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Asked 03/08/2007 02:42 pm CT (charlotte, NC)

I am trying to get a loan on a house, the first loan I was declined because they didnt like the way the house was laid out (they said my finances were not the problem) and then I went to another loan agency who was really giving me a hard time and not taking all my wages and lying to me about the closing date so I quit with them. Is this going to make my credit look bad by having to try for another loan again? I am a first time buyer is there any tips or a certain route I should try? Thanks

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Raven, As a rule of thumb you want to avoid having your credit ran too much... while shopping for ...

[ Total Answers: 1 ]

 
 

Asked 03/08/2007 02:07 pm CT (Montgomery, AL)

we are in the process of getting a mortgage and the mortgage company promised us one rate and a closing date and now has com back and changed the closing date to the day I have to be out of my currect house and also the rate is 2.60% higher than was first stated, can I get out of the deal with out losing my Good Faith Deposit? I know we will loose the $400.00 appraisal cost. I am just thinking I would hate to loose the other.

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Asked 03/05/2007 01:14 pm CT (Sarasota, FL)

My husband and I are in our fifties and are going to buy our first home. My husbands credit is exellent and mine is good. We make about 40,000 a year. What are the chances of getting a loan on a 1983 manufactured home in a land owned over 55 comunity? The home is on a lot that has been appraised at $95,000, they are asking $209,000 because of the location, the land is on the Mayaka river. The home is old in need of repair and our cash flow is low. A home in a park where you don't own the land is less , $95,000 for a 1996 in great condition and furnished but the rent is 550.00 a month. Help!!! Thankyou.

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Pam, There are lenders who will lend on manufactured homes on lots that are owned by residents. You ...

[ Total Answers: 2 ]

 
 

Asked 02/09/2007 06:22 pm CT (Newport, WA)

I took out a 15000.00 dollar loan to purchase my cabin home.I purchased the 2 acre property with cabin for 45000.00.I put 24000.00 down and did a second loan of 6000.00 with a friend at 3% interest.The first loan was at 10.5% fixed.The agreement was i kept homeowners ins. up to date and paid my payments on time.I dont have a problem paying my payments on time.My insurance company called me and said they were not renewing my policy in 4 months due to roof and siding problems.Also they pointed at my dog husky.Can the lender forclose on me if i make my payments on time but cant find another homeowner policy in time?

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In the event your servicer is notified of a lapse in your policy they will likely place forced insur...

[ Total Answers: 1 ]

 
 

Asked 01/25/2007 05:37 pm CT (Alma, WI)

I am a first time home buyer I was pre-approved for a mortgage at a 100% financing one lender tells me I have to have PMI. Lending Tree tells me its optional. The lender tells me PMI is based on my credit score. My score is 599 he says I would be paying $250 PMI a month on a $160,000 mortgage at a 6.1% interest. Lending Tree says is optional at a 6.5% interst. Which lender should I believe?

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Understand that there are very few knowledgeable mortgage people associated with Lending Tree. Beca...

[ Total Answers: 1 ]

 
 

Asked 01/22/2007 07:57 pm CT (Petawawa, Ontario)

Is it possible to include debits such as vehicle,and RV loans into a first time mortage .And if so how does one go about this and how does it affect the term.

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Not possible in the U.S. You'd end up owing more on the property than it's worth. After paying the...

[ Total Answers: 1 ]

 
 

Asked 12/20/2006 02:41 am CT (Modesto, CA)

I re-financed my home and it closed escrow on ll-30-06. The company was Ownit Mortgage Solutions which I found out today went out of business on 12-05-06. The company they sold the loan to has not sent me anything, like a staement for the payment, Their new loan #, and when I call they do not have any information on their records that I exists searching by my name, my address, and my ss# However I did receive a amended homeowners policy showing the leader that has no record of me as the Mortgage company. Ownit Mortgage can not be reached, everyone was let go and my first payment should be due on 01-01-07, but they have no record of me, no account #, etc...What should I do???

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Marilyn, There are many people in your shoes right now. Own it Mortgage went under without ...

[ Total Answers: 2 ]

 
 

Asked 12/06/2006 01:07 pm CT (staten island, NY)

My wife and I are starting to have interest in buying our first house however my credit is less than stellar(mid 6's) and her's is excellent (over 800). I make a good living at about six figures and she is a stay at home mom. Will this be enough to get a mortgage? And how much could I expect to get approved for?

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Larry, As a very approximate rule of thumb, you can easily borrow 2 to 3 times your total gross annu...

[ Total Answers: 1 ]

 
 

Asked 12/05/2006 02:55 pm CT (Merritt Island, FL)

I have a first and second mortgage on my home with two different lenders. Can I refinance my first mortgage to get cash out, without touching my second mortgage?

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Hello Karin. There are situations in which your second mortgage lender will allow you to refinance ...

[ Total Answers: 2 ]

 
 

Asked 12/02/2006 02:28 pm CT (Charlotte, NC)

I was suppose to sell my house Nov.30. The day of the closing the buyer backed out of the deal. His financing was completed and all his paperwork was completed. He had the money for closing as well. His reason for not closing was that he just didn't feel like spending the money at this time. To get so close to selling my house and have this happen is extremly frustrating. Which leads me to my questions first I was under the understanding that this was a legally binding contract and if so what are my options against this buyer. Secondly I'm stuck paying two mortgages do you have any suggestions because I'm running low on funds. thanks

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Trae, Did you have an attorney represent you in this deal? NC requires them for title work, but n...

[ Total Answers: 2 ]

 
 

Asked 11/28/2006 05:41 pm CT (Las Vegas, NV)

I am currently looking to move out of state to Washington. I want to purchase my first house. I already quit my job in anticipation of the move (as well as other issues). What are my chances of getting a home loan on my own with no job, about 600K in the bank (I don't want to buy the house with cash) and decent credit. Will I need a co-signer who has a job first?

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I must concur with Darrell Justin Coleman

[ Total Answers: 2 ]

 
 

Asked 11/23/2006 02:00 pm CT (Dinwiddie, VA)

First loan purchased a single credit life insurance for $2,189.00 Question refianced loan with a different company will credit life ins. still be good. policy is under American Bankers Insurance

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I would review your actual Credit Life policy. If it did not transfer, you could be entitled to a pr...

[ Total Answers: 1 ]

 
 

Asked 11/07/2006 07:26 am CT (Rolling Meadows, IL)

hello, I have a few questions I wanted to ask: 1. If a house / condo has equity (lets say $15,000) - Can I take out that equity at the closing to help pay for renovation or to simply help make monthly payments on mortgage? 2. If so, is there a limit in equity amount I can take out at the closing, or I'm free to take out as much equity as there is in a house? (for example, if there is $20,000 in equity - can I take all $20,000 or only a certain percentage) 3. I'm buying a condo right now and I will have $180,000 mortgage. This is my first mortgage. I do not have money to qualify for an additional standard mortgage. If I find a property that has large equity that I can take out at the closing to help pay monthly fees, can I quality for an "investment property" loan in that case? 4. If so, having a excellent credit rating (775), using interest only loan - do I have a chance to quality for let's say $300,000 loan? 5. If I'm a disabled veteran with 30% documented disability and I'm currently a student - does it make any difference (interest discounts, etc) when qualifying for an "investment property" loan?

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Vadim, I would suggest that you find a trusted mortgage advisor in your area that you can sit and t...

[ Total Answers: 1 ]

 
 

Asked 10/30/2006 04:09 pm CT (wilmington, NC)

Our loan officer just forwarded a email from loan processor saying loan won't be ready for closing tomorrow, this is the contract deadline. She said probably wed and can do a short pay. What are they talking about? This is a first mortgage. Processor had this for over 2 weeks...

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For whatever reason, loan is not ready for closing on-time. Sometimes things happen, but appears ple...

[ Total Answers: 1 ]

 
 

Asked 10/26/2006 04:49 pm CT (Wilmington, NC)

If my closing is the last day of the month, when would my first payment be due?

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It depends on whether is a recission period. On purchases, the day you close becomes the initial da...

[ Total Answers: 2 ]

 
 

Asked 10/24/2006 05:41 pm CT (OLATHE, KS)

I RECENTLY REFINANCED DUE TO FINANCIAL ISSUES CAUSED BY BIRTH OF A SECOND CHILD AND MY HUSBAND CHANGING JOBS. IT STILL SEEMS THAT WE CAN'T AFFORD OUR HOUSE ANYMORE, BUT WON'T BE ABLE TO SELL IT FOR WHAT WE OWE. THERE IS A FIRST AND SECOND MORTGAGE. WHAT ARE OUR OPTIONS?

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Teresa, As you already know, you do not have many options. One may be to find an investor or someo...

[ Total Answers: 1 ]

 
 

Asked 10/16/2006 01:00 pm CT (Baltimore, MD)

We have been in our home for a little over 11 years and will for the first time be a few days late on our payment. Is it true that a mortgage company can foreclose on a mortgage if you are 3 times late? We are also in a Chapter 13 bankruptcy that will be finished in February 07 - we are paying our creditors $600 a month. Will this hurt us to be late four days? Thank you!

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Several different issues at work here. First, you're in Ch13 Bankruptcy, so it's important to pay o...

[ Total Answers: 2 ]

 
 

Asked 09/17/2006 05:50 pm CT (Mission, TX)

I am just curious about something. My husband and I purchased a house for 70,000 in November 2005 in South Texas. The house was appraised for 86,000. We have a 30 year mortgage and we pay 632.00 a month. We are now wanting to move to Iowa for personal reasons and are wondering how to go about selling our home already. Will we be able to get any money out of selling it? When we move to Iowa we will have to be paying rent at first plus our mortgage until it sells. That will be kind of hard on us to do. How long does it take on average for a home to sell?

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Hi Heather. You need to request a payoff on your home immediately. I'm not sure about Texas, but m...

[ Total Answers: 1 ]

 
 

Asked 09/16/2006 01:23 pm CT (Asheville, NC)

I want to get a second mortgage on my home to pay off all of my bills and purchase another car. My home is worth about $200,000 and I currently have a $140,000 primary mortgage and a $9000 second mortage (that would also be paid off in the process). I need about $35,000. The problem is that due to many unexpected medical bills that made me late on my current mortgage, my credit score is in the low 500's. My father has agreed to cosign with me and his score is 800+. I know there are some lenders that will allow for a non-occupying cosigners, but I don't know exactly what all this means. My first mortgage has a 5.25% rate and I want to get as low a rate on the second mortage as possible. Where do I find honest lenders that would be interested and would give me a reasonable rate?

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Your father can take out the mortgage for you, but you will not be able to obtain secondary financin...

[ Total Answers: 1 ]

 
 

Asked 08/26/2006 01:58 pm CT (lowell, MA)

I am looking at a home in NH and this will be my first....in trying to teach myself how to buy a home, i've realized you have to beware who you ask and who you trust. I've also come to the conclusion that there must be more available to me as a first time home buyer then what people are offering at the places i've inquired. So my question is simply this...can I roll my current bills into my new morgage ? I can easily afford the home i'm looking at put not with my current bills as well. ....and , is there any other special first time offers that might be appealing to me ? Thank you.

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I have written a helpful Home Buyers Handbook you can read at www.chrisgrauteam.com that may answer ...

[ Total Answers: 3 ]



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