Matt asked:


We are considering a refinance at a sub-prime lending rate of 9.1% fixed, 50-year mortgage. I’m told that when working with mortgage companies it is a good idea to get a couple different good faith estimates to see if there are any added line item charges that shouldn’t be there. Here are some of what they propose to charge us for. Should we question any of them?

Loan origination fee
Appraisal fee
Credit report
Admin & Underwriting fee
Flood cert fee
Tax service fee
Closing/escrow fee
Title insurance
Endorsements
Gov Serv
Title doc prep
Recording fees
Reconveyance fee
Hazzard insurance premium
Taxes and assessment reserves

With so many added fees, how can you tell which are supposed to be there and which are padding the broker?
If it is pure profit, how does one avoid paying the listed charges – don’t all mortgage companies need to make some profit?

Sally

bamtastic_xicano asked:


Both of my parents applied for an FHA Loan on a foreclosed property. The property was already inspected, appraised, and all of my parents credit and income has been verified by the Lender. The lender already approved the loan and all of the prior to doc conditions have been satisfied. However, almost two weeks later we still do not have loan docs. My agent has already had to extend the closing date 2 times and he is about to ask for another one.
According to the loan officer the FHA processor made a mistake on the loan case number and property address and because of that we have not gotten loan docs until they resolve that. My loan officer, agent, and underwriter have been on the phone with the FHA processor for this loan and all we get is “It should be taken care of today or by tomorrow morning” or “Its on my to do list for today.” Almost two weeks later after the lender approval and still no loan docs.
My parents and I are very concerned about having to ask for a third extension on the closing date and about what is going on, any advice on what we should do? Is there somewhere (FHA number) we can call ourselves to see whats going on? By the way, I asked my loan officer to ask FHA for proof of the mistake on their paperwork and they did sent a couple of documents with a couple of mistakes in the property address.

Pedro

CEESONE asked:


Before everyone jumps the gun and says dont do it, please hear me out! Option Arm’s?? How can I make this loan work for me! I have read several horror stories that people have lost thousands by choosing this type of loan. I would like to hear some success stories with individuals who have used a loan like this or similiar to this! I realize the risks involved, I am not trying to buy a bigger house than I can afford. I will be buying a home which the interest will only option will still be managable for us! But would still like the option of paying less so we can fix up the house we purchase. We plan on buying a home thats not cosmetically sound in a good neighborhood and fixing it up! I understand the market has cooled, but I don’t believe this will stop people from buying a good home in a good neighborbood for a good price when I choose to sell a couple years from now! I am not trying to make a million, but would like to turn a good profit in turn so we can buy a better home!!

Jerry

thatgirl_913 asked:


“They generally look at deposits only, and will use your last 12 month average of monthly deposits as your income. This enables you to go full doc, and you can easily get the loan done.” – Advice given to me, but don’t know where to find a mortgage company that will do this.
This is an addition to my other question on Mortgages. I am self-employed with good credit.

Frank

deserae007 asked:


I am going to work as a loan originator for a small company but I am having trouble finding potential borrowers. I thought leads would get me off to a good start until I make better contacts. I am young and unexperienced and this is my first loan/mortgage related job, so I need as much advice as possible. Please help!!!

Samantha

Peyton asked:


Please Please go easy on me, I am hoping to be a first time house owner.

Two Questions:
1) If a house you are buying is appraised for $30,000 and you are buying the house for $20,000. Can you get a loan (mortgage) for $30,000 (so I can take the extra $10,000 to fix up the place)?

2) What would be one advice would you give a 1st time home buyer, that YOU wished you knew when buying a house.

Thank you!

Sue

AbileneTxen asked:


My husband and I are trying to get a home loan (we only need 20,000) for a home we are looking to purchase in TX. This would be our primary home. My husband’s score is 573 and we need to get this done as soon as possible. We have a small dp to put down (1,000 or so), any advice?

Harry

Jessica asked:


home? The 1st mortgage is current I owe them $250k. The property value is only $215k. The 2nd lienholder are “private investors”; and they have sent me a trustee sale notice which has no opening bid. I matched the recorders office instrument # and it belongs to another property which is not even my property! to me it seems like they are faking the notice of trustee sale becuase it is not recorded? I have been getting advice out there and Ive been told I can file a bankrupty ch13. What to do ? help? Can they foreclose even though my 1st mortgage is being payed current ? and plus there is no equity?

ps I stopped paying because I couldt afford to pay these private investors anymore an interest rate of 13%.

also the property is in California, LA county

Marcia

Mr. Anonymous asked:


Yesterday I got a letter from my bank, they are offering me to pay about half of my second mortgage loan and saying that, if I do it, “my loan will be considered payed in full”. They also say they will give me an IRS 1099-C form for the amount forgiven.

I have never been late in a payment but I have a terrible loan (balloon), I don’t trust my bank and I was considering refinancing soon (it might not be possible as my loan is higher than what my house is appraised for).

Should I take the offer? Will this inflate my income and kill me at taxes time? What questions should I be asking? Is it as good as it seems?

Professional advice is very welcome.
Ok, the answers up till now seem really good but I want to put a little bit more detail to see is it can help me get even better answers:

First Loan:
$189,000 30 years (5 years interest only)
6.5% APR for the first 5 year, then it will go up

Second Loan:
$45,000 30 years fixed
13% APR
***offered to pay only $20,000 to pay it off***

My loans total: $234,000
My house is now worth: about $220,000
My mortgage bank is Aurora Loan Services, just do a search for their company name online and you will know why I don’t trust them. I called them today and they said there was no more information that I could get, just the letter, that’s it. They were kind but not helpful at all and I have only 30 days to take the offer and send my money order… because they will not take a bank wire or any other more secure kind of payment.

Franklin

Mom of 2 great boys asked:


I’ve asked this question before about campers, trailers, permanent sites at a camping ground in South Carolina.

I am doing alot of research here and many of my feedbacks have been negative about any bank or financial institute even considering a 2nd mortgage or loan to purchase one of these so called trailers in a campground.

I also am getting negative feedbacks on the resale value on these structures.

Anyone know, or how to go about looking for a reputable lender in South Carolina? I am in North Carolina and my broker does not know anyone nor does he have any advice for me on this situation. He told me to check in South Carolina.

So, here I am asking you.

Any help will be greatly appreciated.

Wilma

Brian K asked:


Here is the run down; A friend bought a home in 1980 for $45,000, he put $15,000 down. The mortgage was perfect for over two decades, the payment was not even $300 a month. he thought the mortgage would be over in 2010. Within the last 5 years things have made a turn for the worst. His wife has done things to the mortgage and he does not understand what has been done, nor is he being told what has happened. Essentially, the mortgage debt now stands at $73,000 and the past two years has paid very little off the total debt, it seems all that is being paid is interest and a small amount at that. So what has happened, what has she done? What amount likely was taken out in a Equity Loan and was a refinance done? What can I tell him to help him and what can be done. This is in New York State as well.
She did trick him into signing docs once, he is a man who doesnt know english well and just goes to work everyday, this is all he has known for the last 35 years. Now he has this BIG problem at age 63 and wonders how to fix it.

Mike