Feeling like you might not survive the loan approval process? You are not alone. Welcome to savvy home mortgage tips, unique answers by Ask Kate. As an experienced mortgage insider, I will be your guide down the bumpy road traveled by many borrowers as they pursue new financing for their homes.
Allow me to introduce myself. I'm Kate, author and publisher of this website.
If you don't find the answers you are looking for in the letters below, remember you can ask your own mortgage question too.
I look forward to hearing from you... soon!
Poof! Balloon Payment in Mortgage Pay-Off Vanishes - What would you say if you owed $265,000 less than you thought on your home? Should you believe a lender who says signing loan documents won't affect your credit? Can you get mortgage approval with a low loan-to-value but a 575 credit score?
Mortgage Loan Approval: Seller Bailout, Non-Arm's Length Transaction, Due on Sale Clause - What if your father was facing foreclosure and asked you to buy his home? Would you get approved for a home loan? Or what if you inherited a house - Would you be required to refinance the mortgage? Get answers here!
4 Common Hot Buttons to a Successful Mortgage Loan Approval Process - Besides the 3 Cs in mortgage lending that determine loan approvals, being aware of common underwriting hot buttons will put you on the path to a successful approval process.
Mortgage Loan Servicer: Marred Credit, Robocalls, Harassment - My mortgage service provider changed to Nationstar in 2012ish. Frankly, I just can't stand them - for two reasons. The first is that they call me, starting the second day of the month 3-4 times daily, to request my payment. Secondly...
Understand Your Home Loan Documents: Knowing the Terms - When Robert asked his lender for details on his 10 year old mortgage, their attorney responds that he has a balloon mortgage, a partial purchase money mortgage, and a construction permanent loan. He's feeling confused and pressured since he's underwater and asks me a better explanation.
TRID Fallout: Why Your Mortgage Costs More and Takes Longer - Cheri closed on her refinance yet weeks later they still have not funded her loan. She asks if she has any recourse. Is she better off backing out? How long does the bank have legally without giving her a reason for not funding?
Home Loan Approval: American Dream or Nightmare - Tina refinanced 16 months ago but today her bank insists on new tax returns and re-signed documents. Mara can't get her certificate of occupancy to pay off her construction loan so the bank suggested a short sale. WHAT!
HAMP Modification and HARP Refi After Alimony Ends (Debt Ratios) - A financial advisor asks if there's a provision that would help a person qualify for assistance who had a life changing event and large loss of income, making it difficult to maintain a homestead.
Tips for Mobile Home Refi: HAMP HARP FHA Mortgage - Because James' manufactured home is on a permanent foundation, he has affordable financing options. Arnold's 1976 mobile home is financed at 9.375%. He asks how to make his mortgage payment more affordable.
How to Find Your Best Mortgage Offer - Jo's flood insurance is making her mortgage payment skyrocket. What are her options? Cathy had a foreclosure in 2012 but her credit score is up to 730. When can she buy a house? Paul's lender tells him he must default on his payments to modify his rental property's mortgage. Is this right?
IRS Tax Lien and Mortgage Approval for FHA Financing - Lynn is negotiating an IRS payment plan to pay a tax lien. Her loan approval is conditioned on a 3 month payment history to the IRS. She asks me for an alternative solution so she can close her mortgage.
Mortgage Approval Help for Self-Employed Borrowers - Michael asks what mortgage companies require from the self-employed. If you are a sole proprietor or owner of corporation or LLC, go here to learn how to smooth out your loan process and successfully close your mortgage transaction.
Refinance Fees: Where Did My Lender Credits Go - Why did Jack's broker advise him to lock in a higher rate to pay for closing costs when total fees were significantly less than the lender credits? For a Good Faith Estimate to miss the mark by $2500 is significant. Read Jack's recourse.
The Mortgage Maze: Guiding You Through the Loan Approval Process - You can't live with 'em and you can't live without 'em! The saying certainly rings true with many borrowers. If you also are frustrated with your loan process, keep reading for my solutions to the mortgage maze.
Refinancing a House - Non-Owner Occupied vs Owner Occupied - Michele is on an extended assignment in Germany. She owns a house in Michigan where a house sitter pays no rent. Yet her homeowner's insurance is a rental policy. Can she can get an owner occupied mortgage?
How to Help Your Lender Calculate Income and How to Get an Escrow Refund - Mark is exasperated with his lender's underwriter who insists on reading his paystubs incorrectly. Linda's homeowner's insurance premium was recently reduced. She wonders when her payment will go down.
Insider Tips to Getting Back Your Mortgage Loan Approval - You shopped trusted referrals before choosing your mortgage originator... But suddenly your loan approval process comes to a screeching halt.
Problems Refinancing a Mobile Home Loan - Lisa's original title to her mobile home, now on a permanent foundation, has gone missing and she can't complete her refinance.
Are Mortgage Origination Fees Estimated - June is worried about her Good Faith Estimate form. Her loan officer claims the origination fee will never change yet... LMK wonders if their refinance offer which includes paying discount points is a good deal.
Nonsensical Mortgage Refinancing Practices - Be prepared for poor training, fraudulent practices, and ignorant decision making when you refinance your mortgage. Karol's refinance offer will raise her monthly payment. Cheyll can't HARP refinance her home after her husband died. Kurt has no idea who owns his mortgage.
Qualifying for a Mortgage and a House You Can Afford - We went through a foreclosure in 2008 with Chase and were part of the settlement group. Can we get the foreclosure taken off our credit report since we were illegally foreclosed on? A home buyer asks: Is there a calculator where I can figure out if we can afford this mortgage.
Extra Mortgage Payments vs Lump Sums to Pay Off Your Mortgage - Meet Joey with concerns that his lender limits lump-sum principal payments. Meet Landon who wants to reduce his monthly payments with extra mortgage payments. Lastly is Sonia, horrified to see how little goes to paying off her mortgage.
Is Paying Off My Mortgage Early a Smart Plan - Meet the homeowner who is considering to siphon off cash allocated to retirement and use it to pay off his home loan. But I have a better plan for getting out of debt! And you won't have to come up with any extra cash!
How to Painlessly Pay Off a Mortgage Early - David from Tampa, Massachusetts adds $2,000 to his house payment each month to pay off the loan early. But not many homeowners can do this. No worries! Here is how to get out of debt without sacrificing your lifestyle.
Compare Home Mortgage Interest Rates to Closing Costs - Is 4 percent with $2100 in closing better than 4.5 percent with $990 in closing costs? Seems to me that the second option of saving $1000 is better?
How To Refi Without The Glitch - After jumping through all the refinancing hoops we made it to closing. The next day, the financing company called telling me our debt-to-income ratio didn't qualify. What other recourses did I have?
Is HAMP A Negative Amortization Loan - I do qualify for HAMP which will ultimately reduce my current mortgage payment by half. Does this create negative amortization? Will I end up further in debt?
How To Figure Monthly House Payments To Pay Off Mortgage Early - Joyce asks how to calculate a 20 year mortgage payoff with adjusting interest rates and graduated payments!
Are 30 Year Fixed Mortgage Rates Negotiable - Will I benefit from refinancing if my mortgage rate increases? Can I negotiate down the quoted interest rate?
Buying A House Immediately After Bankruptcy And Short Sale - The fact that we are open to any interest rate, do we have a chance at getting a mortgage?
Comparable Home Prices - Is this real? Can my bank deny my refinance because comparable homes haven't sold? What can I do about this?
Need Help Refinancing An Investment Property - Anna from Arizona needs help from mortgage originators or real estate investors. Comment here.
Foreclosure Questions - Hi Kate, Will the bank call in my loan? When I bought the house I was making $50,000. I got laid off and now work for $32,000.
Mortgage Down Payment - Hi Kate, If I refinance with another bank, do I have to pay another mortgage down payment?
YSP Issue - My lender said the rate was high due to a small loan amount. Then I read the good faith estimate and saw the YSP baloney. I should gotten a much lower rate instead of him getting a kickback.
Yield Spread Premiums - To Kate and the Home Buyer asking about paying Yield Spread Premiums, we both agree $7,600.00 is too much!
Confusing Your House with an ATM Machine - I was a financial advisor for many years and I watched clients and potential clients use their house like ATM machines during the "good old days" a few years ago.
Best Mortgage Advice - Be Cautious - My mortgage advice is to do your own homework and remember, it is real money and not just figures on a sheet of paper.
Mortgage Advice Worth Every Penny - One Friday afternoon, I was preparing the closing papers for a young man who was tickled pink that he was about to purchase his first home.
Best Mortgage Advice - Do Your Homework - The best mortgage advice is CHECK YOUR CREDIT REPORT FIRST!
Mortgage Advice - The Borrower Knows Best - I feel that the person in need of money is the best judge about his or her requirement.
Fannie Mae Freddie Mac Bailout - Fortunately, my home is paid off now.
Educate Yourself - Best Mortgage Advice - If you know the secrets of the trade, you are less likely to become a victim of unethical lending practices.
Best Mortgage Advice Concerning Foreclosure - It's very important to document any promises made and/or extensions placed.
Hope Is Best Mortgage Advice - But my dad didn't lose his hope.
Mortgage Pre Approval Not Prequalification - Discuss your finances with a mortgage lender before you compete for your dream house!
Best Mortgage Advice Skating A Fine Line - While it may not always be the most tasteful thing to do, switching lenders...
Best Mortgage Advice Equity Loans - My best home mortgage tips to anyone who owns a home is don't ever, ever, ever, get an equity loan if you can help it.
Best Mortgage Advice Best Mortgage Rate - How can I be sure that I am getting the best mortgage rate from my lender?
Best Mortgage Advice On Buying Points - Are points just a gimmick for the bank to get more money out of your pocket?
Second Mortgage Interest Rates And Fees - Kate, why are there so many fees on a 2nd mortgage loan?
Haven't found what you're looking for? Here's the solution! Go ahead and Ask Kate for answers.
January 2016: The Mortgage Forgiveness Debt Relief Act Update.
September 2015: Fannie Mae and Freddie Mac Improve Loan Modifications.
Keep on the right path at A Homeowner's Survival Guide to the Intimidating Mortgage Process.
Please share Home Mortgage Tips to Survive the Loan Approval Process with your friends. I hope you'll come back and visit often.
Aug 11, 16 10:49 AM
Aug 11, 16 10:18 AM