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February 13, 2012

Q&A: What does it mean when it says “Subject to lender’s approval” in a home description?

Filed under: Home Lender — Tags: , , , , , , — admin @ 11:06 am


Question by : What does it mean when it says “Subject to lender’s approval” in a home description?
My family is looking at a potential new home that says “subject to lender’s approval” in the description and trying to figure out what that means. Does it really mean you should be pre-approved for a loan first or does our lender need to see the property or anything like that? We really like the house and want to see it again :) thanks.

Best answer:

Answer by kemperk
a lender re-possessed the house. The re-possessor wants to makesure the buyer prospective] is pre-qualified to buy so theydon’t waste their time.



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February 10, 2012

Returning a home to the lender?

Filed under: Home Lender — Tags: , , — admin @ 11:05 am


Question by christinglendale: Returning a home to the lender?
I own a home in california. Then tenanted left the property and I am having a hard clocking paying the payments. I don’t have any mortgage lates or anything at this time. Can I just give the property back to the lender? PLEASE HELP!!!

Best answer:

Answer by smartblonde
No. You have to clear it and pay off your loan. Lenders don’t desire houses. They want the money you owe them.



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January 26, 2012

Has anyone ever heard of a mortgage lender declining a loan because the home has geo thermal ?

Filed under: Home Lender — Tags: , , , , , , , , , — admin @ 11:05 am


Question by toots3320: Has anyone ever heard of a mortgage lender declining a loan because the home has geo thermal ?
Three days before closing on our property, the lender decided that they would decline the loan as they noticed in the appraisal (that they had possession of for 5 weeks) that the home has geo-thermal. Our real estate agent and mortgage broker were both surprised by this. Has anyone else had this experience?

Best answer:

Answer by libaki
Odd, I would have thought a geothermal system would be an assett.



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January 23, 2012

How can the appraised value of a home be ok with a mortgage lender yet be too high for a PMI company?

Filed under: Home Lender — Tags: , , , , , , — admin @ 11:05 am


Question by Stephen D: How can the appraised value of a home be ok with a mortgage lender yet be too high for a PMI company?
The conventional mortgage with 90% ltv for a home I am buying next week has been approved by the mortgage companioned based on the appraisal the mortgage lender sent away however the PMI company believes the home is worth about $ 15000 less than the appraiser says it is worth. What gives? If this breaks the deal can I get my money back for the appraisal? ($ 395) The home is in Pike county, PA

Best answer:

Answer by OldJimmy
In my experience you are generally not able to recover the cost of the appraisal. But I would contact the lender and ask them what the next step is. There are several MI companies out there so they may be able to obtain coverage from another.This victimised to be unusual, but with the gun-shyness caused by the appraisal frauds a couple of years ago this might happen more often.Since this might get you out of the sales undertake (unable to secure financing), you might see if the seller will come down some and perhaps you can come up with a little more down to get the down payment to 20%, thus not requiring PMI.



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January 14, 2012

Should I use my current lender when purchasing a new home?

Filed under: Home Lender — Tags: , , , , — admin @ 11:07 am


Question by Sean E: Should I use my current lender when purchasing a new home?
I have a current mortgage and am looking to pre-qualify for a new housing (selling my old one). Are there any advantages/disadvantages to using the same lender I got my first home through?

Best answer:

Answer by dezynor
Your current lender will have all of your necessary info and credit payment history easily at hand. It might be slightly easier to use them alternatively of starting out from scratch with a new lender. Of course if you have a friend at another lending institution they may be able to push things through as well. Note that all lenders are looking much more carefully at buyers credit and loan-to-value.



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January 11, 2012

Q&A: Buying a home and need a consultant for lender practices?

Filed under: Home Lender — Tags: , , , , , — admin @ 11:05 am


Question by Good Girl: Buying a home and need a consultant for lender practices?
We are uneasy with our lender we are using to purchase a new home. We don’t have anything on her but we want that extra guidance to watch every move our lender and underwriter makes during the process of purchasing the home. Who can we hire (pacifically) to monitor all actions by the lender to make sure that no lender laws are violated?

Best answer:

Answer by Steve D
First, you are never going to see what the underwriter does, unless they ask for more information from you. Second, you tin pretty much forget getting access to anything the loan officer does. Your best wager is to engage a real estate lawyer to review each piece of paper and request that comes through your hands – note that this can get expensive with the amount fo paperwork and contact you will have.



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January 5, 2012

when buying a new home, should we go with the lender that works with the co. of the homes or our own lender ?

Filed under: Home Lender — Tags: , , , , , — admin @ 11:05 am


Question by towtruck 01: when buying a new home, should we go with the lender that works with the co. of the homes or our own lender ?
I think the lender that works with the new homes is trying to screw us. $ 15,000 in incentives is what he says we’re getting but closing costs will cost est. $ 12,900. Also on loan application no mention of incentives or amount of my yearly income and he wants me to sign loan app.

Best answer:

Answer by pudn36
Don’t sign it. Do they know you have money? Closing costs should not be any more than 5 to 10% of purchase price. Is there 2 lenders trying to get you the like loan? Thats good you are reading the fine lines. Plus how many realtors are involved? I’ve never heard anyone getting incentives other than lowering your points (interest rate). But after you sign it they jack up the interest rate up. Is this an engross only loan? Forget it, you’ll be in debt for the rest of your life. Is it an attribute card loan? Find your own in every circumstance, never hire one that the seller or realtor suggests. The younger you are the more they see you coming and going. Especially if this is you first home purchase. Talk to a financial consultant. Don’t hire a lawyer, they won’t do a thing. Tell the crows to go away and burn the ink pen.



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