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Clayton Said:

Getting a Mortgage today as first time home buyer?

We Answered:

The first thing you and your girlfriend should do is complete an agreement as to the division of the property, payment are to be made by whom, who stays in the property in the event of a possible break up and other things that might solve unforeseen legal problems.

It is best to do this while everyone is still speaking to each other civil. It is too late to agree to anything when the yelling start.

You both may qualify for the mortgage loan and both go on the title deed. Make sure you understand the various deeds that are available and how they transfer property.

In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.

Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.

He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.

If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.

You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.

Make sure your mortgage broker explain all your options so you may make an intelligent decision.

What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.

So select the best option for you and your financial situation.

You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.

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

"FIGHT ON"

Priscilla Said:

How to prove mortgage payment?

We Answered:

By all intents a purposes, Your Payment is RECEIVED as soon as the money is IN THIER HANDS. There may not be a "best way" to prove it, but several things will...

With Online Bill-Pay & Direct Debit you have an electronic record of the MSC taking the funds and RECEIVING the funds. YOUR bank can provide you with this (they legally have to show you the activity on your account...keep a hard copy).

If you send a Check by Certified Mail you'll have to do more work, but then You'll have more of a PAPER TRAIL:
1) Signature showing reciept (request from USPS)
2) Check "franked" with printing on the back showing date of receipt & processing (request copy of check from your bank).
3) Transaction record showing when check CLEARED your account (also requested from the bank).

All of this provides you with "proof of payment" and should keep you from losing your home, and give you legal recourse to have any associated fees/interest/etc reversed, but NOTHING will stop the bank from trying to take your home if the MSC hasn't told them about your payments.

Contacting the Bank with the Paper Trail when they 1st start making noise will usually cause them to open an "internal investigation" & demand the MSC provide ALL records pertaining to the handling of your mortgage BEFORE they try to initiate any legal action (it's a LOT cheaper for them).

Leonard Said:

How to access public records regarding purchase of home?

We Answered:

County Recorder's and Tax Assessor's records are public information by law.