Legend asked:


I purchased a house for $100,000. I decide to sell it tomorrow because this time it increased in value to $110,000 overnight. No pre-payment penalties. I walk away with $10,000. What other costs can you foresee?
Other than realtor’s fees and closing costs.

Melanie

der_grosse_e asked:


foreclosures, tax sales etc… how do I find the best way to scoop up great deals in investmnent houses
loms!?!? jeeze I’m a schmoe. It should (of course) be Looms!

Kurt

Fsdfsdf S asked:


I calculated the morgage for 30 year fixed on a site, and I got a payment of like 400,000 each year. I was wondering if there was any type of mortgage that I could pay less for, at least for the first couple of years? I know very little about mortgages.

Clyde

rocket_scientist_guy asked:


I have owned a house which is my primary residence for 2 years. Every payment is CURRENT and they have never been late. The property currently has negative equity and the second mortage company won’t even talk to me regarding refinancing it. The interest is over 9%. My credit is ok but given the tough financial times I am not likely to get a better rate. My question is, how to I refiance to a lower rate when I’ve demonstrated 100% on time payment.

Lucy

bigdaug97 asked:


I was not very smart about 2 1/2 years ago and financed with HFC and was not able to include in the loan my taxes and home owner insurance. Now it is killing me to pay my taxes every month. Does anyone have any suggestions as to how to get out of the mess I put myself into? Thanks

Sandra

mr1cutie2002 asked:


I am not having trouble but if the value of my home has lowered can I lower the original amount since my house isn’t worth as much now as when I purchased it?

Alexander

toy l asked:


Which 1 is needed first a realtor or the approved loan, or does it matter?

Stephanie

Lily asked:


We have a fixed rate @ 6.7/ 30 yr. loan. We have never been late for our payments. Our bank wont even consider talking to us. We bank with NAVY Federal Credit Union and they are also our lenders. I don’t want to lose my home but we are basically living paycheck to paycheck and its become unbearable to do with 2 kids. I am devastated because my husband refused to pay for this months mortage. He took all his money and opened a new account with a different bank. What can I do to get help?
We owe way more than what the house is worth now…and our bills just started piling up.

Chris

Kimberly asked:


Everyone says that the closing cost should be around 2-3% of the loan – Does that include the Estimated Reserve/ Prepaid Cost? The type of loan is FHA with 3.5% down which is $7,437.50.

Also let me know if you see any bogus charges that I can dispute with the Mortgage Broker.

Thank you!

Here are the est. costs on the Good Faith Est.

Estimated Closing Cost -

Items payable in Connection with the Loan :
Loan Origination Fee @ 0.500% is $ $1,062.50
Appraisal Fee : $350.00
Credit Report : $30.00
Processing Fee : $445.00
Admin Fee : $895.00

Title Charges
Settlement or Closing Fee : $625.00
Title Insurance Fee : $25.00
Endorsements : $200.00

Government Recording and Transfer Charges :
Recording Fee : $200.00
State Tax/Stamps : 721.34
Intangible Tax : $412.19

Additional Settlement Charges :
Survey : $275.00
Termite/ Pest Inspection : $75.00
Scanning Fee to Fort Dox : $15.00

Estimated Reserve and Prepaid Cost :

Items Required by Lender to be paid in Advance
Prepaid Interest 10 days @ $30.0558 – $300.56
Mortage Insurance Premium : $3,544.68.00
Hazard Insurance Premium : $2,160.00

Reserves Deposited with Lender :
Hazard Ins. 2 months @180.00 = $360
Mortgage Ins. $92.84
Property Tax : 4 months @ $245.00 = $980.00

Benjamin

MARKEEONE asked:


I am upside down on my loan (492K vs. 392K). I am also behind on first mortage (have made re-payment arrangements). I have a 80-90% DTI and I can’t get anyone to refi me. If I can lower the value of my home (85% per new housing bill) to 349000 and get FHA funding I can get back on top. Is there anyone out there that might be able to help with refi?

Juan