My wife and I are thinking about using Quicken Loans to refinance a mortgage on a rental property. Any advice?

Has anyone else experienced Quicken Loans. This is the first time we have not delt with the ';local banker'; and we're nervous about the closing over the phone/internet thing.My wife and I are thinking about using Quicken Loans to refinance a mortgage on a rental property. Any advice?
Hey there! Thanks for considering working with Quicken Loans.





I completely understand your hesitation. Let me assure you that the closing will not be over the internet or phone. For the actual closing, we will send a notary in your neighborhood to any location you choose to close your loan. We work with trusted partners across the US to make sure your closing is always comfortable and convenient. You choose the place %26amp; time and we鈥檒l be there.





For the other parts of the process leading up to the closing, we will do a lot over the phone and internet. You will work with one mortgage banker, who will be able to update you over the course of the loan and answer any questions you have. Let your banker know what types of communication you are comfortable with 鈥?e-mail, phone, postal mail, fax, internet, chat or anything else! We pride ourselves on our cutting edge technology.





The other thing we鈥檙e known for is our service. There鈥檚 no reason to be nervous 鈥?9 out of 10 clients tell us they will recommend us to friends and family. We hope you鈥檒l do the same.





I鈥檓 going to include some links for Quicken Loans reviews. If you have any other questions, feel free to contact me through our profile. Best of luck!My wife and I are thinking about using Quicken Loans to refinance a mortgage on a rental property. Any advice?
walk a way, no run away.


simple as that .


go to 'local' refi , u'll save thousands.


do ur research BBB , wal street journal, state attorney general etc. walk away.
figure out your tax situation before you do anything





Example: if you refi out more than your equity in the property on the tax books, the excess is taxable income in the year you receive it.





***


no experience with the lender
I agree with the last answer. Feedback form my clients has usually been negative towards the larger shops such as Quicken, or Countrywide, etc.





My clients like the fact that I have only a few files on my desk, thereby allowing me to dedicate more time to their situation. The process is smoother, and in the long run they save more money.





By choosing a Broker as opposed to a Lender, you're options are greatly increased, and in most cases costs are less. A broker is buying at wholesale for their client as opposed to going to a local bank or even a large shop, like Quicken, where the customer is buying at retail.





Closing over the phone couldn't be easier, really. I have many clients out of state, and I tell this: I have two locations, everywhere, and right next to you. It's really that simple.





If you have any further questions, get in touch with me.





Good Luck.





rickn@americannationwidemtg.com
If you can't face them, why would you do business with them. We had a deal once on new construction. It was winter in Minnesota and they wanted to withhold thousands of dollars from the builder proceeds because the landscaping, sidewalks and driveway were not complete. In Minnesota that is a fact of life in the winter time. I'm not talking the small amount of money that it would have cost the builder to finish these items, but 10's of thousands of dollars. They seem to find ways to come up with withholding monies unnecessarily.





Listen, you can do what you want. But for me, if I'm spending that kind of money, I want to be able to face a human in their office if something goes wrong.
I've heard nothing but bad things about Quicken Loans!!!

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What happens if you pay your mortgage twice?

My accountant takes care most of my bills but I specifically told her not to pay this mortgage. I sent my check to the lender to pay my mortgage, only to find out later my accountant paid for it too. Both had cashed yesterday. So I was wondering if the extra is going to my principal, or will lender allow it to be deducted towards the next month's payment? It's such a big amount I don't want it to go to my principal... oh no.What happens if you pay your mortgage twice?
Unless you tell the lender what to do with the funds, they usually just dump any extra into your impound account. It does NOT let you off the hook for your next month's mortgage payment, though!





Call your mortgage lender and ask them what was done with the extra funds. If they put it in your impound account they should be happy to return it to you. The worst case scenario there is that they'll settle it up with you on the annual reconciliation.





If they put it against principal you probably won't be able to get it back. That's not necessarily a bad thing though, as you just shortened your mortgage term by several months! A single extra payment paid against principal early in the life of a mortgage can knock 6 months or more off the life of the mortgage easily. (And if you doubled up on every payment (P%26amp;I only) you'd pay off a 30 year mortgage in about 9 years!)What happens if you pay your mortgage twice?
It often depends on the lender. usually an overpayment would be put towards the principle, but an on the ball lender might realize this was a clerical error. Either way, it should be a simple matter of calling your lender and getting it straigtened out now, rather than waiting for the next statement to find out.
I'd call your lender up and ask them if you can use the double check to go towards next month's payment. I am sure they won't have a problem with it. If this is your home and not an quick investment, I can't understand why you would be sad to pay the interest and more of the principal down now, unless you don't have the cash for next month. Paying the most you can up front will save you a lot of money in the end. That interest will just keep adding up if not.
Call them up. They might be able to work with you... but i know with car payments they take it off the amount you owe... They don't count it towards the next month's payment.
';YOU'RE RICH B____'; - Dave Chapelle
Most lenders will put it towards the principal balance. I've never heard of a lender letting you skip a pymt. I've normally only see that in like personal loans and auto loans. Why do you need an accountant anyways? It is propbaly much cheaper to be on an auto payment than paying an accountant. Plus if you did an autopay with your mortgage it will save you on interest, and you will not have to worry about paying it twice.

Is it difficult to get a mortgage in California? And is it worth buying a home or should I just rent?

I am thinking of moving to San Fran, and I don't know anything about the American real estate market. Is it difficult to get a mortgage? I have excellent credit, a tiny amount of debt but will only have a teachers salary. And should I consider buying an apartment or should I just rent, once I get settled?Is it difficult to get a mortgage in California? And is it worth buying a home or should I just rent?
Don't listen to the media, most of them have no clue what they are talking about. Getting a mortgage is not difficult at all for the qualified buyer. If you have good credit, low debt and stable income, you will have no issues at all. All the doom and gloom is from people not in the industry that have recently appointed themselves as ';experts.';





As far as buying or renting, San Francisco rents are ridiculous. San Francisco property values have not taken as much of a hit as other parts of the state, but there are still very good values to be had. I am located in the bay area and I can tell you from first hand experience that the market is good from a buyers perspective. With low rates and a buyers market I'd jump at the chance to buy.





Also, you mentioned that you are a teacher, so there are special programs that can benefit you.





Just my 2 cents





Good luck and Look us up when you get here.Is it difficult to get a mortgage in California? And is it worth buying a home or should I just rent?
It is probably impossible to buy a house in San Francisco on a teachers salary. The homes in San Francisco are some of the most expensive in the US.





You might go to the end of the BART line and find cheaper homes but you might have a long commute to work.

How many days out can a mortgage company pull my credit if I am buying a new home?

I am trying to make a couple other purchases, I also want to lock in my interest rate, but my mortgage company is telling me they cant do a credit pull or lock a rate until 30 days or less until closing. I close at the end of june.How many days out can a mortgage company pull my credit if I am buying a new home?
They can check it up to the closing table. Whatever you do not buy anything else , open new credit cards or run up exsisting credit. Thye can and will re check your credit to make sure your DTI hasnt changed. My friend lost her loan at the closing table because they had pulled her report one more time before closing and she ran up her credit. Dont do it just hold off until you closeHow many days out can a mortgage company pull my credit if I am buying a new home?
Do not buy anything else until after your home closes! The mortgage company will do a quality control check just before they release the funds - they can pull your credit again and contact your employer to make sure you still have a job. If they find that you have bought, say a car or furniture, and it puts you over the edge on your debt to income ratios, the loan will be denied, even at the very last minute. You can lose your house if you make ANY other credit purchases at this time. Wait until you have completely closed on the home.
Your best bet is to not take on any debt load of withdraw any money from savings or investment accounts until AFTER you close. Changing your credit profile may cause the mortgage to fall through. They will do another credit check just before closing to ensure not major changes to your credit profile has occurred.

Is it possible to get a mortgage if your previous house was repossessed?

My boyfriends house is being repossessed. He owned half of the house, the other half belonging to his friend - who is the reason why it is being repossessed; because he has not kept up with the mortgage payments. He plans to rent for a couple of years, and then apply for another mortgage. Will he be able to get another mortgage? Is it possible to get a mortgage if your previous house was repossessed?
Normally after a person has completed foreclosure or a repossission after 1-2 years you might purchase a property.





The person must maintain his her credit and reestablish credit. So making timely monthly payments on your current or new credit is absolutely imperative.





So any new credit make sure you pay the debt according to the terms of the contract.





The foreclosure or or repossession will remain on your credit report for 7-10 years, but this should not prevent you from getting another property in 1-2 years.





He will be required to explain in a letter of explanation why he has a repossession on his credit report,but this is normal when applying for a mortgage.





I hope this has been of some use to you, good luck.





';FIGHT ON';Is it possible to get a mortgage if your previous house was repossessed?
Of course he can get another mortgage to buy a house for his home. He may have his personal reasons to let the house repossessed. In order to get another mortgage later, he needs to convinced the bank that he is capable to pay the monthly repayments and has change his ways of life.
It doesn't matter who's fault is was that the mortgage wasn't paid. If you are listed on the loan, it's just as much your fault and the next person's. He will be able to get a mortgage in the future, but it may take longer than a couple of years. More like the 5-7 year time frame.
Probably not... or, at a very high interest rate.





I had a roomie blow the rent after I had moved out. I wound up paying off 2 months in full, since I was on the lease still, and when I went for a mortgage they gave me a higher rate for having that on my credit score.
go to BofA and he will need to co-sign with someone who has good to excellent credit.





But if he had proof that it was his fault and that he was able to afford it then he should be able to get one on his own
Yes. He will need to keep his credit clean for 2yrs. Make all payments and keep his job or show upward movement as he changes positions. FHA will be his best option after the 2yrs. As long as he keeps his credit clean you guys will be fine.
depends on his credit score, yea he can probably get another morgatge, but it will be of much lesser amount. Next time, dont go in on big investments with ';friends';.
I think he'll struggle but it will depend on the economy. If a mortgage lender is handing out lots of mortgages or if he has a large deposit then maybe he'll get one
it can screw up his chances but in this economy now it can be hard anywone

Does it really make a difference in taxes by squeezing in one last mortgage payment?

I am thinking about calling in my January mortgage payment tomorrow to get the interest credit on my 06 taxes. I have currently paid approximately 8,600+ in interest and if I make the payment tomorrow, $900-$1000 will go to interest. Please help.Does it really make a difference in taxes by squeezing in one last mortgage payment?
Make sure the additional payment is incorporated on yur INt-1098.


If not the argument could be made that the credit is not available if the Mortgage payment was not yet due, regardless of date of payment. Call your mrtgage company to find out... Of course you can always report your additional payment under payments without 1098 on ur schedule A. Are you anticipating a bad income yr in 2007-- ? You may need that payment for next yr if your income is higher... Call your tax man.Does it really make a difference in taxes by squeezing in one last mortgage payment?
If you have had the loan all year making the extra payment wont really benefit you tax wise. You will only raise your return by a fraction of the payment amount. You can deduct interest paid every year and most closing costs the year you closed the loan. Ask your tax preparer about adding another exemption to your W-9 form instead. That way you can still get a return at years end but have less withheld every payday. Then take 1/2 of that savings and make a 2nd payment every month toward principal only out of the money you aren't lending the IRS anymore. Use the other 1/2 for whatever you want.
Not really. It'll save you probably about $300 this year, but you'll have to continue making that extra payment every year, just to have 12 payments in each calendar year.

If McCain wants to buy all the bad mortgages, who is going to maintain the properties?? They'll be worthless!!?

I'm wondering who is going to pay for it? He wants to buy the bad mortgages, sell them back at the current worth. Who is going to make up the difference. Oh wait...that's right. We, the tax payers, are. So, in short...all those people who were foolish enough to live above their means gets a free ride while all of us financialy savvy folks get to pay for their stupidity. McCain is an idiot and a socialist.If McCain wants to buy all the bad mortgages, who is going to maintain the properties?? They'll be worthless!!?
This to me, a republican moderate, was the bonehead blunder of this whle campaign. Mccain has now taken to pandering to the Obama crowd. Only it backfired. My republican friends are not impressed and neither are the Obamanites.





Supposedly this is going to let people be able to stay in their houses. Now the government is going to be managing real estate and renegotiating mortgages? Good Lord. If McCain wants to buy all the bad mortgages, who is going to maintain the properties?? They'll be worthless!!?
Uh, no they won't be. Homes are worth less now, not worthless! And be sure to note that Obama, Pelosi, and Reid and a bunch of others signed onto the bailout bill.
Don't worry the Brits beat Paulson/Bush to the punch, so now we have to follow along.


The McCain plan, was their plan to and have the taxpayers eat the loss.


The Brits saved our biscuits from being burning!!
Are you really that stupid? The people who live in the houses (and who will still be paying their mortgages but at much lower rates) or the banks that own them will take care of them.
that isn't true!!!!!!
Yea McCain is a true socialist now.. I wonder what he will be next week?

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Is there a way to claim mortgage interest you paid for some one else?

I made my mother-in-laws house payments for the entire year of 2006. Is there a way to use the interest for my deductions?Is there a way to claim mortgage interest you paid for some one else?
No, sorry, you can't take the deduction. To be eligible to take a deduction you must be legally obligated for the mortgage payments and actually pay the interest.





Therefore you cannot take the deduction as you are not legally obligated and she cannot take the deduction as she did not actually pay it.





You could preserve the deduction for her by gifting her the money to make the payments and have her make the actual payments. As long as the total payments for the year were less than $12,000 for the year there would be no gift tax consequences.Is there a way to claim mortgage interest you paid for some one else?
TFTP

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nope

How to qualify for a larger mortgage?

I have been shopping for a home loan and have realized that I qualify for about $40,000 less than what I need. Im not concerned about the payments I have a job that I can work as much or as little as I want. However I havent worked very much in the past 2 years because I was taking care of an ill family member. Do I have any other choices besides saving the extra money myself? I have a credit score over 700, does that help?How to qualify for a larger mortgage?
Find a $40,000 less expensive home. Increase your hours and wait for 6 months so your income increases and you qualify for more. I don't know how much of a break people are getting to buy more house than they qualify for in this housing market. I don't know that a promise of more hours/income is enough any more.How to qualify for a larger mortgage?
Well ajustable rate morgages may give you more than fixed rate. Also some banks are willing to give you more money so you could look around at lenders. But it is not a good idea to get over your head in house debt. Remember once you get a house there is more than just the payments. Don't forget about taxes, pest control, maintance, home owners insurance and utilities. Also remember alot of people in the USA are over their head in house debt and being forclosed on. You really don't want to be in that situation. Maybe you can look at forclosed homes and they will be cheaper.

Is it possible to get multiple mortgage companies to compete for my refinance?

I have used lending tree before and it seems like there is usually one reasonable offers and 3 awful offer so I don't really see that as true competition.


What I want is to go to place A and lay it all out and then go to place B and lay it all out and then sign whichever one has the best deal (without any changes from the beginning offer) without paying any fees (so they can collect information) prior to signing that loan.


Is this possible?Is it possible to get multiple mortgage companies to compete for my refinance?
Yes you can definitely shop around. Just have everything in a little folder, employment and income info and go from A to B. If you have an idea what your credit score is, they wouldn't even need to pull your credit to give you a ballpark figure. If they do pull your credit, be sure both lenders (banks) give you their best offer based on your score. Once a lender pulls your credit, they have to make a preliminary lending decision and by federal law, must provide you with a set of RESPA disclosures within 3 days. Look at the Good Faith Estimate (GFE) for both and compare them apples to apples. Some lenders say no points, but then charge you 2% in junk fees.








Don't lay out anything at the point of application, if they ask you for $$, leave. Tell them if their offer is the best, they will get that fee once your decision is made. I recommend going to your local bank (or a few local banks) and your local credit union. Check out what current rates are for different terms (15 year vs. 30 year), so you know what you are looking at going in to it.








I've been in the mortgage business 17 years, if you need more details/help, let me know





Avoid the mortgage broker, go directly to the bank.Is it possible to get multiple mortgage companies to compete for my refinance?
Yes you definetely can and that is the right way to do it.Compare the rates and most importantly how much you are saving every month.The rule of thumb is to break even your refinance charges within 2-2.5 yrs by the money you save every month.And if your broker is experienced and ethical they will help you get the CEMA in order to save 2% on taxes.I would be more than happy to help.Thank you
Yes, I often have people shop around. Go to one broker get a Good Faith Estimate and then go to another and get theirs, which ever one is better I say take that one to the opposite company and soon they will begin to improve their offer. You can go back and forth with both. It will drive them crazy, but you'll get the best deal because a normal broker is willing to make less as long as they can get the deal at all.
Of course it's beset to shop around. Never just go to one broker/lender, 3 is a reasonable number. When a potential borrower comes to me, I don't give them my best offer, I most of the time give them the highest offer and then go from there. Because, sometimes even my highest offer beats the competition's best offer.
I'd say shop around, but also be realistic. Keep in mind that some unethical lenders (usually brokers) may give you an unrealistically low quote to earn your business, then ';bait and switch'; you into something worse - far worse.





Always know who you are dealing with and most of all get an education so you know what is within normal limits.

How can I tell if I am getting a fair deal for my mortgage loan?

Is interest rate everything in a loan? are u suppose to negotiate with lender? tips?How can I tell if I am getting a fair deal for my mortgage loan?
You can always negotiate mortgage terms. Origination and interest rate are negotiable. Remeber that the loan broker has a family and a job as well. On that note if they wish to continue to do buisness it is in their best interest to take care of you. Origination points are not the only area of concern. Title companies overcharge at times as well and less shopping is done for them. There are sometimes junk fees on the loan as well. If you want me to look at it (licensed mortgage broker) I will. I have nothing to lose if you are not in a state I do buisness and if I am I will walk through the shopping process. Smart customers always shop but you need to know what to look for. Let me know.How can I tell if I am getting a fair deal for my mortgage loan?
get a second opinion!!!


always get second opinions
You should have all the paperwork looked at by your attorney who deals with real estate law. Your local paper has a section that lists the average rates for your area.


Make sure to do a title search on the property for liens etc...


The lender makes you an offer.You can shop around by taking that offer to another and see if they will beat it but beware of any type of a balloon loan that starts out low and jumps the next year etc...
Get quotes of rates and fees from several banks or brokers. You will see who is trying to get you with the inflated origination fees.
Consult a third party. Compare the numbers.
The interest rate seems to be the most important thing to the owner, but it's not everything. If you're buying a home, getting in the house is the most important thing. Make sure you get a whole house imspection at the least if you're buying. If you already own the home, weigh your pros and cons. What are you refinancing for? Do you need cash from your home for something important? If consolidating your credit cards or loans will save you money monthly, even though you might refinance into a higher interest rate, then it might be beneficial to you. If you're refinancing to get money to take a vacation, then it may not be wise.. especially if you have a fixed rate below 6% now.





You can always try to negotiate, some lenders will come down, and depending on the difficulty of your loan, some may stay put. Remember though, this is their job.. They don't make all the money they charge to do a loan.. only a percentage of their fee, so as long as the fees are reasonable you're probably getting close to the rate you qualify for.
the short answer is to get a real estate attorney

How much will my payment go up with 5/1 Fixed to adjustable mortgage rate?

I bought my house in Feb 2006 for 450k. I have a 5 year fixed rate. I cant keep up with the payments because my husband job (tile industry) is extremely doing BAD. How much will my interest or payment go up in 5 years if I cant refinance? I have a 6 month prepayment penalty if I refi or sell before 3 years. Should i wait till 2009 to try to refinance? Or do a short sale? Credit is not great anymore because of late payments.How much will my payment go up with 5/1 Fixed to adjustable mortgage rate?
Depend what is your rate? let see if your rate is a 6.5 after 5 yrs some loans going up to 13 % or more (read your contract has to be there maximo rate.) now if you have a late payments and do not have a home equity don`t even try Refi, Short sale is not the best sollution, but if you can`t afford, what else you can do? call you lender to waive the Pre-payment penalty and sale before foreclosure! if have more question e-mail me fabbian@myfirstcontinental.comHow much will my payment go up with 5/1 Fixed to adjustable mortgage rate?
no problem! by the way contact a Short Sale Specialist, they negociate with the bank for you, low the price of you mortgage, and sale you house faster, you don`t have to pay anything to them( no commissions). and you will protec your credit b/c foreclosure is to negative.

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You should contact your lender immediately if you are having trouble with making your payments. It seems like what will happen in 2011 does not matter if you lose your house to foreclosure before then.





Probably the best plan is to get the lender to waive the pre-payment penalty so you can sell your house and pay as much of the loan as possible.
it depends on what the LIBOR rate is or whatever index your ARM is on. Do not wait until the last minute to refinance. Refinance before, don't worry about the prepayment penalty. The prepayment penalty is 1% of 80% of the balance.
SHORT SALE. Your payment will probably go up another $500 a month MINIMUM. If you can't afford it now, you certinaly won't be able to afford it later.


Take this as a lesson learned - don't buy things at the top of your budget, especially when the only way to get it is through an ARM - you'll wind up in exactly this same situation.


Sometimes when things make us all starry eyed like low payments, there's a hidden cost - and THIS is it!


I feel bad for you, but it you did it to yourself.

How can i save for a mortgage?

I earn 22k a year and currently rent, but how much would i need to save each month to one day afford a mortgage deposit?How can i save for a mortgage?
Halifax have just announced a 90% mortgage, whereby you would require 10% deposit.





Based on this salary your maximum borrowing would approximately be around 拢80,000 so with 10% deposit = 拢8,000; giving a purchase price of 拢88,000 (less any other borrowings). This may not be enough depending on where you live but if you also have a friend in similar position you could take out a joint mortgage.





Disclaimer:


The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.unbiased.co.ukHow can i save for a mortgage?
22k a year is roughly 423 a week, less after taxes. How much of this do you need to live? Get money diverted from your paycheck straight into a savings account. Investigate which regular savings package offers best interest, and re-check at regular intervals as the different offers may change. Start keeping records of your spending, so you know where it has gone. Then set yourself a challenge to see if you can cut down - that will free up more to save, or set a target you would like to reach, and aim for it. Find free or nearly free things to do (free concerts, exhibitions, museums, talks, anything else that might be happening locally). Use your library and the internet. Cook extra for future meals - it takes less power to re-heat or microwave. Look for other cost-cutting ideas at www.moneysavingsexpert.com or elsewhere. There is lots of advice out there.





How much would you need to save? As much as possible. The bigger deposit you can manage, the less you will need to borrow. Could you save half your salary? A third? A quarter? Whatever you do, it makes sense to save now, and it will be there when you need it in the future.
do what i did.





when i was looking at houses i asked the people living there if they could pay for my deposit (vendor gift deposit they call it). but as the prices are going down they would loose that say 拢10000.00 on it so you can use it on a deposit instead. and it saved me saving my **** off lol and had more cash to do house up.
It does not exactly work that way.





I don't want to ';overload'; you with information.





Start here, this does a pretty good job of explaining ';home ownership 101';!





http://finance.yahoo.com/how-to-guide/re鈥?/a>

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Do you have to be employed for a year to qualify for a mortgage?

Mortgages - how long do you need to be in full time employment to qualify for a mortgage? I realize that today's mortgage companies are being MUCH stricter with their lending qualifications.Do you have to be employed for a year to qualify for a mortgage?
Fannie Mae has a program and Also FHA





requires that the borrower must have full time work experience for one year prior to entering into a mortgage agreement. Fannie Mae鈥檚 community lending guidelines require employment for the full two years that precede the date of the mortgage application, but allow the lender to consider a borrower who has an income history of between 12-24 months if the borrower鈥檚 mortgage application indicates that there are compensating factors that reasonably offset the shorter income history. Lenders will allow participation in a Family Self Sufficiency Program to be considered a compensating factor for borrowers with less than 24 months of employment.Do you have to be employed for a year to qualify for a mortgage?
You usually need a 2 year work history. Most companies are looking for continuous employment. You don't have to be at the same place for 2 years, but you should be working for at least two straight years. Yes, companies are getting stricter, but there are still some good options out there.
Most prefer that you were working at the same job or same industry (example you simply changed companies for better pay same job) for at least 2 years. There are programs that could possibly help but I would need to investigate those for you. I recommend you talk to a local mortgage broker. They are usually up to date on the programs that are available. Good luck


Bob Laibach


www.gogreedy.com
at least a year.
Most companies will require a 2 year work history preferably in the same industry. If you have not been employed at the same place for 2 years, they will probably require a VOE, verification of employment. Your employer will fill it out with basic info, your start date, chance of continuance, how much you make.... Best of luck.
Don't contact Marty from Premium Loan Sharks. You need to be careful that you do not fall victim to a loan fraud or identity theft problem. As you can see, there are plenty waiting to take advantage you.





You can get by with less than a year if you have remanded in the same industry and can document that you have held jobs for long periods of time.





Mortgage companies are actually MUCH more lenient then they were 10 years ago. That is why so many people are in trouble, they received more mortgage they could handle.

When applying for refinancing for a mortgage how long does the process usually take?

From the time the formal application is handed in to the loan officer of the bank (it's a really small regional bank with only 3 branches), how long does the entire process take to get to closing. We had the formal appraisal already (about 3 weeks ago) and were wondering when we can expect to close? By the way, we have excellent FICO scores, so that's not an issue. Just wondering how long the process usually takes.When applying for refinancing for a mortgage how long does the process usually take?
It could take serveral weeks before you can close the loan. Do you have an agent working for you? If so have that person press for a closing date.





When you/your agent ask the financial institution what do they say?

How does a Canadian Citizen who relocating to the US with a new job offer able to obtain a US mortgage?

How does the paast credit history in Canada looked up in the US? Is there a special area in the mortgage companies that deal with this kind of situation?How does a Canadian Citizen who relocating to the US with a new job offer able to obtain a US mortgage?
You just need a Visa, Social Security Number and credit. Most of the creditors are international. Have a U.S. Lender run your credit. It is not hard to get credit onto your report. Good Luck.How does a Canadian Citizen who relocating to the US with a new job offer able to obtain a US mortgage?
does your new employer have a contract with a relocation company? usually the relo company has ties with a mortgage lender. the larger mortgage companies have internal credit departments that have experience in obtaining international credit reports so not to worry.

Where do I get good quality mortgage leads?

For anyone that is currently a loan officer, broker, AE, etc. Where do I get quality mortgage leads from?Where do I get good quality mortgage leads?
I have been a mortgage broker for 20 years and hands down the best place to buy leads is ThompsonMutual.com. I have had 10 loans go to closing in last year thanks to ThompsonMutual.com. You got to get your leads there.


heres the link http://thompsonmutual.com/Agent.htmlWhere do I get good quality mortgage leads?
You must be new to the business.





%26gt;';Where do I get good quality mortgage leads?';





NO SUCH THING!





Do you want to really learn the business?





Join the loantoolbox.com





These folks are a legit resource!

I am a note broker and I am looking for people that have mortgage notes to sell. How can I get clients?

I am looking for clients who have airplane notes, mortgage notes, mobilehome notes, boat notes, car notes, land notes, commercial notes, business notes. I have a website that they can post their items on for free that will get them immediate response. How can I reach these types of people?I am a note broker and I am looking for people that have mortgage notes to sell. How can I get clients?
learn internet marketing at the link belowI am a note broker and I am looking for people that have mortgage notes to sell. How can I get clients?
Note brokering is not an easy task. It will take long hours and prayer to actually make money. You refer me a client who need a commercial mortgage, construction loans or commercial financing I'll pay you $1,000-$2,000 immediately after closing...

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lol travo5 im a note broker myself it is not hard work nor does a prayer it all depends on how you advertise stay away from the internet unless you have a website if you have not already get some business cards made.

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Can anyone refer a reliable person for mortgage loan modification?

Too many sources claiming to know how, but many turn out to be scammers. I need one who is reliable and actually know how to help process loan modification . Scammers, please stay out!Can anyone refer a reliable person for mortgage loan modification?
you can do loan modification yourself.............contact your mortgage lender........he guide you..!





i know one mortgage lender where you can try http://www.iloanshop.com/loan_modificati鈥?/a> here.





Good Luck.......!Can anyone refer a reliable person for mortgage loan modification?
I have been in the stop foreclosure and debt management industries for many years. You do not need to pay someone to do a loan modification, especially now when the lenders are motivated to stop losses from foreclosure. If you have absolutely no idea what you are doing, find a self help program to give you basic guidance. Programs like this are available for under $100. If you get a good stop foreclosure system it will also provide you with assistance in the rare case that you can't do a loan modification.





However, in today's real estate climate, with 9,000 foreclosure filings per day, and everyone from Obama down talking about helping the poor homeowner your chances for success are very good.





The main thing the lender is going to look for is ';Can you make the payments on the new mortgage?'; So, your immediate job is to get your expenses down as much as possible so your income to debt ratio will support the new payment.





If your income to debt ratio needs work see what you can do to lower insurance payments, non essentials like eating out, school lunches, cable TV, negotiate with your credit card companies to settle their debt. If they can't collect from you they will turn it over eventually for literally pennies on the dollar so be nice but hold tough and get your balance/payments reduced.





When you talk to the lender, if you are behind in your payments, be sure that you speak with someone in Loss Mitigation not Collections. Again, if in foreclosure, don't waste a minutes time talking to the lender's foreclosure attorney, deal directly with Loss Mitigation.





A lot of new companies have appeared on the scene charging huge prices for loan modification. Keep your money and put it toward any arrearages or costs that the lender may require you pay to complete the loan modification. You CAN do it!
WAIT !! Why go through a modification company at all - why not just ask your lender for the exact procedures and what they look for. I did loan mods for a bank many years ago and then moved to the mortgage business, which is where most of these mod companies are getting their employees from. They charge big bucks for not much.





If you want good solid advice on going it alone, I will gladly help for a very modest fee for advice - $400. That's what I got paid when doing them for the bank many years ago. There is never any guarantee of success, with anyone, so you would just be paying me for my limited expertise. Doing mods and mortgages for over 15 years





Send to e-mail address at jerry_wimble@yahoo.com.
Do it yourself. TALK to your lender, to many people at your lender.





You don't need some one to do this, and they don't have any more leverage than you do, and many are scammers.
Where are you located? I am also a Realtor.

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Can my mom and I get a mortgage together for house with MIL suite?

How does that work? Can you get a mortgage with someone? This would benefit both my mom and my family financially.Can my mom and I get a mortgage together for house with MIL suite?
Yes, we do allot of mortgages like this, if you have a good credit and a good income for last 2 years. Good Luck!Can my mom and I get a mortgage together for house with MIL suite?
Sure you can. As long as one of you or the two of you together have enough income to meet the mortgage.

Who is to blame for the current mortgage crisis in the United States?

Do you blame the banking industry, Alan Greenspan, home buyers, real estate speculators, etc.? I'm very curious what your opinion is. Thank you.Who is to blame for the current mortgage crisis in the United States?
Who do YOU blame for the DotCom Bubble in the stock market? Who do YOU blame for the wild ';Ostrich Market'; a few years ago when they were microchipping eggs for thousands of dollars? Who do YOU blame for the Great Turnip prices thousands of years ago?


Thruout history you can find examples of ';herd mentality' causeing a mania over something and the ONLY thing different is that this time the product was real estate.


Instead of assigning blame; which gets you nothing other then wasted time; how about doing something productive and trying to identify WHY these things happen and how this WILL affect you in the future.


Regardless of WHO you blame for the current market; the cold harrd truth is that EVEN if you KNEW EXACTLY what was going to happen and WHEN it was going to happen, you could NOT prevent people from doing stupid things. If you were President Bush and tried to control the morgage market ; you would have been seen as ';socialist';, ';the rich protecting their turf on not letting the small investor participate in the greatest real estate market we have ever seen';, ';this is a free country so why is Big Brother preventing me from making money in real estate?';.


The realtors were ONLY doing their job of helping people buy what they say they want to buy and getting paid for it. Lenders were ONLY doing their jobs and SELLING a product.


The real blame is the people who gambled on a high risk loan with terms they SAY they didn't understand but the truth is that they KNEW they could not afford the loan but wanted it as an'; investment';.Who is to blame for the current mortgage crisis in the United States?
The blame is to be shared.





The buyers for not reading what they were signing and making sure that they understood what their responsibilities were. Or for failing to hire an attorney to represent them if they didn't understand what they were signing.





The predatory lenders for loaning money to people who clearly could not afford what they were buying. And for using contracts there were so incomprehensible that many attorneys can't figure out what the actual terms are.





The attorneys who wrote those contracts.





The Realtors who pushed unsuitable properties on unqualified buyers and pushed them to predatory lenders and brokers in exchange for kickbacks or other consideration.





The mortgage banking industry for failing to regulate their own.





Congress for failing to pass laws to protect borrowers from the worst abuses.





The right wing mindset that it's ';Every man for himself, we don't need no government intervention.';
The banking industry.


Since the Fed kept the rate so low for so long, home sales were beginning to slow. The banks began offering mortgages to people who would not normally qualify with their credit rating. To protect themselves, banks sold variable rate mortgages to those who maybe didn't understand how the whole thing worked. Sure, there's the ';buyer beware'; thing, but by and large, his was a way for banks to get more money.
It is easy to attach blame. All participants are to blame to some extent. some lenders went overboard in extending credit to sub prime clients. but other lenders were more prudent. Some home buyers went overboard in financing homes that they could not afford, simply because they thought they could sell the house for more when that ARM interest increased. But not all home buyers bought unaffordable homes. Many are still paying the mortgages that are within their ability to pay. Some speculators went overboard in buying up homes to flip, then suddenly found that prices sagged. The least to blame is the FED or the government, in my opinion.
Banking Industry


The MortageLenders


Govt.


since they can hide data %26amp; free loans to customers who cant pay loans back.


%26amp; those Home Buyers who LIE to get loans if any.

How would foreclosure effect my spouse's credit whose name is not on the mortgage?

My business was severely impacted by the economy, and I'm now facing foreclosure. When we signed our mortgage, my name was the only one recorded. How would the foreclosure effect my spouse's credit. We live in California if that matters. Your answers will be most apppreciated.How would foreclosure effect my spouse's credit whose name is not on the mortgage?
You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments. - creditreport.fateback.comHow would foreclosure effect my spouse's credit whose name is not on the mortgage?
Your spouse is just that. You are recognized under the law as being connected. This gets far more complicated depending on your circumstances, if you live together under the same roof, if you file taxes jointly, the length of time you have been married, when the mortgage was assumed on your part, in short, you need to talk to a tax/bankruptcy attorney to minimize the effect on your spouse.





The shortest answer is yes, your spouse will be affected, to what degree, you need an attorney to tell you based on your specific circumstances.
From our research, foreclosure should not affect your spouces credit if their name is not on the mortgage.
If your spouse name is not on Mortgage loan then no!

What is the best way to clean up your credit report. I have a mortgage, my car is almost paid for, ...?

one credit card, a student loan, and a dew minor debts. I am divorced, and my crdit took a major hit. What is the highest score you can receive?What is the best way to clean up your credit report. I have a mortgage, my car is almost paid for, ...?
You have some awful answers here.





Credit scores are based on the following factors only;





1. Payment history 35%


2. Time in bureau 15%


3. Types of credit 10%


4. New credit 10%


5. Debt to credit ratio 30%





Since you have a mortgage a credit card and a car loan now as long as you pay everything on time every month your score should be fine.





FICO scores run from 300 to 850 anything that calculates to below 300 defaults to a 0.





To have the very best score and profile people need 3 credit card accounts (revolving) with balances below 30% of their limits and 2 cars, boats, homes, computers, furniture or personal accounts (installment) all with good long payment history's.What is the best way to clean up your credit report. I have a mortgage, my car is almost paid for, ...?
Do you have one question or many?





Secret to a great credit rating: Borrow only when you MUST and pay it all ON TIME. Don't apply for credit all the time, just use what you have and keep the balances low.
just a divorce by itself shouldn't affect your credit - there must have been other factors
I'm not sure what the highest credit score is, but I saw a tv program on this, and one of the ways to improve your credit score is to have utilities in your name and always try to pay on time.

Does mortgage broker have to get my signature when they lock the rate ?

1) Does mortgage broker have to get my signature when they lock the rate ?





2)Do I get any paper or document as a proof that the mortgage/broker or lender has locked a rate for me what he has promised ?Does mortgage broker have to get my signature when they lock the rate ?
No they do not require your signature to lock a rate. And yes you should get a rate lock form filled out with your rate. My lenders actually have it online so you can check your rate anytime.Does mortgage broker have to get my signature when they lock the rate ?
most of the time -but your mortgage lender will have this info available when you call. ALWAYS ask for every paper you sign to be copied for your own records.
I only require a verbal to lock. I then send a lock in letter along with a new GFE %26amp; TIL.
Yes and yes.

What happens if a home forecloses and the auction only pays off the first mortgage and not the second?

Will the second mortgage holders come after you or be able to put something (other than a foreclosure) on your credit like a judgement? Would they be ale to garnish wages or do anything crazy like that in the future? The reason for two loans was a first and second (100% loan) was used to purchase the home. The value dropped and the foreclosure auction will only be enough to cover the first mortgage. BTW this is for a friend so don't bother asking to buy the property because I am looking into it, thanks!What happens if a home forecloses and the auction only pays off the first mortgage and not the second?
Did the first or the second mortgage company foreclose on the property? I found this for you in wikipedia. Good luck.


';Foreclosure is the legal proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner's failure to comply with an agreement between the lender and borrower called a ';mortgage'; or ';deed of trust';. Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that ';the lender has foreclosed its mortgage or lien.';





In the United States, there are two sorts of foreclosure in most common law states. Using a ';deed in lieu of foreclosure,'; the bank claims the title and possession of the property back in full satisfaction of a debt, usually on contract. In the proceeding simply known as foreclosure (or, perhaps, distinguished as ';judicial foreclosure';), the property is exposed to auction by the county sheriff or some other officer of the court. Many states require this latter sort of proceeding in some or all cases of foreclosure, in order to protect any equity the debtor may have in the property, in case the value of the debt being foreclosed on is substantially less than the market value of the immovable property (this also discourages strategic foreclosure). In this foreclosure, the sheriff then issues a deed to the winning bidder at auction. Banks and other institutional lenders typically bid in the amount of the owed debt at the sale, and if no other buyers step forward the lender receives title to the immovable property in return.





Other states have adopted non-judicial foreclosure procedures, in which the mortgagee, or more commonly the mortgagee's attorney or designated agent, gives the debtor a notice of default and the mortgagee's intent to sell the immovable property in a form prescribed by state statute. This type of foreclosure is commonly referred to as ';statutory'; or ';non-judicial'; foreclosure, as opposed to ';judicial';. With this ';power-of-sale'; type of foreclosure, if the debtor fails to cure the default, or use other lawful means (such as filing for bankruptcy which provides a temporary automatic stay to the foreclosure proceeding) to stop the sale, the mortgagee or its representative will conduct a public auction in a similar manner as the sheriff's auction described above. The highest bidder at the auction becomes the owner of the immovable property free and clear of any interest of the former owner but the property may be encumbered by any liens superior to the mortgage being foreclosed (e.g. a senior mortgage, unpaid property taxes etc). Further legal action, such as an eviction may be necessary to obtain possession of the premises.





';Strict foreclosure'; is an equitable right available in some states. The strict foreclosure period arises after the foreclosure sale has taken place and is available to the foreclosure sale purchaser. The foreclosure sale purchaser must petition a court for a decree that will cut off any junior lienholder's rights to redeem the senior debt. If the junior lienholder fails to do so within the judicially established time frame, his lien is cancelled and the purchaser's title is cleared. This effect is the same as the strict foreclosure that occurred at common law in England's courts of equity as a response to the development of the equity of redemption.





In most jurisdictions it is customary for the foreclosing lender to obtain a title search of the immovable property and to notify all other persons who may have liens on the property, whether by judgment, by contract, or by statute or other law, so that they may appear and assert their interest in the foreclosure litigation. In all US jurisdictions a lender who conducts a foreclosure sale of immovable property which is the subject of a federal tax lien must give 25 days' notice of the sale to the Internal Revenue Service: failure to give notice to the IRS will result in the lien remaining attached to the immovable property after the sale. Therefore, it is imperative that the lender obtain a search of the local Federal Tax Liens so that if the persons or companies involved in the forelcosure have a federal tax lien filed against them, the proper notice to the IRS will be given. A detailed explanation by the IRS of the Federal Tax Lien process can be found here.





Some individuals and companies are engaged in the business of purchasing properties at foreclosure sales. A number of companies promoting themselves on the internet and in other advertising media have sprung up touting the profits that can be made buying properties in foreclosure. Purchasing properties in foreclosure can be more risky than some companies imply';What happens if a home forecloses and the auction only pays off the first mortgage and not the second?
The Friend is liable for the 2nd and it will go on his credit report.
your friend is fu-cked and he has to pay that second in collections better tell him to file.
Yes. If the home sells for less than the amount owed on any of the mortgages the lenders have to right to pursue collection efforts including judgements/garnishments, etc.





This is assuming that the first mortgage company is forclosing. If it is instead the second mortgage that is forclosing, they will have to pay off the first mortgage and then come after your friend for the balance themselves.





Keep in mind that in addition to the mortgage companies, there will be taxes that need to be paid on the sale also.

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What annual income should I put in mortgage application if mine varies?

Im an electrical union worker. Im working full time with my company for 7 years however just last year was very slow so I was included in employee cut back but hired me back after 3 months when projects were back again.


after several months, I wanted to apply for mortgage, what do I write in my annual income since last year was different because I was laid off for 3 months?What annual income should I put in mortgage application if mine varies?
Take a 3 year average of what you put down on your taxes, that is how the bank will verify it anyway!What annual income should I put in mortgage application if mine varies?
Take the average for past 2 years.
I would put down the average you made during the last couple of years.
use a 5 year average
Best Anwser- Chosen by Voters








You need to call Frank IMMEDIATELY at 661-635-4900 or 919-802-3119 or 866-728-8587. He can get you financed with his network of over 400 lenders (up to 100%) even with bad credit. He has helped me with 4 properties and it has saved me thousands per month. He also helped me with foreclosures and made me a ton of money. He is an expert in this area.


http://www.realestatefundingnetwork.com
I read the other answers.


Has no one ever seen an Electrical Union Worker before? The multiple W2's? The gaps?





You have an hourly wage protected by the Union for you. Take your hourly wage, multiply it by 40 hours, then multiply that by 52 weeks, then divide that number by 12. You need a Letter of Explanation for the gap of no work (signed by you). You may need a Verification of Employment from the Union and/or your current employer.





About overtime...


Just email me!
take the seven years and average out the yearly income minus 20% overall that would be close to the number you need for your own good

Should I take out a home-equity line of credit to pay down my mortgage to eliminate PMI?

My husband and I are currently paying PMI (Private Mortgage Insurance) on our mortgage. (We have no second mortgages.) I know we need twenty percent equity in order to eliminate PMI, but I don't think we're quite there. Is taking out a home-equity line of credit to pay down the mortage a good idea? I know that we'd then have two loans to pay, but the PMI would be eliminate and all of our payments (minus the interest) would be going toward the loan rather that insurance. Is it possible to get a home-equity line of credit for 6%?Should I take out a home-equity line of credit to pay down my mortgage to eliminate PMI?
To eliminate PMI you have to get an appraisal done to verify the your equity. An equity line of credit is a variable rate based on prime rate. I believe it is around 7-8% right now. I personally feel PMI is ok becuse HELOC's are adjustable and you would end up paying more interest over time than insurance in most cases. You should contact your bank to see how and when eliminate you can stop paying this insurance (sometimes you cannot eliminate PMI for at least two years). If you calculate your interest payments on the HELOC to be less than PMI and you can pay the balance off quicker than having the insurance for two years then it's a winner.Should I take out a home-equity line of credit to pay down my mortgage to eliminate PMI?
i don't thing this is a good idea to take home equity line in order to pay your first mortgage. you will end up with higher payment- interest rates on equity lines are more then 8.25%- maybe you can get lover rate for a couple of months and in order for you to pay principal on this loan , you need to pay more, then your monthly payment ( it's working like credit card- min. payment cover only the interest) why don't you call any appraisal and ask about value check on your house? i agree with the answers before me to rather pay ore towards your principal on your mortgage.
Home Equity Lines Of Credit are usually adjustable rate loans based upon the prime interest rate witch today is at 8.25%. That is a base rate and may be higher for individual borrowers dependent upon their combined loan to value and credit scores.





Your PMI will be automatically waived after 2 years as long as your payments have been on time and the market in your area is stable.





You can analyze the viability of a line of credit option by computing your proposed line of credit payment compared to the PMI payment.





If you'd like you can call me toll free at 800-971-4638 ext. 223 and I'll help you get enough information together to make a good decision.





No charge, no commitment, just glad to to help
You should just pay extra to the principal on your first mortgage. There is no need to take out another loan and I don't understand why you would. Just write your mortgage payment for more than you have to pay and make sure they know it is to go toward the principal on your loan.
Remember that PMI is based on 20% equity. So if your home has appreciated in value since you've bought it, you might have the 20%. Talk to the bank and see. We did and had PMI eliminated!





Otherwise (to answer your question) the sooner you can eliminate PMI, the better. Sell blood if you have to (okay, that might be a bit much)
Rather than take out a second mortgage why don't you just pay the additional money toward the principal every month. That way you are paying down the principal, saving yourself from paying the additional interest and increasing your equity. Talk to your bank and see how far you need to go to get to the 80%. Also, don't just assume once you get to the 80% that the bank will automatically knock off the PMI - you need to tell them in writing.

Who is to blame for the subprime mortgage mess?

Is it the lenders? Or did the Bush administration policies create an atmosphere favorable for risky lending and predatory loan practices? Or is it something else? Links, of course, are appreciated.Who is to blame for the subprime mortgage mess?
It is the borrowers. They bought houses that they couldn't afford, and when they went up in value, they took that money out so that they NEVER had any equity in the place. When the value of their house decreased and they couldn't take any free money out, they decided to walk away.





';Buying'; a house for $0 down is called RENTING. So if someone put $0 down, took $50K OUT of the house then the price went up, and now they lose their house because the payments went up too high, how are they worse off?Who is to blame for the subprime mortgage mess?
The banks are to blame. They aggressively targeted borrowers who they knew would be at a high risk defaulting. The banks knew that as long as the security was there, the risk was worth taking. Mortgage brokers working on the banks behalf are also to blame, they want to make as much commission as possible, and didn't care if the borrower had no means to repay the debt.





The problem is that with the downturn in the housing market, banks could not quickly sell foreclosed homes. This has led to the current problem.
I would say in this order:





1)The people who choose to take out mortagages they could not afford, especially with an adjustable rate.





2)The people who choose to take out risky HELOC to pay off credit card debts.

How Do I Go About Getting A Mortgage UK?

I'm 20 years old, currently renting and have just started working full time as a care assistant. How do i go about getting a mortgage? I have a poor credit rating.


If i brought a house worth 拢100,000 with a deposit of 拢10,000 how much roughly would i have to pay a month.


I appreciate your answers.


10 points goes to the most helpful one


ThanksHow Do I Go About Getting A Mortgage UK?
After roughly twelve months in your current employment try the high street banks and building societies about arranging a mortgage.


With Twelve months employment history and 拢10,000 deposit you probably wont have any trouble getting someone to lend you money.


Monthly payments can vary very much from 拢500-拢750 a month depending on what type of mortgage you have.


Seek professional advice.

Channel 4 news, 7pm, Mon. evening. Woman with 75 mortgages @ Bradford& Bingly.?

Please tell me how it was possible for 1 woman to have 75 buy - to - let mortgages all at once with Bradford and Bingly. Channel 4 news, 7pm, Mon. evening. Woman with 75 mortgages @ Bradford%26amp; Bingly.?
Irresponsible bankers and irresponsible home ';owner';.





Channel 4 news, 7pm, Mon. evening. Woman with 75 mortgages @ Bradford%26amp; Bingly.?
By renting 'em out.

Do mortgage companies ever write loans for more than the appraisal?

If so, what are the circumstances that this occurs in? If not, what is the usual reasoning?





Thanks!Do mortgage companies ever write loans for more than the appraisal?
No. There was a time where this could happen, but no more.Do mortgage companies ever write loans for more than the appraisal?
Possible but very very unusual. You have a better chance of getting an invitation to the Pope's wedding.
Well I am sure it happens but 999 times out of 1,000 it will not. If you are friends with bank president it could happen.

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How would I go about transferring a mortgage from my ex-boyfriend's name into my name?

We bought a condo together last year. I have been putting money in for the mortgage, but now that we broke up, I would like to take over the mortgage and condo with help of my mom. Is this possible??How would I go about transferring a mortgage from my ex-boyfriend's name into my name?
First question: Is the deed in both names? If so, you will need him to be willing to sell you his interest in the property before you go another step.





Assuming you can get a clear title to the deed, contact the lender and see if they are willing to do a partial release of his interest in favor of a deed in your name; a title company can do it all in one step for you.





If not, see if they will re-fi in your name only.





If not, get a new mortgage and pay the old one off; getting the deed from the x when that happens.





BE CAREFUL; the x has a 1/2 interest, and paying it off or refiing it without addressing that can cause lots of issuesHow would I go about transferring a mortgage from my ex-boyfriend's name into my name?
Erin


the above answer is good . u need to get financing available for u only, so u can buy the condo. u can not get him off the mortgage any other way . u have to buy him out with New money.


don't put ur mom on the mortgage unless u want a repeat of the above problems.


if he does not want to get off , you must due a forced sale. get an attorney.

When can a person qualify for a mortgage after they've had a bankruptcy discharge and a foreclosure?

We are currently renting our home and hope to buy it in about 2 years. The owner is aware of our plans and has been very nice in working with us. Bankruptcy was just discharged and the foreclosure has just passed the ';court date'; stage, wheras the court allowed the lender to take the property.When can a person qualify for a mortgage after they've had a bankruptcy discharge and a foreclosure?
Federal law prohibits anyone who has filed bankruptcy from buying a home for 2 years. Your bankruptcy attorney told you this...they HAVE to. After the 2 years you have to qualify for a mortgage like everyone else.When can a person qualify for a mortgage after they've had a bankruptcy discharge and a foreclosure?
some lender will let you buy now but at a high rate
Some lenders will consider you if you've started to re-establish credit after 12 months following the foreclosure and bankruptcy are legally finalized and recorded. However the rates will always be incredibly high at this point. The rates will start to become more reasonable after about 36 months after they are recorded.
Filing bankruptcy and purchasing a home today are not mutually exclusive events. Both traditional and online lenders offer a good interest rate and payments that you can easily pay. If you have filed Chapter 11 or Chapter 7 bankruptcy and are not sure whether you can get a home loan, talk to a lender immediately who deals exclusively in offering mortgages after bankruptcy. Interest rates today are at the lowest than they have been in decades.
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http://www.apply4less.com/mortgage.htm





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They can give you the best MORTGAGE HELP

How to change from a 30 yr mortgage to 15 year?

I bought a house a year ago and am in a 30-year mortgage. I was just looking at a 30 vs 15 year calculation and the 15 year mortgage is only about $100 more a month.


Can this be right? The loan is for about $63k.


Can I change from a 30 year mortgage to a 15 year one? If so, what all do I have to do??How to change from a 30 yr mortgage to 15 year?
You have two choices. You can refinance to get a 15 year mortgage or you can just pay extra on your principle so that you pay it off in 15 years.How to change from a 30 yr mortgage to 15 year?
I was in the same situation with you few years back, I think there is a technique to quickly do this easily, I came across an article last year


You don't have to physically change it from 30 years to 15 years, you can actually use the paid-for portion of your house to pay off the unpaid-for portion of your house.


I believe the more you pay the less the year to pay off your mortgage


You can get more info at


http://mymegaportal.com/howto/payoffyour鈥?/a>
Yes, it can be right. For that amount of principal the difference is not great.


The fastest and easiest way to change is to simply make extra principal payments every month to your lender. Leave your current mortgage alone--don't refinance. Refinancing is expensive and the banks love it. One thing that is required of you is to have the discipline to make those extra payments rather than decide to buy a new car or take a foreign vacation or etc.


One upside of this plan is that should some money problem arise in the future you have the flexibility of going back to your original monthly payment and conserve your cash by not making extra payments.


One thing you should check in your current mortgage is a prepayment penalty. Most mortgages have a penalty clause but they either disappear after a few years or place a cap on how much extra money you can repay in a year. You want to avoid penalties--it is like throwing money away.


I paid off my 30 year mortgage in about 18 years by using my yearly profit sharing check to pay down the mortgage. In other words rather than small extra monthly payments I made one large extra payment per year--it worked for me! Good luck!!!
The loan amount isn't that large, so yes, it is possible. You just have to go to a mortgage lender (bank or other company) and refinance your existing 30yr mtg. This just means, you will pay off your old mortgage with the new one. Just be careful... you just took out the 30yr mtg a year ago. Did you pay any fees? Points, closing costs, etc? You will have to pay these again. Sometimes it pays to wait a while. A good rule of thumb.... if the rate is 2% lower than your exisiting rate, it may be a good idea. If not stay put.... you can always put the $100 extra towards principal each month. Just by making one full mortgage payment extra per year and putting it towards principal, can knock years off your mortgage.
Actually you could pay it off faster if you left it like it is. Don't go with a 15 year mortgage. Make extra monthly payments and make sure and ask that it goes straight to the principal.





Every loan has a worksheet called an amortization sheet. On that it shows every payment you make and what goes to interest and what goes to principal. If you can afford a higher payment take that money and start paying it on principal.





You can use the link to the calculator to figure out how much this will help you to get out of paying interest...
Hmm... that doesn't sound right.





$63000 15yr amort at today's rate of 6.0% P%26amp;I = $539.60.





$63000 30yr amort at today's rate of 6.375% P%26amp;I = $398.93





$141 difference.





I'd love to sell you a refi, but if you already have a good rate on your 30yr fixed (7.0% or less) I'd say just send in the extra $141 instructing the lender to take that $ off your principal.





Best of luck!
You'll have to refinance to a 15 year loan. Or simply make monthly payments like you are paying the 15 year loan. If you can add that $100 more per month, your 30 year will be paid sooner than 30 years. Make sure you don't have a pre payment penalty first, though.
that doesnt seem right the mortgage i got for a 15 yr is 1,940 a month if it was 30 yr it would of been 876.21 a month its like a 1,000 dollar difference something is wrong check it out again and this house is 2,000 sq ft in a good area here in michigan
Just send in the extra $100 a month with a note '; pay toward principle '; and watch the mortgage melt away.
just send in an extra check every month for the extra $100 and in the memo mark it PRINCIPAL ONLY and you will pay out in 15
Pay it like a 15 year mortgage.





It will then be paid off in 15 years.

Are mortgage prepayment penalties illegal in Arizona?

I'm planning on getting a rate adjustment for my home loan, on the form it states that there is a 1 year prepayment penalty of 3%. I remember my original loan officer saying that prepayment penalties are illegal in Arizona but the customer service rep for my mortgage company says the company is not in Arizona so the penalty still applies. I think that is wrong and I'm hoping the verify that.Are mortgage prepayment penalties illegal in Arizona?
Mortgage prepayment penalties in Arizona are quite legal, as long as you were made aware of such penalty when you signed the mortgage documents. To avoid any such penalty, simply wait until your one year time limit has expired.Are mortgage prepayment penalties illegal in Arizona?
If you are past the one year mark, will this even apply? I think if the contract is written that way, and you haven't reached the year mark, then you might have to pay it. If you are close on the one year mark (say this is month 10 of 12) ask your bank if you can postpone the adjustment until after month 12 and avoid the penalty.





Try calling the division of banks in Arizona (state government office) and ask them about the banking rules. They can give you a more definitive answer.

What should be done if I have about $300k in student loans and a mortgage for $190k that is now worth 140k?

The house has lost value and I will have to move in the next two years.What should be done if I have about $300k in student loans and a mortgage for $190k that is now worth 140k?
The housing market WILL recover, at least partially in the next 2 years. Live off $60,000 and use the other $40,000 to pay down the student loans. If your income goes to $400,000 in 4 years, you should be debt free, INCLUDING a home within 5 years. After that, saving for retirement should be EASY. Just don't increase your lifestyle as fast as your income increases.What should be done if I have about $300k in student loans and a mortgage for $190k that is now worth 140k?
Who knows what will happen in the next two years....you might recoup some of that 50k while paying the mortgage at the same time. NOTHING can be done about the student loans. Those will haunt you until they are FULLY paid off.
You're only providing half of the picture. What is your income, expected income and assets?

Opinions on Reverse Mortgages?

My mom is 76 under a 67K loan with mo payments of 475 on 7.55 fixed rate. Is on fixed income total of 1,100 mo. Would reverse mortgage be a good option for her? In today's financial climate, who can you trust? I know there are a lot of smart people out there and I need to know the pros %26amp; cons. Property value of approx 100K. I don't want to steer her wrong, but I have limited knowledge of financial matters.Opinions on Reverse Mortgages?
in most cases it is a great deal == but the way i read it she has only 33k clear in her home -- it might not be worth it -- but your best bet is go to a bank that handles reverse mortgages and get there opinions!!!

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How much money is given for a mortgage if house needs renovation?

I am looking at a house that is extremely cheap for my market. Realtor says it needs $50k in repair, but I was hoping to put $100K into it to do the full deal (granite/stainless Sub zero appliances etc) Hypothetically, if the purchase price of the house was $100,000, would I be able to take out a loan for $200,000 to do my desired repairs? Sorry if this is a dumb question, but I am a first time home buyer. ThanksHow much money is given for a mortgage if house needs renovation?
There is a specific loan product for your needs. Not all lenders have access to it because it is what is called a ';portfolio'; loan product.





What happens is that you get the plans and specifications for the improvements and they are submitted to the appraiser so that the property may be appraised based upon completed value.





The loan is treated the same as a construction loan in that funds are disbursed based upon work completed. There must be a licensed general contractor overseeing the project.





I am a mortgage lender with more than 20 years experience and my bank, a national bank not a .com, offers this product as its specialty. I can loan in all states and will be happy to answer any of your questions. My name is Nancy, my toll free number is 800-971-4638 ext. 223.How much money is given for a mortgage if house needs renovation?
Mortgage is based on value (among many other qualifying factors). The lenders will not loan based on anticipated value after improvements.





I write a blog on the subject of credit management, mortgages, real estate trends, etc. Check it out for more information that may be helpful.
Do the other similar homes in the neighborhood, already renovated/updated of course, sell for $200,000?





The type of loan you are suggesting could be considered either a construction loan, or a home equity loan. Both of these loans would be contingent on the difference between value of home and what you paid for it.





From working in accounting and credit for years, I think that a bank MIGHT consider lending you the money to make the place inhabitable, but unless you have sterling credit, I doubt they would agree to giving you the money to do the ';full deal'; including the most expensive, state of the art appliances %26amp; interiors.





Good luck.





EDIT**** Listen to the answer below me, she sounds like she has the most knowledge in this subject.





My last word of caution is watch for falling home values, just because a house sold last year for $500,000 is no guarantee it would sell now. Talk to some experienced agents in your area to find out what houses are selling for.

Where can I take an good online Mortgage Loan Processor course?

My dad is a Loan Officer and I want to process his loans. I have researched courses online that range from $90-$400. I don't care the cost I just want a good course that will be worth it. Any suggestions?Where can I take an good online Mortgage Loan Processor course?
ask him what classes he feels you need.





is he a mortgage broker too or just a LO?





ask him if he has access to NON-institutional $


what is sometimes called hard money.





[no 1003/, no fico, no front fees of any kind, very low ltv,


high points, etc. I have lots of customers for those loans!]Where can I take an good online Mortgage Loan Processor course?
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What is the best solution for someone who is up side down on their mortgage?

Based on our economy right now, most people bought their homes for more amount of loan, comparing to what their property is worth right now. Their property is worth less than what they owe to the banks. Is there any solution for that? does it matter if their current on their payment or late?What is the best solution for someone who is up side down on their mortgage?
Some people who purchased homes during the past year or two as well as those people who took out large home equity loans in the same period are finding themselves ';underwater'; (also called being upside down in a loan). You're right, their property is worth less than the total amount they owe to the bank. The only way this situation will change is for home values to increase, which takes time. It could be a year or two or it could take longer.





You can't refinance for a lower loan amount since the home has a lower value now than when it was purchased. You can, however, look into refinancing for a longer period of time at a lower interest rate. Making this change could lower your monthly payments.





Late mortgage payments only make the situation worse. Being current on your mortgage will not ';solve'; the problem of being underwater, but it will not hurt you, either.





The best advice for people who are upside-down on their mortgages is to keep making your mortgage payments in-full and on-time.





Hope this helps. Good luck!What is the best solution for someone who is up side down on their mortgage?
First try a loan modification to see if your bank will reduce the principal owed.聽 Even if you're not late they should listen to you because their security (your eqyity) is now gone!聽 To get your loan modified however, you do need to be facing a genuine financial hardship and not just upset because you owe more on the house than its value!


A short sale is also a possible solution if you're willing to move.聽 This is where a bank accepts less that the amount owed from a new buyer.聽 This will affect your credit rating although not as badly as a foreclosure.聽 There may also be tax consequences so check with your tax professional.聽 Good luck!
The best solution?





Just keep paying your mortgage.





There's nothing fatal about being upside down on a mortgage. Let's say you bought a house a few years ago for $350,000. You owe $340,000. Now it's worth $300,000. Your payments are $2,000 a month.





So what?





You pay your mortgage. You have a place to live. Your credit is fine. And one day--maybe in 2 years, maybe in 4 years, maybe longer--the property will be worth more than $340,000. Even better, you'll have paid down some of the principal on the mortgage. And then you won't be upside down.





The only problem that arises is if you need to sell the property while you're upside down. You might need to sell if you're transferred to another state. Or if you can't afford the payments. In that case, you do have problems. If you fall behind on payments, options include a loan restructuring, loan forebearance, short sale, deed in lieu of foreclosure, or foreclosure.





If you're not behind on payments, options include renting the current property out, lease-optioning it, or using a land trust to accomplish something similar to a lease-option.





But your question didn't suggest financial hardship. For most people out there, the best advice is just to hang in there and make payments.
The mere fact of being upside-down is meaningless. It is a theoretical number on paper.





Anyone that buys a car on time is upside down the moment they sign the papers. A $49K Acura is worth $30 max one year later even as you still owe $40K on it.





The question is not ';are you upside down?'; The question is ';did you buy a house you could reasonably afford and are you able to make the payments?';





The further question is were they so foolish as to get an ARM or Balloon Note?
I had a friend that used the Property relief program. He had a loan for 300k, on 30yrs with $1200 payment, his house worth ed for only 200k, and he was current on his payment. after dealing with property relief, they purchased his mortgage for 190k, and now his making payment for the new loan, his payment dropped, and when the market goes back up, he has that extra money.


they suggested him to pay his payment, till they finish the deal with his bank, and the whole thing took about a month and half.


I think you should contact them too if you are upside down.


their service is nation wide, and they have strong banks, i have an email address for one of their agents:


aaron@r-aconsulting.com


good luck
The best solution is to keep paying your mortgage and wait for the housing markets to gradually recover. There is nothing ';wrong'; with having negative equity, nor does it entitle you to walk away from your commitment.
if you're living in the house and you have a job, you keep making payments - why should anything change?

Why do people buy a house and mortgage themselves up to the eyeballs when they clearly cannot afford it?

What drives people to this kind of financial suicide?Why do people buy a house and mortgage themselves up to the eyeballs when they clearly cannot afford it?
Forced savings and Expectation that the Property price will grow faster than the interest component of Mortgage !Why do people buy a house and mortgage themselves up to the eyeballs when they clearly cannot afford it?
greed
It is called the American Dream - home ownership. You can't blame people for wanting a home of their own. However, as a Realtor, I try to educate my buyers, sit them down, explain to them that they should get prequalified so they are not disappointed later. I usually can get a pre-approval in a couple of hours through my lender - The majority of my clients believe they can afford less of a house than they actually can, so by doing this, we all save time and money. I have never seen anyone who was that close to the edge of affording the payment - but I have seen alot of folks lately who have been affected by predatory lending, and second mortgages that put them over the edge - I think that the people you are referring to just do not understand what home ownership entails - you can't judge them as a group - each circumstance is different - there is also life's unforseen little roadblocks such as loss of job, death of one of the parties, illness, etc...
they fall for the marketing spree of the loan lender
';es'; said it pretty well as far as I can tell. I am not a Realtor and don't claim to know everything about it, I am however a banker and I am quite knowledgable about the financing process. Many people have eyes bigger than their bank accounts and they feel they are entitled to have what they dream, and they are... until it gets to the lender who's job it is to decide if they can indeed afford it or not in the real world of paper as opposed to the buyers' emotional wants or needs.





Many lenders got very loose in the bursting market in the recent past, and now we are paying for it. The days of no income/no asset qualifications at 107% (yes 107% of value, it covered closing costs and even half of the real estate brokerage fees on purchases) with zero down are over. I am glad. Now you have to qualify for it according to rules and there is no personal aspect there. paper is paper, proof is proof. If you don't qualify for that $1.2M loan I will tell you what you DO qualify for without worrying about whether or not you can make the payments to us later.





What you WANT is one thing, what you GET is usually quite a bit different. The problem in the recent past has been that what you wanted, you could get even if you couldn't pay for it. That is changing, fast. We have seen the error of our ways as a credit society. The only question now is how steep will the price be?
This is not the first time that real estate prices have fallen, equity is lost, and buyers give their keys back to the lenders. However, it is the first time in history that these loans have been packaged into complicated financial vehicles, and peddled as investments with triple A credit, when they are nothing of the sort. We'll be paying for this, for years to come. Those people who took these teaser loans knew they couldn't afford the reset rates. They thought they'd make big bucks because the value of the house would just go up, in a straight line. That's not how it works. These are people who are impatient-they want a big house, big profits, and don't want to work for it. Years ago, we called it champagne taste on a beer pocketbook. They felt ';entitled';. You know, when you tell a prospective buyer you don't think they can afford a particular property, they get insulted. They didn't want to know the truth. They'd rather borrow hundreds of thousands of dollars, and not even be able to make a repair if the heater goes out, than face the truth--they should be living in an apartment, with fixed expenses, saving money to fulfill their dream of home ownership.
It doesn't start out that way for most. It usually goes bad due to loss of job, pay cut, rise in household expenses, etc.


After the mortgage reforms, it is unlikely that someone can get a mortgage without being able to afford it. Before that there were plenty of shady lenders.
There own wish . Who are you ???
Its not a question of mortgaging themselves. It is always beneficial to buy a house and rent it out as it takes care of the loan amount up to 70% and rest amount becomes ur investment for which you always get better profit than any other investment. In case ur not able to pay the balance 30% anytime you can sell off the property. Land is always limited and hence if you can invest on it you will always fetch a good amount and will never be a loser.

Is it better to borrow against home equity when you still have a first mortgage?

Our house will be paid off next year. We have some major home improvements to do in the near future. Will borrowing costs be more if we borrow against the equity after the first mortgage is paid off, or does it matter?Is it better to borrow against home equity when you still have a first mortgage?
It all depends on the specific terms. Sounds like you have tons of equity. Odds are you can get a new first mortgage, taking out enough cash to cover the improvements, and you will be better off.Is it better to borrow against home equity when you still have a first mortgage?
If the house is almost paid off, it will probably be cheaper to take a new first mortgage to replace the present one. First loans are typically cheaper than second ones. Go see your banker and get some quotes.
It may be more cost effective to refinance your first mortgage for the cash you are going to need to do the improvements unless you are planning on repaying the improvement funds in short term. This is because 2nd mortgages and equity lines have higher interest rates.





An experienced mortgage banker willgive you a comparison of all of your options so that you may make an informed decision.
It doesn't matter. It's a second loan that doesn't affect the 1st. You might consider refinancing your 1st %26amp; getting equity out. It may be a lower interest rate that way.
refinance the first mortgage. the rate will be lower and you'll only have to make one payment per month. You'll also get a broader range of payment options depending on the amount of the loan...short term to long term. congratulations on the near term payoff!

Anyone have any suggestions on how my brother can get caught up on his mortgage?

My bro is two months behind on his mortgage, he has already re-financed. His payments are $1500 a month and I am trying to find out if there is anywhere that would help him lower his payments so he can get caught up.Anyone have any suggestions on how my brother can get caught up on his mortgage?
If he's 2 months behind on his current mortgage, it's going to be difficult for him to refinance, especially if his last refinance helped get him to where he's at now. He needs to do something to help increase his income or reduce his other expenses or do both. You don't tell us enough about his situation for us to advise how, but that's the crux of the situation.Anyone have any suggestions on how my brother can get caught up on his mortgage?
There are 3 basic options he has, depending on his situation:





1. Get current- obviously he can pay the $3000 he's behind plus penalties, plus the next month's payment. But that can get expensive.





2. Loan modification- this is when the lender tacks on the missed payments, interest, and penalty fees to the end of the loan. He would generally make the same payments, but for a little while longer.





3. Loan Forbearance- this is when the lender agrees to delay your payments for a short time. They will usually divide the past due amounts onto his current payments over a 6 month timeframe or so. In this case with him 2 months behind, they would have him pay $2000 ($500 extra per month) for 6 months to make them up.





Have him call his lender and ask about these options. Let him know each option so that he is informed when he calls. They will probably ask him why he is late and what his current situation is. They will use what he says to determine what kind of help he is eligible for.





If he can't end up getting caught up, he will either have to sell or face foreclosure. If he has equity to sell it, this is his best option. If not, he could try doing a short sale, which is when the bank agrees to take less on the house than what is owed. They will do this because they want to avoid going to auction (expensive for the bank). I can get you more info about it, but it's way too much for this already long answer :)
He needs to call his mortgage company and ask what his options are. You would be surprised at all the workouts lenders offer. They do NOT want to foreclose on most loans. He should be prepared to provide his current income and monthly obligations to the work-out officer. He should ask for a permanently reduced interest rate. He will probably be required to make 3 monthly payments at a reduced amount on time first. Tell him NOT to avoid talking to the mortgage company. They really can help in almost all situations. I work for a lender, so I know.
you can take a holiday from your morgage, if u speak to sum1 from the mortgage provider's they will tel you how to go abot it!! banks lose money when they have to reprocess so they will help you just need to ask them and come up with a solution!





the hole holiday from u mortgage is no joke, the bank give you in in order to help you egt on your feet





hope it helps, check it for yourself no harm in trying
He needs to get another job. Work nights and weekends. 1500 is below average and most of that is taxes and interest. Since he just refinanced that is out of the question.


Also should cut expenses and sell some possessions. Maybe he should ask for help in budgeting.
The only way he can get caught up at this point is to pay $3500 directly to the mortgage company. One more month without payment and he goes into foreclosure. He could get a second job.
roommates.
can you loan him the money?

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How do I become a Loan officer/Mortgage broker in NYC?

I have a 4 year business degree and I would like to start a brand new career as a Mortgage Broker. I need professional help about where and how to start training,find the best training and the other following steps.How do I become a Loan officer/Mortgage broker in NYC?
The only way to do this is really by looking at your marketplace, and finding out who the main players are.





Mortgage brokers are commission-only sales people, 99% of the time. So, get a bartending job while you get started, since it WILL be 60-90 days at best before you get your first paycheck after starting in mortgages. Mortgages take time to process, and you only get paid after they close. This can be from 2 weeks to 90 days, depending if it's a purchase or refinance.





Many companies specialize in purchases, some in refinances. Find one that markets for their loan officers heavily for refi's. Get a year or two of experience before trying the purchase market, since it's very hard to get a realtor to trust you with their referrals when you've never closed a loan before.How do I become a Loan officer/Mortgage broker in NYC?
your best better to get your foot in the door - is to try and work for one of the big lenders. They will typically train you, but don't always pay the most on the commission side, because they are spending their time and money on training. From there, stay a couple of years and move to the broker side of things, when you have the contacts and resources.


It is a tough time to get into the industry, because things have really slowed down. There is still money to be made, but not as easy as it was a few years ago.