Your Questions About Check My Mortgage Loan

Donald asks…

Underwriters/ Mortgage brokers?

I went to a real estate brokers office to apply for a mortgage loan about 10 days ago and still no answer, he told me not to worry about that he had an “in house mortgage” and I was already approved but he was going to present it to a couple of banks anyways. My question is, do these broker offices have their own underwriters and if so why would the bank take so long to give us an answer? Or did he just say I was approved without even checking and the bank has their own underwriters who will verify all information? Also, how do the underwriters feel about 1099’s? I get paid cash but my employer gives me a 1099 every quarter.

admin answers:

You should simply go into your local bank and apply. You will get better service and be able to work with a mortgage rep that will handle your deal from start to finish. 1099s fine, but they will need your tax returns also. If the guy has not even seen your returns, they he is just assuming you are going to be approved.

Chris asks…

Who do mortgage companies answer to?

Lost my job in October, have been paying late..but current. Central Mortgage has sent us a letter of default claiming that we owe over 4K. We also have copies of all the canceled checks. We keep getting the run around. can’t speak to any one. When you press “9” to speak a loan representative, they leave you on hold for an hour and then automatically disconnect you.

admin answers:

I agree that a certified letter is a good start. Or go on the Central Mortgage website and see if there are some insights there on how to talk to a real person. I heard of one person calling their local elected official and the borrower received a call from someone at their bank the same day.

I suspect the $4,000 is late fees and other stuff they have tacked on, but that seems really excessive.

William asks…

My finance and I are looking for a bank that still offers a Stated Income Loan.?

We had one set up a year ago through our bank in which we also use for personal accounts such as checking,savings,auto,etc. We were approved, but could not find a house in which we were truly interested in. We finally found one and went to that same bank and they said that they did not offer that type of loan anymore. Now keep in mind we are self-employed and simply cannot prove all income on paper,but it’s there. We did not qualify for a conventional mortgage loan so are in need for some help. We are currently renting and are looking forward to buying our first home, if this is possible. Also, we live in Ohio. Does anyone know of a good bank and or mortgage company that still offers stated income loans. Also keep in mind he has a 760 credit score and we are able to put 20% down. thank you!

admin answers:

You just need to show your income tax returns. You should not have a problem.

James asks…

I’m waiting to hear if I am approved for a home mortgage by the end of the week.?

I know the final approval will come after the appraisal. Is it possible that my credit and background checked out and now the bank is going to see if the loan amount is worth the house?

admin answers:

THe loan is in underwriting now, it sounds like this is the first underwriting decision, so right now the underwriter is verifying that everything submitted to them matches the terms of the preapproval or automated underwriting findings. When you get teh approval tomorrow if everything checked out they will just need the appraisal to verify the market value and loan to value ratio, if they still have questions about what was submitted they may ask for more info or docs to clarify. Don’t fret, as long as the application taken was truthful and matches what you gave your loan officer you’ll be fine.

Robert asks…

When landlords check credit, what score are they looking to find (at least)?

What score are apartment complexes and landlords usually looking for when they run your credit?? My credit is REALLY bad BUT I am working on it (I have raised it about 60 points and I am STILL in the High risk range LOL (yeah, it was that bad…)

Are they looking for a 650? a 730? a 780? Or is it more about how much debt you owe people and if you have any evictions, bankruptcies, foreclosures, and other MAJOR flaws?

My credit is bad mostly because of student loans and medical bills. I have never HAD a car loan, mortgage, or bankruptcy. I’ve never even had a credit card!! I’ve never had to go to court.

So in this case, almost because I nearly have no credit (I haven’t took out a loan for school since 2008, so really I haven’t had any activity except paying for things since 2008) is it almost like having no credit?

admin answers:

Each landlord is going to have a different threshold as far as what they would want for a credit score. Some are mainly looking for evictions and judgments on your report.

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Your Questions About Check My Mortgage Interest

George asks…

Capital gain tax for house selling?

I just sold my house and recieved $363000 check.
I am a single and paid $70000 down payment so my taxable amount is $43000. How much do I have to pay tax for this gain?

Is there any way to save on tax? I am self-employed and run a small cmopany so my salary is low. Can I use mortgage interest amount paid when I was paying my mortgage for my previous house?
I am a renter now and I won’t be buying any house for a while.

admin answers:

You are also allowed to deduct the cost of any major improvements to the house while you lived in it. If you paid to have it painted, replaced fences, fixed up a bathroom, hung drapes and shades that stayed with the house, etc. Just make sure that you have receipts. Mortgage interest for the year is deductible in that year so you can only deduct the interest you paid from January to July.

Talk to a tax accountant to get the proper advice.

Good luck & congratulations on you great profit.

Chris asks…

My home is in foreclosure, can I file for bankruptcy?

We are going through hell with attorneys from Wells Fargo Home Mortgage. In May we refinanced with another company and paid the payoff amount. Several weeks later Wells Fargo’ attys refused the check stating it wasn’t enough ($4,300). HUH?!!!!! Our closing atty went to court saying they can’t do that. Judge disagreed. (What the hell was he thinking) He ordered wells fargo to accept the check, stop interest from accruing, and work with us to form a payment plan. Attorneys Wouldn’t talk to us. Throughout this they are foreclosing on us. This check is still outstanding!!! I called Wells Fargo directly and they said well gee, you were only short $1,090.12. We offered to pay that to clear this up. He said that sounds reasonable to me and a supervisor. Check back on Monday to verify.

I’ve since been calling everyday (1.5 weeks) with no one returning our calls.

It will cost more to pay an atty than pay the debt. Meantime we are paying our new mortgage every month.


admin answers:

I’m sorry Love, but it sounds like your missing something!?! You refied. With another bank! They called for the pay off and wrote the bank of your previous loan the whole amount to give them the holding on your home? Now, the previous bank says that you did not pay the correct amount and are foreclosing on you?
If you only owed 4 thousand something, on the home and refied. With another bank, they should have called to get the correct amount, then pay off the loan from bank 1 to give holding to bank 2! Bank 1 refused the money because, Why? Bank 2 is, What?
If you refied, and only got a 2nd on the house you would still owe money to bank 1 and now owe money to bank 2! So I’m a bit confused about what really happened!
You really need to get an attorney, weather it be to file bankruptcy or just sue someone! This is a bit complicated even for someone who deals with this on a daily bases.
I know that you don’t want to spend the money on an attorney but beleive me when I tell you that if you don’t do this you could very well lose everything and still have to pay everyone back what they say you owe them! Don’t wait and don’t delay! Do it as soon as you can! They can help stop anything that may be in action right now and atleast give you enough time to figure out what you want to do! You may even have money coming to you because of what bank 1 did and what bank 2 didn’t do!

Good Luck Little One!

Blessed Be

John asks…

Does the lenders run the credit check to get mortgage rates ?

I am in the process of buying a home and did like one of them who did take my offer. Now coming to the actual loan process.

I see several website who give me a online quote as how much my interest rate would be and other things..

1) Will they all stick to that rate what they have quoted online ?

2) Or do they have to actually run my credit history and then can give
me final rate ?

3) If I have to shop around, does everyone runs my credit history ?
Does it effect my FICO score ?
Will it drop my score if currently i am around 790

admin answers:

All are true. The score does have an effect if below 620 at this point in time and yes many credit pulls will drop scores
I am a mortgage banker in TN & KY

Jenny asks…

Credit, Mortgages and Interest Rates?

I have really bad credit (under 500 I think, cause I have about $1,700 on all my credit reports.) Can I still get a mortgage loan from just about anyone as long as I can pay 30% down? What about 20% down? What would my interest rate be?

I asked this somewhere else, but I didn’t get a straight answer. So, here is more details. The $1,700 on my credit report is not credit card debt. Things like medical bills, some bad checks, library and old cable and gas bills. So, it’s not like I can just get a credit card and start making payments. When I move, I am not moving from a house to an apartment and then back to another house. Just to wait for my credit score to get better. I’ll refinance later when my credit is better.

Based on the fact that I am going to do this no matter what I just want to know what my interest rate would be.

admin answers:

If you’ve always been on time with your current mortgage…and you can find a bank that does manual underwriting instead of pure FICO lending (Dave Ramsey always shills on this for Churchhill Mortgage – , and you can squeeze 30% on the new house from the old house…Then you might have a shot at a reasonable interest rate.

A manual underwriter may advise you to put 20% or 25% down and take the rest to clean up the $1700. They may also advise you to get a loan from a family member or against a car or something to clean that $1700 up before they’ll issue you the loan. But get the conversation started with a lender that you like.

Nancy asks…

Do Mortgage Brokers make their money in one lump sum, or do they get a cut of the interest payments each month?

So after I close on a loan, has my mortgage broker made all his money, or does he get a bit each month for the life of my loan?

A few months ago I refinanced with no closing costs. The biggest surprise was that there really were no closing costs. They didn’t rip me off on surprise fees etc. (I wrote a big fat check, but it was all partial month’s interest; funding my new escrow; and other things I was going to pay one way or another anyway.) Bottom line is I have a mortgage broker who doesn’t charge closing costs, for real, and I’d like to use him again since rates have dropped about 3/4 points since I refinanced.

Will my broker be happy to hear that I’m ready for another re-fi? Or would he want me to keep making payments on my present loan, in which case I’d expect him to be less helpful.

admin answers:

If you’ve just refinanced a few months ago, most lenders won’t let you refinance again right now. It’s not something you can just keep doing until you get an interest rate that makes you happy.

Mortgage brokers make their money in one lump sum after your mortgage clears or is approved (even refinancing). So there’s no reason why a broker would not help you unless it truly was a waste of time – it’s not because of the money (or lack there of) involved.

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Your Questions About Check My Mortgage Application

Sandy asks…

If you fill out an application for a mortgage over the phone can you cancel it?

Agreed to a mortgage offer over the phone with a broker and fill out the application form over the phone, I also paid for the survey to be done. But when checking the small print I see that there is a fee of £650 payable to the broker for arranging the mortgage which I was not told about. I am not happy with this and wish to cancel. Am I within my writes to ask to have this application canceled and for my survey fee to be refunded? I only did this this morning.

admin answers:

You can cancel, but your survey fee may not be refunded….

Donald asks…

B of A signed us up for a $7500 Visa card we did not ask for- will this hurt our upcoming mortage application?

I went into the branch about a month ago and the teller said I had the old type of checking account and they have a newer version with no extra fees or anything and asked if I would like to convert it over. I said sure, as long as there are no strings attached and he said there weren’t. Then out of nowhere, my wife gets a Bank of America Visa card sent to her with a $7500 limit that neither her nor I ever asked or applied for. We called B of A and they said it was requested the same day we were in the branch. In other words, we were scammed. The reason we are concerned is because we are about to apply for a mortgage. Overall, my wife and I have good credit scores (around 700) but we have some high credit card balances. Without this new card, our balances are about 65% of out total limits. With the new card, our balances will be about 40% ouf our limits. Is this going to hurt our mortgage application or not? Should we cancel the card?

admin answers:

Talk to an experienced mortgage lender. Only he/she willbe able to give you accurate advice on which way to go on the cancellation.

Richard asks…

Would anyone know if it’s possible to be on a mortgage when you never went to the bank, or had a credit check?

I know I am on the deed. My boyfriend bought this place 4yrs ago and he has now left. He has just walked away and I am in quite a financial mess. He will not answer phone calls from me or any relatives. He did send me a letter 3mos ago, from a lawyer, saying that I am on the mortgage. I just don’t see how this is possible. I don’t even know where he pays the mortgage as the 1st bank sold it. I desperately need help! I cannot afford to live here and the place is a dump. I have been accepted at elderly housing but can’t move in because they think I have an asset. They want a market analysis, which I cannot afford. I am getting nowhere fast as I can’t provide the name of the bank, or account #. My application is going to expire shortly and I have no place to go. Any help would be very much appreciated. Thank you

admin answers:

To be on a mortgage, you must have signed the mortgage documents, and your signature would have been witnessed and/or notarized.

Get an attorney — pronto! Sign a Quit Claim Deed to the ex-bf, or sue him for half the value of the property and give him a Quit Claim Deed in exchange. Your atty can advise you as to the best way to go on this.

You MUST get an attorney or you are in very costly trouble here! You should have gone to an attorney as soon as the bf moved out and left you this financial swamp.

Lizzie asks…

What are my mortgage broker’s responsibilities?

Is he just the middle man to take my application and apply to the lenders? or does he have a responsibility to check credability of documents etc?
-story summary:
— mom applied for mortgage
— she needed some supporting docs “made”
— before her mortgage was approved
— she asked if she should give estate agent deposit
— said hes confident that mort will be done
— she gave deposit
— the lenders asked for original supporting docs.. there were none.
— thus, mort. declined
— mom lost deposit.

Can she take the to court??
She was the one who went to him to “make” the docs and make the application for the mortgage

She’s in for trouble if she reports him, right?

admin answers:

I assume your mom is in the UK here.

If so, sorry but there is not much she can do. All mortgage brokers must be authorised by the Financial Services Authority, and follow strict rules on how to arrange and advise on a mortgage.

There are complaints procedures in place, and these should have been advised to your mum at the time….If not refer to the FSA website ( or the Financial Ombudsman Service (

Unfortunately, I think what has happened to your mum will not be something she can claim against the broker for. You say broker said he was confident that the mortgage will be done – this is different to saying it will be done, there is still the potential for it to not be done.

Also in my experience with complaints against mortgage brokers, it is very likely that they will deny having told your mother it was ok to pay the deposit. It is then your mums word against the broker and the Ombudsman Service will side with the Broker.

You may like to speak to your local citizens advise beareau, who might have other advice.

Good luck.

Paul asks…

Is it possible to get this erased from my credit history?

awhile ago i applied for a small mortgage and NEVER heard a thing from them. when i checked my credit report there was an inquiry from them. i had no idea they read the application let alone checked my credit. is that not unfair? i think it should get removed 😐
i just dont see how they can check my credit without talking to me first about my application about if i even had a chance.
i just dont see how they can check my credit without talking to me first about my application about if i even had a chance.

admin answers:

An inquiry does drop your score but it is temporary and may not even be that big a deal. The exact impact depends on the rest of you credit but generally the impact of one inquiry is minimal.

If you are concerned about your score because your planning on applying for another mortgage soon. Multiple mortgage inquiries within 45 days are treated as one.

You should check your score to see if it actually even an issue for you. There are many free sites out there to check your score.

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Your Questions About Mortgage Loan Officer

Donald asks…

Was prequalified for mortgage, loan officer quit, is my approval still valid?

Me and my husband were prequalified for a VA mortgage in May and have been looking for houses. I hadn’t heard from our loan officer for a while and when I called I found out she’s no longer with the company! They transferred me to a manager and I got a voicemail and I still haven’t gotten a call back! Does anyone know how long our preapproval lasts? Can they take it away at any time? Help is appreciated! Thanks!

admin answers:

Her quitting shouldn’t matter.

You do understand that a preapproval does not necessarily mean that you’ll be approved, although if nothing has changed about your situation and the house meets all the qualifications, you should be OK.

Mandy asks…

what is the difference between a morgage broker & mortgage loan officer?

i want the definition of mortgage broker & mortgage loan officer.

admin answers:

There are two types of mortgage lenders, mortgage brokers and mortgage bankers. A mortgage loan officer can work for either a broker or a bank. A mortgage loan officer can be an employee or self-employed. Every State has different regulations governing mortgage loans and the loan officer. Most require a license and that license can only be used through a mortgage broker or banker. In otherwords you cannot do business independently, but must be done through one of the above, much like a realtors relationship with their broker. Mortgage banks and mortgage brokers have different regulations governing their operations.
A mortgage loan officer originates a mortgage loan for a borrower, escrow closes the loan. I am a licensed mortgage loan officer in Nevada and hope I’ve help to clarify the difference.

Lizzie asks…

I am looking for a Realtor and mortgage loan officer to work with. Referrals?

I am looking for a Realtor and Mortgage loan officer who is very familiar with and approved by the county for FHA loans and DAP programs for Harris County in Houston, TX. Recently I went through a nightmare of both. I did research and found a list of approved loan officers. I am speaking to one and its been two weeks and she still doesn’t have the information she needs? So I have decided to ask the community in addition to going through the list.

admin answers:

It is an international forum, you are unlikely to get the referrals you seek here. Especially when you post from Y!A UK.

Daniel asks…

What is the best state in the U.S to practice as a mortgage loan officer and why?

I would like to know the best state in the U.S where you can make tons of money as a mortgae loan officer.

admin answers:

Don’t focus on the cash. Focus on doing a great job for your client and the money will come, regardless of where you reside…

Robert asks…

How do you become a mortgage/loan officer?

Does anyone know they steps to becoming a loan officer that is free of gimmicks

admin answers:

Depending on where you live, licensing may or may not be involved. I live in Michigan, and am a mortgage banker with Quicken Loans. They are a direct lender, so I interviewed for the position just like any other job, then they hired me, trained me, and provided the materials needed so I could obtain a license in the states that required it. If you are going to be new to the mortgage industry, I would suggest that you work for a direct lender, preferably a larger company that offers training so you can get a full understanding of the industry and how it works. Most larger companies have detailed training programs that will teach you about mortgages and also how to sell if you have not done so previously. Mortgage brokers tend to be smaller companies that don’t have the resources to provide you with all the knowledge you will need to be successful. If you decide you would like to be a broker, you can always do so, but I would start with a large company with a good training program so you can take that knowledge with you. Personally, I love working at Quicken, and we have offices in Detroit, Phoenix, and Cleveland. If you happen to be in any of those locales, shoot me a message and I can put you in touch with the right people.

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Mortgage Brokers Guide to Lending

Product Description
The information in this guide will help mortgage loan originators close more transactions, says author Martin Koellhoffer. It will help loan originators who have recently come into the mortgage lending business understand the fact that 95% of people who want to purchase real estate can do so, Koellhoffer writes. One key factor in obtaining a mortgage loan approval is for you the originator to have a better understanding of the wide range of loan programs availab… More >>

Mortgage Brokers Guide to Lending

Mortgage Brokers In Ontario Governed By New Act And Regulations

Mortgage brokers across Ontario came under the regulation of the Financial Services Commission of Ontario (“FSCO”) on July 1, 2008 when Ontario’s Mortgage Brokerages, Lenders and Administrators Act, 2006 came into effect. The new Act and regulations was put into place in order to protect consumers and mortgage professionals within the industry, and to ensure that Ontarians are dealing with fully credentialed, educated, experienced and suitable brokers and agents when they are arranging for a mortgage for their home or property.

Two of the areas that Ontario’s new legislation aims to cover are the issues of disclosing borrowing costs and ensuring the suitability of the mortgage. Now, brokers and agents will be governed by the same cost of borrowing disclosure requirements banks, credit unions and insurance companies are required to give their customers. On whole it is meant to give the person who is shopping for a mortgage full, fair and timely disclosure of all the costs of obtaining and paying his or her mortgage. What no one in the industry wants to see is a borrower relying on an independent mortgage brokers to get them the best deal that is out there, and then having that person turn around after a month or two complaining of hidden costs. The mortgage process should be open and transparent. It’s part of a brokerage’s job to ensure its clients understand the mortgage products it finds for them, and that those products are best suited to their needs and circumstances..

The other big issue the Act and Regulations deal with, therefore, is the issue of ensuring the suitability of a particular mortgage product to the needs of the borrower – or the mortgage lender, or investor, as the case may be. It’s now mandated that a mortgage brokerage has to take “reasonable steps” to ensure that the mortgage or mortgage products it presents to a borrower for the borrower to consider is “suitable” for that person, having regards to that person’s specific “needs and circumstances”. The same holds true for the needs and circumstances of the lender or mortgage investor.

In addition to ensuring the suitability of a mortgage product to the borrower’s individual needs and circumstances, the brokerage must also provide written disclosure of all material risks to the transaction and give the borrower adequate time to consider those risks and the terms of the mortgage itself.

The advance disclosure that mortgage brokers are now required to provide to borrowers includes:

- The principal amount of the mortgage;
- The annual interest rate (or the method of calculating the annual interest rate, if it is a variable-rate mortgage);
- The installment period (monthly, weekly, bi-weekly etc.) and the amount of each monthly installment;
- The amortization period for the mortgage and details regarding any compounding interest that is payable; and,
- The term of the mortgage and the amount that the borrower will owe when the mortgage’s term expires (presuming all payments are made when due, and there are no prepayments made).

To ensure that borrowers get the financial disclosure they require and adequate time to consider the terms and conditions of the mortgage, as well as any material risks, the new Act and regulations mandate a 72 hour “cooling-off” period. The borrower must receive the mandated disclosure a full 72 hours, excluding Sundays and holidays, before he or she is asked to sign a mortgage instrument (or a commitment to enter into a mortgage). This “cooling-off” period can be reduced to 24 hours, provided the borrower receives independent legal advice.

The new Act and regulations fall under the purview of FSCO, which is charged with licensing and regulating mortgage brokers, broker agents and brokerages across the province. FSCO’s website ( provides consumers and mortgage professionals with full information and access to the new Act and regulations, as well as information on the accreditation program and a list of accredited mortgage brokers.

For more information or to contact one of our experienced mortgage brokers, visit or call us at 1-888-465-1432.

How To Get The Most From Mortgage Brokers

Finding a home loan is a big deal. A home loan is going to be one of the biggest debts a person will incur in their lifetime. That is why it deserves special attention. Almost any advice a person gets on finding a home loan will include the tip to shop around for the best rates. That is because the interest rate on such a large loan, like a home loan, can cost hundred of thousands of dollars. It is not cheap to finance a home purchase. One way to get the best home loan rates is to try using a mortgage broker.

A mortgage broker is someone who searches for home loans for the home buyer. The broker is basically an insider in the industry. This means they have access to special deals and financing offers that the home buyer may not have otherwise been able to find. Additionally, they often have good relationships with lenders and can negotiate good deals for a home buyer.

A mortgage broker is going to be able to help a home buyer by finding them the best deals. Additionally, they are going to save the home buyer time because they are going to be doing the searching and all the major work in finding the home loan.

The broker is going to be able to also pre-qualify buyers. What this means is the home buyer gives their information to the broker and the broker can fill in pre-applications with different lenders. They can secure lending for the buyer and all the buyer needs to do is finalize once they accept the deal.

A mortgage broker can be set up exclusively to find a home buyer their mortgage or they can be used to just find good deals to offer the home buyer so they can look into them further.

Home buyers have the option of using multiple brokers if they want. This is a great way to really find the best deals and is especially useful for people who are going to have a hard time getting approved. The brokers often know who will lend to those with bad credit or other situations that make securing a loan difficult.

Mortgage brokers work independently and sometimes directly for lenders. It can help to know which kind of broker the home buyer is using. A broker that works for a specific lender is not going to search around for different lenders, but rather just search their lending institutions options.

Mortgage brokers can be found in a variety of places. A person can find them by calling lending institutions. They can find then right in the yellow pages or they can do an online search for mortgage brokers.

Using a mortgage broker is a great way to get the best home buying experience. A broker can simplify the process and elevate a lot of stress. They can also help to speed things up and make things move along quicker. A mortgage broker is well worth looking into when searching for a home loan.

James Copper is a writer for where you can get information on mortgage brokers

Shopping For Bad Credit Mortgage Brokers

You like to shop. You know you do. It’s nothing to be ashamed of. You like to get out there bedecked in your fashionable hot pants and flip flops, scout the malls and markets, and find the best deals there are. Shopping takes a great deal of time and effort but you’re perfectly happy to do it anyway. If only you put half as much heart in searching for the best mortgage deals there are! You would never end up with an unscrupulous bad credit mortgage broker.

The Sweet and Sour of It
Bad credit mortgage brokers don’t offer mortgages themselves. If they say that they do, they’re probably lying, so go run as fast as you can in the other direction. Bad credit mortgage brokers are basically middlemen who specialize in matchmaking financially-challenged borrowers to money-wise lenders. Bad credit mortgage brokers earn money on commission and are often independent, smooth-talking sales people. They are often licensed to work. Licenses, however, are very easy to obtain. Well and good for the bad credit mortgage brokers who deserve them, but how about the dodgy characters? Not all bad credit mortgage brokers have your best interest at heart. Because they’re paid on a commission basis, they may push for certain deals that are not exactly right for you. That’s why you should be extra careful in choosing a bad credit mortgage broker. The right one can make your life easier. The wrong one could make your life a living hell.

A Lender for the Legwork
Searching for the right mortgage lender can be hard and boring work. Bad credit mortgage brokers can do the work for you and more. They are always privy to the best mortgage deals available and can work out really good deals for you. This is because most bad credit mortgage brokers, especially those who have been in the business for a long time, have built relationships with the lenders. Also, if you have an undesirable credit rating, these brokers can even find lenders that would take you – not out of the goodness of their hearts but because that’s what they specialize in: poor credit.

A’shopping You Go
Shop for the perfect bad credit mortgage broker the way you would a pair of shoes or a new La-Z-Boy. Don’t put all your eggs in one basket. Talk to a number of bad credit mortgage brokers and compare what they have to offer. You can ask for references. Make sure that their promises are put in writing. Always pay close attention to the fine print. Check the accuracy of the information given to you. All fees – hidden or otherwise – should be disclosed prior to committing to anything, and make sure you know what all these fees are for. You can take note of the quotes given to you by bad credit mortgage brokers and call the lender directly to verify the information. It’s not tacky to be a stickler for details. You’re only safeguarding your undertaking and it is perfectly reasonable to do so. Remember, once contracts are signed, there is not turning back.

Your mortgage is not a joke. It deserves as much attention as picking new eyeliner because if you don’t like it, you can’t just give it your teenage niece.

You, too, can find a bad credit mortgage broker! Visit now and discover how a good broker can help you get the best fixed mortgage rate and refinance home mortgage interest rates.

Applying for Mortgage Loans

Are you interested in finding out more about mortgage loans?  You can get fast mortgage loans today without even having to give documentation of your employment or income tax verification if you put down 20 percent towards the purchases of your home.  This is called a “no doc” mortgage and is a great way to purchase a home if you are self employed and cannot verify all of your income. 


If you are self employed and making good money, mortgage lenders used to want two years of income tax returns before they would allow you to get mortgage loans.  This is not the case any longer.  Mortgage loans are now available for individuals who put down at least 20 percent of the cost of the house without them having to provide any proof of income or past income.  If you are self employed, a no-doc mortgage may be right for you. 


Mortgage brokers who specialize in fitting customers with the right mortgage loans for them will be able to find you the best mortgage loans to fit your needs.  Many people feel that because they are self employed or have bad credit that they cannot afford to purchase a home in this buyer’s market.  This is not true.  There are many mortgage vehicles out there that you can get, even if you have bad credit or a prior bankruptcy. 


Mortgage brokers want to make mortgage loans to individuals because this is how they stay in business. Because the housing industry is pretty much at a standstill throughout the United States, many brokers are looking for creative ways to market mortgages to potential buyers.  It is a buyer’s market because there are more homes for sale than there are people to buy them.  The imbalance of supply versus demand has caused the home prices to drop in some areas, while some are still holding their own. 


To apply for a mortgage, talk to a mortgage broker today.  Look around for the best rate in the mortgage as well as the least amount of fees.  Never forget that the fees are negotiable.  You should talk to the mortgage broker about getting the bet type of mortgage for your credit.  If you have excellent credit, you should have no problem at all getting a very competitive rate.  If you have poor credit, you will pay a slightly higher rate, but can still shop for a competitive mortgage rate among sub prime lenders. 


Look at the fees that will be charged by the mortgage lender.  Some of them charge points, which are a percentage of the mortgage value.  While many mortgage lenders are eliminating the idea of points, others are still using them.  Make sure you know all of the hidden costs before you apply for any loan. 


If you are providing documentation, you will need two years of tax returns, bank statement for the last six months and employment verification to get mortgage loans.  If you are going no doc, you will just need an application to be filled out, proof of the down payment and an appraisal on the property.  An appraisal will have to be done whenever you apply for mortgage loans as it indicates how much the property is worth. 


To know more about bad credit mortgages and everything you need to know about mortgage loans feel free to visit our site.

Top 3 Ways Mortgage Brokers Can Stay on Top of Their Game

It’s no secret that our place in the current real estate market is at a steady decline. Refinances are proving to be more difficult to obtain due to stricter lender policies. The purchasing and selling of properties is stagnant because although it is a buyer’s market; buyers taking the bait are few and far between. As a society, we’ve hit rock bottom. The good news is that there is no other way to go from here except for up. Real estate professionals such as mortgage brokers can use this down time to sharpen certain skills, acquire new ones, and explore the possibilities of improving customer relations. The top three steps a mortgage broker can take in the right direction are as follows:

Ramquest is a Windows based software program that was released in 1991 to ease the operations of the land title industry. Since its release it has revolutionized the unity between mortgage brokers and title companies with its PaperlessCloser feature.

PaperlessCloser is a feature that allows mortgage brokers to submit their title search inquiry online as well as easily track its progress. Once the title search has been completed the title commitment as well any supporting documents; i.e. chain of title, explanation of liens and judgments, are uploaded for the mortgage broker to access. Furthermore, once the file is set up in the system, the mortgage broker can then identify which users may also access the information online; i.e. their clients.

Short Sales
More and more short sales are being approved by lenders for fear of losing any and all income on the property in question should a foreclosure arise. Short sale training is now being offered to mortgage brokers everywhere from large brokerages to online tutorials. Short sale tutorials will teach mortgage brokers how to initiate these types of sales on behalf of the prospective buyers.
A mortgage broker should know the ins and outs of this process because it is more than likely your next buyer looking for a loan is purchasing a short sale property.

Hard Money Lenders
Hard Money Loans are an excellent way to keep your bad credit buyer on the approval track. With the stringent new policies that lenders are implementing, a hard money lender may be your customer’s only hope. Hard money and private lenders can be found through extensive networking. As mortgage brokers you may have, in the past, worked with an investor clientele. Broadening that circle through networking may introduce you to additional private lenders willing to make hard money loans.

The looming question regarding the real estate market isn’t if it will rise again. Rather, it is when will it rise again? Instead of waiting around for the inevitable to happen to the market, why not take advantage of its current state? For mortgage brokers, staying in tune with what your costumers need will not only keep you on top of your game but may open doors to additional opportunities.

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