How exactly do 'interest only' mortgage loans work? When do I pay on the principle of such a loan?
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?
Asked by ronidl76 - Thu May 17 17:02:37 2007 - - 5 Answers - 1 Comments
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… [cont.]
Answered by Kim F - Thu May 17 17:11:35 2007
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?
Asked by ronidl76 - Thu May 17 17:02:37 2007 - - 5 Answers - 1 Comments
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… [cont.]
Answered by Kim F - Thu May 17 17:11:35 2007
Student loans not in repayment or in deferral included in a mortgage loan application as an expense?
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?
Asked by Ana C - Sun Sep 16 12:40:04 2007 - - 5 Answers - 0 Comments
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.
Answered by Carolinahomerates.com - Sun Sep 16 12:49:56 2007
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?
Asked by Ana C - Sun Sep 16 12:40:04 2007 - - 5 Answers - 0 Comments
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.
Answered by Carolinahomerates.com - Sun Sep 16 12:49:56 2007
How do I report a private mortgage loan to the credit bureaus?
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?
Asked by Gary C - Mon Oct 30 13:59:31 2006 - - 3 Answers - 0 Comments
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.
Answered by MJ - Tue Oct 31 00:08:56 2006
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?
Asked by Gary C - Mon Oct 30 13:59:31 2006 - - 3 Answers - 0 Comments
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.
Answered by MJ - Tue Oct 31 00:08:56 2006
When making a Mortgage Loan Prepayment, does it reduce the principle amount you have to pay each month?
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.
Asked by Ryan L - Fri Sep 21 14:35:35 2007 - - 8 Answers - 0 Comments
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
Answered by pearlmel - Fri Sep 21 14:43:00 2007
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.
Asked by Ryan L - Fri Sep 21 14:35:35 2007 - - 8 Answers - 0 Comments
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
Answered by pearlmel - Fri Sep 21 14:43:00 2007
Is it possible to obtain a mortgage loan for a USA home from a foreign country?
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.
Asked by DogJD - Sat Dec 8 16:34:01 2007 - - 0 Answers - 0 Comments
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
Answered by Mr. helper - Sat Dec 8 17:22:40 2007
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.
Asked by DogJD - Sat Dec 8 16:34:01 2007 - - 0 Answers - 0 Comments
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
Answered by Mr. helper - Sat Dec 8 17:22:40 2007
Why is home mortgage loan considered a tax benefit ?
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
Asked by JohnPau2010 - Tue Jun 23 21:13:05 2009 - - 9 Answers - 0 Comments
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. … [cont.]
Answered by mukwonago53149 - Tue Jun 23 21:22:51 2009
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
Asked by JohnPau2010 - Tue Jun 23 21:13:05 2009 - - 9 Answers - 0 Comments
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. … [cont.]
Answered by mukwonago53149 - Tue Jun 23 21:22:51 2009
How do I write a letter to a mortgage loan company explaining bad credit and late payments?
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.
Asked by Suzie - Thu Dec 11 01:08:51 2008 - - 1 Answers - 0 Comments
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.
Answered by shipwreck - Thu Dec 11 01:19:20 2008
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.
Asked by Suzie - Thu Dec 11 01:08:51 2008 - - 1 Answers - 0 Comments
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.
Answered by shipwreck - Thu Dec 11 01:19:20 2008
How does one become a Mortgage Loan Processor?
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?
Asked by ladypaige86 - Mon Feb 2 13:56:54 2009 - - 7 Answers - 0 Comments
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.
Answered by primericaisbad - Mon Feb 2 19:47:46 2009
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?
Asked by ladypaige86 - Mon Feb 2 13:56:54 2009 - - 7 Answers - 0 Comments
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.
Answered by primericaisbad - Mon Feb 2 19:47:46 2009
What happens if a broker cannot sell your new mortgage loan because of the current state of the loan industry
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?
Asked by Jack24 - Fri Aug 24 23:58:29 2007 - - 8 Answers - 0 Comments
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… [cont.]
Answered by Mark M - Sat Aug 25 02:41:57 2007
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?
Asked by Jack24 - Fri Aug 24 23:58:29 2007 - - 8 Answers - 0 Comments
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… [cont.]
Answered by Mark M - Sat Aug 25 02:41:57 2007
How do I build a successful career as a good mortgage loan officer in a down housing market?
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.
Asked by KEVIN Z - Sat Aug 11 10:31:58 2007 - - 5 Answers - 0 Comments
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.co m/lc/publications/pdf/foc uson/dec05issue.pdf Free Foreclosure assistance Homeownership Preservation Foundation Fannie Mae Loss Mitigation policies on Foreclosures https://www.efanniemae.co m/is/hcounselors/lossmiti gation.jsp Site #2 fha definition of… [cont.]
Answered by newmexicorealestateforms - Sat Aug 11 10:54:00 2007
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.
Asked by KEVIN Z - Sat Aug 11 10:31:58 2007 - - 5 Answers - 0 Comments
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.co m/lc/publications/pdf/foc uson/dec05issue.pdf Free Foreclosure assistance Homeownership Preservation Foundation Fannie Mae Loss Mitigation policies on Foreclosures https://www.efanniemae.co m/is/hcounselors/lossmiti gation.jsp Site #2 fha definition of… [cont.]
Answered by newmexicorealestateforms - Sat Aug 11 10:54:00 2007
Any US bank would make a mortgage loan to a borrower whose income is from outside the US?
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.
Asked by Jack - Wed Jan 7 08:54:17 2009 - - 2 Answers - 1 Comments
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.
Answered by Bash Limpbutt's Oozing Cyst - Wed Jan 7 09:04:18 2009
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.
Asked by Jack - Wed Jan 7 08:54:17 2009 - - 2 Answers - 1 Comments
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.
Answered by Bash Limpbutt's Oozing Cyst - Wed Jan 7 09:04:18 2009
What are the key factors in obtaining a home mortgage loan?
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?
Asked by radioactive_babywipes - Thu Dec 4 17:33:33 2008 - - 4 Answers - 0 Comments
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… [cont.]
Answered by Tamra - Thu Dec 4 17:52:16 2008
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?
Asked by radioactive_babywipes - Thu Dec 4 17:33:33 2008 - - 4 Answers - 0 Comments
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… [cont.]
Answered by Tamra - Thu Dec 4 17:52:16 2008
Does a bank have to agree to a mortgage loan modification or is it voluntary?
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.
Asked by Kristin - Tue Jun 23 00:27:14 2009 - - 5 Answers - 0 Comments
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… [cont.]
Answered by Mike - Tue Jun 23 00:34:37 2009
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.
Asked by Kristin - Tue Jun 23 00:27:14 2009 - - 5 Answers - 0 Comments
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… [cont.]
Answered by Mike - Tue Jun 23 00:34:37 2009
What is a typical day like for a mortgage loan officer?
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!
Asked by finchfrii - Mon Apr 9 15:59:31 2007 - - 3 Answers - 0 Comments
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.
Answered by Puddinhead - Mon Apr 9 18:11:03 2007
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!
Asked by finchfrii - Mon Apr 9 15:59:31 2007 - - 3 Answers - 0 Comments
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.
Answered by Puddinhead - Mon Apr 9 18:11:03 2007
What does it mean if your mortgage loan is in the closing department? Does that mean it's approved?
Q. My mortgage broker told me that the loan is now in the closing department. What happens next?
Asked by VH - Mon May 7 09:16:34 2007 - - 3 Answers - 0 Comments
A. Hi, I'm a mortgage closer and generally when your loan is in the closing department that means it is currently being prepared to close. What you need to ask your broker is if he has gotten a clear to close on your loan. And if he has, are there any pending pre-funding conditions that has to be satisfied before you close. Generally pre-funding conditions are your homeowners, title...things like that. If all the conditions are cleared by your broker, you're ready to close. All he needs to do is find out from the lender when your closing papers will go to the closing agent so that he can schedule your closing. Being that I work in this industry I would suggest you tell your broker you want your closing papers sent to the closing agent 24-48… [cont.]
Answered by Africa - Mon May 7 10:23:13 2007
Q. My mortgage broker told me that the loan is now in the closing department. What happens next?
Asked by VH - Mon May 7 09:16:34 2007 - - 3 Answers - 0 Comments
A. Hi, I'm a mortgage closer and generally when your loan is in the closing department that means it is currently being prepared to close. What you need to ask your broker is if he has gotten a clear to close on your loan. And if he has, are there any pending pre-funding conditions that has to be satisfied before you close. Generally pre-funding conditions are your homeowners, title...things like that. If all the conditions are cleared by your broker, you're ready to close. All he needs to do is find out from the lender when your closing papers will go to the closing agent so that he can schedule your closing. Being that I work in this industry I would suggest you tell your broker you want your closing papers sent to the closing agent 24-48… [cont.]
Answered by Africa - Mon May 7 10:23:13 2007
What portion of a loan origination fee does the mortgage broker keep?
Q. A Loan Origination Fee is defined as: the points that you pay the lender for extending you a loan. A point equates to 1% of the mortgage loan balance; e.g., $100,000 at 2 points equals $2,000. My question is a mortgage broker usually gets paid based on the size of the loan and they are known as the originator... so why would the lender get this money if it is called a loan origination fee.. so confusing...
Asked by trevor_young_m - Fri Apr 10 18:48:57 2009 - - 5 Answers - 0 Comments
A. The broker does not get the loan origination fee per se. The lender is the loan originator, the broker just gets a cut. This is an article that has some good tips on how to get a good broker and it some good resources too.
Answered by tjcsonofallnations - Sun Apr 12 00:56:58 2009
Q. A Loan Origination Fee is defined as: the points that you pay the lender for extending you a loan. A point equates to 1% of the mortgage loan balance; e.g., $100,000 at 2 points equals $2,000. My question is a mortgage broker usually gets paid based on the size of the loan and they are known as the originator... so why would the lender get this money if it is called a loan origination fee.. so confusing...
Asked by trevor_young_m - Fri Apr 10 18:48:57 2009 - - 5 Answers - 0 Comments
A. The broker does not get the loan origination fee per se. The lender is the loan originator, the broker just gets a cut. This is an article that has some good tips on how to get a good broker and it some good resources too.
Answered by tjcsonofallnations - Sun Apr 12 00:56:58 2009
What is the best way to consolidate my debt? I have a mortgage and want to refinance,add my debt to new loan?
Q. I have a $530,000 all-interest mortgage loan. I am interested in refinancing soon, (if it is a good time to do so?) Should I refinance and add my $15,000 of personal debt to my new loan? Or should I get a personal loan for $15,000 from my bank?
Asked by shainastar08 - Wed Sep 12 18:16:53 2007 - - 5 Answers - 0 Comments
A. It might be hard refi-ing a jumbo loan these days. Getting additional cash out might be impossible and a very bad idea to begin with.
Answered by Rebecca - Wed Sep 12 18:24:21 2007
Q. I have a $530,000 all-interest mortgage loan. I am interested in refinancing soon, (if it is a good time to do so?) Should I refinance and add my $15,000 of personal debt to my new loan? Or should I get a personal loan for $15,000 from my bank?
Asked by shainastar08 - Wed Sep 12 18:16:53 2007 - - 5 Answers - 0 Comments
A. It might be hard refi-ing a jumbo loan these days. Getting additional cash out might be impossible and a very bad idea to begin with.
Answered by Rebecca - Wed Sep 12 18:24:21 2007
How long does the whole mortgage loan process take ?
Q. I have put an offer for a home. Waiting for the lender to say YES or NO. If I start looking for a mortgage , how long does the whole process take. Just the mortgage loan process
Asked by John P - Mon Mar 23 23:34:21 2009 - - 5 Answers - 0 Comments
A. The underwriting process usually takes about three to five days, or about a business week. The cleaner your credit history is, the shorter it will take.
Answered by ~ CJ ~ - Tue Mar 24 00:41:42 2009
Q. I have put an offer for a home. Waiting for the lender to say YES or NO. If I start looking for a mortgage , how long does the whole process take. Just the mortgage loan process
Asked by John P - Mon Mar 23 23:34:21 2009 - - 5 Answers - 0 Comments
A. The underwriting process usually takes about three to five days, or about a business week. The cleaner your credit history is, the shorter it will take.
Answered by ~ CJ ~ - Tue Mar 24 00:41:42 2009
When applying for a mortgage loan does it matter that you checking account is Joint account?
Q. I'm applying for a mortgage loan on my own but currently have joint checking accounts with my fiance. Does it matter that on my statements it also has her name or do I need to have her removed from the account?
Asked by james w - Mon Jun 30 08:10:37 2008 - - 8 Answers - 0 Comments
A. If your fiance is going to be on the deed it won't matter at all, even if only you are on the loan. If not what we do is use only 1/2 of the ending balance on the account statement as your assets. If you do take her off keep in mind that lender will ask for 2 months (minimum) statements. The reason for only using 1/2 is since it's a joint account we assume 1/2 is the other persons. One final note: The reason for requesting the bank statements is to make sure you have the required amount for down payment, closing costs & reserves. Make sure to have no NSF charges or overdrafts- this can cause loan to be declined. Also any large/unusual deposits will be questioned- be prepared to document. Good luck!
Answered by Beverly S - Mon Jun 30 08:44:31 2008
Q. I'm applying for a mortgage loan on my own but currently have joint checking accounts with my fiance. Does it matter that on my statements it also has her name or do I need to have her removed from the account?
Asked by james w - Mon Jun 30 08:10:37 2008 - - 8 Answers - 0 Comments
A. If your fiance is going to be on the deed it won't matter at all, even if only you are on the loan. If not what we do is use only 1/2 of the ending balance on the account statement as your assets. If you do take her off keep in mind that lender will ask for 2 months (minimum) statements. The reason for only using 1/2 is since it's a joint account we assume 1/2 is the other persons. One final note: The reason for requesting the bank statements is to make sure you have the required amount for down payment, closing costs & reserves. Make sure to have no NSF charges or overdrafts- this can cause loan to be declined. Also any large/unusual deposits will be questioned- be prepared to document. Good luck!
Answered by Beverly S - Mon Jun 30 08:44:31 2008
Is it possible to get a mortgage loan with poor credit?
Q. I filed bankruptcy about 4 years ago and my credit has been raising slowly. I pulled my credit report and found two medical collections against me that were not mine. I contacted the proper people and they agreed to remove them. Only one was removed and I have been trying for 6 months to get the other off. I have a letter stating they both were to be removed, but when applying for a mortgage online they pull my credit report and see a collection against me. My debt to income ratio is pretty low so I sould qualify for a home purchase loan, but I have been turned down by my credit union. Who offers home loans for people with credit problems?
Asked by e.sillery - Fri Aug 17 09:29:15 2007 - - 13 Answers - 0 Comments
A. Find yourself a company that will do a manually underwritten loan. I know churchhill mortgage does them, though I am not affiliated with them in any way.
Answered by JB - Fri Aug 17 10:09:07 2007
Q. I filed bankruptcy about 4 years ago and my credit has been raising slowly. I pulled my credit report and found two medical collections against me that were not mine. I contacted the proper people and they agreed to remove them. Only one was removed and I have been trying for 6 months to get the other off. I have a letter stating they both were to be removed, but when applying for a mortgage online they pull my credit report and see a collection against me. My debt to income ratio is pretty low so I sould qualify for a home purchase loan, but I have been turned down by my credit union. Who offers home loans for people with credit problems?
Asked by e.sillery - Fri Aug 17 09:29:15 2007 - - 13 Answers - 0 Comments
A. Find yourself a company that will do a manually underwritten loan. I know churchhill mortgage does them, though I am not affiliated with them in any way.
Answered by JB - Fri Aug 17 10:09:07 2007
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Choosing a Fixed Rate Mortgage Loan For A Las Vegas Home Fixed rate mortgage loans generally come with one of two options the 30 Year Fixed and the 15 Year Fixed loans If a borrower is planning on being in the same Las Vegas home for a long
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