NLIC.org

Dorothy Said:

what is a good financial crimes website?

We Answered:

try http://technicnews.com it seems fairly decent they have all sorts of stuff there

Lois Said:

Mortgage????

We Answered:

you left out income and your bills. please dont this think you work out the finances.

Carol Said:

How much mortgage debt is there in the USA?

We Answered:

You bring up an important question. The best data I can find on the 'net are figures for 2003 (USA Today) - nothing newer available according to them. If that number is correct then the total mortgage debt in the US, 2003, $6.3 trillion. Some adjustments must be made for the past four years- higher, I'm sure.

Lots of bucks out there!!

Suzanne Said:

Aside from mortgage, how can I determine how much it will cost me PER YEAR to own a house?

We Answered:

Though the things you mention are important they are not the most important in the buying process. You would acquire this knowledge as you go through with a real estate agent or from talking to neighbors in the neighborhood.

If you have a down payment of 20% or more you would not be required to have an impound account where your taxes and insurance would be incorporated into your monthly mortgage payment.

You would also want to check out the various government backed mortgage loan programs such as FHA or VA, provided you are a veteran and qualified for a VA backed mortgage loan. FHA mortgage loans require a down payment as low 3.5%. Keep in mind that all government mortgage loans would require you to pay your taxes and insurance through the monthly mortgage payment for the life of the mortgage loan or until you refinanced the mortgage loan to a conventional mortgage.

There are many things you should do, the first thing you should do is contact a mortgage broker that does VA and FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy.

You will need proof of income so have available pay stubs, w-2, bank statements and other items your mortgage broker will require.

He will inform you of what is necessary once you contact him.

This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage.


If you fail to purchase a house prior to the pre-approval letter expire you may reapply and be reissued another.

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

"FIGHT ON"

Perry Said:

What happens if i close before the actually contract date?

We Answered:

The previous owner should be out of the house when you close. Do not close without a vacant home.

When your lender says they are ready, then you go back to the seller and tell them. They are not obligated to leave until the contract date.