Dec
31
Ken Black asked:
When it comes to getting the house that you have been seeking, or leveraging the equity in your existing home to get the things in life you need, you will find that there are a number of different Home Mortgages designed to meet your credit needs.
Buying a home is one of the largest expenses that most of us cannot incur without applying first for a home loan. Because your home is your kingdom, and your most valuable possession, buying any type of real estate is perhaps the most important decision that any individual will make in his or her lifetime.
A typical Home Mortgage Application requires considerable paperwork, including details on your employment record, and the type of house you want to buy in order to determine the loan you need among the different types available, such as Rural Housing Loans, VA Loans, FHA Loans, and so on.
Furthermore, lenders will require exact details of your personal finances, a copy of your latest pay stubs and income tax notice of assessment if you are an employee, or financial statements, if you are self employed. It will obviously be an easier process if you are just renewing an existing mortgage, instead of getting your first one.
For existing real estate owners, home mortgage refinancing can bring additional benefits when home mortgages are obtained under different interest rate schemes, as an example, from an Adjustable Rate Mortgage (ARM) to a Fixed-Rate, although that is a decision you should make with great caution, depending on the amount of time you plan on being in your home.
Another important consideration when applying for home loans, is your credit score. A lender can reject your application if you have not established credit yet, or your credit is not good. Even then, Bad Credit Mortgage Loans are available for those who have bad credit, poor credit, damaged credit, or no credit at all, as well as for people with a previous foreclosure, bankruptcy, and other credit report issues. The only problem is that the interest rates will be higher and there may be other requirements, like a longer pay back term, or other restrictions.
Considering all of this, it is better if you try to repair your credit score before applying for a regular home mortgage.
If you want to get a loan for home repairs, for your childrens college tuition, to supplement your retirement income, or for other important reasons, consider getting a home equity loan.
A Home Equity Loan always requires that you own a home, which is used as collateral, to get the money you need. You are granted a loan based on how much equity is available in your existing mortgage. If your mortage was for two hundred thousand dollars and you have paid off half of that, then your home equity loan would likely be for a maximum of that difference of one hundred thousand dollars, depending also on the current value of your home.
If you are unsure of the benefits of one mortgage loan compared to another, research online at the various financial institution or related websites. For example, at www.fanniemae.com, you will find a wealth of information about home mortgages, while the U.S. Department of Housing and Urban Development provides excellent information at www.hud.gov.
Because knowledge is power, taking the time to learn more about home mortgages can make the difference in making your dream home come true, in finding the funds to improve your life situation, or not.
Henry
When it comes to getting the house that you have been seeking, or leveraging the equity in your existing home to get the things in life you need, you will find that there are a number of different Home Mortgages designed to meet your credit needs.
Buying a home is one of the largest expenses that most of us cannot incur without applying first for a home loan. Because your home is your kingdom, and your most valuable possession, buying any type of real estate is perhaps the most important decision that any individual will make in his or her lifetime.
A typical Home Mortgage Application requires considerable paperwork, including details on your employment record, and the type of house you want to buy in order to determine the loan you need among the different types available, such as Rural Housing Loans, VA Loans, FHA Loans, and so on.
Furthermore, lenders will require exact details of your personal finances, a copy of your latest pay stubs and income tax notice of assessment if you are an employee, or financial statements, if you are self employed. It will obviously be an easier process if you are just renewing an existing mortgage, instead of getting your first one.
For existing real estate owners, home mortgage refinancing can bring additional benefits when home mortgages are obtained under different interest rate schemes, as an example, from an Adjustable Rate Mortgage (ARM) to a Fixed-Rate, although that is a decision you should make with great caution, depending on the amount of time you plan on being in your home.
Another important consideration when applying for home loans, is your credit score. A lender can reject your application if you have not established credit yet, or your credit is not good. Even then, Bad Credit Mortgage Loans are available for those who have bad credit, poor credit, damaged credit, or no credit at all, as well as for people with a previous foreclosure, bankruptcy, and other credit report issues. The only problem is that the interest rates will be higher and there may be other requirements, like a longer pay back term, or other restrictions.
Considering all of this, it is better if you try to repair your credit score before applying for a regular home mortgage.
If you want to get a loan for home repairs, for your childrens college tuition, to supplement your retirement income, or for other important reasons, consider getting a home equity loan.
A Home Equity Loan always requires that you own a home, which is used as collateral, to get the money you need. You are granted a loan based on how much equity is available in your existing mortgage. If your mortage was for two hundred thousand dollars and you have paid off half of that, then your home equity loan would likely be for a maximum of that difference of one hundred thousand dollars, depending also on the current value of your home.
If you are unsure of the benefits of one mortgage loan compared to another, research online at the various financial institution or related websites. For example, at www.fanniemae.com, you will find a wealth of information about home mortgages, while the U.S. Department of Housing and Urban Development provides excellent information at www.hud.gov.
Because knowledge is power, taking the time to learn more about home mortgages can make the difference in making your dream home come true, in finding the funds to improve your life situation, or not.
Henry
Dec
31
should i refinance my second loan?
Filed Under Personal Finance | 1 Comment
anthony asked:
my first loan is 300k i have 27 years left at 5.75 fixed.
my first loan is 300k i have 27 years left at 5.75 fixed.
my second mortage is 53k its a 15/30 balloon at 8.6% fixed. my min. payment is 459 and in 15 years i will owe 35k.
my house will appraise for about 390-415k maybe more.
i can get a line of credit at 4.25 varible 53k and the loan only cost 350$ im afraid of the varible rate but if i continue to pay 459 i will pay the loan down quicker.
i also have access to 35k at 4.25% from my annuinity 15 year loan(intrest goes back to my self)
i have 20k in my savings account.
whats my best options? i dont want to refinance both loan and pay 10k for closing costs and be at 30 years again.
Christine
Dec
25
Pay off mortage early?
Filed Under Personal Finance | 5 Comments
Jobsite asked:
I have a 15 year fixed rate mortage at 7.5% that I have about 4 years left on. My balance is $23,000 and over this time I will have paid $3,700 in interest. Should I pay it off? Seems to me that leaving the $23,000 in the bank even at a minimal return at 3.5% I would still be ahead doing so. And then there is the fact that my mortage interest is deductible (I have few deductions left). This mortage is on a vacation home and our main house was paid off several years ago. Just does not seem to be any real advantage to paying off the loan – agree? We have no other debt. Thanks
In regars to stan c. I am 11yrs/15yrs = 90% thru the mortgage. And I also have paid 90% of the total interest that would be paid over the full duration of the mortgage. When I itemize for taxes I do get to claim the real estate taxes but also mortgage interest which aides in my decision to not pay off the loan as others have already stated. Plus I can take my cash and buy some stocks at basement prices right now!
Cory
I have a 15 year fixed rate mortage at 7.5% that I have about 4 years left on. My balance is $23,000 and over this time I will have paid $3,700 in interest. Should I pay it off? Seems to me that leaving the $23,000 in the bank even at a minimal return at 3.5% I would still be ahead doing so. And then there is the fact that my mortage interest is deductible (I have few deductions left). This mortage is on a vacation home and our main house was paid off several years ago. Just does not seem to be any real advantage to paying off the loan – agree? We have no other debt. Thanks
In regars to stan c. I am 11yrs/15yrs = 90% thru the mortgage. And I also have paid 90% of the total interest that would be paid over the full duration of the mortgage. When I itemize for taxes I do get to claim the real estate taxes but also mortgage interest which aides in my decision to not pay off the loan as others have already stated. Plus I can take my cash and buy some stocks at basement prices right now!
Cory
Dec
13
Paco asked:
I have a car payment and a personal loan payment, im in the process of buying a house and im thinking on consolidating all my debts including the mortage payment, is it a good decision?
Keith
I have a car payment and a personal loan payment, im in the process of buying a house and im thinking on consolidating all my debts including the mortage payment, is it a good decision?
Keith
Dec
6
wag314 asked:
I closed on a refinance mortage and supposedly paid off a previous second mortgage, only to find out that the payoff amount was incorrect on the closing statement. I understand that I would need to pay it if it was still outstanding, but instead the difference was paid by the title company who made the error. Now they are trying to collect on their payment over a month after we closed on the mortgage and after I received the notice from Chase that the previous loan was paid in full. I dont have any records of documents stating that I need to pay the title company for their errors- only my lender. Any help would be appreicated!!!
I closed on a refinance mortage and supposedly paid off a previous second mortgage, only to find out that the payoff amount was incorrect on the closing statement. I understand that I would need to pay it if it was still outstanding, but instead the difference was paid by the title company who made the error. Now they are trying to collect on their payment over a month after we closed on the mortgage and after I received the notice from Chase that the previous loan was paid in full. I dont have any records of documents stating that I need to pay the title company for their errors- only my lender. Any help would be appreicated!!!
Thanks,
Jason
Rachel
Dec
3
How much does “pulling your credit” hurt you?
Filed Under Credit | 3 Comments
Skibunnie123 asked:
How much can you have companies pull your credit before it starts hurting you? I know many are deamed a “soft hit” on your credit, but does this actually take away points? I have a construction loan right now and plan on purchasing a mortage after my home is built, but I also need to refinance my truck at the same time. I am worried by pulling my credit with the refi it will hurt me when trying to get my mortage……help?
Jesus
How much can you have companies pull your credit before it starts hurting you? I know many are deamed a “soft hit” on your credit, but does this actually take away points? I have a construction loan right now and plan on purchasing a mortage after my home is built, but I also need to refinance my truck at the same time. I am worried by pulling my credit with the refi it will hurt me when trying to get my mortage……help?
Jesus
Dec
1
House loan questions?
Filed Under Renting & Real Estate | 6 Comments
Fort Sill Army Wife asked:
My husband and I are thinking of buying a house. We go tonight to sign the purchase contract. My question is, our realtor agent told us we were approved for our loan, my husband spoke to the loan agent on the phone. Has anyone been approved this way? I asked if we were pre approved or pre qualified, the agent said we were approved and that he isnt allowed to write up a contract until the buyers have been approved. He said tonight we will go over the contract, give him the earnest money, then we have to see if the seller accepts our offer, if so then we go see the mortage company, and then finish the paper work. He said it usually takes 3-4 weeks. Why do we need to go to the mortage company if my husband was approved over the phone? Do they need to see him sign papers, or will they run another credit report and such. I have heard of people saying their loan fell through at the last minute. I dont want to get my hope up on a house then have the loan fall through. Im really confused, I know I can ask my realtor tonight…but im just curious now. Also we live in oklahoma if it matters
Karl
My husband and I are thinking of buying a house. We go tonight to sign the purchase contract. My question is, our realtor agent told us we were approved for our loan, my husband spoke to the loan agent on the phone. Has anyone been approved this way? I asked if we were pre approved or pre qualified, the agent said we were approved and that he isnt allowed to write up a contract until the buyers have been approved. He said tonight we will go over the contract, give him the earnest money, then we have to see if the seller accepts our offer, if so then we go see the mortage company, and then finish the paper work. He said it usually takes 3-4 weeks. Why do we need to go to the mortage company if my husband was approved over the phone? Do they need to see him sign papers, or will they run another credit report and such. I have heard of people saying their loan fell through at the last minute. I dont want to get my hope up on a house then have the loan fall through. Im really confused, I know I can ask my realtor tonight…but im just curious now. Also we live in oklahoma if it matters
Karl