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Citizens First Wholesale Mortgage Selects Blueberry Systems' Relay™ to ...
GREENWOOD VILLAGE, Colo., Mar 19, 2012 (BUSINESS WIRE) -- Blueberry Systems, LLC today announced that Citizens First Wholesale Mortgage, a lender based in The Villages, Fla., has selected Relay™, the company's enterprise loan origination system (LOS), ...

Beware of mortgage settlement scams
The national mortgage settlement is an agreement reached by 49 state attorneys general and the federal government with the nation's five largest loan servicers--Bank of America/Countrywide, JPMorgan Chase/Washington Mutual, GMAC Mortgage/Ally Financial ...

Federally backed 203K home mortgage covers repair costs of fixer-upper homes
It was built right into the home loan -- a 203K mortgage. "We bought the house and property dirt cheap," said Brian Montpas -- just $124000 for a 15-year-old house of almost 3000 square feet, along with five acres, a pole barn and a pool.

Subprime Revives in U.K. as Apollo Collects on Debt: Mortgages
Apollo Global Management LLC, which acquired the mortgages in 2010, is using its servicing business Lapithus Group to help collect on the loans and will keep the riskiest part of the transaction, meaning it's in line for the highest possible returns, ...

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How likely is it that a bank would consolidate other debts with a new mortgage loan? by Amber C Q: I am looking at purchasing a house but it would be much more affordable to do so should my other two major debts be consolidated into the mortgage. How likely is it that this is even a possibility? The two debts would include the last year and a half of my car loan (about $7500) and credit card debt. I would have a co-signer on the mortgage.

A: As a loan officer there are a few things you can do. Off the top of my head you can buy the house and after two years if the home holds it value you can refi and roll whatever other debts you want into your mortgage.

How does your employment history affect whether you get approved for a mortgage loan? by Q: I have been at my current job for 3 years as a collector for a major corporation. I just graduated and got my bachelors in psychology. I got offered a job related to my degree, the pay is better that what I am currently making. I live in Arizona I want to purchase a home soon within the next 3-4months, if I accept this new job, will it affect the possibility of being approved for a mortgage loan?

A: For strict underwriting purposes, VA and FHA loans need one month worth of stubs, conventional auditers need 60 days (2 months). As far as income risk, the longer is better but having no gaps in employment and going for a job that is making more is ok. Depending on how you decide to purchase your home - you can ask your lender about your situation prior to filling out paperwork. Good luck on your home purchase!

If you get a mortgage loan through bank and lose job. What options do you have to get out of that contract? by Q: If you get a mortgage loan through bank and lose job. What options do you have to get out of that contract with the bank? Or what options do you have to reduce the mortgage payments so payments can still be made?

A: While you can't really "get out of" a mortgage, there are things you can do. There's a new program for people who have lost their jobs and are getting unemployment benefits, that applies to some kinds of mortgages. The bank can reduce your payments for a few months while you are looking for another job. You may also be eligible for other "foreclosure prevention" programs, depending on what kind of loan you have. The first thing you should do is call your bank and tell them you lost your job. The bank will send you a form to apply for whatever assistance they offer. Get your financial records in order - usually they will want to see 2 years of tax returns, proof that you are on unemployment, and at least a couple of months of bank statements. Keep a copy of everything you send to the bank, and send it by a method that will give you a return receipt. Whatever you do, don't just give up and walk away from your home without finding out what your rights are.

Is being an F&I guy at an auto dealership similar to what a mortgage loan officer does? by chitownj12 Q: I am interviewing for a F&I position right now with an auto dealership. I don't have much if any experience with auto sub-prime lenders and lending. However, I have been in the mortgage industry and have worked as both a loan officer, analyzing credit and assets of individuals and shopping sub prime lenders to find the best deal and also worked for a lender and qualified sub prime borrowers to fund their loans. My question is: are these jobs similar? Is analyzing credit and qualifying borrowers for auto loans the same or similar to qualifying people for mortgage loans? Are a lot of the terminology and concepts the same?

A: Auto finance is what I do for a living and you will be a natural. The biggest part of doing sub-prime auto finance is being able to read credit, know your lenders guidelines and be able to read a credit application. This way you will know by looking at the three which lender buys the deal and how to structure the deal to get the best rate, largest carry and least amount of stipulations. A huge part of knowing your lender guidelines is knowing when you can get around proof of income. Since every lender has guidelines about debt to income and total amount of income they will allow for a monthly payment, this is critical if you have someone who is trying to buy a car that they really don't budget for. Another big part is landing the customer on the right car. You want vehicles that you own back of N.A.D.A. wholesale so you can maximize the carry on the front of the loan, some lenders will advance as much as 145%. A lot of things I really do not want to go into in a public forum, fell free to contact me direct and we can talk further.

How the mortgage loan audit can save home? by Q: Will the mortgage loan save my home...How to implement it and tell mw the ways to follow

A: When your lender finds out you have our audit lending violations, they are often willing to work with you to lower your mortgage payment..Many homeowners who were approved and financed through subprime ARMs (Adjustable Rate Mortgages) and even prime loans fell victim to predatory or unfair lending practices, or were not given full disclosure regarding their mortgage loan...It saves home by successful modification..

What is a typical day like for a mortgage loan officer? by finchfrii Q: I have 8 years experience in sales and am strongly considering becoming a mortgage loan officer and I want to make sure I have an accurate picture of what to expect. Thanks!

A: I love it. If you sit around and wait for business, you will not be very succesful, however, if you get out there and pound the pavement and get in good with real estate agents you will be just fine. Best of luck to you.

How should i go about applying for a mortgage loan? by Super M♥M Q: I am looking to purchase a home. I have held my job for more than a year and make fairly decent money. I have also had a bank account with the same bank for nearly 2 years. Should i apply though my bank or should i look into a mortgage loan elsewhere? If so where?

A: 1) A mortgage is like a car loan, you need to shop around to get the best interest rate, points, whatever possible. 2) I learned all that I know through "Home Buying for Dummies" educate yourself as much as possible before buying a loan because you don't want to get stuck with a bad deal, a bad deal can equal out $20, $30 thousand dollars more then a good deal could..... 3) Good Luck and congrats on the possible new home!

Does a bank have to agree to a mortgage loan modification or is it voluntary? by Q: We have lost a third of our income and unable to make our next mortgage payment. I asked my loan officer about a modification and he acted like he had never heard of it. Now he is avoiding my calls.

A: As I understnd it, the bank does not have to agree to a loan modification, however In my opinion the people who work for the bank are foolish not to agree to a loan modification particularly where it is important to avoid a foreclosure. Right now property prices are artificially depressed because of all of the foreclosed properties. Any property taken back in foreclosure and sold on the open market results in a huge loss for the bank and devastaes the family that loses their home. It makes more sense to modify the loan so that you can make the payments and keep you in your home. When the economy improves, your income will improve, the market value of your property will go back up and you will be able to catch up on your mortgage payments and the bank will avoid the loss that they would otherwise suffer if they foreclose on your home.

Any US bank would make a mortgage loan to a borrower with income from outside the US? by Jack Q: Any US bank would make a mortgage loan to a borrower whose income is from outside the US? I am trying to refinance my existing mortgage on a house in the US. But my income is currently from outside the US. Does anyone know any US bank that would make such a loan to me? Thanks.

A: Most mortgage banks will consider foreign income as long as it is well-documented. They will require the figures be converted to US dollars for underwriting purposes using current exchange rates. The property would have to be located in the United States. Also, expect the bank to make you jump through a hoop or two to make them comfortable with your loan. Mortgage banks are more suspect of unusual or uncommon circumstances than ever before.

What are the chances of getting a 45000 mortgage loan if im currently unemployed? by the wisdom bank Q: I am trying to get a mortgage loan for 45000. I am currently unemployed but i have a very good credit score and excellent credit history. I have 4 months of unemployment left. Im trying to purchase a home for 64000 and use it for rental property. I currently have 19000 in my bank account. What are the chances of me getting a loan???

A: None at all. Would you give someone that much money knowing up front they have no way to repay it? Come on, you must be brighter then that!

How much can a bank charge for late fees on a mortgage loan? by bighousemuse Q: I made a mortgage loan payment after the due date which the bank charged me a $50.00 late fee. That is cool. I expected it. They claimed I skipped a payment because I went past 30 days between payments. They wanted a double payment at which I couldn't swing. The late fee rose up to $150.00 a month and now is up to $254.00 a month. My payment is $500.00 a month. I paid them $1000.00 in July to bring my payment up to date and to meet my monthly mortgage payment requirement for July. However, I did not pay the late fee in full. Many banks will tack on the fees to the end of the balance. My bank is not and is charging me $254.00 late fee on top of a late fee. Is this legal? Are there limits to what they can charge? One late fee has grown to $550.00 for the month which is more than my regular mortgage loan payment. This makes it impossible to catch up. I tried to work with my bank, but the right hand does not know what the left is doing. Any suggestions? This is maddening! Help!

A: OK this is a complicated situation. I think that you need to go into the bank that holds your mortgage and get someone to sit down with you and figure this out. Do not leave until this is sorted out in a way that lets you catch up on all these late fees. I have no idea if this is legal or not, but that really doesn't matter at this point. Unless you want to take them to court, go in and get someone to figure this out with you. Usually it is easier to do this in person than over the phone. Call ahead to the bank and find out exactly who you need to speak with to get this fixed.

What are the key factors in obtaining a home mortgage loan? by radioactive_babywipes Q: My credit isn't bad or fair. It's good, just below excellent. How good does your credit have to be and what other factors are key to successfully obtaining a home mortgage loan?

A: Other Factors: With some lenders they require that your appraisal not be a significant amount less that your loan, because if something were to happen and your home went into foreclosure, they want to be sure they can sell the house and get what you owe them back. Credit Scores, the amount of debt that you have, ie credit cards, student loans, etc., they will require that you pay some of that off so that they will be your primary lender. If you are purchasing, lenders usuallly require a termite inspection, home owners insurance and if you have prior mortgages, they will want those paid off as well. Usually not a whole lot is paid upfront except maybe your appraisal. Hope this helps and if you live is SC or GA request that McLeod and Dowling be your closing agent!! As a thank you to me for answering your question!!! :)

Any US bank would make a mortgage loan to a borrower whose income is from outside the US? by Jack Q: I am trying to refinance my existing mortgage on a house in Vienna. But my income is currently from outside the US. Does anyone know any US bank that would make such a loan to me? Thanks.

A: Vienna? As in Austria? You won't find any US based bank that will lend on residential real estate outside of the US. If the Vienna is some city or town in the US then it may be possible to get a loan in the US though you may have difficulty in proving your income if it's from overseas.

Can I include the expenses to repair the house into my mortgage loan? by Red C Q: We are planning on making an offer on a 100 year old house. But it needs a lot of repair work...plastering, wiring etc. How can I take the loan for that? Should I include it with the mortgage loan or should it be a separate loan?

A: there are rennovation loans out there but it might make more sense to do an equity line that you can draw on only when you need to pay the contractors, etc. it depends on how much cash you have to put down, etc. Get a good mortgage person and they'll work it out with you.

do you have income with a reverse mortgage loan? by krayz Q: I'm having trouble finding the law that states the answers for these. I'm only looking for the law that will answer my questions. When I take my monthly draw from the bank from my reverse mortgage loan is that considered income? Also can I deduct the interest when it is added to the outstanding loan balance each month.

A: I really dont know, but it sounds to me like it shouldnt if you lived in the house for 2 of the last 5 years on like the first $500,000 of profit. and if it is taxable, im sure only a fraction would be taxed from each months draw. the portion that is considered profit would be taxed, not your basis. this is what sound the most reasonable to me call the irs.gov people

Where can I find out how to create my own Mortgage Loan Processing business? by termite Q: I have 4 years in the Mortgage industry (with skills in ALL aspects of this business - from Loan Origination to Processing). I want to start my own business of processing mortgage loans for Mortgage Companies who do not want, or have the financial means, to hire their own staff to perform this function. I am extremely detailed with an impecable work ethic. I am looking to find someone or some place where I can get the information I need to get started.

A: Do you have a legal bacground... I just think they will want someone who knows all the laws, to protect themselves. the company I work for services loans, and the companies would not hire our company if it were not a law firm...

What interest rate can I expect on a mortgage loan with my credit scores? by PrincessB Q: What interest rate can I expect on a mortgage loan with my credit scores? Today I have 564 588 654...I am hoping to have my mid-score up 10 pts by tomorrow, and then i am applying for the loan with the bank. I want a fixed rate, 100% financing, 30 yr loan for $160,000. My income and debt ratios are good. I am closing on the Aug 6th. I have already had the house appraised at $162K, I am paying over $5K in closing costs, and the house has been inspected. This is my first home purchase, is there anything I am missing?

A: Im not sure you can get 100% with your mid score. Now adays the banks are way tougher than they were a couple of years ago, If they do the loan you're probably looking at an 80-20 "2 loans 1 for 80% and 1 for 20%. The 80% one probably around 9%-10% and the 20% one at around 13%.

How do I build a successful career as a good mortgage loan officer in a down housing market? by KEVIN Z Q: I have recently become a mortgage loan officer in the DFW area. There is not a lot of experience in my office. Any advice where I can get assistance to survive this market? I would be happy to learn how to close at least one loan per month then build from there. Thanks for your assistance.

A: If I was a loan officer, which Im not, I certainly would start my practice in the field that currently needs more experts in. In my opinion I would seek to start in the field of loss mitigation on existing loans preventing foreclosures and if I did a great job on those they would come back for refinance when things settle down. Here is information links on how to understand Loss mitigation Preventing, Detecting and reporting mortgage loan fraud https://www.efanniemae.com/lc/publications/pdf/focuson/dec05issue.pdf Free Foreclosure assistance – Homeownership Preservation Foundation http://www.995hope.org/ Fannie Mae Loss Mitigation policies on Foreclosures https://www.efanniemae.com/is/hcounselors/lossmitigation.jsp Site #2 http://www.fanniemae.com/housingcommdev/resourceshomeed/lossmitigation.jhtml?p=Affordable%20Housing%20&%20Community%20Development FHA Definition of terms used in Loss Mitigation on Foreclosures http://www.fha.gov/sf/svc/faqmain.cfm Government article and information on Foreclosures http://www.occ.treas.gov/cdd/spring06b/cd/gsesusetech.htm HUD: Servicing and Loss Mitigation on Foreclosures http://www.hud.gov/offices/hsg/sfh/nsc/faqnsctc.cfm Site #2 http://www.hud.gov/offices/hsg/sfh/nsc/nschome.cfm HUD: Approved House Counseling Agencies includes foreclosure issues, by state http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm HUD: Article on Foreclosure Issues http://www.huduser.org/Periodicals/ushmc/fall95/fall95.html Best of luck on your new career

What happens if a broker cannot sell your new mortgage loan because of the current state of the loan industry by Jack24 Q: I recently closed escrow on a new home mortgage, but because of the recent chages in the home mortgage industry, the broker cannot sell the loan to a traditional bank. They are basically stuck with the loan. Is there anything I should be concerned with? I recently closed escrow on a new home mortgage, but because of the recent changes in the home mortgage industry, the broker cannot sell the loan to a traditional bank. In otherwords, from what I am being told by my loan officer, is that when the loan funded, the bank that was to buy the loan closed its doors. Now that brokerage is stuck with the loan... Is there anything I should be concerned with?

A: Just to clarify with the confusion I see in some of the answers... Brokers can fund their own loans and then sell the loans. For those who don't understand this, run a search on "mortgage table funding" , "correspondant mortgage lending" and "mortgage broker warehouse line." Some brokers have taken on the name "Mortgage Banker" if they sell loans funded from their warehouse line. Some have not. Soon, "Mortgage Banker" will be completely accepted. It sounds like, as someone else answered, the Broker funded the loan on their warehouse line and the investor---who made a commitment to immediately buy the loan---went out of business. This is in no way the Broker's fault and you should do all you can to try and help the Broker get this loan off his warehouse line. You could run into trouble, but more of an "inconvenience trouble." I won't explain all the pitfalls of what I have seen in the industry here. I will just say you should, if you can, try and get this loan off the warehouse line as soon as you can by refinancing. You will probably save some money by doing so anyway.

If a person has a mortgage loan when is the best time to pay extra on the mortgage? by PsychoSam Q: This question is for all those folks that don't know too much about mortgage loans. Is it true that the best time to pay extra on mortgage loans are at the beginning years of a mortgage loan? That way an individual can beat the bank on the interest. Please give me your thoughts on this. Thank you.

A: the beginning of the 12month period....if your 1st payment was june....then you need to pay in may over every year. if you pay earlier...then you can cut more time off the term. you can also do biweekly payments

How does one become a Mortgage Loan Processor? by ladypaige86 Q: I am looking into getting a job in the Mortgage Loan Processing field. What training, certification will i need to establish this as a career path?

A: You don't want to get into this field. There are thousands of well-qualified processors looking for work, and that number will continue to grow. Since you have no experience, you won't find any work.

How do I write a letter to a mortgage loan company explaining bad credit and late payments? by Suzie Q: I am trying to apply for a mortgage loan to get a house. I just got out of the military and was deployed for 3 of the 4 years and sometimes I didn't pay bills. How do I explain that. I have already started to pay bills off and fix my credit.

A: I don't know if it will help to give them reasons you didn't always pay. If you think it will help explain that you couldn't get your mail out due to being in a war. If you didn't have a support system at home like parents that could handle your accounts while you were deployed explain why. You may have to wait to buy a home until you have good credit and are out of debt.

If someone defaults on their mortgage loan, what happens to the second mortgage owed? by Nancy C Q: I know someone defaulting on their mortgage loan because they decided it is too much owed for a house that has gone down in value 40%. They also have a second loan for $75,000. Is that forgiven too? Are there different rules for second loans? These people have assets. Own another property paid in cash plus money in the bank.

A: When the borrower defaults, the first mortgage holder forecloses and sells the property. If they do not sell it for enough to pay off the first mortgage, then the second mortgage gets nothing. Depending on state law, the second mortgage holder may have the right to sue the borrower for whatever part of the $75,000 is not paid. So the borrower could be forced into bankruptcy.

What day of the month is interest applied to a mortgage loan? by **k** Q: Is there a certain day that banks add interest to mortgage loans? I am currently have a mortgage loan with Chase Bank.

A: If you have a typical mortgage loan, interest accrues daily. It is not added all at one time, the balance actually would be higher from one day to the next....and then, when you pay your monthly payment, the amount of interest that has accrued since your last payment is applied to the balance and the remaining funds are applied to principle and possibly to your escrow account (monies held to pay taxes and home owners insurance). Payments on mortgage loans are usually due on the first of each month as an industry standard - with late fees added if the payment is not made on time. Your Note will explain the exact terms of your specific loan - hope this helps with a basic understanding.

Is it possible to get a loan directly from an mortgage underwriter instead of a loan officer? by mcoopd1 Q: have spent 3-4 week trying to refinance my mortgage loan & each time the loan officer I'm working with promises me that he is the person that can get my loan done...but it really comes down to the underwriter decision. Why can I just work with an underwriter instead of a loan officer? It will say sooo much time!

A: no. the mortgage loan agent is a underwriters employee.

Why is home mortgage loan considered a tax benefit ? by JohnPau2010 Q: I am planning to buy a home and wanted to know why everyone thinks that home mortgage loan is tax beneficial. Example:- If we are paying around $15,000 a year in interest+property taxes and in tax refund( 15% tax bracket) we get back around $2K-3K and we are happy. Its like paying government $100 and getting back $15 and we are happy with that. Correct me if I am wrong

A: You're partially wrong. If you pay $15,000 a year in interest and property taxes AND you are in the 15% tax bracket, you get to reduce that $15k from your income. This means you will pay $2,250 less in federal income taxes. So in other words, you are paying $15k to save $2k. It's not good business sense, but it's better than not saving anything...but that's not the entire story...it gets worse. You only get to deduct the $15k IF AND ONLY IF you itemize your deductions (instead of taking the standard deduction). If you are married, your standard deduction is $11,400 ($5,700 if you are single). Since you are paying $15k in interest/taxes, you get to deduct an extra $3,600 than you otherwise would have been entitled to anyway. Therefore, your net tax benefit really isn't $2,250. It's only $540 (15% of $3,600). But wait...it gets worse... You are only paying $15k in interest/property taxes the FIRST YEAR of the mortgage. Keep in mind that part of your mortgage payment goes to principle. While your payment each year will be the same, the amount going towards principle and the amount going towards interest will change. Eventually, that $15k payment each year will only be a few thousand worth of interest...at which point there is ZERO tax benefit.

What should be the ratio of income to mortgage loan amount to make sure I am approved? by truthsense Q: I am looking at buying a property for 180,000. This is my first home and I can put down only 5-10%. My salary is 55,000 per year and I have a small business online that generates 20,000 per year. The property is a 5 unit apartment complex with all units currently rented and producing 2380 in monthly income currently. The total costs involved in the property if I were to own it would be 2000 per month. Should I get approved for the loan? I have good credit but I am not sure what the rule of thumb is for a mortgage loan amount and its ratio to my income. Anybody with home buying experience that can give me some insight?

A: Typically lenders want to see your mortgage payment no more than 28% of gross income and total debt service of less than 35% of gross income. Generally a lender will look at a 5-unit building as an investment, not a home, even if you are living there. This will tend to tighten the lending criteria and raise the interest rates a bit. Self-employment income generally isn't considered until you can prove 2 or more years of regular income from the business.

Is it better to have one mortgage loan or a first and a second mortgage loan? by J J Q: We currently have a first and a second, but are considering refinancing and would have a lower interest rate and only one mortgage. What are the advantages/disavantages to having one mortage loan?

A: One mortgage is advantageous because you get a lower rate. Most second mortgages actually violated the terms of the first mortgage. However, people were asleep at the switch when these loans were taken out. In order to re-fi, you need equity in your home. Rates are around 4.5% now. One mortgage is never a disadvantage, unless you don't qualify.

Is it possible to obtain a mortgage loan for a USA home from a foreign country? by DogJD Q: I am wondering if it is possible to obtain a LOWER interest mortgage loan by obtaining if from a foreign country? Could you give me any web site references? Thanks! Also have you ever heard of Sydney Financial Group? I found this question from another one that was posted previous to this one, and I was just wondering if this could really happen.

A: To my understanding no, you can borrow money from where ever you want but trying to borrow money from a forein country on a property in the US sounds to risky. Good luck

What are the benefits if I resort to a mortgage loan modification company? by Q: I just lost my job of 5 years and have a mortgage loan of which I am sure I will not be able to pay soon. I am thinking of seeking the help of a mortgage loan modification company. Would like to know the benefits since I think I can do this thing by myself. Any help will be appreciated.

A: The benefits of hiring a loan modification company is basically saving yourself alot of time from research and actually doing the the loan modification process. Its important to understand that their is nothing a loan modification service can do, that you cant do yourself. If you have the extra money and choose to hire a service, then great. The only real benefits is the time saving and they have knowledge about the industry. It simply is a service. Such as a housekeeper. You can clean your house yourself but its much easier to hire someone else to do it for you... (granted they have experience and may do a better job than you can, but its pretty marginal once you know how to do it)If you do decide to choose a service make sure you hire a legitamate company. In my experience I have seen WAY to many homeowners bieng ripped off and losing thier home becuase of some scammy loan modification company. If you choose a good company they can do great things for you. If you choose to do it yourself just keep in mind that the loan modification proccess requires alot of time and patience. You can download a FREE Do It Yourself Loan Modification Kit from the website I have listed in my resource box below. Check it out if you want to learn a little bit more about doing a loan modification yourself before you decide to hire a company. Hope this helps..and good luck to you!

How does dwelling coverage amount and mortgage loan amount work together? by Q: My mortgage amount is $242,000 how much coverage is needed? My insurance agent is saying I only need $169,000 of dwelling coverage but I think that's a bit low. If I insure it for only $169,000 and we experience a total loss what happens to the other $73,000 on our loan amount? Do my husband and myself have to come up with the rest? Not sure what to do or where to go to get an honest answer.

A: The amount your home is insured for has nothing to do with the mortgage amount. Home insurance is based on how much it would cost to rebuild that home from the ground up in the event of a total loss. When you purchased your home, you bought the structure and the land. However, the insurance company only bases the amount of insurance on the structure itself. You should not have to pay insurance on the cost of the lot since this will not burn. The other scenario is that the home purchase price is based on the market which as you can now see can fluctuate widely -- for example you can purchase a foreclosure in some areas for about 1/4 of what it would cost to rebuild the structure just because of what is going on in the marketplace. By the same token -- you purchased a home for $242,000 even though the cost to rebuild determined by your agent using a replacement cost analysis is $169,000. It would not be to your benefit to insure yourself for $242,000 as the insurance company will not give you one dime more than what it would cost to rebuild or $169,000. If there is a total loss of the structure, your bank would work with the insurance company to rebuild so no you would not need to come up with the rest of the mortgage balance unless you decided not to rebuild and decided to walk away. At that point you would have to sell the lot and hope that what the insurance pays (which will be based on the depreciated value) and the proceeds from the sale would be enough to pay off the mortgage. Look at it this way, the agent gains nothing by selling you less insurance since he or she makes less commission so I do not think the agent is being dishonest in the amount of insurance being recommended. I hope this information helps. Good Luck

What does underwriting mean for the mortgage loan? by Bill T Q: My mortgage loan has been approved, but I have to wait for an underwriting at this point. Can you explain what does it mean?

A: Underwriting is the process where a person at the lender goes about matching up all the qualifying documents, like your W-2's, credit report, appraisal, bank statements, employment verification, etc. to the loan guidelines. Once they are sure that the initial info you supplied is true and fill it in with everything the lender needs to verify to be sure you can pay the loan back, they will fund your loan.

What is the deal with mortgage loan modification schemes? by Kai Q: I heard on NPR that mortgage brokers who made a lot of money during the housing boom are now making a lot of money doing loan modifications. How is loan modification lucrative? How do people get paid to do loan modifications?

A: Do it yourself. Most of the companies are scammers, take money and don't achieve anything you couldn't achieve yourself, and frequently achieve nothing at all. The companies collect up front money from the borrowers. Call you lender and keep calling and asking about loan modification. Ask about how they are implementing Help for Homeowners. Persist. Most loan modifications are only a reduction of interest rates or a change from ARM to Fixed rate loan.

Does a mortgage loan have to be a minimum amount when purchasing a house? by school_daze_47 Q: I'm looking for a house in the Ft Wayne IN area, probably in the less than $20,000 range. I am a first-time home buyer. Is it possible to get a mortgage for an amount this low, assuming the property is of course assessed for at least the amount of the loan? Why kind of down payment and closing costs should I expect to pay? Thanks for any help!

A: for some mortgage companies- yes, they do have minimums and will offer a better rate when borrowing the average amount currently around $200,000. Others will charge extra large origination (closing) fees to start up the loan since they will not be making as much money off it in the long run. Also the smaller banks especially will not be able to offer a loan of that amount. You might want to try country wide- i recommended them to a couple freinds borrowing around 20-50k and they had luck with getting a approval for a decent price as where they were not hanving luck with the local banks. g luck

Can the bank apply a payment for mortgage to another loan? by ittytrex Q: We have (2) loans, our mortgage and a line of credit on our home equity. My husband lost his job and we were trying to keep up the payments on our mortgage. When he paid a payment he used a payment coupon for the mortgage loan. Instead of applying the whole payment to our mortgage, the bank put some of the payment towards (1) month of the mortgage loan and the rest towards the home equity loan. So now we are still (1) month behind on our mortgage payment and the home equity loan is paid for about (4) months ahead of time. We are trying our best to keep this house. Yes my husband used a payment coupon with the loan number on it and he received a receipt for the amount and the loan number was on the receipt also.

A: I would highly recommend a real estate attorney in your case.

Where can I learn the mortgage loan process before starting work? by Discovery Q: I've accepted a positon as a mortgage loan officer and it's been several years since I've worked in this industry. I don't want to walk in cluesless but I know things have changed such as required documents to receive a Good Faith Estimate. Thanks for your help and any tips on being successful are welcomed.

A: Read "Home Buying for Dummies" available from your public library or independent bookseller. Tells all about the home purchasing and finance processes.

What is the best type of mortgage loan for the lowest monthly payment? by cantholdmd Q: 30 year fixed? 2/1 ARM? I need a loan with no PMI and low points and the lowest possible mortgage payment a month. What Im working with: Credit score 600 Annual assets (Salary) 34500 Monthly Debt: 70 House loan amount: 106000 Available to put towards closing costs (Including down payment) 12000 Any ideas?

A: obviously you haven't been watching or reading about the mortgage meltdown. 30 year fixed and certain lenders will ignore the rip off PMI crap. Shop around but insist on 30 year fixed.

When making a Mortgage Loan Prepayment, does it reduce the principle amount you have to pay each month? by Ryan L Q: Currently I am about to close on a house and have a 30 year fixed rate mortgage. My question is whether paying additional amounts above my normal mortgage payment reduces the amount I will have to pay each month, or whether it just reduces the amount of periods in my loan term.

A: yes here is one example on 150 k 30 yr fixed with a 6.5% rate first i must say you should make an additional payment and mark on check "apply to principle"! this way you have proof and there is no question your intention! ok 150k home making a 150 extra payment every month! pays your home off in 21 years and a 9 months

Student loans not in repayment or in deferral included in a mortgage loan application as an expense? by Ana C Q: Am applying for a mortgage loan and have two school loans already on my credit report but specify one is not in repayment and second is deferred. However, the loan application is requesting all expenses listed on my credit report. Are these loans not in repayment included in my expense ratio?

A: Student loans that are deferred...need to be deferred for 3yrs in order to take it out of the expense ratio. If not, I WOULD HIGHLY recommend that you find the original contract of the student loan. OTHERWISE, the underwriter will use his own calculations of what you will pay...which is USUALLY higher than you will normally pay.

Loan Modification - How much modification of my mortgage loan hurt my credit score? by Apple Q: How much modification of my mortgage loan hurt my credit score? Approximately how many points? Approximately how many points?

How do I report a private mortgage loan to the credit bureaus? by Gary C Q: I funded a private mortgage loan for two individuals. Can I report this loan to the credit bureaus so it will be included in their credit score?

A: They can use you as a reference if they need to get another mortgage. Usually the company will require cancelled checks or copies of money orders used to pay you. Receipts aren't allowed as much now due to fraud in producing them as proof. However, if your borrowers can locate most of the cancelled checks and you are just missing a couple of months, lenders might accept the receipts. Usually they want a 12 month history or more of current timely payments. It's tough to report to a credit bureau unless you meet their criteria, which can include being licensed in your state. However, it never hurts to ask the big three.

How do i find a job as a mortgage loan officer without any mortgage experience? by dre_gh Q: I currently work in a distribution center, and i have a bachelors in economics and psychology. I am interested in becoming a mortgage loan officer so i took a 24 credit hour course in residential mortgage lending but unfortunately i haven't been able to find a job because i do not have any mortgage or lending experience. What else should i do to achieve my carer goal?

A: I really suggest looking around at different careers websites, such as monster.com, in addition to checking out our careers page (I’m an employee of Quicken Loans). Don’t worry about your lack of experience. At many mortgage companies, including Quicken Loans, no lending experience is not a problem. In addition to on-going training, all new mortgage bankers attend five weeks of industry-leading training. We’ve been hiring 200+ new mortgage bankers a month for the past few months and we consider candidates with various work backgrounds and experiences. I’ve included a link to our mortgage banker careers page that has more information, but if you have any questions feel free to contact me through my profile. One thing, we only hire for employment in Detroit, Cleveland, and Scottdale, Arizona. Good luck!

How exactly do 'interest only' mortgage loans work? When do I pay on the principle of such a loan? by Q: I know APR loans are a bad idea, but how would an interest-only loan work? Would it still be a 30 year note, or do they extend the loan? Would I be able to get a fixed rate with an interest-only mortgage loan?

A: In an interest-only loan or mortgage the borrower only pays interest each month. This makes it cheaper than a conventional mortgage, in which part of each month's payment goes towards the principal and part goes towards interest. These loans have become popular because the monthly payments are lower, allowing borrowers to afford a larger home. However, these loans can be dangerous, especially in a down housing market. The interest rates are generally fixed for the first 1, 3 or 5 years. After that, they convert to a conventional loan, with a higher monthly payment. Most borrowers take on these loans because they assume they will sell the home before the interest rate increases. In a down market, they may not be able to sell. If they cannot afford the increased payment, they may have to default on the loan, and foreclose on the home. So, when the rate starts to adjust, you would need to refinance again. And, either get a fixed or another interest only adjustable. And, yes, I do believe you mean ARM. Although, if you have extra money every so often, you can pay down the principal in extra payments.

What percentage does a mortgage loan officer make from the sell of a home? by teamwewin Q: I was just curious, when a mortgage loan officer sells a home what percentage of the selling price does the loan officer keep for his commission?

A: Mortgage Loan officers do not make anything from the SALE of a home. They make a certain percentage of the amount of the mortgage loan on the PURCHASE of a house. The percentage of commission varies from state to state and from lender to lender.

How to apply for mortgage loan modification? by Harris T Q: I have lost my job and am now working as a cashier at a grocery store. The problem is that my new salary is not enough to cover the mortgage. I am in a very tight situation so I am curious to know my options. I have heard that applying for a mortgage loan modification can help reduce my monthly payments. Has anyone had experience with mortgage loan modification please let me know what are the steps to to lowering my mortgage payments.

A: I can tell you from my own personal experience. First off, modifying your mortgage is a very difficult thing to do. Forget what the media and all these other yahoos are saying about the government's modification act. Most banks are not willing to modify your mortgage without putting up a fight. Why? Because it costs them money to do it. Most mortgages are sold off to someone else after you take out the loan, but the original bank still acts as the servicer. They receive a percentage from the buyer of your mortgage to handle the payments and record keeping. When something complex as a loan modification is requested, any profits they would make disappear and as such they are reluctant to do it. The media and the banks themselves don't tell you this of course. First-expect to hire a lawyer or get a legal aid lawyer. Most banks will not take you seriously unless you have a legal mouthpiece going to bat for you. Having a lawyer shows you mean business and just are not some schlub looking for a handout. If you try to do it yourself, expect to be jerked around for months only to be told it can't be done and by the way we're starting foreclosure proceedings, which will only make the modification even more difficult. The bank will not talk to you unless you are delinquent. And this is where time is of the essence-if you're very late with your payments and they have'nt started legal proceedings it makes the process much easier. Once legal proceedings start, then it becomes difficult if not impossible to complete the modification because now the courts will be involved. Second-you will be expected to make your new payments ON TIME if you do receive the modification. The bank will not care how you accomplish this. You will be told that the first 3 payments or such MUST BE ON TIME OR THE AGREEMENT IS NULL AND VOID. Keep in mind whatever agreement you agree to will only stall the inevitable. Eventually over time your payments will return slowly back to where they originally were. The original terms and payments will not go away. ALL A MODIFICATION DOES IS LOWER YOUR PAYMENT FOR A PERIOD OF TIME UNTIL YOU CAN GET BACK ON YOUR FEET. Third-If you feel you can't keep up with the payments at any time now or in the future, consider selling the home while you can or give it back to the bank. It may seem difficult but it's a far better option than having it being taken away from you. Also note that if you file for chapter 7 bankruptcy, don't sign a reaffirmation of your loan. That way if you need to walk away you won't be held liable for whatever is still owed. Fourth-I can't empathize this enough: NEVER, EVER, LET ANYONE TALK YOU INTO BUYING YOUR TITLE OR ASKING FOR MONEY TO REARRANGE YOUR LOAN. IT WILL BE A SCAM I ASSURE YOU AND YOU WILL STILL BE LEFT HOLDING THE BAG. I hope this helps you and don't believe Obama and his socialist bullshit. What I told you is the reality and what the government says is fantasy. Good luck!

How much does a mortgage loan officer make? Is it a good job? by C Q: I have an interview with a mortgage company tomorrow hiring a loan officer. The owner mentioned he typically hires for commission only, but has in the past and considered a small base salary plus commission to get started. The Economy: Rates are historically low on mortgages, home prices are low, but banks are not lending. Do you think I could make money? I have 7 years sales experience. How much do loan officers make?

A: Avg. Salary: 42k$ 50 Salaries registered here: http://www.whatsalary.com/us/salary/MORTGAGE-LOAN-OFFICER-T4154.htm

How do Mortgage loan officers make their money? by Bri up Q: I'm getting a mortgage loan through a mortgage company but the guy that is giving me the loan seems a little bit to excited. How much money is he making off of the loan of 170,000 and what should I look out for?

A: Simply put the loan officer will get paid either three ways: 1. You pay him origination points 2. The lender will pay him 3. A combination of 1 and 2 For anyone to come here and tell you that only one or two ways is the right way or how much of % should be paid is completely wrong. Each state is different on how much on an average a borrower will pay on origination points. In order for you to find out how the loan officer is chargin your, look at the Good Faith Estimate. If you are paying for origination points up front, you may be getting a better rate than having the lender pay the loan officer for his commission. Although you could be getting charge at both ends. Look carefully at the Good Faith Estimate.

Mortgage loan...........? by nnnnn Q: When being approved for a mortgage loan what all do they take in consideration? What if you had a home with them before and sold it do they look and see if you made those payment on time.

A: They look at payment history, income, and debts.

mortgage loan? by cinderella6619 Q: is it possible to get mortgage loan with collections on your credit report 17 in all 8 paid in full , 3 reported more than once by different collection agencys which i disputed on/in 1-07. the other 9 are medical bills from 2 from 2002 2 from 2003 5 from 2004 should i ignore let them fall off or should i settle

A: Yes it is. In fact, it is common these days. It will all depend on what type of loan you are going for, and what type of collections you have. If you owe 200 bucks to a phone company from a year or two ago, it isn't as big of a deal to the lenders as owing 5,000 in back child support.... they do whatever makes sense... Comment back on what type, how old, and total number of collection accounts, as well as a total dollar amount and I will tell you how your chances look...

Mortgage Loan? by RavensXXXV Q: When my Fiance and I go for a mortgage loan will they look at both our incomes and credit score? And what are the determining factors for a loan officer to give you a loan?

A: If you are both going to be on the loan, then both incomes will count. Critereia for a mortgage is dependent on the following: * Credit Score - there are 3 credit bureaus and this thing called a FICO (Fair Issac) score. The closer your score is to 850 the easier the loan is to get and the better rate (lower interest) you will be offered. * Debt to income ratio. If you earn $1,000 a month and have $750 per month in bills to pay, it will be tougher. Banks/mortgage companies like debt to income to be less than 50%, and would prefer 30% area. * Don't be getting new loans and don't apply for new credit until after you have purchased your new home. These "inquiries" will bring down your credit score. Look up your credit online now. You can get it done very inexpensively and know where you stand. Hope that help

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