Archive for March, 2009



Is it possible to get a mortgage for a house if I am unemployed?

Wednesday 18 March 2009 @ 1:47 am
Mike asked:


Let me be specific: I have 130,000$ cash, but am unemployed. I received this money as an inheritance. I intend to buy a house with several floors and tenants. Is a mortgage possible in my case? My intention is to at first keep payments going for the mortgage through the revenue generated by the tenants. This will give me the time to get a new job. Would a bank accept this case despite my being unemployed?

Buffalo Grove homes



How much money do mortgage brokers make?

Monday 16 March 2009 @ 6:45 pm
Carson asked:


I heard that mortgage brokers drive Porches and make tons of money. By and large, how much does the average mortgage broker make?

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What is the difference between Collateralized Mortgage Obligations and other mortgage backed securities?

Friday 13 March 2009 @ 2:00 pm
Rich P asked:


How do CMO’s differ from any other mortgage-backed bundles? I know fannie mae finances primarily by selling the latter, so what is the benefit in CMO’s in comparison to them?

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What is the differences between all these different mortgage terms?

Wednesday 11 March 2009 @ 9:09 am
Cindy16 asked:


I am looking into different mortgage.
Get very confused by so many different kinds of them.
What are the differences?

If we are planning to get a 300K mortgage, and planning to stay in the house for at least 5 years.
What mortgage might be good for us?

30yr fix
5/1
7/1
why there is 5/1 ARM?? What is the different between all these?

thank u

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How likely is it that my mortgage company will pull our credit again?

Sunday 8 March 2009 @ 12:52 am
Sammi S asked:


We were pre-approved for a mortgage, and we submitted the application for the FHA loan already. Our mortgage broker said that we’d need to have some receipts on outstanding payments we owe, and we’ve gotten those to provide to him. Now, how likely is it that he’ll pull our credit scored again?

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How do I look up mortgage information in the public records office?

Friday 6 March 2009 @ 5:47 pm
remo7 asked:


I would like to go to the public records office and find specific mortgage information. For example, what type of mortgage someone has.

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What happens to a second mortgage when a home is purchased at a foreclosure auction?

Thursday 5 March 2009 @ 9:05 am
buad0118 asked:


I am going to bid on a house at foreclosure and it has a 1st mortgage of $280K and a second of $70K. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at foreclosure that I will own additional money to the second mortgage or just the first mortgage and back taxes?

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How do I become a mortgage broker or mortgage agent in California?

Wednesday 4 March 2009 @ 10:04 pm
Nelson asked:


I am fresh out of a college. Not just any college; a community college. And I need step by step how to become a mortgage broker or mortgage agent please. Thanks alot.

Brigantine Real Estate



How can I get a mortgage if I have credit score under 400?

Wednesday 4 March 2009 @ 6:30 pm
LadyCatherine asked:


Most of the mortgage companys I have tryed will not give me a mortgage because I have a credit score under 400. They say they will not help anyone with out having a credit score over 500.

I have a fourclouser on my credit and a really old credit card bill that I refuse to pay. Other then that every thing else on my credit report has been paid. Some late some on time.

I have tryed every mortgage company on line and the bank in my town.

I DO NOT want to get a credit card to ‘fix’ my credit history. I have had those and I do not do well with them. Or a store card either. Or a gas card.

I think things will stay on my credit report for up to ten years but I would like to know if there is a mortgage out there that will give me a mortgage now. Yes I have thought about rent.
Adam.. What is a a self certify, tracker based mortgage ?
ok OPEN:
Why jump all over me. I was just asking for help. I DO NOT THINK I KNOW IT ALL.

YES I have had a credit card and I have come to learn that I do NOT need one. I have a debit card Visa card and that is ALL i need.

How can I fix my credit with out findone someone to help me out. Things happen, I am NOT the only one that has gotten in this postion.
I want to respond to why I refuse to pay off the credit card that is on my credit report. I had a credit limit of 300$ It got up that high and I decided that I did not need it any more so I canceled it.

Come to find out a few months of ‘paying’ on it to pay it off the credit card co. was still charging ‘finance fees’ to it. after talking to them they informed me they could not completly cancel it untill it was at 0.

I told them the reason I canceled it was cause I could not affored it. To add charges to it would not help me pay it off.

I have spoke to other credit card co and have been told they can stop charging to it it they want.

The credit card bill has gone from 350$ to over 15 hundred dollars.

Pride or not I find this unprofessional and rude and that is why I refuse to pay it.

If they would agree I would pay the original 350$ if they would take off the rest of the ‘Charges’

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Mortgage Finance Experts: How will the market affect homeowners who will be refinancing next year?

Sunday 1 March 2009 @ 5:16 pm
Kate1075 asked:


My parents bought their home 4 years ago at a 4% rate, which is due to change next year when their loan rate. With the market crunch and the new strict lending that’s bound to occur as a result of this, they are worried about what refinancing has in store for them. The good news is that they have flawless credit (they successfully removed their PMI, and they are early every month on their mortgage payments —and they pay an extra couple of hundred dollars than they should. Not to mention their credit card debt is very low (only a couple of thousand dollars). They’ve both been at their great paying jobs for over a decade; but they are still worried about whether they will be able to secure a decent fixed rate when their mandatory refinance is up. Any hope?

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Can a Mortgage Company hold your insurance check for the repair of your building?

Sunday 1 March 2009 @ 4:39 am
Charles C asked:


My building suffered damage with a hail storm. The insurance company sent me a check made out to the mortgage company and to me. Now the Mortgage company is holding the funds and I can’t finish the repairs needed. My mortgage payments are up to date.
The repairs are done, the Mortgage company inspected the repairs and they are holding the depreciation check. Would anyone know why?

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