Can i give my house back to mortgage company complicated situation?

My name is on the deed but my ex;s name is on the mortgage not mine. He left the country to never come back. I want to move and give the house back to mortgage company how do i do that? Not sure if it will effect my credit they do not have my ssn. Can i give my house back to mortgage company complicated situation?
If your name is NOT on the mortgage, then you have no obligation. I would talk with a lawyer first, just to make sure.





Can i give my house back to mortgage company complicated situation?
If you are not on the mortgage, then you will not be affected at all. You simply own a house that the mortgage is not being paid. If you have equity, try selling the home or refinance. If no equity, then there is nothing you can do. Just enjoy rent-free living.





Deed in lieu of foreclosure will only work if you are on the loan.






It won't affect your credit b/c you never had a legal contract with the bank.





You don't owe the mortgage, however, you do owe the property taxes and any HOA fees as the owner of deed.

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Can you sell properties back to the bank in Monopoly, or can you only mortgage them?

If so, can you sell them for the remaining amount after you've mortgaged them or do you have to sell them before they're mortgaged?





I've looked through the rules pretty thoroughly and can't find an answer either way.Can you sell properties back to the bank in Monopoly, or can you only mortgage them?
Mortgage only, but you can sell to other players.Can you sell properties back to the bank in Monopoly, or can you only mortgage them?
As Lonnie P said; When you mortgage the space you basically are selling it back to the bank.





The depreciation involved in buying it causes the price to drop which is why you don't get as much as you originally payed. You can sell them to other players after you mortgage them, but the players(if they're smart) should only pay the mortgage price at most.
By mortgaging them you basically are selling back to the bank. If a player wants the property, they can buy it from you at the mortgaged amount.
You can only mortgage them or you can sell them to the other players but you can not sell them to the bank at any point in the game. I hope my answer helped!!!!!!





:)
We've always played like Lonnie said

Can a friend and I get a mortgage together?

A good friend and I are thinking about buying some acreage together, but I'm not sure if lending companies give mortgages for multiple parties, even with nice down payments. Anyone know?Can a friend and I get a mortgage together?
Yes you can get a loan together. Do not use a broker though. They charge MUCH more than a local bank or mortgage company.Can a friend and I get a mortgage together?
you'd do better to organize a partnership or LLC and then have it buy the land.





you'll find that mortgages on land that isn't being productively used aren't easy to get. From a banker's viewpoint, the market into which he could sell the land is unknown and certainly not within a short time period.





I think you'd be lucky to get a 50% mortgage based on comparable sales value and you'll have to pay for the appraisal.
Yes, you can.


No, you shouldn't.
sure can in australia its co ownership but you have to apply for separe loans but for the one property


get a morgage broker forget the bank to many hassles to go through.


if one goes bankrupt you both loose

Someone said to me yesterday that Bill Clinton was somehow responsible for the subprime mortgage crisis?

Is she and idiot, or does she have a valid point and I cant make the connection?Someone said to me yesterday that Bill Clinton was somehow responsible for the subprime mortgage crisis?
Tell her she is an idiot.





Clinton has been gone for 8 years now, long before this crisis emerged.





If you want to blame anybody, blame the one in charge now.Someone said to me yesterday that Bill Clinton was somehow responsible for the subprime mortgage crisis?
I think this has more to do with Clinton since he was the one that appointed the CEO of Freddie Mac. Bill Clinton made a lot of dumb decisions and this is just one

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She is definitely misinformed.....GW Bush had an awful lot to do with it.
In 1999,Bill Clinton repealed the Glass-Steagall Act (Banking Act of 1933) In doing so,Billionaire Sanford I. Weill was able to create Citigroup,one of the worlds most powerful financial institutions. For that ';small'; favor,Citigroup is a major contributor to guess which current Democratic Presidential candidate?


In the spring of 1987, the Federal Reserve Board votes 3-2 in favor of easing regulations under Glass-Steagall Act, overriding the opposition of Chairman Paul Volcker. He expressed his fear that lenders would recklessly lower loan standards in pursuit of lucrative securities offerings and market bad loans to the public. As time does tell, that is is exactly what happened....According to a December 2006 study by the Center for Responsible Lending, a nonpartisan research and policy organization:


More than 2 million people with subprime loans are facing foreclosure this year and nearly 20 percent of subprime mortgages issued between 2005 and 2006 are projected to fail. If he had not repealed the Glass-Steagall Act we would not be facing the mortgage crises..
She has a valid point. It's not his fault solely - not by a LONG way - but he certainly contributed.





Mortgages are bought and sold in batches on the open market. Lenders are not required by law to abide by the Fannie Mae guidelines for creditworthiness if they don't want to, but if they don't, those mortgages can't be included in resale bundles.





Under Clinton, Fannie Mae dramatically loosened their guidelines for creditworthiness, this allowing a lot more people (Hopefully, thought Bill, poorer people, more likely to vote Democrat) to qualify for mortgages.





This relaxation was a large part of what led to the increased demand for mortgages, and the battles for customers among banks that led to all the current issues.





Richard
The subprime thing is too big to blame on any single person or agency. Clinton did encourage lenders to bend their standards to get more ';minority'; homeowners, that's true. But Bush cut the SEC to the bone and let corporations go wild and predatory without any real regulation, which made things go wild.

What things in my credit history would keep me from getting final ok from mortgage underwriter?

Loan officer said that I was approved for the FHA home loan, and she was waiting on final ok from underwriter. She also said that the appraisal and title work had been ordered.What things in my credit history would keep me from getting final ok from mortgage underwriter?
So you are getting an FHA loan. This type of loan doesn't go with the regular conventional loans. It鈥檚 a government loan and it typically gets an approval 5 days after being 'fully' submitted.





I've dealt with some FHA loans before and this consists of layered financing. If you happened to be getting more than one loan (especially if you are purchasing a home and getting 100% LTV - Loan to Value), it will require more time, since there would be several groups of Underwriters that would need to review the loan.





The final approval however is being done by a PMI underwriter (PMI - private mortgage insurance).





In many cases, the layered financing consists of CHDAP (California Housing Downpayment Assistance Program), CHAP (California Housing Assistance Program). The turn around times to underwrite these are 24-48 hours.





To answer your question - what your credit history is only the first step in reviewing your loan. If you have a copy of your credit report (which you should always ask a copy from your loan officer), it would tell you if you have a good credit standing. Usually, most credit reports reflect the 'Derogatory Items' in your credit history first. Items like, being delinquent for 30 days or more, mortgage lates, disputed accounts, charge-offs, bankruptcy, foreclosures, lien against your property, tax liens etc....





The next thing that will be looked upon is the Credit Score. This ranges from 300-850. You are on their good side if you have 700 or higher (usually discounts starts from 720 score - up). 620 is the danger zone and you will most likely be in the running for more documentation. Since you are getting an FHA loan, I couldn't think of another loan that requires 'full' documentation as much as FHA (except for CALHFA and probably a VA loan).





The third thing to be looked at is your trade history. Since the first one and the third one has already been reviewed by the three credit bureaus (Equifax, TransUnion and Experian), the only thing to think about is how FHA approves each loan. If their guidelines say that 620 is the minimum credit score required and that if you don't have any mortgage lates or the likes, you shouldn't worry too much then.





As the person before me mentioned, income, LTV - loan to value, CLTV - combined loan to value, DTI (debt to income) ratios, PITI (Principal, Interest, Taxes and Insurance), PMI (private mortgage insurance), and reserves will be in consideration.





An FHA loan does not get an 'Automated' approval. You should have received the '3 day docs' by then and it will state the terms.What things in my credit history would keep me from getting final ok from mortgage underwriter?
Everything from your credit history, debt ratios, income, and assets are all looked at BEFORE an approval is given. If they recieved an approval ask to see it. Approvals are faxed or emailed directly to the broker. Tell your loan officer to quit buying time and get straight to the point. Your loan is going to be underwritten every step of the way and the underwriters make all the decisions. The final ok is given when the loan funds, not with the approval.
Buying a home can be crazy and nerve racking but if you've already been approved they are probably just making sure things are all in line. Trust me underwriters take a while and they may not even be doing much just taking their time. This happens a lot in the mortgage business. Most likely nothing to worry about, they just have to send everything through again and again for final approval then you'll be all set. Hang in there :)
If they are going forward with the process, you are probably fine. They are looking at


*unpaid bills


*bills paid late


*level of current debt


*level of available credit


*# of open accounts





If you pay on time and aren't already overwhelmed with debt, you shouldn't have to worry.
If your loan officer is telling you are approved but is waiting on final ok from underwriter, what you have is a computer approval WITH contingencies based on a credit report and information from your application.





Your approval is not an Approval until all required items are in your file and the underwriter has reviewed and approved.

How does one go about becoming a mortgage loan officer?

How much money can you expect to make?How does one go about becoming a mortgage loan officer?
being one I can tell you it's feast or famine. could make 10-12k in a month can make barely enough to feed yourself. all depends on your lead source and what you can offer potential customers. my advice would be to hook up with a mortgage broker, not a lender. brokers can offer more to customers than banks or lenders can. subprime is the better market as the majority of people out there will fall under the subprime category. some companies will like you to have experience, others will prefer you to have none at all so they can train you their way. look to brokers around you and see who's out there.How does one go about becoming a mortgage loan officer?
I agree with reaper, but would also like to add how important it is to find someone to work with that you trust. If they encourage you to plug the consumer for higher rates, who's to say they aren't playing you as well?





I was so extremely fortunate to find the most awesome boss in the world. He always advises me on the right path and encourages complete honesty. He's awesome. My advice is to try to find someone like that.





As far as income you can make, reaper is right. It is feast or famine. The most difficult thing is to find clients, and it's dang near impossible sometimes. Some brokers will tell you that you want to make 3-5% of people's loans, but I think this is outrageous. If you want them to keep coming back, you realistically want to make 1-2% altogether (the total of what you charge upfront in origination fees plus what the lender gives you on the back.) This is a fair rate. Most brokers have a split commission, so you would get 40-70% of this amount, depending, although some brokers have 100% programs and charge a flat fee per transaction plus a payroll charge (usually around 12 1/2%).





The pay is good, if you can find clients. And if you figure out a way to do that, let me know!





Best wishes.

What do you predict will happen to mortgage rates in the future?

i need this for an assignment. please help. i need an ';expert'; opinion, it would really help if you can give me a reference (like an expert's name and position)What do you predict will happen to mortgage rates in the future?
If you plot inflation (not just base inflation) against mortgage rates, you will find that mortgage rates follow inflation up and down.





You also have another predictor.. the ratio of federal bonds sold vs federal bonds bought back.





If more bonds are being sold by governments than they are buying back (or redeeming on maturity) then interest rates will go up as the price of bonds go down.





These two statements are not independent, High inflation is being brought under control by sale of bonds (they take money out of circulation). Inflation is spurred on by redeeming or buying bonds back by government, which puts money into circulation, and particularly into the money-lending part of the economy.





Thus, buying back bonds by the federal government will lower mortgage interest rates.





The ratio of buying to selling of course tells the whole story, other than the cumulative effect of inflation.





US government spending to support a lot of war efforts tends to be inflationary, and the sale of bonds to remove the spending from the economy would have offsetting effects, But inflation tends to make investors more insistent on having higher interest rates. Governments have to pay more interest to get money away from mortgage markets. Mortgage markets then have to pay more interest to get money back.





So, returning to our start, we see that inflation is a primary driver of interest rates.





A stable currency tends to keep interest rates down, while a weak currency will discourage investors from making funds available for bonds or mortgages. This will weigh in on increasing interest rates.





USA has elevated inflation, weak dollar, government selling more bonds than it redeems, so all trend setters are to higher interest rates for mortgages.





The other side, lenders are asking for more money down, so taking less risk. This means those who get mortgages are likely to be paying less risk premium, while sub-prime borrowers can expect to pay heavily for higher risk.What do you predict will happen to mortgage rates in the future?
The future is a long time, so I can factually tell you that mortgage rates will rise and they will fall.





In the very near future they will rise, because risk is being recognized (finally) and capital is drying up.
I can assure you of only one thing. They will go down. And up. Which way first, and over what timeline, who knows? If you can accurately predict that, you can make a fortune in the bond market.

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How does one go about becoming a mortgage loan officer?

How much money can you expect to make?How does one go about becoming a mortgage loan officer?
being one I can tell you it's feast or famine. could make 10-12k in a month can make barely enough to feed yourself. all depends on your lead source and what you can offer potential customers. my advice would be to hook up with a mortgage broker, not a lender. brokers can offer more to customers than banks or lenders can. subprime is the better market as the majority of people out there will fall under the subprime category. some companies will like you to have experience, others will prefer you to have none at all so they can train you their way. look to brokers around you and see who's out there.How does one go about becoming a mortgage loan officer?
I agree with reaper, but would also like to add how important it is to find someone to work with that you trust. If they encourage you to plug the consumer for higher rates, who's to say they aren't playing you as well?





I was so extremely fortunate to find the most awesome boss in the world. He always advises me on the right path and encourages complete honesty. He's awesome. My advice is to try to find someone like that.





As far as income you can make, reaper is right. It is feast or famine. The most difficult thing is to find clients, and it's dang near impossible sometimes. Some brokers will tell you that you want to make 3-5% of people's loans, but I think this is outrageous. If you want them to keep coming back, you realistically want to make 1-2% altogether (the total of what you charge upfront in origination fees plus what the lender gives you on the back.) This is a fair rate. Most brokers have a split commission, so you would get 40-70% of this amount, depending, although some brokers have 100% programs and charge a flat fee per transaction plus a payroll charge (usually around 12 1/2%).





The pay is good, if you can find clients. And if you figure out a way to do that, let me know!





Best wishes.

What do you predict will happen to mortgage rates in the future?

i need this for an assignment. please help. i need an ';expert'; opinion, it would really help if you can give me a reference (like an expert's name and position)What do you predict will happen to mortgage rates in the future?
If you plot inflation (not just base inflation) against mortgage rates, you will find that mortgage rates follow inflation up and down.





You also have another predictor.. the ratio of federal bonds sold vs federal bonds bought back.





If more bonds are being sold by governments than they are buying back (or redeeming on maturity) then interest rates will go up as the price of bonds go down.





These two statements are not independent, High inflation is being brought under control by sale of bonds (they take money out of circulation). Inflation is spurred on by redeeming or buying bonds back by government, which puts money into circulation, and particularly into the money-lending part of the economy.





Thus, buying back bonds by the federal government will lower mortgage interest rates.





The ratio of buying to selling of course tells the whole story, other than the cumulative effect of inflation.





US government spending to support a lot of war efforts tends to be inflationary, and the sale of bonds to remove the spending from the economy would have offsetting effects, But inflation tends to make investors more insistent on having higher interest rates. Governments have to pay more interest to get money away from mortgage markets. Mortgage markets then have to pay more interest to get money back.





So, returning to our start, we see that inflation is a primary driver of interest rates.





A stable currency tends to keep interest rates down, while a weak currency will discourage investors from making funds available for bonds or mortgages. This will weigh in on increasing interest rates.





USA has elevated inflation, weak dollar, government selling more bonds than it redeems, so all trend setters are to higher interest rates for mortgages.





The other side, lenders are asking for more money down, so taking less risk. This means those who get mortgages are likely to be paying less risk premium, while sub-prime borrowers can expect to pay heavily for higher risk.What do you predict will happen to mortgage rates in the future?
The future is a long time, so I can factually tell you that mortgage rates will rise and they will fall.





In the very near future they will rise, because risk is being recognized (finally) and capital is drying up.
I can assure you of only one thing. They will go down. And up. Which way first, and over what timeline, who knows? If you can accurately predict that, you can make a fortune in the bond market.

How do I get a realtor to call me when Im new in the mortgage business?

I am a loan officer and I been trying to get business for a month and no luck yet.How do I get a realtor to call me when Im new in the mortgage business?
Find some newbie Realtors. Each of you has to offer extra effort to make up for lack of experience.





There is a glut of loan officers right now. I don't have enough business to give to the great, experienced, hard working loan officers that I know now. I wouldn't send a client to a newbie right now. Experienced loan officers also have fears about dealing with new Realtors - the two of you can help each other.How do I get a realtor to call me when Im new in the mortgage business?
The only way to earn business is through product knowledge, persistence and committment to integrity. It can take several months for results to start showing. It is not a 1 - 2 month turn around time for experience.
You have to find something to offer them. Don't tell realtors about your products lets face it in the mortgage industry we all offer pretty much the same ';products'; You want to find something that other LO's don't do.





I would check out Dan Pinto if I were you. As a matter of fact I am in the same boat as you, he can help you alot.





Most importantly don't wait for them to call you.... Call them!!! Get a list of 60-90 realtors together and and call them every day!!

When and how should we start the process of getting pre-approved for a mortgage?

My boyfriend and I are looking to buy a house either the end of 2009 or early 2010.


When should we get pre-approved for a mortgage and how exactly do we do that?When and how should we start the process of getting pre-approved for a mortgage?
I would say closer to the end of the year, when you are ready to start looking at homes. This will also give you an idea of what price range you can look in. Don't listen to the person above me who mentioned about you not being married. If the two of you are serious about buying a home together and your relationship is on stable ground, being married has little relevance. Even marriages can ';break up.'; Don't let that remark discourage you. From now until you are ready to start house hunting: save, save, save! You will need a down payment (3.5% for FHA, 20% for most other loans) and you will also want about 6 months worth of your mortgage payment in savings (in case you would become ill, lose your job, etc.) Good luck!When and how should we start the process of getting pre-approved for a mortgage?
It's to early for you to do that. When? when you have saved money for a down payment and have extra cash in the bank for repairs to a home. It's complicated buying a home without being married, if you're ready to take that step, then you should be married as well to avoid all the problems that you will have if you buy together and then break up! Owning a home requires more than just making the payments, you have to be ready to replace the AC or roof if needed or make other repairs as they come up! If you don't have a down payment or cash to back you up, then you aren't even close to thinking about buying a home!
Contact a bank about getting a preapproval letter. If you have someone that knows a good lender you might ask them for names/numbers. My buyer's agent helped us find a good lender. Call them up, they'll ask for your personal information so they can get a credit report on you.





You shouldn't need to get a preapproval until you're close to making an offer on a house. But it doesn't hurt to ask for one now so you can see how much you can afford to spend on a home. You'll just have to call and get it updated as you get closer to actually offering on a house.





Good luck!
Get pre-approved as close to the date you will want to buy as possible. Getting pre-approved even 2 months before, makes the pre-approval irrelevent. Contact a lender to get pre-approved.
take your last 3 years tax returns to several banks...
go to a bank and have them pre approve you
go to a bank

Reverse mortgage or Equity loan?What is the best, least confusing and fastest way to sell a senior's home?

My grandma is near 80 and my granfather is mentally gone.She doesnt want to be in the house when people are viewing her home.So, I think the best way is for her to see the home she wants to buy, get a mortgage for it, move and THEN sell her home. It is just my dad an I helping her.Any advice?Reverse mortgage or Equity loan?What is the best, least confusing and fastest way to sell a senior's home?
Yes, there are many opportunities for elders to get taken advantage of in reverse mortgages, so consult a real estate attorney and/or advisor before doing any reverse mortgage.





The most common practice when buying a home is to make an offer on the home you want to buy 'contingent' on the home you own selling first. That means you're not stuck with the financial responsibility for two homes. That does however mean you have to have folks coming into your home to look at it while your grandparents are still living there. So it might not be possible for your grandmother to get your grandfather out of the house on a moments notice when a real estate agent wants to show the house. If your grandparents are financially capable of buying one house, and then selling theirs, that might be best in your situation. Make sure there is no penalty for early payoff of the mortgage, if they intend to pay off the new mortgage with the proceeds from the sale of their home. Some reputable builders offer something called a home trade program, where they will buy your home when you buy theirs. Most will pay close to fair market value. At least 90% of FMV is usually fair to allow them to pay expenses, etc.





Best advise, get a professional realtor to walk you through it.Reverse mortgage or Equity loan?What is the best, least confusing and fastest way to sell a senior's home?
Do you want to sell your grandma's home???? I don't understand your question..b/c in the body of the message you talk abt her buying a house.
Yes, speak with their attorney first. Best to know if she can sign for grandpa if he is incapacitated or unable to comply due to mental incapacity. A Realtor can help you with selling their current home. Moving them before you put the house on the market is a good idea. Less for them to go through. Maybe grandma could give you power of attorney.

What are the benefits of prepaying my mortgage if I know I will sell the house before I actually pay it off?

What are the benefits of prepaying my mortgage if I know I will sell the house before I actually pay it off? I have a 30-year fixed mortgage. I know one benefit is reducing the amount of interest you pay over the life of the loan. However, I don't plan on paying off the entire house ever. I'm sure I'll sell it in a few years. Please advise. Thanks!What are the benefits of prepaying my mortgage if I know I will sell the house before I actually pay it off?
Some would argue that the interest savings are the best reason to pre-pay your mortgage, but objective financial analysis would reveal that you are better off having a mortgage even if you could pay cash for a house because of the tax benefits. By pre-paying your mortgage, you are killing off your best tax deduction.





Your home equity is not a good investment as it has a rate of return of zero, it is at risk and it is illiquid. If you want to read a good book on the subject of equity management, check out Missed Fortune by Douglas Andrew.





Take the money that you would have applied to the mortgage and invest it in something tax deferred or tax free to build wealth. Enjoy the tax benefits of the mortgage interest deduction and grow your money while you continue to live there.





Good luck.


What are the benefits of prepaying my mortgage if I know I will sell the house before I actually pay it off?
Because like with any property, it builds value over the years, so say you paid $300,000 for it today, in 3 years time it may be worth $400,000. Paying the mortgage does not mean you will only make the amount you pay off it back, you will make a lot more off it, plus, what you have paid off it.


By paying your mortgage you are securing your investment, if you were paying rent, you would be securing somebody Else's investment, what would you rather?
1 Mainly it would be a form of forced savings.


If you are not very good and saving money this would put it where it would be more difficult to get it out and spend it.





#2 Your remaining payments before you sell would be more principal and less interest. So the thing begins to snowball. But this effect is not likely to really be a big deal withing 5 years. It would gradually take effect and would be a big deal much later than that.
There aren't any really unless you're upside down on your mortgage. Keep your money in savings. Even if you are upside down when you go to sell, at least you'll have savings to cover any money you might have to go to closing with.
You will have more equity in the house by the time you sell it and still owe less to the bank when you do sell it. You don't have to go to the end of the loan to benefit from less interest paid.

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How do i find out who my mortgage companies closing lawyer is?

i am selling my home and my closing lawyer needs to get a hold of my mortgage companies closing lawyer to ask him some questions.


my mortgage companies name is option one mortgage company.How do i find out who my mortgage companies closing lawyer is?
Makes no sense what you say. All your attorney needs is your mortgage info, a signed statement that it is OK for the mortgage holder to disclose said info to them and then do it.





All you need is the pay-off info and instructions. It is not rocket science.How do i find out who my mortgage companies closing lawyer is?
1. Is you home currently on the market or is it under contract with a buyer?





2. Does Option One currently hold the mortgage on the house or is that who will fund the loan for the buyer?





Please clarify the situation.





If you don't want to go into it here send me a private email at Info@LegacyFunding.net





Paul S.

If I miss a payment on my mortgage can they change my interest rate?

Someone told me that if I miss a payment on my mortgage the company that holds my mortgage can't do anything but charge me a late fee. Is this true, or would I face more consequences than that?If I miss a payment on my mortgage can they change my interest rate?
If you miss a payment, you pay a late fee along with the missed payment. If you miss a couple of payments (and the first one is 45 days late), they can report you to the credit reporting bureaus. If you miss a third payment, they can file a default notice, which is the first step in the foreclosure process.





The can't change your rate for missing a payment. The only people who can do that are credit companies who might have given you 0% or ';same as cash'; financing on some purchase (not real estate), with the terms of the financing being that they can charge full interest on the entire amount borrowed if even one payment is late.If I miss a payment on my mortgage can they change my interest rate?
In most cases, they just charge you a late fee, however, to be sure, you need to read the contract you signed to find out what kind of penalties you can incur for your particular mortgage.
They can't change your rate if you signed a 30 year fixed. But they can take your home from you if you miss multiple payments.





If you are just late you will have fees and extra interest accrue quickly.

How do i set up my own mortgage advisory business?

Hi Guys,


I am wondering if someone can help me. I am a qualified mortgage advisor (with 2 CeMap Papers) and the qualifictaions to sell non regulated insurance products. I used to work for a large building society but took some time out. Now I am wanting to set up my own mortgage advisory service and dont really know where to start. Although I know the products back to front I have no idea how to get regulated as a sole trader etc. If anyone has any advice, info or websites that could be useful that would be great! Thanks in advance!


Sarah xHow do i set up my own mortgage advisory business?
All the info you need to know about regulatory, licensing and qualification matters can be found here:





http://www.fsa.gov.uk/Pages/Doing/small_firms/mortgage/index.shtml





From a business development viewpoint, I'd agree with the prior poster who suggested association with an IFA or IFA network - this has advantages both for compliance and back-office costs, access to insurance and other products, and of course referrals..which will be very necessary unless you have a ready source of new business (e.g. relationships with estate agents)





The type of business entity (sole proprietor or limited liability) you choose may be influenced by regulatory requirements and indemnity insurance requirements as well as cost; the prior advice regarding personal liability is also a very important consideration.





I'd strongly recommend talking to someone who's followed the same path in another part of the country (trying calling the owners of small mortgage advisory firms in regions distant from yours...they might also be interested in you being an associated person).





good luck!How do i set up my own mortgage advisory business?
There are offers out there like this:


http://www.reed.co.uk/JobDetails.aspx?Jo鈥?/a>


and


http://www.reed.co.uk/JobDetails.aspx?Jo鈥?/a>





There are a lot of similar real jobs going for people with CEMAP enquiries.





I know this because I am always looking for real jobs working from home in the UK for the free website I put together to help people out. Which is at





http://www.real-work-at-home.co.uk





I don't gather up the CEMAP/financial jobs as I figured that people in the industry would be able to find their own... maybe I was wrong!





Anyway - there are two leads to start you off. And for others looking for other real jobs working from home, perhaps you might want to check out my site where all the jobs working from home are free. No charges.
If you know an IFA approach them on a split commission basis, the best deals are through networks and some will take you on just for mortgages. However the start up costs are horrific these days in terms of compliance etc. I deal through an IFA and find it suits my aims, leaflets are cheap and work, if you make a list of all the people you know you can offer them an 'audit' free of their arrangements and then ask them for referrals, what part of the UK are you in.
Go to http://www.score.org/ to find the nearest SCORE chapter. Contact them to arrange for a free one on one meeting with a SCORE counselor about setting up a mortgage advisory service.





SCORE is a nonprofit organization. They provide a public service by offering small business advice and training. .





SCORE's 10,500 volunteers have more than 600 business skills. Volunteers share their wisdom and lessons learned in business. The volunteers are working/retired business owners, executives and corporate leaders.
You need advice that will help your business suceed and also protect you from potential legal liability. The type of service you are thinking about offering would most likely require that you have suitable insurance in place to cover your business for negligence claims. You need to consider whether to set up a Limited Company or to be a sole trader. On this issue I suggest you form a Limited company (the procedure is very cheap and fast). You will be exposing yourself to too many legal risks if you operate as a sole trader, not least you will be personally liable for all your business debts. This would not be a problem if you set up a Limited company.





These are the general fundamental things you need to think about first. Now you can learn a lot about these things on the internet, but because of the financial aspects of your proposed business, you may be required to comply with additional regulatory requirements...





My advice would be to look through the yellow pages for a local solicitor that offers *free initial consultation for business customers*. Get a few quotations. It is worth shopping around as fees can vary greatly. Aviod large 'commercial solicitors' as they will charge you for breathing the air in their office.





You should get the solicitor to specify for you in writing ALL matters that you need to consider, to get your business running...this will range from matters such as keeping annual accounts etc..





I think though that you will be able to actually form the company yourself as this is trivial. Do not instruct any of those internet companies that charge you to set up a company for you!! Rather contact Companies House. Look at thier website for more info.





good luck.

My mortgage is 48,000 My Condo is appraised at 68,500 my mom lives in the space. How much money will it cost?

I currently want to know how much money it would cost to refinance my condo? I owe 47950 on it, while I have it appraised at 68500. I am not the primary resident either, it is rented out by my mother.My mortgage is 48,000 My Condo is appraised at 68,500 my mom lives in the space. How much money will it cost?
Do you mean the fees to get it re-financed? If so, it would vary considerable from one lender to another. Anywhere from $250.00 to $2500.00 just guessing. But they can bundle part of these fees in with the loan. The problem is since you don't live there, you will be getting a commercial loan, not a personal mortgage. That's a whole diferent animal. They may look at the asset/debt ratio on that as being too high. Also consider that switching from regular insurance to prop owner-with tenant insurance will be a factor too if you haven't already switched it over.My mortgage is 48,000 My Condo is appraised at 68,500 my mom lives in the space. How much money will it cost?
Usually closing costs can be up to 5%, depends on the terms. But because you own this as an investment property, doesn't matter that mom lives there, the lenders look at that kind of loan differently and typically charge higher fee's and maybe even rates. You will only know the bottom line by talking with your lender.
Because of the new ';risk base pricing'; models that all banks are using you are going to get hit with a lot of bumps to your rate. There is bump in rate for investment property, condo, and for loan amount less than $100,000. My quick estimate is your rate will be about 6.5%which may not be in your advantage to refinance.





You will get better rates with less bumps to the rate on a 15 years if you can afford the payments.





However, is your Mom going to live in this unit for a while? Does your Mom have good credit and income? You could sell to your Mom and then since it is her primary you will get the best rates and cost say about 5.25% today.





Love to help with any mortgage questions





Wbinnicker@fullsailmortgage.com
This is an investment property for you. The interest rate on non-owner occupied property is higher than owner occupied. If you paid for the appraisal more than two months ago, it might not be today's value. Talk to your present lender about refinancing, or an equity loan.

Is it possible to remove a second mortgage lien after a bankruptcy?

In 2001 we filed for bankruptcy, and put our house on it as well, and we had a second mortgage too, and of course, we put them on the bankruptcy as well. Well, the first mortgage talked us into taking the house back, but after the bankruptcy was discharged, we never heard from ';The Money Store'; again. The Money Store had our second mortgage. Well, we're in the process of selling our home, and we got a hold of the second mortgage lien holders to get the pay off. When we filed bankruptcy we owed the second right at 11k. They say we owe them 18k, because of interest... BUT said they'd be willing to take a settlement, and then after talking to the guy for a while it was clear that The Money Store wants all of my equity he can get. Wants me to have nothing. Can they do this, and how should we deal with these people?Is it possible to remove a second mortgage lien after a bankruptcy?
if your house is worth more than what you owe, the money store should allow you time to sell the house and keep any profit after what is owed. sell the house to a friend as liens follow the property not the original holder and the money store will most likely offer a lesser amount to the new lien holder. (prob. amount owed minus interest.)Is it possible to remove a second mortgage lien after a bankruptcy?
What you should have done was have the house appraised back when you filed for bankruptcy. If your first mortgage was higher than the amount the house was worth, you could have filed a POND motion to have the second mortgage wiped out.





Since you or your attorney did not do this, you still owe the second mortgage because mortgages are considered secured debts, and are secured by the value of your home. If you don't pay them, they can foreclose. I'm surprised that The Money Store didn't foreclose since you weren't making payments to them, even though you were paying the first mortgage.





If you sell the house, you have to pay the amount that the first mortgage is owed, and the amount that the second mortgage is owed. You also owe the accumulated interest and late fees due to the second mortgage.





DId you sign any reaffirmation agreements with either of your mortgages?





If not, and there isn't enough value in the house to pay off both mortgages, they get all the money you get from the house, and you walk away with nothing.





Also, if you didn't sign reaffirmation agreements, you can just walk away from the house and lose whatever equity you have in the house.





If you did sign reaffirmation agreements, if your house doesn't sell for enough to pay off both mortgages, you'll still owe the amount over the value that the house sells for.





Hopefully, you didn't sign reaffirmation agreements.
Yes, they have every right to collect the interest and attorney's fees because you cannot discharge the lien on the property and when you sell you'll need to pay off the 2nd mortgage in full. Sorry.
there might not be much you can do since you took your home out of the BK you would have still been responsible for making the payments on any liens attached. If they are trying to take advantage of the situation to get your equity they may be doing what is called ';equity stripping'; which they should not be able to do. you could try calling this number 1-888-359-8851 which is a group designed to help you protect your assets... not sure if they can help, good luck!

What is the minimum interest rate that the IRS will allow on a home mortgage?

The IRS sets a minimum rate that can be charged for a home mortgage. That number has a special name which escapes me. Anybody know?





ThanksWhat is the minimum interest rate that the IRS will allow on a home mortgage?
You may be talking about the imputed interest rules.





If you are receiving or making payments for a loan or installment sale, but little or no interest is stated on the contract, the IRS assumes a rate of interest based on the published applicable federal rate. For instance, if you sold some land on an installment sale and agreed to receive the payments over a 10-year period interest free, the IRS would determine that part of your sales price was actually interest and calculate the interest amount based on the applicable federal rate.





There are some loans exempt from the imputed interest rules, (1) the $10,000 gift loan exception and (2) the $100,000 gift loan exception. See irs.gov for details.





Hope this helps.

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Do you normally get approved for a mortgage before looking for a home?

or just pre-approved? How long is the process to get approved and what do the lenders usually request?Do you normally get approved for a mortgage before looking for a home?
It is impossible to be fully approved before you find a home. You can get pre-approved, there is a lot that goes into the approval process besides your credit and income. IE title, appraisal, etc.


The process shouldn't take any more than a month in normal circumstances. You should have your last 2 paystubs and last 2 years of w2's, last 3 mos of bank statements.Do you normally get approved for a mortgage before looking for a home?
Normally you need to get pre-approval before you go house hunting.





Pre-approval is just a phone call away. You answer a couple of questions about your income and debt (minimum payments of all credit cards and anything else you pay for on time (car loans, student loans, etc) and have your social security numbers and full names ready to offer so the loan officer can run your credit. You may have to wait for a call back, but pre-approval will happen within a day.





Full approval take a bit more time and effort. For full approval you need full documentation of all income and a sales contract, title search, clean termite inspection and appraisal will be required too.
I got preapproved by my mortgage lender first,, that way I knew what price range I could look for. Make sure you factor in homeowners insurance, and taxes into your monthly payment. Those the realtor can show you proof of what they are for any house you are interestd in.
I got preapproved first and he told me things I could do to make my interest rate go down and no money out of pocket. He did tell me I can start looking out for nice houses in my price range, but not spend a lot of time on it. After I clean up one debt in my credit I will be good to go!
normally that will be the best thing to do so that you know how much house you can afford.I think it take over 2 weeks also you will need prove of income,.

How hard is it to get a mortgage shortly after a bankruptcy ?

I know that it will be on my record for ten years but with all the forclosures I am hoping that the standards will be lowered to allow those, like my self, that can afford a mortgage but foreclosed recently.


I understand their reason for denying a loan approval but soon, I think, that foreclosures will bill so common that there will be some kind of curve. How hard is it to get a mortgage shortly after a bankruptcy ?
You cannot get any credit for at least 2 years. The banks have also recently been denying credit to people with good credit ratings due to all the loan defaults.How hard is it to get a mortgage shortly after a bankruptcy ?
It could be tricky, but not necessarily impossible. Obviously, mortgage underwriting standards are much tighter than they were a couple of years ago...or even last year.





Still, the FHA has no minimum credit score requirement. Also, Fannie Mae and Freddie Mac were just bailed out by the U.S. government so the mortgage marketplace should begin settling down (somewhat) soon.





That doesn't mean that the tighter lending restrictions are going to instantly relax, but you might have a shot with an FHA loan in the near future.
With the forclosure rate so high right now you're probably not likely to get approved any time soon. Banks are having trouble collecting on mortgages they thought were secure so are being very picky about the people they are loaning to. Just make sure you go to a bank and not one of those scam companies because they will rip you off.
my ex (he was my bf at the time) was able to get a loan a couple of years after his bankruptcy and bought a trailer...


the way the finance company figures is that you cant file again for a long time so they know theyre gonna get their money...


the first application he put in was approved....
You can get credit cards the same day you discharge the bankruptcy. Rebuild credit with ONLY on time payments for a year and then with the correct down payment you can purchase another home.
It has always been difficult or impossible to get a standard mortgage after filing BK. For obvious reasons.





I can understand your logic, but it has one incorrect assumption. If a bank wanted to make 10,000 mortgage loans no matter what, and BKs rose they would have to lower lending standards.


That is NOT the case now, in fact it is the opposite. And we have a mild liquidity crisis, so even if they wanted to make 10,000 loans, which by the way would be very odd and cause all sorts of questions by regulators, stockholders, auditors etc, most of the large mortgage lenders do not have the capital to make the 10,000 loans they made in 2004 and 2005.


Lending standards were greatly loosened as lenders thought property appreciation would bail out any bad loan, ie the borrower could just sell, or if the lender foreclosed the loss would be mitigated.


So just on the lack of appreciation we can expect for at least 5 years would result in tighter lending.


Who knows maybe you get a big mortgage next week, each situation is different.


Advice, DO not apply for any type of credit for six months. In a month or two pull your credit report from ftc.gov, see if there are any errors.


DO not let any other bad things happen like a cell phone charge off or a medical bill go to collections.


If you want to own at some point, you will most likely need a bigger down payment, so start preparing for that.


I am sure there were mitigating circumstances in your BK, but ask why you are looking to get back into debt so quickly? Home ownership is not the great thing it was 10 years ago.


a%26gt;

I would like to contribute towards a mortgage without my name showing up for a while?

I rent a council property and in the fullness of time will relinguish it for the fee which is available. This fee is contributed towards a mortgage as long as you don't have one.


But time is not on my side and I can afford to help my boyfriend get a mortgage this year thus making the payments smaller over a longer period. Can anyone help with this question?I would like to contribute towards a mortgage without my name showing up for a while?
The problem you are going to have is that your boyfriend probably will not get approval for the loan unless he can actually afford it. Of course there are ways around these problems....





If you are in Australia you can be a serviceability guarantor on his mortgage without actually owning the property or being a borrower. You'd better check with council to see if guaranteeing someone else's loan is ok first!





There is a page about security guarantors which may be of use to you because it explains loan features available with guarantor loans http://www.transportablehomefinance.com.鈥?/a> . The main difference for serviceability guarantor loans are that you cannot borrow over 80% of the property value (unless you also have a security guarantor).I would like to contribute towards a mortgage without my name showing up for a while?
Use a money order.
stand as a guarantor on his loan.

What exactly is Payoff balance for a mortgage?

Specifically i would like to know why it is different than the principle balance, i can only expect it will be higher than the principle balance? But generally speaking how much higher? I know i will be contacting my bank to find out the exact amount, so please dont suggest that. In the meantime i would just like to learn some general information payoff balances, what economic impact paying off my loan has on the financial institution, and how they can justify asking for a different amount to pay off the loan.What exactly is Payoff balance for a mortgage?
If you understand that lenders charge interest in arrears, then you will easily get the concept.





Notice how when you close on a loan that you skip a payment? Well, you don't actually skip the payment. Mortgage interest is charged after the fact. So the mortgage payment you make in February is the interest that accrued in January. Therefore, when you order a payoff, you are getting a statement that includes:





1. The principle balance.


2. Accrued interest.


3. Pre-pay penalty, if applicable.


4. Admin fee, if applicable.





Hope this solve the riddle for you!What exactly is Payoff balance for a mortgage?
Payoff Balance = Principal balance + Interest owed.
The payoff balance is the total of the remaining principle PLUS whatever interest has accrued since your most recent payment.





The financing institution looses out on the rest of the interest the loan would have accrued if you'd continued to take the loan to term. Some places also have a ';early payment penalty';- I suspect it's a way to get back at customers who pay off the loan early, preventing them from charging all that interest...
A payoff balance will often be the payoff including any additional fees: ie. loan disposition fee, early termination fee, pre-payment penalty, etc.





Depends on the loan, and the lender used.





Hope this helps,





Cameron





P.S. Find more help with your real estate questions at the following real estate forum: http://www.homefindinginfo.com/realestat鈥?/a>
The payoff balance is simply the principle loan amount plus the finance charges (interest) that has been accrued on the day (depending on the institution from which the money was borrowed it can be other measurements of time like week, month or quarter) the payoff is to take place.





Yes, it will be higher than the principle balance because it takes interest into account.





I'm not a mortgage loan officer, but I don't think the insititution could legally require you to pay another amount. In effect, you signed a contract that the loan would be charged a certain amount of interest. If they were to calculate another payoff, based on a different rate, that would violate your contract with them.





When you took out your mortgage, you signed a contract agreeing that it would be subject to fees. Fees include interest (or finance charges, they are all the same, just different names) as well as other costs that the institution may incur as part of processing your loan. There may be an early payoff fee included in the contract. You may want to consult the mortgage paperwork (the fine print) to see what, if any, these fees may be. If you have an attorney that handles these things, s/he would be the right person to talk to.
The payoff balance is the principal plus the interest that has accrued to the unpaid principal balance until the account is paid in full. If your payment is on the 1st (which you made) and you pay off your loan on the 10th, the payoff balance is the principal balance as of the 1st and the interest that has accrued from the 1st to the 10th.
If your bank doesnt charge penalties for an early payoff that would be great. Payoff Balance means they will knock off the interest for the rest of the term. Didnt you get a itemized Payment sheet showing how much was going to principal and how much to interest when you set up this mortgage? If not email me and I will get you one. fort_bragg_girl@yahoo.com
A payoff balance includes the current principle balance plus the interest accrued up through the payoff date, plus any fees. You will notice that when you order a payoff, the payoff will be good up to a certain day. They will also list a per diem, which is additional interst to add for every day past the good through date. Also remeber that mortgage interest is paid in arrears. Example, your March payment will cover February interest. When you close on a mortgage, you will skip the following month, so you are always paying the prior months interest.
a payoff is more because it includes the interest that you owe for the month that is remaining in order to pay off the balance. Most of the interest is collected in the 1st 5 years of the loan which is why as you get closer to paying off the house the difference bet the payoff and the actual balance is closer.

What company has a good reputation for mortgage refinancing in this market?

The Government controls much the mortgage business.


President Bush have implemented an FHA refinance program called ';FHASecure';. To qualify, borrowers must meet 5 criteria:


1) History of timely mortgage payments before their adjustable rate increased


2) Rate will re-set between June 2005 and December 2009


3) 3% equity in home or 3% cash


4) Sustained employment history


5) Income must meet qualifying guidelines


I found interesting information about your answer %26amp; the best options here. (mortgage opportunitty refinancing )


http://all-mortgage-calculators.blogspot鈥?/a>


Good luck!What company has a good reputation for mortgage refinancing in this market?
What state are you in?What company has a good reputation for mortgage refinancing in this market?
I had good luck with Option One until they sold my mortgage.


I did not like Wachovia at all. right now I'm with Citicorp- they're good. best of luck.
Generally I'd advise starting with a local broker or bank in your area. For good recommendations ask people you know who they used and how they liked them. If that fails then go with your local chamber of commerce or BBB.
I'm partial to State Farm Bank (unless you're in Rhode Island) and Bank of America.

How do I get a real low mortgage rate?

If there is any special government programs I can apply for or a program I might not know about. Is it possible to get a loan at 0%?How do I get a real low mortgage rate?
there are no 0% loans..





a flawless credit record can get you as low as about 3-7/8%...How do I get a real low mortgage rate?
There are no zero percent loans, period.





To obtain the best rates, you need a great credit score and stable income.

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maybelline express

What can i do about a second mortgage that has been sent to collections after house was foreclosed upon?

they are trying to collect 100k after the house already foreclosed, what can i doWhat can i do about a second mortgage that has been sent to collections after house was foreclosed upon?
This was a second mortgage, cash they gave you, and apparently you spent.





Yes, they can collect this, you owe the money.





They can seize your assets and garnish you wages until you have repaid them.





The CA code is for people who only bought a house, never took any cash out of it, it does not cover second mortgages. You can not take that kind of money, stick it in an account and expect it to be treated as a gift.What can i do about a second mortgage that has been sent to collections after house was foreclosed upon?
Actually, that's Code of Civil Procedure 580b. And that only applies to purchase money mortgages. If your 2nd mortgage was in the form of one of those 80/20 finances, where the 2nd was used as part of the purchase monies, then 580b is applicable. If it was a HELOC, then 580b does not apply. But, either way, if they want to collect, then at a minimum they must sue you in court and obtain a judgment first, as you apparently already know.






Welcome to the world of deficiency judgments (it's not a judgment yet..but it will be very soon).





I'm very, very glad you posted this question--it will serve as an excellent example to those that think if they just simply walk away--that's the end of it.





Well, unfortunately, you have discovered, it's not.





All you can do at this point is see if the federal bankruptcy court will allow you to bankrupt the $100K and this is getting harder and harder to do.





If you just walked away from the house because it was declining in value, fully expect for your request for bankruptcy protection to be denied.
The security interest (lien) in the house of the second mortgage was wiped out, but not your underlying debt. You got the money, now you gotta pay it back.





See if you can work out a deal, not with collections but with lender. Otherwise it's bankruptcy.
you should have done a short sale (rather than let it go to foreclosure) because then you might have been able to get the balance forgiven - but since you didn't - your last option is bankruptcy (good luck since you have to qualify) or having that debt on your credit for a long time affecting all your future buying power
You should probably speak to an attorney about it. The creditor probably has the right to go after you. The fact that the house has already been foreclosed upon is not relevant.

How do I pay off my exsisting mortgage when I sell my own home?

I have already listed my home with a realtor so please NO responses indicating I should. We are now going to try to sell our home ourselves. I have already looked at FSBO.com as well as a few other sites. The legal aspect seems confusing so I think we will hire a real estate lawyer (unless someone can give me a better understanding of what to do with the documents you can download). My question is once I have a buyer (fingers crossed) how do I deal with my exsisting mortgage? Do we pay that off before the deed is changed with the profit or does it get paid off after? Do I contact them or does the lawyer handle all of that? Is that an extra document? Any help on the LEGAL aspect of selling my home and the exsisting mortgage would be great. I all ready know about the listing, advertising, and setting my price end of it.How do I pay off my exsisting mortgage when I sell my own home?
The existing mortgage will be retired at the time of closing by the escrow/title firm. The buyer's money will be used to pay off your mortgage and any other costs you incur in the closing process, and you will receive a check for the remaining balance.How do I pay off my exsisting mortgage when I sell my own home?
When you sell real estate, the buyer needs to take over a clear title on the property, which means no liens from the previous owner will follow the property. Your real estate attorney or escrow agent will disburse all of the funds for you at closing and pay off any liens (mortgages) with the proceeds of the sale. Then they will record the new Promissory Note and Deed of Trust with the county where the property exists. Just be aware, which it sounds like you already are, that if the proceeds of the sale are not high enough to pay all existing liens on the property, plus any fees incured by the sale, then you will need to come to closing with any money needed to pay off these balances.
When ownership changes hands the Seller gives the Buyer clear title (no liens like mortgages) and the Buyer gives the Seller some $$$. The title company used will take care of paying off your current mortgage from the proceeds of the sale via a wire to that companies account. Be sure there is enough proceeds from your sale to cover the current mortgage.
All you need is a good title company. They will handle everything from the purchase agreement to the closing. You can ask specifically for a F.S.B.O. package and it will contain all that you need.





To answer your question though, you will call your mortgage company and ask for a payoff up to the date of closing, which will include all principal plus interest owed until the date that they physically get paid off. Your title company will disburse the funds to them at the closing.
The buyer is responsible for choosing a title company to do the settlement. The title company will get any existing payoffs and those will be satisfied from your proceeds at closing. The title company will provide the legal aspects of the closing/settlement. You may want to have an attorney or a friend with real estate experience review the sales agreement before you sign it.
Once you get an offer accepted, you should ';open'; up an escrow at a nearby escrow/title company. You hand them your executed contract. They'll need personal info (i.e.SS#, address, etc. for buyer %26amp; seller).There are many companies to choose from. You would pay pretty nominal fees to the escrow company to order payoffs, do a title search, and handle much of the paperwork.





In fact, you'd be likely using a escrow/title company with an agent anyhow. But to answer the main question, your mortgage will get paid off by the title company once they receive funds that the new buyer submits to escrow (whether cash or loan). Then title will be recorded into the new owner's name....the recording procedure is another service the escrow/title company will handle for you. The escrow company acts as a neutral 3rd party that handles the money and paperwork.





Hiring an attorney or paying a REALTOR a nominal fee to oversee the transaction details once you have an offer on the table is not a bad idea though.
Once you set a closing date, call the bank and order a payoff statement. Send a copy of the payoff statement to the escrow or title company. They will verify the numbers. At closing, the settlement agent collects the money and writes out checks to, among other things, the holder of the existing mortgage. The bank will send the paperwork to the title company to file, and you will eventually receive back the note and mortgage.

How soon can i ask permission from mortgage company to rent out my house?

I am in process of buying a house, my completion date will be somewhere 15th january so my mortgage will start from 15th, now i want to rent out the house(and not shift into it) and i need to get the permission from mortgage company for this, can i ask them now or only after my mortgage will start?How soon can i ask permission from mortgage company to rent out my house?
Occupancy is one of the major fraud issues in mortgage banking today. Specifically, people who finance the home as their primary residence (taking advantage of the lower rates, down payment requirements, etc...) and then never move into the home and rent it out instead.





If you have zero intentions of living in this home, and are taking out primary residence-type financing, this is fraud. Plain and simple. At closing, you will sign a legal affidavit swearing that it is your intention to move into the home within 60 days, and that it is your intent to occupy the home for at least 1 year. After that year is up, you can do whatever you want, no permission required.





If you close on this loan, there are a few things that can happen:





1. The bank, as part of their auditing and quality control, might pay someone to confirm that you live in the home. If they find that you have rented it to someone else, they have the right to foreclose, or raise your interest rate to what it should have been if it were an investment property and also require a down payment that would have been needed if it were an investment. If you can't come up with the money, you are foreclosed on.





2. They call the FBI and inform them of the fraud. You go to jail.





3. They never figure it out and you get really, really, really lucky.





This is a very bad idea. And if you call them the day after closing and ask if you can rent out the home, you'll definitely wind up in trouble.





Either cancel the purchase, or plan to move in, or tell your mortgage company you are planning to use it as an investment and take whatever financing you can get as an investment property (expect rates up to 1-2% higher, possibly a larger down payment requirement). Anything else could be setting yourself up for serious criminal trouble.How soon can i ask permission from mortgage company to rent out my house?
why do u need permission from mortgage company to rent out your house? is it a shared ownership property? or are you the sole proprieter? normally you wouldnt have to ask them





edit - ok looking at other answers the next question is what country are u based in? this obviously has bearing on what the legalities are in the uk as far as i aware u dont have to inform the mortgage company if u are renting your property out you are liable for the repayments on the mortgage not the tenant and there must have been enough equity in the property for them to consider the mortgage in the first place so this isnt an issue (ie u dont pay they seize ure house, sell it auction ect)
I don't think you need permission.
If you tell them now, it may complicate the loan process. Some mortgage companies have different interest rate for non owner occupied houses and different requirement for down payment. However, if you tell them right after the loan closing, they may say they won't allow it since somewhere in the paper you will be signing, it says YOU will be occupying the house. This is because mortgage companies consider non owner occupied houses having higher risk for default. You will typically need to sign a rider stating the house is non owner occupied. So, either way, you may face difficulties. Another option is not to tell them, which could cause problems if you ever fall behind your payment or the house get fire or flood damages. So, use your best judgment.
Why would you need permission? It is your house, I've never heard of asking a mortgage company if you can rent out your own house.

Does it make sense to pay my mortgage before the due date every month?

For example, if its due on July 1st, but I pay it on June 6th do I gain anything?Does it make sense to pay my mortgage before the due date every month?
you save on interest.Does it make sense to pay my mortgage before the due date every month?
not unless the specific mortgage you have credits you for early payments.





The best thing to do with extra money is invest it in the stock market if you have a long term investment outlook. mortgage rates are lower than the normal long term yield on stocks, so you are ahead of the game in the long run investing vs saving on interest payments, especially since mortgage interest is tax deductible.





But in terms of timing of payments, if it helps you manage your finances to pay early, go ahead and do it, its only going to waste the interest income on one payment for one month
Say your mortgage is due on the 27th of each month. You can send it in safely 5-10 days before and they give you a grace period aftewards. If you are trying to send it in to build up towards the principle, you'll need to add several $$'s towards that and the extra will go towards the prin.
It depends on your mortgage. Most mortgage companies will only credit the money as it is due. If that is the case, you gain nothing.





Check with the mortgage company.
just pay it before the late date
yes a little but not much since they have your money for almost a month. Send it in the 25th
yeah you gain 0's on your credit report where as a 1 is what you gain when you pay on time...1's are good but 0's are great! keep paying early!

Is it hard to finance a second mortgage if I currently have one already?

I have an 80/20 on my first home loan, but have been renting it for the past year. I have great tenants and they plan to buy it but want time to save for the down payment. In the mean time I was contingently approved for the second home ($225,000) if my because I told the bank I was going to sell it. What if I decided I wanted to just keep it as a investment property?Is it hard to finance a second mortgage if I currently have one already?
If you told your lender that you are KEEPING the other house as a rental, they need to get you qualified WITH that mortgage payment and the rent received (did you file that income on your taxes last year?).





Keeping the other house COULD make you NOT qualify for the 2nd home.





Best of luck!Is it hard to finance a second mortgage if I currently have one already?
You may or may not qualify depending on your overall income. They will have to re-evaluate you with the PITI payment from your first house as part of your debt and the typical allowance is 75% of your rental income, which might only be allowed if you've been reporting it for the past 2 years.





Have you considered a ';lease-option'; with your tenants, where they pay you a little bit more every month, towards a down payment? This might help speed things along, and if they qualify for FHA, they only need a 3% down.
depend on how your debt ratio will look as only 75% of the rents can be used to ofest the mortgage payments as well as taxs and insurance
That would make it a third mortgage.

How long after you close on a mortgage should you receive the registered deed?

Who mails out the deed? Bank, Lawyer?How long after you close on a mortgage should you receive the registered deed?
If you purchased a home - it will normally take 4-8 weeks for you to receive the deed. In some states title companies can electronically record the deed rather than sending it to the county recorder or registrar. Ether way, mailing generally runs the same time frame. How long after you close on a mortgage should you receive the registered deed?
If you went through a Title Company, they mail out the Deed to you along with your Title Insurance Owner's Policy. You should follow up with them frequently for timely deliverance. They seem to slack on this from what I've noticed.
Within a coupla-few weeks, maybe longer. It comes from the county recorder's office (and government offices can be notoriously slow).

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What is the criteria for becoming a mortgage broker?

I want to know what type of math, computer skills, and writing skills do I need and please give me dany other information you think would be helpful.What is the criteria for becoming a mortgage broker?
From an insiders view, there really are NO criteria. In many states (including Florida) you don't have to have a license or anything. Of course to be a licensed mortgage broker you must take a class and pass a test - but it is nothing more than simple math, remembering a few rules and regulations.





The technical side of this job is not very hard, at least on the residential side. However, if you don't understand numbers, you are not going to be providing a very good service (typically most people do not provide adequate service).





It is my opinion that ANYONE getting compensation for originating loans should be held to a much higher standard than what is currently out there.





All of the above skills will help. You also need to be one heck of a salesman and have some experience marketing if you don't go to work for someone who provides you leads.





You can be technically the best mortgage broker in the world, but if you don't have customers, you will starve. So many consumers just end up going with the first person who talks them through the process and believing whatever they say. Now, for the most part (70-80% of the time) they are probably getting decent advice (or already know what they want), but there are just a ton of people who aren't getting any assistance or any real advice.





Hope that helps.





Joe...What is the criteria for becoming a mortgage broker?
you have to be able to lie, and live with yourself.





(~working for a mortgage lender)
Wow, you do have to be licensed. As of the begining of the year!

Is life insurance a good investment for a married couple with no children or mortgage?

My wife and I are considering purchasing life insurance but we aren't sure if it is the best investment for the money involved. Advice would be helpful. We do plan on having a family in the next few years and our ages are 30 y/o and 29 y/o.Is life insurance a good investment for a married couple with no children or mortgage?
Life insurance is NOT an investment tool, any more than a pair of Prada heels is a good nail hitting tool.





It IS a financial tool, to prepare for certain contingencies IF YOU DIE.





So, set the FINANCIAL GOAL, and then find out what tool fits it best, at the least cost to you. Don't ruin a pair of Pradas over this.Is life insurance a good investment for a married couple with no children or mortgage?
According to many people life insurance is very boring as they are enable to figure out what exactly the term means. On the other hand it is something we should all consider especially if you have family or friends that depend on your income.





Source: http://financeinsurancetips.blogspot.com/

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If you love your spouse you will get life insurance. Just because you do not have kids does nto mean you should not be concerned about your immediate loved one.


source: http://www.abbalifeinsurance.com

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Learn the truth about life insurance: http://finance1o1.blogspot.com

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Honestly, the younger you are when you purchase Life Insurance, the better it is.





You could buy an Universal Life Insurance Policy. This is what I call ';Insurance as an Investment';. If you die, your Spouse and future family are taken care of; if you don't die, you could be enjoying a Tax Free Source of Income at retirement.





Let me explain.





You would pay a regular premium payment per month or per year. You would have an Investment Portion of your premium growing Tax-Deferred (No tax paid on the cash growing) inside your Insurance Policy. Then, when you want to retire, take your policy to a Bank and get a loan for up to 90% of the cash inside. You use the Cash inside your joint insurance policy as collateral, and now the Loan is a Tax Free Source of Income at Retirement (or earlier) in combination with things like a pension and RRSP's.





I do this every day for my clients...
Life insurance provides financial protection for your family if you die.





Whole life insurance may provide protection your entire life and build cash value within the policy; however, it costs much more than term life insurance, for someone your age.





Term life insurance can provide protection for 10, 15, 20 or 30 years, until your future kids are out of college, for example and the mortgage is paid off.





Term life offers the maximum amount of protection at the lowest cost for young families on a budget.





By saving on your life insurance costs, you can take other monies and place them in an interest-bearing account of mutual fund for long-term growth.





Here's how term lfie insurance works:





Term life insurance lasts for a specific number of years, usually 10, 15, 20 or 30 years. The most common terms are 10 years or 20 years.





Term life insurance policies pay the beneficiary the face amount of the life insurance policy if the insured person dies during the term of the policy. For example, a 15-year term life policy with a face amount of $250,000 would pay $250,000 to the beneficiary if the insured died any time during those 15 years.





Usually, term life insurance costs less than permanent life insurance.





At the end of the policy term, the insured is no longer insured, and a death benefit is no longer paid. Some term life insurance policies are renewable, or can be converted to permanent life insurance.





Term Life Insurance Has Three Standard Features:





Level


Usually, the annual premium for the policy paid by the insured stays the same each year. The face amount of the policy also stays the same. Level term life insurance policies can usually last up to 30 years.





Convertible


Before the end of the term for the policy, the life insurance policy owner may be able to convert the term life insurance into a permanent life insurance policy. The owner usually has a specific number of years during the term life insurance policy to convert the policy. The premiums usually increase for the permanent life insurance.





Renewable


Term life insurance policies that are renewable offer the owner the option of renewing the life insurance policy at the end of the policy term, up to a specific age limit (usually age 65 or 70).





For example, a 15 year policy may be renewed for another 15 years. If the policy is renewed, a medical exam may be required. The term life insurance premium will usually increase when the policy is renewed.





Make sure to compare life isnurance quotes from several companies before you buy, because rates may vary by up to 50% or more between insurance companies.





You can get free, no obligation quotes from efinancial at https://www.efinancial.com/smartquoteefc鈥?/a>





You fill out one form and they give you up to 12 instant quotes for term life insurance from top-rated insurance companies. You can get instant quotes for you and your wife. If you like your quotes, you can even apply online with no obligation to buy.





I hope that helps! Best of luck to you and your wife.
If you plan to get insurance, do it NOW before your rates go up, especially for Term Insurance. (As you get older, the higher the monthly rate)


I suggest some insurance just in case the unfortuante happens to cover medical bills, funeral costs and any other debt that may be outstanding.


Think of it this way, do you want your spouse to be burdened with expenses such as the above if one of you would pass away? What if you both pass together? WOuld you want your parents to be paying all this for you with no help?





Just my thoughts
only to the extent you want the other spouse provided for in the event something happens to either of you...but otherwise, no.
You don't have to get $500,000 but it's nice to at least leave your spouse something if something should God forbid happen to you. Remember, there is always probate crap and taxes which get really expensive really fast, thousands of dollars!
Your not going to be any younger than what you are now. and the older you are the more expencive it gets. i would think if your seriously concedering getting it you should even if right now you dont have a direct need. but when the time comes that you think you might need it the price would be alot higher.
Life insurance is very important, especially if you may have children. The sooner you do it, the lower your costs will be.
You may still need some. In case there are some ';final expenses'; that need to be unexpectedly paid. You probably don't need as much as someone who has a mortgage. Also, you may want to increase your coverage once you do have children. You want to be sure their education is secure, even if you aren't around.
It depends on your needs and goals. Are you both self-supporting? If so, then you only need enough insurance to cover the cost of a funeral a burial. If either of you depends on the other鈥檚 income to meet expenses, however, then you might need more. The idea is that you do not want your life turned upside down financially should you lose your spouse. You will have enough to deal with emotionally, if that were to happen. You would want enough life insurance to make up for the lost spouse鈥檚 income for a period of years鈥? to 7 is probably enough鈥攕o you can adjust to the loss without giving up your lifestyle. This will become even more important when you buy a home and have children, of course. The same principle will apply, but you will have to increase the amounts to cover raising the kids and paying for college. As for the investment option, it depends on your investment style. If you are disciplined and a savvy investor, you can probably do better by saving the difference between term life and whole life premiums and investing the money on your own. If you are not very good at saving, have no investment knowledge or interest, and want a simple, secure vehicle for saving with a small, guaranteed return, then you might consider a whole life policy.
life insurance is not an investment





if you want to invest money go with a 401K/mutual funds





c'mon people!





unless you are talking about annuities (which are also done by insurance co; then it is a different story and that you'll have to discuss with your insurance broker
Life insurance is an important part of your investment portfolio for several reasons, and the younger you start the better. First, it provides financial peace of mind in the event of an unforseen tragedy...ability to maintain your current lifestyle. Second, it's a great way to passively save money over time. Third, the cash value of your life insurance policy is an asset that you can leverage for other financial investments or starting a business down the road...you can borrow against it or use the cash value for collateral. Finally, it's the cheapest money you can buy. Consult a seasoned Insurance agent to discuss the plan that works best for your personal financial goals.
My husband and I have life insurance. We don't pay mortgage or have children, either, but we plan to have a family later. We're both in our very early 20's. The reason we started a life insurance plan so early is because the rates are alot lower and they stick with you as you grow and age. If I would've started the plan at age 18, I would have way lower payments right now. I suggest you do it as early as you can so that you get the best rates that you can =).

What's the best strategy for a first-time homeowner in getting the best mortgage rate?

I've been saving up and will be ready to start shopping around for a mortgage this spring.What's the best strategy for a first-time homeowner in getting the best mortgage rate?
I would get in touch with a mortgage broker. They search different lenders in order to find the best program that suits your needs and work in your best interest. You will most likely pay closing costs but that's to be expected. Nothing is free and you get what you pay for.

Is it easy to qualify for a mortgage when buying a HUD home?

With the current lending standards, i'm wondering if the same applies to HUD homes. I live in texas and found a hud home that's listed for $95,000. My credit score is about a 620 which i know is horrible. Is it possible to qualify for a loan and about how much would our payments be?Is it easy to qualify for a mortgage when buying a HUD home?
Good news, if you buy a HUD home with an FHA loan you can actually get in with just $100 down in stead of the normal 3.5% down!


As long as your mid score is a 620, you should be fine as long as you don't have things like a foreclosure, bankruptcy, judgment or tax liens on your credit. If you do have any of these things it will be a little more difficult.Is it easy to qualify for a mortgage when buying a HUD home?
I would try for an FHA loan. It's hard to say what your payment would be because it depends on what you qualify for.





Use this calculator to get an idea of what it will cost you monthly, you can change the rate. Please remember that the figures on this site can only tell you the mortgage amount and would not figure in tax and insurance which you will also have to pay.





http://www.bankrate.com/calculators/mort鈥?/a>





Good luck!

Does anyone have information on getting a mortgage where you use a piece of land for the down payment?

The land is paid off and we are trying to find the best and easiest way to qualify to purchase/build a home.Does anyone have information on getting a mortgage where you use a piece of land for the down payment?
In a construction loan, you can use the portion of equity you have in the land towards the total ';finished'; value. Basically, your down payment is within the land that is already payed off. I specialize in commercial/construction loans if you'd like to see about getting an approval, let me know.





Some basic questions:





-Do you have plans already


-What is the zoning of the land


-what are the total construction costs


-Do you have permits


-Where is the property located


-what do you estimate the value (completed) to be


-Are you and your significant other employed/retired %26amp; what income/how long on your jobs


-is the property in a rural or urban area


-what is your credit situation





These questions should be enough to get some accurate figures for you.Does anyone have information on getting a mortgage where you use a piece of land for the down payment?
I would consult a title company about a ';like-kind exchange';. This is where you exchange a piece of property for a similar type of property, such as real estate for real estate. Your are then able to defer the gain on that property. This is accomplished by using the basis on the old property as the basis in the new property. However, the property must have been held for business purposes or investment purposes. So the land would be disqualified if it was the site of your personal residence. If the transaction qualifies for the exchange, finding a mortgage would probably be simple because the loan amount would be for much less than the value of the property.
There are seveal companies around SC that do that but I don't know if they are nation wide. I know Jim Walter homes is one. They will build you a home on your lot and use the land as collateral. The newer homes look pretty good. I have one that is 20 years old. The value has gone up 4 times the initial investment so it must be ok.

Do mortgage papers list the terms of foreclosure proceedings?

If I go through foreclosure, I want to know what happens such as what happens to the balance of the mortgage owed. My mortgage is with Citimortgage and it is A paper fixed 30 year from a few years back if that makes any difference to anyone who may know. I lost my job and it's only a matter of time before I lose my house, which is worth 40% of my mortgage balance so I don't have the option of selling. Please help I am stressed out beyond words to describe it.Do mortgage papers list the terms of foreclosure proceedings?
Mortgage papers usually list the foreclosure process in case of a default. But unless you are a real estate professional it will be very hard to understand the terminology. Typically when you stop making payments the mortgage company will contact you with options, or with a time line of the foreclosure process. I strongly suggest that you contact a Realtor. You have several options. Losing your property should not be one of them, you have invested so much. Consider a short sale, in this case the bank allows you to sell your property for market value, and forgives the difference or balance owed due to your financial hard ship. This helps you avoid foreclosure and saves your credit. Look into all your options and make an informed decision.Do mortgage papers list the terms of foreclosure proceedings?
i'm really sorry to hear about your situation, that sucks. i would recommend speaking with a lawyer about your options.





if you really want to keep your home, is there any possibility that you could rent it out while you stay with relatives for a while?

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Is it easy to qualify for a mortgage when buying a HUD home?

With the current lending standards, i'm wondering if the same applies to HUD homes. I live in texas and found a hud home that's listed for $95,000. My credit score is about a 620 which i know is horrible. Is it possible to qualify for a loan and about how much would our payments be?Is it easy to qualify for a mortgage when buying a HUD home?
Good news, if you buy a HUD home with an FHA loan you can actually get in with just $100 down in stead of the normal 3.5% down!


As long as your mid score is a 620, you should be fine as long as you don't have things like a foreclosure, bankruptcy, judgment or tax liens on your credit. If you do have any of these things it will be a little more difficult.Is it easy to qualify for a mortgage when buying a HUD home?
I would try for an FHA loan. It's hard to say what your payment would be because it depends on what you qualify for.





Use this calculator to get an idea of what it will cost you monthly, you can change the rate. Please remember that the figures on this site can only tell you the mortgage amount and would not figure in tax and insurance which you will also have to pay.





http://www.bankrate.com/calculators/mort鈥?/a>





Good luck!

Does anyone have information on getting a mortgage where you use a piece of land for the down payment?

The land is paid off and we are trying to find the best and easiest way to qualify to purchase/build a home.Does anyone have information on getting a mortgage where you use a piece of land for the down payment?
In a construction loan, you can use the portion of equity you have in the land towards the total ';finished'; value. Basically, your down payment is within the land that is already payed off. I specialize in commercial/construction loans if you'd like to see about getting an approval, let me know.





Some basic questions:





-Do you have plans already


-What is the zoning of the land


-what are the total construction costs


-Do you have permits


-Where is the property located


-what do you estimate the value (completed) to be


-Are you and your significant other employed/retired %26amp; what income/how long on your jobs


-is the property in a rural or urban area


-what is your credit situation





These questions should be enough to get some accurate figures for you.Does anyone have information on getting a mortgage where you use a piece of land for the down payment?
I would consult a title company about a ';like-kind exchange';. This is where you exchange a piece of property for a similar type of property, such as real estate for real estate. Your are then able to defer the gain on that property. This is accomplished by using the basis on the old property as the basis in the new property. However, the property must have been held for business purposes or investment purposes. So the land would be disqualified if it was the site of your personal residence. If the transaction qualifies for the exchange, finding a mortgage would probably be simple because the loan amount would be for much less than the value of the property.
There are seveal companies around SC that do that but I don't know if they are nation wide. I know Jim Walter homes is one. They will build you a home on your lot and use the land as collateral. The newer homes look pretty good. I have one that is 20 years old. The value has gone up 4 times the initial investment so it must be ok.