Your Questions About Check My Mortgage Loan

Mandy asks…

Mortgage loan, while running your business?

I have a corporation and I’m the only person working.

I have not cut myself a paycheck, and this is my first full year working for my company. My question is how do I prove my income to the lender? If the only way to prove my income to the lender is by paycheck or pay stub can I cut myself a check from the beginning of the year and how will IRS react to it?

admin answers:

You use your income tax returns. If you show no income there you will not be getting a mortgage.

Helen asks…

credit and mortgage loan?

i recently tried to check my credit ans it says i took a mortgage loan out in 1998 but i never di how do i find out what is going on?

admin answers:

Actually the exact same thing just happened to me 2 days ago. I had to send in a request to find out how that happened. Apparently someone took a mortgage out in my name in 1998 also.

Laura asks…

Do Mortgage lenders check credit scores from all 3 bureaus or do they check from any 1 bureau randomly?

My wife and I will be applying for a home loan soon and between 6 total scores, we have 4 which are above 680 and 2 that are hovering just under 600. Will the lenders take the middle score, an average, or simply select a random score?

admin answers:

The majority of them look at all 3 scores and then consider the middle score to be your score. (middle score per person, not the two middle scores between both you.)

However some lenders DO look at only one. I jsut bought a house through bank of america with more than 20% down and they only pulled experian– which was a surprise.

Just ask them their policy. It’s not a secret.

And if your’e saying you both have 2 high scores and 1 drastically lower one, find out why– you might need to dispute some info.

John asks…

Can I refinance a mortgage I have just started?

I have checked my mortgage papers I have found that I can pay the loan off at anytime, so I was wondering if the refinance companies would refinance a new loan?

admin answers:

Sure you can, but the fees may be more than you would save in lower interest. You could end up paying $4000 in fees and if that takes more than three years to recoup it might not be worth the expense.

Susan asks…

Should I pay my mortgage off quicker or should I save the money?

Im closing on my first house next week. My husband and I are both 30. I checked I mortgage caculator and found out if we make a payment of $3500.00 1 x a year in addition to our regular payments then we will pay the loan off 10 years earlier. Is that a good thing to do with our money or should we be putting it into some sort of stocks for retirement.

admin answers:

While paying off the mortgage early would be a good thing, you should also put money into retirement.

You can still pay your mortgage off faster by paying as little as $10 extra every month earmarked for principal. You don’t have to have a big lump sum payment

Powered by Yahoo! Answers

Leave a Reply