I totally agree with all the info you presented. I've been in the business for a very long time and tell folks all the time, the quality of info going in determines the odds of a stable prequal or pre approval. Good info, thanks for sharing this video!!
If I take over a sellers mortgage subject to and service the mortgage PITI monthly payments through a Loan servicer. Will the sellers still be able to qualify for a new mortgage even though I'm paying their debt Subject to?
It depends on how the “take over” of the seller’s mortgage is structured. If the sellers have a conventional or FHA loan and you are assuming their loan through their loan servicer, their home loan will be paid off once your assumption of their loan is approved and closes escrow. This removes them of any further obligation on the home loan and may help them qualify for a new mortgage. However, if you aren’t officially assuming their loan through their loan servicer and the actual loan remains in their name, it remains their obligation which could impact their future home financing. The “take over” structure of will dictate if the loan will be considered part of the seller’s new financing qualifications. I recommend the seller reach out to a lending professional for guidance.
Thank you so much I'm glad you enjoy it! I have another channel that I post way more often to if you're ever interested in checking it out. ua-cam.com/users/mortgagehowdoi
We're not sure how the big bank they were working with missed that either! 🙂 That's why it's so important to work with an experienced lender like the Kelly Zitlow Group. We only wish they would have come to us first, so we could have given them better guidance.
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I totally agree with all the info you presented. I've been in the business for a very long time and tell folks all the time, the quality of info going in determines the odds of a stable prequal or pre approval. Good info, thanks for sharing this video!!
Thank you so much for watching and leaving this comment!
Sue for breach of contract. Then rescind your signatures and reclaim the instrument under the UCC Article 3 and the SEC.
Thanks for watching and leaving a comment Troy.
Very good information Kelly!
Thank you Ron! 🙌
If I take over a sellers mortgage subject to and service the mortgage PITI monthly payments through a Loan servicer. Will the sellers still be able to qualify for a new mortgage even though I'm paying their debt Subject to?
It depends on how the “take over” of the seller’s mortgage is structured. If the sellers have a conventional or FHA loan and you are assuming their loan through their loan servicer, their home loan will be paid off once your assumption of their loan is approved and closes escrow. This removes them of any further obligation on the home loan and may help them qualify for a new mortgage. However, if you aren’t officially assuming their loan through their loan servicer and the actual loan remains in their name, it remains their obligation which could impact their future home financing. The “take over” structure of will dictate if the loan will be considered part of the seller’s new financing qualifications. I recommend the seller reach out to a lending professional for guidance.
Your channel is amazing fr lol ❤
Thank you so much I'm glad you enjoy it! I have another channel that I post way more often to if you're ever interested in checking it out. ua-cam.com/users/mortgagehowdoi
How can I contact you ? We get our loan denied 2 weeks before closing. We are first time homebuyers & are very disappointed
Hi Karen, I am so sorry to hear this. Our team is available by call or text at 480-725-0150 or you can email us at kellyzitlowgroup@houseloan.com
Non QM her agent should known that,
Thank you for watching and commenting!
Didn't you realize this before 7 days before closing, how did they get that far lol
We're not sure how the big bank they were working with missed that either! 🙂 That's why it's so important to work with an experienced lender like the Kelly Zitlow Group. We only wish they would have come to us first, so we could have given them better guidance.
Should a broker ask if their client's living situation is? ie renting or selling a home?