Your Questions About Check My Mortgage Loan

Donald asks…

Underwriters/ Mortgage brokers?

I went to a real estate brokers office to apply for a mortgage loan about 10 days ago and still no answer, he told me not to worry about that he had an “in house mortgage” and I was already approved but he was going to present it to a couple of banks anyways. My question is, do these broker offices have their own underwriters and if so why would the bank take so long to give us an answer? Or did he just say I was approved without even checking and the bank has their own underwriters who will verify all information? Also, how do the underwriters feel about 1099’s? I get paid cash but my employer gives me a 1099 every quarter.

admin answers:

You should simply go into your local bank and apply. You will get better service and be able to work with a mortgage rep that will handle your deal from start to finish. 1099s fine, but they will need your tax returns also. If the guy has not even seen your returns, they he is just assuming you are going to be approved.

Chris asks…

Who do mortgage companies answer to?

Lost my job in October, have been paying late..but current. Central Mortgage has sent us a letter of default claiming that we owe over 4K. We also have copies of all the canceled checks. We keep getting the run around. can’t speak to any one. When you press “9” to speak a loan representative, they leave you on hold for an hour and then automatically disconnect you.

admin answers:

I agree that a certified letter is a good start. Or go on the Central Mortgage website and see if there are some insights there on how to talk to a real person. I heard of one person calling their local elected official and the borrower received a call from someone at their bank the same day.

I suspect the $4,000 is late fees and other stuff they have tacked on, but that seems really excessive.

William asks…

My finance and I are looking for a bank that still offers a Stated Income Loan.?

We had one set up a year ago through our bank in which we also use for personal accounts such as checking,savings,auto,etc. We were approved, but could not find a house in which we were truly interested in. We finally found one and went to that same bank and they said that they did not offer that type of loan anymore. Now keep in mind we are self-employed and simply cannot prove all income on paper,but it’s there. We did not qualify for a conventional mortgage loan so are in need for some help. We are currently renting and are looking forward to buying our first home, if this is possible. Also, we live in Ohio. Does anyone know of a good bank and or mortgage company that still offers stated income loans. Also keep in mind he has a 760 credit score and we are able to put 20% down. thank you!

admin answers:

You just need to show your income tax returns. You should not have a problem.

James asks…

I’m waiting to hear if I am approved for a home mortgage by the end of the week.?

I know the final approval will come after the appraisal. Is it possible that my credit and background checked out and now the bank is going to see if the loan amount is worth the house?

admin answers:

THe loan is in underwriting now, it sounds like this is the first underwriting decision, so right now the underwriter is verifying that everything submitted to them matches the terms of the preapproval or automated underwriting findings. When you get teh approval tomorrow if everything checked out they will just need the appraisal to verify the market value and loan to value ratio, if they still have questions about what was submitted they may ask for more info or docs to clarify. Don’t fret, as long as the application taken was truthful and matches what you gave your loan officer you’ll be fine.

Robert asks…

When landlords check credit, what score are they looking to find (at least)?

What score are apartment complexes and landlords usually looking for when they run your credit?? My credit is REALLY bad BUT I am working on it (I have raised it about 60 points and I am STILL in the High risk range LOL (yeah, it was that bad…)

Are they looking for a 650? a 730? a 780? Or is it more about how much debt you owe people and if you have any evictions, bankruptcies, foreclosures, and other MAJOR flaws?

My credit is bad mostly because of student loans and medical bills. I have never HAD a car loan, mortgage, or bankruptcy. I’ve never even had a credit card!! I’ve never had to go to court.

So in this case, almost because I nearly have no credit (I haven’t took out a loan for school since 2008, so really I haven’t had any activity except paying for things since 2008) is it almost like having no credit?

admin answers:

Each landlord is going to have a different threshold as far as what they would want for a credit score. Some are mainly looking for evictions and judgments on your report.

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