qadata asked:


History: This person applied for home mortgage loan 7 months ago. At that time he did not have any liabilities/loans and had funds in his bank account too.

Bank went through loan approval process and approved this person for several types of loans (80/20, 80/15/5, etc) after looking into salary, bank statements, etc. This person went ahead and signed a contract with builder to build a new house.

Things have changed and now this person does not have money to make even 5% down and still wants to proceed with home purchse since there are enough credit card balance transfer offers he can use to make 5% or even 20% down without a problem.

I guess my question is would bank have any issues with down payment using credit card balance transfer? Is there a possibility bank would know this person ows money to a credit card company (if not timed properly since they are going to run a credit report again)? Has anybody done it before? any legal issues with this approach?

Thanks!
QAData

Cory

amny asked:


I am thinking of refinancing and Chase Bank is ready to give a 10 yr 170k home equity loan. Is this a better than my existing home mortgage loan. Is there anyone who has suggestions for this.

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Gerald Greene asked:


Getting a home mortgage is not too difficult for people with good credit ratings. But how about finding a home mortgage for bad credit would be home buyers? Lenders will always check the credit rating of applicants before considering them for a home loan mortgage.

Every person who plans to get a home mortgage in the future should strive to maintain a good credit rating. If you have a bad credit rating in today’s mortgage market you will have to improve it in order to get a home mortgage loan. With lenders still reeling from the sub prime mortgage lending disaster home mortgage for bad credit applicants are just not going to be approved in the present market for home mortgages.

A person’s credit rating is usually based on the reports submitted by companies he has done business with on a credit basis. The reports of these companies summarize the credit transactions of a person. It is then compiled and from such reports comes the credit score of person.

A person with a credit score of 620 below is considered to have bad credit. The higher the credit score of a person the more chances he has of getting his home mortgage approved. Even small delays in making payments will adversely impact your credit score and make getting a home mortgage loan all the more difficult. You must make all of your loan payments on time, every time.

However, the credit score of a person does not always reflect the true status of his credit reputation. Some people get low credit scores not because they have unpaid bills or they incurred late payments but because they do not have enough credit transactions and credit history.

A good credit reputation is not earned overnight. A person has to work hard over a period of time to build up his credit score. If he is concerned about his credit rating then he should always check his credit report and make sure that all transactions reported there are valid. If there is a dispute on certain transactions then he should immediately call it to the attention of the company concerned and have the changes reflected on the credit report.

A person who wants to have a good and reliable credit report should be mindful of his credit report status. He should keep a record of what and how much he owes and pay all bills on time. A person should never incur a debt if he is not sure how the debt can be repaid on time.

While the use of credit is an efficient and convenient way of making purchases, every person who uses credit cards should keep credit balances to a minimum. This means that generally you should pay off the balances in full every month. Only spend on items that are necessary. Never splurge on things that are unimportant and unnecessary. This is not always easy to do when you are offered attractive deals every day in our consumer oriented economy. However, you must have discipline if you expect to build up a good credit score.

You must have a good credit score built up in advance before applying for a home mortgage. Remember that a home mortgage for bad credit people is a thing of the past, probably for a very long time to come.

In building your credit report do not give in to the temptation of using another credit line to pay a previous debt because it will only pile up debts and will instead be reflected as a negative mark on the credit report.

A credit line should be treated as a lifeline in case of an emergency and should never be used and abused for unnecessary things. You have to use your credit carefully in order to avoid a home mortgage for bad credit people turn down. You want to be on and work hard to stay on the good credit list. You have to plan ahead and build up and maintain a good credit report in order to qualify for a home mortgage loan.



Jeffrey

lovesponge09 asked:


Me and my fiance bought a home, now his family is residing with us temporarily. It has been a year, the loan is in both our names. How can I get out of it? I has been only 3 months since we bought the home.

Luis

Michael Contaro asked:


For instance, you are quite tired of renting apartment units. It is been a long time since you have been renting (probably when you have started your first work several years ago) and you estimated that you have already spent an amount sufficient to purchase a modest and permanent home. At this point in time, you realized that it is now the moment to shop for a home that you want to stay in. However, you are hindered by lack of financial funds that you can use on financing the purchase of your new home. There is no chance that a real estate agent will provide you the necessary documentations saying that you are now the new owner if you do not have enough funds.

Will you still go back to being a tenant until you retire from your present work?

What if there is an alternative that you can resort to in this case? Are you willing to give it a try or you will just turn your back on this opportunity of owning a new home without the need of paying the full value immediately?

Yes, there is still a way! And it is through securing a home mortgage loan.

Home mortgage loans are popular financing schemes in purchasing a new home. Arranging mortgage loans are seen as the standard method of buying residential properties without the need of paying the full value immediately. Under typical home mortgage loans conditions, your mortgage lender will pay the owner or developer of the home of your choice, and you will make monthly repayments of the amount your lender spent on purchasing the home from the owner or developer. The term of the mortgage loan is dependent on what you will agree with the lender.

The interest rates applicable on a home mortgage loan may vary according to the loan term and the principal amount. There are two types of interest rates applied on home mortgage loans. These are the following:

1) Fixed rate mortgage (FRM) as the name suggests, the interest rate is fixed, hence the monthly repayment for the term of the home mortgage loan. In the United States, the home mortgage loan term where the FRM is applicable is typically for 10, 15, 20, or 30 years. The only increase that you can expect in your monthly repayments is the result of increase on property taxes and insurance rates. But the interest rate and the basic monthly repayment amounts will be consistent throughout the term of the home mortgage loan.

2) Adjustable rate mortgage (ARM) the interest period is initially fixed for a certain period of time. After which, it will now be subjected on changes (either adjust up or down) based on various market indexes. In the United States, the most common indices used in determining ARM are the Prime Rate and Treasure Index. Home mortgage loans having this type of interest rate transfers the risk from the mortgage lender to the borrower.

The mortgage lender determines whether an applicant is eligible for the home mortgage loan he selected based on different factors, but the most popular is the applicant’s credit scores. The higher your credit score, the more creditworthy you are to your lender, which could lead to cost-efficient home mortgage loans.

With home mortgage loans, you will be able to realize your ultimate dream of becoming a new homeowner and not just a tenant forever.



Terri

Koz Huseyin asked:


Every field has different terminologies for certain concepts and principles, and the home mortgage industry is no different. Looking at home mortgage rates can easily confuse the beginner to home buying. But, it doesn’t have to stop you from getting the best deal. As you read every word of this article, you will cut through the confusion.

Most people when hearing about mortgages, home mortgage rates, and the different terminology, frequently get confused. The truth is there is no need to get confused on the matter.

With research, it is possible to uncover the truth about the mortgage lenders packages on offer. This is important, as we can often neglect to see the important parts of the mortgage. And considering that the home mortgage you take out likely will last more than a decade.

The biggest point to realize about home mortgage rates is the actual rate. The home mortgage rate is essential because it is generally a small number. We are talking about only 3 digits. When you apply this to your home mortgage loan, you can see how hundreds of thousands of dollars any difference will be a big difference!

Ultimately you want to get the lowest rate. However, the lowest rate does not mean that you will get the best mortgage. The truth is that lenders have hidden terms and conditions, extra fees, and these if you don’t know about could make the best mortgage to be the worst. This is why the research factor becomes so important.

A mortgage is more complicated than a loan, even a home loan. You are liable for more things. And all the paperwork for a mortgage is usually on file at the local courthouse. Be sure you know what you are getting a home mortgage or a home loan. Often they will carry different rates.

Something to keep in mind is that home mortgage rates change, and they change very often. Home mortgage lenders do give you the option to ‘lock in’ a certain interest rate while you are getting approved for a mortgage, which can take weeks. The rates might not be so good then.

Another point you will find with home mortgages is that of a choice between fixed rate mortgage packages and adjustable rate mortgage packages or ARM for short. Your choice will come down to your own expectations of what will happen with interest rates, and also your own needs.

A fixed rate mortgage will be a set home mortgage rate, which stays the same, throughout the term of the mortgage. The alternative ARM, and it has advantages and disadvantages. Often the payments for the first year or so are small, and then explode according to the current home mortgage rates and the stock market.



Wendy

radioactive_babywipes asked:


My credit isn’t bad or fair. It’s good, just below excellent. How good does your credit have to be and what other factors are key to successfully obtaining a home mortgage loan?

Jay

Andrew Mason asked:


If you are considering a second home in a state different from where you are living now, processing your mortgage loan would be easier if you let a nationwide home mortgage loan company finance your home.

It makes sense also if you put your first mortgage with the same nationwide company-otherwise, tracking your payments can get pretty confusing. When at all possible, make sure you make all your payments at the same time, as if you have to do this at different intervals throughout the month, it can become hard to keep up with.

Your second home mortgage application would be approved more speedily if your mortgage company has immediate access to your credit score and financial information. Many borrowers tend to use in-state or local mortgage company.

If you are purchasing a primary residential house, there’s really nothing big to worry about. But if you’re planning to purchase a second home in a different state, you can’t expect your local mortgage company to help you.

This is how using a nationwide home mortgage loan company can be extremely beneficial. The more states your lender covers, the less it would be a hassle for you to get a second home loan in a different state.

When shopping for your mortgage loan, send a select number of companies a copy of your financial and credit. Gather and compare quotes based on the information you’ve sent them.

When considering another mortgage in another state, check the number of states the nationwide home mortgage loan company have offices in. Do they have an office in the state you consider for your second mortgage?

To get quotes the fastest, you can either go to each individual companies site and find their quotes, or you can take the fastest (and smartest route)-going to a site that has different quotes from a bunch of different companies.

There are many companies that will immediately give you quotes from ten or fifteen different companies when you give them your information, and basically work as an online mortgage broker-the only difference is, unlike a physical broker, you don’t have to pay them for this service.

This is a quick and relatively easy way to quickly narrow down which companies have the cheapest quotes, and while the exact price you pay might be a tad different, at least it will show you who to start with. This is a much quicker method than going to each individual site and filling out the same information over and over, as these sites are basically a one stop source for all your mortgage quote needs.

Find out also if you can roll the two home loans into one, and if that would mean lower payments for you. You can call their toll-free number and talk to their representative if you have questions.

With the same mortgage company providing a potential second home loan, you expect that your application would be approved in a shorter time than if you apply at another mortgage company. Apart from selecting a nationwide home mortgage loan company over a local one, it should also be your priority to get the best rate from them.



William