Your Questions About Mortgage Loan Process

Laura asks…

How is the VA loan process.?

John answers:

The VA loan process can seem overwhelming but it doesn’t have to be. For the sake of full disclosure, I work for a mortgage company that works almost exclusively with veterans. There are a few things you’ll need like a copy of your DD214 if you are a veteran, and your COE. If you have your documents it can be pretty straightforward process, easy even if you work with someone who has experience. Even if you don’t have a copy of your COE a lender can help you acquire it pretty easily using the ACE system. I know that’s a lot of acronyms, but if you’re in the military that shouldn’t be anything new. :) For more info about eligibility and the benefits of a VA loan, try this article:

http://www.directvaloans.com/VA_Home_Loan_Guide/A7/Background_on_VA_Loans.aspx

Jenny asks…

Mortgage Help?

I don’t borrow money therefore I care less about my FICO score. I have money though.
Considering the fact that any idiot can approve a mortgage by typing in your social, how would someone like me be able to get good mortgage w/o debt, credit cards, loans, etc.
Mortgage companies have done such a good job lending dumbasses money who cant pay it back I think i suffer…advice?

John answers:

You need to get a mortgage company that does manual underwriting. You are right a monkey could do loan processing. Do not listen to people tell you that you need to have a FICO score over such-n-such. It is just not true. If you don’t have derrogitory (negative) credit you can get a loan if you go with a company that does manual underwriting.
If you go to daveramsey.com he has reccomendations for mortgage compainies that do manual underwriting all over the nation. We were in the same position as you and it worked for us.

Daniel asks…

i need details regarding mortgage loan?

what is the procedure of getting mortgage loan(property). what is the interest rate per lac.what is the tenure of this loan to be closed.is there any charges.in which bank we can get the interest rate very cheaper. is there any preclosure fees.

the purpose of the loan is to renovate my house. i need rs.5lacs.my monthly salary after deduction of society loan is 10,000.this is reflected in my salary slip. what is the documents required for getting the process to be done. can anybody guide me properly regarding this.

John answers:

Mortgage loans are costly. Interest tates are about 14%.

If the purpose is for addition and alteration, you can apply uder home loan itself as home improvement loan.

Contact LIC HFL or HDFC with details and approved plan. You may get for 9% rate itself. But i think the existing house shall not be older than 25 years. Check it up.

Sandra asks…

Mortgage loan advice?

My fiancé makes about $150,000 annually but he has bad credit. My credit score is 715 but I have not worked in the past year. We are wanting to build our first home. What are my chances of getting a loan since I have not worked for the past year? Any advice is appreciated!

John answers:

Define bad credit. Because a person does not have a credit score that is in the upper 800 or lower 700 does not mean this person would not be approved for a mortgage loan. There is a range between credit scores. Most FHA approved lenders would consider a person with a credit score as low as 550.

Your credit score would be the bases of your interest rate.

Your chances of obtaining a mortgage loan is extremely slim since you are unemployed, even with your credit score. In order for a person to be approved for a mortgage loan they must be employed and able to prove they are able to pay the monthly mortgage payment. You may be on the same application as your fiance, even though you are unemployed. Your credit score would not have an effect on the approval process as the person with the highest provable income credit middle score would be used.

Since you want to build a house, you would need to be approved for a construction loan that would automatically convert to a mortgage loan.

In order to be approved for a mortgage or construction loan you would need to contact a mortgage lender and apply for a mortgage loan. You would need w-2 forms and tax returns for 2 years as well as pay stubs covering one month. Your mortgage loan officer would obtain a credit report for the both of you since you are not currently married. There are other documents you would need. Your loan officer would indicate these documents.

I hope this has been of some benefit to you, good luck.

“FIGHT ON”

Sharon asks…

loan closure process – …………..?

i have a home loan balance of around 6lacs…
i would like to pay it off by the end of this month..

after i pay it off, what are the things i should look for or check to make sure , am completely out of this loan and get all my documents back..

when i spoke to a bank representative, i was told that the bank should get the CHARGE cancelled in the registration office before handing over the documents to me..What is that CHARGE? how do i check if i had one in the registration office…

John answers:

If you decide to repay the balance amount of Rs.6 lacs, the bank will calculate the interest on this amount till the date you are repaying the loan. Once they arrive at the interest amount , you can credit the principle and interest into your loan account. Keep the counterfoil of challan for your records. Then you should ensure the following items.

1. Ask for a statement of your loan account from the beginning to the date of closure.

2.Ask for all the original documents you have deposited at the time of taking loan. Ensure that all documents are intact.

3.The bank normally create only equitable mortgage and (not registered mortgage). The bank would deliver the original documents back to you and issue a letter to you saying that the charge has been cancelled. The charge is nothing but the bank can sell your property in case you fail to repay the loan. No document will be with Registrar office, even it was a registered mortgage.

Hope I have made it clear to you.

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