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How can I negotiate a loan modification with my lender what tips or tricks can I use.?

June 29, 2022 By 1 Comment

Question by BDZ: How can I negotiate a loan modification with my lender what tips or tricks can I use.?
I have an ARM. I cannot refinance. How can I go about negotiating a loan modification with my lender. I don’t want to be just a name and account number. I can meet the existing payments and to date have not fallen behind. If they raise the interest rate any further then that will be the tipping point. Are there organizations out there to help me such as HUD, etc. Do I already have to be in default before they’ll consider a loan modification?

Best answer:

Answer by Gregg
The truth is that they won’t do anything until you get behind. You will have to miss payments before they will even talk to you. Seems stupid but that’s the way it is. You can write a hardship letter explaining why you cannot pay but you would have to have a good reason, usually medical reasons work well.

If you can pay, I suggest you do and sell it as fast as you can before your payment gets unmanageable.

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How do I become a mortgage broker or mortgage agent in California?

June 29, 2022 By 2 Comments

Question by Nelson: How do I become a mortgage broker or mortgage agent in California?
I am fresh out of a college. Not just any college; a community college. And I need step by step how to become a mortgage broker or mortgage agent please. Thanks alot.

Best answer:

Answer by nostalgia80
Get a job at the Mortgage Broker Office.
at first, you’ll just answer phone calls and all, but eventually, you’ll either be a processor or agent.

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Is it possible to get a mortgage for a house if I am unemployed?

June 27, 2022 By 8 Comments

Question by Mike: Is it possible to get a mortgage for a house if I am unemployed?
Let me be specific: I have 130,000$ cash, but am unemployed. I received this money as an inheritance. I intend to buy a house with several floors and tenants. Is a mortgage possible in my case? My intention is to at first keep payments going for the mortgage through the revenue generated by the tenants. This will give me the time to get a new job. Would a bank accept this case despite my being unemployed?

Best answer:

Answer by ElleCeleste
Anything’s possible in this world. Just look for the right broker or lender - it just might not be a bank, that’s all. Good luck !

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How do I become a mortgage broker in ohio?

June 27, 2022 By Leave a Comment

Question by Wondering????: How do I become a mortgage broker in ohio?
I know the mortgage industry is in a mess right now, but I am looking toward the future when we rebound. Wondering what requirments there are to become a mortgage broker in Ohio. I am looking to work this industry on the side, as I already have a full time sales job. Also what are the typical commisions paid to brokers for sub-prime, prime, and jumbo mortgage loans…is this split with the company you work for? I already work 100% commission, so that is not a problem. Any input on this career is greatly appreciated, ie the ups and downs.

Best answer:

Answer by Traverse City Agent
Here’s a link to the application required by the state. It included a list of requirements to be eligable. http://www.com.state.oh.us/dfi/documents/mainofficemortgagebrokerapppacket_000.pdf

I would start by getting some of the required education. You may want to also work for a company before typing to open your own brokerage. Even if you only work in a related field it will be very helpful later on. Such as as a real estate assistant to a successful real estate agent.

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How do they process your student loans when you almost at your borrowing limit?

June 27, 2022 By Leave a Comment

Question by Southerngirl29: How do they process your student loans when you almost at your borrowing limit?
I have around $ 4500.00 left in student loans, and I have two semester left of college. In the fall, I am taking 15 hours, but in the spring I am only taking six. Will they offer the remaining of my loans for the fall semester, and I can use my pell grant for the spring or will they split the remaining loans between the two semesters?

Best answer:

Answer by ilovedietcokealot
Chances are they will split the remaining loans between the two semesters, at least my college does.
hope this helps

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What credit card should I get, whats the fastest and best way to build credit?

June 26, 2022 By 2 Comments

Question by B sack: What credit card should I get, whats the fastest and best way to build credit?
I have no credit and was wondering what credit card I should get. I do not want to get a co-signer and I am not 21. I am getting this card to build credit and was wondering what other things I should do to build my credit. Whats the fast and best way to build credit? with cards or any other device.
Thanks everyone!

Best answer:

Answer by Cold
The new federal regulations will make it impossible for you to get a credit card if you are under 21.
Don’t fall for online scam sites that tell you otherwise.

Two ways:
1. Get a secured card from your bank where you have your checking.
Compare it first to Citi and Orchard - they have among the best.
In a year (if you are over 21 then) it will turn into a credit card if you use it wisely.
Wise use: Replace the money in full each month - no games.

2. Make a secured loan.
Drop about $ 1,500 to $ 3,000 into a savings or a cd, then ask the bank to make a one year loan against this money…

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What is the difference between good debt and bad debt? And could you give me expample of each.?

June 25, 2022 By 8 Comments

Question by steelerspride24: What is the difference between good debt and bad debt? And could you give me expample of each.?
I just read somewhere where you can make money off your good debt. I just wanted examples of this.

Best answer:

Answer by kiranraj.bangalore
debt in itself is not good!

The best way 2 lead life is

Debt FREE

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What is the difference between a loan processor and a loan closer?

June 25, 2022 By Leave a Comment

Question by drinkbeerz128: What is the difference between a loan processor and a loan closer?
Does loan processor do most of the application work and running numbers, and does the loan closer actually close the loan verbally over the phone or in person? Any loan processors or closers out there. I have a chance to interview for a loan closer position as a temp to perm hire. Also I would like to know if its easy to get started as i have no experience with loans as you already can guess. thx

Best answer:

Answer by KiaSister1
A loan officer or originator meets with the clients and takes the intial application. It then is passed on to the processor, who does the rest of the work- ordering apraisal getting everything ready for underwriting, making sure that they have all the neccasary paperwork ie.. credit, employment verification. The processor, then passes it onto the underwriter, who checks their work, makes sure they have everything they need in the file, double checks everything to verify there is no fraud and then makes the final loan approval. Once it is done in underwiting- I think that is where the closer comes in. They prepare the closing documents and get them over to title, many times they will also do a final verification of everything, they may pull a new credit report, do a new job and income verification- to make sure that nothing has changed and then send the documents to the Title Company. The Title company will do their thing and then send them back to the lender. The closer or funder will then make sure that everything is signed correctly and that they have everything they need and send money to Title- that is when the loan is closed.

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What can a finance major expect to do as far as work goes?

June 24, 2022 By 1 Comment

Question by Adsf A: What can a finance major expect to do as far as work goes?
I am considering finance, but all i have done in school is do problems. A lot of it is very difficult. Do finance majors use everything they learned in their jobs? What exactly do they do? How would a finance degree help me after law school?

Best answer:

Answer by williamdefalco
As a Finance graduate I used it to enter into a banking career a few years back. That’s one area to go with, a good start IMO because it’s works great as a sort of Financial “residency” for a few years. I know of other graduates who went off to become financial advisors, but that area is a lot riskier because they only have one good year’s worth of salary and then it’s 100% commission afterwards, so you essentially have 365 days to get your stuff together. Another area is one that I’m looking to move into soon, which is as a Financial Analyst for my state. The government usually has some great Finance jobs, and I like that feeling that what you do directly impacts your state. Another area is corporate Finance, but just like with working for the state you usually need a few years experience in order to qualify.

As far as using Finance problems at work, it’s both a yes and a no. I’ve come across a few of the stuff I use to do in my Finance classes, but not nearly as much as I thought it’d be. I know though as a future Financial Analyst it’ll definitely be daily stuff. I guess it really depends which realm of Finance you go into.

Good luck.

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How do I get a credit card with no credit history?

June 24, 2022 By 3 Comments

Question by softballchica: How do I get a credit card with no credit history?
I am 18 and a student, I have applied for student credit cards at seperate times and have been denied because of having no credit history. The cards I am applying for are student cards for limited to no history, I want to know what else I need to do to get a credit card when I have no history. I want to get the card just to use for gas, so I can pay it off each month and slowly build some credit. Please Help!

Best answer:

Answer by Age of Reason
You can’t. the new law says you must be 21

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