Mr. Knowledge asked:


I have been Pre-approved for a home loan. I understand that a pre-approval does not actually mean that I am completely approved to receive the loan, but it looks good during the house hunting process. I was Pre-approved by the lending company that I was referred to, by the builder of the homes that my wife and I are interested in. We know which house and what upgrades want, but we are still a little unsure of how this process works. What happens now?

Do we contact the builder and pick our colors for everything and start construction on the house? Again, we are unsure and it is late at night right now so I can’t call and question the lender so I turned to Yahoo Answers once again!

Marian

sondrassssssss asked:


I fell behind in my mortgage payments and am now facing forclosure. I was advised to contact my mortgage company, they are required to work with me under some new laws. They are continuing with forclosure. Is there anything I can do? I am currently paying 11 % interest as I got suckered into one of those idiot loans. My house was appraised at $225,000.00 last November, and I refinanced at that same time for $140,000.00. I am currently working.

Agnes

Not so looney afterall asked:


Two years ago we lived in California, where our mortgage was ASTRONOMICAL. We sold our house and paid off the loan. We moved to another state and bought our new house with cash. We are now in the process of getting a small mortgage to put toward home improvements. Yesterday, my husband’s credit score came back as 744- yea! But also the report showed two late payments on the old house before we sold it. The mortgage company wants us to contact the old mortgage company and find out why those payments were late. The truth is I know they were late because we had a temporary employment issue- but then we got back on track for several payments before we sold the house- and then paid off the loan anyway. I guess, despite the excellent credit rating, this might affect our interest rate on the new loan. Please advise how I should approach the old mortgage company so we can get the best rate on the new loan. Thanks!

Terri