i would add
1. not asking for good faith estimate
2. not shopping around among a few lendersWhat are the top ten mistakes homeowners make in their home mortgage?
1. First paying to much for a house
2. Paying origination fees
3. Not having the seller pay closing costs
4. Not shopping around on rates
5. Not interviewing the mortgage guy, you need someone professional
6. Not reviewing the HUD-1 statement one week before closing
7. Not paying more down on the principle every month
8. Borrowing more than they should
9. Not factoring in new assessed taxes into payment that will hit you 12 months later
10. The best one, doing ESCROW and giving free money to your lender.
Tuesday, August 24, 2010
Should I switch over from an ARM to a fixed rate mortgage?
Currently my ARM has rocketed to 7.3% and I have PMI to boot.
At what point is it, or is it not, viable to switch to a fixed rate option somewhere in the 6% range.
My refinance loan ammount would be approx 400K.Should I switch over from an ARM to a fixed rate mortgage?
When did the ARM portion expire? It is never good to let the ARM expire without locking in a fixed rate, the new rate is almost always higher than the initial rate, which is typically above the current rates for a 30 yr fixed, or even another similar ARM. How long ago did you get this loan? What percentage of equity do you have in your home (PMI falls off after 22% ownership, but you can request to have it removed after 20% owenership)? These are all questions your mortgage person should be asking you. I am a mortgage BANKER and am more than willing to help out if you have any questions. Feel free to email me for further guidance.
Edit: JPN I am trying to reply to you but YAHOO says your email has not been confirmed, please email me at my office... jared@chicagobancorp.comShould I switch over from an ARM to a fixed rate mortgage?
It would probably be to your advantage to switch to a fixed rate.
Two things to consider:
1.) How long do you plan on staying in the house? If you are moving soon, it may not be worth the expense to refi.
2.) Can you lock in at a good rate? If you can get the 6% you mentioned, that would be a big savings.
Also, be sure you understand the restrictions in any new mortgage you sign up for. Pay special attention to any prepayment penalties that would make it impossible or expensive to refinance again if rates fall.
Don't be in a rush. We could easily see rates come down a bit in the near future if housing doesn't get cooking again. But if you don't want to wait, go ahead now. It could cost you more to wait 6 months if your rate went that high already.
You should refinance ASAP.
Rates are still relatively low, and now that your ARM's fixed portion is over it will only surprise you.
Get started here. to figure out how much equity you got, and what kind of packages will be available in your area.
http://loans.savingslife.com
Good luck with it!
You should refinance as quickly as possible.
the Frist question is when did you plain on selling our house?
if 2 years or more you should lock in you payment. if less the 5 years you should do a new ARM. If longer you should do a fix. But with out talking to you it is hard to said.
Switch to a fixed rate NOW. Rates have been coming down in the last few months (lucky for you) and you should be able to get the rate locked in around 6.5% or less. If your house has appreciated, you may have 20% equity in it now and can get out of the PMI rip-off. 400K is below a jumbo loan, so that will save you some too.
The only reason to have an ARM is because the interest rate is lower than a fixed. When that no longer is true it is time to get a fixed.
Talk to your lender. A lot of talk has been going on-negative about ARM's. They will tell you the details.
jpn72,
You should refinance out of your adjustable ASAP!!!
Rates are on the rise again... By this time next year rates will have sky rocketed to 8%!!!
It sounds like your ARM has already reached it s adjustment point.. Ideally you should have refinanced before that happened..
You stil have time as you said to get in the 6% range,a nd get it fixed so that you never have to refinance again (with rates gong up, your not going to want to..)
The question you should be askign is not should you refinance, but where should you refinance? What bank/lender will be able to offer you the lowest rates/fee's?
Here is what i advise to every single one of my clients..
Work with a loan oficer that is partnered with MULTIPLE INVESTORS OR LENDERS...
There are a couple reasons i suggest that..
1. If a loan officer can shop your loan to multiple lenders they are bound to find many that are willing to lend to you. By looking at multiple options and programs you will be sure to find the lowest costs and rates...
2. If you on your own call multiple banks to see what you qualify for, EACH AND EVERY LENDER will HAVE to pull a seperate credit report. The more times it is pulled the worse your credit gets. Now, when you work with a loan officer that can shop among their investors, they only have to pull one credit report, and use that copy to shop mortgage lenders for you.. As im sure you know, these days everything in life seems to depend on the credit score that you have... Keeping it from dropping is very important for every consumer..
So not only do you keep your credit score where it is, you dont have to worry about any of the busy work..you let the loan officer do it for you..
The most important thing to realize is that I as the loan officer with multiple investors to work with, am fully willing to keep shopping to different companies to find the best program for your needs.
My name is Jason Fry, and I am a loan officer with Providential Bancorp, a nationwide mortgage lender. I'd be happy to assist you in refinancing , or at least be able to let you know exactly what YOU QUALIFY FOR. You can then make a more informed, and educated decision whether it would be the right move for you.
Feel free to give me a call at 312-264-6448, or
you can email me at Jasonf@providential.com.
Thank You,
Jason Fry
Licensed Mortgage Banker
Providential Bancorp
312-264-6448
At what point is it, or is it not, viable to switch to a fixed rate option somewhere in the 6% range.
My refinance loan ammount would be approx 400K.Should I switch over from an ARM to a fixed rate mortgage?
When did the ARM portion expire? It is never good to let the ARM expire without locking in a fixed rate, the new rate is almost always higher than the initial rate, which is typically above the current rates for a 30 yr fixed, or even another similar ARM. How long ago did you get this loan? What percentage of equity do you have in your home (PMI falls off after 22% ownership, but you can request to have it removed after 20% owenership)? These are all questions your mortgage person should be asking you. I am a mortgage BANKER and am more than willing to help out if you have any questions. Feel free to email me for further guidance.
Edit: JPN I am trying to reply to you but YAHOO says your email has not been confirmed, please email me at my office... jared@chicagobancorp.comShould I switch over from an ARM to a fixed rate mortgage?
It would probably be to your advantage to switch to a fixed rate.
Two things to consider:
1.) How long do you plan on staying in the house? If you are moving soon, it may not be worth the expense to refi.
2.) Can you lock in at a good rate? If you can get the 6% you mentioned, that would be a big savings.
Also, be sure you understand the restrictions in any new mortgage you sign up for. Pay special attention to any prepayment penalties that would make it impossible or expensive to refinance again if rates fall.
Don't be in a rush. We could easily see rates come down a bit in the near future if housing doesn't get cooking again. But if you don't want to wait, go ahead now. It could cost you more to wait 6 months if your rate went that high already.
You should refinance ASAP.
Rates are still relatively low, and now that your ARM's fixed portion is over it will only surprise you.
Get started here. to figure out how much equity you got, and what kind of packages will be available in your area.
http://loans.savingslife.com
Good luck with it!
You should refinance as quickly as possible.
the Frist question is when did you plain on selling our house?
if 2 years or more you should lock in you payment. if less the 5 years you should do a new ARM. If longer you should do a fix. But with out talking to you it is hard to said.
Switch to a fixed rate NOW. Rates have been coming down in the last few months (lucky for you) and you should be able to get the rate locked in around 6.5% or less. If your house has appreciated, you may have 20% equity in it now and can get out of the PMI rip-off. 400K is below a jumbo loan, so that will save you some too.
The only reason to have an ARM is because the interest rate is lower than a fixed. When that no longer is true it is time to get a fixed.
Talk to your lender. A lot of talk has been going on-negative about ARM's. They will tell you the details.
jpn72,
You should refinance out of your adjustable ASAP!!!
Rates are on the rise again... By this time next year rates will have sky rocketed to 8%!!!
It sounds like your ARM has already reached it s adjustment point.. Ideally you should have refinanced before that happened..
You stil have time as you said to get in the 6% range,a nd get it fixed so that you never have to refinance again (with rates gong up, your not going to want to..)
The question you should be askign is not should you refinance, but where should you refinance? What bank/lender will be able to offer you the lowest rates/fee's?
Here is what i advise to every single one of my clients..
Work with a loan oficer that is partnered with MULTIPLE INVESTORS OR LENDERS...
There are a couple reasons i suggest that..
1. If a loan officer can shop your loan to multiple lenders they are bound to find many that are willing to lend to you. By looking at multiple options and programs you will be sure to find the lowest costs and rates...
2. If you on your own call multiple banks to see what you qualify for, EACH AND EVERY LENDER will HAVE to pull a seperate credit report. The more times it is pulled the worse your credit gets. Now, when you work with a loan officer that can shop among their investors, they only have to pull one credit report, and use that copy to shop mortgage lenders for you.. As im sure you know, these days everything in life seems to depend on the credit score that you have... Keeping it from dropping is very important for every consumer..
So not only do you keep your credit score where it is, you dont have to worry about any of the busy work..you let the loan officer do it for you..
The most important thing to realize is that I as the loan officer with multiple investors to work with, am fully willing to keep shopping to different companies to find the best program for your needs.
My name is Jason Fry, and I am a loan officer with Providential Bancorp, a nationwide mortgage lender. I'd be happy to assist you in refinancing , or at least be able to let you know exactly what YOU QUALIFY FOR. You can then make a more informed, and educated decision whether it would be the right move for you.
Feel free to give me a call at 312-264-6448, or
you can email me at Jasonf@providential.com.
Thank You,
Jason Fry
Licensed Mortgage Banker
Providential Bancorp
312-264-6448
What is a good mortgage modification company to go through?
Most people are scams but there is a company who I send many of my clients to, due to me being a Reverse Mortgage Specialist. But that website is called, www.modifymyrates.com Just fill out your information and they will have a person contact you right away!
Are there realy any mortgage brokers who will give a loan to someone with no $ down and bad credit?
My credit score is in the 500's do you think it is possible someone might finance me with no money down.Are there realy any mortgage brokers who will give a loan to someone with no $ down and bad credit?
First, please be advised that mortgage brokers do not give loans. They take your application, review your credit and finance info and shop your loan needs to different banks. There are many subprime lenders (banks) that specialize in 100% financing for poor credit borrowers. The norm is a 580 mid fico on a full doc loan to qualify for a 100% loan. The broker's job is to find the best lender to help your specific needs. So yes, you may qualify for no money down but all the specifics are needed for an exact answer. Contact a broker company near you to find out more.Are there realy any mortgage brokers who will give a loan to someone with no $ down and bad credit?
No.
I don't think so
you can do a 5 percent down loan from 580 +
550-579 10 percent down
500-549 20 percent down
These are best case scenarios, sometimes a 575 will need 20 percent, depending on how bad it is.
There is always someone who will give you a mortgage regardless of your credit history since the loan is secured by the property itself. A better question is whether you will be able to afford the monthly payment of such a mortgage.
Try www.askzeus.com or call 1-800-ask-zeus. This company advertises the fact that 95% of their customers have 0% down mortgages, and they can give you an instant decision over the phone.
First, please be advised that mortgage brokers do not give loans. They take your application, review your credit and finance info and shop your loan needs to different banks. There are many subprime lenders (banks) that specialize in 100% financing for poor credit borrowers. The norm is a 580 mid fico on a full doc loan to qualify for a 100% loan. The broker's job is to find the best lender to help your specific needs. So yes, you may qualify for no money down but all the specifics are needed for an exact answer. Contact a broker company near you to find out more.Are there realy any mortgage brokers who will give a loan to someone with no $ down and bad credit?
No.
I don't think so
you can do a 5 percent down loan from 580 +
550-579 10 percent down
500-549 20 percent down
These are best case scenarios, sometimes a 575 will need 20 percent, depending on how bad it is.
There is always someone who will give you a mortgage regardless of your credit history since the loan is secured by the property itself. A better question is whether you will be able to afford the monthly payment of such a mortgage.
Try www.askzeus.com or call 1-800-ask-zeus. This company advertises the fact that 95% of their customers have 0% down mortgages, and they can give you an instant decision over the phone.
MORTGAGES. What is allowable income??
PLZ HELPMORTGAGES. What is allowable income??
Anything that can be documented and is going to last for the next three years. Child support, disablity, job wages, overtime, etc. If you have a second job some lender like you to be on it for the last two years. If you have any other question just email me.MORTGAGES. What is allowable income??
As Molly answered it correctly - there is one other. If you have other income that you deposit into your checking account, and your credit is decent - say 580+ middle score, you can go off your 12 month bank statements to qualify you as (a full doc) program (stated program too). Lenders use this, instead of paystubs, etc. With the bank statement's - the Lender will call your employer, and just ask if you are working there - but will not ask about your income....It is one way to qualify a person.
Other things to consider:
Decide on how much you want to spend, if you want to escrow the taxes and insurance. Say the taxes are 1200 a YR and insurance 800 a year (just an estimate, ok) That is 2,000 a year divided by 12 = 166.66 If you paid 1,000 a month now - (166.66) your P/I Principle and Interest would be 833.34. Now you decided on the price range you are looking into. If you have great credit, a 1 loan at 130,000 at a rate of 7 percent over a 30 year time would be 864.89 - This is just a estimate - ok - It greatly depends if you need help with closing cost, if you have money to bring into the table - so you do not have to borrow the full 100 percent. Rates are still in the 6's but they are getting higher - ok. If your credit is in the 500's to low 600's than the rate would be higher - lots of factors to consider. Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a ';hard'; pull and it drags down your credit score. Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). This will tell you the up-front closing cost (etc) associated with your loan. This is a estimate only - not the final - but it does help you figure things out. Some companies want you to escrow you taxes and insurance. Other's may not require it...Some companies add a .25 to the interest rate if you want to escrow waver...FHA loans have to escrow (at least they used to)
It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help - especially if the home is thru a realitor, and the seller has to pay the realitor their fee which runs from 3-6 percent of the selling price, and you ask for 3-5 percent toward closing cost -assistance) Follow me so far??
Good Luck, and if I can help in any way check out my web site, for links to all the credit reporting agency's and other useful information.
Anything that can be documented and is going to last for the next three years. Child support, disablity, job wages, overtime, etc. If you have a second job some lender like you to be on it for the last two years. If you have any other question just email me.MORTGAGES. What is allowable income??
As Molly answered it correctly - there is one other. If you have other income that you deposit into your checking account, and your credit is decent - say 580+ middle score, you can go off your 12 month bank statements to qualify you as (a full doc) program (stated program too). Lenders use this, instead of paystubs, etc. With the bank statement's - the Lender will call your employer, and just ask if you are working there - but will not ask about your income....It is one way to qualify a person.
Other things to consider:
Decide on how much you want to spend, if you want to escrow the taxes and insurance. Say the taxes are 1200 a YR and insurance 800 a year (just an estimate, ok) That is 2,000 a year divided by 12 = 166.66 If you paid 1,000 a month now - (166.66) your P/I Principle and Interest would be 833.34. Now you decided on the price range you are looking into. If you have great credit, a 1 loan at 130,000 at a rate of 7 percent over a 30 year time would be 864.89 - This is just a estimate - ok - It greatly depends if you need help with closing cost, if you have money to bring into the table - so you do not have to borrow the full 100 percent. Rates are still in the 6's but they are getting higher - ok. If your credit is in the 500's to low 600's than the rate would be higher - lots of factors to consider. Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a ';hard'; pull and it drags down your credit score. Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). This will tell you the up-front closing cost (etc) associated with your loan. This is a estimate only - not the final - but it does help you figure things out. Some companies want you to escrow you taxes and insurance. Other's may not require it...Some companies add a .25 to the interest rate if you want to escrow waver...FHA loans have to escrow (at least they used to)
It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help - especially if the home is thru a realitor, and the seller has to pay the realitor their fee which runs from 3-6 percent of the selling price, and you ask for 3-5 percent toward closing cost -assistance) Follow me so far??
Good Luck, and if I can help in any way check out my web site, for links to all the credit reporting agency's and other useful information.
What is an estimated rate we might qualify for on a mortgage?
Hi I was wondering if anyone might know (or had simular issues) what an estimated mortgage rate would be for us. We would pre-qualify, but we are trying to keep our credit inquiries down as we will (hopefully) be looking to buy in the next year. Here is our situation:
* Married first time home buyers. Median FICO's of 568 and 571
* I filed Bankruptcy 2 years ago. My Husband has not filed bankruptcy before.
* I have been in the same field for 6 years.
*Husband has been a full time student.
*We and have paid off all outstanding debts except one car payment of $350 and a student loan of $100 per month both with excellent payment history.
*Our approx gross income is $65,000/year.
*We have $5,000-$10,000 for downpayment.
*Neither of us have a current rental history as my company takes care of our living arrangements (medical traveler).
Any suggestions or thoughts? Thank youWhat is an estimated rate we might qualify for on a mortgage?
AMAZING THREE ANSWERS AND ALL BAD! dont worry about your score you do qualify for an FHA mortgage and you will get a competative rate somewhere around 7% today.
you dont need to wait a year to buy in fact you should buy right now!
also, sounds like you are eligible to recieve a FREE grant for your downpayment using an FHA mortgage. i know all of this because i am national mortgage banker and an FHA direct endorsed lender which means we reveiw you loan application and make the lending decision we dont send it out for approval any place else.
feel free to call me at 1-877-472-6810 and i will give you all the detials. dont listen to anyone that says you cant based on your credit score!
good luckWhat is an estimated rate we might qualify for on a mortgage?
first thing what i will do, is to go and speak with good mortgage broker and try to work on your credit before you will start looking for any mortgage. you don't have any debts almost, your payment history is good now, so i thing it will be worthy for somebody good to take a look at your credit and tell you how to improve . sometimes small '; adjustments and changes'; can make huge impact on your credit ratings. mortgage brokers have access to new tools to analyze your credit and tell you what to do to improve your credit scoring and how many points your credit score can go up and how mach time this will take.you have time, at least couple mts and i will advise you to try this.
if you will not do anything with your credit- interest rate will be higher about 2-3% from normal interest rate, just because your credit score. you can refinance your mortgage after you buy the house, but for refi. to be worthy for you - your credit score need to improve. again we come back to square one - credit. the sooner you will start to work on this, you will be better off in the long run.
I don't know your state (or your state laws), but I'll give you this. . . According to your input, you qualify for an $1,895.83 payment, which on a 30 year at 7.5 would buy you a 271,018.00 house. -- Don't worry about rental history, as long as your employer is willing to document that its being paid, its being paid. -- Best of luck to you.
From the information u gave u could not go F H A so u will have to get a B loan or conventional loan, your rate will most likely be around 9% - 12%.mask work how to apply
* Married first time home buyers. Median FICO's of 568 and 571
* I filed Bankruptcy 2 years ago. My Husband has not filed bankruptcy before.
* I have been in the same field for 6 years.
*Husband has been a full time student.
*We and have paid off all outstanding debts except one car payment of $350 and a student loan of $100 per month both with excellent payment history.
*Our approx gross income is $65,000/year.
*We have $5,000-$10,000 for downpayment.
*Neither of us have a current rental history as my company takes care of our living arrangements (medical traveler).
Any suggestions or thoughts? Thank youWhat is an estimated rate we might qualify for on a mortgage?
AMAZING THREE ANSWERS AND ALL BAD! dont worry about your score you do qualify for an FHA mortgage and you will get a competative rate somewhere around 7% today.
you dont need to wait a year to buy in fact you should buy right now!
also, sounds like you are eligible to recieve a FREE grant for your downpayment using an FHA mortgage. i know all of this because i am national mortgage banker and an FHA direct endorsed lender which means we reveiw you loan application and make the lending decision we dont send it out for approval any place else.
feel free to call me at 1-877-472-6810 and i will give you all the detials. dont listen to anyone that says you cant based on your credit score!
good luckWhat is an estimated rate we might qualify for on a mortgage?
first thing what i will do, is to go and speak with good mortgage broker and try to work on your credit before you will start looking for any mortgage. you don't have any debts almost, your payment history is good now, so i thing it will be worthy for somebody good to take a look at your credit and tell you how to improve . sometimes small '; adjustments and changes'; can make huge impact on your credit ratings. mortgage brokers have access to new tools to analyze your credit and tell you what to do to improve your credit scoring and how many points your credit score can go up and how mach time this will take.you have time, at least couple mts and i will advise you to try this.
if you will not do anything with your credit- interest rate will be higher about 2-3% from normal interest rate, just because your credit score. you can refinance your mortgage after you buy the house, but for refi. to be worthy for you - your credit score need to improve. again we come back to square one - credit. the sooner you will start to work on this, you will be better off in the long run.
I don't know your state (or your state laws), but I'll give you this. . . According to your input, you qualify for an $1,895.83 payment, which on a 30 year at 7.5 would buy you a 271,018.00 house. -- Don't worry about rental history, as long as your employer is willing to document that its being paid, its being paid. -- Best of luck to you.
From the information u gave u could not go F H A so u will have to get a B loan or conventional loan, your rate will most likely be around 9% - 12%.
If I changed a condo from an investment to a rental in August 2008, can I still deduct mortgage interest?
Since I only rented for 3 1/2 months, my losses (after subtracting mortgage interest and property tax) will be huge. Of course, I'm not complaining since it's a tax deduction -- and at least I'm getting some rent now -- but I'm not sure if the mortgage interest and property taxes need to be prorated and declared in different sections of the tax forms or not. Do they?If I changed a condo from an investment to a rental in August 2008, can I still deduct mortgage interest?
Yes. You need to pro-rate the interest you paid for 3-1/2 months for use of the rental. It goes on Schedule E as a rental property. Don't forget to add depreciation expenses, legal fees, taxes, etc. related to the rental, and your rental income. The rest of the mortgage interest and taxes should go on your Schedule A deductions, subject to the $1M limit on debt.If I changed a condo from an investment to a rental in August 2008, can I still deduct mortgage interest?
yes--but check with your accountant for your state
Yes. You need to pro-rate the interest you paid for 3-1/2 months for use of the rental. It goes on Schedule E as a rental property. Don't forget to add depreciation expenses, legal fees, taxes, etc. related to the rental, and your rental income. The rest of the mortgage interest and taxes should go on your Schedule A deductions, subject to the $1M limit on debt.If I changed a condo from an investment to a rental in August 2008, can I still deduct mortgage interest?
yes--but check with your accountant for your state
Is it possible to combine a home equity loan and a mortgage into one payment?
If your credit is good enough and your equity is high enough, YES, just refinance all of it into one loan. It might even bring your overall payment down.Is it possible to combine a home equity loan and a mortgage into one payment?
Nope, I do it every month for my clients.
E-Mail me a bit more info and I'll tell you if it's feasible.Is it possible to combine a home equity loan and a mortgage into one payment?
They are two separate loans. If you to combine them, refinance.
yes it is possible. u need to speak with a personnal banker to see what they can do for u. you just need to consolidate both payments by refinancing. interest rates are really low right now and the prime rate seems as though its going to continue to drop. so it is possilble when you refinance u could end up with a lower interest rate as well.
No they are 2 separate loans, you would need to refinance pay off the Home equity loan
All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrower%26lt;!--and even for those with more experience! Here, we will discuss the different types of loan options, and how they work.
http://mortgage-loans.awardspace.com/
http://best-loans.awardspace.com/homeloans.htm
First, there are two main broad categories of mortgage loans: government loans (FHA, VA, and RHS, or Rural Housing Service loans) and conventional loans (all other loans). In general, government loans have low or no down payment requirements for the purchaser--%26gt;and are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.
Nope, I do it every month for my clients.
E-Mail me a bit more info and I'll tell you if it's feasible.Is it possible to combine a home equity loan and a mortgage into one payment?
They are two separate loans. If you to combine them, refinance.
yes it is possible. u need to speak with a personnal banker to see what they can do for u. you just need to consolidate both payments by refinancing. interest rates are really low right now and the prime rate seems as though its going to continue to drop. so it is possilble when you refinance u could end up with a lower interest rate as well.
No they are 2 separate loans, you would need to refinance pay off the Home equity loan
All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrower%26lt;!--and even for those with more experience! Here, we will discuss the different types of loan options, and how they work.
http://mortgage-loans.awardspace.com/
http://best-loans.awardspace.com/homeloans.htm
First, there are two main broad categories of mortgage loans: government loans (FHA, VA, and RHS, or Rural Housing Service loans) and conventional loans (all other loans). In general, government loans have low or no down payment requirements for the purchaser--%26gt;and are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.
Im going through a mortgage company that seems like there is always something else we have to do to get approv?
I have been approved through there computer system and now i am waiting for the final underwriter to approve it but i am also backed by the VA is there any way they will deny my mortgage?Im going through a mortgage company that seems like there is always something else we have to do to get approv?
This scenario usually means that you are dealing with an incompetent mortgage company; or
They are not going to approve you.
VA loans are no more difficult than any other loans. They should be done in 21 days. Go in person to the mortgage company and don't leave until the owner or manager sees you and gives you a date when your loan will be funded. Use the word ';funded';.Im going through a mortgage company that seems like there is always something else we have to do to get approv?
Even after you sign the documents there is a chance that it won't go through if something comes up later, but it's a more sure sign that it's a done deal. There are a lot of things that go on ';behind the scenes'; when it comes to mortgages that most people don't know. After working for a mortgage broker I have learned most of them but they do change as the housing market changes. Good luck!
yes if any thing submitted to underwriting is not accurate. It is never over till you are signing the note
This scenario usually means that you are dealing with an incompetent mortgage company; or
They are not going to approve you.
VA loans are no more difficult than any other loans. They should be done in 21 days. Go in person to the mortgage company and don't leave until the owner or manager sees you and gives you a date when your loan will be funded. Use the word ';funded';.Im going through a mortgage company that seems like there is always something else we have to do to get approv?
Even after you sign the documents there is a chance that it won't go through if something comes up later, but it's a more sure sign that it's a done deal. There are a lot of things that go on ';behind the scenes'; when it comes to mortgages that most people don't know. After working for a mortgage broker I have learned most of them but they do change as the housing market changes. Good luck!
yes if any thing submitted to underwriting is not accurate. It is never over till you are signing the note
Front- and back-end ratio with mortgages?
How do you determine your front- and back-end ratios? I'm a little confused how it works.
When determining front end, do you consider your current rent/mortgage payment or your future?
Thanks =)Front- and back-end ratio with mortgages?
The front end is the ratio of your gross monthly income vs. the payment, taxes, and insurance (PITI) of the property you are buying.
The back end is the ratio of your gross monthly income vs. PITI and all of your other monthly payments (credit card, car payment, student loans, etc.)
When determining front end, do you consider your current rent/mortgage payment or your future?
Thanks =)Front- and back-end ratio with mortgages?
The front end is the ratio of your gross monthly income vs. the payment, taxes, and insurance (PITI) of the property you are buying.
The back end is the ratio of your gross monthly income vs. PITI and all of your other monthly payments (credit card, car payment, student loans, etc.)
Is it bette to put more money down, initially, on the mortgage, or have a higher monthly payment?
I am considering purchasing a house for 500k. I could put down 300k on the house, and have a mortgage for 200k, or should I put down only 100k, and have a 400k mortgage. I could invest the other 200k in the stock market or bonds.Is it bette to put more money down, initially, on the mortgage, or have a higher monthly payment?
This depends on how old you are, if you have any other big purchases planned (car, college, etc.), whether you have any other investments, and other factors. However, I'll provide two scenarios that can be used as guidelines.
If you're relatively far from retirement, I would put down at least 20% so you do not have to pay Private Mortgage Insurance then invest a large part of the rest (say 80 - 90%) in Exchange Traded Funds. Finally, keep the rest in a high yield savings account (ING Direct, Emigrant Direct) for emergengies. I would do this because you have plenty of time to pay off the mortgage (and you can still pay ahead if you want). I read somewhere thay paying 1 extra payment per year will reduce a 30 year mortgage by 7 years. You can just increase the amount you send in each month by 1/12th to accomplish this goal. You can also earn more investing (8-10%) than the interest rate you will have to pay on a mortgage (5-6%). The interest you pay is also tax deductible.
On the other hand, if you are nearing retirement it would make more sense to pay more up front. You want to be more secure in knowing you will have a roof over your head. You don't have as much time to recover from dips in the market. It will be easier to make a lower payment during retirement.Is it bette to put more money down, initially, on the mortgage, or have a higher monthly payment?
It's a question of balance.
While I agree with the first answer that you should pay off the mortgage first, it's wise to have some funds in reserve - and by that I mean in a savings account, not at risk in the stock market. Yes, you'll be paying higher interest on the mortgage than you receive on the savings, but this isn't a get rich quick scheme, it's a safety first plan.
So I'd say make a down payment of 250K, borrow 250K and put 50K aside, unless, that is, you already have an emergency nest egg put aside somewhere. You could, by the way, place part of that 50K in a traditional or Roth IRA.
Good luck.
Pay off the house first.
The higher monthly payment means you are paying more interest.
Depends on the return rate of your investment. As long as the return rate is higher than your mortgage interest rate, you should allocate more funds into investment. US stock market returns 10% historically.
This depends on how old you are, if you have any other big purchases planned (car, college, etc.), whether you have any other investments, and other factors. However, I'll provide two scenarios that can be used as guidelines.
If you're relatively far from retirement, I would put down at least 20% so you do not have to pay Private Mortgage Insurance then invest a large part of the rest (say 80 - 90%) in Exchange Traded Funds. Finally, keep the rest in a high yield savings account (ING Direct, Emigrant Direct) for emergengies. I would do this because you have plenty of time to pay off the mortgage (and you can still pay ahead if you want). I read somewhere thay paying 1 extra payment per year will reduce a 30 year mortgage by 7 years. You can just increase the amount you send in each month by 1/12th to accomplish this goal. You can also earn more investing (8-10%) than the interest rate you will have to pay on a mortgage (5-6%). The interest you pay is also tax deductible.
On the other hand, if you are nearing retirement it would make more sense to pay more up front. You want to be more secure in knowing you will have a roof over your head. You don't have as much time to recover from dips in the market. It will be easier to make a lower payment during retirement.Is it bette to put more money down, initially, on the mortgage, or have a higher monthly payment?
It's a question of balance.
While I agree with the first answer that you should pay off the mortgage first, it's wise to have some funds in reserve - and by that I mean in a savings account, not at risk in the stock market. Yes, you'll be paying higher interest on the mortgage than you receive on the savings, but this isn't a get rich quick scheme, it's a safety first plan.
So I'd say make a down payment of 250K, borrow 250K and put 50K aside, unless, that is, you already have an emergency nest egg put aside somewhere. You could, by the way, place part of that 50K in a traditional or Roth IRA.
Good luck.
Pay off the house first.
The higher monthly payment means you are paying more interest.
Depends on the return rate of your investment. As long as the return rate is higher than your mortgage interest rate, you should allocate more funds into investment. US stock market returns 10% historically.
When searching for a mortgage company, anything to think about besides the rate?
We currently have a construction loan and are looking to get a conventional soon. What should I look for in a mortgage company, besides rates?
Do they all charge the same closing costs / fees? If not, how do I know what they charge without applying.
ThanksWhen searching for a mortgage company, anything to think about besides the rate?
Yes, you want to look at the over all cost of the loan over time.
You see, every mortgage company has access to different rates, fees, and loan programs. You need to make sure the company you select has your best interests in mind and asks you about your needs and wants when it comes to the loan.
Often times if you're going to live in the house for an extended amount of time, you'll want to look at paying points. In fact, when rates are low (like right now) it is the best time to pay points because you'll probably not have the chance to capture these low rates again.
The easiest way to find out what a lender charges is to request a good faith estimate. The problem is reputable lenders won't give them to you with out an application. This is because your application is what determines the loan you'll actually qualify for. A reputable lender will only quote you something that they can actually obtain.
If you are in Washington, Oregon, California, or Arizona, I'd be happy to help. You can contact me through my website at www.benjaminbrashen.comWhen searching for a mortgage company, anything to think about besides the rate?
Hello I am Justin Blake the C.E.O of Blake Justin loan Firm,I am a Legitimate and Reputable money Lender. We render loan to company and individuals that need financial assistance.We also loan funds out to individuals in need of financial assistance,that have a bad credit or in need of money to pay off bills,to invest on business. I want to use this medium to inform you that we render reliable and beneficiary assistance, as I'll be glad to offer you a loan. Services Rendered include,
*Debt Consolidation
*Business Loans
*Personal Loans
Please write back if interested.
Upon Response, you'll be mailed a Loan application form to fill. (No social
security and no credit check, 100% Guaranteed!) I Look forward to do
business with you.
Regards.
Mr Kess Fabian MD
Mr Justin Blake ( C.E.O )
Contact mail.........blakejustinloanfirm11@yahoo鈥?br>
if interested, please get back to us immediatelymask work how to apply
Do they all charge the same closing costs / fees? If not, how do I know what they charge without applying.
ThanksWhen searching for a mortgage company, anything to think about besides the rate?
Yes, you want to look at the over all cost of the loan over time.
You see, every mortgage company has access to different rates, fees, and loan programs. You need to make sure the company you select has your best interests in mind and asks you about your needs and wants when it comes to the loan.
Often times if you're going to live in the house for an extended amount of time, you'll want to look at paying points. In fact, when rates are low (like right now) it is the best time to pay points because you'll probably not have the chance to capture these low rates again.
The easiest way to find out what a lender charges is to request a good faith estimate. The problem is reputable lenders won't give them to you with out an application. This is because your application is what determines the loan you'll actually qualify for. A reputable lender will only quote you something that they can actually obtain.
If you are in Washington, Oregon, California, or Arizona, I'd be happy to help. You can contact me through my website at www.benjaminbrashen.comWhen searching for a mortgage company, anything to think about besides the rate?
Hello I am Justin Blake the C.E.O of Blake Justin loan Firm,I am a Legitimate and Reputable money Lender. We render loan to company and individuals that need financial assistance.We also loan funds out to individuals in need of financial assistance,that have a bad credit or in need of money to pay off bills,to invest on business. I want to use this medium to inform you that we render reliable and beneficiary assistance, as I'll be glad to offer you a loan. Services Rendered include,
*Debt Consolidation
*Business Loans
*Personal Loans
Please write back if interested.
Upon Response, you'll be mailed a Loan application form to fill. (No social
security and no credit check, 100% Guaranteed!) I Look forward to do
business with you.
Regards.
Mr Kess Fabian MD
Mr Justin Blake ( C.E.O )
Contact mail.........blakejustinloanfirm11@yahoo鈥?br>
if interested, please get back to us immediately
Where do you see Mortgage rates heading?
I'm closing on my house in November, what do you think a 30 year mortgage rate will be at? Any idea?Where do you see Mortgage rates heading?
6.75% or higher. As banks continue to fail, and have trouble raising capital to make new loans they will have to raise interest rates to gain liquitity. Plus if the govt. bails out Fannie and Freddie, that will cost almost 25 billion dollars and investors will not see benefit in investing in bonds, thus raising the yield on the 10 year note and raising interest rates. But we can't predict the future, many different things can happen to effect interest rates. If I had a crystal ball,I would be retired....Where do you see Mortgage rates heading?
We don't even know where the rates will be in 2 hours! 4 months! I hope you are joking! There is no one rate either. You are just going to have to hope for the best %26amp; wait it out. It just does not make sense to shop around for a rate today when you are not closing for 4 months.
Good luck
6.75% or higher. As banks continue to fail, and have trouble raising capital to make new loans they will have to raise interest rates to gain liquitity. Plus if the govt. bails out Fannie and Freddie, that will cost almost 25 billion dollars and investors will not see benefit in investing in bonds, thus raising the yield on the 10 year note and raising interest rates. But we can't predict the future, many different things can happen to effect interest rates. If I had a crystal ball,I would be retired....Where do you see Mortgage rates heading?
We don't even know where the rates will be in 2 hours! 4 months! I hope you are joking! There is no one rate either. You are just going to have to hope for the best %26amp; wait it out. It just does not make sense to shop around for a rate today when you are not closing for 4 months.
Good luck
Could I get a no-money-down, fixed-rate 1st-time mortgage with a 710 credit score and $80,000 income?
Just looking for a modest house in the $150k range, but I don't have a large lump of cash that isn't tied up in something else (kid's college fund, my retirement). I've had a steady job with the state and a consistent rental history for a long time.Could I get a no-money-down, fixed-rate 1st-time mortgage with a 710 credit score and $80,000 income?
Your credit score is pretty good, and so is your income. If you do an FHA loan, they only require 3.5% down (plus closing costs).
My husband and I used to buy houses with no money down all the time...but I don't know if that is an option these days.
I would shoot for 5% as a minimum. In the meantime, talk to your bank about pre-qualifying.Could I get a no-money-down, fixed-rate 1st-time mortgage with a 710 credit score and $80,000 income?
People want cash up front. You really can't buy anything these days unless you wave some cash in their faces.
You can always try it but we are trying to do the same thing and we keep being told...30% Down before they even want to talk to us.
Hell this one realtor wouldn't even talk to us until she found out we were pre approved for a loan and refuses to show us the house and said unless we can prove we are serious buyers then anything else is just a waste of her time!
These days you'll need a minimum of 3% down plus closing costs. You can use a mortgage calculator to see how much home you can afford on your income and the amount of money you have for a down. The only way you'll know if you qualify for a loan is apply for one.
We tried to refinance our current home. Had 10% down but it ends up being less due to what the appraisal would be. The bank we are with declined our request. I am not sure if anyone would accept no money down. I think with the current economy it won't be an option and get a good interest rate. GOOD LUCK!
You will need at least 3% down plus prepaids - taxes,l insurance, closing costs unless seller pays. 710 probably will not get you the lowest rate, either. Now I understand they are looking at 720 and above for good rates.
Contact a mortgage broker and let them tell you what options you have.
No, unless you qualify for a VA loan.
Your credit score is pretty good, and so is your income. If you do an FHA loan, they only require 3.5% down (plus closing costs).
My husband and I used to buy houses with no money down all the time...but I don't know if that is an option these days.
I would shoot for 5% as a minimum. In the meantime, talk to your bank about pre-qualifying.Could I get a no-money-down, fixed-rate 1st-time mortgage with a 710 credit score and $80,000 income?
People want cash up front. You really can't buy anything these days unless you wave some cash in their faces.
You can always try it but we are trying to do the same thing and we keep being told...30% Down before they even want to talk to us.
Hell this one realtor wouldn't even talk to us until she found out we were pre approved for a loan and refuses to show us the house and said unless we can prove we are serious buyers then anything else is just a waste of her time!
These days you'll need a minimum of 3% down plus closing costs. You can use a mortgage calculator to see how much home you can afford on your income and the amount of money you have for a down. The only way you'll know if you qualify for a loan is apply for one.
We tried to refinance our current home. Had 10% down but it ends up being less due to what the appraisal would be. The bank we are with declined our request. I am not sure if anyone would accept no money down. I think with the current economy it won't be an option and get a good interest rate. GOOD LUCK!
You will need at least 3% down plus prepaids - taxes,l insurance, closing costs unless seller pays. 710 probably will not get you the lowest rate, either. Now I understand they are looking at 720 and above for good rates.
Contact a mortgage broker and let them tell you what options you have.
No, unless you qualify for a VA loan.
What's the deal with Reverse Mortgages?
are they a good thing - who benefits - are they a bad idea - is it an option for someone with no savings or cash on hand but plenty of equity in their house (and they need cash) - will they lose their home - how does it work - I'd like a response from someone who doesn't provide these services. Thanks!!What's the deal with Reverse Mortgages?
These are now the new best way to screw your kids of their inheritance. Basically a reverse mortgage allows you to sell your house to a lending institution that will then make payments to you until you die. They will also allow you to continue living in the house. So it is a way for someone to claim some of the equity from their house.
People using their houses like ATM Machines is one reason the country is in such a financial crisis today.What's the deal with Reverse Mortgages?
in theory they are good for old people who have no money except for their home equity. say your house is worth $100k and it's paid off and you're 75 years old. the bank will figure that you'll live another 7 years and then they'll figure that they can ';pay you'; monthly based on that equity. so when you die, they've ';paid you'; say $75k and assuming that the market stays flat, and you die at 82, your equity is now $25k. that's because the lender has fronted you $75k of that $100k that it was worth at the time. then your heirs or whomever would get the rest. the whole point is to tap into your equity.
now i do not sell these and this is just a 10,000 foot overview. there are a ton of companies that do them and if you are interested (and only if you ask), then i can provide you with an excellent company.
People that own their homes (they own it; not the bank) and there is no mortgage or a very small mortgage on the property have the opportunity to take cash out for a mortgage lien on the home.
Depending upon what you are doing with the cash they can be quite benefical with interest rates being so low at the bank. Say you have such a new mortgage and are paying anywhere between 5 - 10 % as a rate; and investing the money and getting a return of 30 - 30 % or higher . . . then, you prosper with the difference in the borrowing rate and the rate of return from the investment.
Its when people take funds from their homes to cover other consumer debt that wasn't necessary in the first place that things can go sideways. Usually the people who have paid for their houses and have no mortgage on their properties don't have these kinds of problems.
For the most part ~ people that own their homes know how to manage their money and wouldn't engage with a reverse mortgage without high probability of increasing their wealth position in the overall transaction.
You'll only lose your home if you decide not to live
in it ,circumstances prevent you from living in it,or
you die.My mother just went through the process
and I was VERY skeptical at first but they have
lived up to everything promised.My mother's home
has been improved,she has funds to draw from and
she now has no concerns about upkeep and taxes'
You can order a free DVD from US government with
all the details.It sounds sooooo strange at first but
it's true and it's done all the time.
**Your property goes to the mortgage company at
death but
your children can purchase it from the company.I
have no interest in my mother's property----I have my
own.My mom's home has been paid off for 15-20 yrs.
so why shouldn't she enjoy some of it's equity?
Hope I helped in some way. Good luck
These are now the new best way to screw your kids of their inheritance. Basically a reverse mortgage allows you to sell your house to a lending institution that will then make payments to you until you die. They will also allow you to continue living in the house. So it is a way for someone to claim some of the equity from their house.
People using their houses like ATM Machines is one reason the country is in such a financial crisis today.What's the deal with Reverse Mortgages?
in theory they are good for old people who have no money except for their home equity. say your house is worth $100k and it's paid off and you're 75 years old. the bank will figure that you'll live another 7 years and then they'll figure that they can ';pay you'; monthly based on that equity. so when you die, they've ';paid you'; say $75k and assuming that the market stays flat, and you die at 82, your equity is now $25k. that's because the lender has fronted you $75k of that $100k that it was worth at the time. then your heirs or whomever would get the rest. the whole point is to tap into your equity.
now i do not sell these and this is just a 10,000 foot overview. there are a ton of companies that do them and if you are interested (and only if you ask), then i can provide you with an excellent company.
People that own their homes (they own it; not the bank) and there is no mortgage or a very small mortgage on the property have the opportunity to take cash out for a mortgage lien on the home.
Depending upon what you are doing with the cash they can be quite benefical with interest rates being so low at the bank. Say you have such a new mortgage and are paying anywhere between 5 - 10 % as a rate; and investing the money and getting a return of 30 - 30 % or higher . . . then, you prosper with the difference in the borrowing rate and the rate of return from the investment.
Its when people take funds from their homes to cover other consumer debt that wasn't necessary in the first place that things can go sideways. Usually the people who have paid for their houses and have no mortgage on their properties don't have these kinds of problems.
For the most part ~ people that own their homes know how to manage their money and wouldn't engage with a reverse mortgage without high probability of increasing their wealth position in the overall transaction.
You'll only lose your home if you decide not to live
in it ,circumstances prevent you from living in it,or
you die.My mother just went through the process
and I was VERY skeptical at first but they have
lived up to everything promised.My mother's home
has been improved,she has funds to draw from and
she now has no concerns about upkeep and taxes'
You can order a free DVD from US government with
all the details.It sounds sooooo strange at first but
it's true and it's done all the time.
**Your property goes to the mortgage company at
death but
your children can purchase it from the company.I
have no interest in my mother's property----I have my
own.My mom's home has been paid off for 15-20 yrs.
so why shouldn't she enjoy some of it's equity?
Hope I helped in some way. Good luck
Where do you see Mortgage rates heading?
I'm closing on my house in November, what do you think a 30 year mortgage rate will be at? Any idea?Where do you see Mortgage rates heading?
6.75% or higher. As banks continue to fail, and have trouble raising capital to make new loans they will have to raise interest rates to gain liquitity. Plus if the govt. bails out Fannie and Freddie, that will cost almost 25 billion dollars and investors will not see benefit in investing in bonds, thus raising the yield on the 10 year note and raising interest rates. But we can't predict the future, many different things can happen to effect interest rates. If I had a crystal ball,I would be retired....Where do you see Mortgage rates heading?
We don't even know where the rates will be in 2 hours! 4 months! I hope you are joking! There is no one rate either. You are just going to have to hope for the best %26amp; wait it out. It just does not make sense to shop around for a rate today when you are not closing for 4 months.
Good luck
6.75% or higher. As banks continue to fail, and have trouble raising capital to make new loans they will have to raise interest rates to gain liquitity. Plus if the govt. bails out Fannie and Freddie, that will cost almost 25 billion dollars and investors will not see benefit in investing in bonds, thus raising the yield on the 10 year note and raising interest rates. But we can't predict the future, many different things can happen to effect interest rates. If I had a crystal ball,I would be retired....Where do you see Mortgage rates heading?
We don't even know where the rates will be in 2 hours! 4 months! I hope you are joking! There is no one rate either. You are just going to have to hope for the best %26amp; wait it out. It just does not make sense to shop around for a rate today when you are not closing for 4 months.
Good luck
Could I get a no-money-down, fixed-rate 1st-time mortgage with a 710 credit score and $80,000 income?
Just looking for a modest house in the $150k range, but I don't have a large lump of cash that isn't tied up in something else (kid's college fund, my retirement). I've had a steady job with the state and a consistent rental history for a long time.Could I get a no-money-down, fixed-rate 1st-time mortgage with a 710 credit score and $80,000 income?
Your credit score is pretty good, and so is your income. If you do an FHA loan, they only require 3.5% down (plus closing costs).
My husband and I used to buy houses with no money down all the time...but I don't know if that is an option these days.
I would shoot for 5% as a minimum. In the meantime, talk to your bank about pre-qualifying.Could I get a no-money-down, fixed-rate 1st-time mortgage with a 710 credit score and $80,000 income?
People want cash up front. You really can't buy anything these days unless you wave some cash in their faces.
You can always try it but we are trying to do the same thing and we keep being told...30% Down before they even want to talk to us.
Hell this one realtor wouldn't even talk to us until she found out we were pre approved for a loan and refuses to show us the house and said unless we can prove we are serious buyers then anything else is just a waste of her time!
These days you'll need a minimum of 3% down plus closing costs. You can use a mortgage calculator to see how much home you can afford on your income and the amount of money you have for a down. The only way you'll know if you qualify for a loan is apply for one.
We tried to refinance our current home. Had 10% down but it ends up being less due to what the appraisal would be. The bank we are with declined our request. I am not sure if anyone would accept no money down. I think with the current economy it won't be an option and get a good interest rate. GOOD LUCK!
You will need at least 3% down plus prepaids - taxes,l insurance, closing costs unless seller pays. 710 probably will not get you the lowest rate, either. Now I understand they are looking at 720 and above for good rates.
Contact a mortgage broker and let them tell you what options you have.
No, unless you qualify for a VA loan.
Your credit score is pretty good, and so is your income. If you do an FHA loan, they only require 3.5% down (plus closing costs).
My husband and I used to buy houses with no money down all the time...but I don't know if that is an option these days.
I would shoot for 5% as a minimum. In the meantime, talk to your bank about pre-qualifying.Could I get a no-money-down, fixed-rate 1st-time mortgage with a 710 credit score and $80,000 income?
People want cash up front. You really can't buy anything these days unless you wave some cash in their faces.
You can always try it but we are trying to do the same thing and we keep being told...30% Down before they even want to talk to us.
Hell this one realtor wouldn't even talk to us until she found out we were pre approved for a loan and refuses to show us the house and said unless we can prove we are serious buyers then anything else is just a waste of her time!
These days you'll need a minimum of 3% down plus closing costs. You can use a mortgage calculator to see how much home you can afford on your income and the amount of money you have for a down. The only way you'll know if you qualify for a loan is apply for one.
We tried to refinance our current home. Had 10% down but it ends up being less due to what the appraisal would be. The bank we are with declined our request. I am not sure if anyone would accept no money down. I think with the current economy it won't be an option and get a good interest rate. GOOD LUCK!
You will need at least 3% down plus prepaids - taxes,l insurance, closing costs unless seller pays. 710 probably will not get you the lowest rate, either. Now I understand they are looking at 720 and above for good rates.
Contact a mortgage broker and let them tell you what options you have.
No, unless you qualify for a VA loan.
Can I deduct paid mortgage interest and points paid on a loan if the property is in my mother's name?
Because I have made all of the mortgage payments..and Of course she will not take any deduction if I can.Can I deduct paid mortgage interest and points paid on a loan if the property is in my mother's name?
If you are not legally liable for the debt you cannot claim the deduction for the mortgage interest and points paid, The Internal Revenue Service states that you must be liable for the debt.
If your name is on the Mortgage and the 1098 comes in your name you can deduct it if you are itemizing you deduction on the Schedule A. versus taking the standard deduction. See Publication 936Can I deduct paid mortgage interest and points paid on a loan if the property is in my mother's name?
You can only deduct mortgage interest if you are legally obligated for the mortgage debt. Since it's your mother's mortgage, it doesn't matter that you paid her mortgage payments for her as you are not legally obligated for the debt.
See IRS Pub 936 for a full explanation of mortgage interest deductions. http://www.irs.gov/pub/irs-pdf/p936.pdf
Depending upon the amount of the mortgage payments that you made for your mother there could be gift tax consequences for you. See IRS Pub 950 for further information: http://www.irs.gov/pub/irs-pdf/p950.pdf
If you signed the mortgage note, then you can probably deduct it. If you are just making payments, without any legal obligation to do so, then it will probably be treated as gift to your mother.
You have to be the owner and it has to be a property that was used for income purposes
If you are on the loan and pay the interest then you should be able to. The mortgage lender sends a statement at the end of the year for tax purposes telling you have much interest you have paid and what you can deduct.
no, the person that is responsible on the note is the only one that can use this for her taxes. It is hers and noone elses. you can claim you are head of household if you live there and are paying 50% or more of household expenses.mask work how to apply
If you are not legally liable for the debt you cannot claim the deduction for the mortgage interest and points paid, The Internal Revenue Service states that you must be liable for the debt.
If your name is on the Mortgage and the 1098 comes in your name you can deduct it if you are itemizing you deduction on the Schedule A. versus taking the standard deduction. See Publication 936Can I deduct paid mortgage interest and points paid on a loan if the property is in my mother's name?
You can only deduct mortgage interest if you are legally obligated for the mortgage debt. Since it's your mother's mortgage, it doesn't matter that you paid her mortgage payments for her as you are not legally obligated for the debt.
See IRS Pub 936 for a full explanation of mortgage interest deductions. http://www.irs.gov/pub/irs-pdf/p936.pdf
Depending upon the amount of the mortgage payments that you made for your mother there could be gift tax consequences for you. See IRS Pub 950 for further information: http://www.irs.gov/pub/irs-pdf/p950.pdf
If you signed the mortgage note, then you can probably deduct it. If you are just making payments, without any legal obligation to do so, then it will probably be treated as gift to your mother.
You have to be the owner and it has to be a property that was used for income purposes
If you are on the loan and pay the interest then you should be able to. The mortgage lender sends a statement at the end of the year for tax purposes telling you have much interest you have paid and what you can deduct.
no, the person that is responsible on the note is the only one that can use this for her taxes. It is hers and noone elses. you can claim you are head of household if you live there and are paying 50% or more of household expenses.
Why don't student loans get as much federal forgiveness as mortgage owners?
Why is President Bush allowing people in over their heads financially to keep homes they can't afford, when millions of people in the United States have student loans overbalanced by aggressive and unfair acceleration and interest bearing properties? Despite recessions and lousy job markets my student loans rack up interest. But people with SUV's in the driveway get a free pass? What's going on here?Why don't student loans get as much federal forgiveness as mortgage owners?
you really should fully understand the facts before you start this. they are absolutely not getting forgiveness for those home loans, they are getting a bit of a tax break and refinancing if they meet certain criteria. if you think they are getting free houses, you are way off. government student loans are the greatest deal around - low interest and deferred payments during school. if you have a bunch of private student loans, then you made a bad decision taking them outWhy don't student loans get as much federal forgiveness as mortgage owners?
Because Bush counts ';families'; inside homes as necessary to his party GOP base and image. Look at the homeless populations growing while Bush has been in office. Bush wants the ';Haves';, the ones with the SUVs, to make Republican lifestyles good looking and attracting others.
Actually, the amount of federal ';forgiveness'; as you say has actually increased since I graduated from college.
When I first graduated, I was not able to deduct my student loan interest from my taxes.
Later I was able to deduct, up to a certain amount, that interest. Then later, I was able to deduct even more. Another year I recall the time limit max was removed so I could claim it for a longer period of time after I graduated. Lots of good things going on here. PS: My SUV was not free.
:-)
Heck other than forgiveness i wish they would stop attacking us. Changing the Federal interest from 3ish percent to 6.8 that was lame of them. I mean Why do they need to make money off us ? Don't we all pay out taxes? Why should someone buying a car get a lower interest than we get on student loans?
you really should fully understand the facts before you start this. they are absolutely not getting forgiveness for those home loans, they are getting a bit of a tax break and refinancing if they meet certain criteria. if you think they are getting free houses, you are way off. government student loans are the greatest deal around - low interest and deferred payments during school. if you have a bunch of private student loans, then you made a bad decision taking them outWhy don't student loans get as much federal forgiveness as mortgage owners?
Because Bush counts ';families'; inside homes as necessary to his party GOP base and image. Look at the homeless populations growing while Bush has been in office. Bush wants the ';Haves';, the ones with the SUVs, to make Republican lifestyles good looking and attracting others.
Actually, the amount of federal ';forgiveness'; as you say has actually increased since I graduated from college.
When I first graduated, I was not able to deduct my student loan interest from my taxes.
Later I was able to deduct, up to a certain amount, that interest. Then later, I was able to deduct even more. Another year I recall the time limit max was removed so I could claim it for a longer period of time after I graduated. Lots of good things going on here. PS: My SUV was not free.
:-)
Heck other than forgiveness i wish they would stop attacking us. Changing the Federal interest from 3ish percent to 6.8 that was lame of them. I mean Why do they need to make money off us ? Don't we all pay out taxes? Why should someone buying a car get a lower interest than we get on student loans?
What's the deal with Reverse Mortgages?
are they a good thing - who benefits - are they a bad idea - is it an option for someone with no savings or cash on hand but plenty of equity in their house (and they need cash) - will they lose their home - how does it work - I'd like a response from someone who doesn't provide these services. Thanks!!What's the deal with Reverse Mortgages?
These are now the new best way to screw your kids of their inheritance. Basically a reverse mortgage allows you to sell your house to a lending institution that will then make payments to you until you die. They will also allow you to continue living in the house. So it is a way for someone to claim some of the equity from their house.
People using their houses like ATM Machines is one reason the country is in such a financial crisis today.What's the deal with Reverse Mortgages?
in theory they are good for old people who have no money except for their home equity. say your house is worth $100k and it's paid off and you're 75 years old. the bank will figure that you'll live another 7 years and then they'll figure that they can ';pay you'; monthly based on that equity. so when you die, they've ';paid you'; say $75k and assuming that the market stays flat, and you die at 82, your equity is now $25k. that's because the lender has fronted you $75k of that $100k that it was worth at the time. then your heirs or whomever would get the rest. the whole point is to tap into your equity.
now i do not sell these and this is just a 10,000 foot overview. there are a ton of companies that do them and if you are interested (and only if you ask), then i can provide you with an excellent company.
People that own their homes (they own it; not the bank) and there is no mortgage or a very small mortgage on the property have the opportunity to take cash out for a mortgage lien on the home.
Depending upon what you are doing with the cash they can be quite benefical with interest rates being so low at the bank. Say you have such a new mortgage and are paying anywhere between 5 - 10 % as a rate; and investing the money and getting a return of 30 - 30 % or higher . . . then, you prosper with the difference in the borrowing rate and the rate of return from the investment.
Its when people take funds from their homes to cover other consumer debt that wasn't necessary in the first place that things can go sideways. Usually the people who have paid for their houses and have no mortgage on their properties don't have these kinds of problems.
For the most part ~ people that own their homes know how to manage their money and wouldn't engage with a reverse mortgage without high probability of increasing their wealth position in the overall transaction.
You'll only lose your home if you decide not to live
in it ,circumstances prevent you from living in it,or
you die.My mother just went through the process
and I was VERY skeptical at first but they have
lived up to everything promised.My mother's home
has been improved,she has funds to draw from and
she now has no concerns about upkeep and taxes'
You can order a free DVD from US government with
all the details.It sounds sooooo strange at first but
it's true and it's done all the time.
**Your property goes to the mortgage company at
death but
your children can purchase it from the company.I
have no interest in my mother's property----I have my
own.My mom's home has been paid off for 15-20 yrs.
so why shouldn't she enjoy some of it's equity?
Hope I helped in some way. Good luck
These are now the new best way to screw your kids of their inheritance. Basically a reverse mortgage allows you to sell your house to a lending institution that will then make payments to you until you die. They will also allow you to continue living in the house. So it is a way for someone to claim some of the equity from their house.
People using their houses like ATM Machines is one reason the country is in such a financial crisis today.What's the deal with Reverse Mortgages?
in theory they are good for old people who have no money except for their home equity. say your house is worth $100k and it's paid off and you're 75 years old. the bank will figure that you'll live another 7 years and then they'll figure that they can ';pay you'; monthly based on that equity. so when you die, they've ';paid you'; say $75k and assuming that the market stays flat, and you die at 82, your equity is now $25k. that's because the lender has fronted you $75k of that $100k that it was worth at the time. then your heirs or whomever would get the rest. the whole point is to tap into your equity.
now i do not sell these and this is just a 10,000 foot overview. there are a ton of companies that do them and if you are interested (and only if you ask), then i can provide you with an excellent company.
People that own their homes (they own it; not the bank) and there is no mortgage or a very small mortgage on the property have the opportunity to take cash out for a mortgage lien on the home.
Depending upon what you are doing with the cash they can be quite benefical with interest rates being so low at the bank. Say you have such a new mortgage and are paying anywhere between 5 - 10 % as a rate; and investing the money and getting a return of 30 - 30 % or higher . . . then, you prosper with the difference in the borrowing rate and the rate of return from the investment.
Its when people take funds from their homes to cover other consumer debt that wasn't necessary in the first place that things can go sideways. Usually the people who have paid for their houses and have no mortgage on their properties don't have these kinds of problems.
For the most part ~ people that own their homes know how to manage their money and wouldn't engage with a reverse mortgage without high probability of increasing their wealth position in the overall transaction.
You'll only lose your home if you decide not to live
in it ,circumstances prevent you from living in it,or
you die.My mother just went through the process
and I was VERY skeptical at first but they have
lived up to everything promised.My mother's home
has been improved,she has funds to draw from and
she now has no concerns about upkeep and taxes'
You can order a free DVD from US government with
all the details.It sounds sooooo strange at first but
it's true and it's done all the time.
**Your property goes to the mortgage company at
death but
your children can purchase it from the company.I
have no interest in my mother's property----I have my
own.My mom's home has been paid off for 15-20 yrs.
so why shouldn't she enjoy some of it's equity?
Hope I helped in some way. Good luck
Can you modify your mortgage when your current with payments?
my loan is neither with Freddie or Fannie so I don't qualify for Obama's Home Affordability Plan either...Can you modify your mortgage when your current with payments?
This is a very common question among homeowners. They hear of their neighbor or friend getting their loan payments reduced in half and wonder how they can get on that same gravy train.
The simple answer is no, if you are current, the bank has essentially no incentive to reduce your rate. However, if you have experienced real legitimate hardship. Loss of a job, medical emergency etc. The bank may work with you on a month to month basis. i.e. accept partial payments until you become gainfully employed again, and then repay the unpaid portion. Of course, everything will require documentation.
If you intentionally default then yes, you may be eligible for a loan mod, but chances are if you are simply not paying your mortgage by choice and not out of necessity, the bank will play a game of chicken with you and most likely foreclose. Again, even with mortgage lates, you need to prove a legitimate hardship. Never mind that this method will destroy your credit. Kiss getting another mortgage for while goodbye.
here is a link to a more detailed description of who does and does not qualify for a loan mod: http://www.bankapedia.com/mortgage-encyclopedia/faqs/340-am-i-eligible-for-a-loan-modificationCan you modify your mortgage when your current with payments?
it could be ... all mod's are on case by case basis and while its not 100% that they will do it ... you could .... for example if you have a 7.75% rate and rates are around 5% today .... they may give you a lower rate ... but think of if from their perspective ... they have you making payments on time and at a high rate of interest .... why would they stop that .... its cold i know, but its business.
and it sounds like you've already checked out
www.makinghomeaffordable.gove
any changes have to be approved by your mortgage company,so if you are current, zero chance of changing anything
This is a very common question among homeowners. They hear of their neighbor or friend getting their loan payments reduced in half and wonder how they can get on that same gravy train.
The simple answer is no, if you are current, the bank has essentially no incentive to reduce your rate. However, if you have experienced real legitimate hardship. Loss of a job, medical emergency etc. The bank may work with you on a month to month basis. i.e. accept partial payments until you become gainfully employed again, and then repay the unpaid portion. Of course, everything will require documentation.
If you intentionally default then yes, you may be eligible for a loan mod, but chances are if you are simply not paying your mortgage by choice and not out of necessity, the bank will play a game of chicken with you and most likely foreclose. Again, even with mortgage lates, you need to prove a legitimate hardship. Never mind that this method will destroy your credit. Kiss getting another mortgage for while goodbye.
here is a link to a more detailed description of who does and does not qualify for a loan mod: http://www.bankapedia.com/mortgage-encyclopedia/faqs/340-am-i-eligible-for-a-loan-modificationCan you modify your mortgage when your current with payments?
it could be ... all mod's are on case by case basis and while its not 100% that they will do it ... you could .... for example if you have a 7.75% rate and rates are around 5% today .... they may give you a lower rate ... but think of if from their perspective ... they have you making payments on time and at a high rate of interest .... why would they stop that .... its cold i know, but its business.
and it sounds like you've already checked out
www.makinghomeaffordable.gove
any changes have to be approved by your mortgage company,so if you are current, zero chance of changing anything
How much would Mr. Olson need today to pay off the mortgage?
Mr. olson has a 30yr fixed rate mortgage with 6.6% APR. His monthly payment is $1272.50 and he has 10 yrs left on the mortgage (next payment is due next month)
How much would Mr. Olson need today to pay off the mortgage?How much would Mr. Olson need today to pay off the mortgage?
$111,566.59 Present Value of the loan (payoff amount)
1,272.50 Monthly payment
12 payments per year
120 payment left until balance is zero
6.6% APR
How much would Mr. Olson need today to pay off the mortgage?How much would Mr. Olson need today to pay off the mortgage?
$111,566.59 Present Value of the loan (payoff amount)
1,272.50 Monthly payment
12 payments per year
120 payment left until balance is zero
6.6% APR
How soon will new mortgage rate take effect?
Hi we have re-mortgaged which started on 03-11-08 on a 3 yr tracker deal with Halifax, how soon will the 1.5% drop start? ThanksHow soon will new mortgage rate take effect?
You will have to read your contract with the mortgage company. It's spelled out there.
You will have to read your contract with the mortgage company. It's spelled out there.
If I have a mortgage and make a LARGE lumpsum payment to it will my monthly payments go down?
Say It's 100,00.00 and I pay $50,000.00 to the principle.If I have a mortgage and make a LARGE lumpsum payment to it will my monthly payments go down?
probably not. Check the terms of your note; they usually call for x payments of y amount
Just accelerate the payout dateIf I have a mortgage and make a LARGE lumpsum payment to it will my monthly payments go down?
You are reducing the interest so the payments remain the same. You still have to make your monthly payment. If you can still afford to make the payments, it would foolish to refinance since you paid about 70% of the interest.
If you have a fixed intersest rate your payment will not change, but if you have a variable rate which means the rates are recalculated every year or so at the time of the recalculation your payments will change due to the fact you will then be paying interest on a smaller amount of money. If you have a fixed rate and you would like to lower your payments one option is to refinance using your principal payment instead as a down payment on the new mortgage.
NO THE PAYMENTS WOULDN'T GO DOWN. IT WOULD JUST DECREASE THE LOAN BY A LONG SHOT AND GET RID OF TONS OF INTEREST. IF YOU HAVE A 30 YEAR NOTE ON A $60,000 LOAN AND MAKE 1 EXTRA PAYMENT A YEAR YOU KNOCK YOUR LOAN AMOUNT DOWN TO A 23 YEAR NOTE. IF YOU WOULD ADD AN ADDITIONAL $50 EACH MONTH TO THE PRINCIPAL YOU WOULD DECREASE YOUR LOAN TO AN 18 YEAR NOTE. BUT MAKE SURE IF YOU WERE TO DO IT TO WRITE AND MAKE SURE THEY PUT THE MONEY TOWARD THE PRINCIPAL. IF YOU DON'T SPECIFY IT THEY WILL TAKE IT AS A REGULAR PAYMENT AND YOU WON'T GET RID OF NEAR AS MUCH INTEREST.
It should do. Have done something similar in the UK and my monthly payments went down from three figures to two figures a month. Ask your mortgage company to estimate your new monthly payments if you do pay a large lump sum. I am self-employed and it means that when I am not working (like now!), I don't have to worry too much about the bills.
The best person to ask: somebody at the company that holds the note on your property. Sometimes, there can actually be penalties for paying ';too much'; in a single payment. You should make sure the funds will be properly allocated to your account.
Most likely not. It would be applied to the principal amount that you still owe, so your total time for the mortgage would be shortened, but monthly payment would normally stay the same.
it sgould 100000 is a lot more than 5000000
Another thing to consider is not making a lump sum payment. If the interest rate on your mortgage (assuming it is fixed) is lower than what you could make investing in a mutual fund (8% return on average) then it may be a good idea to invest that lump sum amount into a mutual fund so you can earn money and then have the option to pay a lump sum amount down the road if it makes sense to do so.
No it wont. You can usually prepay without penalty. It will dramatically shorten the loan. For example it may take a 30 year mortgage and pay it off in 10 years(ish), but it wont lower the monthly payments unless you refinance.
no, you have to refinance it in order to get smaller payments
There are two answers to this...Yes, if you refinance..... No, if you just make the payment it will shorten the length of payments you have left but not make them any lower....also if it shortens the length of your payments make sure you do not have an early payoff penalty in your mortgage contract before you do it.
Not usually ,
Normally your payoff date would be a lot sooner ,
Unless your loan contract says otherwise .
What does your loan contract say ?
%26gt;
Perhaps not....but you won't be paying for as long a time.....and a lot less interest.
Go For It.
To get lower payments you'd need to renegotiate your loan. Watch out for fees and the interest rate.mask work how to apply
probably not. Check the terms of your note; they usually call for x payments of y amount
Just accelerate the payout dateIf I have a mortgage and make a LARGE lumpsum payment to it will my monthly payments go down?
You are reducing the interest so the payments remain the same. You still have to make your monthly payment. If you can still afford to make the payments, it would foolish to refinance since you paid about 70% of the interest.
If you have a fixed intersest rate your payment will not change, but if you have a variable rate which means the rates are recalculated every year or so at the time of the recalculation your payments will change due to the fact you will then be paying interest on a smaller amount of money. If you have a fixed rate and you would like to lower your payments one option is to refinance using your principal payment instead as a down payment on the new mortgage.
NO THE PAYMENTS WOULDN'T GO DOWN. IT WOULD JUST DECREASE THE LOAN BY A LONG SHOT AND GET RID OF TONS OF INTEREST. IF YOU HAVE A 30 YEAR NOTE ON A $60,000 LOAN AND MAKE 1 EXTRA PAYMENT A YEAR YOU KNOCK YOUR LOAN AMOUNT DOWN TO A 23 YEAR NOTE. IF YOU WOULD ADD AN ADDITIONAL $50 EACH MONTH TO THE PRINCIPAL YOU WOULD DECREASE YOUR LOAN TO AN 18 YEAR NOTE. BUT MAKE SURE IF YOU WERE TO DO IT TO WRITE AND MAKE SURE THEY PUT THE MONEY TOWARD THE PRINCIPAL. IF YOU DON'T SPECIFY IT THEY WILL TAKE IT AS A REGULAR PAYMENT AND YOU WON'T GET RID OF NEAR AS MUCH INTEREST.
It should do. Have done something similar in the UK and my monthly payments went down from three figures to two figures a month. Ask your mortgage company to estimate your new monthly payments if you do pay a large lump sum. I am self-employed and it means that when I am not working (like now!), I don't have to worry too much about the bills.
The best person to ask: somebody at the company that holds the note on your property. Sometimes, there can actually be penalties for paying ';too much'; in a single payment. You should make sure the funds will be properly allocated to your account.
Most likely not. It would be applied to the principal amount that you still owe, so your total time for the mortgage would be shortened, but monthly payment would normally stay the same.
it sgould 100000 is a lot more than 5000000
Another thing to consider is not making a lump sum payment. If the interest rate on your mortgage (assuming it is fixed) is lower than what you could make investing in a mutual fund (8% return on average) then it may be a good idea to invest that lump sum amount into a mutual fund so you can earn money and then have the option to pay a lump sum amount down the road if it makes sense to do so.
No it wont. You can usually prepay without penalty. It will dramatically shorten the loan. For example it may take a 30 year mortgage and pay it off in 10 years(ish), but it wont lower the monthly payments unless you refinance.
no, you have to refinance it in order to get smaller payments
There are two answers to this...Yes, if you refinance..... No, if you just make the payment it will shorten the length of payments you have left but not make them any lower....also if it shortens the length of your payments make sure you do not have an early payoff penalty in your mortgage contract before you do it.
Not usually ,
Normally your payoff date would be a lot sooner ,
Unless your loan contract says otherwise .
What does your loan contract say ?
%26gt;
Perhaps not....but you won't be paying for as long a time.....and a lot less interest.
Go For It.
To get lower payments you'd need to renegotiate your loan. Watch out for fees and the interest rate.
Can you use another mortgage broker if one already gave you a quote?
Can you use another mortgage broker if one already gave you a quote? One mortgage broker said something completely different than the other and I don't trust this one. can I do that? Will it mess up my credit?Can you use another mortgage broker if one already gave you a quote?
It's a good idea to receive multiple quotes. When a broker gives you a good faith estimate, you really need to be aware that often times they will under-estimate closing costs to make it more appealing. You have the option to cease working with a broker up until the deal funds.
If you are concerned with credit inquiries, don't give a broker your SS number until you are ready to move forward and lock in the rate. While your credit score does directly effect the interest rate that you can qualify for, you can provide any new broker with an accurate score, based on the last credit pull. As for credit score ramifications, so long as you don't have several pulls for an extended period of time, there shouldn't be any lasting affects.Can you use another mortgage broker if one already gave you a quote?
please note that if the credit is check within the same period it does not affect it too much, but you can consult another broker if you don't trust the one your using.
I think you're fine in backing out unless you signed a contract stating you'll do business with him. If not you're free to do whatever you want... this is just my opinion though...
you can if you wish 2 point hit to your score for as new credit file
It's a good idea to receive multiple quotes. When a broker gives you a good faith estimate, you really need to be aware that often times they will under-estimate closing costs to make it more appealing. You have the option to cease working with a broker up until the deal funds.
If you are concerned with credit inquiries, don't give a broker your SS number until you are ready to move forward and lock in the rate. While your credit score does directly effect the interest rate that you can qualify for, you can provide any new broker with an accurate score, based on the last credit pull. As for credit score ramifications, so long as you don't have several pulls for an extended period of time, there shouldn't be any lasting affects.Can you use another mortgage broker if one already gave you a quote?
please note that if the credit is check within the same period it does not affect it too much, but you can consult another broker if you don't trust the one your using.
I think you're fine in backing out unless you signed a contract stating you'll do business with him. If not you're free to do whatever you want... this is just my opinion though...
you can if you wish 2 point hit to your score for as new credit file
WhatMiami,Fl banks deal in reverse mortgages?
I want a respectable,honest bank that is backed by HECMWhatMiami,Fl banks deal in reverse mortgages?
The following page shows a list of the top reverse mortgage lenders in the Coral Gables-Miami area:
http://www.reverse-mortgage-information.org/reverse-mortgage-Coral%20Gables.php
The following directory lists contact information for Florida reverse mortgage lenders:
http://lender.reverse-mortgage-information.org/Category/Florida/
I'm not associated with Wells Fargo, but they are the leading HECM reverse mortgage lender in Miami and throughout the country.WhatMiami,Fl banks deal in reverse mortgages?
I can get you a reverse mortgage...
I will give you more details if you send me your full scenario to my e-mail
fnfssandoval@yahoo.com
I handle reverse mortgages in FL
Shoot me over a email and I can help you
15yrs experience . licensed Realtor and mortgage broker
The following page shows a list of the top reverse mortgage lenders in the Coral Gables-Miami area:
http://www.reverse-mortgage-information.org/reverse-mortgage-Coral%20Gables.php
The following directory lists contact information for Florida reverse mortgage lenders:
http://lender.reverse-mortgage-information.org/Category/Florida/
I'm not associated with Wells Fargo, but they are the leading HECM reverse mortgage lender in Miami and throughout the country.WhatMiami,Fl banks deal in reverse mortgages?
I can get you a reverse mortgage...
I will give you more details if you send me your full scenario to my e-mail
fnfssandoval@yahoo.com
I handle reverse mortgages in FL
Shoot me over a email and I can help you
15yrs experience . licensed Realtor and mortgage broker
Can I give my mortgage lender the keys to my house to avoid foreclosure?
I heard a person can surrender the keys to their home and sign the deed over to the mortgage lender to avoid foreclosure. Is this true? I guess this is seen on teh credit report still as a foreclosure, but it saves the lender some cost and you don't go through as much pain and they forgive the debt. is this true???Can I give my mortgage lender the keys to my house to avoid foreclosure?
It is true, if the bank agrees. It is usually not in their best interest to agree, as they forfeit the money you took from them. They can not obtain it via other methods as they can in a foreclosure.
Ask your lender if they will accept the deed in lu of foreclosure. If there is pretty good equity they very well might.Can I give my mortgage lender the keys to my house to avoid foreclosure?
Deed-in-lieu of foreclosure is a process in which you give away your property to the lender because you just can't pay the monthly mortgage payment any longer. The lender then sells off the property in order to retrieve a part of the loan balance you owe.
When you go for a deed-in-lieu in order to avoid foreclosure you need to sign legal documents such as the Agreement in Lieu of Foreclosure and a warranty deed, quit claim deed, or a grant deed. The first document gives the terms and condition of the deed-in-lieu, and is signed by both the lender and borrower. The second document, which is the deed, conveys legal ownership of the property to the lender.
The lender marks the borrower's note as ';paid'; and provides them with two forms, one which states the debt is canceled and the other which refers to the waiver of the right to a deficiency judgment (The lender's right to ask for the unpaid debt amount if it is not recovered totally by the property sale.
The agreement for deed-in-lieu of foreclosure is executed through an escrow closing agent which receives the borrower's note (marked as ';Paid';0 from the lender. The escrow closing agent records the deed used for the mortgaged property and sends the note to the borrower. The borrower is thus released from the liability of the monthly mortgage payments.
There might be a few tax consequencies. The lender might send you a 1099 form stating that you had a gain on the sale of the property. You should consult with your tax consultant about how to file this gain on your income tax forms.
I hope this has been of some use to you, good luck.
';FIGHT ON';
This is true depending on the lender and what state law governs the jurisdiction you are in. I would find out what the likely process will be before making this decision. Your lender may be willing to restructure the loan if that is something that you would consider. If you can and want to walk away from the property then that might be the right decision. If you can really save your credit that would be worth doing if you can confirm that the bank will avoid this default hitting your credit report.
Call the lender. Some are willing to take a deed in lieu but not in every situtation. Have you spoken to the lender's retention department? They may be able to do a modification that will help you keep your home.
If the lender agrees, it's effectively a deed in lieu; and they have no reason to accept it 99% of the time.
That is called a ';deed in lieu of foreclosure.'; You can only do so if the lender agrees.
It is true, if the bank agrees. It is usually not in their best interest to agree, as they forfeit the money you took from them. They can not obtain it via other methods as they can in a foreclosure.
Ask your lender if they will accept the deed in lu of foreclosure. If there is pretty good equity they very well might.Can I give my mortgage lender the keys to my house to avoid foreclosure?
Deed-in-lieu of foreclosure is a process in which you give away your property to the lender because you just can't pay the monthly mortgage payment any longer. The lender then sells off the property in order to retrieve a part of the loan balance you owe.
When you go for a deed-in-lieu in order to avoid foreclosure you need to sign legal documents such as the Agreement in Lieu of Foreclosure and a warranty deed, quit claim deed, or a grant deed. The first document gives the terms and condition of the deed-in-lieu, and is signed by both the lender and borrower. The second document, which is the deed, conveys legal ownership of the property to the lender.
The lender marks the borrower's note as ';paid'; and provides them with two forms, one which states the debt is canceled and the other which refers to the waiver of the right to a deficiency judgment (The lender's right to ask for the unpaid debt amount if it is not recovered totally by the property sale.
The agreement for deed-in-lieu of foreclosure is executed through an escrow closing agent which receives the borrower's note (marked as ';Paid';0 from the lender. The escrow closing agent records the deed used for the mortgaged property and sends the note to the borrower. The borrower is thus released from the liability of the monthly mortgage payments.
There might be a few tax consequencies. The lender might send you a 1099 form stating that you had a gain on the sale of the property. You should consult with your tax consultant about how to file this gain on your income tax forms.
I hope this has been of some use to you, good luck.
';FIGHT ON';
This is true depending on the lender and what state law governs the jurisdiction you are in. I would find out what the likely process will be before making this decision. Your lender may be willing to restructure the loan if that is something that you would consider. If you can and want to walk away from the property then that might be the right decision. If you can really save your credit that would be worth doing if you can confirm that the bank will avoid this default hitting your credit report.
Call the lender. Some are willing to take a deed in lieu but not in every situtation. Have you spoken to the lender's retention department? They may be able to do a modification that will help you keep your home.
If the lender agrees, it's effectively a deed in lieu; and they have no reason to accept it 99% of the time.
That is called a ';deed in lieu of foreclosure.'; You can only do so if the lender agrees.
How big is the mortgage industry?
I'm doing a report and need to know, in dollars, how big is the mortgage industry?How big is the mortgage industry?
The expected mortgage loan volume for 2008 is approximately $1.94 Trillion (yes, with a ';T';). Half of that production is expected to be Refinances.
The best source for every aspect of the Mortgage Banking Industry is the Mortgage Bankers Association of America (MBA) or (MBAA). They have all kinds of statistics and economic analyses on their website: www.mbaa.org.
Good luck!How big is the mortgage industry?
Billions.
Its not very big, I'm afraid. Its something that the media has lied about and blown completely out of proportion.
Go to a financial site and look at the numbers of the big guys like B of A, Wells and Countrywide. They are huge.
The expected mortgage loan volume for 2008 is approximately $1.94 Trillion (yes, with a ';T';). Half of that production is expected to be Refinances.
The best source for every aspect of the Mortgage Banking Industry is the Mortgage Bankers Association of America (MBA) or (MBAA). They have all kinds of statistics and economic analyses on their website: www.mbaa.org.
Good luck!How big is the mortgage industry?
Billions.
Its not very big, I'm afraid. Its something that the media has lied about and blown completely out of proportion.
Go to a financial site and look at the numbers of the big guys like B of A, Wells and Countrywide. They are huge.
Did Ayers & Obama use Annenberg $$$$ to sue lenders to force them to push mortgages that couldn't be paid back?
Can't you actually talk about issues, or do you insist on being like Sarah Palin and sidestepping them?Did Ayers %26amp; Obama use Annenberg $$$$ to sue lenders to force them to push mortgages that couldn't be paid back?
Yes, they did. But they will be paid back. YOU and I will pay them back, but at a large discount. WE will pay for the homes the ';poor'; will own. Then we will be the ';poor'; and we will hear no more about taxing the ';rich.'; We will all be ';poor.';
Some (not all) Democrats are saying judges should write down the amount of mortgages so the ';poor'; can afford to pay them. In other words, they will get to keep the asset (';their'; home), but at a reduced cost (';their'; loans). If that idea goes through, who is going to lend YOU money to buy a house?
If I sell you my house for $150,000 with nothing down, you own my former house and you owe me $150,000. But if a judge can write down the mortgage so you get to keep my house but you only have to pay me $100,000 for it, didn't I or the judge just GIVE you a $50,000 discount? That's what this welfare with a roof plan is all about.
This is insane!
Did Ayers %26amp; Obama use Annenberg $$$$ to sue lenders to force them to push mortgages that couldn't be paid back?
No. Annenberg Challenge was an EDUCATIONAL project. Hello?
Next.
Nobody forced lenders to make loans to people who could not pay them back.
That is a lie.
Obamas buddies at Acorn did, not sure about Anneberg.
No.
Yes, they did. But they will be paid back. YOU and I will pay them back, but at a large discount. WE will pay for the homes the ';poor'; will own. Then we will be the ';poor'; and we will hear no more about taxing the ';rich.'; We will all be ';poor.';
Some (not all) Democrats are saying judges should write down the amount of mortgages so the ';poor'; can afford to pay them. In other words, they will get to keep the asset (';their'; home), but at a reduced cost (';their'; loans). If that idea goes through, who is going to lend YOU money to buy a house?
If I sell you my house for $150,000 with nothing down, you own my former house and you owe me $150,000. But if a judge can write down the mortgage so you get to keep my house but you only have to pay me $100,000 for it, didn't I or the judge just GIVE you a $50,000 discount? That's what this welfare with a roof plan is all about.
This is insane!
Did Ayers %26amp; Obama use Annenberg $$$$ to sue lenders to force them to push mortgages that couldn't be paid back?
No. Annenberg Challenge was an EDUCATIONAL project. Hello?
Next.
Nobody forced lenders to make loans to people who could not pay them back.
That is a lie.
Obamas buddies at Acorn did, not sure about Anneberg.
No.
What is the formula to determine benefit of buying down a mortgage interest rate?
I run the calculation this way. One point equals 1% of the loan amount. How much does the lower interest rate lower your monthly payment? Divide the amount you paid by the monthly savings. It will take that many months to break even. Will you be in the home that long? and what could you have done with that cash in the meantime? Usually, unless you plan on being in the house a long time, 5+ years, it's not worth it.coupons face blush
Can I refinance my mortgage to purchase land?
Is it possible for me to refinance my mortgage to purchase land for my son who would like to self-build a home for him (and his family) to live in.Can I refinance my mortgage to purchase land?
If you have the equity, the credit score and the financial profile to support it, you can refinance your mortgage for anything you want to.Can I refinance my mortgage to purchase land?
Yes it is possible that you could cash out refinance your home depending on the equity in the home and your credit. We would be happy to help you, just fill out the application below and we will tell you what options are available.
As long as you have equity in your property, you can use it for just about whatever you wish. You'll need to get approved under the standard conditions of credit, income, etc...of course though. Now is a great time to buy with the market being down. Good luck.
Talk to your loan officer about cashing out some of the equity in your home to use for the purchase of this land. Most likely the best scenario is to leave your current first mortgage alone and get a home equity line of credit... unless you can get a better fixed rate on your current first loan. This heloc will only charge interest on what you borrow and you can reborrow the money as you pay it back... just like a credit card but tax deductible most of the time... http://www.choicefinance.net/virginia_mo鈥?/a>
If you have the equity, the credit score and the financial profile to support it, you can refinance your mortgage for anything you want to.Can I refinance my mortgage to purchase land?
Yes it is possible that you could cash out refinance your home depending on the equity in the home and your credit. We would be happy to help you, just fill out the application below and we will tell you what options are available.
As long as you have equity in your property, you can use it for just about whatever you wish. You'll need to get approved under the standard conditions of credit, income, etc...of course though. Now is a great time to buy with the market being down. Good luck.
Talk to your loan officer about cashing out some of the equity in your home to use for the purchase of this land. Most likely the best scenario is to leave your current first mortgage alone and get a home equity line of credit... unless you can get a better fixed rate on your current first loan. This heloc will only charge interest on what you borrow and you can reborrow the money as you pay it back... just like a credit card but tax deductible most of the time... http://www.choicefinance.net/virginia_mo鈥?/a>
Do you feel former mortgage workers are now discrimiated against inn the search for a new job?
follow this link I would love to see the hiring agencies buted for discriminating behaviour.
http://www.ontheme.nu/2008/03/11/no-mort鈥?/a>Do you feel former mortgage workers are now discrimiated against inn the search for a new job?
I guess this means that. now, a mortgage broker is shadier than a used car salesman! Sorry for your luck.Do you feel former mortgage workers are now discrimiated against inn the search for a new job?
i don't think so. i was not and i have a job i enjoy
http://www.ontheme.nu/2008/03/11/no-mort鈥?/a>Do you feel former mortgage workers are now discrimiated against inn the search for a new job?
I guess this means that. now, a mortgage broker is shadier than a used car salesman! Sorry for your luck.Do you feel former mortgage workers are now discrimiated against inn the search for a new job?
i don't think so. i was not and i have a job i enjoy
Walking out on a mortage vs filing for bankruptcy on the mortgage?
We moved out of state and could not sell our home so it is now rental property. NOW, the main sewer line needs to be replaced at a cost of $9500.00 which we do not have.
If we just walk out on our loan, can we eventually be sued and sent to jail? Would it be better to claim bankrupty?
I realize the credit issues with bankruptcy and foreclosure etc..Walking out on a mortage vs filing for bankruptcy on the mortgage?
(1) There is no debtors prison in the US. They can take the house, go after your other assets, and sue you, but they cannot put you in prison.
(2) Never just ';walk away'; from your problems. Managing them assures that even in bad situations will come out the best possible way.
Talk to a credit counselor.
Speak to a Realtor and or the mortgage company about doing a short sale and or an ';as is'; sale.Walking out on a mortage vs filing for bankruptcy on the mortgage?
You could try a short sale, I don't know the details on listing it, but it definately wouldn't be as bad as a bankruptcy. Talk whomever has your mortgage now and tell them your situation, if you keep them in the loop they are much more likely to work with you later.
file it makes it easier on you.
If we just walk out on our loan, can we eventually be sued and sent to jail? Would it be better to claim bankrupty?
I realize the credit issues with bankruptcy and foreclosure etc..Walking out on a mortage vs filing for bankruptcy on the mortgage?
(1) There is no debtors prison in the US. They can take the house, go after your other assets, and sue you, but they cannot put you in prison.
(2) Never just ';walk away'; from your problems. Managing them assures that even in bad situations will come out the best possible way.
Talk to a credit counselor.
Speak to a Realtor and or the mortgage company about doing a short sale and or an ';as is'; sale.Walking out on a mortage vs filing for bankruptcy on the mortgage?
You could try a short sale, I don't know the details on listing it, but it definately wouldn't be as bad as a bankruptcy. Talk whomever has your mortgage now and tell them your situation, if you keep them in the loop they are much more likely to work with you later.
file it makes it easier on you.
Is my credit going to be affected for NSF on a mortgage?
My mortgage was sold to another company. I was in my web bill pay changing the mailing address, when I accidentally paid the bill instead of putting the date for next week. In turn, I saw a NSF fee on my bank statement, then I realized what I did. Does anyone know if this will kill my credit score? I've never been late on anything.Is my credit going to be affected for NSF on a mortgage?
No worries. Just be sure to settle the issue (make the payment) BEFORE your next due date. Your credit report will not be affected unless you go over 30 days past due. However, you will still be responsible for NSF fees and late charges that may be incurred. But if you've been a good customer the bank may waive them for an honest mistake.
10 years as a mortgage broker.Is my credit going to be affected for NSF on a mortgage?
as long as you take care of the payment before your due date is 30 days, you will be fine.
No it won't effect your credit score. You should have a bank that covers you incase of a NSF charge anyways. This is 2006!!
an NSF won't kill your score, but a late mortgage payment might. as long as you pay within 30 days of the due date, then you'll be fine.
No worries. Just be sure to settle the issue (make the payment) BEFORE your next due date. Your credit report will not be affected unless you go over 30 days past due. However, you will still be responsible for NSF fees and late charges that may be incurred. But if you've been a good customer the bank may waive them for an honest mistake.
10 years as a mortgage broker.Is my credit going to be affected for NSF on a mortgage?
as long as you take care of the payment before your due date is 30 days, you will be fine.
No it won't effect your credit score. You should have a bank that covers you incase of a NSF charge anyways. This is 2006!!
an NSF won't kill your score, but a late mortgage payment might. as long as you pay within 30 days of the due date, then you'll be fine.
How do i go about withdrawing my name on a partnership mortgage?
if anyone has experienced in buying a house with a friend and now has seconds thoughts and wants to get out of the deal. the legal process and fees involved let me know, thx. oh yea now i know what they mean when they say you dont know someone until you leave with them!How do i go about withdrawing my name on a partnership mortgage?
If you mean you're on a joint mortgage loan, the only way is to pay off the loan - either with cash, by selling the house or by the other party refinancing in his/her name alone.How do i go about withdrawing my name on a partnership mortgage?
Once you sign the mortgage, you are legally liable for the debt until its paid.
The only way out is to get the other party to refinance the loan into their name only.
You can't do what you are asking to do, unless your friend agrees to refinance the entire mortgage in his/her own name. The bank will NOT take you off of the existing mortgage.
If you mean you're on a joint mortgage loan, the only way is to pay off the loan - either with cash, by selling the house or by the other party refinancing in his/her name alone.How do i go about withdrawing my name on a partnership mortgage?
Once you sign the mortgage, you are legally liable for the debt until its paid.
The only way out is to get the other party to refinance the loan into their name only.
You can't do what you are asking to do, unless your friend agrees to refinance the entire mortgage in his/her own name. The bank will NOT take you off of the existing mortgage.
Names of companies that would buy public records such as real estate transfers, mortgages, liens etc.?
Title companies offer farm lists, and most realtors have the access but dont realize it. You will probably need to locate a Title Co and see if they sell the information. Dont waste too much money on this prospect list, its rate of return is probably 1-1000.coupons face blush
What steps do you need to take to convert into securities mortgage debt you underwrite?
Im only answering this question so the person above me can get credit for their answer.
:)What steps do you need to take to convert into securities mortgage debt you underwrite?
Thanks.
:)
What steps do you need to take to convert into securities mortgage debt you underwrite?
Basically you want to sell the mortgage and buy securities.
:)What steps do you need to take to convert into securities mortgage debt you underwrite?
Thanks.
:)
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What steps do you need to take to convert into securities mortgage debt you underwrite?
Basically you want to sell the mortgage and buy securities.
I need an online mortgage calculator that will show how extra weekly repayments & one off payments reduce loan
The calculators I have found show how either one off extra payments or extra weekly repayments reduce the term of a loan. I need to find one that shows both in the same calculation. A graph would be nice.I need an online mortgage calculator that will show how extra weekly repayments %26amp; one off payments reduce loan
Will this work for you?
http://www.jeacle.ie/mortgage/I need an online mortgage calculator that will show how extra weekly repayments %26amp; one off payments reduce loan
This would be the best we could do....
Antal
Surefast Mortgage
Follow this complete link:
http://gabbly.com/http://www.surefastmortgage.com/
Online Questions Answered for Free:
Mon-Fri 8:30-5:30
Will this work for you?
http://www.jeacle.ie/mortgage/I need an online mortgage calculator that will show how extra weekly repayments %26amp; one off payments reduce loan
This would be the best we could do....
Antal
Surefast Mortgage
Follow this complete link:
http://gabbly.com/http://www.surefastmortgage.com/
Online Questions Answered for Free:
Mon-Fri 8:30-5:30
Are interest rates higher with 100% mortgages?
i've had a deciision on 100%, but would monthly repayments be considerably less if we had a 5% deposit?Are interest rates higher with 100% mortgages?
they would be less but only because the amount you were borrowing would be less.
I have a 100% mortgage and the interest rate is the same just the payments are higher because i borrowed more due to not having a deposit.Are interest rates higher with 100% mortgages?
Not likely to be considerably less, maybe a bit. You really should consult a financial institution for this. My suggestion is to contact an office of Weichert Realtors in your area and sit down with their Gold Service Manager for a quick response to your question.
The rate can be some what higher however there also one other factor which is your fico score and whether you are going full doc or stated Most banks will not do 100% if you have a low fico score or they will boost up your rates. You can do the 80% /20% which will give you a lower rate for the first and higher rate for the second which in a year or so you can refinance and combine them into one.
Jennifer
Mortgage Consultant
yes....you are more a risk at 100%
you can get two mortgages today and a lot of people do it. One is for 80% of the homes value and the other is for the other 20% the 20% one will have a little higher rate, but its better than the whole thing being higher and any down payment less than 20% requires a either PMI(private mortgage insurance), the FHA, or Va. I personally used a VA loan and regret it because the fee was like $6000 up front although i had it included in the financing, it takes to long to makeup that difference. So unless it is your ultimate dream home that you will be in for 20 yrs or more then go with the double mortgage. PMI is like 200/month too. and i am pretty sure that FHA is like VA. The downpayment wont really get you a better rate till you hit 20% down, but some lenders, just flat out require some down payment.
Interest rates tend to be higher with 100% mortgages, and therefore your repayments will be higher. You also run the risk of the cost of your mortgage outweighing the value of your house. My advice is to wait until you can put down a sizable deposit (the bigger the deposit, the lower the repayments!).
Its the people who loan you the money that decide the interest rate.
The reason its normally higher with 100% mortgages is because they have no security on you. Any deposit would be a help.
In view of the increased risk being taken on by the lender, rates and penalties are higher for 100 percent mortgages.
Interest rates: You cannot expect the cheapest rates on a 100% mortage loan so there鈥檚 little point in looking at best buy tables and expecting to get a competitive rate. With low all-round rates, 100% morgage loans are not bad but you might expect to pay 0.5% or 1% more than if you had a deposit 鈥?around 5% or 6%. The rate could either be variable or fixed, although discounted rates are also available to help bring down initial costs.
Probably if you need to do 100% financing, the lender will either put you in 2 loans, one at 80% and the other at 20%, or you'll have 1 loan and you'll have to pay mortgage insurance. You have more options if you have a 20% down payment. There are a lot of factors to the interest rate, including your credit score. If you have bad credit your interest rate will be higher.
Yes typically they are. Unless you have perfect credit and very high income.
What happens is that its not a really a 100% mortgage. Its an 80/20 mortgage. You get 1 mortgage of 80% of the loan, and another of 20% , and you pay higher interest on the 20% loan.Ussualy 2% higher then whatever rate you get on the other loan. Or you get PMI. Which is just a fixxed fee you pay every month as insurance on the loan. Either way you end up paying more. These days lenders are really tightenting their belts on those types of loans because of the raising foreclosure rates. You need to have pretty good credit to get 100% financing.
they would be less but only because the amount you were borrowing would be less.
I have a 100% mortgage and the interest rate is the same just the payments are higher because i borrowed more due to not having a deposit.Are interest rates higher with 100% mortgages?
Not likely to be considerably less, maybe a bit. You really should consult a financial institution for this. My suggestion is to contact an office of Weichert Realtors in your area and sit down with their Gold Service Manager for a quick response to your question.
The rate can be some what higher however there also one other factor which is your fico score and whether you are going full doc or stated Most banks will not do 100% if you have a low fico score or they will boost up your rates. You can do the 80% /20% which will give you a lower rate for the first and higher rate for the second which in a year or so you can refinance and combine them into one.
Jennifer
Mortgage Consultant
yes....you are more a risk at 100%
you can get two mortgages today and a lot of people do it. One is for 80% of the homes value and the other is for the other 20% the 20% one will have a little higher rate, but its better than the whole thing being higher and any down payment less than 20% requires a either PMI(private mortgage insurance), the FHA, or Va. I personally used a VA loan and regret it because the fee was like $6000 up front although i had it included in the financing, it takes to long to makeup that difference. So unless it is your ultimate dream home that you will be in for 20 yrs or more then go with the double mortgage. PMI is like 200/month too. and i am pretty sure that FHA is like VA. The downpayment wont really get you a better rate till you hit 20% down, but some lenders, just flat out require some down payment.
Interest rates tend to be higher with 100% mortgages, and therefore your repayments will be higher. You also run the risk of the cost of your mortgage outweighing the value of your house. My advice is to wait until you can put down a sizable deposit (the bigger the deposit, the lower the repayments!).
Its the people who loan you the money that decide the interest rate.
The reason its normally higher with 100% mortgages is because they have no security on you. Any deposit would be a help.
In view of the increased risk being taken on by the lender, rates and penalties are higher for 100 percent mortgages.
Interest rates: You cannot expect the cheapest rates on a 100% mortage loan so there鈥檚 little point in looking at best buy tables and expecting to get a competitive rate. With low all-round rates, 100% morgage loans are not bad but you might expect to pay 0.5% or 1% more than if you had a deposit 鈥?around 5% or 6%. The rate could either be variable or fixed, although discounted rates are also available to help bring down initial costs.
Probably if you need to do 100% financing, the lender will either put you in 2 loans, one at 80% and the other at 20%, or you'll have 1 loan and you'll have to pay mortgage insurance. You have more options if you have a 20% down payment. There are a lot of factors to the interest rate, including your credit score. If you have bad credit your interest rate will be higher.
Yes typically they are. Unless you have perfect credit and very high income.
What happens is that its not a really a 100% mortgage. Its an 80/20 mortgage. You get 1 mortgage of 80% of the loan, and another of 20% , and you pay higher interest on the 20% loan.Ussualy 2% higher then whatever rate you get on the other loan. Or you get PMI. Which is just a fixxed fee you pay every month as insurance on the loan. Either way you end up paying more. These days lenders are really tightenting their belts on those types of loans because of the raising foreclosure rates. You need to have pretty good credit to get 100% financing.
What is the max mortgage i could get?
23 Male, 35,360/Year salary. 740 credit score. I have a Truck payment of $250 and owe $8300 on it. No other debts. I'd like to buy a $140K home but I'm not sure if i will be able to. Thanks for your help!What is the max mortgage i could get?
You would probably be able to afford 140K. I think that maybe if you could find something around 110-115 you would be better off. That way you could save more for retirement. You are definitely in a great position though. Oh, also, if you see a house that is 140k, offer 115k or so. If you are in an area that the market has been in a slump, it will work in your advantage because you will be able to get more house with less money. You should start talking with a realtor as well, if you haven't already. Good luck!What is the max mortgage i could get?
If you could establish that you are able to make a certain payment each month of say $950 for your $130,000 (with 10% down) mortgage at 5.5%. In this case, your amortization period will be just under 18 years. Or you could tell your broker that you鈥檇 like to be mortgage-free in just 10 years. With an amortization period of 10 years at the same interest rate, your $130,000 mortgage will cost you about $1,407 per month. That鈥檚 a tougher monthly payment, but you would save thousands of dollars in interest. (More than $35,000, in fact.)
Try reducing your cost by getting a home buying grant here:
http://www.homesteadclt.org/pdf/HCLTAdvI鈥?/a>
You would probably be able to afford 140K. I think that maybe if you could find something around 110-115 you would be better off. That way you could save more for retirement. You are definitely in a great position though. Oh, also, if you see a house that is 140k, offer 115k or so. If you are in an area that the market has been in a slump, it will work in your advantage because you will be able to get more house with less money. You should start talking with a realtor as well, if you haven't already. Good luck!What is the max mortgage i could get?
If you could establish that you are able to make a certain payment each month of say $950 for your $130,000 (with 10% down) mortgage at 5.5%. In this case, your amortization period will be just under 18 years. Or you could tell your broker that you鈥檇 like to be mortgage-free in just 10 years. With an amortization period of 10 years at the same interest rate, your $130,000 mortgage will cost you about $1,407 per month. That鈥檚 a tougher monthly payment, but you would save thousands of dollars in interest. (More than $35,000, in fact.)
Try reducing your cost by getting a home buying grant here:
http://www.homesteadclt.org/pdf/HCLTAdvI鈥?/a>
If the executor of a will just stops paying the mortgage on a house, can the estate still be settled?
Since the only security for a mortgage is the house, can an estate just walk from it?If the executor of a will just stops paying the mortgage on a house, can the estate still be settled?
Sure. The estate can be sued, but the lien holder can only get as much as is available, or the value of the loan, whichever is lesser.If the executor of a will just stops paying the mortgage on a house, can the estate still be settled?
That would depend on how much is still owed on the mortgage. When someone quits paying on a mortgage, ownership of the house automatically reverts to the current lien-holder of the mortgage, which is usually a bank. The bank (or any other lien-holder) has the right to sell the house at public auction. The proceeds from that sale are then applied to the outstanding balance owed on the mortgage.
If those proceeds are considerably less than that outstanding balance, and they usually are, then the lien-holder has the right to bill or sue the original estate for the remainder of the unpaid balance. And, unless there are some truly unusual circumstances to the case, they will most likely win the case.
Depends on many variables.
If not explored by an attorney the mortgage company could file a claim against the estate to cover the mortgage.
If their is not enough money in the estate the aires could be sued by the motrgage company.
Good Luck
Sure. The estate can be sued, but the lien holder can only get as much as is available, or the value of the loan, whichever is lesser.If the executor of a will just stops paying the mortgage on a house, can the estate still be settled?
That would depend on how much is still owed on the mortgage. When someone quits paying on a mortgage, ownership of the house automatically reverts to the current lien-holder of the mortgage, which is usually a bank. The bank (or any other lien-holder) has the right to sell the house at public auction. The proceeds from that sale are then applied to the outstanding balance owed on the mortgage.
If those proceeds are considerably less than that outstanding balance, and they usually are, then the lien-holder has the right to bill or sue the original estate for the remainder of the unpaid balance. And, unless there are some truly unusual circumstances to the case, they will most likely win the case.
Depends on many variables.
If not explored by an attorney the mortgage company could file a claim against the estate to cover the mortgage.
If their is not enough money in the estate the aires could be sued by the motrgage company.
Good Luck
Do you need to go to college to become a mortgage underwritter?
How much school, or learning does it take to get a jobDo you need to go to college to become a mortgage underwritter?
high school and good communication skill should do itDo you need to go to college to become a mortgage underwritter?
real estate classes/certification should do the trickcoupons face blush
high school and good communication skill should do itDo you need to go to college to become a mortgage underwritter?
real estate classes/certification should do the trick
I am married and my name is not on our mortgage. If we were to move and buy new home?
Could i put the next mortgage in my name and still get the 8000 stimulus tax credit.I am married and my name is not on our mortgage. If we were to move and buy new home?
No, even if you live in a non-community property state the qualifications for the credit specify that both parties of a married couple have to be first time buyers.
If you live in a community property state you legally own 50% of the house you have now. The law talks about ownership, not mortgages.I am married and my name is not on our mortgage. If we were to move and buy new home?
The mortgage is not the deed or title to the house. It would depend if your name was associated there. Probably a good chance you may be able to qualify. Good luck!
a mortgage and a deed are 2 different things. If your name is on EITHER one, you don't qualify. The new home would need to be in YOUR NAME ONLY (mortgage and deed).
I dont think that its so simple ... it wont work
Yes, if it the new house is put in your name only.
It depends on the deed/title. If you name is on that...then no, you would not qualify.
No, even if you live in a non-community property state the qualifications for the credit specify that both parties of a married couple have to be first time buyers.
If you live in a community property state you legally own 50% of the house you have now. The law talks about ownership, not mortgages.I am married and my name is not on our mortgage. If we were to move and buy new home?
The mortgage is not the deed or title to the house. It would depend if your name was associated there. Probably a good chance you may be able to qualify. Good luck!
a mortgage and a deed are 2 different things. If your name is on EITHER one, you don't qualify. The new home would need to be in YOUR NAME ONLY (mortgage and deed).
I dont think that its so simple ... it wont work
Yes, if it the new house is put in your name only.
It depends on the deed/title. If you name is on that...then no, you would not qualify.
What do I need to take to the bank, apart from salary slips, when applying for a mortgage?
Me and my hubby are going to sort out our mortgage at the bank tomorrow. We know that we have to take our last 6 months salary slips, but cant remember what else we were told to take with us! Does anyone know? Thank you!! xxxxWhat do I need to take to the bank, apart from salary slips, when applying for a mortgage?
This varies from bank to bank, but a good bet would be proof of income - usually your w-4 for 2005 even 2004, plus your current pay stubs. Usually the last one will do, if you have your w-4's.
Next your social security #. It is also good to come prepared; know your credit scores before hand, (an average scor is about 650, so if your scor is higher you should expect a little lower interest rates, maybe a 1/4 pt.) also know what other lenders offer as far as credit rate, points, and origination fees.
It is a good idea to shop around a few different banks to now if you are getting a good deal. Do it rather than just say you will.
Good Loan officers know that they are selling you a commodity and don't want you to knwo what their cometition is offering. Its like going to a funiture store and paying full price for something that is on sale across the street.What do I need to take to the bank, apart from salary slips, when applying for a mortgage?
Both will need to take a up to date original passport and a utility bill, for the identification, your last 3 month salary pay slips, P60 and any details of expenditures. Also take your cheque book as you normally pay up front for things like valuations, etc.
Good luck i hope everything goes well.
As long as you have a form of identity, your pay slips from the last few months this will be all you need.
You need to take
1 . Your income proof which can be your
last three months bank statements , which can be supported by the salary slips you have OR the P60
2.Your Name ID
Which is your full valid passport OR Driving Licence with the green paper that comes with it
3. Your address ID
A gas or electricity bill in your name or council tax bill.
However if you bank with them already you may not need to take the ID documents with you, but its always good to be prepared.
If you are self employed you need to take last three years bank statements with you.
If in doubt feel free to give the bank a call and get things clarified. Its your right dont feel bad. Good luck with your mortgage application and hope you pay it off soon.x
Two items to prove you are who you say you are, driving license, passport etc.
Your payslips are the main thing but I also wrote a list of all regular monthly/weekly expenditures, food shopping, all bills, credit cards, mobile phone, car running costs etc
If you already have a mortgage take all your existing paperwork for that. Hope this helps.
only your soul
pasport utility bills drivers lice good luck xx
If you double your monthly payment, you will repay a 25-year mortgage in about 6-years.
Lesson: Try to ensure there is a clause in your mortgage that permits pre-payments.
Typically there are huge penalties if you try to make pre-payments in the future.
Just a thought.
something official with your current address and your name on it would be useful.
if you're currently renting, then your landlords details, so they can check with your current landlord if you pay em on time etc.
thats all i needed when getting my mortgage.
hope this helps!
Ring to ask. But I reckon they'd need proof of who you are (birth certificate, passport etc) and a current address (if not the place you want to move into).
This varies from bank to bank, but a good bet would be proof of income - usually your w-4 for 2005 even 2004, plus your current pay stubs. Usually the last one will do, if you have your w-4's.
Next your social security #. It is also good to come prepared; know your credit scores before hand, (an average scor is about 650, so if your scor is higher you should expect a little lower interest rates, maybe a 1/4 pt.) also know what other lenders offer as far as credit rate, points, and origination fees.
It is a good idea to shop around a few different banks to now if you are getting a good deal. Do it rather than just say you will.
Good Loan officers know that they are selling you a commodity and don't want you to knwo what their cometition is offering. Its like going to a funiture store and paying full price for something that is on sale across the street.What do I need to take to the bank, apart from salary slips, when applying for a mortgage?
Both will need to take a up to date original passport and a utility bill, for the identification, your last 3 month salary pay slips, P60 and any details of expenditures. Also take your cheque book as you normally pay up front for things like valuations, etc.
Good luck i hope everything goes well.
As long as you have a form of identity, your pay slips from the last few months this will be all you need.
You need to take
1 . Your income proof which can be your
last three months bank statements , which can be supported by the salary slips you have OR the P60
2.Your Name ID
Which is your full valid passport OR Driving Licence with the green paper that comes with it
3. Your address ID
A gas or electricity bill in your name or council tax bill.
However if you bank with them already you may not need to take the ID documents with you, but its always good to be prepared.
If you are self employed you need to take last three years bank statements with you.
If in doubt feel free to give the bank a call and get things clarified. Its your right dont feel bad. Good luck with your mortgage application and hope you pay it off soon.x
Two items to prove you are who you say you are, driving license, passport etc.
Your payslips are the main thing but I also wrote a list of all regular monthly/weekly expenditures, food shopping, all bills, credit cards, mobile phone, car running costs etc
If you already have a mortgage take all your existing paperwork for that. Hope this helps.
only your soul
pasport utility bills drivers lice good luck xx
If you double your monthly payment, you will repay a 25-year mortgage in about 6-years.
Lesson: Try to ensure there is a clause in your mortgage that permits pre-payments.
Typically there are huge penalties if you try to make pre-payments in the future.
Just a thought.
something official with your current address and your name on it would be useful.
if you're currently renting, then your landlords details, so they can check with your current landlord if you pay em on time etc.
thats all i needed when getting my mortgage.
hope this helps!
Ring to ask. But I reckon they'd need proof of who you are (birth certificate, passport etc) and a current address (if not the place you want to move into).
If I am locked into a rate, how can my mortgage payment go up?
I just got a new payment book and my payment went up $300.00 more. Is because the taxes or insurance went up?If I am locked into a rate, how can my mortgage payment go up?
Several things can cause your monthly payment to increase. ALL increases should be in writing and define the reason for the increases:
rate adjustment (on an adjustable rate mortgage)
escrow increase (because taxes and insurances went up)
IF you escrow your taxes and insurance in your monthly payment - mortgage companies only review the escrow account ONCE per year. If the tax bill or insurance bill was LARGER than they calculated, then you were short at the time the bill became due. The lender PAID the larger amount and is getting that balance back PLUS increased the new monthly amopunt ti cover the increased price.
You may have the option of giving the mortgage a ONE time payment to cover the escrow short fall and then your new monthly payment will included the increased premium charges. Rest assured, mortgage companies DO NOT make money on an escrow account - they take the annual cost and divide by 12. End of story.
Generally, if you get a monthly statement from your lender it will show your rate, and how your payment was applied. Look at the P%26amp;I amount - this should be the same combined total (principle + interest) then look at how your escrows were applied. If the escrows INCREASED then you have the answer. If you can afford it, pay the difference from one year to the next to lower your payments and actually see your annual costs.
If the increase is due to a rate adjustment, be sure you know the CAPS for your program. You can find this on the 'mortgage' note itself or the ARM rider that is part of your mortgage note - depending on the state where the mortgage was obtained.
Hope this helps,If I am locked into a rate, how can my mortgage payment go up?
Was it a newly built house when you purchased it? You may have been paying taxes on the LAND ONLY for the first year. You could have been lied to about it being a fixed loan.
Call the lender.
This happened to me. The state reassessed the property and there isn't much you can do about that. If it is your primary residence you could apply for a reassessment exemption, but this may only save you about $75-$100 a year.
yes, it is probably due to an increase in taxes or insurance. Call you mortgage company and they should be able to provide this information to you.
Most likely. If it is a new house, the estimated taxes were on the unimproved property and you probably ended up with quite a shortfall at the end of the year. Now they have to make that up.
Ask your mortgage holder , we don't have the info .
And FYI , 'locked rate ' is a pre-closing term for persons who apply during a certain time frame .
Unless your loan was a 'fixed' rate , that could have been a lock on the initial rate for an ARM .
You might have kicked into a higher rate after the initial (teaser) period because $300 is a bit much for taxes or insurance unless you live in a hurricane zone .
%26gt;
I would call the lendor and ask. Are you talking about an increase of $300 per month? That's $2400 per year. That's a very large increase for taxes or insurance. I'm thinking that you were told it was fixed rate but the lendor thinks it was adjustable?
That's the reason..I have a VA loan which is a 30 year fixed rate and the taxes and insurances went up..I have had happen to me several times..I can't do anything about it
Several reasons, increase in property tax, increase in home owners insurance. Read the fine print on your contract, there are very creative mortgages out there with hidden costs also.
Several things can cause your monthly payment to increase. ALL increases should be in writing and define the reason for the increases:
rate adjustment (on an adjustable rate mortgage)
escrow increase (because taxes and insurances went up)
IF you escrow your taxes and insurance in your monthly payment - mortgage companies only review the escrow account ONCE per year. If the tax bill or insurance bill was LARGER than they calculated, then you were short at the time the bill became due. The lender PAID the larger amount and is getting that balance back PLUS increased the new monthly amopunt ti cover the increased price.
You may have the option of giving the mortgage a ONE time payment to cover the escrow short fall and then your new monthly payment will included the increased premium charges. Rest assured, mortgage companies DO NOT make money on an escrow account - they take the annual cost and divide by 12. End of story.
Generally, if you get a monthly statement from your lender it will show your rate, and how your payment was applied. Look at the P%26amp;I amount - this should be the same combined total (principle + interest) then look at how your escrows were applied. If the escrows INCREASED then you have the answer. If you can afford it, pay the difference from one year to the next to lower your payments and actually see your annual costs.
If the increase is due to a rate adjustment, be sure you know the CAPS for your program. You can find this on the 'mortgage' note itself or the ARM rider that is part of your mortgage note - depending on the state where the mortgage was obtained.
Hope this helps,If I am locked into a rate, how can my mortgage payment go up?
Was it a newly built house when you purchased it? You may have been paying taxes on the LAND ONLY for the first year. You could have been lied to about it being a fixed loan.
Call the lender.
This happened to me. The state reassessed the property and there isn't much you can do about that. If it is your primary residence you could apply for a reassessment exemption, but this may only save you about $75-$100 a year.
yes, it is probably due to an increase in taxes or insurance. Call you mortgage company and they should be able to provide this information to you.
Most likely. If it is a new house, the estimated taxes were on the unimproved property and you probably ended up with quite a shortfall at the end of the year. Now they have to make that up.
Ask your mortgage holder , we don't have the info .
And FYI , 'locked rate ' is a pre-closing term for persons who apply during a certain time frame .
Unless your loan was a 'fixed' rate , that could have been a lock on the initial rate for an ARM .
You might have kicked into a higher rate after the initial (teaser) period because $300 is a bit much for taxes or insurance unless you live in a hurricane zone .
%26gt;
I would call the lendor and ask. Are you talking about an increase of $300 per month? That's $2400 per year. That's a very large increase for taxes or insurance. I'm thinking that you were told it was fixed rate but the lendor thinks it was adjustable?
That's the reason..I have a VA loan which is a 30 year fixed rate and the taxes and insurances went up..I have had happen to me several times..I can't do anything about it
Several reasons, increase in property tax, increase in home owners insurance. Read the fine print on your contract, there are very creative mortgages out there with hidden costs also.
Sunday, August 22, 2010
Is this how a 10/1 30 year adjustable rate mortgage works?
I want to do a 10/1 30 year adjustable rate mortgage. It is my understanding that the rate will remain the same for the 1st 10 years then adjust. Is this accurate, or can my rate change before the 10 years and if my rate remains the same, does that mean that my monthly payment will remain the same for 10 years, aside from tax and PMI increases?Is this how a 10/1 30 year adjustable rate mortgage works?
I agree with the first answer
10/1 ARM would mean that the rate is fixed for the first 10 years, then it will adjust every 1 year after that. I've never heard of a 10/1 ARM though.
There are some loans called interest first loans. For example, you would pay interest only for the first 5 or 10 years, then it would become a fixed rate loan for the next 30 years. These typically aren't a good idea because the only offer payments a few dollars less than a standard 30 year fixed.
The best thing is to make sure you are working with a mortage broker that you can trust, and have them explain it to you. Its hard to read all the fine legal print when buying a house, but scan through and look for key elements (maybe even highlight them for future reference). When I bought my house I scanned through the documents, and verified that the interest rate was what I expected, verified that it was a fixed rate, and verified what my monthly payments would be (and that they were fixed). Is this how a 10/1 30 year adjustable rate mortgage works?
Sounds like you've done your homework, but why with an ARM when you could go with a fixed rate mortgage? Today's 10 year rate is nearly identical to the 30 year fixed rate. As a general rule, ARM (adjustable rates) do have their place but why choose a 30 year mortgage when there isn't any real value in the 10 ARM vs. the 30 fixed.
Make life simple and go with the 30 year fixed.
However, it sounds like you know what you are doing. Yes, after 10 years your home loan will change and it will become adjustable according to market conditions.
http://www.mylendingplace.com
I have never heard of a 10/1 arm but yes you have the jest except the PMI doesn't change unless you are a neg am mortgage. 5/1 arms are common place but you may be on an interest only note and that is totally different if it recast in 5 years.
I am a mortgage banker in Tn %26amp; KY
I agree with the first answer
10/1 ARM would mean that the rate is fixed for the first 10 years, then it will adjust every 1 year after that. I've never heard of a 10/1 ARM though.
There are some loans called interest first loans. For example, you would pay interest only for the first 5 or 10 years, then it would become a fixed rate loan for the next 30 years. These typically aren't a good idea because the only offer payments a few dollars less than a standard 30 year fixed.
The best thing is to make sure you are working with a mortage broker that you can trust, and have them explain it to you. Its hard to read all the fine legal print when buying a house, but scan through and look for key elements (maybe even highlight them for future reference). When I bought my house I scanned through the documents, and verified that the interest rate was what I expected, verified that it was a fixed rate, and verified what my monthly payments would be (and that they were fixed). Is this how a 10/1 30 year adjustable rate mortgage works?
Sounds like you've done your homework, but why with an ARM when you could go with a fixed rate mortgage? Today's 10 year rate is nearly identical to the 30 year fixed rate. As a general rule, ARM (adjustable rates) do have their place but why choose a 30 year mortgage when there isn't any real value in the 10 ARM vs. the 30 fixed.
Make life simple and go with the 30 year fixed.
However, it sounds like you know what you are doing. Yes, after 10 years your home loan will change and it will become adjustable according to market conditions.
http://www.mylendingplace.com
I have never heard of a 10/1 arm but yes you have the jest except the PMI doesn't change unless you are a neg am mortgage. 5/1 arms are common place but you may be on an interest only note and that is totally different if it recast in 5 years.
I am a mortgage banker in Tn %26amp; KY
If i build my house would i have to pay mortgage?
Im a carpenter and i would like to build me a house. i don't know what all comes with buying or renting a house, so what would be the difference in cost between building and buying a house. What are all the monthly or yearly cost between the two. Please Help ThnxIf i build my house would i have to pay mortgage?
what nation/state r u in? I will refer you to a local RE broker
who can help you.
if you build, you would not have to pay other labor costs, so you will
save 30%. But many houses can be bought today for 1/2 the cost
to build.If i build my house would i have to pay mortgage?
I guess you would have to pay for the land you built the house on
what nation/state r u in? I will refer you to a local RE broker
who can help you.
if you build, you would not have to pay other labor costs, so you will
save 30%. But many houses can be bought today for 1/2 the cost
to build.If i build my house would i have to pay mortgage?
I guess you would have to pay for the land you built the house on
Is it better to be married when applying for a mortgage?
My fiance and I are getting married in September but we have already been preapproved for a mortgage and have started searching for a home. However, we found out we weren't eligible for a specific program (I live in RI), though a few of our married friends were approved for the same one.
We have 'excellent' credit scores and everyone we have talked to has told us they don't know why we werent eligible since this particular program, almost everyone is eligible for.
Our mortage lender told us it has to do with our debt to income ratio, too many open accounts, student loans, etc. But all our friends have the same type of payments, even more. My fiance thinks that because, on our application, we put that we are 'single', and that is why we were'nt approved for it. Does anyone know if this makes sense at all?Is it better to be married when applying for a mortgage?
Sometimes it does, You just have to shop around with different companies stay away from brokers, and some of those on line companies they stick you with major closing cost, and our bank was very hard and didn't want to give us much. Ask about first time home buyer programs in the area. My husband has the job but I have better credit and they approved him for the loan without me on it so maybe one of you needs to do it and see. Try the Mortgage Center, www.MtgCtr.com, they worked with us. Granted we are in KS. Good luck and happy house hunting!!Is it better to be married when applying for a mortgage?
I am in the same boat as you, I will be married in 6 weeks and a year ago my fiance and I purchased a house. Getting the mortgage was not an issue. If both of you have good credit and a good job history you'll be approved. The issue with the DTI can be solved by paying off a few of the small balance accounts you have. Regardless of your balances whether it's $50 or $500 it will still show a monthly payment of $20 or whatever... Add a bunch of those together and they add up. Once you've gotten that taken care of I recommend getting a lawyer to draw up an antenuptial. All that does is recognize the interest in the property i.e. 50/50, 40/60. It's important if one of you puts a substantial amount of money down. Good Luck and Congrats on the Wedding!
You are getting conflicting answers, some say yes some say no.
Here is a simple answer to your question. NO, it does not matter. Here is why.
When you apply for a mortgage loan, you are looked at ONLY and only as a number. If you are qualified or not qualified based on your marital status, race, ethnic background, marital status, religion, etc, etc, ITS AGAINST THE LAW. Look it up www.hud.gov/fairhousing
There you go, simply put, it does not matter.
You may think that your married friends have similarities to you situation but in reality everyone's scenario when applying for a mortgage loan is different. It's like trying to compare your finger print to your neighbor's finger print. It wont match.
Good luck.
You do get a better interst rate when you are married than you do as a single person and also the bank or loan company consider you a little more unstable when you are single. They won't tell you this, but the facts don't lie.
Being married has nothing to do with why you weren't approved. Getting married won't change anything. Something is different between your situation and your friends. No two mortgages are ever exactly the same.
If you are applying jointly, then your marital status is not that big of a deal- they will be looking at each of your credit histories just as if you were married. One thing you may look into is how many credit accounts you have. If you have several accounts (think department store cards) even if you don't use them, you have the potential for higher debt.
Another thing to remember is that your credit score is complicated. It can be low because of negative points, but also because of a lack of positive points. You may have ';excellent credit'; and still have a low score. If the only credit you have ever had is your student loan it doesn't help you that much.
Find a place on the web where you can obtain a free credit report and then take it to the loan officer and see what he has to say.
No that doesn't make sense. It does not matter if the people applying for the note are single, married, or otherwise. You may think your situation is the same as your other friends, but unless you know exactly how much they make, exactly how much their debts are, and how much money they are trying to borrow you will not know how alike you actually are. I would call your loan officer and ask for a more direct answer as to why you were not qualified for that particular financing. If you are not sastified with the response then try another lender, possibly the same lender who has worked with your friends. Good Luck.
In my experience, the only lender that has a problem using both incomes of single borrowers is the VA. So if you are applying for a VA loan that would possible that they cannot use both incomes to qualify. However, there might be something specific to your area.
Otherwise, it should not make a difference. All your income against all your debt plus the new home payment should be used in your qualifying as long as you are both going into title.
Get a second opinion if necessary
No it should not make any differance. Your profile will not change married or single.
Give another lender a call, there should be no obligation to talk to another lender, maybe your lender does not offer this program/ Just a thought.
Denise Stuart Coldwell Banker
The Real Estate People
Unfortunately, people can never compare themselves to others. No person or couple's credit report %26amp; income %26amp; finances are exactly the same.
Your friend's probably had some different types of debt, or better income.
If your lender is telling you that you have a debt to income ratio problem, It's because the lender has a specific percentage limit to what his program offers.
Say this specific program only allows up to a 43% debt to income ratio %26amp; your ';debt ratio'; is at 44% or higher, you will not qualify.
There is nothing personal about getting a loan. Don't think that because your friends got something %26amp; you didn't, that it's personal.
Check around with some other lenders %26amp; get a 2nd or 3rd opinion.
';almost everyone'; is not qualified for this program you're talking about, the program has specific guidelines, if you don't meet the guidelines you don't get the loan.
get other opinion, maybe this lender just wasn't being ';creative'; enough with your ';documented income';.
good luck
A lot of these programs are very strict on how much you make. Most likely you make to much money to get the funding.
As to getting a better rate if you are married or single it is all the same.
you could also just have a lazy mortgage person who doesn't want to have to do all the paper work.coupons face blush
We have 'excellent' credit scores and everyone we have talked to has told us they don't know why we werent eligible since this particular program, almost everyone is eligible for.
Our mortage lender told us it has to do with our debt to income ratio, too many open accounts, student loans, etc. But all our friends have the same type of payments, even more. My fiance thinks that because, on our application, we put that we are 'single', and that is why we were'nt approved for it. Does anyone know if this makes sense at all?Is it better to be married when applying for a mortgage?
Sometimes it does, You just have to shop around with different companies stay away from brokers, and some of those on line companies they stick you with major closing cost, and our bank was very hard and didn't want to give us much. Ask about first time home buyer programs in the area. My husband has the job but I have better credit and they approved him for the loan without me on it so maybe one of you needs to do it and see. Try the Mortgage Center, www.MtgCtr.com, they worked with us. Granted we are in KS. Good luck and happy house hunting!!Is it better to be married when applying for a mortgage?
I am in the same boat as you, I will be married in 6 weeks and a year ago my fiance and I purchased a house. Getting the mortgage was not an issue. If both of you have good credit and a good job history you'll be approved. The issue with the DTI can be solved by paying off a few of the small balance accounts you have. Regardless of your balances whether it's $50 or $500 it will still show a monthly payment of $20 or whatever... Add a bunch of those together and they add up. Once you've gotten that taken care of I recommend getting a lawyer to draw up an antenuptial. All that does is recognize the interest in the property i.e. 50/50, 40/60. It's important if one of you puts a substantial amount of money down. Good Luck and Congrats on the Wedding!
You are getting conflicting answers, some say yes some say no.
Here is a simple answer to your question. NO, it does not matter. Here is why.
When you apply for a mortgage loan, you are looked at ONLY and only as a number. If you are qualified or not qualified based on your marital status, race, ethnic background, marital status, religion, etc, etc, ITS AGAINST THE LAW. Look it up www.hud.gov/fairhousing
There you go, simply put, it does not matter.
You may think that your married friends have similarities to you situation but in reality everyone's scenario when applying for a mortgage loan is different. It's like trying to compare your finger print to your neighbor's finger print. It wont match.
Good luck.
You do get a better interst rate when you are married than you do as a single person and also the bank or loan company consider you a little more unstable when you are single. They won't tell you this, but the facts don't lie.
Being married has nothing to do with why you weren't approved. Getting married won't change anything. Something is different between your situation and your friends. No two mortgages are ever exactly the same.
If you are applying jointly, then your marital status is not that big of a deal- they will be looking at each of your credit histories just as if you were married. One thing you may look into is how many credit accounts you have. If you have several accounts (think department store cards) even if you don't use them, you have the potential for higher debt.
Another thing to remember is that your credit score is complicated. It can be low because of negative points, but also because of a lack of positive points. You may have ';excellent credit'; and still have a low score. If the only credit you have ever had is your student loan it doesn't help you that much.
Find a place on the web where you can obtain a free credit report and then take it to the loan officer and see what he has to say.
No that doesn't make sense. It does not matter if the people applying for the note are single, married, or otherwise. You may think your situation is the same as your other friends, but unless you know exactly how much they make, exactly how much their debts are, and how much money they are trying to borrow you will not know how alike you actually are. I would call your loan officer and ask for a more direct answer as to why you were not qualified for that particular financing. If you are not sastified with the response then try another lender, possibly the same lender who has worked with your friends. Good Luck.
In my experience, the only lender that has a problem using both incomes of single borrowers is the VA. So if you are applying for a VA loan that would possible that they cannot use both incomes to qualify. However, there might be something specific to your area.
Otherwise, it should not make a difference. All your income against all your debt plus the new home payment should be used in your qualifying as long as you are both going into title.
Get a second opinion if necessary
No it should not make any differance. Your profile will not change married or single.
Give another lender a call, there should be no obligation to talk to another lender, maybe your lender does not offer this program/ Just a thought.
Denise Stuart Coldwell Banker
The Real Estate People
Unfortunately, people can never compare themselves to others. No person or couple's credit report %26amp; income %26amp; finances are exactly the same.
Your friend's probably had some different types of debt, or better income.
If your lender is telling you that you have a debt to income ratio problem, It's because the lender has a specific percentage limit to what his program offers.
Say this specific program only allows up to a 43% debt to income ratio %26amp; your ';debt ratio'; is at 44% or higher, you will not qualify.
There is nothing personal about getting a loan. Don't think that because your friends got something %26amp; you didn't, that it's personal.
Check around with some other lenders %26amp; get a 2nd or 3rd opinion.
';almost everyone'; is not qualified for this program you're talking about, the program has specific guidelines, if you don't meet the guidelines you don't get the loan.
get other opinion, maybe this lender just wasn't being ';creative'; enough with your ';documented income';.
good luck
A lot of these programs are very strict on how much you make. Most likely you make to much money to get the funding.
As to getting a better rate if you are married or single it is all the same.
you could also just have a lazy mortgage person who doesn't want to have to do all the paper work.
What's the average going rate for a New Home Mortgage Lead ?
I get prequalified leads for lenders, and I have been sticking with foreclosure loans, etc. for awhile but I have a BUNCH of clients who are interested in New Home Mortgage leads (many 1st time buyers) and I was wondering what the going rate is for a lead to a lender?
Lending affiliates would probably know more about this.
Thanks in advance.What's the average going rate for a New Home Mortgage Lead ?
Credit and mortgages can be a very difficult issue for many people. In fact, every situation is different and depends on many circumstances (not included in your question).
Lending affiliates would probably know more about this.
Thanks in advance.What's the average going rate for a New Home Mortgage Lead ?
Credit and mortgages can be a very difficult issue for many people. In fact, every situation is different and depends on many circumstances (not included in your question).
Do I have a shot of approval for my first mortgage during this credit crunch?
FICA score around 600 (I've been working to repair it)
2 1/2 years steady employment at the same job.
I'm only looking for a starter condo in my area.
I can come up with a few grand for a down payment.
My Mortgage Broker says I've got a shot, but that was before the economy took a dump!
I could stay in the places I'm looking at for a few years comfortably.
Should I even bother filling out the application?
Do I have a shot of approval for my first mortgage during this credit crunch?
Actually, you do, but wait a few months. The government bailout plans include help for home buyers with less-than-erpfect credit records. Right now, mortgage lenders are being very strict, but that should ease up once the government plans get into place. I'd say wait until after the holidays, which gives you that much more time to save and build up the downpayment and reinforce your credit (by continuing to pay bills on time, continuing to pay down debt), and housing prices should be even better in a few months.Do I have a shot of approval for my first mortgage during this credit crunch?
The market is on the down hill, the price of houses 's dropping, houses will become cheaper and cheaper. If I were you, I would wait for a while, and...you only have a couple grands for a down payment? Doesn't look enough to me. If it doesn't cost anything to send our the application, why not give it a try?
2 1/2 years steady employment at the same job.
I'm only looking for a starter condo in my area.
I can come up with a few grand for a down payment.
My Mortgage Broker says I've got a shot, but that was before the economy took a dump!
I could stay in the places I'm looking at for a few years comfortably.
Should I even bother filling out the application?
Do I have a shot of approval for my first mortgage during this credit crunch?
Actually, you do, but wait a few months. The government bailout plans include help for home buyers with less-than-erpfect credit records. Right now, mortgage lenders are being very strict, but that should ease up once the government plans get into place. I'd say wait until after the holidays, which gives you that much more time to save and build up the downpayment and reinforce your credit (by continuing to pay bills on time, continuing to pay down debt), and housing prices should be even better in a few months.Do I have a shot of approval for my first mortgage during this credit crunch?
The market is on the down hill, the price of houses 's dropping, houses will become cheaper and cheaper. If I were you, I would wait for a while, and...you only have a couple grands for a down payment? Doesn't look enough to me. If it doesn't cost anything to send our the application, why not give it a try?
I am single and pregnant and can't afford my mortgage once the baby arrives. Will the DSS help me?
I am going to start back at work after mat leave as part time.
I am full time the now and do not claim benefits. My flat is being rented to a social tenant at the moment although they are leaving in March.I am single and pregnant and can't afford my mortgage once the baby arrives. Will the DSS help me?
you will get income support of approx 拢44 a week plus approx tax credits of 拢45.70 and child benefit of 拢18.10 giving you approx 拢108.70 a week.
plus they will pay the interest on the mortgage or housing benefit at 100% plus all the usual benefits if they apply free school meals free prescriptions etc.
if the tenants are paying you rent of above 拢20 a week your benefits will reduce pound for pound for every pound over the 拢20.
if you are not living in the property the DWP will not pay anything towards the mortgage, they will only pay for your actual living accomodation not any rented property that you may own.
the above answer assumes I have read the question correctlyI am single and pregnant and can't afford my mortgage once the baby arrives. Will the DSS help me?
I'm not sure where you are from but any FIA (family financial assistance) center should be able to help you with this... they will help you also with insurance, food, money if you need it... sometime to look into
I am full time the now and do not claim benefits. My flat is being rented to a social tenant at the moment although they are leaving in March.I am single and pregnant and can't afford my mortgage once the baby arrives. Will the DSS help me?
you will get income support of approx 拢44 a week plus approx tax credits of 拢45.70 and child benefit of 拢18.10 giving you approx 拢108.70 a week.
plus they will pay the interest on the mortgage or housing benefit at 100% plus all the usual benefits if they apply free school meals free prescriptions etc.
if the tenants are paying you rent of above 拢20 a week your benefits will reduce pound for pound for every pound over the 拢20.
if you are not living in the property the DWP will not pay anything towards the mortgage, they will only pay for your actual living accomodation not any rented property that you may own.
the above answer assumes I have read the question correctlyI am single and pregnant and can't afford my mortgage once the baby arrives. Will the DSS help me?
I'm not sure where you are from but any FIA (family financial assistance) center should be able to help you with this... they will help you also with insurance, food, money if you need it... sometime to look into
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