Your Questions About Check My Mortgage Application

Sandy asks…

If you fill out an application for a mortgage over the phone can you cancel it?

Agreed to a mortgage offer over the phone with a broker and fill out the application form over the phone, I also paid for the survey to be done. But when checking the small print I see that there is a fee of £650 payable to the broker for arranging the mortgage which I was not told about. I am not happy with this and wish to cancel. Am I within my writes to ask to have this application canceled and for my survey fee to be refunded? I only did this this morning.

admin answers:

You can cancel, but your survey fee may not be refunded….

Donald asks…

B of A signed us up for a $7500 Visa card we did not ask for- will this hurt our upcoming mortage application?

I went into the branch about a month ago and the teller said I had the old type of checking account and they have a newer version with no extra fees or anything and asked if I would like to convert it over. I said sure, as long as there are no strings attached and he said there weren’t. Then out of nowhere, my wife gets a Bank of America Visa card sent to her with a $7500 limit that neither her nor I ever asked or applied for. We called B of A and they said it was requested the same day we were in the branch. In other words, we were scammed. The reason we are concerned is because we are about to apply for a mortgage. Overall, my wife and I have good credit scores (around 700) but we have some high credit card balances. Without this new card, our balances are about 65% of out total limits. With the new card, our balances will be about 40% ouf our limits. Is this going to hurt our mortgage application or not? Should we cancel the card?

admin answers:

Talk to an experienced mortgage lender. Only he/she willbe able to give you accurate advice on which way to go on the cancellation.

Richard asks…

Would anyone know if it’s possible to be on a mortgage when you never went to the bank, or had a credit check?

I know I am on the deed. My boyfriend bought this place 4yrs ago and he has now left. He has just walked away and I am in quite a financial mess. He will not answer phone calls from me or any relatives. He did send me a letter 3mos ago, from a lawyer, saying that I am on the mortgage. I just don’t see how this is possible. I don’t even know where he pays the mortgage as the 1st bank sold it. I desperately need help! I cannot afford to live here and the place is a dump. I have been accepted at elderly housing but can’t move in because they think I have an asset. They want a market analysis, which I cannot afford. I am getting nowhere fast as I can’t provide the name of the bank, or account #. My application is going to expire shortly and I have no place to go. Any help would be very much appreciated. Thank you

admin answers:

To be on a mortgage, you must have signed the mortgage documents, and your signature would have been witnessed and/or notarized.

Get an attorney — pronto! Sign a Quit Claim Deed to the ex-bf, or sue him for half the value of the property and give him a Quit Claim Deed in exchange. Your atty can advise you as to the best way to go on this.

You MUST get an attorney or you are in very costly trouble here! You should have gone to an attorney as soon as the bf moved out and left you this financial swamp.

Lizzie asks…

What are my mortgage broker’s responsibilities?

Is he just the middle man to take my application and apply to the lenders? or does he have a responsibility to check credability of documents etc?
-story summary:
— mom applied for mortgage
— she needed some supporting docs “made”
— before her mortgage was approved
— she asked mort.broker if she should give estate agent deposit
— mort.broker said hes confident that mort will be done
— she gave deposit
— the lenders asked for original supporting docs.. there were none.
— thus, mort. declined
— mom lost deposit.

Can she take the mort.broker to court??
She was the one who went to him to “make” the docs and make the application for the mortgage

She’s in for trouble if she reports him, right?

admin answers:

I assume your mom is in the UK here.

If so, sorry but there is not much she can do. All mortgage brokers must be authorised by the Financial Services Authority, and follow strict rules on how to arrange and advise on a mortgage.

There are complaints procedures in place, and these should have been advised to your mum at the time….If not refer to the FSA website ( www.fsa.gov.uk) or the Financial Ombudsman Service (www.financial-ombudsman.org.uk).

Unfortunately, I think what has happened to your mum will not be something she can claim against the broker for. You say broker said he was confident that the mortgage will be done – this is different to saying it will be done, there is still the potential for it to not be done.

Also in my experience with complaints against mortgage brokers, it is very likely that they will deny having told your mother it was ok to pay the deposit. It is then your mums word against the broker and the Ombudsman Service will side with the Broker.

You may like to speak to your local citizens advise beareau, who might have other advice.

Good luck.

Paul asks…

Is it possible to get this erased from my credit history?

awhile ago i applied for a small mortgage and NEVER heard a thing from them. when i checked my credit report there was an inquiry from them. i had no idea they read the application let alone checked my credit. is that not unfair? i think it should get removed 😐
i just dont see how they can check my credit without talking to me first about my application about if i even had a chance.
i just dont see how they can check my credit without talking to me first about my application about if i even had a chance.

admin answers:

An inquiry does drop your score but it is temporary and may not even be that big a deal. The exact impact depends on the rest of you credit but generally the impact of one inquiry is minimal.

If you are concerned about your score because your planning on applying for another mortgage soon. Multiple mortgage inquiries within 45 days are treated as one.

You should check your score to see if it actually even an issue for you. There are many free sites out there to check your score.

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