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Carrie Said:

Is it o.k to Pre qualify yourself with different banks for a home mortgage?

We Answered:

You can have as many as you want, if they are all within 60 days of each other there is no more impact then 1.

Many of the REO properties require you to pre-qualify with them in order to make an offer. This is not unusual, and you are not required to use them for your loan, only qualify.

Colleen Said:

what do home field inspectors charge mortgage companies and banks to inspect the exterior of a home with photo?

We Answered:

I would say that the charge is something in between $50 to $100. But this rate varies from state to state.

Joan Said:

Does anyone know of any banks/mortgage companies that do stated income home mortgages with fair/good credit?

We Answered:

Yes, go to http://www.golendershopping.com, you will get up to 3 quotes from lenders who offer stated income. You also get round trip tickets for 2 airfare cert.

Gregory Said:

If someone has a small business and wants to get a new home mortgage..what do banks look for?

We Answered:

Hello. I've had 8 yrs of being a small business/personal banker. Here's the tough information I have to lend to you. First of all, are you a new business owner? Anything less than 2 yrs old, banks wont even really consider as valid income b/c most small business fail within that 2 yr mark. If your bottom line holds some type of really significant figure, they may try to work with you. Other wise I would advise you that they are going to look at tax returns for your 'actual' income generated by the business. Actual does mean after all expenses are deducted and taken away. In their eyes, if you're over all losing money or have a very low profit margin from the business, they wont want to lend...especially in these economic times.

Katie Said:

Does all banks allow us to purchase points for the home mortgage loan ?

We Answered:

Banks would love you to pay more points up front, because paying points is paying interest in advance to make you think you are getting a lower interest rate (an illusion).

The total cost of the loan over the full term is probably the same either way, points plus lower interest rate vs. more down payment and higher interest rate for a smaller loan. So over the long run points do not help you unless it gives you a tax advantage.

Tracy Said:

Why aren't the mortgage companies and Banks resetting home loans to current value?

We Answered:

You answered your own question in your comments section above. They are greedy and want more.

Velma Said:

Any luck with a loan modification with US Home Bank Mortgage?

We Answered:

Depending on what state you live in, could mean the difference in how much time the bank could have to foreclose on the property. You might consider doing a review of loan modification companies. Most companies will only charge the client after a successful reduction in payment that is suitable for thier client and the bank.

Keep in mind that not all lenders are willing to lower the payments. It depends on numerous circumstances that a loan modification attorney in your state will discuss with you.

Hope this helps.