Your Questions About Check My Mortgage Loan

Donna asks…

i have never checked my credit report until now..it says i opened a mortage loan….?

Your credit file indicates you may have a mortgage loan, opened in or around November 2004. Who is the credit provider for this account? Does this mean someone has been stealing my identity and using my ss number?

admin answers:

I assume you are using are referring to the security questions they ask when you verify your credit report. This is just a question they ask. If you didn’t just say no. Saying yes will be the wrong answer and you won’t be able to verify your identity.

David asks…

What mortgage rate & terms can I expect with 0 down and excellent credit?

I see this question over and over again on Answers when you have poor credit… what about with excellent credit?

I want a credit check with my loan… I want the best possible rate!

What kind rate of could I expect and where/who should I go to?

Which would cost me less in the long run, 0% down or a 20/80?
I can get a 5.875% now with no points and no down payment? Can someone direct me towards a particular bank or web site where I can do some research? My banks are Regions and ETrade… I don’t really trust either one for a home loan!

admin answers:

Assuming you do not want to pay points,
Conventional: 5.875%
VA: 5.625%

Those were rates as of today. If you’re doing Conventional, it’s cheaper in the long run to do a 100% loan paying PMI vs. An 80/20. This is so because eventually the PMI will go away, whereas the higher rate 2nd mortgage won’t go away until its paid off. Also, through 2010 (for now anway) PMI is 100% tax deductible if you make less than $100,000 per year.

Be careful though when shopping lenders, don’t just shop for the lowest rate, shop the fees also. One lender may quote you a lower rate but be charging you more in fees to get it. Also, get everything in writing! Best way to compare apples to apples is by getting a Good Faith Estimate, which disclosures the terms, rate and fees.

Thomas asks…

Getting free financial advice?

I live in melbourne, australia, and I need someone to check over my home loan mortgage details, to ensure that the bank is not ripping me off, (cause I dont trust them) I only stay with them cause they have a low interest rate, is there a free financial counselling service where you can get help.?

admin answers:

You need a lawyer to look over the loan papers.
Financial counselling helps you to keep your bills paid.

Chris asks…

If I want to file a complaint against a mortgage broker, how do I proceed?

I applied for a loan with a mortgage broker but I did not take it as I got a better rate elsewhere. I was charged $810 ($790 for processing + $20 for credit report.) for getting the loan approved (conditionally). Appraisal was not done, so I wasn’t charged for that. I was forced to give a check for $810 and the check has already been cashed. It hurts to pay so much money for a loan that I did not take. How do I get my money back? Is this a RESPA violation? Who do I file a compaint with? Please advice.

PS: I live in California and the loan is 80/15/5 (piggyback). They gave me a good faith estimate ($495 for 80%loan + $295 for 20% loan)

admin answers:

If you want to file a complaint against a mortgage broker in California, First thing to do is Contact the DRE (Dept. Of Real Estate) Dre.ca.gov

Mandy asks…

Why the hell is it so hard for a mortgage underwriter to approve a home loan?

I have given all but my left my testicle as far as requested information for approval of this loan. In fact, even if they were to ask for my left testicle and I gave it to them, they would turn around next week and ask for the right one. I really don’t understand to who’s advantage it would be to hold on to documents that long and not have made a sound decision either to approve or deny. I’m quite sure there are guidelines and policies that change all the time, but training is provided and they should be a able to determine the first time, whether or not I am capable of maintaining mortgage payments for the amount being borrowed. The bank makes money off of me for the next 30 years, and still I must jump hurdles to pay them? What am I missing? Perfect credit, federally employed, debt ration=A1, assets $30K, etc..”hmmmmm, let’s double, triple, quadruple check to make sure he’s eligible!’ FUCK OFF Wells Fargo!!!!
So what if I paid for the house in cash? Would the same rules and guidelines apply?

admin answers:

You are probably going through a mortgage broker vs. A direct lender. Many direct lenders, the mortgage processor and the underwriter are the same person. The other possible answer is that you are a marginal borrower and the lender is trying to get more information so that he can justify making the loan. Obviously the lender sees something in your file that bothers him and he his trying to get it resolved.

Your broker might be shopping your loan package around to many different lenders, because the first one(s) turned you down.

If you paid cash nobody would care if have good or bad credit. There are no lending rules if you pay cash. You wouldn’t have to pay anything back.

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Your Questions About Mortgage Loan Rates

William asks…

Will I get a lower mortgage rate for a 15 year loan as opposed to a 30 year loan?

Typically? And typically how much of a difference in the rate is there? Thanks!! 🙂
Thanks Bill!!

admin answers:

Sometimes the rate is even 1.5% or more better. Your payment will be a lot higher but the interest you save is quite impressive.

Susan asks…

What is the mortgage rate of a FHA 203k loan?

A HUD reconstruction loan.

admin answers:

Is it a streamline or full blown 203K loan?
SL should be around 5.25% or so.

Mary asks…

Credit Scores and Mortgage Rates?

Let’s say someone has 803 FICO score, no debts, 90k year salary, investments, and savings. Let’s say the person is single with no co-borrower. If lenders listed daily prime rates of between 5.5-6.1%, why would the person only get preapproval 15-year and 30-year mortgage loan offers at 6.1% or higher. Shouldn’t excellent credit and good financial standing result in a lower rate?
The person has 0 debt. The actual loan amount requested was $130,000 even (that is not the purchase amount but the amount after down payments and such; he was looking at purchasing a house listed $165,000).

admin answers:

Yeah doesnt seem like the best rate. I have a 720 Fico with plenty of debt and got a 6.0% rate.

Shop around a little more.

Steven asks…

How can I find out which bank will give me mortgage ( Home Loan ) on low interest rate?

Should I go to each bank ( closest to my home ) in person ? Do they check my credit individually ? How will effect on my credit ? Please help me out. Anticipatory thanx to all.

admin answers:

Generally speaking, it is usually recommended that you shop three different mortgage lenders. It is up to you whether visiting them in person, calling, or applying online is the best route to choose. If you go to different lenders they will each check your credit separately. It is possible that new inquiries can drop your credit score. However, typically the impact is not significant. I am unclear as to whether you are trying to purchase a home or refinance. That said, I will provide some information below pertaining to a refinance loan since it sounds like you are looking for a low interest rate refinance, and not information about how to get a loan to purchase a home.

Refinancing your home mortgage can be a great decision- if it saves you money! A homeowner naturally would not refinance if a new mortgage cost him or her more money than it saved, but a good offer, and a quick decision without looking at the long term effect can be a detrimental action, and could actually cost the homeowner more than the original mortgage! Lenders are in the business of making more money, so don’t expect all of them to be honest and do the future comparison for you.

So you are considering refinancing because you believe you can get a better monthly payment, a lower interest rate or a shorter term loan that you could pay off more quickly and own your home sooner than your original loan. These are all good reasons to refinance.

As a general rule, you should not refinance if the “safe margin” of balancing costs of refinancing against savings is less than two percentage points higher than the current market rate. You also need to determine how much longer you are going to be in the house. It takes about 3-5 years to realize the savings, given the costs, when you refinance.

Other factors that may make you want to refinance are getting a fixed rate loan as opposed to a variable rate, converting to an adjustable rate loan with more protective features such as lower cap rates, or remove cash from the equity built in your home.

Refinancing usually involves the homeowner to pay off the original mortgage, and sign for a new one with better conditions, whatever that may be for that specific homeowner. Keep in mind that there may be costs attributed to paying a mortgage off early, which are called prepayment penalties. If you are paying off your first mortgage early, the lenders may charge penalty fees which basically gives them their interest that would be paid if the mortgage were carried out for the life of the loan. You may be able to add the closing costs to the new mortgage and still have a smaller mortgage than the original one.

In order to decide if refinancing is right for you, you absolutely must compare the original loan and new loan based on the future! The future period should be how long you expect to keep the new loan. If the total costs of the new mortgage are less than the current mortgage, then, and only then would you refinance.

As in any mortgage, you must look at the annual percentage rate and fees. You have to make sure that the total costs of financing a new mortgage will be less than the total savings in interest. To cut refinancing costs, you may ask for no money upfront and then take a higher interest rate, leading to a higher monthly payment. But if it is still less than the current mortgage, you could definitely consider this as an option and not have to come up with a large upfront sum.

Always do your due diligence when considering financial changes. Be sure to have the lender disclose all information to you and leave nothing unclear. If you need help or clarification on information, ask for a professional for help! The use of a financial calculator can also be useful. If it has been a while since you have dealt in the mortgage industry, read up on new laws, current market rates and interest rates, and other pertinent information that allow you to be educated in the decision making process. There is a lot of information available to you, and make sure it is correct by running it by a trusted source.

I hope this information helps you Find. Learn. Save.

Best,
Bill
www.bills.com

Mandy asks…

foreclosure/mortgage rates?

if someone is offered a modification to bring them current and come out of foreclosure and their new lender is willing to reduce there intrest rate -4.85% on a mortgage loan is this worth taking or will President Bushes plan help them even if their loan isn’t adjustable?

Thanks

admin answers:

-4.85 sounds like a heck of a deal. The recent Bush plan has alot of limitations to it. For one, I don’t believe it applies to those already in foreclosure. Just those with 3% equity or less. Who have been making payment plans with a subprime mortage, who fall behind on a payment. It freezes the introductory rate for 5 years. To confirm you could always ask your lender to see if it is an option. If not, I would take the deal, unless you have a better living option.

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