Your Questions About Check My Mortgage Loan

John asks…

When you sign a lock in agreement and gave them a check of 1% of the loan ,is this refundable?

I got another mortgage commitment from another bank with a lower and a much better deal.But i dont know if I could still get my check?

admin answers:

You are out of luck. The 1% that you paid is paid to the lender to set aside funds at the rate you locked. You are breaking the commitment by going elsewhere so you lose the money.
Really sad- I work for a mortgage company that does not charge to lock rates. You need to look at the overall picture & decide which will be best for you.
Good luck!

Nancy asks…

What kind of a mortgage loan can I obtain if my credit is horrendous?

I want to purchase a peice of property (A House in GA) that is dirt cheap, but my credit is so horrible I cannot even get a credit card. Are there any programs out there that I can apply for; with out my credit score being checked so often?

admin answers:

Buying real estate is easier than say purchasing a car since you cant drive a house to another state. If you are a first time buyer you might want to check with local gov where you are about getting a grant to pay your complete down payment to get you moved in and you can also get in a govt program where they have you make smaller pmts now while your income is limited and larger payments later when your situation gets better. You must have a decent education and a good job however .

Michael asks…

How long does it take after a closing for a loan officer to get paid his commission check???

I am a loan officer for a mortgage company. I only make commission. I recently had my first closing and am wanting to find out how long it takes to get paid. Any loan officers out there that work off of commission only know this answer???

admin answers:

Not sure about loan officers but I do know that at closing, funds are dispersed immediately. Your broker will have your commission. In real estate, I usually had my commission within 24 hours of my broker receiving funds.

Maria asks…

Can I refinance with a 580 credit score?

I have an extremely high interest rate on my mortgage & really want to refinance. I am just approaching the one year mark of my mortgage & only have 1 late payment & that is only because I mailed my mortgage check to my auto loan by mistake. I’m not looking for 4% or anything, but I have 11.3% right now & would like to get around 6% or 7%. Any suggestions are appreciated.

admin answers:

With that credit score, you will need to save up and have at least 20%, or perhaps 30% down payment on the refinance. Also, no excuses are good enough for a late payment. Set up automated payment from your bill-paying services at your bank.

That interest rate is outrageous. How did you ever get into that rate a year ago! Get a second job and save, save, save so you can refi with substantial equity, and with another year of on-time payments. Also, get your other debt paid off to bring your FICO score up.

Good Luck.

Laura asks…

Can I get a mortgage loan with poor credit history?

We filed bankruptcy 2 years ago. And Now our dream home is finally back on the market. My (live together for 4yrs) Fiance has a really good job for our area but only been there about 4 mths. We checked his credit score a couple mths ago and it was 534. Does anyone know where we can get a loan with short time on the job and low credit score??????

admin answers:

Not these days. Mortgage loans now are only given to people who have earned the right to have one. The days of giving out loans to anyone who applied ended about 2 years ago. You need to get that credit score up AT LEAST another 100 points PLUS be at the job for one year.

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