Cortney, Home Buyer in 08816

Mortgage Application

Asked by Cortney, 08816 Wed Jun 29, 2011

I'm currently in the process of filling out a Mortgage Application and I've come across 2 areas that I can't get past. We neither own nor rent the property that we currently live at and it is required that we pick one. Also - the sections of " Title will be held by" and Manner - who gets put there? One of us or a third party?

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7
Gregorio Den…, , San Diego, CA
Wed Jun 29, 2011
If you have to post on Trulia to get an answer to a question about the application, you should consider what is going to happen later in the process when it gets more complex. Surely you can find a mortgage lender that will pick up a telephone to assist you.
1 vote
Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Wed Jun 29, 2011
You either rent or you own. If you do not own (which I am sure you would know if you did) then you are a renter. A renter doesn't have to pay a certain amount of rent, they just live in the property as a tenant (either a written agreement or a non-formal agreement). So you would mark that you rent, and then on a separate page of the loan application it asks for your "Current Housing Expense" with one of the line items being "Rent" and you would write in "$0".

In the section that asks who is title will be held by, you have several options in New Jersey, this attorney in Paramus explains a little in a blog entry at: http://www.ponziniandponzini.com/ESTATE/title.html - generally the people who would be on title are the people on the mortgage, but each situation can be different. If you are using an attorney for your purchase/contract review (I know in North NJ they commonly use attorney's - not sure if Spotswood is considered northern NJ) they may be able to advise which would be best.

I highly recommend you go through the loan application with your loan officer over the phone, it gives you a chance to explain anything on the loan application, and your loan officer can complete most of it and just send it to you so all that has to be done is to sign & date (that is how we do them). If I was a consumer I'd find filling out all of the information on the loan application pretty time consuming, so you may as well have your mortgage professional to help guide you through it to make it a snap.

If you have any questions feel free to ask, but you may want to ask your own loan officer first. If they don't want to answer you, or don't have the time, it is a sign you need to look for a loan officer who is more concerned about your loan.
0 votes
Gerard Carney, Agent, Spring Hill, FL
Wed Jun 29, 2011
Courtney, you have to be living somewhere at the moment, Are you living with family? If so you do not own the property so you would if not living there be renting so renting would be the better answer! The title will be in the name of the person buying the home, which would be you, or if married, you and your husband!
0 votes
Philip Hille…, , Bentonville, AR
Wed Jun 29, 2011
Are you trying to do your loan on-line? If you are you might consider getting lending locally. These are questions loan officers (inperson or on line) deal with daily. If you are not getting answers you might want to shop around until you find some one who wants to serve you.

Good Luck! Have a great day!!
Web Reference:  http://www.TeamHillerman.com
0 votes
Annette Levi…, , New York, NY
Wed Jun 29, 2011
Who are you applying with that you don't have a loan officer to ask? I always go over the application with my clients, after all you have no knowledge of how to do a mortgage.
0 votes
Ruth Bonapace, , 07030
Wed Jun 29, 2011
Why isn't your loan officer assisting you? I help my clients with every but of information. I suspect that you live with relatives and depending on what kind of loan you are looking for and how much you are putting down that could be a deal breaker if you don't have a plan up front.
Ruth Bonapace
Bank of America Home Loans
Ruthbonapace@bankofamerica.com
201 741-5269
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Jun 29, 2011
Your loan officer can best advise, consider a call....
0 votes
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