Your Questions About Check My Mortgage Loan

Richard asks…

Can I still back out from bank loan?

Hello, please help

I applied for a mortgage loan, and the paper work is on the way. Nothing has been sign yet. I don’t know if I get the best deal or not. If not, can I back out and go to other banks.

And please help me with this. My credit score is 750, and I get 4.375% for 30 years fixed (conventional). I don’t know if it is a fair rate for my credit score or not? Is there any way to check out beside calling banks?

thank you so much

admin answers:

4.375 is a good rate. Since you’ll be getting a conventional mortgage, you can also pay extra each month in order to cut down on the interest. On the first 15 years, you pay about 70% in interest.

Steven asks…

Would this be some kind of fraud? It worries me.?

We are trying to get a mortgage approval underwritten through NY state mortgage assistance. We already had a conventional loan approved by our bank, but the terms aren’t as good – higher interest rate and closing costs, namely.

The conventional loan allows us to take a secure loan against our owned car (we have no car payments currently) as use of downpayment. However, it seems that the NY mortgage does not allow this.

My husband thinks he can just take the loan, give the loan check to his mom, and then have her “gift” it back to us (gifts are acceptable sources of downpayment with the NY mortgage).

It just sounds like fraud to me. I don’t like it. I know I’m taking out that loan to use as a downpayment. It seems like it would be very obvious that we gave it to her and she gave it back to us. I don’t think I want to let him do this. Does anyone know, or have any advice? And does anyone know why I can’t use my secure property as collateral on the unconventional loan? :-/

admin answers:

I’m not quite sure why your husband wants to take this approach by involving his mother. What’s the gain?

You still are going to have a loan against your car and cash in hand either way.

In any case, yes technically it is fraud. A “gift” under the law is not a gift if there are strings attached, such as you are expecting it back.

Will you get caught. I have no idea. But technically it would be fraud of some sort.

David asks…

I had to modify my home loan, will that disqualify me from working for the FBI?

I had apply for a loan modification because I can no longer afford my mortgage payment. Other than that I had great credit. I know the FBI does an extensive background check, will that disqualify me?

admin answers:

No as long as you can show the reason why as legitimate.

James asks…

How many billions should my neighbor sue for?

he inherited his house and property from his dad. All mortgages and loans were paid off in the 70’s. Now he gets a letter from Bank of America whom he never had any business with and they claim he is in default for a mortgage. He checked all the records at the courthouse and there is no mortgage on file, they won’t listen. I think they should give him at least a billion for being stupid morons, and if they press forward with the case, add a billion a month for the aggravation.

admin answers:

He won’t get billions but tell him to let them file all the liens they want and hire a couple lawyers. All legal fees will be paid.

-it is happening a lot and he is one of the many.

Http://barsnesscohen.blogspot.com/2009/10/wrongful-foreclosure-class-action.html

Homeowners may be able to claim the banks have unlawfully taken their homes and/or other legal theories allowing the homeowner to receive compensation for their homes being taken without legal authority
http://aboutfloridalaw.com/2010/10/02/bank-of-america-foreclosures-homeowners-lawsuits-seeking-compensation-for-wrongful-foreclosure/

Carol asks…

天候 can you check my japan language translations?

Can you check the translation on these words Please.
.
Thank you in advance

天候 (weather)?

雑談 (chat) – like internet chat?

引用 (quotation) – how is this used

ひび (crack) – crack like crack cocaine or game crack or crack in the wall?

ブランク (blank) like blank cd? – period of time without?

詐欺t (fraud) – ?

市外局番 (area code) – like telephone area code?

占星術 (astrology) ?

運転者 (operator) – phone operator? – driver like hardware driver?

抵当 (mortgage) – like the loan?

admin answers:

I answered you on the other one. ^^;; I’m not sure which one you’ll check, so…

天候 is correct for ‘weather’, but 天気 is more popular.

‘Chat’ (like, internet chat) is most commonly チャット.

引用 = quote/quotation, citation, etc. It’s a noun.
“That’s a funny [quote].”
それは面白い [引用] だ。

ひび = crack, like a crack in a cup, an egg, the wall, your skin, chapped lips, etc.

ブランク = blank, like blank videotape, blank line, etc. It’s sometimes hard to pin down a meaning for katakana words – since they’re borrowed from other languages, they can be used elastically.

詐欺 = yes, fraud

市外局番 = yes, area code

占星術 = yes, astrology

運転者 = operator, in the sense of driver. Someone who drives a car or a truck or large machinery, etc.

抵当 = yes, mortgage

Sorry, can’t help you with the other languages. 🙂 Feel free to email me through my profile if you have other Japanese questions.

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