Your Questions About Mortgage

Donna asks…

How to go about getting a mortgage if your a server?

Hey,

I’d like to buy a house one day, and I am a full time waitress. I love my job, but trying to get a loan, let alone a mortgage seems nearly impossible. The bank looks at my pay stub, and sees that I make minimum wage. I am wondering if anyone has any advice, or knows how to go about preparing to get a mortgage when it looks like (on paper) I make very little money?
Tips are not recorded on the pay stub, and I claim tips as extra income on my taxes.

admin answers:

Hey,

You should complete a financial review with a financial planner to accurately see your capabilities on paper. There are usually a lot of ways one can work around your income to afford a mortgage, but a complete review of your current situation taking into account your goals and concerns….is a must in order to accurately determine where you are now/opposed to where you want to be in the future (ie. Purchasing a home)

If you are in Toronto or around the GTA I could do this with you, at no cost obviously.

I am a financial planner with Investors Group and I would be glad to sit down with you to analyze your situation and try to come up with a plan to get you there. It can be done. I have clients who have had the same questions.

Please let me know.

Wes.boag@investorsgroup.com

or

(416)491-7400, ext 681

Take care

Wes

George asks…

Can you get a mortgage after ALMOST foreclosing on your home?

I have a friend who got into some trouble paying his mortgage when his wife went on unpaid maternity leave. They got behind on their mortgage and ended up going into foreclosure on their house.

They were able to scrape up the money they needed to pay it off, but they are still pretty strapped and 1 month behind on their mortgage.

The question is, they want to sell their house to downsize to a less expensive home that is more affordable, but their credit is basically shot. If they sell their house and try to buy a less expensive one will they be able to get a mortgage with their history?

Please be respectful, this is a genuine question that needs knowledgeable answers. So only reply if you have good advise. Thank you.
sorry, one more thing. they would be putting about 20% down on the next house, would this help the percentage rate?

admin answers:

Hello,

I do a lot or mortgage auditing for a auditing firm. There are several banks who make “subprime” loans. This means that your friends probably would be able to get a mortgage, but it would be about 4 to 5 points above the interest rate charged to those with good credit. If a bank would charge 6.00 right now…your friends would be looking at about a 10-12 percent interest rate.
The obvious downside is that this will cause them do downsize perhaps more than they expect. Their monthly payments will be much larger, even if they downsize, because so much of their payment will be going towards interest. The lenders charge this high interest rate to offset their risk for lending money to consumers with bad credit.

Jenny asks…

How do I get a late mortgage payment off of my credit report?

How do I get a late mortgage payment off of my credit report? I mean I’m totally current on my mortgage now. I want this off of my report. Thanks

admin answers:

It will stay on your credit report for 7 years.

Thomas asks…

How is this going to affect the banks and mortgage companies?

Obama just told the people on the Gulf Coast that they could defer there payments to banks and mortgages companies. Banks and mortgage companies are just like any other business, they need income to keep their doors open. Does Obama want the banks, mortgage, and oil companies to fail so the government can take them over. We he is doing everything in his power to make it so.

admin answers:

They would have to show economic impact from the oil spill in order to qualify.

If many people default on their mortgages, the economic impact would be horrendous. This action lessens the economic impact to our nation as a whole.

Susan asks…

How do you subordinate a second mortgage?

I am trying to help my client refi his first mortgage, but in order to do that I have to subordinate his second mortgage. The lender that I’m trying to sub is Chase. Any help would be greatly appreciated.

admin answers:

I have successfully gotten subordination agreements from Chase. They have a form to fill out, will want $100 or $200, & more than likely will want a copy of your appraisal. It will depend on what your CLTV will be. And they do NOTHING quickly. I agree. This is basic mortgage 101.

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