Comments for Phoenix Az Mortgage

Comment on When applying for a mortgage loan which company do they pull my credit report from? by smahadevan39

smahadevan39 — Fri, 18 May 2012 10:14:59 +0000

It is their discretion. They may entrust the work to any one of their approved members for the credit report. This is not informed to the intending borrowers.
References :

Comment on What does ’subprime’ mean in ’subprime mortgage crisis’? by Beverly S

Beverly S — Fri, 18 May 2012 10:03:59 +0000

No, you are wrong. A subprime mortgage is a mortgage where the lender didn’t require documentation (or required very little) to qualify for it. One example were the NINA loans (no income-no assets) meaning we didn’t have to prove your income. These loans also required only a 500 or higher credit score. It’s very difficult to have a score less than 500 so pretty much anyone would qualify. There was also the stated income loans where the customer "stated" what their income was. I remember a lady who "stated" she made $150,000.00 a year as a baby sitter. We called these liar loans. These loans were either very high rates or adjustable rates which when the rate went up, it went up by sometimes 3%. That’s what caused the housing market to crash & burn.. These folks could no longer afford to make the payments & just walked away or were foreclosed on.
References :
26 years mortgage lender. Did not do sub-prime loans.

Comment on What does ’subprime’ mean in ’subprime mortgage crisis’? by loanmasterone

loanmasterone — Fri, 18 May 2012 09:52:59 +0000

Most would define a sub-prime mortgage loan designed for a person with less than stellar credit. this was true in some instances, where a person wanted to purchase a home, but had suspect credit.

Since the credit might have been a problem or prevented a conventional lender from lending to these type individuals these type loans became available to those that wanted to purchase a home or refinance their current home.

Most required less documentation as a qualifying factor. Most had a fixed interest rate for a period of 3-5 years, some perhaps as long a 10 years after which the interest rate would adjust. Some the interest rate adjusted one single time while others converted to an adjustable interest rate mortgage.

These type loans were taken advantage of by those that would want to start a business or even purchase big ticket items such as boats, vacations, invest in real estate, as well as to increase their stock portfolio. These individuals would normally have excellent credit, however, these loans were easy to qualify for and offered quick cash with very little qualifying.

The Definition of a sub-prime mortgage in not a mortgage that has not been paid off.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"
References :

Comment on What does ’subprime’ mean in ’subprime mortgage crisis’? by Insurance Pickle.com

Insurance Pickle.com — Fri, 18 May 2012 09:47:59 +0000

No. Any mortgage is a mortgage that hasn't been paid off. When there is no debt, there is no loan. Subprime refers to the lower credit rating of the individual given the loan.
References :

Comment on trouble paying mortgage on a fixed rate that is 45% of income? by Mary P

Mary P — Fri, 18 May 2012 09:32:59 +0000

Ignore the previous poster, people can be such jerks…like no one ever makes a mistake. Geez.

If you good credit you should be able to refinance with an FHA. Actually, FHA loans are even offered to those with less than perfect credit. At a rate of 6% you’d have to shave a some $$ off of your monthly payment. Maybe consider a 40 year loan to reduce the payments as well. You can always refinance to a better loan later on if your income goes up. Good luck, if you have decent credit 640 or above, you really should be able to do a refi and get that payment down.
References :

Comment on What does ’subprime’ mean in ’subprime mortgage crisis’? by wizjp

wizjp — Fri, 18 May 2012 09:30:59 +0000

It can also refer to the type of LENDER that was making these kinds of loans. Institutions like Household finance were referred to as subprime lenders because the requirements they had to recieve a loan were much less strict than many of the major banks and the interest rates on the loans were sky high as a result
References :

Comment on When applying for a mortgage loan which company do they pull my credit report from? by Jaime

Jaime — Fri, 18 May 2012 09:27:59 +0000

With major loans Like that one they have to make sure there's nothing fishy an they will pull from all three of them but you seem to be in a good shape with those numbers
References :

Comment on When applying for a mortgage loan which company do they pull my credit report from? by Mr.357

Mr.357 — Fri, 18 May 2012 09:14:59 +0000

They look at all three individually.
References :

Comment on When applying for a mortgage loan which company do they pull my credit report from? by Rob

Rob — Fri, 18 May 2012 09:04:59 +0000

Sorry they pull all of them now adays.
if u got issues b able to explain to
loan department.
References :
Landlord

Comment on What does ’subprime’ mean in ’subprime mortgage crisis’? by Go with the flow

Go with the flow — Fri, 18 May 2012 08:56:59 +0000

Nope.
Subprime is a definition used for people that can barely qualify for a mortgage.
Banks were making loans to people that clearly could not afford these loans.
They were not even verifying income.
And they were issuing loans with people with bad credit histories.
It has nothing to do with a loan not being paid off.
References :