Saturday, October 31, 2009

What do you think of reverse mortgage for people 62 and older?

I'm a loan officer doing reverse mortgages for the elderly in the state of CA. The largest one to date I have done was 2.6 million. I have found this program to help so many people that are 62 or older. True this will eat up equity in there home but its there home and there equity. This is the part that kills me. Why do 閳ユ笩ome閳?the children of the elderly feel like this is there money and think that there parents must suffer and live a hard life with less.



What do you think of reverse mortgage for people 62 and older?

Reverse mortgages are tricky things. I think it's a good idea, but from what I've heard, there are a lot of consumer unfriendly terms in those mortgages, as well as very high fees and commissions. Right now, I think it very wise for anyone thinking about them to take it slow, and even pay a lawyer a few hundred bucks to review the terms.



Enlighten me. Do you get a good commission off of those reverse mortgages. Are there a lot of fees?



What do you think of reverse mortgage for people 62 and older?

I think the fear the children have is that their parents will be scammed. Reverse mortgages are something not a lot of people are familiar with and don't trust because of that. With the real estate market taking such a dive in so many places, you can't blame the children of the seniors involved in any real estate deal being a little suspicious.



What do you think of reverse mortgage for people 62 and older?

My Dad and Uncle took one out on my Grandmother AGES ago, before it was even referred to as a Reverse Mortgage - but I can't remember what it was called. We jokingly referred to it as her Life Insurance Policy (simply because it paid her for living).



I thought it was a brilliant idea at the time, myself.



I think that when new things come out people are a little scared. It sounds too good to be true - and we get so many too good to be true Emails these days, I guess it's hard to differentiate!



What do you think of reverse mortgage for people 62 and older?

I don't like the idea, personally. There are other ways to get additional income without giving the family house to a bank.



I would be very upset if my parents did this. They aren't poor by any means, and I am happy that they are spending up %26quot;my%26quot; inheritance on themselves. But you have to admit, banks are worse than loan sharks.



What do you think of reverse mortgage for people 62 and older?

I think California's a bit different than some other states, in that some adult children feel not entitled to but dependant on their parents' home.



I know that if my parents and my husband's parents sold their homes (that's what this is, ultimately), we would not be able to afford to buy a house in southern California for a very long time. (My parents bought their house for 175k and now it's worth 500k 12 years later.) House prices are way out of reach for the younger generations in CA.



That said, if they're so concerned about their parents' homes, these adult children should also help the parent out financially if they need it and not put them in a position where they have to get a reverse mortgage.



What do you think of reverse mortgage for people 62 and older?

I completely agree. Many would rather see their parents standard of living reduced in the golden years than allow %26quot;their money%26quot; to be spent. I believe this to be absurd. I also feel that the trend will be abating to some degree in the coming years as the options become fewer and fewer.

What is a crossover loan?

What is a crossover loan in regards to mortgages?



What is a crossover loan?

I wonder if you mean a %26quot;bridge loan%26quot;. See link below

Career in Mortgage loans vs Insurance?

I have an opportunity to take a job as a mortgage loan officer or an insurance agent. I already have my P%26amp;C liscense, so I will still need to get my life if I do the insurance. The insurance job will be with farmers wich is a very reputable company vs a smaller mortgage company. My friend that is currently doing mortgage, claims he is making big bucks.... 15, 20 grand a month. What field is a better place to make money?? What field has a better future? Please only answer if you really know about these industries. Thanks.



Career in Mortgage loans vs Insurance?

The mortage biz is geting tougher. Not a lot of money in P%26amp;C though, life and health is where is make the big commissions. P%26amp;C is something you build a career with. Small now but after several years, it will be good.



Career in Mortgage loans vs Insurance?

I've been in the mortgage business for the past 6 years, I recently got fired from Wells Fargo for not meeting the minimum production standards (quite a few people from there were let go). I'm currently working for a mortgage broker, I must say this business is extremely tough right now. I don't recommend anyone new enter the business right now, it's just too demanding and frustrating. People really shop you around, they are looking for the deal of a lifetime. People don't trust lenders so you are constantly selling yourself. I'm currently looking for work in a completely new field.

Can I consolidate mortgages on 2 homes into one loan to my benefit?

I have two mortagages from two lenders on two houses. Is it possible to consolidate and have one loan from one bank covering the two homes? What sort of benefit or disadvantage would this entail?



Can I consolidate mortgages on 2 homes into one loan to my benefit?

I'm sure its possible at some banks though most would not want to do it. Right now its very possible to get some sort of umbrella loan (usually you do this with lots of properties you want to bundle together). Still, to do this banks would hate it (just easier for them to keep each property seperate) and what if you decide to sell one house down the road but keep the other. You couldn't do that without refinancing again.



Also I can't think of any advantage beyond a tiny savings in cost to get the loan (only one closing needed for example) - but this would actually be a cost for you since you already have mortgages on both properrties.



So, its just a bad idea. Won't help any and causes all sorts of hassles. You could, instead simple have the bank write you two seperate loans for both properties at the same time if you wanted (assuming you are planning to refi them both now). They'd be much happier to do this.



Can I consolidate mortgages on 2 homes into one loan to my benefit?

Not probable because each house has it's own legal description.



Can I consolidate mortgages on 2 homes into one loan to my benefit?

Can't be done. Each mortgage has its own collateral.



Can I consolidate mortgages on 2 homes into one loan to my benefit?

Yes you can. There are loans out there to do that as I have done it in the past with three pieces of property. However when you want to sell one piece it is more difficult to release the liens, but not impossible. I did that as well.



Can I consolidate mortgages on 2 homes into one loan to my benefit?

I don't recommend it.



If you do this, you want to have a provision in the mortgage which is common enough for a developer of a neighborhood, but unusual for your situation, where you can get a %26quot;partial release%26quot; should you sell one of the two. Without that, you would have to pay off the entire loan to sell one of them. I think you'll have a hard time getting their residential loan officers to understand it, and their commercial people won't talk to you since one or both are residences.



I doubt there's any real benefit to be had.



Can I consolidate mortgages on 2 homes into one loan to my benefit?

You can't do this in the US, even if the parcels are right next to each other. It doens't have anything to do with banks, but the county taxes. The records have be to kept seperately. You can have them at the same bank though, I have several with Wells Fargo.

Can I consolidate mortgages on 2 homes into one loan to my benefit?

I have two mortagages from two lenders on two houses. Is it possible to consolidate and have one loan from one bank covering the two homes? What sort of benefit or disadvantage would this entail?



Can I consolidate mortgages on 2 homes into one loan to my benefit?

I'm sure its possible at some banks though most would not want to do it. Right now its very possible to get some sort of umbrella loan (usually you do this with lots of properties you want to bundle together). Still, to do this banks would hate it (just easier for them to keep each property seperate) and what if you decide to sell one house down the road but keep the other. You couldn't do that without refinancing again.



Also I can't think of any advantage beyond a tiny savings in cost to get the loan (only one closing needed for example) - but this would actually be a cost for you since you already have mortgages on both properrties.



So, its just a bad idea. Won't help any and causes all sorts of hassles. You could, instead simple have the bank write you two seperate loans for both properties at the same time if you wanted (assuming you are planning to refi them both now). They'd be much happier to do this.



Can I consolidate mortgages on 2 homes into one loan to my benefit?

Not probable because each house has it's own legal description.



Can I consolidate mortgages on 2 homes into one loan to my benefit?

Can't be done. Each mortgage has its own collateral.



Can I consolidate mortgages on 2 homes into one loan to my benefit?

Yes you can. There are loans out there to do that as I have done it in the past with three pieces of property. However when you want to sell one piece it is more difficult to release the liens, but not impossible. I did that as well.



Can I consolidate mortgages on 2 homes into one loan to my benefit?

I don't recommend it.



If you do this, you want to have a provision in the mortgage which is common enough for a developer of a neighborhood, but unusual for your situation, where you can get a %26quot;partial release%26quot; should you sell one of the two. Without that, you would have to pay off the entire loan to sell one of them. I think you'll have a hard time getting their residential loan officers to understand it, and their commercial people won't talk to you since one or both are residences.



I doubt there's any real benefit to be had.



Can I consolidate mortgages on 2 homes into one loan to my benefit?

You can't do this in the US, even if the parcels are right next to each other. It doens't have anything to do with banks, but the county taxes. The records have be to kept seperately. You can have them at the same bank though, I have several with Wells Fargo.

Anyone ever use Quicken Loans for a Mortgage?

Anything I should know or anything I should question?



Anyone ever use Quicken Loans for a Mortgage?

Hi there! Thanks for considering Quicken Loans. There's a number of things you should know about us, here's a couple to start:



- We're a direct lender for all 50 states and America's #1 Online Lender.



- 9 out of 10 our clients refer their family %26amp; friends to us.



- We have a 94% client satisfaction rate.



- We're the chosen mortgage provider to companies like AT%26amp;T, Compuware, Moen, Boeing, Comcast, UPS and many others.



Your mortgage banker will guide you through every step of the mortgage process. You can sign your application documents online, have 24/7 access to the status of your loan and we'll come wherever you'd like to close your loan with the help of a local notary.



I'm going to include a link to our un-edited client reviews page so you can read what our clients say about us. In a volatile mortgage market like this, it's imperative you work with a trustworthy lender.



If you've got any specific questions, feel free to ask me as I am a Quicken Loans team member and would be happy to help!



Anyone ever use Quicken Loans for a Mortgage?

I almost did, but believe it or not, I got better terms going through a mortgage broker.



Anyone ever use Quicken Loans for a Mortgage?

A client of mine got a quote from them and it was quite a bit higher than I was able to provide both in rate and fees.



Anyone ever use Quicken Loans for a Mortgage?

Quite a queer question, on quickens. If i could help i would, but i am chicken!



Anyone ever use Quicken Loans for a Mortgage?

Had a client use Quicken. During the process up to closing day, they were great. Always called me with updates.



The day of settlement was a disaster.



Client's buyer of old house used a quicken settlement company that came to their houses (vs in a settlement company office). The proceeds (profit) were to be wired to the other settlement company on the new sale.



We had a 11:00 settlement and it wasn't there.



The quicken loan also didn't wire the new loan to the settlement company. But the loan docs did come.



Since we were in MD and quicken was in the midwest, we had to wait for them to open and then %26quot;find out%26quot; what happen. Plus it was hard to reach the lender at this point.



Buttom line was that it didn't fund until 4:30 that afternoon.



If may not sound like a major problem, but it created a lot of problems, etc.



I highly recommend using a good, LOCAL lender.



The problem with internet lenders is that if they are on one coast and you are on the other coast, the time delay can screw you up with the loan.

Mortgage Broker second interview? What questions should i ask?

Hi,



I went to interview today with a Mortgage funding company. For a loan broker ! What questions do i need to ask ?



Thanks,



Frank



Mortgage Broker second interview? What questions should i ask?

Was it an interview for a job or a loan? If a loan, try a mortgage banker rather than a broker. Your fees will be much lower.



Mortgage Broker second interview? What questions should i ask?

interest rate?



what costs must you pay out of your pocket [should be none]



--------------------------



i need to see the contract to



advise you much more!



you want, btw--a 5% fixed rate loan



for 30 yrs, with the least cash out



of your pocket at closing.



Mortgage Broker second interview? What questions should i ask?

Ask for references that you can call.



Ask to see their license.



Ask if they are Better Business Bureau accredited.



Ask them what their rates and closing costs are.



Ask them how long it will take them to close.



Mortgage Broker second interview? What questions should i ask?

What is your %26quot;yield spread premium?%26quot;



May I see your wholesale rate sheet?



Some brokers are honest, many are not.



I will gladly write you a loan and PAY YOU INTEREST instead of you paying me. You just need to pay 102 points on the loan.



Obviously, that is an absurd condition, but it makes the point that you can get a loan at any interest rate. You will have to pay discount points to buy down the rate.



Right now, most lenders are offering a conforming 30 year loan (conventional fixed-rate terms 30/30) at 5.875% with 0 points + fees.



Some brokers now charge loan origination points instead of discount points. There is a huge tax difference between the two for you.



I am no fan of Bank of America (actually dislike them a lot) but they currently have a 0 point and $0 fees program. Your interest rate will be a little bit higher but you pay not points and no closing costs (except pre-paid interest and property taxes).

I need a loan and don't know which route to go - need help deciding what to do.?

Our central heat and air unit died this morning (only 4 years old and worked on multiple times!!-definently a lemon). We are having 20 degree weather here so it needs to be replaced quick!! The estimate I have been given is between $5000-$6000 and I just don't have that kind of money so I need to put it on a credit card or borrow the money. We only built this house four years ago so I don't know if I really have any equity in it. Besides, I don't know anything about equity loans, HELOC, 2nd mortgages, refi's, etc.



What would be the best route to go?? I'm betting one of these options would be better than a credit card. Any advice would be greatly appreciated. I ALSO do not have money for a down payment or closing cost at this time.



I need a loan and don't know which route to go - need help deciding what to do.?

The lower interest rate that you would get refinancing your home or doing a HELOC would definitely be better than what you'd pay for that high interest credit card. You could always have someone look into a loan for you, to see exactly what you'd be getting into, and some mortgage brokers have relationships with appraisers, so you might be able to get a free comp check to estimate what your home would be worth.



Another benefit of using your home rather than a credit card is that the interest on a mortgage is tax deductible, unlike a credit card.



Closing costs are not usually paid out of pocket for a refinance, so you needn't worry about that, and the cost of refinancing your home is completely tax deductible.



If you want some more information, or have any more questions, email me or check out our website.



Baconshmals@yahoo.com



http://aapexfund.com



I need a loan and don't know which route to go - need help deciding what to do.?

Have you checked to see if there was a manufacturer's warranty? For only being 4 years old, there is something wrong there. Secondly, you can get cc's with 0% apr on purchases for 6-18 months. I am sure the store you wouldl purchase the unit would offer some type of financing, also. However, would you be able to pay it off within that time frame? If not, you may end up paying a lot more in interest. If you can't pay it off in that time, you could do the balance transfer game, but need to have good credit to do this. Otherwise, I would do the HELOC kind of as a last resort, since you have only been there for 4 years, unless it has appreciated significantly. Why pay interest if you can get it at 0%?



I need a loan and don't know which route to go - need help deciding what to do.?

Brother, find out the value of your house, I guess house would have built some equity in these 4 yrs.



You can get an estimate of your house at www.zillow.com



And if you have equity then just go ahead and refinance your home.



Refinancing however can take 3-4 weeks or may be more, so you may get the heating system up on the credit card itself and while refinancing you can pay off the credit card.



Man, You can't let your family suffer in cold, so get it done asap.



If you wish, you can contact me, I may be able to help you...

Can I USE my house to get Secured Personal Loan ?

Can get a secured Bank Loan easily ? Compared to heloc ?



I have just started new job, but it is website project and dont get paid UNTIL late feb



My credit is under dispute and is bad right now.



I have a mortgage on my house but have NOT been able to get a HELOC from anyone.



they all want to refi first mortgage but wont give 2nd loan/heloc



I ONLY need 9,000 dollars. (had accident last year, lost my grandmother, aunt and had surgery and emergency car/house repairs - so thats my hard luck story)



Just a short term loan for immediate bills.



Im soooo desperate right now that loan sharks seriously sound good.



i dont give a crap about interest rate.



ANyway how easy would it be to get a secured loan using my house with a bank ?



My first loan is 336,000 but I have at least 160,000 in pure equity.



Do not give me ANY links to sites.



Just need advice on approaching banks (im in pennsylvania)



help!



Can I USE my house to get Secured Personal Loan ?

My advice is to completely refinance and take cash out. Why would you take a secured loan for only $9,000? Rates are really low right now so you might be lowering your rate anyway if you do a full refi. Even with bad credit, your rate won't be bad because of the equity you have built in (over 50%). Do a debt consolidation refi, your overall payments will probably be less and you will start to rebuild your credit.

Does anybody have a simple script for calculating monthly mortgage payments?

Just looking for a script that will use values from the following selection lists to calculate monthly mortgage payments:



1. Amount of loan



2. Duration of loan (in years)



3. Amount of interest



The user selects an approximate amount from these lists



(e.g %26lt;td%26gt;



%26lt;select name=%26quot;amount%26quot;%26gt;



%26lt;option%26gt;Select Amount of Loan%26lt;/option%26gt;



%26lt;option value=%26quot;225000.00%26quot;%26gt;$200,00-250,000%26lt;/optio...



. %26lt;td%26gt;



%26lt;select name=%26quot;duration%26quot;%26gt;



%26lt;option%26gt;Select Duration of Loan%26lt;/option%26gt;



%26lt;option value=%26quot;10.00%26quot;%26gt;10 years (fixed)%26lt;/option%26gt;)



and



%26lt;td%26gt;



%26lt;select name=%26quot;rate%26quot;%26gt;



%26lt;option size=%26quot;50%26quot;%26gt;Select a Rate of Interest%26lt;/option%26gt;



%26lt;option value=%26quot;0.055%26quot;%26gt;5.00% to 6.00% %26lt;/option%26gt;



The user should hit a button that then calculates the monthly payment without leaving the page.



If you have such a form (or something similiar) it would be greatly appreciated if you could reply.



Does anybody have a simple script for calculating monthly mortgage payments?

you can check any major mortgage lenders site then retrieve the script and make simple changes

Does anyone know many % of total loans are done mortgage brokers, mortgage bankers and directly by b

I mean what is the market share of each of them?



Does anyone know many % of total loans are done mortgage brokers, mortgage bankers and directly by banks?

I agree with the other Mortgage Banker.



Does anyone know many % of total loans are done mortgage brokers, mortgage bankers and directly by banks?

brokers and bankers are really interchangeable, for this questions purposes. I believe we account for 65-70% of all mortgages written these days. Direct banks have the rest.

Should I use my 401k to payoff my mortgage?

I would like to use my 401k to payoff my mortgage. I'm willing to take the tax penalty just to get out of debt and not worry about a mortgage payment that as of today still has about 25 years remaining on it. I feel its less stress for me to save and invest money for the next 20 years (retirement age for me) as opposed to making my mortgage payment. I realize the tax penalty is steep, but I also feel its worth it since I don't want to continue working at this pace just to payoff my mortgage and invest what I can in my 401k.



My health is declining to the point where I struggle to continue working 40-50 hour workweeks at my job. Other than our mortgage and a small car loan of about $10k, we have zero debt.



Is my strategy to cash in my 401k early worth the risk? I'm also concerned about the future of the economy and mainly my health.



Should I use my 401k to payoff my mortgage?



Thanks in advance!



Should I use my 401k to payoff my mortgage?

interesting question indeed. If you are going to work for another 20 years, I would have to say no do not use the 401k to pay off the mortgage. There are several reasons I say this. First, the mortgage interest is a deduction from your taxable income. Second, your 401k is earning money for you tax deferred. Third, you will have to pay taxes on your 401k withdrawal, which I would imagine will kick you into the very highest tax bracket plus 10% penalty so that you will in effect receive only maybe 55% of the withdrawal amount if you live in a high local tax environment.



I know it is somewhat of a problem to remember each month to pay the mortgage, but it is just one of the monthly bills that have to be paid along with the electric, telephone, sewer, etc.



An option that perhaps you should consider is each month paying an additional amount towards the pricipal of your mortgage so that you can pay it off ahead of time. If you have 25 years remaining on the mortgage, you are paying currently mostly interest. By adding an additional $100 a month you will cut the payment time maybe in half.



Should I use my 401k to payoff my mortgage?

No! Bad idea. Besides paying taxes on it you will also be assessed a penalty. Costing you a total of 40% or more.



I would recommend that if you are currently adding to your 401k, that you temp. discontinue doing so, and take the extra $$$ and add it to your house payment. If you get focused you can make some really good progress.



Check out the Dave Ramsey website for more information.



Should I use my 401k to payoff my mortgage?

If you were to use your 401(k), how would you retire in the future? Keep in mind that compounding effects are very strong with money the earlier you have it in your 401(k).



Do the math and you'll see what I mean. $100,000 already invested in a 401(k) earning 9% interest for 20 years and with regular contributions of $10,000 each year will amount to about $1,072,000 in 20 years... but if you start with nothing with the same scenario (no $100,000 to start with), you'll earn $511, 601 in 20 years instead!! That's about 50% less money for your retirement just because you cashed out of the 401(k). Compounding is very strong, but especially if you start early with a lump sum... if you pay off the mortgage, there is no lump sum to start with.



Just pay a little more towards your mortgage each month.



Should I use my 401k to payoff my mortgage?

Really bad idea.



You will take 2 taxes hits, plus possibly the 10% penalty. First you will pay taxes on the 401k money, then you will lose the tax advantages of the mortgage.



Should I use my 401k to payoff my mortgage?

Most 401(k) plans won't allow you to take money out of the plan to pay off your debt. Consider that rule a gift. Debt can seem like a huge burden to a lot of people, but don't get overwhlemed. You should learn to budget differently and work gradually to either build up a large emergency fund (savings account at the bank) or pay extra cash on each monthly payment.



Definitly don't pull money out of your retirement account to pay off your housing debt.



Should I use my 401k to payoff my mortgage?

There may be the option to borrow from you 401k. Some plans allow that option. This way you don't have to pay the tax penalty.



Check with your plan provider.

A house is auctioned for less than the outstanding loan, is the borrower liable for the balance?

A property is sold at auction for about $165,000, but the loan balance of the mortgage was about $255,000. Does the bank come after the defaulting borrower for the $90,000 the bank lost, or does the borrower walk away without any further liability to the bank?



A house is auctioned for less than the outstanding loan, is the borrower liable for the balance?

Wow all of the above are terrible answers.



The true answer is: it depends.



Many states are non-recourse states, which means that lenders cannot go after you for the remainder of the balance in your situation. The IRS, however, may tax you on the difference because in essence it is %26quot;phantom income%26quot;. Although you never physically saw the money you did borrow it to purchase your home, and you could be taxed on it.



That being said, President Bush recently passed a bill relating to this issue:



http://www.opencongress.org/bill/110-h36...



%26quot; The current tax code requires a lender who forgives debt to provide a Form 1099 to the IRS stating the amount the borrower has been forgiven. This disclosure applies whether it is a short sale, foreclosure, deed in lieu of foreclosure or any similar arrangement that relieves the borrower of the obligation to pay some portion of their debt. If the property is sold at foreclosure or is sold for less than was borrowed, that difference is considered income and is subject to the tax.



H.R. 3648 would ensure that any amount forgiven on mortgage debt secured by a principal residence will not be taxed. The legislation has a provision to safeguard against abuses. That provision is similar to one that already exists for commercial real estate owners and would treat commercial and residential property equally.%26quot;



Note, however, that this bill does not apply to homeowner's who pulled out equity out of their home.



A house is auctioned for less than the outstanding loan, is the borrower liable for the balance?

YES! They still could come after you for the balance!!



A house is auctioned for less than the outstanding loan, is the borrower liable for the balance?

A deficiency judgement most likely will be entered and the buyer will owe that money. The judgement can be renewed many times as well and for that kind of money likely will be.



IF the bank forgave the loan they may choose to report that as a gift and there COULD be taxes owed on the %26quot;income%26quot; of $90K THOUGH there is legislation that was passed that does not make that an automatic.



A house is auctioned for less than the outstanding loan, is the borrower liable for the balance?

The borrower is in forclosure.



The bank is trying to sell the property for a low price to get it off there books.



At time of closing you will get a clean title, no you are no liable!!!!



Great time to purchase homes!!! Take the deal, but get an inspection to make sure there are no major repairs or water in the basement, that would suck to get suck a great sales price and not expect to have to put 10's of thousands of $ into in!



Again it does not matter what the mortgage balance is the mortgage company wants to get it off their books and collect as much of the balance as possible to sell in a fast short period of time!



GOOD LUCK!



A house is auctioned for less than the outstanding loan, is the borrower liable for the balance?

No, the borrower is responsible for the $90,000. The bank will go after them for that amount and will do whatever measures they have to, to get that money, they will go to court, get a judge to grant an order that the person owes them that money, and then they will garnish wages, take tax returns, do whatever they have to to get their money back. If the borrower didn't want to lose their home, and go through this maybe they should have made their mortgage and if they were going through rough times call the bank and let them know and work something out with them. Banks do not like and want to foreclose on someones home, they would much rather work with the person on a month or twos mortgage, then take the home back and have to go through the hassel of collecting the funds afterwards.



A house is auctioned for less than the outstanding loan, is the borrower liable for the balance?

Not if you were declared insolvent !!! or bankrupt !!!



A house is auctioned for less than the outstanding loan, is the borrower liable for the balance?

The lender can in fact come back to you for the remaining balance. Even though they have taken the deed of trust or mortgage off the property as a lien, the note still secures your promise to pay, even if it's a forgiven debt. Some banks will not do this, because obviously, you have nothing, but others will. Good Luck!

Mortgage Brokers, HELP?

Any of you out there who happen to be mortgage brokers... I am a loan officer who's life has become a nightmare since American Home Mortgage closed their doors...



I am in desperate need of a lender that offers 100% financing on the pay option arm... Any ideas would SOOOOO greatly be appreciated.



Mortgage Brokers, HELP?

Greenpoint goes fairly high LTV wise. I have no idea what the other specifics of your file are, but that's where i'd price it first



Mortgage Brokers, HELP?

I suggest you try a mortgage broker forum, such as BrokerOutpost.com. You can ask a question like this and will quickly get specific recommendations from wholesale lenders and loan agents.

Advice, comments about our FHA loan?

make a long story short. My wife and paid off all of our debts. we went to a mortgage company to get a loan, the lady took our info and called us the next day saying how much we were approved for and to start looking. after 1 month and a half or we found a house we liked and we called to see if we could make an offer and she told to we could. now the real estate agent is pushing us to go with someone else cuz hes not getting the answers he needs from her. We have until the 19th to get an approval letter sent over there. I called the mortgage lender and they told me that they've had people in worst situations than my wife and I and that they didn't forsee a problem getting us the loan, but the real estate agent still keeps pushing the issue about my wife and I to go sit with him and go through them. Will I get the loan? do I hurry and Monday start looking at other lenders? and what's the deal with the AGENt? any advice, comments would be greatly appreciated.Today is sunday.



Advice, comments about our FHA loan?

Some Agents receive 'illegal kickbacks' from lenders if they bring new business to them. THIS IS ILLEGAL....



Most realtors dont get involved with financing if you already have a lender. THEY dont like to pressure their customers because they can be liable if they send you to a bad lender.



FHA loans arent that hard IF the mortgage broker is EXPERIENCED with them.



If you're approved with your lender then stay there. You MAY shop around, but do not go to the realtor's lender. Most inhouse lenders will charge a higher rate for mortgages, and for title closings! Make sure to shop around for an attorney/title company. You can save a few hundred bucks!



Stay away from 'inhouse ppl' they always like to take advantage of ppl.



Your realtor has ulterior motives, and shouldnt be sticking his/her nose in the financing. BUYER BEWARE!



be stern with the realtor...and tell them that you're not interested in the realtor's referrals. You will see what i mean when you shop around for title insurance/title closings.



Also, most lenders can give you a 'pre approval' letter within 1 day. If you have already given your w-2's, taxes, bank statements, paystubs, then it should only be 1-2days.



Advice, comments about our FHA loan?

I don't understand the issue. Are you approved or not? She is saying she THINKS there won't be a problem. Well, is there or not?



If you are ready to buy, y.ou need a letter of approval.



The agent needs to stay out of who you use as a finance source, but if you trust him, I would listen to him. He has bought and sold many more houses than you and he knows which lendors are good and bad. Ask him (and your lendor) to stop beating around the bush and tell you in plain English what's up. If the agent thinks you will lose the house without changing lendors, then he needs to say so. If the lendor has approved you, then they need to put it in writing.



I've never been involved in a home buying situation where there were so many vague issues. Things are pretty black and white normally.



Advice, comments about our FHA loan?

There is a LOT of paperwork involved with FHA. More than you can imagine. My cousin is getting one right now and it is



always 'just one more thing'. It has taken several months for the whole process. Tell your real estate agent, that FHA is a



governmental loan and it has lots, and lots of red tape. Real estate is always changing, if this is the house you have to have; see what other options are available. Once that is done



compare the loans and see which one is best for YOU.



Do you have your OWN real estate agent that has your interests at heart or is this just the real estate agent that has the property listed? If he is the listing agent, he wants to get his commission as soon as possible. That's the way it works.



It's always a detailed process that takes time.



Get all the information you can so you can make a good choice.



Success to you!



Advice, comments about our FHA loan?

you should've had the approval letter a long time ago.



lenders can't release any private information about their borrowers to realtors.



ALSO,



DIRECT LENDING PLANET HAS OVER 4-5 YAHOO ACCOUNTS SPAMMING THESE BOARDS.



BE CAREFUL WITH LENDERS WHO DONT GIVE YOU THEIR COMPANY NAME AND LICENSE NUMBER.



IS IT AGAINST THE LAW TO BE SOLICITING MORTGAGES WITHOUT PROVIDING THIS INFO.



Advice, comments about our FHA loan?

It could very well be that what was possible back 6 weeks ago is no long possible now. Marginal credit may have made it 6 weeks ago but today it will NOT and you may be caught up in that issue.



Advice, comments about our FHA loan?

Young Man, demand a written approval letter, if they have a problem, call your local F.H.A. office. A F.H.A. loan is the way to go right now ! Don't let anyone convince you differently, if your L.O. is not an expert in F.H.A., get another lender a.s.a.p. !!! Do not let R/E people pressure you, this is a buyers market, and you must take control as to your offer, and not be bullied by anyone! Your L.O. should of had a actual APPROVAL LETTER weeks ago, which leads me to believe she had problems, or the U/W address situations in which she did not tell you , in any case, give them till noon on Monday. if your appraisal is completed it can be assigned to a new lender, and be U/W in 48 hrs. if you run out of time, ask for an extention, then fire your R/E , fire your L.O. and go on from there! Hope this helps, Good Luck!



Advice, comments about our FHA loan?

Dont let the real estate agent push you around. FHA loans are a fairly good deal for a lot of people. You do neet a preappoval letter though probably, and if your lender isnt coming through, go ahead and find someone else. Ask friends who they used and if they would reccomend them to you. Alot of bigger banks are able to give FHA loans, so try Bank of America, or Wells Fargo.



Advice, comments about our FHA loan?

Hmm Fha should be the way to go, try wells fargo they are friendly. As for them forcing you to go use their financing bank, be careful.



Dont sign anything until a lawyer looks over it.



Advice, comments about our FHA loan?

Although I see holes in the information, I'll tell you what I THINK is going on.



I suspect your agent has had problems with this lender or their company in the past. For instance, you still don't have a pre-approval letter, and the drop dead date is coming up.



But, your Realtor should be giving you a field of other lenders to look at, not just one or two.



IMHO, you need to find a lender that is going to work with your Realtor, or a Realtor that will work with your lender. The two aren't gelling together and your transaction could suffer if you don't change the situation or tell them they work together effectively or else they lose your business.

Mortgage Brokers, HELP?

Any of you out there who happen to be mortgage brokers... I am a loan officer who's life has become a nightmare since American Home Mortgage closed their doors...



I am in desperate need of a lender that offers 100% financing on the pay option arm... Any ideas would SOOOOO greatly be appreciated.



Mortgage Brokers, HELP?

Greenpoint goes fairly high LTV wise. I have no idea what the other specifics of your file are, but that's where i'd price it first



Mortgage Brokers, HELP?

I suggest you try a mortgage broker forum, such as BrokerOutpost.com. You can ask a question like this and will quickly get specific recommendations from wholesale lenders and loan agents.

What's the fastest way to clear my bills or lower my mortgage payments?

I have a lot of credit card debt, student loans and a mortgage from an investment property in Oklahoma that's vacant. I need help! Badly!



What's the fastest way to clear my bills or lower my mortgage payments?

The best way to get rid of your debt is to focus on your needs and not wants. Sell everything you don't need and want. Focus on the simplicities and avoid the complexities. Next I would consolidate student loans, refinance your mortgage into either an interest only or 50 year loan with lower payments and move your high interest credit cards to lower or 0% interest cards. Remember, the key is to change your life style first. I hope this helps -- good luck!



What's the fastest way to clear my bills or lower my mortgage payments?

make more money and stop buying things.



What's the fastest way to clear my bills or lower my mortgage payments?

Work another job and eat cheaply.



What's the fastest way to clear my bills or lower my mortgage payments?

My first suggestion is make up a budget with paying off the items that have the highest interest rate first (not necessarily the %26quot;highest owed%26quot;). Try to calculate their payoff dates as well, this gives you hope as you move towards your goal, and keeps you motivated. Do not use these cards any longer! Best way to insure that is to cut all but one off with the smallest interest rate. Call you student loan holder, and negotiate a smaller monthly payment for a temporary basis (until some of the credit cards are paid off), then increase that payment to make up for the %26quot;lost months%26quot;. The mortgage I wouldn't touch. Often lenders try to lure you with %26quot;lower payments%26quot; and the like knowing that your principal will never get any lower, insuring them years of your dollars. Try to wait out the real estate slump and sell when you can if your not interested in living there. But most of all, create your budget, be honest with yourself and your habits of living, and stick to it. Good luck!



What's the fastest way to clear my bills or lower my mortgage payments?

All the above suggestions are good and I have one more.



Start with the debt with the lowest balance, even if it has a lower interest rate, and attack that first. In my case, we had a Best Buy card with about 800 balance on it, but just about all the purchases were interest free up to a certain date. Although my min. payment was only like $10, I was paying about $100 per month to make sure I paid it off before the accrued interest hit the account. I also have a Visa with about $5000 on it at an interest rate of 10.9 and a monthly finance charge. I paid only the minimum on the Visa and put everything I could into the Best Buy. I had that paid off within a few months which freed up the $100 I had previously been putting toward it. Now I can attack the visa.



Pay off the smallest things fastest, then roll over the money into the next debt. Don't loosen the belt and spend the %26quot;extra%26quot; money you free up.



If you are in way over your head, work with a Consumer Credit Counseling agency to help you lower your rates and your payments. You'll have to close all the accounts though. This is a last ditch effort to avoid bankruptcy really. But it works and they can help you a lot.



Why is the property vacant? Hopefully you can find a renter to offset your mortgage costs. Good luck!



What's the fastest way to clear my bills or lower my mortgage payments?

I agree with the last post - clear the small things first, then divert the extra into the bigger ones.



Get a tenant in to pay the mortgage - that would be high on the list of priorities and will take a lot of pressure off you.



Get a weekend job and divert every penny into the credit card debt.



Live on a cash only budget - cut up the cards till you're back on track.



Budget realistically, taking into account events like birthdays and holidays and gifts, and once-off annual payments that have to be paid.



If you can free up a good proportion of your income to go towards the credit cards, then once cleared, divert at least half or three quarters of the amount you were paying into the student loans.



Set a reasonable time frame - say five years to be debt free.



After that, set aside half of your repayment power towards savings, and the other half into your mortgage.



Good luck, it can be done!



What's the fastest way to clear my bills or lower my mortgage payments?

Can you refinance the investment property removing some equity and pay off the credit card debt. I would look at the investment property as possibly time to move the inventory. To rent it out you may want to make it a rent to own. Take a $3000. non refundable deposit and give them 12 or 24 months to qualify for the mortgage. Also look at the MTA product if you KNOW the market will be solid with rental opportunity as that will give you time to make an smaller payment. It will be a negative amortization also, so you have to be prepared to make the sale of the property. This will also bring you in profit from the equity. This will allow you to keep your credit score up. Consumer Credit Counseling is a wonderful service but what you may not know is that the lenders treat that as a BK on your credit so I do not recommend that you do that as your first choice. Otherwise look at your current residence as a source of refinance. Refinancing can be a solution or it can be the wrong choice. I am a mortgage professional and I recommend that you get someone who will be straight and help you make the right choices. Good Luck.

Got my pre-approval letter for mortgage...question about old debt?

Does this statement from my letter mean I have to pay off an old debt before I can actually get the loan? The mortgage consultant I spoke to did not say I had to pay it off, just that it was on my credit report.



Mortgage Services to order a credit supplement in order to verify the following account is erroneous



previously paid, or you must qualify with the monthly payment.Borrower:xxxx;Creditor:MERCANTIL... ADJMNT BUR;Account Number:81x02080;Balance:4



Got my pre-approval letter for mortgage...question about old debt?

You don't have to pay it off if it is an old unpaid account. It will stay on your credit report for at least 7 years from the last time a collection of it was filed. This will decrease your credit score, causing you to get loans with higher interest rates.



Got my pre-approval letter for mortgage...question about old debt?

I recognize that verbage. It looks like you are dealing with PHH mortgage or a subsidiary that uses PHH through its Private Labeling. I worked there for 10 years. That wording is a %26quot;boiler plate%26quot; condition (meaning automatic, the computer puts that on there) It shows up any time your consultant marks a debt that showed up on your credit report as %26quot;inaccurate%26quot;. Have no worries, as long as it is truly inaccurate, you will have no problems. The Mtg Co. will order a special credit supplement and verify the status of that debt. But they are covering their back side and inferring that if the debt can not be verified as inaccurate, they will include the payment into their calculations of how much house payment you can afford.



Now, with all good intentions, and while this is NOT a solicitation, I strongly encourage you to look at some other lenders. I had worked for this company for years, they do not offer the most competitive rates, by far. Oh, they are nice people, and they make an intimidating process a little easier. They have some good points, but I have to suggest, you could do a lot better. Feel free to contact me if you would like to talk more about what to look out for.



Got my pre-approval letter for mortgage...question about old debt?

No it is not necessary to pay this off. I am a Mortgage Advisor/Loan Officer with over 10 yrs in the business - I am also a Junior Underwriter so have no fears you are fine unless there is more to the credit report than you have listed you are just fine.



Also note that Pre-Approval means absolutely NOTHING until all your documents are in with the Lender. I am a Wholesale Lender in North Carolina so if you have ANY questions, comments or concerns feel free to contact me. Just see my sites below for further info

I need a list of lenders that will loan a home mortgage to someone with a credit score between 545 a

I make 48k per year. Circumstances that have led to bad credit rating are a 60 day late car payment that occurred two months ago. The car has since been paid off. Credit cards are close to the max but always paid on time. Please only respond with a list of possible lenders thankyou.



I need a list of lenders that will loan a home mortgage to someone with a credit score between 545 and 550?

lendingtree.com!!!!!!!!!!!!!!!



I need a list of lenders that will loan a home mortgage to someone with a credit score between 545 and 550?

Search in local newspaper ad for those



I need a list of lenders that will loan a home mortgage to someone with a credit score between 545 and 550?

Look for lenders that do %26quot;manual underwriting%26quot;. That is what EVERYONE did before FICO. It refers to actually looking at you finances instead of just your FICO score. Churchill Mortgage in TN is one lender that still offers manual underwriting.



I need a list of lenders that will loan a home mortgage to someone with a credit score between 545 and 550?

Wow -you are just asking to get taken advantage of.. arnt you?



I need a list of lenders that will loan a home mortgage to someone with a credit score between 545 and 550?

I believe the answer you're looking for can be found on this site. They've got lots of info about the subject.



I need a list of lenders that will loan a home mortgage to someone with a credit score between 545 and 550?

Hometown Banc Corp ; check out their free evaluation form at the source website.



I need a list of lenders that will loan a home mortgage to someone with a credit score between 545 and 550?

Don't use lending tree unless you want 12 phone calls. The list of lenders isn't possible without more specifics, which I could discuss with you if need be. DO NOT wait too long. Your situation can be resolved with letters of explanation assuming some other criteria is in line. Your credit score is less important than you may think

My mom passed away, How do I find out if she had credit life on her home mortgage?

My mom recently passed away and she had a home mortgage. She had another mortgage on a previous home loan and now I can't find any paper work on her new home mortgage. I called the bank that she has this loan with and they won't tell me anything because I am not the executive of her will. Problem is my sister is the executive and I have a bad feeling they are trying to sell the land and take the money without telling the rest of the remaining siblings. Any help would be greatly appreciated!



My mom passed away, How do I find out if she had credit life on her home mortgage?

Remind your sister that fraud is a crime. She may be the executor but that doesn't mean she can deprive you or any other beneficiary of their inheritance. If you want to know if there is a mortgage go to your county court house, all mortgages are recorded there so you can also find out who the lender is, if any. The executor, or in this case the executrix, is responsible for paying any debts of the estate such that a piece of mortgaged property would likely need to be sold if their are multiple beneficiaries. It is a very common situation.



My mom passed away, How do I find out if she had credit life on her home mortgage?

You are a person of interest in your mother's estate. Unfortuantely though, no mortgage company will speak to you regarding your mother's account unless they have prior consent from your mother for you to speak on her behalf. If you are not named as having interest in the property in her will there is nothing you can do. I'm sorry.



My mom passed away, How do I find out if she had credit life on her home mortgage?

My family went through the same thing as far as the other siblings running around behind our back making deals and such. If she is the executive of the will then Im sorry but you are SOL. If your mom left you anything it will be described in full in the will. The executor of the will is in charge of fufilling the terms of the will. You can take it to court but will probably not be worth it in the long run unless you have substantial proof she has decieved you in any way. Examples changing things in the will at the last minute by switching doctors and such. Its a very complicated process but I would suggest being straight with your intentions with your sister and she if she will reveal it to you. Also if not you have the legal right to posses any information that pertains to you. I would speak to a lawyer in this area, most conseltations are free but make sure you arrive with all neccessary paper work to delay any decisions. Good Luck!! If she does sell then there will be specific instructions on the will that say how and what will be divided among you guys. If not then I guess its under the descretion of the executor.



My mom passed away, How do I find out if she had credit life on her home mortgage?

You may not be the executor of her will, but you are one of her children and you have an interest in the estate unless her wishes stated otherwise. She may have named an executor but didn't leave specific instructions for the house/land. If that is the case, the executor has to abide by your state law and generally any siblings have to be informed if the land/house is to go up for sale. If she had a lawyer, you might be able to find out from the lawyer. If not, you may have to hire one or go to Legal Aid in your state, to find out the answer.



My mom passed away, How do I find out if she had credit life on her home mortgage?

YOU NEED AN ATTORNEY. AND HAVE THE ATTORNEY FILE A MOTION THAT THIS NEEDS TO BE A SUPERVISED RECORDED ESTATE. What that means, is that all matters pertaining to your mother has to be recorded at the court house. This would than be a supervised estate. and not a un-supervised estate. This needs to be done asap = believe me, this happened to my son 2 years ago, when his father passed away, and he was only son. But the uncle was the executor of the estate, and things were sold off, that my son wanted, and we had to go to court. Good luck to you.

Can one broker small business loans to banks like a mortgage broker do with home loans?

I am a mortgage broker and want find out how I can fund small business loans too. can I broker them to banks?



Can one broker small business loans to banks like a mortgage broker do with home loans?

Business loans are a lot more complicated then mortgages. Take a business course at your local community college before you try this.



Can one broker small business loans to banks like a mortgage broker do with home loans?

Broker, no. Refer and get a referral fee, yes.



Can one broker small business loans to banks like a mortgage broker do with home loans?

I have sold money in one form or another for 30 years. and I clearly remember when the mortgage banking industry started down the road to hell, which is always paved with %26quot;good intentions%26quot; from politicians, that was starting in 1994, and the states i do business in like Ohio arrived in Hell, about 1998.



There are still today 4 times the number of mortgage professionals than are needed, and only 80% are incompetent as opposed to the 12 fold excess of %26quot;real estate professionals%26quot;, of whom 97.5% are full blown flaming utter IDIOTS.



now ignorance, is a curable condition, but stupidity is ingrained forever.



the answer to your question is yes, but it is much like a which doctor trying to do brain surgery.

If an Adult Child Makes a Loan to an Elderly Parent, Will It Be Repaid if Medicare Sells the Parent&

If an elderly parent needs a loan from a child in order to pay things such as property taxes, will the child be repaid if the parent enters a nursing home and the parent's house is eventually sold via Medicare Recovery Act?



Assume that the parent signs a note stating the terms of the loan. Assume the parent is hardly able to make regular payments and the family does not want to use a reverse mortgage, etc. (The loan will sort of a %26quot;balloon%26quot; that is due to be repaid all at once.)



If an Adult Child Makes a Loan to an Elderly Parent, Will It Be Repaid if Medicare Sells the Parent's House

Have true loan papers drawn up with a repayment plan of at least a couple dollars a month and charge interest.



Register a lien on the property for the amount of the loan, then the government will be forced to settle with you.



Why not a reverse mortgage if you know the house will eventually be taken by the government anyway?



See a lawyer who specializes in estates %26amp; trusts they should be able to make sure all is recorded properly and protected.



If an Adult Child Makes a Loan to an Elderly Parent, Will It Be Repaid if Medicare Sells the Parent's House

As I understand it this is true. Loans were paid to my in-laws when their mother's house was sold after she used all other resources and went on medicaid. They had the loan documented.



If an Adult Child Makes a Loan to an Elderly Parent, Will It Be Repaid if Medicare Sells the Parent's House

Once the nursing home gets involved it becomes a big mess. I am going to say NO, I do not think they will have to repay you. Saying this as the reason they take the home under the recovery act is to cover no one but themselves. BUT I do understand that once their expenses are paid the remainder (if any) is returned to the family. So there may be a slight chance. BUT why would you be against a reverse mortgage? Either way you don't get to keep the house. And under reverse mortgage You get the option to buy the house back once the owner passes.



If an Adult Child Makes a Loan to an Elderly Parent, Will It Be Repaid if Medicare Sells the Parent's House

I would suggest having a mortgage recorded. That way when the property sells you get repaid. There are limits and timings, however, which may prevent this from being successful.



If you anticipate this, and the amount is material, I would suggest consulting an attorney who specializes in Elder Law.



If an Adult Child Makes a Loan to an Elderly Parent, Will It Be Repaid if Medicare Sells the Parent's House

It sounds like you are dealing with challenges that many caregivers of older parents face.



While the rules regarding estate recovery



vary somewhat in each state, folks that will know about the details about Medicare, Medicaid and estate recovery --and other questions you may have as a caregiver --are as close as your local Area Agency on Aging. These groups are one of the best kept secrets around for older Americans and their families. There is one serving every community of the United States. The folks there specialize in listening to the concerns of seniors and their families and truly know about benefits and programs available. If they don't know something, they will know the best place to go for the answer. .



The other thing to know is that Area Agencies on Aging often have services and connections to programs that can help family caregivers. Legal assistance on public benefit issues may be available if you or your parent meet income eligibility guidelines.



You can call toll-free 1-800-677-1116 to find how to contact the Area Agency on Aging serving where you live.



After you get the phone number for your local Area Agency on Aging and make the call, ask for the staff that handles %26quot;Information and Assistance%26quot; or the %26quot;Family Caregiver%26quot; program.



If you do contact your local Area Agency on Aging and like the help that they give you, let your local county officials and your folks in Congress know. Or consider making a contribution to support their work. Area Agencies on Aging don't have big budgets-- and appropriations for the Older Americans Act, the legislation that makes this help possible-- have not increased significantly for about 25 years!



Hope this helps! Best wishes and Good luck!

Now that mortgage and real estate business are down, what are doing for work?

California realtors and mortgage brokers and loan processors - are you guys looking for a job or waiting for housing to get better again?



Now that mortgage and real estate business are down, what are doing for work?

I haven't decided. There are some reverse mortgage jobs. If you have underwriting experience, I heard the mortgage insurance companies are hiring contract underwriters.



Now that mortgage and real estate business are down, what are doing for work?

I'm so excited I can barely stand it! I'm an investor in Florida and it's like the big 80% off sale held at Macy's. I can't wait for October . . . I've already called my agents and told them to get ready for the new year buying frenzy. Water front cheap. Yay!



Now that mortgage and real estate business are down, what are doing for work?

In the '80's, a sign in front of a building, Atlanta.



%26quot;FOR SALE%26quot;



Buy one, get one free.



Now that mortgage and real estate business are down, what are doing for work?

The reverse mortgage business is going to be the savior of all those mortgage people out there that have lost their subprime market. If you aren't involved already you should be. Send me an e-mail.

Investing in Multifamily... Take Home Equity Line or Refinance Mortgage?

I am looking into getting a home equity loan or refinancing my mortgage to get funds for the down payment of my first Multifamily investment property . Which is the better option? Also is it better to put down 20% to avoid PMI? Lastly my wife and I are really soul searching because we don't want to use up all our equity in our home due to the fact we may sell in a year or two and will need to maximize our equity in our home for a down payment. I know I have lots of questions but I want to make the right choices. Our house is valued at 250000 and we owe 163000. Thanks, Scott



Investing in Multifamily... Take Home Equity Line or Refinance Mortgage?

that all depends where interest rates are.....if it makes sense to refinance your mortgage you could save alot of money.....what is the rate on your existing mortgage?......what is the price of the multifamily u are looking at?



Investing in Multifamily... Take Home Equity Line or Refinance Mortgage?

If you are going to move in a year or two, it might not be such a good option to refinance. Because, you will have all the settlement costs associated with refinancing--the lender can make you purchase another title policy ( under 5 years youcan



usually qualify for re-issue, which is a bit cheaper), and can charge a point or more for closing costs. However, the plus is that, with the dip in interest rates, you should be able to get a good fixed rate 30 year mortgage, assuming your fico score is 700 or better. ( used to be 680 was the magic number, but not anymore). You want to do two things:Consult a mortgage broker to see which alternative makes sense; and consult an accountant. If you take an equity line on top of your current mortgage, it may not all be tax deductible. It depends on what your original mortgage was. Really, If I were you, I would consider waiting until you know if you want to sell your current home. Right now, in most markets, housing is still declining. You may be able to pick up your rental property cheaper, without possibly putting yourself in the position of over-mortgaging your current home, in a declining market. Of course, you may be in one of the few markets still doing well--only you know that, so consult professionals that can deal specifically with your individual set of circumstances. This is a very complex topic for this kind of forum. One more thing, think about carrying two places at one time in the event your rental property is vacant, or you need repairs on both properties at one time. These things can be a budget buster, so be sure you are comfortable with the numbers, you should have a cushion of six months worth of expenses--for each property. Good luck!



Investing in Multifamily... Take Home Equity Line or Refinance Mortgage?

Hi Scott. You don't need to put down 20% to avoid PMI. You need to do two loans if your down is less than 20%. One at 80% of the loan to value (LTV) and one at 5-20% of the loan to value (LTV). This effectively avoids PMI. Plan on a minimum of 10% down in most cases for your investment loan. They don't usually like to go above 90% CLTV (combined loan to value). Just make sure to calculate your blended financing rate correctly (annual interest payment on the 1st plus annual interest payment on the second divided by the total loan amount) when you do your comparison shopping; averaging the interest rates doesn't work.



That said, a HELOC may cost you more than a second mortgage although you may have more flexibility with the HELOC in terms of what you need to pay monthly (interest only or interest and principal). I have a good loan advisor that I can refer you to if you want to run numbers without making a commitment. Just shoot me an email and I'll give you his info.



I calculate your current LTV (loan to value) in your home at about 65% That means that you may be able to refinance your existing loan and pull cash out for investment. Looks like you may be able to pull about $35k without a problem...



If you could provide information on the cost and income from your prospective multifamily investment, that would help. Keep in mind that going over 4 units ends up in the commercial financing arena with a different set of standards and loan/financing requirements.



Hopefully this is helpful.

Mortgage help -SERIOUS ONLY!?

I need some serious advice. I don't want to end up in trouble with the mortgage. we have a option loan.(intrest/payment) w/ a variable rate and the 2nd is kicking our butts. It wouldn't be so bad if our 2nd wouldn't flucuate. what i need to decide is if we should refinance again. we have no fixed available right now, and if we do this our mort. will go up 800 dollars Take in mind the paym't goes up because we are going to add the car loan to it. but what other options do we have. Our house is NO in jepardy at all. The only problem is that we are only paying a fraction of the interest this way. and thats not cool at all. Help me not be stressed.



Mortgage help -SERIOUS ONLY!?

You probably can't get fix rate mortgage due to higher payment or credit or downpayment, otherwise you might have in the first place. Because fix rate is near all time low comparing to past 40 years.



Could you borrow some downpayment from family or friends? Then refinance to get a fix. As for not able to meet the payment, sorry... you have to get a second job.



This is NOT easy, but difficult time requires some tough action. I am annoyed that your loan agent or realtor didn't protect you better. Oh well.



Good luck!



Mortgage help -SERIOUS ONLY!?

Depending on when you bought your home, the value might be much higher than what you owe on it. You might have a great deal of equity that will permit you to refinance for a lower payment. If you leave the car out of the equation and then get a 7/1 ARM, you will have 7 years of fixed rate payments. If you consistently make your payments on time and you do not buy anything else on credit, after 3 or 4 years you will be able to refinance again for a lower fixed rate. Keep your debt to income ratio low and the money that you save on the ARM should be put into the bank so that you have reserve cash available when you are ready to refinance for the permanent fixed rate.



Mortgage help -SERIOUS ONLY!?

You don't want to pay any interest. I think what you meant is that you're only paying a fraction of the prinicipal. Now isn't the best time to re-finance. Rates have likely peaked, and may head back down a little before too long. If you do refinance, the only kind of mortgage you should ever get is a 15 or 30 year fixed rate, unless you know for a fact that you will be moving within a certain time period, then an adjustable rate that is fixed for that period would be ok. Once you've gotten yourself into a non-standard mortgage, such as yours, things can become very complicated, and you should see a mortgage broker about your options.



Mortgage help -SERIOUS ONLY!?

Rolling an existing 2nd into a new first mortgage with a fixed rate would be a good idea. Rates are still quite low.



Rolling the car loan into that is probably the worst possible thing that you could do! You generally should not finance anything for longer than it will last. A 30 year loan for your home is fine, but rolling the car note into the re-fi is substituting a 4 - 6 year loan on a car (reasonable today) for a 30 year car loan. THAT is a terrible idea!



Mortgage help -SERIOUS ONLY!?

Refinancing is good as long as the equity exists to do it.



For example, if you have $500K in mortgages and the house is now worth $450K - you're in trouble. Many adjustable rate mortgages are resetting with higher interest rates and your first mortgage payment is going up likewise. In that case - you might as well walk away from the house BUT we'll assume that you have equity and you can refinance with a 30 Year fixed which will take care of the 2nd mortgage and lower your payments - hopefully.



As the other poster mentioned - keep the car out of the mortgage.



Mortgage help -SERIOUS ONLY!?

if after refinancing your payment will go up $800- don't do it.



your 2nd mortgage payment is probably equity line of credit and if you can pay more ,than your monthly payment- your payment will be smaller and you will pay more of the principal. instead of rolling your car payment to the mortgage- pay as much as you can to your 2nd mortgage. if you can afford to pay $800 more after refinancing- split this payment between your car payment and 2nd mortgage and this way your APR will be much lover, than you paying right now and after you pay down your equity line- you can reused this money again and remember this can be tax deductible. i will not recommend for you to keep your option loan for more than 3 years, because index they use for those loans are high and you can loose to much of equity .

My husband and I are very seriously thinking about refinancing our current mortgage through Quicken

Haven't used an online broker before, but if you are thinking of refinancing make sure you check your old loan for errors before you close it.



Surveys show that over 54% of mortgage loans contain errors (up to thousands of dollars) where the lender has overcharged the borrower. Anything from using the wrong interest rate and extra fees, through to computer calculation problems.



It's fairly easy to check your statements yourself. Use a spreadsheet or download one of the better mortgage checker packages out there. I use the one from http://www.HomeMoneyManager.com which I am really happy with, or just search for %26quot;Mortgage Audit Software%26quot; to find others.



If you've had your loan for a while, then a small error could have compounded into thousands of dollars.



My husband and I are very seriously thinking about refinancing our current mortgage through Quicken Loans (onl

Online is not the way to go...you end up paying more in the long run. Go to a reputable lender and have it done right.



My husband and I are very seriously thinking about refinancing our current mortgage through Quicken Loans (onl

Instead of refinancing, you may be able to get a HELOC. It is like having your own bank. You could check with a mortgage broker for that. I know of some if you need referrals. Also, you may be interested in this new program. It works well with a 30 year mortgage. I am currently using a HELOC with a new software program that helps build equity fast, and will payoff my home in less than half the time without refinancing, and without extra payments. It is saving me thousands in interest, and pays off home in less than half the years. E-mail me if interested.

Investing in Multifamily... Take Home Equity Line or Refinance Mortgage?

I am looking into getting a home equity loan or refinancing my mortgage to get funds for the down payment of my first Multifamily investment property . Which is the better option? Also is it better to put down 20% to avoid PMI? Lastly my wife and I are really soul searching because we don't want to use up all our equity in our home due to the fact we may sell in a year or two and will need to maximize our equity in our home for a down payment. I know I have lots of questions but I want to make the right choices. Our house is valued at 250000 and we owe 163000. Thanks, Scott



Investing in Multifamily... Take Home Equity Line or Refinance Mortgage?

that all depends where interest rates are.....if it makes sense to refinance your mortgage you could save alot of money.....what is the rate on your existing mortgage?......what is the price of the multifamily u are looking at?



Investing in Multifamily... Take Home Equity Line or Refinance Mortgage?

If you are going to move in a year or two, it might not be such a good option to refinance. Because, you will have all the settlement costs associated with refinancing--the lender can make you purchase another title policy ( under 5 years youcan



usually qualify for re-issue, which is a bit cheaper), and can charge a point or more for closing costs. However, the plus is that, with the dip in interest rates, you should be able to get a good fixed rate 30 year mortgage, assuming your fico score is 700 or better. ( used to be 680 was the magic number, but not anymore). You want to do two things:Consult a mortgage broker to see which alternative makes sense; and consult an accountant. If you take an equity line on top of your current mortgage, it may not all be tax deductible. It depends on what your original mortgage was. Really, If I were you, I would consider waiting until you know if you want to sell your current home. Right now, in most markets, housing is still declining. You may be able to pick up your rental property cheaper, without possibly putting yourself in the position of over-mortgaging your current home, in a declining market. Of course, you may be in one of the few markets still doing well--only you know that, so consult professionals that can deal specifically with your individual set of circumstances. This is a very complex topic for this kind of forum. One more thing, think about carrying two places at one time in the event your rental property is vacant, or you need repairs on both properties at one time. These things can be a budget buster, so be sure you are comfortable with the numbers, you should have a cushion of six months worth of expenses--for each property. Good luck!



Investing in Multifamily... Take Home Equity Line or Refinance Mortgage?

Hi Scott. You don't need to put down 20% to avoid PMI. You need to do two loans if your down is less than 20%. One at 80% of the loan to value (LTV) and one at 5-20% of the loan to value (LTV). This effectively avoids PMI. Plan on a minimum of 10% down in most cases for your investment loan. They don't usually like to go above 90% CLTV (combined loan to value). Just make sure to calculate your blended financing rate correctly (annual interest payment on the 1st plus annual interest payment on the second divided by the total loan amount) when you do your comparison shopping; averaging the interest rates doesn't work.



That said, a HELOC may cost you more than a second mortgage although you may have more flexibility with the HELOC in terms of what you need to pay monthly (interest only or interest and principal). I have a good loan advisor that I can refer you to if you want to run numbers without making a commitment. Just shoot me an email and I'll give you his info.



I calculate your current LTV (loan to value) in your home at about 65% That means that you may be able to refinance your existing loan and pull cash out for investment. Looks like you may be able to pull about $35k without a problem...



If you could provide information on the cost and income from your prospective multifamily investment, that would help. Keep in mind that going over 4 units ends up in the commercial financing arena with a different set of standards and loan/financing requirements.



Hopefully this is helpful.

Will this "Combo" mortgage hurt my credit?

My hubby and I have a first mortgage, home equity loan, 2 auto loans and credit card debt. We are doing ok - but never have any extra money. We are interested in the combo loan from Countrywide - where they are combined.



I've heard that consolidation can hurt your credit. Will this do that to our credit? Since we are doing good, and just want to lower our payments into one, we don't really NEED to do this, and don't want to cause any credit damage.



Your insights please! :)



Will this %26quot;Combo%26quot; mortgage hurt my credit?

Dumping short-term debt (credit cards and car loans) onto a long term loan is about the worst financial decision you could make. You'll be paying on them for up to 30 years but will need to buy another car in 3 or 4 in most cases. It's even worse with CC debt as most of the things you purchased with the cards are probably long gone or used up.



Will this %26quot;Combo%26quot; mortgage hurt my credit?

Restructuring your debt will not help if you do not change your habits. You will be only complicating the future. The problem is not your debt structure and Countrywide, or any other mortgage company, is not your friend.



I tremble to go beyond this because you will probably just ignor what I have said.



The benefit of restructuring is often lost by the loan that is placed to restructure the debt. The term %26quot;combo loan%26quot; is just a marketing scheme. There is no such thing as a combo loan.



If you proceed, please be very carful about the terms of the loan that is suggeted. Remember that they are not your friends and are trying to make as much money off of you as possible.



Change your habits which will change your life by choosing to be disciplined and wourk your way out of your problem. If you choose to incur the additional expense of refinancing you are no better off if you continue in your ways.



Choose to apply 9% of the cash flow savings back toward the new debt therby paying off the credit cards and cars in a reasonable time. You are not free to spend any savings on your desires.



A minor point is that you would be making non tax deductable expenses deductible but this is not an overdiring factor.



Understand that a refinance is not free and comes with a high cost. That cost will probably be added back to your loan so you don't feel the pain but it is there and is increased by the interest rate on the loan over the term of the loan.



The very best way is to learn discipline and work your way out of your issue.



I would sugget a book that might help%26quot; The Total Money Mkeover%26quot; by Dave Ramsey.



I hope that this helps.

Re-mortgage question please advise?

im remortgaging with Chelthnam and Glochester (currently with Nationwide) and they are requesting ALL the same paperwork you would need to provide if we were taking out a mortgage for the first time.



Is it normal procedure for C%26amp;G (or any remortgage provider) to request; pay slips 2007, 2007 P60,Child Tax credits assesment, Child benefit assesment, and passports for proof of ID on a remortgage?



We also have over 65% equity in our property (so only borrowing 35% the value of our house) so its not like they are loaning us 100% mortgage.



any insight appreciated



Re-mortgage question please advise?

yes it is normal practice some place ask for less than others but most will be around the same for id and such bits of info, remember YOU are remortgaging but to them it's a new mortgage application even if it is for less than 50% of the property value hope you get a good rate as the prices are high now and dont tie in too long as they are likely to drop in the future.



Re-mortgage question please advise?

The fact that you are using the money to pay off another loan is irrelevant, no one is going to loan you tens of thousands of pounds without first ensuring that you have the means to pay it back.



Re-mortgage question please advise?

It should not be a long drawn out process. Those things they are requesting are silly. You don't need all that to re-fi.



Re-mortgage question please advise?

You are applying for a brand new loan and that is why they want all the paperwork. It is normal. Even if you were refinancing with the same company they would probably ask for all of that information because your income could have changed from when you originally got the loan. Also, you'll probably have to have the property appraised and a title search done.



Re-mortgage question please advise?

The mortgage company can still request the information all over again at any time to verify your current financial standing. Especially with current Foreclosures. Mortgage companies are being way too careful.



Re-mortgage question please advise?

A remortgage is a replacement loan taken out by the same borrower for the same property, usually with a different lender; as such, a remortgage is considered in exactly the same way as any conventional mortgage application. The lender has to take account of the legal capacity to borrow, motives and purposes of borrowing, income and outgoings, occupation, personal circumstances, age, existing commitments and payment record to date and security offered. It is not just required to do so under its conduct of business rules, it is sound risk management and business practice to ensure that all applicants meet their lending criteria.

How long do you have to pay Mortgage insurance on FHA loans?

I have been paying mortgage insurance for about four years now and my house payment keeps going up. Yes I have a fixed interest rate.



How long do you have to pay Mortgage insurance on FHA loans?

you can check Ah Long



How long do you have to pay Mortgage insurance on FHA loans?

30 years



How long do you have to pay Mortgage insurance on FHA loans?

You can usually drop the PMI once you have 20-25% equity in your home. Check with your mortgage company. (You may have to pay fro an appraisal to verify the value of your home %26amp; determine the actual equity).



How long do you have to pay Mortgage insurance on FHA loans?

Unfortunately FHA mortgage insurance is for the life of the loan. If your payment keeps going up and you have a fixed rate mortgage it would have to be going up because of an increase in your real estate taxes or your homeowners insurance. If you have been in the house for four years and have a good payment history you may want to consider refinancing to a conventional loan. If your house will appraise for enough to show that you have more than 20% in equity you may be able to refinance on a conventional and not pay any mortgage insurance.



David



www.mypropertyflip.com



www.americanseizedproperty.com



www.realtysale.org



How long do you have to pay Mortgage insurance on FHA loans?

You DO NOT need to refinance to drop the mortgage insurance! Don't let unscrupulous loan officers tell you that! I am a mortgage consultant and am infuriated with those unscrupulous %26quot;others%26quot; out there who try to take people for a ride!



If your current loan amount is less than 80% of what your property is currently worth, all you have to do is call your lender, tell them you want to drop your mortgage insurance and they may have a list of appraisers that they will require you to use to verify that the loan is, in fact, only 80% of the property's newly appraised value.



Why pay thousands in refinancing when all you SHOULD pay is $350 for an appraisal????



Hope this helps!



How long do you have to pay Mortgage insurance on FHA loans?

I am a mortgage banker. On the FHA loan program regardless of whether you have 20% equity in the property the loan requires MI at the time you OBTAIN the loan. But it will drop off after 5 years if you have at least 22% equity in the property. At the 5 yr mark, if you do not have 22% equity it will not come off until you do. You will need to contact the lender to drop the MI premium.

Mortgage. Refinance and retitle questions?

My soon to be ex and I own house (joint title). We have been seperated 2 years, but are both on mortgage and equity loan.



I would like to refinance the entire loan to get him off as a liable party.



But, I am confused about title? We have agreed on a settlement amount that I will pay him over time, so no $$ issue right now.



If I apply to refinance in my name only does he need to quit claim to me to have the deed of trust changed?



If I decide to apply jointly with another person does that need to be addressed now in the quit claim?



Or do I apply with new co-borrower, have the ex quit-claim to me and then add my co-borrower on the deed of trust later?



I guess I am confused about what order things need to happen? I drew on equity line to give the ex 50% of his payment, so I may need co-borrower to support the increased mortgage payment/or to get better rate.



Mortgage now is about $3K per month and my gross is only about $8K month. Credit is VG not quite EX



Mortgage. Refinance and retitle questions?

Have you filed for a divorce yet? If not its easy, just quit claim him off the property at the signing the title company will take care of it there will be a small fee just tell the mortgage company that you do not want him on the loan and you want them to take him off of title. they should be able to handle the rest. now depending on what state you are in because you are still legally married he will be forced to sign certain acknowledgments when you sign your loan documents. hope that helps. depending on what other revolving debt you can qualify with full income documentation. What rate are you trying to achieve?

Can default on a home equity loan cause foreclosure?

I was coerced into taking a home equity loan along with a mortgage refinance four years ago. The max on the loan was 15,000, of which we spent around 9,000. Since the time we did this, the monthly payments have continued to climb because of the high interest rate, and late fees. The loan has been maxed out for several months. In February we turned the account over to a credit counseling agency we are using. Today I received a summons that will account for nearly 20,000. I have never had a late mortgage payment; can I end up losing my house because of the home equity loan?



Can default on a home equity loan cause foreclosure?

Unfortunately yes, the house was put up for collateral. A couple of choices first call them an see if you can work something out, even if it is just paying the interest for a few months. Most lenders will work with you because it is in their best interest. Another option is to call the people with your first mortgage and see if they will re mortgage for the whole amount. Also call the credit counseling agency that you are working with, they may be also able to help. Last resort is to sell the house to pay off both mortgages.



Can default on a home equity loan cause foreclosure?

you definately can. you put your house up as collateral. try working more closely with the credit couseling agency to work out something to pay the debt. otherwise, i would let less important bills go to keep my house.



-pay your mortgage and equity loan



-pay your water bill; they can put a lien on your house if you don't



-then send everybody else what you can, don't ignore the debt. call them in advance to tell them when you aren't making the entire minimum payment.



Can default on a home equity loan cause foreclosure?

You bet your little A... you can. You put the house up as collateral and if you don't pay you forfeit the collateral.



Don't blame anyone but yourselves for this one. Get a part time job to go with the one you have and pay your bills. Stop spending miney you do not need to spend.



Just go past the arches and eat at home.



Some just have to learn the hard way.

Loan Origination Fee and Loand Discount?

What's the difference between Loan Origination fee and Loan Discount? Both of these are expressed in percent of the loan amount. When a mortgage is said to have a 15 year fixed rate with 1 point, is this the discount point or origination fee?



Loan Origination Fee and Loand Discount?

Your question has several elements so first I will give you the general rule of thumb. Points add to the closing costs, discounts subtract from the funded amount of the loan. Points are deductable and discounts are not btw. In the end they both add as a discount means less loan so more cash needed if doing a purchase. In refinance situations a discount is often covered by raising the loan amount to cover itself. So a 100K loan costing 1 point will be funded at 100K and closing costs will have the 1,000 dollars added to the rest of the fees. A 100K loan bought down by a discount point will fund at 99K and be amortized at 100K. Many lenders will just make the loan 101K and the cost is built in. A lender will not directly allow discount points for rate buydown to also be financed so the loan is often made higher with the cost hidden as a limited cash out request.



Loan Origination Fee and Loand Discount?

Normally if a document or a saying as you have put it is 1 point origination fee that has to be paid by the borrower.



You should have your mortgage broker prepare a Good Faith Estimate (GFE) for you this document will reflect all cost that you are required to pay in connection with this loan. If any of the figures change he is required to make another GFE for you until the loan closes



I hope this has been of some use to you, good luck.



%26quot;FIGHT ON%26quot;



Loan Origination Fee and Loand Discount?

origination is what your being charged,and discount is when they buy the rate down to get you a better rate. If you qualify for a 6% they can get you a discount by buying it down to a 5.75%. this would be better if your planning on staying in the house for a long time. and a gfe means nothing

I need a 110% loan in Yen - where?

I want to buy a property, 400-500k, without any down payment - so to cover closing costs and all that, i need a loan of up to 550k. This house is purely for renting - and the capitalization should cover a yen mortgage and then some.



Ok, here's what I want -



loan #1 - Mortgage in yen on 75% of property value/selling price.



Loan #2 - piggyback equity loan of 25% (preferably 30-35%, because then i'd need no further loan)



Possible loan #3 - secured loan - buy a $20,000 new zealand bond paying 8-10% interest, use it as to pay the interest on a 2% $80,000 Yen loan.



Possible loan #4 - personal loan - say 40-100k?



The main asset I have is a USA credit score of over 810.



So - anyone know places that do risky loans or subprime loans, like with no income check (preferably no credit check too) sort of thing?



I need a 110% loan in Yen - where?

I can explain loans inside and out, but have no idea what part of your question is. What do Yen and NZ bonds have to do with this ?? $50K in closing costs ??



Are you in Japan ??



Nobody that I know of in the US will do what you want at any interest rate.



Your credit score prob doesn't mean much outside of the US.



I've never heard of a 110% non owner loan, but what do I know.



If there is one, someone will speak up.



**************************************...



MAN oh MAN, looks like we woke up some kooks.



I'm not aware of a US based subprime lender that will lend on foreign real estate 100%+ non owner.



There are always people looking to lend at some rate.



Realize that with any 100% loan, the lender takes ALL the risk. Have you contacted large international banks local to you ? HSBC, CHASE, ABN-AMRO, BofA, BARCLAYS, ING, etc. There are loads of int'l banks today.



Just for fun,, check out www.prosper.com Personal; loans are available there. Great site!!

Blog Archive