Liz Marsden asked:




Damaged credit ratings can happen so easily and often people have no idea that they’re considered a poor credit risk by loan companies or their bank. The first they know about it is when they check their credit rating file.

Or they become aware of the problem when they apply for a loan, credit card or mortgage and their application is refused. When the refusal is questioned they realise that a previous, apparently minor financial problem has damaged their rating.

Adding to the problem is that the refusal of a credit application will also appear on your file as a negative… It doesn’t seem fair does it? That’s why it’s important that before you apply for credit you check your credit rating file.

When credit conditions were easier, and that’s not too long ago, these minor factors were pretty much ignored by loan companies who were rushing to try and push credit cards and loans onto people. Wow, how times have changed…

So, how do you improve your credit rating? What can you do? Well, you can apply for a credit repair credit card and there are a number of companies supplying these.

Credit repair cards are an ideal way of raising credit. The main benefit is that if you have a poor credit history they will enable you to prove that you can organise your finances and behave responsibly. For example you can show that you can make payments on time, not exceed your credit limit and repay more than the minimum amount each month.

You will only be allowed a reduced level of borrowing with a credit repair card but the idea isn’t to go on a spending spree! In fact the last thing is to be able to get into debt again!

Credit repair cards charge a higher rate of interest than mainstream credit cards, but if you use them carefully and pay off all or most of the balance each month the interest paid will be low.

Once you have proved you can manage your credit repair card you will once more be able to apply for loans, mortgages and regular credit cards.

Craig

Kara C asked:


Does anyone have experience with this sort of thing. I am currently in the military. I have a credit score of 696. I am buying my first home so I am thinking of going VA. Really I am not sure yet if that is best. I want to purchase a house at 146,000. What do you think or advice you may have??

Russell

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

Nasim P asked:


hi,

I have mortgage with chase and I am trying to modify my loan for a lower interest rate. After talking to the loan modification department, adviced told to skip my payment for 3 months, and set the money aside. My question is
1) Will it hit my credit report and hurt my FICO score?
2) if so how long it will stay in my credit report.

Thanks in advance for the advice.

George

Carmen

Michael A. Goldstein asked:




If you are behind on your mortgage payments or are struggling to stay current on your loan payments, you may have considered refinancing your loan. However, if you have been turned down for a refinancing, and your home is worth less then you owe on it, you may be able to modify your loan. Below are several tips to successfully modify your existing loan, even if you do not have good credit.

Prepare a detailed document listing all of your income, assets and debts both secured and unsecured. More specifically, you should list out any income from wages, investments, social security, etc. You should also list any assets you have, such as investments, stocks, bonds, money in any checking or savings account, 401K, and fair market value of any additional real estate. You should list out all secured debts, such as 1st and 2nd mortgages, car loans, and any credit cards that use property as collateral, such as jewelry. Finally, you should list your home expenses, such as utilities, credit card bills, educational expenses and any other monthly expense that you incur. Draft a short hardship letter. Every loan modification has a story behind it. You need to tell the most compelling story as to why you can not stay current with your mortgage, or why you need to modify the loan to enable you to conduct some other life necessity. Prepare all of your financial documents such as: two years of tax returns, six months of bank statements, three months of pay stubs, Proof of home insurance. Form your negotiation strategy You want the bank to believe it is in their interest to modify the loan. As such, you want to remind the bank that you do want to remain in the home, but should no modification be entered into, you may have to file bankruptcy and force the lender to foreclose on your home, thereby incurring all of the legal fees and financial losses of selling your home in a depressed market. Always ask for more then you expect or want (It never hurts to ask) You want to leave room to negotiate to your eventual goal Typically start at 70% of your goal. When forming your offer, make sure you have thrown in a few items, you do not need, but can use a bargaining chips by taking them off the table. When the bank makes their first offer, you want to counter without emotion. For example you can say “let me see if that number will work for me, I need to run my numbers and get back to you with in 48 hours. I will need to speak to my attorney or broker first.” As discussed earlier, when negotiating with a bank, you may want to imply that should the loan modification or short sale not work out at the walk away price, the bank will end up taking the property and incur all the foreclosure sale fees involved. This is especially important in a depressed market, where it is unlikely the bank will recoup their return on investment. Banks do not want to owe properties in this market.


If after talking with your lender you have not received the results that you need, please feel free to contact our law office.

Willie

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

Chris Borthwick asked:




It has never been harder than at the moment to get a mortgage with the current economic state. This guide has been created to provide practical tips to anyone looking to get a mortgage whether it’d be for a London or Aberdeen mortgage or anywhere in between.

Borrowing

First things first, you need to see how much you can borrow, generally mortgage lenders will allow you to borrow three times your salary or if you are buying with someone else it will likely be two and a half times of the joint salary.

There are other options to consider so don’t worry if you can’t afford to buy your ideal home using the above methods. One option lenders offer is to allow two people to buy together giving three times the salary of the larger salary and one times the lesser. Other options include if you want to rent a room out you can add this income to your salary before income assessments are calculated. It is worth searching the market to see what options lenders are offering as they often change, using a mortgage broker will help you search the market without the hassle.

Final tip for borrowing – been honest! If you hide information on debt or county court judgements held when you take a mortgage it can come back to affect you greatly, later on.

Deposits

Banks are being understandably more careful with their lending. The size of the deposit makes a huge difference not only in terms of being able to acquire a mortgage but at a decent rate. Larger deposits are needed to secure a mortgage so if you can hold on a little longer, save up a bigger deposit it will save you money in the long run. Many work overtime or take a second job and/or live at home to save money as quickly as possible. Bigger deposit -means a much better deal.

Although there are no 100% or 125% mortgages on the market as at time of writing (and unlikely soon) you do have the Family Equity Loan Plan mortgage where a parent or close family relative will take an equity stake in the property when paying for part of the home.

If you are in Scotland you also have the option of the new LIFT mortgage scheme were the government will take a stake in the property, allowing you to get that property of your dreams.

Mortgage Broker

Using the services of a mortgage broker is a good place to start. A good mortgage broker will search the whole of the market to ensure you find the best deal available whether it’d be for an Aberdeen Mortgage, London or anywhere else in the UK.

Walter

Michael Petrone asked:




Although it can be confusing and seem hard to figure out, it is important you understand the terms and standard procedures which will occur when you get a home loan modification. Federal loan modification programs will require that you meet certain requirements for eligibility when applying for a modification and hoping to use a Government plan, such as the “Making Home Affordable” plan. For the absolute best chance of being approved for a home loan modification, it is necessary that you know the basics.

Home Loan Modification Terms.

These are the guidelines, terms, conditions, as well as methods, which will allow you to modify your home mortgage loan into a much more affordable payment, with better interest rates. Generally, terms of a home loan can changed to reduce the interest, deferring some of the principal, or extending the length of the home loan. Every different mortgage lender and bank will have slightly different requirements for who will be approved for a home mortgage modification through the Federal plans that are available. Make sure you know exactly what is required prior to applying for home mortgage loan modification. This way you ensure you will be approved for the best refinancing or modification deal possible.

The Standard Procedures of a Home Mortgage Loan Modification.

When applying for a home mortgage modification, their will be certain steps which must be followed depending on the type of modification, and the lenders requirements. Most certainly, a part of this procedure will require financial statements such as pay stubs, tax returns, bills, expenses, monthly budgets, bank statements, or other paperwork relating to your monthly and future financial situation. Next, pending you meet the requirements from your mortgage lender or bank, you will interview with the mortgage lender. They will basically review your documents, discuss your options, and give you the appropriate mortgage modification package for your financial situation.

If you are one of the many homeowners who is at risk of losing your home, do not wait any longer. Take action now and get a home mortgage modification through Obamas “Making Home Affordable” plan and start seeing the savings add up.

Vicki

Chris asked:


Hi,

My wife and I are buying a new condo in NYC. Exciting…yes. However, we are trying to get our loan in place. Initially, my wife and I were both on the loan and we were quoted the rate of 5.375 by our broker. It turns out that by using my credit score alone we can get 5.25. Not a huge difference, but it all helps.

Question is, we had borrowed half of her 401k to put towards the down payment and I wondered if we are still eligible to use that if she is not on the mortgage?

Any advice much appreciated

Thanks.

Raymond

Kristen asked:


So, I’m in the process of trying to have my loan “re-modified” as I’m upside down in my house now (I bought it for $310,000 2.5 yeras ago, I owe $240,000 on it now, and it would only sell for about $210,000 if I’m lucky). So, I’m getting ready to have renters move into the house. They will not be paying me enough to cover my mortgage, but only a couple hundred dollars off. So, here’s where it gets tricky. Apparently to remodify a loan, the mortgage company won’t even entertain the idea until I am approx 3 months behind on payments, so I have stopped paying my mortgage in order to make this happen. BUT – when i have renters in the house, am I legally obligated to send their rent money into the mortgage company? Becasue that obviosuly negates what I’m trying to do. Any advice or insight?

Lauren

jonathanj003 asked:


I am currently applying for a mortgage and qualify no problem by myself and on my credit for a good sized mortgage with my current financial status. However, I am starting school back this semester and am needing to take out a large student loan (~$15,000). How bad will this effect me getting my mortgage? Student loan payments will be deferred until graduation so there will be no monthly payments for a few years. If I have to do them both (and yes I need to) should I wait until the underwriters approve my mortgage and then continue with my student loan application? I may have to take out my student loan before the mortgage–how would this effect it?

Sorry for so many questions….just looking for some advice.

Elsie

Pinki Gupta asked:


Mortgage loan or Bad Credit Home Refinance-What You Need to Know

With the current economic crisis, plain those who never defaulted repercussion their payments are now stuck with a bad credit rating. There are several reasons to rightful.Visit here http://first-mortgage-quote.blogspot.com

 Job loss, salary cuts or commensurate gather in overall prices.Getting a home loan or repaying unequaled could get a bit difficult. With bad credit home refinance, you can now improve your credit rating further repay your home loan as well. However, looking for the due financing convoy is not straightforward. You bequeath thirst to initiate a thorough survey for the fitting company.Although masterly are a few companies who commit let you bring off a refinance loan for your home mortgage, it could be difficult to find only that suits you best. This is because hugely pecuniary institutions find it difficult to give loans to someone who under consideration has a bad conviction rating. They are unsure if you can pay evolvement the loan interest. This makes it aspect to negotiate to find a financer with favorable terms further conditions.

With the seemly reach, you can however find a financer who will offer you a deal that will cream your situations. proficient are a few companies who are willing to negotiate with you, whereas they already undergo that you are in a difficult situation further require a loan to get out of it. They might useful cross-examine you for a few more documents whence that they know they are offering the loan to the right individual.Although camouflage a refinance loan option your interest rates will increase, you can check with financers if they will intention the interest period for a longer time. This should help impair the relate rate that you need to pay record. If the interest rates are prime further beyond your means, it is advisable to skip that bad credit home refinance choice further choose the one that suits you best.Visit here http://first-mortgage-quote.blogspot.com



Angela

browndog513 asked:


mortgage? I have been interested in refinancing because of being caught in a interest only loan because I can’t afford a conventional loan. I heard about this loan from Chase Colby. I am afraid to get into something that I don’t know about. If anyone knows if this is a good thing to get into. Please give me some advise. Thank You

Erik

itsallaboutobama asked:


I work for loan officer MTG or mortgage broker. He constantly belittles me and after while he has gotten to me. I cry at night because I’m not happy working for him. But at the same time I know that I won’t make the same income somewhere else. I was hired at 19 yrs old and made $30,000/yr. Now I feel trapped because I wonder where am I going to find another job with the same pay. I’m IN Los Angeles, CA. Now I’m 21 yrs and feel a need for a change.

I’m tired of being blamed for everything that goes wrong. I wish I knew someone who could mentor me in becoming a loan rep. But I guess that’s for the privileged or just lucky one’s I guess. HELP

Richard

Adam Quasde asked:


If you have mortgages and loans you want to keep track it is advisable to calculate it. There are a few ways to do that. Two of these are through the spreadsheet application and the other through the use of loan calculators.

To calculate mortgage loan payments, you have to have the following:

Amount Interest Rate Payment Period

These are the basic needs in computing for your mortgage loan payments. There may be a few additions especially for the online loan calculators so it’s best that you have those as well.

In using spreadsheet application (Microsoft Excel in windows), you make use of the PMT and IPMT functions. The figures that you need to enter here are:

Rate – or the interest rate you have for the loan Per – the period of the payment being computed Nper – number of payment or the terms Pv – the total amount of the series of future payments is worth Fv – the cash value attained after the payment Type – Logical value. 1 = payment at the beginning of the period or 0 = omitted

In using the loan calculators, what you need are the three (3) items stated above. All you have to do is to enter the values and it will do the computing for you. There are other loan calculators that ask for other information such as location this is because there are some states that have additional costs to be added to your loan. Another feature in online loan calculators is the table of payments in breakdown.

This article is all about how to calculate your mortgage payments.



Andrea