FL Mortgage

It seems that when I call to inquire about these good deals (for example, really low rates with 0 points), I am always told something like, "Well, that deal is for something else." How does one get an accurate mortgage quote online from these sites? Or is it impossible to get an accurate quote without calling the companies directly?

This is a example of how the lenders try to get the business from the people like you. They advertize low rate, but if you call them, this rate is not for you, because your credit is not good or you don’t have enough equity or down payment. Every costumer is diferent and those low rates are reserved for the best costumers or they are not available now, because market change and rates go up ( sometimes they change 3 times a day). Please be carefull about applaing for the loan over the internet, because if you will put your info- you will be bombarded with emails and phone calls from diffrent lenders. My advice- call the local bank or broker to find out about rate for your situation and they will be more like to explain to you why this or that.

I have an interview with a mortgage company tomorrow hiring a loan officer. The owner mentioned he typically hires for commission only, but has in the past and considered a small base salary plus commission to get started.

The Economy: Rates are historically low on mortgages, home prices are low, but banks are not lending.

Do you think I could make money? I have 7 years sales experience. How much do loan officers make?

Avg. Salary: 42k$

50 Salaries registered here:

http://www.whatsalary.com/us/salary/MORTGAGE-LOAN-OFFICER-T4154.htm

or for those who were not victims of outright mortgage fraud?

How do they explain the record mortgage foreclosures and still rising for those people? and how do they explain that certain regions or certain major cities of the USA have way more foreclosures than others?

For those for whom my question is not clear enough, I am referring to people who got regular A paper non subprime mortgages who did not lie or pad their assets and played by the rules and got regular fixed rate mortgages etc.. who are still losing their homes in record numbers.

Many ordinary Americans are losing there homes because of other factors, high gas, and everything else is causing chaos.

where i can find today’s wholesale market rate for fixed mortgage (2years)?
as i want to exit a fixed mortgage with ANZ, and they could not locate today’s wholesale market rate and told me to look in the news papers. is it available online?

Your bank is an idiot. They should be able to advise you of what break costs would be applicable if you paid out your loan. The pay out amount would only be valid for the day of your enquiry but would be a good indication of what the final amount would be. The amount will change each day but not usually significantly. Tell them you want to pay out your loan and request the amount due.

It is irresponsible of them to suggest that you locate the wholesale market rate. Get back to them and tell them to provide you with the service for which you are paying them.

It is not up to you to do their work for them

my mortgage company is harassing us. We told them we would make a mortgage payment on the 31st of December. they said they couldnt take a commitment that far out. They called me every 3 days since 12-3-07. We told them we would pay on that day every time. From 12-27-07 til 12-31-07 they called every day!(including Sunday at 9a.m.) On 12-29-07 a lady told me that they had all of my banking information, and would just take it out of our account! We paid it on the 31st, and already First Franklin Mortgage is harassing us for our Jan. payment. Is this harassment, and what can we do?

How often are you late? If you’re late often, they might have deemed you a financial threat. Sadly, it isn’t harassment. But if they are calling like crazy and you’ve never been late, maybe you should ask a few questions to a lawyer and see if he can give you some advice.

GOOD LUCK!

EDIT: She threatened to take it out of your account? Then YES, that IS harassment… seek a lawyer! And BTW, she can’t do that…. that would be illegal! (Sorry I didn’t read the bit!)

I was just wondering if this was possible, i know you can do it when you remortgage but how about your first mortgage?

This is called a cash-out refinance. Basically, you refinance your mortgage and borrow more money than you currently owe. So you take equity out of your house to use for other purposes. A couple of things. Right now, if you do not have 20% equity in your home, this is very very unlikely to be approved. You could do a home equity line, but you’re still going to need a minimum amount of equity.

Second, this is a really really bad idea. Why increase debt on your primary asset to pay for lots of little stuff that is long gone?

Like let’s say you bought a house from someone named James for $200K. Does the mortgage lender you use pay James $200K in full?

Close, but not exactly.

What happens is this: You get a loan for $200,000 to buy James’ home. Let’s say James still owes $125,000 on the property. The $200,000 goes from you to the settlement or title company. The settlement company has gotten the "payoff figure" from James’ mortgage holder. That’s $125,000.

Your $200,000 goes in. The settlement company sends $125,000 off to James’ mortgage company to pay the old mortgage off. And the other $75,000 goes to James.

Of course there are a lot more expenses. If there’s a Realtor (or Realtors) involved, some of that money goes to the Realtors. Usually, you’ll prepay taxes and insurance. And so on. You’ll probably also buy title insurance. Then there are probably points on the mortgage that you’ll pay. On the other hand, you may have asked James for a "seller subsidy" to help with closing costs. So some of the money that would have gone from your lender to James comes back to you.

So, really, you’ll end up paying more than $200,000. And James will receive less than $125,000.

Before closing, James will receive a "net sheet" from his Realtor, giving a pretty close estimate of how much he’ll really receive. And about 48 hours before closing, your Realtor and James’ (and you and James, if you want) should receive a draft copy of the HUD-1.

The HUD-1 is the form that settlement companies use to calculate all that.

Hope that makes some sense.

I have shopped around but cant get the amount that i need,this is the only lender which is able to get what i need,and is 6.78% fixed rate for 2 years a good rate? lenders charge is £1999 added to the mortgage and introducers fee of £499
any help will be much a appretiated

It is difficult to answer this question without knowing the circumstances of your application. Nevertheless, any application made to a lender is judged, by the lender, on its merits and the risk the application presents to the lender; it is important to remember that all lenders operate in the mortgage market to make money. Any deal that is presented to the market is offered on the principle that someone will accept the deal, otherwise there is little point in marketing such a proposition. Currently fixed rate deals are not in great supply, therefore any deals that are out there that, on the face of it look attractive, tend to be more expensive. The lender needs to recoup their costs of bringing fixed rate money to the market; in this case the lender has chosen to pass these costs directly onto the customer, up front. Other lenders choose to apply extended tie-ins with redemption penalties, either way, they will recoup their costs one way or another.

I’m a creditor whose debt is secured by a real mortgage. I’ve received recently a notice that the debtor has filed for bankruptcy under chapter 7 of the US Bankruptcy code. What will happen to both my loan and my mortgage? Will I be enjoined from foreclosing the mortgage? The insolvent debtor by the way is an individual, not a corporation. Please prvide legal basis.

Thank you.

You have the best kind of security. You have about the strongest position you can get in bankruptcy as a creditor. The way I understand it there will be no need to foreclose. Just file your interest as a creditor as per the instructions on the paperwork.

Hopefully, they’ll order the sale of the asset and you will be first in line for the funds from it, provided you are the primary mortgage holder and not subordinate to anyone.

Regardless, be sure to speak with a bankructy attorney. You may get a free consultation or may have to pay a drop, but it will be well worth it for the guidance.

What ever the both decide. Than the time frame is stated in the papers. I had five years to refinance.