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 Questions@MoneyWiseLive.org:
- 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? identitytheft.gov
- 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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