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Thrifty Mortgage

Listed below are a series of questions asked to me over the years. I have answered them in a general manner as I often do when speaking with clients. The answers may change depending on the state you live in, the type of mortgage you will obtain and the specific lender requirements.  Please take the time to also address your questions with the lender you have chosen to represent you. 

A

What is adverse Credit?
What is the required age of credit accounts reported on the credit report?
Can I use alimony payments to qualify for a mortgage?
What if I pay alimony payments?
What is alternative credit?
My lender mentioned an amortization schedule. What is this and why do I need one?
I received an appraisal disclosure with my appraisal. What is this form?
Who orders the appraisal? What is the appraisal process?
What is an ARM (Adjustable Rate Mortgage?
I just saw a disclaimer on the purchase contract that says something about an Arms Length Transaction and I don't understand what that means
My loan is assumable. What does this mean to me?
I am told my loan will be finalized with an attorney? Will I be paying for the attorney fees?
I receive an automobile allowance from work. Can I use this allowance to qualify for a mortgage?

B

I have filed a bankruptcy. What are my options for financing a home?
How many bank statements do I need to show my mortgage company/bank?
Can I use bonus income to qualify for a mortgage?
Can I borrow money for a down payment?
What is a bridge loan?
Can I use business assets for a down payment?
Is business debt calculated in the debt to income ratio?
Does it hurt me to write business expenses off on my tax returns?
What is a buydown?


C

How do capital gains and losses affect my qualification?
I use cash only. How do you verify funds in this case?

Can I bring cash to the closing table?
When does it make sense to do a cash out refinance?
What is a certificate of eligibility and where do I obtain one?
Do I need a certificate of occupancy?
What do I do if I have charge offs and collections on my credit report?
Does child care expense count in my debt to income ratio?
Can I use child support income to qualify for a mortgage?
What if I make child support payments?
How much can I expect to pay in closing costs?
Who pays the closing costs?
What is a CLTV?
Does a CoBorrower have to live in the property?

I am a commissioned employee. How does this affect loan approval?
My lender mentioned compensating factors, What is this?

I am looking to finance a condominium. Is this different than financing a single family home?
I am a contract employee. How does this affect loan approval?

How does a construction to permanent mortgage work?
Should I go with a Conventional Mortgage?
I own a corporation. What is required for me to obtain a mortgage?
I have cosigned with another person on a debt. How does this affect loan approval?
When do I need to have my credit report pulled by a mortgage company?
What credit score do I need to be preapproved?
How do I establish/reestablish a credit score?

D

I found a house  that has damage but really love the location. What are my options?
I have a lot of debt. How is the debt to income ratio calculated?
My agent is concerned my home is in a declining market? What should I do?
My bank agreed to a deed in lieu of foreclosure. Is this better than a foreclosure?
I receive disability income. Am I am able to use this to qualify for a mortgage?
I am thinking about getting a construction loan. How does the draw process work?

E

What is earnest money? Am I able to get the earnest money back?
Do the lenders accept electronic signatures?
May I email my documents to the lender?
I am employed by a relative. Does this matter?
Can my employer contribute funds towards the down payment?
How many years of employment history do I need to qualify for mortgage?
What are your recommendations for energy improvements to a home? Can they be financed into the mortgage?
Can I get the equity back in my home when if I purchase a home for a good deal?
What is an escrow account?
Is an escrow account mandatory?

F

Will you accept faxed copies?
What is an FHA mortgage?
How long do I need for a finance contingency?
Will I need a final inspection to ensure the home is still in good shape prior to closing?
Can I  finance a home I am going to flip?
Are there special mortgage programs for first time home buyers?
Can the monthly payment change on a fixed rate mortgage?
How do I know if the property I am looking to buy will need flood insurance?
I lost my home to foreclosure. Will I ever be able to buy a home again?

G

I have gaps in my employment history. Will this affect my mortgage loan approval?
When and why do I need a general contractor?
My down payment is coming from a gift. Is this acceptable?
What is a Good Faith Estimate?

H

Are home equity loans still available?
Can I purchase a home with a home improvement mortgage?
Can I make improvements to my existing home with a home improvement mortgage?
When do I get a home inspection? Is it mandatory?
Are the homeowner association dues included in my mortgage payment?
Do I need to take a home buyer education class?
Will I get a home warranty when I purchase my home?
What is a HUD-1?

I

Do I need to have stable income to qualify for a mortgage?
How is my income calculated?
I looked at a home that a statement on the sign that read, "ineligible for FHA Financing". What does this mean?
There is inaccurate credit reported on my credit report. What do I need to do?
What are the insurance requirements for a home loan?
How do I know how much total Interest I will pay on the mortgage?
I make interest and dividend income. Am I am able to use this to qualify for a mortgage?
How is the interest rate on a mortgage determined?
 

J

Do I need to show job stability to qualify for a mortgage?
I have a joint checking account with a person who will not be on the mortgage. What do I need to do?

I have a joint debt with a person who will not be on the mortgage. Will this affect my loan approval?

I have a judgement on my credit report. Will I still qualify for a mortgage?