by aagius

Question by RB: What types of things do you need to present to get a pre-approval for a home loan?
My boyfriend and I are starting to look at houses. We want to get a pre-approval amount for a home loan so we know about how much we can spend for the house. What types of things do we need to bring to the bank or to a loan agency?

Best answer:

Answer by joy
ask the bank what they need

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Question by lbbecker_1: how do i refinance a car with past due bills?
I need to refinance my car to try and get out of debt, but I also have past due credit cards. It seems as though to get help with either one they want the other situation to disappear.

Best answer:

Answer by jonathanstrusz
Go to a credit union and become a member, most times they will take on your laons and give you better rates.

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Question by seriously77@sbcglobal.net: Is there a home loan for a person with k in student loans and no down payment?
I am a single parent who just finished college. I have $ 60k in student loans and no savings to speak of. I have an amazing offer to purchase a home for what the current owner owes on it, but I don’t know where to even start looking for a bank/agency who will give me a loan with my background. Any advice?

Best answer:

Answer by Fort Sill Army Wife
You will need to get the 60,000 cleared up unless you make some amazing amount a year, plus with no savings, no down payment, theres no way you would be approved. you must have a 2 year steady work history , 20% down payment for conventional loan or 3.5% for FHA loan, plus you will need earnest money, money for inspection, and money for closing costs.

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Question by jan h: How do I go about getting a personal loan for 10,000?This loan is to purchase a home,?
I have tried several companies about a home loan but they say 10,000 is too low. By the way this loan would be to purchase a mobile home.

Best answer:

Answer by proudgrl84
Try asking for a PERSONAL loan of $ 10,000. $ 10,000 is too low for a home loan. And don’t worry, your interset rate won’t be too high, but it won’t be too low either.

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by Susan E Adams

Question by mmc-1212: What is happening to the mortgage industry?
I was just laid off from my mortgage-title company along with 25 other employees, it seems there are more layoffs coming, if anyone out there currently work or are connected with countrywide there is an other layoff coming in a few weeks. We got no warning, no severance and not even out vacation time. Just wanted to warn a few people.

Best answer:

Answer by aswkingfish
It is called greed and preying on the innocent that caused your problem. Its not your fault it is your employer’s fault. I see a big class action lawsuit coming in the near future.

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by David 23

Question by js: How can I find out if I can refinance my condo?
I own a condo which I have been renting out for the past two years. I was just wondering if there is any program under which I can refinance the condo which is not my primary residence. If anyone is aware of any such program, could you please post it here. A few more details: Condo is presumably under water currently, I am up-to-date on payments and never more than 30 days late, the mortgage is backed by Fannie Mae.

Best answer:

Answer by linkus86
It is impossible to refinance an underwater investment property. Sorry. Your only hope would be to pay down the principal to get it above water.

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by 401K

Question by Sarah C: How do mortgage companies make their money?
Do mortgage companies make money by offering a higher interest rate. For example- one mortgage lender is offering 6.5, and mine is offering 6.75. If they are both equal for service, closing costs, etc., how could one offer a lower rate? Do they stand to make money off of the extra .25%? I tried to negotiate the rate with my current lender, down to 6.5%, but they told me they could not. Are they lying, because they feel they already “have me”?
But isn’t their rate, based somehow on the fed rate?

Best answer:

Answer by draco3838
two words: interest rate.

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by woodleywonderworks

Question by Joe T: Does anyone know of an online mortgage company that offers gift cards with refinance?
mortgage, refinance, home equity, bad credit mortgage

Best answer:

Answer by mikegs400
Dont pick a mortgage co for gift card.

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Question by JessicaZ: Need to Refinance an adjustable rate mortgage with so-so credit?
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 $ 240K, we have $ 25K in debt, and we make about $ 140K per year.
Thanks Bob,

But we really can’t afford the extra costs. Our payment went from $ 1100 per month to $ 1680 per month.

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

Best answer:

Answer by Bob D
You can get a re-fi but you may not like the rate. Better off getting the credit score up to 640-660 would better then refi. Rates for medium to bad crdit have gone way up. Good credits have dropped. Your income is high enough that you can afford the extra months on the ARM until the credit score goes up. You may have to reduce extra expenses for a few months. Don’t go chasing multiple re-fi’s because each time you do it costs 3-5 grand. you need to factor that into the equation. My best advice. get credit score up and when mid -score of the three hits 660. Then refi.

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by G@ttoGiallo

Question by Running Man: What happens to your home mortgage when you die?
Is it possible for a home mortgage to dissolved upon the home owner or borrowers death? I figured the estate or family is responsible but what if the home has no next of kin or goes to the state or something. Question has come up a few times in conversation. Called a big bank and they don’t know how to answer this question. Does this have anything to do with recourse and/or non recourse?

Best answer:

Answer by Bill M
If there is no family and no will the house would probably belong to the bank.

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