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trying to qualify for a mortgage.?

By on Friday, December 3rd, 2010 | 1 Comment

Hi, I make around 35- 40 k a year, we live in California. I am hoping to qualify for a 90k mortgage. Before I go to the bank I want to make sure I am doing everything right.
My husband and I have another property under his name. Due to some reasons ( he is trying to refinance the other house) we don’t want his name to be on this mortgage application. I have only a small car payment plus a credit card bill under my name.

I think before I go to the bank I should pay off my credit card. I have about 2500 on it. I know it is not a big amount of debt but since I am trying to qualify for only 90 k and my income is not that high, this $2500 can make a difference.

I have 2500 dollars in my savings account, so I simply can pay it off. The problem is that if I do it I will have zero in my savings and zero in my checking. I don’t know how the bank will look at me. They will think, ” Of course, she has no debt, but she has not savings either”

So I think my options are:
1. Leave it like it is. I will have 2500 on my credit card and 2500 in my savings
2. Try to pay this credit card off. Then I will have neither savings nor debt
3. Tell my husband to pay off my credit card with his credit card. So all my debt will be transfered to him and I will still have 2500 in my savings.

The third option looks good, but the problem is that I think it takes up to a month to transfer balances on credit cards. (although I am not sure) . We are in a hurry and need to try to qualify as soon as possible.
So what do you think my best option is?
Edit: Sorry, I forgot to mention, I have 20 k downpayment.

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All 8 FreeCreditReport.Com Commercials with Lyrics

By on Friday, December 3rd, 2010 | 25 Comments


UPDATE AGAIN – MY ALL 9 VIDEO HAS BEEN REJECTED DUE TO COPYRIGHT CLAIM SO IF YOU CANT FIND IT THAT IS WHY, IT IS NO LONGER LIVE. UPDATE- THE NINTH VIDEO IS OUT JUST CHECK MY VIDEOS FOR ALL 9 Lyrics— Dream Girl- Well I married my dream girl. I married my dream girl. But she didnt tell me her credit was bad. so now instead of living in a pleasant suburb. we’re living in the basement at her mom and dads. No we cant get a loan for a respectable home. Just because my girl defaulted on some old credit card. If we’d gone to free credit report dot com, I’d be a happy bachelor with a dog and a yard. New Car- Well I was shopping for a new car, which one’s me? A cool convertible or an SUV? Too bad I didn’t know my credit was whack ‘Cause now I’m driving off the lot in a used sub-compact. FREE, that spells “free” Credit report dot com baby Saw their ads on my TV Thought about goin’ but was too lazy Now instead of lookin’ fly and rollin’ fat My legs are sticking to the vinyl and my posse’s getting laughed at FREE, that spells “free”, credit report dot com baby…. Pirate- Well they say a man should always dress for the job he wants So why am i dressed up like a pirate in this restaurant Its all because some hacker stole my identity Now I’m in every evening serving chowder and ice tea Shoulda gone to free credit report dot com I coulda seen this comin’ at me like an atom bomb They monitor your credit and send you e-mail alerts So you don’t end up selling fish to tourists in t shirts …

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Question on mortgage 5 yr arm please (help)?

By on Friday, December 3rd, 2010 | 2 Comments

When we bought our first home 3.5 yrs ago, We had wantd to live for 3yrs then move for personal needs…Our Mortgage officer insisted this was the best bet for a 5yr arm. It sounded good, and we could afford the payments. Insurance (health), gas, and HOA went way up and put us over the edge. The medical payment went up but the service degraded, so we are now contending with huge bills and basically we live pay check to paycheck and can barely afford food, (actually cant go shopping) But we dont qualify for assistance….Any savings has been depleted. It seems like a downward spiral, and it is just gettnig worse. So were juggling bills and doing the best we can, working overtime as much as we can however thats mostly on a freeze as well…
Now we have zero in our account and cannot pay our mortgageyet this month…. I called my bank to inquire with any options, but they refuse to talk with me till im 30-60 days in default. (how the heck does that make sense?) Can any one tell me what options there are? Iv e heard about a new legislation where a home-owner can (refinance) for lack of better word, to the actual value of the home. Ours is valued at more than half of what we paid, or are trying to pay. There is something else I heard of where the bank lets you skip a few payments and puts them at the tail end of our loan. I dont want to walk away, just frustrated that I need help and bank wont talk to me??? any options and advice would really be appreciated. thanks

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is a title needed when refinancing mortgage? Why is fee so large?

By on Thursday, December 2nd, 2010 | 5 Comments

My mortgage co. is willing to give me a new mortgage with less interest. The biggest closing cost it the title process but I don’t understand why is this needed since the legal parties should be the same, them and me.

Also, is the title fee based on the cost of the home?

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What do you think about this? refinance question?

By on Thursday, December 2nd, 2010 | 6 Comments

We have an investement property- a 2 family home. We are collecting less rent than the mortgage paymentt This has been the case for a while. I decided to call the bank to see if they would give us a loan modification (last year they would not). However this year, they say we are eligible for a Fannie Mae refinance, since our loan exceeds the value of the home and we would otherwise not qualify.

When I go online and use the online tool with my information/account in the system, 30 year fixed rate is 4.875%, but loan officer is giving me 5.65%. The option he is giving me says I will save $445 monthly. Closing will cost between 6K and 9K. When I ask why, I feel like he is giving me the run around and is not answering my questions…he says

“That is based on a certain scenario, but this is the best option for you because you are upside down anyway”. (meaning I owe more than house is worth). When I asked him to give me other options..he said

“You are already upside down on your house, don’t you want to save money?” When I asked him to explain the scenario in which I would get the 4.875%, he said “At this point it really doesn’t matter because you are upside down” –

When I asked him to tell me the interest rate on a 7 yr. ARM- he said I would be paying almost the same thing- but did not give me a dollar amount or interest rate. When I told him I wanted to discuss with my husband, he said- “What do you need to discuss, do you think he’d have a problem saving money?”

I have not signed the papers yet and don’t know if I want to. Should I contact a different loan officer. Is this one doing the right thing. I just want answers and he’s not giving them to me. Or should I just suck it up and sign. My current rate is 7.5% and loan amount is $402K.
New loan amount will be at least 410K. According to them, the house is worth $383K
The Refinance option is PART OF the making home affordable program. Obviously I don’t qualify for a modification, but I DO qualify for a refinance under this program…I know what I’m talking about in regards to that, just want to know what you all think about the representative who’s ignoring my questions!!
under normal circumstances I would not qualify for a refinance..
Less rent is because yes, we did make some bad choices, but more than that have trouble attracting tenants who can pay a $1700 rent (which is what a 3BR goes for in NYC), so rented for $1400- ended up evicting anyway. Before eviction rent collected was $2650, mortgage payment is $3215. After eviction= less rent collected.
we are not behind on payments, we are doing the right thing I thought by taking out of savings, so cannot qualify for any of deed-in lieu, forclosure assistance, etc. because we are up to date.

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The Perils of Mortgage Refinancing

By on Thursday, December 2nd, 2010 | No Comments

The Perils of Mortgage Refinancing


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Home Page > Finance > Mortgage > The Perils of Mortgage Refinancing

The Perils of Mortgage Refinancing

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Posted: Apr 10, 2008 |Comments: 0
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The Perils of Mortgage Refinancing

By: Jon C

About the Author

Jon C is a proud home owner based in London, UK.


Sponsored by dawjee.com.

(ArticlesBase SC #383757)

Article Source: http://www.articlesbase.com/ – The Perils of Mortgage Refinancing





What is Mortgage Refinancing?

Mortgage refinancing refers to the act of applying for a second mortgage to replace the current mortgage.

It is particularly useful in times of falling interest rates, as a newly refinanced mortage can lock in a lower interest rate, when old lenders do now lower rates in line with the base rate.

Alternatively, these financial products can be used as a way to take out cheaper loans, as securing a loan against a dependable asset (i.e. your house) is seen as a low risk transaction by the lender.

What makes them popular?

Mortgage refinancing is popular because it can either

save money
be a cheap loan.

Know the risks

Get sound financial advice

Sound financial advice should be taken before a mortgage is refinanced. It is not prudent to take financial advice from a financial advisor who works for a mortgage refinancing firm as they will probably be on commision and just try to sell you the deal that earns them the most money.

Do not be victimised by predatory lenders

Many television adverts for home refinancing firms target vulnerable elderly people. This is sickenning as they are trying to profit from a vulnerable section of society in a harmful way. There are also stories of predatory telesales practices, where salespeople would cold call vulnerable elderly home owners, and pressure them into accepting unnecessary and uncompetitive loans.

Read the small print

You should also make sure you read the small print. There were many financial scandals last year regarding people who did not read the small print. Some experienced their debts soar and lost their homes.

Be aware of fees as well as repayments

Even if people use mortgage refinancing sensibly with the aim of lowering their mortgage rate, care should be taken that there are excessive up-front fees or costs, and that there aren’t any hidden penalty charges in the small print.

You can lose your home

Be aware that if something goes wrong you could lose your home. Do not take out large loans for trivial purposes.

Conclusion

Before refinancing your mortgage make sure you understand all the terms and conditions. If someone cold calls you and tries to sell you a mortgage refinancing deal the safest option is to put the phone down. Such cold callers will be working on commission and will not have your interests in mind. So always use a reputable broker or lender.

Also, be aware that you home may be at risk if you do not keep up with payments. It is therefore unadvisable to take out large loans with which to spend on trivial pursuits.

This article is based on the author’s opinion and does not constitute financial advice. The author is not liable for the results of any decisions made as a result of reading this page.

Retrieved from “http://www.articlesbase.com/mortgage-articles/the-perils-of-mortgage-refinancing-383757.html”

(ArticlesBase SC #383757)

Jon C -
About the Author:

Jon C is a proud home owner based in London, UK.


Sponsored by dawjee.com.

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mortgage, refinancing, secure loans, debt, money, housing, real estate

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loan early payoff calculator

By on Thursday, December 2nd, 2010 | No Comments


Mortgage Refinance Information Prior to scouting out mortgage refinance loans, any potential borrowers should first review their current mortgage note. The first thing that you need to look for is a prepayment clause. Most home loans include some form of prepayment penalties for paying your home loans off early. Homeowners that have a first and second mortgage could also end up being slapped with steep prepayment penalties; which would go a long way towards negating the savings that would be obtained through refinancing. Many mortgage refinance financial lenders tend to prey upon the idea of utilizing the equity that has been built up in your home in order to pay off your credit cards. Others will actually just combine this with some sort of a cash-out pitch. While this at first may seem tempting, it is not actually the best idea. Even though the home refinance loan rates may end up being lower, and you very well may end up with some extra money each month, over the long run you are going to be paying more in terms of interest charges because you are paying the refinance home back over such a long period of time (most people get a mortgage refinance with a 30 year term). Besides that, even after you are able to free up that additional money each month using a mortgage refinance, it does not really provide you with much good unless you are going to put it into some sort of savings account. Otherwise you are still going to be just living from paycheck to paycheck. Also, if …

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What is the process of buying out of a mortgage?

By on Thursday, December 2nd, 2010 | 1 Comment

My sister and I own a home. Both of our names are on the mortgage and originally needed both our credit to be approved for this size mortgage. We are now looking to either sell or buy one of the other out. We know we will take a loss if we sell now but don’t know if either of us can afford to own it on our own. What do we need to do to buy one out? I heard we have to refinance, one will have to get approved for the amount of the mortgage on our own, and repay closing costs? Is this true? Are there more affordable options? What is the process?

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How long does it take to pay off existing mortgage after refinancing?

By on Wednesday, December 1st, 2010 | 2 Comments

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Shady personal loan by mortgage broker?

By on Wednesday, December 1st, 2010 | 4 Comments

A couple of years ago I was trying to get approved for a mortgage with my wife. we had some credit debt but overall we were ok. When my mortgage broker saw the 30k in debt he said he could get us a personal loan through an investor. Having no options we took the loan to pay off our debt, and get approved for a mortgage. Turns out a family member who also uses this mortgage broker came into money that they wished to invest. The mortgage broker thought he had the ideal situation by lending the money from my family member to use at interest. Basically he forced us into business with family and did not tell us. the family member didn’t know either. The plan was to refinance after 2 years when the loan adjusted ,and pay off this personal loan having only paid 2 years of interest only payments.With the bad economy there was nothing left in equity.So having not made a few payments (due to not receiving any statements or acknowledgment of payments) both parties put pressure on the mortgage broker to resolve the issue when he decided to inform the parties were actually family. First question is this even legal.Is there any recourse?

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Technorati Tags: broker, Loan, Mortgage, Personal, Shady

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