Your Questions About Check My Mortgage Loan

Daniel asks…

Mortgage loan Check list?

What are other things that i should disucss with my lender prior to signing

I am making sure that it is a Fixed Rate, and NOT variable
I am asking to have a Bi-Weekly Payment plan for the mortgage to save money on interest
I am also making sure that there is no Prepayment penalty on the loan

what else should i check on ?

I would appreciate inputs from a loan officer or someone in that industry

Thanks

admin answers:

One of the most important is your closing costs. If you are getting your loan from a large bank, you can expect upto $1500 including what you paid for the appraisal.(They’ll sometimes reduce their $1000 lender fee if you haggle over it)
If you are getting your loan from a mortgage broker, you can expect about a 1% loan charge. You might pay more to buy your rate down and if you aren’t paying a point then your rate is most likely higher than what the lender can offer.

Maria asks…

When applying for a mortgage loan do they actually check your savings balance?

I know this is crazy but I don’t have money in my savings, but here I am ready to buy a home with my husband. So do the banks or creditors actually check into your savings and checking accounts to see how much money you have?
If so, I might have to wait and that will suck.

admin answers:

Yes,They will ask to see your monthly statement.

Sandra asks…

I need a NO credit check, NO Docs, Home Equity Loan. I own my house (no leins) and only want 80% Loan To Value

I am tired of online mortgage sites promising no docs no credit check loans and not really being anything but regular standard lenders. I have a ton of equity in my 4 year old paid-off home. I wish to get 80% of the appraised value in a home equity loan. I work for myself and much of my income is not reported. I have been divorced and my credit score is bad. I do own the house though and wish to use that equity. Please only answer with a real solution. Predator lenders need not bother me with empty promises and credit card lending rates on a secured home mortgage/equity loan. It needs to be a lender that can operate in South Carolia as well. This is a house, 2 story frame built house 2168 sq feet heated. 2.5 baths and a 2 car garage all on a .51 acre lot. Thank You Very Much!

admin answers:

This isn’t probably what you want to hear but what about taking out small signature loans first and paying them off in six months for a year or two to bring your credit score up.

Ken asks…

Receiving personal check for loan commission?

Can I, as a loan officer with the same mortgage broker, file a complaint about a loan officer who issued her personal check as my commission? I cashed the check, but, I am not aware that this is a violation under RESPA?

admin answers:

Is there a manager you can ask this of? It doesn’t sound right to me. I don’t know as though it’s a RESPA violation, but it may be a mortgage license violation.

I know as a real estate agent, we are not allowed to take payments such as that from another agent or a seller. All our commissions must be paid through our broker.

Nancy asks…

mortgage and student loan applications simultaneously?

I am in a posiiton where I would need to apply to see whether I qualify for a mortgage loan (whether or not I actually take out the mortgage) as well as applying for a grad school loan almost simultaneously. I would be applying for the mortgage first, and then probably within weeks or up to two months, I would need to apply for a stafford/private loan. I’m just wondering whether that mortgage credit check would have any effect on my eligibility to take out a student loan, or would the loan company take it as risky behavior, or raise my interest rate because of that?

Thanks for any help!
Thanks for the info! Very helpful.

admin answers:

I can’t speak for the student loan underwriter specifically, but I can tell you that in general, applying for a mortgage shouldn’t effect your chances of getting another loan. You get unlimited hard pulls on your credit report frim mortgage lenders for one month–they only count as one pull. One pull should not have a negative impact on your credit score.

Good luck!

Powered by Yahoo! Answers

Leave a Reply