Have a question? Read here first!

Haplo · Joined: 20 Jan 2005 Posts: 2406 Location: Springfield, IL

Welcome to the Mortgage Forums!

Recently we have had an increase in consumer inquiries, which is spectacular! Inevitably there are going to be a wide variety of questions and experience from buyers. Some people have bought and sold many homes while others are intimidated to merely think about having a loan for 30 years.

So I'm going to try and help everyone out just a little bit. Regardless of what the question is there are several key points of information that are going to be very important for us to answer your question as close to correctly as possible. When asking a question, try to have the following details available, as they relate to your scenario, and include them in your post.

Is this a purchase or a refinance?

If the loan is a purchase, how much are you planning and/or able to put down? (5%, 10%, etc)

If a refinance, what percentage of your value is your 'to be' loan balance? (e.g. Appraised Value 100,000, Loan Amount 60,000. = $60,000 divided by $100,000 = 60%.)

If you know, what are your three credit scores? (For both parties if more than one person is involved.) Do you have any judgements, bankruptcies, foreclosures, collections, back child support or tax liens? (current or satisfied) and on the BK and FC how long ago were they resolved?

How much is your combined gross income? Do you have any additional income (Child Support, Soc Security, Pension, Disability, Dividends, etc.)

How do you receive your income? Are you paid a wage/salary or are you commission? Do you own your own business? How long have you been at your current job/line of work?

How much do you pay monthly in credit payments? (Credit Cards, Installment loans, student loans, etc.)

After the loan transaction is completed, will you have money left over in the bank? (Reserves.)

These are the bread and butter of a loan. You may in fact have questions specifically about the questions listed, and that's for you to post :) Just help us out so that we understand your scenario and can answer the question you are trying to ask, not the question that we hear :)

If you would like to add something to the list of questions above, please send me a private message and I will update this post.

chow · Posted: Thu Oct 13, 2005 2:06 pm Post subject:

:shock:

I think he's got the whole thing covered! :idea:

Please know if you contact us for a little help, we guard/honor your privacy.

I'm one of those people that don't care if you never tell me who you really are-but if you present the whole situation, and have your information, that helps us help you.