Mortgage Guide

Cheri asked:

I’m going to talk to a mortgage specialist tomarrow about buying my dream house. I built my house for $220,000.00 9 months ago and it just appraised for $300,000.00. The house I want appraised at $360,000.00 but because it was my friend who built it he will sell it to me for $320,000.00. I am only 23 so IF the bank agrees to give me this money what are some things I can do to get the lowest possible payment? I have renters now so money isnt a problem but I need to be able to make the payment if something were to happen. Ive tried doing research but im not getting any really good info
Im more looking for information on Terms, lines of credit, maybe getting some sort of bonus because ill have a big down payment…… that kind of thing. Just wondering if people have advice form personal experience. Im not looking for someone to pre-approve me lol

Question posted courtesy of: Florence

bdf s asked:

what parerwork loan officer ask for mortgage?
example like 2 yr of W2, 1 month bank statement, credit report etc

Question posted courtesy of: Justin

Cheryl J asked:

at the moment we are 2yrs into a 3yr interest only mortgage on our first home. Ideally we would like to move but there is a large penalty if we move before the end of the 3yr period.

an option we have considered anyway is to rent out our current home to retain it as an investment and just to use the rental income to cover a majority of the mortgage.

does anyone know if we will need to change our mortgage before renting it out (ie would we need to change to a buy to let mortgage) or would we be able to rent it out on the current mortgage????

If we cant rent wihtout changing mortgages then it would enable us to move quicker wihtout having to pay the penalty.

Any ideas???

Thanks we cant remortgage as then we would have to pay the early repayment charge which si something ridiculous like £25,000!! We have had the house valued 6months or so ago and it has already increased in value by £20,000+ since purchase 18months previous (only bought for £150,000!) so no worries about losing value!!
we are looking to retain the house for long term and also are not worried about rental covering mortgage repayments as we can afford the excess as the excess we would pay to cover mortgage compared to the increase in value works in our favour.

Question posted courtesy of: Glenn

needknow asked:

Do I have to spend the money in year 2007? Because the government will use year 2008 tax return to determine a family’s financial capability. Most of my money is in high interest rate CD and will mature in year 2008. I want to collect the interests in year 2008; then put them into my mortgage as principal. I have not thought to refinance my mortgage yet. I do not know should I continue to benefit the current low rate mortgage, which I can save more and wait to see what will happen in year 2010 (the time, either mortgage rate goes very high, I have to refinance or the mortgage rate is OK, I stay in my current mortgage agreement. It is a gambling), or refinance now. Is getting a loan for my daughter’s college education a good idea? I hate to borrow money in general. I might change job after my daughter goes to college. That means I might have to change location and sell the house. But truly I do not what will happen in the future several years.

reminder: “I have a 5/1 ARM mortgage..

Question posted courtesy of: Bonnie

Pr0ject asked:

1.The basic distinction between mortgage bankers and mortgage brokers is:

a.Mortgage bankers originate loans using their own capital and a line of credit while mortgage brokers do not.

b.Mortgage brokers originate loans using their own capital and a line of credit while mortgage bankers do not.

c.Mortgage brokers are not involved in originating new loans but only service existing loans.

d.None of the above.

2.PMI provides protection for the ______ in the event of mortgage default.

a.Borrower

b.Seller

c.FHA

d.Lender

Question posted courtesy of: Charlotte

Duck H asked:

I owned a house, financed through GMAC mortgage from 2001 to 2005, when I sold it. Years go by, nothing wrong. As of January this year, they reported me for being delinquent on a single mortgage payment… 3 yrs later.

I started the process of a home loan app today with another company and they tell me I currently have a mortgage loan, for the exact amount of my old mortgage. I keep tabs on my credit using equifax.com and I had never seen antyhing. Today I check back, and now it shows I have a $130,000 mortgage (amount of my old house) to some comapny I’ve never heard of. In fact, there seems to be a few names involved - my credit report shows “NetBank” and the person processing my app shows RBMG, and I also saw a Resource Mortgage somewhere too. The only phone number I found is busy all of the time. I googled the address and it leads to south carolina consumer protection agency.

All of this is really weird. Anyone seen this before or have any idea what is going on?

Question posted courtesy of: Bertha

KnottedBrain asked:

I’ve lived in this home for about 20 years. My parents had mortgaged the house with some old mortgage company and had paid off the mortgage. I’m trying to sell the home now and a title search is saying that the mortgage is unpaid, but I am 100% sure it is paid off. I can’t find a satisfaction of mortgage payment letter on my side because my parents have passed away. The mortgage company that gave the mortgage was gone long ago and purchased by a new bank. Their records are gone. My parents were paying property tax etc. and never ever had a problem with someone claiming the mortgage hasn’t been paid. I’ve actually already hired a lawyer and she has gathered tons of evidence and has already brought this information to court, but he tells me that a judge must review the information. It’s been almost a year and I am still waiting for my money to get released from the title company. My attorney assures me that my case is solid. Is there anything I can do to try to speed up this process?

Question posted courtesy of: Robert

buggerlugs asked:

amicabily at first-because money was tight she got a 6mth reprieve from the mortgage-now she wants my brother to pay half the mortgage-the bills such as electric/gas and other bills each month totalling 500 pounds a month-they have a child so this is instead of paying child support(her choice entirely) my brother has to pay for his own lodgings-bills etc and cannot afford to keep paying all this money-he would ideally like to pay whatever the CSA ask of him(for child) as he wants nothing to do with the house at all- she wont agree to have his name taken off the mortgage as by herself she could not afford to keep it(he doesnt want anything from the house should she sell it) he just wants to pay for his child-please give advice if u can -solicitors are very expensive but he knows hell have to see one but if anyone can give advice in the meantime it would be appreciated x ps the bills i mentioned and the mortgage comes out of his bank account(the bills are in his name-the mortgage in bot
ps she wont divorce him but knows he cant afford the solicitors bills to divorce her either

Question posted courtesy of: Arnold