Your Questions About Check My Mortgage Loan

Ruth asks…

I applied for mortgage in February of 2003? I’m only 18!?

Ok, so I had posted a question about half an hour ago about building up my credit, then began searching through answers. Found someone wanting to check their credit score, and found a link ‘www.annualcreditreport’ I believe.

So, I went on and applied for my free report. In the first step, for Equifax, I entered all of my information, then it said it wanted to confirm if it was really me and provided two questions for me to answer. The question was something like this –

“In february of 2003, you applied for a mortgage loan, what bank gave you this loan” Or something like that, and provided about 7 different companies with chex boxes next to them and I was to pick one, I don’t recall EVER applying for any loan as I am currently 18, that would make me 13-14 at the time, so I checked “none of the above”. The 2nd question asked me what was the term, with a amount of months starting with I think 120 months and higher.

How can I look into this further? I’m really worried.
Ok, so how can I receive my credit reports from the agencies?

admin answers:

It’s part of the questions they ask to make sure you are who you say you are.

READ THE INSTRUCTIONS.

If you didnt apply for a mortgage, then that is NOT one of the answers. Odds are you arent going to find anything unless you have gotten into debt in your name (which is unlikely since you cannot legally enter into a binding agreement before 18)

James asks…

Loan Closer Bank of America?

What experience is needed to be a Loan Closer w/ Bank of America. I’m trying to get the job through a temp agency. I have 5 ys exp as a bank teller (customer service). The recruiter thinks that the CSR exp would be ok but has to double check. Im I incorrect?
1 hour ago – 1 week left to answer.
Additional Details
28 minutes ago

This is the job posting: We are seeking several loan closers for our client in the banking industry. In the mortgage loan operations center (mlo), individual will coordinate preparation of loan closing packages, including issuance of funds,closing instructions, etc., necessary to ensure the marketability of loans. To qualify, must have banking industry background. Will also administer a test given online to determine qualifications. Apply directly today to be considered!

The reason i’m asking the initial question is because I’ve applied for other positions and the qualifications that were listed matched my experiences but when I received a call back they stated they are looking for specifics which I don’t have.

Just don’t want to get my hopes up.

admin answers:

An easy way to get through the mystery of these types of postings is that once you actually have an interview or ability to talk to someone directly ~ ask the question. What specific skills are you looking for for this position.

Most of the time they will answer if asked.

I would think since you have some time in the bank already (teller) that you’d be a candidate for an interview at least

Donna asks…

FHA mortgage loans & limits?

We are looking into buying a new house in the mid-$400k’s before we sell our current home, but this means that we would need a larger loan and that we would have less cash available up front for closing costs and downpayment. Buying before we sell our home means that after all the closing costs, we would only have 3.5% – 4.5% as a down payment.

I don’t want to give my state/city-county because that is too much personal information for a Q&A site, but I already checked and the HUD website’s FHA loan limits in the area where we would buy the new house are: FHA Forward $271,050 ($280,000) —AND— Fannie/Freddie $417,000. Depending on the offer that is accepted, we’d need to borrow between $425,000 and $435,000, and again, we’d have 3.5% and 4.5% for a down payment (after we pay closing costs).

We’ve talked to 2 lenders who only discussed FHA loans since apparently only FHA loans will allow as small as a 3.5% – 4.5 % downpayment:

(1) Lender #1 told us we have no choice but to get a conventional loan since we cannot get an FHA loan for more than $280,000 — end of story. He said there is absolutely no FHA loan available for loans over $280,000. As for non-FHA loans, Lender #1 said there is a cap for conventional loans of $417,000, and even then, we’d have to have a 12% down payment. In other words, we MUST sell ours first to have enough cash for closing/down payment.

(2) Lender #2 said we can borrow up to $450,000 on an FHA loan as long as we have a 3.5% down payment because our debt-to-income ratio is good enough. He said there is no $280,000 or $417,000 limit on FHA loans when the loan is a jumbo (aka, “non-conforming”) FHA loan. The debt-to-income ratio is all that matters.

What?! Something seems really wrong with what we’ve been told since the two lenders seem to contradict each other on the FHA “facts.” We understand that different lenders will only finance conventional loans under the terms they set, but the FHA rules are rules – they can’t be different from lender to lender?

Can someone explain and make some sense out of this?
Add’l details: The house is NOT in a high-cost area.
Answers #1 & #2 have already responded to my questions on point, but if others want to respond, please feel free to do so. Don’t be misled by GVD’s lack of comprehension, though; I’m not looking for rate quotes, I’m clearly not soliciting a loan from anyone on this site, & I’m intelligent enough to have provided the accurate limit information in my question. Thus, you may rely on my facts to provide answers to my questions.

admin answers:

Since you did your homework and lender 1 basically confirmed what you found out, you know that lender 2 is pulling your chain. FHA county loan limits apply to any FHA loan so it’s not something a lender can arbitrarily change or ignore.

Since you know that you are not in a high cost area, your loan will be capped at $417,000 for any conventional financing. This means you can buy at $435,000,00 and as long as you can put 5% (which is the minimum for a conventional mortgage) down you fall just under the $417,000 limit.

I have a question for you. You said you will have 3.5 to 4.5% available for a down payment after you pay closing costs. Are you talking about the closing costs on the home you’re selling or the home you want to buy? If it’s the home you want to buy, ask for seller concessions to cover your closing costs which frees up more money for your down payment.
If you have any assets that you can liquidate that may help cover your down payment as well.

Helen asks…

I did business with Yorkmills Financial, have you?

I received a call from Yorkmills financial saying i was approved for a $100,000 mortgage loan. I was shocked, cause everyone else was not approving me! Me and my wife spoke about it, was worried cause i was to send 4 months upfront of my monthly payments to receive the loan. We gambeled came up with $5600.00 and sent it over. To my belief we received the loan in a check the following day as promised! I recommend this company to everyone with poor credit like mine. I have done business with them and they are definitley on the ball with things. So, for the person asking if this was legit, it sure is, iam proof of it. and now my family and me can make the move we looked forward to for about 2 years now. Apply, the worst they can say is you were declined. i definitley recommend there services to anyone who does have diffuculty.

admin answers:

No.

Susan asks…

Mortgage Approval Process – Which step am I on?

So I went to the bank and applied for an FHA mortgage loan. All they did was open their public online bank site and filled out my information for a loan. That was a week and a half ago. They just sent me something that looks like an FHA consent form, I’m not sure, and a copy of my credit scores 800 average, that’s it. It doesn’t say anything about the progress.

I’m just wondering which step I’m on. Am I still applying or have they already did their check, approved, and just need to verify some information?
I also got a business card from the person that’s doing the paperwork, but I’m scared to call and ask 🙂

admin answers:

You are in the beginning stage of the loan process. You have a card of the person that is in charge of doing your loan. This person is now your employee. This person should be willing to answer any questions about the stage your mortgage is in and what else is necessary for you to get an approval.

Call today, not tomorrow, ask for your loan consultant, he is listed on your business card sent to you.

In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.

Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.

He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.

If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.

You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.

Make sure your mortgage broker explain all your options so you may make an intelligent decision.

What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.

So select the best option for you and your financial situation.

You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don’t get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.

I hope this has been of some use to you, good luck

“FIGHT ON”

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