Your Questions About Check My Mortgage Loan

Mary asks…

How much does it cost for a financial company to make a mortgage loan?

I just bought a house for 442,000 it was a bank owned. the bank agree to pay 10,000 of closing cost and I’ll pay the rest.My loan officer asked for a check of 8,122 made to her company to cover the rest of the closing cost. I asked why the check was under company, she said that the bank that finance the house didn’t want her salary to be included in the closing cost. She told me not to worry because I was getting money back. After scrow closed I called her because I got the scrow stament of a total of 7,456 of closing cost. I called scrow and they told me that I should not make any check to any body but scrow and if she wanted to be paid she should do it thrue scrow I went to the bank that finance the house and they told me the same. After 3 weeks she finally called me back to tell the 8,122 is for her and her company and I’m not getting any many back. Is this legal, what can I do?Why she didn’t included in the closing cost? and the bank that sold the house only pay the 7,464. Help!

admin answers:

Escrow. Was your loan officer a mortgage broker, or an associate of a lending institution? I don’t really understand what happened. Call the loan officer’s supervisor and ask for a clear explanation. Since I’m not sure what happened, I don’t know what else to tell you.

I’ve been in this business for over 10 years, and worked for the biggest bank in the country for most of that time. The escrow company tells you how much to bring to closing, and you give them a certified check, payable to them at closing.

Charles asks…

I am selling my home. At closing, am I to receive a check for all of the proceeds?

Do I receive a check for all proceeds, and then pay off my mortgage and home equity loan myself?
Or is my agent going to gather info on my current mortgage lender and home equity loan lender, and send checks directly to them after closing?
We just signed the contract for the offer and acceptance, and closing is to be done by July 31.
Also, should I notify my current lenders ahead of time?

admin answers:

The lawyer will take out the money for any and all mortgages 1st 2nd, they will take out all closing costs, fees, etc. And the money you get will be all yours free and clear.

We did a back to back closing so we did not receive our closing check. They wrote the check to the people we were buying from for their 20% down and then gave us the final proceeds. We didn’t notify anyone or do anything. I guess that is why closing fees are so high

John asks…

HOW TO GET A MORTGAGE LOAN?

Husband and I have been through some credit problems in the past but I am making about 40,000.00 a year and he is making 30,000 and we wants to get a mortgage loan now that the loan are so slow. But I need a reality check, do I need to fix my credit first or do you think I could still get a loan specially that no one is buying now. I am only looking for a 100,000.00 loan that is the avarage home where I live. Thanks!

admin answers:

One reason few are buying is that loans are hard to get. You can forget it if you have bad credit, you need to fix that.

The economy will stay bad as long as we have Obummer trying his best to ruin us. So, you have some time.

Lisa asks…

No Credit check or Verification of Income Mortgage?

I personally can care less about my credit. I just want to take out a loan on a home I own. Using the value of the home as collateral. Does any one loan based just on the value of the property?

admin answers:

No one is going to give you money with no idea if you are able and even willing to repay them.

Helen asks…

credit check on me returned weird results for my SS#?

I signed up for a brokerage (scottrade) and of course like any, they do a credit check on your identity when you sign up.

Well, mine produced weird results, it says that according to my credit check, I took out a mortgage loan in 2002. Problem is, I was only 14 years old in 2002.

Could I possibly be the victim of identity theft? Or do you think their credit check software is just acting up?

admin answers:

I would suggest that you contact a lawyer who is experienced in credit and identity theft. You need legal help to clear yourself from this fraud.

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