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gmakerley · Posted: Sun Nov 29, 2009 9:06 pm Post subject:

a 6 month time frame is a bit scant, savior. most people won't have built sufficient credit to come up with scores worthy of a mortgage approval in that short a period.

better to wait a year and perhaps even more before entertaining the idea of making a home purchase when there's new credit to deal with.

enoughdollars · Joined: 30 Nov 2009 Posts: 4 1.53 Dollars($)

loan amount depend on annual income after less expenses and ltv i think offering upto the EMI you can afford from your income ... and credit score must be high from 610 ... am i rite?

jenkin7 · Posted: Wed Dec 09, 2009 12:20 am Post subject:

Hi enoughdollars,

Your credit scores must be higher than 620, in order to get approved for a mortgage loan. Certain lenders do offer loans even though your credit score is less than 620. But they require higher down payment and the interest rate will also be higher than normal. The loan amount depends on your annual income and your debt to income ratio. You must earn enough to afford the monthly payments for the mortgage of your required amount. At the same time, you should not have too much of debt obligations to eat up your monthly income.

aboutyourmortgageusa · Joined: 24 Dec 2009 Posts: 33 10.07 Dollars($)

Hello… good discussions… for most Americans… purchasing a house requires taking on a mortgage loan. a mortgage can be a very difficult and valuable financial investment and in order to pass up making common mortgage mistakes a borrower should be reasonably knowledgeable before committing to a contract…thanks Smile

gmakerley · Posted: Tue Feb 16, 2010 10:34 pm Post subject:

about....you've been around long enough that it's time for your posts to begin to make some sense. the mindless platitudes need to cease and you should start providing advice or realistic opinions.

oswingrant · Joined: 13 Mar 2010 Posts: 57 0.39 Dollars($)

A common mistake homeowners make when taking out a home loan is this. They often take out more than they can afford. A good rule of thumb if you have a double income household is to take out a mortgage as if were taking it out for only 1 of your 2 incomes. Average out the 2 incomes 1st, and use that average income amount, and keep your payments under 30% of that average gross income. It does 2 things, it protects your if one person looses their income, and it keeps your housing in income ratio well balanced as it should be.

[External link removed as per forum rules]

jmross · Posted: Tue Apr 27, 2010 4:51 pm Post subject: 9 common mistakes of refinancing

Hi,

I'm in the processing of reviewing the benefits of refinancing my current mortgage and the common mistakes in refinancing link was very helpful. One item was whether or not I should get an appraisal of my home, before shopping around for refinancing options. What's the average cost for an appraisal?

What if your lender is independent and not a bank?

Thanks.

gmakerley · Posted: Tue Apr 27, 2010 7:09 pm Post subject:

Jason, you'll find all sorts of prices for appraisals. They're specific to location, they're specific to property type, and they're going to vary depending on the type of report you desire. Check your state directories to see if there's a grouping of appraisers. That question might get varied answers, but you'll get a better handling by asking them.

I suppose you're speaking of a mortgage lender when you said independent...they're all regulated by law...there are differences, but it's hard to capsulize in one short post.

jmross · Posted: Wed Apr 28, 2010 5:05 pm Post subject:

George,
Thanks for the information on appraisals. I'll check with my State directories to get a more accurate idea of on the pricing.

gmakerley · Posted: Wed Apr 28, 2010 6:39 pm Post subject:

It's a pleasure...you're welcome.

oswingrant · Joined: 13 Mar 2010 Posts: 57 0.39 Dollars($)

Don't assume that because you got a trial loan modification that mean your mortgage was completely modified. If your don't do what you are suppose to do, you may find your trial loan modification was denied even after your approval. follow all the way through.

[External link deleted as per forum rules. Thanks.]

newportboc · Joined: 11 Aug 2009 Posts: 14 4.93 Dollars($)

Here are some major mortage mistakes
1.Choosing the Wrong Mortgage
2.Letting Qualifying Ratios Get Out of Hand
3.Not Enough Down payment
we avoid these potential costly and/or disastrous mistakes by preparing yourself as best you can for the mortgage lending process.This can be done by carefully researching the types of mortgages available in your area.[/b][/list]

mreb1010 · Joined: 19 Jul 2010 Posts: 1 1.20 Dollars($)

Learn to read your good faith estimate. Under the new Respa Regs, lenders cannot get away with the old bait and switch any longer. (You should receive a good faith estimate within 3 business days of making application) Under the new regs, there are certain lines with NO tolerance (Box 1 cannot increase from the good faith to final HUD) It can decrease but not increase.
Reading the Good faith estimate and your loan docs is extremely important. Don't be afraid to ask your loan officer questions.

buywuwant · Joined: 03 Sep 2010 Posts: 16 2.58 Dollars($)

Thanks for these Good informations Caron

amayer · Joined: 20 Sep 2010 Posts: 4 1.76 Dollars($)

I heard I/O programs are difficult to qualify for since you not only have to qualify for P/I payments, but you also have to show 24 months worth of assets sitting in an account.

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31 Common Mortgage Mistakes Smart People avoid