Entries from Searchlight Crusade tagged with 'lender requirements'

Owner Occupied Loans Only Require A Year of Occupancy

I have a landlord, that is always harassing me every 2 weeks, for the past 2 years, on the upkeep of the property, and wants to have inspections. Also want me to mail them all their mail. Most of...

Personal Loans For A Real Estate Down Payment

With the down payment presenting the largest difficulty for most people want to buy right now, I am covering every base I can think of as a place to get a down payment. I have covered VA Loans, FHA loans...

What Do Loan Qualification Standards Accomplish?

If you don't know the answer to this, don't be embarrassed. Lots of alleged professionals forgot the answers to these questions for several years, if indeed, they ever knew. It seems like quite a few still don't know the answer...

Mortgage Closing Costs: What is Real and What is Junk?

The easy, general rule is that legitimate expenses all have easily understood explanations in plain english, they are all for specific services, and if they are performed by third parties, there are associated invoices or receipts that you can see....

Can They Force You To Pay Off Your Car or Other Debts In Order To Get A Loan?

The short answer is not only "yes" but "damned straight" I refinanced my house, and the lender put as one of my payoffs my Acura lease that I have 3 years left, whick equals about $19,000. I told him that...

Loan Qualification Standards: Qualifying Rate and Payment

Somebody asked me about a deferred payment mortgage for a purchase. The long and the short of the story is that they don't have any cash to put down, and they can't qualify for the payments under any kind of...

Can You Change Lenders After the Loan is Approved?

This question brought someone to the site Can I change lenders after the loan is approved? The answer is yes, but you need to start the loan process all over again. Actually, you can change lenders any time you want...

Rental History and Payment Shock in Applying for a Mortgage

First, I just got engaged, and my fiancee and I have been discussing what we want in a house after we get married. It will be the first house for both of us. She spent the last two years...

Signing Off Loan Conditions

what is a underwriter final "sign off" on the conditions First off, it needs to be mentioned that a good loan officer gathers information and puts a full package, with all of the information an underwriter should need, before...

What to Do When Your Loan is Declined

Loans are declined, or actually, the next thing to it, all the time. It is pretty rare for a loan to be outright rejected; I do not recall ever having had a loan outright rejected. That's a sign of a...

Credit Lines: Number and Length of Time Open

from an email: On a related note, I hope you might have some advice for us. My husband and I just sold our condo. But we are NOT buying at the moment. Instead we are renting. (Not sure where we...

How Do I Get Rid of Private Mortgage Insurance (PMI)?

"How do I remove PMI?" was a question that I got. First off, a definition. Private Mortgage Insurance, often abbreviated PMI, is an insurance policy that the bank may make you buy in order to get the loan. It is...

How Can I Lower The Down Payment Requirements So I Can Buy Real Estate?

With a few lenders starting to loosen their requirements slightly in San Diego, it's becoming increasingly obvious that the bottom is behind us. However, the issue has now become, "I don't have much of a down payment. How do...

Why Do Purchase Escrows Fall Apart? (And Why Is It Happening More Often?)

There have always been real estate transactions that fall apart. The reasons why they fall apart are as varied as the people who enter into the transaction in the first place. Let's get back to the very basics for...

Definition of Purchase Money, Cash Out, and Rate /Term Mortgages

Purchase Money: This is a loan that enables you, in combination with your down payment, to actually purchase the property. If you spend cash to buy the property and get a loan the next day, that is not a purchase...

Fixing The Real Estate Mess - Proposing Some Small Changes That Would Make A Huge Difference Over Time

Yesterday, I published the first half of this article, describing the issues currently preventing a return to a more normal real estate market, and the facts that any proposed solution needs to be built upon. At a quick recap, the...

Fixing The Real Estate Mess - Describing the Situation

Lots of folks have offered lots of different proposals for fixing the real estate markets and the mess we were in (and continue to be in to a less obvious degree). All of the ones I have seen have...

If You're In Trouble With Your Loan, Talk To Your Lender Right Away

We got behind on house pymts & it was sent to an attorney for foreclosure.? The attorney has printed a notice in our paper on Oct 9 that it will go up for public action on Nov.16th. We found out...

Short Sales of Real Estate, aka Short Payoffs

A while ago I wrote an article called, "What Happens When You Can't Make Your Real Estate Loan Payment." This is kind of a continuation of that, as I got a search that asked, "What is necessary to persuade a...

The Benefits and Limitations of Assumable Loans

Every once in a while, the subject of assumable loans comes up. An assumable loan is one where the owner of a property has the ability to pass the loan along with the property in a sale. In other...