Wednesday, May 26, 2010

How does my mortgage payment break down?

I know that a large part of a mortgage payment goes toward the interest on the loan. So how much of what I owe on my house is interest and how much is principal? When I make my payment, it says I owe a certain amount in total. Is that the principal or the principal PLUS the interest? I'm just wondering because I read a couple articles lately that suggested that even paying an extra $100 on your monthly mortgage payment would pay off your house a lot quicker, however, I can't see that an extra $100 a month would make THAT much difference if the amount I see that I owe is all principal.



For instance, if I owe $200,000 on my loan and I pay say $1500 a month on my mortgage payment, adding another $100 a month is going to be about an extra $1200 a year. How is that going to result in any significant savings? Can someone explain this to me please? Thanks!



How does my mortgage payment break down?

Your mortgage payment always includes (1) repayment of principal and (2) interest. It may also include amounts to pay your real estate taxes, mortgage insurance, etc. To get a breakdown of this ask your lender to give you a detailed statement.



Now, let's just talk about interest and repayment of principal.



When you first start paying off your mortgage, almost all of each payment goes for interest. The reason is that the amount on which you pay interest is the full amount of the loan. A small amount of the money goes to reducing principal.



The next payment is a little different. By that time the principal has been reduced (slightly) by the amount you paid for principal reduction in your first payment. So, the interest you owe and pay is a little less. Since you pay a fixed amount each month that leaves a little more money to pay for principal reduction.



This process goes on so that -- gradually -- the amount that goes to interest gets smaller and smaller and the amount toward principal larger and larger. (All this assumes that you have a fixed-rate mortgage. With a variable-rate mortgage you also have to take into account any changes in the interest rate. But the idea is the same.)



So what happens when you pay an extra $100? ALL of it goes to reducing the principal! That is because the amount of interest you pay that month doesn't change. But the next month, your principal will be $100 LESS than if you hadn't made that extra payment. So more of that payment, even if you pay nothing extra that month, will go to reducing the principal! If you keep doing that each month the same thing happens.



The net result is that (1) your mortgage will be paid off sooner, and (2) the total amount of interest you will have paid is less.



To see how this works out in a specific case go to the calculator on the source shown below.



How does my mortgage payment break down?

First of all for a standard mortgage payment you do have both the principal and the interest included in the payment. The first payment is usually just interest but as you go long into the life of the mortgage you will be paying more of the principal. Also don't forget if you have one of those mortgage agreements the mortgage will also include something known as escrow.



Basically that is an extra amount to account for property taxes.



If you put in an extra 100 into your monthly payment then you will be reducing the overall time you would have to wait till you pay off your whole mortgage. You might want to weight this against saving for your retirement though.



There is a huge psychological benefit in paying off your mortgage early though = )



P.S Mortgage interest is tax deductable too



How does my mortgage payment break down?

When you make extra principal reductions you do not pay the interest portion of that mortgage payment. A REGULAR monthly mortgage payment(PITI-principal, interest, taxes %26amp; insurance) is still due each month. I will copy my previous answer in here:



1. Get an amortization schedule from your lender. If the payments are monthly then the schedule should have 360 lines to it.



2. Make sure the mortgage doesn't have a prepayment penalty.



3. Each line is broken down by Principal, Interest, anything else.



4. Let's assume you are going to make the very first payment on the mortgage. Write out a check for the first payment (PITI).



Go to the second payment line and look at the principal amount only. Write a check for



the principal portion of the monthly payment. In the memo section of your check write %26quot;principal reduction%26quot;. record the check#'s on the respective lines of the amortization schedule. Mail the payments. The reason for writing %26quot;principal reduction%26quot; on the check is to tell the lender the extra payment is NOT for tax escrow.



You can make as many principal reductions as you feel comfortable with. However a regular monthly payment(PITI) is still due. If this was done regularly a 30 year loan could be paid off in 15 years. If 2 extra principal payments were made a 30 year loan would be paid off in 10 years.



How does my mortgage payment break down?

It helps a whole lot to pay extra on the principal. More than you can imagine...Just make sure it is applied to reduce the principal and not applied as a future normal monthly payment. Your statement should show the amount charged as interest and the amount applied to reduce the principal. If it does not, it should. Demand they show you the breakdown if they now do not.



How does my mortgage payment break down?

Increasing the monthly mortgage payment can lead to a large reduction in the pay-down period of a loan.



As you properly noted in your question, a mortgage payment represents a %26quot;blend%26quot; of both principal repayments and interest. This split between principal and interest changes over time. For borrowers who are nearing the end of their amortization period, most of their payments will go toward principal repayment. However, for new homeowners (with a lengthy period of amortization to look forward to), most of each mortgage payment (sadly) goes toward interest.



For borrowers with a lengthy remaining amortization period, extra mortgage payments can have a significant impact on the total pay-down period of the loan. To demonstrate this, consider a $200,000 loan at 6.75% (semiannual compounding) with a 20-year amortization.



The monthly payment on such a loan would be $1,510.



For the first payment, $1,110 would be interest, and only $400 would go toward principal repayment.



If the homeowner were to increase the monthly payment by $100 (from $1,510 to $1,610 per month), the paydown period decrease from 20.0 years to 17.6 years instead.



The reason for this relates to the significant increase in the amount of principal repayed per month. For the first month, instead of repaying $400 in principal, the homeowner would be repaying $500 instead (a 25% increase).

Are there loan for mortgages that will help with down payment on new homes that require money to hol

We have pick out the home site and sign paper work to get started.



But did not Know that we had to put money down. Are their mortgage loan that will help with down payments.



Are there loan for mortgages that will help with down payment on new homes that require money to hold land?

Yes it's called a construction loan any questions kmyers@lendsmartmortgage.com or 651-287-5334

I want to buy a bigger home, do you think I can qualify for this loan??

Right now, my mortgage is in my name only. My loan is for about 74k. I work as an insurance agent, and am doing pretty well for a rookie. I am on my way to making about 50k this year in my first year. The home I am wanting to buy is about 145k. What are the chances I will qualify? What can I do to help qualify? I have no credit cards. I owe 10k on a jeep, and about 15k in school loans, and about 5k in other miscellaneous loans. My wife makes about 12-15k a year.



I want to buy a bigger home, do you think I can qualify for this loan??

You have a good credit score, a healthy income and you have been in the same industry for three years. Nathan, it looks like you more than qualify to buy that home you want. Qualification is not your problem. I have twenty lenders that would bend over backwards to give you a home loan and they wouldn't even ask you for a down payment



The only thing that concerns me is my whether you've determined what your long term financial goals are and if you've thought about building some reserves just in case life throws you a curve ball.



Depending on how much your current home is worth you may want to sell it and use your equity as a cushion for your new purchase. You won't have to use your equity as a down payment because I'm almost positive you could qualify for 100% financing.



If you want to keep the home you have that may be an option as well. If the rents are high enough in your area to cover your mortgage you might cash-out on that home and use your cash to buy this other one without selling.



There are a too many options for me to list them all here, but you can email me if you'd like some more details. the main thing i want to get across to you is that you don't have to worry about qualifying for a loan, you just have to make sure that you're putting yourself in a good situation.



I want to buy a bigger home, do you think I can qualify for this loan??

sure



I want to buy a bigger home, do you think I can qualify for this loan??

Not good for getting a good rate... You want to payoff your highest % expenses and put 20% (+) down.. If your parents can help, which is always nice, I think if you pay a point or 2 and drop 20% down, you will recieve a blessing..



I want to buy a bigger home, do you think I can qualify for this loan??

Sure, you should qualify. However, why not figure the amount that you'll spend on the new big mortgage and send that much extra to your current debts every month? They'd be paid off in no time. Then you can go back in debt to buy furniture for your larger home! Haha No, seriously, pay off the debt that you have and then apply. You'll go into it much more clear headed, especially since your salary is not yet set.



Good luck!!

Mortgage when buying partner out?

I bought a house 8 years ago with a girl. We have a cohabitation agreement which states I will pay 2/3 of the mortgage and she will pay 1/3, but our bills are split 50/50. If we split up I am entitled to buy her out, but if neither can buy the other out we can sell up with 2/3 coming to me and 1/3 to her. The original value of the house was 鎷?2,500, it is now worth 鎷?75,000. I want to try to buy her out so I figure the following:



Increase in equity = @鎷?00,000 of which she is entitled to 鎷?3,000



Current mortgage value = @57,000



That means I need to try to get a new mortgage for @鎷?0,000 is this correct?



If it is assumed I have good credit history, no outstanding loans apart from the existing mortgage, what kind of salary ( before tax ) do I need to be earning to be able to get 鎷?0,000?



If it makes any difference, I part own another house, which is in England, but for different reasons I can't sell this house to help buy out for this house I live in



Thanks



Mortgage when buying partner out?

You've certainly got the math right, and I would go ahead and stick with just one mortgage here also. With short term rates being as high as they are, the cost that you will incur for the refinance will be offset quickly, since a rate on one mortgage will be cheaper than on a first and second combo.



As far as figuring out how much you would need to qualify, a good rule of thumb is to stay under around 38% total debt to income ratio. This is your principal, interest, taxes, and insurance or PITI along with any other reoccuring payments reporting on your credit divided by your gross monthly income.



In order to figure it out correctly, you'll need to get a rate quote to get an idea of what the total PITI will look like. Then, add the PITI to whatever your debts are month, divide it by your monthly gross income.

I want to buy a bigger home, do you think I can qualify for this loan??

Right now, my mortgage is in my name only. My loan is for about 74k. I work as an insurance agent, and am doing pretty well for a rookie. I am on my way to making about 50k this year in my first year. The home I am wanting to buy is about 145k. What are the chances I will qualify? What can I do to help qualify? I have no credit cards. I owe 10k on a jeep, and about 15k in school loans, and about 5k in other miscellaneous loans. My wife makes about 12-15k a year.



I want to buy a bigger home, do you think I can qualify for this loan??

You have a good credit score, a healthy income and you have been in the same industry for three years. Nathan, it looks like you more than qualify to buy that home you want. Qualification is not your problem. I have twenty lenders that would bend over backwards to give you a home loan and they wouldn't even ask you for a down payment



The only thing that concerns me is my whether you've determined what your long term financial goals are and if you've thought about building some reserves just in case life throws you a curve ball.



Depending on how much your current home is worth you may want to sell it and use your equity as a cushion for your new purchase. You won't have to use your equity as a down payment because I'm almost positive you could qualify for 100% financing.



If you want to keep the home you have that may be an option as well. If the rents are high enough in your area to cover your mortgage you might cash-out on that home and use your cash to buy this other one without selling.



There are a too many options for me to list them all here, but you can email me if you'd like some more details. the main thing i want to get across to you is that you don't have to worry about qualifying for a loan, you just have to make sure that you're putting yourself in a good situation.



I want to buy a bigger home, do you think I can qualify for this loan??

sure



I want to buy a bigger home, do you think I can qualify for this loan??

Not good for getting a good rate... You want to payoff your highest % expenses and put 20% (+) down.. If your parents can help, which is always nice, I think if you pay a point or 2 and drop 20% down, you will recieve a blessing..



I want to buy a bigger home, do you think I can qualify for this loan??

Sure, you should qualify. However, why not figure the amount that you'll spend on the new big mortgage and send that much extra to your current debts every month? They'd be paid off in no time. Then you can go back in debt to buy furniture for your larger home! Haha No, seriously, pay off the debt that you have and then apply. You'll go into it much more clear headed, especially since your salary is not yet set.



Good luck!!

Whats the difference between mortgage "brokers" and loan officers at a bank?Is it better t

Is there more %26quot;fees%26quot; associated with one and not the other? Will be first time home buyer and need to know the basics to know where I should get started? Thanks to anyone with any helpful inforation.



Whats the difference between mortgage %26quot;brokers%26quot; and loan officers at a bank?Is it better to go through a bank?

IMHO, you should actually look for a Mortgage Banker.... that is the best of both worlds. They have their own programs, plus access to funds that fall %26quot;outside the box%26quot;. Most all lenders pull money from the same pot, have fees that are comparable, and are eager to gain your business. Reliability, reputation, service, convenience, and professionalism, should all be factored into your buying decision. Stay away from the %26quot;shady loan officers%26quot; that lurk everywhere.... trying to hit you with unreasonable upfront fees and hidden costs. Remember that if you are at the closing table, and you don't feel comfortable (or the deal has changed) WALK AWAY.



Whats the difference between mortgage %26quot;brokers%26quot; and loan officers at a bank?Is it better to go through a bank?

Mortgage brokers usually scout around to find the best deal at banks or other lending institutions but get (or should) their fees by way of commission from the bank. Invariably it makes no difference if you approach various banks and get your own deal.



Whats the difference between mortgage %26quot;brokers%26quot; and loan officers at a bank?Is it better to go through a bank?

The %26quot;fees%26quot; are cheaper at a bank, but you have to know what you need. Most banks are now using brokers/Loan Officers and their fees are the same.



I would like for some one that I know or like. There is a lot of advice and planning that goes into this process and the more knowledgeable you are the better.



People that look at this from the perspective that this is a long term plan and not a one time transaction will benefit you the best.



Whats the difference between mortgage %26quot;brokers%26quot; and loan officers at a bank?Is it better to go through a bank?

I was recently told about a site www.lowrateapprovals.com/61452 that deals with 250 banks nationwide but even if you don't decide on them they do have alot of info about how mortgages work. they have a Q%26amp;A place on their site. you don't need to give any of your info to get answers.



Whats the difference between mortgage %26quot;brokers%26quot; and loan officers at a bank?Is it better to go through a bank?

Brokers are best because they have more programs at their fingertips than banks do, and they have to disclose everything on the Good Faith Estimate, unlike mortgage bankers. Plus, brokers have to actually have some industry knowledge, unlike banks, who essentially pay someone to input information and tell the customer what the computer says.



Whats the difference between mortgage %26quot;brokers%26quot; and loan officers at a bank?Is it better to go through a bank?

I have been both a mortgage broker and a mortgage banker so can speak from practical experience.



Mortgage brokers are a third party, consequently, those using brokers pay the broker fees as well as the lender fees.



Brokers may occasionally be able to offer a slightly lower interest rate on some products as that is an inducement to bring in the wholesale business but there are a number of in-house bank programs to which brokers do not have access.



In addition, predatory lending is much more prevalent in the broker arena as banks have higher ethical standards and are more closely monitored rather than being self-policed as are brokers.



There isn't one mortgage bank I am aware of that will charge you for a pre-approval. As a matter of fact, it is more likely that you will be required to pay up front fees to a broker for the costs of the credit report and appraisal than with a mortgage bank.



Finally, a bank is more likely to offer you a higher level of service as they are more interested in additionally developing your deposit relationships than in how much money they can make on this one transaction. They want to have you as a lifelong client for as many of their services as can benefit you.



Please feel free to email me if I may be of further assistance.



Whats the difference between mortgage %26quot;brokers%26quot; and loan officers at a bank?Is it better to go through a bank?

I take great exception to what the lady before me said. I gave her a thumbs down.



As you can see there is much competition between mortgage bankers and mortgage brokers. I think that the best place to go is to a mortgage broker. I work for one.



So in order to satisfy your self why not get an estimate from each. Quite often my deals are lower than the banks.



I would get 2 estimates from each. Then you can decide.



Best of Luck

? on bankruptcy...i am deeply in debt. i have a mortgage, 2 home loans, one secure, one unsecure.?

how does bankruptcy effect everything? will they take my house, belongings, etc? will my credit card debt be erased %26amp; my credit rating worse than ever? what does bankruptcy entail? I am to the point where my phone rings constantly from collectors. I am choosing betw paying a bill or buying food. My kids need dentist, doc visits, glasses %26amp; I already owe the dentist %26amp; doctor each at least $250 dollars.



I am just trying to find a way out of this hole I dug. Is debt management/consolidation a legitimate route? I do not trust these companies bec I have heard some charge more than your debts in the long run, also some are in consort with the credit companies. Please give me good advice, do not tell me I am getting what I deserve, you don't know the reason I am in debt...it was unavoidable. I now want to pay off and start over %26amp; need the most reliable route. I already am in 3 pay plans for some credit cards...I am not able to met these consistently bec of lack of $$, others not paid at all



? on bankruptcy...i am deeply in debt. i have a mortgage, 2 home loans, one secure, one unsecure.?

If you are asking us to recommend bankruptcy. there simply is not enough info to recommend anything.



Generally, if you own a home and car, plus other property, you may not be in a position to file Chapter 7. They do not magically wave a wand and your mortgage is forgiven. The secured loans will have to be paid or you lose the property.



Bankruptcy works best when you are loaded with unsecured, credit card debt.



My advice...see if there is a local non-profit credit counseling agency in your area. Their fee isn't that great. You need to talk to someone knowledgeable with the BK laws, and other credit avenues. Then, after looking over your situation, they may recommend you talk to a bankruptcy lawyer, or if trying to consolidate your debt will help.



Good luck .



? on bankruptcy...i am deeply in debt. i have a mortgage, 2 home loans, one secure, one unsecure.?

Wow, that sounds like a really tough situation..



To be honest, I don't know a whole lot about it, but I know that my parents filed for it about 7 or 8 years ago..



We didn't lose anything but my parents credit was basically crap for about 5 years..but if you have no debt and you have a home and reliable vehicles, it's really worth having the bad credit to get out of all the debt..



I've heard the same thing about debt consolidation places..more trouble than it's worth..



But I've also heard that bankruptcy is harder to file for now..they passed a bunch of news laws about it a while back..



I know I didn't help much but I guess I just thought you should know there's somebody that doesn't think you're an idiot for getting into debt. It happens to a lot of smart people..



Good luck hun..



? on bankruptcy...i am deeply in debt. i have a mortgage, 2 home loans, one secure, one unsecure.?

I am sorry about your situation...you must be so stressed out. I would really really try to avoid bankruptcy....it will really mess you up for years to come. If it's your only viable option then do what you have to do and hold your head up high. Otherwise, I would look for an accredited credit counseling/debt reduction program. They will combine all of your bills, lower their interest rates, and then pay them each month. Work as hard as you can and save as much as you can. Evaluate yourself and your situation as honestly as possible and change whatever you can. Give yourself five years and work your butt off and you and your kids will benefit from your hard work. Five years seems like a long time but living the way you do now (avoiding phone calls) is a lot worse. Credit Counseling will take five years-- Bankruptcy will take seven to ten years. Good luck--it will get better.



? on bankruptcy...i am deeply in debt. i have a mortgage, 2 home loans, one secure, one unsecure.?

first off...relax...there are solutions. I have been there and done that.



Bankruptcy may be the best solution for you. But you really need to see a lawyer because each state has a %26quot;means test%26quot; that they do which pretty much is %26quot;do you make more or less than the median income for your state for your size of family%26quot;...that is all it is. If you make MORE than the means test, they will require you to go into a chapter 13 repayment plan which is not the end of the world either. They will not take ALL of your money but they will expect you to live on a budget and they only allow so much for phones, satellite, etc. So say they allow $45.00 for a satellite bill, and you pay $65.00 then they will require you to downgrade your service.



Now if you make less than the state median income level for your size of family...then you can file a chapter 7 fresh start bankruptcy. I paid off doctors and stuff like that that I like before I filed. I wanted to stay on good terms with them. I filed on 4 credit card accounts only. BUT you can include medical bills, credit card bills, all UNSECURED debt.



If you do not have any equity in your house (I did not since I still had a loan to value ratio of 85% meaning I still owed 85% of what my house was worth) then your house is safe. If you live in a huge paid off house that the trustee could sell to pay off your debts, then a chapter 13 would be best for you. But if you have recently refinanced or have a newer mortgage (say less than 10 years old) I would say MORE THAN LIKELY your house is safe.



Cars are safe too if they are not new and flashy. I did the kelly blue book on my car and I owed far more than it was worth.



So all I did after I filed my bankruptcy, was to %26quot;Reaffirm%26quot; my mortgage and my car loan. Meaning, I promised to keep repaying them and I get to keep them. It can take some time for the paperwork to go through and mine are still going through this process but my lawyer said they will reaffirm with NO problem. Mortgage lenders do NOT want your house back, especially in today's market. They WANT to work with you and they want you to keep making those payments. Same goes for an older car like mine (5 years old). I owe far more than it is worth like I said.



I filed chapter 7...kept my house and car...no problems and it was the best thing I did for my family. Even with my spouse making some extra money, we were able to pay off all our medical bills (had emergency surgery and bad insurance at teh time) and got everything else caught up.



As far as credit scores...my credit score is 600...I got that out of one of the lovely debt collectors trying to collect on me before I officially filed. He was trying to get me to refinance my house to pay them off...yeah right.



I still have 4 other %26quot;credit%26quot; accounts open that are on my credit report that I don't have the cards for . So I am sure that is one reason why my credit is higher. I paid off my small store cards too before I filed to help my credit. So after all that and a year of trying to work with a debt settlement place....my credit was as bad as it could get and my score after paying off my other 4 credit accounts was 600...yes, that is low, but it is not that bad when the average is 650 or something like that.



I would stay away from a debt settlement place. They will set you up with something you can not afford. They will want it all electronically withdrawn from your account as well. I tried one of the big ones out there. They were not there for me when I needed them most when I started to face a lawsuit and stuff when the program was NOT working for me. So they sign you up saying they will settle the accounts for 40% of the balance but they also take a 15% fee of all the enrolled %26quot;debt%26quot; you have signed up with them. So really that is 55% of the balance if you get what I am saying. So you are only saving 45% and NOT ALL COMPANIES WILL WORK WITH THEM which is why one started suing me.



So stay away from the debt settlement places. See a reputable bankruptcy lawyer in your area. First consultations are free....they can file stuff nearly immediately for you meaning all forms of collections can stop immediately. People will have to stop calling you and all that.



I had one place that was going to withdraw money so I contacted my bank and they were able to put a block on my account against those two places too. So they did not try to take money even though they were not supposed to due to my filing. The lawyer told me sometimes places will do this if you have %26quot;verbal contracts%26quot; with them. Legally they shouldn't take the money, but they will and then sometimes you can't get it back even with a lawyers's help. The bank did not charge me for doing this either.



So go see a bankruptcy attorney. I think you will be amazed at the relief you will feel when it is all over and settled. I felt like the weight of the world had been lifted off my shoulders.



I was in debt due to various reasons and took a killing on here too from people who don't understand and call you a loser and all that. YOU ARE NOT A LOSER, YOU JUST FELL UPON HARD TIMES...WE ALL DO AT ONE POINT IN OUR LIVES.



Just learn from the lesson. Don't get yourself into too much debt again. I am sort of like Ebeneezer scrooge now for fear of being in debt. My husband has a thousand dollar credit card bill and that freaks me out...it was nothing compared to what I declared on. Just learn from what has happened and don't let yourself repeat it. I have read that 50% of people who filed once file again. I will not.....I am staying away from credit now...living off of cash only. But I have a relative who filed 8 years ago and is in way over her head again and I have a feeling she will be filing again. She won't admit to it for shame.



But don't let it get you down. See a lawyer and let him or her help you. Bankruptcy lawyers can settle accounts for less then debt settlement firms as well and they will do it for a far less fee amount than these advertised and online places.



See a lawyer as soon as possible and they will tell you what is best for your situation.



But please don't feel bad about yourself. Trust me, you will feel so relieved to have all this end.



Also, I did change my phone number to a private and unlisted phone number and that took a lot of stress out of my life too...you will still get mailings but at least you are not scared to answer the phone.



Also, filing bankruptcy will also clear out any judgments and halt all lawsuits.



So lift your chin and see a lawyer, you will be so happy you did. I know I was.



You will be able to get a good rate on a mortgage and car loan in about 2 years. It is not the end of the world but that fresh start you need. Oh and the %26quot;Credit Counseling%26quot; you have to do is file is NOTHING. IT is so easy. I used Green Path. I think it cost me $75 or $100.00 total but they are VERY imformative and you can do all the reading and stuff online. IT is VERY easy to print off their %26quot;book%26quot; and the online test you take before you can get all your debts %26quot;discharged%26quot; (required by courts) is a breeze. I recomment Green Path Debt Solutions whole heartedly. I am not affiliated with them. I just know that the bankruptcy courts prefer them.



Good luck and God Bless you...



Also don't let people tell you that it is a sin....you know in the bible it said that all debts should be forgiven every 7 years....I had my priest tell me that when I was feeling down about all this after people were telling me it was a sin.



Edited to add: I forgot to tell you, YES, all the credit cards will be wiped out if you file bankruptcy. It will cost you about $1000.00 total to file BUT most lawyers will do a payment plan and it is SO worth it. But YES all credit cards will be discharged if they have not been used for 90 days. The lawyer will help you with all that. They may be on your credit report and will have a zero balance and will say %26quot;included in bankruptcy%26quot;. Then you can start disputing stuff in a few years....they will remove them sooner than the 7 year or 10 year time frame (depends on credit agency)- you will be surprised. So once the bankruptcy is final, a few months after get your credit reports free online...may be able to get yours free at annualcreditreport.com and just start disputing everything on there that you can. Old accounts can only be on there for 7 years. Just do that till they are satisfactory and then next year do the same thing and then keep doing it year after year and they will delete the bankruptcy stuff sooner than you thing. I know of a friends who filed who NEVER had it appear on their reports...their accounts just went to zero balances and then another family member had it on there but it was deleted after only 5 years. Nothing is written in stone...don't let people freak you out....just get a good reputable lawyer with a good reputation. Mine had been doing this for over 30 years was HIGHLY respected in the field and even teaches all over our state on the proper ways to do things with bankruptcies. The Trustee questioned some income stuff on my case but because my lawyer was so good after 2 minutes she understood and %26quot;closed%26quot; my first meeting (the 341 meeting that is required and is SO easy..mine was 8 minutes long total). The trustee was great...but it was also because she trusted my lawyer and because she respects him in the field so to speak. GOod luck.



? on bankruptcy...i am deeply in debt. i have a mortgage, 2 home loans, one secure, one unsecure.?

Ok, here is how it goes. You can keep the house so long as your plan includes continuing to make payments on it. You have to list all your assets with the court, and the court could order some of them to be sold in order to raise money to pay off the unsecured creditors. If you have significant equity in the house, the equity might be subject to the creditors' claims as well, and you really need to consult a lawyer. Eventually, the unsecured debts are erased forever after your assets, if any, are sold and distributed. Yes it will ruin your credit rating but if you're not paying your debts your credit rating is going to be ruined anyway so you don't have much to lose. The good thing about bankruptcy is that once it's final, you get to keep your income and get a chance to start over, instead of having to keep paying the mounting debts, especially all the credit card penalties and sky-high interest rates. You will need to hire a lawyer to handle the bankruptcy work but it's a worthwhile investment.



? on bankruptcy...i am deeply in debt. i have a mortgage, 2 home loans, one secure, one unsecure.?

Lots of people think that once they閳ユ獫e filed for bankruptcy they will be unable to ever get a loan again, and ultimately they are unable to do anything financial ever again. This isn閳ユ獩 always true, there are%26lt;!--always ways to improve your financial standing, and there are also ways to repair your damaged credit rating.



http://badcredits.awardspace.com/Bankrup...



In fact one of the best ways to improve your credit rating is to refinance your home mortgage, this--%26gt;will help to improve your credit history in a number of different ways.



? on bankruptcy...i am deeply in debt. i have a mortgage, 2 home loans, one secure, one unsecure.?

Bankruptcy should be the absolute last resort. Get another job, and make every dollar count.



Pay your mortgage, the light bill, put food on the table, and pay for basic clothing... the rest can wait for now.



Bankruptcy will ruin your credit, you can still be sued down the road, you could lose your house, you car, everything. Laws have changed, and bankruptcy is a horrible experience, and you should do everything you can do to avoid it.



? on bankruptcy...i am deeply in debt. i have a mortgage, 2 home loans, one secure, one unsecure.?

Bankruptcy resets everything financial in your affairs. There is a list of protected items exempt from proceedings. Car for work, normal clothing, basic furniture, tools for work, etc. While the States vary the basic form is modeled on the Federal practice. You don't lose the basics of life but all of the luxury items (airplanes, yachts, your Rolls, stocks and bonds, and savings accounts) will be applied to the debts.



You need to contact the collectors who are calling you and give them a valid mailing address where they my contact you in writing. Write down te name, contact phone number and address of each person whom you speak to and then send them a letter informing them of the same thing. The Federal Fair Credit Collections Act is available on the FTC (Federal Trade Commission) website. They cannot use your telephone to beat up up for collections if they have a valid address. They cannot threaten you with legal action that is prohibited or not available to them. They cannot send you to jail. They most commonly cannot tell the truth and they seem to be deaf when you respond to their demands. They really don't care if your kids starve so don't worry about them.



If you file bankruptcy the lawyer is going to want money up front since he knows that he cannot collect from a bankrupt client. After filing bankruptcy you cannot file it again for 7 years so be sure that you name every person on this planet that you owe any amount to as a listed creditor.



There are some debt consolidation companies that get paid by the creditors. If you file bankruptcy the creditor will probably get 1 to 3 cents on the dollar if that much so it is in their best interest to keep you in the dark and if you get serious they will start to really work out a plan with you.



When you send them the letter telling them not to call you at home or at work but that they must write to you instead you can also tell them that you are considering bankruptcy as a result of the obnoxious treatment that you have recieved in the course of trying to pay off your debts. You will be surprised at how fast they can pretend to be human (sort of).



Go to the FTC website and know your rights and how to control the collectors.



Check out %26quot;Secured credit cards%26quot; on the web. You can get some relief by useing secured cards to take the bumps out of your finances.



You can email me for some further discussion.



? on bankruptcy...i am deeply in debt. i have a mortgage, 2 home loans, one secure, one unsecure.?

i went thru bankruptcy 2 years ago.i reaffirmed my house,and kept making the payments.They cant make you give up your house,but you still have to pay for it.as for the unsecured debt,it would be completely gone.when i filed i went to an attorney,listed everything i own and all my debts,the lawyer then files with the court for bankruptcy protection.the attorney also notifies every debtor you listed in the petition,so the collection calls will stop as will any judgements,garnishments.when go to court for your hearing just answer the trustees questions(about 5mins)then i a couple of months your discharge will come in the mail.If you have tons of people calling you for collections then your credit is already ruined and each one lists on the credit report.after a bankruptcy,the only thing listed is the bankruptcy.I was able to finance a brand new car 8 months after my discharge came(and kept up my house payments-no late one)so you can get credit after bankruptcy.however it is more difficult to get credit cards,but that is ok-you dont need more than 1,and use it for gas purchases and pay it in full every month.Your credit can and will come back.I think what I can glean from your question is how bad will a bankruptcy affect me?I would stay away from the debt repair places,too many of them are fly by night or scams.I know the laws havr changed since i filed,but if you make below the median income in your state then i think a chapter 7 is the way to go.good luck to you and take care.Edit-I know you said deeply in debt -mine was in excess of 95000-and the fresh start was worth it



? on bankruptcy...i am deeply in debt. i have a mortgage, 2 home loans, one secure, one unsecure.?

Today there are many debt solutions that can give you a reason to hope. When you think there is no hope, spend time to find out your choices. Look for the resources and use them to the utmost. The resources will guide you to your rights as a debtor, the law, constitutional rights, debt relief etc.



Many libraries are a treasure house of resources like debt relief guides. Use the guides to your benefit. Many libraries will have the required copies, or else you can request the librarian to get you a copy. These guides contain forms that you can copy and print. The guidelines will instruct you in writing effective letters to creditors to prevent liabilities, garnish earnings etc.



You can get many resources on the Internet. With Internet, you can select amongst the various choices. There are links to sites that teach you about your debtor's rights. Other links tell you how to ...



http://www.freewebs.com/getanswer/DebtSo...



? on bankruptcy...i am deeply in debt. i have a mortgage, 2 home loans, one secure, one unsecure.?

I did a chapter 7. It was the best thing I could have done. In case you don't want to do a bankruptcy, you can do credit counseling. For my bankruptcy I used a credit counselor recommended by my lawyer. (something you must do when doing bk). Anyway, the company's name was Green Path solutions. They were great and if you can't afford them, they will give you free counseling. Mine was free. I didn't own a house, so I can't tell you what they would do with your home. As far as childcare is concerned, I'm thinking if you post an ad in your supermarket, or local paper saying that you will watch someone elses kids for free, in return for them watching your kids for free. I know its a hard time, but you will soon be free of all this pain. Just give it a little more time. Any questions, feel free to email me at hansjill228@optonline.net. Oh, by the way, I am a mother of 3, that had the same decisions to make about paying my cc bills vs. feeding my kids.



? on bankruptcy...i am deeply in debt. i have a mortgage, 2 home loans, one secure, one unsecure.?

I feel your pain...whatever you do DO NOT listen to the people telling you to go to credit solutions.com, it is a huge scam and luckily I found out about it before I got in to deep with them. I am using a CCC service right now but before you go with one make sure that you research the company in depth because alot of them are scams. Try to go with a company that is backed by the BBB, actually go to the BBB site and check them out and make sure they are members in good standing. Also go with one that belongs to the NACCC. Most good Credit Consuling services will advise you on the best route out of debt for you. I hope this helps, just remember that everyone is having money problems right now--money is tight for everyone, this will pass and don't listen to people that are telling you to pay your bills, they are probably still living in mommy's basement. Good Luck and if you need to talk you can email me.



? on bankruptcy...i am deeply in debt. i have a mortgage, 2 home loans, one secure, one unsecure.?

Here is an excellent site with some wonderful options 4 U.



? on bankruptcy...i am deeply in debt. i have a mortgage, 2 home loans, one secure, one unsecure.?

It looks like you have a lot of weight on your shoulders. For some people bankruptcy can only help their credit. You're credit is probably already ruined, sometime the longer you wait the longer your credit is bad b/c your creditors keep dinging you. At least the bankruptcy wipes it away and you can rebuild your score and it stops the phone calls.



Having no equity in your home actually works in your favor when you file a bankruptcy.



You should speak to a couple of different Bankruptcy attorneys. If you decide to do it, go with the cheapest one b/c they all do the same thing.



Good luck!



? on bankruptcy...i am deeply in debt. i have a mortgage, 2 home loans, one secure, one unsecure.?

if i were u i'll migrate to another country borrow aloan pay off my depts get two jobs to pay my loan and to feed my family.



? on bankruptcy...i am deeply in debt. i have a mortgage, 2 home loans, one secure, one unsecure.?

if i have learned anything about bankruptcy from reading all the comments on ansers i have come up with the first thing one must do is get a lawyer -- involved righ up front and listen to his advise!!!

Has anyone used vanderbilt mortgage for a loan. are they a good company or are they rip offs?

That company sounds like a broker. They tend to charge more in closing costs. You can get the same loan with a direct lender for the same rate for less fee's.



Has anyone used vanderbilt mortgage for a loan. are they a good company or are they rip offs?

Never heard of them. Ask them for references and actual testimonials from previous customers. Also find out how long they have been in business and use the Beter Business Bureau to see if any complaints have been filed.

My mom passed away. She left me a house, loan in her name. Can't afford the mortgage, can'

I live in AZ. Until recently I was making the payments online. Now I am 2 mortgage payments behind. Unfortunately I can't communicate with the lender about the terms of the loan because I'm not on the account, only my mother was. The lender somehow got my cell phone # and they've been calling me 8+ times a day. I'm worried that if I answer their call that they'll ask about Mom and I would have to tell them she passed away (maybe they already know?). In that case, wouldn't they make me refinance the loan under my name? That's something I definitely am not qualified for right now.



What's worse is that I invested a lot of time and money to license this house as an Assisted Living Home, and I would hate to lose my business as well. If I were able to have residents move in immediately I would be able to pay the mortgage, but so far I am not having any luck. Can somebody please give me helpful advice? Should I stop ignoring the lender's calls? If so, what should I say?



My mom passed away. She left me a house, loan in her name. Can't afford the mortgage, can't sell, what to do?

where i live once a person dies the morgage is automatically payed off



My mom passed away. She left me a house, loan in her name. Can't afford the mortgage, can't sell, what to do?

The mortgage is not automatically paid off. House is an asset of your mother's estate and mortgage is a liability of the estate. Beyond that, I don't really know what to tell you. I think they probably would make you refinance in your name.



My mom passed away. She left me a house, loan in her name. Can't afford the mortgage, can't sell, what to do?

Stop hiding from them and tell them the truth, you only making matters worse!!!! Worst of it is you could lose everything. Be honest with them and see what you can work out.



My mom passed away. She left me a house, loan in her name. Can't afford the mortgage, can't sell, what to do?

why cant you sell, if mom is gone she must have left a will, if not and she passed intestate(no will) you need to consult an attorney and go through probate, then depending upon what she did or didnt do someone will get the house, and that person would be able to sell, why the drag time, you need to speak with an attorney before the bank starts foreclosure.



My mom passed away. She left me a house, loan in her name. Can't afford the mortgage, can't sell, what to do?

I can help you. Are you pretty locked into what you're doing or are you keeping your options open? Email me



shop4rewards@sbcglobal.net



My mom passed away. She left me a house, loan in her name. Can't afford the mortgage, can't sell, what to do?

I think you should answer them. The worst thing would be to find yourself in a lot of debt that you don't know about because you won't talk to them. You should just be honest with them. It could be a very bad situation if you start lying to them. And they will definitely find out that your mother died, so don't try to lie about that to them.



My mom passed away. She left me a house, loan in her name. Can't afford the mortgage, can't sell, what to do?

Dont ignore them at all. Be very up front and honest with them, and you might be able to work something out with them. Lenders do not like to let houses go into foreclosures. Good Luck and sorry to hear about your mom.



My mom passed away. She left me a house, loan in her name. Can't afford the mortgage, can't sell, what to do?

I am sorry to hear of the loss of your mother.



You can't continue to duck the calls--they can put it in foreclosure.



You say you inherited the house--how? Was it because of the way it was titled (joint tenancy, right of survivorship or what?) or was it via a will? If a will, was it probated? Doesn't sound like it could be or the lender would know your mother is dead.



Did she have no other assets? No life insurance or such to pay her debts?



I am unclear how you were able to license the house if it was not in your name--so was it just the mortgage that was in your mother's name? I think you are going to have no choice but to speak with a real estate attorney. You can use the county bar referral for about $50 you get 30 minutes with an appropriate attorney if you're in Maricopa County. Get ALL your paperwork in order and write out a basic statement because 30 minutes will NOT be enough time to sort this out and you don't have a second to waste. You will get an idea of what your rights and obligations are and if the attorney you speak with is the one to hire.



Do you have your own place? You may want to consider selling or renting it out (yes I know the market is depressed) and moving into the home as it's license for care and seeing if you can by not having other living expenses catch up the mortgage and get some clients. You may be able to sell the home as the %26quot;business%26quot; of assisted living--especially to an investor.



You want to get ahold of the %26quot;loss mitigation department%26quot; of the mortgage company and see how they will work with you--could end up with a short sale. You can explain that you were sufficiently upset over your mother's death that you just didn't take calls. What can you do NOW to make this all right.



If your home is licensed, do you have qualified staff yet or not? You may be able to get a partner--provide you with ready made staff and some funds and you make a go of the business. You have options, but ignoring the business that OWNS the home for all practical purposes (that lien trumps everything) is not an option.



Good luck.



My mom passed away. She left me a house, loan in her name. Can't afford the mortgage, can't sell, what to do?

you must immediately communicate that mother passed away. do not speak to them til after lawyer is retained. then ask they speak with attorney. someone must be handling her estate. you must get to a lawyer immediately. life insurance? does lender know this is commercial and not residential....you must, i repeat get excellent probate/estate/land attorney now, or you will lose everything.



You must seek legal counsel now. this is not somethig that can wait....



My mom passed away. She left me a house, loan in her name. Can't afford the mortgage, can't sell, what to do?

For starters, answer the mortgage companies phone calls. If they can call you, they can talk to you. You may need to sell it, or she may have had insurance on the mortgage to cover her death. If not, they may be willing to work with you. You never know until you try.



See if you can get a small business loan for the assisted living facility. If not, you may HAVE to sell. They can foreclose, but they shouldnt be able to come after you since your name wasn't on the mortgage- but they can go after the estate. Any money in her bank accounts or whatever can be sought after.



My mom passed away. She left me a house, loan in her name. Can't afford the mortgage, can't sell, what to do?

Ignoring the problem is not going to make it go away. Do you have power of attorney for your mom? If so you have legal right to her account information if you provide the mortgage company with the documentation. If you continue not to make payments they will foreclose and it will not matter if your mom has died. I would talk to a lawyer and find out what your options are.



My mom passed away. She left me a house, loan in her name. Can't afford the mortgage, can't sell, what to do?

60 days late is standard for a mortgage lender to start foreclosure process. If you have good credit, you may be able to qualify for 100% financing and ask the lender for a short payoff. You would ask the lender to take less than what is owed since the home does not hold the value. It would be better for them to take what the home is worth rather than it go to auction and they would make even less. Hope this gives you a possible option.

What are the major drawbacks with getting a Home Equity Loan on a mortgage to pay off credit card de

We're in our 50's, with a house that's worth twice of what's left to pay off on our mortgage. We were hoping to use the equity for our son's college in a couple of years, or as a retirement cushion, but want to pay off some MAJOR credit card burdens. Any advice?



What are the major drawbacks with getting a Home Equity Loan on a mortgage to pay off credit card debt?

Bad idea...



If you don't pay back your credit card, they can't repossess anything, but if you don't repay your Home Equity Loan, they repossess your house.



What are the major drawbacks with getting a Home Equity Loan on a mortgage to pay off credit card debt?

The danger is you borrow on your house - pay off the credit cards and then assume more credit card debt.



What are the major drawbacks with getting a Home Equity Loan on a mortgage to pay off credit card debt?

Transfering one type of credit for another is not the solution.



http://www.daveramsey.com/



Read his info, listen to his show, become filthy stinkin rich and debt free.



Good luck



What are the major drawbacks with getting a Home Equity Loan on a mortgage to pay off credit card debt?

by doing so, you should be able to pay substantially lower interest. also the interest on a mortgage may be tax deductible.



What are the major drawbacks with getting a Home Equity Loan on a mortgage to pay off credit card debt?

First off, you will lose equity in your home. This becomes a big deal if you need to sell, or if the home values drop.



Second, you are taking a short term debt and making it long term. However, this may still be beneficial overall, depending on cash flow, long term plans, equity position in the home, and a host of other factors. It is up to you to sit down and determine what is best for you.



I suggest you go to the link I provided in the source and find the article most suited to you.



What are the major drawbacks with getting a Home Equity Loan on a mortgage to pay off credit card debt?

It's a great idea. I did the same thing a couple of years ago and lowered my monthly payment by several hundred dollars. Paid the loan off early and saved a ton on interest by paying less for the equity loan and being able to write off the interest on my taxes. Just be sure that you don't make the loan for over 60-months.



What are the major drawbacks with getting a Home Equity Loan on a mortgage to pay off credit card debt?

Bad idea.



1. you put your house on the line. If something happens and you can pay goodbye house.



2. Home equity loans can be called due at anytime. If the bank thinks you are getting to far in debt they can call the loan due.



3. I doesnt solve the problem just moving the debt around.



listen to daveramsey.com he has a radio show that you can listen to on his site or find a radio station to listen too. He also keeps 10 days in archives. Lots of good advice.



Good luck!

Where can i get a 10-12%return on mortgage backed notes. wiyh70% loan to value?

Contact an investment advisor and ask about various REIT (Real Estate Investment Trusts) products available. However, be prepared for a medium to long term investment because REITs generally have a minimum of 7-10 year commitment without an early withdrawal penalty. You can also ask your advisor about options for exchange traded REIT funds, or mutual funds backed either by mortgage backed securities or real estate investments. For a 10-12% %26quot;guaranteed%26quot; return, be prepared for a locked in investment timeframe and possibly 2-5% up front sales loads.



Where can i get a 10-12%return on mortgage backed notes. wiyh70% loan to value?

Look for a company that sells Trust Deeds.

Home Loan Worries???

My husband and I were pre-approved for a home loan on June 27th found a house and got a call today that the loan had been approved through underwriting. The mortgage guy wanted to close on the 27th but my realtor said we have to wait until the 9th because the city has to do their inspection on the 3rd so I called the mortgage guy and he said If we dont close by the 1st we wont qualtify anymore because the guidlines are changing Im confused can this be dont because of 9 days the preapproval alone was good for 60 days and it hasent even been 30 yet Someone help please explain



Home Loan Worries???

Ask for your LOAN COMMITMENT, this states the expiration date of the approval. Depending on the program, you have either 30, 60 or 90 days to close the loan based on the approval.



I am in the mortgage business, and usually if guidelines change and you were already approved at the time the guidelines changed, your approval stands. Be sure your RATE is locked in, if you went nonprime, rates change USUALLY at the first of the month - so be sure your rate is the same or be prepared that the rate CAN change. If you went on a regular conventional loan, the loan officer is just more concerned about his paycheck. Commissions are always based on a calendar month. Sounds like he wants your loan included in his volume for the month of July.



Simply put, if an inspection can not be moved up, you will close once that inspection is done. But ask for your loan commitment letter.



Hope this helps.



Home Loan Worries???

Don't fret about the mortgage guy! He gets paid when you sign for the house (loan), he wants his payday quick. It has nothing to do with reality.



Now, on another note (no pun intended). Don't let the seller, real estate person, or mortgage guy push you into something. They all want the same thing from you, money! If, If, If the mortgage guy is being honest with you (which you doubt, and so do I). It only means he has to start over again getting you the loan. That might work in your favor. Another thing, there is always another house for sale, so don't get caught up in the %26quot;what if I lose this house?%26quot;



Wait for all the inspections, don't fret the delays, and close when you choose. You are the star player in this little drama! They are all working for you! No one is doing you a favor, you have earned the right to wait until you are sure everything is in order. Good Luck!



Home Loan Worries???

Your pre-approval is basically worthless, as far as a loan guarantee goes. Any lender can change criteria at any time, and can deny your loan right up until the moment of closing. Yes, I've seen it happen, when an unsavvy borrower went out and bought $10K of furniture 'for their new house' on a credit card, and the lender ran a last minute credit check to verify that nothing had changed.



What's with your realtor, that this city inspection is coming in at the last moment ? Did he decide to take a siesta until you were ready to close ?

Someone please help? any mortgage brokers here?

this is my situation...i talked to a mortgage broker a while back about getting a loan. he ran me and my husbands credit and he told me we would qualify. after checking around alittle more i decided to go with his mortgage and finamce company.he has sent me a pre-qualification letter saying we conditionally qualify for a loan up to 250,000. so we put in an offer on a house and it was acccepted. i got a commitment statement from him quoting my interest rate and he also said he needs copy of purchase agreement and w2's and pay stubs. he wrote that once he receives this is will be sent to the lender for final approval.i don't understand this. why does the lender have to make final approval. we have had some credit issues in the past, but he already pre-qualified us for the loan. now we are buying this house..what if something goes wrong and the loan doesn't go through? can this happen if they already ran our credit and pre-qualified us.i'm terrified he will say we can't get the money



Someone please help? any mortgage brokers here?

Sometimes when a lender says one thing, it sounds scary to someone in your position.



When he said he has to send the info to the lender for final approval, he maybe should have phrased it better. It is the brokers job to look over the info and know if it fits the guidelines. Then the file is sent to an underwriter to verify the facts and the file that the broker submits. They put their final stamp of approval on it and all is good.



Buying a house can be scary and stressful, but it is best to just take a deep breathe and let the lender work his magic. The more you worry, the worse you feel, so don't worry, be happy. Look at the end result of living in your new home.



Someone please help? any mortgage brokers here?

Sorry to hear your terrified, but the reality is that just because you have great credit score doesnt mean you and your husband have what a lender calls %26quot;ability to pay%26quot; or ATP. They need to verify your employment etc., just too make sure you didnt lie on the the prequal. application. Even though you prequal'd for 250,000, the lender still needs to make sure that your mortgage payment is within what they call an acceptable %26quot;debt to income ration%26quot;. Yes, you might be able to pay your mortgage every month, but will you also be able to say... buy groceries and pay the electic bill. See what I mean...... Dont sweat it. As long as your income AND assets if any, justifies the monthly payment, you should have no problem.



hope this helps. Ybindet (I am a Primerica Financial Svcs. Representative)



Someone please help? any mortgage brokers here?

Yes. It can fall through. But it could go perfectly fine. The broker had a conversation with you and took your word on your income, assets, and personal information. Now that you found a house, he has to submit this file to a lender. Lenders don't take anybody's word. They need paper documentation for every answer you gave him on your application. About 24-48 hours after he sends the file to the lender he'll get a list of items he needs to close your loan. If you said you make $60,000/year, they want proof. They'll look at last year's W2 (how much you made) and your last paystub (how much you've made so far this year). That way they can see that you're on track to make what you made last year or better. If you said you have $5,000 in the bank, your broker will now ask for paperwork to prove that, especially if you need it to pay for closing costs. He'll also need to send a form to your employer to verify that you still work there. All of this is done to protect the lender against fraud. Fraud happens constantly to banks and costs them lots of money. Sometime borrowers lie, sometimes brokers lie. That's why they request all this proof. Even after all this the lender will have to %26quot;ok%26quot; the appraisal and title work. So, you can see, that your loan could fall through due to things completely out of your's and your broker's control (appraisal and title). What you've described in your question is a completely normal mortgage broker process. I wouldn't worry. Stay in close contact with your broker and let him know that you will do whatever you need to do to help him close your loan.



Someone please help? any mortgage brokers here?

Don't stress to much. If the broker is worth his salt,and the loan doesn't fly there are literally hundreds and hundreds of lenders just begging to take your money,he can find somebody to give you the loan.

Mortgage - medical student? question to brokers?

can a medical student who is living of of student loans and has 25000 year salary, get a 200,000 loan with stated income 7 arm 100% mortgage? and what will the rates be? which is the best to go with...



what about the super low 1 year arm 2.5 but goes up?



still have to do residency for 5 years so i will make real money in 6 years, thats why the 7 arm i was looking at...



Mortgage - medical student? question to brokers?

Medical students Should Not under any condition buy homes. you should rent.



focus on your studies and intern while renting. you are looking to shoot your self in the............. .



you want a mortgage? taxes? utilities? extra transportation costs? upkeep costs? empty house syndrome? all on 25k yr? RENT !!



get 'house buying for dummies' read and understand, rent. you be moving for intern?



what about house price 'corrections' ?



you got 5yr residency for a house you will not see? rent small and cheap save your money and your sanity.



you are opening a gangrenous mess into your studies.



visit daveramsey.com to learn what you aren't taught a school before you mess up your life big times.



Mortgage - medical student? question to brokers?

I'm a loan officer at a bank.



if you'd like, i can look into programs for you, I'm sure its possible, if you'd like email me at jennifer.caluori@aegismtg.com I can take a look into your situation and Pre qualify you.

Is there any mortgage companies that loan to high risk people?

Lending is a risk based business. You can find lenders who will lend to higher risk people, but the interest rate will be higher due to the risk, there will be a prepayment penalty so that you don't refinance with someone else as soon as your situation improves (guarding against what insurance companies call adverse selection), and you will likely have to have a substantial down payment or significant equity.



Is there any mortgage companies that loan to high risk people?

Yes, and they charge higher rates for it too.



Is there any mortgage companies that loan to high risk people?

Yes, but interest rates will be high. You should first contact a consumer credit counselor to fix your credit, then apply for a mortgage loan.



Is there any mortgage companies that loan to high risk people?

Yes there is, but be ready to get hit hard.. Usual the interest rates are huge, and it has a pre-pay penalty (I heard of some that last 5 years).. They like to stick it to you, then lock you in to the crappy loan for as long as possible. You may want to see what options you have to clean up your credit a bit first. It may take awhile to do, but can save you 10's of thousands (if not 100's) in the long run.



Is there any mortgage companies that loan to high risk people?

PSU/PRIVATE BANK GIVES/THEY TOO DO THE INSURANCE OF THE BORROWER/ TAKES PROOF OF INCOME TO RE PAY THE LOAN AMOUNT .KEEPING ALL LEGAL DOCUMENT RELATING TO MORTGAGED PROPERTY.WITH THE LENDER OF LOAN



THERE IS ALSO A WAY WITHOUT ANY INCOME U CAN REVERSE MORTGAGE U R PROPERTY GET EMI



Is there any mortgage companies that loan to high risk people?

http://www.diversifiedlender.com/



Is there any mortgage companies that loan to high risk people?

If it is for a house, the loan is secured by a trust deed, and you can usually get a loan, but the rate will be higher.



Is there any mortgage companies that loan to high risk people?

We just bought a house and we do not by any means have good credit. Our score is only in the 500 range. But we were approved our interest rate is a little higher. But it is still affordable we went thru coldwellbanker mortgage. We were surprised they approved us when others turned us down. We also did it for no money down. Good luck.



Is there any mortgage companies that loan to high risk people?

Definately. There are mortgages for almost all credit grades.



A good mortgage broker should be able to assist. I'm a nationwide mortgage broker and enjoy the success of helping those with less than perfect credit buy their own home.

Is it common to get pre-approved from a bank and a mortgage broker and then shop for the best mortga

I haven't decided whether I am going to go through my bank or a mortgage broker for my loan so I wondered if I should get pre-approved by both and shop for the best deal.



Is it common to get pre-approved from a bank and a mortgage broker and then shop for the best mortgage.?

keep in mind several things rates are climbing now! If you get pre-approved by one place chances are you will get approved with another! the pre-approval is basically for new home buyers (many Realtors wont work with a buyer that is not preapproved!)



As far as getting the best deal and shopping take you preapproval and find a home then shop for a mortgage. the fact is most brokers are fishing from the same pond and banks are limited by what thier bank offers. find someone that is offering you a good rate and minimal fees.



there are companies that will give you the absolute best ratea avalible. a 1.5% to 2% fee is acceptable and the lowest rate you can find it is better tp pay a slightly higher fee than to pay a higher interest rate. the fee is one time the rate is over 30 years. becareful af anyone offering you an insanely low rate!



Is it common to get pre-approved from a bank and a mortgage broker and then shop for the best mortgage.?

Pre approval will afford you the opportunity to write an offer should you find the home of your dreams. Whom you do business with as far as the mortgage is concerned depends on your needs and their programs. (and rates are not going up!) But because we aren't prevy to your whole financial picture, it is too difficult to advise you either way. I understand the need to save money, but at what cost? Sometime the best deal isn't the best in the end.



Is it common to get pre-approved from a bank and a mortgage broker and then shop for the best mortgage.?

Shop for the best deal, then get pre-approved. The pre-approval lets you know what you can spend and strengthens your offer when you make one.

Is there a mortgage company that loan funds to people with bad credit?

I cannot work outside the home due to my illness.We need an additional income to live. My credit is bad, but am working on making it better. I want to buy investment properties and help those just like myself. I need help in getting financed with no money down.



Is there a mortgage company that loan funds to people with bad credit?

Hi, you seem to be not only looking for a way to help yourself, but also others as well, which I highly commend you for. Helping others is truly the best way to help yourself get what you want out of life. %26quot;You help enough other people in life get what they want, and you will get what you want and more.%26quot; I wish the best for you and yours.



I don't know if you have been mortgage shopping or not but I do know, knowing what your limitations are will help you get exactly what you need. With that being said I would like to let you know about a site where you might just be able to get what you are looking for. Bestnetlenders.com is an independent marketing consultant company on-line who has over 1600 lenders that offer commercial and residential mortgage products. They have a team of experts that handle even the most complicated mortgage situations. Bestnetlenders.com has a 90% approval rate, and only requires one credit inquiry. There is a wealth of information on there as to what they offer and other great resources that might also be helpful to you. You will have access to the big company name lenders everyone has heard of, and the little private name lenders not many has even heard of. A private lender could get your application and really be able to work wth you to get you exactly what you need and at the price you could afford. That very reason alone is why Bestnetlenders.com has such a high 90% approval rate, and why credit score does not matter. I truly hope this information really helps you, and I wish the best for you and yours. Good Luck!



Is there a mortgage company that loan funds to people with bad credit?

There are a few, but they don't loan small. Also the interest rates are very high. Be sure when you do take the loan that you also take out some sort of insurance, incase your unable to pay it all back.



A word of warning make sure you check on the establishment and have a witness with you or even a tape recorder and tape the conversation.



However I would do it on the quite. Some financial establishments don't like to be taped. But its your only back up apart from your witness.



Good luck



Is there a mortgage company that loan funds to people with bad credit?

yes but they charge a very high interest rate you will pay back way way more than you borrowed



Is there a mortgage company that loan funds to people with bad credit?

What state are you looking to borrow in?

Is there any mortgage companies that loan to high risk people?

Lending is a risk based business. You can find lenders who will lend to higher risk people, but the interest rate will be higher due to the risk, there will be a prepayment penalty so that you don't refinance with someone else as soon as your situation improves (guarding against what insurance companies call adverse selection), and you will likely have to have a substantial down payment or significant equity.



Is there any mortgage companies that loan to high risk people?

Yes, and they charge higher rates for it too.



Is there any mortgage companies that loan to high risk people?

Yes, but interest rates will be high. You should first contact a consumer credit counselor to fix your credit, then apply for a mortgage loan.



Is there any mortgage companies that loan to high risk people?

Yes there is, but be ready to get hit hard.. Usual the interest rates are huge, and it has a pre-pay penalty (I heard of some that last 5 years).. They like to stick it to you, then lock you in to the crappy loan for as long as possible. You may want to see what options you have to clean up your credit a bit first. It may take awhile to do, but can save you 10's of thousands (if not 100's) in the long run.



Is there any mortgage companies that loan to high risk people?

PSU/PRIVATE BANK GIVES/THEY TOO DO THE INSURANCE OF THE BORROWER/ TAKES PROOF OF INCOME TO RE PAY THE LOAN AMOUNT .KEEPING ALL LEGAL DOCUMENT RELATING TO MORTGAGED PROPERTY.WITH THE LENDER OF LOAN



THERE IS ALSO A WAY WITHOUT ANY INCOME U CAN REVERSE MORTGAGE U R PROPERTY GET EMI



Is there any mortgage companies that loan to high risk people?

http://www.diversifiedlender.com/



Is there any mortgage companies that loan to high risk people?

If it is for a house, the loan is secured by a trust deed, and you can usually get a loan, but the rate will be higher.



Is there any mortgage companies that loan to high risk people?

We just bought a house and we do not by any means have good credit. Our score is only in the 500 range. But we were approved our interest rate is a little higher. But it is still affordable we went thru coldwellbanker mortgage. We were surprised they approved us when others turned us down. We also did it for no money down. Good luck.



Is there any mortgage companies that loan to high risk people?

Definately. There are mortgages for almost all credit grades.



A good mortgage broker should be able to assist. I'm a nationwide mortgage broker and enjoy the success of helping those with less than perfect credit buy their own home.

My wife and I are thinking about using Quicken Loans to refinance a mortgage on a rental property. A

Has anyone else experienced Quicken Loans. This is the first time we have not delt with the %26quot;local banker%26quot; and we're nervous about the closing over the phone/internet thing.



My wife and I are thinking about using Quicken Loans to refinance a mortgage on a rental property. Any advice?

Hey there! Thanks for considering working with Quicken Loans.



I completely understand your hesitation. Let me assure you that the closing will not be over the internet or phone. For the actual closing, we will send a notary in your neighborhood to any location you choose to close your loan. We work with trusted partners across the US to make sure your closing is always comfortable and convenient. You choose the place %26amp; time and we閳ユ獟l be there.



For the other parts of the process leading up to the closing, we will do a lot over the phone and internet. You will work with one mortgage banker, who will be able to update you over the course of the loan and answer any questions you have. Let your banker know what types of communication you are comfortable with 閳?e-mail, phone, postal mail, fax, internet, chat or anything else! We pride ourselves on our cutting edge technology.



The other thing we閳ユ獧e known for is our service. There閳ユ獨 no reason to be nervous 閳?9 out of 10 clients tell us they will recommend us to friends and family. We hope you閳ユ獟l do the same.



I閳ユ獡 going to include some links for Quicken Loans reviews. If you have any other questions, feel free to contact me through our profile. Best of luck!



My wife and I are thinking about using Quicken Loans to refinance a mortgage on a rental property. Any advice?

If you can't face them, why would you do business with them. We had a deal once on new construction. It was winter in Minnesota and they wanted to withhold thousands of dollars from the builder proceeds because the landscaping, sidewalks and driveway were not complete. In Minnesota that is a fact of life in the winter time. I'm not talking the small amount of money that it would have cost the builder to finish these items, but 10's of thousands of dollars. They seem to find ways to come up with withholding monies unnecessarily.



Listen, you can do what you want. But for me, if I'm spending that kind of money, I want to be able to face a human in their office if something goes wrong.



My wife and I are thinking about using Quicken Loans to refinance a mortgage on a rental property. Any advice?

figure out your tax situation before you do anything



Example: if you refi out more than your equity in the property on the tax books, the excess is taxable income in the year you receive it.



***



no experience with the lender



My wife and I are thinking about using Quicken Loans to refinance a mortgage on a rental property. Any advice?

walk a way, no run away.



simple as that .



go to 'local' refi , u'll save thousands.



do ur research BBB , wal street journal, state attorney general etc. walk away.



My wife and I are thinking about using Quicken Loans to refinance a mortgage on a rental property. Any advice?

I agree with the last answer. Feedback form my clients has usually been negative towards the larger shops such as Quicken, or Countrywide, etc.



My clients like the fact that I have only a few files on my desk, thereby allowing me to dedicate more time to their situation. The process is smoother, and in the long run they save more money.



By choosing a Broker as opposed to a Lender, you're options are greatly increased, and in most cases costs are less. A broker is buying at wholesale for their client as opposed to going to a local bank or even a large shop, like Quicken, where the customer is buying at retail.



Closing over the phone couldn't be easier, really. I have many clients out of state, and I tell this: I have two locations, everywhere, and right next to you. It's really that simple.



If you have any further questions, get in touch with me.



Good Luck.



rickn@americannationwidemtg.com



My wife and I are thinking about using Quicken Loans to refinance a mortgage on a rental property. Any advice?

I've heard nothing but bad things about Quicken Loans!!!

What is the difference between a mortgage broker and a loan originator?

They're generally the same thing... loan officer, loan originator, mortgage broker, etc. Though, a true broker will own the company and/or be licensed by the state.



What is the difference between a mortgage broker and a loan originator?

somewhat simular, a loan arranger is the person some folks begin, known as an originator; places you with a mortgage broker that has $$$ at his fingertips.



What is the difference between a mortgage broker and a loan originator?

A loan officer is an employee for a mortgage company or lender and is not required to be licensed. A mortgage broker is a licensed professional and works as a contractor (received a1099 not a W-2) for its earnings.



What is the difference between a mortgage broker and a loan originator?

Hi there-



Ive been in the mortgage lending business for 6 years and have wondered about this question also. There really isn't a difference in the two, it depends on the company that the person works for. Brokers work for Brokerage firms and originators work for big lending firms. Good luck!



Denielle



denielle.hass@americanhm.com



What is the difference between a mortgage broker and a loan originator?

They are basically one and the same. Or should I say we are. I am a broker and have also been refered to as a consultant, or originator. They all do the same thing just a title.



What is the difference between a mortgage broker and a loan originator?

A mortgage broker finds you a loan with a mortgage company. The mortgage company is the loan originator.

How do you prove to the bank that you are self employed in order to get a loan or mortgage ?

The more accurate way to prove that you are self-employed is to have at least 2 years of federal tax returns available for your loan officer at the bank. The only problem with the tax returns is that you don't want to pay an enormous amount of taxes so you have your CPA deduct everything possible thus appearing as if you do not earn that a tremendous amount of money.



A sharp smart loan officer will know there are certain things that can be added back to the borrower off his income tax, like insurance and a few other things.



If you are in business for yourself you would also have a city business license from the city in which you are working, even if you are working from home, most cities require you to have a business license.



Where most self-employed individuals error is in the banking department. You mingle your business funds with your personal account, therefore it becomes difficult to prove what funds were generated from business and what were generated from another source. So even if you submit bank statements it is still confusing to the banker.



If you fail to get a loan from your bank go to a mortgage %26quot;Broker%26quot; he can get you a very good loan and use alternative documentation for proof of self-employment. The price will be very nominal if anything at all.



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



%26quot;FIGHT ON%26quot;



How do you prove to the bank that you are self employed in order to get a loan or mortgage ?

Tax Return papers of previous years, and bank statements where they can see the money that comes in.



How do you prove to the bank that you are self employed in order to get a loan or mortgage ?

credit card bills, bank statements or annual tax returns.



How do you prove to the bank that you are self employed in order to get a loan or mortgage ?

I suggest you bring copies of invoice receipts from clients with you for your appointment.



How do you prove to the bank that you are self employed in order to get a loan or mortgage ?

your 1040 will do or a financil stement of quarterly earnings. if u r trying to prove to the bank that u r self employed u must have a legitimate taxable incom if u dont u r not self employed u r breaking the law is how the bank looks at it and u could be put out of business on any given day



How do you prove to the bank that you are self employed in order to get a loan or mortgage ?

Take them photocopies of your income tax returns for the last several years, which should show the income you are claiming on the loan application. If your business is really doing well, then you will probably also have monthly Profit %26amp; Loss statements from an accountant (or your own accounting program). Again, these numbers should agree with the income you claim on the loan application.



Please do not even consider fudging the numbers. People have been convicted of fraud and gone to prison for filing false information on federally-insured or subsidized loan applications.



How do you prove to the bank that you are self employed in order to get a loan or mortgage ?

a



How do you prove to the bank that you are self employed in order to get a loan or mortgage ?

Your SIGNED federal tax return is sufficient. It will list your TIN as well as your taxable income.



How do you prove to the bank that you are self employed in order to get a loan or mortgage ?

What matter to bank is your net worth and income you get regularly. Though it is not difficult to prove net wroth but regular income in case of self employed always seen with caution by bankers. So to prove that you have to show your bank statement where you are getting your income/ receipt check/ cash deposited and second thing they will be looking for your regular saving which you can show by cash flow statement where increase balance will prove your point. Some other supplemental proof which can help is your customers to people you supply to, they can give letter in this effect that how much they are paying regularly for services provided to them.

Can anyone help me with my mortgage woes?how could i find out if my loan officer is "up to no g

my banker has changed my fixed loan to a balloon because i was late a few times after my wife was killed in an train/auto wreck. this happend july 3, '02.in may of '03 i lost my teaching job to staff reduction. my loan officer delayed my refinance ,i feel certain becuse he knew of my job situation before i did. i have since lost a second job to corporate bankrupsy. the loan officer is the vice president of the local bank and for some reason has always made my mortgage difficult to manange due to my incopetence in finantial and other copeing situations my deceased soulmate mananged. most recently my mortgage went up $21.32 per month. also im pretty sure Im paying close to 75% intest overall each time the balloon note comes back for re-structure.????



Can anyone help me with my mortgage woes?how could i find out if my loan officer is %26quot;up to no good%26quot;?

In our society you are allowed to shop around and get other opinions or deal with others who give you more assistance and make you feel more comfortable. I am not reading that your loan officer is up to no good. I am reading that you dont have a good handle on your affairs and need to get more diverse advice so you can make intelligent decisions.



Can anyone help me with my mortgage woes?how could i find out if my loan officer is %26quot;up to no good%26quot;?

If you don't trust your mortgage person, find another one who will work with you.



Can anyone help me with my mortgage woes?how could i find out if my loan officer is %26quot;up to no good%26quot;?

All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrower%26lt;!--and even for those with more experience! Here, we will discuss the different types of loan options, and how they work.



http://mortgages-finance.awardspace.com/



First, there are two main broad categories of mortgage loans: government loans (FHA, VA, and RHS, or Rural Housing Service loans) and conventional loans (all other loans). In general, government loans have low or no down payment requirements for the purchaser--%26gt;and are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.

What are the current rates for a 30 year fixed FHA mortgage? Can you pay discount points?

I am considering a FHA loan. I would like to avoid mortgage insurance if at all possible. Am I allowed to put 20% down or get a piggy back loan for 10-15%? Basically, I'm not sure if a FHA or conventional loan is best.



First-time homebuyer



Credit = 725ish



Pre-qualified for $80k



Probably getting a $70k home.



Please give me some advise. Thanks in advance!



What are the current rates for a 30 year fixed FHA mortgage? Can you pay discount points?

With your score, and 20% down payment, it's a no brainer. Don't go FHA. Get a conventional loan, 80% LTV, no PMI.



I wish all my buyers were like you.



And smart too! Buying less than you qualify for. I'm proud of you!



What are the current rates for a 30 year fixed FHA mortgage? Can you pay discount points?

Hi Amanda ,



I have had a home Through FHA (Farmers Home Admintstration)



Fixed rate ...varies . They do go by your income monthy.



You can get a fixed rate as low as 6% if you meet requirments.



I would never use anyone else !...lol...lisa



What are the current rates for a 30 year fixed FHA mortgage? Can you pay discount points?

All the help you will need! With your credit you probably will get somewhere around 5-6%, but it doesn't really matter because we have a software that will show you how to pay your home off in 7-10 years anyway, eliminating your interest! Honestly go to www.savingthousandsininterest.com and watch the video and give us a call!



Glad to be of help!

Do mortgage companies only loan what the property is appraised for?

nope... they loan on a discounted percentage of the appraisal....



Do mortgage companies only loan what the property is appraised for?

Mortgage companies will only loan you exactly what you need to purchase a home...



When a house is appraised, it gives you the value of the home, and a mortgage company will not lend you anything higher.



Say your home is $85,000 but it was appraised for $105,000



The mortgage company would still only lend you $85,000



You would have to pay the closing costs and other fees, unless you are able to get the seller to pay these fees which have to be written up in your contract!



If you are needing more money for your home, you have to get another loan through your bank or whereever.



Do mortgage companies only loan what the property is appraised for?

If you are looking at a purchase, you can only borrow for the purchase price of the home. If you already own your home and are looking at doing a second mortgage to take equity out of your home, some company's offer up to 125% of the appraised value of your home. Your rate will be higher 10-13% because this type of loan is a riskier loan for the lender. There will also be closing costs associated with the loan.



Do mortgage companies only loan what the property is appraised for?

No company will loan 125% value anymore. This is part of the problem that lead to the housing crisis, people borrowing more than they could afford and lenders doing it just to increase their profit in the short term.



Lenders all have their preferred appraisers who might get you a favorable appraisal...but the loans are normally below 100% of this value: meaning you need to put a down payment on the property. This ensures you are ready and are putting your own money into the property and thus less likely to default.



Do mortgage companies only loan what the property is appraised for?

Depends. Each morgage company is different and their lending limits are set by the factors that affect their business and thier feel for the market at that time.



If a company has excess funds then they expand thier lending terms to higher Loan to Value rates; if they have limited funds or a higher percentage of bad loans then they tighten their lending stadards and lower the Loan to Value ratings.



There USED to be companies that would loan up to 125% of appraised value but most of them have gone out of business and the morgage companies still operating have greatly tightened their standards so the current Loan to Value rates are about 80% of appraised value OR purchase price; whichever is lower.



So if you find a house appraised at 500K but can purchase it for 400K then most will loan up to 80% of purchase price only. And this depends on your income, credit score, and other factors.



After %26quot;seaoning%26quot; (which means that you own and make payments for 6 months) then they would look at refinancing for 80% of appraised value but I do not know of ANY morgage company in ANY area of the USA still doing 125% of appraised value degardless of purchase price right now.



People need to realize that morgage companies are simply put middlemen and they are in business to make a profit. The way they do this is to create loans and then resell the loans to Goverment agencys like Freedie Mac and Fannie Mae. So they make a % of the note and then take thier funds and create new loans. If the loans they are wwriting do not meet Freddie or Fannie standards then they can't resell the loans and are stuck with them. Any old notes that they have already sold but the loan goes bad; then they have to repurchase these notes and that is why the sub prime leanders went under so quick. They could not sell any loans to create income and were having to buy back lots of older loans that were in default.



There is always and must always be a profit margin for ANY business to operate so if you beleive that you can get a loan for 1% interest when the federal goverment is charging 4% interest then there MUST be a way for that lender to recover that loss AND to create a profit for it to be worth them writing the loan. Did somebody mention a %26quot;free lunch%26quot;??



Do mortgage companies only loan what the property is appraised for?

For the most part yes, but you will find some subprime (and these deals used to be easy to find, and now are very difficult to find) mortgages that would loan up to 125% of the appraised value, but that means that if you can't make the paymets, FORECLOSURE is your ONLY option, b/c you can't sell something with negative equity.

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