Will I be approved for a mortgage?
I was given a mortgage in principle for £112,000. I have now made an offer for a house, and only need to borrow £104,000.
However, Im worried given the economic climate. Also I know they now have to do even further credit checks, and 5 years ago I had several late and missed payments on my credit report. However it has been perfect since then, except one late payment in the whole 5 years. I also have applied for several credit cards over the period (around 6), to juggle the interest-free promotions they give, but now only have 2. They all have £0 balances, and I have no other debts, but I’m worried the constant ‘footprint’ put on my file would have affected my chances.
The survey, I’m certain will be fine, as the house is fairly undervalued, due to them needing a quick sell.
Do you think I will be approved? Or is there a chance it could all fall through? As I am set to lose solicitor and survey fees if so.
In principle means they did a credit check first, the same happened to me as something came up but was soon rectified as I wanted to know how much I could borrow.
Question about my bank statements for home loan?
I am about to apply for my first home loan. The house is only 59000 and I’ve been gifted the down payment and closing cost by GA Dream. My middle score is about a 680 now and I have a steady employment history with a good paying job. So as you can see I do meet all requirements. My only concern right now is my bank statement. I have NEVER had a overdraft, NEVER been late on my rent, and all my bills are up to date. I deposit my check every week but my ending balance for a few days are below 100, but never overdrafted. I’m transferring $2k next week from my school refund and I plan on writing a short letter to the underwriter explaining circumstances with me paying my tuition and books out of pocket a month ago. Do you think the underwriter will approve with these circumstances? I will show him I am paying incredibly too much (800 a month for a two bedroom apt) so I will not have a problem paying a $300-$400 mortgage. Opinions and answers are welcomed!! Thank you so much!
To Equality: If you read and comprehended it well, it stated that I will be having that money gifted, therefore I wont be coming out my pocket except for my appraisor and such (only about $500). Other fees, closing costs, and down payment will be paid through other sources. And $400 a month and property tax and insurance have already been calculated. I have my things correct on this end, I just asked about my bank statements. Thanks!
If there is an excess amount of funds added to your account, then you would need to write a letter of explanation explaining where the funds came from and the circumstances under which you received them.
The funds would have to be from a legitimate source. It might would be a good idea before, you cashed the check you might would want to take a picture of the check. Include this copy with your letter of explanation.
What are your normal balances in this checking account. The lender would be looking for stability in your account. There might be some reserve problems as lenders would like a few months in your checking or savings account that would equal your monthly mortgage payment.
I hope this has been of some benefit to you, good luck.
HOW CAN I BETTER DEAL WITH MY PARENTS ?
Specifically my dad. We don’t get along at all basically because I’m flat broke due to HIS DEBT!!
We had a MAJOR argument yesterday, and he even threatened me that he was gonna slap me, but I flat out told him to try, and I wouldn’t hesitate to call the cops in a heartbeat. I’m 22yrs old, laid off work now, so I get alittle unemployment, and basically I’ve decided to move to a different state, and start anew, go to school, and get a job there.
My dad, now all of a sudden, wants to show interest in my life. Like he’s researching what school I’ll be going to, what city I can move to, etc.. I DO NOT NEED HIS EFFING HELP. I’ve already figured out where what school Im going to, and in what city.
I told him flat out, that he should’ve shown his concern, when I was working full time, graveyard shift, to help HIM pay the bills and his EFFING MORTGAGE! I’ve been working full time since I was 18yrs old, and I have zero savings now that I’m laid off.. why?? Because my dad had my debit card, and used it whenever he felt like it. The only time I got my card back was when it was close to being in negative balance.
I wouldn’t feel so negative towards my dad about the money, if he didn’t end up losing our house to foreclosure, even when I helped with the mortgage!! Basically all of my check went towards that!! Also, we didn’t lose the house because we didn’t have any money, but because of his stupidity that he didn’t pay the bills on time! And because of his stupidity, the house got sold in a short sale, I had given my parents a $5k down payment for the house, that went down the drain, and he filed a lawsuit against the bank and mortgage company, which is costing us additional money, because the expenses aren’t cheap.
Am I wrong to effing hate him at this point in my life? He’s practically ruined my life. I quit school because I could never concentrate in class due to my parents financial troubles, helped them out fully with whatever I earned, only for them to lose it all sooo easily!
The fact that Im even moving to a different state is to get the eff away from my dad, I want no influence of him in my life. I did tell him this. His response was “Fine, eff off.”
The main reason why I hate him is because he’s pretty much lost everything my mom and I worked soo hard for, and yet for some reason, he still thinks that he has a say in my life, and what happens in our household. Like, are your effing serious!?
If I had known that he was pretty much throw the money that I had earned and saved down the drain like that, I would’ve spent it on me, bought college supplies, and basically not given a damn about my parents. My own mother blamed me for quitting school! Had I known that after all I’ve done for them, that I would be blamed and not acknowledged for helping them out, I would have not given a damn about them.
Even tho Im broke, I plan on moving out in about 2 weeks. I don’t care if I have to go live in a homeless shelter but I’m done. I seriously hate my father for ruining my life. I was basically a paycheck to them, thats all. He wants to show his concern now, well he can take it and shove it.
How do I deal with them for the next 2 weeks, things are pretty awkward (I’m not talking to either of them)…any advice?
You should have never been put in that position. I am sorry that you were. Two weeks, just do a count down. Stay busy, maybe out of the house. Good luck on rebuilding your life.
can i be sued for gift money?
so my wife and i bought a house and was given money from her dad. he signed a legal document gift letter to the mortgage company and also noted the check as GIFT. after the house was bought we had a huge fight and we paid half the amount back. now he is threatening to sue for the rest of the money, put a lien on the house (although his name is not on anything for the house), and also charge us interest. we told him we would pay him back but he continues to send us threatening emails. can he legally sue for the remaining balance even though he signed the gift letter and noted the check to us as a GIFT?
He can not.
If he tries your just respond to the court asking for a dismissal and submit a copy of that gift declaration.
When i can see change on my credit score?
Hi.I start my loan modification 2 years ago and my agent say if i stop pay my mortgage my loan modification can be done faster.I know this gonna probably afect my credit score,but i lost my job and i realy dont care about my credit history i just want save my house.So i stop pay my mortgage.Last year i got job offer,but i must buy pickup truck.When i ask for car loan ,dealer said i have some negative unpaid balance(aroun 10K) on my credit.I check my credit report and i see i owe 10K dollars to BofAmerica for unpaid mortgage.But i got that car loan without any trouble.Finaly after two years and my trial payment done i got permanent modification and that money what i dont paid ,bank just added to my loan.I pay now my new mortgage payment and i just need the know when i can see some change on my credit score.Bank said they gonna start from next month report my payment as current.And i pay last month all my credit card under 30% .When i can see some changes on my credit score?
It depends on the agency (i.e. Equifax, Transunion, Experion, etc.) and other things. As a general rule, credit scores are based upon a weighted history over the current and various number-of-months periods. Don’t expect much change for a while or any significant change for at least 6-12 months, assuming you stay current.
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