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Q&A: Mortgage loan question. Advice needed!
Posted on June 26th, 2011 No comments
Question by MissyLPN: Mortgage loan question. Advice needed!
$ 70,000 loan at 6percent w/ down = mortgage of 631/mo, any way to get a lower monthly payment?Question:I live in Muskingum County (Zanesville, Ohio) and I recently fell in love w/ a home that I would love to purchase, although the monthly payments are a bit more than I can afford. The house is bank owned and when I check recent sales on the address it says it sold recently for about 66k, I’m assuming that is what the bank that owns it now (in California,) paid for it, but I don’t know how all of that works. I have no idea what to propose as a first offer and I have not yet completely been pre-approved (my pre-approval is pending some refernces of pay history from my utility companies). Once I provide these to my POTENTIAL lender, the lady I have talked to thinks I can get a FHA loan with .00 downward at 6 percent interest rate (6.25 then .25 percent away for the heroes program doing it 6 percent). The taxes are annualy about 1300 and w/ that being said, she estimates my monthly payments on this house to be about 631/mo. I can’t expend this much so I enquired her if there was any way to lower that payment and she said either purchase a cheaper house or emanate up with ATLEAST 5 percent downwardly, which is too not an option because by the time I do that, the house I desire will be travelled….perchance. She said yet with 5percent downwards, the payments may but go downwards to approximately 560/mo. I’m looking at a 500/mo range. ANy suggestions as to how to get a lower monthly payment. In my mind, I am believing if I could only get this house for 60k alternatively of 70k that might aid alot, but I besides have to seek to get folding costs payed for by the bank that owns the home. Does this sound hopeless??? ANY ADVICE would be appreciated!! Thanks alot!In response to the first poster: What I can spend ONLY has to do with the price of this house, not weather or not I can expend a house. If you detected that I get a 6% rate, that helps in itself. What is your basis for ascertaining I can not spend to purchase ANY house? Thanks for posting but I’ll be watching for advice that is a bit more on topic.
Best answer:
Answer by RanaBanana
Paying bi-weekly will save a little because you’ll have less interest.But truth be told, it really doesn’t sound like you can afford a house right now.I know that’s not what you desire to hear, I’m in the same boat. I can afford $ 600 month but there is nothing in my price range. I have to wait. Plain and simple. Once my car is paid off next spring, I’ll be able to afford $ 900/month so we should be able to get a house then…but we’re working hard on saving up a good down payment.A lot of banks will not even approve a mortgage with down anymore. They’re being very careful because of all of the foreclosures.Add: You can’t afford a house right now because a) you don’t have a down payment and you won’t get a down loan (your potential lender has ALREADY told you that). And b) you don’t even have closing costs (around $ 3000). You’re not going to get the bank to knock $ 10,000 off the asking price PLUS get them to pay the closing costing. Closing costs are virtually always the buyers responsibility. That alone, makes you unable to afford a house flop now. You asked for any advice. Save for the closing costs, a down payment and find a cheaper house. If you won’t accept that as an answer, then you should have asked for “what you want to hear”.Don’t shoot the messenger, m’kay?
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Home Mortgage Loan Advice
Posted on June 23rd, 2011 No comments
Home Mortgage Loan Advice
Rent cost is money you spent which you will never get back. Buying a home is, in contrast, an investment. However, it is an important decision you take that can affect you for life positively or negatively. To buy a home (at least if you are not one of the supper rich Americans) you need a mortgage loan. The mortgage allows you to find the money needed from a financial institution to purchase, construct, or renovate your home. Whatever the reason for your loan, you will have to repay the amount borrowed plus interest during the period established in the contract. It is important to choose a mortgage that suits your needs and financial possibility.
Choosing a mortgage lender is not something you can choose today and change it tomorrow; this is a step you take for years, which can affect your life either negatively or positively. You should not decide in haste without having compared the different mortgage lenders on the market. By choosing the right lender, you can save tens of thousands of dollars on your mortgage.
Once you find the right lender, you will have to choose mostly between a fixed rate mortgage (FRM) or variable rate mortgage (floating rate mortgage).
Fixed Rate Mortgage : If you want your interest rate remains stable through the term of the loan, you need to choose a fixed rate mortgage. Even when the market goes up, your loan will not be affected, and you will pay a fixed monthly payment. A fixed rate gives you peace of mind knowing that your interest rate will not change throughout the contract period. You can repay your debt faster by increasing your monthly payments. However, in case of falling mortgage rates on the market, you will remain bound to the conditions of the mortgage at a fixed rate.
A fixed rate mortgage can be good for you if:
You are a first time buyer You want a static monthly payment You want to decrease the principal balance of your loan faster You do not want to be surprised by rising mortgage rates. You plan to stay in your home for a long period of time
Variable Rate Mortgage: With a floating rate mortgage, the interest rate tends to fluctuate to reflect the conditions of the market. That is, from time to time the rate may change to be adjusted to reflect the credit markets. A variable rate mortgage reserves regularly surprises, either good or bad. In addition, you tin convert at any time your variable rate mortgage to fixed rate mortgage.
Variable Rate Mortgage can be good for you if:
You plan to lower your initial monthly payments. You plan to refinance or buy more homes. You plan to own your home for only a few years. You think interest rates may decrease in the coming years.
Buying a home is an important decision. You need tools and strategy to help you make the best decision, and help you year after year to pay off your mortgage faster without headache. Do not take chance, knock at the right door, whatever the type of residence that you intend to buy, we can help you. To obtain more information, visit financemortgagerate.com, or click on the link in the resource box below.
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Free advice about mortgage loan modification-Loan Modification
Posted on June 14th, 2011 No comments
www.mtgmodadvice.com Free Home Loan Modification info & advice. Get everything you need to know about Mortgage Loan Modification an Alternative to Foreclosure from Loan Modification Experts.
Video Rating: 5 / 5
www.bruceoliver.com,stop foreclosure,mortgage advice,online mortgage advice,mortgage down payment assistance,foreclosure stop fha home mortgage loan california refinance,home equity loan,current mortgage rates
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Why should I trust the advice of a mortgage loan professional?
Posted on June 8th, 2011 No comments
Question by econqwest: Why should I trust the advice of a mortgage loan professional?
I have asked this question before – I would like to see if anything has changed.
Best answer:
Answer by Darke Angel
A mortgage loan professional is but like anyone else who gives you advice or an opinion. You move it or leave it. If you desire someone trustworthy, talk with friends, relatives or other people who have had good experiences with them.
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Tax Tips & Advice : How to Deduct Home Mortgage Loan Interest
Posted on May 30th, 2011 No comments
When deducting home mortgage loan interest, do not forget to fill out line five on the 1098 form which asks for amount spent on real estate taxes. Understand all the requirements to deducting home mortgage loan interest from personal taxes safely and legally withtips from an experienced tax professional in this free video on taxes. Expert: Danielle Loughran Contact: www.accell-us.com Bio: Danielle Loughran is a CPA with over nine years of public and private accounting experience at Arthur Anderson and Ernst & Young and is currently the director of assurance at Accell. Filmmaker: Christopher Rokosz
Video Rating: 5 / 5
www.myfirsthomenewsletter.com – Purchasing your first home is an exciting and scary time. For the most part, new homebuyers are unfamiliar with the home buying process. Before accepting a mortgage loan, it is important to educate yourself on various loan programs. Furthermore, first time home buyers should be aware of factors that improve and decrease their chances of getting a good loan package. First Time Home Buyer Loans Advice Video contains royalty-free music of Kevin MacLeod (incompetech.com), licensed by Creative Common Attribution 3.. creativecommons.org
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I’m going to become a mortgage loan officer. What advice would you give me?
Posted on May 8th, 2011 No comments
Question by finchfrii: I’m going to become a mortgage loan officer. What advice would you give me?
I’ve been successful in sales for 8 years and I now plan to become a mortgage loan officer in WA state.
Best answer:
Answer by pussycat with attitude
DO GOOD
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Mortgage loan advice for the next 30 days?
Posted on May 2nd, 2011 No comments
Question by Dr. Business: Mortgage loan advice for the next 30 days?
What is the best mortgage advice now rates are going backwards up? Moreover what to pay and look for in the fine print.I have $ 3,500 payment for a non jumbo for $ 550,000 in CA. @ 6.2 APR fixed on interior deserving double that still today. I have less than 40% ratio with 800+ score.What should I do Today?Yaaaa ?? I do have 50% in equity!!What is PMI???
Best answer:
Answer by Judy
Do you have 20% down, that PMI is nasty.Be ready to pay thousands upon thousands (a year) in PMI that is not tax deductible, and does not apply towards principal or interest./
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Mortgages – Common Advice
Posted on March 4th, 2011 No comments
Shoked Mohol asked:
For any inhabitant of Florida, there are a lot of practicalities to consider when buying an FL mortgage. It is probably a time of emotional turmoil for you as well, considering that buying a home is usually a sort of a landmark moment in most people’s lives, most of the time. This may be especially so when you are in the position of having to consider an FL mortgage to seal the deal in the first place. It is important for a Florida local to arrange your finances well at this point in your life, because when you take that mortgage on, this is what follows.
You are going to be paying interest rates on monthly or annual payments for a good number of years to come. Making sure your funds and documentation are all in order is the first step to making that application to a bank or any financial lending institution. This is because your application has to get accepted and approved by the bank. It is a process that can take anywhere from twelve to fifteen days. During this time, they go through the application form you have filled, the documentation you have provided and the funds at your disposal. What they also do is determine how creditworthy you are.
If you do not know what that means, there is a little something called a ‘credit score’ that is calculated on the basis of your credit history. That shall also be explained. It is basically how regular you are with your payments when you owe anyone or any organization credit. It also evaluates the funds at your immediate disposal and calculates the kinds of funds you will have over the next so many years and presents a figure of the installment amount for how many ever years. This credit score is looked at by many institutions, lenders, employers, potential employers, landlords, etc to evaluate basically, how good you are at paying your debts back and on time. In this case the lending institution you have approached to assist you buy your new home would gauge the same in terms of a loan or FL mortgage of any kind.
Post this stage, if your application is approved, the lending institution would inform you that the premises they are assisting you purchase would need to be evaluated for its value as a property, a piece of real estate. Understand that they now have a stake in this purchase. In case your payments fold at any time or you are inconsistent with too many installments to pay that FL mortgage off, they will seize the house and either retain it or put it up for sale with all your belongings in it at the time seizure being auctioned off for an additional profit.
Mortgages are a necessary evil unfortunately in today’s world and these times. Still it is best to take the plunge and take the step of someday owning your own home. Renting is more expensive in the long run. Certainly, if you are ever planning to start your own family or already have one, constantly moving through rentals would have a detrimental effect on the wholesome happiness of all involved. Every state and country has its own peculiarities of law and legalities, statutes and financial mores where loans and finances are concerned. Florida has its own as well. Its best to understand the ins and outs of the process at your local financial institution before you sign on for a mortgage.
Chad -
Is the American Dream causes mortgage crisis? 10 points for the best advice. Thank you?
Posted on October 11th, 2010 3 comments
Hope asked:
I know there are various reasons that lead to the current mortgage crisis such as the banks, the loans, the economics, the government.Why noone talk about the American Dream:
I happened to know many people whose income can hardly afford 2 bed rooms apartment, but bought 5 bed rooms house. Guess, what happened–they lost their houses.
Allen -
Does anyone know of a mortgage company that allows you to use bank statements to prove income?
Posted on October 1st, 2010 7 comments
thatgirl_913 asked:
“They generally look at deposits only, and will use your last 12 month average of monthly deposits as your income. This enables you to go full doc, and you can easily get the loan done.” – Advice given to me, but don’t know where to find a mortgage company that will do this.
This is an addition to my other question on Mortgages. I am self-employed with good credit.
Frank -
Anybody have a suggestion for keywords for a mortgage site?
Posted on September 25th, 2010 1 comment
Kevin B asked:
I have a mortgage blog that describes the mortgage process in detail to help people better understand what they can do to get approved.I’m going to use the obvious keywords like “mortgage, loan, equity, etc.” but I know that my small little site has no hope of listing high with these VERY popular terms. I’m using these for Meta Tags but also with articles that I’m submitting for ezines.
Does anybody have any advice for me to get more hits on my articles and website?
Thanks.
Connie -
advice for a newbee to the mortgage broker businees?
Posted on August 31st, 2010 2 comments
sosa__98 asked:
I’m thinking very seriously about entering the loan brokering business…any and all advice is greatly appreciated…
Geraldine -
What are the chances of getting a 2nd mortgage for a trailer near the ocean in a camping ground?
Posted on August 9th, 2010 1 comment
Mom of 2 great boys asked:
I’ve asked this question before about campers, trailers, permanent sites at a camping ground in South Carolina.I am doing alot of research here and many of my feedbacks have been negative about any bank or financial institute even considering a 2nd mortgage or loan to purchase one of these so called trailers in a campground.
I also am getting negative feedbacks on the resale value on these structures.
Anyone know, or how to go about looking for a reputable lender in South Carolina? I am in North Carolina and my broker does not know anyone nor does he have any advice for me on this situation. He told me to check in South Carolina.
So, here I am asking you.
Any help will be greatly appreciated.
Wilma -
Advice On Second Property Mortgage Offers
Posted on July 6th, 2010 No comments
Sean Horton asked:
There are many good second property mortgage offers around, that is providing you know what you are looking for and you know where to go to dig them out. By far the best way to go about getting the best deal when it comes to your second mortgage is to go with a specialist broker. A broker knows the ins and outs of second home mortgages and knows exactly where to look to get the best deal for your needs.
When it comes to getting the best second property mortgage offers then you will of course have to decide what it is you are buying the property for, the type of mortgage will differ according to the fact of if you are thinking of letting the property or are going to be using it as a holiday home for yourself.
Another difference for the two is the insurance you will need to cover your second property; if you are going to be letting it then you will need to take out landlord insurance which will cover the tenants and yourself. If going for a buy to let mortgage then you will have to meet certain requirements set out and these include making sure the property is fully furnished, it has be available to rent for at least 140 days out of the year and you must let it for 70 days within a specific period of time. Of course you can discuss this with your broker to make sure that you get the best deal on your mortgage.
Lenders will calculate the mortgage on different factors, for example if the property is going to be used as a holiday let then the lender will want to know that it is in an area that is going to draw in renters. One of the main factors taken into consideration by the lender of a holiday let mortgage is that you will be able to bring in around 130% of the mortgage from the rent. If you are going for just a second mortgage for your property then the biggest factor will of course be the amount of income that you earn.
Whichever type of property and mortgage you are going for the easiest way to get the best second property mortgage offers is by going to and taking advice from a specialist broker. While you will have to pay for the services of the broker when you take into account that they have the expertise in finding the best deals and giving the best advice you could in the long run save yourself money if you should make a huge mistake by going it alone.
Dustin -
My tax value on my home has increased. Should I refinance my first loan and add the home equity loan?
Posted on June 18th, 2010 3 comments
Joyce P asked:
We relocated and purchased our home about a year and 7 months ago in an area that was more expensive than we were coming from. The purchase price was $239,000, we put down $14,000, and took a home equity loan of $34,000 to finance the rest of the purchase price and to avoid PMI. I recently submitted a question about whether or not to start paying down the first mortgage or the home equity loan, and got great advice, but I am wondering now that my tax value of my home has increased in January from $200,000 to $279,000 due to reassessment, (I know it wouldn’t sell for that now because we recently had comparables done in January), would I save money by refinancing my first mortgage and adding in the home equity loan so the total amount has a lower interest rate? My husband thinks we have to wait 2 years before we can refinance, and I’m not sure about that, but that would be this July. My goal is to pay off our house as soon as possible.
Teresa -
Renting my house while trying to remodify the loan – do I have to continue to pay the mortgage?
Posted on June 5th, 2010 2 comments
Kristen asked:
So, I’m in the process of trying to have my loan “re-modified” as I’m upside down in my house now (I bought it for $310,000 2.5 yeras ago, I owe $240,000 on it now, and it would only sell for about $210,000 if I’m lucky). So, I’m getting ready to have renters move into the house. They will not be paying me enough to cover my mortgage, but only a couple hundred dollars off. So, here’s where it gets tricky. Apparently to remodify a loan, the mortgage company won’t even entertain the idea until I am approx 3 months behind on payments, so I have stopped paying my mortgage in order to make this happen. BUT – when i have renters in the house, am I legally obligated to send their rent money into the mortgage company? Becasue that obviosuly negates what I’m trying to do. Any advice or insight?
Lauren -
What are the day-to-day operations of Loan Processor?
Posted on May 27th, 2010 No comments
jazcy asked:
As an experience Loan Officers, what advice can you give to me about your profession? I am very interested in working as a Loan Processor but I am also curious of what “real skills” does it take to work in a Mortgage Loan Office. Whom should you build a close working relationship with? I know the essential people would include a Mortgage Broker license, underwriter, loan consultant, document drawer, etc. but what else is needed besides a large capital.“real skills” = things that are not included in the job description
Tracy -
Hi all, I am currently a loan officer with a mortgage bank in NYC?
Posted on May 4th, 2010 4 comments
MillK J asked:
However, as things have changed the current market forces 1 to seek alternative ways of income. I happened to come across a group of investors who negotiate short sales N buy these properties in distress. They offer a 2% finder’s fee of the settlement price reached through negotiations with the bank on deals up to $500,000 N the percentage changes if the deals are larger. I would like any advice available on a scenario that follows as such:
I am cold calling my mortgage leads, N I come across a client in NY who’s 4 months behind on her mortgage N facing foreclosure. So I get all the client’s information gather his/her documents N take the client to these investors who have the liquid cash N whom would negotiate with the bank for the short sale. Upon reaching a settlement price of lets say $500,000 I receive a check for $10,000.
Now remember I am not a licensed real estate agent. Is this legal in any way?Is there anything I can do to make it an acceptable practice?
Thomas
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