My mortgage broker explained to me that anti-terrorism regulations now force them to create a massive paper trail about any money deposited in your account that isn't a paycheck direct deposit from a recognized employer. This is a recent development, like maybe in 2010?
Well, it was similar in '09. My mortgage guy basically said that it was because they want to make sure that you have the money, not that you owe someone else for your down payment, and then have a mortgage on top of that.
No, the pool was built by the previous owner to be specifically for salt water. It's not salty like the ocean, you just don't have to add any chemicals as there is a catalytic converter that burns the salt into chlorine which is a much better process for your skin and hair.
Every bank offers financed MIP, it's a standard Fannie/Freddie product. You can do 5% down and then finance the MI which is 2% for a 97% loan. By putting down 10% you just received slightly better pricing as the risk adjusters change when going from 90%-95% to 95.01% and up.
I think this is really an individual thing, we have family over almost every weekend and there are a lot of kids so the pool gets a ton of use. The last month where it's been cold and rainy the pool hasn't been getting as much use but since I can handle the day to day maintenance myself it's not a big deal. Just don't be a retard and let kids run around by it with no adults watching, pretty simple.
Start a new application with another lending institution ASAP to get you asses covered. As a former B of A loan officer I'll tell you what I tell everybody else, B of A is not in the business of doing loans anymore. They just told Fannie to fuck off because they were delivering loans so badly that they were having to repurchase an inordinate amount yet they weren't setup at all to deliver to Freddie Mac, it's a whole different type of system that Freddie uses than Fannie so they are having to do a lot of shit manually from an underwriting standpoint. It's a joke, you'll probably end up having to start making customer service complaints and even then they won't get shit done for you. Save yourself the headache and stress by getting started somewhere else, get your loan fully approved and then just wait on the appraisal so you're not spending any money until you are positively sure that B of A isn't going to come through which will probably be the case.
This isn't by choice, the government runs the whole show now and we cannot do a loan without sourcing all funds used in the transaction to make sure we're not helping the Taliban launder money. Between the Patriot Act, updated Bank Secrecy and Money Laundering Rules and Dodd/Frank the residential mortgage business is now the most highly regulated industry in the country. It's actually more confusing for borrowers as we have to disclose and redisclose on every little thing even if it doesn't affect costs or the terms of the loan and each state has different regulations but it is what it is.
No, it is not normal for your lender to have to request the same shit over and over. Fannie, Freddie, FHA and VA receive your file after closing electronically in almost all instances now. Your lender is scanning your documentation into a system and most lenders don't use paper files anymore because of this.
This has nothing to do with how much you make or what your credit is. If those funds needed to be included in your down payment or for you to meet reserve requirements then not only do you need to explain where those funds are from but you need to source those funds as well to verify what you are stating. If those funds were not needed for anything then your loan officer could have told the underwriter to back it out and on your loan application your balance would have been lower by the amount of those funds. Sourcing of funds is a huge data integrity issues for the government and them buying the loans from the banks via Fannie, Freddie or whatever.
Yeah, the chlorine produced by the SWG is supposed to be less irritating than chlorine from tabs or bleach. I'd say the convenience factor of not needed to keep up Cl adds, coupled with the more consistent Cl level kept makes it very attractive.
Let me ask you this, my wife and I are looking at houses, but the area we are looking at is pretty expensive for not much. We are both employed at full-time jobs and make a decent amount of cash. We have zero debt. We have saved quite a bit with parents offering quite a bit more towards a down payment on a house. We are first time home buyers, so I am looking into FHA financing just so we don't have to use most of our savings on a down payment. What is a better option - FHA financing and putting down say 5% (I know the minimum is 3.5%) or going private financing and putting down 10% and paying the higher (isn't it higher?) PMI than the MI on a FHA loan? We are going into to talk to someone at Wells Fargo, but I guess I am confused as to what is the better option for a first time home buyer. I'm basically thinking we can afford a higher loan amount with FHA because we won't need to put down as much. The difference between a like 450k and 500k loan in my area is huge.
The best option for when you cannot put down 20% and need PMI is to get Lender Paid MI. The MI is paid by having your interest rate increased for the time that you have MI, once you meet the criteria for MI removal then your interest rate is lowered back down to the base rate before the MI was added. The reason why this is the best way to do it is that to you, the homeowner, the MI is billed as just interest so that it's always tax deductible. MI is not always tax deductible, if you make over a certain amount you cannot write it off unlike interest which you can always write off up to $1.1mm in loan amount.
Holy shit that would make me choke a bitch. I hated when the leaves fell from the trees at our old house because it meant I had to mow at least twice a week to keep up with it (mulcher). I can't imagine having to skim the leaves from a pool every day.
To expand upon this, use a broker. Don't just go to one bank. Your mortgage guy has access to many lenders and can get you the best deal amongst them. It's been my experience that even a bank you've been customers at for 10 years doesn't give as much of a shit about you as you'd like. A mortgage broker however just wants your money, and that's a powerful motivator to get something done for you.
Actually... it's very helpful for law enforcement. money was being laundered to the US to buy cars>ship to Africa> sold for profit>profits went to terrorist groups like Hezbollah.
Well, that would make me feel better about the process. How did the paper trail from mortgage lending help catch illicit car trade, though? Were they just finding large chunks of money deposited in peoples accounts and then tracing the source or something?