Financial and Credit Blog

Can I Apply For A Mortgage Loan With A Lien On My Vehicle?

August 3rd, 2009 at 05:41pm Under Mortgage Loan

i have an almost paid off lien on my vehicle,due to paying off a credit card debt.can i qualify for a home mortgage loan at this time?

Do You Have A Mortgage With Gmac, And If So, Have They Done Anything To Cause You To Default On The Loan?

August 3rd, 2009 at 11:37am Under Mortgage Loan

Did your mortgage company do anything illegal to make it appear that you were or are delinquent in paying your mortgage? Did they post your payment late, fail to pay your homeowner insurance, charge unwarranted late fees, sent reports to credit reporting agencies saying you were late on your payment(s). These are just a few of the tactics that a mortgage company or mortgage loan servicer might use to declare that you are in default on your loan and either foreclose or force you into bankruptcy.
I am asking this question because I think I have been victimizes by my mortgage company and I need to know if I am the only person who has experienced this abusive behaivour.

I Am Considering A Mortgage Loan With Nova Star Financial What Do You All Know About The Company ? Good?bad?

August 2nd, 2009 at 11:36pm Under Mortgage Loan

Is Nova Star a good firm? Do you think it is wise using them with volitilty that is occuring in the Mortgage loan market?

I Need A Mortgage On My Home That Is Commercial Zoned…please Help Soon! Thank You!!?

August 2nd, 2009 at 06:28pm Under Commercial Loan

I am looking for a mortgage on a home that is currently residential, but, zoned commercial.
I need help trying to find a company to loan money to me on a home that is commercial zoned looking for a mortgage on a home that is currently residential, but zoned commercial – the house is my home.
I need to find a company that can do a mortgage on my home that is zoned commercial.
I also would like this company to include the appraisal in with the mortgage. I understand it makes loans and appraisals difficult when a home is commercial zoned and not residential. It is impossible to get a letter of rebuild for my home too.
Please help soon. Thank you.

I Am Self Employed And Need A Mortgage Loan?

August 2nd, 2009 at 05:40pm Under Mortgage Loan

While i make plenty of money and have good savings (also have a great credit rating) much of the money I make is under the table and can’t be proven. Can I still get a mortgage loan and how/where would you recommend I start?

Mortgage Loan Documents – Identifying Adjustable Rate Mortgage Loan

August 2nd, 2009 at 03:02pm Under Mortgage Loan

If you ever signed mortgage loan documents, chances are that you’ve never read all of the pages that you signed. Most people don’t, because it is very time consuming and there is too much meaningless disclosure paperwork that has little or nothing to do with your actual loan and has more to do with lender’s compliance with State and Federal laws.

There are documents that everybody must read before signing. One of these important documents is your mortgage “Note”. It is about five pages long and has the most important facts about your mortgage on it.

To identify this document, you need to go trough your mortgage paperwork and look for a document with the word “Note” in its title. Usually it says something like “Fixed Rate Mortgage Note”, or “Adjustable Rate Mortgage Note”, but it will always have the word “Note” in the title of the document. The title itself will tell you if you have a fixed or adjustable rate mortgage loan.

Your mortgage note will tell you a lot about your mortgage. It sates your rate, and in case of an adjustable rate mortgage, it states how long the introductory rate is good for. The note should list all of your scheduled mortgage rate increases, and towards the end it should cover pre-payment rights and pre-payment penalties.

Whether you are currently in the process of taking out a mortgage loan, or had it for several years, it is very important to become familiar with you Mortgage Note. It is a complete overview of your loan that lists all of the terms and conditions of your biggest financial obligation.

Mr. Shkolnik is a Loan Consultant employed by Express Capital Funding Group, www.expfunds.com. He has over ten years of experience Financing Real Estate transactions.

Is It Possible For Someone In Their Early 20s To Get Approved For A Mortgage Loan Without A Co-signer?

August 2nd, 2009 at 11:39am Under Mortgage Loan

if its possible than how can it be done? im currently 18 and i wont to get approved for a home loan as soon as possible! what steps if any can i take at my current age so ill be able to get aproved for a mortgage loan in my early 20s?

Credit: Why You Can’t Buy a Home in Canada Without it

August 2nd, 2009 at 05:53am Under Credit Line

In today’s economy, the word “credit” is often thought of as a foul word. Many believe that using too much credit is a large reason why Canada’s economy—and the world economy in general—has taken a dive over the past few months. While excessive and improper use of credit isn’t good, having credit isn’t bad either. Case in point: Real estate.

If you are interested in buying real estate in Canada or anywhere else in North America, you must have a credit record. Without a proven credit record, purchasing a home through a mortgage loan is impossible…and that’s not all. It’s not enough to just have a credit record; the type of credit profile that you have—desirable or undesirable—has a direct effect on your ability to purchase real estate.

The first major way in which your credit record can help or hinder you when trying to get a mortgage loan in Canada is consideration; many Canadian mortgage lenders will not even consider offering a mortgage loan to you if you do not have “enough” credit lines. What’s enough? That’s subjective. Generally, most Canada mortgage lenders just want you to have sufficient credit for them to get an accurate picture of how you manage credit. In many cases, having three accounts is sufficient, particularly if the credit lines you’ve been extended are large. The consequence of not having “enough” credit is simple: You’d be considered an “undesirable” mortgage loan applicant and a Canadian mortgage lender will not loan you money for a home because they cannot predict whether you’ll repay a loan they provide.

Once a mortgage lender is certain that you have an established credit history and are therefore desirable on that basis, it will consider you for a loan. However, the Canada mortgage loan lender is not done perusing your credit profile; next, a mortgage lender will focus on how well you’ve managed the lines of credit that others have extended to you. In regard to this aspect of your credit profile, a Canadian lender will be looking for two things: (1) To see if you’ve habitually paid your debtors on time and (2) to determine how much of the credit extended to you you’ve actually used, which is your debt-to-credit ratio. If you have a number of credit lines and have hardly used any of them, your debt-to-credit ratio will be low; if you’ve used most, if not all of the credit extended to you, your debt-to-credit ratio will be too high. As far as paying debtors on time, lenders just want to know that you regularly repay your debts! The consequence of your profile reflecting poorly in either area is that Canadian mortgage lenders will view you as an undesirable applicant and won’t offer you a mortgage loan. In the lender’s mind, you’d be too much of a risk due to either pure irresponsibility or owing too much to too many others!

So, based on the above, would a Canada mortgage lender want to offer you a loan? If not, you’ve got some work to do to get your credit profile in order. If so, great! You’ll likely be able to get a mortgage loan…but that raises another question: What kind of mortgage rate will you be eligible to receive on that loan? To answer that, mortgage lenders in Canada will once again refer to your credit profile.

At this point, a Canada mortgage lender will either “reward” you for managing credit well or “penalize” you for managing it poorly. If you’ve proven that you’re capable of managing credit well, a mortgage loan lender will reward you by offering you a low interest mortgage rate. Conversely, if you have been less than diligent with your payments to creditors or have driven up your debt-to-credit ratio but are still a somewhat desirable applicant, a Canadian mortgage loan lender will likely offer you a mortgage loan but your mortgage rate will be higher. And trust me, the mortgage rate on a loan can make a huge difference in your mortgage payment; a mortgage payment for a 5-year, $150,000 loan with a 6.5% mortgage rate would cost $2,934.92 per month but if you had a less desirable credit profile, the mortgage rate you receive could be 9.75%. In that case, the same loan would cost $3,150.28 per month, all because of the higher mortgage rate.

As you can see, credit plays a significant role in not only your ability to obtain a mortgage loan but also the affordability of the loan. Therefore, if you’re thinking of buying real estate and obtaining a mortgage loan to do so, make sure that your credit profile is the best it can be; it’s as simple as establishing relationships with creditors and making regular, on-time payments. Do that and you won’t have any trouble qualifying for a mortgage loan in Canada. Plus, you’ll prove that using and having “credit” is actually a good thing.

How Does A Tax Lien Effect You Getting A Mortgage Loan?

August 2nd, 2009 at 05:37am Under Mortgage Loan

i am a first time (or hope to be) home buyer, and i have a tax lien on me, however i am classified ‘currently non collectible’ by the irs. so in short,how does this effect my chance of getting a mortgage loan. also, the tax debt is not even in the 5 digits, it that even matters. thanks!

Finding the Best Mortgage Loans

August 1st, 2009 at 09:01pm Under Mortgage Loan

How should you ask for mortgage loans?

Most mortgage loans are usually applied for in writing. Therefore, compose all what is necessary ahead of making the submission to the lender. You may have to prove most of you statements. Thus get a documentary proof of everything. Endeavor to provide a traceable reference where documentation is not possible.

Make a computation of your personal finances, your net and/or regular savings and how you intend to pay the expected loan.

Have you gotten a home?

Most mortgage loans are very feasible when the potential holder has already found a home to pay for. It is reasonable that the lender is confident with the fact that he already has a guarantee of his money. If this is the case, take note that the lender will want to know certain details about the property. The seller must have made known these to you. The amounts of mortgage loans also depend on the value or worth of your home.

What type of mortgage loans?

There is a variety of loans depending on your income situation. The most fashionable are fixed mortgage loans. It is always better to make out from the onset what payments you will be liable to make. It is also a good thing to know outright what the most important figure is and what the total amount of the rate are. This is a good start for first time home owners because you prepare for payment ahead of time. Keep in mind that to be forewarned is to be forearmed.

What are your benefits?

Any benefits from mortgage loans should be more than just getting a home. These benefits will not just depend on the type of rates but from what you eventually end up with. Benefits may also be different according to jurisdictions. If you end up not owning the type of home that falls without your scale of preference, then the mortgage should be avoided. Do not just jump into a mortgage transaction because you are obsessed about paying rents or because you are being led by intuition.

Is the solution at hand?

Mortgage loans are usually threaded carefully. Do not be bothered on how expedient or how fast the procedure will be. What you should bear in mind is how beneficial the deal will be to you. If the home you intend to purchase was never built in a day, why should you bother to make an instant purchase. Things done in haste are never done smoothly. The final point should be patience amidst a persistent search.