narose864

What is the process of applying for a mortgage loan?

Juan Foote

I sense a disturbance in the Force. Perhaps another poster with low post count might come along and tell us via a handy link?

FBOATSB 

I prefer door to door mortgage brokers much more than internet or heaven forbid, a brick and mortar broker

Steve B.

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.

Hondo Gravel

Involves Vaseline lol ..

Juan Foote

Being flexible is a plus.

ahsposo 

I pay cash for all of my palace needs.

ahsposo 

I'll bet Quacken Loans will set the OP up.

skidder

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).

work4bike

I bought my house for $40k, it's now worth $400k. I don't do mortgages anymore

ahsposo 

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?

Bogey Speedwell

**
^^^this. And they tend to come with lower rates if your standing on your porch waving the flag while singing show tunes from the 1960’s

DiabloScott

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.

50PlusCycling

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.

3alarmer 

.
...I have an enormous trust fund, so I only applied for a mortgage to improve my credit scores.

work4bike

1987, but I rented it out for about 15-years before moving back here.

dedhed

I ask the guy selling me an extended car warranty...

Hondo Gravel

My trust fund has 3 turnips and 2 radishes and a box of rocks.

genec

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...

Juan Foote

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.