NLIC.org

Phillip Said:

Does changing jobs affect my ability to get a mortgage?

We Answered:

While no one can give you an absolute answer, typically mortgage companies want you to be at the same job with the same employer for two years. HOWEVER, the one major exception is when you make a lateral move to a new employer. Since your income remained the same and you are doing a similar job, it may affect your chances of getting a mortgage very little.

Carrie Said:

Can international home buyer get a mortgage to buy a house in Australia?

We Answered:

yes -- with 30% down plus transfer tax

Christina Said:

Can You Sell a House While You Still Have a Mortgage on It and Get the Full Value of the House?

We Answered:

Yes, of course you can. If you sold it for the same 200k you would pay the 150k to the bank, 12k to the agents, another 2k on other costs, and would end up with 36k after the fact.

Leah Said:

What is a mortgage certificate?

We Answered:

Ask your lender to send you this document, and explain why.

Christopher Said:

I am purchasing a home for 189000 and it appraised for 274000?

We Answered:

You normally pay mortgage insurance until 20% of the mortgage is paid off. It has nothing to do with the appraisal. However, if you refinance and use some of the equity the appraisal gave you, then you could buy down the mortgage and stop the PMI. But beware of using that equity for just anything. Your equity should not be your personal bank. Folks are losing their homes because they used that equity to pay off other debts and now that prices have declined signifcantly, they are upside down in the loan.

Dennis Said:

Is it possible to get a home equity loan or 2nd mortgage......?

We Answered:

Yes, it is POSSIBLE - but it may not be EASY.

What banks are looking for in current economic times are borrowers with a strong credit history who can demonstrate that they are in a strong position to pay their loans.

The value of your collateral, while very important, is still only one piece of the puzzle. Lending (especially on a large scale) is largely a game of calculated risk. Even though you have a valuable home, you will not get a mortgage if the risk of default is too great.

Remember to put yourself in the shoes of the bank - you're asking to borrow a significant amount of money and your recent life events may suggest you would have difficulty making your payments on time. Even though your property is valuable, if the unthinkable were to happen (a foreclosure), it will still take several thousand dollars for the bank to repossess the home. Not to mention, the bank wouldn't gain possession of the home for about 6 to 9 months after the litigation and the redemption period are complete. Then tack on possibly several more months to actually sell the home. In the meantime, they're getting no income from the property and will have to pay taxes and the utility bills.

Nevertheless, I don't think you should be counted out. If you are serious about getting a Home Equity loan or a mortgage, your plan should be to convince the bank that this is a temporary bump in the road. You need to SHOW them HARD EVIDENCE that your finances are improving or will improve and that you've got a long term strategy to get this situation turned around.

Even loan officers are persons who understand that unfortunate things can happen, but you can't walk away from an appointment and leave them with the impression that you're going to continue "business as usual" with the status quo.

Good luck! I hope you find something suitable. :)