prizice24 asked:


I’m about to buy my first home (condo) and do not plan on living there more than 7 years. I decided to buy because I’m sick and tired of throwing money away renting.

I have narrowed my loan choices down to either a 30 year fixed and a 7 year interest only. The 7 year interest only mortgage is $120 less per month than the 30 year fixed, which is a lot of money for me.

I am also aware that I’d be able to write off a greater amount in taxes by going with the interest only mortgage, yet most people are still advising me to go with the 30 year fixed instead.

Please help.

Thanks

Javier

five e asked:


Please is there anyone that knows where I can get a loan for $2500.00 in 2 days? We don’t have time for a bank loan, I tried that takes much longer. We had someone steal over $6000.00 from us. We need to pay our mortgage and utilites. We would go to a loan shark if we knew where to find one. We are in Saginaw, Michigan if there is anyone that knows where we could get help. We will pay any fee at this point. We need to keep our house payments up. Please any advise is appreciated. You can email me threesenough5@yahoo.com if you have any advise.

Jesse

Hutch777 asked:


My loan didn’t orginally include the property tax which was not disclosed to me. I was late on the property tax and my bank (IndyMac) now includes this into my mortgage which is now 3,300 from 2,400: which I can’t afford. Do I forclose? Not pay until evicted? Or keep trying to pay (I’m not late…yet) Indymac isn’t apart of the Making homes affordable program yet and who knows when. OR become deliquent then will qualify for a loan modification (must be 60days past due).
I live in California pay $5,000 in property tax. My monthly mortgage payment is $3,300 and I make a monthly income of $4,500 support three people and am a single mother.
I have been in contact with Indymac bank. I don’t have equity in the house, don’t qualify for a loan modification since I’m current on my payments and they have yet to participate in the ‘making homes affordable program”.

Norma

Brigitta Schwulst asked:


s particularly easy to find and choose the lowest mortgage loan. The internet makes research into a mortgage loan as easy as clicking a button. Here are some tips on how to find the best mortgage loan and the mortgage loan that is right for you.

1. Choose the right type of mortgage loan

Decide if you want a fixed rate mortgage loan or a variable rate loan. A fixed rate loan is where the payments are fixed for a certain period of time or for the entire loan period. A variable rate loan is where the repayments fluctuate with the interest rate.

A fixed rate mortgage loan is best when bank interest rates are low. Then you can protect yourself against higher payments when the interest rate increases.

A variable rate loan is best when interest rates are higher.

Today, applying for a mortgage loan is made extremely easy by the advent of the internet. There are a multitude of brokers and mortgage loan companies who offer home mortgage loan and loans online. They also offer a host of information, mortgage calculators and tools online to calculate the lowest home mortgage loan rates.

Before you choose a mortgage loan company or broker though, be sure to shop around for the lowest mortgage loan rate and make sure you ask about those hidden costs. Using a mortgage broker, instead of a loan company can be a great way of getting extra quotes, which can save you some time in shopping for the lowest home mortgage rates.

A mortgage loan company will review your application and will either deny or approve the loan, but a brokerage will send your application to several home mortgage companies and you will then receive multiple offers for lowest mortgage loan rates from various loan companies, so when searching for the lowest mortgage loan rates, it is advisable to choose a mortgage loan broker, rather than going directly to a mortgage company. But before you send your details to just anyone, make sure that the broker you’re using is an accredited home mortgage broker.

Before you shop, you need to decide if you are looking for the lowest mortgage loan rates for a fixed home mortgage loan or the lowest mortgage rates for a variable interest home mortgage loan. There are pro’s and con’s to both types of loans.

A fixed rate mortgage loan is a loan where the interest rate is fixed – therefore payments on the loan are fixed for a period of time or for the entire loan period. This mortgage loan is good for when interest rates are expected to climb, since if the rate climbs, you are protected from higher repayments. The downside is that if rates fall below you rate, you payments do not decrease. This type of loan does however make it a lot easier to budget and can be a godsend when the rates suddenly fly up.

A variable rate mortgage loan is a loan where the interest and therefore the payment fluctuate along with the mortgage loan interest rate. This home mortgage loan is good where you are taking out a mortgage loan and the current mortgage rate is very high. If the rate falls, then your payments will fall accordingly. The downside is that if the rate climbs then your repayments will climb as well, and you may be out of pocket if you did not budget correctly.

But whether you’re looking for a fixed rate mortgage loan or variable rate home mortgage loan, be sure to shop around for the lowest home mortgage rates. The lowest mortgage rates could save you thousands in the long run.

To find the lowest mortgage loan rates search for a broker in your area.



Adrian

Allan Smith asked:


In the past, borrowing money if you had a poor credit record was next to impossible. Under such circumstances, the only avenue open to borrowers were the dark and sinister avenues of loan sharks. Taking money from a loan shark was not only risky, but one also had to pay very high interest rates. Thankfully times have changed and these days it is relatively easier to get a loan in spite of a poor credit record. In fact these types of bad credit home loans taken under poor or sick credit circumstances can be known as bad credit home mortgage loans.

With plenty of private financial institutions and banks agreeing to poor credit mortgages, things have really improved for those who want home loan mortgage services. In fact even reputed lenders are willing to offer home loan to borrowers with – poor credit history, even a past bankruptcy statement, CCJs or just not so good records. The best part about this change is that the lenders have changed the trend of sub-prime mortgage rates to a thing of the past.

The trend though has nothing to do with lenders suddenly becoming generous, but everything to do with lucrative and ever growing market for lenders. It has been noticed that bad debt figures are on the rise, this established, a money lender can; charge more than the usual rates for non-conforming borrowers. Actually it is a win-win situation for all concerned.

However, the granting of such poor credit home loan mortgage has given rise to issues concerning irresponsible lending. This has raised a question mark on the authenticity of lenders imparting financial advice to borrowers. As such, the Financial Services Authority (FSA) has voiced its concern at the mushrooming of such independent lenders.

The number of people with bad credit is ever growing, as a result mortgage loan for people with poor credit are a preferred option for owning a home of your own. Apart from the deficiencies in the system, this provides those with a poor credit record to better their credit history and grants them a poor credit home loan without much fuss. Thanks to the system of such mortgage loan for poor credit even those who do not have the best of credit records can buy a house with such home loan.

The policies for poor credit home mortgages loans in United Kingdom have been designed for those with poor credit record. So whether you have missed out on payments, face bankruptcy charges or have defaults and arrears you could still be eligible for such a poor credit home loan UK.

The reasons behind the emergence of poor credit mortgage loans can be summed up thus:



Large number of people with a poor credit.

The changing attitude of lenders towards financing sick credit.

The competitive mortgage loan market & the presence of many lenders.



In case you are financing such home loan mortgages, you can also be secure because here the new house in question acts as the collateral for availing the loan. Thus in case the lender does not get his money on time, he can foreclosure the new property and square of his money. This is in fact one of the primary reasons for easy poor credit homeowner loan accessibility. Refinancing mortgage can help one a lot in such situation as well. Refinancing mortgage can provide a recovery opportunity for people with poor credit. However refinancing mortgage itself sometimes become a bad impression upon one’s credit record.

You would be well advised though to go through the terms and conditions of the bad credit home mortgage loans very carefully. Give special attention to the rate of interest being levied on the mortgage as well as the terms in fine print.



Paul