Your Questions About Check My Mortgage Loan

Donna asks…

i have never checked my credit report until says i opened a mortage loan….?

Your credit file indicates you may have a mortgage loan, opened in or around November 2004. Who is the credit provider for this account? Does this mean someone has been stealing my identity and using my ss number?

admin answers:

I assume you are using are referring to the security questions they ask when you verify your credit report. This is just a question they ask. If you didn’t just say no. Saying yes will be the wrong answer and you won’t be able to verify your identity.

David asks…

What mortgage rate & terms can I expect with 0 down and excellent credit?

I see this question over and over again on Answers when you have poor credit… what about with excellent credit?

I want a credit check with my loan… I want the best possible rate!

What kind rate of could I expect and where/who should I go to?

Which would cost me less in the long run, 0% down or a 20/80?
I can get a 5.875% now with no points and no down payment? Can someone direct me towards a particular bank or web site where I can do some research? My banks are Regions and ETrade… I don’t really trust either one for a home loan!

admin answers:

Assuming you do not want to pay points,
Conventional: 5.875%
VA: 5.625%

Those were rates as of today. If you’re doing Conventional, it’s cheaper in the long run to do a 100% loan paying PMI vs. An 80/20. This is so because eventually the PMI will go away, whereas the higher rate 2nd mortgage won’t go away until its paid off. Also, through 2010 (for now anway) PMI is 100% tax deductible if you make less than $100,000 per year.

Be careful though when shopping lenders, don’t just shop for the lowest rate, shop the fees also. One lender may quote you a lower rate but be charging you more in fees to get it. Also, get everything in writing! Best way to compare apples to apples is by getting a Good Faith Estimate, which disclosures the terms, rate and fees.

Thomas asks…

Getting free financial advice?

I live in melbourne, australia, and I need someone to check over my home loan mortgage details, to ensure that the bank is not ripping me off, (cause I dont trust them) I only stay with them cause they have a low interest rate, is there a free financial counselling service where you can get help.?

admin answers:

You need a lawyer to look over the loan papers.
Financial counselling helps you to keep your bills paid.

Chris asks…

If I want to file a complaint against a mortgage broker, how do I proceed?

I applied for a loan with a mortgage broker but I did not take it as I got a better rate elsewhere. I was charged $810 ($790 for processing + $20 for credit report.) for getting the loan approved (conditionally). Appraisal was not done, so I wasn’t charged for that. I was forced to give a check for $810 and the check has already been cashed. It hurts to pay so much money for a loan that I did not take. How do I get my money back? Is this a RESPA violation? Who do I file a compaint with? Please advice.

PS: I live in California and the loan is 80/15/5 (piggyback). They gave me a good faith estimate ($495 for 80%loan + $295 for 20% loan)

admin answers:

If you want to file a complaint against a mortgage broker in California, First thing to do is Contact the DRE (Dept. Of Real Estate)

Mandy asks…

Why the hell is it so hard for a mortgage underwriter to approve a home loan?

I have given all but my left my testicle as far as requested information for approval of this loan. In fact, even if they were to ask for my left testicle and I gave it to them, they would turn around next week and ask for the right one. I really don’t understand to who’s advantage it would be to hold on to documents that long and not have made a sound decision either to approve or deny. I’m quite sure there are guidelines and policies that change all the time, but training is provided and they should be a able to determine the first time, whether or not I am capable of maintaining mortgage payments for the amount being borrowed. The bank makes money off of me for the next 30 years, and still I must jump hurdles to pay them? What am I missing? Perfect credit, federally employed, debt ration=A1, assets $30K, etc..”hmmmmm, let’s double, triple, quadruple check to make sure he’s eligible!’ FUCK OFF Wells Fargo!!!!
So what if I paid for the house in cash? Would the same rules and guidelines apply?

admin answers:

You are probably going through a mortgage broker vs. A direct lender. Many direct lenders, the mortgage processor and the underwriter are the same person. The other possible answer is that you are a marginal borrower and the lender is trying to get more information so that he can justify making the loan. Obviously the lender sees something in your file that bothers him and he his trying to get it resolved.

Your broker might be shopping your loan package around to many different lenders, because the first one(s) turned you down.

If you paid cash nobody would care if have good or bad credit. There are no lending rules if you pay cash. You wouldn’t have to pay anything back.

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