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 buyer as well.
oh, and about how much will my score improve with those 2 cards being paid off? I owed $2500 total on them.

Alfonso

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

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. There is no mortgage on the home, I only pay taxes.

Jerri

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

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 in an upscale Chicago neighborhood. To finance the purchase, he secured a $1.32 million loan from Northern Trust in Illinois. The freshman Democratic senator received a discount. He locked in an interest rate of 5.625 percent on the 30-year fixed-rate mortgage, below the average for such loans at the time in Chicago.” (Joe Stephens, “Obama Got Discount On Home Loan,” The Washington Post, 7/2/08)

* “The Loan Was Unusually Large, Known In Banker Lingo As A ‘Super Super Jumbo.’ Obama Paid No Origination Fee Or Discount Points, As Some Consumers Do To Reduce Their Interest Rates.” (Joe Stephens, “Obama Got Discount On Home Loan,” The Washington Post, 7/2/08)

Obama’s Discounted Rate Could Have Saved Him More Than $300 Per Month. “Compared with the average terms offered at the time in Chicago, Obama’s rate could have saved him more than $300 per month.” (Joe Stephens, “Obama Got Discount On Home Loan,” The Washington Post, 7/2/08)

The Obamas Secured Their Discounted Home Loan Despite The Fact That They Had “No Prior Relationship With Northern Trust When They Applied For The Loan.” “The Obamas had no prior relationship with Northern Trust when they applied for the loan. They received an oral commitment on Feb. 4, 2005, and locked in the rate of 5.625 percent, the campaign said. On that date, HSH data show, the average rate in Chicago for a 30-year fixed-rate jumbo loan with no points was about 5.94 percent.” (Joe Stephens, “Obama Got Discount On Home Loan,” The Washington Post, 7/2/08)

Herminia

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

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 the mortgage balance? There is ample equity in the home to support both. We do not want to refinance to a new mortgage because we are thinking of selling in the next few years and don’t want the expense of closing costs on a new mortgage.

Valerie

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 repairs and updates? For example: The home that we are buying is $150,000 and we were approved for $180,000. We would like to take out $160,000 and put the extra $10,000 toward the repairs and updates. Thanks so much!!

Aline

Missy L asked:


what happens to the 20% loan? What kind of loan would it be considered? Recourse or Non-Recourse?

Roosevelt

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 anyone have any #’s what can u suggest.. its really weird.. i’ve had no one to tell me about it before and i just got a auto loan in oct.

Josefa