Is it better to be married when applying for a mortgage?
Posted October 23rd, 2009Val asked: 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 [...]
Should I refinance my ARM into a fixed loan even if it means a higher rate/payment?
Posted October 16th, 2009great_and_mighty_adam_levine asked: I have an interest-only ARM that I am currently paying 3.875% on, and indexes in August 2010.
On 8/2010, I need to pay principal and interest payments of 1 year LIBOR + 2.25%.
At the current time, LIBOR is at 1.5%, so that would be 3.75% – a really good rate. Of course, LIBOR [...]
is being lock-in to a closing date means I’m already approved for a housing loan?
Posted October 8th, 2009benjie k asked: the mortage company ask for a lock-in payment for closing ($55) and $350 (i forgot what it is for), but i still pay. the mortage ask for our credit report, paystub, income and many other documents and we provied them already. the closing date was supposed to be jan 15-30 of [...]
Mortgage Lending-A Few Facts To Start Down The Path To Home Ownership
Posted October 1st, 2009Albert Alexander asked: From a loan standpoint there are, in general, three types of loans, a fixed rate mortgage, an adjustable rate mortgage (ARM) or an interest-only loan. With an interest only loan, you are just paying the interest piece of your loan. In an adjustable rate mortgage, the interest rate is usually fixed for [...]