Mortgage Lenders

We are closing on a house on July 29th. When will the first payment be due usually? Thanks!

Holly, it will most likely be due Sept. 1st. But at the closing table, the closer will be going over all paperwork with you…one of the documents will be a "payment coupon" which tells you when your first payment is due and how much is due at that time. You send in your first payment with that payment coupon to the address listed on the coupon. Hope this helps!

I have read that a lender must automatically remove PMI once your LTV is 78% of the original amount financed. I have a single loan, and I bought the property well below market value. Since my loan is not 2 years old the lender will not remove PMI with a simple apprasial. Is the lender required to remove PMI if I use a 2nd on the property to pay down on the first to get below the 78%.
To add a little more detail. I bought this house prior to selling my old one. Now that my old one is sold I find I am a few percentage points away from achieving the 78%
I’m not so sure the bank has a real say once I get to 78% from the original finance amount. The Homeowners protection act(1998) seems to indicate that they have to remove it by law.

THEY HAVE TO REMOVE IT.
I would speak to a supervisor concerning this, and work up the ladder to a manager. You wont need to do an appraisal if you can prove it’s 78% of the original amount financed. THIS INFO IS ON YOUR CLOSING DOCUMENTS!
I would call them EVERYDAY to get it off.
SEND THEM A CERTIFIED LETTER DEMANDING TO TAKE IT OFF OR YOU WILL TAKE THEM TO COURT.

By the way….piggybacks are when you take out a 2nd loan simultaneously with the 1st mortgage.
Stand alone seconds or 2nd mortgages are when you take it out AFTERWARDS.
BEWARE that if you take out this 2nd mortgage…and you plan to refi later on…this will be called a CASH OUT refinance because you didnt take it out the day of your 1st closing.

My husband and I are first time home buyers. We are looking to get a mortgage from our Bank (Bank of Oklahoma) we have positive standing with them. We have decent credit, we’ve always rented and had outstanding rental history. I’m currently carrying a note in my name for a car which has 13 months of payments left.

What do I need to do to get a mortgage from our bank? Any advice, i’m completely clueless on where to begin. What would increase our chances for getting approved?

seek a pre-qual letter from them. That is all at this stage.

I need a lender who can do a 80% first mortgage, and have the seller carryback the 20% second. I am in washington state. Please advise. I have alot of clients that needs this type of financing. Thanks

Plenty of lenders will still allow it. ING for one if you don’t mind your clients being taken by their retail side.

Problem is – where are you going to find someone stupid enough to do the 20% second? The 80% is easy….the investors in those seconds are seeing their bonds worth 15 cents on the dollar.

I have a good rate with my first mortage at 4.25 fixed for 15 years. I also have a heloc that is adjustible and is at about 8.5 percent right. I would like to refinance the heloc without loosing the rates on the 1st. Is there such a thing?

yep….it’s called a 2nd mortgage

i have a problem.i want make home mortgage but i dont know information about that.so what I need to know before applying my first home mortgage?

Before applying for your first home mortgage loan you will want to shop around and see what average home mortgage loan rates are. Shopping for home mortgage rates online is a timesaver and frequently have lower rates as well. Your home mortgage rate will affect how much money you have to pay back over the term of the loan, so the lower the better

Reffer here for tips before make first home morgage

http://the-home-mortgage.blogspot.com

it is listed on the 2nd and 3rd mortgages. Is there anyway for my name to be taken off of the 2nd and 3rd mortgages? And if so, can I then file bankruptcy without my husband? Most of our debt that is unsecured is in my name. My husband has the first mortgage and 2 small cc balances. Any suggestions? We have been living paycheck to paycheck and robbing peter to pay paul. Thanks!

I don’t know…but you can get free consultation from a BK attorney…good luck!

I am a first time home buyer and just locked my interest rate. I am paying 20% down and my current credit score is 780. I wonder how much and which way it is going to change after my closing. Is it going to go down significantly? I have no other debts such as credit card, car or college loans etc.

Your score will definitely be impacted at first. But it isn’t something you should worry about at all. Firstly, you’ve achieved the biggest thing that you can ever achieve with a good credit-score…a loan on a home. Second, you’re score may drop 30-40 points at first but after a year of on time payments it’ll jump dramatically. Thirdly, there is nothing that will require a credit score that high, (except perhaps another mortgage) and if there is something else you’re trying to get you can now use your home as collateral (seeing as you have 20% equity.)

Hi, this is my first ever question… I am in the UK and don’t know where to start looking for a mortgage. Is it possible to get a guarantor mortgage (my parents will act as guarantors) that is also partially offset? I can pay a deposit of up to 25k and want to buy a property valued at around 150k, can afford minimum 8k of repayments per year and want to offset by a small proportion of the mortgage, say 20k. Is this possible and can you recommend any good lenders ideally with a rate that’s fixed for the first few years, or recommend a good independent broker? Thanks!
Please don’t bother recommending websites. I’m asking for specific recommendations of particular lenders and advice on whether this kind of mortgage is possible.

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We are about to apply for our first mortgage. Which do lenders like better – extra capital or no debts?

We have enough in our savings to pay off a car loan and credit card loans. We will still have enough for a 20% down payment. Should we wipe out those debts? or keep them (the rates are very low on both).

thanks!

Pay off your debt asap.but do not close the accounts.this will raise ur credit score and lower ur debt to income ratio.shows that more is kept in than goin out of ur household.stay sweet and safe.