Jessie Anderson asked:




Anyone who is interested in getting a mortgage will need to take certain steps to ensure that they get their loan application approved. Due to the recent housing mess, there are a lot of lenders who have changed some of their criteria for loans. No longer is it possible to get a mortgage home loan approved if you don’t have good credit or a down payment.

There are certain things that lenders look for when they approve mortgage loans. Borrowers need to understand that a mortgage loan is one of the most important decisions that they will ever make in their financial life. It is important that you find the right lender when you are getting a mortgage to ensure that you get a loan application approved.

People who are interested in getting mortgages approved need to ensure that they have a down payment for the loan. If you can save up for a down payment it will ensure that you can get your application approved. Down payments significantly reduce the amount of risk that borrowers face when they approve the loan applications. They will also give you lower monthly payments on your loan.

Once you have saved up money for a down payment it is important that you find the right mortgage broker for your loan. A broker will be able to work with you and find a mortgage loan that works for your financial needs. They will tell you how much money that you can get approval for and what down payment you will need for the loan. A good broker is essential for anyone who is looking to get a mortgage home loan approved.

Darlene

jmpoct03 asked:


my boyfriend and i own our home with no mortgage. we have around $76,000 of equity in our home but have bad credit. is there somewhere we can go for a loan that works with the better business bureau. i want to make sure its legit.

Eugene

Jimmy Jenkins Ray asked:




A mortgage loan means a lending which is secured by mortgaging a property of the borrower. The borrower’s right to the property is pledged as a security to the loan. In day to day life the term ‘mortgage’ is used to refer to a loan secured by a property. The properties mortgaged can be personal properties or commercial properties. A conditional right is maintained by the lender on the property until the borrowed amount including the interest is repaid. The repayment amount is amortized.

The rate of interest on mortgage loan is comparatively less. This is because the property in hands of the lender reduces the risk of uncertainty of repayment. People generally opt for mortgage loan while procuring residential or commercial properties. The same property which is being purchased is pledged for the loan.

There are different types of mortgage loans available. They vary in terms of risk, rate and cost. Some of these are:
FRM Loans-These are fixed rate mortgage loans. The rate of interest remains the same during the lending period. ARM-The rate of interest fluctuates during the loan period. There are various factors that determine the change in the interest rate. Blanket Loans-These are loans which are secured by pledging more than one property. This type is mostly considered by real estate developers. Buy down Loans-The borrower can pay a part of the lending in lump sum in order to reduce the rate of interest of the loan. Convertible loans-The terms of the lending change after the passage of a predetermined period. Balloon loans-The lending period is short and the monthly payments are also low. The rate of interest is fixed. At the end of the period the borrower will have to pay a huge amount.

Jessica

C.L. Haehl asked:




Whether you are refinancing, getting a second mortgage or home equity loan, getting a mortgage loan with poor credit history can be tough. In the eyes of the lender, having credit problems puts more emphasis on the other qualifying factors to determine whether or not you can get approved.

Here are some tips to help you get approved for a mortgage loan:

1. Consider ways to come up with a down payment – Even a 2-3% down payment can affect your ability to get approved for a mortgage loan or help you get a lower interest rate on your loan. There are many creative ways to come up with a down payment. Sometimes it can be worth saving for a few extra months or a year to come up with a down payment.

2. Lenders will be looking closely at your income and job history – With bad credit, lenders are going to want to make sure that your income is more than enough to cover all of your minimum payments. The longer you have been at your job, the better. If you are close to the one year mark for your employment, consider waiting a little longer at your job before you apply for your mortgage.

3. Lenders will want to see your most recent debt payments being made on time – Even if you have had credit problems in the past, lenders will be looking closely at your payment history over the last year or two. They will be most interested in how you make your auto, utility and credit card payments. If you are consistent with those payments now, the lender may be willing to overlook past credit problems.

4. Try using techniques to increase your credit score – There are many tips available online to help you raise your credit score. There are 16 ways to improve your score here. You can dispute online, for free, any inaccuracies that are shown on your credit report. This can begin raising your score, sometimes within 30 days or less.

Ellen

Cancerbeater asked:


I am looking to buy a home that needs work and can be bought with NO Downpayment, but will have 2 names on the mortgage.Both with good income and adverage credit. I need all the ins and outs you people can offer to this 2 yr. Cancer beater so far, but now also got Lung Disease and Fibromyagia. Can you believe it?? Im only 48. Smoked 25. Oh well.
But, I am alive and I’m noyt going to die so I need a home.. HELP

Dean

Till Death Do Us Part asked:


It was their fault for qualifying them in the first place. They could at least turn the tables and help them out by reducing the mortgage rate so they can make payments. Wouldn’t a steady stream of money coming in be better then not having any money coming in? The company is going bankrupt all because of GREED! They’d rather spit in their faces then turn around and lend a helping hand like they should be doing to keep afloat.
I don’t own a home or have a job and not even out of HS yet odysseus1959 It’s just a random question I wanted to ask while reading about the housing crises. So good for you, go float your ego down your gold plated sewer pipe.

Vera

Blessed Cheesemaker (cancelled) asked:


Most of the Evangelical Christians I know are convinced that Jesus is going to return or they are going to be ruptured within 10 years.

Yet these same people are taking out 30 year fixed mortgages to buy homes. Its pretty clear that they have no intent to make good on their loans and are planning on leaving the Atheists at Citicorp and BofA to foot the bill.

Should we lobby to add a non belief requirement for mortgage applicants?

Sam

Lyn Collier asked:




There was a time when experts said that a mobile home was a bad investment. In years past, a home built on a foundation was considered to be the best place to put your money. Foundation homes, for many years, grew in value (appreciated) over time. Mobile homes go down in value (depreciate) over time. That was then. This is now. Things have changed.

Our economy is in a downward turn and is not expected to recover for awhile. Anyone who bought a house three to five years ago and tries to sell that house now will probably have to take less than they paid for it. In the past, those people could have expected to make a healthy profit. Now, they do well just to break even on the sale.

Mobile homes are gaining in popularity because for some people, it is the better alternative to renting. There are two ways to own a mobile home.

#1 Buy land and put a mobile home on it. As my dad used to say about land, “It’s a great investment. After all, they aren’t making any more of it.” That is true. Land is a non-renewable resource. That simply means, that there is a fixed amount of land, and once it’s gone, it’s gone. There is only so much land to go around, right? Because of the fact that land is a non-renewable resource, it will most likely appreciate in value over time. The house that is built on that land may not appreciate. So, the safest way to invest in real estate and do it with the least amount of investment is to buy land and then put a mobile home on it. Lenders will loan money to purchase the land and the mobile home just like they lend to people who are buying a home on a foundation. You can get one loan to pay for both land and mobile home, or you can get two separate loans. One to pay for the land and another to pay for the mobile home.

#2 Buy just the mobile home . If you can’t afford land, you can still do better than renting by purchasing a mobile home and putting it in a mobile home community or park. If you buy the mobile home, you have to have a place to put it, right? When you live in a mobile home community, you pay rent on the lot. Lot rental is usually pretty cheap. Even added to the payment on the mobile home, it is still usually way cheaper than renting a house or apartment. And, if you live there long enough, the mobile home will eventually be all yours.

You may be wondering, “What if I don’t live in it long enough to pay it off?” You can sell the mobile home even if you haven’t paid it off yet, and can sometimes make money on the sale depending on how long you have owned it. I would suggest trying to rent it out, though. That way, someone else is paying your mobile home payment for you, and you are reaping the benefits of paying down the loan.

Judy

Teresa D asked:


We have 2 medical-related judgements and one from a credit card on our credit report. We spoke to a lender about buying a home and he said every mortgage companay would deny us because the people who have the judgements against us would put a lein on the property until they were paid. Is that true?

ETHAN