Call a licensed mortgage professional to discuss your question and get an answer in dollar figures. It is hard without knowing what your income is and how your credit looks like. Email me if you want to find out.

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If an established business exists on a leased property (and will be moving into the new property after closing), can the lease payments be added back to the cash flow when determining the approval amount for loan? i will not renew my lease if i can find a nice piece of commercial property. i dont understand why not. to me it is like telling a renter interested in purchasing a home that their qualifying amount is based on their income after they pay their rent. it doesnt make sense. the only difference is that the business owner can take that expense off their taxes.

You need to state your question more clearly. Are you asking if the rent you currently pay would be considered part of the income of the buisiness? The answer would be yes. You have asked the question in a way that would be hard to understand.

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I recently signed on with a refinance company to process the refinancing of my mortgage. the same day i signed the application i found out they approached my current mortgage co. to get a payoff amount. they requested the payoff five days before i agreed to use them for my refinancing and without my approval. can i cancel this application?

You can cancel for any reason, any time up to 3 days after the signing of a refinance and up til the day on a purchase.

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I have scoured the internet and no one seems to be able to do the loan amount we want (35,000 dollars?) where can i find a place for pre-approval? my credit is ok, i don't have alot of debt, i had a few hiccups on my credit in the past, but for about the last two years i have been pretty solid, paid off a lot of debt and maid sure things like car payments and other bills were on time.so i need a place to get a pre-approved for a mortgage and find out how much i can get with minimal money down. thanks

Check your Yellow Pages for "mortgage brokers" - it is their job to link people up with mortgage lenders. Also, you can try Lending Tree which is basically an online mortgage broker. The problem you will have is that the "minimal amount down" mortgages are very few and far between in today's mortgage environment. Also, expect to have some closing costs (maybe $1,000) that you will have to pay.

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My husband and i were recently pre-approved for a mortgage. although our credit is good, there are a few things we can do to improve it before we get a mortgage. assuming we find a home within the next 90 days (the amount of time the pre-approval is good for) will our credit be checked again prior to closing, thus giving us a better rate than was quoted over the phone (assuming our credit improves)?

Most lenders will require a credit report dated within 45 days of the actual closing of the loan. So I would assume they will run your credit again. However, if your middle credit score is at least 620, it won't make any difference in your actual rate. The only thing the higher scores will allow you is to provide less documentation of your income, assets, etc. This is all true assuming you are fully documenting your income and assets. If you are needing to go with a stated income program then your score would need to be a bit higher, 660 with most lenders. Pre approvals are generally not worth the paper they are written on though. I frequently do pre approvals for customers without even running their credit report. All it basically means is the loan officer or broker thinks they can get you a loan based on the information you have told them. We base this off your income, debt load, value of loan, and credit score. But if someone tells me their score is above 700, I simply believe them and type out the pre approval. In addition, the interest rate quoted to you over the phone is almost certainly not locked in which is ultimately required. Interest rates change up and down on a daily basis, so any rate quoted to you 90 days ago was most likely the rate for that given day- not the future rate for when they would eventually lock you in.

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I'm hoping someone can help. a few years ago my boyfriend had a debt that went to collectors. they called persistantly until he finally arranged a cash settlement with them which he paid through western union so as to have a receipt. being young and foolish at the time he didn't get anything from them in advance stateing that they agreed to settle for this amount of money. regardless, they stopped calling and he assumed everything was fine. fast forward 3 years we went to get a mortgage approval and found that the unpaid debt was still showing on his credit report. the bank asked for proof that he had settled and we went home to find this, realizing we had none. so, we'd been scammed, in retrospect i don't even blame them for this, it was stupidity on our part to not ask for proof and we were willing to accept that we still had half the debt on our hands. here's where it get's worse, the credit company who collected the money no longer exists, and the credit reporting companies have no record that he paid anything at all. so basically we paid around 10k to this debt that never even got reported as paid! what do we do here? i get the feeling that we are just completely flat out screwed, but i'm hoping there is someone who can help us? what this company did is clearly illegal and i want blood. please advise? it's equifax, they say they are launching an investigation but that it'll take a couple of months. i'm just stressed and feel like i should be talking to someone else to fight on our behalf

It cannot take a couple of months for Equifax to investigate a dispute !! By law they have 30+5 days to complete an investigation and notify your BF when he uses a report that he purchased from them. They have 45+5 days to complete and notify him when he uses the free FACTA report. Since it was paid, he no longer owes the money. Since the collector/creditor is reporting the paid account with a balance then they are reporting incorrectly. Since the collector/creditor, named on his reports, is no longer in business then the trade line cannot be verified and must be deleted. If the collector/creditor sold their accounts and another is reporting, they are reporting incorrectly if the new owner is not reporting their own name on that trade line. Start with a dispute "in writing" and send it certified mail (not return receipt) to Equifax. Say something like Re: Creditor/collector name, account #, $ amount listed on the credit report. I have no account with creditor/collector name for $ amount. Please remove this. If this is verified, please send me with a full description of the procedure used to determine the accuracy and completeness of the information and include the business name and address of any furnisher of information contacted or of any furnisher of information that contacted the consumer reporting agency, in connection with such information. This is a very good reason why everyone, good credit or bad, should order their reports and look them over before they start house hunting and mortgage shopping.

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Me and my boyfriend are trying to buy a house we went to see a realtor they are trying to get the quote for a pre approval of a mortgage the only thing that is holding them up a little bit is a judgement against him from a car accident a few years ago how can i find the status or information on this judgement it has the ladies name and then an amount he said he was supposed to be settled im taking it that since it has an amount that means he has to outright and pay it????

Information about your judgment can be found by going to the courthouse. They will give you a copy of the file. You said the judgment "was supposed to be settled"? Note that it is the responsibility of the plaintiff to notify the court that the judgment was paid. The form is called a 'satisfaction of judgment', and until it has been filed the court will continue to show it's against you. In some states, if this form is not filed you can file for contempt against the plaintiff, and they could be forced to pay a fine. If it was paid, and you have proof (canceled check or receipt) then go to court and file this form yourself, requesting that the judge accept it. Once signed, just present it to your mortgage company as proof the debt was paid. It will take a few months before this makes it to your credit report, so don't count on having accurate info from that source for a while.

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We have just bought a property - we went thru a mortgage agent who has just told us that he thinks we may fall $2000 short on settement. what happens if we cant find the money ? we have had our offer accepted which was subject to finance approval, which we got - the real estate has been given a copy of the finance approval, but when i looked into the mortgage document realised that the broker had not put the right amount on the loan documents... what happens now if we cant get any more money??

this is a blessing in disguise , you dont have enough money , if you did buy this house it would end up in disaster, run away from the deal, tell them you just arent interested anymore, rent something, it is cheaper and easier.

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Wells fargo pre-approved me for a home mortgage. they told me to go ahead and find the home. i found the home and signed a contract 74 days ago. i paid for the home inspection, appraisal and home insurance. the mortgage specialist continued to assure me that everything was looking good. when the time for funding came around, i kept on calling to find out why the title company did not receive the funds for the closing. at the last minute, like two days before the first contract expired, i called again and they requested a letter from the social security disability administration stating that i was going to be disabled for at least three years. i asked the ssda for an award letter but it just states that i receive ssd payments (not ssi). i am only 47 years old and also receive a state pension for my disability. on my state pension letter that i gave wells fargo, it states that my benefits will be a lifetime benefit, meaning that i will not be able to work any longer. the ssd letter doen't say anything like that because they will review your case every few years or so. i explained everything to the mortgage consultant and gave them all requested documents. they even asked me to provide a gift letter from my domestic partner of 22 years. they also asked me to submit my partner's past two months bank information to justify that he has means to give me the money. my partner is a retired school administrator who receives a state pension and social security benefits. he had a durango 2005, almost new that we did not use because it was a gas gusher and he sold it and gave me the money for the down payment of the house, so i also proved to them where the money came from by giving them a copy of the check he received for the sale of the durango. we spent money, energies and time on this process. we traveled out of state to purchse the house with the wells fargo's mortgage consultant advice and approval. i even received an fha package congratulating me about the loan approval and amount to take to the closing. i even called the office of one of the ceo of the mortgage department in des moines, iowa and one of the top executive assistant to the president listened to my case and twice assured me that everything was going to be approved; then, today the wanted to continue extending this process. it cost us around $500.00 a week for hotel, food and gas while we do the inspection, appraisal, buy insurance for the property and the closing the assured us was going to take place twice on or before the end of january. then they extended it to february 15th and now february 23rd , which they told me will not take place because of the letter they wanted at the last minute from the ssda. i honestly believe that everything when down hill when i told the mortgage loan consultant that i was gay and lived with my partner for 22 years. now, since i already did my part of the agreement between wells fargo and me and they kept on prolonging the closing process and never funded the loan, can i sue them?

No, you can not sue anyone for not lending you money. Loans are voluntary. You also have suffered no loss

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I'm in southern california looking to borrow $260k in loan amount. i've looking around for various lenders with the best interest-rate. i see there are banks (wamu, bank of america, wells fargo, etc) and then there are lending companies that also do pre-approval. well, i was using lendingtree and found matches that were with lenders outside of my state. one of which is advance mortgage corp. now, what i don't understand is, how does this work if i can't meet with them face-to-face in my area? so, i can be pre-approved by a company in utah, but how will the finanicial work if they're not a bank? i'm confused on how national lending company works.

In general they will send you loan information in a good faith estimate that will detail the loan amount , payments, etc. From this you can make the choice as to whether it's something you want.

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Hi there i am going through envoy mortgage in columbus, ohio. i was approved for $65,000 about 3 weeks ago at a 4.75% and we qualified for the 203k, my husband and i bid on a house and won it for $63,0000 which needed some repairs. i found out that our loan included the 3% advance for the tax credit. we were gonna put that plus the $2,500 hud incentive towards the repairs. the lender said he couldn't do the loan for us. so we now picked out a house and won the bid at $60,727 that needs no repairs. we were going to put the tax credit advance and $2,500 towards it. our lender is saying that our loan to debt ratio is too high because the intrest rates went up and our rate would be 5.45%. so this one may not go through either. is this normal for the approval rate to keep changing. he won't give me an exact amount of what i can get approved for now or even a range. my realtor is very upset and i don't know what to do. is this legal? any help would be appreciated. also can we get the $2,500 on any house? i live in columbus, ohio. thanks so much! i have thought of earning extra money and yes i am still approved for a loan it's just much less than originally. i also have two back up lenders. i was just wondering if this was normal or legal. we are not waiting any longer to get the loan. thanks for the advice. i am hoping to hear from and lenders out there.

Looks to me like this lender has burned you twice. I think I'd go talk to another lender. Something is not quite right with this and I'm not convinced you are the problem. I think this lender has gotten 2 chances to make a loan to you and has blown it. There are a lot of banks and mortgage companies out there. I'd go talk to someone else. I'd start with the bank that has your accounts. Since they have your accounts they already have a business relationship with you. Good Luck.