Zillow Advice RSS: Question-Discussion-Guide,Approval Process,OH http://www.zillow.com/advice/OH/mortgage-approval-process/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate Debt to Income on an Adjustable Rate Mortgage http://www.zillow.com/advice-thread/Debt-to-Income-on-an-Adjustable-Rate-Mortgage/525070/ What is used in an ARM in figuring debt to income ratios? Say on a 5/1 ARM, is the DTI based on the mortgage payment due the first five years, or does it calculate based on&nbsp;potential&nbsp;mortgage when the rate adjusts?&nbsp;<br/><br/>Looking for a solution to stay under DTI when buying a new home while selling my current home.&nbsp;<br \><br \>4 replies Mon, 20 Jan 2014 03:32:00 GMT http://www.zillow.com/advice-thread/Debt-to-Income-on-an-Adjustable-Rate-Mortgage/525070/ 2014-01-20T03:32:00Z How long does pre-approval with wells Fargo take? http://www.zillow.com/advice-thread/How-long-does-pre-approval-with-wells-Fargo-take/407024/ I will keep your number handy. My realtor is contacting the mortgage guy to find out what is going on. If they are unable to come to a conclution than i have your info handy. thank you<br \><br \>0 replies Tue, 12 Jul 2011 13:08:00 GMT http://www.zillow.com/advice-thread/How-long-does-pre-approval-with-wells-Fargo-take/407024/ 2011-07-12T13:08:00Z Mortgage Preapproval http://www.zillow.com/advice-thread/Mortgage-Preapproval/232424/ I went to a bank to get pre-approved for a <a href="http://www.zillow.com/mortgage/">loan</a>, asking for $375,000, and the bank only approved me for $290,000.&nbsp; Our combined income is approximately $175,000, both of our transunion credit scores are 780+, and we have zero debt.&nbsp; The reason we were given for the lower amount is that our "PMI funds were insufficient".&nbsp; Can anyone tell me what that means?&nbsp; Thanks in advance!<br \><br \>14 replies Thu, 07 May 2009 18:49:00 GMT http://www.zillow.com/advice-thread/Mortgage-Preapproval/232424/ 2009-05-07T18:49:00Z First time home buyer mortgage help http://www.zillow.com/advice-thread/First-time-home-buyer-mortgage-help/526046/ <div class="comment-body rich-content clearfix ">My&nbsp;<u>husband</u>&nbsp;and I have found a home for $89,900. Neither one of us has ever had a<u>credit card</u>, or any type of way to build credit. He makes $25,000 a year, and we have no debts. We have $3,000 for a down payment. Is there anywhere we could get a loan, or is this unrealistic? Is there anyway of making this realistic soon? We have a disabled child, and need to own our own house before we need to make wheelchair adjustments.<br/><div class="thread-meta clearfix "><br/></div></div><br \><br \>7 replies Mon, 27 Jan 2014 08:03:00 GMT http://www.zillow.com/advice-thread/First-time-home-buyer-mortgage-help/526046/ 2014-01-27T08:03:00Z Last minute issues with closing costs! http://www.zillow.com/advice-thread/Last-minute-issues-with-closing-costs/563876/ I am actually surprised to see advise to change loan type from conventional to FHA. FHA has higher fees, upfront mortgage insurance &amp; monthly mortgage insurance that stays for life of the loan. Conventional is way to go comparing mortgage insurance costs over life of the loan and 1.7% upfront mortgage insurance VS $1,100.&nbsp;<br/><br/>The easiest way to correct the issue is to call your Realtor and asking if Seller to reduce purchase price. However, if Seller disagree, there is really not much you can do.&nbsp;<br/><br/>&nbsp;<br \><br \>0 replies Wed, 22 Oct 2014 20:36:00 GMT http://www.zillow.com/advice-thread/Last-minute-issues-with-closing-costs/563876/ 2014-10-22T20:36:00Z help with a mortgage and bankruptcy http://www.zillow.com/advice-thread/help-with-a-mortgage-and-bankruptcy/510431/ ok here we go, filed bankruptcy on house #1 3 years ago, in the since then we bought house #2 land contract. bank gave us house #1 back free and clear (clear deed ) they released the note. house #1 is worth around 70k and house #2 is going in our name soon its worth is about 50k, both in Cleveland Ohio. my question is it possible to take a mortgage out on house #1 for around 35k and use it for a down payment. both houses are now rentals. I make 70k a year now and she makes around 15k. we want to buy a new house in the burbs for kids schooling and stuff. my middle credit score is around 680 hers is over 700. I do have some blips on my report that are older and 1 state of ohio tax thing that is still being worked on. please someone help me.&nbsp;[Email removed by Zillow moderator. Please see our Good Neighbor Policy for information.]<br \><br \>2 replies Sun, 08 Sep 2013 02:14:00 GMT http://www.zillow.com/advice-thread/help-with-a-mortgage-and-bankruptcy/510431/ 2013-09-08T02:14:00Z Will I have a problem getting a loan? http://www.zillow.com/advice-thread/Will-I-have-a-problem-getting-a-loan/299750/ <p>Larry...I was referring to them doing it as a primary residence.&nbsp;If they are keeping the current property then they will have an issue of doing the&nbsp;new <a href="http://www.zillow.com/mortgage/">loan</a> as a primary.Since&nbsp;mortgage insurance companies&nbsp;will only insure 1 primary home&nbsp;within 12 months.&nbsp;But as long as they put down 20% as they&nbsp;stated then that shouldn't will not be an issue.<br/></p><br \><br \>0 replies Thu, 19 Nov 2009 23:29:00 GMT http://www.zillow.com/advice-thread/Will-I-have-a-problem-getting-a-loan/299750/ 2009-11-19T23:29:00Z What can I do to get more (or better) quotes for my loan request ZR-GNNVRDR? http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-GNNVRDR/527897/ Sorry to hear about what you are going through in regards to the mortgage and your personal life. Short answer is the l/o should have asked these quarions from the get go and also asked to see your statements at the beginning and this woudl have been brought up at that point and avoided all this. when there are retuned checks or NFS showing on the checking accounts this could be a problem for the investors on the loan. Now if this was a cash out refi, I don't know why they were looking at statements any way since you were getting funds at closing and not bringing money to closing unless tha is incorrect.<br/><br/>The co-signed loans will always be on your credit report but those can be takene care of with some documents for that. <br/><br/>I think the loan officer dropped the ball on this and just did not have the knowledge on how to process your file correctly. Also if your loan was in processing for 3 months that is a major issue as well. <br/><br/>Hope this helps and best wishes!<br/>Scott<br/><br/><br \><br \>0 replies Mon, 10 Feb 2014 15:34:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-GNNVRDR/527897/ 2014-02-10T15:34:00Z How do I find an agent, that can help me get on the right track with financing, I am a first time ho http://www.zillow.com/advice-thread/How-do-I-find-an-agent-that-can-help-me-get-on-the-right-track-with-financing-I-am-a-first-time-ho/483378/ You need a loan office more than an agent at this stage. Talk with a couple good local loan officers or mortgage brokers and they can help you. Then go find a Realtor.<br \><br \>0 replies Sun, 17 Mar 2013 19:58:00 GMT http://www.zillow.com/advice-thread/How-do-I-find-an-agent-that-can-help-me-get-on-the-right-track-with-financing-I-am-a-first-time-ho/483378/ 2013-03-17T19:58:00Z Is there a part time stipulation in getting a mortgage loan? http://www.zillow.com/advice-thread/Is-there-a-part-time-stipulation-in-getting-a-mortgage-loan/443029/ I'm a nurse working part time because I am currenty going to school full time to get my undergrad degree. I make $46,000 a year part time. I am going to go back to full time in 3/13. Some banks are telling me that I have to be part time for a 2 years. Does that make any sense? My credit is in lower half of the 700's and hardly no debt to speak of. What are my options? Thanks so much for your help.<br \><br \>3 replies Wed, 16 May 2012 19:17:00 GMT http://www.zillow.com/advice-thread/Is-there-a-part-time-stipulation-in-getting-a-mortgage-loan/443029/ 2012-05-16T19:17:00Z How can I qualify for a fixed rate mortgage if there are no recent comparable homes sold recently http://www.zillow.com/advice-thread/How-can-I-qualify-for-a-fixed-rate-mortgage-if-there-are-no-recent-comparable-homes-sold-recently/179389/ My home was appraised at $450,000 but the closest comparable sales are 20-25 miles away.&nbsp; This does not meet my <a href="http://www.zillow.com/directory/lenders/">lenders</a> requirements.&nbsp; How can I still qualify for a fixed rate loan?<br \><br \>4 replies Fri, 19 Dec 2008 17:21:00 GMT http://www.zillow.com/advice-thread/How-can-I-qualify-for-a-fixed-rate-mortgage-if-there-are-no-recent-comparable-homes-sold-recently/179389/ 2008-12-19T17:21:00Z When can I apply for a loan? http://www.zillow.com/advice-thread/When-can-I-apply-for-a-loan/565547/ Also, be aware that under Freddie Mac underwriting guidelines the mortgage you place on the property would be considered a "rate and term" refinance rather than "cash out" if all of the loan proceeds are used to buy out another family member on an inherited property. <br/><br/>Being able to proceed as a "rate and term" refinance will likely allow you to obtain a lower rate than you would obtain as a cash out refinance. My understanding is that Fannie Mae, would treat this as a cash out so make sure to have your mortgage consultant look into this aspect of the transaction for you. I recently completed a "super conforming" refinance in a similar situation and was able to obtain my client a .25% rate betterment on a 30 year fixed rate mortgage by going the Freddie rather than the Fannie route. <br/><br/>Best of luck with your transaction.<br \><br \>0 replies Wed, 05 Nov 2014 23:51:00 GMT http://www.zillow.com/advice-thread/When-can-I-apply-for-a-loan/565547/ 2014-11-05T23:51:00Z How long must we wait after a Chapter 13 before applying for a home loan? http://www.zillow.com/advice-thread/How-long-must-we-wait-after-a-Chapter-13-before-applying-for-a-home-loan/480188/ Simple answer: Depends<br/><br/>I have mentioned this before but it fits well for your situation; There are many different options and loan programs that you may be able to quailify for. I am confident there is a solution available for your financial goals.<br/><br/>I encourage you to have a mortgage loan officer talk with you and look at your situation a bit deeper. I have seen someone in your shoes get approved before but that doesn't always hold true. There are many different programs/loans out there that may qualify you.<br \><br \>0 replies Mon, 25 Feb 2013 20:09:00 GMT http://www.zillow.com/advice-thread/How-long-must-we-wait-after-a-Chapter-13-before-applying-for-a-home-loan/480188/ 2013-02-25T20:09:00Z mortgage brokers frauds http://www.zillow.com/advice-thread/mortgage-brokers-frauds/271738/ 1 reply Tue, 25 Aug 2009 04:43:00 GMT http://www.zillow.com/advice-thread/mortgage-brokers-frauds/271738/ 2009-08-25T04:43:00Z Proving gross income http://www.zillow.com/advice-thread/Proving-gross-income/532283/ Hi,<br/><br/><br/>I will be looking for a mortgage at the end of this year and I had a question regarding annual income. On my pay stub it will show $55,000 approximately. I make $28/hour but also do side work (electrician.) Now on paper I have 55,000 accounted for but the extra money will have to be added on my taxes.<br/><br/>My question is how do I show mortgage lenders my total income? Am I required to show tax returns or pay stubs? <br/><br/>My income will be 55,000 + 9,000 side work. How do I go about showing I have made this amount?<br/><br/>I will also be looking at a $7/hour pay increase the following year. Will that pay a role in my mortgage amount being loaned to me?<br \><br \>5 replies Fri, 14 Mar 2014 03:21:00 GMT http://www.zillow.com/advice-thread/Proving-gross-income/532283/ 2014-03-14T03:21:00Z Mortgage loan for recently self-employed? http://www.zillow.com/advice-thread/Mortgage-loan-for-recently-self-employed/510750/ This was a great answer. I contacted a mortgage broker, and he was able to connect me with local credit unions who have pre-approved me. The only downside is that they only have 15 year available, when I would have preferred 30 year.<br \><br \>0 replies Fri, 04 Oct 2013 18:29:00 GMT http://www.zillow.com/advice-thread/Mortgage-loan-for-recently-self-employed/510750/ 2013-10-04T18:29:00Z Is it ok to look for a home loan on line? What are some good ones for fair credit? http://www.zillow.com/advice-thread/Is-it-ok-to-look-for-a-home-loan-on-line-What-are-some-good-ones-for-fair-credit/526275/ It doesn't hurt to talk to a couple local lenders as well as online mortgage companies. &nbsp;<br \><br \>0 replies Tue, 28 Jan 2014 21:55:00 GMT http://www.zillow.com/advice-thread/Is-it-ok-to-look-for-a-home-loan-on-line-What-are-some-good-ones-for-fair-credit/526275/ 2014-01-28T21:55:00Z Spouse is not on title or mortgage. Does he need to sign dower doc? http://www.zillow.com/advice-thread/Spouse-is-not-on-title-or-mortgage-Does-he-need-to-sign-dower-doc/448289/ Hello!<br/>I'm married but buying a house myself. Mortgage as well as the title will be on my name only. I live in Ohio and OH is a dower state. Does my husband need to sign a dower document prior to closing? I don't want to add him to the&nbsp;title right now (we have reason for that and its mutual) but I also don't want him to sign the dower document. Is it possible to close on the house without having him sign it?<br/>Thank you very much!!!<br \><br \>2 replies Mon, 25 Jun 2012 16:33:00 GMT http://www.zillow.com/advice-thread/Spouse-is-not-on-title-or-mortgage-Does-he-need-to-sign-dower-doc/448289/ 2012-06-25T16:33:00Z Union Savings Bank underwriting http://www.zillow.com/advice-thread/Union-Savings-Bank-underwriting/305124/ Its not unheard of. Small local banks might seem like a better choice than a national/regional lender or a <a href="http://www.zillow.com/directory/lenders/">mortgage broker</a>, but they could be more retrictive. You need to call them and ask how/who approves the <a href="http://www.zillow.com/mortgage/">loans</a>. is there a <a href="http://www.zillow.com/mortgage/">loan</a> comittee? If so when or how often&nbsp;does it meet? They could just be busy considering the low rates these days.<br \><br \>0 replies Wed, 09 Dec 2009 03:56:00 GMT http://www.zillow.com/advice-thread/Union-Savings-Bank-underwriting/305124/ 2009-12-09T03:56:00Z Mortgage Approval http://www.zillow.com/advice-thread/Mortgage-Approval/501842/ Hello,<br/>I am a first time home buyer and am starting to worry a little now that I am going through underwriting for my home loan.<br/>I was pre-approved and have signed a contract on a home within my pre-approval.<br/>It is an OHFA loan without down payment assitance @ 3.75 rate. &nbsp;Mortgage payment will come out to be about 980/month.<br/>The reason I am worried is because my DTI is 35/47 which may be a little high and also "payment shock." &nbsp;I moved home 3 years ago to save money for a down payment, but because of that I have no rental or housing payment history.<br/>I filed bankruptcy 7 years ago because of medical expenses and have been rebuilding credit ever since. &nbsp;My middle credit score is 722 and I have 10k available for down payment, closing costs, etc. &nbsp;I am also taking as loan out of my 401k to help with the down payment which will leave me more than 3 months of mortgage payments in the bank.<br/>I think I am just looking for peace of mind here.<br/>My mortgage broker ran everything through his underwriting programs which came back good as well.<br/><br/>I appreciate any responses,<br/>Ken<br \><br \>2 replies Sun, 14 Jul 2013 14:16:00 GMT http://www.zillow.com/advice-thread/Mortgage-Approval/501842/ 2013-07-14T14:16:00Z