We are seeing a mortgage advisor at the weekend and I am wondering what the steps are in obtaining a mortgage?
ThanksWhat are the steps in obtaining a mortgage?
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.
Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.
If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.
You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.
Make sure your mortgage broker explain all your options so you may make an intelligent decision.
What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.
So select the best option for you and your financial situation.
You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.
I hope this has been of some benefit to you, good luck
';FIGHT ON';What are the steps in obtaining a mortgage?
1. Save up cash for at least 20% down plus all closing costs plus 3 -6 months reserves. Anything less than this in these days of very tight credit is not really likely to fly, no matter how ';encouraging'; a prospective application-fee recipient may sound. There are a lot of people who are desperate for your application fees, referral fees and commissions these days, and will gladly take your application %26amp; fees knowing full well you haven't a prayer!
2. Check your credit reports. Score over 700 (for each person, if a couple or more than one owner). No new credit accounts or car loans in the past year. Low debt-to-income ratios! No collection accounts or accounts currently or recently in arrears.
3. At least 3 years track record on the job. Have good employment records %26amp; references ready to be submitted as soon as they are required.
4. Verify your budget! Make sure you can take on the expense of mortgage, property taxes, maintenance, and all that goes along with owning a home. Most apartment-dwellers have not the slightest conception of the costs and work involved in owning a house! Make sure you get the details and compare it to your budget!
5. Then see your banker who you have developed a banking relationship with over the years. They have all the data on your banking records. They know you (or should, if you have been managing your financial affairs properly over the last few years). They are more likely to be honest with you about the state of the lending climate, the local housing market and your chances of getting a mortgage.
6. Then - MAYBE - see a mortgage advisor or mortgage broker to see where you might get the best rate and terms on a mortgage.
You have an awful lot to do before you see that advisor. And it is entirely possible that you have seriously jumped the gun here and are nowhere near ready for an appointment with a mortgage advisor. If you have not completed steps 1 thru 4, and preferably (wisely) step 5 as well, you could be wasting a lot of time and money. As in your cold, hard cash wasted!
If you have among the few smart people who have completed the above #1-4, congrats! Glad there is still someone with more brains than bats in their heads. The mortgage advisor/broker will advise you on their particular application procedures, all the documentation you will have to gather to verify employment, get copies of the last 3 years of income tax returns, verify all financial accounts %26amp; balances, and list all of the fees you will have to pay, etc.
If you are in the UK make sure you are seeing an Independent Mortgage Adviser.
Take with you the following
a) proof of your earnings
b) details of any loans/credit cards etc you are paying
c) details of any adverse credit history
d) statutary proof of ID %26amp; residence
e) some lenders like to see bank statements.
Armed with the above the adviser should give you a very good indication as to how much you can borrow %26amp; from whom..
Next step will be to find a suitable property, which will need to be valued by the lender - fee paid by you.
Assume you have a reasonable deposit. The bigger your deposit, the better your interest rate will be.
Good luck - any problems feel free to contact.
The adviser will tell you everything you need. Generally, you need pay stubs from all your employers and your completed income tax return for the past two or three years. If they don't ask for that information and just ';take your word'; for the figures they ask for, then there is a very good chance that when it comes time to buy you will not qualify for all the amount they told you would be available.
I've dealt with lenders several times. Real Estate people want to ';pre-qualify'; you so they don't waste their time showing you homes that you cannot afford. Most of these kinds of qualifications are ';rough guesses'; at best since they don't really verify anything you tell them. Sometimes you overstate earnings and understate debt unintentionally.
My daughter sold her home. She made $50,000 PROFIT off the sale. Then she went to purchase a replacement home only to fined out that she could not get a mortgage because she had just started a new job. A lot of her annual income in the new job was in bonus money and commission on sales. Although she made $120,000 last year, she had not worked there long enough to get an ';average'; annual earnings estimate. Her base salary was not enough by itself for her to qualify for the mortgage.
So now she's in an apartment waiting until she has three years of income tax returns to show the lenders that she really does average $120,000/year every year.
Therefore, be careful when dealing with mortgage advisers. They tell you that you're all set and when it gets to the lender there are almost always hang ups that have to be corrected. Sometimes they tell you that you'll need to pay off several credit cards before they'll lend you money. I had to do that once and the balances I had to pay off were a total of about $4,500. So be sure you anticipate these kinds of situations.
The advisor will need proof of employment as well as your joint income. He/she will conduct a credit check and make a list of all your debts and assets. Once that information is thrown into the equation, he/she will advise you whether or not a lending institution will give you a mortgage, what interest rate you can expect to pay, and what houses are within your price range.
The free services available to through the mortgage officer of your bank can answer all your question or steer you to free answers.
Wednesday, November 23, 2011
What is the minimum credit score that wells fargo uses to approve an FHA mortgage?
Someone told me that the banks determine the minimum credit score and therefore many banks require 620 and some take a 580 like Bank of America. Does someone truly know what the deal is with this?What is the minimum credit score that wells fargo uses to approve an FHA mortgage?
Credit and mortgages can be a very difficult issue for many people. In fact, every situation is different and depends on many circumstances (not included in your question)What is the minimum credit score that wells fargo uses to approve an FHA mortgage?
As of the end of March, all lenders supposed to only approve FHA loans if the borrowers score was 620 or greater. However, there was some leeway given to the banks for a couple of months.
That is an FHA requirement and is not up to the banks. Only if FHA approves, can a bank still offer FHA loans below 620.
my firlfriends score is 635 and mine was 618 we got approved by presidential bank mortgage.
apparently the next week they required a score of 620 but they are constantly changing what is needed
Credit and mortgages can be a very difficult issue for many people. In fact, every situation is different and depends on many circumstances (not included in your question)What is the minimum credit score that wells fargo uses to approve an FHA mortgage?
As of the end of March, all lenders supposed to only approve FHA loans if the borrowers score was 620 or greater. However, there was some leeway given to the banks for a couple of months.
That is an FHA requirement and is not up to the banks. Only if FHA approves, can a bank still offer FHA loans below 620.
my firlfriends score is 635 and mine was 618 we got approved by presidential bank mortgage.
apparently the next week they required a score of 620 but they are constantly changing what is needed
Does Mortgage Company Need to Know that a house is taken care of?
Would a mortage company want to know if a borrower is letting a house fall apart. I've been having problems with a neighbr and I was wondering if this is a way to get rid of them. They have been sued a few times by others - they are still there.Does Mortgage Company Need to Know that a house is taken care of?
If he's making the house payment the mortgage lender could care less. Your idea of falling apart and their idea may be two different things. However, just because you don't like the person doesn't give you a right to try and run them out of the neighborhood. Next time you purchase a home, purchase in a community that has a Home Owners Association. You can get on the Home Owners Association board and then you can tell everybody what to do with the property that they pay taxes on.Does Mortgage Company Need to Know that a house is taken care of?
No, as long as they pay their Mortgage you can't do anything. However, you could go to the City and explain, that the grounds are not taken care of. The City will have to check it and according to their codes they will rule what your neighbors have to do, to keep up with the neighborhood.
Sorry, but to the first 3 posters - YOU ARE WRONG!
Yes, the lender cares that the property is being kept in good shape. In fact, in the note that a borrower signs at settlement, you promise to keep the house in good repair. AND the lender has a right to inspect the property at any time and if it's not in good repair, you are in default of the agreement and the lender could call the loan.
I would call the city and report them. There may be legal issues that the the city can handle. However, the odds of this are very very slim.
Maybe you could offer to buy their house, fix it up and then flip it.
Nope, as long as they are paying the mortgage, they don't care how the house looks. Now you can call the Department of Health if you think there may be health code violations and if it's that run down they may condemn the place.
If he's making the house payment the mortgage lender could care less. Your idea of falling apart and their idea may be two different things. However, just because you don't like the person doesn't give you a right to try and run them out of the neighborhood. Next time you purchase a home, purchase in a community that has a Home Owners Association. You can get on the Home Owners Association board and then you can tell everybody what to do with the property that they pay taxes on.Does Mortgage Company Need to Know that a house is taken care of?
No, as long as they pay their Mortgage you can't do anything. However, you could go to the City and explain, that the grounds are not taken care of. The City will have to check it and according to their codes they will rule what your neighbors have to do, to keep up with the neighborhood.
Sorry, but to the first 3 posters - YOU ARE WRONG!
Yes, the lender cares that the property is being kept in good shape. In fact, in the note that a borrower signs at settlement, you promise to keep the house in good repair. AND the lender has a right to inspect the property at any time and if it's not in good repair, you are in default of the agreement and the lender could call the loan.
I would call the city and report them. There may be legal issues that the the city can handle. However, the odds of this are very very slim.
Maybe you could offer to buy their house, fix it up and then flip it.
Nope, as long as they are paying the mortgage, they don't care how the house looks. Now you can call the Department of Health if you think there may be health code violations and if it's that run down they may condemn the place.
Should I keep my credit card and mortgage statements?
Credit card statements at least 7 years - mortgage statements till you sell or no longer own the property.Should I keep my credit card and mortgage statements?
Mortgage interest is deductible on your tax return if you itemize on schedule A. The IRS statute of limitations is 3 years from the date you file your tax return or 3 years from the date you amend it, whichever is later. Therefore you must keep your records for at least 3陆 years if you itemize you deductions.
The statute of limitations for lawsuits is 7 years.
Mortgage interest is deductible on your tax return if you itemize on schedule A. The IRS statute of limitations is 3 years from the date you file your tax return or 3 years from the date you amend it, whichever is later. Therefore you must keep your records for at least 3陆 years if you itemize you deductions.
The statute of limitations for lawsuits is 7 years.
Hybrid adjustable rate mortgages?
Anyone know anything about these?Hybrid adjustable rate mortgages?
It's basically the same thing as a regular adj. rateHybrid adjustable rate mortgages?
The 1-year ARM is a mortgage in which the rate is set for one year and then adjusts every year thereafter, not willy-nilly, but with standards and restrictions based on indexes and margins. A hybrid ARM is one with a longer term introductory period - three, five, seven, even ten years during which the rate remains at its original level and then adjusts every year thereafter. Borrowers, particularly those who will be stretching to make payments often choose an ARM because the lower payments for the first year or first five years allow them to qualify for a mortgage.
A 5/1 ARM is a hybrid mortgage. A typical adjustable-rate mortgage resets annually. A 5/1 ARM has a fixed interest rate for the first five years before it adjusts to a new rate based on the short-term interest rate it is priced on and the pricing spread.
Lenders like adjustable-rate mortgages because they shift interest rate risk to the borrower. The hybrid ARM allows the borrower to get a lower interest rate than a 15-year or 30-year fixed-rate mortgage because the borrower accepts the interest rate risk after the initial fixed-rate period.
Like I mentioned Hybrid ARMS are available as 3/1, 5/1, 7/1 and sometimes even as 10/1 structures. They can benefit the borrower if the borrower doesn't expect to be in the home much longer than the fixed-rate period. So the lender and the borrower can get to win-win by setting an initial fixed-rate period that suits the borrower..
Your ability to refinance a 5/1 ARM depends on where interest rates are at that point in time and the cost of refinancing, including whether there's a prepayment penalty. It would be pretty unusual for a prepayment penalty to go out past three years, but the loan agreement would spell that out upfront.
In general, you shouldn't go into a 5/1 ARM with the idea that you'll be able to refinance at a lower rate down the line. We're at the end of a period of Fed easing, and the Federal Reserve has already started a cycle of tightening, which means rates are going up. What its mindset will be three to five years from now nobody knows, but counting on refinancing to be advantageous during the fixed period of a 5/1 hybrid ARM doesn't make sense
Take a look at this web site:
http://www4.law.cornell.edu/uscode/html/鈥?/a>
From the U.S. Code Collection: TITLE 38 %26gt; PART III %26gt; CHAPTER 37 %26gt; SUBCHAPTER I %26gt; 搂 3707A
搂 3707A. Hybrid adjustable rate mortgages
Hope this helps answer some of your questions.
In an effort to make the new home loan more affordable for homeowners, the industry has begun extending the mortgage amortization period. The traditional roof of this period has been the 30-year home loan. Now, 40- and 50-year hybrid loans are becoming common mortgage products. But there are some drawbacks.
Mortgage lenders operate under the business axiom that it is much cheaper to keep their existing customers than to acquire new ones. As the real estate market begins a cooling-off period, lenders are expanding their loan options for current borrowers to increase their cash flow. Enter the hybrid loan. 40- and 50-year mortgages are basically hybrid loans in spirit. Hybrid loans are a combination of fixed- and adjustable-rate mortgages that usually make the respective transformation after a seven-year period. The basic idea behind this arrangement is that by stringing out the amortization over a longer period of time, the monthly payments will be lower. The hybrid loan holds some unique benefits for borrowers that you should be aware of.
Characteristics of Hybrid Home Loans
禄 More Homeowners Qualify. Due to the lower monthly payments of 40- and 50-year hybrid loans, a greater slice of customers can be included in the program that were unable to qualify under traditional loans.
禄 Building Equity. Because hybrid loans take a longer time to amortize, homeowners have the chance to build limited equity in their properties.
禄 ARM Procrastination. Lenders expect the loans to be popular with homeowners who are concerned about fast-moving adjustable rates.
The downside to the hybrid loan, and any type of specialized loan option, is that theres always a catch. Before you run off to your banking institution with hybrid loan fever, you need to know how these loans can play out in a worst-case scenario.
Beware of these Hybrid Loan Drawbacks
禄 Higher Risk. The longer the loan type, the more opportunity there is to default. In many cases, the fixed-rate turns adjustable before the owner can build up enough equity in the property.
禄 Limited Savings. The upfront costs of obtaining a hybrid loan are not that appealing. The loan should only be utilized to qualify for a mortgage that the homeowner might not otherwise be eligible for.
As with any loan, you should gauge your current financial situation and needs. Talk with your lender and let them explain the hybrid home loan in full before you make a decision.
Chris M Diaz
loan Consultant
Do you have a specific question?
Good first answer. This adds another twist as I imagine you are really asking about a Pay Option ARM. They go by different names, but basically, you are offered four different payments to make each month:
1. 15 year amortized at the full interest rate.
2. 30 year amortized at the full interest rate.
3. 30 year interest only at the full interest rate.
4. 30 year interest only at the start rate.
This is a very dangerous loan. Make sure you educate yourself on it before applying for one. In the end, many borrowers make the #4 payment and end up with negative amortization.
Best of luck
It's basically the same thing as a regular adj. rateHybrid adjustable rate mortgages?
The 1-year ARM is a mortgage in which the rate is set for one year and then adjusts every year thereafter, not willy-nilly, but with standards and restrictions based on indexes and margins. A hybrid ARM is one with a longer term introductory period - three, five, seven, even ten years during which the rate remains at its original level and then adjusts every year thereafter. Borrowers, particularly those who will be stretching to make payments often choose an ARM because the lower payments for the first year or first five years allow them to qualify for a mortgage.
A 5/1 ARM is a hybrid mortgage. A typical adjustable-rate mortgage resets annually. A 5/1 ARM has a fixed interest rate for the first five years before it adjusts to a new rate based on the short-term interest rate it is priced on and the pricing spread.
Lenders like adjustable-rate mortgages because they shift interest rate risk to the borrower. The hybrid ARM allows the borrower to get a lower interest rate than a 15-year or 30-year fixed-rate mortgage because the borrower accepts the interest rate risk after the initial fixed-rate period.
Like I mentioned Hybrid ARMS are available as 3/1, 5/1, 7/1 and sometimes even as 10/1 structures. They can benefit the borrower if the borrower doesn't expect to be in the home much longer than the fixed-rate period. So the lender and the borrower can get to win-win by setting an initial fixed-rate period that suits the borrower..
Your ability to refinance a 5/1 ARM depends on where interest rates are at that point in time and the cost of refinancing, including whether there's a prepayment penalty. It would be pretty unusual for a prepayment penalty to go out past three years, but the loan agreement would spell that out upfront.
In general, you shouldn't go into a 5/1 ARM with the idea that you'll be able to refinance at a lower rate down the line. We're at the end of a period of Fed easing, and the Federal Reserve has already started a cycle of tightening, which means rates are going up. What its mindset will be three to five years from now nobody knows, but counting on refinancing to be advantageous during the fixed period of a 5/1 hybrid ARM doesn't make sense
Take a look at this web site:
http://www4.law.cornell.edu/uscode/html/鈥?/a>
From the U.S. Code Collection: TITLE 38 %26gt; PART III %26gt; CHAPTER 37 %26gt; SUBCHAPTER I %26gt; 搂 3707A
搂 3707A. Hybrid adjustable rate mortgages
Hope this helps answer some of your questions.
In an effort to make the new home loan more affordable for homeowners, the industry has begun extending the mortgage amortization period. The traditional roof of this period has been the 30-year home loan. Now, 40- and 50-year hybrid loans are becoming common mortgage products. But there are some drawbacks.
Mortgage lenders operate under the business axiom that it is much cheaper to keep their existing customers than to acquire new ones. As the real estate market begins a cooling-off period, lenders are expanding their loan options for current borrowers to increase their cash flow. Enter the hybrid loan. 40- and 50-year mortgages are basically hybrid loans in spirit. Hybrid loans are a combination of fixed- and adjustable-rate mortgages that usually make the respective transformation after a seven-year period. The basic idea behind this arrangement is that by stringing out the amortization over a longer period of time, the monthly payments will be lower. The hybrid loan holds some unique benefits for borrowers that you should be aware of.
Characteristics of Hybrid Home Loans
禄 More Homeowners Qualify. Due to the lower monthly payments of 40- and 50-year hybrid loans, a greater slice of customers can be included in the program that were unable to qualify under traditional loans.
禄 Building Equity. Because hybrid loans take a longer time to amortize, homeowners have the chance to build limited equity in their properties.
禄 ARM Procrastination. Lenders expect the loans to be popular with homeowners who are concerned about fast-moving adjustable rates.
The downside to the hybrid loan, and any type of specialized loan option, is that theres always a catch. Before you run off to your banking institution with hybrid loan fever, you need to know how these loans can play out in a worst-case scenario.
Beware of these Hybrid Loan Drawbacks
禄 Higher Risk. The longer the loan type, the more opportunity there is to default. In many cases, the fixed-rate turns adjustable before the owner can build up enough equity in the property.
禄 Limited Savings. The upfront costs of obtaining a hybrid loan are not that appealing. The loan should only be utilized to qualify for a mortgage that the homeowner might not otherwise be eligible for.
As with any loan, you should gauge your current financial situation and needs. Talk with your lender and let them explain the hybrid home loan in full before you make a decision.
Chris M Diaz
loan Consultant
Do you have a specific question?
Good first answer. This adds another twist as I imagine you are really asking about a Pay Option ARM. They go by different names, but basically, you are offered four different payments to make each month:
1. 15 year amortized at the full interest rate.
2. 30 year amortized at the full interest rate.
3. 30 year interest only at the full interest rate.
4. 30 year interest only at the start rate.
This is a very dangerous loan. Make sure you educate yourself on it before applying for one. In the end, many borrowers make the #4 payment and end up with negative amortization.
Best of luck
How do i go about getting a Mortgage?
What do i look for when it comes to the interest rate? Who has the best plan? Who can i go to get advice?
I'm looking for my first house need help!How do i go about getting a Mortgage?
talk to your realestate agent,most mortgages are flexed for the first 2years,you can also look in your yelow pages and call a mortgage company or bank,depending on your credie,your intrest can be anywhere from6.5 all the way up to 12,my advice,is to call a mortgage company,if you would like,i can give you the name of the one i used.How do i go about getting a Mortgage?
You need an experienced loan officer to walk you through the process. I recommend Smart Choice Mortgage. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a Smart Choice loan officer will contact you within 24 hours. Good luck.
Please don't go to people in here spamming for business or to the internet.
You need to look beyond interest rate. Talk to a few lenders in your area with names you recognize, like Countrywide. Ask for a truth in lending good faith estimate of closing costs. Are there pre-payment penalties? Late fees? Default interest rates? You need to get a total package picture, not just an attractive interest rate.
For advice, ask your Realtor, they work with lenders every day and will tell you who you need to talk to.
Banking rule of thumb ... if you do not need money, the banks want to loan you lots of it. If you do need money, you will have a real hard job getting a loan.
Internet rule of thumb ... if you use the Internet to contact some organization showing that you have some kind of need, you will be flooded with thousands of contacts trying to provide that service to you, and most of them will be crooked.
You need to visit several banks and get some quotes from them. You need to research the bank rating services, so that when you sigh away your next third of a century financial life, you do so to a reputable organization.
What state are you in? There are certain things you should have at hand before you have a mortgage broker or lender running your credit and lowering your score. Check your credit score, have all of your W2's for the past couple of years, and a steady employment history and income. If those are stable, you are half way to ownership.
MelSellSFlorida@yahoo.comcosmetics maybelline express
I'm looking for my first house need help!How do i go about getting a Mortgage?
talk to your realestate agent,most mortgages are flexed for the first 2years,you can also look in your yelow pages and call a mortgage company or bank,depending on your credie,your intrest can be anywhere from6.5 all the way up to 12,my advice,is to call a mortgage company,if you would like,i can give you the name of the one i used.How do i go about getting a Mortgage?
You need an experienced loan officer to walk you through the process. I recommend Smart Choice Mortgage. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a Smart Choice loan officer will contact you within 24 hours. Good luck.
Please don't go to people in here spamming for business or to the internet.
You need to look beyond interest rate. Talk to a few lenders in your area with names you recognize, like Countrywide. Ask for a truth in lending good faith estimate of closing costs. Are there pre-payment penalties? Late fees? Default interest rates? You need to get a total package picture, not just an attractive interest rate.
For advice, ask your Realtor, they work with lenders every day and will tell you who you need to talk to.
Banking rule of thumb ... if you do not need money, the banks want to loan you lots of it. If you do need money, you will have a real hard job getting a loan.
Internet rule of thumb ... if you use the Internet to contact some organization showing that you have some kind of need, you will be flooded with thousands of contacts trying to provide that service to you, and most of them will be crooked.
You need to visit several banks and get some quotes from them. You need to research the bank rating services, so that when you sigh away your next third of a century financial life, you do so to a reputable organization.
What state are you in? There are certain things you should have at hand before you have a mortgage broker or lender running your credit and lowering your score. Check your credit score, have all of your W2's for the past couple of years, and a steady employment history and income. If those are stable, you are half way to ownership.
MelSellSFlorida@yahoo.com
How can I apply for a joint mortgage?
My partner and I would like to apply for a joint mortgage in the UK in order to buy a house. We both have full time jobs. I come from the EU but he is not an EU citizen. He has a visa for 4 years. Do you know if this will influence the possibility of getting a mortgage?How can I apply for a joint mortgage?
Yes - they will only count his salary for 4 years .. after that, they assume you will be on your own.
He needs to apply for permanent residence (eg. propose marriage to you :-) )How can I apply for a joint mortgage?
dont know
It depends on your salaries
yes, it will definitely influence the chance of getting a mortgage, unless you can pay off the mortgage in 4 years. speak to individual mortgage providers. or try to get a mortgage yourself. or get his/her job to write a letter that his job is tenure and will be his after 4 years. its sketchy.
Yes - they will only count his salary for 4 years .. after that, they assume you will be on your own.
He needs to apply for permanent residence (eg. propose marriage to you :-) )How can I apply for a joint mortgage?
dont know
It depends on your salaries
yes, it will definitely influence the chance of getting a mortgage, unless you can pay off the mortgage in 4 years. speak to individual mortgage providers. or try to get a mortgage yourself. or get his/her job to write a letter that his job is tenure and will be his after 4 years. its sketchy.
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