Your Questions About Check My Mortgage Loan

Sharon asks…

Is it normal for your mortgage broker to ask that the check for the earnest money be made out to them?

My boyfriend is in the process of getting a home loan and his mortgage broker asked that the check for the earnest money be made out to her. I thought that the earnest money deposit was always made out to either the Title Company or Escrow Company. The check has already been cashed and I asked my boyfriend to get a copy of the front and back of check so we can see if she endorsed it and deposited into her own personal account. I’ve finally convinced him that he needs to pull out of this deal because her high pressure tactics seem shady and unethical. Every time he calls to withdraw, she finds another way to convince him to purchase the house. At one point she told him to just go through with the purchase of the house and she will buy it back from him two months.

Any advice would be greatly appreciated because my boyfriend is not listening to me.
The house that he is purchasing is a hud home and the title is held by the Secretary of Veterans Affairs. She’s an actual mortgage broker and is only representing my boyfriend but if I’m not mistaking, with a mortgage broker they usually shop around your application to numerous lenders until they can find the best lender who will provide the broker with the best incentives.

admin answers:

This sounds very crooked. Earnest money is normally held in an escrow account. In Texas it is illegal to co mingle earnest money with other money. I have never heard of a loan officer having an escrow account. Is she also the seller?

Because of this and the pressure she is applying I would back out as quickly as possible-I would not wait even an hour-I would back out now!

Your boyfriend needs to decide this for himself though. It is his life, his money, and his future house.

Linda asks…

if you make 2 payments on a home loan and write principal only on one check can the charge interest on it?

I sent in 2 checks to my mortgage company on one I wrote principal only on. They took interest out of both checks. I did not think that was legal for them to do if you are making a principal only payment

admin answers:

I would contact the mortgage holder. Unless you were behind in the payments, they should have applied the principal payment as you directed on your check.

Helen asks…

Looking to get my MLO (Mortgage Loan Originator) license, but worried about my credit check.?

I was working with a broker who was showing me the ropes and allowed me to shadow him to see how this all works. I studied every day and had passed every NMLS prep exam available. When it came down to actually getting our license, he bailed on me and soon after, went out of business. However, I was looking at the requirements and there is a credit check needed in order to obtain a license. It said the SAFE Act leaves it to the discretion of each state regulator to develop their own processes and standards for reviewing credit information and determining the financial responsibility of their licensees.
I’ve been unemployed for two years and even though I don’t know my credit score, I can assume it’s not good. Should I just forfeit trying for it, so I don’t waste time and money on the testing and all the other expense that comes with it? This is for Indiana.

admin answers:

Yes it isn’t fair that they don’t tell us what their requirements are is it? 2011 is the first year that they are requiring a credit check. You might call the Indiana dept of financial institutions to ask what they are looking for.

Mary asks…

Mortgage and car Loan?

I applied for a mortgage 3 wks back the appln was done via phone, when asked abt a car, I told them I did not own a car. Last week the contract was signed, I requested that the mortgage forms be sent to me for my signature (I have good credit (>730) and the rates have already been locked at 6.125%. The same day of signing the contract I decided to stop by a dealer and look for cars so that I could buy it a day or 2 before closing (3 weeks from today) since the place is quite far off. The dealer wouldn’t let me leave the dealership without buying a car – it was the last day of the month and he said he wouldn’t give me the same deal the next day. So I ended up buying the car – he ran a credit check for the loan. The next day I got the mortgage forms (prepared 2 weeks back) and I signed it. Since I did not have a car at the time of preparing it I am worried – cos they might think I misrepresented facts. Am I in trouble?Does the auto loan show up right away on my credit report? Pls advise
For Robert:
I can afford the car and home without any issues. So it is not the problem with paying for it. It is the problem that I didn’t have a car loan at the time of loan application and didnt mention that, so will that be a problem.

admin answers:

You did not misrepresent yourself at the time you went through all the questions. I don’t think that they can do anything really. It usually takes 3 months for something to show up on your credit history.
The only bad thing is if the car can’t have the good deal the next day it wasn’t worth it in the first place. Maybe the salesman hadn’t hit his quota for the month was all.

Ruth asks…

Can you help me find a refinance loan without a credit check?

Can you please help? Do you know of any mortgage brokers that can do a refinance without a credit check. I am not a deadbeat, but have been trying to pay medical billls and got behind on my mortgage and would like to refinance. Please do not reply to call me “deadbeat”, loser, etc. I really need help, and don’t know what to do. Thank you kindly for your time.

admin answers:

We kept our home by making McDonalds a rare adventure, watching every dollar, and getting any extra income we could scavenge.

Getting someone to loan you big chunks of money without checking your credit isn’t happening with an honest company that won’t try to get your house away from you.

Getting a refi when you have a low rating and poor debt to income ratio is even harder than getting a mortgage in that situation.
We had been able to keep our payments current for a year after my wife returned to college and her income dropped to half of previous. Rates had dropped enough to drop the payments we would have to make significantly.

The company that gave us the original mortgage, and sold it, would not refi for us because of decreased income even though we had not increased our other debt and were current on mortgage payments. Keeping the house was a tough job, but, we did it.

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