Your Questions About Check My Mortgage

Paul asks…

Can chase bank send a cashier’s check electronically to my mortgage company?

admin answers:

I don’t think there’s such a thing as an electronic CASHIER’S CHECK, but I could be wrong about that. They certainly are able to send an electronic check (otherwise known as an ACH payment) to your mortgage company.

Michael asks…

when you check other banks for mortages and rates I already check with a mortgage banker and he ran my credit?

I just want to know if I should go to bank better

admin answers:

You have a two week window where after the first mortgage broker or lender has pulled your credit your score will not be affected after the first pull as long as it’s another mortgage company or lender pulling it. The same also goes for the automobile industry.

Chris asks…

Are my taxes automatically paid from my escrow account? Do I need to check with my mortgage company for this?

admin answers:

Make sure you do check with them and double check it. My mortgage co. Told me they will pay my taxes at the end of the year and send me an invoice for the amount, over and above, what I had in escrow. Instead, they didn’t pay my taxes and sent me the escrow check after the first of the year. I called them again, wondering why they sent me the check and told them, if they can’t get it right, I will handle my own escrow and tax payments. They confirmed they would pay my taxes, but again, didn’t. My taxes were then delinquent and I was charged interest. I back charged the mortgage co. For the interest and had to fight, tooth and nail, but they did reimburse me. It was their personnel’s mistake after all.

So yes, make sure you varify they will pay the taxes and get it in writing.

James asks…

Is a disability check considered steady income for a mortgage?

My daughter and I are looking to buy a house together, the only income I will have will be the disability check Ill be receieving. This is obviously a “forever” thing, so will it be suitable to use for a mortgage even though I havent had “this” steady income for at least 3 years?
Thanks!!

admin answers:

As a loan processor and then an underwriter at a very big bank, I’ve been able to accept disability, child support and alimony as income as long as it will continue for at least 3 years. Child support and alimony needed a 2 year history, but disability was fine. The source isn’t a problem, but the debt ratio is frequently a problem.

Why don’t you call your regular bank, a big bank, a local bank, a credit union and a mortgage company and see what they say? Call as many or as few of those as you like, because they may not all do things the same way. You would want to get a pre-approval before you start shopping anyway.

Joseph asks…

Whose credit gets checked when a married couple gets a mortgage?

If a married couple is buying a house, whose credit do they check for a mortgage? My wife’s credit is a lot better than mine, and she’s the current mortgage holder (she bought our current house before I met her). However, she’s the lower earner. Can I get away with simply providing proof of my income without having my credit checked?

admin answers:

Only way you can be voided is if your name is not on the loan!!!

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