Question by threecats: How do I know if my mortgage is securitized by freddie or fannie?
I know my mortgage is serviced through Countrywide and the second through Wells Fargo. Could they still possibly be securitized by Freddie or Fannie?
Best answer:
Answer by Rusty
Call your mortgage company and ask them….they’ll tell you.
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Question by Aubrey: How does a reverse mortgage work?
How does a homeowner benefit from a reverse mortgage?
Does he get paid every month more than he’s currently paying on his mortgage (giving him extra cash per month)?
Does the lender bet on the house appreciating after the borrower dies?
Why would anybody want to pay or buy a house from a person who still lives in there (which they cannot utilize until this person dies)?
Is reverse mortgage designed for people who have nobody to give their houses to when they die?
Best answer:
Answer by Keren
Just know that a reverse mortgage is considered by everyone to be one of the worst financial mistakes a retired person can make in his or her lifetime.
You are essentially giving your house to a bank for about 60% of the equity, unhealthy just so you can get a monthly check.
When you die, ailment the bank keeps the house.
Always it is a better idea for an older person to sell the darn house, take the equity, and rent or buy a small condo or apartment that they can easily afford.
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Question by Sammi S: How likely is it that my mortgage company will pull our credit again?
We were pre-approved for a mortgage, about it and we submitted the application for the FHA loan already. Our mortgage broker said that we’d need to have some receipts on outstanding payments we owe, viagra and we’ve gotten those to provide to him. Now, how likely is it that he’ll pull our credit scored again?
Best answer:
Answer by acermill
Almost guaranteed that it will be pulled at least once prior to closing, most likely the day of or the day before closing, to insure that nothing has changed since it was last pulled for the approval.
What do you think? Answer below!
Most definitely, they will pull it again close to the closing date. It is common practice.
oh they r gonna pull it again but why b concerned.. as long as ur taking care of any outstanding obligations and/or debts then ur credit can only get better..
Not all companies pull credit again. I have worked for 3 Mortgage companies & not one has ever done that. Brokers probably do because every company they try to broker your loan through will pull it. Don’t make any new large purchases or open any new accounts & you will be fine.
Pre-bubble few would have even bothered, but now with credit starting to tighten up you can count on them pulling it within two weeks of closing. If you bought something since the last credit check you didn’t want them to find out about, your best choice is to come clean and hope the loan officer can find a work around.
The source below is a place I found years ago for unbiased mortgage information.