I’m having trouble finding the law that states the answers for these. I’m only looking for the law that will answer my questions.
When I take my monthly draw from the bank from my reverse mortgage loan is that considered income? Also can I deduct the interest when it is added to the outstanding loan balance each month.
I have a personal loan with the bank for £15,000. I want to get a property, but I know I won’t be able to get a mortgage and pay the loan at the same time. I therefore wondered if it would be possible to incorporatre the loan into the mortage, so I basically add £15000 onto the mortgage. What do you think?
we konw vrey little ab out the holme loan bun
Is it better to seek out car loan from bank on own; or wait until im at the dealership and let them find one?
I recently closed escrow on a new home mortgage, but because of the recent chages in the home mortgage industry, the broker cannot sell the loan to a traditional bank. They are basically stuck with the loan. Is there anything I should be concerned with?
Is it risky taking out a no doc mortgage loan?
As joint tenant can one or the other borrower can report mortgage interest to the tax report.
I have a $530,000 all-interest mortgage loan. I am interested in refinancing soon, (if it is a good time to do so?) Should I refinance and add my $15,000 of personal debt to my new loan? Or should I get a personal loan for $15,000 from my bank?
Its realy not as hard as you think. Everyone has to start somewhere, every home owner was at one point a FTHB. My advice would be to talk to a mortgage professional to outline your options depending on your credit and income. There are literally hundreds of loan programs that you will fit into. After you know where you sit financialy, and are pre-qulified you can start looking for a home.
matt
I was on a site that gave a free audit to see if there were possible violations on my HUD-1 paperwork for my mortgage. It asked a few simple questions. From the info I gave, it showed that there might possibly be violations. What should I be looking for when hiring someone to do an audit?
Our mortgage company gave us until January 10 to pay a certain amount of money. They said if its not paid by that date they will accelerate the loan. What exactly does that mean?
Most banks will score you against pre-determined criteria within their individual lending policy. If you then pass the minimum internal level set by the bank, they will at that point refer your details to a Credit Reference Agency to check your repayment history.
Most major banks will utilise a combination of their internal credit score and a FICO Score (used by the credit reference agency) when deciding to agree or decline a mortgage loan.
From experience, if you pass the internal bank credit score, and your Credit Reference Agency Score/FICO Score is low, chances are they will still be willing to loan you the money, probably at a higher interest rate and with a larger deposit, and possibly asking you to correct some of the issues if past problems appear on your Credit File.
If you do not pass the internal credit score with the bank in the first instance, your loan will automatically be declined.
Every bank and lender has different internal scoring criteria. As a result, it is difficult to give a specific on what the ‘lowest credit score’ allowable is. Decisions to lend are not based purely on a credit score given by a credit reference agency, as indicated above.
I would suggest that due to the nature of how home lending is decisioned, you approach a lender specialising in sub-prime loans (if there are any left) – their initial internal credit scores tend to be more lenient, and they do not rely heavily on external Credit Reference Agency Scores.
Having been a banker in both the USA and UK, the lending process is virtually the same (with a few minor differences). Hope this helps.
160K loan
220K home price
25% down
Fico 800+
What rate do you think I can get for a home loan ?
Category
Business & Finance > Credit
I currently own a two family house with a mortgage and equity loan up to it’s current market value. Can I qualify for another mortgage because I want to buy another house. And how much would I have to put down? Bearing in mind that I am not interested in selling but would rent out the current house.
We will be signing for our first home next week. The mortgage lender owned the house and he is for our first year, financing us himself, because of our credit points. The second year, we are going to in house finance. Would we still qualify for the first time home buyer tax credit even though we have a different loan situation?
