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Asked 02/28/2007 01:42 am CT (san jose, CA)

How can I submit a loan package directly to a lender to get wholesale pricing as to avoid fees from the broker such as origination, yield spread premium and other inflated charges. I could easily order an appraisel from a licensed appraiser, order my own credit report from the internet, fill out the 1003 form and various other forms and provide the underwriter all the additional documentation and conditions needed. This would save me thousands by eliminating the middleman since I know exactly what type of loan I want. I'm frustrated because I can't do it myself and get wholesale pricing (par rates). Is this possible and what lender will do this for me?

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Rick - I would also pose this question. What is it that you do for a living and do you work for fre...

[ Total Answers: 5 ]

 
 

Asked 02/23/2007 12:04 pm CT (sabattus, ME)

what is the pay off on my existing home loan#

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Hi Arthur, this is the administrator. You should contact your lender to get that information....

[ Total Answers: 1 ]

 
 

Asked 02/19/2007 04:23 pm CT (Newark, OH)

How long do I have to pay PMI on my mortgage loan?

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There are several ways you may eliminate PMI from your mortgage loan. The first is calculated off of...

[ Total Answers: 1 ]

 
 

Asked 02/14/2007 05:13 pm CT (birch bay, WA)

what type of doc do i need for a no doc no asset loan? My mortgage broker just asked my for 12 month rent receipts, what other documentation will he ask for?

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That question would depend on lender guidelins. No Doc loans are only based off of your credit profi...

[ Total Answers: 1 ]

 
 

Asked 02/13/2007 05:44 pm CT (laplata, MD)

iam ready to build a house. but due to the prices in my area, ineed more income to get a loan. i only make 35,000 a year ,and the house that i like is 350,000.00 to build on my own lot . that is cheaper then to buy! but what i need to know is ,if i get a basement can i use that for income to qualify for mortgage, plus my mother will be living with me that is also more income ? so iam looking at least 2,000.00 extra a month does that sound like something that can happen thanks

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you would need a more in depth consultation with a loan expert to be able to answer this question. C...

[ Total Answers: 1 ]

 
 

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 01/31/2007 09:25 am CT (Baltimore, MD)

I am looking at businesses that are for sale, can you give me some info on how to obtain financing for this? Would it be similar to a residential mortgage loan?

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Mo: If the loan is below 1.5M, the process is similar to a residential mortgage. There are progr...

[ Total Answers: 2 ]

 
 

Asked 01/30/2007 08:31 am CT (Elk Grove, CA)

I'm in California. I have an employee that claims if she is moved to a salaried position versus hourly (same pay) that she will be able to get a home loan. Is there a preference that an employee be salaried versus hourly for a home loan?

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Alan, This should not be an issue. Have you employee give me a call so I can get some additional in...

[ Total Answers: 1 ]

 
 

Asked 01/26/2007 07:21 am CT (Naugatuck, CT)

My husband and i are facing forcloser and we want to save our house is there a company that will refinance our loan even if our credit score is under 500? Please can you help us?

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With those scores, most lenders would not lend you more than 70% of the value of your home. Be caut...

[ Total Answers: 3 ]

 
 

Asked 01/25/2007 08:22 pm CT (BARTLETT, TN)

iF i SELL MY HOME AND DON'T MAKE ENOUGH TO PAY OFF EXISTING MORTGAGE, ARE THEIR ANY LOAN PROGRAMS THAT ALLOW YOU TO BORROW ENOUGHT TO PAY OFF OLD LOAN AND FINANCE NEW ONE. i KNOW THERE ARE INSTALLMENT LOANS THAT DO THAT FOR CAR FINANCING.

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I'm not aware of a mortgage program that would allow what you ask. You could ask a lender to look i...

[ Total Answers: 1 ]

 
 

Asked 01/24/2007 04:35 pm CT (fontana, CA)

My former boyfriend credit was used to get the house I am living right now. He paid about half of the down payment and put my name on the title. My question is as he is now an ex boyfriend what is the best way to get his name out. Is it by me reapplying for another loan, my credit is very bad. But I can prove that I am paying the loan amount from day one. Can I assumed the loan since I am the one paying it? Thanks for your help!

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If the loan if an FHA or VA, it may be assumable. You would have to contact the current lender. Fi...

[ Total Answers: 5 ]

 
 

Asked 01/24/2007 03:01 pm CT (palm springs, CA)

If I have aestablished a mortgage loan and quit claim the deed to another party. I am still resposible for the mortgage?

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Hi Dee, The only way to get yourself out of the responsibility of the mortgage is to pay it off by s...

[ Total Answers: 4 ]

 
 

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 01/22/2007 02:14 pm CT (newark, CA)

The mortgage broker I was working with but whose loan I decided against refuses to give me a copy of my appraisal that I paid for but she ordered. Is it legal for her to do that?

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Well I am not an attorney But my understanding is that she ordered the appraisal and has the rights ...

[ Total Answers: 3 ]

 
 

Asked 01/22/2007 02:09 pm CT (newark, CA)

The mortgage broker I was working with but whose loan I decided against refuses to give me a copy of my appraisal that I paid for but she ordered. Is it legal for her to do that?

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You absolutely have the right to a copy. There have been some changes with how the appraisers releas...

[ Total Answers: 2 ]

 
 

Asked 01/21/2007 12:57 pm CT (gilbert, AZ)

Can you explain a 30yr conv jumbo payoption ARM loan?

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Linda, As discribed above the "Pay Option" ARM will give you different payment choices each month o...

[ Total Answers: 2 ]

 
 

Asked 01/21/2007 12:53 pm CT (gilbert, AZ)

Can you use rental income from a home that is not a legal 2 family house and the income is not reported to the government for your income to secure a loan

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Linda, NO, if you are not reporting this income then mortgage professionals cannot use this income ...

[ Total Answers: 2 ]

 
 

Asked 01/17/2007 11:43 am CT (Akron, OH)

how do i signoff on house loan. see when bought it me an my xwife both sign it now my credit is messed up cause of her being late on payment

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Hi Tim, In order for you to get yourself out of the responsibility of the mortgage, you would need y...

[ Total Answers: 1 ]

 
 

Asked 01/14/2007 03:27 pm CT (Detroi, MI)

I took out what is called an option ARM but do not feel I was told about how bad of a loan it was. I've been reading in the paper and in magazine about home many people will lose their homes because of this loan. Why is this loan even offered and what can I do now?

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Hugh, what appealed to you when you took this loan out? Was it the low interest rate & payment? Fo...

[ Total Answers: 3 ]

 
 

Asked 01/14/2007 02:46 pm CT (East Peoria, IL)

My son and daughter-in-law are looking to buy a home and are interested in a brand new double wide manufactured home. My question is can they still get a 30 year mortgage loan or do you have to apply for a different kind of loan for a manufactured home? Also, they likely will need a 100% mortgage or a very minimal down payment, they are very young and just starting out. I hoep you can help me.

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Michele, I lend on many manufactured homes. You best option for these homes is to go with FHA fi...

[ Total Answers: 2 ]



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