Hi, now that the closing date is behind me (meaning I already own the property), should I still deal with the mortgage broker or should I deal directly with the bank (=the lender) if I have different questions or requests? For example if I want to skip a payment or pay double one month should I contact the bank driectly or still the mortgage broker who arranged the mortgage? In other words, is the mortgage broker completely "out of the picture" once you own the property? THANKS.

I would like to find a reputable mortgage company to finance my vacation home in Costa Rica. 100% financing would be GREAT!!!

In the near future (early 2008), I hope to purchase my first home. However, I would like to know if there is a difference between a traditional bank (as Wachovia and Regions) and credit unions as far as mortgage programs and qualification requirements? I am a member of both, but have heard it is harder to qualify at traditional banks vs. a credit union. Does anyone have any comments or personal experiences? Thanks!

I am thinking about buying in the next year and just want a really rough estimate on monthly payments for a house costing this amount

I had good credit and still pay on time for my truck payment and other bills but i want to buy an inexpensive home. I worked for the same company for 17 years and have a profit sharing and 401k but am having trouble getting financing. Most companies say wait 2 or so years but I would like a home now. Any reputable companies out there that will take me on?

Our Realtor suggested we get pre-approved for a mortgage, so we did that last week. We can afford the houses we were looking at with no problem, and are approved for the next 120 days. At what point do I look around at other banks to maybe get a better deal? Before or after the offer is made? It looks like my credit union is going to offer a much better deal than the bank, so should I wait for a few weeks for us to make the offer, or should I just get approved at the credit union now?

How much does the average Mortgage Broker make around Orlando, Florida?
What do you do to get the license? Any links to recommended courses?
Thanks guys!

I need to choose the best lender for a new home purchase that will provide me the least fees while giving me the best interest rate? Mortage banks tend to offer me fewer fees, but the rate is a little higher. Also, which is most efficient in doing the loan? I am doing a VA loan.

1) I’m interested in learning the best way to purchase a second property, possibly at sheriff sale, using part of (40% ?) the equity in my primary residence (which I recently paid off) so I don’t have to liquidate as much stock to "come up with cash up front"… & 2) If required to provide a certified bank check made out to Lehigh County, PA. (10% of purchase price w/ remander being applied to the balance) and I am outbid or choose not to buy the property, how do I return the funds to my account?

Example:
John’s first loan is 0,000. The payments are 0 (including interest) each month.
If John used a second mortgage, is it typically used to pay the monthly mortgage payments, in this case 0? How does it work?

Hi,

My husband and I bought our home 2 years ago on with an adjustable rate mortgage. The interest rate has now come up and we need to refinance.

The problem is that our credit score is about 600.

Can we get a refinance? Our home is worth about 0K, we have K in debt, and we make about 0K per year.
Thanks Bob,

But we really can’t afford the extra costs. Our payment went from 00 per month to 80 per month.

What would the rate be for a credit score of 600?

My husband and I are trying to obtain a mortgage for our first home purchase. We have little to no money to put down and have low credit scores. Would either of these lenders help us even though our credit scores are low?

Hi,
I am buying a new home and am shopping for mortgages.
I recently locked in an mortgage rate with a broker and have been contacted by a few other brokers offering me much better rates ever since.
When I locked in the rate with my first mortgage broker, he didn’t charge me any fee. Can I now pick a new mortgage broker without incurring any problem? Am I obligated to anything? My broker didn’t charge me any anything, didn’t mention any fee and I haven’t signed anything.

Thanks for your help.

I have to pay MIP on my loan . It is our first house and an FHA loan. The purchase price was 139k . I paid 10k down and had the mortgage insurance premium(20.) financed in the loan at 1.5 %. I emailed chase and they sent a letter saying they are the servicer of the loan and cant drop it…. HUD will have to. I looked at HUDs website and they say they cant drop it , the mortgage company has to.

When I spoke to the rep on the phone(could barely understand her) She said 3 conditions must be met. It must be paid for a minimum of 5 years,be current, and LTV ratio reach 78%.

HUD has a specific link on the wesite giving conditions , but its hard to understand. I asked the mortgage rep if I could get a new appraisal since weve made improvements and drop it. She said I could but we would have to contact HUD with the new appraisal. She also said the LTV ratio is not on the loan price , but the purchase price(before down payment.) Noone there is helpful and would like some answers.
To be clear, after the down payment, the loan 129920. was 129k plus the mip of 1920. I am confused about the LTV. Is it the new appraise value % compared to the purchase price? (She said not counting down payment) Is this amount before the financed 1920 mip? Who do I contact with the appraisal to drop it? Both are telling me the other one has to drop it. I get the distinct feeling that Chase does not want be to drop it. Had this loan 3 years. I pay at least 0.00 additional principal each month. Never been even one day late.

Please someone give me specifics of what I would need to do to get it drop. It would save . a month I could put toward my principal and that is a lot of interest saved- thousands. I have painted , put on new roof and added skylights. Carpet is next. What specifically do I do and what are the laws with HUD? Which one has to drop it? I keep gettng the run around. You can email me with any more details needed. thanks
Please dont respond with promotions or solicitations. I only want the law concerning dropping the mip. I have a great rate and am in no way behind.I have no other loans and I am in no way drowning in debt(thus paying extra principal) My loan is going great, just thought I would eliminate any uneeded extra payment.

I owe £20,000, if i get a mortgage on a house would it be possible to pay of my debt with the mortgage i would be allowed to borrow. So if i am allowed £120,000 and i find a house for £100,00 can i use the remainder of my allowance to pay of my debt. Is there a lender who will do this. Thanks

i am in a chapter 13 bankruptcy looking to get payment down has any one been in this situation if so any answer will help thanking all answers in advance

I switched my mortgage from the Halifax, and they continued to take money out of my account for 2 months after the switch! They have now paid the money back into my account, but I have been left with a £100 bank charge for going over my overdraft limit. Is there anything I can do about this?

We need to close in 3 weeks and have had such problems with GMAC- we were supposedly locked in with them, but now we are being told that we will have to pay points (supposedly, Fannie Mae charges 3/4pts on 100% financed loans), when we were never told that to begin with. We can always use them, however, they don’t seem like a decent lender after what we’ve been through with them.
We would not have a hard time getting a loan, we both have good credit and excellent income.

Can a Mortgage Broker be held liable for pushing a loan through approval knowing that the borrower has little or no chance on making the payments on a monthly basis?

My parents bought their home 4 years ago at a 4% rate, which is due to change next year when their loan rate. With the market crunch and the new strict lending that’s bound to occur as a result of this, they are worried about what refinancing has in store for them. The good news is that they have flawless credit (they successfully removed their PMI, and they are early every month on their mortgage payments —and they pay an extra couple of hundred dollars than they should. Not to mention their credit card debt is very low (only a couple of thousand dollars). They’ve both been at their great paying jobs for over a decade; but they are still worried about whether they will be able to secure a decent fixed rate when their mandatory refinance is up. Any hope?

Has anyone ever used the Financial Assistance offered through their mortgage company? Does it appear as negative on your credit report? What assistance did you use?
We were going to file Chapter 13, but we are only considering it as a last resort. We want to either cease our mortgage payments for a few months, or at least pay less. Anyone done this?

If I can’t file another bankruptcy for 10 years, why would I be considered a bad risk to finance a home? Bankruptcy does not prove that a person can not manage money. They may have had lots of medical bills that were impossible to pay. I have no debt at this time and am looking for a mortgage company that will consider me. I am looking at a home that is very cheap where I can pay for it only making minimum wage. Anyone have a suggestion?

MINE IS HORRIBLE.

or what happens to them?

has there been a rise in tenement construction there since this recession has started?

why and how so?

Thanks for your answers!
what happens if you cant sell your house , yet you still have to pay for it??