Comments for mortgage merge info http://www.mortgagemerge.info Sat, 23 Jan 2010 10:13:17 +0000 http://wordpress.org/?v=2.9.1 hourly 1 Comment on How do you get the best mortgage deal? by jlf http://www.mortgagemerge.info/2010/01/23/how-do-you-get-the-best-mortgage-deal/comment-page-1/#comment-317 jlf Sat, 23 Jan 2010 10:13:17 +0000 http://www.mortgagemerge.info/2010/01/23/how-do-you-get-the-best-mortgage-deal/#comment-317 Do not use their recommended realtor. Use one that you select. Do not use their recommended realtor. Use one that you select.

]]> Comment on How do you get the best mortgage deal? by Maria G http://www.mortgagemerge.info/2010/01/23/how-do-you-get-the-best-mortgage-deal/comment-page-1/#comment-316 Maria G Sat, 23 Jan 2010 09:51:06 +0000 http://www.mortgagemerge.info/2010/01/23/how-do-you-get-the-best-mortgage-deal/#comment-316 from what i hear, and i work for a bank, a broker is the worst way to go because you are spending alot of money for not much service. I just bought my first home and couldn't have done it without my real estate agent. I would apply through lending tree.com (there are a few banks that will actually compete for your business) I would also look into credit unions as well. dont forget you get the 8k for first time home buys from obama! from what i hear, and i work for a bank, a broker is the worst way to go because you are spending alot of money for not much service. I just bought my first home and couldn’t have done it without my real estate agent. I would apply through lending tree.com (there are a few banks that will actually compete for your business) I would also look into credit unions as well. dont forget you get the 8k for first time home buys from obama!

]]> Comment on How does mortgage interest work when dealing with tax returns? by Incognito http://www.mortgagemerge.info/2010/01/23/how-does-mortgage-interest-work-when-dealing-with-tax-returns/comment-page-1/#comment-319 Incognito Sat, 23 Jan 2010 09:44:46 +0000 http://www.mortgagemerge.info/2010/01/23/how-does-mortgage-interest-work-when-dealing-with-tax-returns/#comment-319 At the end of the year, you will receive a statement from your mortgage company showing the amount of interest you payed on your mortgage for the tax year. This is a deduction from, or a reduction of, your adjusted gross income. It's not a tax credit. For example, if you made $50K, and your mortgage interest was $5,000 for the year, your taxable income would then be $45K instead of $50K. If your tax rate is 10%, your tax liability, or the amount you owe, would be reduced by $500. You will have to file a 1040 form with a schedule A. At the end of the year, you will receive a statement from your mortgage company showing the amount of interest you payed on your mortgage for the tax year. This is a deduction from, or a reduction of, your adjusted gross income. It’s not a tax credit. For example, if you made $50K, and your mortgage interest was $5,000 for the year, your taxable income would then be $45K instead of $50K. If your tax rate is 10%, your tax liability, or the amount you owe, would be reduced by $500. You will have to file a 1040 form with a schedule A.

]]> Comment on How does mortgage interest work when dealing with tax returns? by Kim http://www.mortgagemerge.info/2010/01/23/how-does-mortgage-interest-work-when-dealing-with-tax-returns/comment-page-1/#comment-318 Kim Sat, 23 Jan 2010 09:36:33 +0000 http://www.mortgagemerge.info/2010/01/23/how-does-mortgage-interest-work-when-dealing-with-tax-returns/#comment-318 http://www.irs.gov/publications/p936/ar02.html http://www.irs.gov/publications/p936/ar02.html

]]> Comment on How do you get the best mortgage deal? by Steve D http://www.mortgagemerge.info/2010/01/23/how-do-you-get-the-best-mortgage-deal/comment-page-1/#comment-315 Steve D Sat, 23 Jan 2010 09:30:22 +0000 http://www.mortgagemerge.info/2010/01/23/how-do-you-get-the-best-mortgage-deal/#comment-315 first of all, the real estate agent is not there to get you a deal on a mortgage - that is either your responsibility or the mortgage broker's responsibility. The agent is there to put you in a house (show you houses, explain the offer/acceptance routine, be there at closing and walk you through the purchase process). If you do not trust you mortgage broker to get you a fair deal, then you can start calling around to banks in your area and inquire about their rates. This means, however, getting a new pre-approval and starting from scratch on the mortgage. Being a first-time buyer, if you go this route, you are going to have to educate yourself regarding rates and points and buy-downs. first of all, the real estate agent is not there to get you a deal on a mortgage – that is either your responsibility or the mortgage broker’s responsibility. The agent is there to put you in a house (show you houses, explain the offer/acceptance routine, be there at closing and walk you through the purchase process).

If you do not trust you mortgage broker to get you a fair deal, then you can start calling around to banks in your area and inquire about their rates. This means, however, getting a new pre-approval and starting from scratch on the mortgage. Being a first-time buyer, if you go this route, you are going to have to educate yourself regarding rates and points and buy-downs.

]]> Comment on 2nd mortgage Foreclosure: How long is the delay to put it on your credit? by ancuie s http://www.mortgagemerge.info/2010/01/23/2nd-mortgage-foreclosure-how-long-is-the-delay-to-put-it-on-your-credit/comment-page-1/#comment-314 ancuie s Sat, 23 Jan 2010 08:52:36 +0000 http://www.mortgagemerge.info/2010/01/23/2nd-mortgage-foreclosure-how-long-is-the-delay-to-put-it-on-your-credit/#comment-314 Best Answer - Chosen by Voters http://www.realestate-investment-solutions.com is the best resource for mortgage information. With over 10,000 posts it is the most comprehensive site of its kind anywhere online. Best Answer – Chosen by Voters

http://www.realestate-investment-solutions.com is the best resource for mortgage information. With over 10,000 posts it is the most comprehensive site of its kind anywhere online.

]]> Comment on 2nd mortgage Foreclosure: How long is the delay to put it on your credit? by Mike http://www.mortgagemerge.info/2010/01/23/2nd-mortgage-foreclosure-how-long-is-the-delay-to-put-it-on-your-credit/comment-page-1/#comment-313 Mike Sat, 23 Jan 2010 08:31:50 +0000 http://www.mortgagemerge.info/2010/01/23/2nd-mortgage-foreclosure-how-long-is-the-delay-to-put-it-on-your-credit/#comment-313 Well, you were late, so the info is accurate. It is probably just a coincidence... sometimes it takes time to get stuff posted onto a credit report. Well, you were late, so the info is accurate.

It is probably just a coincidence… sometimes it takes time to get stuff posted onto a credit report.

]]> Comment on 2nd mortgage Foreclosure: How long is the delay to put it on your credit? by angelic_monster04 http://www.mortgagemerge.info/2010/01/23/2nd-mortgage-foreclosure-how-long-is-the-delay-to-put-it-on-your-credit/comment-page-1/#comment-312 angelic_monster04 Sat, 23 Jan 2010 08:07:10 +0000 http://www.mortgagemerge.info/2010/01/23/2nd-mortgage-foreclosure-how-long-is-the-delay-to-put-it-on-your-credit/#comment-312 It sounds like we are pretty much in the same boat. I'd be very interested in talking to you about your rifi and credit issue. We are having all kinds of trouble with ours.. I'm just wondering if maybe its the same company....email me if you dont mind talking about it at jvallery@hotmail.com It sounds like we are pretty much in the same boat. I’d be very interested in talking to you about your rifi and credit issue. We are having all kinds of trouble with ours.. I’m just wondering if maybe its the same company….email me if you dont mind talking about it at jvallery@hotmail.com

]]> Comment on 2nd mortgage Foreclosure: How long is the delay to put it on your credit? by ruscito_mom http://www.mortgagemerge.info/2010/01/23/2nd-mortgage-foreclosure-how-long-is-the-delay-to-put-it-on-your-credit/comment-page-1/#comment-311 ruscito_mom Sat, 23 Jan 2010 07:50:13 +0000 http://www.mortgagemerge.info/2010/01/23/2nd-mortgage-foreclosure-how-long-is-the-delay-to-put-it-on-your-credit/#comment-311 They can post it on your credit on the 31st day once it becomes late They can post it on your credit on the 31st day once it becomes late

]]> Comment on How do mortgage companies determine which credit score to use? by TruthMastaT http://www.mortgagemerge.info/2010/01/22/how-do-mortgage-companies-determine-which-credit-score-to-use/comment-page-1/#comment-309 TruthMastaT Fri, 22 Jan 2010 21:33:22 +0000 http://www.mortgagemerge.info/2010/01/22/how-do-mortgage-companies-determine-which-credit-score-to-use/#comment-309 If the mortgage company has 3 credit scores, they use the middle. If the mortgage company has 2 credit scores, they use the lower. They don't average the scores. This is based on the underwriting policies of my clients. Other mortgage companies might have different policies (but I doubt it). They will most likely use the lower of your husband's scores (540) so the changes are pretty slim. A low score may be mitigated with a higher interest rate or a greater downpayment. Good luck! If the mortgage company has 3 credit scores, they use the middle.

If the mortgage company has 2 credit scores, they use the lower.

They don’t average the scores.

This is based on the underwriting policies of my clients. Other mortgage companies might have different policies (but I doubt it).

They will most likely use the lower of your husband’s scores (540) so the changes are pretty slim. A low score may be mitigated with a higher interest rate or a greater downpayment.

Good luck!

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