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Great mortgage brokers that you used
« Last edited by yesitsme on October 08, 2021, 02:06:12 AM »

Author Topic: Any mortgage experts on the forums?  (Read 94640 times)

Offline yelped

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Re: Any mortgage experts on the forums?
« Reply #300 on: March 11, 2021, 01:29:09 PM »
Depending on how exactly you and your wife own it (meaning the legal structure) it could have a big impact on the enforceabilty of the mortgage. I assume title/ the bank did their due diligence but this statement won't always be correct.
?

Offline am7734

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Re: Any mortgage experts on the forums?
« Reply #301 on: March 11, 2021, 07:45:10 PM »

Offline yelped

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Re: Any mortgage experts on the forums?
« Reply #302 on: March 11, 2021, 08:42:49 PM »
Google tenancy by the entirety
Not sure what that means yet. It seems to say that any property owned by a married couple in a TBE state would be divided into 3. I have never seen that before and I live in a TBE state.

Offline chinagel

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Re: Any mortgage experts on the forums?
« Reply #303 on: March 11, 2021, 09:36:27 PM »
Any brokers here? Please send me a PM

Offline am7734

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Re: Any mortgage experts on the forums?
« Reply #304 on: March 11, 2021, 09:47:46 PM »
Not sure what that means yet. It seems to say that any property owned by a married couple in a TBE state would be divided into 3. I have never seen that before and I live in a TBE state.

https://www.jreardonlaw.com/blog/2018/05/13/Joint-Ownership-of-Real-Property-in-New-York.aspx

Try this article which at the end has the best/most extreme example of why you'd need both husband and wife signing.

Offline yelped

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Re: Any mortgage experts on the forums?
« Reply #305 on: March 11, 2021, 11:09:50 PM »
https://www.jreardonlaw.com/blog/2018/05/13/Joint-Ownership-of-Real-Property-in-New-York.aspx

Try this article which at the end has the best/most extreme example of why you'd need both husband and wife signing.
Very interesting. Never heard of a case like this, but IANAL.

Offline ae123

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Re: Any mortgage experts on the forums?
« Reply #306 on: March 13, 2021, 10:21:22 PM »
We recently refinanced through Ark Mortgage and we just got our first bill from Mr. Cooper.
Is this a legitimate mortgage company?

Offline am7734

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Re: Any mortgage experts on the forums?
« Reply #307 on: March 13, 2021, 10:59:21 PM »
We recently refinanced through Ark Mortgage and we just got our first bill from Mr. Cooper.
Is this a legitimate mortgage company?

It's a Servicer.

Eta a mortgage company too apparently.. I've dealt with them as Servicer only.

Offline miles lover

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Re: Any mortgage experts on the forums?
« Reply #308 on: March 14, 2021, 06:31:45 PM »
Does a co-signer need to be eligible by himself or you can combine the income of the co-signer and purchaser ?

Offline ckmk47

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Re: Any mortgage experts on the forums?
« Reply #309 on: March 14, 2021, 08:28:48 PM »
Does a co-signer need to be eligible by himself or you can combine the income of the co-signer and purchaser ?
I think you can combine.  They want to know that the total payment will be made.
My favorite cause: cssy.org

Offline ae123

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Re: Any mortgage experts on the forums?
« Reply #310 on: March 16, 2021, 10:31:06 PM »
It's a Servicer.
Eta a mortgage company too apparently.. I've dealt with them as Servicer only.
After a closer look at the letter, it seems like it's servicing the loan for Ark.

Offline nsastamps

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Re: Any mortgage experts on the forums?
« Reply #311 on: July 28, 2021, 02:21:31 PM »
We're seriously looking at home which seller listed with 3000 sq ft, and is asking for premium price over market value for that size home. Now I'm looking at county records and its only 2400 sq ft. He seemingly included rec room and garage. Besides seller perhaps not being fair, is it going to affect the mortgage appraisal /approval ?

Offline dovy2

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Re: Any mortgage experts on the forums?
« Reply #312 on: July 30, 2021, 05:07:40 PM »
We're seriously looking at home which seller listed with 3000 sq ft, and is asking for premium price over market value for that size home. Now I'm looking at county records and its only 2400 sq ft. He seemingly included rec room and garage. Besides seller perhaps not being fair, is it going to affect the mortgage appraisal /approval ?
He can list/claim/write anything he wants.. that has nothing to do with the banks appraisal.. they'll de their own independent appraisal

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Re: Any mortgage experts on the forums?
« Reply #313 on: August 12, 2021, 05:27:59 PM »
Please help closing tomorrow!

I am closing tomorrow and I have to bring a bank check or wire the money.
The problem is the closest branch is in Alabama (Iím in NJ).
And they limit wire transfers to $7500 monthly.

Can someone else wire the money for me? Will the bank see where the money came from? ( I am wiring to the title company).
Would the lender care if the money came from someone elseís account?

Offline nucheiner

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Re: Any mortgage experts on the forums?
« Reply #314 on: August 12, 2021, 05:52:01 PM »
Please help closing tomorrow!

I am closing tomorrow and I have to bring a bank check or wire the money.
The problem is the closest branch is in Alabama (Iím in NJ).
And they limit wire transfers to $7500 monthly.

Can someone else wire the money for me? Will the bank see where the money came from? ( I am wiring to the title company).
Would the lender care if the money came from someone elseís account?
Did you reach out to the bank and your title company to see if they can assist? The bank may be able to waive their limits or overnight a check and the title company may have another way to access funds.

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Re: Any mortgage experts on the forums?
« Reply #315 on: August 12, 2021, 05:58:30 PM »
Did you reach out to the bank and your title company to see if they can assist? The bank may be able to waive their limits or overnight a check and the title company may have another way to access funds.
I did.
The bank (supervisor) claimed that there is nothing he can do regarding waiving the limit.
The title company told me; from their side they don't care where the money comes from. they didn't offer a way to access the funds from that account.

Offline am7734

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Re: Any mortgage experts on the forums?
« Reply #316 on: August 12, 2021, 06:27:46 PM »
I did.
The bank (supervisor) claimed that there is nothing he can do regarding waiving the limit.
The title company told me; from their side they don't care where the money comes from. they didn't offer a way to access the funds from that account.

Title can't access your funds (!!!)...
If you have the funds elsewhere and don't want the bank to see maybe launder them through your attorneys escrow account. Not sure what sort of mortgage you're taking out and what sort of bank it is, they may ask for source of funds or may not care at all.

As an aside, what bank only has a branch in Alabama and why do you bank there?

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Re: Any mortgage experts on the forums?
« Reply #317 on: August 12, 2021, 06:32:11 PM »
Title can't access your funds (!!!)...
If you have the funds elsewhere and don't want the bank to see maybe launder them through your attorneys escrow account. Not sure what sort of mortgage you're taking out and what sort of bank it is, they may ask for source of funds or may not care at all.

As an aside, what bank only has a branch in Alabama and why do you bank there?
I have the funds elsewhere, not sure what you mean about *bleep* through attorneys account. PM welcome ;)
I am taking out a First time homebuyer mortgage with BOFA.

It's mainly an online Bank, they were offering a high interest rate so I parked some money there.

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Re: Any mortgage experts on the forums?
« Reply #318 on: August 12, 2021, 06:35:30 PM »
I have the funds elsewhere, not sure what you mean about *bleep* through attorneys account. PM welcome ;)

I just mean wire to your attorney first and then the funds will be coming out of their escrow and not your account. Again depending, bank may or may not care (if you have a broker, maybe ask them).

It's mainly an online Bank, they were offering a high interest rate so I parked some money there.
Figured it was something like that. Was just curious.

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Re: Any mortgage experts on the forums?
« Reply #319 on: August 12, 2021, 06:41:52 PM »
I just mean wire to your attorney first and then the funds will be coming out of their escrow and not your account. Again depending, bank may or may not care (if you have a broker, maybe ask them).
If they wont trace the money, I can just wire the money from a different account. or are you saying transferring through my attorney has less of a chance that they will request to see the source of the money?

No broker here. you can't get this loan through a mortgage broke, only directly with bank.