Your Questions About Check My Mortgage Loan

Paul asks…

searching online for a mortgage broker as suggested in my previous??? regarding refi or equity loan?

meanwhile can anyone suggest a few good mortgage brokers. And wouldnt the Rate be determined by my credit currently 625. Also,is it fact that each inquiry will need a credit check and therefore it will post on my credit report which brings the credit score down 3 points per inquiry. I am concerned about this. Im currently at a 625 with a thin crdit file however Im slowly building my credit by making my pymnts to my vehicle and loan and credit card. I will be taking the advice from the posters and look for other alternatives or at best a lower rate. Thank you all very much

3 minutes ago
I understand that the appraisal fee’s are coming out of my pocket if I am to take the loan through citi financial but they did not say anything about who covers the fee if I dont take the loan. Could I be the one responsible even if I turn there offer down?

admin answers:

Appraisal fees do come out of pocket, and there will also be processing fees if your loan is approved.

Yes, as it is mandatory to get an appraisal of your property before a lending institution will consider a loan for the property. You must have this appraisal done by an appraisal company to show which ever and any lenders the appraisal on your property. The appraisal is yours to keep and the loan will be based on the appraisal of the property.

Maria asks…

Is it normal to include an auto loan payoff in the escrow process? Why can’t I just pay it off outside escrow?

I am in the process of getting pre-approved for an FHA loan mortgage and have an auto loan that is preventing that. I have a relative who will be providing the funds, so that part isn’t a problem. The issue is, the mortgage company has only given us two options for payoff of that loan: 1) Fill out a gift letter and put the payoff money into the escrow account, which will then pay off the auto loan at closing OR 2) Fill out a gift letter, get full copies of the bank statement to prove the money is in the account, make a copy of the check (or check #) that is going to the payoff, and then get a receipt from the auto loan company that verifies the check number received on the payoff.

Why can’t we just pay off the loan outside of all the financing? Then we can show the pink slip to verify it’s paid off and move forward. My mortgage person says it’s because they have to establish the paper trail in case of audit and to ward against money laundering. Is this a legitimate demand?

admin answers:

It’s assurance to the lender the loan will be paid in full PRIOR TO or AT closing without having to wait for documentation to arrive in the mail from DMV as to clear title to the vehicle or your auto loan lien holder.

Although a pain in the @ss to you, it will get your home loan closed quicker going this route and it acheives the same end result.

Sandy asks…

How can I use my CC to make student loan payments?

They say it would be like accruing debt to pay off debt. But how come I can use my CC to pay off auto loans, or mortgage? I wish I could use my CC to get cash back or miles while paying off my student loans

I have the money to make the payments cash, but I just want to get the rewards from making them through a credit card. I get nothing for using my checking account

admin answers:

You mean when you pay for food at the supermarket you can’t get any cash back? I can.
I can also get cash from the ATM machine. It costs me interests but it can be done and I did.

Mark asks…

Can a mortgage lender verify cancel rent checks?

I am applying for an fha loan and because my husbands credit is so low they ask for previous year cancel rent checks. When i summit this checks to them can they verify the amount of this checks with my bank? Our do they just used them for their records? Are else besides verification of funds can lenders get from my bank?

admin answers:

When you submit these checks they want front and backs so they can see when the bank cashed them. Now if you have just the images of these then they will also want the last 12 bank statements in full to verify when the bank took them out of your account

Ruth asks…

Will my credit effect if enquiries are made to procure home mortagage loan?

If more lenders check the credit history for home mortgage will that effect my credit scores ?

admin answers:

Yes, it does. Each “hard” pull of your credit history puts a dent on it. It’s unfair, but true./

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