MoneyWise Live | December 14, 2018

Mortgage Questions with Dale Vermillion

Show Notes

Some things in life are just more complicated than they need to be. You know, assembling furniture from IKEA, doing your taxes, convincing a two-year old to take a nap or mastering the mortgage maze.  On this MoneyWise Live, money and mortgage advice from an expert - our good friend Dale Vermillion, author of Navigating the Mortgage Maze.  Your host is Rob West and together they’ll team up to take your questions at 800-525-7000.

  • What are some questions people should expect to get from a mortgage provider?
    • Where do you work?
    • How much do you make?
    • How long have you been at your job?
    • How is your income derived?  ie.: steady salary or irregular income?
  • What if you don’t have a long enough employment history (at least 2 years) or you're self employed or a contract worker?
  • What sort of information will a mortgage lender want about your debt?
  • Will they ask about how much you have to contribute to the down payment?
  • Will they have questions about how you plan to use the money?
  • Will the type of property could complicate things?

Next, Rob and Steve answer these questions at 800-525-7000 or via email at

  • If you bought a house and you now think you're wondering if PMI can be removed, how do you calculate this?
  • If you've moved and are renting out your house and making 20% above your mortgage, and thinking about buying a new house in the area you've moved to because you know a factory is opening in the area starting 10,000 jobs, is this a wise move?  
  • If it appears you've been victim of identity theft, what are some steps you should take to protect yourself?
  • What are some tips on paying off a mortgage faster?
  • If you have two forms of insurance, had a hospital visit for which you are paying, but you've recently received a $4,000 bill and have been sent to collections, what should you do?
  • If you have a 30 year mortgage at 3.75% and it has PMI "for the life of the loan," should you refinance?
  • If you had a a 30 year mortgage that seems to be extended now, what should you do?
  • If you're in the midst of a Chapter 13 bankruptcy, can you get your mortgage payments reduced during this period?

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