is it normal to get and sign an initial loan disclosure before putting in an offer for a house? we are not sure if we are going with this lender and don't want be stuck with them
I just started and my lender sucks I have been calling to their office and no answer :(. I am over here trying to find info about initial loan disclosure because I have question about my loan estimate charges and the delivery waiver . Jennifer very knowledgeable .
If you were leaving messages for them and they’re not calling you back and it’s been like 24 hours that’s bad. If that’s what’s happening, perhaps you should dump them. If they don’t call you back tomorrow, give me a call as we can probably close your loan faster and save you money. 707-478-0637.
Okay so if i have 7 years of credit history 800 credit score but havent used any credit or credit card in 1-2 years would i still qualify ? And also do i have to prove how i paid my 300$ credit card balance ? I paid it in cash but all my saving are from work paychecks.
what if after sending the initial disclosure and you are still within the 3 days for release. the borrower says I need to change it from a 15yr to 10yr. Can I send another initial disclosure since I am still within the 3 days?
@@JenniferBeeston the LOA accidentally locked my loan a week ago. My LO said we should unlock it because we all thought inflation would come in mediocre and it came in hot unfortunately. He unlocked it and pricing since has been brutal as you know. They never redisclosed. This is UWM by the way on a jumbo loan. Do you think UWM would give us that same day pricing because they never re-disclosed?
Yikes, they would not redisclose if you were unlocked, but there would be some sort of notification. Are you sure you were ever actually locked? It’s also not easy to unlock loans so I don’t really know how they did that.
I've heard that there is sometimes a clause in mortage documents where if you rent the house out in the future, you are required to send the rent income to the mortgage company. Where would one look for this clause to make sure it isn't there?
I'm finding that lately most of the sellers in my area are not accepting FHA. It's frustrating to see that we don't qualify for the majority of houses on the market right now. There's been very little available as it is. My realtor called yesterday to ask why the seller wasn't accepting FHA for a house we were interested in and the answer she got was that there's peeling paint on the exterior windows. Also that the home already had 20 offers that day with cash or conventional. I just feel discouraged!
It sounds like you are In a very competitive market. Keep in mind if the house had 20 offers the person who "won" is likely paying more then the house is worth and 19 cash and conventional offers lost. In this circumstance even cash would not have guaranteed you the house. I would keep at it and not blame the loan type as much as the amount of competition.
#1. If a realtor tells you that $10k is needed at closing, then switches to $5,600 is that part of their job? To negotiate the down payment for the offer? #2. Let's say you make an offer on a Friday, if they accept the offer, is it part of the process to pay $1500 two days later to the title company as a hold for the house and $100 of that is to guarantee you can back out within 10 days? The rest is earnest money? I hope I'm asking this right. 😅
Option $ is around $50 per day until your inspection is done like around 5 days so your option is around $250, thats nonrefundable, pretty much you pay the seller per day so you could conduct the inspection. Earnest $ is refundable, depending on your contingencies like financing, appraisal, inspection,.... . Earnest $ is around 1 to 3% of offer price or could be higher if the market is super competitive. Earnest money will be kept by title and deducted from your closing cost
