PreciosaTraviesa asked:


I am interested in doing business with AFFG but don’t really know much about the company besides what is on their website and what it’s representatives tell me. Has anyone done business with them before? Any advice.

Anita

Dispirited asked:


I am 20 yrs old I bought a duplex 4 months ago for 147,600 its appraised at 148,000 so I got it at top dollar. I got financing on 80/20 80%@7.5 adjustable rate (will go up in 2 years guaranteed) and 20%@10.75 fixed rate. I will be paying interest for the first 2 months. I am losing $200 on this monthly w/ tenants living there. It’s suppose to be my primary residence. Refi penalty for the 80 loan is $3600 and no penalty for 20%. So my question is I got a loan on stated income, I figured I am losing $200/month*24=4800 in 2 years interest only from my own pocket. If I refi now $3600 penalty and maybe $3000 closing cost (estimation) so that’s $6600 loss which I can live with 6600-4800=1800 difference I can live with that. But if I refi 30 yr fixed rate I have very low income i am a college student can I get possibly better rates to lower my down payment, I want to refi 0% down fixed 30yr rate is that possible? I want some advice plz I don’t want to go bankrupt in 2 yrs when rates go up!
I’v been reading lately on the internet about
the dangrous 0% down ARM loans mortgage companies
give out so easily, I thought I was just a lucky one
pft, no way, I got caught into it. But I want to keep
the property I don’t want to sell. Are my numbers correct
or am I just a bad dreamin investor wannabe? My credit
score when I got the loan was 700, I’v been paying
everything on time so it should have gotten up there
I hope I can get the fixed loan. I deeply appreciate
your advice. Thank You in advance

Ron

bela429 asked:


I originally applied for a loan and was able to qualify for only 70k since then I have made a few changes such as pay off some furniture I had financed and paid off my car loan and now I am looking to try again and my dad wants to gift me his 10 acres of land he owns if I pay off 1,200 so I want to do what is best either keep the cash as a down payment if its not gonna make a difference or pay it off and hope it makes me look better to the lender? Any advice that will help me get a better chance of getting approved for a better loan will be much appreciated, Thank you! by the way I’m looking for homes in the Hesperia area
I was wondering if having the land in my name take away the chances of getting the new homeowners credit?

Derek

louie d asked:


I live in CA, will the bank go after me of my wife’s unpaid mortgage, I did a quit claim in our house, I am not in the mortgage loan, Will I face any legal recourse for putting quit claim? Can I buy another house, this time more affordable. Which way should we go, foreclosure or short sale? Pls give a sound advice….

Stacy

Bradley A. Barbee asked:




Many businesses nowadays require finance to achieve their business objectives. Whenever businesses do not have the necessary funds to finance a new project like construction of a new building or acquisition of property for commercial purposes, they resort to acquiring money from lending institutions. These institutions have now become extremely cautious when it comes to lending money and they will check a number of things before they approve the loan.

Commercial mortgage lenders nowadays are very careful with whom they give their money to and they perform a number of checks to make sure they will get their money back within the time period set.

Here is a list of things they look at before approving any mortgage loan:

Your Business Character: Commercial mortgage lenders will check how well you met past credit obligations. They will check if you have paid previous loans according to the terms agreed upon. How interested you are in meeting the business objectives and goals. They will also have a look at your management quality and capabilities and check to see whether your management will be able to handle the growth of the business.

The Businesses Ability to Pay the Debt: The Lender will also check to see whether your business is capable of paying the loan according to the terms and conditions given by them. They also check the debts that you owe to other people and see whether you are able to pay off those debts. The way they check this is by looking at your financial statement. Your financial statement will give them the total of your net profits. They also see if you are able to pay off the debt in an up-market.

Value of Collateral: In the event that you business defaults in payment, the lender sells the property given as collateral. For this reason the lender checks the value of the collateral you are offering for the mortgage. The value is checked at the time of loan approval, during the period of the loan and also at the end of the term.

Current Conditions: The Commercial Mortgage Lenders will examine the current economic conditions in order determine the viability of the credit. Economic conditions can affect companies depending on the sector they are in. This is why the commercial mortgage lender will have to foresee the conditions of your business according to the future economic conditions.

Because of all these checks it is quite hard to get a commercial mortgage for business purposes. But if you already have made a plan yourself, and complete all these checks yourself and find your business project viable, you will have no problem in getting a loan for your business projects.

Diane

answers for people! asked:


I’m creating a debt reduction plan, and one of the questions I have is this: is it better (financially) to eliminate mortgage debt before educational loan debt? I want to pay the least amount of interest so I would think the higher interest rate (mortgage) is what I should pay. However, there are tax advantages to both mortgage debt and school loan debt, and I’m not sure if I would be missing out on better tax advantages by keeping mortgage debt until I have eliminated school loan debt.

Any advice is appreciated.

Vanessa

michelle asked:


I would like to purchase my first home within the next 9 months. I have saved for the down payment and have increased my credit score to 654 with new accounts that I always pay on time and I never carry a balance on my cards. However I have 8 accounts that are about 5 years old that have all been charged off. Combined the charged off accounts total around $2000. I have read that paying these now will damage my credit score. So if I don’t pay them is it still likely for me to get a mortgage loan? Any advice on what my choices are?

Howard

Dispirited asked:


I am 20 yrs old I bought a duplex 4 months ago for 147,600 its appraised at 148,000 so I got it at top dollar. I got financing on 80/20 80%@7.5 adjustable rate (will go up in 2 years guaranteed) and 20%@10.75 fixed rate. I will be paying interest for the first 2 months. I am losing $200 on this monthly w/ tenants living there. It’s suppose to be my primary residence. Refi penalty for the 80 loan is $3600 and no penalty for 20%. So my question is I got a loan on stated income, I figured I am losing $200/month*24=4800 in 2 years interest only from my own pocket. If I refi now $3600 penalty and maybe $3000 closing cost (estimation) so that’s $6600 loss which I can live with 6600-4800=1800 difference I can live with that. But if I refi 30 yr fixed rate I have very low income i am a college student can I get possibly better rates to lower my down payment, I want to refi 0% down fixed 30yr rate is that possible? I want some advice plz I don’t want to go bankrupt in 2 yrs when rates go up!
I’v been reading lately on the internet about
the dangrous 0% down ARM loans mortgage companies
give out so easily, I thought I was just a lucky one
pft, no way, I got caught into it. But I want to keep
the property I don’t want to sell. Are my numbers correct
or am I just a bad dreamin investor wannabe? My credit
score when I got the loan was 700, I’v been paying
everything on time so it should have gotten up there
I hope I can get the fixed loan. I deeply appreciate
your advice. Thank You in advance

Jessie

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

Dispirited asked:


I am 20 yrs old I bought a duplex 4 months ago for 147,600 its appraised at 148,000 so I got it at top dollar. I got financing on 80/20 80%@7.5 adjustable rate (will go up in 2 years guaranteed) and 20%@10.75 fixed rate. I will be paying interest for the first 2 months. I am losing $200 on this monthly w/ tenants living there. It’s suppose to be my primary residence. Refi penalty for the 80 loan is $3600 and no penalty for 20%. So my question is I got a loan on stated income, I figured I am losing $200/month*24=4800 in 2 years interest only from my own pocket. If I refi now $3600 penalty and maybe $3000 closing cost (estimation) so that’s $6600 loss which I can live with 6600-4800=1800 difference I can live with that. But if I refi 30 yr fixed rate I have very low income i am a college student can I get possibly better rates to lower my down payment, I want to refi 0% down fixed 30yr rate is that possible? I want some advice plz I don’t want to go bankrupt in 2 yrs when rates go up
I’v been reading lately on the internet about
the dangrous 0% down ARM loans mortgage companies
give out so easily, I thought I was just a lucky one
pft, no way, I got caught into it. But I want to keep
the property I don’t want to sell. Are my numbers correct
or am I just a bad dreamin investor wannabe? My credit
score when I got the loan was 700, I’v been paying
everything on time so it should have gotten up there
I hope I can get the fixed loan. I deeply appreciate
your advice. Thank You in advance

Darryl

Nick K asked:


I have a home mortgage for $260,000 and a student loan for $20,000. My interest rate on my home is 6.75% and my rate on my student loan is 3%. My student loan is much easier to pay off since because of the amount and I know I probably will never pay off my home before I end up selling it (I just purchased the home). I know the rate is higher on the home but I’m not sure if it’s worth putting more towards it if the payments are going to stay the same regardless. Just more principal will be paid off. It does not seem to be the best time to invest but it may be my best way to beat the system. My savings account is yielding 4% but has been dropping lately. I don’t have an auto loan because I made the mistake of leasing a car 2 years ago so I’m paying those payments when I wished I had bought instead.

Any advice from people who have been in this situation before. I’m a new home owner looking to get the most for my dollar.

What’s your opinion? Any good tips out there?

Nellie

jonathanj003 asked:


I am currently applying for a mortgage and qualify no problem by myself and on my credit for a good sized mortgage with my current financial status. However, I am starting school back this semester and am needing to take out a large student loan (~$15,000). How bad will this effect me getting my mortgage? Student loan payments will be deferred until graduation so there will be no monthly payments for a few years. If I have to do them both (and yes I need to) should I wait until the underwriters approve my mortgage and then continue with my student loan application? I may have to take out my student loan before the mortgage–how would this effect it?

Sorry for so many questions….just looking for some advice.

Elsie

Carrie Reeder asked:




Not only are your mortgage interest payments tax deductible, but so are your refinancing costs. Points can be deducted over the life of your loan. However, there are some restrictions with this program.

Deducting Refinanced Points

When you originally take out a mortgage, you can deduct the points paid the year you take out the home loan. With refinancing, you have to deduct the points over the course of the loan.

So take the point amount paid and divide by the number of payments for the entire loan. A 30 year loan would have 360 payments. For each payment you make that year, you can deduct that amount off your taxes.

If you cash out part of your equity, you can also deduct the points in full that year in certain cases. For example, home improvements meet the IRS’s requirements.

When you pay off your refinanced mortgage early, you can deduct the remaining point amount from that year’s taxes.

Restrictions to Be Aware Of When Deducting Refinance Costs

As with any IRS program, there are restrictions with deducting refinancing costs. For example, depending on your income level, there are restrictions on how much you can deduct.

Closing costs, such as attorney fees, notary fees, and PMI, are also excluded. When the seller pays the points, they cannot be deducted either.

Paying Points on Refinance Isn’t Always Best

Points are a typical feature of today’s mortgages, but don’t plan on paying several points just for the tax write off.

Points are usually paid to further reduce interest rates on a mortgage. If you are planning to keep the loan for several years, this can save you thousands and may be worth paying the upfront cost. However, if you plan to move in a few years or refinance again, you won’t see a gain from paying the points.

The best thing to do is find the lowest costing loan first. Ask for APR quotes from several lenders to find the optimal rates and fees. That step alone can save you thousands. Next, decide if you can come out ahead by paying additional points. Remember that the tax deduction will only save you pennies on the dollar.

Jeanne

Pinki Gupta asked:


Mortgage loan or Bad Credit Home Refinance-What You Need to Know

With the current economic crisis, plain those who never defaulted repercussion their payments are now stuck with a bad credit rating. There are several reasons to rightful.Visit here http://first-mortgage-quote.blogspot.com

 Job loss, salary cuts or commensurate gather in overall prices.Getting a home loan or repaying unequaled could get a bit difficult. With bad credit home refinance, you can now improve your credit rating further repay your home loan as well. However, looking for the due financing convoy is not straightforward. You bequeath thirst to initiate a thorough survey for the fitting company.Although masterly are a few companies who commit let you bring off a refinance loan for your home mortgage, it could be difficult to find only that suits you best. This is because hugely pecuniary institutions find it difficult to give loans to someone who under consideration has a bad conviction rating. They are unsure if you can pay evolvement the loan interest. This makes it aspect to negotiate to find a financer with favorable terms further conditions.

With the seemly reach, you can however find a financer who will offer you a deal that will cream your situations. proficient are a few companies who are willing to negotiate with you, whereas they already undergo that you are in a difficult situation further require a loan to get out of it. They might useful cross-examine you for a few more documents whence that they know they are offering the loan to the right individual.Although camouflage a refinance loan option your interest rates will increase, you can check with financers if they will intention the interest period for a longer time. This should help impair the relate rate that you need to pay record. If the interest rates are prime further beyond your means, it is advisable to skip that bad credit home refinance choice further choose the one that suits you best.Visit here http://first-mortgage-quote.blogspot.com



Angela

manwai L asked:


I had a mortgage loan with AmTrust Bank, I sent in a request to have them credit my mortgage payment from my bank account automatically on every 1st of the month. But the thing is, I wasn’t aware that the auto-pay was set up and I set a a check for November 1 (which was sent on October 20th.) And as I mentioned before, I wasn’t aware that the auto-pay was set up, so Amtrust credited another $1200 from my bank account. and now I have made 2 payments for November, but still due December 1 because the mortgage is holding my $ in the suspense accout and would not apply it to the monthly payment. Can anyone advise me what to do? Can I possibly get that extra payment back or what I can do to make them apply that fund to my monthly payment and have the due date bought to Jan. 1, 09 ? please, can someone give me an answer?

Ted

BettyDavisEyes asked:


Can I assume their loan? What is a quit claim? Any suggestions? I would really like to lease to own, but is that risky for me?? Advise please!

Louise

Reno Charlton asked:


Over the past couple of years the risk of repossession has become a very real one for many homeowners and the UK, and this has been partly fuelled by the series of interest rate hikes applied to the base rate by the Bank of England. Between August 2006 and July 2007 the interest rate rose fives times, each time by 0.25%, taking the base rate to 5.75% by July 2007.

Interest rates were hiked during this time so that the government could try and keep a lid on inflation, which had spiralled out of control and exceeded the government’s 2% target. However, the rate rises inevitably impacted on household finances, with many homeowners facing rocketing mortgage repayments, and this had a knock on effect on the economy as well as on consumer confidence.

In December of last year, and again in February of this year, the base rate was cut, again each time by 0.25%, taking the base rate back down to 5.25%. However, despite these rate cuts many homeowners are still struggling, as any cuts in their mortgage repayments have been counteracted by increases in other costs such as energy bills, food prices, and petrol costs.

Recent figures have shown that in 2007 the level of repossessions in the UK soared by 21%, with around 27,000 homeowners having their properties repossessed over the course of the year because they could not make repayments. A number of industry officials have predicted that this year will see the level of repossessions continue to rise as a result of strained household finances and rising costs.

However, homeowners that are struggling to keep up with repayments on their mortgage loan are advised to seek advice and help as early on as possible, and often the first line of enquiry will be the mortgage lender. Unlike unsecured finance, your mortgage loan is tied to your home, and missing repayments could result in losing your home.

One official from the Council of Mortgage Lenders said that anyone struggling with mortgage repayments should contact their lender as soon as possible with a view to coming to an agreement, at least in the short term. He said: ‘Lenders take their responsibilities to borrowers facing repayment difficulties very seriously, and many go to exceptional lengths to provide debt counselling, reschedule payments, extend loan terms, or in some circumstances even allow payment breaks. They will abandon repossession action right up to the last moment if they can reach a payment solution consistent with both the borrower’s and the lender’s interests.’



Grace

loui8 asked:


My client purchased a property 1 year ago. She now wants to sell the property because she felt a rapid growth in her neck that she could hardly breathe. She is now in the hospital waiting for the result of her biopsy. The property is in both her and her husband’s name. Should they obtain Mortgage Life Insurance so (knock on the wood) if in case her health deteriorates and dies, her husband won’t have to worry about the mortgage ? I’m sure they have home owner’s insurance abd life insurance but I don’t know if that would cover the mortgage loan or should they obtain a separate insurance.
Do you think Mortgage Life Insurance is absolutely necessity?
I’ve also received some offers to sign up but never did a 2nd look until now. any advise would be appreicated. thanks

Amy