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When Is A Mortgage Payment Actually Considered Late?

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From Phoenix Arizona, Eddie and Tom Knoell answer the mortgage questions that buyers, sellers, and real estate agents have when it comes to the process of getting a home loan in Arizona. Eddie and Tom's family has been living in Phoenix for 4 generations and they have a 30 years combined experience in the mortgage and real estate industry.

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When Is A Mortgage Payment Actually Considered Late? 2020/10/27, 17:00
When Is A Mortgage Payment Actually Considered Late?

<p>Lender considers your mortgage late if your payment is received after the 15th of the month. Typically a 5% fee is assessed (of your loan amount ). This will not be reported to the credit bureaus</p><p>Credit Bureaus will consider you late if your lender hasn’t received your payment by the end of the month. Credit Bureaus will reflect 30, 60, 90, and 120 day lates.&#160;</p><p>Keep in mind that if you are 90 days late on your mortgage payment, your lender will likely start the foreclosure proceedings. The lender will send you a notice in writing warning that your home will be sold at auction within 90 days if you do not get your payment current.&#160;</p>

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Grossing Up Your Income...What Does It Mean? What Income Can You Gross Up? 2020/09/29, 19:00
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<p>If income is eligible to be grossed up, here are the gross up limits;</p><p>·&#160; &#160; &#160; Gross up to 25% on Conventional loans</p><p>·&#160; &#160; &#160; Gross up to 15% on FHA loans</p><p>·&#160; &#160; &#160; VA loans do not allow grossing up any income</p><p>&#160;</p><p>The Following Income types never subject to taxes that can be grossed up with Conventional and FHA loans:</p><p>* Adoption Income</p><p>* Foster Care Income</p><p>* Child Support Income</p><p>* Military Income - Regular Military</p><p>* Military Income - Reserves or National Guard</p><p>* Supplemental Social Security Income - Received on Behalf of a Client</p><p>* Supplemental Social Security Income - Received on Behalf of a Non-Client</p><p>* VA Income Benefits - Service Connected Disability Compensation</p><p>* VA Income Benefits - Non-Service Connected Pension</p><p>* VA Income Benefits - Program of Comprehensive Assistance for Family Caregivers</p><p>* VA Income Benefits - Dependency Indemnity Compensation</p><p>* Temporary Disability or Temporary Leave Income (Workers' Compensation)</p><p>&#160;</p><p>The following sources of income may be subject to income taxes depending on the client's adjusted gross income, and therefore may or may not be grossed up depending on amount of income that is not taxable according to borrower tax returns. &#160;</p><p>* Annuity Income</p><p>* Housing Allowance</p><p>* IRA Distribution Income</p><p>* Private and Long Term (Permanent) Disability Income</p><p>* Pension Retirement Income</p><p>* Recently Retired and Not Yet Receiving Pension Income</p><p>* Retirement Account Income (401k, 403b, Keogh)</p><p>* Social Security Disability Income - Received on Behalf of a Client</p><p>* Social Security Disability Income - Received on Behalf of a Non-Client</p><p>* Social Security Retirement Income - Received on Behalf of a Client</p><p>* Social Security Retirement Income - Received on Behalf of a Non-Client</p><p>* Social Security Retirement Income - Recently Retired and Not Yet Receiving Income</p>

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How Fast is Too Fast to Close a Home Loan to Purchase a House? 2020/09/08, 19:00
How Fast is Too Fast to Close a Home Loan to Purchase a House?

<p>How Fast is Too Fast to Close a Home Loan to Purchase a House?&#160;<br><br></p><p>What is defined as a Fast Closing? On a purchase transaction closing in 25 days or less would be considered a very fast closing. And we recommend strongly that buyers avoid closing any sooner than 25 days from the start of a contract.&#160;</p><p><b>Why shouldn’t a buyer try to close fast? What can go wrong?</b></p><p>·&#160; &#160; &#160; Buyer stress is typically higher with short closings…everything is a RUSH.</p><p>·&#160; &#160; &#160; Due Diligence on the house is rushed and often important issues are overlooked</p><p>·&#160; &#160; &#160; Paperwork is RUSHED. As a result human error on paperwork is more likely to be an issue with RUSHED closings. Buyers will have to be very flexible with the process and since they will have little time to review paperwork and review what they are signing. Extremely detailed and Picky borrowers&#160; will not be a good candidate for Fast closings.</p><p>·&#160; &#160; &#160; Appraisal order is RUSHED, E-signings is RUSHED</p><p>·&#160; &#160; &#160; The entire purchase transaction can leave the buyer with a bad taste in their mouth about their purchase which can lead to buyer remorse.&#160;</p><p><b>Exceptions:</b> Cash buyers and Investors can close as fast as they want, we still recommend buyers be cautious and do their due diligence.&#160;</p><p>&#160;</p><p><b>Where does the pressure to close early come from?</b> Answer is: primarily from real estate agents. Why is that? They typically are motivated to differentiate their buyer’s offer from other offers, they are trying to make their buyer’s offers more attractive.&#160;</p><p><b>What if a buyer NEEDS to close early, Can we do it?</b> Answer is: Yes, but we want to make sure we set realistic expectations from the very beginning. Buyers need to be uncomplicated (cannot have layers and layers of income, assets, moving funds to here and there, etc.) and buyers need to be a bit tech savvy…we don’t want buyers sending us documentation through their phone camera images, low resolution docs…etc. Buyers need to know how to access their documents as .pdf files for example. Buyers will have to be very flexible with the process and since they will have little time to review paperwork and review what they are signing. Extremely detailed and Picky borrowers&#160; will not be a good candidate for Fast closings.&#160;<br>&#160;</p><p><b>What is the recommended time needed to close a home purchase loan?&#160;</b></p><p>Answer: 30 days</p><p>&#160;</p>

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