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Gary Said:

if i got pre approve for a mortgage loan do i have to stick with this lender ?

We Answered:

It depends if you put anything down for the pre-approval, if not, then definately shop. You should have a GFE or a good faith estimate from the lender, use that to shop around to get a good rate and see if some fees can be lowered. If you do have an investment in the pre-qual, then it's a matter of how much. Be advised to two things, the more lenders you go to, the more your credit will get pull, while this isn't a major dent in your credit, it's not smiled upon either. Last, rates are volitale and will remain so if not start to climb up, good luck

Lois Said:

Can a mortgage lender issue a 1099-c to a co-owner that is not on the mortgage loan in a short sale?

We Answered:

A 1099-C would go to the party(ies) that are the borrower(s) of record; i.e., the person(s) "on the mortgage loan."

Troy Said:

Decided not to do mortgage loan through lender?

We Answered:

Yes! Even if you've filled out an application, you aren't committed to closing the loan with the lender. Tell the lender and he/she should be able to cancel it if it was just submitted yesterday. You may have to pay a small fee for anything they've already done (e.g. credit check), but it should really be minimal.

If you don't like your lender, stop now before you get any further.

Howard Said:

When an online mortgage lender says you are preapproved for a mortgage loan. Does that mean you have a loan?

We Answered:

Nothing is ever 100 percent until after you close. But getting a committment letter from your lender is about as close as you can get. There will be terms and conditions contained in that letter (ceretain verifications must pan out, etc.), and if you comply, then you have nothing to worry about. But get the committment letter -- at that point they have already pulled your tri-merged mortgage credit report and know what your credit scores are (my bank threw out my highest and lowest and went with the middle score).

Vera Said:

I applied for a mortgage loan. The lender ran our credit about 15 diff times. Can that lender be held liable?

We Answered:

Liable for what? You don't get charged each time they run it.

And contrary to popular belief,,,and reports pulled in the same 2-3 days not affect your credit score.

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This would not lower your credit score much. Any pulls in a 3 day period would just count as 1.