To let mortgage deal

Questions and Answers

which bank offers the best buy-to-let mortgage deal?

Q) I only can pay up to 10% deposit.

A) Most of them require a 15% deposit as far as I am aware. If you check with an independent broker he will find you the best deal for your individual circumstances.

Best Buy to let mortgage deals?

Q) Anyone know what the best websites are for buy to let mortgage deals?

A) www.moneysavingexpert.com

Best Buy to let mortgage deals?

Q) Anyone know what the best websites are for buy to let mortgage deals?

A) www.moneysavingexpert.com

Why won't the Realtors let us choose our own Mortgage broker?

Q) We are trying to buy a loft right now and the realtors at the sales center are now telling us that we can not have any of our incentives (which are just 1 added parking spot, and them tearing down the temporary walls that should not be in there) unless we go with their suggested mortgage broker. We have a friend that is a mortgage broker and they will give us a much more better deal. Can the sales center really do this?

A) Now if they are just unlicensed salespeople, they can do it. I doubt if they work for a builder or just a sales office that they are licensed Realtors. The Realtor code of ethics does not allow steering. Unlicensed salespeople can do whatever they want, and they usually win. You should have a real, licensed Realtor to represent you on the buyer's side, if they arent licensed, they can lie to you like a car salesman and you could lose thousands. A good Realtor can negotiate these things for you.

How do i market Mortgage Leads Live transfer we have? We generate through telemarketing?

Q) We are a Mortgage Telemarketing company and generate Live transfers where we can make the customers calling loan officers to start the loan applications. I was just wondering what is the best way to contact mortgage brokers and loan officers to let them know about your leads. We are very bullish, as our leads are 100% Exclusive and are filetered with a lot criterias. We deal with all 50 states and can generate any type of refinancing leads you want. Our website is still under contstuction http://www.impressiveleads.com/ info@impressiveleads.com I would appreciate if you could let me know the best ideas to market out product and sell more live transfers. I am already doing this in craigslist and that isnt' bad. Thanks and advance.

A) This is all very interesting to me as i am going to purchase someday. The best is door to door at real estate city organizations. Can you not call on Realtors like you make your other calls? good luck

Why should U.S. Taxpayers bail out the greedy mortgage brokers? How do you know that some of these foreign?

Q) -owned corporations aren't deliberately making bad loans because mortgage loans are government backed and this would allow them to steal from the U.S. Citizens via organized crime? China has threatened to sell off U.S. Treasury Notes and U.S. Bonds and we know many foreign corporations own business in the U.S. A. and contract with the government. Isn't this tantamount to treason on behalf of the U.S. Government and literally taking money out of the hands of U.S. Citizens? Why should we bail out the stupidity of the subprime lenders? Do they bail us out? No, they simply take our houses and our money. We're still paying for the S&L bailout. I say let them sink. I don't give a rat's butt what happens to them. The U.S. Citizens will rebuild and will save the country -- not the government -- it can't even do its job as is evidenced by the failure to ensure safe infrastructure, safe food, deal with illegal immigrants etc. Why not let the business pay for its own mistakes?

A) Actually, I agree. Let them fail like any other business that makes stupid decisions.

Should I let my student loans go to collection?

Q) lost my job due to lack of work and my new job pays 8K less/yr. I commute 2.5 hrs daily to work, which further reduces my income. My hours are not set so getting a second job around my job is not easy and child care will wipe out most of a second job's earnings. I am paying everybody (mortgage and car 1st) and one of my creditors partially. I tried working with my student loans to lower my 230/mth payments but they go by gross wages and said there's nothiing they can do because they don't look at what I pay. I am thinking about letting my student loans go to collection and making a deal with collections to get out of default by offering them $50/mth(Vs. the 230 they want) That way I can pay the creditor threatening to sue me and have more than 25/wk for food& toiletries for my child and I. Should I let the student loans go to collection and offer to pay them $50 to get out of default or let the other creditor garnish my wages? My loans are consolidated so I can't get relief that way and if my wages are garnished I am going to lose my job since I won't be able to afford the commute. Today I 'borrowed" from my mortgage payment to put gas in the tank to get to work until next week when I 'll borrow" from Nyseg to pay the mortgage. IAM NOT A DEAD BEET.MY CREDIT SCORE BEFORE HAVINT TO CHANGE JOBS WAS 718 AND MY EX IS 2K IN ARREARS FOR CHILD SUPPORT AND SUPPORT COLLECTION IS ACTING LIKE IT'S NO BIG DEAL SO IF YOU HAVE NOTHING BUT INSULTS TO WRITE, GO ANSWER SOMEONE ELSE AND LEAVE ME ALONE.

A) I understand your financial situation. I am there myself. I had a friend that let her student loans go and now that take all of her income tax check each year.... and it ruined her credit. I started getting way behind on my student loans and they almost went to collections. I was able to get a forbearance and then get them consolidated. I constantly keep in touch with the creditors and always give them what I can.. sometimes I can pay them the full payment, sometimes more, sometimes they only get 10 bucks, but as long as I make some type of payment to them each month, it keeps it out of collections... and you definitely don't want that to happen. So, as long as you are showing good faith, keeping in contact with them and making some kind of payment each month, no matter what it is, you can atleast keep it out of collections. That's what will hurt you the most. Hope this helps, and good luck with whatever you decide to do. :)

My mortgage broker wants to submit my paperwork to another lender??

Q) Is this normal?? Does that mean that the other lender has denied me?? She said she is still working with the first lender, but she thinks that this other lender might be able to give me a better deal.. What do you guys think?? Who knew that putting a mortgage on a free and clear house worth over $550k would be so difficult!!!!!!! I was also thinking of trying to get the home equity loan through one of my credit card companies (Bank of America or Capital One) or my bank.. Would that be wise or should I just let my broker keep working on it?? What is a reasonable time frame to expect this thing to be done if she submitted my "packet" to the new lender first thing this morning?? Any help and advice would be greatly appreciated!! Thanks in advance everyone!!

A) Anyone can be ok. You just have to consider the interest rate, closing costs (they will all have some kind of closing cost) and the time frame you are wanting the loan for. If you are looking short term you will want to be more concerned with the closing costs. If you are thinking long term you will want to be more concerned with the interest rate.

Will the consumer ever win in the big American mortgage scam?

Q) The start of a new "truth blog". I thought I'd try it out here on answers. Let me know what y'all think. Why do greedy banks and mortgage brokers always win when it comes to average Americans who only own the house they live in? Do you think you've got a deal? Think again. Here are some statistical facts. a) CLOSING COSTS With almost NO exception, hidden or not, closing costs are always to be paid on a mortgage. The only question is how much and it's usually a LOT and I'll tell you why. Lenders and mortgage brokers seem to be experts at "sizing up" their prey ... I mean customers. If you are like 90% of clueless Americans who simply look for the lowest rate and pay any closing costs, the lender will simply charge you thousands upon thousands in closing. There is no limit on what can be charged and seems to be no limit into how the costs can be sliced, diced, and hidden within a good faith estimate. Note that when rates are "low" and there is buying frenzy ... people typically pay MORE in closing costs on top of getting shorter term more expensive loans which brings me to my next point. b) ISN'T THAT INTEREST RATE ALWAYS AT LEAST A LITTLE HIGHER THAN MARKET NO MATTER WHAT? Interest rates and mortgages have become nothing but a pawn in the great scam played by lenders and mortgage brokers. When they are "low", that increases the lenders business. Sure, you'll get a "lower" rate when interest rates are "low" but you can be certain that it will never be market or as low as it supposedly should be. No, the lender is armed with at least 2 good reasons to hike your rate and guess what? You can't win. First reason is your credit. You have great credit? So what? It's not perfect (hardly anyone is) so ya know what ... you don't get the best rate. You have bad credit?! WOO HOO Now, you will just get the highest possible rate the lender think you could ever possibly afford - plus an extra point for good measure. If this wasn't enough, or even if it were we mo move on to the next and almost final blow .... c) LENDERS REALLY DON'T WANT ANYONE TO GET A 30 YEAR FIXED MORTGAGE In fact, they want to get you the shortest possible term so they can force you to refi or just squeeze you on an ARM. Either way, they win. Here is how it works. You go out shopping and see the various mortgage types all over. Maybe you've even researched it, but that doesn't matter if your conclusion is that you want the longest common term (30 years). Of course you want a 30 year term - IT's THE BEST DEAL FOR YOU and that's why you aren't going to get it for the best cost. No, if the higher rate on the 30 year isn't enough to convince you to get an ARM ... then the lender will hit you with additional closing costs on the fixed. Go ahead and talk to them if you'd like to be more insulted. In a great market with "low" rates (aka 3 years ago) your broker will tell you how an ARM or other variable rate product is really OK since your house is going nothing but up Pay no mind to that higher interest rate, ridiculous closing costs, or the fact that your house is anything but guaranteed to go up in proportion to your mortgage and terms. In a "bad" market (aka now) the lender will tell you that you don't have a chance of getting anything better than ARM for less than your arm and leg. See, you lose no matter what and don't believe what your friends tell you. They are of the 90% of America who doesn't pay attention or have a clue. d) ROLLING CLOSING COSTS IS ONE OF THE FINAL NAILS IN YOUR COFFIN FOR THE REFI When people get desperate or even if they just start asking about closing costs on a refi, one of the first words out of broker's mouth is "hey, who cares because these costs won't come out of your pocket". No, they won't come out of your "pocket" ... they'll come out of your loan and INCREASE the amount of money you already owe and will likely not have a chance of paying off unless you work like a dog for the bank for the next 40 years! The lender knows this, and they also know something else you might not know. If they can INCREASE the amount you owe in one day with a refi. You know what this means? You've just INCREASED your loan to value ratio. That's right, you now owe more on your house than what you originally mortaged it for and you didn't even get any "cash out". You know what else? At the rate you are probably paying down on the principal you'll probably still owe all those closing costs and then some come time you need to refi or sell. NOW, it will not only come "out of your pocket", but it could be worse. Those rolled up costs will be used against you if you are trying to get a new loan with a greater than 80% LTV. Enjoy paying PMI and a few most closing costs on top of closing costs on top of interest while your broker tells you he just can't work a better deal because your LTV is too high on a house you've been already been paying on for years!

A) Wow, you must have been a victim of predatory lending! Unfortunately, it's up to the consumer to educate themselves before they enter into a transaction of obtaining a mortgage for a home or anything else. This is taken from the HUD (Housing and Urban Developement) website: Buying or refinancing your home may be one of the most important and complex financial decisions you'll ever make. Many lenders, appraisers, and real estate professionals stand ready to help you get a nice home and a great loan. However, you need to understand the home buying process to be a smart consumer. Every year, misinformed homebuyers, often first-time purchasers or seniors, become victims of predatory lending or loan fraud. Don't let this happen to you! 11 Tips On Being A Smart Consumer Before you buy a home, attend a homeownership education course offered by the U.S. Department of Housing and Urban Development (HUD)-approved, non-profit counseling agencies. Interview several real estate professionals (agents), and ask for and check references before you select one to help you buy or sell a home. Get information about the prices of other homes in the neighborhood. Don't be fooled into paying too much. Hire a properly qualified and licensed home inspector to carefully inspect the property before you are obligated to buy. Determine whether you or the seller is going to be responsible for paying for the repairs. If you have to pay for the repairs, determine whether or not you can afford to make them. Shop for a lender and compare costs. Be suspicious if anyone tries to steer you to just one lender. Do NOT let anyone persuade you to make a false statement on your loan application, such as overstating your income, the source of your downpayment, failing to disclose the nature and amount of your debts, or even how long you have been employed. When you apply for a mortgage loan, every piece of information that you submit must be accurate and complete. Lying on a mortgage application is fraud and may result in criminal penalties. Do NOT let anyone convince you to borrow more money than you know you can afford to repay. If you get behind on your payments, you risk losing your house and all of the money you put into your property. Never sign a blank document or a document containing blanks. If information is inserted by someone else after you have signed, you may still be bound to the terms of the contract. Insert "N/A" (i.e., not applicable) or cross through any blanks. Read everything carefully and ask questions. Do not sign anything that you don't understand. Before signing, have your contract and loan agreement reviewed by an attorney skilled in real estate law, consult with a trusted real estate professional or ask for help from a housing counselor with a HUD-approved agency. If you cannot afford an attorney, take your documents to the HUD-approved housing counseling agency near you to find out if they will review the documents or can refer you to an attorney who will help you for free or at low cost. Be suspicious when the cost of a home improvement goes up if you don't accept the contractor's financing. Be honest about your intention to occupy the house. Stating that you plan to live there when, in fact, you are not (because you intend to rent the house to someone else or fix it up and resell it) violates federal law and is a crime. What is Predatory Lending? In communities across America, people are losing their homes and their investments because of predatory lenders, appraisers, mortgage brokers and home improvement contractors who: Sell properties for much more than they are worth using false appraisals. Encourage borrowers to lie about their income, expenses, or cash available for downpayments in order to get a loan. Knowingly lend more money than a borrower can afford to repay. Charge high interest rates to borrowers based on their race or national origin and not on their credit history. Charge fees for unnecessary or nonexistent products and services. Pressure borrowers to accept higher-risk loans such as balloon loans, interest only payments, and steep pre-payment penalties. Target vulnerable borrowers to cash-out refinances offers when they know borrowers are in need of cash due to medical, unemployment or debt problems. "Strip" homeowners' equity from their homes by convincing them to refinance again and again when there is no benefit to the borrower. Use high pressure sales tactics to sell home improvements and then finance them at high interest rates. What Tactics Do Predators Use? A lender or investor tells you that they are your only chance of getting a loan or owning a home. You should be able to take your time to shop around and compare prices and houses. The house you are buying costs a lot more than other homes in the neighborhood, but isn't any bigger or better. You are asked to sign a sales contract or loan documents that are blank or that contain information which is not true. You are told that the Federal Housing Administration insurance protects you against property defects or loan fraud - it does not. The cost or loan terms at closing are not what you agreed to. You are told that refinancing can solve your credit or money problems. You are told that you can only get a good deal on a home improvement if you finance it with a particular lender. Remember: If a deal to buy, repair or refinance a house sounds too good to be true, it usually is! Housing counselors working at HUD-approved agencies can help you be a smart consumer. To find a counselor near you, call (800) 569-4287 or go to HUD's housing counselors list online.

Mortgage loan fell through 2 days before closing...HELP!!?

Q) Okay, we got a mortgage loan via Lending Tree well over a month ago, or at least we thought anyway. We close on Friday to sell our current home, and Monday on the new one. Well, yesterday, Lending Tree called for a conference call to verify AGAIN our payment history only this time they want a 90 days late in the last 36 months. Well, we had a 90 day late back in Sept. of 04. Well, NOW 2 days before our home closes, they're telling us there may be a problem, and that they'll let us know tomorrow. Well, here's what we're gonna have if this disastor plays out. The lady that bought our home is going to be homeless, because she's already sold her house. The people that we purchased the new home from, their deal is gonna fall through. It's a terrible domino effect that, in my opinion could of been avoided weeks ago had The Lending Tree been on top of things. Anyone have any ideals or advice...encouragement maybe? I am in dire straights here!!

A) WOW - what a mess for you and I am sorry this happened to you. Most Lenders look at mortgage lates when you are qualified. Some go back 12 months others 24 months...Please call eveyone, get an extension, and you will need to go ahead and close on your loan, since the lady already sold her home - You can/will get this to go thru, for the other couple that you are buying their home to get their money. The lady that already sold her home, to buy your home, let her have your home, you have 30 days to move out of your home, so take that time, and #1 - get another lender on board to close the deal. #2 - call Lending Tree and let them know you are getting an attny, that you will be staying in a hotel, and that they are responsible for the motel room. (Don't think they will accept the hotel bill, but does not hurt to mention it). Everyone has a boss, go up higher up from the loan officer, to the Manager to the Supervisor, etc. If you go elsewhere, Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down. Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only - not the final - but it does help you figure things out, as you have found out. I went to lending tree to find you a management phone number and there was no phone numbers listed on their site - sorry.

Loan Officers MOrtgage?

Q) I Have a nice pipelne of about 25 leads, of wich 17 are easy loans, and the others are a little difficult, but doable, I want to proccess my loans, all I need is a company that let me do that, I DONT have a MORTGAGE BROKER LICENSE, I'm in the process of getting mine, but I need to close this deals, anybody that could help me, and please reasonable offers, I have been a loan processor for aout 4 years so I KNOW what I'm doing. Im in Orlando Florida

A) What state are you in?

I Filed Bankruptcy Over 7 Years Ago, Will Any Lender Extend A Mortgage?

Q) I let my house go and filed bankruptcy when I got ill and my ex flew off on her broom b/c she didn't want to "deal" with it. I have been since been renting and establishing my former good credit back and my FICO score is nearly 700 now.. I am wanting to find of all things a foreclosed home and try to "start over". Is there lenders out there that will even look at me for a mortgage now?

A) Absolutely, as long as you have a good credit history since and have repaid obligations on time. Go for it!! Now's the best time to buy a house, it's a buyer's market!!

How can I deal with my in laws living in MY house?

Q) they moved in and it was jsut suppose to be temporaray, it'll be a year now in june! they havent saved any money(it is now clear to us they spend all their money at the casino) and only pay $200 a month for rent and watch the kids for free, but only part time. The MIL works full time and FIL gets disability and is home all day. They have quit buying groceries and I say "we gave them a year and now they can start paying part of the mortgage and utilites and we will pay them for daycare and take it off the rent. My husband agrees but wont talk to them about it. he feels bad. I want to know where all their money is and my husband says it's none of our buisness. I say my house my rules, when they start contributing their fair share what money they have left over is not our concern. shouLd I just start dealing with them or still leave it to my husband and how much longer can we let them stay. Ps. they have an unlawful detainer on their renters record and filed banruptcy. HELP

A) There are many really good answers here for you with this situation. Your problem comes back to 'blood is thicker than water'. Your husband is caught between you and his parents. These people do not have to be reponsible as all their needs are being met. And people do not get into trouble without doing the wrong thing in the first place . These 'parents' have become the 'children' in this situation handing all of their life reponsibilities over to their son and you. They are also smart enough to know their son 'would not' just throw them out 'on the street'. However, you being the daughter-in-law is capable of this and there you are the 'wedge' between them and their son. No win situation for you, as you have recognised. It is imperative your husband recognises he is their child and he is only responsible for being that. His responsibilities are to his wife and children as they are the one's who rely on him. The two of you need to sit down with his parents and talk quietly and calmly about the present situation as not being suitable 'for them'. If you show them that they have no independence living with you as they must follow your rules. No smoking or drinking alcohol in the house, they have to either pay there way or move out. Simple as that. Is there a housing code in your area with regards to how many people can lawfully occupy a house? This may give you a 'legal' out. End of day they are on a perpetual holiday with you guys and that is not right morally to their son. They are counting on him to not 'move' them on and out and if he does they will make a big song and dance about it. Tough! They are socially dependent, lifestyle addictive people and they will soon make amends with their son for any arguing when they want something. These parents need 'tough' love as they are never going to be responsible whilst they do not have to. These are the epitomy of selfish parents putting there own wants above those of their son and family. You can see it, your husband see's it. Yet this situation continues, Eeeeeek. Talk to your husband about rganising to have the children looked after so you can both talk with his Mum and Dad about moving out. Let him and them know you are willing to help them find somewhere to live. Go to the local Govt Housing Agency or whatever it is in your area first, local real estate etc., so that you have all the information there for them. Take them down to put their name on the list, look at places etc. Have a timeline of when this has to come into effect. I do not recommend you offer an ultimatum of 'them or me and the kids' as you could find you and the kids out of the house and them still there. People like this actually know when they have outworn their welcome and go through a whole drama scene to stretch it out. Don't fall for it they are like cat's as they always land on their feet in someone else's place. When they move out change all the locks and pull in the Welcome mat otherwise they will just come back again. Good luck with this as it is a hard place for you to be in.