Equity Home Loans

mortgage?? if i buy a home of $350,000 detached / semidetached and 10,000 down payment then how much mortgage will i have to pay every month???? thanks for the answers :) well if not 10,000 then wat abt 20 or 25 ?

Mortgage??????????? I recently got a letter from my bank saying I owed them $199 from "late payments" on my mortgage. (you know how your mortgage is due and if you pay it late they tack on a charge) Well, everytime my husband went to pay our mortgage even if it was late, the bank teller never tacked on the charge. Anyways, they are saying their going to take us to collections for the amount due, does this mean their going to try and take our house? We have never missed a month on our mortgage, just a few times they didnt tack on the late charge...can anyone answer? It's was late a few times because our son was sick and we spent a ton of money going back and forth to st judes. But that wasn't my question, will they try and take our house? and we are making them on time now.

How does mortgage fraud affects the subprime mortgage crisis? In the actual Subprime mortgage crisis in the US huge amounts of mortgage frauds were discovered. What's the part that these frauds played in the actual mortgage crisis ? Thanks.

What happens to a second mortgage when a home is purchased at a foreclosure auction? I am going to bid on a house at foreclosure and it has a 1st mortgage of $280K and a second of $70K. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at foreclosure that I will own additional money to the second mortgage or just the first mortgage and back taxes?

What caused the home mortgage rates to sky rocket, causing people being unable to pay their monthly mortgages? The recession was caused by people being unable to pay back their home mortgages because the mortgage rates were too high? Banks were not getting their money back from home owners, causing a credit crunch, thus they were unable to lend money to big businesses. Big businesses then had to cut back on expenses and began to lay people off the the thousands. So what caused the mortgage rates to go up so high that started this financial mess in the first place?

How much mortgage debt is there in the USA? Given all the worries about credit in this country, and subprime mortgages, I was curious as to what the entire amount of home mortgage debt is. There are about 110 million households in the country, with 70% of them owned residences. Let's say there are 75 million owned homes. Not all have mortgages, but if 70 million do, and the average mortgage amount on such homes is $200,000, that comes out to a scary $14 TRILLION of mortgage debt in the USA. If just 2% default, the amount of bad home loans is $280 billion. It could obviously be much higher. Does anyone know what total mortgage debt is per household and in total? This is a real problem that could damage the economy.

I have a mortgage on one home, can I get a second mortgage to pay for another house? I'm planning to relocate, but current owe a mortgage for $50k. I also have a bankruptcy on my record thats a couple of years old. I'd like to find new home in the state I choose to live in. Would I be able to get a second mortgage or refinance my current home in order to pay for a new one?

Can I get a refinanced mortgage if i start a home business with no employees and still work my regular job? I want to refinance my mortgage and I want to start a home business before doing so. It would have no employees and I would still keep my current job. My home business will not require any due balances or credit lines to increase my debt. Would mortgage companies see the worry that I would quit my regular job or would they trust that I would maturely handle the mortgage payments? In other words, would I have no problems getting refinanced under these conditions. My credit score is about 650 and I've been at my current job for 1 1/2 years but have had steady employment for a long time. I have also paid my mortgage on time for 12 months. The reason I am asking is because what I will be doing requires a vendor license. Therefore, in my ssn, it would show the business based at my home address. I am actually looking for a new mortgage loan, not a home equity loan or personal loan and I don't need to borrow to pay debts.

How does a mortgage holder get out of PMI payments on their mortgage loan? Seems to me that PMI is very costly for the home owner, especially me with a perfect credit rating and new funding source to maintain a mortgage if I lose my job (my job is very secure). Please any suggestions on how to get the PMI waived by the mortgage company.

How does reworking a mortgage affect my credit score? I could use the help of potentially reworking my mortgage to be more affordable. It is possible for me to get by without doing so. If I do call my mortgage holder and rework my mortgage for a reduced interest rate or reduced principle how does that affect my credit score?

Can you get a mortgage allowing you to bid on a foreclosed property? Our realtor advises that only buyers with cash in hand can buy foreclosed properties at auction. There is a technical challenge buying if you need a mortgage as you have to be in contract to be able to get the mortgage approved. Is this true or is there a valid way you can get a mortgage and bid on a foreclosed property at auction?

How do I become a mortgage broker in ohio? I know the mortgage industry is in a mess right now, but I am looking toward the future when we rebound. Wondering what requirments there are to become a mortgage broker in Ohio. I am looking to work this industry on the side, as I already have a full time sales job. Also what are the typical commisions paid to brokers for sub-prime, prime, and jumbo mortgage loans...is this split with the company you work for? I already work 100% commission, so that is not a problem. Any input on this career is greatly appreciated, ie the ups and downs.

How can I become a mortgage broker in california? I simply cannot seem to find legitimate information on becoming a mortgage broker in California. Many of the web sites that purport to have information really share very little of anything and some are just plain frauds. I'd like to find information on mortgage broker training and possibly information on finding a school (preferably Los Angeles) where I can get training on becoming a mortgage broker.

Mortgage Finance Experts: How will the market affect homeowners who will be refinancing next year? My parents bought their home 4 years ago at a 4% rate, which is due to change next year when their loan rate. With the market crunch and the new strict lending that's bound to occur as a result of this, they are worried about what refinancing has in store for them. The good news is that they have flawless credit (they successfully removed their PMI, and they are early every month on their mortgage payments ---and they pay an extra couple of hundred dollars than they should. Not to mention their credit card debt is very low (only a couple of thousand dollars). They've both been at their great paying jobs for over a decade; but they are still worried about whether they will be able to secure a decent fixed rate when their mandatory refinance is up. Any hope?

What happens to the second mortgage when the first mortgage forecloses? I am going through a foreclosure on my first mortgage, what are my options with dealing with the second mortgage? Any legitimate websites with guides for dealing with the aftermath of foreclosure would also be appreciated.

How often do mortgage comapnies use the 4506 t form to very info. Always or hardly ever when buying a home? If you provide the mortgage company with all the requested info do they typically follow up on that. Does it vary from company to company or is it a common practice for them to execute the 4506t form. Also, has anyone everheard of first choice mortgage in charlotte? Any thoughts on them?

What happens to a real mortgage when a debtor files for bankruptcy? I'm a creditor whose debt is secured by a real mortgage. I've received recently a notice that the debtor has filed for bankruptcy under chapter 7 of the US Bankruptcy code. What will happen to both my loan and my mortgage? Will I be enjoined from foreclosing the mortgage? The insolvent debtor by the way is an individual, not a corporation. Please prvide legal basis. Thank you. :)

How do I become a mortgage broker or mortgage agent in California? I am fresh out of a college. Not just any college; a community college. And I need step by step how to become a mortgage broker or mortgage agent please. Thanks alot.

What percentage of your income goes towards your mortgage payments? If you don't mind my asking, I'm trying to figure out what a reasonable percent of my income is to be going towards a mortgage payment. My partner and I make around $6500 gross monthly, and I'm wondering what percent of that we could reasonably spend on a mortgage without getting in over our heads. We have no other debt, but have normal bills like utilities and car insurance. If you don't mind could you please give me an idea of what you earn and what you put towards your mortgage? Or what percent of your gross income goes towards your mortgage payments? Thanks so much!

How much money do mortgage brokers make? I heard that mortgage brokers drive Porches and make tons of money. By and large, how much does the average mortgage broker make?

My Mortgage Insurance was financed with the home and does not appear on 1098, can I still deduct it? My Mortgage Insurance was financed with the home and does not appear on 1098, can I still deduct it? and if I can how? The amount is over 2K and it is listed on my Settelment Statement. Mortgage is though Bank of America. I was planning to call IRS and my bank but they are closed on the weekends.

How do you calculate what your mortgage payment will be without using a mortgage calculator? Can somone show me how to calculate a mortgage payment like for example what is the monthly payment on a $200,000 mortgage at 6% interest over 25 years? Can somone show me how to calculate a mortgage payment like for example what is the monthly payment on a $200,000 mortgage at 6% interest over 25 years? I need to know how to do the mathematical calculations, don't just give me the anwser.

How to deal with a 2nd mortgage that has been sent to collections? I'm currently on a repayment plan on a rental property for the 1st mortgage. The 2nd has been charged off by EMC mortgage and sent to an outsourced collection company called LCS. Does anyone have any experience on how to deal with LCS and what rights I have to settle this 2nd mortgage. Can they freeze my assets? Will they seek a Judgment?

How can unmarried people report home mortgage interest paid jointly? I own a home in common with another person. We're not married. We're both named on the mortgage and we pay the mortgage out of a joint checking account, to which we both contribute and use for other various purposes. Can we split the mortgage interest deduction between us however we wish as long as we total up on our two returns to the total amount we jointly paid to the bank? Or must we use some kind of formula? How will the bank report this interest paid to the IRS?

What is the best mortgage advertisment you have seen? I am a Mortgage Broker looking for some good ideas for advertising. What is the funiest or best mortgage ad anyone has seen? Any loan officers out there with any creative new ideas?

How do I calculate mortgage payments when buying a home from a family member? We are thinking of purchasing a house from my father. Instead of using a mortgage broker or bank, he suggested using a lawyer to set up monthly mortgage payments directly to him. We would still buy the house, and it would be in our names, not renting. How are payments like this calculated? Also, it seems this gives us flexibility and saves us money, but isn't as secure. What are the specific down-sides to this?

Do you still make mortgage payments while your home is on the market to sell? My friend was selling his house and couldn't make the mortgage payments while the house was on the market. He said the real estate agent/company would pay his mortgage while it was up for sale. Then when the house sold, they deducted it from the price of the sale. How is this done? Also, if you don't make any mortgage payments while the house is on the market can it go into foreclosure?

If mortgage bonds are secured corporate bonds then how did the subprime bubble happen? I am trying to understand secure bonds and I know mortgage bonds are secured bonds,if that is the case,even if they default ,the investor should get the prinicipal back.Can someone give an explanation of this works.

What happens to your mortgage if you sell your home for less than you owe? We would like to move into a bigger home. We live in a small condo that we paid a lot for. We will never get as much for it as we owe for our loan, but we have out grown it. We are not in a foreclosure situation because we are making the payments on time without a problem. If we sell our home for less than it is worth, can we add the balance of our mortgage onto the mortgage of a new home, or will we owe the bank the balance right then and there?

What is the best mortgage to go for in London banks? I am a first time house buyer and need to find a mortgage wihtin the next 16 weeks. I would like to know what banks are doing the best mortgage deals at the moment, can anyone help?

How do i find a job as a mortgage loan officer without any mortgage experience? I currently work in a distribution center, and i have a bachelors in economics and psychology. I am interested in becoming a mortgage loan officer so i took a 24 credit hour course in residential mortgage lending but unfortunately i haven't been able to find a job because i do not have any mortgage or lending experience. What else should i do to achieve my carer goal?

How does making your mortgage payment bi-weekly save you money? I got a letter in the mail from the bank that says paying our mortgage payment bi-weekly instead of monthly could save us $40,000 to $100,000 in interest and reduce our mortgage term by 7 to 9 years without refinancing. How does this work?

How can I get mortgage company to endorse insurance check before work is done? I have a check from my insurance company for hurricane damage. My mortgage company will not endorse the check until the work is done. I need the money to get the work done. How can I get the mortgage company to endorse the check ?

What happens to the mortgage on a house that is left to me in a will? A relative will be leaving me a house in their will. If there is a mortgage (home equity) on the house when they die, do I take over the mortgage? I intend on selling the house when it is left to me.

Can a first mortgage be refinanced to a lower rate if there is also an existing second mortgage? If a homeowner has a first mortgage and a second mortgage, and would like to refinance the first mortgage at different terms, can this be accomplished - does the existing second mortgage put a monkey-wrench in refinancing the first?

How do you get the best mortgage deal? We have been pre-approved by a mortgage company. The mortgage company has recommended a real estate agent. I am a little leary of going with this real estate agent, however, because, being a first time home buyer, I need a lot of guidance. I am afraid that, being tied to the mortgage broker, the real estate agent might not fight to get us the best mortgage deal (if it happens to be with a company other than the original mortgage broker's). How do you go about getting a good mortgage deal?

What reverse mortgage company should I work for? I've been looking into these a lot lately, but I'm having a hard time deciding what company to work with. Anyone work for one - or have a reverse mortgage - that they can recommend?

How do mortgage companies determine which credit score to use? With the three credit scores being different, which do they use to determine you qualification for a mortgage? Or do they simply average all three scores. My husband has two scores at around 540 and his transunion is at 605. What are his chances?

How to mortgage a home with no credit history? How can one mortgage a home without any credit history? We don't own any credit cards and credit is harder now to obtain than before. What kind of a down payment would we need? Thanks!

If you have a mortgage, who is responsible for filing a Homestead and mortgage exemption? The taxes in our area when up drastically. My friend asked me to review his tax bill and I noticed he did not have a Homestead or Mortgage exemption. He has a 30 year mortgage on the property and it is his only & primary residence. He's had the mortgage for five years. Is there a way for him to recoupe some of those taxes because he didn't have those exemptions. Is his mortgage company responsible? What about the back money that is owed to him because the county was over charging because he did not have those exemptions for 5 years

How does rental income on a 1st mortgage affect mortgage affordability on a second home? For example if my 1st mortgage is $1000 per month and i charge a rental income of $1000 per month, is it a wash? Or do i get the $1000 rental income added to my gross monthly income and have the $1000 mortgage payment added to my monthly liabilities?

How does my mortgage affect letting my house out? I have an interest only mortgage with my mortgage lender but I would now like to let my house out. I have been advised that if I let my house out I am obliged to let my mortgage provider know. I don't know what the repercussions of this would be if I did or didn't tell them. How would they find out if I just let it out anyway? What would they do if they ever found out? If I meet their mortgage repayments they shouldn't have a problem, should they? Can anyone enlighten me on these matters?

How could I work out my monthly mortgage payments if I only had a pen and paper? I know I could use a simple mortgage calculator, but I am curious to know how my mortgage payment is arrived at. Is it cumulative interest plus principal divided by years and months. Please could you supply a detailed example as I not too hot with maths. For example a £100000 mortgage at 5% over 25 years.

2nd mortgage Foreclosure: How long is the delay to put it on your credit? We paid off a 2nd mortgageforeclosure before it went through. We continued to pay on our first mortgage with no problem. The attempted forclosure was not on our credit report until we refinanced with a new mortgage company. Is this fair? It looks suspicious that it only appeared on our credit after we refinanced with a new company. We understand that business is business but it seems that they were fine with everything until we pulled our mortgage from them and went with another company.

How does mortgage interest work when dealing with tax returns? How does a mortgage work when dealing with tax returns? Do we get back all the interest that we pay off or a certain percentage? Please provide backup in your answer.

How does mortgage companies work when a person dies? My mom and sister are both named on the mortgage. Payments are still being made. My mom just passed and my sister does not have a job because she was caring for our ailing mother.

Can a Mortgage Company hold your insurance check for the repair of your building? My building suffered damage with a hail storm. The insurance company sent me a check made out to the mortgage company and to me. Now the Mortgage company is holding the funds and I can't finish the repairs needed. My mortgage payments are up to date. The repairs are done, the Mortgage company inspected the repairs and they are holding the depreciation check. Would anyone know why?

How do I look up mortgage information in the public records office? I would like to go to the public records office and find specific mortgage information. For example, what type of mortgage someone has.

What is the differences between all these different mortgage terms? I am looking into different mortgage. Get very confused by so many different kinds of them. What are the differences? If we are planning to get a 300K mortgage, and planning to stay in the house for at least 5 years. What mortgage might be good for us? 30yr fix 5/1 7/1 why there is 5/1 ARM?? What is the different between all these? thank u

How much mortgage debt is there in the USA? Given all the worries about credit in this country, and subprime mortgages, I was curious as to what the entire amount of home mortgage debt is. There are about 110 million households in the country, with 70% of them owned residences. Let's say there are 75 million owned homes. Not all have mortgages, but if 70 million do, and the average mortgage amount on such homes is $200,000, that comes out to a scary $14 TRILLION of mortgage debt in the USA. If just 2% default, the amount of bad home loans is $280 billion. It could obviously be much higher. Does anyone know what total mortgage debt is per household and in total? This is a real problem that could damage the economy.

Can I convert my 2nd mortgage to an unsecured loan? I am planning on selling my home. I have a 2nd mortgage through the same bank that holds my original mortgage. Would the bank consider converting the 2nd mortgage to a regular loan? My 2nd mortgage is only 13,000 but it does make a difference with the slow housing market.

How exactly do 'interest only' mortgage loans work? When do I pay on the principle of such a loan? I know APR loans are a bad idea, but how would an interest-only loan work? Would it still be a 30 year note, or do they extend the loan? Would I be able to get a fixed rate with an interest-only mortgage loan?

What are my options in getting a new mortgage; will it be a regular one or an investment mortgage? I bought a house a year ago and fixed it up while I was living n it. Now I want to buy a new house and rent my current one out. What are my options in getting a new mortgage; will it be a regular one or an investment mortgage?

How do you pay your mortgage or rent when you retire? I am 28 in the UK. I haven't got a mortgage. When I am retired and living probably in private rented accommodation, who pays the rent? Or what about if you haven't finished paying off your mortgage but have to retire? I'm planning for my future! I am probably never going to have a mortgage. So how do I cope with the rent?

Do I have to itemize deductions to deduct mortgage interest on a house? I am planning to buy a house in the state of washington in year 2010. Since I don't have mortgage, I take the standard deduction now and I am wondering if I can keep doing it next year and still deduct my mortgage interest payments.

How do you find various characteristics of a mortgage? I need to know how to calculate the value of a mortgage from the asking price when you pay a 15% down payment. I also need to know, given a 3.5%/year interest rate over 15 years, how to calculate the equivalent interest rate per month and the monthly mortgage payment

How can I get a mortgage if I have credit score under 400? Most of the mortgage companys I have tryed will not give me a mortgage because I have a credit score under 400. They say they will not help anyone with out having a credit score over 500. I have a fourclouser on my credit and a really old credit card bill that I refuse to pay. Other then that every thing else on my credit report has been paid. Some late some on time. I have tryed every mortgage company on line and the bank in my town. I DO NOT want to get a credit card to 'fix' my credit history. I have had those and I do not do well with them. Or a store card either. Or a gas card. I think things will stay on my credit report for up to ten years but I would like to know if there is a mortgage out there that will give me a mortgage now. Yes I have thought about rent. Adam.. What is a a self certify, tracker based mortgage ? ok OPEN: Why jump all over me. I was just asking for help. I DO NOT THINK I KNOW IT ALL. YES I have had a credit card and I have come to learn that I do NOT need one. I have a debit card Visa card and that is ALL i need. How can I fix my credit with out findone someone to help me out. Things happen, I am NOT the only one that has gotten in this postion. I want to respond to why I refuse to pay off the credit card that is on my credit report. I had a credit limit of 300$ It got up that high and I decided that I did not need it any more so I canceled it. Come to find out a few months of 'paying' on it to pay it off the credit card co. was still charging 'finance fees' to it. after talking to them they informed me they could not completly cancel it untill it was at 0. I told them the reason I canceled it was cause I could not affored it. To add charges to it would not help me pay it off. I have spoke to other credit card co and have been told they can stop charging to it it they want. The credit card bill has gone from 350$ to over 15 hundred dollars. Pride or not I find this unprofessional and rude and that is why I refuse to pay it. If they would agree I would pay the original 350$ if they would take off the rest of the 'Charges'

How do I choose who to get my mortgage through? Major banks or smaller mortgage companies? I have an established relationship with Bank of America however there are several other smaller banks and lenders out there with better rates. What happens if you get a mortgage through a smaller bank or lender and they go bankrupt or get bought out by another company? Does it affect your mortgage rate? Is that the chance you take or is the rate locked in no matter what?

Where can I find others' opinions on reputable mortgage companies? We are looking to refinance our mortgage. We had a bad experience with a mortgage broker the first time around. Aside from the BBB, are there any websites where I can find others' opinions/experiences with mortgage companies? Having received some offers already, there are a few which look too good to be true. The majority of the offers so far are at the same, somewhat higher rate (which seems to be the normal rate for our area). I just want to do some background research on the few companies that are offering the lower rates before we accept one of them. Thanks!

What is the difference between a mortgage and a home equity loan? I own a home that is paid off but would like to take out a loan to fund some home improvements as well as help my parents pay off their home equity loan. Given this scenario can I take out a mortgage since mortgage rates are lower or am I limited to a home equity loan. I'm not interested in HELOC's.

Can our 2nd mortgage company attach our wages once our home is sold as a short sale? Our 2nd mortgage company is suing us for $25,000 (the balance on our 2nd after they signed off the lien for the short sale). They have submitted paperwork to attach 25% of our wages until it is paid off? Is their any legal way out of this?

How long will mortgage interest rates continue to drop? I am going to re-finance my interest only mortgage and need suggestions on when to lock in an interest rate. How long will they continue to drop?

Can I sell a house without paying off mortgage? I am planning to sell my extra house, for which I am paying a mortgage (15 more years to go). The mortgage rate is really low. Can I sell the house without paying off the mortgage (i.e. can I take the mortgage as a low-interest loan), e.g. for a few years (my investment return should be much higher than the mortgage interest rate)? Is this an option that I can negotiate with my lender?

What is the procedure that Mortgage providers use? I've been approved, in principle, for a mortgage, but I haven't signed anything yet, my nerves are shattered about what could go wrong now! What other checks do the mortgage providers do? After a mortgage has been approved can they then change their minds?

What is used to calculate the 31% for mortgage restructuring? What is used to calculate the 31% for mortgage restructuring? My actual mortgage payment is less than 31% of my monthly income, however, my mortgage plus escrow is greater than 31%. Which counts?

How can I take out a mortgage on a property to start flipping foreclosures? I have never had a job. I am self-employed with ample cashflow to make mortgage payments, but no bank I have asked will let me take out a mortgage without two years of tax returns. Correct - I don't read / watch the news. I wouldn't be so daft as to speculate. I'm joining forces with someone who has been in the industry for years - one who has successfully (and consistently) flipped houses in today's market. Let's stay on topic.

How do I find out the mortgage company of a condo in foreclosure? I live in a three unit condo. The second unit is vacant (the owners moved out 2 years ago) and the unit is in foreclosure. We (the condo association) needs to contact unit 2's mortgage company for back payment of unpaid condo fees. How do I find out their mortgage company?

Can you get a mortgage after ALMOST foreclosing on your home? I have a friend who got into some trouble paying his mortgage when his wife went on unpaid maternity leave. They got behind on their mortgage and ended up going into foreclosure on their house. They were able to scrape up the money they needed to pay it off, but they are still pretty strapped and 1 month behind on their mortgage. The question is, they want to sell their house to downsize to a less expensive home that is more affordable, but their credit is basically shot. If they sell their house and try to buy a less expensive one will they be able to get a mortgage with their history? Please be respectful, this is a genuine question that needs knowledgeable answers. So only reply if you have good advise. Thank you. sorry, one more thing. they would be putting about 20% down on the next house, would this help the percentage rate?

What would be a mortgage payment for a place that costs around 100k? I am looking at townhouses and condos. Wondering what the rough cost per month would be for a mortgage for a place that costs 100K with a credit score of 715?

How do I get out of a mortgage that I share with two other people? I own property with 2 other people. We have no written contract, etc., but just equally pay the mortgage. Two of us now want to sell the property, but one person refuses to. Do we have any legal remedies? Thanks!

How do I get out of a mortgage that I share with two other people? I own property with 2 other people. We have no written contract, etc., but just equally pay the mortgage. Two of us now want to sell the property, but one person refuses to. Do we have any legal remedies? Thanks!

I want to refinance my mortgage but it's owner financed. Is that a problem? How would I start the process? I want to refinance but I have an owner financed mortgage. Can I it refinanced?

What can I do about a mortgage company checking my credit without my permission? Ok...I get a call from a lady saying my mortgage company assigned her my file and that she could get me a lower interest rate. Well great, I said to tell me what she could do. Never did I give her my or my husbands social security numbers or any info. Well, she checked our credit without my or his permission. I called my mortgage company and they said they never give my info to anyone....yet this lady says they did and that this is how she had my info. What should I do?

What is the difference between a mortgage APR and Interest Rate? My mortgage interest rate is 6.875% and the APR is 7.504% Does the APR of 7.504% sound right if the interest rate is 6.875% ? My mom said that the 2 numbers should be closer together than that. Also, my mortgage banker never even mentioned an APR, and since we are 1st time home buyer's, we were unaware of it. We only knew about the Interest Rate. Thanks for the help.

Are there any mortgage companies that work with a 585 score? I'm in the market for a house, but my score is kinda low, does anyone know of a mortgage company that can work with a 585 score? I know interest will be high but I'm ready to be a home owner. DTI is good.

How likely is it that my mortgage company will pull our credit again? We were pre-approved for a mortgage, and we submitted the application for the FHA loan already. Our mortgage broker said that we'd need to have some receipts on outstanding payments we owe, and we've gotten those to provide to him. Now, how likely is it that he'll pull our credit scored again?

Is it possible to get a mortgage for a house if I am unemployed? Let me be specific: I have 130,000$ cash, but am unemployed. I received this money as an inheritance. I intend to buy a house with several floors and tenants. Is a mortgage possible in my case? My intention is to at first keep payments going for the mortgage through the revenue generated by the tenants. This will give me the time to get a new job. Would a bank accept this case despite my being unemployed?

What is the difference between Collateralized Mortgage Obligations and other mortgage backed securities? How do CMO's differ from any other mortgage-backed bundles? I know fannie mae finances primarily by selling the latter, so what is the benefit in CMO's in comparison to them?

Why is my mortgage company not paying my tax bill when I have escrow? My mortgage company (CITIMORTGAGE) is not paying my tax bill. The money is in escrow, the error has been spotted and documented in a case number by customer service. I paid the bill myself, because it is over six months late and I risked being put on the TAX SALE foreclosure list. Should I be worried that they are going out of business? Or is this a computer glitch?

What happens to a person's mortgage when the lending company goes bankrupt? Does the person pay the mortgage balance to the bankruptcy court? Does the person have to find another lending company to take up the mortgage balance?

How do you subordinate a second mortgage? I am trying to help my client refi his first mortgage, but in order to do that I have to subordinate his second mortgage. The lender that I'm trying to sub is Chase. Any help would be greatly appreciated.

What precentage of mortgage interest is refunded in taxes So Far this year I have paid over fifteen thousand dollars in interest on my mortgage. Is there a certain percentage that is refunded when I do my taxes? Also, are closing costs refundable too?

I just took out my first mortgage on a home. How long do I have to wait before I can refi for a lower rate? With the average mortgage rates dropping, I am wondering if there is a minimum amount of time you have to pay on your mortgage before you can refinance? 1 year?

What is the lowest mortgage company out there? Please let me know overall with all the closing costs and interest rates, what is the lowest mortgage company out there. Has to be available to a Florida resident and it does not matter if the mortgage is online only.

What do you do when your mortgage broker lies to you about your refinance? Working with a mortgage company to refinace my home and the agent keeps telling me not to worry, we will close guarnateed. Now after a month and we still havent closed, we havent made a house payment in 2 months because he told us not to, and now the loan may not close because we are late with the mortgage payment. What do we do?

What does it take for a mortgage company to set a closing date on a home sell? My problem is that we have a contract on our house, the person who offered on the house has submitted all the necessary paperwork to their mortgage company, and has received her commitment letter back from them; however, a closing date has yet to be set. My realtor tells me that the ladys application is through with the underwriting, the commitment letter from the bank was received last week and we are just waiting on the mortgage company to get all of the numbers together and email that info to the title company. We have been waiting a week today, why can no one give us a closing day? How long should this take? We feel like something is wrong but no one will tell us? Any opinions?

How do I get a late mortgage payment off of my credit report? How do I get a late mortgage payment off of my credit report? I mean I'm totally current on my mortgage now. I want this off of my report. Thanks

What can the mortgage company do when I have two properties and can only afford one? I have two homes with the same mortgage co. One I can't afford and the other I can. The one I can afford has a little equity. Can they force me to sell it if I go into foreclosure?

What is a mortgage investment and how do I get started? I inherited a large amount of money and someone mentioned getting into mortgage investments. I don't know a thing about them. I already have my Roth IRA and other mutual funds going so I want to try something new but I don't want to get taken advantage of.

How does a mortgage short sell work, and how will it effect my credit? I'm tryin to sell my house in Michigan. We have had it up for sales for 2 months, and had only one showing. We can't lower our asking price any lower then it currently is without having to come to closing with money. (that I don't have) Since our realtor already lowered his commission he suggested talking to our mortgage company about a short sale. What is your opinion?

Will companies refinance a mortgage that has no equity so that my payments would be lower? I have 2 mortgages with a combined total of 65,000, which is also equal to the value of my home. I want to refinance and combine the 2 mortgages. Are there mortgage companies that would be willing to do the financing to combine the 2 mortgages?

Why doesent claiming mortgage interest add to my return? I am filling out both H&R blocks and Turbo Tax's online taxes and I noticed that the return amount didnt go up with either one when I add the amount of mortgage interest I paid this year. Why is that? Also, why is HR blocks return higher with the same exact information?

How can I be on our mortgage without an existing credit score? My husband and I want to apply together for a mortgage, his credit score is excellent, mine is non-existent since I have been in the US for only 3 years and have used credit cards related to my husband's account only. Is there still a way for me to be on the mortgage? Will my income be considered as part of our assets when we apply?

How does a family mortgage work for their kids? Is it possible for a parent of a married couple to take a loan or a mortgage from a parent for, lets say $300k or so? Is this possible? How does the interest rate work? Is it determined by the lender (the parents)? Would this be a good thing for both the kids and the parents? Anyone can shed some light will be appreciated!

Is Countrywide Mortgage safe to refinance or get a new mortgage with? I need to refinance my mortgage or get a new one if I decide to buy a new home. Which mortgage co. is safe and reliable?

My mortgage provider is telling me he legally has to advise me on insurance is this true? I am currently going through the re-mortgage process, my advisor told me he legally has to meet up with me and advise me on buildings and contents and life insurance as per FSA guidelines. I work for an insurance company and get discounts - so do not want to do this. Is this the case?

What are similarities and differences between current mortgage crisis and that of during the great depression? I am doing a reading, and it would be of great help, if you guys could provide some of these answers. cheers Discuss the similarities and differences between the contraction of the housing market during the Great Depression and the current mortgage crisis. In both periods, the contraction of the housing market resulted in severe strains on the financial system. Discuss the different federal responses to the housing market crisis during both times periods. Does the outcome of the federal response to the housing crisis of the 1930’s offer any lessons to policy makers who are now grappling with the current crisi

Who is best to get a home mortgage through? Would it be best to go through banks, credit unions or other lenders that mortgage brokers might suggest? What are competible and reasonable mortgage rates? Is 6.25% legit for an first offer or should I definitely keep looking?

How to know which mortgage lenders to stay away from? I am buying a home and am comparison shopping among different mortgage lenders. The usual big names like Countrywide, Bank of America, Citibank etc have higher rates than the lesser known/unheard of places. How can you know which ones are reputable and which ones to stay away from? Specifically wondering about Liberty, Alpine, Quicken, Priceline etc. Is it important to go with a local, "known" lender or non-local lesser known ones?

Mortgage??? we are looking to get a mortgage, my husband is self employed and on a good income which is provable, i work part time so don't get alot so i know my wages wont be included. where is the best place to go for a mortgage when you are self employed? and has any one out there got a self cert mortgage can you give me any info on them? Many Thanks

Mortgage...? For his birthday, little Joe asked for a 10-speed bicycle. His father said, "Son, we'd give you one, but the mortgage on this house is $280,000 & your mother just lost her job. There's no way we can afford it." The next day the father saw little Joe heading out the front door with a suitcase. So he asked, "Son, where are you going?" Little Joe told him; "I was walking past your room last night and heard you telling Mom you were pulling out. Then I heard her tell you to wait because she was coming too. And I'll be damned if I'm staying here by myself with a $280,000 mortgage & no bike.

Mortgage?? I have a disabled 6 yr old daughter and eventually we are going to be needing a 3 bedroom bungalow and they are very rare through our local council. This means we are eventually going to have to get a mortgage, I am only 23 and quite confused with the whole thing but I have been told you can get a mortgage although you are unemployed, if you are receiving long term disability benefit is this right?

mortgage...? Plz explain the meaning of mortgage in this context: "The man sends his paycheck to the bank for the mortgage payment on his house." Thanks.

Mortgage...? If you get a mortgage for 20 years can you pay it only for 5 years, for example, sell the house after the 5th year and get back what you paid? alterfemego - basically, say I buy a house on a 20 year mortgage for £200,000. I pay £900 a month for 5 years then decide to sell it. If the house goes for £201,000, would I have to pay off the entire amount to the mortgage company or do I have to pay the amount that I have not paid yet in the remaining 15 years?

mortgage??? what parerwork loan officer ask for mortgage? example like 2 yr of W2, 1 month bank statement, credit report etc

Mortgage ? Can I cosign on a mortgage when I have no credit? As in no bad credit, no good credit? I would be cosigner. Hubby is the major bread winner. I have never had a credit card, but have paid my car insurance on time always, etc. I would be cosigner. Hubby is the major bread winner. I have never had a credit card, but have paid my car insurance on time always, etc.

mortgage ? is it possible for my partner to sign their house into both of our names so we are both shared owners or would we have to take out a new joint mortgage? we live in scotland so this would be based on scottish laws!

mortgage.......? morning boys and girls.. my daughter and her boyfriend are saving to get a mortgage,in your oppinion which is the best to go for. or would renting be better. (in england). thank you ppl.

Mortgage???? I'm going to talk to a mortgage specialist tomarrow about buying my dream house. I built my house for $220,000.00 9 months ago and it just appraised for $300,000.00. The house I want appraised at $360,000.00 but because it was my friend who built it he will sell it to me for $320,000.00. I am only 23 so IF the bank agrees to give me this money what are some things I can do to get the lowest possible payment? I have renters now so money isnt a problem but I need to be able to make the payment if something were to happen. Ive tried doing research but im not getting any really good info Im more looking for information on Terms, lines of credit, maybe getting some sort of bonus because ill have a big down payment...... that kind of thing. Just wondering if people have advice form personal experience. Im not looking for someone to pre-approve me lol

I have a mortgage on my name but house is not on my name anymore, person responsible for paying the mortgage? person responsible for paying the mortgage is not paying on time, he dosnt want to put the mortgage on his name nor he wants to sell the house. ,what are my options, should I tell mortgage bank that they should call him and take off my name from mortgage, what are my legalities and rights since deed his on his name and he doesnt return my calls. he is a mortgage officer and he knows everyone in real estate proffession from attorney to agent, I am getting very scarred as I m getting calls every month from mortgage company that my mortgage is due, as he is already one month behind. Month of april alreday shows on my credit report as a late payment. please someone help me with a professional advice. well, he is an investor not living there (mortgage officer), he is the one approved my loan for this house, his friend find me this house (real estate agent), the house is in NY, and both are in NY . I have nothing to do any thing with NY, I am from NJ, this Mortgage officer is my cousin !!! , initially he told me that you have nothing to do but sign the papers and i will get you good chunk of money in 3-4 months, i dont know what comes to me and i signed the papers. I dont know how can I go about and what to do, initially he forge the papers to approve for loan (he put his address as I am living there in NY, my income level is also showed as 10 times which i make, thats a long story), I didnt take any money from him matter of fact I have paid 3 mortgage payments from my pocket, he promised me orally that he will give me back my money once He sold the house, we didnt have any written contract. It is a 2 family house and both floors are rented. rent is not covering the mortgage. he puts his name on deed, but the mortgage is on my name, i dont know if deed and title are the same papers.

Mortgages (U.K) - guarentor mortgage - calling anyone who knows!? My partner currently has a mortgage in the UK and has done for a good few years. We are now looking to move in London and my parents think I should go on the mortgage with him which I can afford. The only issue is that I am a contractor in a professional role with a steady market of contract roles however I dont think any mortgage company would give me a joint mortgage because I dont have a 'steady' permanent income (which is only true in theory as I have had no problems going from one contract to another and earn pretty well). My partners current mortgage company said that they would probably look at me if I was a self employed plumber or electrician as there is always work! A solution may be that my father has said that he would be a 'guarentor' for me and would accept liability to pay the mortgage if I defaulted. Does anyone know if any mortgage companies would do this and allow the 2nd person to have a guarentor but be named as the mortgage? Help appreciated! Thanks!

Mortgage question? You take out a mortgage today of $350,000 with a 25-year amortization period, a 5-year term, and a 6.25% (annual) posted mortgage interest rate. Suppose four years from today, you decide to refinance your mortgage at a 5.50% (annual) mortgage interest rate. Also, you would like to increase your payment frequency from monthly to weekly. (Assume your mortgage payments are made at the end of each month or week). (a) What is your original monthly payment on the mortgage? (5 marks) (b) What is the remaining balance on the mortgage after 4 years? (c) What will be your weekly payment on the refinanced mortgage? (There are 52 weeks in a year. (d) Are you paying more or less on a monthly basis once you refinance your mortgage if your discount rate is 8%, compounded annually? (Assume that there 4.3333 weeks per month)

Who pays second mortgage debt in a divorce? Don't bash me for my methods, but just give your thoughts in the current situation. Ex and I had a super easy divorce where I said, "I'll move out, you keep paying the mortgage on the house and we'll decide later if you refinance or sell it." Well, we have a 2nd mortgage line of credit for all our debt consolidation and home improvements. I have been paying half this 2nd mortgage cuz it was debt we both gathered. But if I gave her the whole house and it's 1st mortgage payment, shouldn't she also be paying the 2nd mortgage? The 2nd mortgage came from equity which I earned half of. Now I'm giving up that equity so isn't that her resposibility now? For example on a refi. 1st mortgage we owe 200k. House worth 280k. 2nd mortgage balance 80k. She refi's the 1st mortgage, I get 40k in equity. She refi's 2nd mortgage and even if we split the 80k, I just give her back the 40k I earned from equity so I'm even. Is my logic correct here? I should be 100% free of any of the mortgages? That's exactly what I was asking about. If she refinances, logic is that it'll be for the whole amount (1st and 2nd mortgages) and I'd not fit in anywhere. Some think I'm still responsible for 1/2 the HELOC because I helped create that debt it was put towards. But it's from equity in the home so if I give up my equity portion, I also give up my 1/2 of the HELOC resposibility, right?

The Government-Created Subprime Mortgage Meltdown? The Government-Created Subprime Mortgage Meltdown by Thomas J. DiLorenzo by Thomas J. DiLorenzo DIGG THIS The thousands of mortgage defaults and foreclosures in the "subprime" housing market (i.e., mortgage holders with poor credit ratings) is the direct result of thirty years of government policy that has forced banks to make bad loans to un-creditworthy borrowers. The policy in question is the 1977 Community Reinvestment Act (CRA), which compels banks to make loans to low-income borrowers and in what the supporters of the Act call "communities of color" that they might not otherwise make based on purely economic criteria. The original lobbyists for the CRA were the hardcore leftists who supported the Carter administration and were often rewarded for their support with government grants and programs like the CRA that they benefited from. These included various "neighborhood organizations," as they like to call themselves, such as "ACORN" (Association of Community Organizations for Reform Now). These organizations claim that over $1 trillion in CRA loans have been made, although no one seems to know the magnitude with much certainty. A U.S. Senate Banking Committee staffer told me about ten years ago that at least $100 billion in such loans had been made in the first twenty years of the Act. So-called "community groups" like ACORN benefit themselves from the CRA through a process that sounds like legalized extortion. The CRA is enforced by four federal government bureaucracies: the Fed, the Comptroller of the Currency, the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation. The law is set up so that any bank merger, branch expansion, or new branch creation can be postponed or prohibited by any of these four bureaucracies if a CRA "protest" is issued by a "community group." This can cost banks great sums of money, and the "community groups" understand this perfectly well. It is their leverage. They use this leverage to get the banks to give them millions of dollars as well as promising to make a certain amount of bad loans in their communities. A man named Bruce Marks became quite notorious during the last decade for pressuring banks to earmark literally billions of dollars to his organization, the "Neighborhood Assistance Corporation of America." He once boasted to the New York Times that he had "won" loan commitments totaling $3.8 billion from Bank of America, First Union Corporation, and the Fleet Financial Group. And that is just one "community group" operating in one city – Boston. Banks have been placed in a Catch 22 situation by the CRA: If they comply, they know they will have to suffer from more loan defaults. If they don’t comply, they face financial penalties and, worse yet, their business plans for mergers, branch expansions, etc. can be blocked by CRA protesters, which can cost a large corporation like Bank of America billions of dollars. Like most businesses, they have largely buckled under and have surrendered to their bureaucratic masters. Consequently, banks in every community in America have been forced to hold a portfolio of bad loans, euphemistically referred to as "subprime" loans. In order to compensate themselves for the added risk of extending these loans, many lenders have increased the lending fees associated with mortgage loans. This is simply an indirect way of doing what banks always do – and what they must do to remain solvent: charging effectively higher rates of interest on riskier loans. But this is discriminatory!, complained the "community organizations." Thus, if one browses the ACORN web site, one can read of their boasts of having "predatory lending laws" passed in numerous states which outlaw such fees, prohibiting banks from protecting themselves from the added risk involved in making forced loans to "subprime" borrowers. These are price control laws, and price controls always cause shortages. Normally, banks would respond to such laws by extending fewer riskier loans. But in this case the banks are forced to continue making the marginal loans by their bureaucratic masters at the Fed and the other three federal bureaucracies mentioned above. So-called predatory lending laws therefore force the banks to "eat" the losses. This is undoubtedly a contributing factor to the bankruptcy of dozens of mortgage lenders over the past year. Then of course there is the issue of the Fed’s monetary policy having created the housing bubble, characterized by a spectacular escalation of real estate values in every American city over the past decade or so. This created a further problem for the financial institutions that are victimized by the CRA. They are forced to make a certain amount of bad loans, but because of the Fed-created explosion in housing prices, many thousands of subprime borrowers no longer qualified, by a long stretch, for conventional mortgages based on their incomes. The only way these borrowers could qualify for their mortgage loans (even ignoring their bad credit ratings) was to take out adjustable rate mortgages, some of which had astonishingly low first-year rates in the 3 percent range, and sometimes lower. This is what has largely fueled the subprime mortgage meltdown – the inability of thousands of subprime borrowers to afford their mortgages now that their rates have adjusted upward. Thus, the combination of the Fed’s enforcement of the CRA (with the help of political pressure groups like ACORN) and its post 9/11 monetary policy in general are the reasons for the bursting real estate bubble and the "subprime" mortgage meltdown. Don’t expect to read about this in the "mainstream media," however, which generally views groups like ACORN as heroic champions of the poor, laws like the CRA as anti-discrimination laws, and places all of the blame for the subprime mortgage meltdown on greedy capitalists, especially mortgage brokers. Encouraged by such reporting, the odious Senator Charles Schumer of New York has promised federal legislation that will reign in these miscreants, while the Bush administration is proposing an indirect bank bailout by having the Federal Housing Administration cover many of the bad "subprime" loans. This will create what economists call a "moral hazard" by encouraging even more bad loans to be extended in the future. Every banker in America will be glad to extend loans (at high rates of interest) to the most uncreditworthy borrowers if he thinks there is no possibility of default with the FHA effectively guaranteeing the loan. September 6, 2007 Thomas J. DiLorenzo [send him mail] professor of economics at Loyola College in Maryland and the author of The Real Lincoln: A New Look at Abraham Lincoln, His Agenda, and an Unnecessary War, (Three Rivers Press/Random House). His latest book is Lincoln Unmasked: What You’re Not Supposed To Know about Dishonest Abe (Crown Forum/Random House).

mortgage problems help? we recently went for a meeting with a mortgage adviser, who told us we could borrow £90000, so we went away and searched for properties, we now have found one that we have fell in love with, only to be told by other mortgage lenders that we are not eligible for a mortgage n that they do not understand how any other mortgage lender could offer us £90000, i am now worried that we have found our dream home only for it to slip away, i have tried to see the mortgage lender who told us we could borrow £90000 but he has gone away for two weeks, i think when he gets back he is going to tell us the same as all the other mortgage lenders n that he got it wrong. if that is the case has anyone got any mortgage advice for us we are desperate, we have no debts or marks against our names, but we have a low income, we know we can afford the mortgage because we pay £400 rent a month and pay all our bills n shopping and still have money left over to save..... anyone help

Mortgage Interest Deduction? I have an odd question about Mortgage Interest deductions. Here's the situation: My step-father was paying on a mortgage, but abruptly had to go abroad to care for his ailing parents. He made no mortgage payments in 2006 at all, nor supplied any income for my mother. My mother had a couple part-time jobs, but could not pay the mortgage. Therefore, the entire year of 2006 I assumed the bill and payed all of the mortgage payments myself. My question is, who deducts the mortgage interest paid? Should it be on her tax return since the mortgage is in her name? Or, should it be on mine, since I obviously paid it. I worry that if I put it on hers, the IRS will wonder how she paid all that interest, when she didn't have even a third of that income. Any thoughts? Thanks...

Mortgage Insurance ? I was looking into buying mortgage insurance to cover me in case something happens. I found out this existed when someone I know died very suddenly. I went to the bank where my mortgage is and they told me they only offer it on new loans( my mortgage is 2 years old ). I was not offered this protection when I applied for this mortgage ( actually it was a refinance of my original mortgage ) as I applied through a mortgage company.I was told the best thing to do now was take out a life insurance policy, which I already have, but that dosent cover my husband or myself if we lose our job or become disabled.Does anyone know where I could look into this or is it even worth it? The insurance company that carries my house and auto insurance does not offer mortgage insurance.Any help would be greatly appreciated! Thank You

Will large mortgage banks like BofA, WAMU, drop their wholesale mortgage products? [Please answer this question only if you are a mortgage professional, an MBA, a real estate professional, or someone in a similar profession who is very familar with mortgages] I'm currently an assistant to a mortgage broker and I was very lucky to have worked with one of the ethical mortgage brokers though I will admit that sometimes he over stated some asset figures. I'm not too happy about that--but he would give his clients the best mortgage terms on the cheapest basis. i.e. he didn't charge them points when he didn't need to. However, I'm hearing that the mortgage broker industry may end next year due to the alledged plans of several large banks like BofA (already did it), WAMU, Wachovia, Citi, Indy Mac, Wells, and so on. I've also noticed that these major banks are starting to expand their retail divisions thus making me believe that pretty soon we are aheaded towards a direction where mortgage brokers will become no more. Does anyone else out there believe this to be so?

mortgage taxes and itemizing multiple mortgages? here is my situation. my parents own a house and the mortgage is under their names. they have VERY low income so every year at tax time i itemize the mortgage interest and get a huge tax refund as a result even tho the mortgage is in their names. Now my dilemma is this...i plan to buy my own house with the mortgage in my own name. can i itemize the mortgage interest from both properties and get an even HUGER refund?

Mortgage Help? I have signed a mortgage in principal agreement with my mortgage advisor to get a mortgage which at the time was the best on the market. However, as it took about a month for the actual mortgage offer to arrive, the interest rate on the offer has increased, and would work out to cost us about £700 over the lifetime of the agreement. This is despite the mortgage advisor guarantee us upon signing the mortgage in principal agreement that the rate was then secured. What can I do about this and who can I complain to?

Can my 2nd and 3rd mortgage holders foreclose on my house (1st mortgage is not delinquent)? I have a home worth about $325,000. On this home, I have a $150k first mortgage with WaMu, a 2nd mortgage (home equity line with Chase) with a $200k balance and a 3rd mortgage (another home equity line with Harris Bank) with a $150k balance. The first mortgage (and taxes/ins) are up to date but I cannot afford the payments on the 2nd and 3rd mortgages due to being placed on disability. If I keep my first mortgage payments up to date, can either Chase or Harris Bank seek to foreclose on the house? The reason I am wondering about this is there is no equity in the house for the 3rd mortgage holder (Harris Bank) and the 2nd mortgage holder (Chase) would have to pay out the 1st mortgage holder before they would recover any money for their outstanding balance. Given the current state of the real estate market, i am not even sure I could sell my house for $325k. My hope is that over a lifetime, i can pay the 2nd and 3rd mortgages after I pay off the first mortgage in 10 years.

Mortgage Advice? I have signed a mortgage in principal agreement with my mortgage advisor to get a mortgage which at the time was the best on the market. However, as it took about a month for the actual mortgage offer to arrive, the interest rate on the offer has increased, and would work out to cost us about £700 over the lifetime of the agreement. This is despite the mortgage advisor guarantee us upon signing the mortgage in principal agreement that the rate was then secured. What can I do about this and who can I complain to?

ING Mortgage? I just read a few "answers" to someone's post about ING Mortgage, and I am confused. ING Mortgage is telling me hand's down that it is 695.00, plus odd days interest, and then the mortgage tax, and that is it. In their paperwork, they indicate "there will be some 3rd party fees" but when I ask them about it, they say "No, these are listed by law, but you (me the consumer) do not pay them, they do." However a mortgage guy @ National City Mortgage told me to BEWARE.... he said that they can't pay 3rd party fees themselves b/c it would be illegal. On different Yahoo answers, it supports what my National City Mortgage guy told me, but ING SWEARS that I will not have to. I would like to have it listed directly to me opinions from others on this site who either have applied for an ING mortgage, have one, or an expert. This is not clear - I'm sorry. Cna someone tell me of an experience with ING Mortgage or any intelligence you have on company?

mortgage for house rental...? at the moment we are 2yrs into a 3yr interest only mortgage on our first home. Ideally we would like to move but there is a large penalty if we move before the end of the 3yr period. an option we have considered anyway is to rent out our current home to retain it as an investment and just to use the rental income to cover a majority of the mortgage. does anyone know if we will need to change our mortgage before renting it out (ie would we need to change to a buy to let mortgage) or would we be able to rent it out on the current mortgage???? If we cant rent wihtout changing mortgages then it would enable us to move quicker wihtout having to pay the penalty. Any ideas??? Thanks :) we cant remortgage as then we would have to pay the early repayment charge which si something ridiculous like £25,000!! We have had the house valued 6months or so ago and it has already increased in value by £20,000+ since purchase 18months previous (only bought for £150,000!) so no worries about losing value!! we are looking to retain the house for long term and also are not worried about rental covering mortgage repayments as we can afford the excess as the excess we would pay to cover mortgage compared to the increase in value works in our favour.

Mortgage question? Where can I find low mortgage rates in missouri?Did anyone worked with at-home-mortgage.com ? Where can I find low mortgage rates in missouri?Did anyone worked with at-home-mortgage.com ? Where can I find low mortgage rates in missouri?Did anyone worked with at-home-mortgage.com ?

Mortgage refinance? Yesterday our mortgage lender called to give us details on a possible refinance opportunity. We aren’t sure if we want to do this or not. Would you look at the facts and figures and give us your opinion? Right now we have a 5.875% 30 year fixed rate loan with a balance of $134,700. Our monthly payment is $1,113.87. This includes insurance and taxes. We can get a refinance at 5.625% 30 year fixed rate for $161,000. Our monthly payment will be $1,250. Another option is to take a 15 year fixed rate at 5.25% with a monthly payment of $1,611. Both of these options will be 90% of our home value and will then incur mortgage insurance until our balance drops below the 90 % value of the home. We would get a cash out of $34,000 to pay off credit card debts. These credit card debits are at a low 2.99%, 3.99% and 4.99% fixed life of loan rate. We have been paying off about $700 to $1000 a month on this debt. In the last year, we paid off about $12,000, bringing the debt down from $36,000 to $24,000. This is the only debt we have, other than the mortgage. Here’s the question: Should we continue to pay off the credit card debt and be done with it in about two years? Of course, this is assuming that there are no other emergencies that require us to charge more debt. I am wary of the credit card market being able to change your percentages without much reason. We have co-signed for a car for a family member and she often makes late payments. I understand the credit card mongers can change your contract if you are delinquent on any bill, not just their own bills. That would be bad. It would be lovely to have only one mortgage bill to pay instead of five credit card bills and one mortgage payment. And not to worry that the terms might change without much warning. Plus it would all be a tax break. On the other hand, we could be done with that $34,000 credit card debt in two years if all goes well. Then we could double up on our mortgage payment and get that paid off sooner. What do you think? What would you do if it was your choice? We are going to ask our accountant friend the same questions. Just gathering opinions now. Thanks for taking the time to help us think this one through. We will be anxiously awaiting your answers!

Assuming a Mortgage or Refinancing? I bought a house with a friend of mine as co-borrower two years ago. I got married recently and want to take over the house and the mortgage. The house has two mortgages when it was purchased at 100% financing at that time. Rates are good. I called up the lending bank who holds both mortgages and they said I can assume the first mortgage but the second mortgage is not assumable. I have to refinance for the second mortgage. Another option would be to refinance altogether and combine the two mortgages into one under my name. But since the house was purchased almost two years ago, there has not been that much equity so in order to refinance I have to put down a lot of money. The bank can only finance 95%LTV. If I go with refinancing with the second mortgage, the bank will need 85%LTV maximum. Not sure what to do. What do you think? Thanks Christopher B.! But what is the Power of Attorney for? The first mortgage is a 30 year fixed, with 6.5% interest. The second mortgage is a 30 year fixed with 7.9% interest. My buddy got married too and intends to buy a house in a year or so. Hence the need to take him off the mortgage.

Mortgage problems - all Browns fault? I understand that G Brown was always very keen on fixed rate mortgages, and put a lot of effort into promoting them. In the past people had standard variable rate mortgages with a lender and would probably never move their mortgage unless they moved house. Now the trend for G Browns 'fixed rate' mortgages (but only fixed for a few years, with un-economic rates at the end of the fixed period) means that millions of people have to re-mortgage every few years, to pick up on the next deal. And it is this remortgaging that seems a complete gamble -- noone can know what the financial circumstances will be when the remortgage is required - if it comes when a Credit Crunch hits, then you are stuffed, cos noone is going to give you a new mortgage... Isn't this the root of the problems that are just about to hit? http://news.bbc.co.uk/1/hi/business/6292266.stm Maybe I should say - I have done well out of property and have no mortgage problems - but I hate the unpredictability that G Brown has generated (end of 'boom and bust' - ha ha ha)

Will large mortgage banks like BofA, WAMU, drop their wholesale mortgage products? [Please answer this question only if you are a mortgage professional, an MBA, a real estate professional, or someone in a similar profession who is very familar with mortgages] I'm currently an assistant to a mortgage broker and I was very lucky to have worked with one of the ethical mortgage brokers though I will admit that sometimes he over stated some asset figures. I'm not too happy about that--but he would give his clients the best mortgage terms on the cheapest basis. i.e. he didn't charge them points when he didn't need to. However, I'm hearing that the mortgage broker industry may end next year due to the alledged plans of several large banks like BofA (already did it), WAMU, Wachovia, Citi, Indy Mac, Wells, and so on. I've also noticed that these major banks are starting to expand their retail divisions thus making me believe that pretty soon we are aheaded towards a direction where mortgage brokers will become no more. Does anyone else out there believe this to be so?

ING Mortgage? I just read a few "answers" to someone's post about ING Mortgage, and I am confused. ING Mortgage is telling me hand's down that it is 695.00, plus odd days interest, and then the mortgage tax, and that is it. In their paperwork, they indicate "there will be some 3rd party fees" but when I ask them about it, they say "No, these are listed by law, but you (me the consumer) do not pay them, they do." However a mortgage guy @ National City Mortgage told me to BEWARE.... he said that they can't pay 3rd party fees themselves b/c it would be illegal. On different Yahoo answers, it supports what my National City Mortgage guy told me, but ING SWEARS that I will not have to. I would like to have it listed directly to me opinions from others on this site who either have applied for an ING mortgage, have one, or an expert. Can someone post one answer just so I can get this off my "open" list. I have this listed twice accidentally. If you answer I'll vote you "best response" but put something somewhat intelligent sounding.

Transferring mortgage into single name only after divorce? Hello As part of our divorce settlement I have agreed to let my ex keep our house for which we currently have a joint mortgage. I am now in the process of buying my own property and in order to get a new mortgage confirmed on that property I need written confirmation from my existing mortgage company that I have been released from my old mortgage. I have signed a document from my old mortgage company agreeing that the mortgage andproperty can be transferred to my ex's name only but after 4 weeks nothing has happened. My old mortgage company say that it is likely to take 3 months before they are in a position to provide me with a letter confirming I have been released. Does it really take this long? Thanks for your help. I should have said that my ex has bought me out of our current property hence why I am letting him keep it. The form was signed under the watchful eye of my solicitor who only let me sign it at the appropriate stage. The mortgage company has approved my ex taking over the mortgage in his own name having carried out a credit check etc but they are still saying they need the title deeds transferred to his name only before they will confirm I have been released from the mortgage. My ex's solicitor says this will take a couple of weeks but despite that the mortgage company are still saying it will be 3 months or so before they confirm in writiing that I have been released from the mortgage.

Continue for “Mortgage money and college money?”? Do I have to spend the money in year 2007? Because the government will use year 2008 tax return to determine a family’s financial capability. Most of my money is in high interest rate CD and will mature in year 2008. I want to collect the interests in year 2008; then put them into my mortgage as principal. I have not thought to refinance my mortgage yet. I do not know should I continue to benefit the current low rate mortgage, which I can save more and wait to see what will happen in year 2010 (the time, either mortgage rate goes very high, I have to refinance or the mortgage rate is OK, I stay in my current mortgage agreement. It is a gambling), or refinance now. Is getting a loan for my daughter’s college education a good idea? I hate to borrow money in general. I might change job after my daughter goes to college. That means I might have to change location and sell the house. But truly I do not what will happen in the future several years. reminder: "I have a 5/1 ARM mortgage..

I have a mortgage on my name but house is not on my name anymore, person responsible for paying the mortgage i person responsible for paying the mortgage is not paying on time, he dosnt want to put the mortgage on his name nor he wants to sell the house. ,what are my options, should I tell mortgage bank that they should call him and take off my name from mortgage, what are my legalities and rights since deed his on his name and he doesnt return my calls. he is a mortgage officer and he knows everyone in real estate proffession from attorney to agent, I am getting very scarred as I m getting calls every month from mortgage company that my mortgage is due, as he is already one month behind. Month of april alreday shows on my credit report as a late payment. please someone help me with a professional advice. thank you. well, he is an investor not living there (mortgage officer), he is the one approved my loan for this house, his friend find me this house (real estate agent), the house is in NY, and both are in NY . I have nothing to do any thing with NY, I am from NJ, this Mortgage officer is my cousin !!! , initially he told me that you have nothing to do but sign the papers and i will get you good chunk of money in 3-4 months, i dont know what comes to me and i signed the papers. I dont know how can I go about and what to do, initially he forge the papers to approve for loan (he put his address as I am living there in NY, my income level is also showed as 10 times which i make, thats a long story), I didnt take any money from him matter of fact I have paid 3 mortgage payments from my pocket, he promised me orally that he will give me back my money once He sold the house, we didnt have any written contract. It is a 2 family house and both floors are rented. rent is not covering the mortgage. he puts his name on deed, but the mortgage is on my name, i dont know if deed and title are the same papers.

joint mortgage problem-my brother has a joint mortgage with his wife-they split up months ago? amicabily at first-because money was tight she got a 6mth reprieve from the mortgage-now she wants my brother to pay half the mortgage-the bills such as electric/gas and other bills each month totalling 500 pounds a month-they have a child so this is instead of paying child support(her choice entirely) my brother has to pay for his own lodgings-bills etc and cannot afford to keep paying all this money-he would ideally like to pay whatever the CSA ask of him(for child) as he wants nothing to do with the house at all- she wont agree to have his name taken off the mortgage as by herself she could not afford to keep it(he doesnt want anything from the house should she sell it) he just wants to pay for his child-please give advice if u can -solicitors are very expensive but he knows hell have to see one but if anyone can give advice in the meantime it would be appreciated x ps the bills i mentioned and the mortgage comes out of his bank account(the bills are in his name-the mortgage in bot ps she wont divorce him but knows he cant afford the solicitors bills to divorce her either

The basic distinction between mortgage bankers and mortgage brokers is:? 1.The basic distinction between mortgage bankers and mortgage brokers is: a.Mortgage bankers originate loans using their own capital and a line of credit while mortgage brokers do not. b.Mortgage brokers originate loans using their own capital and a line of credit while mortgage bankers do not. c.Mortgage brokers are not involved in originating new loans but only service existing loans. d.None of the above. 2.PMI provides protection for the ______ in the event of mortgage default. a.Borrower b.Seller c.FHA d.Lender

Joint Mortgage issue? ive split from my partner. we have a joint mortgage but he hasnt been making his share of the mortgage payments for the last 6 months. he also moved out of the property 6 months ago. im in the process of having him released from the mortgage. the property hasnt gone up in value. if my ex refuses consent to be released from the mortgage, when the property does come of value, is he still entitled to 50% of the profit, even though i can prove he hasnt made any contribution to the mortgage and the fact that my continued mortgage payments (not his) have resulted in the profit in the first place? mispipik-why do you have to judge people?people ask Qs for advice!!if you cant see that then your the IDIOT!!!!!!

Does Mortgage/Home Ownership Automatically Transfer? A hypothetical question. If a disabled person lives with his/her parents, in a home they own and/or are on the mortgage for, what happens to the home when the parents die? If the parents leave the home to their disabled son/daughter in their will, can that son/daughter continue living in that home, as long as the mortgage & other home expenses (property tax, maintenance) is paid (either through the estate/inheritance or other income), or does the disabled son/daughter have to get the mortgage (& credit check) in their own name to live there? In other words, if the parents leave the house and estate to their disabled child so he/she is "taken care of", does the home ownership & any mortgage transfer automatically? Or upon the parents deaths will the bank/mortgage company require the disabled person to either vacate the home or go through a credit check to apply for a mortgage in their own name? Would the Home Ownership Transfer Automatically upon Death? A little more info, if anyone needs it to answer/thinks its important. The person who is disabled does NOT need help, with bathing, dressing, or any daily living needs, so they do NOT need a group home, or nursing home. He/She is able to manage the tasks of daily living (laundry, shopping, etc.) & though due to the disabilities, he/she cannot currently drive (the parents are getting their child help to resolve this) with disabled transport services, buses, etc., the disabled person is able to get around as needed. Therefore there is no need for them to move into a nursing home. However, as a result of the disabilities, as well as other issues, this disabled person has LOUSY credit, and no way would qualify for a mortgage on their own. If necessary, the parents have considerable savings and investments both in their own names as well as in trusts for their child - more than enough to fully pay off the house, and then some (actually a LOT more!)

Old Mortgage company reporting me years after selling house? I owned a house, financed through GMAC mortgage from 2001 to 2005, when I sold it. Years go by, nothing wrong. As of January this year, they reported me for being delinquent on a single mortgage payment... 3 yrs later. I started the process of a home loan app today with another company and they tell me I currently have a mortgage loan, for the exact amount of my old mortgage. I keep tabs on my credit using equifax.com and I had never seen antyhing. Today I check back, and now it shows I have a $130,000 mortgage (amount of my old house) to some comapny I've never heard of. In fact, there seems to be a few names involved - my credit report shows "NetBank" and the person processing my app shows RBMG, and I also saw a Resource Mortgage somewhere too. The only phone number I found is busy all of the time. I googled the address and it leads to south carolina consumer protection agency. All of this is really weird. Anyone seen this before or have any idea what is going on?

Help-Mortgage issue!!!!!!? me and my partner have split up. we have a joint mortgage. he hasnt paid the mortgage for the last 6 months and has moved out. i have since been paying the mortgage alone. i have obtained consent from the mortgage lender to have my ex released from the mortgage, the property has no equity. i have instructed solicitors to do the transfer and to have my ex released but he will not consent to the transfer and being released from the mortgage. is there anything i can do? i dont want to sell as i will incur a massive loss with all the redemption penalties and due to no equity.

mortgage after bankruptcy? i've been researching this as we are getting ready to file. we currently own a home that is mortgaged to the hilt and we are trying to decide if we are going to include the mortgage in the bankruptcy (as the burden is really greater than the asset), give up our house and rent for a few years. we would like to plan on trying to buy another house 5 years after or so. what difference would discharging our current mortgage make later on when applying for another mortgage? or, do lenders simply look at the fact that you have a bankruptcy at all and the fact that you discharged your previous mortgage specifically doesn't make a difference?

Mortgage Lender or Mortgage Broker? Is it better to seek a Mortgage from a Mortgage Broker or from a Mortgage Lender directly? I have met with various mortgage brokers and they all say that they get the best rates.

Should I do a no-doc mortgage only in my name vs both of our names? My husband and I have a first mortgage with a 6.5% arm that will start adjusting up in September. We have a second mortgage at 10.5% that is fixed. The total balance is around $455,000. We have two refinancing options on the plate right now: 1) Our credit union can refinance our first mortgage at 7.5% fixed for 30 years, but not the second mortgage (They don’t do mortgages that big). It will increase our monthly payment by $300 to $400/month and the new mortgage will be in both of our names. We can handle the increase without a problem. 2) A Mortgage company will refinance BOTH mortgages into 1 mortgage at 7.5% and our payments would stay the same, BUT the mortgage would be in my name only because his FICO score is mid 500’s and mine is around 715. He makes twice the money I make, so they would put his score first if he was on the loan, too. It would be a no-doc mortgage, so they would not know my income, which is half of his. Any down sides to Option 2? I'm worried.

mortgage advise after break up, help!!? my partner and myself split up 4 months ago, we are not married, the mortgage was always paid by my ex as i recently had our baby (10 months ago) so been unable to work, im now back at work part time on a low wage and since me and my son moved out i have set up a direct debit to go into my ex's bank for £100 a month to pay towards mortgage, the mortgage is £500 a month but we agreed that instead of my ex paying child support he would just pay £150 of my half of the mortgage therefore leaving £100 for me to pay, at the moment things between us are ok but im just worried that in a few years time he may try to cut me out of my share, any advise would be great, we live in the uk and was joint mortgage, thanks yes my name is on the mortgage, and the only reason im paying anything is becasue my friend used to work at a soliciters and had seen a lot of cases like mine, and she said that even if the mortgage is in joint names, if only one person is paying it they can be entitled to 100%, she advised me to set up a direct debit int his account every month to pay some of the mortgae so that if he ever did say i was not paying anything i could prove i was, i just can't afford to see a soliciter right now so i just want to be sure i get whats mine, i'm not even sure if i should be paying him anything and will still be entitled?

How Big Is the Sub-Prime Mortgage Market?.? How Big Is the Sub-Prime Mortgage Market?. Ben Stein said it well this past Saturday on Fox’s Cavuto on Business: The sub-prime mortgage problem is grossly overstated; the sector is just too small. Smart guy, Ben. Ferris Bueller never should have skipped school that day — he would have learned economics from a master. (Stein, for those who might have missed it, played Bueller’s (Matthew Broderick’s) high-school teacher in the pop hit, Ferris Bueller’s Day Off.) But let’s switch movie metaphors for a moment. In Rain Man, autistic savant Raymond Babbitt (Dustin Hoffman) is asked two economics questions by Charlie, his money-loving younger brother (Tom Cruise). Charlie: Raymond, how much does a candy bar cost? Raymond: About a hundred dollars. Charlie: Raymond, how much does an automobile cost? Raymond: About a hundred dollars. The questions are designed to reveal a systematic flaw in the way Raymond looks at the world. For all his skill at counting the minutia in life (like toothpicks), he just doesn’t understand the issue of scale. He doesn’t have an inherent sense of how big things are. I’ve thought a lot about Rain Man over the past few months as I’ve been following the press coverage of the sub-prime mortgage crisis. The story’s been on the front page of the Wall Street Journal nearly every day. Pretty much every show on CNBC — except Kudlow & Co. and one or two others — has been obsessed with the topic. Yet no one seems to be asking the Rain Man question: “How big is the sub-prime mortgage market?” And the answer, as Ben Stein makes clear, is not very big at all. Currently there are about 44 million mortgages in the U.S., and less than 14 percent of them are sub-prime. And only about 13 percent of those are late on payments, with the majority of late payers working through their problems with the banks. So, all in all, when you work through the details and get down to the number that really matters, only about 0.6 percent of U.S. mortgages are currently in foreclosure. That’s up a hair from roughly 0.5 percent last year. That’s it. Actually, that’s not it. Things are actually better than the numbers suggest, since sub-prime-mortgage homes are less expensive than prime-mortgage homes. This makes sense. Wealthier people, generally, can afford costlier homes than less-wealthy people. The recent sub-prime surge brought large numbers of moderate-income families into the home-ownership market, and their houses are less expensive than most. Therefore, the dollar impact of the sub-prime default is smaller than if it were a prime default. With approximately 254,000 mortgages in foreclosure at the moment — up from roughly 219,000 last year — the sub-prime meltdown has given us an increase of 35,000 mortgage foreclosures over the last quarter. Since the average sub-prime mortgage clocks in at almost exactly $200,000, we’re looking at an approximate $7 billion increase in foreclosed value in the first quarter of this year. Raymond, how big is household net worth in the U.S.? About a hundred dollars? Actually, it’s a lot bigger than that — about $53 trillion. In other words, the recent increase in sub-prime foreclosures amounts to 0.01 percent of net U.S. household wealth. That’s toothpicks, Raymond.

Who is responsible for Mortgage company mistake? I fell behind in my payments with my mortgage (not part of the sub prime mortgage mess) and the house went into foreclosure. I set up a repayment plan with the mortgage company and have successfully brought everything current over the last year. This past Friday I get a "Notice of Trustee Sale" posted to my door announcing my house was going to be auctioned in a few weeks. I called the company who posted this and they told me that I have not made payments on one of my mortgages. At the time of setting up the repayment plan, I had two mortgages with Aurora. Since I worked with Aurora to set up a repayment plan, I assumed that both mortgages were being taken care of, because the monthly payment increased substantially and that the two mortgages were handled by the same company. But Aurora only did the repayment for one mortgage and not the other. I questioned it, but Aurora said they were the only ones I need to work with, that is not the case. What can I do?

Mortgage and moving in with partner? Me and my boyfriend both have our own properties and live apart. We both have mortgages. What would happen to my mortgage if I was to sell my house and move in with him? Do I add my mortgage to his and start paying towards his mortgage? Does my outstanding loan amount get added onto his outstanding mortgage amount and then a new repayment amount is calculated?

Mortgage company unreasonable about homeowners insurance requirements.? I own a condo, and I asked my mortgage company how much condo insurance I am required to hold as a provision of my mortgage. They stated that I must have enough to pay off the mortgage balance. This is COMPLETELY unreasonable. The condo association has insurance to rebuild the exterior (which was documented at loan closing), and a great deal of the condo value is the land. It would only take about 1/3 of the mortgage balance to fully rebuild the parts of the condo I am responsible for. If I carried that much insurance, the insurance company would never pay it anyway, even in a total loss. Do I have any recourse for negotiating with my mortgage lender to allow me to carry less insurance? -->Adam

Mortgage lender scam or not? input needed.? I recently got a postcard from a local mortgage lender / broker who listed some really great loans programs from FHA. ( My first home loan was an FHA and it worked well for me. ) My home mortgage is for a total of 263K. I have a first and a 15 yr second mortage ( that total was them combined) I contacted the lender on the above post card and got a quote for both mortgages combined at 6% 30 year bringing my mortgage up a bit from where it was. I looked at the fine details and the loan docs reflected a higher loan than I needed. Approximately 15K ! I asked about the loan being more than I needed and the mortgage broker did a song and dance telling me the 15K is fees. I have refinanced my home 5 times. I have never seen fees like this! That was NOT including an escrow account for taxes....

Mortgage Debt to Income Questions/Advice? My fiancee and I are getting married and we are selling both of our houses and moving into newly constructed one. Both existing houses are on the market right now, and my hope is that they will sell before the new home is finished. In the event that they do not sell at the time I need to start securing financing on the new house... I am trying to figure out worst case scenario, and need to know what is the highest debt to income ratio a mortgage company will accept for a mortgage on a new home. If neither house sells, and I carry 3 mortgages the debt to income ratio is 52%... if one sells.... I can get it down to about 43%.... can I get a mortgage with these debt to income ratios? I am not worried about cash flow persay... because this should be a short term problem (whatever that means)... but I need to know what can I qualify a mortgage for. Does any one have any suggestions on strategies for managing a situation like this?

mortgage brokers and customer rights? My mortgage broker has had since Nov 2007 to get together the necessary paperwork for my re-mortgage - I have signed and completed all necessary paperwork. My current deal expired 31st Jan 2008 and I am still chasing completion with the new lender. I am currently paying the new (higher) rate on my existing mortgage, rather than the new mortgage rate due to the fact that the new mortgage company were still awaiting forms etc. Obviously my broker has had more than enough time to get things together for what should have been a smooth transition from one lender to the next. Do I have any right to claim anything back from my broker as compensation for them not doing their job properly?

Does mortgage help credit ratings? I recently bought my first home - sharing the cost of mortgage with a family member. However only his ss# is on file with the mortgage company although both our name are on the monthly statement. My question is whether I should correct this with the mortgage company and have them report it to my credit? By having a mortgage on my credit, will that actually help boost my credit rating or lower it? My current credit rating is around 690. Thanks Thanks Joe - but when I bought the property, the lender access my credit and did the whole paperwork. everything seemed to be fine and I just realized that when we received the tax documents recently. So I'm guessing the mortgage company should have no problem in getting my ss# on file.

Mortgage and title? I am getting a divorce, my husband left in 2004, I have been solely paying for the mortgage through "my" checking account. I signed the Open End Mortgage documents and my name is listed on the Assignment of Mortgage, my husband is on everything and solely on the title. Our mortgage company is saying I am not on the mortgage, how can this be when I am listed on all the documents? He has been getting credit for my payments and they have not reported any of them on my credit report, its been 2-1/2yrs.

Use 30yr mortgage to fund mutual fund investment/retirement? As rates continue to fall, I'm considering the following: My home will appraise for ~500,000 I currently owe $200,000 in year 5 on a current 30 yr mortgage @5.875%. I'm generally very financially conservative and have spent the last 5 years paying down mortgage debt (my only debt) as fast as possible (an extra $500/month toward princ.). Does the following make sense: 1) Take out a $350,000 loan for 30 years (hopefully, at 5%) 2) Pay a monthly mortgage of ~2,000 3) Put the 150,000 into a conservative mutual fund to earn a modest 8% interest. Given the tax advantages of the mortage interest, the numbers look promising. I understand that mutual funds don't automatically return 8%. Some years they may lose and some years they may get 16% or more. It's the average. The numbers will create a nice cash reserve in about 5-10 years, which is comforting. Does this make sense. The numbers all point to yes, but I don't know if I'm missing something. Any suggestions? FYI - I do have a separate Simple IRA for my retirement. This is to augment my retirement with an available cash reserve. Sorry for sross posting. Personal finance seemed to be dominated by 13 yr olds so I posted in another category. I realize there is risk in this plan. But there's also risk in having 300k of equity doing nothing. If I have an opportunity to do something with that 300k @ 5% interest, it seems that half of that can start doing some work for me (in addition to appreciating with my home's value). I don't mean to sound overly optimistic. If you knew me, you'd know I'm as pretty conservative. The numbers just make complete sense. 8% is not a lofty goal for an average return on a mutual fund (over 5-10 years)., If you've looked at the numbers, why is this bad. I can afford $2000/mo payments. In 10 years, this starts to completely pay my mortgage. How is that bad?

Mortgage rate freeze rewarding stupidity? As mortgage rates fell to lows not seen since Eisenhower was president I refinanced my mortgage. There were offers for interest only loans and adjustable rate mortgages with rates less than 3% that would have resulted in ridiculously low monthly payments but I saw the risk in those and instead took a 4.875% 15-year fixed mortgage. Now the Bush administration is brokering a deal to freeze the rates on those adjustable rate mortgages. How is that not just rewarding people for being stupid? What's next, having the casinos and lotteries give back money to those who played and didn't win? Since we're doing "do overs" here, how about they give me back the extra interest I paid because I was smart enough not to go for the ARMs?

Mortgage advice for sticky situation? Two years ago we lived in California, where our mortgage was ASTRONOMICAL. We sold our house and paid off the loan. We moved to another state and bought our new house with cash. We are now in the process of getting a small mortgage to put toward home improvements. Yesterday, my husband's credit score came back as 744- yea! But also the report showed two late payments on the old house before we sold it. The mortgage company wants us to contact the old mortgage company and find out why those payments were late. The truth is I know they were late because we had a temporary employment issue- but then we got back on track for several payments before we sold the house- and then paid off the loan anyway. I guess, despite the excellent credit rating, this might affect our interest rate on the new loan. Please advise how I should approach the old mortgage company so we can get the best rate on the new loan. Thanks!

Does the current mortgage show up in the credit report ? I live in a house mortgaged at 140 K but its kindda small and me and my wife want to book a bigger house. The bigger house would be around 400 K. What i want to do is to book a bigger house and still keep living in my current house so by the time the bigger house is ready, i can sell my current house and move into a bigger one. To book a new house i'll have to have the mortgage approved but with my current house still with me, i may not get approved for a bigger mortgage. Some one told me that if i don't tell the bank that i own a house they can never know about it because it doesn't show up in the credit report. If it really doesn't show up in the credit report, then i can go to a bank and ask for a bigger mortgage by not telling them about my current mortgage.

debt mortgage sellup & move? what to do? Hi, This is doignmy head in, can you help? I have a £255k house with a160k mortgage with 25 years to go, im 33. I have about 24k loans/debts/credit cards (£600 a month) i take home £1700a month & after paying off energy mortgage, food car etc etc , my debts arent going down or up! just breaking even. I asked my bank about selling my house and getting a smaller house and another mortgage so to use equity to pay off loans/debts but the bank have said i would only get 100k mortgage now. so that 100k mortgage after solicitors fees/debts/loans moving im looking at 70k deposit so i can get a house for £170k it would have to be somewhere i dont want to live. or, just carry on do as much overtime as possible and live skint for next 6 years stressed until debts have gone? moving away from this area i really dont want to do but the cheapest 2 bed around here is 200k.. I know alot of people are in worse case and some may not even be able to get a home. what to you think i should do plz

Which Mortgage Company Owes Us The Interest Already Collected? The original mortgage was granted through one loan company but over the years, it has been sold off to other companies. The note is now held by a third mortgage company. In the beginning much of the monthly payment went towards the interest but now most of it is going towards the principle. The mortgage will be paid off in 6 months which is earlier than negotiated. Because all the interest was paid in the beginning, we have essentially overpaid the interest and should be getting a credit. So who owes us the credit? Is it the mortgage company that collected the payments initially or is it the current mortgage company because they have assumed all responsibility for the note when they purchased it from the other company? Can you please also send me a link to some documentation that will support your answer? Thanks! I think there may be some confusion about where the "credit" is coming from. The mortgage for the full term (as negotiated) was paid upfront but we are paying it off early so we pre-paid more interest than what we actually had to owe. Sorry I meant to say the interest for the negotiated term of the mortgage was paid upfront so we prepaid more interest than we should have to owe. Let me just add something- there is no question about whether or not there is a credit. The bank has already said there is. We are trying to establish who actually owes it- Company 1, 2 or 3. If you don't understand mortgages, please don't answer. I am looking for serious answers.

Repayment mortgage or interest only.? I would like to afford a repayment mortgage on my house i want to buy, but the payments are more than i pay in rent. I was thinking of having a interest only mortgage, i know you have to find the money you have borrowed at the end of the mortgage term, but at this present time that is all i can afford. I was thinking at least i am buying it and not throwing my money down the drain or am i. As anyone else had a interest payment mortgage and is it a good idea or should i wait untill i could afford a repayment mortgage, please any good advice wanted. I was offered a fixed rate repayment mortgage for 3 years but it is still higher than i can afford. But with a fixed rate interest only mortgage i could just afford that. Obviously i know nothing about mortgages so would appreciate advice. Could u stil change to a repayment mortgage if your circumstances change for the better in the future,the one thing i do know is with a interest only mortgage you have to find the amount you borrowed in the first place and pay that back at the end of the mortgage term. 6.4% I have been offered fixed for 3 years. I meant 6.14% fixed rate for 3 years on an interest only mortgage . Would anyone else buy a house on a interest only mortgage

Divorce/Mortgage Settlement Oklahoma questions? Ok, My ex husband and I got a divorce over three years ago. I was awarded the home subject to the mortgage indebtedness. Recently my ex has been saying that I had three years to change the mortgage into my name. I have reviewed the divorce papers and found nothing to support this. Internet searches specific to Oklahoma has not supported this. Other loans divided in divorce did not have to be changed over; ie loans, cars, etc. He states it is in the Divorce papers. Here is what it says specific to the house or mortgage. "Petitioner (thats me) is to receive as her sole and seperate property, free and clear of any claims, rights, or interst whatsoever of the repondent (my ex) the home at....subject to the mortgage indebtedness" "Petitioner (me) is to assume and agree to pay, and hold respondent harmless on any lost cost, damages, liability, or attorneys fees only the lien or first mortgage on the home of the parties" Help and sources would be appreciated. well, I do have an attorney and I would consult him, but since I am still paying off from three years ago don't want to incur more. If I felt that my ex was going to actually do anything besides harass me on it I would call him. The title on the house was put in my name only thru a quick deed within 30 days of the divorce, so essentially if something happened to me, the house would probably be sold and my children would get the equity, all of this thru my father in my will. But yes, you are right that he wants to buy a house and is having problems. Thanks for everyones thoughts, I just wanted to see if anyone picked up something different from the legal mumbo jumbo. Oh and as for refinancing me, I doubt anyone would since my income is very low, make more in alimony and child support. And the interest rate on the house is 5.85% so, I doubt it could be beat. But I would also like it noted that only one time in three years has the mortgage been late and it was only 15 days late. Otherwise it has been paid religiously. It helps my credit and should help his to a point. Oh and as for refinancing me, I doubt anyone would since my income is very low, make more in alimony and child support. And the interest rate on the house is 5.85% so, I doubt it could be beat. But I would also like it noted that only one time in three years has the mortgage been late and it was only 15 days late. Otherwise it has been paid religiously. It helps my credit and should help his to a point.

Countrywide mortgage affected by Bank of America??? SO if Bank of America buys out Countrywide, what does that mean for people who have a mortgage with Countrywide? 1. Does the mortgage rollover to Bank of America at the same fixed rate you locked in? 2. Does your mortgage get sold to another comapany with the same rate? 3. Should this merger worry homeowners?

Second Mortgage? I'm going on 3 months past due now on my mortgage. In other words my home is going into forclosure. I have a second mortgage that I am gonig on 2 months past due. I'm unable to catch up on my home mortgage. I want to know should I continue to pay the second mortgage? I already know that forclosure is in the making. Don't the second mortgage get paid first when the home is sold. (Florida)

another mortgage...(UK)? i have a buy to let mortgage(49k) on property no1, which is successfully let to long term tenants. I have a sizeable deposit (10k) for a 2nd mortgage on somewhere i hope to live. will my 1st mortgage in any way affect my proposed 2nd mortgage? if so, how and why? i intend to see a mortgage adviser asap, but am curious...

Mortgage Question? We currently have a mortgage on our home ($30,000 in equity) and have never had a late payment. We are looking to move to another state within 7 months and will be putting our house on the market. My fiance's credit is much better than mine (I have past issues and collections), yet we were able to get our current mortgage without much of a problem. Is it easier to get our next mortgage since we already have one? I'm worried that because of the mortgage crisis, we may not qualify now, even though we did in the past.

mortgage payment? I have worked in the mortgage industry for many years. So correct me if I am wrong, but as long as you make your P&I on the mortgage every month, they cannot report you to the credit bureau. I am fighting my mortgage company on the amount of escrow being added to the payment, and don't want to over pay into my escrow account any longer.

double mortgage - how to avoid the dilemma? I've been offered a job but cannot afford a double mortgage. This is unfortunate because I will have to decline the job unless there is some way to avoid having to pay two mortgages until the first house sells. What are my options? After paying the first mortgage, I would be left with $300 per month with which to pay for the second house/rental.

Mortgage Lending Questions for Newbie!? I'm currently applying for a mortgage via my mortgage consultant/broker. First question~ Should I shop around via different brokers to get various comparisons or will my various loan camparisons come from one broker? 2nd Question~ At what point should I recieve my Good Faith Estimate? Some people say 3 days after the loan application is submitted and others say once you find the property! Isn't it too late to bargain and shop around once the property is found??? 3rd Questions Yield spread premium...should I be leary or is this everyday practice in the mortgage lending world? I don't have a full understanding of this! WOW! I feel really overwhelmed right now! Credit rating is approx. 620 Thanks I have 20% and closing cost, I believe I'm ready financially, however I'm afraid of not asking the right questions and not looking for obvious RED FLAGS!!! I'm pretty much settled on the fact that I want a 30 year Fixed Loan! I was told that I didn't have to use a sub- Prime Loan

question about mortgage taxes and itemizing mutliple mortgages? here is my situation. my parents own a house and the mortgage is under their names. they have VERY low income so every year at tax time i itemize the mortgage interest and get a huge tax refund as a result even tho the mortgage is in their names. Now my dilemma is this...i plan to buy my own house with the mortgage in my own name. can i itemize the mortgage interest from both properties and get an even HUGER refund?