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Leah Said:

Need advice on mortgage process?

We Answered:

I have never heard of this practice before...If you feel the mortgage lender is a reputable company then I'd simply make a call to them asking if this is a service they provide and how much is would cost...might be that they guy is without a job if it's not something they provide but then better him without a job than you without money and a house...

Carol Said:

I applied for a mortgage, I met all the guidelines and was approved. At the last minute they turned it down...

We Answered:

I'm a mortgage consultant with a large bank and I will tell you in this market that is not uncommon. The foreclosure rate is on the rise all lenders are considerably tightening guidelines. Every week I receive an e-mail removing programs, tougher guidelines for stated income, investment properties and decreasing CLTV's. Mortgage professionals are working in a declining market so in actuality the default rate with them is guite high. I'm not saying you will default, it's a sign of the times. I would search out another lender possibly one of the subprime lenders, sounds like you were refinancing with CountryWide (they are tightening all of their guidelines). I have several friends who are working for them and are thinking of jumping ship (it's too hard in this market). I'm considering another field as my income has declined in the last 4 months.

Ricky Said:

Mortgage insurance required even with 20% down?

We Answered:

Find another lender right away.

Cheryl Said:

My mortgage lender in Ontario quoted me a monthly payment that included property tax payment. Is this normal?

We Answered:

Assuming things are relatively close in this regard between Canada and the US:

Property tax escrows are very common. You can ask them to waive the escrows; some of them will but they may charge you a fee upfront to do that.

Often the estimated premium for your homeowner's insurance is also escrowed. The lender will pay both of these from your escrow account when they come due. Your payment may go up or down next year depending on how adequate your escrow account was to make these payments.

Do not take that "credit life" insurance. It is extremely expensive compared to what you would pay for a comparable term life policy on your own. And if you don't have any heirs at the moment, you won't care if the loan is paid off or not when you die. You can always buy the term policy when you have loved ones you want to protect.

Charlene Said:

anybody who's had experience with auditing mortgage document to modify loan?

We Answered:

its a scam do not ever give any money upfront.

Delores Said:

What's better: to use or to not use a mortgage broker?

We Answered:

It depends. If your credit is shaky or you aren't sure if you will qualify, a broker may be the way to go. They will take your application and search different lenders until they find one that will finance you. Their fee is generally 1% or less of the loan amount.
I used a broker to buy my house since I had no traditional credit. No credit cards, no car payments. They told me exactly what I needed to do and the information that they needed, and I had approval within 2 weeks.
I'm also a real estate paralegal, so if you can't or don't want to find your own lender, a broker is the way to go.

Jorge Said:

Need advice on Mortgage Process?

We Answered:

This is legit. I am a lender and our credit reporting company charges $35 per account per bureau(3 bureaus) so $105 per account. If you can wait a month or so, contact all the creditors(not the 3 credit bureaus) that are not reporting your account correctly and tell them that they need to report correctly and if they don't, you will sue them under the "Fair Debt Collection Practice Act" if they don't. Within one month, all should be updated and a new credit report pulled that will correctly reflect your new score. Be aware that your score may go down as the account that is being updated is a "negative" account and it will show recent activity(purely by date) and that will probably lower your score. It will come back though. Just don't make any more late pays or have any debts go to collection.