Ask Experts Questions for FREE Help !
Ask
    LearningAsIGo's Avatar
    LearningAsIGo Posts: 2,653, Reputation: 350
    Survivor
     
    #1

    Jul 16, 2009, 09:35 AM
    How do you get started? Mortgage Loan
    It's a long story, but basically upon my father's death, I discovered he had my name placed on the title of his home to avoid debt collectors taking it as part of his estate.

    Since then (I was 20) I've been paying the mortgage (still in his name) and living in the home.

    I'd like to get out from under it and inquire about securing a home loan.

    Where's the best place to start? A bank? Mortgage Lender? Realtor?

    Though I've been paying someone else's mortgage, I'm really quite clueless on how to go about starting on my own.

    Thanks
    ZoeMarie's Avatar
    ZoeMarie Posts: 2,049, Reputation: 468
    Ultra Member
     
    #2

    Jul 16, 2009, 09:46 AM

    My husband and I went to a mortgage lender and got pre-approved so we know what price range to stay in. Some places that we wanted to check out said you needed to have a letter of pre-approval to even come look at them.
    LearningAsIGo's Avatar
    LearningAsIGo Posts: 2,653, Reputation: 350
    Survivor
     
    #3

    Jul 16, 2009, 10:06 AM

    I hope you don't mind me asking:

    Did you use a National Lender or somebody local? Just wondering if you have any recommendations...
    ZoeMarie's Avatar
    ZoeMarie Posts: 2,049, Reputation: 468
    Ultra Member
     
    #4

    Jul 16, 2009, 10:08 AM

    Not sure where you live, but we went through GSF Mortgage. They were really great to work with.

    GSF Mortgage - a Full-Service Mortgage Lender
    LearningAsIGo's Avatar
    LearningAsIGo Posts: 2,653, Reputation: 350
    Survivor
     
    #5

    Jul 16, 2009, 10:19 AM

    Thank you, ZoeMarie. :)

    It seems they service every state that borders ours... but not MI. I'm glad you had a good experience though
    lessaul's Avatar
    lessaul Posts: 20, Reputation: 2
    New Member
     
    #6

    Aug 7, 2009, 10:30 AM
    First step is to check with your personal bank or a reputable lender in your area. Make sure you don't pay any upfront fees to get preapproved. Any bank or lender that wants you to pay money upfront at preapproval, run away. Once you know that your are preapproved ask the bank to submit your file with all your supporting income & asset documentation to their underwriter for a full credit approval. This will eliminate the guess work if you'd be truly approved for the loan. Most preapprovals are nothing more than a glossary review of your credit and personal information, trust me, you want to take the next step and submit a full file for credit approval by the underwriter. It doesn't matter if you use a local lender or out of state bank, most likely you will never talk with your mortgage company after closing on the home. Just make sure you get the best deal possible based on your qualification.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Mortgage loan [ 2 Answers ]

I would like to cosign with ny wife on a mortgage loan. I'm currently in chapter 13 for about 2 years. Chapter 13 ends within a year 3/2008. Is there a mortgage loan that we can apply for where they just use my income is use not credit along with my wife income and credit ?

SSD benefits and Mortgage loan [ 1 Answers ]

My husband is now on SSD and I work as a secretary. When my husband purchased this home he was more than able to make the payments. However, this is no longer the case. With his SSD and my income now, we simply cannot afford this home. It has been with real estate for 6 months--just selling to...

Defaulting on mortgage loan [ 6 Answers ]

I have an arm that is maturing and my taxes rolled into my mortgage. The mortgage by itself is OK, however, all combined, it puts me in a difficult position financially. Im a single income father and for what I'm paying in mortgages and fees, I could rent a pallacial estate and have no headaches....

Second Mortgage Loan [ 1 Answers ]

About 3 years ago my mom wanted to refinance her home. Her credit wasn't good enough, so I'm the primary and she co-signed. My mom pays the mortgage payments every month, and has a good pay history. My problem is now I want to buy a home, and I have my name on my moms mortgage. How likely...


View more questions Search