NLIC.org

Jack Said:

Will all mortgage lenders need 2 years of work history?

We Answered:

You do not need pay stubs, your income tax return that you submitted to the IRS will suffice.

Anne Said:

How would I know which mortgage lenders allow bi-weekly payments?

We Answered:

Biweekly payments are just a gimmicky way to trick yourself into paying more than the average of the minimum payments every year.
And, a lot of lenders will charge you a fee to do this.

Since the mortgage amortization schedule is based on 12 payments per year, but there are 52 weeks in a year, if you send a half payment every two weeks you are sending in 26 half payments per year. That is two extra half-payments per year, or the equivalent of making one extra payment every year.

Even the primary mortgage companies and other lenders who accept biweekly payments usually just hold the money for the two weeks until the normal posting period--they just don't tell you that.

All you really need to do is pay as much additional principal as you can comfortably afford every month.

Norman Said:

can a 2nd mortgage lender garnish your wages?

We Answered:

lending laws are state by state. In AZ, they can't do that

check your local RE broker and he will know if they can't. They must go to court first!!!

Clayton Said:

what is the most i should pay for mortgage lenders fees?

We Answered:

It is difficult to answer this question without knowing the circumstances of your application. Nevertheless, any application made to a lender is judged, by the lender, on its merits and the risk the application presents to the lender; it is important to remember that all lenders operate in the mortgage market to make money. Any deal that is presented to the market is offered on the principle that someone will accept the deal, otherwise there is little point in marketing such a proposition. Currently fixed rate deals are not in great supply, therefore any deals that are out there that, on the face of it look attractive, tend to be more expensive. The lender needs to recoup their costs of bringing fixed rate money to the market; in this case the lender has chosen to pass these costs directly onto the customer, up front. Other lenders choose to apply extended tie-ins with redemption penalties, either way, they will recoup their costs one way or another.

Alma Said:

Why do mortgage lenders ask to see bank statements?

We Answered:

They are using bank statements to validate other information on your application. The most obvious is the balance in the account. The second thing is they can use it to verify your income.
For example, if you say you make 90,000, but are only getting deposits on 2,000 a month in your account they will know you are lying about your income.

Lillie Said:

Where to get the straight truth on the property foreclosers & how 2 deal with courthouses mortgage lenders et?

We Answered:

The most confusing thing about public auctions of foreclosures is the process and the upset period. Simply showing up at the courthouse steps and being the highest bidder does no guarantee that you will be buying that home. After that, there is a 10 day upset period in which someone can raise the bid and become the high bidder. At that time, a new 10 day upset period starts. It can go on for a while as each time a new bid is entered and accepted, a new 10 days starts. And when you are bidding on the courthouse steps, you most likely aren't going to get a great deal as a representative of the lender is going to be there to bid it up (or will have already entered their bid) to the amount they are owned as they aren't going to give it away.

Be very careful trying to make a quick buck by buying and selling foreclosures. As someone mentioned, already, the infommerials paint a pretty picture about how easy it is and how rich you can get but if it were that simple, everyone would be doing it. You must be capable of doing your own repairs (most of these foreclosures need major repairs) in order to make it even close to profitable. As the old saying goes, if it sounds too good to be true, it probably is.