Don't pick up towed car?
1. Its towed to the impound lot... 2. The lender as well as you will receive a letter as to this and what will happen... 3. If you are the outright owner then its sold after you have received a letter and the boot charges remain on your driving record at the DMV..... 4. If you are making payments then the lender will pick it up and it will be considered a repo and the lender will demand full payment on the loan as well as all fees associated with it and if you don't respond... 5. This will mess up your credit ratings and stay on there for 7-years.....
Is LendingTree.com legit?
All lendingtree.com does is connect you with up to 5 different lenders who will then contact you directly to go over financing options. It says you the hassle of contacting the lenders yourself. After you choose a lender, lendingtree is done with you. They are just a lead website and have nothing to do with the financing (I'm not sure what the real estate agent who answered this question earlier is talking about.) I purchase leads off one of their sub-sites, getsmart.com. When I receive the lead, I call and email the applicant (I do not pull credit until I speak with the applicant.) Once I touch base with the person and attain their basic info (income, assets, credit report, etc) I then start looking for the loan that has the best rate and closing costs for their particular situation (I'm a broker and have access to 30+ wholesale lenders.) That's it. I call the applicant back and go over the options I've put together for them. In the meantime, others lenders are doing the exact same thing. All you have to do is sit back and wait for the quotes to come in, then choose the best one, whether you go by the numbers or the gut feeling you have regarding the banker. Do not worry about multiple lenders pulling your credit report. As long as the company that is pulling it is a mortgage lender or car loan company and the pulls are within 15 days of one another, it will only count as one hit on your credit.
Where can I find an extremely liberal mortgage lender?
Here's the situation, I have great credit, good income, and a suitable down payment, I've never even so much as been late one time on any payment in my life and I have a short, but flawless rental history. The problem is that my job history is rather choppy. I'm a commissioned salesman and in my line of work it is very common to work somewhere a few months and then go somewhere else. Does anyone know of a lender who might pIck me up without requiring 2 years tax returns from one job?
What is your answer to this riddle?
A farmer had the misfortune Of owing a large sum of money to a village moneylender. The Moneylender , who was old and ugly, fancied the farmer's beautiful Daughter. So he proposed a bargain. He said he would forgo the farmer's debt if he could marry his Daughter. Both the farmer and his daughter were horrified by the Proposal. So the cunning money-lender suggested that they let Providence decide the matter. He told them that he would put a black Pebble and a white pebble into an empty money bag. Then the girl would Have to pick one pebble from the bag. 1) If she picked the black pebble, she would become his wife and her father's debt would be forgiven. 2) If she picked the white pebble she need not marry him and her father's debt would still be forgiven. 3) But if she refused to pick a pebble, her father would be thrown into Jail.
My builder wants a letter of commitment from the lender, but property is 9 months to finish?
The builder is looking for a commitment. That means that they have pulled your credit report, taken a FULL loan application and have done some type of review. The commmitment will list all the conditions of the loan. Why would a builder want this. The same reason you as a home seller would want this, along with a large deposit - because they want to make sure that you qualify. What happens if the rates increase in the 9 months? The lender will put you into another program. I'm SURE that this is written in the contract. You are NOT locking into a interest rate. The contract would state, "prevailing rate at the time of settlement". In addition, it will state that you will work with the lender to get a loan. READ THE CONTRACT. The builder isn't being unfair. They are spending $$$$$ to build the home on a promise and your deposit. They want to KNOW that you qualify. If you want to lock into the interest rate, I know that lenders are offering up to 1 year "FREE" interest rate locks. You pay a deposit up front, usually one point and when you settle you get the full deposit back. Usually if rates drop, you can float down to the lower rate one time. for free. In regards to the "mortgage broker" who states that a construction loan is safer: under a construction loan, the buyer actually owns the house under construction. The builder only gets paid for work done. However, the buyer is on the hook for every penny- so if the house is delayed or etc, the buyer pays interest carry every month. NOT A SMART WAY TO GO in this case. In regards to the lender that says that a loan commitment is like a loan pre-qual and that he just writes them for 'fun'. This type of lender will burn you!!! I promise that the builder will hold you to the contract, no matter what. This type of BS is the reason that builders want you to use their "approved" lenders so that when a letter of commitment is given, EVERYONE (you and the builder) is both protected. Shame on this lender!!