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FIB - Scams 101
Re: Non-business: Is there a mortgage broker or real estate expert in the house?
Posted By: Bunny Jeffryes In Response To: Non-business: Is there a mortgage broker or real estate expert in the house? (MaaMaw)
Date: Thursday, September 4, 2008, at 9:55 p.m.(pst)
You very likely have found answers to your questions by now.... And here are some more.
The first thing you will want to do is get a copy of the NOTE that was signed, every mortgage company's terms are different. You can call them and ask, but mostly, what the NOTE says is what is true, no matter what the company's customer service department says.
Most mortgage companies will not allow you to add someone to the mortgage itself, not even a spouse. Some will allow you to transfer the mortgage into another name.... some will allow you to take over the payments with or without qualifying. (Assumability) Ultimately, when the note is paid, the mortgage company releases lien on the deed of trust, so if you can pay on it until you can pay it off or refinance you should be okay.
If you are making the payments on the home, keep copies of every single cashed check as you get them in a separate file just to show that you have been paying if you ever have to prove this. Don't believe that you will be able to locate them when you need them, keep the copies as they come in, in a file just for this purpose.
Lender's have tightened guidelines significantly, as I am sure you are aware. What you may have qualified to do in the past may not get you the same thing now or in the future.
To qualify for a mortgage you must have income, assets, and credit. If any one of those three are weak, you will pay more, either in interest rate, terms; such as allowable ltv, points, or a combination of all.
You may be allowed to state your income, or even not be asked to show income. In that case you would be required to have a low loan to value. The same is true for assets. Or you may be required to pay a hefty interest rate.
Anyways, in all that rambling, the NOTE (it will be in your mortgage papers, it says NOTE across the top,) will include the terms of the loan as well as the interest rate, it will include any riders such as a prepayment penalty rider or an adjustable interest rider. This is what you must read to know where you stand. It is really not hard to understand, so don't be scared by it. Read it.
In most states you may add anyone on to the title that you choose, and you can generally take some one off of title as well. The title is not the mortgage. However, be careful, as in doing so, especially removing someone from title, you could possibly forfeit the mortgage, and in that case the balance would become due and payable, forcing you to refinance, sell, or face foreclosure.
Hope this helps :)
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