How much are the millionaire bankers and overpaid Congress pitching in from their pocketbooks?
Is it time to make your voice heard when you vote?Why are Americans stuck with paying for illegal aliens' bad mortgages?
For that matter, why are we stuck with paying for their health care (Medicaid), their groceries (food stamps), their credit card debt (did you know you can get a credit card from Bank of America without even having a social security number?), and their childrens' education (taught in THEIR language, btw)?
One legislator who REALLY needs to hear the voters voices: Dianne Feinstein (D-CA), who said (of the bail-out bill and spoken into the mic on the Floor) ';I received 95000 calls regarding this bill. 85000 were against it. 10000 were for it. I am voting for it';.
The responsibility of the legislators is REPRESENT us and vote according to our wishes, not to ';know better'; than us and save us from ourselves.
They haven't done such a bang-up job of ';saving'; us, now have they?
Edit: carzo, you are partially right. The fact is we are finding out that the lending agencies were strongarmed into making those loans in order to continue to receive ';incentives'; and to avoid scrutiny from the government banking regulators. THAT is how illegals got loans in the US. And, yes, it is the fault of the lenders, with some very strong arm twisting from our elected and appointed officials.Why are Americans stuck with paying for illegal aliens' bad mortgages?
Amazing how long it took you guys to spin wall street greed and corruption into an attack on the lowest man on the totem pole.
Yes, you're right. The poor people caused the bailout. They did so by repackaging mortgages repeatedly and slicing them up in order to hide bad assets, then selling those bad assets as if they were the highest rated secured financial instruments you can get. Poor people like playing games like musical chairs, mostly because they can't afford a TV.
We've been paying all kinds of stuff for illegal aliens, not just their mortgages. We've been paying their healthcare and whatever else. It's because they can get away with it. What choice to we have but pay what the government tells us to? This election I hope we get someone in there who cares about the actual Americans instead of the ones who can't even go through the legal process to become Americans.
i would like to know how an illegal alien gets a mortgage in your country. In most of the world you have to be known to your bank or building society provide identification, references, bank statements payslips and they check you out first.This process DID NOT change in the sub prime mess. What did change was the AMOUNT of money that they were prepared to lend to people with less than attractive credit histories, no employment etc the lender is responsible for this as is the lawyer that acts for you. If mortgages are being given to persons that do not check out or they have not bothered to perform all of the requisite checks then my dear the problem is with the lender.
I'm Canadian and I know that we are headed in that direction!! There was a newspaper article in our local paper. It showed a picture of a guy who just immigrated from overseas, and was in Canada for less than 10 months!!
The picture was of him standing in front of his New 2008 Sedan, and a newly built house! All this from a bank loan, mortgage and he's only been a citizen for eight friggen months!!
Meanwhile people have lived and worked in Canada all their lives and still cannot get a loan or mortgage!! or we have to save over 10 to 15 thousand to even get a menial loan!! Some have it some don't and its everywhere!!
I hear you and I have been following your election!! I see it and I know for a fact that the Canadians are headed in the same direction as you!! We are going to end up paying for immigrants bad debts!!
The U.S. election will not only effect you, it will effect every one else around them!! I don't have a say, being Canadian and all, and I do hope for the best.
Is this another racist comment.? Or are you just dumb? These mortgages were not for illiegal aliens. How many illegal aliens were just at the AIG big bash party that cost the taxpayers a half million dollars? None!!! I am not for illegal aliens, but I am for the truth. Stop putting prejudice ahead of the facts.
It's not just illegal aliens mortgages that American taxpayers are paying for. It's all bad sub-prime and ARM mortgages, bad decision making by banks, excessive executive compensation, the lobbyist payoffs to congress and senate, and spa treatment for AIG executives that we are paying for?
It is not so bad now. Illlegal immigration is sharply deeclining and we do not have to deal with those good for nothing illegals...............................w鈥?have our bad economy to thank. Thank You greedy excutives!!!!!!!!!!!!!!!
Illegal aliens? Really? That's a new one to me. Please, tell us more. Do you have a real source or is that what they told you on FOX news?
*sighs* Because clearly no person born in america could have bad credit! Give me a break, it's from highly paid American citizens making bad choices giving morgages to everyone, whether they could afford it or not.
Wow - I didn't realize that ';illegal aliens'; were the only ones with bad mortgages. There must be more IA's in the country then I ever realized.
Do you actually have any proof that the bad mortgages went to illegal aliens?
Or are you just talking out of your ***?
This is true. Most average citizens are paying for illegals and most millionairse such as congress are not doing didly squat. They are greedy, over paid pricks!
According to Obama, you must be a racist to harbor ill will to illegal aliens. At least that is what he told La Raza.
It was all low-income people and the greedy rich taking on more then they could chow. yes you are right about illegals to,
Because we continually elect morons to Congress.
Not to forgret mostly minorities also. And Obama and Acorn supported all this
Keep pace dear, the bailout bill has passed and ';Troubled Assets'; are being bought very soon.
where did you get that the mortgages belong to illegal aliens?
what about these sanctuary cities like L.A. its a bunch of B.S.
because of their own greedy stupidity
reputable link, please?
Where did you hear that? Just wondering.
What are you trying to say?
With this question I really see American Ignorance has no limits.
Are you that stupid to actually believe that?
Wednesday, November 23, 2011
Is Wells Fargo different from Lehman, Bear Sterns, and others who've gone under? Do they resell mortgages?
Does Wells Fargo sell the mortgages they underwrite? Do they trade in mortgage-backed securities? The appear to stay afloat for now. Would like to know what they are doing right. Thanks!Is Wells Fargo different from Lehman, Bear Sterns, and others who've gone under? Do they resell mortgages?
Its common practice for banks to resell mortgages. Pretty much all banks do them. The crisis that we have been experiencing was not because banks were reselling mortgages, but because they were lending out risky loans. They then would bundle up these risky loans or sub prime loans and sell them to investors. Also these risky mortgages were not backed by Freddie Mac and Fannie Mae.
To answer your question I am not sure if they participated in selling sub prime mortgages, but I believe if they were substantially involved then we would have heard about it.Is Wells Fargo different from Lehman, Bear Sterns, and others who've gone under? Do they resell mortgages?
I don't know all the answers you want, but I have had two mortgages sold to Wells Fargo, and they maintained them, they were not resold.
Its common practice for banks to resell mortgages. Pretty much all banks do them. The crisis that we have been experiencing was not because banks were reselling mortgages, but because they were lending out risky loans. They then would bundle up these risky loans or sub prime loans and sell them to investors. Also these risky mortgages were not backed by Freddie Mac and Fannie Mae.
To answer your question I am not sure if they participated in selling sub prime mortgages, but I believe if they were substantially involved then we would have heard about it.Is Wells Fargo different from Lehman, Bear Sterns, and others who've gone under? Do they resell mortgages?
I don't know all the answers you want, but I have had two mortgages sold to Wells Fargo, and they maintained them, they were not resold.
Is it fair to ask those who can pay their mortgages to help those who can't?
I bought a house I knew I could afford. Its old, and needed some work but I didn't mind fixing it up. People laughed at me, and insulted the house. Yes, I could have bought one of those massive 'burb mansions, but I know that utilities, taxes, and upkeep would be more expensive. Now Obama says I should pay more taxes to help those morons who either speculated, or got greedy.Is it fair to ask those who can pay their mortgages to help those who can't?
NO, Obama is giving you a tax cut so you can spend more on your house.
Probably we'll give more money to the greedy bankers who made billions selling subprime mortgages to buyers and then as securities.Is it fair to ask those who can pay their mortgages to help those who can't?
It's Socialism, and Socialism sux!
no. but you should fix that house good! and then invite all those morons than they'll see they were wrong.
Yes. Why? because not all of them were ';morons'; that got greedy. The last study I read said the majority that are facing foreclosure now are because they lost their jobs. In this economy, one can't just get another job quickly. No career/ area of the job market is safe from lay offs or shutting their doors even. I'd guess not even your job is 100% safe? Just because you say you bought a house you could afford, unless you paid cash for it, it doesn't mean that if you lost your job, or even ability to work at a fairly young age like I just did, that with no income or only one spouses income, that it would still fall into what you could afford. It's hard to pay ANY mortgage even w/ a great education when so many businesses are not hiring or shutting down. Whole cities in MI have become ghost towns. There are streets across the US now called ';foreclosure'; avenue. Those people had great jobs and bought houses well within their means and lost it all when they lost their jobs. We are not in danger of losing out home but on one income it is tight. It would be nice if we could weed out the FEW morons that did buy too much house and didn't make any effort to pay despite having jobs, etc. but I think they are greatly the minority in this crisis. I just look at it as we can't do that and if my husband lost his job, it would only be a matter of time before we were one of the sad stories.
NO, Obama is giving you a tax cut so you can spend more on your house.
Probably we'll give more money to the greedy bankers who made billions selling subprime mortgages to buyers and then as securities.Is it fair to ask those who can pay their mortgages to help those who can't?
It's Socialism, and Socialism sux!
no. but you should fix that house good! and then invite all those morons than they'll see they were wrong.
Yes. Why? because not all of them were ';morons'; that got greedy. The last study I read said the majority that are facing foreclosure now are because they lost their jobs. In this economy, one can't just get another job quickly. No career/ area of the job market is safe from lay offs or shutting their doors even. I'd guess not even your job is 100% safe? Just because you say you bought a house you could afford, unless you paid cash for it, it doesn't mean that if you lost your job, or even ability to work at a fairly young age like I just did, that with no income or only one spouses income, that it would still fall into what you could afford. It's hard to pay ANY mortgage even w/ a great education when so many businesses are not hiring or shutting down. Whole cities in MI have become ghost towns. There are streets across the US now called ';foreclosure'; avenue. Those people had great jobs and bought houses well within their means and lost it all when they lost their jobs. We are not in danger of losing out home but on one income it is tight. It would be nice if we could weed out the FEW morons that did buy too much house and didn't make any effort to pay despite having jobs, etc. but I think they are greatly the minority in this crisis. I just look at it as we can't do that and if my husband lost his job, it would only be a matter of time before we were one of the sad stories.
How good do you feel about paying for the mortgages of your neighbors who had a foreclosure?
I dont like this socialist stuffHow good do you feel about paying for the mortgages of your neighbors who had a foreclosure?
In the most immediate sense, it does seem a bit unfair. But you need to look at the big picture. If your neighbors' homes are foreclosed upon, they'll likely be resold at a bank auction for a much lower price than the house was initially worth. If this happens in a very large scale (like it is now) the value of your home actually goes down too because price is dictated by market. That's how capitalism works. If you want to sell your home, you will have difficulty getting a price comparable to what you paid initially or that reflects the costs of improvements you've made, etc. Even if you do hang on to your house, you're losing equity. Loss of equity means that if, for instance, you'd like to take out a loan using your home as collateral (like a second mortgage), you'll be able to get less money than you once could.
If you still have a mortgage you pay on, you may end up making faithful payments on a mortgage that is much larger than the current market value of your home. The latter is a very large version of buying, say, a tv for $200 with your credit card and finding the same tv is on sale everywhere for $100 the next week.
You may not like this so-called socialist stuff, and you could make a reasonable political argument that such a bailout is inappropriate. But I do think it's worthwhile to consider that the benefits of such a bailout extend well beyond what we immediately recognize as a benefit to a few people who may've made unwise financial decisions.... Or who may've made great financial decisions and plain old got laid off from jobs and exhausted their savings.How good do you feel about paying for the mortgages of your neighbors who had a foreclosure?
Well hell, I make $15,000 a year. This will be the closest way that I will ever be to paying for a house. We might as well take out our wallets and put a sign on them saying ';Please, take my money.';
If you don't like Socialism, then join the Libertarian Party. We are the only TRUE CAPITALIST party.
It's ridiculous.
I don't like it but think of it as helping someone in need unless they are richer than you
I wish they could just come stay at my place, instead. I'd expect them to do assigned chores, of course.
dont think its fair
I don't pay taxes.....cosmetics origins
In the most immediate sense, it does seem a bit unfair. But you need to look at the big picture. If your neighbors' homes are foreclosed upon, they'll likely be resold at a bank auction for a much lower price than the house was initially worth. If this happens in a very large scale (like it is now) the value of your home actually goes down too because price is dictated by market. That's how capitalism works. If you want to sell your home, you will have difficulty getting a price comparable to what you paid initially or that reflects the costs of improvements you've made, etc. Even if you do hang on to your house, you're losing equity. Loss of equity means that if, for instance, you'd like to take out a loan using your home as collateral (like a second mortgage), you'll be able to get less money than you once could.
If you still have a mortgage you pay on, you may end up making faithful payments on a mortgage that is much larger than the current market value of your home. The latter is a very large version of buying, say, a tv for $200 with your credit card and finding the same tv is on sale everywhere for $100 the next week.
You may not like this so-called socialist stuff, and you could make a reasonable political argument that such a bailout is inappropriate. But I do think it's worthwhile to consider that the benefits of such a bailout extend well beyond what we immediately recognize as a benefit to a few people who may've made unwise financial decisions.... Or who may've made great financial decisions and plain old got laid off from jobs and exhausted their savings.How good do you feel about paying for the mortgages of your neighbors who had a foreclosure?
Well hell, I make $15,000 a year. This will be the closest way that I will ever be to paying for a house. We might as well take out our wallets and put a sign on them saying ';Please, take my money.';
If you don't like Socialism, then join the Libertarian Party. We are the only TRUE CAPITALIST party.
It's ridiculous.
I don't like it but think of it as helping someone in need unless they are richer than you
I wish they could just come stay at my place, instead. I'd expect them to do assigned chores, of course.
dont think its fair
I don't pay taxes.....
Is the candidate who wants the government to buy mortgages and own your home calling his opponent a Socialist?
Just checking.Is the candidate who wants the government to buy mortgages and own your home calling his opponent a Socialist?
Yup, I can't believe McCain is insinuating Obama is a socialist, when McCain's plans are more inline with socialism. I just don't think McCain knows what he's talking about.
Yup, I can't believe McCain is insinuating Obama is a socialist, when McCain's plans are more inline with socialism. I just don't think McCain knows what he's talking about.
What types of mortgages are there if I want to refinance my property?
Today there are many different types of loans that a person can qualify no matter what their credit rating is and how long you have owned the property. There are many different types of refinancing, no-cost refinance, homes with a second mortgage can also refinance in some circumstances, to find exactly what type of refinancing you qualify for on your property it is wise to use a professional who can explain each option to you such as http://www.whataboutloans.com/mortgage/mortgage-refinance-loans.htmlWhat types of mortgages are there if I want to refinance my property?
Refinancing a property is akin to purchasing the property all over again. You will need to go through an appraisal and apply for mortgage.
However, the benefit is that this time, you already live there and technically is the owner. So you will qualify for any mortgage out there as long as you have the credit rating for it.
So you can get traditional Fixed Rate Mortgages, Adjustable Rate Mortgage (The engine of the subprime mess), or even go a thrid route, the Home Equity Loan.
Home Equity Loan isn't an mortgage but rather a loan taken out on the equity you build up in your house. However, if you default on it, they can pursue legal action to takeover your house. On the positive side, Home Equity Loan also benefit from the mortgage tax deduction.
Hope this helps.
Refinancing a property is akin to purchasing the property all over again. You will need to go through an appraisal and apply for mortgage.
However, the benefit is that this time, you already live there and technically is the owner. So you will qualify for any mortgage out there as long as you have the credit rating for it.
So you can get traditional Fixed Rate Mortgages, Adjustable Rate Mortgage (The engine of the subprime mess), or even go a thrid route, the Home Equity Loan.
Home Equity Loan isn't an mortgage but rather a loan taken out on the equity you build up in your house. However, if you default on it, they can pursue legal action to takeover your house. On the positive side, Home Equity Loan also benefit from the mortgage tax deduction.
Hope this helps.
Does anyone have a site where Bush asked Congress to put regulations on giving out bad mortgages?
Did Bush beg congress to get the banks to stop handing out loans? Or did he brag about the great economy where EVERYBODY could get a morgage?Does anyone have a site where Bush asked Congress to put regulations on giving out bad mortgages?
This article is the best I can find.
BUT please notice, Bush's problem with Freddie Mac and Fannie Mae isn't that they were giving loans out to people who shouldn't have them; he was upset with the management of the agencies.
No one was worried about home loans to people who couldn't pay it back.
As a person who was thinking about buying a home in the late nineties and early part of this decade, I can tell you that everyone was telling me house prices would never go down. If I recall, the Republican members of my family, and my Republican co-workers were the ones saying I was crazy to not buy a house.Does anyone have a site where Bush asked Congress to put regulations on giving out bad mortgages?
Look to an act in congress in 1977 called Fair Housing Act and what the Clinton Administration did in 1993 to it. Bush and the Republicans didn't stop the free for all for fear of being labeled racists by those millionaires Jesse Jackson %26amp; Al Sharpton, along with all who would benefit from such a risky move.
The political football game isn't even 5 minutes into the first quarter in my humble opinion, as we watch all markets associated with assets except precious metals taking major hits.
Umm.....no. Republicans were against this. But the Democrats targetted them as ';uncaring'; and ';mean'; for not wanting to help poor people who can't afford mortgages without thinking the reprocussions.
It makes good headlines though and to someone who doesn't read too much a headline like ';Republicans deny homes to people'; work.
Why don't you stop blaming bush and start putting some of the blame on these fools who got a house they could not afford and defaulted on their loans/mortgages. Owning a house is a privilege you earn, not a right. Individual ';wannabe homeowners'; have more fault in this than Bush.
Bush Called For Reform of Fannie Mae %26amp; Freddie Mac 17 Times in 2008 Alone... Dems Ignored Warnings
He warned Congress about it two years ago. Where were you?
Barney Frank (National Socialist Democratic Party) was having a gay love affair with the CEO and said everything was fine.
Don't you remember? He warned Congress about toxic mortgages the same day he warned them that we'd never find WMD's in Iraq, and that Iraq %26amp; Sadam Hussein had nothing to do with Al-Qaida !!
http://gatewaypundit.blogspot.com/2008/0鈥?/a>
Yes he did.........he wanted more regulation, and our Congress and other Politicians boo hoo'ed this idea. A ';few, very few'; other Politicians wanted the same thing.
Goes all the way back. There are many sites with this content. Here's one:
www.marketwatch.com/News/Story/Story - White House warns of GSE risks -Nov. 6, 2003
Bush didn't have to beg congress. His party held dominating control of congress for SIX YEARS. Clearly he didn't see a problem with the continued deregulation.
Lots on the Right claim the deregulation was a Clinton era phenomenon (not entirely true...see: Reagan). But they don't explain why Bush and the GOP controlled Congress didn't do anything about the supposed problem.
Now you'll people claiming Bush has an epiphany... recently. I don't buy it. The GOP have been all deregulation, all the time for 30 years.
President Bubble was clueless as usual. He was too busy playing with his toy soldiers.
This article is the best I can find.
BUT please notice, Bush's problem with Freddie Mac and Fannie Mae isn't that they were giving loans out to people who shouldn't have them; he was upset with the management of the agencies.
No one was worried about home loans to people who couldn't pay it back.
As a person who was thinking about buying a home in the late nineties and early part of this decade, I can tell you that everyone was telling me house prices would never go down. If I recall, the Republican members of my family, and my Republican co-workers were the ones saying I was crazy to not buy a house.Does anyone have a site where Bush asked Congress to put regulations on giving out bad mortgages?
Look to an act in congress in 1977 called Fair Housing Act and what the Clinton Administration did in 1993 to it. Bush and the Republicans didn't stop the free for all for fear of being labeled racists by those millionaires Jesse Jackson %26amp; Al Sharpton, along with all who would benefit from such a risky move.
The political football game isn't even 5 minutes into the first quarter in my humble opinion, as we watch all markets associated with assets except precious metals taking major hits.
Umm.....no. Republicans were against this. But the Democrats targetted them as ';uncaring'; and ';mean'; for not wanting to help poor people who can't afford mortgages without thinking the reprocussions.
It makes good headlines though and to someone who doesn't read too much a headline like ';Republicans deny homes to people'; work.
Why don't you stop blaming bush and start putting some of the blame on these fools who got a house they could not afford and defaulted on their loans/mortgages. Owning a house is a privilege you earn, not a right. Individual ';wannabe homeowners'; have more fault in this than Bush.
Bush Called For Reform of Fannie Mae %26amp; Freddie Mac 17 Times in 2008 Alone... Dems Ignored Warnings
He warned Congress about it two years ago. Where were you?
Barney Frank (National Socialist Democratic Party) was having a gay love affair with the CEO and said everything was fine.
Don't you remember? He warned Congress about toxic mortgages the same day he warned them that we'd never find WMD's in Iraq, and that Iraq %26amp; Sadam Hussein had nothing to do with Al-Qaida !!
http://gatewaypundit.blogspot.com/2008/0鈥?/a>
Yes he did.........he wanted more regulation, and our Congress and other Politicians boo hoo'ed this idea. A ';few, very few'; other Politicians wanted the same thing.
Goes all the way back. There are many sites with this content. Here's one:
www.marketwatch.com/News/Story/Story - White House warns of GSE risks -Nov. 6, 2003
Bush didn't have to beg congress. His party held dominating control of congress for SIX YEARS. Clearly he didn't see a problem with the continued deregulation.
Lots on the Right claim the deregulation was a Clinton era phenomenon (not entirely true...see: Reagan). But they don't explain why Bush and the GOP controlled Congress didn't do anything about the supposed problem.
Now you'll people claiming Bush has an epiphany... recently. I don't buy it. The GOP have been all deregulation, all the time for 30 years.
President Bubble was clueless as usual. He was too busy playing with his toy soldiers.
Is it true the government is buying the bad mortgages?
Does this mean the people that are in those houses get to stay for free while my parents work 4 jobs to make our house payment? Is that right? Should everyone just quit making house payments today and get their house paid for free, too?Is it true the government is buying the bad mortgages?
Hi, yes if you are a minority you can get all of that, if you are not you have to keep up with your payments. The Federal Reserve is a private company and they have an agreement with the U. S. government, they can give mortgages to anyone they want and the govt will buy them back you can read about that in this book, The Creature from Jekyll Island by Griffin. check out his website http://realityzone.com/freedomforce.html and the the new party www.constitutionparty.org hope this will help you understand what's going on with our govt.Is it true the government is buying the bad mortgages?
No, they are only injecting money into the markets to try unfreezing lending money. But seeing as the mortgage and banking lenders ACTUALLY have the money, how is it frozen?
It's only another way to try ripping the people off and YES, they will still have to pay for the home, there is NO WAY a company will let some one live for free.
Yes
Hi, yes if you are a minority you can get all of that, if you are not you have to keep up with your payments. The Federal Reserve is a private company and they have an agreement with the U. S. government, they can give mortgages to anyone they want and the govt will buy them back you can read about that in this book, The Creature from Jekyll Island by Griffin. check out his website http://realityzone.com/freedomforce.html and the the new party www.constitutionparty.org hope this will help you understand what's going on with our govt.Is it true the government is buying the bad mortgages?
No, they are only injecting money into the markets to try unfreezing lending money. But seeing as the mortgage and banking lenders ACTUALLY have the money, how is it frozen?
It's only another way to try ripping the people off and YES, they will still have to pay for the home, there is NO WAY a company will let some one live for free.
Yes
How can McCain freeze spending if he's buying mortgages?
During the debate tonight McCain said he wanted to do a spending freeze, but also suggest he wanted to buy up mortgages? Which one is it?How can McCain freeze spending if he's buying mortgages?
Thank you! I thought the same thing.
He was getting down on Obama for supposedly wanting more government in our lives and then he comes up with this.
Also, McCain also said Social Security won't be the same as it is now. Somehow I don't think he meant it'll get better!How can McCain freeze spending if he's buying mortgages?
He would freeze spending on the ';current'; programs......the bailout program would be a ';new'; program.....I know it takes democrats a while to read this so I am writing it slowly.
BTW--Obama wants to give the middle class a ';tax cut'; but wants us all to ';help'; fund his healthcare plan.....so he will cut my taxes before he raises them through the roof......yeah, smart.
That is what is called, ';talking out of both sides of your mouth';. That's what the bail-out is supposedly for, but you probably heard about AIG having their big spending party to celebrate. They used the money for facials, massages, golf, etc. The creeps caused the problem in the first place, so we give them money and they party! Are we stupid, or what?
I caught that too. That's a real brain teaser. But I still say everybody is treating a symptom, not the problem. The real problem is static wages and rising cost of living. If it keeps up, there's gonna be a lot more foreclosures, and not just sub-primes!
Spending freeze is on current spending. Although he wouldn't be able to change the budget until October 1st 2009 same as Barry.
Thank you! I thought the same thing.
He was getting down on Obama for supposedly wanting more government in our lives and then he comes up with this.
Also, McCain also said Social Security won't be the same as it is now. Somehow I don't think he meant it'll get better!How can McCain freeze spending if he's buying mortgages?
He would freeze spending on the ';current'; programs......the bailout program would be a ';new'; program.....I know it takes democrats a while to read this so I am writing it slowly.
BTW--Obama wants to give the middle class a ';tax cut'; but wants us all to ';help'; fund his healthcare plan.....so he will cut my taxes before he raises them through the roof......yeah, smart.
That is what is called, ';talking out of both sides of your mouth';. That's what the bail-out is supposedly for, but you probably heard about AIG having their big spending party to celebrate. They used the money for facials, massages, golf, etc. The creeps caused the problem in the first place, so we give them money and they party! Are we stupid, or what?
I caught that too. That's a real brain teaser. But I still say everybody is treating a symptom, not the problem. The real problem is static wages and rising cost of living. If it keeps up, there's gonna be a lot more foreclosures, and not just sub-primes!
Spending freeze is on current spending. Although he wouldn't be able to change the budget until October 1st 2009 same as Barry.
Is Bernanke & Paulson lying that the crisis is in mortgages when it's actually bankers criminal derivatives?
Bankers made these phony hedge derivatives thinking that they would make lots of money by speculating. Isn't Bernanke and Paulson trying to put the blame on the taxpayers in an attempt to get us to pay for the banker's crimes against the US?Is Bernanke %26amp; Paulson lying that the crisis is in mortgages when it's actually bankers criminal derivatives?
yes.
this is all about derivatives.
fun fact: right now, there is somewhere between 65 and 150 trillion dollars in existance on planet earth...
the Derivative line of credit... all the $$ in the balance in the derivative market:
one thousand trillion dollars... more money than exists on the planet by a LOT.
what happens at the end of the quarter (right AFTER the election) when everyone starts to pull their money out of derivatives???
COLLAPSE
this puny $700billion is not going to solve anyhting...it's just going to buy some time, (6 weeks) until everything REALLY falls apart along with the derivatves market.Is Bernanke %26amp; Paulson lying that the crisis is in mortgages when it's actually bankers criminal derivatives?
Yes...There is a historic need for misdirection from their constituents. Bankers have the largest lobby in washington...that's strike one...There are 55 million mortgages out there of which about 3% are at risk...strike two...And the packaging of good with bad mortgages is stopping a clear view of the actual need for funds...strike three. We will be financing the largest garage sale of the most junkiest products that these sleeze laden capitalist will place in the package....Strike 4 your out!cosmetics origins
yes.
this is all about derivatives.
fun fact: right now, there is somewhere between 65 and 150 trillion dollars in existance on planet earth...
the Derivative line of credit... all the $$ in the balance in the derivative market:
one thousand trillion dollars... more money than exists on the planet by a LOT.
what happens at the end of the quarter (right AFTER the election) when everyone starts to pull their money out of derivatives???
COLLAPSE
this puny $700billion is not going to solve anyhting...it's just going to buy some time, (6 weeks) until everything REALLY falls apart along with the derivatves market.Is Bernanke %26amp; Paulson lying that the crisis is in mortgages when it's actually bankers criminal derivatives?
Yes...There is a historic need for misdirection from their constituents. Bankers have the largest lobby in washington...that's strike one...There are 55 million mortgages out there of which about 3% are at risk...strike two...And the packaging of good with bad mortgages is stopping a clear view of the actual need for funds...strike three. We will be financing the largest garage sale of the most junkiest products that these sleeze laden capitalist will place in the package....Strike 4 your out!
How often do people get fixed rate mortgages that end?
for example back in 2003 etc.. many people nailed down their current ARM in exchange for a low fixed rate.
how many of those deals expire after a certain length of time??
what percentage??
why so??
thanks for your answers!
How often do people get fixed rate mortgages that end?
Hi sorry your question needs to be a little more specific. Mortgages will vary from every institution. A comparison between lenders is required.
how many of those deals expire after a certain length of time??
what percentage??
why so??
thanks for your answers!
How often do people get fixed rate mortgages that end?
Hi sorry your question needs to be a little more specific. Mortgages will vary from every institution. A comparison between lenders is required.
If I have poor credit but can make a substantial down payment, what kind of mortgages are available?
My credit score is in the low 600s but I have a lot of cash on hand. For instance I'm looking at buying a house for around $80000 and I can put up to $30000 down. Obviously I need to borrow the rest. What kind of programs are there for my situation?If I have poor credit but can make a substantial down payment, what kind of mortgages are available?
Look especially at getting an FHA mortgage loan. I would not put that much down if it is not necessary. Buying property now, even though prices are low and interest rates are low,properties are still falling in value.
Since this is the case you would be putting your money into a cesspool until your property started appreciating in value. If when you make your substantial down payment your property shows a depreciation then so have your down payment.
Put as little down as possible until the market show an improvement.
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.
Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.
If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.
You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.
Make sure your mortgage broker explain all your options so you may make an intelligent decision.
What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.
So select the best option for you and your financial situation.
You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.
I hope this has been of some benefit to you, good luck
';FIGHT ON';If I have poor credit but can make a substantial down payment, what kind of mortgages are available?
FHA all the way. But I suggest that you take some of that 30,000 and put it into any debt that you have right now. It will boost you score a bit and the better the score, the better rate you will get. If your score is in the 600's now you should be able to get a mortgage. I would just pay off some debt that I do have and make my credit score a little higher before starting the process.
i would really try to pay down your debt to credit ratio first. this should see a pretty quick jump in your score. also the lender really wants to know what kind of living expense's you have on a monthly basis. the best thing to do is go to a bank or lender and they will tell you exactly what you should pay down. ps. never cancel your credit cards after you pay them off. this will lower you available credit which in turn lowers your score. when all else fails time heals all credit scores.just make sure you don't miss/make late payments.
Not many with a poor credit score. I would suggest looking for a house buy auction that was repossessed.
credit-report-free.totalh.com - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.
Look especially at getting an FHA mortgage loan. I would not put that much down if it is not necessary. Buying property now, even though prices are low and interest rates are low,properties are still falling in value.
Since this is the case you would be putting your money into a cesspool until your property started appreciating in value. If when you make your substantial down payment your property shows a depreciation then so have your down payment.
Put as little down as possible until the market show an improvement.
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.
Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.
If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.
You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.
Make sure your mortgage broker explain all your options so you may make an intelligent decision.
What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.
So select the best option for you and your financial situation.
You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.
I hope this has been of some benefit to you, good luck
';FIGHT ON';If I have poor credit but can make a substantial down payment, what kind of mortgages are available?
FHA all the way. But I suggest that you take some of that 30,000 and put it into any debt that you have right now. It will boost you score a bit and the better the score, the better rate you will get. If your score is in the 600's now you should be able to get a mortgage. I would just pay off some debt that I do have and make my credit score a little higher before starting the process.
i would really try to pay down your debt to credit ratio first. this should see a pretty quick jump in your score. also the lender really wants to know what kind of living expense's you have on a monthly basis. the best thing to do is go to a bank or lender and they will tell you exactly what you should pay down. ps. never cancel your credit cards after you pay them off. this will lower you available credit which in turn lowers your score. when all else fails time heals all credit scores.just make sure you don't miss/make late payments.
Not many with a poor credit score. I would suggest looking for a house buy auction that was repossessed.
credit-report-free.totalh.com - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.
Does anybody know about a new law in Minnesota about getting rid of stated income mortgages?
My wife and I are going to be moving this summer in order to attend a nursing school in Northern Minnesota. The houses that are available in our price range are either money pits or just plain old nasty. So we have decided to build a small 1,400 sq. ft. house that is designed the way we want it and is clean (unlike the other houses in the area) anyway we have run into a problem. Because we are full time students the only mortgage we are able to get is a stated income mortgage, meaning we don't have to prove that we are going to have steady incomes when we move. Well, I got a call from our mortgage lady last week and she said the Minnesota congress just voted to pass a law making these types of mortgages illegal. She said we need to close on a home soon before the Governor signs this into law in order to get anything. Does anybody know anything about this? How long after the Governer signs this will it take effect? Where could I call / write to get more info? Congressman?Does anybody know about a new law in Minnesota about getting rid of stated income mortgages?
Some Minnesota lawmakers and local home loan industry officials say laws need to be change to better protect home buyers from unscrupulous mortgage brokers. The first hearing on several proposals is scheduled to take place later this week before a Minnesota House committee
The Governor's proposal will help protect consumers from mortgage fraud as the real estate market in Minnesota and nationally slows down, exposing more homeowners to potential problems. Mortgage fraud has increased in volume and sophistication recently, with new cases involving unscrupulous real estate agents, mortgage brokers, appraisers and title companies that conspire to complete transactions for loans that often exceed the value of the property.
The new proposals support the Guidelines on Nontraditional Mortgage Products that were sent to all licensed mortgage originators by the Minnesota Department of Commerce in December of 2006. The guidelines encourage lenders to make more meaningful disclosures and more careful underwriting to protect consumers from mortgage products they cannot afford.
As of yet, the law has not changed. There are however changes in the Federal CODEDoes anybody know about a new law in Minnesota about getting rid of stated income mortgages?
http://www.dontborrowtroublemn鈥?/a>
http://www.state.mn.us/portal/鈥?/a>
Some Minnesota lawmakers and local home loan industry officials say laws need to be change to better protect home buyers from unscrupulous mortgage brokers. The first hearing on several proposals is scheduled to take place later this week before a Minnesota House committee
The Governor's proposal will help protect consumers from mortgage fraud as the real estate market in Minnesota and nationally slows down, exposing more homeowners to potential problems. Mortgage fraud has increased in volume and sophistication recently, with new cases involving unscrupulous real estate agents, mortgage brokers, appraisers and title companies that conspire to complete transactions for loans that often exceed the value of the property.
The new proposals support the Guidelines on Nontraditional Mortgage Products that were sent to all licensed mortgage originators by the Minnesota Department of Commerce in December of 2006. The guidelines encourage lenders to make more meaningful disclosures and more careful underwriting to protect consumers from mortgage products they cannot afford.
As of yet, the law has not changed. There are however changes in the Federal CODEDoes anybody know about a new law in Minnesota about getting rid of stated income mortgages?
http://www.dontborrowtroublemn鈥?/a>
http://www.state.mn.us/portal/鈥?/a>
Report Abuse
How many people are walking away from their mortgages as a business decision as opposed to?
walking away because they can't afford the payment? Do you think these types of foreclosures are on the rise?How many people are walking away from their mortgages as a business decision as opposed to?
Most people fall behind on their payments, or they would simply sell their homes. They risk the possibility of paying a deficiency if they simply walk away, even though it isn't common.How many people are walking away from their mortgages as a business decision as opposed to?
Many.
So many that it is scary. I know two couples myself that are just walking away. One has a home they purchased for just over $500,000, value down to $300,000. The other has a home they purchased for $250,000 and that value is down by more than half.
I don't personally know anyone who's done this, but it's pretty idiotic. They're messing up their own credit and risking being sued for the difference in their loan balance and what the home auctions for. They're also perpetuating an already screwed up situation. They should be ashamed of themselves.
I think some of that went on in the early days of the housing bust, particularly, I think investors and builders did it. People who have mortgages on their own residences probably are not doing it. You have to live somewhere and even renters get their credit checked, after all.
Most people fall behind on their payments, or they would simply sell their homes. They risk the possibility of paying a deficiency if they simply walk away, even though it isn't common.How many people are walking away from their mortgages as a business decision as opposed to?
Many.
So many that it is scary. I know two couples myself that are just walking away. One has a home they purchased for just over $500,000, value down to $300,000. The other has a home they purchased for $250,000 and that value is down by more than half.
I don't personally know anyone who's done this, but it's pretty idiotic. They're messing up their own credit and risking being sued for the difference in their loan balance and what the home auctions for. They're also perpetuating an already screwed up situation. They should be ashamed of themselves.
I think some of that went on in the early days of the housing bust, particularly, I think investors and builders did it. People who have mortgages on their own residences probably are not doing it. You have to live somewhere and even renters get their credit checked, after all.
What happened to the people who had loans/mortgages from those fallen companies?
Do they still need to pay back that money? where do they send it to?What happened to the people who had loans/mortgages from those fallen companies?
of course they need to pay it back.Its because of bad loans that these companies have fallen.People took out loans they could never repay because they didn't make enough money (called living beyond your means)and the companies sold mortgages to people for little or no down payment and it caught up with them.To many bad loansWhat happened to the people who had loans/mortgages from those fallen companies?
Those companies will be taken over by other organization and you will continue to pay your mortgage on time in full amount ! It is your obligation and you signed at the dotted lines when you bought the house.cosmetics origins
of course they need to pay it back.Its because of bad loans that these companies have fallen.People took out loans they could never repay because they didn't make enough money (called living beyond your means)and the companies sold mortgages to people for little or no down payment and it caught up with them.To many bad loansWhat happened to the people who had loans/mortgages from those fallen companies?
Those companies will be taken over by other organization and you will continue to pay your mortgage on time in full amount ! It is your obligation and you signed at the dotted lines when you bought the house.
Information on mortgages for a potential first time home buyer?
I would like to purchase my first starter home by mid 2008, but my credit is somewhat shaky. I have two credit cards (totalling 700) and one will be paid off by the end of the summer. I have 6 late payments on this card in the past 5 years of its existence, but the most recent was in 2005. The other card is 1.5 years old with perfect payment history. I have 4 collection accounts (2 with cell phone companies from 2003 and 2 for medical bills in 2006). On a good note, I obtained a car and paid the balance (before the end of the loan) of $6,200 in 10 months with never a late payment for 2005. Federal government student loans totalling $5,250 have also been on time for the past 14 months.
With this said, how hard would it be to obtain a mortgage? I'm sure the interest rate would be high, but I am so desperate to buy a house! I have lived in an apartment for 5 years and am tired of ';throwing money out of the window.';Information on mortgages for a potential first time home buyer?
With that credit history, let's just say it will be a ';challenge.';
Currently, renting is not really throwing money out of the window. When you buy, there are quite a few fees and taxes you have to pay that will not go towards your equity. For example, property tax, and association dues on a condo. Buying makes more sense financially if house prices are going up, and currently they are not.Information on mortgages for a potential first time home buyer?
I would assume you could get a loan relatively easily, if you are putting money down, and have the income.There are alot of programs that do not use credit score as a criteria for the loan. I would suggest paying the cell phone collections, and keeping your credit card balances to less than 25% of thier maximum balance. You will have to have proof of a steady income over the last two years. Putting 20% down will easily get you the loan, and 10% should be enough. Try putting the amount you expect to pay away for the next few months to see if you can do it. If you want to find out your score or have some other questions send me a message.
Even with all the information you have given, you need to have your credit score checked and I believe you can do that for free annually and I'm sure any Realtor can run a credit check and let you know where you stand. Any mortgage company could help you as well. You can go to these people for services and not necessarily use them for a loan.
Most banks look at the last 12 months history. You're off to a good start if your last late payment was in 2005.
Regarding the collection accounts, you should try to clean them up as soon as possible as the bank may require you to pay them off before closing anyway.
Depending on how low your credit scores are, it is possible for anyone to obtain a mortgage.
To give you an exact answer, one would need to know more detailed information such as your income situation, potential down payment, and exact credit scores.
Well, I'm glad you're getting concerned now rather than in the spring of 2008. So you have some time to get things cleaned up prior to qualifying for a mortg.
You should start talking to a lender tomorrow. Call a Direct Mortg. lender or a larger bank, someone who will ultimately fund your loan ';in house';,, you Will get the lowest rate %26amp; costs by going this route, rather than going through The middleman (the mortg. ';broker';).
You need to have your credit pulled right away %26amp; keep a copy for yourself. Work with the lender %26amp; they will tell you what items need to disappear or be paid down or fixed prior to your finally qualifying in mid 2008.
this way you know NOW what needs to be done.
Tip: Do NOT make any more late payments, be frugal w/ your money for this next year. You want to be GOLDEN when the time comes for you to get loan approval!
feel free to email me if you have any more questions, I can help you further , thx to the email option that Y!A's provides its' users.
The mortgage market (for the lenders) isn't that great right now. If you notice most of the country is headed into a buyers market. Therefore the lenders are more than a little anxious to make loans. I don't think getting the loan will be difficult, specially if you can come up with 20% down payment (none of it as a gift, i.e. your parents/relatives don't ';give'; you any money). If someone is going to help you, have them give it to you now, put it in a CD (so you can't spend it) and it will appear to the mortgage company as your money. The other advantage to putting down a 20% down payment is that you don't have to pay PMI.
Regarding credit - the main thing they are looking for is that you make regular payments. Missing payments and/or late payments is a bad thing.
This is a rough time to be applying for a mortgage unless you have an exceptionally good credit rating. If your credit score is shaky, you'll only be accepted by one of the ';sub-prime lenders'; and you WILL have a very high interest rate. Unless you have someone with A-1 credit that can be the co-buyer, and their name WILL be on the deed. Warning - stay away from lenders like Dietech, Lending Tree and all the others that advertise heavily, they'll rob you blind. Stick with an actual bank or credit union. Their rates will be much lower, but again a lot depends on your credit score. Good Luck
it's gonna be V E R Y hard for you to get any kind of housing loan...try for a condo...maybe a co-signer would help...your credit sucks too much for a conventional mortage. (the collection accts and student loans are the worst.)
http://www.capitalone.com/ then click home loans, they are fast and good people to work with
With this said, how hard would it be to obtain a mortgage? I'm sure the interest rate would be high, but I am so desperate to buy a house! I have lived in an apartment for 5 years and am tired of ';throwing money out of the window.';Information on mortgages for a potential first time home buyer?
With that credit history, let's just say it will be a ';challenge.';
Currently, renting is not really throwing money out of the window. When you buy, there are quite a few fees and taxes you have to pay that will not go towards your equity. For example, property tax, and association dues on a condo. Buying makes more sense financially if house prices are going up, and currently they are not.Information on mortgages for a potential first time home buyer?
I would assume you could get a loan relatively easily, if you are putting money down, and have the income.There are alot of programs that do not use credit score as a criteria for the loan. I would suggest paying the cell phone collections, and keeping your credit card balances to less than 25% of thier maximum balance. You will have to have proof of a steady income over the last two years. Putting 20% down will easily get you the loan, and 10% should be enough. Try putting the amount you expect to pay away for the next few months to see if you can do it. If you want to find out your score or have some other questions send me a message.
Even with all the information you have given, you need to have your credit score checked and I believe you can do that for free annually and I'm sure any Realtor can run a credit check and let you know where you stand. Any mortgage company could help you as well. You can go to these people for services and not necessarily use them for a loan.
Most banks look at the last 12 months history. You're off to a good start if your last late payment was in 2005.
Regarding the collection accounts, you should try to clean them up as soon as possible as the bank may require you to pay them off before closing anyway.
Depending on how low your credit scores are, it is possible for anyone to obtain a mortgage.
To give you an exact answer, one would need to know more detailed information such as your income situation, potential down payment, and exact credit scores.
Well, I'm glad you're getting concerned now rather than in the spring of 2008. So you have some time to get things cleaned up prior to qualifying for a mortg.
You should start talking to a lender tomorrow. Call a Direct Mortg. lender or a larger bank, someone who will ultimately fund your loan ';in house';,, you Will get the lowest rate %26amp; costs by going this route, rather than going through The middleman (the mortg. ';broker';).
You need to have your credit pulled right away %26amp; keep a copy for yourself. Work with the lender %26amp; they will tell you what items need to disappear or be paid down or fixed prior to your finally qualifying in mid 2008.
this way you know NOW what needs to be done.
Tip: Do NOT make any more late payments, be frugal w/ your money for this next year. You want to be GOLDEN when the time comes for you to get loan approval!
feel free to email me if you have any more questions, I can help you further , thx to the email option that Y!A's provides its' users.
The mortgage market (for the lenders) isn't that great right now. If you notice most of the country is headed into a buyers market. Therefore the lenders are more than a little anxious to make loans. I don't think getting the loan will be difficult, specially if you can come up with 20% down payment (none of it as a gift, i.e. your parents/relatives don't ';give'; you any money). If someone is going to help you, have them give it to you now, put it in a CD (so you can't spend it) and it will appear to the mortgage company as your money. The other advantage to putting down a 20% down payment is that you don't have to pay PMI.
Regarding credit - the main thing they are looking for is that you make regular payments. Missing payments and/or late payments is a bad thing.
This is a rough time to be applying for a mortgage unless you have an exceptionally good credit rating. If your credit score is shaky, you'll only be accepted by one of the ';sub-prime lenders'; and you WILL have a very high interest rate. Unless you have someone with A-1 credit that can be the co-buyer, and their name WILL be on the deed. Warning - stay away from lenders like Dietech, Lending Tree and all the others that advertise heavily, they'll rob you blind. Stick with an actual bank or credit union. Their rates will be much lower, but again a lot depends on your credit score. Good Luck
it's gonna be V E R Y hard for you to get any kind of housing loan...try for a condo...maybe a co-signer would help...your credit sucks too much for a conventional mortage. (the collection accts and student loans are the worst.)
http://www.capitalone.com/ then click home loans, they are fast and good people to work with
Two separate mortgages for one house from same bank?
Could two people apply for individual mortgages and buy one house. For example, I apply for a $90,000 mortgage at 6.5% and the other applies for a $90,000 mortgage at 9.5% from the same lender/bank and both use their mortgages to purchase one property. Since both are using the same lender, just at different rates, would the purchase of a single property be viable?Two separate mortgages for one house from same bank?
I don't think this situation is possible bec Financial Institutions loan money for a mortgage based on risk and in doing so, they check with local government tax office on the recording of the deed to make sure property title is good and their order/precedence (1st Lien) to the owning the property if you were to default or miss payments resulting in foreclosure. That said part of the settlement costs you buy gives the Financial Institution ';title insurance'; for mistakes (by the way, normally if you the Buyer want optional title insurance, then they want extra $$. This is why I believe it is not possible to have 2 half-half mortgages on same property, or two separate and unknown parties buying the same property bec Financial Institution and maybe local government would require a single deed with 2 names that could be tied to same property, and mortgage loan would also be one. Problem or rather extra expenses might come down the road when 2 parties for some reason split %26amp; go separate ways or if one buys out the other, it takes a legal contract to change and record new ownership deed. There are cases where owners can be replace via ASSUMPTION OF MORTGAGES but I would advise doing everything they correct way bec say one owner buys out the other owner and then tries to sell eventually down the road and the TITLE DEED is a mess bec legal documents are missing or say they can't find other owner and written contract wasn't notarized or prepared by attorney/lawyer where it's one party's word vs another. Such a situation go literally STOP one from selling DEAD IN ITS TRACKS trying to take a short cut and maybe costs more in the long run to untangle compared to both parties in the beginning applying for a mortgage as joint owners.
I'm not an attorney and only participated in several (5-10) real estate transactions...and hope I understood your question correctly and that my explanation was sufficient...Two separate mortgages for one house from same bank?
Uh, no, the lender isn't going to allow that, and why would you choose the MOST EXPENSIVE route to a home purchase?
You'll pay out the nose, even if you could finance it like that, which you can't.
It sounds like you are trying to get around something...and remember that bank fraud is a felony and there are sweeping new laws getting ready to come down from Congress that will put people in the pokey for pulling crap like that.
Yes if the two borrowers had formed a legal partnership of some sort (like an LLC or corporation). You could have different names on the different promissory note but both be named in the mortgages and share interest on title assigning it to the partnership name.
that happens...and it's fraud with the seller.
but whichever buyer goes to the county to record first...is the new owner.
most banks have a system that reviews for the same property, but it's not connected with other lenders
No.
I don't think this situation is possible bec Financial Institutions loan money for a mortgage based on risk and in doing so, they check with local government tax office on the recording of the deed to make sure property title is good and their order/precedence (1st Lien) to the owning the property if you were to default or miss payments resulting in foreclosure. That said part of the settlement costs you buy gives the Financial Institution ';title insurance'; for mistakes (by the way, normally if you the Buyer want optional title insurance, then they want extra $$. This is why I believe it is not possible to have 2 half-half mortgages on same property, or two separate and unknown parties buying the same property bec Financial Institution and maybe local government would require a single deed with 2 names that could be tied to same property, and mortgage loan would also be one. Problem or rather extra expenses might come down the road when 2 parties for some reason split %26amp; go separate ways or if one buys out the other, it takes a legal contract to change and record new ownership deed. There are cases where owners can be replace via ASSUMPTION OF MORTGAGES but I would advise doing everything they correct way bec say one owner buys out the other owner and then tries to sell eventually down the road and the TITLE DEED is a mess bec legal documents are missing or say they can't find other owner and written contract wasn't notarized or prepared by attorney/lawyer where it's one party's word vs another. Such a situation go literally STOP one from selling DEAD IN ITS TRACKS trying to take a short cut and maybe costs more in the long run to untangle compared to both parties in the beginning applying for a mortgage as joint owners.
I'm not an attorney and only participated in several (5-10) real estate transactions...and hope I understood your question correctly and that my explanation was sufficient...Two separate mortgages for one house from same bank?
Uh, no, the lender isn't going to allow that, and why would you choose the MOST EXPENSIVE route to a home purchase?
You'll pay out the nose, even if you could finance it like that, which you can't.
It sounds like you are trying to get around something...and remember that bank fraud is a felony and there are sweeping new laws getting ready to come down from Congress that will put people in the pokey for pulling crap like that.
Yes if the two borrowers had formed a legal partnership of some sort (like an LLC or corporation). You could have different names on the different promissory note but both be named in the mortgages and share interest on title assigning it to the partnership name.
that happens...and it's fraud with the seller.
but whichever buyer goes to the county to record first...is the new owner.
most banks have a system that reviews for the same property, but it's not connected with other lenders
No.
Are mortgages solely based on credit scores or the actual info in the report?
A judgement would lower my score (I know). What I am asking is if the mortgage broker looks at all the information in the report? If they see ';judgement'; would that automatically result in my application being deniedAre mortgages solely based on credit scores or the actual info in the report?
They will look at everything, score public records, trade lines, payment history etc.
As long as your judgment is paid you will have no problems, if it's not is is going to be a problem since whoever has the judgment can place a lien on any property you may own.
Good luck.Are mortgages solely based on credit scores or the actual info in the report?
No, it would be taken into consideration. Hopefully you paid it.
no not automatically
They will look at everything, score public records, trade lines, payment history etc.
As long as your judgment is paid you will have no problems, if it's not is is going to be a problem since whoever has the judgment can place a lien on any property you may own.
Good luck.Are mortgages solely based on credit scores or the actual info in the report?
No, it would be taken into consideration. Hopefully you paid it.
no not automatically
How could so many people let their mortgages default?
Seriously - I would take drastic measures, take some pretty undignified jobs if I had to etc. etc. before I'd let that crazy $hit happen to my house. What the hell? Didn't people realize that somebody was going to have to pay? Now we see the repercussions were huge. What kind of person would let this happen and how do they sleep at night knowing what a loser they've been?!How could so many people let their mortgages default?
As an appraiser I must state that during the height of the market many people outright overpaid for their property. That is a huge reason and also the adjustable rate mortgages and option arm loans. If your payment went up a few percentage points and you couldn't pay or sell then you are stuck.How could so many people let their mortgages default?
You should not be so quick to judge. Many people were basically tricked into arm loans and all kinds of inventive loans other than conventional to make a sale. These loans rates change, go up of course and families can no longer afford. I think it was the lenders fault for giving risky creditors loans that were too high for peoples income to afford. Haven't you been reading the papers? These people may have been foolish in thinking they could afford it later but the lenders are going bankrupt for the foolish way they gave everyone loans left and right too.
A lot of people got themselves into adjustable loans and took a gamble that rates would not increase as fast and that property values would continue to go up.
now that it is time to refi, there isn't any equity and the home is upside down and there mortgage payment is going up fast.
The bank takes a huge risk too. this is not the first or the last time. Everybody was too busy enjoying the party to beleive it would happen again.
So many people want a house and want more than they can afford. Salespeople are great about talking people into more than they can afford too. Then the bad things happen, children get sick, cars need repairs, the house needs major repairs, taxes and insurance go up drastically and on and on. Money gets shorter and shorter, the arguments over money start and there is nothing left to have any type of good time. At some point, they give up and lose. It doesn't make people losers, it just means they made mistakes and that's ok as long as you learn from the experience. There is a lot to know when you purchase property--loans, repairs, insurance. . .it's the biggest purchase that most people make in their lives and yet they step into it totally uninformed. It can be a very expensive lesson.
in all fairness..the lenders are just as much to blame by letting many first home buyers qualify when they really shouldn't have. Many of them went and got interest only mortgages which are only good for so many years before you have to start making regular payments and when that time came there payments were much higher then anticipated.
A home buyer should always get a traditional mortgage.
Some people purchase a home then years later lose their job to no fault of their own, or something terrible happens to one of their spouse, children, etc. you have to think of all the things that can go wrong in a family you dont call someone who has made their payments every month a loser just because something happens in their life they have no control over.
Predatory lending is confusing, and is taking advantage of too many hard working people. Do drastic measures = illegal activity? Many folks, work around the clock to barely make ends meet. There should be more regulations in place.
it happened to my niece --- she's a good person but it wasn't her fault -- her boyfriend walked out on her and left her with 3 kids and a mortgage --- she ended up defaulting and losing the house ---
As an appraiser I must state that during the height of the market many people outright overpaid for their property. That is a huge reason and also the adjustable rate mortgages and option arm loans. If your payment went up a few percentage points and you couldn't pay or sell then you are stuck.How could so many people let their mortgages default?
You should not be so quick to judge. Many people were basically tricked into arm loans and all kinds of inventive loans other than conventional to make a sale. These loans rates change, go up of course and families can no longer afford. I think it was the lenders fault for giving risky creditors loans that were too high for peoples income to afford. Haven't you been reading the papers? These people may have been foolish in thinking they could afford it later but the lenders are going bankrupt for the foolish way they gave everyone loans left and right too.
A lot of people got themselves into adjustable loans and took a gamble that rates would not increase as fast and that property values would continue to go up.
now that it is time to refi, there isn't any equity and the home is upside down and there mortgage payment is going up fast.
The bank takes a huge risk too. this is not the first or the last time. Everybody was too busy enjoying the party to beleive it would happen again.
So many people want a house and want more than they can afford. Salespeople are great about talking people into more than they can afford too. Then the bad things happen, children get sick, cars need repairs, the house needs major repairs, taxes and insurance go up drastically and on and on. Money gets shorter and shorter, the arguments over money start and there is nothing left to have any type of good time. At some point, they give up and lose. It doesn't make people losers, it just means they made mistakes and that's ok as long as you learn from the experience. There is a lot to know when you purchase property--loans, repairs, insurance. . .it's the biggest purchase that most people make in their lives and yet they step into it totally uninformed. It can be a very expensive lesson.
in all fairness..the lenders are just as much to blame by letting many first home buyers qualify when they really shouldn't have. Many of them went and got interest only mortgages which are only good for so many years before you have to start making regular payments and when that time came there payments were much higher then anticipated.
A home buyer should always get a traditional mortgage.
Some people purchase a home then years later lose their job to no fault of their own, or something terrible happens to one of their spouse, children, etc. you have to think of all the things that can go wrong in a family you dont call someone who has made their payments every month a loser just because something happens in their life they have no control over.
Predatory lending is confusing, and is taking advantage of too many hard working people. Do drastic measures = illegal activity? Many folks, work around the clock to barely make ends meet. There should be more regulations in place.
it happened to my niece --- she's a good person but it wasn't her fault -- her boyfriend walked out on her and left her with 3 kids and a mortgage --- she ended up defaulting and losing the house ---
How often do people get fixed rate mortgages that end?
for example back in 2003 etc.. many people nailed down their current ARM in exchange for a low fixed rate.
how many of those deals expire after a certain length of time??
what percentage??
why so??
thanks for your answers!How often do people get fixed rate mortgages that end?
Are you asking if someone converts their ARM to a fixed rate, how long does the fixed rate last? Until the loan is paid off. The interest rate doesn't change.
how many of those deals expire after a certain length of time??
what percentage??
why so??
thanks for your answers!How often do people get fixed rate mortgages that end?
Are you asking if someone converts their ARM to a fixed rate, how long does the fixed rate last? Until the loan is paid off. The interest rate doesn't change.
How do you prove there are no mortgages on a property?
What documents prove there is no mortgage on a house?How do you prove there are no mortgages on a property?
Mortgages must be recorded with the county. You can ask them. You can have a title company to a title search. It should tell you what liens are against the home.How do you prove there are no mortgages on a property?
You must pay a title company to search for an abstract on the property. The full name for the search is an ';Abstract of Title';.
You can often find out about thease and other questions by asking a realtor or even a city governed central appraisal district.
If you know the owner's of the property, then you can ask them to provide you with a letter from their mortgager. If you don't know the owner of the property, then you can go to your clerk of records and inquire there. If you know the attorney who drew up the legal papers, you can start there as well
The mortgage company should send you (or the owner) and the county where the property is located a ';Letter of Satisfaction'; showing that there are no monies owed and if it's a ';Lien Theory State'; like FL, it will remove the lien from the property.
You should be able to look this info up on line through a county website or a title company can do some research for you for a fee. Mortgages, Deeds, Liens and Sat. of a Lien are all public records.cosmetics origins
Mortgages must be recorded with the county. You can ask them. You can have a title company to a title search. It should tell you what liens are against the home.How do you prove there are no mortgages on a property?
You must pay a title company to search for an abstract on the property. The full name for the search is an ';Abstract of Title';.
You can often find out about thease and other questions by asking a realtor or even a city governed central appraisal district.
If you know the owner's of the property, then you can ask them to provide you with a letter from their mortgager. If you don't know the owner of the property, then you can go to your clerk of records and inquire there. If you know the attorney who drew up the legal papers, you can start there as well
The mortgage company should send you (or the owner) and the county where the property is located a ';Letter of Satisfaction'; showing that there are no monies owed and if it's a ';Lien Theory State'; like FL, it will remove the lien from the property.
You should be able to look this info up on line through a county website or a title company can do some research for you for a fee. Mortgages, Deeds, Liens and Sat. of a Lien are all public records.
If mortgages have be come cheap beause of Interest payment s shouldN`they start to pay off the principal?
That is just what is happening. People are doing this.If mortgages have be come cheap beause of Interest payment s shouldN`they start to pay off the principal?
If anyone has real sense then yes, they will keep their payments high and apply it to reducing the principal rather than using the extra cash for other things. The low interest won't last for very long but while it does, it is a real opportunity to get ahead and develop some equity.If mortgages have be come cheap beause of Interest payment s shouldN`they start to pay off the principal?
Definitely pay off as much as you can as quickly as you can. I had a mortgage @ 15.25% back in the early 80's - paid the darn thing off in full over 4 yrs. Get the monkey off yr back no matter what the interest rate happens to be. You will have saved bucket loads of cash that can be used for other purposes. Why pay more than you have to?
Yes
WHEN you refinance your mortgage to a lower rate AND you pay the same dollar amount as you did with higher interest payment
THEN the payment will go to the principal more and eventually you can pay off the mortgage sooner than first scheduled.
If anyone has real sense then yes, they will keep their payments high and apply it to reducing the principal rather than using the extra cash for other things. The low interest won't last for very long but while it does, it is a real opportunity to get ahead and develop some equity.If mortgages have be come cheap beause of Interest payment s shouldN`they start to pay off the principal?
Definitely pay off as much as you can as quickly as you can. I had a mortgage @ 15.25% back in the early 80's - paid the darn thing off in full over 4 yrs. Get the monkey off yr back no matter what the interest rate happens to be. You will have saved bucket loads of cash that can be used for other purposes. Why pay more than you have to?
Yes
WHEN you refinance your mortgage to a lower rate AND you pay the same dollar amount as you did with higher interest payment
THEN the payment will go to the principal more and eventually you can pay off the mortgage sooner than first scheduled.
In what percentage do you think people will actually paid off their 50 years mortgages before they die?
Would there be anybody who will try to fight the ';commercial empire';, not to let them drive houses/propperties price up any more. It is so redicuriously over price right now. Just imagine everybody would have to work his/her whole life to pay for a house, is that what everybody want it to be?In what percentage do you think people will actually paid off their 50 years mortgages before they die?
the way you type you must be a telemarketer LOL
but maybe 10% because the average American anyway moves about every 10 years or so therefore accruing a new mortgage.In what percentage do you think people will actually paid off their 50 years mortgages before they die?
Damn, man, where can I get a 50-year mortgage?
Just another gimmick to keep you in debt. Look at all those poor suckers who bought into the Adjustable Rate Mortgages.
Probably no more than 10% would ever pay off a 50 year mortgage.
The real estate market is about ready to take major plunge which will leave people with mortgages that are way higher than their houses are worth. In some real estate markets houses are estimated to be priced at 160% of their actual value. Currently, in many areas builders are holding huge inventory of unsold homes with few buyers which makes it a ';buyers'; market. The builder could want $400,000 for his house but he might be agreeable to accept $290,000 in order to reduce his unsold holdings and reduce his construction debt. Now is the time to play hardball on the price.
the way you type you must be a telemarketer LOL
but maybe 10% because the average American anyway moves about every 10 years or so therefore accruing a new mortgage.In what percentage do you think people will actually paid off their 50 years mortgages before they die?
Damn, man, where can I get a 50-year mortgage?
Just another gimmick to keep you in debt. Look at all those poor suckers who bought into the Adjustable Rate Mortgages.
Probably no more than 10% would ever pay off a 50 year mortgage.
The real estate market is about ready to take major plunge which will leave people with mortgages that are way higher than their houses are worth. In some real estate markets houses are estimated to be priced at 160% of their actual value. Currently, in many areas builders are holding huge inventory of unsold homes with few buyers which makes it a ';buyers'; market. The builder could want $400,000 for his house but he might be agreeable to accept $290,000 in order to reduce his unsold holdings and reduce his construction debt. Now is the time to play hardball on the price.
Can two people get two separate mortgages to pay for one house?
For example, a house costs 拢200K. Person 1 gets a mortgage for 拢90K. Person 2 gets a mortgage for 拢110K. They pool together these two mortgages to pay the total 拢200K for the one house. Is this a viable option or do banks insist that only one mortgage can be valid on any one house?Can two people get two separate mortgages to pay for one house?
Sorry but it can not be done that away. What you would do is a 80/20 mortgage or however you choose to do it. But, lenders want to be in the First Lien Position, with the lesser amount mortgage being in 2nd lien position. Why would you do this anyway, unless you can not qualify for the first montgage. You can do a co-applicant on the loan application, and get a 100 percent loan. With the 100 percent loan you will have MI insurance on anything over 80 percent of the loan amount. Unless you add a .25 to .50 to the rate to not have MI insurance. That is if you go conforming. If you go sub-prime you will not have MI insurance on your loan.
Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a ';hard'; pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.
Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only - not the final - but it does help you figure things out.Can two people get two separate mortgages to pay for one house?
You can have two mortgages-- but here's the problem. Only ONE can be in 'first position';- they get paid first if you default. The second gets the 'leftoveres.'; you could get a really low interest rate on the first and one that is 50% higher on the second for this very reason.
You can apply for the mortgage together, though. You'd be just as screwed if the other person defaulted on their seperate mortgage-- becuase they would try and foreclose on your house-- so there's no reason to do the seperate thing.
No, it can't be done. If the property is registered in both names then the lender will need both of you to sign the mortgage document.
Regardless, mortgages take priority based on when they are registered on title and two mortgages can't be registered at the same time. Accordingly, one mortgage would be a first mortgage and the other would be a second or equity mortgage.
In short, you can have two mortgages or even ten, for that matter, on one property but all title holders have to sign each mortgage.
I doubt it - the mortgage is a charge over the house itself, so if you default, the bank can take the house. Not possible to do this when someone else has a charge on the property as well
i work at a mortgage company. and i do not believe you can do that. you can put both people on a mortgage and have 1st and 2nd mortgage. The first would be 200 and the second 110. It wouldnt make sense to get two seperate mortgages, plus you can not have two first mortgages on the same home. you would have to have a first and second
read tips on real estate , loans and mortgages to help you on this site
There is nothing wrong with doing this. People do it in expensive cities in the US all the time. It is called Joint Tenancy and each person retains ownership of a portion of the house. You should consult an attorney that specializes in real estate transactions to help you.
`
not sure maybe if you look at converting into flats... otherwise i dont think you can
No, you would have to go in on the mortgage as co-applicants. You could get a first mortgage, if it were enough to purchase the house fully, then get a second mortgage on the equity in the home. The bank will give you a loan on the house in exchange for the house as collatoral. Two banks cannot have collatoral on 1 house unless the equity is there.
This is not a viable way to buy a house. Typically, if there's going to be two mortgages to buy the house, the 1st is for 80% of the home's value and the 2nd is for 20% of the value. Both of these mortgages are closed at the same time, with the same borrower(s).
You could pay all cash for the home, then refinance it into the two mortgages you mention above. That's the only way I can see it getting done.
Sorry but it can not be done that away. What you would do is a 80/20 mortgage or however you choose to do it. But, lenders want to be in the First Lien Position, with the lesser amount mortgage being in 2nd lien position. Why would you do this anyway, unless you can not qualify for the first montgage. You can do a co-applicant on the loan application, and get a 100 percent loan. With the 100 percent loan you will have MI insurance on anything over 80 percent of the loan amount. Unless you add a .25 to .50 to the rate to not have MI insurance. That is if you go conforming. If you go sub-prime you will not have MI insurance on your loan.
Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a ';hard'; pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.
Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only - not the final - but it does help you figure things out.Can two people get two separate mortgages to pay for one house?
You can have two mortgages-- but here's the problem. Only ONE can be in 'first position';- they get paid first if you default. The second gets the 'leftoveres.'; you could get a really low interest rate on the first and one that is 50% higher on the second for this very reason.
You can apply for the mortgage together, though. You'd be just as screwed if the other person defaulted on their seperate mortgage-- becuase they would try and foreclose on your house-- so there's no reason to do the seperate thing.
No, it can't be done. If the property is registered in both names then the lender will need both of you to sign the mortgage document.
Regardless, mortgages take priority based on when they are registered on title and two mortgages can't be registered at the same time. Accordingly, one mortgage would be a first mortgage and the other would be a second or equity mortgage.
In short, you can have two mortgages or even ten, for that matter, on one property but all title holders have to sign each mortgage.
I doubt it - the mortgage is a charge over the house itself, so if you default, the bank can take the house. Not possible to do this when someone else has a charge on the property as well
i work at a mortgage company. and i do not believe you can do that. you can put both people on a mortgage and have 1st and 2nd mortgage. The first would be 200 and the second 110. It wouldnt make sense to get two seperate mortgages, plus you can not have two first mortgages on the same home. you would have to have a first and second
read tips on real estate , loans and mortgages to help you on this site
There is nothing wrong with doing this. People do it in expensive cities in the US all the time. It is called Joint Tenancy and each person retains ownership of a portion of the house. You should consult an attorney that specializes in real estate transactions to help you.
`
not sure maybe if you look at converting into flats... otherwise i dont think you can
No, you would have to go in on the mortgage as co-applicants. You could get a first mortgage, if it were enough to purchase the house fully, then get a second mortgage on the equity in the home. The bank will give you a loan on the house in exchange for the house as collatoral. Two banks cannot have collatoral on 1 house unless the equity is there.
This is not a viable way to buy a house. Typically, if there's going to be two mortgages to buy the house, the 1st is for 80% of the home's value and the 2nd is for 20% of the value. Both of these mortgages are closed at the same time, with the same borrower(s).
You could pay all cash for the home, then refinance it into the two mortgages you mention above. That's the only way I can see it getting done.
What will happen to Northern Rock mortgages in regards to interest rates given the current situation?
Other mortgages will also go up.But not by much.People only have themselves to blame believing Brown.Saying the economy
was strong.He had people getting more into debt by allowing them to live in a fantasy economy.Pushing up the cost of housing,raising stamp duty.Now bigger mortgages.We are a
country in debt and expect more increases.In taxes.Wage and
housing.Then even worse when our public services collapse
More immigrants more taxes less services.What will happen to Northern Rock mortgages in regards to interest rates given the current situation?
They will stay the same.
Do not be alarmed at the antics of the idiots that caused the run on the bank even though the bank of England had guaranteed its credit.
Because of these idiots NR may well be sold at a knock down price. But it is solvent and will continue to trade as normal.
Interestingly a lot of peoples pension schemes have investments in Northern Rock and now the share price has plunged the selfish idiots who caused the run have damaged others pension pots!!!What will happen to Northern Rock mortgages in regards to interest rates given the current situation?
in theory they would go up.
just wait and see what happens in the start of the week.
Pray you have a fixed rate. If not they will bump up the interest rate to claw some cash back.
was strong.He had people getting more into debt by allowing them to live in a fantasy economy.Pushing up the cost of housing,raising stamp duty.Now bigger mortgages.We are a
country in debt and expect more increases.In taxes.Wage and
housing.Then even worse when our public services collapse
More immigrants more taxes less services.What will happen to Northern Rock mortgages in regards to interest rates given the current situation?
They will stay the same.
Do not be alarmed at the antics of the idiots that caused the run on the bank even though the bank of England had guaranteed its credit.
Because of these idiots NR may well be sold at a knock down price. But it is solvent and will continue to trade as normal.
Interestingly a lot of peoples pension schemes have investments in Northern Rock and now the share price has plunged the selfish idiots who caused the run have damaged others pension pots!!!What will happen to Northern Rock mortgages in regards to interest rates given the current situation?
in theory they would go up.
just wait and see what happens in the start of the week.
Pray you have a fixed rate. If not they will bump up the interest rate to claw some cash back.
What Benefit Or Bonus For Good Mortgages And Car Loans?
Is there any benefit or bonus for people who live within their means with current mortgage, household bills, and car loans?
Is there a fundamental flaw in the ';Bail Out'; frenzy? Does this Sound like ';Weapons Of Mass Destruction'; again?What Benefit Or Bonus For Good Mortgages And Car Loans?
No, they pretty much want to f@ck us and save the irresponsible.
10 years ahead on my mortgage from paying on the principal monthly, because I bought a home that I could afford on one income. No credit card debt and my 05 Cobalt is paid for.What Benefit Or Bonus For Good Mortgages And Car Loans?
No it's self destruction at others expense. I personally know someone who lost their home, the following week they were off on vacation. I often wondered how they could go out to dinner four or five times a week and never think about taking a lunch to work.The sad part is nothing has changed for them other than the restaurants at their new location
Is there a fundamental flaw in the ';Bail Out'; frenzy? Does this Sound like ';Weapons Of Mass Destruction'; again?What Benefit Or Bonus For Good Mortgages And Car Loans?
No, they pretty much want to f@ck us and save the irresponsible.
10 years ahead on my mortgage from paying on the principal monthly, because I bought a home that I could afford on one income. No credit card debt and my 05 Cobalt is paid for.What Benefit Or Bonus For Good Mortgages And Car Loans?
No it's self destruction at others expense. I personally know someone who lost their home, the following week they were off on vacation. I often wondered how they could go out to dinner four or five times a week and never think about taking a lunch to work.The sad part is nothing has changed for them other than the restaurants at their new location
What is the nexus between subprime mortgages and the housing bubble and the mayhem on Wall Street this week?
Employment is high, last I heard, maybe there have been some forclosures but there were going to be some anyway. Has anyone taken any REAL losses or is it just a feeling of fear over potential losses, a risk that always existed. What about the media - did they over hype the perceived risk or potential risk in an efffort to help the Obama campaign (i.e., a bad ecomomy helps the change candidate.)What is the nexus between subprime mortgages and the housing bubble and the mayhem on Wall Street this week?
Subprime mortgages allowed millions of people to buy houses they could not afford. An excess of borrowers caused prices to increase. This caused builders to build more and bigger houses. More subprime mortgages enabled more people to them When there were too many houses and too many people could not pay their mortgages, the housing market sank. Many Wall Streat firms had puchaces securities backed by mortgages. When these mortgages could not repay, various Wall Street firms went under. This caused the market to crash.
Also, as consumers borrowed against their houses, they were able to keep the economy going. Now they cannot borrow any more which further hurt the market. What is the nexus between subprime mortgages and the housing bubble and the mayhem on Wall Street this week?
The cause of it all was deregulation... And behind that, simple greed.
Posted: this property under new ownership…… no unauthorized privileges of the following permitted. guns, knives, smoking, Twinkies, sex, talking, thinking, reading, cooking, drinking, or swearing. power will be turned from @ 6am - 7am and again from 8pm-9pm only. If heat and/or hot water is required during these times a permit maybe applied for at your HOA monthly energy council meetings. Clothes maybe washed twice per month with buckets provided. any violation of this privilege will be dealt with harshly. Soup kitchens will be open from 5-7pm nightly for your nutritional needs. All rent payments will be with-drawn automatically from your “wages”. As a privilege for “right behavior” a community movie will be provided after Sunday worship..
ask not what your country can do for you…….. ask what you can do for your country…….
show your patriotism by asking your block enforcer about early extermination……. for a greener %26amp; cleaner community.
frak me America……… Atlas has Shrugged ………. I hope your happy!!
The Secret History Of 9/11
Improbable Collapse (1 of 8) = Demolition of our Republic
EXECUTIVE ORDER 11921 allows the Federal Emergency Preparedness Agency to develop plans to establish control over the mechanisms of production and distribution, of energy sources, wages, salaries, credit and the flow of money in U.S. financial institution in any undefined national emergency. It also provides that when a state of emergency is declared by the President - Congress cannot review the action for six months.”
Army Times Details Army Invasion of U.S.
Army Times | Training for homeland scenarios has already begun at Fort Stewart. Helping ‘people at home’ may become a permanent part of the active Army.
Vicente Fox Tells American Workers To “Get Over It”
You Tube | An interview with EX president of Mexico Vicente Fox where he tells American workers to “get over it”, that their jobs are gone forever and that they must retrain for GLOBAL work
Impacts of the Financial Crisis: The U.S. Is Becoming an Impoverished Nation
Richard C. Cook | The Federal Reserve and Treasury are trying to forestall and cover up the bankruptcy of the entire U.S. economy, which already is looming.
Paulson Plan Could Cost Americans $1 Trillion
U.S. has invented socialism for the rich
(Nouriel Roubini, London Guardian) With the nationalization of Fannie and Freddie, comrades Bush, Paulson and Bernanke started transforming the U.S. into the USSRA (United Socialist State Republic of America)
Politico | Remember, they said the Savings %26amp; Loan mess would only cost $50 billion to fix but it ended up costing $1.4 trillion.
In other words, in order to “stabilize the economy” deliberately wrecked by the banksters, “lawmakers” — that is, high paid whores for bankers and transnational corporations — will agree to crank up the already staggering national debt with this scheme.
Recall Chris Dodd saying there would be no more government bailouts for other banks or institutions after $80 billion AIG bailout. Man, that Chris is a funny guy… he also takes you for an idiot.
But of course, there will be bailouts and sweetheart deals for the bankers into the indeterminable future. Because the average American can hardly count on his fingers and toes, let alone understand Basic Economics 101. He does not know a predatory financial Mafia is running the country and his “representative” is on the hook to the international bankers. He’s clueless, and that’s why he keeps voting for Tweedledee Democrat or Tweedledum Republican.
It’s really too bad, though. Thomas Jefferson was spot on when he wrote: “I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a monied aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs.”
He also said that if we allow the bankers to run roughshod over the republic — er, excuse me, former republic — our “children will wake up homeless on the continent their fathers conquered.”
As for the latter, it is already coming true. “From Seattle to Athens, Ga., homeless advocacy groups and city agencies are reporting the most visible rise in homeless encampments in a generation,” reports MSNBC. “Nearly 61 percent of local and state homeless coalitions say they’ve experienced a rise in homelessness since the foreclosure crisis began in 2007, according to a report by the National Coalition for the Homeless. The group says the problem has worsened since the report’s release in April, with foreclosures mounting, gas and food prices rising and the job market tightening.”
It’s past time to storm the castle, that is to say the whorehouse in the district of criminals. Unfortunately, far too many Americans are clueless about what is happening to them and even if they had an inkling they’d be hard pressed to find the district oncosmetics origins
Subprime mortgages allowed millions of people to buy houses they could not afford. An excess of borrowers caused prices to increase. This caused builders to build more and bigger houses. More subprime mortgages enabled more people to them When there were too many houses and too many people could not pay their mortgages, the housing market sank. Many Wall Streat firms had puchaces securities backed by mortgages. When these mortgages could not repay, various Wall Street firms went under. This caused the market to crash.
Also, as consumers borrowed against their houses, they were able to keep the economy going. Now they cannot borrow any more which further hurt the market. What is the nexus between subprime mortgages and the housing bubble and the mayhem on Wall Street this week?
The cause of it all was deregulation... And behind that, simple greed.
Posted: this property under new ownership…… no unauthorized privileges of the following permitted. guns, knives, smoking, Twinkies, sex, talking, thinking, reading, cooking, drinking, or swearing. power will be turned from @ 6am - 7am and again from 8pm-9pm only. If heat and/or hot water is required during these times a permit maybe applied for at your HOA monthly energy council meetings. Clothes maybe washed twice per month with buckets provided. any violation of this privilege will be dealt with harshly. Soup kitchens will be open from 5-7pm nightly for your nutritional needs. All rent payments will be with-drawn automatically from your “wages”. As a privilege for “right behavior” a community movie will be provided after Sunday worship..
ask not what your country can do for you…….. ask what you can do for your country…….
show your patriotism by asking your block enforcer about early extermination……. for a greener %26amp; cleaner community.
frak me America……… Atlas has Shrugged ………. I hope your happy!!
The Secret History Of 9/11
Improbable Collapse (1 of 8) = Demolition of our Republic
EXECUTIVE ORDER 11921 allows the Federal Emergency Preparedness Agency to develop plans to establish control over the mechanisms of production and distribution, of energy sources, wages, salaries, credit and the flow of money in U.S. financial institution in any undefined national emergency. It also provides that when a state of emergency is declared by the President - Congress cannot review the action for six months.”
Army Times Details Army Invasion of U.S.
Army Times | Training for homeland scenarios has already begun at Fort Stewart. Helping ‘people at home’ may become a permanent part of the active Army.
Vicente Fox Tells American Workers To “Get Over It”
You Tube | An interview with EX president of Mexico Vicente Fox where he tells American workers to “get over it”, that their jobs are gone forever and that they must retrain for GLOBAL work
Impacts of the Financial Crisis: The U.S. Is Becoming an Impoverished Nation
Richard C. Cook | The Federal Reserve and Treasury are trying to forestall and cover up the bankruptcy of the entire U.S. economy, which already is looming.
Paulson Plan Could Cost Americans $1 Trillion
U.S. has invented socialism for the rich
(Nouriel Roubini, London Guardian) With the nationalization of Fannie and Freddie, comrades Bush, Paulson and Bernanke started transforming the U.S. into the USSRA (United Socialist State Republic of America)
Politico | Remember, they said the Savings %26amp; Loan mess would only cost $50 billion to fix but it ended up costing $1.4 trillion.
In other words, in order to “stabilize the economy” deliberately wrecked by the banksters, “lawmakers” — that is, high paid whores for bankers and transnational corporations — will agree to crank up the already staggering national debt with this scheme.
Recall Chris Dodd saying there would be no more government bailouts for other banks or institutions after $80 billion AIG bailout. Man, that Chris is a funny guy… he also takes you for an idiot.
But of course, there will be bailouts and sweetheart deals for the bankers into the indeterminable future. Because the average American can hardly count on his fingers and toes, let alone understand Basic Economics 101. He does not know a predatory financial Mafia is running the country and his “representative” is on the hook to the international bankers. He’s clueless, and that’s why he keeps voting for Tweedledee Democrat or Tweedledum Republican.
It’s really too bad, though. Thomas Jefferson was spot on when he wrote: “I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a monied aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs.”
He also said that if we allow the bankers to run roughshod over the republic — er, excuse me, former republic — our “children will wake up homeless on the continent their fathers conquered.”
As for the latter, it is already coming true. “From Seattle to Athens, Ga., homeless advocacy groups and city agencies are reporting the most visible rise in homeless encampments in a generation,” reports MSNBC. “Nearly 61 percent of local and state homeless coalitions say they’ve experienced a rise in homelessness since the foreclosure crisis began in 2007, according to a report by the National Coalition for the Homeless. The group says the problem has worsened since the report’s release in April, with foreclosures mounting, gas and food prices rising and the job market tightening.”
It’s past time to storm the castle, that is to say the whorehouse in the district of criminals. Unfortunately, far too many Americans are clueless about what is happening to them and even if they had an inkling they’d be hard pressed to find the district on
Where can you find adjustable rate mortgages listed for a particular county?
They should be free public records.Where can you find adjustable rate mortgages listed for a particular county?
adjustable rate mortgages are not offered ';by county'; they are offered nationally. There are not specific rates offered to one county or state over the next.
There are websites out there where you can see what the ';going rate of the day'; is, on all types of programs including adjustable rates.
Since there is no set rate for any one person, you really need to talk to a mortg. lender who can narrow in on your specific credit %26amp; income situation. Then they can tell you about what adjustable rate programs are available specifically to you.
you can email me, I am a mortg. lender and can help.Where can you find adjustable rate mortgages listed for a particular county?
Where I live in Florida, mortgages are registered with the Clerk of the Court of that county. You have to look for a mortgage by property or owners name - I'm not aware of a way to generate statistics.
Go to a mortgage company and request rate sheets. They get them daily as they are updates.
adjustable rate mortgages are not offered ';by county'; they are offered nationally. There are not specific rates offered to one county or state over the next.
There are websites out there where you can see what the ';going rate of the day'; is, on all types of programs including adjustable rates.
Since there is no set rate for any one person, you really need to talk to a mortg. lender who can narrow in on your specific credit %26amp; income situation. Then they can tell you about what adjustable rate programs are available specifically to you.
you can email me, I am a mortg. lender and can help.Where can you find adjustable rate mortgages listed for a particular county?
Where I live in Florida, mortgages are registered with the Clerk of the Court of that county. You have to look for a mortgage by property or owners name - I'm not aware of a way to generate statistics.
Go to a mortgage company and request rate sheets. They get them daily as they are updates.
Can you get two mortgages for 1 house instead of 1 big mortgage?
for example, if i wanted to buy a house for $600,000, can i get two mortgages for $300k each or do I have to get one mortgage for the $600k? the reason i am asking is that you get better interest rates on smaller loans.Can you get two mortgages for 1 house instead of 1 big mortgage?
Short answer is NO.
One would be a second mortgage and would have a much higher interest rate. Also you can not even get the house in the first place if there is not a mortgage you can afford that covers the whole price.Can you get two mortgages for 1 house instead of 1 big mortgage?
You can get 2 mortgages for 1 house, but it is not going to save you money. The first mortgage say 600k amount (jumbo loan / good credit 620%26gt; / + 10-20% down payment = right now about a 6.25 maybe a tad lower
Getting 2 mortgages
415k (says under the limit so it is not considered a jumbo loan) plus all the above will get you 5.75 % par rate but then the 185k at no less than 7.25% will screw you ---
While it is very common to get two mortgages, it is less common when dealing with larger loan amounts and it is normally divided according to the following:
80/20
90/10
80/15/5
Basically, the fist mortgage (also the larger one) has better interest rates. You are punished slightly on the first mortgage b/c your CLTV (or combined loan to value) will be higher. Finally, b/c, as you state, the first mortgage is typically a lower interest rate you would want that mortgage to be as large as possible and the second, which will be at a higher rate (whether that second is a second mortgage, a home equity line or credit).
What you really need to do is find a local mortgage broker who you have been referred to and they can work up different scenarios based on your income, credit, ltv-cltv (if there is equity beyond the 600k).
Best of Luck,
Joe...
Licensed Mortgage Broker, FL
The source for all funds for a house will be accounted for by any mortgage lender. Having two will not do anything but double (at least) the paperwork and raise questions. They might be less interested in making any loan since a default would then be more complicated also.
You usaully can't get a 2nd mortage (which in most cases has a higher interest rate) unless you have earn equity in a home, which is impossible until you've signed your closing papers. You could wait 2 years to get a line of credit and then get a 2nd mortage. You'll need to speak to a loan officer for all of you options for your situation. Bring the appropate paper work, bank statments, pay stubs, tax returns. They'll get a copy of your credit report to see your outstanding balances on accounts, such as vehicals, credit cards, student loans... You may have to look for a cheaper home if you cannot afford the mortage for $600,000. Plus you'll need to keep in mind if you don't have a 20% down payment you'll be paying PMI Insurance (which i think is a waste of money, but it is the law) and house insurance, and taxes (if you escrow it) on top of the mortage.
Yes, you can get two mortgages. It is commonly called a piggy back loan. Usually 80% first mortgage and 20% second. The problem is that the second might be have some combination of these factors, higher rate, variable rate, interest only, if a term loan only 15 or 20 year term (higher payments), etc.
I think you are trying to get under the jumbo loan amount of around $417,000. You need to get with a mortgage lender or broker who undersands the options on structuring a deal like this. Get names from a realtor. Shop around to at least 3 places.
You generally are not allowed to have two 'first' mortgages, but you are allowed to have a first mortgage and a second mortgage. A second mortgage can be a home equity loan or a home equity line.
It sounds like you are trying to avoid taking out a Jumbo mortgage. The only way to do this is to take out a the largest convnetional mortgage and then take out a 2nd mortgage for the rest. The only problem with this is that the 2nd mortgage will carry a much higher rate, 1% - 2% higher than the first, and it's repayment is usually up to 20 years (a traditional mortgage can be up to 30 years).
A jumbo mortgage is usually only about .25% - .5% higher than a conventional mortgage.
If you are looking to borrow that much money, you will pay a premium in one way or the other. But going the route of a Jumbo mortgage is probably the cheapest way.
It sounds feasible,, but unlikely you will find a bank and/or loan company that will do this...If you cannot afford the big mortgage, doubt you would be able to pay for 2 mortgages, which they can add other fee like pmi..
Short answer is NO.
One would be a second mortgage and would have a much higher interest rate. Also you can not even get the house in the first place if there is not a mortgage you can afford that covers the whole price.Can you get two mortgages for 1 house instead of 1 big mortgage?
You can get 2 mortgages for 1 house, but it is not going to save you money. The first mortgage say 600k amount (jumbo loan / good credit 620%26gt; / + 10-20% down payment = right now about a 6.25 maybe a tad lower
Getting 2 mortgages
415k (says under the limit so it is not considered a jumbo loan) plus all the above will get you 5.75 % par rate but then the 185k at no less than 7.25% will screw you ---
While it is very common to get two mortgages, it is less common when dealing with larger loan amounts and it is normally divided according to the following:
80/20
90/10
80/15/5
Basically, the fist mortgage (also the larger one) has better interest rates. You are punished slightly on the first mortgage b/c your CLTV (or combined loan to value) will be higher. Finally, b/c, as you state, the first mortgage is typically a lower interest rate you would want that mortgage to be as large as possible and the second, which will be at a higher rate (whether that second is a second mortgage, a home equity line or credit).
What you really need to do is find a local mortgage broker who you have been referred to and they can work up different scenarios based on your income, credit, ltv-cltv (if there is equity beyond the 600k).
Best of Luck,
Joe...
Licensed Mortgage Broker, FL
The source for all funds for a house will be accounted for by any mortgage lender. Having two will not do anything but double (at least) the paperwork and raise questions. They might be less interested in making any loan since a default would then be more complicated also.
You usaully can't get a 2nd mortage (which in most cases has a higher interest rate) unless you have earn equity in a home, which is impossible until you've signed your closing papers. You could wait 2 years to get a line of credit and then get a 2nd mortage. You'll need to speak to a loan officer for all of you options for your situation. Bring the appropate paper work, bank statments, pay stubs, tax returns. They'll get a copy of your credit report to see your outstanding balances on accounts, such as vehicals, credit cards, student loans... You may have to look for a cheaper home if you cannot afford the mortage for $600,000. Plus you'll need to keep in mind if you don't have a 20% down payment you'll be paying PMI Insurance (which i think is a waste of money, but it is the law) and house insurance, and taxes (if you escrow it) on top of the mortage.
Yes, you can get two mortgages. It is commonly called a piggy back loan. Usually 80% first mortgage and 20% second. The problem is that the second might be have some combination of these factors, higher rate, variable rate, interest only, if a term loan only 15 or 20 year term (higher payments), etc.
I think you are trying to get under the jumbo loan amount of around $417,000. You need to get with a mortgage lender or broker who undersands the options on structuring a deal like this. Get names from a realtor. Shop around to at least 3 places.
You generally are not allowed to have two 'first' mortgages, but you are allowed to have a first mortgage and a second mortgage. A second mortgage can be a home equity loan or a home equity line.
It sounds like you are trying to avoid taking out a Jumbo mortgage. The only way to do this is to take out a the largest convnetional mortgage and then take out a 2nd mortgage for the rest. The only problem with this is that the 2nd mortgage will carry a much higher rate, 1% - 2% higher than the first, and it's repayment is usually up to 20 years (a traditional mortgage can be up to 30 years).
A jumbo mortgage is usually only about .25% - .5% higher than a conventional mortgage.
If you are looking to borrow that much money, you will pay a premium in one way or the other. But going the route of a Jumbo mortgage is probably the cheapest way.
It sounds feasible,, but unlikely you will find a bank and/or loan company that will do this...If you cannot afford the big mortgage, doubt you would be able to pay for 2 mortgages, which they can add other fee like pmi..
Generally speaking do the rates for mortgages go down when the feds cut rates?
Historically do rates at banks drop when the feds cut the interest rate? I know there is a rate cut this month, and we are waiting to lock in our mortgage rate. Should we wait till after the cut? Any chance that they will go up instead of down? Thanks in advance for answers....Generally speaking do the rates for mortgages go down when the feds cut rates?
No direct relationship, but frequently have impact. Feds rate is cutting rates banks charge each other. So can't answer, and yes it could move either way.
Presumably you're getting a fixed rate loan. If an adjustable rate loan, those rates are frequently tied to feds rate and can definitely rise and fall. The fixed rate loans are not directly tied. But the adjustable rates loans given to those with poor or no credit is what caused this mortgage crisis. Don't follow them!Generally speaking do the rates for mortgages go down when the feds cut rates?
Yes normally the banks pass on although they don't have too. Take a view to see if they will cut again there is always analysts predicting what will happen. Definatley wait until news of cut comes out and then take a view on if there will be any further cuts.
I'm in the UK and staying on tracker mortgages until rates look like they are going up then I'll jump into a fixed quick.
Keep checking out the best deals and compare al the time.
US rates are low so see whether the analysts think they will go down further or if this is it.
Yes - most rates are tied to the Fed. Prime
No direct relationship, but frequently have impact. Feds rate is cutting rates banks charge each other. So can't answer, and yes it could move either way.
Presumably you're getting a fixed rate loan. If an adjustable rate loan, those rates are frequently tied to feds rate and can definitely rise and fall. The fixed rate loans are not directly tied. But the adjustable rates loans given to those with poor or no credit is what caused this mortgage crisis. Don't follow them!Generally speaking do the rates for mortgages go down when the feds cut rates?
Yes normally the banks pass on although they don't have too. Take a view to see if they will cut again there is always analysts predicting what will happen. Definatley wait until news of cut comes out and then take a view on if there will be any further cuts.
I'm in the UK and staying on tracker mortgages until rates look like they are going up then I'll jump into a fixed quick.
Keep checking out the best deals and compare al the time.
US rates are low so see whether the analysts think they will go down further or if this is it.
Yes - most rates are tied to the Fed. Prime
I want my first home! Where do I start finding out about mortgages and other issues for first time buyers?
My boyfriend and I are thinking of buying our first home, I'm a student, therefore minimal income (until summer 2008), he works, and we know nothing about buying property. We started saving up recently and have a few hundred pounds but from now on we want to start saving more every month until next year, when we want to get a mortgage.
I have seen banks offer mortgages with 0% deposit required, should I be wary of these? How about interest only mortgages? There's so many types of mortgages, it's hard to figure out the advantages and disadvantages of all.
Apart from a deposit, what other kind of money allowances should we make (I know we should put money aside for stamp duty, furniture and repairs/diy for the new house). Is there anything else we should think about?
Any other useful information?
Thanks!I want my first home! Where do I start finding out about mortgages and other issues for first time buyers?
Congratulations on the step of home ownership. What ever you do ....PLEASE Find a first time buyers class in your area.... Then call a local bank a mortgage officer should know if you are not comfortable with that person move on to another.....Stop all thoughts and go to a free home buyers class. Very Important...
I have seen banks offer mortgages with 0% deposit required, should I be wary of these? How about interest only mortgages? There's so many types of mortgages, it's hard to figure out the advantages and disadvantages of all.
Apart from a deposit, what other kind of money allowances should we make (I know we should put money aside for stamp duty, furniture and repairs/diy for the new house). Is there anything else we should think about?
Any other useful information?
Thanks!I want my first home! Where do I start finding out about mortgages and other issues for first time buyers?
Congratulations on the step of home ownership. What ever you do ....PLEASE Find a first time buyers class in your area.... Then call a local bank a mortgage officer should know if you are not comfortable with that person move on to another.....Stop all thoughts and go to a free home buyers class. Very Important...
Generally speaking do the rates for mortgages go down when the feds cut rates?
Historically do rates at banks drop when the feds cut the interest rate? I know there is a rate cut this month, and we are waiting to lock in our mortgage rate. Should we wait till after the cut? Any chance that they will go up instead of down? Thanks in advance for answers....Generally speaking do the rates for mortgages go down when the feds cut rates?
No direct relationship, but frequently have impact. Feds rate is cutting rates banks charge each other. So can't answer, and yes it could move either way.
Presumably you're getting a fixed rate loan. If an adjustable rate loan, those rates are frequently tied to feds rate and can definitely rise and fall. The fixed rate loans are not directly tied. But the adjustable rates loans given to those with poor or no credit is what caused this mortgage crisis. Don't follow them!Generally speaking do the rates for mortgages go down when the feds cut rates?
Yes normally the banks pass on although they don't have too. Take a view to see if they will cut again there is always analysts predicting what will happen. Definatley wait until news of cut comes out and then take a view on if there will be any further cuts.
I'm in the UK and staying on tracker mortgages until rates look like they are going up then I'll jump into a fixed quick.
Keep checking out the best deals and compare al the time.
US rates are low so see whether the analysts think they will go down further or if this is it.
Yes - most rates are tied to the Fed. Prime
No direct relationship, but frequently have impact. Feds rate is cutting rates banks charge each other. So can't answer, and yes it could move either way.
Presumably you're getting a fixed rate loan. If an adjustable rate loan, those rates are frequently tied to feds rate and can definitely rise and fall. The fixed rate loans are not directly tied. But the adjustable rates loans given to those with poor or no credit is what caused this mortgage crisis. Don't follow them!Generally speaking do the rates for mortgages go down when the feds cut rates?
Yes normally the banks pass on although they don't have too. Take a view to see if they will cut again there is always analysts predicting what will happen. Definatley wait until news of cut comes out and then take a view on if there will be any further cuts.
I'm in the UK and staying on tracker mortgages until rates look like they are going up then I'll jump into a fixed quick.
Keep checking out the best deals and compare al the time.
US rates are low so see whether the analysts think they will go down further or if this is it.
Yes - most rates are tied to the Fed. Prime
What are the different types of mortgages?
I'm in NJ and I think the different types are 5, 10, 15, 20, 25, and then 30 year fixed mortgages. am i right?What are the different types of mortgages?
There are all kinds of mortgages. Since the mortgage crisis - the lenders have stopped with some of the crazy mortgage options.
Now, I think a fixed rate mortgage is the way to go. You can get a mortgage for a fixed term - and you lock in your interest rate. Now, rates are really low but may go up. So, I advise locking in with a fixed rate.
An ARM - is an adjustable rate mortgage. Most of these have a very low teaser rate they offer for 5 years. Then the rate readjusts each year. Your rate can really jump. Part of the mortgage crisis now - is that the teaser rates are over and rates have reset and now folks can't afford their payments so they are going into for closure.
Interest Only - this is a hybrid mortgage. You can pay the interest only each month and no principal. This will allow you to buy much more home than you can afford. The problem is - your mortgage note never goes down and can actually go up. When you go to sell - you may owe more than the home is worth (be upside down). Unless you have the cash reserves to pay the difference between what you owe and what you can sell for - you are stuck with the house and possibly a mortgage you can't afford. Some of these loans do a low teaser rate and then re-set after a few years. These loans have also contributed to the current mortgage crisis. About the only thing you can do if caught in this situation is go into foreclosure - ruin your credit. I would not even consider this type of loan.
In my opinion - get a fixed mortgage that you can afford. Go ahead and lock the interest rate in. The rates are very low now. They are only going to go up from here.What are the different types of mortgages?
2 kinds - fixed rate and ARM (adjustable rate mortgage).
Fixed rates are generally 15 or 30 year. The flexibility of 20 year and other mortgages aren't around, because mortgages are now bundled and sold, and those odd ducks can't be bundled.
Adjustable are more complex, with a time period that has a fixed rate, but the ability to reset the rate (sometimes a teaser 2% rate to get you in the house, then in 2 years it goes to 7% - hence the current mortgage crisis).cosmetics origins
There are all kinds of mortgages. Since the mortgage crisis - the lenders have stopped with some of the crazy mortgage options.
Now, I think a fixed rate mortgage is the way to go. You can get a mortgage for a fixed term - and you lock in your interest rate. Now, rates are really low but may go up. So, I advise locking in with a fixed rate.
An ARM - is an adjustable rate mortgage. Most of these have a very low teaser rate they offer for 5 years. Then the rate readjusts each year. Your rate can really jump. Part of the mortgage crisis now - is that the teaser rates are over and rates have reset and now folks can't afford their payments so they are going into for closure.
Interest Only - this is a hybrid mortgage. You can pay the interest only each month and no principal. This will allow you to buy much more home than you can afford. The problem is - your mortgage note never goes down and can actually go up. When you go to sell - you may owe more than the home is worth (be upside down). Unless you have the cash reserves to pay the difference between what you owe and what you can sell for - you are stuck with the house and possibly a mortgage you can't afford. Some of these loans do a low teaser rate and then re-set after a few years. These loans have also contributed to the current mortgage crisis. About the only thing you can do if caught in this situation is go into foreclosure - ruin your credit. I would not even consider this type of loan.
In my opinion - get a fixed mortgage that you can afford. Go ahead and lock the interest rate in. The rates are very low now. They are only going to go up from here.What are the different types of mortgages?
2 kinds - fixed rate and ARM (adjustable rate mortgage).
Fixed rates are generally 15 or 30 year. The flexibility of 20 year and other mortgages aren't around, because mortgages are now bundled and sold, and those odd ducks can't be bundled.
Adjustable are more complex, with a time period that has a fixed rate, but the ability to reset the rate (sometimes a teaser 2% rate to get you in the house, then in 2 years it goes to 7% - hence the current mortgage crisis).
Does anyone know of anywhere in western PA that deals with bad credit mortgages?
Our credit score is around 550. I talked to a place that will help if our score goes up to 580. But, I'm looking for a mortgage now.Does anyone know of anywhere in western PA that deals with bad credit mortgages?
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book. Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.
If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.
You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.
Make sure your mortgage broker explain all your options so you may make an intelligent decision.
What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.
So select the best option for you and your financial situation.
You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.
I hope this has been of some use to you, good luck
';FIGHT ON';
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book. Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.
If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.
You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.
Make sure your mortgage broker explain all your options so you may make an intelligent decision.
What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.
So select the best option for you and your financial situation.
You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.
I hope this has been of some use to you, good luck
';FIGHT ON';
I have a question regarding commercial mortgages?
I have found a business, and property that I am interested in buying. However the business that was there a pub/rest just closed the doors a couple of weeks ago. I am trying to figure out the process to purchase, and if it is possible to purchase. Also I have two years of w2's, but I didn't make alot of money, this is why I want to go into business for myself. Anyone have advice, I do have the down payment needed.I have a question regarding commercial mortgages?
You need to avoid the online predators. Deal only with reputable banks and mortgage companies (such as Countrywide).
Marty, from Premier Loan Sharks has been hunting for victims here for awhile. You need to avoid giving your credit information to online predators. Identity theft is a serious problem, as is simply fraudulent loans.
Fortunately Yahoo deletes him after he is turned in for showing up again at the temptation of praying upon peoples naivety and financial woes.
You need to have a realestate broker look into the property you are thinking about buying. The building and the business may not (likely they are not) the same. Most often the business was leasing the building from an owner. If you want to buy both you have to make two seperate deals. If you buy the business you also buy the existing lease.
You can find out at city hall who owned the resterrant. The county tax essosor can tell you who owns the building (or that broker, he likely has direct access into the tax database).
You don't really need a lot of money to open a business. You do need a solid business plan for the loan though. Write out on paper your costs and expected profit. You can operate for 3 years with no profit, but you have to have that in ';the plan';.
Since it sounds like you are rather inexperianced with business you might want to take a class at your local community college, they are very common. They will teach you how to come up with a proper business plan. The inability to make a good plan sort of indicates to the bank that you are unprepared and a bad risk.I have a question regarding commercial mortgages?
If it closed down..there should be a number on the door or the property. Call that number and ask them if the property is up for sale. If it is for sale then tell them you're interested in purchasing. They'll probably give you an application or tell you to fax over your resume/experience. They might also ask you what you plan on doing with the property. And of course they will check your credit score. Good luck!
Hope this helps!
You need to avoid the online predators. Deal only with reputable banks and mortgage companies (such as Countrywide).
Marty, from Premier Loan Sharks has been hunting for victims here for awhile. You need to avoid giving your credit information to online predators. Identity theft is a serious problem, as is simply fraudulent loans.
Fortunately Yahoo deletes him after he is turned in for showing up again at the temptation of praying upon peoples naivety and financial woes.
You need to have a realestate broker look into the property you are thinking about buying. The building and the business may not (likely they are not) the same. Most often the business was leasing the building from an owner. If you want to buy both you have to make two seperate deals. If you buy the business you also buy the existing lease.
You can find out at city hall who owned the resterrant. The county tax essosor can tell you who owns the building (or that broker, he likely has direct access into the tax database).
You don't really need a lot of money to open a business. You do need a solid business plan for the loan though. Write out on paper your costs and expected profit. You can operate for 3 years with no profit, but you have to have that in ';the plan';.
Since it sounds like you are rather inexperianced with business you might want to take a class at your local community college, they are very common. They will teach you how to come up with a proper business plan. The inability to make a good plan sort of indicates to the bank that you are unprepared and a bad risk.I have a question regarding commercial mortgages?
If it closed down..there should be a number on the door or the property. Call that number and ask them if the property is up for sale. If it is for sale then tell them you're interested in purchasing. They'll probably give you an application or tell you to fax over your resume/experience. They might also ask you what you plan on doing with the property. And of course they will check your credit score. Good luck!
Hope this helps!
When were the first non resident mortgages offered in portugal?
Wow. Great question, and one that I must admit I am unable to answer precisely.
Portugal has become quite diversified and has fostered a service-based economy since joining the European Community in 1986. Since then, successive governments have privatized many state-controlled firms and liberalized key areas of the economy - including the financial sector.
Portugal qualified for the European Monetary Union (EMU) in 1998 and began circulating the euro at the beginning of 2002.
I suspect the first non-resident mortgages became available shortly thereafter, but please don't quote me on that...
Sorry to have not had a precise answer for you.
Best,
A.J. (Tony) Montoya REALTOR庐, ABR, RSPS, TRC
Certified Resort %26amp; 2nd Home Property Specialist
Accredited Buyer's Representative
Transnational Referral Certified Broker
Broker/CEO - CabinQuest, Inc.
Portugal has become quite diversified and has fostered a service-based economy since joining the European Community in 1986. Since then, successive governments have privatized many state-controlled firms and liberalized key areas of the economy - including the financial sector.
Portugal qualified for the European Monetary Union (EMU) in 1998 and began circulating the euro at the beginning of 2002.
I suspect the first non-resident mortgages became available shortly thereafter, but please don't quote me on that...
Sorry to have not had a precise answer for you.
Best,
A.J. (Tony) Montoya REALTOR庐, ABR, RSPS, TRC
Certified Resort %26amp; 2nd Home Property Specialist
Accredited Buyer's Representative
Transnational Referral Certified Broker
Broker/CEO - CabinQuest, Inc.
Is it possible for people to try a different bank when looking for mortgages?
My parents had their house on the market for over a year. There were these people who had wanted their house for months and months. After all the signings and stress, they finally signed a contract and tried to get a mortgage for less then the house. They got rejected now my parents feel vindictated because these people where saying for so long how they could easily get a mortgage, if not with one bank can they try another??Is it possible for people to try a different bank when looking for mortgages?
Sure
They can go to as many as they like to find one that fits their needs.Is it possible for people to try a different bank when looking for mortgages?
They can go to as many banks as they want. Just because one bank says no doesn't mean another one will say the same. Your best bet is to deal with a mortgage broker who deals with multiple banks at once. They can kind of shop it around for your buyer instead of your buyer going to each individual bank themselves.
I would recommend they go to a reputable source like http://www.golendershopping.com , they only need to apply once and they can get quotes from up to 3 different lenders. That way they should know if they can get approved or not, some lenders are very 'picky' right now on approving borrowers.
Most people go to several banks when looking for a mortgage. Or they can use a broker who does the same thing, unless they are tied to a particular lender.
Sure
They can go to as many as they like to find one that fits their needs.Is it possible for people to try a different bank when looking for mortgages?
They can go to as many banks as they want. Just because one bank says no doesn't mean another one will say the same. Your best bet is to deal with a mortgage broker who deals with multiple banks at once. They can kind of shop it around for your buyer instead of your buyer going to each individual bank themselves.
I would recommend they go to a reputable source like http://www.golendershopping.com , they only need to apply once and they can get quotes from up to 3 different lenders. That way they should know if they can get approved or not, some lenders are very 'picky' right now on approving borrowers.
Most people go to several banks when looking for a mortgage. Or they can use a broker who does the same thing, unless they are tied to a particular lender.
I am trying to understand mortgages. Do I have to pay all my finance charges if I sell my house?
recently I was approved for a loan of 180k on a 189k house. If I live in it for over a year and sell it, do I have to pay off the entire 30 year finance charge of 280k? or am I typically only responsible for the years ecrued interest plus any prepayment penalty and taxes, fees,insurance, etc? I can't find any info on this anywhere. please only serious answers who know about home mortgage finance.I am trying to understand mortgages. Do I have to pay all my finance charges if I sell my house?
Generally, you only have to pay the interest accrued so far. There may be a prepayment penalty or other fees, which you can learn about by reading your mortgage contract.I am trying to understand mortgages. Do I have to pay all my finance charges if I sell my house?
As long as there is no pre payment penalty, you pay what you owe on the principal.
Assuming you don't have a prepay penalty clause, you would only owe the remaining principal.
No one could make you pay for borrowing that never took place. If you paid off the principal, you didn't borrow the money for that period.
Prepayment penalties will charge you a little if you pay it off early, because they want to be able to sell the loan on the secondary market. The buyer there wants to be able to get at least some return on his purchase.
When you sell your property, you will also be responsible for all back taxes due and they will prorate the present year's taxes for the period of your ownership.
LORD NO! You mean that ridiculously high number that is on your Truth-in-Lending statement that you got when you closed on the house that was about 3 1/2 times what the house cost? Nope!
You will get a payoff. You save that interest. The only thing you would have to pay is a pre-payment penalty IF your loan called for one. If your loan is over 3 years old, then it doesn't have one. PPP's over 3 years are illegal.
you would only owe the remaining principal. but watch for prepayment penalties
The figures you have been quoted presume you are going to stay in the property for the entire life of the mortgage. There may be a prepayment penalty of several months interest if you sell in one year but nothing like $280K
Generally, you only have to pay the interest accrued so far. There may be a prepayment penalty or other fees, which you can learn about by reading your mortgage contract.I am trying to understand mortgages. Do I have to pay all my finance charges if I sell my house?
As long as there is no pre payment penalty, you pay what you owe on the principal.
Assuming you don't have a prepay penalty clause, you would only owe the remaining principal.
No one could make you pay for borrowing that never took place. If you paid off the principal, you didn't borrow the money for that period.
Prepayment penalties will charge you a little if you pay it off early, because they want to be able to sell the loan on the secondary market. The buyer there wants to be able to get at least some return on his purchase.
When you sell your property, you will also be responsible for all back taxes due and they will prorate the present year's taxes for the period of your ownership.
LORD NO! You mean that ridiculously high number that is on your Truth-in-Lending statement that you got when you closed on the house that was about 3 1/2 times what the house cost? Nope!
You will get a payoff. You save that interest. The only thing you would have to pay is a pre-payment penalty IF your loan called for one. If your loan is over 3 years old, then it doesn't have one. PPP's over 3 years are illegal.
you would only owe the remaining principal. but watch for prepayment penalties
The figures you have been quoted presume you are going to stay in the property for the entire life of the mortgage. There may be a prepayment penalty of several months interest if you sell in one year but nothing like $280K
I want my first home! Where do I start finding out about mortgages and other issues for first time buyers?
My boyfriend and I are thinking of buying our first home, I'm a student, therefore minimal income (until summer 2008), he works, and we know nothing about buying property. We started saving up recently and have a few hundred pounds but from now on we want to start saving more every month until next year, when we want to get a mortgage.
I have seen banks offer mortgages with 0% deposit required, should I be wary of these? How about interest only mortgages? There's so many types of mortgages, it's hard to figure out the advantages and disadvantages of all.
Apart from a deposit, what other kind of money allowances should we make (I know we should put money aside for stamp duty, furniture and repairs/diy for the new house). Is there anything else we should think about?
Any other useful information?
Thanks!I want my first home! Where do I start finding out about mortgages and other issues for first time buyers?
OK.. here's my thoughts.
First: A mortgage is going to be a 30 year commitment. This means that for the next 30 years you will be committed to working for and paying for a home that will be co-owned by your boyfriend. You haven't made the commitment for marriage.. how can you make the type of long term financial commitment that will affect your credit and financial well being with out a strong commitment (ie marriage) to your partner? I would work this out first.
Now.. let's talk about first mortgage. Understand that a 0% down mortgage is financine 100% of the value of your home. This means that from day 1 you will have absolutely no equity in your home. Therefore you will owe more than the home is worth for at least 5 years or more and then after that only have a very small amount of equity. Therefore if you decide to sell the home in less than 10 years you will lose money in the investment unless the real estate market rises a lot in that area. This feeds into the first statement I made above.. let's say you two buy this home (no marriage) then the relationship falls apart and he moves out. If you can't make the mortgage payments and he doesn't provide you with assistance.. you lose the house and both of your credit ratings will be destroyed. Simply because you won't be able to sell the home for what is owed and you won't have the cash to make up the difference.
When it comes to a new home purchase here's my formula for success:
1. Have at least 10% for the downpayment.
2. Have the full amount needed for all closing cost.
3. Have enough money available for any needed repairs that will need to be done prior to move in.
4. Have enough money available for any furniture, appliances, etc that you might need when you move.
5. On top of 1 through 4, have at least a month's and a half mortgage payments in a saving account that you can draw on should a problem arrise that affects the financial stablity.
6. Work out a budget prior to buying the home. Include in this budget the mortgage payments, homeowner association dues, increase in utility payments, repairs etc.
7. Request your credit report and credit rating. Resolve any and all problems there that you can to push your credit rating as high as possible.
8. Shop around for a lender with the best terms.
9. Get a pre-approval letter from the lender with your maximum available loan amount.
10. Use a realator unassociated with the seller of the home you are wanting to buy and unassociated with the lender you have selected.
Hope this helps and good luck!I want my first home! Where do I start finding out about mortgages and other issues for first time buyers?
when u see a house for sale call the Realtor and ask them what the down payment is how much the house is worth when it was built what kid of people lived her first and have anyone died there is the roof new have there been any fires stuff like that or would the Realtor live there
You may wish to go and talk to someone at a bank first and get pre approved. That way you will know what you can afford.
My $.08
Contact to your bank/building society ASAP
When looking for a property, it might be better for you to go for a smaller house in nice area rather than big house in not-so-nice area. Properties in good areas tend to go up in value more over a period of time.
Speak to an independant financial advisor (not one that is tied to bank or building society) and ask them how much you could afford to borrow. If you are not thinking of buying until 2008, put aside however much you could afford a month and do this each month as if it was a mortgage. This will go towards fees involved in buying a house. Interest rates and best deals change all the time, but a financial advisor would be able to advise on this. When you buy a property, land searches need to be done, solicitors do this but be prepared to spend several thousand on all the different fees involved (this amount can be included in the mortgage. The only thing i would definately advise is to get a repayment mortgage, as opposed to an endowment mortgage.
Search on the internets.
look in mewspapers and the internet
realestate.yahoo.com/ - 46k -
I have a friend who works as a mortgage adviser for one of the big Building Society's, so pop into a local shop and make an appointment for a consultation, obviously they are not impartial but you don't have to sign anything and it does not cost you anything. Then go visit as many more Societies as you can stomach. Re no deposit, avoid like the plague. You might like to add moving costs (not cheep) to your list.
P.S. My friend's bonuses, promotion prospects etc are based on feedback from satisfied clients rather than what products she can sell.
Since you are not ready yet to do the purchasing keep saving your money, then when you are ready you just go to a bank and speak with the loans officer and they will give you every information you will need to get your home.
I would suggest calling your banker. They can be a great help when you're concerned about what you can or cannot afford and they can even help you find and apply for grants. My husband and I got a ';first time homebuyers'; grant when we bought our first home. It sounds like you don't live in America though, so I'm not sure what's available to you. It is a good idea to save money for things like closing costs and don't forget to check into the real estate taxes for any property you look at! A real estate agent is a great thing to have also! Hope I've helped and best of luck!!!
Ask friends and family to recommend a good company/real estate agent. They will be working FOR YOU so they are the best at offering you advice about your situation and getting you into a home. They are better than banks or mortgage companies because again, they are working for you, and they are the most knowledgeable in all areas of the business, all aspects. Be wary of anything that banks are offering, there is always a catch. Your best bet is to find a reliable, trustworthy Realtor that will work with your directly and for however long you need.
0% deposit sounds good, but you can get a lot better deal if you put down a deposit, 10% would be good, then i would go for a repayment mortage ,you can get these at a fixed rate for the first 2 or 3 years so you know exactly what you will be paying each month. then if interest rates go up during this period your payments won't. then at the end of the fixed period you can switch to a different mortage with a different lender and benefit from a fixed period all over again. theres no limit to how many times you can do this throughout the life of the mortage, so you could end up saving thousands. initially don't forget solicitors fees and removal costs. as for websites try moneysavingexpert.com full of great tips and hints, good luck p.
Okay, it sounds as if you're young so here is something I have to ask. Why are you and your boyfriend buying a home? I mean boyfriend, are you getting married? Do you plan on being together forever? Taking on a mortgage is a big step and lasts 1 to 30 years. Just think it over before taking that large jump!! Now, there are many resoures out there for for first time home buyers. Websites such as Bankrate.com or Quicken. Search and shop around.
Your first step would be to contact a local Realtor in your area. Have them go over with your homes you can afford and let them locate. The very best to you. It is a big happy step in your life
Congradulations! Do check out my website!
www.consideritfunded.com
United States and Mexico Mortgage only!
I am available anytime 24/7 to answer any questions or concerns you have regarding financing for your new home! I look forward in accomplishing your goals, providing you with excellent service and making the process simple!
Be sure to have a big enough deposit that will be at least 10% of your home cost, and be sure to get a fixed APR, variable APR's are for experienced home owners, so beware.
TOWNSPERSON-
You can find out in the evil cave. The evil cave is blocked by ice, youll need the fire rod.
hey i am doing exactly the same thing as you.
wrkey has given you great advice
i have done the same
try and visit lots of estate agents too and pick up lots of the paperwork they have like newspapers and leaflets that explain the different types of mortgages out there.
i have decided to go for a flexible as i earn bonuses and commission so i am able to pay more if i want to.
try loking on www.rightmove.co.uk
i have found this website great
i don't know.Search.
Call a salesman . . like century 21 etc. I just bought my first house in Temecula CA . . . . .pain in the **** but it was worth it. They will walk you through finding a place . . and put you in touch with lenders etc. . . they do all the work.cosmetics origins
I have seen banks offer mortgages with 0% deposit required, should I be wary of these? How about interest only mortgages? There's so many types of mortgages, it's hard to figure out the advantages and disadvantages of all.
Apart from a deposit, what other kind of money allowances should we make (I know we should put money aside for stamp duty, furniture and repairs/diy for the new house). Is there anything else we should think about?
Any other useful information?
Thanks!I want my first home! Where do I start finding out about mortgages and other issues for first time buyers?
OK.. here's my thoughts.
First: A mortgage is going to be a 30 year commitment. This means that for the next 30 years you will be committed to working for and paying for a home that will be co-owned by your boyfriend. You haven't made the commitment for marriage.. how can you make the type of long term financial commitment that will affect your credit and financial well being with out a strong commitment (ie marriage) to your partner? I would work this out first.
Now.. let's talk about first mortgage. Understand that a 0% down mortgage is financine 100% of the value of your home. This means that from day 1 you will have absolutely no equity in your home. Therefore you will owe more than the home is worth for at least 5 years or more and then after that only have a very small amount of equity. Therefore if you decide to sell the home in less than 10 years you will lose money in the investment unless the real estate market rises a lot in that area. This feeds into the first statement I made above.. let's say you two buy this home (no marriage) then the relationship falls apart and he moves out. If you can't make the mortgage payments and he doesn't provide you with assistance.. you lose the house and both of your credit ratings will be destroyed. Simply because you won't be able to sell the home for what is owed and you won't have the cash to make up the difference.
When it comes to a new home purchase here's my formula for success:
1. Have at least 10% for the downpayment.
2. Have the full amount needed for all closing cost.
3. Have enough money available for any needed repairs that will need to be done prior to move in.
4. Have enough money available for any furniture, appliances, etc that you might need when you move.
5. On top of 1 through 4, have at least a month's and a half mortgage payments in a saving account that you can draw on should a problem arrise that affects the financial stablity.
6. Work out a budget prior to buying the home. Include in this budget the mortgage payments, homeowner association dues, increase in utility payments, repairs etc.
7. Request your credit report and credit rating. Resolve any and all problems there that you can to push your credit rating as high as possible.
8. Shop around for a lender with the best terms.
9. Get a pre-approval letter from the lender with your maximum available loan amount.
10. Use a realator unassociated with the seller of the home you are wanting to buy and unassociated with the lender you have selected.
Hope this helps and good luck!I want my first home! Where do I start finding out about mortgages and other issues for first time buyers?
when u see a house for sale call the Realtor and ask them what the down payment is how much the house is worth when it was built what kid of people lived her first and have anyone died there is the roof new have there been any fires stuff like that or would the Realtor live there
You may wish to go and talk to someone at a bank first and get pre approved. That way you will know what you can afford.
My $.08
Contact to your bank/building society ASAP
When looking for a property, it might be better for you to go for a smaller house in nice area rather than big house in not-so-nice area. Properties in good areas tend to go up in value more over a period of time.
Speak to an independant financial advisor (not one that is tied to bank or building society) and ask them how much you could afford to borrow. If you are not thinking of buying until 2008, put aside however much you could afford a month and do this each month as if it was a mortgage. This will go towards fees involved in buying a house. Interest rates and best deals change all the time, but a financial advisor would be able to advise on this. When you buy a property, land searches need to be done, solicitors do this but be prepared to spend several thousand on all the different fees involved (this amount can be included in the mortgage. The only thing i would definately advise is to get a repayment mortgage, as opposed to an endowment mortgage.
Search on the internets.
look in mewspapers and the internet
realestate.yahoo.com/ - 46k -
I have a friend who works as a mortgage adviser for one of the big Building Society's, so pop into a local shop and make an appointment for a consultation, obviously they are not impartial but you don't have to sign anything and it does not cost you anything. Then go visit as many more Societies as you can stomach. Re no deposit, avoid like the plague. You might like to add moving costs (not cheep) to your list.
P.S. My friend's bonuses, promotion prospects etc are based on feedback from satisfied clients rather than what products she can sell.
Since you are not ready yet to do the purchasing keep saving your money, then when you are ready you just go to a bank and speak with the loans officer and they will give you every information you will need to get your home.
I would suggest calling your banker. They can be a great help when you're concerned about what you can or cannot afford and they can even help you find and apply for grants. My husband and I got a ';first time homebuyers'; grant when we bought our first home. It sounds like you don't live in America though, so I'm not sure what's available to you. It is a good idea to save money for things like closing costs and don't forget to check into the real estate taxes for any property you look at! A real estate agent is a great thing to have also! Hope I've helped and best of luck!!!
Ask friends and family to recommend a good company/real estate agent. They will be working FOR YOU so they are the best at offering you advice about your situation and getting you into a home. They are better than banks or mortgage companies because again, they are working for you, and they are the most knowledgeable in all areas of the business, all aspects. Be wary of anything that banks are offering, there is always a catch. Your best bet is to find a reliable, trustworthy Realtor that will work with your directly and for however long you need.
0% deposit sounds good, but you can get a lot better deal if you put down a deposit, 10% would be good, then i would go for a repayment mortage ,you can get these at a fixed rate for the first 2 or 3 years so you know exactly what you will be paying each month. then if interest rates go up during this period your payments won't. then at the end of the fixed period you can switch to a different mortage with a different lender and benefit from a fixed period all over again. theres no limit to how many times you can do this throughout the life of the mortage, so you could end up saving thousands. initially don't forget solicitors fees and removal costs. as for websites try moneysavingexpert.com full of great tips and hints, good luck p.
Okay, it sounds as if you're young so here is something I have to ask. Why are you and your boyfriend buying a home? I mean boyfriend, are you getting married? Do you plan on being together forever? Taking on a mortgage is a big step and lasts 1 to 30 years. Just think it over before taking that large jump!! Now, there are many resoures out there for for first time home buyers. Websites such as Bankrate.com or Quicken. Search and shop around.
Your first step would be to contact a local Realtor in your area. Have them go over with your homes you can afford and let them locate. The very best to you. It is a big happy step in your life
Congradulations! Do check out my website!
www.consideritfunded.com
United States and Mexico Mortgage only!
I am available anytime 24/7 to answer any questions or concerns you have regarding financing for your new home! I look forward in accomplishing your goals, providing you with excellent service and making the process simple!
Be sure to have a big enough deposit that will be at least 10% of your home cost, and be sure to get a fixed APR, variable APR's are for experienced home owners, so beware.
TOWNSPERSON-
You can find out in the evil cave. The evil cave is blocked by ice, youll need the fire rod.
hey i am doing exactly the same thing as you.
wrkey has given you great advice
i have done the same
try and visit lots of estate agents too and pick up lots of the paperwork they have like newspapers and leaflets that explain the different types of mortgages out there.
i have decided to go for a flexible as i earn bonuses and commission so i am able to pay more if i want to.
try loking on www.rightmove.co.uk
i have found this website great
i don't know.Search.
Call a salesman . . like century 21 etc. I just bought my first house in Temecula CA . . . . .pain in the **** but it was worth it. They will walk you through finding a place . . and put you in touch with lenders etc. . . they do all the work.
Subscribe to:
Posts (Atom)