0
What does a mortgage lender provide for proof of ability to by a house?
Wiki User
∙ 9y ago
The LENDER provides nothing the LENDER requires YOU to provide the evidence before they will lend you any money.
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
Can you describe to me what a reverse mortgage is?
A reverse mortgage is an instrument that uses the equity in a senior citizen's house to provide him or her with income. Once the homeowner dies, the lender gets the house.
House was repossess can you still get a mortgage?
it is quite unlikely that you will be able to get a mortgage lender with that history.
Does a co-signer on a home need to live in the house?
No, unless it is required by the lender. You need to review your mortgage documents.No, unless it is required by the lender. You need to review your mortgage documents.No, unless it is required by the lender. You need to review your mortgage documents.No, unless it is required by the lender. You need to review your mortgage documents.
What to do if one owner is not making house payment?
The mortgage payments must be made or the lender will foreclose the mortgage.
If a chapter 7 bk has been discharged but the mortgage lender will not work with you to keep the house will a chapter 13 work or would you be able to find a lender to refi the current mortgage in PA?
A chapter 13 MIGHT work if you have the ability to keep your payments current after filing the Chapter 13 and then repaying the past due amount over a period of 3 to 5 years. You ability to find a new lender to refinance the existing loan will depending on your cash flow, equity and ability to pay. You shoulld contact mortgage broker and a bankruptcy attorney to discuss all of the options.
What is colleteral?
Collateral is the property a borrower pledges to a lender in a loan. This property secures the lender's interest. A house is the collateral on a mortgage loan.
Who is the person who joins borrower and lender for a real estate loan thereby earning a placement fee?
Typically if it's not an in-house agent of the lender, it's either a mortgage banker or a mortgage broker.
What happens when a borrower doesn't pay back a mortgage loan?
The lender can foreclose the mortgage and sell the house to recoup its losses. You would lose the house. Your credit rating will plummet.
Which bank is best to get a mortgage?
Mostleaders/banks have the same products, your ability to get a mortgage loan will be hinged on your credit score and your ability to purchase a house.
What are the advantages and disadvantages of 100 percent financing however having a first mortgage and subfinancing in order to get 100 financing?
The advantage to having a first and second mortgage equalling 100% financing is that you would not have to pay PMI, which would be required on a first mortgage at 100%. The second mortgage is subordinate financing, meaning it is in the second lien position on the house, and therefore does not affect the first mortgage lender's ability to persue the subject property in the event of a default on the loan. The thing to consider is that when you do this on a purchase, your first AND second mortgage lender will qualify you at the cumulative mortgage payment.
Can you get a 15 year mortgage on a house that you already own?
Yes, as long as you meet the lender's requirements.Yes, as long as you meet the lender's requirements.Yes, as long as you meet the lender's requirements.Yes, as long as you meet the lender's requirements.
Can someone get a mortgage on a new house if they have not sold their current home?
Yes, but the existing mortgage (and interest on bridge loan) will be a factor in the points and interest on the new mortgage, as the initial risk to the lender is higher.
