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When should you go for a mortgage? Check out yourself

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Mini Profile  gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct

53.01 Dollars($)

Post     Post subject:

go for it, khan. your history ought to be sufficient to satisfy most lenders, and you can always supplement what they feel is lacking with alternative sources of credit (utility bills, rental payments, etc.).
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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Mini Profile  msnover92571
m.snover92571



Joined: 10 Feb 2009
Posts: 146
Location: California

0.45 Dollars($)

Post     Post subject:

very nice post and yes im lookin into a fha loan how hard are these to qualify for?
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Mini Profile  jameshogg
jameshogg



Joined: 20 Dec 2005
Posts: 10148
Location: Nevada

941.94 Dollars($)

Post     Post subject:

Hi msnover,

Fha loans are available to the borrowers at a credit score of 580. But the borrowers should not have any late payments or collections in their credit report while applying for loans at such a low credit score.

Thanks
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merlindcat

Guest






0.10 Dollars($)

Post     Post subject: somewhat complex loan

My wife and I have just divided land and sold one lot. We have paid off most of our debt, caught up the rest and are improving credit scores (it was really bad.) We still have our other lot and are trying to build on it. The land is worth $110,000 (what we sold the other land for) and we want a loan for $212,500. We have a cushion of $50,000. We are looking for a lender. Any suggestions?
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Mini Profile  adonis
adonis



Joined: 22 Oct 2005
Posts: 10250
Location: ALASKA

1043.57 Dollars($)

Post     Post subject:

Hi merlindcat,

It's good to hear that you paid off most of your debts and also caught up on the rest. This will give a positive boost to your credit report. You have mentioned that you are improving your credit score. What is your credit score right now?

Getting a loan will largely depend on your credit score. Keeping in mind the present market situation, the lenders won't give you loan if you have a credit score less than 650.

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Procrastination is the enemy of your financial success
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Mini Profile  manoj_gopale
manoj_gopale



Joined: 16 Feb 2009
Posts: 488


0.00 Dollars($)

Post     Post subject:

Quote:
We have a cushion of $50,000. We are looking for a lender. Any suggestions?


with this cushion and with worth the $110,000 land you will surely get a good credit to purchase a new land.but i am not sure about your credit score.because so many lenders will look for it because some of your payments are not on time so surely they will re-look in this aspect.
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davidh

Guest






0.10 Dollars($)

Post     Post subject: First Mortgage on the home I own.

I own my home outright with no mortgage. I want to buy a second home in another country. What are my options on getting a first mortgage to finance the purchase of a second home?
htnaks
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Mini Profile  gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct

53.01 Dollars($)

Post     Post subject:

david, you can readily obtain a cash out refinance on a primary residence, and your purpose isn't necessarily relevant. you'll find that there would be a pricing adjustment for the cash out as well as for credit score, depending on what yours is.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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bestmortgages

Guest






0.10 Dollars($)

Post     Post subject: loan

in case the job in whose basis loan was guaranteed is lost before loan is sanctionedis there any chance of loan being rejected?
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Mini Profile  gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct

53.01 Dollars($)

Post     Post subject:

yes, indeed, bestmortgages. loss of a job/income can severely hamper a borrower.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
image
Mini Profile  manoj_gopale
manoj_gopale



Joined: 16 Feb 2009
Posts: 488


0.00 Dollars($)

Post     Post subject:

Quote:
in case the job in whose basis loan was guaranteed is lost before loan is sanctionedis there any chance of loan being rejected?


It is the sole reason why lenders lend a good sum to those who are having good financial position or having stable jobs i.e.government jobs.

But one must notify the bank when one looses the job so that they can either rearrange the debt for you or cancel it all together.
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Mini Profile  sunil87020




Joined: 04 May 2009
Posts: 339


26.96 Dollars($)

Post     Post subject:

Does there any specific age limit for getting loan ?
Does the age is same in every country?
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Mini Profile  corcorrank




Joined: 26 May 2009
Posts: 1


1.55 Dollars($)

Post     Post subject: Thanks

Hi,
Just found this site, a lot of useful info just reading through all the discussions. I can say outside of this site I did find a free e-book, kind of random, it's a part of a foreign currency site but it gave a break down of all the things you need to look at before you decide to buy or refinance and a worksheet as well. I have been trying to get as much info before I buy in the Phoenix market and outside of this site that book really has helped . It didnt cost me anything and if anything was too much info but i like how there are specific questions on this site as well- thanks for all your information. the book is on a site called "www.lowerfxrate.com" and then there is a tab for a free mortgage manual its worth a look - thanks again didnt think about the insurance policy or stocks aspects

[External link deactivated as per forum rules]
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dan t

Guest






0.10 Dollars($)

Post     Post subject: age

Can I get a mortgage loan at age 52 for 30 years?
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Mini Profile  gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct

53.01 Dollars($)

Post     Post subject:

dan, lenders are not allowed to discriminate based on a variety of factors, one of which is definitely age. yes, you can get a 30 year loan at the age of 52. you can get a 40 year loan if you wish, in fact.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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