Posts Tagged ‘mortgage’
What do you think what could happen in the future of real estate and Loan Mortgage businesses?
15
May
It seems that foreclosures are all over california. I just felt for those homeowners that they have to go to foreclosure because they can’t pay their house payment everymonth. Some people who have 3 or 4 rental houses are foreclosing, is there anything remedy for these? What do you think they should do? Are these builders for new houses have something to do with the collapse or the realtors or the lenders? What does the government do to these houses that being foreclose, that no body seems to not interested in buying? There are thousands and thousands of them and they are very nice houses too???
How will renting versus selling my current home affect getting approved for another mortgage?
15
May
Will try to make a long story short here . . .
My husband is AF and we’re getting sent to another base sometime by the end of the year. We purchased our first home here knowing it would be a short assignment, planning on renting it out after we moved. We’ve been waffling now on renting out versus selling our current home, after seeing some rental houses on our block sit vacant or have what looked like skips/evictions.
When I tried to get preapproved for a mortgage for our next home they said it would need to be contingent on the sale of our current home. At the time we were focused on selling, but since then we’re back to wanting to rent our home. However, I don’t know if we’ll be able to get approved for our next mortgage if we don’t sell this home. Anyone able to give me some guidance on this?
Also, we’d like to have a temporary living situation in our new place so we can have time for me to get a job, and for us to learn the area and not be rushed to find the house that we are going to raise our future family in. Renting, however, is a major issue simply because we have a large number of pets and we really don’t want to break up our furry family (2 dogs, 5 cats). One of the options I am looking into is purchasing a less expensive condo (I’ve found a few that initially look nice in the 65-75k range) to live in for a year or so and then rent out after we’ve found our dream house. If we had TWO mortgages that were rental properties, would that totally kill our chances of getting approved for our forever home? Am I being completely unrealistic in thinking we could pull this off? We’ve got enough in savings, stocks and mutual funds that we could afford three mortgage payments if need be in times of vacancies, but I don’t really know if we’d be getting ourselves in over our head. Anyone with advice or experience in these matters, we’d really appreciate any input!!
We have a conventional 30 yr fixed on our current house but we’re interested in having a VA on our next home. I don’t know too much about the nuances of the VA loan other than you can’t rent out a VA house- does this make a difference? In particular- are VA loans stricter in their requirements for qualification?
When will the first mortgage payment be due?
11
May
We are closing on a house on July 29th. When will the first payment be due usually? Thanks!
Can I remove my name from the mortgage?
10
May
I’m in the process of buying a home. I live on Long Island (New York), and the reality is that I can’t afford a home by myself. With today’s market, I may never have a chance to buy a home on Long Island again. At the height of the market, homes were regularly priced above $450,000-$500,000– now they’re down in the low $300,000 range. By myself, I qualify for a home in the $175,000 range. But the nicer, move-in ready homes (and in the better areas) are $300,000+ So I have no choice but to include my brother on the mortgage since together we qualify for $350,000. Of course, I would rather own it myself, but that’s not a reality here. My question is this: If I decide to move out in 3-5 years (marriage, my own home etc), can I simply take my name off the bank note? A person at ColdWell-Banker told me that all I have to do is have my brother pay the mortgage for one year through his own checking account to prove to the bank that he’s the sole provider for the home’s mortgage. Is this true? Or, even if I pulled out my share of the equity to use as a down payment, would the bank hold it against me because I have another home in my name? My concern is being stuck in a house that I no longer want or need, especially when I would like to move on at that time in the future. I know we could simply sell the house, but do I have other options that don’t hurt my chances for a new house in the near future?
Question about how mortgage prepayment affects amortization schedule.?
10
May
So I’m buying my first house, its an FHA loan, and the biggest thing on my mind is figuring out how to pay as little interest as possible over the years. I’m buying a less expensive house that I could afford, so that I can have money left over to prepay on the principal as often as possible, and get the house paid off much quicker than 30 years. ( I know alot of people probably think, its my first house, I’m going to move soon, upgrade, etc, but I doubt it. I rarely move, I’ve been in the same 5 mile radius my whole life, I plan to be in this house for a long time)
Right now I’ve already got my minimum down payment/closing costs. I’ve also got enough money for an emergency fund. Then on top of that I’ve got around $4K extra that I can apply to the principal. Now since I’m not completely familiar with how the whole amortization schedule works, I’m wondering which way I’d be better off.
A) Just applying that extra directly to my down payment up front, which will lower my monthly payment by about $20 a month, but will still be amortized at 30 years (as far as I know).
B) Just putting down the minimum down payment, and then in about a month applying that $4K to the principle. That way the loan has already been amortized, and (if my thinking is right), I’ll be getting a jump start through the amortization schedule, so that on all my future payments, more of the payment will be going straight to principal and less towards interest. And in effect taking a year or so off the end of the loan. (that’s how i think it works, although I don’t fully understand how the ammortization works, so that’s why I’m asking the question)
So with overall interest savings throughout the years in mind, which is a better option, or are they both going to pretty much be the same?
Taking over father in laws mortgage?
06
May
I currently rent a townhouse from my father in law. He wants to give the house to me but I dont have good credit. My plan is to keep the mortage under his name, add myself to the deed and have him sign a quit claim deed. From my understandings this would mean i dont have to put any down payment, i would be taking over his mortage in the sense but everything would be in his name on paper untill i sell or i refinance in the future. Is this correct?
If I dont do the quit claim now could he sell it without my knowledge or because im on the deed i have to sign as well?
Selling a house and not having enough to pay off the mortgage?
02
May
My wife and I are currently in the process of building a home and we need to sell our home before we can close on the new loan. Before we got all involved with this we spoke with our realtor and she assured us that we could easily get $X of dollars out of our home, which would have been plenty to cover the down payment on our new home.
Well, low and behold, our realtor was way off on her assemsment and we don’t think we are going to be able to sell our home with enough to cover all of our expenses and may end up loosing a few thousand dollars that is already spent on down payment money.
If we end up selling short and not being able to fully cover our mortgage, do we have any options? Will our realtor alow us to pay our closing costs at a future time? Can we put our closing costs on credit? Can we take out a line of equity on our new home to pay off any difference from our old home?
Any other options I may have that I havn’t thought of?
There really isn’t a “problem”… worse case scenario we don’t sell our house… and we don’t buy the new house. We have no problem affording either mortgage, we are not risking foreclosure. But we are really looking forward to getting into a nicer house, when is much closer to work.
Do home mortgage lenders take into account annuity payments?
30
Apr
I get monthly checks for 2,634 every month that I am going to get for the rest of my life. I also have my job that I work at but it is only part time, plus my fiance’s income. So are lenders going to want documentation or will they consider it?
My employement isn’t even close to two years. Will they allow 6 months?
Getting 1st mortgage, tips on how to bring the monthly payment down?
27
Apr
Obviously putting as much down as possible lowers the monthly payment. I just heard that if you have them add a point and a half or so then monthly payments are cheaper then too. I ask because we are secure with money now, but we don’t know what the future will bring when considering our careers and don’t want to end up house poor, which is why paying that extra for the points is worth it to us. Any other things we can do? Thank you!
How soon after settlement is your first mortgage payment due.?
27
Apr
I am settling on April 1st, i was wondering if I will also have mortgage payment due that month
Is an annuity refundable against a reverse mortgage loan if the borrower dies before annuity payments are made?
24
Apr
My Mother had a reverse mortgage loan for about nine years. At the start of the loan ,an annuity premium of $3735.00 was added to the to the loan. This was to pay her if she lived 14 years into the loan.,but she did not . Should that amount be deducted from the total amount of her loan?
who can give money to me for mortgage down payment?
24
Apr
my husband and i are purchasing a house and we have some friends who are willing to help us with our down payment and in return we can help them with theirs in the future. I was wondering who can give money as gifts to me? is it limited to just family members?
mortgage problems?
24
Apr
im in florida. cannot sell or rent a house i own.have tried for over a year.if i default to mortgage co and bank can they garnish my pension,social security or annuity? i am 65 and retired.cannot continue paying $1300 a month for a vacant house.Any help or suggestions please!
Will having a paid auto loan in my credit history benefit when I try to get a mortgage in the future?
22
Apr
Right now my credit rating is a little over 800. The only things in my credit history are 2 current credit cards. I am also about to buy a new car and am trying to figure out if it will be better for me in the future (when I am trying to buy a house) if I get an auto loan or if I just pay the car myself.
So if I get the minimum car loan, and just pay it off over 2 years, it will cost me around $478 in interest. So, assuming the fact that for like the next 3 or 4 years my credit rating were to remain the same, which would be better for my credit when I try to get a home loan? Is paying almost $500 now (well, over 2 years) to get an auto loans payments/history in my credit report going to benefit me or not?
If it will get me a lower interest rate on a mortgage I’ll be all for it. If it won’t make a difference, then I probably wouldn’t want to spend the extra $500ish. Anyone happen to know? Thanks!
I never had any payments on my current car. It was gifted to me by my parents. (It is 23 years old)
I’ve heard both that having an auto loan can hurt you when you try to get a home loan and that it can help you because you have credit history in multiple areas. (ie. credit cars + loans vs just credit cards) So I’m not really sure which is true or if both are in different circumstances.