Loans

I found a news release on the web that indicated in 2001 Washington Mutual acquired Fleet Mortgage

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The amount you pay (generally monthly in your house payment) for the morgage insurance policy. Most lenders require you to carry mortgage ins or PMI if you finance more than 80% of the value of the home, or for other credit risk reasons. As a side note I have successfully had the mortgage ins dropped after my principle was lower than the 80% on two different mortgages.

Depends on your credit history That would be up to the lender.

Navy Federal Credit Union offers banking and mortgage services to its members. You need to discuss what their requirements are for membership. I am a member as a retired Naval Officer. I believe, like USAA, you can become a member if you are a relative of a Navy Federal member.

Dennis Blackmore, REALTOR(R)

www.realestatevirginiabeachhomes.com

Mortgage underwriters typically make between 18 (low) and 35 (high) dollars per hour. The average underwriter makes around 25 per hour. Also some wholesale lenders also provide a monthly bonus if you meet your underwriting quota. FYI .... I left this industry despite the good pay because in this bad economy nobody is buying right now and as an underwriter I was laid off approximately 4 times in one year (i did contract underwriting). The field is so volatile you really can't depend on it to be your families only source of income. Hope this helps :)

It depends how bad your credit is. Many financial organisations will lend money to people with poor credit, but more often than not you will face tighter conditions and higher rates of interest than those in a more stable financial position.

More importantly you should asses why you have bad credit, if you can not afford to pay back the money you already owe, you should not take another loan if you can avoid. You should try and live within your means and not spend money you cannot afford as far as possible.

yes, the reason for the co-signer is either due to lack of credit or the possibility of insufficient income to repay the loan

There are lots of people with no credit like the new collage students or borrowers, and such people have also opportunities to borrow money for the collage expenses. It is well-known that no credit is far better than a bad credit, but most of the lenders or institutions offering credit to the students need cosigners for such situations. One of the most popular and best student loans offering no credit check loans to the students are Perkins and Federal Stafford loans offering long term interest and support. One can also avail no credit check student loans from state-based federal loans.

The loan which are having first lien rights with high credit score, less risky and with full required supported documents (A-Paper). Those who qualify these requirements comes under prime loan. Mainly these are taken for the MBS whole Loan securities.

Yes. If the bank writes off part of your car loan as a cancelled debt, they will report it to you on Form 1099-C. Cancelled Debt is taxable as income under the Internal Revenue Code and should be reported on your tax return. Cancelled debt is not taxable as income, though, if it is cancelled through a bankruptcy proceeding our you are insolvent on the date that the debt was forgiven.

By "minority" I am assuming you are talking about race or ethnicity. A home loan for a specific minority group would be a violation of Federal Fair Housing laws. It is true that some minority groups are underrepresented in the homeownership market, but loans cannot be made based on minority status. Instead, you should check with your local government on homeownership programs. You can also go to HUD's website (www.hud.gov) to find a local housing counseling agency for information on local, state, or other housing programs you may qualify for.

More than likely your lien holder will require you to carry collision and comprehensive coverage in addition to liability coverage, this is to protect them/their investment.

Sort of. Once you provide them with your SSN (social security number) this basically gives them the right to run your credit. Often they will run your credit with different agencies (i.e. Experian, Trans Union, etc) to obtain the best score. This allows them to offer you a loan at an outrageous APR. Note: if your credit has been run more than once by the same lender/business, this is not a good sign of good credit and this also deducts points from your credit score every time. One possible solution is to put an alert on your SSN. Contact each agency to do this.

Based on rates listed nationally and locally on RateZip, there is not much difference. See http://www.ratezip.com

Yes. Escrow and PMI all factor into your mortgage payment. If the payments are short, its as if they are not being made at all.

In Florida it can take up to 6 months.

Yes a credit card is a loan but remember the interest rate on these can be quite high comparing to a personal loan.

Corporate Structure

In House underwriting means that the lender is doing their own underwriting instead of sending it out to a 3rd party underwriter.

If you are like most small business owners, you want to build business credit for your company and get small business loans when you need them. To build business credit means less risk for you as the owner of the business. There is effort involved when you decide to build business credit. Start taking the steps to build business credit from the get-go. This way, you won't find yourself without a strong business credit profile even if your business is thriving.

There is a lot of hype regarding the need to build business credit that says personal credit does not matter. It's true that when you build business credit, you separate your business credit from your personal credit, but it does help to have strong personal credit as well. The more solid you are on your feet with personal credit, the more effective you will be when you build business credit. Credit protection laws vary between personal and business credit, so it's important to understand the differences when you begin to build business credit. A good rule of thumb to follow is simply this - repair your personal credit along with the efforts you are making to build business credit. As you begin to build business credit, set up your business structure properly with the state and get all the necessary licensing. When you build business credit you will need a business phone listed in the telephone directory under the business name. Buying products or services from companies that report your payment history to Dunn & Bradstreet and Experian will help you build business credit.

Don't be discouraged by the best business credit score being reserved for the "big guys" when you build business credit. Maintain your focus and you will build business credit that has enough impact to catch the interest of private commercial lenders. Beware of loan fraud when you build business credit - a legitimate underwriter will not charge you a fee upfront to connect you with a business loan lender. There may be fees for other services involved when you build business credit, but not for that. Good business credit cannot be "bought."

How soon former homeowners can qualify for another mortgage after foreclosure will depend on many different variables, all of which relate to their financial condition following the loss of the home. In some cases, borrowers may escape foreclosure with their credit in somewhat decent shape, while other homeowners will have numerous charge-offs, collection accounts, and severe delinquencies that will make it much more difficult to qualify for any new credit for years.

The most important aspect of being able to get a mortgage after experiencing the loss of a house is for homeowners to begin a savings plan. With enough of a down payment, they will be able to qualify for any loan that they want, even for another home purchase within months of the original foreclosure. Of course, many banks will want a 35% down payment, but if the borrowers have the financial means to put down such a large amount, they will have a good chance of qualifying for a new loan despite poor credit.

Realistically, however, putting down 35% when buying a home may not be in the realm of possibility for most borrowers. Savings, though, should be the first priority for any family after foreclosure, because the larger the amount they are able to put down, the better the interest rate will be and the more likely they will be to qualify for the loan in the first place. But while they are saving up for the next purchase, it is also important to work on the credit history.

Credit repair and debt validation/consolidation programs can be started as soon as the owners have recovered from their financial hardship, and will have a positive impact on the ability to borrow money in the future. In fact, homeowners facing foreclosure should begin working on their credit as soon as they can, because the process can take from several months to over a year to remove some old inquiries and inaccurate or closed account information. The more accounts the owners have to resolve, the longer the process may take.

Although it will be difficult, if not impossible, to remove the foreclosure from the credit report, former homeowners can focus on all of their other debts to create a more consistently positive record of credit use. Having numerous late payments, dozens of inquiries, and charged-off accounts assigned to collection agencies can drag down a score dramatically, but these may be the easiest records to remove. Even better, depending on the situation, if a creditor or collection agency breaks the law, borrowers can often sue for at least $1,000 per violation, which can always be put towards the down payment savings plan.

But, if loan applicants have access to a 35% down payment, they can often qualify for a new mortgage anytime after foreclosure. The bank will not be so concerned with the credit history, as they are sure that they can sell the house for enough to make up any losses they would experience as a result of the homeowners defaulting. It is only when former homeowners do not have much money that they will need to work on credit repair or simply wait until they can get a new home purchase loan again.

With a serious effort at clearing up their credit histories, it may take from one year to 18 months for the repairs to make a difference, after which the borrowers can apply for a new loan. The terms may not be the best, and they may be required to put down a significant part of the purchase price, but it will most likely be quite a bit less than 35%. Although it will cost a few hundred dollars of materials and postage to dispute and remove credit records, the savings on the new mortgage will far outweigh these small expenses.

However, if the foreclosure victims simply wait and do no credit repair, they may be able to qualify for a new mortgage within three years after the foreclosure. Again, they may be required to put down at least 15-20% of the purchase price, and the interest rate will be somewhat high, but losing a home does not preclude borrowers from qualifying for a loan for the full 7-10 years a foreclosure stays on the credit report. Obviously, this is the easiest and least costly way to qualify for a new home again, but it takes the longest amount of time and the owners will be doing themselves no favors in terms of payment and interest terms.

It is possible for homeowners to get a loan after foreclosure, but it will not be easy to qualify for a new mortgage right away. The best strategy may be for former foreclosure victims to work on improving the credit they still have open, then taking out new small loans, and finally working up to qualifying for a new home loan.

Just after a foreclosure, homeowners may have severely damaged credit, depending on how far behind they were in the mortgage and if they missed payment on other open credit lines. Borrowers who missed payments on credit cards, car loans, and other debt will have a more difficult time improving their credit than homeowners who fell behind only on their mortgage.

There are numerous resources for homeowners to begin improving their credit scores, either through a third party that specializes in credit repair, or on their own through the use of self-help websites. A few common tips include keeping on time with all other bill payments, making small purchases every month and paying off nearly the entire balance (but carrying a small amount from month to month), and disputing old or inaccurate data that is still listed on the credit report.

It may take upwards of 1-2 years for debtors to improve their credit scores significantly after a foreclosure has taken place, but this time should also be used to begin a savings plan. When the time comes to apply for a new mortgage, it will be important to have some sort of down payment to offset the relatively recent foreclosure.

But another step former homeowners should take is to open up small lines of credit even after the foreclosure. Rates and payment terms may not be great, but if they are able to keep these new lines open and on time, this will reflect well on their credit histories. Of course, this is not to say that borrowers should take out dozens of loans, but paying off a few old accounts and opening up new ones and keeping them up to date can impact the credit score.

Within a few years after the foreclosure, a family may be able to qualify for a new loan to purchase a home again. The most relevant factors will be how credit has been used since the financial hardship, and how much the borrowers are willing to put down on their new home. In fact, banks may not loan anymore than 75-80% of the purchase price of the house with a foreclosure on the applicant's credit reports. So the savings plan may be the deciding factor.

But a consistent plan of credit repair, maintaining a good history of credit use, and saving up for a down payment can have remarkably positive effects for people who faced foreclosure just a few years ago. A foreclosure does not indicate that it is impossible to get another mortgage, but it does mean that it will take more work than usual on the part of the borrowers to prove they are credit worthy and deserve a second chance to be given a loan to purchase a house.

Yes, No, Maybe...YES if you can afford to own 2 homes...NO if you can't afford them both. MAYBE if you can pay cash or qualify for a mortgage. Do you have a mortgage on the 1st home? What's your debt to income ratio with owning the home you have now? and What's your debt to income ratio if you owned the second home? If you need a mortgage...call your bank or mortgage broker, if they can help, they will. You can own as many homes/houses as you want...it's a matter of can you afford them? What is your purpose for a 2nd, 3rd home...rental, vacation home, etc...?

With a co-signer

One disadvantage to a collateral loan is that the property put up as collateral can be taken away if the loan is not paid as promised. The dollar value of the collateral does not matter at the time, but after it is sold, the lender should return any portion above the loan repayment amount.