When applying for a home mortgage loan is it better to say you have found…

Credit and mortgage advice Forums Home Mortgage When applying for a home mortgage loan is it better to say you have found…

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  • This topic has 3 replies, 4 voices, and was last updated 10 years ago by Anonymous.
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    • #412813
      Anonymous
      Inactive

      Companies sell accounts to debt collectors all the time. Therefore, there is nothing illegal about that. It is a common thing for a company who is not getting paid to sell the account to a debt company for a certain percentage. Is your husband not making payment on the mortgage? If so, then, more than likely, the account was sold.



    • #199116
      Anonymous
      Inactive

      …the home or that you haven’t? Just wondering when they ask you if you have found the home you were looking for or if you are still looking, which is better to say or does it matter? I’m a first time buyer looking for the best rate out there. Any suggestions?

    • #257206
      Anonymous
      Inactive

      It is best to get pre-qualified first so you know up to how much a bank would lend you, then pick a house under that amount and contact a realtor. Tell them you are pre-qualified but ask who they do business with. That way when the lender plays hardball(and they will; that is what breaks most contract sales) you can tell them simply that you are pre-qualified by a different bank and will gladly take your business to their competitor if they don’t give you a closing date, try to charge you for extensions and so on. You can also tell the realtors if the deal gets ruined on the negotiation you will take your buying power elsewhere since you are pre-approved and they won’t get any more money-in fact no money at all- if you don’t get that specific house you put a contract on because you will not only go to the bank that pre-qualified you but make sure you go to other realtors as well and leave out of the loop anyone involved in the contract that sours. Then stick to your guns and watch them do pirhoutes aroung you trying to make the closing happen and FAST. This worked very well for me and saved me thousands on closing costs, extensions etc. In fact, I walked out of closing with keys to my house and a $400 check.

    • #257286
      Anonymous
      Inactive

      Telling the truth is always a good policy. Whether you found the home you like already or not, does affect the deal you will get with the loan. It’s a good idea to get pre-approved, so when you find the house you like, you can make an offer without hesitation. By going thru this process upfront, you can shop for the homes in the proper price range, and not get your heart set on any that are too expensive for your income. By paying extra money upfront, you can get a lower interest rate. This is called “paying down the points”. If you do this, make sure you find out how long till break even, and make sure you feel the extra money you pay upfront, is worth the money you will save in the long run.

      Shop around and get a detailed disclosure of all the closing costs. It will vary.

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