Your Questions About Check My Mortgage

John asks…

do mortgage loan companies check your employment again before closing?

I am planning on leaving my job for another after the 13 of July but we are in the middle of buying a home and I don’t want to give the mortgage loan officers a reason to question if we can afford it ( WE CAN). Can I put in my resignation now to give two weeks notice or should I wait until after we close in case the mortgage people check my status. Do they do that?

admin answers:

Absolutely we check. Most companies will verbally verify your employment within the final days prior to closing your loan, though sometimes even a few days after.

At closing, you’ll be required to sign an affidavit swearing that no adverse changes to your financial status have occurred since application. Quitting your job would certainly be an adverse change. Not admitting that you have terminated your employment would then be considered fraud.

If you’re confident you’ll qualify without your income, just tell your loan officer. If you can’t qualify without, you shouldn’t be buying the home or shouldn’t be quitting without another job lined up. You don’t want to risk losing the home you just bought, do you?

What’s more important to you? Buying the home or quitting your job?

Realistically though, there’s probably nothing that can legally be done to you if you put in your notice the day after closing on your home, even if the intent was then obvious. But if you put notice in, even if your final day is after you’re scheduled to close on your home, whoever verifies your employment could end up being told that “yes, she works here, but has put in a resignation notice.”. Then you don’t get your house.

Jenny asks…

How many lenders should I check with for mortgage?

Hi, I have signed up for a new construction. Closing is 3 months away. I have loan approval from 2 lenders. Should I check couple of more lenders? Or would the credit check by them degrade my credit score? I need to finalize the lender 70 days before closing. How should I choose among the lenders?

admin answers:

Not sure what you mean “choose among the lenders” all you need is one…and the one giving the lowest interest would by my choice. All lenders are supposed to have done their own personal appraisal so they would lend to you according to that. Yes, the more you check with the worse your credit report looks. The other thing you would want to do is to read the fine print of the contracts of the two lenders you have already. Any one that wants a balloon payment from you, well toss that contract. If there is one (of the two) that says if you’re in trouble repaying the loan that you could add a payment or two to the end of the mortgage payments then you might want to use that company.

Chris asks…

Why would we be turned down for a credit card when we just passed a credit check for a mortgage refinance?

The same week my husband looked into a balance transfer credit card I started an application for a mortgage refinance to get rid of some credit card debt. My husband was turned down for the credit card now he is worried about the mortgage finance. We have had our mortgage with the same bank for 11 years. WIll there be a problem with the refinance? Like I said they alreaqdy saw our credit bureau reports and they were fine.

admin answers:

The two things don’t have anything to do with each other.

You don’t say why you got turned down for the card. The card company was required to tell you why they turned you down.

The mortgage company is going to be mainly interested in how much equity you have in your house. Because you are pledging a house as collateral, and with a card, you are giving no collateral, the two lenders will tend to look at things differently.

Helen asks…

Online gambling and credit check for a mortgage?

When applying for a mortgage which I am just about to do, I have heard they go though all your bank statements and check everything. Would placing a lot of online bets effect this or make much difference? I haven’t placed any for a while but was about to today, and thought it might negatively impact my ability to get a mortgage, do you think this will be the case?

admin answers:

Debt before a mortgage is a VERY bad idea. But for gambling is an even worse thing for them to see on your bank statements right now. Means you might bet away the house payment if you have a gambling problem and many contend online betting is just that.

Sandy asks…

Spam after filling out online mortgage requests?

I use this email sparingly. I know that after I applied for “no obiligation” mortgage requests, that my email address is now being spammed. I KNOW that it was because of these mortgage things. They state “your email will not be used for any other purpose” blah blah…

How do I report this? It really makes me mad that they can lie and say your email won’t be used for anything else.

If anything, let this be a warning to everyone–don’t check mortgage rates or go into any of these ads that are the homepages of yahoo, aol, etc.

They don’t ask for your social security number or anything like that–but it’s still frustrating to get emails that say “hey, take a look at my brother in law’s wife-isn’t she hot?”…

Spam A-holes should be shot.

admin answers:

Yes, you can get spam from many of these type of sites. Below are some tips to try and minimize spam.

You shouldn’t open unsolicted email from unknown sources. Often what happens is that when you open up spam, it sends back a trigger to the originating source indicating that a valid email address has been found thus subjecting you to even more spam down the road. Even using the preview pane in email products sends web beacons back to spammers.( http://helpdesk.gwu.edu/mailfilter/spam.html )

Here are a few steps you can take to try and avoid spam.

1. Don’t open unsolicited Spam. Often what happens is that when you open up spam, it sends back a trigger to the originating source indicating that a valid email address has been found thus subjecting you to even more spam down the road.

2. Don’t use the Preview Pane for the same reasons as #1

3. Set you email options to accept mail from only people in your address book or safe lists.

4. Set some filters to automatically route spam to certain folders for easy deletion later.

5. Use a throwaway account for any online registrations you need such as news sites and contests, etc. Often these email addresses are sold to other places, particularly advertising firms. If the throwaway account gets over run, you can simply delete it and create another.

6. Use the BCC when composing emails and encourage your friends to do the same. What this does is protects mailing lists from email harvesters.

7. You can consider using a third party application such as SpamFighter (free version can only be used for 1 account and it is for Outlook and Outlook Express only) http://www.spamfighter.com/

8. Never reply to any spam email that you happen to open and receive for the same reason as #1 above.

You can see more info at the webpage below:

http://www.us-cert.gov/cas/tips/ST04-007.html

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