Your Questions About Check My Mortgage Statement

Jenny asks…

Getting RE-approved for a loan because of change of property?

In December, I was approved for a loan for a mortgage for a specific lot. I am having a new house built and when we were approved, it was conditional to the sale of our house. Between December to Feb (which is when we sold our home), someone sold their homes before and took the lot we wanted. We ended up taking the lot across the street for the same cost.

Now my bank has told me that they have to request a re-approval of my loan….is that bad news or is it just to make the change of address and check out the lot?? My mortgage borker has not asked us to submit any pay stubs and bank statements, he told met aht he just sent in for a re-approval.

Should I be worried that the bank will turn around and tell us that they won’t approve us this time?
The house is almost finished to be built. We are suppose to get the keys to the home next week…. there shouldn’t be any problem at this point right? I mean, the bank has given the builder the green light to build the house for us and they are in the wrapping us stage.

admin answers:

I would imagine since so much time has passed since you were last approved, and because you were approved for a different lot, they want to make sure your credit and earnings have not changed dramatically.

I wouldn’t be concerned unless your credit has gotten worse , your job or income has changed or this lot isn’t worth what you need to borrow to get it.

Carol asks…

My dad wont return my money :/?

I got a part time job when i was 16 (working full time during holidays) to save money for uni. I saved about 2000 pounds working my ass up 2 summers. Then my dad said that he had to renew mortgage and needed some money for that, he said his pay comes at the end of months so asked me to borrow him some money and he will pay back. But he never paid back; at that time i was still working so i though he will pay back soon then when i started uni I had to stay home as they suggested it would be cheaper. When i got my loans he started to say he had money problems again and said “I need some money for blah blah blah and i might have to borrow it from the bank and have to pay interest while your money is sitting there in your account blah blah blah” He emotionally blackmailed me and i borrowed him most my loan but now he still keeps asking for more money (i worked during last summer 2 jobs to save money for me). but i cant say no (if i do i look like the bad one in the house). And i cant believe like he gives away so many money to charities and stuff useless to my eyes “its a matter of reputation” he says but I am getting really fustrated. He owes me about a total of 4000+ pounds and i know it sounds really greedy but i need that money too i worked for me. Today i needed to book for my residential trip for duke of Edinburgh and needed to buy new software and asked for £200 back he said “i dont have any money now do you really need it? My pay doesnot come till the end” he even suggested i get a job as i spend too much time sleeping and on the computer -_-” . and the most embarrasing thing is i didnot have enough money to buy my best friend a gift for her birthday, he said what do you do to your loan you dont really go out much either. I really hate him but the family supports him -_- saying how can you ask for your money form your own dad, the family its our money. and yes i cant lie about not having any money as he checks all my letters and statements. Should i just move out i mean it would be the same amount of cost with more freedom me thinks. Please help!

admin answers:

YES you need to move out. Your Father is stealing from you, his Son, and your family is looking out for him. I cannot believe this. Your own Father does not care if you graduate university or not, he just wants to take all of your money and how dare you ask for it back? This is ludicrous and I am appalled.

Move out. You are already dependable and responsible, leave your parents to find their own way in life. How dare they? Who the h*ll do the think they are?

I recommend finding a flat (and one with a roommate would be even better because you can split the expenses.) I further recommend that you take your Father to civil court and sue him for reimbursement of that which the dead beat stole. Your Father is a real piece of work and so is anyone who supports him.

When you do move out, don’t give them any notice or even tell them what you are doing. Just do it. Find your own place, get it set up, have a friend go with you to your house to gather your things. When one of them has the nerve to ask you what you are doing, I would tell them that you realized that living on your own is cheaper than supporting their lazy a$$e$ and that they are grown ups now, its time for them to start acting like it. Then I would have them served with a court order stating that they are being sued civilly in a court of law.

UGHHHHHHHHHHH

Charles asks…

Applying for home loan, can lenders look further back beyond the current bank statements that we provide them?

I recently received a large cash deposit into my checking account for a down payment but do not want to have to deal with writing a gift letter or having to justify where these funds came from. I am planning on leaving the funds in the account and letting them sit there for at least 2 months until they are considered “seasoned’. After that, I will submit bank statements, but my question is whether I am really in the clear or not if they (the lenders) are only asking for the two most recent bank statements. Will they have the authority to check my account further back than what I provide them? I am afraid they might see the cash deposit if they look even a month past the two statements I provide!

Another side question is whether or not we should let our real estate agent or mortgage broker know this information since it is why we are delaying further action for the time being! Is this appropriate information for them to know? Will we get in trouble with them if they do know?

Any insight would be helpful! Thanks!
FYI, the funds are not borrowed. They are from my parents, but they do not want to admit to having that much money as they mostly deal with cash and don’t keep much of it in the bank.
FYI, the funds are not borrowed. They are from my parents, but they do not want to admit to having that much money as they mostly deal with cash and don’t keep much of it in the bank.

admin answers:

Don’t lie on a loan application.
It’s illegal and just a waste of everyone’s time.
If you can’t be truthful about where the money is from, maybe you should wait to buy the home.

Susan asks…

If I get a credit card and back all my purchases with cash would that give me good credit?

What exactly do I need for good credit? I’m looking to get a mortgage in 2 years but first I need to establish good credit, (I have none now). I want to get a credit card and if I make purchases with it, I’ll pay off all the debt on my first statement rather than paying little by little, so I can avoid APRs. But would I establish good credit doing that?
Let’s say I buy a brand new plasma TV for $1,000 which i have the cash to back up but I use my credit card instead. And once my statement comes in the mail I send the credit agency a check for $1,000. If I did this with all my purchases would I establish a 700+ FICO score in 2 years?

admin answers:

Yes, paying off all the debt on your first statement rather than paying little by little, so you can avoid APRs, would establish good credit.

Most credit cards are currently available to someone who does not already have credit. Also, applying for any credit card will make you credit score lower when you do get one.

For your first credit card, deposit money at a bank that offers secured credit cards to depositors who have no credit. Do not apply for any credit card that is not secured until after you have established credit.

If you need to have good credit in only two years, stop applying for all credit cards in less than one year. Wait more than one year after the last time that you apply for any credit card before you apply for the mortgage. Every application lowers your credit score for a year.

William asks…

Will Chase Foreclose?

Okay so one of my friends has a mortgage with Chase and she is currently trying to modify the loan. She was already in foreclosure before the modification started. She filed the modification papers but told them she has a job that she does not have. She has a friend that owns a business faxing the bank pay checks to make it look like she is working but she isn’t. She also has a roommate that pays a certain amount each week. She has not found a job so all she is receiving is the money from the roommate and that is all she is putting in the bank. My question is will Chase rely more on her fake pay stubs or what her bank statement shows which is that she is not putting her pay check in the bank. If you need more info let me know. Thanks!
**She was 6 months behind on her mortgage when she filed for the modification. The bank has advised her not to make any more payments until the modification process is complete.

admin answers:

Wow, she is sending her friend to prison. Both are committing felonies. The odds of her getting away with this are very slim. Her, and the stupid friend, will be housed in federal prison for awhile, she will not have to worry about the house anymore.

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