To let re mortgage

Questions and Answers

buying to let how does re-mortgage work? do i need to change my home mortgage provider to borrow on my equity?

A) Your home mortgage and your buy to let (BTL) mortgage are two separate entities. You can remortgage your BTL Mortgage in the same way you would remortgage your residential property. This could be done to lower payments, borrow equity etc. If you are in a tie in (early repayment charge) period, then you could ask your current provider for a further advance. Beware though, this could be at standard variable rate not at the same rate as your product and could be as high as 6.50% - 7.0%. All borrowing is usually related to rental income and has a maximum loan to value (usually 85 - 90%). Provided it all fits then shouldn't be a problem. Further advance may attract a valuation fee, admin fee. Remortgaging may also incur legal fees as BTL mortgages are not as forthcoming with the 'freebies'. If in doubt speak to your mortgage provider. Best of luck.

What happens if i de-fault on mortgage payments for an investment property.?

Q) recent interest rate rises and property value falls (in a specific area) have resulted in the rent collected being much less than the mortgage payments required. I am now struggling to make the payments. I have tried to re-mortgage but no one will take it on as it has fallen invalue and the current lender is offering significantly less based on current rental values. If I stop payments (it is a buy to let mortgage) and allow them to re-possess what will happen ? All ideas and thoughts gratefully recieved..

A) The remedies available to the mortgagee are as follows - to attorn the rental income - to proceed with foreclosure or exercise their Power of Sale right as stated in the mortgage document - to recover any shortfall resulting from a deficiency from you. In order to speed up the process, you can offer to deliver a quit claim deed and hope that the deficiency is minimal.

Can you qualify for a mortgage if you're on workers compensation?

Q) I was wondering if workers compensation payments that I receive can be used as income on a mortgage application. My spouse has a full time job so we'll be using that income too. The only down side is I can't get a letter from my employer stating I'll have a job to come back to because I was off more than 13 weeks and my FMLA leave time ran out so I was let go and, I can't go back to the same line of work after my surgery.

A) Sounds like a pretty bad time to make a major commitment like a mortgage, don't you think? Perhaps you should returtn to work and figure out your budget, THEN look at buying a house. Can you qualify on just your husband's income? If not, you might not get a very good rate if you get approved at all.

How long does it take to complete a re-finance loan?

Q) A re-verse mortgage company gave me a foreclosure notice and I have to 2weeks to pay a loan of 120 thousand my estate's estimated worth is 635 thousand. My credit score through equifax is at 659 now. the title of the house is in a living trust that my grandfather had left me as executor of. I still need an updated appraisal. I would like a re-finance loan of 180 thousand to pay off the reverse mortgage and to have some extra money for expenses. Please please let me know what I should do in this delema?

A) The quickest way to solve your problem would be a Hard Money Loan - THey can usually start and fund your loan in as little as 3 business days. A regular loan, if done by a good company and you cooperate in getting all your paperwork together, takes about 5-7 business days from start to finish (this also depends on if the appraiser gets the appraisal completed and into the lender in a timely manner (within the frst 1-3 business days of the transaction) http://www.dreamloanusa.com for an outline of how a loan works during refinancing and also help with hard money financing. After you get your hard money loan if you choose to go that route in order to be safe with your Timeline, you can then refinance into a regular loan at lower interest rates. It will cost you a little more this route, but you will be safe regarding the time crunch you are in.

Is it hard to make cold calls as a mortgage broker trying to get people to re-finance??

Q) I would be working with a big name company. I dont want to say the name, but lets just say I think it is the biggest finacial company in the world.

A) If you are a good sales person nothing is hard to sell . If you are not then everything is hard to sell .

Lenox Mortgage Co. Georgia, critical views please?

Q) Hi, I have to re-fi my mortgage to set aside money to pay for 20% of a surgery, and to PAY the mortgage while I am out of work for 12 weeks. I have always used local savings banks before. The idea of some mortgage company is scairy, but, I can get ,not only a good rate, but also emergency credit if things do not go as planned with the surgery! This all sound TOO GOOD TO BE TRUE! has hany one had good/bad/indifferent experiances with Lenox Morgages Georga U.S.A.? Please let me know soon, so I don't make a mistake with my home! Thanks Bugsie

A) best bet is to contact the Better Business Bureau to see if there have been any complaints filed against them and you can also contact the Federal Trade Commission to make sure that all the practices they are offering you are real, valid, and correct with no shortcuts for their benefit. I personally would go through Citifinancial and do what the call a CMA loan. It is not an equity loan. it is a comparitive market analysis where they base things on the surrounding demographics and not on your personal equity. they have a 3 day recision period instead of 7 like most and they also have it set up where it can be a revolving installment loan instead of a set time loan. in other words the money can always be available to you like a line of credit but it isnt considered one so the interest isnt as high.

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.

How Big Is the Sub-Prime Mortgage Market?.?

Q) How Big Is the Sub-Prime Mortgage Market?. Ben Stein said it well this past Saturday on Fox’s Cavuto on Business: The sub-prime mortgage problem is grossly overstated; the sector is just too small. Smart guy, Ben. Ferris Bueller never should have skipped school that day — he would have learned economics from a master. (Stein, for those who might have missed it, played Bueller’s (Matthew Broderick’s) high-school teacher in the pop hit, Ferris Bueller’s Day Off.) But let’s switch movie metaphors for a moment. In Rain Man, autistic savant Raymond Babbitt (Dustin Hoffman) is asked two economics questions by Charlie, his money-loving younger brother (Tom Cruise). Charlie: Raymond, how much does a candy bar cost? Raymond: About a hundred dollars. Charlie: Raymond, how much does an automobile cost? Raymond: About a hundred dollars. The questions are designed to reveal a systematic flaw in the way Raymond looks at the world. For all his skill at counting the minutia in life (like toothpicks), he just doesn’t understand the issue of scale. He doesn’t have an inherent sense of how big things are. I’ve thought a lot about Rain Man over the past few months as I’ve been following the press coverage of the sub-prime mortgage crisis. The story’s been on the front page of the Wall Street Journal nearly every day. Pretty much every show on CNBC — except Kudlow & Co. and one or two others — has been obsessed with the topic. Yet no one seems to be asking the Rain Man question: “How big is the sub-prime mortgage market?” And the answer, as Ben Stein makes clear, is not very big at all. Currently there are about 44 million mortgages in the U.S., and less than 14 percent of them are sub-prime. And only about 13 percent of those are late on payments, with the majority of late payers working through their problems with the banks. So, all in all, when you work through the details and get down to the number that really matters, only about 0.6 percent of U.S. mortgages are currently in foreclosure. That’s up a hair from roughly 0.5 percent last year. That’s it. Actually, that’s not it. Things are actually better than the numbers suggest, since sub-prime-mortgage homes are less expensive than prime-mortgage homes. This makes sense. Wealthier people, generally, can afford costlier homes than less-wealthy people. The recent sub-prime surge brought large numbers of moderate-income families into the home-ownership market, and their houses are less expensive than most. Therefore, the dollar impact of the sub-prime default is smaller than if it were a prime default. With approximately 254,000 mortgages in foreclosure at the moment — up from roughly 219,000 last year — the sub-prime meltdown has given us an increase of 35,000 mortgage foreclosures over the last quarter. Since the average sub-prime mortgage clocks in at almost exactly $200,000, we’re looking at an approximate $7 billion increase in foreclosed value in the first quarter of this year. Raymond, how big is household net worth in the U.S.? About a hundred dollars? Actually, it’s a lot bigger than that — about $53 trillion. In other words, the recent increase in sub-prime foreclosures amounts to 0.01 percent of net U.S. household wealth. That’s toothpicks, Raymond.

A) It is a small sector but there are several large lenders that do a considerable amount of their business in the sub-prime market. The worries have, wrongfully, impacted other parts of the housing market such as Alt-A loans and the like.

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.

If one has just a tax id, and no actual social security, can they get a mortgage, if so how?

Q) I mean they are re paying for taxes? Does this still mak the person illegal? If you have any info on this, please let me know. I am trying to help a friend get a mortgage. Thanks.

A) Your friend needs to see a mortgage specialist.

Clinton says she will go after 'fly-by-night mortgage lenders' who prey on the less fortunate. Your thoughts?

Q) http://news.yahoo.com/s/ap/20070807/ap_on_el_pr/clinton_mortgage_lenders;_ylt=At6afrGBDZoagTw_3oLH.YmyFz4D EXCERPT FROM ARTICLE WHERE SHE IS TALKING ABOUT THE BUSH ADMINISTRATION'S HANDLING OF IT (you know how Y!A Politics contributors LOVE credible links) "They believe in letting everyone fend for him or herself. They believe in what the president calls an ownership society, which is really you're on-your-own. It's the yo-yo economy; some go up and some go down and the strings are pulled by other people," Clinton said, repeating a familiar theme from her campaign speech. "I don't think that's how America works best." Do you agree with this? Or should those with bad credit and with a low income be more cautious when purchasing a home. mariannddoc-- where on this question am I defending ANYONE? I asked a question. This is not a rant.

A) Leave it to a conservative to defend scam artists.

I am trying to get a re-finance loan.?

Q) I have been working with a loan broker that seems to be taking his time I need 120 k within 2 weeks before my house gets foreclosed on. So I am counting on this loan to cover a reverse mortgage . what should I do people please please let me know if you have any professional advice! my equifax credit score is at 659. The estate that they are foreclosing on is worth around 635,000$.

A) I would speak to a reverse mortgage lender first and/or now.