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Mortgages
Using property (e.g. normally real estate) as collateral to obtain a loan that is paid by the borrower in installments.
9,165 Questions
How can the lender know the value of home?
That's the appraiser's job. The appraiser comes out, looks at the house to see if there are any obvious problems (like, "missing roof" really lowers the value), then gets recent sale prices for "comparable" homes, and uses all that to come up with an estimate of what the current market value is.
If they foreclose, then they don't really care what the value is. They know what the loan was, and they put it up at auction. As long as they get at least that, they're happy. If they get less, then it's still a debt the former homeowner owes them. If they get more, they're supposed to give the surplus to the former homeowner, but in practice, there won't be a surplus.
How much income do I need to buy a home?
It depends on your recurring monthly debt (minimum monthly payments). This number divided by your gross monthly income give you your debt-to-income ratio. This ratio can be no higher that 57 (but in most instances 45) with the proposed new mortgage payment in order to qualify.
How much income do you need to buy a house?
It depends on your recurring monthly debt (minimum monthly payments). This number divided by your gross monthly income give you your debt-to-income ratio. This ratio can be no higher that 57 (but in most instances 45) with the proposed new mortgage payment in order to qualify.
How long wAit to purchase a home after a short sell?
There is not a time limit on how long you have to wait to buy a home after a short sell. It all will depend on how long it takes to clear.
What is the difference between wholesale and retail mortgage?
A wholesale mortgage is done through a broker who then originates it with the bank that funds the loan. A retail mortgage is originated directly with the bank that will fund the transaction.
How can you pay your mortgage with a credit card?
You can usually open an online account at the lender's website and make arrangements to pay by a credit card. For more information contact your particular lender.
Can i assume my deceased mother's mortgage without a will?
Unfortunately not. A will is basically the only link/document which can tell the government to back off. Without it, they are able to cease anything and everything.
Yes you can have the fees included in the loan, though upfront costs might include mandatory counseling and appraisal fees.
What is difference pledge and hypothecation?
A pledge usually has no legal inclination whereas hypothecation has legal consequences in the event you fail to honor your word.
What are adminstration charges?
Fees/ or charges that are added or presented to you for providing a service; this is normally an additional service that you required which costs the company which is providing you with the service additional money. By charging the customer "administration charges" they can recover some or all of the costs that they have incurred.
For example:
Banks may charge administration charged for providing you with a letter of reference.
A removal company may charge administration charges for clearing your goods through customs.
Will the excess amount in foreclosing real estate mortgage given to th mortgage or not?
I'm not sure this question was complete, but the answer is that any excess equity after a property is foreclosed will go to the prior homeowner. In other words, if a home is foreclosed and the home sells at auction for more than was owed to the bank, the excess will go to the homeowner who was foreclosed upon. Keep in mind many fees and charges may be attached to a foreclosure, so the equity may be limited.
The company that used to be known as GMAC is now Ally Financial.
Ally put the GMAC ResCap subsidiary (the one that included GMAC Mortgage) into bankruptcy in 2012, because of substantial losses; they wanted to get out of the mortgage business and focus on their highly profitable automotive financing business (General Motors Acceptance Company is where GMAC got its name from originally).
This doesn't mean that a GMAC Mortgage LLC doesn't exist, but I'd be wary of dealing with them: if it's "really" GMAC, then they're in financial difficulty; if not, they're deliberately using a misleading name.
Will a name affidavit suffice if the name is incorrectly spelled on the mortgage instrument?
The answer depends on the severity of the mis-spelling. The lender's attorney should make a determination whether a confirmatory mortgage should be recorded in order to protect the interest of the lender.
When would you need for prior approval be waived?
This is an extremely vague question. What specifically are you asking and what is it in reference to?
What is the difference between renting a property and having a mortgage?
The difference between renting a property and having a mortgage is that when you have a mortgage you are buying the property.
How do you get the deed to a house if the owner has died and the mortgage is paid?
The deed belongs to the estate and the estate can transfer the property in accordance with the will or the laws of intestacy.
Who pays closing costs in California?
Closing costs are part of the negotiation process on each home purchase on a case by case basis. It really depends on how the contract is written. Closing costs can also be negotiated with the lender on most loans. You will probably be given the option to choose a higher rate with lower costs or vice versa. This is not state specific.
Source: I'm a loan officer.
