Your Questions About Check My Mortgage Application

Thomas asks…

Will mortgage be approved?

Hi

Im looking to apply for a mortgage promise from the halifax ( a lender who ARE offering 95% LTV) in January with a 5% deposit on a £140,000 house. A few questions if anyone can answer;

1) Does the mortgage promise do the credit check etc or is that done during the full application stage?

2) I am a teacher with a permanent job and an excellent credit rating with annual wage £22,249. My partner earns £15,000 and has a “fair” credit history (a few late phone bills paid three years ago.) Will this be an issue?

3) Are the halifax generally good lenders? Have heard stories about banks “picking and choosing” customers.

And also i have seen some good 95% LTV deals with Bristol and West – Can anyone comment on this lender?

Thanks

admin answers:

Given the choice, if your deposit is only 5%, go with Bristol & West.

In many other circumstances, I would say Halifax are a good lender to go for. Not so when you’re only looking at a 5% deposit, because they charge an additional fee known as a Higher Lending Charge (HLC) above 90% Loan to Value, and currently their rates are atrociously high for that sort of mortgage anyway.

Bristol & West are a brilliant lender for first time buyers, and if you can get one of your parents to act as a sponsor/guarantor, you can get yourself a very competitive deal. This product needs a little explaining though, ask about their “First Start” product.

Steven asks…

santander AIP will it be declined?

had a mortgage agreed in principal with santander by a broker who says they have passed both mine and my husbands credit checks, the application has now gone to the underwriters who have asked for a couple of extra bits of info, the broker says he is pretty sure all will be agreed as if they would decline they would have done so by now rather then bother to ask for the extra info which was just full dates of last addresses, waiting for a reply hopefully monday just stressing as hate all this waiting, just wanted other peoples opinions as to what they think

admin answers:

In my experience of life,i must tell you that the Very Name of Certain Financial Organisations makes my blood boil. Santander is one of them. A close second is The Royal Bank of Scotland.
I have been ripped off in a manner that beggars belief.
There was a time when peoples savings were robbed from the banks at the point of a Gun:Today the robbers are sitting in suits and behind a desk.
Leagalised plundering of Savers.
Banks that have denied savers of Annual Bonusses , and Terminal bonussess, after 10 years of Savings without touching the Capital should- never tolerate The Directors to award themselves HUGE bonus pay each Year and even on their retirement.There must be Thousands of Pensioners who have lost more than half their Investments. I did over “40 Grand” My lifes savings.
Banks can also overwhelm you and keep you away from enquiries by using Phone set up Technology in a manner it was never intended for.Wait until 2012, and you will realise” You ain’t seen nothing yet.”

George asks…

mortgage pre-approval question?

i’m a first time home buyer, my wife is not. she has no negative issues with her last house. i have never had bad credit because i’ve never had any credit until recently when she added me to her credit cards. one which is now paid off and the other with a balance of $7,500. were pre-approved for $269,000 but only need 218,000 with 7,000 down and 3,000 for closing, both of which will be borrowed from 401k. 401k has 23,000. we bid on 1.1 acres of land for 100,000 plus cut the seller of the land a check for $500 which will be applied to settlement costs. 2 weeks later we signed a construction agreement for building the house we picked out. today we go to the bank for the loan application and have to cut another check for $350 which from what I understand is non-refundable. my question is are the chances of us getting approved from the lender favorable or not? my wife has excellent credit and i have a little credit now. our gross income is around $70,000/year.

admin answers:

Dear djskooby

The first thing that will help you is… Always remember that obtaining a loan is a: process

You already have your pre-approval, and there are still many hoops to overcome. The lender will still need to review all the documents to support the information that you provided on the loan application. If all meets with their criteria you there should be no problem in getting your loan.

Best of Luck
Daisy

Laura asks…

I have a question about Line of Credit and possible mortgage fraud.?

Hi my name is Jane and I am living in Virginia.
I purchased a house in Woodbridge VA in Dec/2004.Tom was my mortgage agent. I made 10% deposit. (Contract amount was $535,000.00)
US Express Mortgage Company approved first and second mortgage (1st $374K and 2nd $107K). About two months after settlement I received check book from BB&T Bank (3rd lien – Line of Credit $125,000).

I called Tom (Mortgage Broker) and asked about the check from BB&T because I had never applied or asked Raymond to open a Line of Credit for this property. He said “Jane, you did not need a loan application and you didn’t have to sign anything because you have a good credit and your Woodbridge house had an immediate equity right after you closed the deal. So BB&T approved the loan based on your excellent credit and equity of your house.

By the way I did not close the account and unfortunately I used the money.

December, 2008, the house was foreclosed (by 1st lien holder) and 3rd mortgage lender; BB&T Bank filed a lawsuit against me in the amount of $125K. I received complaint by mail in 01/15/2009.

* Right before foreclosure I requested all the documents regarding this loan to the entire lender including BB&T. (I was not sure what they have but I tried.)
Shockingly enough, there was a Loan Application which I have never seen and someone forged my signature.

BB&T Bank was not a wholesale lender. (BB&T had a wholesale department but I am not talking about them)/I didn’t know at that time because Tom and Bank loan officer were acting like they are…/The loan officer had to contact with borrower directly but it didn’t happen. Someone forged my signature in Loan Application, Credit Line Agreement, and Credit Line Deed of Trust (Notary Public? I don’t know who she is and there was no seal)
So they foreclosed my house and also asked me to pay. Yes I did use the money. If I have to pay then I have to. But how about a FRAUD. (Forgery and violation of lender’s liability…
Q #1. What should I do? Do I have to pay them and bury that fraud?
#2. We have 2 years of statute of limitation for fraud in Virginia. Someone told me that when I received the checkbook from BB&T Bank I should have known that it was a FRAUD (He said this is common sense). What do you think? I confirmed fraud when I saw someone forged my signature on Dec.2008–My deference is –“Jane you did not need….. your excellent credit and equity of your house.”
#3.Can I fight with the lender for anything like-Breach of Contract or Fraud or Lender Liability… I don’t know.

Thank you so much

P.S. Just for your information, Mortgage Broker and the loan officer are in federal prison committing Bank Fraud, money laundry etc. But not for my case.

admin answers:

I would look for a lawyer or attorney that specializes in that field and/or find out who the district attorney is that imprisoned them and notify them of your situation and if there is anything you can do, write a letter. Notify the BB&T co. That you are disputing their fraudulent account.

Nancy asks…

DTI needed for self employed?

So my mortgages are keeping me from getting any loans.. against my home or any of my rental properties. (DTI too high and no W2–self employed landlord).

I’m considering selling my home to move into a rental.

Will this immediate change in my debt to income help in qualifying me?

Do you have to show an entire year of acceptable DTI to get a loan?

Is there a bank (or professional) that might look at my situation without me having to do an entire application (credit check, etc.)?
I have tax returns….

The question is if you sell a property this obviously has an immediate impact on your DTI..

At that point… It seems to me your DTI would be recalculated. Correct?

I really need an underwriter or mortgage banker to answer this I believe.

admin answers:

Since it sounds as if your profession is being a landlord, you would have to show 2 years of tax returns showing how much you *netted* (self employment doesn’t go on gross like normal working folk.

No bank is going to let you slip under the cracks anymore without tax returns, credit checks and a down payment.

Your tax returns should show a bank where you stand financially as far as your income goes.

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