon lesser amount. Like I said, I had no knowlege of mortgages, houses, etc. All the people I had ‘helping’ me obviously weren’t. Seems they got me into more trouble.

admin answers:

As stated in a previous answer, a deed to a property simply signified who owns that item. It’s the same as a title to a car, simply proof of ownership.

You have taken out a loan to purchase the said item. This loan is completely separate from the deed. The agreement is simply between you and the lender. The simple process of a mortgage to purchase a property is you going to a lender and saying please loan me money, I want to buy something. I promise that I will pay the loan back, but if I don’t, you can have what I bought and try to sell it for what I owe you. As a note, technically if they sell for less you still owe the difference between the two amounts. Many times banks will forgive this amount, but is not required.

I am afraid that signing the title over to someone left them with the property and you with the loan. The person you signed the property over to has no relationship with the lender. You were the middleman between the lender and the guarantee for the loan. If you got rid of the loan guarantee then you need to get ahold of the lender asap to try and straighten it out.

Go back to the cat title example. A car loan is very similar. You get a loan with a lender to purchase an item. In the loan agreement you basically say that you will pay and if you don’t they can take the car to use to try and pay off what you owe. If they sell the car for less than what you owe, they will come after you for the rest of the loan, as you agreed to borrow and pay back a certain amount. If you were to turn around and sell the car (as in this case, you gave someone else the deed to your property), the bank still has a loan agreement with you and wants their money.

Good luck in this whole situation.

Carol asks…

Why is it so difficult to pay off our mortgage loan with Chase Bank?

My husband and I sold a piece of land that we owned for $60000.00, almost the exact amount we still owe on our house mortgage. I thought that we would just take the check, bring it to Chase Bank, and that they would be happy to have their money and pay off our home. However, I was shocked to learn that I first had to have an actual “Faxed payoff quote” (even though I knew the exact amount owed), and that I had to pay $30.00 to have this paper faxed to me. Then, we have to go to our bank and bring this faxed form and the check and have them wire it to Chase (our bank has to hold the check for three days though, for their assurance that the funds are there, which they are). Now, you would think that if money is wired that it would get to the Chase account that same day. HOWEVER, we still have to send in extra interest money b/c it doesn’t go directly to the mortgage department, so it may take days for it to get to the right department. THEN, Chase said that after they process the mortgage payoff, we are charged another $30.00 to have them send it to our parish courthouse. THEN, the courthouse is supposed to cancel the lien and send that form back to Chase, and FINALLY, Chase is supposed to send the form back to us so that we can show our homeowners insurance company that we paid off our mortgage. The process of receiving the final proof of the payoff, according to Chase cust. service could take between 4 weeks to six months. My question is, WHY IS CHASE MORTGAGE/CHASE HOME FINANCE MAKING IT SO DIFFICULT FOR US TO GIVE THEM THEIR MONEY? During the ongoing recession you would think that these mortgage companies would be glad to have their loans paid in full. I’m actually dumbfounded about this whole situation. Has anyone else ever been in this situation? Chase also gave us problems after Hurricane Gustav (our homeowners insurance company was wonderful), but sometimes I feel like I’m beating my head against (Chase’s) brick wall!
Thomas B. – WOW! That was a wonderful way to put it. Instead of feeling sorry for myself I should just be happy that we’re able to pay our house note off much earlier than most people are. Thank you so much for making the glass seem “half-full” rather than “half-empty!” 🙂

admin answers:

Bayouchic;
First you must understand the process. With any and all banks there is a holding and clearance period typically up to 72 hours before releasing funds on a check over the 10k amount. It’s simply their company policy, especially when the check is written to a recipient in that amount, and the recipient isn’t normally handling that amount of funds on a regular basis. Secondly, you must be patient with the banking procedures, I know it’s frustrating, but they aren’t in any hurry to complete a process that’s going to reduce any funds coming into their doors in the future. By you paying off the property in full, their monthly cash flow has been reduced by the amount of your monthly payments. And some of the fees they charge, well to put it bluntly, I think some of their fees are unjustly charged, but that’s another topic. Simply, recognize it as a process you must follow, then celebrate the fact that you truly own a piece of the American Dream.

Jenny asks…

Behaind the mortgage and money from insurance?

I am behind my mortgage (trying to modify loan). PNC Bank. Received check for insurance for flood for $17,000.00 for bank and my name. Bank told me to send the check to them and then I have 2 options: hire contractor or do it by myself. My question is if I will do remodeling by myself …is the bank will release the money to me ? They said over the phone that they will but I just want to be sure.thanx

admin answers:

After the repairs are completed to their satisfaction, they will release the money to you.

You will need to keep a log of what you did and how long it took you, keep all receipts for materials purchased, and photograph each step of the way to be able to prove that the repairs WERE done, by you, and up to code.

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Your Questions About Check My Mortgage

Nancy asks…

Will getting pre-approved by mulitple mortgage companies hurt my credit?

I am looking into buying a house for the first time, and need to get pre-approved for financing. I have had several people tell me to check with different mortgage companies, as the rates/fees can vary. However, will multiple approvals like this hurt my credit and my chances at getting pre-approved? If so, does it really hurt my credit that bad? Or is it somewhat inconsequential?

Thanks!

admin answers:

All inquiries done in a 3 week window are treated as one.
This is to allow a customer to “shop around” for a good interest rate.
This does not apply to credit card applications.
Inquries affect your score by 1 or 2 points. Out of an 850 possible Fico score.
They affect your score for one year, but remain on your report for 2 years.

If you happen to go passed that 3 week window, don’t let this bother you.
Mortgage lenders look at your reports. They will see you have been shopping around for the very best rate, and will overlook any damage.

Go to BankRate.com and look on the right for the average mortgage rates.
There may be a link that you can hit to type in your area and see which companies are offering the best rates.
Please do not fall for variable rates, ARMs, options, points, adjustables, 5/1’s, or 5/5.
^ banks are still trying to scam people with bad mortgages
There is a great book that you may consider getting from a bookstore or library.
Home Buying for Dummies
^ not and insult, just the best investment you will ever make.
It will teach you everything about home inspections, mortgages, the buying process, realtors, etc

Mandy asks…

Credit Check on Spouse Home Mortgage in TX?

Hello,

My husband and I live in Texas and recently decided to make a home purchase. He became pre-approved with them only running him, since I have no income and bad credit (stupid decisions in my youth that I am still working on fixing).

With the actual paperwork we submitted to the seller from the realtor, she had me sign as well since she was saying we live in Texas, thus my name needs to be on there since we’re married. Does this mean that our lender will need to check my credit as well since the title company now has my name? Do we need to call them to take my name off?

Thank you for any answers in advance. I have been worried for some time now that they will end up needing to run my credit and it will ruin our chances.

admin answers:

I would not worry about it.
The lender may have your name but they do not have your social security number. They obviously cannot run your credit without it.
If they call and ask for it, tell the lender that you do not wish for your information to be included since you are currently not employed.
I would doubt that the lender can force the issue and why would they? They want to make the sale so it should NOT be an issue.
Dont call and make them take the stuff off of anything, you dont want to scare them or send off any red flags.

To add peace of mind to you. Call a different lender and ask them your question (make it seem like your husband has the bad credit and does not work when you call) and see what they say.

I think that you will find that the lender wont care either way. If they push the issue tell your husband to tell them that the two of you are getting seperated soon.

Again, dont worry about it, there is a way around it…ENJOY your new house!

Joseph asks…

Should I payoff my mortgage by writing a line of credit check?

My mortgage rate is now 5.5% – line of credit is only 3.5% – but there is only 2 years left on line of credit; I think I can refinance at that time if needed; but my plan is to payoff within 2 years.

admin answers:

Pay very careful attention to how mortgage payments are amortized. During the first few years of your mortgage over 90% of your payment is credited to interest. Likewise at the end of your mortgage term the reverse is true – most of the interest was paid years and years ago.

Call the mortgage company first and ask for a buyout figure. Divide that figure by the number of monthly payments remaining to see what portion of your monthly payment today goes to principle, and what portion to interest. If at the end of your mortgage your effective interest rate will be well below the line of credit.

You don’t know for certain that your can refinance in the future. Market can change, you could lose your job, your health could change. Why paint yourself into such a corner?

Mary asks…

if my house forecloses does my mortgage company send me a check if i move out right away?

My parents had a house foreclose a long time ago when the economy wasn’t even bad and they got a check from the mortgage company to move out right away. I took a pay cut and my wife was laid off and my house should be going into foreclosure any day and I have no money to move yet. I tried to get help from lender since nov last year and no dice, so…..foreclosure it is. No problem but I was wondering how to get a check as well.

admin answers:

I have no idea how your parents got any type of check. Generally when a property goes into foreclosure it is because you have not made your payments for several months.ie you owe them money. So I have no idea why they would send you any. In fact, once they sell your home, they will probably sue you for the difference. I don’t mean to be the one to give you the bad news, but you should prepare for this mentally. Good luck

John asks…

my husband and i received a check from the mortgage company for an escrow overage.?

my husband and i received a check from the mortgage company for an escrow overage..we split all of our bills in half..he pays the house note, and i pay all the other bills which equal to the house note (daycare, groceries, lights, phone, etc.) ..well, i say we should split the escrow money in half but he doesnt think we should..he thinks that because he pays the house note in his portion of the bills, that he should be able to keep all of the money ( about $1100) .. is this fair?

admin answers:

As a couple, your bills belong to both of you. If you both have an income and to make paying debts simpler, you’ve agreed to split up the debts to be quite equal, it doesn’t seem like he’s really paying the house note on his own. Just like you’re not really paying for the utilities and food for yourself. If that’s the case, you don’t belong in the house and he doesn’t eat the food and benefit from the utilities you pay for. See how silly that sounds? You are a team. You’ve simplified the financial situation by splitting things up equally and in doing so, it only confirms that you are in this TOGETHER. The excess in escrow should be shared among you two. Spend it wisely and let this be one way you show one another the love you have for each other and the equality you truly believe you share in this marriage. To play the game of this is mine and that is yours is only a step in the wrong direction:a step that may lead to disarray and a total destruction of the marriage union.

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Your Questions About Mortgage Rates Calculator

Maria asks…

Will the APR always be higher than the quoted rate for a 30 year mortgage?

I’ve noticed in some APR calculators specifically for fixed rate products that when a higher APR is chosen such that the mortgage company pays you points to take that higher rate, the quoted APR may be lower than the actual rate?
Is that correct or is there an issue with the APR calculation?

admin answers:

APR would always be higher because it also factors in the fees you pay to get the loan as part of the interest cost.

Robert asks…

I need help with what type of mortgage to get and interest rates?

I am considering getting a mortgage, but i don’t know which kind of mortgage would be best suited. I am inteding on borrowng between £45,000 and £55,000 over 20-25 years but i don’t know what type of mortgage is best to get and how much monthly repayments would be. If anyone can give me an estimate of a monthly repayment for the amount and time to repay that would help greatly. I tried using some online calculators but i was informed that they are not very accurate as i don’t know exactly what interest rates would be:)

Many thanks! 🙂

admin answers:

Try this link below they have a 10 yr fixed rate so for 10 years you know exactly how much you will be paying each month. A 45k loan over 25 years would cost £278 give or take a few pounds per month for example

www.westbrom.co.uk

George asks…

Which mortgage estimate is right?

My wife and I are looking into buying a house. Online mortgage calculators give us an estimate of about $700-800 (diff. interest rates) taxes added no PMI needed. Someone told us they have called a bank and got a quote of $980. Huge difference. 105K loan at around 5%, 30 yr fixed. Why the big difference and which is right?

admin answers:

Not knowing your taxes how could anyone tell.

Principal & Interest on $105,000.00 at 5% over 30 years would be $563.66 add your taxes and insurance and you have your mortgage payment.

I suggest you get a good faith estimate which your loan officer will give you at application. You will need to give them an estimate for the property taxes and insurance and they will estimate your payment based upon a interest rate they can lock in on that day and they will estimate your closing costs.

Why go on what “Someone says” when you can get the information from the loan officer themselves.

Charles asks…

Is there a simple way to find a monthly mortgage payment without taxes and escrow?

How do you solve: “the price of the home is $133,000 w/20% down, 3 points at a rate of 8.5% for a 30 year fixed mortgage. For this particular example, I don’t need Taxes and escrow is not required. Do I need a specific calculator? I have a TI-30xA scientific calculator

thank you

admin answers:

You need a financial calculator to solve these kinds of problems. There are a bazillion calculators on-line that would solve this problem, but I can give you the answer. I loved my HP-12C, but there are many others out there if you are looking for a handheld.

$818.13.

I hope the scenario is not an actual mortgage quote. That would be ridiculous; 8.5% paying 3%?

Laura asks…

How much will my £51,000 mortgage be in 5 years time?

I am a first time buyer buying a flat at £67,500, borrowing £51,000 with a 5 year fixed rate deal at 4.89% over 30 years with daily interest. The mortgage payment is £280 a month. Assume I don’t make any overpayments as these will be limited anyway. Please can you explain how it’s calculated or direct me to a website with an online calculator for this. Thanks.

admin answers:

My keyboard does not have a pound symbol, so I’ll use dollars:

Your principal balance after 5 years will be about $46,000.

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Your Questions About Mortgage Loans

James asks…

I am planning to buy a home outside the United States, I am wondering if I can get mortgage loans or personal?

I am planning to buy a home outside the United States, I am wondering if I can get mortgage loans or personal loans here in the US. If so who should I contact. Please advise. Thanks.

admin answers:

Yes. Depending on what country. You’ll have to research the brokers who handle out of country loans. There are actually quite a few of them.

Daniel asks…

What is a Reverse Mortgage and are they good loans?

My neighbor told me about these reverse mortgage loans and I wanted to ask here if this a safe way to get some cash out of my home.

admin answers:

A reverse mortgage is a really great thing if you have lots of equity in your home, and you don’t have very much liquidated cash to enjoy your retirement.

Anyways, you can find info and resources about reverse mortgages here:

http://reversemortgageresource.blogspot.com

________________

William asks…

Can troubled morgage companies call in their mortgage loans?

I’m current on my note. This is just a general question. I know about foreclosure for non-payment. I’m asking a hypothetical question. Can a mortgage company arbitrarily call in their home loans anytime they want and for any reason? or under what circumstances can they call in a mortgage loan, other than default?

admin answers:

They cannot call them in as long as you honor your terms of the agreement. A mortgage is a contract, and both sides are required to honor the terms of same.

Robert asks…

Is it possible to roll $27K in student loans into a new mortgage loan?

I plan on buying a house or a condo in the next couple of weeks. Can I roll my student loans of $27,000 into a new mortgage loan to consolidate?

admin answers:

Depends on how much money you plan on putting down. You cannot have more than 100% of the value of the property outstanding, and most banks will require at least a 5% down payment (and more likely 10 to 20%) to close the loan. So, using the 5% as a minimum, on a $200,000 house, you could borrow no more than $190,000, meaning you would have to have at least $37,000 in cash plus closing costs to get the loan down to where you could roll the student loans in (in which case, you could just pay them off anyway).

The only other option would be to find a property selling well below market value, which would give you instant equity – say a $200,000 house selling for $150,000, which gives you teh equity leeway to do what you want.

Ken asks…

Who to talk to about mortgage loans for first time home buyer?

My husband and I are ready to buy our first home. My grandma is selling her 3 bedroom house and it will be perfect for us but we are totally clueless!! We’ve never bought a house and neither have our parents so we have no idea what we’re doing. Where should we go to see if we qualify for a loan? Should our regular bank be able to help us or should we contact a bigger mortgage lender? Thanks for the help!

admin answers:

Here is a summary of my personal experience:

When I first considered getting a loan I went to my local bank. I was given some information about who to contact reguarding a home loan because they said most local banks don’t deal with home loans any more just the larger mortage companies…especially if you are a first time buyer.

I think part of my problem is being rather young also because I went to a couple other banks after that and was basically told I probably didn’t have enough credit to get one because I was too young.

I found a realator that I knew (went to school with him so he was close to my age) and had him help me look for a house. He set me up with someone he knew that helped me with the financing and I had no problems!

It may cost a lil money but maybe a realtor if you know one would be a good route because they know the whole deal about buying a house and are working for you and if they’ve been doing it a lil while may have “connections”. Also consider getting a home inspection before buying even though it is a realitive….the house may have faulty wiring or pluming and know one knows it. It would be devastating to just buy a new house and then have to spend ALOT of $ fixing things you didn’t plan on.

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Your Questions About Mortgage Loans

Lisa asks…

mortgage loans?

is it better to take the proceeds from the sale of our house and use it as a down payment or use it as cash at closing? The builder is paying 2% towards closing.

Also are FHA loans or conventional loans better?

admin answers:

If you get an FHA loan, they only require 3% down. With an FHA loan, the PMI rates are lower & rates are a little better. If you were looking to put 20% down, go conventional.

Donald asks…

Can a person have two mortgage loans on two different houses at once?

Is it possible to have 2 different mortgage loans on two different houses at once? Or would banks shy away from giving you a second loan if you already have one out? The reason I’m asking is because I’m looking into buying a house for cheap and renting it out.

admin answers:

You could have 10,000 mortgages on 10,000 different houses if you wanted to.

Now for reality: This rental will be treated as a rental property. That means that you will have to put 20% down payment on your new home.
Also, your salary will have to support both mortgages (although the bank will use a large part of the rent as income).
Note: Real eastate never pays off when you make mortages, pay interest, pay closing costs, pay property taxes, and the rent is taxable.
Also, we rented a property – biggest nightmare of my entire life

The people that get rich from real estate are the ones that do their dealings in cash – not mortgages

George asks…

In relation to mortgage loans what constitutes a low credit score?

I have been reading lots about the housing crisis and have learned that the loans for new mortgage loans for people with low scores it getting harder to aquire. What constitutes a low score? 600? 590? 650? 625? I am now ready to buy my first house and am finding out that my scores may prevent me from getting a loan.

admin answers:

To insure a good rate you need to be in the upper 600’s… To reserve an EXCELLENT rate.. The upper 700’s…

What I would do is to go this website, and get all 3 credit reports at once, then go down the credit report and dispute anything you think is in error with the credit agency that is showing the erroneous mark..

Housekeeping can make your FICO score go up 20-50 points, because I know, I’ve done it….

Steven asks…

What banks do mortgage loans with credit scores below 600?

My credit scores are between 570-590 from past late payments on student loans. I since have a good credit history and income but I can not find a lender. I have read that FHA loans only require 580 scores but I can’t find any way to get a loan. Any suggestions will help. I need a mortgage now- I am under contract to buy a house on 2/26.

admin answers:

600,,,impossible especially when they see the online gambling you have been involved with…there is no way…

William asks…

How do I find out if someone is using my name for mortgage loans that I know nothing about?

I was looking up my credit report online and for the questions to make sure I was me I was asked about mortgage loans in two different years that I know nothing about. I’m renting a apartment and haven’t took out any loans that I can think about

admin answers:

Www.mycreditkeeper.com will allow you to view all 3 reporting agencies at once. I have also looked up my reports online and had them ask bogus questions When I looked at the report, nothing showed that had the info from the bogus questions. I think they just throw those in there for the match up process. I would check your report at the site I listed and if nothing shows, I wouldn’t worry about it.

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