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Posted: Wed Apr 01, 2009 10:30 am Post subject:

Thank you for the update and i will definitely keep this in mind while atempting for a mortgauge.

gmakerley · Posted: Wed Apr 01, 2009 10:31 am Post subject:

99, that was a loan officer or an underwriter? if a loan officer, i wouldn't be too concerned; if an underwriter, i'd be very, very worried.

admin3 · Posted: Fri Apr 03, 2009 12:03 am Post subject: Mortgage Mistakes

Not knowing how much they can afford before they make an offer.

The easiest way to avoid this mistake is to get pre-approved for a mortgage, so you know in advance exactly how much you can afford.

Loan modification

[External link deleted as per forum rules]

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

gmakerley · Posted: Tue Apr 07, 2009 1:27 pm Post subject:

underwriters approve loans

loan officers generate the potential loans that the underwriters must review.

manoj, it is usually helpful for someone to have a minimal working knowledge of a topic before beginning to express opinions about what does or does not work, or to offer advice on how to handle situations. please get some additional education concerning mortgage and related business.

Posted: Tue Apr 14, 2009 9:58 pm Post subject:

I totally agree with your point.. Becoming familiar with many mortgage program, comparing and choosing what suits your needs
is truly a big decision to make..Therefor homeowners should be smart enough to know these kind of stuff and by becoming aware with the
mistakes of others is a lesson that we must also learn and understand.. Great Links.. Thanks for sharing..

us · Joined: 07 Aug 2009 Posts: 1 1.26 Dollars($)

Coming from Switzerland, we had to get used to a whole new set of rules. Thank you for this listing.

gmakerley · Posted: Mon Aug 10, 2009 7:22 am Post subject:

thank you for the testimony, us. it's always nice to hear of the good this community does.

Guest

So if you have a mortgage that is a 5 year arm but you are planing to stay in your home for 8 years minimum, you would have to deal with an interest rate that is adjusting on you from the 6th through 8th year. You may be better off looking into an interest only 10/1 ARM if a new 30 year fixed rate loan wont meet your payment goals.

thewretched02 · Joined: 23 Jun 2009 Posts: 115 23.92 Dollars($)

Personally I've usually found it most beneficial to have shorter fixed rate periods of 2-3 years, as not only interest rates can change over time, peoples personal circumstances can as well.

also the penalties for breaking a 2 or 3 year fixed term and significantly smaller than say a 5 year rate and the interest differences are greater.

One thing I've seen many people get caught by is trying to pay off their loan TOO aggressively, i.e. setting their repayments at the max they can possibly afford. This is fine as long as no one loses a job, gets pregnant, falls ill or has any other sort of unexpected drop in income or rise in expenses. Going to your bank and trying to reduce your payments can result in all kinds of problems and fees - better to work on having a "fat reserve" in your budget, so you can save some money as well as pay the mortgage.

that way if you do hit a speed bump, you can use that reserve to prop you up, and hey if you never need to use it, just hold on to it until the fixed term expires and drop it straight onto the principle - it'll be almost as good as having had those higher payments all along but with much less stress and risk.

gmakerley · Posted: Sat Oct 17, 2009 9:51 am Post subject:

wretched you like 2-year and 3-year adjustable rates? i'm surprised to see anyone say that...not necessarily that you are incorrect, but most folk are terrified of increases, even though history doesn't necessarily prove them right.

in the last 15 years or so, i have to agree with you in large part, because variable rate loans have performed pretty well in that period (overall). i had a one-year arm from 1996 until 2005, and it never hurt me at all. my current mortgage (home bought in 2004) just adjusted for the first time (5-year arm), and i went from 4.5% to 4%. i've been treated well by adjustables, and i don't think they're the terrible thing they've been painted to be.

i admit that the sub-prime variables were nasty, but they were based on risk: high risk customers are always going to be finding more expensive products. that's a given in the industry.

Guest

If your exploring your options from a 30yr fixed and a 5 yr fixed you will need to ask yourself one question, how long do you plan on staying at your home? Talk to your Mortgage Loan Professional today.

Kal Patel
Voyage Home Loans

Guest

shop shop shop is all i can say!

johnvalley71 · Joined: 06 Oct 2009 Posts: 13 -0.33 Dollars($)

hi

do we need any credit history for getting loan first time, or we can apply without any past transaction with financial institution,

savior70 · Posted: Fri Nov 27, 2009 6:03 am Post subject:

Hi John,

You will need to have a credit history in order to get a loan. Lenders will check your creditworthiness through your credit history. They will offer loan only if your credit history is good. If you have no credit history, get yourself credit cards and build some sort of a credit history by showing you pay off your monthly bills on time. But do not over spend, do not let the credit limit on your credit cards cross 50% mark. Pay off your credit card bills on time. Once you have established a short credit history of about 6 months, you can start applying for a loan.

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31 Common Mortgage Mistakes Smart People avoid