Go Back  Bike Forums > The Lounge > Foo
Reload this Page >

What is the process of applying for a mortgage loan?

Notices
Foo Light hearted off-topic chit chat with no general subject.

What is the process of applying for a mortgage loan?

Old 05-21-22, 08:35 AM
  #1  
narose864
Newbie
Thread Starter
 
Join Date: May 2022
Posts: 0
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 1 Post(s)
Likes: 0
Liked 0 Times in 0 Posts
What is the process of applying for a mortgage loan?

What is the process of applying for a mortgage loan?
narose864 is offline  
Old 05-21-22, 08:52 AM
  #2  
Juan Foote
LBKA (formerly punkncat)
 
Juan Foote's Avatar
 
Join Date: Jan 2010
Location: Jawja
Posts: 4,027

Bikes: Spec Roubaix SL4, GT Traffic 1.0

Mentioned: 14 Post(s)
Tagged: 0 Thread(s)
Quoted: 1694 Post(s)
Liked 545 Times in 385 Posts
I sense a disturbance in the Force. Perhaps another poster with low post count might come along and tell us via a handy link?
Juan Foote is offline  
Likes For Juan Foote:
Old 05-21-22, 08:57 AM
  #3  
FBOATSB 
Senior Member
 
FBOATSB's Avatar
 
Join Date: Jul 2014
Location: Central Indiana
Posts: 2,080

Bikes: Old Stuff

Mentioned: 26 Post(s)
Tagged: 0 Thread(s)
Quoted: 832 Post(s)
Liked 364 Times in 254 Posts
I prefer door to door mortgage brokers much more than internet or heaven forbid, a brick and mortar broker
FBOATSB is offline  
Old 05-21-22, 09:23 AM
  #4  
Steve B.
Senior Member
 
Join Date: Jul 2007
Location: South shore, L.I., NY
Posts: 5,559

Bikes: Flyxii FR322, Cannondale Topstone, Miyata City Liner, Specialized Chisel, Specialized Epic Evo

Mentioned: 17 Post(s)
Tagged: 0 Thread(s)
Quoted: 2291 Post(s)
Liked 1,059 Times in 615 Posts
I've liked a brick and mortar guy in a local community. His rates are always competitive. Just contact somebody, our local newspaper always has a listing of a dozen or more, credit unions, etc....They will send you a small book of documents to fill out as application, paystubs to submit, tax returns, existing loan information, etc..... you just need to be thorough and complete as a title search will often pick up stuff you forget to tell them. They basically analyze you're current financial position and can tell you how much of a monthly payment you can afford. There are online calculators as well and that will tell you about how much house you can afford.
Steve B. is offline  
Old 05-21-22, 09:54 AM
  #5  
Hondo Gravel
Life Feeds On Life
 
Hondo Gravel's Avatar
 
Join Date: Jan 2018
Location: Hondo,Texas
Posts: 2,117

Bikes: Too many Motobecanes

Mentioned: 8 Post(s)
Tagged: 0 Thread(s)
Quoted: 2918 Post(s)
Liked 3,132 Times in 2,021 Posts
Involves Vaseline lol ..
Hondo Gravel is offline  
Likes For Hondo Gravel:
Old 05-21-22, 10:21 AM
  #6  
Juan Foote
LBKA (formerly punkncat)
 
Juan Foote's Avatar
 
Join Date: Jan 2010
Location: Jawja
Posts: 4,027

Bikes: Spec Roubaix SL4, GT Traffic 1.0

Mentioned: 14 Post(s)
Tagged: 0 Thread(s)
Quoted: 1694 Post(s)
Liked 545 Times in 385 Posts
Originally Posted by Hondo Gravel View Post
Involves Vaseline lol ..
Being flexible is a plus.
Juan Foote is offline  
Likes For Juan Foote:
Old 05-21-22, 11:22 AM
  #7  
ahsposo 
Loaded Little Member
 
ahsposo's Avatar
 
Join Date: Jan 2010
Location: Third Grade
Posts: 7,153

Bikes: A Home Built All Rounder, Bianchi 928, Specialized Langster, Dahon Folder

Mentioned: 29 Post(s)
Tagged: 0 Thread(s)
Quoted: 5744 Post(s)
Liked 3,756 Times in 2,170 Posts
I pay cash for all of my palace needs.
ahsposo is offline  
Likes For ahsposo:
Old 05-21-22, 11:23 AM
  #8  
ahsposo 
Loaded Little Member
 
ahsposo's Avatar
 
Join Date: Jan 2010
Location: Third Grade
Posts: 7,153

Bikes: A Home Built All Rounder, Bianchi 928, Specialized Langster, Dahon Folder

Mentioned: 29 Post(s)
Tagged: 0 Thread(s)
Quoted: 5744 Post(s)
Liked 3,756 Times in 2,170 Posts
I'll bet Quacken Loans will set the OP up.
ahsposo is offline  
Likes For ahsposo:
Old 05-21-22, 12:15 PM
  #9  
skidder
Bipsycorider
 
Join Date: Sep 2012
Location: Orange County, California
Posts: 1,430

Bikes: Why yes, I do have a few! Thank you for asking!

Mentioned: 11 Post(s)
Tagged: 0 Thread(s)
Quoted: 755 Post(s)
Liked 567 Times in 394 Posts
I know a guy, kind of hard to get hold of, you usually need a referral from one of his 'associates'. His name is Corleone, everyone calls him 'Don'. He'll make you an offer you can't refuse.



Or you can turn on the television and watch for all the mortgage and refinancing adds that come on (they're rampant in my area).
skidder is offline  
Likes For skidder:
Old 05-21-22, 12:26 PM
  #10  
work4bike
Senior Member
 
work4bike's Avatar
 
Join Date: Jan 2006
Location: Atlantic Beach Florida
Posts: 1,596
Mentioned: 16 Post(s)
Tagged: 0 Thread(s)
Quoted: 2593 Post(s)
Liked 547 Times in 407 Posts
I bought my house for $40k, it's now worth $400k. I don't do mortgages anymore
work4bike is offline  
Old 05-21-22, 02:01 PM
  #11  
ahsposo 
Loaded Little Member
 
ahsposo's Avatar
 
Join Date: Jan 2010
Location: Third Grade
Posts: 7,153

Bikes: A Home Built All Rounder, Bianchi 928, Specialized Langster, Dahon Folder

Mentioned: 29 Post(s)
Tagged: 0 Thread(s)
Quoted: 5744 Post(s)
Liked 3,756 Times in 2,170 Posts
Originally Posted by work4bike View Post
I bought my house for $40k, it's now worth $400k. I don't do mortgages anymore
I lived in Atlantic Beach back in 1960, I was very young and I thought it was a very cool place. We were moving into Jacksonville and were renting a place off-season because it was cheap I later realized; my old man was going through a low money patch. I revisited Atlantic Beach in the 1980's but didn't care for it much - I was more interested in Ponte Vedra and St. Augustine; compared to those beachfronts AB was still cheap. Went back a couple of years ago and thought I'd gotten lost, place had gone definitely upscale.

When did you buy your house?
ahsposo is offline  
Old 05-21-22, 02:41 PM
  #12  
Bogey Speedwell
Senior Member
 
Join Date: Mar 2022
Location: SW WI
Posts: 54
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 23 Post(s)
Liked 27 Times in 12 Posts
Originally Posted by FBOATSB View Post
I prefer door to door mortgage brokers much more than internet or heaven forbid, a brick and mortar broker
**
^^^this. And they tend to come with lower rates if your standing on your porch waving the flag while singing show tunes from the 1960ís
Bogey Speedwell is offline  
Old 05-21-22, 04:05 PM
  #13  
DiabloScott
It's MY mountain
 
DiabloScott's Avatar
 
Join Date: Sep 2006
Location: Mt.Diablo
Posts: 9,524

Bikes: Klein, Merckx, Trek

Mentioned: 62 Post(s)
Tagged: 0 Thread(s)
Quoted: 3381 Post(s)
Liked 1,668 Times in 909 Posts
Originally Posted by work4bike View Post
I don't do mortgages anymore
I paid off my mortgage the year they doubled the standard deduction and made it higher than my interest and property tax itemized deductions.
Bonus - did the final payoff on MY 60th BIRTHDAY!
I still get telemarketers calling to refinance me. Also telemarketers who want to sell me auto warranties, Medicare plans, trips to Mexico, cable TV service, and solar panels.
DiabloScott is offline  
Old 05-21-22, 06:18 PM
  #14  
50PlusCycling
Senior Member
 
50PlusCycling's Avatar
 
Join Date: Mar 2018
Posts: 628
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 293 Post(s)
Liked 250 Times in 149 Posts
I used to be a credit consultant, our service was credit repair. The idea was to clean up the credit reports of our clients to the point that they could get a decent loan and not fall into the subprime mortgage trap. The process took about 2 years, regardless of how bad a particular person’s credit. Even minor improvements in a credit report could save tens of thousands of dollars in the long run. Getting a report fully cleaned could save $100k or more in interest. Unfortunately, many people didn’t have the patience to wait, they jumped into a high interest or adjustable rate mortgage, thinking that in two or three years their properties would be worth much more, and/or they would work on their credit and get refinanced at a lower rate. Unfortunately. We all know what happened back in 2008 to 2010.

The process for getting a loan is not very complicated, but generally handled by the lender. A loan application, proof of income, copies of tax returns, etc. One of the problems with the process ((for those with iffy credit) was that some agents would apply to several different banks, each application resulting in a hard inquiry, and each inquiry resulting in a ding in your credit score. 10 of more inquiries would much doom your chances of getting approved.

Cash is always best, especially today when the value of cash is falling hard. We got a new beachside condo for our retirement just as news of the pandemic began to break. The cost was just under $4 million, but over the last year offers keep coming in, the most recent was $6.5 million. As high as real estate is right now, it is still a good time to buy. The Fed added some 40% to the money supply last year, and the current administration seems to want to add even more to that figure. With the stock markets being built largely on funny money and near-zero interest rates, real estate is one of the few safe places left to save the value of your money.
50PlusCycling is offline  
Old 05-21-22, 07:30 PM
  #15  
3alarmer 
Friendship is Magic
 
3alarmer's Avatar
 
Join Date: Nov 2010
Location: The Big Tomato
Posts: 20,536

Bikes: old ones

Mentioned: 292 Post(s)
Tagged: 0 Thread(s)
Quoted: 23290 Post(s)
Liked 6,702 Times in 4,795 Posts
.
...I have an enormous trust fund, so I only applied for a mortgage to improve my credit scores.
__________________
3alarmer is offline  
Old 05-22-22, 05:11 AM
  #16  
work4bike
Senior Member
 
work4bike's Avatar
 
Join Date: Jan 2006
Location: Atlantic Beach Florida
Posts: 1,596
Mentioned: 16 Post(s)
Tagged: 0 Thread(s)
Quoted: 2593 Post(s)
Liked 547 Times in 407 Posts
Originally Posted by ahsposo View Post
i lived in atlantic beach back in 1960, i was very young and i thought it was a very cool place. We were moving into jacksonville and were renting a place off-season because it was cheap i later realized; my old man was going through a low money patch. I revisited atlantic beach in the 1980's but didn't care for it much - i was more interested in ponte vedra and st. Augustine; compared to those beachfronts ab was still cheap. Went back a couple of years ago and thought i'd gotten lost, place had gone definitely upscale.

When did you buy your house?
1987, but I rented it out for about 15-years before moving back here.
work4bike is offline  
Old 05-22-22, 06:16 AM
  #17  
dedhed
SE Wis
 
dedhed's Avatar
 
Join Date: Apr 2005
Location: Milwaukee, WI
Posts: 8,913

Bikes: '68 Raleigh Sprite, '02 Raleigh C500, '84 Raleigh Gran Prix, '91 Trek 400, 2013 Novara Randonee, 1990 Trek 970

Mentioned: 32 Post(s)
Tagged: 0 Thread(s)
Quoted: 2091 Post(s)
Liked 2,061 Times in 1,281 Posts
I ask the guy selling me an extended car warranty...
dedhed is offline  
Old 05-22-22, 08:18 AM
  #18  
Hondo Gravel
Life Feeds On Life
 
Hondo Gravel's Avatar
 
Join Date: Jan 2018
Location: Hondo,Texas
Posts: 2,117

Bikes: Too many Motobecanes

Mentioned: 8 Post(s)
Tagged: 0 Thread(s)
Quoted: 2918 Post(s)
Liked 3,132 Times in 2,021 Posts
Originally Posted by 3alarmer View Post
.
...I have an enormous trust fund, so I only applied for a mortgage to improve my credit scores.
My trust fund has 3 turnips and 2 radishes and a box of rocks.
Hondo Gravel is offline  
Old 05-23-22, 10:24 AM
  #19  
genec
genec
 
genec's Avatar
 
Join Date: Sep 2004
Location: West Coast
Posts: 27,008

Bikes: custom built, sannino, beachbike, giant trance x2

Mentioned: 72 Post(s)
Tagged: 0 Thread(s)
Quoted: 12265 Post(s)
Liked 3,822 Times in 2,642 Posts
Originally Posted by DiabloScott View Post
I paid off my mortgage the year they doubled the standard deduction and made it higher than my interest and property tax itemized deductions.
Bonus - did the final payoff on MY 60th BIRTHDAY!
I still get telemarketers calling to refinance me. Also telemarketers who want to sell me auto warranties, Medicare plans, trips to Mexico, cable TV service, and solar panels.
I get those same spam calls, plus calls asking if I want to sell a property I sold in 2015. I sold that property to buy a home outright... for which I get mortgage lender calls... in spite of not having a mortgage.

Owning outright is a nice feeling...
genec is offline  
Likes For genec:
Old 05-23-22, 10:33 AM
  #20  
Juan Foote
LBKA (formerly punkncat)
 
Juan Foote's Avatar
 
Join Date: Jan 2010
Location: Jawja
Posts: 4,027

Bikes: Spec Roubaix SL4, GT Traffic 1.0

Mentioned: 14 Post(s)
Tagged: 0 Thread(s)
Quoted: 1694 Post(s)
Liked 545 Times in 385 Posts
Originally Posted by genec View Post
Owning outright is a nice feeling...
It absolutely is. Particularly when you see the housing crisis going on right now in relation to inflation. A small one bedroom apartment in this area is $1600+ and you better have flawless credit and history. Even single room rentals in a house are up around $900-1000 in this immediate area. I would say the only plus about that being most of them are utilities included.

The home across the street from us recently sold. Took less than three days, they just had to go through the 30 days motions. The new owner has this on the market for rental at $2400 a month.
Juan Foote is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


Thread Tools
Search this Thread

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2021 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.