May
31
Can we get a home loan?
Filed Under Renting & Real Estate | 7 Comments
sweetash229
My Fiancee and I want to buy a house. He has excellent credit and a decent sized income. I have BAD =( credit and a fair income. Can he get a home loan that takes into account my income combined with his but not my bad credit?
My Fiancee and I want to buy a house. He has excellent credit and a decent sized income. I have BAD =( credit and a fair income. Can he get a home loan that takes into account my income combined with his but not my bad credit?
May
31
If a person has a mortgage loan when is the best time to pay extra on the mortgage?
Filed Under Personal Finance | 6 Comments
PsychoSam
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.
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.
May
31
Where can I find out how to create my own Mortgage Loan Processing business?
Filed Under Home Equity Loan | 1 Comment
termite
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 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.
May
30
is there any where I can get a signiture loan for about $100,000 with no colataral and a bad credit rating?
Filed Under Personal Finance | 9 Comments
cantgetenough
I need a quick way out of debt! My income is about $90,00 a year and my total debt is a little over $100,000 half of it is my home but because of bad judgement what I pay out is more than I make. I feel I could pay it all off if I could get it all in one payment it would be alot easier to pay off.
I need a quick way out of debt! My income is about $90,00 a year and my total debt is a little over $100,000 half of it is my home but because of bad judgement what I pay out is more than I make. I feel I could pay it all off if I could get it all in one payment it would be alot easier to pay off.
May
30
Bill T
My mortgage loan has been approved, but I have to wait for an underwriting at this point. Can you explain what does it mean?
My mortgage loan has been approved, but I have to wait for an underwriting at this point. Can you explain what does it mean?
May
29
Amy C
here it is I’m paying 940 on a 65,000 loan. I’m self employed and my credit is not good, ya know single mom bla, bla, bla. Any companies you know who would take a chance as I do have equity in my home.
here it is I’m paying 940 on a 65,000 loan. I’m self employed and my credit is not good, ya know single mom bla, bla, bla. Any companies you know who would take a chance as I do have equity in my home.
May
29
Suzie
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.
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.
May
28
Save Mortgage Payments How To Get Your Mortgage Paid For Free
Filed Under Interest Mortgage | Leave a Comment
Felix Maudio
gage Payments: Get Your Mortgage Paid For FREE
The most important thing you must realize about a mortgage is that what you believe it to be is actually wrong. Often referred to as a mortgage home loan, they are not a loan in the traditional meaning of the word. The mortgagor is the person who owes money to the mortgagee (the person who finances the deal) using a legal contract called a mortgage. In fact, in reality, this isn\’t the debt but the security required by the lender to protect their interests for the duration of the term.
The facility that a mortgage creates means individuals and companies can acquire land or property without needing the full face value to purchase it at the time. To help understand how this works, some important information is discussed here. The mortgagor who is also referred to as the Borrower (leading to the false impression that it is a loan) and the mortgage, who is also called the Lender (again, falsely leading you to think that a loan has been agreed). The security the mortgagee uses is called a lien which is a legal term that stays in force until all monies are repaid.
The mortgagee\’s money is then protected by this knowing the property is in fact security against its own debt. The lien (document) is normally recorded at the local courthouse in the public records section. So while the property is recorded as yours, there is an interest in its ownership which cannot be altered until the debt is paid off. Even if your property is mortgaged, you still own the property wholly and completely and nobody else, not even the mortgagee has title to the property.
However if the mortgagor or the owner defaults on his or her payments, the mortgagee has the right to dispose of the property to reclaim funds. In the unfortunate event that requires the property to be sold or Foreclosed, then the case will need to be presented to the courts for approval. This is a further step but it is a legal formality which needs to be taken and is often referred to judicial foreclosure. This is only a short introduction as the subject is much more complex but this information should make this important issue much clearer.
Click Here To Get $1500 To Pay Your Mortgage Instantly!
gage Payments: Get Your Mortgage Paid For FREE
The most important thing you must realize about a mortgage is that what you believe it to be is actually wrong. Often referred to as a mortgage home loan, they are not a loan in the traditional meaning of the word. The mortgagor is the person who owes money to the mortgagee (the person who finances the deal) using a legal contract called a mortgage. In fact, in reality, this isn\’t the debt but the security required by the lender to protect their interests for the duration of the term.
The facility that a mortgage creates means individuals and companies can acquire land or property without needing the full face value to purchase it at the time. To help understand how this works, some important information is discussed here. The mortgagor who is also referred to as the Borrower (leading to the false impression that it is a loan) and the mortgage, who is also called the Lender (again, falsely leading you to think that a loan has been agreed). The security the mortgagee uses is called a lien which is a legal term that stays in force until all monies are repaid.
The mortgagee\’s money is then protected by this knowing the property is in fact security against its own debt. The lien (document) is normally recorded at the local courthouse in the public records section. So while the property is recorded as yours, there is an interest in its ownership which cannot be altered until the debt is paid off. Even if your property is mortgaged, you still own the property wholly and completely and nobody else, not even the mortgagee has title to the property.
However if the mortgagor or the owner defaults on his or her payments, the mortgagee has the right to dispose of the property to reclaim funds. In the unfortunate event that requires the property to be sold or Foreclosed, then the case will need to be presented to the courts for approval. This is a further step but it is a legal formality which needs to be taken and is often referred to judicial foreclosure. This is only a short introduction as the subject is much more complex but this information should make this important issue much clearer.
Click Here To Get $1500 To Pay Your Mortgage Instantly!
May
27
Where are the Best Mortgage Deals in Today’s Economy?
Filed Under Personal Finance | Leave a Comment
Aubrey Clark
Many people believe that the best mortgage deals are no longer available for the average consumer that is shopping for a mortgage in today’s economy. That may be true if you cannot prove your income or have had a bankruptcy in the last two years. However, if you are the average Joe with a few dings on your credit, and are looking to buy a new home, the best deals are still out there. The truth is, they have always been there. The Federal Housing Administration (FHA) has been helping the average consumer get great deals on mortgages since the 1950’s.
FHA mortgages fell out of popularity in the late 80’s and early 90’s because of the flood of new non-conforming mortgages that hit the market at that time. FHA mortgages are backed by the US Government, which means, they have forms on top of forms that tell you about the previous form that you have already signed. The new non-conforming were easier to qualify for and didn’t have mortgage insurance (PMI).
This meant that the new non-conforming loans could offer a lower payment while actually charging higher rates. Everyone won; the mortgage company made money, the investors made money and the consumer received a 2 year ARM and an easy approval. It was like Wall Street in the early 20’s all over again. Fat cats and paper millionaires were created overnight and corruption reigned. Today’s mortgage crisis parallels that era and the consumers, once again, are picking up the tab.
Now, the once forgotten FHA mortgage is back in vogue. In fact, FHA is almost the only place the “average Joe” with a few credit dings can still get a great deal on a home loan. Most people don’t know that you can get approved, and get the best interest, rates with ANY credit score using FHA. This is because FHA is a common sense mortgage that is primarily underwritten by real underwriters, not fancy processors who run loans through a computer.
The reason the borrower’s credit score is irrelevant to FHA, is because they measure the customer’s ability and probability of paying back the mortgage. On top of that, FHA doesn’t grade interest rates on a sliding scale that worsens your interest rate for lower credit scores and higher risks. With FHA you will either get the best rates they offer or not get the loan at all. Getting approved for an FHA loan can be tricky if you have current credit issues or some from the past. Knowing how to prepare is the key.
Like I mentioned earlier, FHA is a common sense loan, they basically want to put good people into good houses. The first thing that will be scrutinized is the collateral, or the home you want to buy. If you are trying to buy a “foreclosure” or a fixer-upper with shaky credit, you will probably be denied. The FHA underwriter’s job is to put borrowers into the best position to succeed and homes that have issues aren’t a good risk. The next thing an underwriter is going to measure is your capacity to repay the mortgage, namely your debt to income ratio. If this ratio is “out of whack” the loan stops there.
Your housing payment, as of this writing, must be below 33% of your gross income. Your total debt must be below 44%.There are some extenuating factors that can override those ratios, but they have to be solid proof of additional income or the promise of. The next factor that FHA requires is that your mortgage does not exceed 97% of the home’s value, 95% if you are taking cashing out equity. If you are purchasing a home, you will need to put 3% down.
When an underwriter looks at your credit report they aren’t concerned with your credit score, what they are looking for is how well you have maintained your recent credit compared to your past credit. Prior credit issues can be forgiven, especially medical bills, if you have demonstrated good credit management in the last year. You can even have current open collections on your bureau if you have a repayment agreement and have been making regular payments for a year. Last but definitely not the least deciding factor in an FHA mortgage that can help/hurt your application is your current mortgage or rental history. If you have been late on your mortgage in the last year, you will need a very good excuse to move forward.
However, FHA has recently added some specific programs that are aimed to help consumers who are having or have had mortgage payment problems. This is part of an effort to help those borrowers who were put into bad mortgages that are now adjusting. Be sure to ask your loan officer if you qualify for the new Government sponsored programs, who knows, you just may be able to get your best mortgage deal regardless of your mortgage history.
Many people believe that the best mortgage deals are no longer available for the average consumer that is shopping for a mortgage in today’s economy. That may be true if you cannot prove your income or have had a bankruptcy in the last two years. However, if you are the average Joe with a few dings on your credit, and are looking to buy a new home, the best deals are still out there. The truth is, they have always been there. The Federal Housing Administration (FHA) has been helping the average consumer get great deals on mortgages since the 1950’s.
FHA mortgages fell out of popularity in the late 80’s and early 90’s because of the flood of new non-conforming mortgages that hit the market at that time. FHA mortgages are backed by the US Government, which means, they have forms on top of forms that tell you about the previous form that you have already signed. The new non-conforming were easier to qualify for and didn’t have mortgage insurance (PMI).
This meant that the new non-conforming loans could offer a lower payment while actually charging higher rates. Everyone won; the mortgage company made money, the investors made money and the consumer received a 2 year ARM and an easy approval. It was like Wall Street in the early 20’s all over again. Fat cats and paper millionaires were created overnight and corruption reigned. Today’s mortgage crisis parallels that era and the consumers, once again, are picking up the tab.
Now, the once forgotten FHA mortgage is back in vogue. In fact, FHA is almost the only place the “average Joe” with a few credit dings can still get a great deal on a home loan. Most people don’t know that you can get approved, and get the best interest, rates with ANY credit score using FHA. This is because FHA is a common sense mortgage that is primarily underwritten by real underwriters, not fancy processors who run loans through a computer.
The reason the borrower’s credit score is irrelevant to FHA, is because they measure the customer’s ability and probability of paying back the mortgage. On top of that, FHA doesn’t grade interest rates on a sliding scale that worsens your interest rate for lower credit scores and higher risks. With FHA you will either get the best rates they offer or not get the loan at all. Getting approved for an FHA loan can be tricky if you have current credit issues or some from the past. Knowing how to prepare is the key.
Like I mentioned earlier, FHA is a common sense loan, they basically want to put good people into good houses. The first thing that will be scrutinized is the collateral, or the home you want to buy. If you are trying to buy a “foreclosure” or a fixer-upper with shaky credit, you will probably be denied. The FHA underwriter’s job is to put borrowers into the best position to succeed and homes that have issues aren’t a good risk. The next thing an underwriter is going to measure is your capacity to repay the mortgage, namely your debt to income ratio. If this ratio is “out of whack” the loan stops there.
Your housing payment, as of this writing, must be below 33% of your gross income. Your total debt must be below 44%.There are some extenuating factors that can override those ratios, but they have to be solid proof of additional income or the promise of. The next factor that FHA requires is that your mortgage does not exceed 97% of the home’s value, 95% if you are taking cashing out equity. If you are purchasing a home, you will need to put 3% down.
When an underwriter looks at your credit report they aren’t concerned with your credit score, what they are looking for is how well you have maintained your recent credit compared to your past credit. Prior credit issues can be forgiven, especially medical bills, if you have demonstrated good credit management in the last year. You can even have current open collections on your bureau if you have a repayment agreement and have been making regular payments for a year. Last but definitely not the least deciding factor in an FHA mortgage that can help/hurt your application is your current mortgage or rental history. If you have been late on your mortgage in the last year, you will need a very good excuse to move forward.
However, FHA has recently added some specific programs that are aimed to help consumers who are having or have had mortgage payment problems. This is part of an effort to help those borrowers who were put into bad mortgages that are now adjusting. Be sure to ask your loan officer if you qualify for the new Government sponsored programs, who knows, you just may be able to get your best mortgage deal regardless of your mortgage history.
May
26
Chrisjan Smith
Just over a year and a half ago the real estate market in the United States was red hot and setting records all around the country. It is now coming to a screeching halt. There are a variety of reasons like interest rates that are increasing and also the affordability for the average family that is no longer there. Most experts agree that the slowdown is more than just a passing trend and will continue for at least the next number of years.
With this slowdown in the market, loans that seemed like a great way to save some money up front are now proving to be a bad decision. If you locked yourself into a fixed rate 15 or 30 year mortgage you will be fine during this market correction. If you have an interest only adjustable rate mortgage (ARM) you may be are in a very tenuous position.
Real estate investors were using interest only ARMs to help them turn a quick profit, the practice is also known as flipping. This gave an investor a few years of relatively low monthly payments so they could use their capital to fix the home up.
Unfortunately what happens with an interest only ARM is that not one cent goes towards the principle of the home and no equity is gained. Depending on which type of ARM you have, after three or five years your payment increases so that you begin to pay some money towards the loan’s principle.
Most investors didn’t worry about the fact that none of their payment was going toward the principle because home prices were rising so quickly that the market itself was adding to the equity of their home. With the slowdown that is no longer the case, in fact they may find that after making five years of payments they don’t have any more equity in the home then they did when it was first acquired.
Many people that have purchased a home that they couldn’t really afford used the Option ARM. The Option ARM allows the home owner four ways to pay the monthly payments. You can do the minimum payment option, the interest only option, or you may chose the payment plan that has an amortization schedule to get you paid off in 30 years, and there is also the 15 year payment option.
The worst option you can choose is the minimum payment option. This option is very misleading, it gives you a very low monthly payment, but none of the principle is touched and it does not even cover the monthly accrued interest. If fact, if you were to only make the monthly minimum, the next month you will actually owe more than before you made the payment.
The market has now changed and you should re-evaluate your home mortgage. If you have an ARM or the Option ARM, check with your lender and see what it will take to get you into a fixed rate 15 or 30 year mortgage.
Just over a year and a half ago the real estate market in the United States was red hot and setting records all around the country. It is now coming to a screeching halt. There are a variety of reasons like interest rates that are increasing and also the affordability for the average family that is no longer there. Most experts agree that the slowdown is more than just a passing trend and will continue for at least the next number of years.
With this slowdown in the market, loans that seemed like a great way to save some money up front are now proving to be a bad decision. If you locked yourself into a fixed rate 15 or 30 year mortgage you will be fine during this market correction. If you have an interest only adjustable rate mortgage (ARM) you may be are in a very tenuous position.
Real estate investors were using interest only ARMs to help them turn a quick profit, the practice is also known as flipping. This gave an investor a few years of relatively low monthly payments so they could use their capital to fix the home up.
Unfortunately what happens with an interest only ARM is that not one cent goes towards the principle of the home and no equity is gained. Depending on which type of ARM you have, after three or five years your payment increases so that you begin to pay some money towards the loan’s principle.
Most investors didn’t worry about the fact that none of their payment was going toward the principle because home prices were rising so quickly that the market itself was adding to the equity of their home. With the slowdown that is no longer the case, in fact they may find that after making five years of payments they don’t have any more equity in the home then they did when it was first acquired.
Many people that have purchased a home that they couldn’t really afford used the Option ARM. The Option ARM allows the home owner four ways to pay the monthly payments. You can do the minimum payment option, the interest only option, or you may chose the payment plan that has an amortization schedule to get you paid off in 30 years, and there is also the 15 year payment option.
The worst option you can choose is the minimum payment option. This option is very misleading, it gives you a very low monthly payment, but none of the principle is touched and it does not even cover the monthly accrued interest. If fact, if you were to only make the monthly minimum, the next month you will actually owe more than before you made the payment.
The market has now changed and you should re-evaluate your home mortgage. If you have an ARM or the Option ARM, check with your lender and see what it will take to get you into a fixed rate 15 or 30 year mortgage.