home mortgage loans

antwon c asked:


My husband and I would like to purchase a home but are credit scores are around 490. My husband filed Bk in Feb 05, it has since been paid off. We have no car payments, credit card payments, and no medical bills. Are dept to income should be fine. We no that we are going to pay a slightly higher rate, but we don’t want to be taken advantage of. Any recommendations and or advice would be appreciated.

SERGIO

Ryan’s♥Wifey asked:


I have done all my steps to buy a house ..i got pre approved, had the offer accepted, had my VOD verified, work record verified, obtain home owners insurance,gave my earnest money, had the inspection and the appraisal…what are the chances of my approval falling though? I asked the lady that is taking care of me at the mortgage company, shes also the branch manager and she told me i have nothing to worry about that they pull the credit report once and that their loans are locally processed, underwritten, and closed by their company. So what are the chances it will faal through, nothing has changed on my credit report and i havent opened anything new or bought anything big
the appraisal came in at 129900, i paid 113,000 for it

ARTURO

Julian Lim asked:




 

Are you considering getting for yourself a home mortgage loan via the internet? Would you rather find a loan online than go to a brick and mortar mortgage loan company to do the loan application personally? Before you tap on those computer keys, here are some advantages and disadvantages of getting your home mortgage loan online.

 

Advantages of online home mortgage loan

 

First of all, if you are going to use the internet in your search and acquisition of home mortgage loan, you will be surprised to find the process not only easy but very convenient. The online process is much more simplified, unlike if you are going to meet personally with some lenders who are more likely to ask for so many information.

 

Online home mortgage loan companies are numerous, and so they tend to compete fiercely against one another just to get you as a client. Therefore, they offer a great variety of programs as well as numerous benefits such as flexible payment terms and low interest rates.

 

The corresponding cost and fees that go with the application of online mortgage loans is much cheaper than that of the mortgages taken offline.

 

Online mortgage loan companies are more likely to be lenient to those borrowers who have bad or even non-existent credit history. Mortgage loan companies on the internet tend to offer prospective borrowers more mortgage loan alternatives especially to those with bad credit rating and having difficulty getting loans elsewhere.

 

One great advantage of applying for home mortgage loan online is that you immediately know if your online application is approved. This only means that you get to enjoy your loan immediately if you earn approval. On the other hand, knowing quickly if your application is disapproved means you can immediately make a move and apply with other online lenders.

 

Disadvantage of online home mortgage loan

 

One complaint about online home mortgage loans is that there are some online lenders who ask for application and other fees even when the application has yet to become approved. This rarely happens, if at all, in the real world.

 

There is also the problem of accountability; as the borrower, you need to be on top of the situation which can be difficult especially of you don’t have a clear idea of things. And if in case, things do go wrong, like your online loan lender does not come through, it’s difficult to find compensation for whatever damage or problem it might have cause you. Actually, there is no specific group that you can turn to and complain when having online loan problems.

 

Not all online loan lenders are represented in all the US states, and so before you apply for an online home mortgage loan, be sure the state that you are in have their representative.

  



WILFRED

Martin Lukac asked:


The complicated, long and grueling procedure of mortgage loans leaves most of us exhausted. Most home and office owners or even automobile owners often find it difficult to get it right. In most of these cases the lack of awareness about mortgage loans creates these problems. But they can be easily overcome with some consultation and research. Mortgage loans can be live savers for paying for education, health and property even travel expenses. Moreover, the mortgage loan often helps in debt clearance.

A.Always look for a mortgage loan refinancing company. It helps to get your mortgage loan refinanced. On refinancing your mortgage loans, you can save a lot of money from the deduction or lowering of interest rates. Besides it also helps you to shorten the period of loan repayment tenure.

B.Checking on the credibility of your mortgage loan broker would be a wise decision. Most of the time the borrower banks on the trustworthy and reliable mortgage loan broker for valuable guidance. But this friendly broker is often the one who cheats and robs you of valuable money. You must seek for professionally qualified individuals.

C.Maintain regular information on various accounts from the Financial Service Authority. This would help you to have authentic knowledge regarding the norms and updates of the mortgage loans. It would help you to counter-attack any fraud related to mortgage loans. Besides, this would be a better guide to finding the best deals.

D.When you decide to zero-in with any mortgage loans providing firms, always check for regulated brokers and licensed firms. These consultants and agents are legally allowed to get commissions from the either parties. Always come to an agreeable terms and conditions for your benefit.

E.Plan your resources to prevent any form of over expenditure. In other words calculate your rate of interest and premium from the mortgage loan beforehand. Do not overspend on paying the brokers or the mortgage loan firm. It would be a loss if the fees of the consultants and interests rise higher than amount of loan.

F.Maintaining a bad credit record or registering incorrect personal as well as professional information would have a negative impact on your account. In such cases, contact a specialized mortgage broker or firm that gets you through.

G.Mortgage loans are all about saving your money. Having a secured loan with lower rate of interest would mean comparatively higher saving than an unsecured loan. But, even these secured loans cost high at the end of closing period. Target to get a mortgage loan quote with lower rate of interest and shorter term. By paying a little bit more every month on the premium, reduce the period of re-payment. This was you can save money by paying at a lower rate of interest before completion of the term.

If you are planning to apply for mortgage loans, you should be prepared to take a huge financial responsibility. Definition of the terms used for mortgage has to be understood by the applicants. Contacting the best brokerages and market awareness would not be of any use if you are unaware of the implications of a mortgage loan or have the ability to pay it off.



WARD

AccessNational asked:


Although there are a few options for veterans qualifying for VA home loan programs, VA mortgage loans for home purchases are probably the most well-known and most commonly utilized, and for good reason. Eligible veterans VA mortgage loans are a benefit of service designed to make home buying easier and more affordable for them.

What Are VA Mortgage Loans?

VA mortgage loans are more accurately described as VA insured mortgage loans because in actuality that is what they are. The federal government and/or the Veteran’s Administration does not make direct loans to veterans; instead, the federal government provides insurance for VA mortgage loans that decrease the risk of the loan, thus allowing lenders to offer better terms. They also grant VA mortgage loans to qualified veteran borrowers without requiring a down payment or requiring Private Mortgage Insurance to be paid on the loan.

The first thing to understand as a veteran interested in exercising your benefits is that your loan is still funded by a private bank or mortgage company, just as it would be if you were to take a traditional home loan; in this way the basic mortgage product is not very different. The difference is that the government guarantees payment on your loan should you default, and so lenders will be more willing to give you better rates and terms than you would qualify for on your own as a private citizen.

Why is it important to know this? Because it is important to know that as a veteran with this eligibility you should not settle for a lesser home loan. But even more importantly it is important to know this because it is important to know that the government only insures your loan, it does not dictate your terms. Different VA mortgage lenders will still offer different terms and interest rates, just like if you were shopping for a traditional home loan.

Practically speaking, this means that the first loan you are approved for may or may not be your best deal and you should seek the best VA mortgage loan terms you can. It also means that no matter where you live in the U.S. there are good and better VA mortgage lenders, so you should shop for one with that has your best interests in mind. However, know that that lender does not necessarily have to reside in your state—you might look for an Alaska VA mortgage lender online and find that the best professional will work from Colorado. The key to success is to work with an experienced lender that offers good terms and excellent customer service.

What VA Mortgage Loan Services Do Lenders Offer?

The other piece in understanding VA mortgage loans is knowing that there are a number of options available to you. The job of the VA lender is to work with you to explore those options and to walk you through the process seamlessly. Again, this does not necessarily mean the best professional will be local to you. For example, that Colorado or Alaska VA mortgage lender could be just as qualified (or more qualified) to walk you through the Pennsylvania VA home loan process. The process is based on federal regulations, so the same basic rules that apply for an Alaska VA mortgage lender will apply for the one managing the Pennsylvania VA home loan process, and so on.

Regardless of where you live and what your mortgage shopping needs are, if you are an eligible veteran, or think you might be, you should look into VA mortgages before making any final decisions. You might just find that VA insured mortgage loans offer just what you are looking for, including a VA home loan refinance. The tools and resources of VA mortgage lenders can help you determine whether a VA mortgage or VA home loan refinance might be best, and you can use their tools (like the VA mortgage calculators) to help you compare and contrast programs and terms.

There really is a lot to know about VA mortgage loans, but you do not have to try to navigate the waters alone. There are excellent VA mortgage experts and specialists that can clarify all your options and possibilities, and help you evaluate the benefits of VA mortgage loans so that you can be assured you are entering into the best home mortgage program with the most affordability for you.



DANA

candiceinks asked:


My husband and I were late on our mortgage payment last year and requested a loan modification. We had tried to resume making payments while they were supposedly processing our loan modification. They always return them. We call them every day, attempting to contact the person that is supposed to be working on our loan. Our mortgage company (Countrywide) has not contacted us in any way and always says that the person working on our loan is not available. Because of their now six months of not working on the loan modification they assured us was going through last year, we are showing seriously delinquent on our loan and getting more behind our mortgage all the time. Can we make a lump sum payment to bring everything current and write on the check that if they cash the check they are agreeing also to remove the delinquencies? Is that legal and binding? Thank you!

DON

mochachreme asked:


I’ve got a mortgage that is in a repayment status under a forebearance plan, but they want to modify the loan and put what I currently owe on the back of the loan. I want to know if another mortgage company will refinance me with the loan currently being behind (although payments have been made as agreed through the plan).

Thanks for your help!!!

Stressed in GA…

LOUIE

Dean Shainin asked:


Before you decide on which mortgage company to provide your home loan, you need to know more about the inner workings and how they operate. This will enable you to know more about who you are dealing with, what loan packages they can offer, and the general terms of those packages. With some good basic information, you will be able to better understand what you can get, and if there are any issues that are not clear to you, you will be able to ask the right questions, all of which will enable you to decide if the loan is suitable for you.

Minimum Requirements of Mortgage Loans

It is important to note that the lender will stipulate minimum requirements on the funds used for mortgage loans, and in turn, the mortgage company is obliged to use follow these requirements.

The key lenders are Fannie Mae, Freddie Mac and Ginnie Mae. If the mortgage company is using these sources for the funds, then their requirements apply to the company’s loans. The FHA and VA insure loans also specify the requirements on loans they insure. If a mortgage company is using these programs, then they must comply with the specifications for these programs.

Federal and state laws have certain mortgage requirements too. The mortgage loan company is a middle-man and they are obliged to ensure that requirements in all directions of loan sources are met.

How is the percentage rate calculated? It is computed by adding some charges that the borrower has to pay back as a yield to the investor and is shown in the form of an increased interest rate.

Within the specifications of regulation Z on refinancing and second mortgage loans, there is a three-day waiting time after the loan closing before the money can be disbursed. This is called the borrower’s “right of recision”, and the borrower can change his mind and decide not to go through with the home loan deal. This is meant to give the borrower time to know the true annual percentage of the mortgage loan. In some situations, the home buyer may feel that things have been misrepresented to him. However, mortgage companies do not have such a right and they are obliged to conform to the loan agreement.

Buying a Commitment

Buying “forward commitments” on money to use for mortgage loans is what allows a mortgage company to stay in business. These commitments are purchased for a specific length of time. Sources for this money vary, and subject to the commitment, the mortgage company is obliged to fulfill the prerequisites of the lending source with respect to the movements in the interest rates. The mortgage company may be required to deliver the loans to fill the commitment at the stated yield, even if the prevailing market rate is below that yield. Another option is a commitment that may alter to the present market rate.

Originating the Loan

The process of taking the mortgage loan application from the borrower, processing all papers and documents in order to obtain, and subsequently closing the loan is what is called “originating the loan.” A fee is charged by a mortgage company for this “originating,” although this fee generally covers only the cost involved. The origination fee is not a big money-making aspect of the mortgage loan business. The FHA and VA set the maximum amount that can be charged for the origination fee. If the mortgage loan money is sourced from a state or county bond, the maximum origination fee will most likely be predetermined.

Knowing how the mortgage companies operate is important because it will help you know who you are dealing with, and most importantly, decide what is best for you.



BRET