Your Questions About Check My Mortgage

Charles asks…

Can a spouse refinance a mortgage alone if the other is not working?

The situation is this. My wife and I bought a home b4 we had kids. she is now a stay-at-home mom and does not have a paying job. We want to refinance to lower the payments. Does the bank require a credit check on both spouses or is it normal that they only care about the one who has a job? Any mortgage professionals out there with the real answer? Really appreciate it. Thanks.

admin answers:

If you live in a community property state your wife’s credit will be pulled and any debt that she has that is not joint will be held against your debt to income ratio. If you qualify with just your income you should be fine.

Joseph asks…

can i get a mortgage if i dont get a W2?

I work in a small clothing boutique and get paid cash, nothing comes out of my checks. Can i still get a mortgage?

admin answers:

Sorry, but no documented income is the same as no income at all. You cannot expect to avoid taxes, but at the same time use that income to obtain a loan. You can’t have it both ways.

Chris asks…

Why is my mortgage company asking me about where I lived 20 years ago?

I have never ha this happen before…
This goes beyond even the seven year bad credit check and everything else.
What is up with these guys? I would like to have the lower rate on the mortgage and save a little cash…But is it worth them and everybody else who gets ahold of my mortgage knowing where I lived an my past history on those places? I find this rather invasive to my privacy.
Are there any laws against what they are doing?

admin answers:

All of your previous addresses show up in your credit report. Addresses are not private. It sounds like there may be some sort of discrepancy or the data is missing.

James asks…

credit changes with mortgage?

I am closing on my house in 8 days, I spoke to my loan officer about buying a car and she said it would be fine after the initial approval and that it probably wouldn’t show up on my credit report for 30-45 days anyways. Everything has been approved for the house, but I just checked my credit report and there it is after 18 days. Do mortgage companies usually check credit again after the initial approval??

admin answers:

Your loan officer was wrong. Never make purchases during the buying process of a home. I have had clients go out and buy new furniture and appliances for thier new home so they would have them when they moved in and then the deal fell through because of thier debt. Most MTG companies check a day or two before closing on a persons credit. Good luck

Steven asks…

How do some married couples get a $5k-6k tax refund check each year?

My only guess is it has something to do with having kids and a mortgage. This will be our first year where my wife and I have both a mortgage and a new child. But I just don’t see getting a large refund check. We prob made around $45k this year.

admin answers:

They probably make 100k combined and both file w-4’s with single 1

if you only make $45k – there is no way you are going to get a $5k refund, no matter what you do

teh first year you have a mortgage, you won;t get a full yrs worth of interest and prop taxes and you have to itemized your deductions to get any benefit from those anyway, which means at least $10,000 in itemizable deductions

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