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Lucille Said:

Is it true that certain mortgage lenders can approve a home loan but refuse to have the seller pay 6% of the?

We Answered:

depends how it is written
if it is written as such..it may look like part of the mortgage closing..
or if it is written as an addition after all the contracts were signed and as a "perk" to help you close as an after thought..
rather than a "fruit basket" a gift of cash to help you close..

so..it is how it is written..has to be after everything is done....and agreed to....not with the finance/mortgage part..

so ask your realtor............
if the realtor made a mistake....he may..offer to pay..out of his pocket..because...if the intention was as a gift..and it wasn't written that way..you do have a right to a claim in court..

Alma Said:

Are there any sample letters to mortgage lenders explaining multiple contracting jobs for new home purchase?

We Answered:

Tax returns, baby, tax returns. Show your income.

Letters amount to nothing--they won't fit in the database the lender uses to analyze your worthiness.

Janice Said:

Do you think that mortgage lenders will try to cheat first time home buyers?

We Answered:

One does not need calculus to understand interest rates.

Printed amortizations are easily obtained. Legitimate mortgage companies are not in the habit of "cheating". The word cheating has the connotation of illegal actions.
As for interest rates, they have always been and will be based on the risk of lending money.
One who lends money expects a return, in the form of interest.
Those with low credit scores are always considered "high risk" for any loans. The lender undertakes that risk by charging a higher rate of interest, with the knowledge that the loan may suffer default. Even with this knowledge, the lender feels that with a higher interest rate, any loss will be cushioned by that increased rate. Since a home is a tangible asset, lenders are willing to "gamble" on the loan. This is done in more cases when the investors have more available cash to invest and when housing is enjoying an increase in values.

In today's market, housing values are on the decline in most areas of the country. These "high risk" loans may also suffer a decline. With increased down payments, they will be available.

Whatever ones credit score, shopping for interest rates is like shopping for a pair of shoes. Competition! If a store is overstocked or can operate with a lower overhead, the price is lower.
If one lender has more available cash than another, they may offer a lower rate. Better than idle cash sitting somwhere.

Johnny Said:

does having a loan secured on your home make it difficult to change mortgage lenders?

We Answered:

Naw you shouldn't have a problem, this is done on a daily basis, they call it a refinance. You get another mortgage company to refinance your house and when they do whatever is owed your current mortgage is paid off.

The escrow closing agent will take care of all payoffs to your current mortgage.

Now in order to start this refinance you will need to contact a mortgage broker and complete a loan application, about a month prior to your discount rate expiring.

You will find a mortgage broker in your local telephone book.

I hope this has been of some use to you, good luck.

"FIGHT ON"

April Said:

Caveat Emptor,Help me find info to protect and educate a home owner against predator mortgage lenders?

We Answered:

Assuming you're in the USA, most states have websites that include such information either under real estate, finance or consumer protection information.
Here's ours in California.
Buyers beware - everybody involved in the real estate industry is looking to part you from your money. Trust me.