Question by Tweetie: Who do I contact about restructuring my mortgage?
We are looking to refinance but I don’t know weather to stay with our current mortgage company or if I should contact a government program.
Best answer:
Answer by Megan C
the mortgage company you have
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Question by kkazb: Where do you see the mortgage interest rate going in next 2 months?
What do you feel about the mortgage interest rate in next 2 months? I will be closing on a house in October end? So I will be able to lock the rate in 2nd or 3rd week of September. Any suggestions?
Best answer:
Answer by WR
well, about it Ben Bernake will keep interest rate low by the end of December.
If you were buying car or house at this time. Right now is the time to lock in rate. Good luck
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Question by jesskanurse: Do you have to use the same appraisal when switching to a diff. lender in the middle of an FHA loan?
I am close to closing using a certain broker, approved but my current mortgage company offered me a better rate/closing fee. I paid for an appraisal for the initial broker. The new lender says by law, the old appraisal MUST be used since there has already been an FHA case # opened. Is this true?
Best answer:
Answer by Big daddy
sorry to answer a question with a question, but how was the appraisal paid for. did you pay for it at the door or was the cost going to be rolled into closing costs. There could be a hang up if it’s rolled in since the broker is on the hook, they may not have to release it as they paid for it. If you paid for it, you should be able to use it, but the appraiser will have to put it in the new lenders name and that will probably cost you. Also, make sure the appraiser is licensed with the new bank, if not, they will want the appraisers license. Last, as far as the new offer goes, make sure you know all the facts, especially the term. Rate isn’t everything. While the rate may be lower with the bank, is the term longer, is it adjustable. Know everything you can about each program, compare the TIL’s from both. Which one costs more in the end? If the banks TIL has higher finance charges than the brokers, is that really a better deal? Does the lower rate really matter if your paying 50k more in the end? Check it all, then make the best decision that allows your family to meet their goals and dreams. good luck
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Question by Miss Letty: What is the process and charges (if any) for applying for a forclosure home loan?
I’ts been a while since I apply for any home loans, ed but I don’t know if forclosure loans are different? Are there any initial or process fees involved, and a limit on the application loan?
Best answer:
Answer by Age of Reason
The same as applying for a loan on a new house. You pay a broker a fee to find you a mortgage then you pay all closing cost roughly 6% of home purchase price and you need a down payment
Price limit is based on your income and the price of a house.
What do you think? Answer below!
Do you mean buying a bank-owned home that the previous owner lost through foreclosure? There is no difference. A loan is a loan; there is no such category as “foreclosure loan.”
Different bank follow different norms. But everything must be noted in sanction letter which is issued by bank to a borrower after sanction /before disbursement of a loan. Sometimes bank gets the required papers signed from the borrower. Bank may charge documentation, processing, mortgage fees etc, but everything must be known to the borrower.Without any information.bank can’t charge.
Miss Letty, you would have the same process with each lender. The status of the property does not matter to the lender unless it’s FHA or VA, then the condition of the property matters. You’ll need to talk with several lenders to know what the facts are. We can only provide you with guessimates.
Applying for home loans requires you to compare the offers available from different lenders so that you can have the best deal on home loans. With the loan market being flooded with offers, you can always choose to compare the home loan interest-rates online. Lenders have provision of online calculators and quotes on their websites, which help customers in getting to know the interest-rate that would be applicable if they apply for a home loan.
There is no difference in the purchase of a house that is owned by a bank and one that a person is attempting to sell.
A foreclosure is simply a property that an former owner either could not make the monthly mortgage payment or refused to make the monthly mortgage payment. The bank or lender then proceeded to take the property back, thus it is now called real estate on hand or owned (REO) depending on what part of the United States you live.
Buying a house is a step by step process, this is the first step you should take in order to purchase a house. The rest of the steps will fall in place, no matter the type of property you are purchasing.
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”