Your Questions About Check My Mortgage Loan

Charles asks…

Can i still apply for a house loan if I don’t have the money yet?

but will get it on income tax, i withhold from my checks so i can just get most back at the anyways if i get back around 8,000 can i still get a preapproval for a mortgage loan if i dont have the funds yet or do i have to wait it out til i have the cash

admin answers:

You can get pre-qualified, but not pre-approved. Better to just wait because a pre-qual means NOTHING!

Joseph asks…

trying to get a mortgage?

Me and my fiance are possibly looking into buying a house because we can pay a mortgage for about the same as apartment rent. We were told to check into an FHA loan, but what I was wondering was will we really even qualify given the way the market is right now. I am a full time student and make between 10-15 k, and she is a teacher and makes around 33k. I have good credit hers is bad, and between student loans and all we have a good bit of debt. But like I said if we could get a descent rate we would be able to pay nearly the same for mortgage payment as for rent, but dont know if we could get approved.

admin answers:

I just did a rough estimate for you.

Assuming that:
Your incomes = $4K/mo
Your debt before housing = $500/mo (min monthly payments)
Your interest rate = 6.5%

You could probably qualify for about $135K in purchasing and would have to have a minimume of 3% = $4,050.

Your princ/int payment would be $828, but you have to add taxes, insurance and mortgage insurance. The minimum I believe you would be able to pay is $1175/mo. Is that less than or = to your rent? Because your fiance has bad credit, I suspect FHA would be your only reasonably priced option.

These estimates are based on factors we see in CA. If you are in another state, this would just be a rough idea of what you might be looking at.

If you are getting info substantially different, feel free to contact me.

Susan asks…

How can I sue Wells Fargo Mortgages for not closing on my loan?

Wells Fargo pre-approved me for a home mortgage. They told me to go ahead and find the home. I found the home and signed a contract 74 days ago. I paid for the home inspection, appraisal and home insurance.
The mortgage specialist continued to assure me that everything was looking good. When the time for funding came around, I kept on calling to find out why the title company did not receive the funds for the closing. At the last minute, like two days before the first contract expired, I called again and they requested a letter from the Social Security Disability Administration stating that I was going to be disabled for at least three years. I asked the SSDA for an award letter but it just states that I receive SSD payments (not SSI).
I am only 47 years old and also receive a state pension for my disability. On my state pension letter that I gave Wells Fargo, it states that my benefits will be a lifetime benefit, meaning that I will not be able to work any longer. The SSD letter doen’t say anything like that because they will review your case every few years or so.
I explained everything to the Mortgage consultant and gave them all requested documents. They even asked me to provide a gift letter from my Domestic Partner of 22 years. They also asked me to submit my partner’s past two months bank information to justify that he has means to give me the money.
My partner is a retired school administrator who receives a state pension and Social Security benefits. He had a Durango 2005, almost new that we did not use because it was a gas gusher and he sold it and gave me the money for the down payment of the house, so I also proved to them where the money came from by giving them a copy of the check he received for the sale of the Durango.

We spent money, energies and time on this process. We traveled out of state to purchse the house with the Wells Fargo’s mortgage consultant advice and approval. I even received an FHA package congratulating me about the loan approval and amount to take to the closing.

I even called the office of one of the CEO of the mortgage department in Des Moines, Iowa and one of the top executive assistant to the president listened to my case and twice assured me that everything was going to be approved; then, today the wanted to continue extending this process. It cost us around $500.00 a week for hotel, food and gas while we do the inspection, appraisal, buy insurance for the property and the closing the assured us was going to take place twice on or before the end of January. Then they extended it to February 15th and now February 23rd , which they told me will not take place because of the letter they wanted at the last minute from the SSDA.

I honestly believe that everything when down hill when I told the mortgage loan consultant that I was gay and lived with my partner for 22 years.

Now, since I already did my part of the agreement between Wells Fargo and me and they kept on prolonging the closing process and never funded the loan, can I sue them?

admin answers:

No, you can not sue anyone for not lending you money. Loans are voluntary. You also have suffered no loss

Mark asks…

What are the chances of me getting a mortgage?

Ok, so me and my girlfriend are looking to get a small mortgage so that we can move out. We are looking to buy a duplex, so far we are looking at one in particular that is 35,000. As far as work needing to be done to it, it seems to have been updated within the past 5 years, except for the siding of the house. I can do that myself and that is not really that big of a deal. But basically here is our situation:

1. we will have about 4 – 5k for the downpayment
2. my credit is pretty good (last time I check was before the loan payoff, 680), I’ve paid off my 6k car loan, I have had high debt to credit ratio but by the time we are looking for a mortgage it will have been completely clear for 3 months with not a penny on it.
3. I work full time and go to school full time, I make $12 an hour and work overtime every week.
4. My girlfriend has good credit also (high 600), but works part time at $11 an hour and school full time.
5. Now I plan on renting out the other half as soon as possible, if need be I will do section 8 for garuanteed money.
6. My brother will be living with us also and he has a full time job.

So the thing is obviously since we do not have any car payments or anything monthly other than car insurance and cell phones, we will not have a problem making the monthly payment nor bills. But since I have been working for exactly a year at the time I want to apply and my girlfriend a little over a year, do we have a chance to get a loan. By the way we are both 21. My brother will not be on the mortgage but can I include him for monetay purposes? If someone that has experience in this area please help me out I would greatly appreciate it. If you need any more info please let me know. Thank you very much in advance.
Hey Chris S, since I am sort of new to this and do not really know how to delete your comment, I would appreciate it if you would delete it. I have been with her for over four years, I am not an idiot, and I do not appreciate you treating me like I am some young dumb kid in love for the first time. Your a jackass.
On a side note, yahoo answers is rediclious…. I’ve never seen so many fake accounts and spamming on any other website than this. They need to fix that or at least give the user who posted the question a chance to simply delete their comment.

admin answers:

Mortgages start at 50k for a Micro loan you have to go personal loan. You will need collateral, and proof of income for 2 years,

Ruth asks…

How can I see if a house has a mortgage attached to it or a loan of any kind?

My mother recently passed away and my sisters and brothers inherited a house that we didn’t know about. My oldest brother did and immediately put it in his name and his wife’s name under an LLC. He is claiming now that he did it to protect the house under pro-bate but I have a sneaking suspicion that he has borrowed money or used it as collateral for something. Is there anyway to check that out. The house is in SLC, UT. We only found out about it because of some sleuthing my other brother did. We are all managers on the LLC now if that makes a difference.

admin answers:

I am not exactly sure how your brother managed to put the house in his and his wife’s name without your mothers signature which is difficult for a deceased woman to provide. And I am not exactly sure how you and your Sib’s can inherit a house that is already in your brothers name. Something fishy is going on here.

But the good news is that if there is a mortgage on the property it will be recorded at the county court house and all you need to do is go there and check.

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