Your Questions About Check My Mortgage

Susan asks…

Can I get a mortgage with my credit scores?

I am tired of paying $700 in rent. So, I am looking for houses to but that will hopefully give me a better monthly payment.

My question is: Can I get a mortgage for a $59,900 house with my credit scores being 620, 573, and 571?

My roommate – who would be moving with me – has excellent credit (way over 700) but no current employment. I have a great job that I have been at for almost a year and earn $34,000. My monthly debt is around $350 (not counting rent).

We have a $4000 down payment for whatever we do. I also have check stubs for the last 10 months of paying $700 rent.

We have to do something because our lease will soon be up. So, waiting for my credit scores to go up will not be possible.
My roommate would be on the mortgage with me. She is out of work because she went back to college full time. Before she started school she was with the same company for over a year and a half. She has student loans which – in the writing of the loan – states that she is allowed to use the loan for housing since she lives off campus.
I am currently working with a law firm that does credit repair, but do not have the time to wait for the firm to help build up my credit before I either have to move or renew my lease.

admin answers:

Your credit scores are too low to get a decent rate. Even if you were able to get a loan for 59k you might no be able to afford it. Spend a couple of months to work on your credit score before you dive into a loan. Some of the things you’ll want to do is follow the steps I have listed here and make sure you get the free credit report monitoring on the article listed below to track your progress which is really important!

Here are my 10 steps you can use to build your credit score quickly. I raised mine to well over 700 points fro 500 using these steps in less than a year — :

# Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score monitoring listed on the article below. It really helped my get my score up.)
# Never Miss a Payment, Starting Today
# Never use more than 20% of your Available Credit
# Keep Credit Cards that Have No Annual Fees Open For as Long as Possible
# Extend Your Credit Limit on Cards You Already Have before You Get New Ones
# Get Credit Cards that Have CashBack Rewards to Contribute to your Balance
# Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit-
# If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan
# Take out a Small Personal Loan and Repay it Over a Year
# Ask Someone With Good Credit if They will Account Shadow you

Read the full article here, it gives you an overview of credit scores, and the 10 steps in detail on page 2 .. Good luck!

Jenny asks…

Daycare for 3? How can we afford it?

We are now expecting our 3rd child, and don’t know how to afford daycare. My husband and I make to much money to qualify for assistance, but having 3 kids in daycare will be almost my entire check, leaving my husbands check for mortgage, car, insurance, electricity, natural gas, fuel, food, phone, and expenses. It’s just not possible!!! Any ideas???

admin answers:

Stop having kids if you can’t afford them. Re-do your budget, cut back on unnecessary items, we all have them. Watch where every penny goes and figure out what you don’t need.

William asks…

Insurance check endorsement by Lenders?

I have a commercial property, it had some damage due to natural disaster, the insurance company have send me a Check, one of my Mortgage lender have endorsed it without any troubles, but the second lender is giving me trouble about depositing the check into trustee account, will some one know what are my rights towards getting that check endorsed by them without getting them to keep it into mutual account????

admin answers:

You HAVE no rights in this matter. THEY have all the rights – to make sure that the money actually goes to repair the damage. I’m actually surprised that the first mortgagee endorsed the check.

The STANDARD procedure, is that the mortgagee deposits the check into a trustee account, to be released to the contractor as the work gets completed.

The way around this, is to give the check back to the adjuster, and have them pay the contractor directly, after the work is completed. MOST contractors don’t have a problem with this.

Maria asks…

Why isnt my mortgage being reported to the credit bureau?

Have had a mortgage now for 6 months and checked my credit report the other day and noticed that they are not reporting, i asked the place we financed through and they told me that they are not allowed to report cause they dont deal with enough loans, but they can report if we are ever late on a payment, this didnt seem right to me cause i thought the whole point of buying your own home was to build equity and help with your credit score, is this right?

admin answers:

Common. Not every credit servicer reports to a credit bureau; but they all turn in delinquencies for collection thus reporting them in an effort to get paid.

Especially true with investment groups and small private lenders

Michael asks…

In the state of California, does a mortgage broker have to have a license?

I am just curious…
Do they have to have any special licenses?

I checked my TRW and have found that the mortgage company is not reporting my no late payments and I am not able to refinance due to lack of records.

What is the law?
Thank you Dion…

admin answers:

Yes. To act in the capacity as a broker, you must be licensed by the Department of Real Estate, the Department of Corporations, or you must be an attorney with a license by the California Bar. Additionally, banks, savings and loans, thrifts, credit unions and etc all may broker loans to each other as long as they are either chartered federally or by the state. For information on a broker, you can check their name or license by going to the following sites below.

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