Is it typical for a morgage loan to have so many financial statements?
anim8er2 asked:
I’m looking to buy a property that would be classified as commercial, but I’m going to live in it. The loan officer is asking for:
W2s for the past 2 years
2 recent pay stubbs
2 recent bank statements
information on my present landloard
Is this typical?
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Filed Under Renting & Real Estate | 5 Comments
How to get a personal loan—need help?
marigold asked:
I’m only in my mid 20s but am in debt up to my eyeballs. In all honesty, if I had $5000 I’d be able to pay off everything except for my student loans. I have bad credit but have a steady, well paying job. I’ve recently paid off all of my medical bills and have a cell phone contract that’s always paid on time, as well as a Target card, so I’m hoping that will count for something. What’s the best way to go about getting a loan? I’ve visited the webpage for some local pages and and all they say is to come in and visit with a loan officer. What will I need to take with me when I go to meet with him or her? There is no one to co-sign for me. Also, what are my chances of qualifying and if I do, how quickly could I conceivably have the money? How does one even know the best bank to apply at? There are so many…I’m desperate, I’m losing sleep over this and everything.
HELP!
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Filed Under Personal Finance | 4 Comments
How Can I Stop Bank Foreclosure?
mageester asked:
This is a letter I wrote to my bank after hearing about a possible pending foreclosure. My loan is for $50,000 and I have an appraisal for $220,000. My credit has recently fallen to only fair and I do not think I can get another loan. Please let me know about anything I can do to stop the foreclosure:
Carl, I am a little worried. Todd Noel of Mortgage Modifiers, Inc called me today to set up a three way with Kelly at your bank so I could see about lowering my interest and monthly payments. During the conversation Kelly said my rate was lowered from 9 % to 5.2 % in January which adjusted my payments from $413.00 to $287.00 per month, but my home loan had been turned over to the bank’s attorney for foreclosure. I told Kelly that “I did not understand this because I have an email from Carl stating that as long as I keep my home loan within 90 days your bank would take no action to foreclose” (and you are “the chief loan officer”). I then asked Kelly how many days late my loan was and she said “72”. I thanked her for my loan adjustment rate and told her that I was going to make a home loan payment of $415.00 tomorrow (Friday) and completely catch up (January & February) by mid or the end of the February. She said “she was not my bank officer but thought my actions would stop foreclosure”. Additionally, I talk with Gerald on Monday and nothing was said about any foreclosure. He asked me for boat information, which I am in the process of getting for him.
I am trusting you are a man of your word and since I have a written agreement from you stating if I am not over 90 days late no home foreclosure action will be taken, I do not have to worry about foreclosure or litigation. I really appreciate your help and remain your friend, Rick Magee
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Filed Under Personal Finance | 2 Comments
Do we have to use 1003 Loan Application when we purchase residential house?
Sung A asked:
Hi
Year 2006 I purchased house ($625K). I hired mortgage broker and he applied loan for me. BB&T was my lender and loan was approved in 20 days. I put $125K for deposit and got $500K loan. Last year one of my friend told me that BB&T is not a wholesale lender. There must be a loan officer. I was wondering because from the begging to the end I was contacted by my mortgage broker. He was acting like BB&T was a wholesale lender.
I requested full documents from the lender and I reviewed it. When I saw Loan Application I was confused because it was not 1003 Loan Application. It was Bank’s Retail Loan application. I am not sure but I think that retail loan application is for personnel loan, student loan, or home equity loan etc NOT FOR RESIDENTIAL PURCHASE LOAN… * I said I am not sure.
And my loan is-5 years Installment loan- That means I pay $3400 for 59 months and 60th I have to pay about $400K. On settlement day I was out of town and mortgage broker told me that my father could sign the settlement documents if I give him on authorization (Power of attorney). So we did. I believe my father didn’t know what he was signing.
Q.1 They (Lender) don’t have to use 1003 when we apply for residential home loan?
2. Is there any violation that I was not contacted by Bank’s Loan Officer or others from Bank?
3. What do you think about my loan program?
4. Refinancing is my best solution?
P.S. When I applied loan, mortgage broker got all my information on blank paper. He said “I will fill loan application out for you”.
I called mortgage broker….NO ANSWER
Heard rumor that he went to jail.
Thanks.
Filed Under Renting & Real Estate | 3 Comments
Does the bank owe me?
Virg asked:
I secured a loan. The account it was placed in required two signatures. The “second party” convinced the bank via telephone to transfer all of those funds into a second account (telephone transfer). Do I have any potential recourse with the bank (loan officer) who released the funds in such a manner? The “second party’s name was NOT on the loan document.
Filed Under Small Business | 5 Comments
why do we need to have insurance on the land portion of our construction loan?
Mary B asked:
We are getting a construction loan through Wells Fargo. We have bought land already and have a loan on it with another bank that we are going to roll over into the construction loan. Our loan officer told us that we have to get insurance on the whole loan amount but that doesn’t make since. Why do we need to have home owners insurance on land?
Filed Under Renting & Real Estate | Leave a Comment
Does anyone really know how a mortgage is created?
amacmedic asked:
The true facts about how a mortgage is created are known to very few people… even bank loan officers cannot answer this question!
I am looking to see what people know of the actual mechanics of how a mortgage is created. Lots of people know that they must fill out an application, have a credit check and so on, but what do you know of the actual process of how the mortgage is created at the Federal Reserve level. For instance, did you kow that the mortgage you signed is considered a negotiable instrument to the bank and is treated as a deposit to a banks assets? Do you know the rest of the process?
Filed Under Credit | Leave a Comment
loan officer making a deal behind our back?
erin asked:
we’re currently in the process of getting an FHA mortgage loan with bank of america. for some reason, it’s very important we tell our loan officer who our realtor is. my boyfriend thinks he’s going to try to make some kind of a deal behind our back. why does it matter to him? why does he need to know? why does it even matter? the person giving the loan and the person helping us find housing, in my opinion, have no contact whatsoever. he’s already told us that he can recommend someone but that’s fine. we’ll use our own realtor.
wow - why do people have to be so rude? i’m asking a question and all i want is an answer - not an opinion.
Filed Under Renting & Real Estate | 8 Comments
Why is my bank raising there loan rates and the Fed is dropping there’s?
Joseph F asked:
About 6 months ago I went to my loacl bank about building a home. It would be on a lot next to my business and its zoned commercial so they said it would have to be a commercial loan. The commercial rates are a bit higher and they said it would be around 7.25% for 15 years. After 4-5 months of planning and getting quotes from contractors I am now ready to build. Over the last 6 months the Fed has droped there rates several times so I was expecting a better rate also. I met with my loan oficer and much to my supprise the rate went up! They said it will now be 7.8% for a 15 year loan. I ran my credit score and its 740 so its not me. I even paid off my new truck since then. The loan officer said that the Feds rate has no affect on there commercial loan rates and rates went up because loans are more risky than they were 6 months ago. It sounds like they are charging me more because other people are defaulting?
Filed Under Credit | 3 Comments
who would you trust more to give you a home loan?
ethansmama2008 asked:
Mortgage loan officer or tradition bank?
Filed Under Renting & Real Estate | 6 Comments
First time home buyer with loan questions?
Materhead asked:
I have soooo many questions and my husband and I are going to the bank today to meet with the loan officer for the first time.
First, do I need to have an appointment with him/her?
Can you get a loan with a bank you do not have an account with?
Can you go to any branch of a certain bank?
Do I need to take anything with me?
What can I expect to happen(paperwork, questions, etc?)
Thanks so much in advance. I’m a nervous worrywart!
Filed Under Other - Business & Finance | 3 Comments
loan officer question?
All4Christ asked:
how come the bank wantts to see funds in your account when you say you make 7,000 a month? and they expect you to have 12,000 in the account! the loan officer asked how much i make per month befor taxes. i said 7,000. now the bank expects me to have 12,000 in my account for them to varify if i can afford the house we want to buy. this is crazy. why so much? is this right? should my loan officer fight to lower the amount? what should i do?
Filed Under Personal Finance | 5 Comments
loan officer or insurance sales? which is harder?
ms.jackson… asked:
Right now I am working as a loan officer, but i have the opportunity to cross over into insurance… mortgages are pretty easy because if you call enough people eventually you find some that want, or that you can convince they need to refinance. but i feel some of the things that are acceptable to do are immoral and I don’t want to compromise my intergrity. Which is harder to sell, which demands more hours, and which has more income potential? Are there immoral aspects of the insurance business. I just don’t like selling people at a higher interest rate than they qualify for so i can get money back from a bank, while they pay more, but my company pressures me to.
Filed Under Marketing & Sales | Leave a Comment
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