Your Questions About Check My Mortgage Loan

Donna asks…

Is a variable rate feature the same as a adjustable rate mortgage?

I am in the process of getting a loan for a house. I do not plan to sell it.On the paper work I see checked “your loan does contain a variable rate feature. discloures about the variable rate feature have been provided to you earlier.” It came with a booklet on adjustable rate mortgages. no where else in the paper work does it talk about a ARM. It has number of payments such as 24 @ 1,224.30 then 335 @ 1,249.77 and 1 @ 1,246.11.
So is the variable just meaning a change in payments listed above or that my interest rate and payments can change other then what is listed?
I specificaly told them I wanted a fixed rate.

admin answers:

The terms ‘variable rate mortgage’ and ‘adjustable rate mortgage’ usually mean the same.

A *temporary buydown mortgage*, an adjustable rate mortgage with an initially discounted interest rate which gradually increases to an agreed-upon fixed rate within 2 years, may have 24 initial payments at a discounted rate. Ask your lender if this is a buydown.

Charles asks…

How do I find out which bank has a mortgage out in my name?

I tried to check my annual free credit report from all 3 agencies. I was refused because my info did not match up with their records. It said that I have an active mortgage loan in my name- I know nothing about it. Help! I’m trying to get an apartment and this is really messing with my chances. Someone is using my information.

admin answers:

This happened to me to. I called them personally the next day and they told me it was a security percussion to try to do it again online and I would see a choice of I don’t have one. Which was not there before!!! It scared the crap out of me…I hope that is all it is for you too.

Linda asks…

When apply for a loan do they check your current accounts?

We applied for a loan today, they said they would contact us in the next 24-48 hours.
We are getting at $2500 loan. To pay for part of our wedding (more so we don’t go over budget) & to buy a new fridge. Mostly to pay for the fridge. Our fridge died & we don’t have money to go buy a new 1 with out tapping into our wedding budget.
We found a great fridge (scratch & dent) I don’t want to go pull $700 out of our account while they are looking at our account. (its a $1800 fridge selling for $700 we don’t want to let it go)
Even if we pull that money out to buy the fridge we will still have well over $4000 in our account. Both also get paid this week. We do have a mortgage (in my name only) 2 other small things financed, (1 will be paid off in 2 months never late) 1 in his name 1 in my name.
He makes about 34,000 a year I make about $29,000 per year, both with out over time. Both always work over time.

I can’t live out of a small mini fridge & a cooler much longer! We are throwing away money going out or throwing away spoiled food!
I’m scared to death of credit cards.
My mom has herself in alot of trouble thanks to credit cards!

admin answers:

Well, personally I would get the regular size refrigerator. Plan on replacing that money as quickly as possible for your wedding budget.
Now, with that being said, if you can get an offer for some place like Home Depot or Lowes for 12-18 months with no interest, you would be best suited to do that. If you are just applying for their account, they usually offer 12 months no interest. They will usually require a minimum payment, but it may be $30/month or less.
My wife and I did just that a couple of months ago, purchasing a freezer with 18 month interest free. Minimum payments are $18/month, but we are paying $33/month so that it is paid in full before the interest is added onto the account.
This is very important. If you don’t pay the account off in full before the due date (when the interest will be charged), they will add all the interest for the entire time to the account, even though you paid money on the account at an interest rate of about 26%-29%/yr.

If you apply for a loan, they do check your other active accounts. If you have paid on time, they will usually give the line of credit to you, but I haven’t applied for a few years for anymore (just working on simply paying everything off and closing all the accounts).

Congratulations on your engagement and upcoming wedding.

Richard asks…

Can I get a Mortgage Loan ?

My transunion credit score is 713. Whats hurting my score is the length of credit history (2 years and 3 months last checked two months ago) i make 500.00 a week approximately. I dont have money saved up for a down payment yet however I am trying. I want to buy a house because it is cheeper. I would rent out two rooms to friends and wouldnt pay anywhereed near the cost of the mortgage. Will a lender give me a loan with these qualifications?

admin answers:

Your credit score is ok. And you will be able to get a mortgage loan, but not with the best mortgage rate possible.

It’s great you are trying to save up for a down payment because most lenders are now requiring an average of 27 percent down, according to the Mortgage Bankers Association of America. And even though you only have to put down 3.5%-5% for an FHA loan, they are raising fees to those with less cash to put down.

So make sure you save as much money as possible, not just for a down payment. Save enough to cover three months of your household expenses and factor in closing costs which may add 3 to 5 percent of the cost of the house as well. Your financial situation should be as stable as possible before you apply for a mortgage loan.

You also might want to get prequalified for a loan. Prequalification gives you a starting place, helping you sort out whether you can possibly get a mortgage loan. It is fast and easy to do. There is no point in going through the pre-approval process if you don’t have the income, assets or credit score to move forward. However if you can get prequalified for a loan, you should go through the pre-approval process next.

In summation, your first steps to getting a mortgage should be to raise your credit score, a score of 720 or higher should be your goal, to save up for a down payment and other expenses, and to prequalify for a loan.

To see if you can prequalify for a loan you can visit MortgageMatch.com and use the PreQual Plus feature (https://www.mortgagematch.com/prequalify/interview_your_property.aspx?redir=1)

John asks…

How much can a new loan signing notary expect to make?

I am waiting for my background check to come from the state, but when it does, I’m planning to use my notary commission to sign mortgage loans. I will have to start part time, but I would like to go full time if possible & I wanted to know what type of income is possible & is it hard to break into with little or no connections in the mortgage industry
I am in the state of Ca

admin answers:

Hello,

Standard is $50 for the first and $25 if it’s e-docs. If they have 2 loans (piggyback) typical is the $50 for the 1st and $25 for the 2nd and $25 for each loan you print. Remember when you print you print 1 set for the loan and 1 set for the borrower to keep.

Good Luck!

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