Phoenix Az Mortgage

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

admin — Fri, 18 May 2012 03:29:51 +0000

When applying for a mortgage loan which company do they pull my credit report from? I have a 676 with experian, 732 with equifax and a 742 with transunion. Do they take an average? Any insight on this process?

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.

What does ’subprime’ mean in ’subprime mortgage crisis’?

admin — Fri, 18 May 2012 03:29:35 +0000

My suspicion is that a subprime mortgage is a mortgage that has not been fully paid off… am I correct?

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.

trouble paying mortgage on a fixed rate that is 45% of income?

admin — Fri, 18 May 2012 03:28:44 +0000

I got a mortgage though First Franklin 2 1/2 years ago, with a fixed rate at 8.65%. After realizing the mortgage crisis, I feel First Franklin gave me to much money for what I make. My payment/income/taxes is pretty much the same as when I got the loan, but the problem is that it is about 45% of my income…why would a financial company give me this much money?…They pretty much sweet talked me into thinking I could afford it….I can’t afford to do this anymore and have had my house on the market for almost 6 months. I have racked up a ton of credit card debt trying to live… I live very simply and only buy what I have to have….but can’t seem to sell or get any assistance…the only people that seem to be getting help are the ones who gave up! I need some help deciding what to do..should I just let the house go back like everyone else? I’m 30 years old and don’t want to ruin my very good credit but I’m starting to drown…someone please offer some advise! I am very truely trying!!!
Yearly income having to work two jobs(52 hours weekly)= $37,000.00
Monthly Mortgage=$1,200.00 (1000.00 is interest and only $100.00 goes toward principle)
To all though who want to say "don’t you think some of the blame is on me…duh, yes, but that doesn’t help me here…I’m looking for good financial advise!!!! Obviously I didn’t make that good of a decision the first time around, IThis was my first time buying a house!

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.

Obama’s Mortgage Task Force is a Joke

admin — Thu, 17 May 2012 16:31:26 +0000

Via NY Daily News: “Three months ago, in his State of the Union speech, President Obama announced a new task force to investigate mortgage fraud and bring some measure of relief to the 12 million American families who are either losing their homes or in danger of losing them. The new Residential Mortgage-Backed Securities Working Group would be co-chaired by New York State Attorney General Eric Schneiderman, U.S. Attorney John Walsh of Colorado and three Washington insiders from the Justice Department and the Securities and Exchange Commission. Obama said, “This new unit will hold accountable those who broke the law, speed assistance to homeowners and help turn the page on an era of recklessness that hurt so many Americans.” Whether or not the President, attorney general and others intend to get around to this task someday, “speed” was a terrible word to choose. Because 85 days after that speech, there is no sign of any activity…”.* The Young Turks host Cenk Uygur breaks it down.

Read more from Mike Gecan and Arnie Graf: http://www.nydailynews.com/opinion/obama-mortgage-unit-awol-article-1.1063094

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WJB Arizona Mortgage – Aerick Squier Testimonial

admin — Thu, 17 May 2012 16:31:08 +0000

Aerick Squier 480-220-5254
http://mywjb.com/aerick-squier/

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Mortgage-free, tiny home on a housekeeper’s salary

admin — Thu, 17 May 2012 05:31:22 +0000

Johnny Sanphillippo has never made more than $20,000 per year (he works as a housekeeper, as well as, a gardener and house painter), but he knew like “any other American” that he wanted to own his own home.

When he talked to bankers about qualifying for a home loan, “they look at you and their eyes glaze over and you realize, they’re going to give me a lollipop and send me home, which is pretty much what happened”. So he decided that if he went far enough away from his hometown of San Francisco he could find something he could afford to buy with cash.

He finally heard about a deal in Hawaii (back when oil was cheap and airline tickets were $99 from SFO) and for $3000 cash he bought himself an empty lot in a failed subdivision on the Big Island.

Without a loan, he knew he couldn’t afford to build a conventional home. He’d always loved tiny houses, but the permitting office wasn’t as enthusiastic about allowing him to build small. So he had plans drawn up for a conventionally-sized home, plus a 400 square foot garage. He just built the garage.

Once the inspectors signed off on his fully-equipped garage (which included a bathroom, utility sink, electricity, septic system and rainwater capture), he let them know he wasn’t planning on building the house. Then he set about swapping the garage door for sliding glass and the utility sink for a regular kitchen.

Instead of relying on a loan to buy a house up-front, he had to do it the slow way, in stops and starts as he worked to pay off he step of the process. First, he saved up for a foundation, then the shell, then septic, etcetera and today, 13 years later, the home is complete.

Original story & more info: http://faircompanies.com/videos/view/mortgage-free-tiny-home-on-a-housekeepers-salary/

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Technorati Tags: debt, downsizing, green building, Hawaii, home payments, home size, house payments, loan-free, mortgage, mortgage-free, san francisco, simple living, simplicity, small home, small house movement, small space, tiny home, tiny home building permit, tiny house, Unemployment

Phoenix Real Estate Market – Bust in Arizona mortgage delinquencies will lead to higher home prices

admin — Thu, 17 May 2012 05:31:04 +0000

http://www.arizonarealestatenotebook.com/2012/04/27/phoenix-foreclosures-bust-follows-boom-in-arizona-mortgage-delinquencies/. See chart of Arizona mortgage delinquencies. 30+ day delinquencies peaked at over 12 percent in early 2010 but had fallen to under 7 percent by April 2012.

At the current rate of decline, Arizona mortgage delinquencies could be back into the “normal” range of 4% to 5% by spring of 2013. That would mean the flow of homes entering the foreclosure pipeline would be back to normal, more or less.

It would take, I believe, a year or maybe 2 for the backlog of foreclosures-in-process to clear the pipeline and for the number of previously foreclosed homes hitting the Arizona real estate market to get back to something more normal.

THIS ANALYSIS ONLY APPLIES TO ARIZONA.

John Wake
HomeSmart
480-463-4475
John@JohnWakeRealEstate.com

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When should I receive my first mortgage payment bill/ book?

admin — Wed, 16 May 2012 21:45:13 +0000

I closed on my house Feb. 13th 2009, with my first mortgage payment due on April 1 2009. Should I have received a bill / payment book by now as we are heading into mid March? Should I be contacting the lender? Thanks in advance!

You would be better off arranging for that payment to be automatically paid from your checking account on it’s due date.If mail takes longer than expected you’ll end up with late charges.

Is a Mortgage co required to issue a monthly mortgage statement?

admin — Wed, 16 May 2012 21:44:20 +0000

I was in arreas on my mortgage until 06/2011. Now my mortgage Co refuses to issue a mortgage statement and will not correspond with me in writing. My mortgage is current.

Can you access your account online? That is very common today. I think they are only obligated to provide a 1098 before January 31 showing how much you paid in interest. They often provide other details about your loan regarding the balance, interest rate etc. etc. at that time.

Can I get approved for a mortgage if I’m currently going through a foreclosure?

admin — Wed, 16 May 2012 21:43:54 +0000

I’m a home owner in Phoenix AZ and I’m about 7 months behind on my payments. I have an auction date set for about a month from now. I’ve tried the making homes affordable program and other avenues of refinancing, but the house is so underwater that it doesn’t seem to be an option. I recently came into some money and I’m wondering if it’s possible to get a new loan in my situation if I have a big down payment. I had a bad loan that I couldn’t afford(out of my own ignorance), but with today’s housing prices and a good loan I could easily afford a house. I have a stable job and I had excellent(pretty much perfect) credit before this foreclosure. I’m just wondering if buying another house is possible before I get kicked out of this one… and if so, where should I go/ who should I talk to? Or, am I just looking at renting for a while?

Thanks in advance for your help and comments!

Almost certainly not – whatever good credit you used to have is irrelevant now. Few if any mortgage companies will lend to someone who’s defaulted on a mortgage.

Talk to a mortgage lender about what your options are, how long it’ll take to be approved again; in the meantime, find somewhere to rent.