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8 Things You Absolutely Shouldn't Do Now?
That?Your Mortgage Application Is In-Process
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From Kristen Emery |?
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With mortgage rates are hovering near all-time lows, lots of Americans are taking advantage of refinance and home buying opportunities.?

The downside of today's unexpectedly-low rates, though, is that mortgage lenders are ill-equipped for the rush of new business.?

As a result, the process of underwriting and approving?new?mortgage applications?is taking some conforming?lenders as long as 2 months to complete.?This is double the time needed as recently as six months ago.Because there may be 60 days between the application date and the closing date, it's important for applicants to remember that mortgage approvals can be revoked at any time prior to funding.?As mortgage applicants, there are many events that are?out?of our control -- job security and health matters, for example.? But there are also events that are?within?our control.? 8 things you should absolutely not do while your home loan is in process

Knowing that mortgage approvals can be fragile, here are?8 things you should absolutely?not?do while your home loan is in process.? It may be the difference between being approved by the bank, and being turned down.

  1. Don't buy a new car or trade-up to a bigger lease.
  2. Don't quit your job to change industries
  3. Don't switch from a salaried job to a heavily-commissioned job
  4. Don't transfer large sums of money between bank accounts
  5. Don't forget to pay your bills -- even the ones in dispute
  6. Don't open new credit cards -- even if you're getting 20% off
  7. Don't accept a cash gift without filing the proper "gift" paperwork
  8. Don't make random, undocumented deposits into your bank account

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Obama Got A Discount on His Home Loan

2008-07-02 09:31:08 by cynical_nihilist

"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% on the 30-year fixed-rate mortgage, below the average for such loans at the time in Chicago.
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

On mortgages

2007-10-31 18:41:33 by BU_Economist

There are also a number of companies that buy private mortgages... I don't know a whole lot about it, but it's something else you could look into. You'd probably have to find people who have done owner financing through your tax/appraisal office and offer the sellers a lump sum buyout. All it requires you to do is accurately determine the risk of the note and factor that into your NPV calculations to figure your required margins and the discount you'll take to buy it. It's some leg work but it's one way to get in on buying existing mortgages.
The neg? You don't know if the original home seller who did the self finance had enough sense to determine the buyer's ability to repay

Own home vs. "lease" from mother?

2008-06-30 08:14:08 by deucesh75

We were going to buy my parents' home for a discount. However, they just announced that they are getting a divorce. My mother wants us to move in, but she wants to transfer the title from her husbands name to just hers. She wants us to pay the mortgage for her, but at a slightly discounted rate ($1850 vs. mortgage of $2400). Our credit is not that great. What would you all do? Would you put the mortgage in your name and own the home or would you just pay the discounted mortgage for awhile and live as a happy family with mother in the home as well? If we just left in her name, how would this af

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Dallas cyber-crime maestro's luck runs out  — Dallas Morning News
In his 2007 heyday, this Nigerian-American scammer was stealing more than $7 million a week from home equity lines of credit. In all, the FBI estimates he took between $80 .. of money, the U.S. housing boom was in full swing.

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