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Interpreting mortgage rates

today is November 2014 and this comes from the state of Illinois, US I have received a mortgage preapproval letter that contains the following clause: The type of loan chosen is FNMA Agency 30 Yr ...
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1answer
118 views

European vs. American mortgage underwriting with regards to the health of the borrower

Whenever I hear about a European mortgage application process, there are always health records involved. They want to know that the borrower is likely to outlive the mortgage (or most of it, I guess). ...
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147 views

Is credit history more important than amount of savings when applying for a mortgage?

I am currently in Australia and fixing to buy a house here. What is given more value when I apply for a mortgage to buy a unit in an apartment: a sound credit history, or a lot of savings in the bank ...
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769 views

Buy To Let Mortgage For Relative - Tax Implications - UK

My sister is just coming out the other end of a messy and protracted divorce. She has 3 children and despite many legal actions there's pretty much no hope of getting any support from the ex-husband. ...
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3answers
260 views

Does the back-end ratio for mortgage affordability include credit card debt if a balance isn't carried on the card?

In the calculation of the back-end ratio (total debt to income), you're supposed to include all debt obligations (e.g., credit card, car payments, student loans, alimony, etc.). However, I haven't ...
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1answer
201 views

If I repaid a monetary gift, is still considered a gift by the IRS?

My mother lent my husband & me $200K to close on our new house, but our mortgage broker made her sign a letter declaring the $200K a "gift," since he was concerned that our home loan wouldn't be ...
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1answer
510 views

Should I finance a car to build credit for a mortgage next year?

I'm hoping to purchase my first home next year, but I'm having trouble deciding on the best way to raise my credit score. Here is a summary of my current situation: Credit Score Estimates (via ...
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1answer
336 views

How do I qualify for a mortgage (refinancing) after I retire and no longer have a paycheck?

I've just retired and wish to refinance my mortgage. However, when I spoke with my bank, they said that since I no longer have a consistent paycheck I dont qualify under their rules for a refinance. ...
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1answer
822 views

How can I get a loan secured with free and clear land?

I own a piece of vacant land free and clear. I have an immediate need for cash and would like to take out a loan secured by my property. The land was last appraised at $980,000. I cannot pay a ...
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2answers
3k views

FHA Loan - Less than 2 years employment history

Background: I & the wife are looking to buy a house priced at $250k via an FHA loan. One of the requirements for the loan is that we have a 2 year continuous employment. I have a 1 year gap in ...
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2answers
909 views

Do banks accept a large gift to me as a valid down payment for a house?

When I bought my house at the height of the bubble seven years ago, I remember having a conversation with a loan officer about the source of down payment money. It was stated to me that if I was ...
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3answers
160 views

Is it worth trying to find a better minimum down payment for a first time home buyer?

I talked to the mortgage agent at my current bank, and they gave me a pre-approval with a particular interest rate and minimum down payment percentage. I am happy with the interest rate, but the ...
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1answer
299 views

Can a contractor (1099) with irregular monthly income hope to qualify for a mortgage?

My wife and I are looking at moving again and I'd like to buy if it's possible. I doubt it is, but I thought I'd give it a shot. My wife works a normal job and brings in a steady, consistent ...
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3answers
292 views

Should I dip into an emergency fund to cover expenses for a rental property or only use it to make emergency repairs, improvements, etc.?

My wife and I are looking to purchase a home in the near future. With this in mind I am curious about how we should now look at our emergency fund situation. The general guideline you will see is ...
4
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1answer
161 views

High Student Debt - Will Mortgage Lenders Take Into Account Repayment Assistance Program?

I am a few years out of professional school, and am starting to think about buying a home. Based on my credit, income, and available down payment, I would be easily eligible for a good-size mortgage. ...
4
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2answers
95 views

Financing a vehicle a few months before I expect to apply for a mortgage?

My wife and I are planning to buy our first home together sometime around June/July time this year so we're mainly in 'piling up cash' mode and are trying to avoid any unnecessary expenses and ...
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2answers
700 views

To buy a house, is a 20% down-payment required for a mortgage?

My wife and I want to buy a house. The price is well within our means. The mortgage payment would be less than 25% of our gross income and we have no other debt, so we're comfortable with the payment. ...
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3answers
154 views

Average Mortgage Rate vs What I would get

So average mortgage rates are lower and lower. I.e. X-year mortgage rates are 4%. Lets assume I have a greater than average credit score and credit history, greater than average net worth, greater ...
3
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1answer
452 views

Can a mortgage broker issue a mortgage commitment letter?

I have applied for a mortgage from a mortgage broker and he recently gave me a loan commitment letter. But there is no mention of the lender or the underwriter. I have some doubts regarding this are ...
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3answers
146 views

What happens to your ability to borrow money based on our joint finances?

We want to borrow money to buy our first home. We will be married soon, and want to know how the combination of incomes, expenses and debts will impact the ability to get a mortgage. There's the ...
4
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2answers
1k views

How to reduce mortgage rate with low income but high assets

I would like to achieve a lower mortgage interest rate than our current 5.75 percent 30 year fixed mortgage with Chase on our primary residence. Our situation is a little unusual, making it difficult ...
2
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1answer
140 views

What impact does the new mortgage rules have on CMHC policies? [Canada]

With reference to this question, how does this affect the Canadian Home and Mortgage Corporation (CMHC)? This organization made it possible to get a new home with as little as 5% downpayment, ...
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1answer
460 views

Canada: New mortgage qualification rules, 2010: Why, what, & when in effect?

Earlier today, the Canadian federal Finance Minister Jim Flaherty announced new mortgage qualification rules for Canada. Why were new rules introduced? What are the new rules being introduced, vs. ...