NLIC.org

Audrey Said:

What happens when you mortgage lender says the property you are buying is worth what the seller is selling it?

We Answered:

Get the seller to reduce!! Its not worth what the developler wants for it. The housing market we're in at the moment is a falling market. In six months time the house won't be worth £235,000 - I can guarentee it will be less.

There is nothing you can legally do but I would talk to the developer and TELL him to reduce if he won't then honestly? Walk away - its not worth £247,000. Valuers research the area and they know their stuff, don't pay over the odds else you could find yourself in negative equity shortly.

I doubt, in this market that the developer will let you walk away. Its time to dig your heels on and play hard ball!

Ann Said:

Can someone give me a legitimate name of a mortgage lender that approves with credit score of 580?

We Answered:

Hi Tacity,

There are a few reputable mortgage lenders including Quicken Loans who can approve you for an FHA or VA loan with a credit score of 580. However, this excludes FHA Streamline and you probably won't be able to get 100% refinancing of your home's worth if you're at 580. Try raising your score up as high as possible and more options will open up for you.

If you're interested in refinancing or buying a home I suggest you speak with a trusted mortgage professional and then both of you can decide what's best. Don’t be afraid to ask questions if you don’t understand something.

Let me know if you have any other home loan questions. I've included some links that have more in-depth info on home loans that may be useful. Good luck!

Craig Said:

Will a lender pull your credit for a good faith estimate?

We Answered:

If you have signed an authorization form along with the documents you can reasonably expect to have your credit looked into.
I understand that a simple inquiry as this should not affect your score but the best course of action is to contact the mortgage rep and sk if inquiries will be made.

Jeanette Said:

Can I contact my lender to lower the principal balance on my mortgage to the current market price?

We Answered:

No, they are not going to let you pocket the money. Even if they did would you be able to pay all of the income tax on that? It will be due in a few months.

Your principle is the amount of money that they gave you, it is not associated with the present value.

Mario Said:

why the american mortgage markets so deadly and contagious ?

We Answered:

American mortgage lenders are extremely irresponsible, but those foreign private banks and foreign central banks who propped them up for so long are at fault.

The Canadians have a far more restrictive lending practices, but their markets are being impacted by this American slide because of the global reaction to the collapse of the American sub-prime mortgage market.