Sung A asked:


Hi
Year 2006 I purchased house ($625K). I hired mortgage broker and he applied loan for me. BB&T was my lender and loan was approved in 20 days. I put $125K for deposit and got $500K loan. Last year one of my friend told me that BB&T is not a wholesale lender. There must be a loan officer. I was wondering because from the begging to the end I was contacted by my mortgage broker. He was acting like BB&T was a wholesale lender.
I requested full documents from the lender and I reviewed it. When I saw Loan Application I was confused because it was not 1003 Loan Application. It was Bank’s Retail Loan application. I am not sure but I think that retail loan application is for personnel loan, student loan, or home equity loan etc NOT FOR RESIDENTIAL PURCHASE LOAN… * I said I am not sure.
And my loan is-5 years Installment loan- That means I pay $3400 for 59 months and 60th I have to pay about $400K. On settlement day I was out of town and mortgage broker told me that my father could sign the settlement documents if I give him on authorization (Power of attorney). So we did. I believe my father didn’t know what he was signing.
Q.1 They (Lender) don’t have to use 1003 when we apply for residential home loan?
2. Is there any violation that I was not contacted by Bank’s Loan Officer or others from the Bank?
3. What do you think about my loan program?
4. Refinancing is my best solution?

P.S. When I applied loan, mortgage broker got all my information on blank paper. He said “I will fill loan application out for you”.
I called mortgage broker….NO ANSWER
Heard rumor that he went to jail.

Thanks.

Fixed Rate Home Equity Loans

dimethylsulfoxide asked:


Here’s the situation:
1. I have about two months of credit history with one credit card, and I paid off the balance on time no problem.
2. I am a sophomore, have already filled out FAFSA, and am already taking out federal loans.
3. I need an additional private loan of $6000 within three weeks.
4. My best candidate for a co-signer is my mother (My other closest family members are definitely unable to help me). Her credit score is good, but she has no job. She will have to get a loan of her own soon for a car, once she gets a job.
5. I have read on different websites that co-signing a loan affects the co-signer’s credit score. They all mention that a co-signer suffers if the borrower doesn’t pay payments, but I am assuming I will be able to get a job and continue to be responsible with my money. Does simply co-signing on a loan automatically hurt the co-signer’s credit score? Does this mean that my mother will not be able to get a car loan or refinance our home if she co-signs on my loan?

So my question comes in these pieces: Do I have to have a co-signer, given my nearly-non-existent credit history? Will my co-signer’s credit score suffer enough to prevent my co-signer from taking out her own loan? Also, does anyone have any recommendations on where I should go for a good private student loan?

Thank you in advance for any advice.
I am studying abroad; if I were to back out now I would be throwing away several thousand dollars. I didn’t know until last minute which scholarships I was getting (I applied to several scholarships, totaling $20000, but am receiving just under half of it). The $6000 deficit I am in now is after scholarships, wages, and federal aid.

Click here for Retail Heaven!

wildoats24 asked:


I bought a 2006 Dodge Charger a year ago and am paying 7% interest on my loan. I have a five year loan and am paying $215.00 a month. I have never had a car loan before and was wondering if it might be worth it to refinance through another institution for a lower rate. I was a 21 year old with a credit score of 642 (Not bad for a college student I thought) when I bought the car. I believe I payed 13K with a trade in of $1,500.00 and gave $1,000.00 down if that means anything. Since then I have made all my payments on time and don’t have any outstanding credit. I wasn’t sure if there was an amount of time that was best to wait before refinancing or just do it when it’s right.

Mortgage Finder

Sung A asked:


Hi
Year 2006 I purchased house ($625K). I hired mortgage broker and he applied loan for me. BB&T was my lender and loan was approved in 20 days. I put $125K for deposit and got $500K loan. Last year one of my friend told me that BB&T is not a wholesale lender. There must be a loan officer. I was wondering because from the begging to the end I was contacted by my mortgage broker. He was acting like BB&T was a wholesale lender.
I requested full documents from the lender and I reviewed it. When I saw Loan Application I was confused because it was not 1003 Loan Application. It was Bank’s Retail Loan application. I am not sure but I think that retail loan application is for personnel loan, student loan, or home equity loan etc NOT FOR RESIDENTIAL PURCHASE LOAN… * I said I am not sure.
And my loan is-5 years Installment loan- That means I pay $3400 for 59 months and 60th I have to pay about $400K. On settlement day I was out of town and mortgage broker told me that my father could sign the settlement documents if I give him on authorization (Power of attorney). So we did. I believe my father didn’t know what he was signing.
Q.1 They (Lender) don’t have to use 1003 when we apply for residential home loan?
2. Is there any violation that I was not contacted by Bank’s Loan Officer or others from Bank?
3. What do you think about my loan program?
4. Refinancing is my best solution?

P.S. When I applied loan, mortgage broker got all my information on blank paper. He said “I will fill loan application out for you”.
I called mortgage broker….NO ANSWER
Heard rumor that he went to jail.

Thanks.

Student Loan Refinancing

moonlight_night78 asked:


So here’s my situation…

I have a 2005 Chevy Malibu that I financed from Consumer Portfolio Services (afterwards refered to as CPS) beginning in May of 2007. This is mostly becasue of getting in an accident which totalled the car that I had the previous October. I knew that my credit wasn’t the best with having a lot of student loans and working a job that wasn’t giving me consistant hours, leaving Sallie Mae to drag my credit through the mud (but that neither here or there).

Anyway, back to CPS. I lost my job back in April of this year and quickly got another job and am working on getting promoted. However with trying to work with CPS, they have been nothing short of terrible. They gave me 1 deferment where they were supposed to change my due date and defer a payment, but only did the latter forcing me to pay $1200 to get current again (so they lied to me). After getting another job, I started paying again, but can’t make the due date they set for me every month. I have tried to reach them to work something out, which I talked to one person 2 weeks ago, and since then their line is always busy, or disconected, or their call center is closed (I almost feel like I’m the one they owe money to and their ducking and dodging me).

What I’m looking for is somebody that will be able to refinance my car loan and get me away from these people. Even if I have to pay out longer for my car at a lower price, I pay $390 now so I’d rather have a payment book (something CPS doesn’t offer) and people that I can reach when I need to, than these people that I can never seem to reach or call back.

Also legitimate answers only, don’t need any bs about being irresponsible or my having bad credit.

Consolidating Debts

Andrew K asked:


We bought our house last year at this time with an interest rate of 6.375% We are looking to refinance at 5.75% and consolidate some student loan debt that has a higher interest rate. When I talked to a my lender they said I would need to pay about 1500 to refinance. With the extra amount from other debt combined with the lower interest rate, it looks like our monthly payment wouldnt change much at all from what we pay now. Plus, I plan on using the extra money, that would have originally gone to other debt, to make higher mortgage payments. Is this a good idea or no? Are interest rate expected to go further down?

Mortgage Finder

john r asked:


i’m nearing the end of myprepayment peanalty,i’m thinking of refi the house to a fix mortgage and take some money out.also pay some student loans.how does this add up.i have a 150k equity sitting on my house since we bought it 2 years ago.does my payment go up or about the same.need your professional opinion on this one.i had avoided refinancing my house due to the prepayment around 15k.

Unsecured Loans

monicanena asked:


Can I consolidate/refinance again and get a lower interest rate? I last consolidated in June 2006, and pay 4.5% interest.

Mortgage Finder

Elizabeth B asked:


I joined the Navy with a sign-on benefit of $65,000 in student loan repayment. I was told at the time I joined that my Sallie Mae loans would be covered, but now they are telling me that these loans are not covered because they are private. I have about $35,000 in federal loans that are going to be repaid, but I still have a very large amount of private loans. I was initially told that I could simply refinance my private loans as federal loans and they would be repaid by the Navy, but now I know that it is impossible to turn private loans into federal loans. Does anyone know of a way to get my private loans (up to $65,000 minus the amount of federal loans already covered) repaid by the Navy/military?

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