Refinance Mortgage

I am applying for a mortgage loan and I am already aprroved. Just they asked me a lot requirements fortunately I comply it already and now they asked me to sign a debit signature authorization on my account for one time processing fee of 20 usd for the verification of deposits.

it is so they can take the $20 out of your bank account as a direct debit. this will ensure that you do have a bank account, at the bank you said on the form.

My Mother had a reverse mortgage loan for about nine years. At the start of the loan ,an annuity premium of $3735.00 was added to the to the loan. This was to pay her if she lived 14 years into the loan.,but she did not . Should that amount be deducted from the total amount of her loan?

wow, this is how is always look like when getting a loan. they ask you to make a high interst rate repayment plains that you can not pay, making it very hard for you to pay. trust me i have been in the position before and i know how it look like, i will only ask you if really you are in need of the loan and how seroius are you in paying back that is what you have to consider. well i got help from a friend here in yahoo answer whom introduce me to unsecured_loanoffer@live.com and i applied witing 6 days i was giveen a loan and i am making the payment now i got a loan from Unsecured company at the rate of 3% which was ok for me now well with God i am doing perfectly ok with my part time business. well as of you i will advice you to try them and get a loan for easy help, make sure you are good in repayment.
unsecured_loanoffer@live.com

Dan J

My mortgage broker told me that the loan is now in the closing department. What happens next?

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 hours before you close. It’s best to proceed this way so that you can handle any unforeseen problems such as how much you have to bring, how much everyone is charging before you go in to sign the papers. I have seen brokers and closing agents increase their fees the same day of closing without the borrower being aware until the day of closing. Hope this helps.

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.

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.

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?

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.

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?

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.

Will the mortgage loan save my home…How to implement it and tell mw the ways to follow

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..

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!

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.

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?

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!

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.

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.