Mortgage Loan and Collection account************************

Mortgage Loan and Collection account************************Mortgage Loan and Collection account************************
Korot.Ira asked 4 years ago

Lenders may also have a cap on the total amount of derogatory credit you have. This is a blanket term that can include things like collection accounts, charge-offs, liens and judgments.

Whether it’s $ 5,000, $ 20,000 or more, these caps can vary by lender. They may offer exceptions or give additional breathing room for things like medical collections or bad accounts that borrowers are actively trying to repay.

Lenders don’t typically factor collections and charge-offs into your DTI ratio calculation unless you’re actively making payments on those accounts. In fact, some lenders will essentially ignore a collection if you can show at least a 12-month history of on-time payments.

Charge-offs are debt accounts at least six months past due that creditors have for accounting purposes deemed unlikely to be paid. Some lenders will count charge-offs toward their bad credit cap, while others ignore them.

Much like with DTI ratio, lenders may grant exceptions for derogatory credit if a borrower has solid compensating factors.

Tax liens and judgments will usually need to be paid or otherwise satisfied before a loan can close. Prospective borrowers with a tax lien may still be able to move forward if there’s a repayment plan in place and at least 12 months of on-time payments. Lenders will also count those payments toward your DTI ratio.

High debt levels, tax liens and other financial issues are all likely to complicate your homebuying picture. They’ll usually mean additional scrutiny from lenders, which often translates into tougher requirements and the need for an otherwise stellar application.


What is a Balloon Mortgage?

HouseHunt replied 4 years ago

*What Is a Balloon Mortgage?* http://bit.ly/1hQzTrq

You may not have heard a lot about them, but balloon mortgages are a unique
home loan plan that have a lot of benefits for the right kind of buyer.
Simply put, a balloon mortgage is a loan in which a large amount of the
principal is paid off in one lump sum at the end of the loan period. After
making standard payments for a set amount of time, you pay off whatever is
left in a lump sum to finish the loan.
What is a Balloon Mortgage?

*Click here for full post:* http://bit.ly/1hQzTrq
#youtube #mortgage #realestate #homeloan 

HouseHunt Agents replied 4 years ago

*What Is a Balloon Mortgage?* http://bit.ly/1hQzTrq

You may not have heard a lot about them, but balloon mortgages are a unique
home loan plan that have a lot of benefits for the right kind of buyer.
Simply put, a balloon mortgage is a loan in which a large amount of the
principal is paid off in one lump sum at the end of the loan period. After
making standard payments for a set amount of time, you pay off whatever is
left in a lump sum to finish the loan.
What is a Balloon Mortgage?

*Click here for full post:* http://bit.ly/1hQzTrq
#youtube #mortgage #realestate #homeloan 

Luke Skar replied 4 years ago

*What Is a Balloon Mortgage?* http://bit.ly/1hQzTrq

You may not have heard a lot about them, but balloon mortgages are a unique
home loan plan that have a lot of benefits for the right kind of buyer.
Simply put, a balloon mortgage is a loan in which a large amount of the
principal is paid off in one lump sum at the end of the loan period. After
making standard payments for a set amount of time, you pay off whatever is
left in a lump sum to finish the loan.
What is a Balloon Mortgage?

*Click here for full post:* http://bit.ly/1hQzTrq
#youtube #mortgage #realestate #homeloan 

Jaime Westman replied 4 years ago

This was a great video about a #mortgage option that isn’t discussed very
much. What other home loan routes do you find apply to very specific
clientele?
http://www.househunt.com/news-realestate/what-is-a-balloon-mortgage/#.U5sY8cRDu9F


Kenneth Paar replied 4 years ago

*What Is a Balloon Mortgage?* http://bit.ly/1hQzTrq

You may not have heard a lot about them, but balloon mortgages are a unique
home loan plan that have a lot of benefits for the right kind of buyer.
Simply put, a balloon mortgage is a loan in which a large amount of the
principal is paid off in one lump sum at the end of the loan period. After
making standard payments for a set amount of time, you pay off whatever is
left in a lump sum to finish the loan.
What is a Balloon Mortgage?

*Click here for full post:* http://bit.ly/1hQzTrq
#youtube #mortgage #realestate #homeloan 

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