Your Questions About Check My Mortgage

Steven asks…

Now that Obama has lowered gas prices, when will he cut the check for my mortgage?

I was thinking of buying a new flat screen for football season, and I was wondering if I should go ahead and buy it, or if I should wait till the check actually gets here.
I heard today at work that he actually claimed his trip was responsible for the lower gas prices? Is this true?

To the first poster, every union worker I know is a huge football fan, and I have yet to see one vote republican.

admin answers:

Go ahead and buy it, Obama will save you, he will save everyone. I can’t wait till he becomes president because then I won’t have to wipe my own a s s any more.

GO OBAMAMA

David asks…

I just received an escrow check from my mortgage company. What is it for and is it for real?

Never had anything like this before and didn’t know if it was legit.
I have been in my home for roughly ten years now. It is a manufactured home. I pay my own property tax and insurance

admin answers:

Can you elaborate a little more on the actual check, what did it say? Have you tried calling the escrow company that issued the check? If you just sold a home they may have overestimated some of your closing costs and it may simply be a refund or unused funds that belong to you.

Laura asks…

How do I check daily FHA mortgage rates?

My lender hasn’t locked rate for home purchase in CA. How do I check rates myself looking at internet. he says we will be able to lock once we get loan docks this week. I just want to see what kind of rate I’m looking at (ballpark)

admin answers:

I disagree with the previous two answers. MOST rates on the internet are very misleading. Unless you understand the difference in rate and APR this will not be helpful to the average person. Also, many rates on the internet include points but the real question is how many. I recommend you shop several banks on the same day and get an estimate of the rates. This will help you determine who is comparable and who is out of the game. Just to give you an idea the average rate today on a FHA loan is 4.50-4.75%. 4.50% would be something most lenders charge additional points for. The 4.75% would traditionally be no points except for the traditional FHA charges. Under the new FHA program FHA charges 1.00% origination charge for the program. This is not a mortgage broker fee, it is a fee to FHA. I do agree with your current lender, he should not lock a rate until he has loan papers in hand. The reason is simple. Rates are quoted and locked based on the estimated time to close. Until your lender has loan papers he can not estimate how much time he needs for the rate lock. This is a KEY part of locking rates. I strongly recommend that you do NOT play the market for a better rate. Rates are showing strong signs of increasing. Most people in the industry are expecting a steady increase into the third quarter. Pick a lender you are comfortable with. Trust there judgment and get your rate locked before they go up even further. I am not a mortgage lender, so the rates i quoted are based on my own research that i did today, however, I have a pretty good insight on this stuff. I hope this helps…

Sandra asks…

What is escrow plus? I got a check from my mortgage payment? Why?

The weirdist thing. I got a check from my mortage payment it said something about escrow plus and my house payment also dropped. What’s is going on. Should I cash the check.

what is escrow.

admin answers:

Just sign the back and mail it to me…

…sorry, I couldn’t resist.

You can cash it. It shouldn’t be over a few thousand…if it is, call your mortgage company 1st.

Every month a portion of your mortgage payment goes into an “escrow” account. That money is used to pay for things like taxes and insurance when they are due. If more money was collected than paid out, they will refund the difference and adjust your payment amount so that next year, there’s not such a big difference.

Sometimes it works the other way around…Taxes and insurance goes up, and they haven’t collected enough in the “reserve” or “escrow” account, and they’ll ask you to send them a check, and adjust your payments higher.

Enjoy your check!

John asks…

Applying for a mortgage can I use bank statements images of pay slips?

Me
And my boyfriend are going to apply for a house to rent.
It is one you can go into a part buy part rent one but before anyone applies they dona
Mortgage check to make sure you can afford it. I need 3 months of pay slips but I have lost my last 2 an it will be a while until I can get copies. Could
I use a bank satement to show the money going into my account as evidence? Please help thanks

admin answers:

No. Money going into an account unless it is a direct deposit from an employer could be anything from anywhere

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