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Legally speaking, what are my odds of getting anywhere with this mortgage?

 Mortgage Loan  2 Responses »
Apr 302011
 

My husband is a naval officer, we were pre-approved for a home loan- put an offer on a place, the offer was accepted, put down a “good faith deposit,” paid for a building inspection, are under contract, etc..

Yesterday the loan company called to inform me our loan is denied because the numbers were not adding up. It turns out the loan originator put down the wrong BAH pay grade for my husband (an O-1E in lieu of just an O-1- the difference is 300 dollars and my monthly income is above that, but there were other issues because my husband just graduated OCS and hasn’t received a full month of officers pay- plus our BAH is currently based on his home of record and not where we’re moving a 485 dollar difference). They will be keeping our money if we can not get approved (I’m currently submitting my income hoping that will help, we have student debt which is playing a role here)

Is there anything we can do to get our money back if we are not approved? My husband opened the loan and got the pre-approval- he said he did not sign anything during the pre-approval process. They ran our credit (which is fantastic- but we do have a large amount of student debt).
I’ve read online for USAA keeping the deposit is common practice because it was made in good faith.

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Hi,

I’m kind of in a bind and need to get back to my mortgage originator by Wed, so I really appreciate your ideas on this situation. Thanks in advance for any help, and btw if you’re in a hurry just skip to the last paragraph.

We’re in the middle of this refinance, I was locked in at 3.875 a few months back. Had the place appraised back in August and took care of all the details and my obligations right away to get this loan through, but the bank was so darn backlogged that its taken this long for my application to even come up.

The paperwork of the loan said that my 3.875 fixed apr (15year) rate would be held for 45 days. As this 45 days came and went, I was getting worried that they were purposely taking that long so that they wouldn’t have to give me the loan at that rate. After being reassured by my loan originator that they would stand by their rate, and that we could “re-lock” for a 60 day period (they have since changed it from 45 to 60 days because of the backlog) I started looking around at what the current rates actually were. After looking around, I realized rates had dropped and only after I mentioned this to her (he wanted to relock at same 3.875 rate) I was offered a 3.75%.

I can only “re-lock” once so I don’t want to be dumb and take a higher rate than I could have, and I’ve been reading the economic reports that the FED will probably be stimulating the economy by buying treasury securities, which should in theory pull rates down. But they don’t announce this stuff in advance, and I’m not sure that I completely understand this.

I talked to my originator and she mentioned something about the bond market as a good indicator to watch, although when it came down to it she basically didn’t want to offer any kind of advice, which I understand because no one can tell the future of course….but I have a choice to make and since I’m not an expert, I’m looking for the best educated guess I can get.
—–

*** SO, the big question is, what is the likelihood that the rates might hit 3.625% on a 15 yr fixed loan in the next two or three weeks (or even a month). Again, I KNOW that no one can predict this stuff, but again I can either lock at 3.75 today or holdout for a while and hope for 3.625. At present my current rate is 3.875. The 3.625 rate would wind up saving me thousands of dollars over the course of the loan, what do you think? And if I do watch the bond market as an indicator, what is a good website to look at, and what are the pertinent numbers that I should keep an eye on to get a clearer picture?

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How banks figure interest on a mortgage?

 Mortgage Loan  7 Responses »
Apr 302011
 

I know that accures interest over a period of time. Says my loan is due on the first of each month, but I paid on the tenth position. It’s not too late, but their interest a little bit more because I did not pay eerste.Wat is a formula for figuring out this puzzle?
What is the formula of interest and principal on the loan for? I search for a loan if that helps. It is fifteen years.

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V. The best way to go loan?

 Mortgage Loan  3 Responses »
Apr 302011
 

What is the best way to deal with a bank or mortgage company or savins and loans. This will be the first loan Department of Veterans Affairs in an attempt to the best way to get going if you can help thanks [Asin Wpramazon = "B001LNOIE4"]

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Need help with the problems of Chase Bank loan modification?

 Mortgage Loan  1 Response »
Apr 302011
 

Has anyone else run in this case? After getting on the hunt for a fugitive from two weeks ago, we received our loan documents and change in the mail last Friday. Only problem is that the trial request the repayment period on April 20 and another in May 1! We only pay our mortgage on April 1 and the current batch we have at this time. “When I called Chase to find out what happened, he told me there was nothing they could do, and I have tried $ 1,100 from family and friends to provide double batch (maybe the dumbest advice ever) to make. What I do not understand is that it is supposed that the changes loan program to give you 90 days to trial with a period of three monthly installments on the price of $ 1,100. Does anyone have any suggestions on how to resolve it, but the Congress to contact me? (I’ll be the first thing in the morning)

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How much does the Universal American Mortgage Company loan officer make?

 Mortgage Loan  1 Response »
Apr 302011
 

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Home loan programs for students with bad credit?

 Mortgage Loan  2 Responses »
Apr 302011
 

I’m a 27-year-old college student who’s considering buying a house for the first time, and I was wondering if there are any mortgage programs specifically geared towards students. I’m also on Social Security Disability, and my credit is positively terrible (hospital bills turned over to collection agencies are the culprit…). I make a limited amount of money each month, so my mortgage payment would have to be pretty low.

So, does anyone know of any programs that I might qualify for?

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How are the mortgage companies now? Are they flexible now to loan money to people?

 Mortgage Loan  5 Responses »
Apr 302011
 

I know 4 or 5 months ago they were so strict, don’t matter if you have a 700 FICO score. I heard they change guidelines again and are more flexible. Is this true?

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Why are so many center-right politicians afraid of Canada?

 Mortgage Loan  1 Response »
Apr 302011
 

disparity of wealth good, large middle class baaaaad.
highest infant mortality rates in the developed world good, universal health care…oh so baaaaad
free for all mortgage sector offering sub prime loans that people can’t afford good, regulation of financial sector baaaaaaaad.
Huge CEO take home pay good, taxing the very wealthy baaaaaaad

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Real estate question-Our landlord made this proposal…should we do it??

 Mortgage Loan  4 Responses »
Apr 302011
 

We’ve been in some difficult times.We’re drowning and don’t want to have it spill on you.
Simply we’d like you to take over the mortgage for purchase. We’d make nothing.We’d save our credit. You’d get a heck of a buy. You don’t have to try and qualify for a loan.WinWin! The loan is not assumable but we could document a sale between ourselves. I’m a real estate investor by trade and have the documents. You can bring them to your attorney for review, of course. You could then pay the mortgage comp. directly to ensure you know the mortgage is getting paid.The primary mortgage is $ 1042.99 a month. It’s on my credit that used to be good. A 30yr @ 6.5% fixed PITI built in. Total loan = $ 142,938.60. We pulled a LOC $ 27,000 leaving well over 80% LTV still in property. It’s variable @ prime + 3 (ouch). It’s monthly due is currently about $ 250 – interest expense.5/2007 it appraised for $ 235,000. I know the market is hurting and it would be less now. I also know it’s just a matter of waiting for values to increase. The cost to you would be just $ 169,938.60. Since you’d be helping us as much as we’re helping you, we are not asking for any money down. Just pay the mortgage and LOC. We would simply put a change of address in with CountryWide and you’d get the bills and track your payments. If interested, happy to fax original loan docs and templates of our agreement any time. if you two think you can qualify, you can just buy the house.The price$ 170,000 buyer pays all assoc. fees.

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Canadian loan and mortgage type question?

 Mortgage Loan  2 Responses »
Apr 302011
 
mortgage loans for canadians

My sons are 19 and have built a new house three quarters of the way finished. They are out of money and need a small loan of about 25,000 and the house is listed already for sale (building to sell) at 139,000. Both of their names are on the deed. One of them has over 2 years steady employment but the other has none and has been self employed trying to build this house full time and prior to that was self employed in a profitless business that he sold as a starter for this real estate venture….anyways he has no tax assessment available. Neither one of them has any debt or credit. we went to the bank today (me just as their mom as i have no credit at all) and the lady took all info then said it will automatically be turned down but then she would send it back to them with a recommendation from her to review. She said it would take a couple days. sooo what are their chances? does a mortgage loan officer at a bank ever get any where with a “recommendation? or was this just her being polite?

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