Need Mortgage Loan Advice?
Question by kmlittlejohn: Need Mortgage Loan Advice? I need to refinance my house to get away from the THDA policies that restrict me from renting my house. My house is currently listed for sale, but due to the economy, it could be months/years before it sales and my family and I would like to move as soon as possible. If we refinanced we could at least rent the house if it came down to that. The bank is suggesting that I do a 3/1 or 5/1 ARM since I am planning to sell the house immediately. From what I hear, ARM’s are very scary and...
read moreCan anyone give me advice on a 2/28 mortgage loan?
Question by Machelle: Can anyone give me advice on a 2/28 mortgage loan? I have a chapter 7 bankruptcy discharged 2 years ago. My husband and i both have good jobs, (he a school teacher and me in insurance). We are wanting to purchase a home and the only option we are getting is this 2/28. of course the loan officer is advising us this will be fine to refinance in 2 years.. Has anyone had an experience with this. We are kinda freaked out and don’t want to get overwhelmed financially again Best answer: Answer by...
read moreMortgage loan question. Advice needed!
Question by MissyLPN: Mortgage loan question. Advice needed! $ 70,000 loan at 6percent w/ 0 down = mortgage of 631/mo, any way to get a lower monthly payment? Question:I live in Muskingum County (Zanesville, Ohio) and I recently fell in love w/ a home that I would love to purchase, although the monthly payments are a bit more than I can afford. The house is bank owned and when I check recent sales on the address it says it sold recently for about 66k, I’m assuming that is what the bank that owns it now (in California,) paid for it, but...
read moreMortgage loan HELP/advice!!!!?
Question by gizsmox: Mortgage loan HELP/advice!!!!? I need advice or your thoughts. My wife and I are going through the underwriting process for our mortgage right now. When the agent was getting the paperwork ready she wanted to us to have companies fax over 1 year of documented paperwork, and suggested Electricity bills and American family insurance bills. so that’s done, we are still waiting to hear, but upon googling the underwriting process, I read that the person doing the underwriting may come back and first give us a...
read moreIs it better to have multiple credit cards or one loan when applying for a mortgage?
Question by Sandie: Is it better to have multiple credit cards or one loan when applying for a mortgage? I was just wondering whether i should consolidate my debt before applying for a mortgage – any advice would be greatly appreciated! Best answer: Answer by BarathnaWell they will still be looking at the total amount of debt when you apply for the mortgage. they look at your credit score and how much liability you have lying around. When i applied for my mortgage they wanted to know everything, bank statements, job history, pay rate,...
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