Your Questions About Check My Mortgage Loan

Lizzie asks…

What will you do with your economic stimulous rebate check?

Save it? (How? CD, Stocks, IRA, etc?)
Spend it? (On what?)
Pay bills? (Taxes, credit cards, mortgage, loans?)

I don’t mean to be nosey….I’m just wondering. I’ll probably put it toward a new ceramic floor for my kitchen.

admin answers:

I wanted to get a 160cc lawn mower at Lowe’s, but now I will have to put it toward a 30 yard container. Since the city code man gave me 30 days to tear down my garage.

Lisa asks…

How do I find out if someone has stolen my social security number?

I recently have went online to check my credit history through 3 different credit companies and also apply for credit cards. 2 of the credit checking agencies asked “For security please answer the following questions: It appears you have recently opened a MORTGAGE LOAN. Please tell us the amount and who the loan was made with”. Well I HAVE *NOT* opened any sort of mortgage loan. No loan AT ALL a matter of fact. So I answer “None” and it always REJECTS me saying the information doesn’t match what they have on record. If they don’t ask those questions, then I get approved for a credit card and/or can check my credit history. Does this mean that someone has possibly opened a mortgage loan under my name and social security info? How do I find out for sure or not, and if they have done so, how do I get them caught?

admin answers:

Call the local credit bureau listed in the phone book and talk to a person.

Daniel asks…

Can I still back out from bank loan?

Hello,

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:

Yes, that’s a good rate. Keep in mind that the rate that was sent out is only the rate that was available on that date. Rates change daily, sometimes hourly, and have most certainly increased since you were sent the paperwork.
To compare rates, you have to compare within the same day and sometimes the same hour. You can ask your bank what the fees are for 4.25, 4.375 and 4.5 — and then pick up the phone and call another bank and ask them the same question. If you are asking this question on different days, the comparison is meaningless.
Getting “the best deal” is great, but it’s also meaningless if you dont close on time, have no access to your loan officer, and have no idea what the status is of your application. Interview the loan officer to make sure that you trust that s/he is experienced and available to you and will get your loan closed on time. While you never would want a rate that is a point higher than the next guy (and really, recent federal laws have prohibited this from happening) having a smooth process is worth more than saving $100 in fees somewhere.

Chris asks…

Can I build credit from a mortgage I am paying that is not in my name?

I inherited a house and my name is on the title as the owner of the house, but my name is not on the house loan. The loan is still in “the estate of (deceased person)”. I have been paying towards this loan using my income alone for about 5 years. When I inherited the house, 10 years of the 30 year loan were already paid off.

I will have the loan paid off next year and it will not be changed to my name because in order for me to change it into my name, I would have to get a new loan because the loan company will not allow me to assume the loan.

Can I still benefit from paying the loan off even though its not in my name? Or can I only get credit if it is in my name? I have years worth of check copies that prove I have been paying for the loan.

Also, my credit score is 780, so I don’t necessarily need this to have good credit. So, in my case is it even worth it to me to have the paid loan reflected on my credit report?

Thanks!
The loan company does know that the original holder of the loan has died. Thats why the loan says “The estate of (dead person).”

They told me that it would be fine to keep it in the estate of as long as I keep making payments.

They don’t care who pays the mortgage as long as they gets payments. I haven’t done anything illegal and I have followed all procedures according to the probate judge.

admin answers:

Since the loan is not in YOUR name, it has no effect on YOUR credit. If the LOAN is in the “the estate of __________”, the bank KNOWS the person is deceased, even if they don’t realize it. It may be the DEED is in that name, which is a whole different animal.

With a credit score of 780, I wouldn’t worry about getting the loan in your name.. Just pay it off and start putting that payment into savings where it will earn YOU some interest (instead of you paying it to the lender). You will benefit from paying it off by having 1). No mortgage payment and 2). Full equity in the house.

Good for you for wanting to get this paid off! Sounds like you have pretty good financial sense.

Ruth asks…

Can you get a mortgage if you just filed a DBA?

So we were pre-approved for a mortgage but my fiance got laid off 3 days later! After we find our home and apply for the loan they will check to see if hes still working there ( but he’s not). He has tons of side work that is paying well. Can he file a DBA and still get the loan or is that to short of a time to have it? Will this work? please some good advice!
We live in Michigan.
No he doesn’t file taxes because he hasn’t actually got the dba yet. He would have the check stubs from getting paid but no tax returns or anything like that yet. So then getting the DBA wont work if he only has checkstubs?
Why would it be fraud if he gets a DBA and has real checks from real people? They arnt fake checks, jobs, or people so how does that make sense? If he starts his own Business then I want to know if the mortgage company would be okay with that?

admin answers:

The answer is 100% NO

The lender will check if he is still employed. And if they have already done so, you will sign a doc at settlement stating that he is still employed per the original app.

I assume a DBA is like setting up a business and he would be self employed. If this is the case, the lender will require AT LEAST 2 years tax returns.

Sorry, but he needs to find a regular job in the same field or you MUST wait at least 2 years.

Talk with a lender.

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