Gufs99 asked:


My father would like to help us purchase our first home by co-signing on the loan for us. (yes, we both understand the implications of him being a co-signer on the mortgage). He is retired and living on his pension (not collecting SS just yet). Is this possible on a FHA mortgage?

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shaws2007 asked:


I want to get back into the mortgage industry any good companies to start for? Any suggestions on how to get good mortgage leads or to get clients to do home loans for?

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Ken Black asked:


When it comes to getting the house that you have been seeking, or leveraging the equity in your existing home to get the things in life you need, you will find that there are a number of different Home Mortgages designed to meet your credit needs.

Buying a home is one of the largest expenses that most of us cannot incur without applying first for a home loan. Because your home is your kingdom, and your most valuable possession, buying any type of real estate is perhaps the most important decision that any individual will make in his or her lifetime.

A typical Home Mortgage Application requires considerable paperwork, including details on your employment record, and the type of house you want to buy in order to determine the loan you need among the different types available, such as Rural Housing Loans, VA Loans, FHA Loans, and so on.

Furthermore, lenders will require exact details of your personal finances, a copy of your latest pay stubs and income tax notice of assessment if you are an employee, or financial statements, if you are self employed. It will obviously be an easier process if you are just renewing an existing mortgage, instead of getting your first one.

For existing real estate owners, home mortgage refinancing can bring additional benefits when home mortgages are obtained under different interest rate schemes, as an example, from an Adjustable Rate Mortgage (ARM) to a Fixed-Rate, although that is a decision you should make with great caution, depending on the amount of time you plan on being in your home.

Another important consideration when applying for home loans, is your credit score. A lender can reject your application if you have not established credit yet, or your credit is not good. Even then, Bad Credit Mortgage Loans are available for those who have bad credit, poor credit, damaged credit, or no credit at all, as well as for people with a previous foreclosure, bankruptcy, and other credit report issues. The only problem is that the interest rates will be higher and there may be other requirements, like a longer pay back term, or other restrictions.

Considering all of this, it is better if you try to repair your credit score before applying for a regular home mortgage.

If you want to get a loan for home repairs, for your childrens college tuition, to supplement your retirement income, or for other important reasons, consider getting a home equity loan.

A Home Equity Loan always requires that you own a home, which is used as collateral, to get the money you need. You are granted a loan based on how much equity is available in your existing mortgage. If your mortage was for two hundred thousand dollars and you have paid off half of that, then your home equity loan would likely be for a maximum of that difference of one hundred thousand dollars, depending also on the current value of your home.

If you are unsure of the benefits of one mortgage loan compared to another, research online at the various financial institution or related websites. For example, at www.fanniemae.com, you will find a wealth of information about home mortgages, while the U.S. Department of Housing and Urban Development provides excellent information at www.hud.gov.

Because knowledge is power, taking the time to learn more about home mortgages can make the difference in making your dream home come true, in finding the funds to improve your life situation, or not.



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Hans Hasselfors asked:


Although this is a pretty straightforward question, how many individuals do you know that ever take the time to ask, and receive an answer? Not very many. More often than not, the question of a home mortgage isn’t pondered until there is a desire to purchase a home. For the purpose of this article, we’re simply going to examine the home mortgage, and the variations that exist in the mortgage market today.

A home mortgage is a loan furnished by lending institution to a buyer for the purpose of procuring residential property, are a home of which to live. It’s that simple, the definition is that simple; the actual process is anything but simple. How do you approach mortgage lenders and what information what you need to furnish?

Mortgage lenders today, thanks to all the federal regulation, default rates, and identity theft in existence require more information than ever before. The mortgage application is sometimes a 10 to 15 page application that will ask questions pertaining to your life years prior. Why does the mortgage company want history? The lender simply needs previous addresses, previous jobs, and previous education to gain greater insight and opportunity to know the borrower. It is not entirely impossible to steal someone’s identity, gain access to their current information, even from three to five years prior. What is impossible is to enter the mind of the individual and gain access to relevant work history or education history. Generally, when you complete a mortgage application there’s also a mortgage application fee charged at the time you submit the application; why do the mortgage lending institutions charge an application fee? Mortgage companies charge a fee because it cost money to process application, and only serious applicant’s warrant the time and expense.

What other information will be necessary to furnish when completing the mortgage application? Generally a personal financial statement, the proposed mortgage amount, and any legal judgments against you such as bankruptcies, tax liens, or federal student loans will be requested at the time of application submission.

Now, what have the mortgage products are available to the mortgage borrower? The most often used mortgage product is the fixed rate mortgage; the next in line would be the adjustable rate mortgage, and the newest member of mortgage products would be the interest only loan. The interest only loan is gaining in popularity at an ever increasing and phenomenal rate of growth. The fixed rate mortgage provides the borrower with a fixed interest rate for a specified number of years, generally 10, 15, or 20 years as a set monthly payment. The adjustable rate mortgage is exactly as it sounds; the interest rate for this type of mortgage is adjusted at set intervals generally no less than six months no more than 12 and the amount of the monthly payment will vary according to the adjusted interest rate. The interest only loan is quite frankly, the least consumer friendly of the three and today the most popular of the three. When you take at an interest only loan, you may payment of only interest for a specified number of months or years on a loan that has been amortized for a greater number of years, usually 20, and at the end of the interest only term, your payments will reflect interest and principal payment. It’s at this juncture that many homeowners cannot afford the interest and principal payment. That’s why this mortgage product is the least consumer friendly; it does however make the most profitable lending institution.

I believe you should now have a much clearer picture as to what a mortgage is, why you complete a mortgage application, and the basic mortgage products available. If you are considering the purchase of a home, please take a moment to visit a local lending institution, a local realtor, and the web site of the Housing and Urban Development Department. You, as a potential homeowner can never obtain too much information.

What are other resources that can be accessed to learn about the mortgage process and your available options? Get online, check out the advertised lending companies there; look at the information they ask for, the products they offer, and then do some comparison shopping. Often, you will learn as much about what you don’t want, as what you do want.



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tunga_01 asked:


My mom recently passed away and she had a home mortgage. She had another mortgage on a previous home loan and now I can’t find any paper work on her new home mortgage. I called the bank that she has this loan with and they won’t tell me anything because I am not the executive of her will. Problem is my sister is the executive and I have a bad feeling they are trying to sell the land and take the money without telling the rest of the remaining siblings. Any help would be greatly appreciated!
Well in her will it does state that me and my other brother gets a piece of the land. But my other siblings say that it is mortgaged and that she had no credit life to pay it off. They won’t show us any paperwork and they act like the bank won’t give them any copies, which is a lie because I talked to the bank. I am going to get an attorney to fight this but I wish I knew of a way to find out for sure if the land is paid off or if they are telling the truth about it still being mortgaged.

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Cindy Heller asked:


There are advantages and disadvantages that come from refinancing home mortgages, all of which are significant to take into reflection in order to make the most intelligent decision in regards to whether or not it is the best decision for you.

If you are currently paying mortgage on a home, and having difficulty keeping up with your bills, then you should know that there are a few different options that are existing to you here, one of which is refinancing your home. If you refinance a home mortgage, you can end up receiving much lower interest rates and consequently have lower mortgage payments each month.

The selection of refinancing your home is without doubt one worthy of considering, and even though it is not necessarily for everyone, given that you take the time to consider all the necessary factors, you will be able to find out whether or not it would result in being beneficial for you and thus whether or not you should go through with it.

If you have been in the market for a home loan mortgage or refinance loan you have most likely seen a variety of loan types and their associated interest rates. At the same time as the two major predicators of loans rates are the prime interest rate and a borrowers credit rating, there perhaps be other factors involved in the establish the price charged for a home loan mortgage or refinance loan.

There are a lot of different benefits that can be gained from home mortgage refinancing, that is to say that you can secure a lower interest rate. If the interest rates are currently lower than what they were when you first got your mortgage then by home mortgage refinancing you can end up having lower interest rates to pay and hence having lower monthly mortgage payments.

This is not merely beneficial in general, but in particular so if you have a lot of other bills to worry about, for the reason that you will have more money to spend on your other bills and as a result have more freedom overall.

We will start here with the advantages of refinancing home mortgages, one of the most important which is that that you will have the chance to begin paying lower monthly mortgage payments. This is since you wait until the interest rates are lower than when you first began making mortgage payments, and so you end up saving money in the end.

Refinancing home mortgages truly only works if the interest rates are low, and as the suggestion is to save you lots of money which you would have or else used to pay off your monthly recurring bills on your current loan. In addition, by refinancing home mortgages you are able to get better credit because you will be able to make your payments quicker and without default.

There are also some disadvantages that you may experience by refinancing home mortgages yet, and in particular you have to keep in mind that interest rates rise and fall all the time, so you may have to hang around quite a while in order to find really decent low interest rates. In general they vary in accordance with the changing economy, though this is not always the case.

For the reason that of the inherent flexibility of interest rates, refinancing your mortgage is obviously not always the best idea. In particular for homeowners that have poor credit, refinancing can actually end up setting them back.

If you are not certain whether or not refinancing would be the best suggestion for you, then you should talk to someone who is experienced in this area, such as a financial advisor, and you can generally find one at your existing financial institution. Their services should be free, and they will fundamentally just sit down with you, take a look at your present financial situation and converse with you the advantages and disadvantages that you in particular would be offered by refinancing your mortgage.

You should completely take full advantage of all the help that you can, in order to make the most intelligent and up to date decision here.



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me asked:


We were hoping that building a brand-new modular home would be the answer to our VERY frustrating and discouraging search for a new home.

But when my husband called the mortgage company today, they really burst that bubble! They say the interest rate will be higher on a modular. We are not talking “doublewides” here… My husband and I really had our eye on a couple of higher-end models that look as good as any other house I’ve ever seen. Better, even!

So, why the higher interest rate? And how much higher would it be? My dear husband did not press her for answers, but I want to know. Thanks…

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