Zillow Advice RSS: Question-Discussion-Guide,Approval Process, http://www.zillow.com/advice/United-States%253B%253B%253B%253B%253B%253B%253B%253B/mortgage-approval-process/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate We plan on purchasing another home and keep our existing home as a rental. http://www.zillow.com/advice-thread/We-plan-on-purchasing-another-home-and-keep-our-existing-home-as-a-rental/344459/ When we purchase another primary residence we plan on keeping our existing home as a rental.&nbsp; Can we add the monthly rent payment we will be receiving to our income to qualify for the new mortgage?<br \><br \>6 replies Thu, 15 Apr 2010 20:32:00 GMT http://www.zillow.com/advice-thread/We-plan-on-purchasing-another-home-and-keep-our-existing-home-as-a-rental/344459/ 2010-04-15T20:32:00Z If I checked with several different lenders to get approved, when does it start to effect my credit? http://www.zillow.com/advice-thread/If-I-checked-with-several-different-lenders-to-get-approved-when-does-it-start-to-effect-my-credit/344460/ <p>It would be better to just talk to several different lenders<br/>before you decide which one you want to apply with. However,&nbsp;a few&nbsp;lenders pulling your credit all at the same will not really hurt your credit because people do usually shop around when they are getting a mortgage loan and therefore the credit bureaus allow for some shopping in their scoring systems. However, I did have a client once who had nearly 30 lenders pull his credit over a 90 day period and when I finally&nbsp;got his loan application&nbsp;the underwriting systems lenders use (DU &amp; LP) actually denied his otherwise perfect credit! He had to wait a few months until all the inquires were over 90 days before we could proceed with his loan approval.</p><br \><br \>0 replies Thu, 15 Apr 2010 23:37:00 GMT http://www.zillow.com/advice-thread/If-I-checked-with-several-different-lenders-to-get-approved-when-does-it-start-to-effect-my-credit/344460/ 2010-04-15T23:37:00Z I co-own a 2 family with a sibling and want to buy my own home and rent my half of 1st home. http://www.zillow.com/advice-thread/I-co-own-a-2-family-with-a-sibling-and-want-to-buy-my-own-home-and-rent-my-half-of-1st-home/559748/ You need to talk to a local lender to find out your options.&nbsp; Things to be concerned about revolve around whether you have a mortgage on the first home.&nbsp; If you do it is possible that you will have to qualify for the new loan taking into account that you have to be able to support both mortgages.&nbsp; In many programs you cannot consider the rent from the first home without being able to show a 2 year track record of rental income which of course you do not have since you have been living there.&nbsp; Good luck.<br \><br \>0 replies Fri, 19 Sep 2014 11:41:00 GMT http://www.zillow.com/advice-thread/I-co-own-a-2-family-with-a-sibling-and-want-to-buy-my-own-home-and-rent-my-half-of-1st-home/559748/ 2014-09-19T11:41:00Z How much money do my husband has to make to get a loan http://www.zillow.com/advice-thread/How-much-money-do-my-husband-has-to-make-to-get-a-loan/528994/ It will be tough for anyone to answer this question without more information. &nbsp;Your best bet is to talk directly with a loan officer.&nbsp; [self promotion deleted by Zillow moderator.]<br/>Matthew Roder<br/>VP of Mortgage Lending<br/>Guaranteed Rate<br/><em><strong>[contact information deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]</strong></em><br \><br \>0 replies Wed, 19 Feb 2014 01:00:00 GMT http://www.zillow.com/advice-thread/How-much-money-do-my-husband-has-to-make-to-get-a-loan/528994/ 2014-02-19T01:00:00Z Buying a home with my girlfriend who has not been divorced. Does this hurt getting a loan? http://www.zillow.com/advice-thread/Buying-a-home-with-my-girlfriend-who-has-not-been-divorced-Does-this-hurt-getting-a-loan/535147/ This could end up with you having a mortgage and her husband having a house.&nbsp; DON'T DO IT<br \><br \>0 replies Fri, 04 Apr 2014 18:40:00 GMT http://www.zillow.com/advice-thread/Buying-a-home-with-my-girlfriend-who-has-not-been-divorced-Does-this-hurt-getting-a-loan/535147/ 2014-04-04T18:40:00Z To Buy or Not to Buy http://www.zillow.com/advice-thread/To-Buy-or-Not-to-Buy/541302/ You need to speak with a couple of lenders to see what you might qualify for. Then speak with a couple of agents to see what you can get for that $$$. Then decide if you feel ok paying a mortgage and paying off debt. My web site has some lender references.<br \><br \>0 replies Sun, 18 May 2014 12:10:00 GMT http://www.zillow.com/advice-thread/To-Buy-or-Not-to-Buy/541302/ 2014-05-18T12:10:00Z What can I do to get a mortgage to buy an investment property in Houston? http://www.zillow.com/advice-thread/What-can-I-do-to-get-a-mortgage-to-buy-an-investment-property-in-Houston/504396/ 3 replies Tue, 30 Jul 2013 20:47:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-a-mortgage-to-buy-an-investment-property-in-Houston/504396/ 2013-07-30T20:47:00Z Can I qualify for a 250k mortgage? http://www.zillow.com/advice-thread/Can-I-qualify-for-a-250k-mortgage/559756/ If you want to run numbers yourself, you could use a <a rel="nofollow" href="http://www.dinkytown.net/java/MortgageQualifier.html">mortgage qualifier calculator</a>. It can give you a ballpark if you enter your debt and income. A lender has even more tools so if the numbers good then I would contact one to advise you on your options and rates.<br \><br \>0 replies Thu, 18 Sep 2014 15:32:00 GMT http://www.zillow.com/advice-thread/Can-I-qualify-for-a-250k-mortgage/559756/ 2014-09-18T15:32:00Z NINA, No-Doc or other type of mortgage http://www.zillow.com/advice-thread/NINA-No-Doc-or-other-type-of-mortgage/584365/ There is a big difference between a NINA, No Doc and a Stated Income loan.&nbsp; If an applicant states an income that is not factual, that is mortgage fraud. Coaching an applicant to state sufficient income to qualify&nbsp;is also mortgage fraud. The only legitimate loan would be NINA, No Doc if applicants income is not sufficient to qualify. Those loan programs&nbsp;have disappeared, and if available would be a portfolio product.<br \><br \>0 replies Mon, 27 Apr 2015 14:59:00 GMT http://www.zillow.com/advice-thread/NINA-No-Doc-or-other-type-of-mortgage/584365/ 2015-04-27T14:59:00Z I am applying with Bank of America for a refinance. I am taking money out of the mortgage for home i http://www.zillow.com/advice-thread/I-am-applying-with-Bank-of-America-for-a-refinance-I-am-taking-money-out-of-the-mortgage-for-home-i/510559/ I am applying with Bank of America for a refinance. I am taking money out of the mortgage for home improvements. I will be modernizing and renovating the kitchen and upstairs bathroom and painting several rooms. The bathroom and kitchen both have peeling paint on the ceiings which will be taken care of during the renovation and the other rooms will be painted. I am now being told by the Bank of America that I need to do all of the painting in advance in order to qualify for the loan. I had an appraisal done four months ago and it came in at $500,000 as is. The bank appraisal was for $552,000 contingent on painting being done. I am applying for a $335,000 mortgage. I'm having trouble understanding this whole situation and it all seems quite absurd. I'd appreciate any comments and suggestions.<br/>Thanks<br \><br \>3 replies Mon, 09 Sep 2013 14:23:00 GMT http://www.zillow.com/advice-thread/I-am-applying-with-Bank-of-America-for-a-refinance-I-am-taking-money-out-of-the-mortgage-for-home-i/510559/ 2013-09-09T14:23:00Z I'm having a problem with mortgage approval with 65% LTV and excellent credit http://www.zillow.com/advice-thread/I%27m-having-a-problem-with-mortgage-approval-with-65-LTV-and-excellent-credit/510562/ I am applying with Bank of America for a refinance. I am taking money out of the mortgage for home improvements. I decided on BofA as I am an existig banking customer of thiers and have always had a good relationship with folks at my local branch.&nbsp;I will be modernizing and renovating the kitchen and upstairs bathroom and painting several rooms. The bathroom and kitchen both have peeling paint on the ceiings which will be taken care of during the renovation and the other rooms will be painted. I am now being told by the Bank of America that I need to do all of the painting in advance in order to qualify for the loan. I had an appraisal done four months ago and it came in at $500,000 as is. The bank appraisal was for $552,000 contingent on painting being done. I am applying for a $335,000 mortgage and I have an excellent credit score. I'm having trouble understanding this whole situation and it all seems quite absurd. I'd appreciate any comments and suggestions.<br/>Thanks<br \><br \>8 replies Mon, 09 Sep 2013 14:36:00 GMT http://www.zillow.com/advice-thread/I%27m-having-a-problem-with-mortgage-approval-with-65-LTV-and-excellent-credit/510562/ 2013-09-09T14:36:00Z How to know which mortgage companies offer the lowest rates? http://www.zillow.com/advice-thread/How-to-know-which-mortgage-companies-offer-the-lowest-rates/485959/ Looking into purchasing a home, how long is the process for pre-qualification as well as pre-approve for mortgage loan? &nbsp;<br \><br \>3 replies Tue, 02 Apr 2013 17:23:00 GMT http://www.zillow.com/advice-thread/How-to-know-which-mortgage-companies-offer-the-lowest-rates/485959/ 2013-04-02T17:23:00Z What can I do to get more (or better) quotes for my loan request ZR-DHKJBDX http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-DHKJBDX/467515/ Is it possible to get a mortgage, with a tax lien on my credit? If so then how?<br \><br \>1 reply Tue, 06 Nov 2012 18:38:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-DHKJBDX/467515/ 2012-11-06T18:38:00Z what can i do? http://www.zillow.com/advice-thread/what-can-i-do/221476/ Well, a quit claim would not put her on the loan.&nbsp; If you would like to be added to the <a href="http://www.zillow.com/mortgage/">mortgage</a>, you will need to refi the house with him still on it adding you.&nbsp; A quit claim on the front side, or a divorce decree will be needed to establish ownership to the <a href="http://www.zillow.com/directory/lenders/">lender</a>, but aside from that depending on the <a href="http://www.zillow.com/mortgage/">loan</a> and your version of "poor" credit, you may or may not be able to refi with your husband.<br \><br \>0 replies Thu, 09 Apr 2009 15:35:00 GMT http://www.zillow.com/advice-thread/what-can-i-do/221476/ 2009-04-09T15:35:00Z Questions regarding when to apply for mortgage http://www.zillow.com/advice-thread/Questions-regarding-when-to-apply-for-mortgage/381412/ <div>I am a first time home buyer with a credit score of 761-775. I do not have a lot of savings (about $10000)&nbsp;&nbsp;but my family from overseas will send approximately $120000 as gift to me as down payment ( I believe I will save $20000 for closing cost and other uses). I have about $26000 in my 401K. I have a student loan debt of $18000. I do not have auto loans. Minimum credit card payment is about $50 per month. My net pay per month is $3100 and I have been working at the same place for about 5 years. I am interested in buying a condo&nbsp;in the SF&nbsp;bay area and the purchase price will be about $230000).&nbsp; <div>&nbsp; <div>1) How likely will I &nbsp;qualify for a $130000 loan (30 years)? <div>&nbsp; <div>2) Base on the information that I provided, what will be the interest rate likely to be? Will it be very high? <div>&nbsp; <div>3) Most of my friends recommended me to keep the gift money in the bank account for about 2-3 months before I apply for a mortgage. Is it necessary for me to do so? I know that banks would request for bank statements; however, I can provide a letter from my family member to prove the sum of money doesn't need to be repay and where does the source of money come from. I am hoping to apply for a mortgage as soon as possible. Will there be any problems? Should I wait for 2-3 months as what my friends recommended?</div></div></div></div></div></div></div><br \><br \>7 replies Wed, 19 Jan 2011 00:34:00 GMT http://www.zillow.com/advice-thread/Questions-regarding-when-to-apply-for-mortgage/381412/ 2011-01-19T00:34:00Z My husband and I are struggling with the "trailing spouse" label in obtaining a 2nd home mortgage. http://www.zillow.com/advice-thread/My-husband-and-I-are-struggling-with-the-trailing-spouse-label-in-obtaining-a-2nd-home-mortgage/295300/ You might need to speak to a different lender. The climate of the mortgage business has made underwriting extremely conservative. Then again, you have a somewhat odd situation. But if it makes sense, you should be able to get this done. Perhaps once your husband has been at his new job and can show a pay stub, things might open up for you. Call this person for some straight talk:<br/><br/><a href="http://rwsmortgage.com/officers-detail.aspx?LONum=12" rel="nofollow">http://rwsmortgage.com/officers-detail.aspx?LONum=12</a><br/><br/>That is Jen. She is a zillow lender too.<br \><br \>0 replies Sat, 07 Nov 2009 01:02:00 GMT http://www.zillow.com/advice-thread/My-husband-and-I-are-struggling-with-the-trailing-spouse-label-in-obtaining-a-2nd-home-mortgage/295300/ 2009-11-07T01:02:00Z Mortgage qualify http://www.zillow.com/advice-thread/Mortgage-qualify/541343/ <div class="comment-body rich-content clearfix">I need a advice from mortgage experts about buying new 2nd home. Currently&nbsp;We own a&nbsp;Condo&nbsp;In Long Beach, CA&nbsp;which has&nbsp;total pmt $1700(Mortgage+Tax+HOA) per month and loan amount to pay&nbsp; as of today&nbsp;is 140K.Currently, similar Condo are selling for 260-269k.&nbsp; I have car payment of&nbsp;250 per month. That's all debt&nbsp;we &nbsp;have.&nbsp;Our combined Income is 150k per year.&nbsp;Due to schooling better option, I have decided to move and buy new home through renting current home. My questions are&nbsp;<br/>1)&nbsp;&nbsp;If my rent income can be considered towards my total gross for my new mortgage application ?&nbsp;I would be renting at same time as I move to new home<br/>2)How much will I be qualified with 20% down?<br/><br/>Thanks in Advance.</div><br \><br \>6 replies Sun, 18 May 2014 18:22:00 GMT http://www.zillow.com/advice-thread/Mortgage-qualify/541343/ 2014-05-18T18:22:00Z I am looking to apply for a mortgage and I have a question regarding my household income. I have a http://www.zillow.com/advice-thread/I-am-looking-to-apply-for-a-mortgage-and-I-have-a-question-regarding-my-household-income-I-have-a/467531/ 2 replies Tue, 06 Nov 2012 19:55:00 GMT http://www.zillow.com/advice-thread/I-am-looking-to-apply-for-a-mortgage-and-I-have-a-question-regarding-my-household-income-I-have-a/467531/ 2012-11-06T19:55:00Z Magna Bank denied mortgage due to HUSBAND'S business loss and he is NOT even on the loan! WTF http://www.zillow.com/advice-thread/Magna-Bank-denied-mortgage-due-to-HUSBAND%27S-business-loss-and-he-is-NOT-even-on-the-loan-WTF/461380/ Magna Bank in TN gave me an approval and sent me out shopping only to DENY me last minute (a month from closing) because after looking at my taxes they realized that my HUSAND had a business loss. The loss did not affect my salary, PLUS he is not even on the mortgage.&nbsp; Is this normal? I feel like this is a&nbsp;little ridiculous, not to mention a little mean that they would wait until so close to closing to say anything. They didn't even offer to make an exception,&nbsp;just aksed for my credit card information so they can process the credit report that they pulled TWO months ago when they&nbsp;gave me the "go ahead" to begin making offers. &nbsp;I am FURIOUS!&nbsp; Is this normal? Someone please help me understand this. =(<br \><br \>8 replies Tue, 25 Sep 2012 21:11:00 GMT http://www.zillow.com/advice-thread/Magna-Bank-denied-mortgage-due-to-HUSBAND%27S-business-loss-and-he-is-NOT-even-on-the-loan-WTF/461380/ 2012-09-25T21:11:00Z Refinance and purchase, can it be done? http://www.zillow.com/advice-thread/Refinance-and-purchase-can-it-be-done/375266/ UPDATE-We have found a couple that wants to try to buy our house but they have not applied for a loan yet. If they can get approved then we don't have to worry with the refinance or being able to lease it (or owner occupancy) and can move forward to buy another home. Can anyone suggest a good mortgage broker, possibly for both loans?&nbsp;<br/><br \><br \>0 replies Tue, 23 Nov 2010 02:04:00 GMT http://www.zillow.com/advice-thread/Refinance-and-purchase-can-it-be-done/375266/ 2010-11-23T02:04:00Z