Author Archives: pcgumban

What’s the chance of getting a mortgage with a credit score of 627?

deanna G asked: I am looking to buy a condo, the price is $70000. What are the chances of getting a mortgage with a credit score of 627 ? (I paid off 2 credit cards last week and it hasn’t shown up yet, so hopefully this will increase my score). First time home [...]

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Is it true that the home-mortgage debacle is due to that segment of society that is poor and opportunistic?

bradwelljackson asked: Is this the profile of the person resposible for the credit crunch: A low-income person who tried to figure out a way to get a house even though he knew he couldn’t afford one?Derick

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At age 57 should I get a new mortgage or get a home equity loan?

chocolate cherry asked: My parents who are both deceased gave me the 1st option to purchase their home. I want to buy my sisters out and I want to know if it is better to get a new mortgage or can I borrow money from the equity in the house and pay them off. [...]

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Mortgage company wants my 2005 and 2006 income tax returns. Is it required?

stan4bass asked: I applying for a home refinance loan. Mortgage company want me to sign a form to obtain my 05 and 06 income tax returns. Is it required?Yvonne

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Did the ’sweetheart’ home loans libs got have any influence in their vote to give mortgage lenders your money?

makeamericagreat asked: Today, The Washington Post Reported That Obama Received A Sweetheart Mortgage Deal For His Chicago Mansion:
Obama Received A Discounted Rate On His $1.32 Million Mortgage For His Georgian Mansion In Chicago. “Shortly after joining the U.S. Senate and while enjoying a surge in income, Barack Obama bought a $1.65 million restored Georgian mansion [...]

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When buying a home, what is the best lender to use for a mortgage?

galactic129 asked: …a lender that would give the best possible mortgage rate.
I realize that this is a rather vague question, but please make at least a general input.
Thanks.Traci

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Can a new home equity loan amount be larger than your mortgage balance?

cjt asked: We currently have a home equity loan and a mortgage, but want to pay off credit card debt. Can we take out a new home equity loan, paying off the current home equity loan and credit card debt which would result in the home equity loan balance being larger than [...]

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Question concerning a mortgage loan for a home that needs repairs?

lizw3006 asked: We are considering buying a home that is need of about $10,000 in small repairs and updates. We were approved for a loan higher than the price of the home. Is there anyway to take out the loan for $10,000 more than the price of the house to put toward the [...]

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If someone has 80/20 mortgage loan, the home is now foreclosed?

Missy L asked: what happens to the 20% loan? What kind of loan would it be considered? Recourse or Non-Recourse?Roosevelt

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i’m refinancing my home mortgage but something is showing up on my credit report?

debra c asked: a serious delinquency is showing up on my credit report.. i have no idea what it is!!! i’ve had my credit check yearly. and its never showed up before.. i called equifax but u CAN NOT get to a real person.. this is something i was to discuss in person does [...]

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