i have about $5000 dollars worth of medical bills only on my credit report and all credit cards paid off no other credit issues but countrywide only allows $2500 worth of medical issues to be on your credit report.What mortgage companies will allow you finance 30yr fixed?
Save your time and money and get a broker to do this for you.
http://WeFixRates.ComWhat mortgage companies will allow you finance 30yr fixed?
Countrywide will take your money. Go to a savings and loan.
Then pay $2500 toward that debt and you are set. If you can't swing $2500 in the next couple of months, then you should not be buying a house. There are always lots of unexpected expenses.
Wednesday, November 23, 2011
Am I legally obliged to let my mortgage company know I am letting out my flat?
I have a residential mortgage and have been told that if I have had a mortgage for longer than a year then letting is permitted. Is this true?Am I legally obliged to let my mortgage company know I am letting out my flat?
it is very likely that you are contractual obliged by the terms of your mortgage, if your lender became aware and was unhappy they can insist you repay your mortgage immediately and could foreclose on itAm I legally obliged to let my mortgage company know I am letting out my flat?
READ your lease--you agreed to those terms
probably required that you intended to move in within 30 days and make it your permanent residence
We can't read it from here
Legally - yes.
Real Life - no.
look at the small print on you mortgage agreement. But if you do let your building/contents insurance will not cover you
it is very likely that you are contractual obliged by the terms of your mortgage, if your lender became aware and was unhappy they can insist you repay your mortgage immediately and could foreclose on itAm I legally obliged to let my mortgage company know I am letting out my flat?
READ your lease--you agreed to those terms
probably required that you intended to move in within 30 days and make it your permanent residence
We can't read it from here
Legally - yes.
Real Life - no.
look at the small print on you mortgage agreement. But if you do let your building/contents insurance will not cover you
Do you think Federal help with ARM Mortgage issues and Credit Card Defaults is more important than a one time?
and Credit Card Defaults is more important than a one time tax break?Do you think Federal help with ARM Mortgage issues and Credit Card Defaults is more important than a one time?
it's blatant nepotism...the fed is all for free markets, but won't let you go bankrupt if you're good buddies with the right people...regardless how many loans you pass out to illegals.Do you think Federal help with ARM Mortgage issues and Credit Card Defaults is more important than a one time?
A tax break is more equitable. Helping people who are defaulted on their mortgages would be nice, but is simply not fair to the 98% of us who work and pay our mortgages as we agreed to in our contacts.
it's blatant nepotism...the fed is all for free markets, but won't let you go bankrupt if you're good buddies with the right people...regardless how many loans you pass out to illegals.Do you think Federal help with ARM Mortgage issues and Credit Card Defaults is more important than a one time?
A tax break is more equitable. Helping people who are defaulted on their mortgages would be nice, but is simply not fair to the 98% of us who work and pay our mortgages as we agreed to in our contacts.
Will it be easier to obtain a credit card if I have a new mortgage?
My scores are around 620. I have 2 paid collections, 2 paid judgments, 3 credit cards (less than a year old, never late) and a secured loan. The cards I have are for bad credit. I cannot get approved for anything else. I was told that once I close on my house, I will be able to get any card I want. I make enough money to not have to get in a hole again, as most of my debt was from college.Will it be easier to obtain a credit card if I have a new mortgage?
We were told the same thing. We have always paid on bills on time and usually more the amount due. We closed on our house last year and since then we have not been able to get credit. We were told that it is because the house increased our debt to income ratio and most legimate companies will not give you a credit card because you are more likely to default. Wait a couple of years and then apply for credit cards.Will it be easier to obtain a credit card if I have a new mortgage?
i would check with your bank. credit card companies are dying to give cards, its the apr you have to worry about. if your so secure, why would you need another card anyways?
I am right there with you. The only thing is time. The catch to adding a new mortgage if you have the credit for that is you debt to payment ratio. If you can get a mortgage and can pay off more debt go ahead. Just don't put your self in the situation you were in before. Be patient.
actually it may be harder to get another credit card it just depends on how much you put down on your house. If you leave a huge amount left then it will be harder if you pay a lot as a downpayment it will be easier because of the equity you will have in your house. One thing make sure you do not do is just try applying for a lot of cards if your getting denyed it will hurt your score even more.
i'm not sure, but i think this site has the answer to this particular question. they've got lots of stuff about this anyway.pores beauty consultant
We were told the same thing. We have always paid on bills on time and usually more the amount due. We closed on our house last year and since then we have not been able to get credit. We were told that it is because the house increased our debt to income ratio and most legimate companies will not give you a credit card because you are more likely to default. Wait a couple of years and then apply for credit cards.Will it be easier to obtain a credit card if I have a new mortgage?
i would check with your bank. credit card companies are dying to give cards, its the apr you have to worry about. if your so secure, why would you need another card anyways?
I am right there with you. The only thing is time. The catch to adding a new mortgage if you have the credit for that is you debt to payment ratio. If you can get a mortgage and can pay off more debt go ahead. Just don't put your self in the situation you were in before. Be patient.
actually it may be harder to get another credit card it just depends on how much you put down on your house. If you leave a huge amount left then it will be harder if you pay a lot as a downpayment it will be easier because of the equity you will have in your house. One thing make sure you do not do is just try applying for a lot of cards if your getting denyed it will hurt your score even more.
i'm not sure, but i think this site has the answer to this particular question. they've got lots of stuff about this anyway.
I am claiming bankruptcy, but I am already three months past due on the mortgage?
What do I do? I am going to my consultattion in a week, but Im already three months late. How will this work? I am doing chapter 7 because I want to get rid of the home as I am moving soon and have no other choice, also have credit card debt, and just need to be done with it.I am claiming bankruptcy, but I am already three months past due on the mortgage?
If you want to surrender your home in bankruptcy, the fact that you are three months in arrears on your mortgage won't have any effect.
The only circumstance in which that could be an issue in bankruptcy would be if you wanted to keep the home. Then you would need to find a way to catch up on the mortgage payments before filing (if filing Ch 7) or else file Ch 13 and catch up on the mortgage through your Ch 13 Plan payments.
If you want to surrender your home in bankruptcy, the fact that you are three months in arrears on your mortgage won't have any effect.
The only circumstance in which that could be an issue in bankruptcy would be if you wanted to keep the home. Then you would need to find a way to catch up on the mortgage payments before filing (if filing Ch 7) or else file Ch 13 and catch up on the mortgage through your Ch 13 Plan payments.
ARM mortgage, when do we find out the real interest rate?
I just did the closing and find out that real interes rate for thsi mortgage is 9.25 % . It's a 5 year arm. I wander if any1 knows when and where in the document during the processing ( not a closing) lender or brouker should specify the real INteres rate not an option for 5 years. Is truth in lending under APR should have the real rate or the introduction rate?
Thanks for the help.ARM mortgage, when do we find out the real interest rate?
They should have given you a Good Faith Estimate and you should have signed a Loan Lock agreement. What sort of ARM is this? Some ARMS adjust with the very first payment. Some have fixed rates for up to 5 years.
There also should have been an ARM disclosure statement that explains the specific terms of your note (loan).
Now that I see your additional details I can better answer your question.
The mortgage you are in is an option-arm also known as a negative amortization loan. This means that you'll have a few different amounts to choose from as far as what you'll pay monthly. If you pay the minimum, you won't be paying the full amount of montly interest, and your principal balance will actually increase.
Unless you're in a really desperate situation, I really advise against paying the minimum. You'll never pay down the balance of your loan this way. It will just going up and up.
Who put you in this loan program? These are the sort of loan programs that got a lot of lenders, and customers into trouble because people didn't realize until after closing that they really couldn't afford their loan. I hope this isn't the case for you.ARM mortgage, when do we find out the real interest rate?
Did you somehow think that an ARM was a fixed rate loan ? It IS fixed rate, but only for a specified period of time. You need to check your loan documentation for further review. However, if the lender clearly explained that you were taking an Adjustable Rate Mortgage at a certain specified interest rate to start, there's not much you can do.
That is what an ARM is.
Sounds like you have the pay option arm. You are supposed to received a GFE,(good faith estimate), TIL(truth in lending statement), and 1003,(loan application) within 3 days of application, however, this obviously does not always happen.
Hi
The interest rate on ARMs varies. These loans may have low rates for a short time--maybe only for the first year. (teaser rate). After that, the rates may be adjusted on a regular basis. This means that the interest rate and the amount of the monthly payment may go up or down.
The interest rate on your mortgage is tied to an index or interest rates that are always fluctuating. Think of bank loan rates, depending on when you want to borrow money the interest rate may be higher or lower. ARM mortgages track interest changes and periodically change along with them.
Thats why your future monthly payments are uncertain. Some ARM's put a ceiling on your pay颅ment increase from one period to the next.
Thanks for the help.ARM mortgage, when do we find out the real interest rate?
They should have given you a Good Faith Estimate and you should have signed a Loan Lock agreement. What sort of ARM is this? Some ARMS adjust with the very first payment. Some have fixed rates for up to 5 years.
There also should have been an ARM disclosure statement that explains the specific terms of your note (loan).
Now that I see your additional details I can better answer your question.
The mortgage you are in is an option-arm also known as a negative amortization loan. This means that you'll have a few different amounts to choose from as far as what you'll pay monthly. If you pay the minimum, you won't be paying the full amount of montly interest, and your principal balance will actually increase.
Unless you're in a really desperate situation, I really advise against paying the minimum. You'll never pay down the balance of your loan this way. It will just going up and up.
Who put you in this loan program? These are the sort of loan programs that got a lot of lenders, and customers into trouble because people didn't realize until after closing that they really couldn't afford their loan. I hope this isn't the case for you.ARM mortgage, when do we find out the real interest rate?
Did you somehow think that an ARM was a fixed rate loan ? It IS fixed rate, but only for a specified period of time. You need to check your loan documentation for further review. However, if the lender clearly explained that you were taking an Adjustable Rate Mortgage at a certain specified interest rate to start, there's not much you can do.
That is what an ARM is.
Sounds like you have the pay option arm. You are supposed to received a GFE,(good faith estimate), TIL(truth in lending statement), and 1003,(loan application) within 3 days of application, however, this obviously does not always happen.
Hi
The interest rate on ARMs varies. These loans may have low rates for a short time--maybe only for the first year. (teaser rate). After that, the rates may be adjusted on a regular basis. This means that the interest rate and the amount of the monthly payment may go up or down.
The interest rate on your mortgage is tied to an index or interest rates that are always fluctuating. Think of bank loan rates, depending on when you want to borrow money the interest rate may be higher or lower. ARM mortgages track interest changes and periodically change along with them.
Thats why your future monthly payments are uncertain. Some ARM's put a ceiling on your pay颅ment increase from one period to the next.
My mortgage broker told me she's waiting on the ';clear to close';. What does that mean exactly?
I was told we were pre-approved. Then that we were approved. I thought it had already gone through underwriting. Can someone help? I need to know the process in layman's terms!My mortgage broker told me she's waiting on the ';clear to close';. What does that mean exactly?
Pre-approval just means the amount you want to borrow has been OK'd.
The clear to close means all the other things needed to close have been taken care of.
Things like:
1. appraisal of your property (to make sure they aren't lending you more than it's worth)
2. Check of the city for leins. Meaning there aren't any outstanding judgements on your property placed by people you owe money to.
3. inspection of your property (to make sure it has no structural problems you might not be aware of.) They would not want to lend money on a house about to collapse.
4. survey from the city. To make sure their legal description of the property matches what you think you are buying. That way they don't lend you money to buy something a portion of which is legally someone elses.My mortgage broker told me she's waiting on the ';clear to close';. What does that mean exactly?
simply put- ';clear to close'; mean OK from the lender to schedule transaction to be finalized-
That means that ALL the paperwork is in place - financing, appraisal, inspection, payoff letter from the seller's lender, title search, etc., etc.
She's just waiting for the underwriter to cross all the ';T's'; and dot all the ';I's';. It's normal. The term means she knows everything is in place to close the transaction.
The agent is waiting for the ';bring-down'; of your credit reports, the approval of the underwriter, mortgage commitment letter and the necessary requirements the Seller must have.
There will be a final bring-down on the day before or on the day of settlement. This is to make absolutely certain the lender is protected from getting involved in a bad transaction.
DO NOT borrow any money.
DO NOT cosign for any one! NOT EVEN parents or siblings.
Thanks for asking your Q! I enjoyed answering it!
VTY,
Ron Berue
Yes, that is my real last name!
probably waiting on the loan or title company.
Pre-approval just means the amount you want to borrow has been OK'd.
The clear to close means all the other things needed to close have been taken care of.
Things like:
1. appraisal of your property (to make sure they aren't lending you more than it's worth)
2. Check of the city for leins. Meaning there aren't any outstanding judgements on your property placed by people you owe money to.
3. inspection of your property (to make sure it has no structural problems you might not be aware of.) They would not want to lend money on a house about to collapse.
4. survey from the city. To make sure their legal description of the property matches what you think you are buying. That way they don't lend you money to buy something a portion of which is legally someone elses.My mortgage broker told me she's waiting on the ';clear to close';. What does that mean exactly?
simply put- ';clear to close'; mean OK from the lender to schedule transaction to be finalized-
That means that ALL the paperwork is in place - financing, appraisal, inspection, payoff letter from the seller's lender, title search, etc., etc.
She's just waiting for the underwriter to cross all the ';T's'; and dot all the ';I's';. It's normal. The term means she knows everything is in place to close the transaction.
The agent is waiting for the ';bring-down'; of your credit reports, the approval of the underwriter, mortgage commitment letter and the necessary requirements the Seller must have.
There will be a final bring-down on the day before or on the day of settlement. This is to make absolutely certain the lender is protected from getting involved in a bad transaction.
DO NOT borrow any money.
DO NOT cosign for any one! NOT EVEN parents or siblings.
Thanks for asking your Q! I enjoyed answering it!
VTY,
Ron Berue
Yes, that is my real last name!
probably waiting on the loan or title company.
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