Frequently Asked Home Loan Questions
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Home Loan Questions #1
How can I get my name off the mortgage?
This is a common question especially during divorce. The worst part is the spouse with the
house is really under no obligation to get your name off there. The only way to remove a name from a mortgage
is to refinance or pay off the home loan.
Home Loan Questions #2
My refinancing fell through and it wasn't my fault do I have to pay for the appraisal that was
done?
No, most lenders if they do not charge for it upfront will just write off the money lost on the
appraisal. You wouldn't be able to use the appraisal for a loan because it is made out in that
lenders name. They would more likely release it to you to use with another lender if you paid for it.
Home Loan Questions #3
My old mortgage had been refinanced into my ex husbands name but it is still showing on credit
report. How do I get it off my credit report?
You need to contact each credit bureau and they will remove it for you. Some companies get lazy on
updating the credit report and that can be very frustrating. Here are the addresses to contact them at.
Experian: PO BOX 9595, Allen, TX 75013-9595 - Telephone 888-397-3742
Equifax: PO BOX 740241, Atlanta, GA 30374-0241 - Telephone 800-685-1111
Trans Union: PO BOX 1000, Chester, PA 19022 - Telephone 800-888-4213
Home Loan Questions #4
What happens to a second mortgage on a foreclosed property if I buy it?
If it was the first mortgage holder that did the foreclosing it will be wiped out. The second mortgage
holder has two options, they can hope the house goes for enough to pay them or they can go bid on the house in
hopes of selling it later to pay off the second mortgage. All these options can be very expensive for the
home loan company.
Home Loan Questions #5
I have started a home business and still have my 8 to 5 job. I plan on quitting my 8 to 5 job but
want to refinance my mortgage before. Is it going to negatively affect my ability to get a home loan
having started a business?
My question back to is why would you even tell the lender about a home business you just started? If you
just started it this year then there hasn't been any taxes filed yet and you still have your current 8 to 5 job
I wouldn't even tell the loan officer about your self employment.
Home Loan Questions #5
What steps do I take to get a home loan?
First apply online and then go visit a local bank and a local brokerage.
When you visit them be hones on how you have paid your bills in the past. This will help them judge what
type of program they will have for you.
If you feel comfortable with the Loan Officer let them pull a credit report. I would also let atleast two
more pull you credit report. Then let them compete for your business.
Who ever you award by giving your mortgage business to will then tell you the items that they will need from
you to complete the loan application.
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