Mortgage home loan answers
Learn about mortgage home loans and rates.
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Q&A: Is clearing the home loan a better option or should I go with the regular EMIs for the entire tenure ?
Posted on July 25th, 2011 No comments
Question by Itsme: Is clearing the home loan a better option or should I go with the regular EMIs for the entire tenure ?
I already have a home loan with ICICI on a floating interest rate. I’am looking for another loan.Should I clear this loan first to avail another loan or should I continue paying the EMIs for the entire tenure(This is a huge amount I will be paying by the ceasing).”Clearing a home loan” is what I intending of getting rid of the lending by making a pre-payment.
Best answer:
Answer by xplorshinji
I am not sure what you refered to when you said “clearing the home.” On the EMIs, I hope you are referring to PMI. If you owe 80% or less, you can demand the mortgage company to move the PMI with an acceptable appraisal describing to that bank showing that the value truly is higher.
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I want to do a loan modification, would lender need co borrowers information if he is going through bankruptcy?
Posted on July 22nd, 2011 No comments
Question by AnnetteM: I want to do a loan modification, would lender need co borrowers information if he is going through bankruptcy?
I am the sole person on the deed and title. Co-borrower is on loan solely for qualification purposes and never lived in home nor contributed to payments. He is now filing for bankruptcy and is surrendering home in his bankruptcy. I am two months behind because of financial issues. Will the bank need his information as far as income and expenses if he is now in BK situation?
Best answer:
Answer by Toni
Just a note:He may not be able to discharge the home in the bankruptcy since he has a co-borrower.Did he get a book on Bankruptcy and research this???
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Q&A: How can I get approved for a home loan if I am moving to another state?
Posted on July 19th, 2011 No comments
Question by Gennie Goose: How can I get approved for a home loan if I am moving to another state?
Hi! My husband and I are trying to move to Arizona in the next year and buy a house. This will be my first home. We both work full time jobs in California now. Any home loan advisors out there? Can you tell me how I tin get approved/pre-approved for a full 30-40 year home loan when we have not yet gotten new jobs in the state we’re planning on moving? One thing I heard is if we plan to rent out the property, then we tin get approved for a lend. Please help!
Best answer:
Answer by golferwhoworks
Getting pre-approved is simple. Contact a broker in that state and city where you will be moving. As long as you stay in the same career fields you are in now it should be no problem or you are moving for more $ $ $ in your new job. All loans require collateral, capacity to pay and credit. If whole are good then you will have no problems. Google the yellow pages under mortgage banker/brokers in the city you plan to move.I am a mortgage banker in TN
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