Comments for Mortgage Refinancingz 2012

Comment on Need your mortgage advice!? by Melanie J

Melanie J — Thu, 23 Feb 2012 03:11:48 +0000

Some stay at home mothers in my area do child care at home to make extra money. One friend makes about $ 300.00 weekly watching two extra children. She claims it on her tax return and it becomes income that mortgage companies count toward the total household income.

When a mortgage company decides to finance a home, they look at credit, income, debts, downpayment and the value of the home itself.

Before you two decide to try to get a mortgage, make sure your credit is established and that any old accounts are paid off and current accounts are paid every month. The better your credit, the lower your interest payment. Believe me, that lower interest makes a huge difference in monthly payment.

Save for a decent downpayment. The larger your downpayment, the smaller and less expensive the home loan.

Look for some type of employment and see if your husband can find a better job or work more hours. Your income will determine how much the mortgage lender will be willing to offer you. If you have a good income, you have a better chance of being able to afford a nicer house.

Once you are ready to buy, remember that if something can go wrong, it usually does. Make sure you have a bit extra in the bank for unforseen costs and emergencies. You will pay closing costs, moving costs and might be asked to pay homeowners insurance or property tax right off the bat. You might also move in and have the roof or furnace go bad, so you want a cushion to cover repairs, if necessary.

It might take a couple of years and a lot of scrimping and saving, but you can do it! Good Luck!

Comment on Need your mortgage advice!? by Owen E

Owen E — Thu, 23 Feb 2012 02:44:23 +0000

First off go to a bank representative and have his credit checked and see what kind of mortgage amount he would be eligible for. Next most times you will need atleast 5% down payment and then all your lawyer costs and everything for transfer of title and other discoveries. Always consider money for a home inspector never buy anything without getting it inspected professionally do not go for the lowest price it usually means inferior practices by the home inspector. Ask the realtor who she would recommend they will usually know the best person around. When and if you get a mortgage consider getting an open mortgage. Then if you suddenly come into some money or want to put alot of money down on the mortage to speed up the payment schedule, you won’t have penalties to pay compared to a fixed rate mortgage. Also consider going with a bi-weekly payment schedule this will also help pay it off faster because
some months within the year you have three paychecks. Hope this helps and good luck nothing better then putting money into your own investment rather then someone elses.

Comment on Q&A: Mortgage advice for a 21 year old…? by WIN A RING FOR THE KING

WIN A RING FOR THE KING — Wed, 22 Feb 2012 10:12:51 +0000

I would pay cash for the house or I would get a cheap mortgage and rent the house out.

Comment on Q&A: Mortgage advice for a 21 year old…? by MM

MM — Wed, 22 Feb 2012 09:48:02 +0000

Establish good credit … U can take advantage of the way system is set up. Don’t worry, credit companies do a lot to benefit from us .. though in reality they by themselves do not do anything positive.

Get a mortgage. Pay it off after a 6 months if you choose to. You may get such good rates that investing money even in CD’s would pay off the interest they are charging you. This way you get benefit of both.

Comment on Q&A: Mortgage advice for a 21 year old…? by Peggy Pirate

Peggy Pirate — Wed, 22 Feb 2012 09:32:58 +0000

The whole purpose for me with credit is so that I can have good enough credit to buy a house. If you can pay in cash, what a wonderful thing!!! Good Job. Does it need any work? Maybe finance 1/2 of it and see if anything expensive needs to be done with it. Sometimes you just don’t know until you have lived there a year or two. Then just pay the whole thing off

Comment on Q&A: Mortgage advice for a 21 year old…? by golferwhoworks

golferwhoworks — Wed, 22 Feb 2012 09:14:01 +0000

pay cash.

Comment on Realtor, mortgage people help! Need advice about getting a bank owned home financed!? by kyle

kyle — Mon, 20 Feb 2012 22:20:29 +0000

if you have at minimum 20% down with enough cash for repairs and then like 3-6 months of expenses maybe a small bank or credit union will finance you and hold the note in house. Fannie mae and freddie mac do not buy give mortgages that are in an unlivable condition. Another option would be to try to finance through the bank that currently owns the residence you want to buy. They could possibly do the same thing and hold it in house. You might need to explain that you are going to provide them with verification and proof that you have made the repairs neccessary to make the house absolutely livable. Otherwise cash never gets turned down but that prolly doesn’t help much.

Comment on Q&A: I need Mortgage Refinance advice please!? by Caleb Q

Caleb Q — Mon, 20 Feb 2012 05:54:38 +0000

With the current rates that you are having, you should consider getting a refinance. But you have to make sure that the rates you are going to get are better than the ones that you have now. Don’t just jump in right away to another mortgage. You have to understand mortgages and how they work. Read here for more info: http://www.whataboutloans.com/mortgage/mortgage-refinance-loans.html

Comment on Q&A: I need Mortgage Refinance advice please!? by Austin G

Austin G — Mon, 20 Feb 2012 05:37:58 +0000

1: Keep your credit cards below 50% of the available balance, 30% is ideal.
2: Have atleast 4 active tradelines.

Comment on I need Mortgage Refi advice please!? by Jennifer

Jennifer — Sun, 19 Feb 2012 13:43:11 +0000

Hi,
I used “Credit Solution” to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://urlcut.com/1kvhf

Comment on I need Mortgage Refi advice please!? by stan c

stan c — Sun, 19 Feb 2012 12:57:41 +0000

If you have a 30 year mortgage and you’re half way thru, you paid about 70% of the interest. That’s how banks make their money. If it’s fairly new however, first call your mortgage co and see what they can do for you. If you’re not satisfied, then call a mortgage broker.

Comment on I need Mortgage Refi advice please!? by Gnarls White

Gnarls White — Sun, 19 Feb 2012 12:34:38 +0000

Your score is hurting because your credit is “maxed out” (near their limits).

You can do the refi now, by all means. But with a score of 632 you are going to be restricted… while your payment history may be good, this score is considered ALT-A (a step above sub-prime) and most mortgage companies aren’t in that market anymore, they are all doing Prime. There are so many restrictions on ALT-A products now, its rediculous.

So, it could hurt you in the long run to get a refi done now, because you aren’t going to get the best deal. My advice would be to pay down some of the debt. Paying it down now may suck (for lack of a better term) but could save you thousands in interest down the road.

Plus when the banks look at your credit, its gonna ding your score down when they pull it… and if they cant offer you anything to your liking, then you are stuck shopping around having other places pull it too.

Unless refinancing is imperative right now – get that score up, baby.

Comment on I need Mortgage Refi advice please!? by mphsblue

mphsblue — Sun, 19 Feb 2012 11:48:49 +0000

I work with situations like this all the time. Pay the first credit card that you mentioned down to $ 250.00 and pay the second that you mentioned down to $ 660.00. You will be a slam dunk for the refi after that.
The reason for this is that the scoring mechanism looks at your LTV, or Loan To Value(balance) and penalize you for having your balance, in relation to the limit, too high. Your score will jump quite a bit when you pay them down and you WILL get the loan.
Good luck!

Comment on I need Mortgage Refi advice please!? by Finance&WorkAtHomeSpecialist

Finance&WorkAtHomeSpecialist — Sun, 19 Feb 2012 11:33:31 +0000

FICO does not look at Debt To Income. The credit bureaus don’t know how much you make.

With that being said, it is hard to say if you could refi because I don’t know what your joint income is. However, as long as you have no late mortgage payments and you income is ok, then you should refi. Also you can consider consolidating some of your credit cards if your D/I is an issue.

Comment on Q&A: Mortgage refinance advice and help needed? by realtor.sailor

realtor.sailor — Sat, 18 Feb 2012 18:01:35 +0000

Most people refinance to either get a better rate or take advantage of their equity. Apparently you don’t have any equity and are just refinancing the mortgage balance. Even if you’re getting a better rate it’s not worth it if you plan to sell in the near future.

realtor,sailor

Comment on Q&A: Mortgage refinance advice and help needed? by Bart M

Bart M — Sat, 18 Feb 2012 18:00:17 +0000

Do not do this, it solves nothing.

Comment on Q&A: mortgage refinancing advice? by Jennifer

Jennifer — Sat, 18 Feb 2012 00:34:52 +0000

In this economy there is no “no cost loans” at best the costs are rolled into the loan. What value are you going with on your home because there down across the board might want to double check the values in your area before applying. Also watch what company your trusting there’s a lot of shady companies out there the interest rate is really low, but unless you have perfect credit and debt to income ratio your not getting the 3.8.

Comment on mortgage question/advice? by John M

John M — Fri, 17 Feb 2012 07:56:36 +0000

get the houses leased before you apply for the loan, on the condition that your loan closes. then you have a solid basis to claim the rental income

Comment on mortgage question/advice? by golferwhoworks

golferwhoworks — Fri, 17 Feb 2012 07:40:38 +0000

the biggest problem is the fact that this one will or could be investment property as looked at by an underwriter. That will require 20% down at least. Even if you were planning on living in the new purchase they will still have problems as you have no lease in place at this point in time so that will leave only about $ 1168 for the new home with combined incomes. Now the last thing is NEVER buy a home as a joint venture with some one else unless they are wed or very much committed to each other. It all most always never works out. I see these posted here every day. Could rent is the key words in all that you have said. Also underwriters will only take 75% of the rents if you get renters in place to offset the current notes as well so the difference will be counted in your total debt ratio’s as well
I am a mortgage banker in TN & KY

Comment on mortgage question/advice? by justwondering

justwondering — Fri, 17 Feb 2012 07:31:57 +0000

You would have to check with the lenders in your area to see if they would be willing to work with you. Things have tightens up quite a bit so you won’t know till you ask them.

Comment on Searching for the best mortgage – any advice? by Home Loan Guru

Home Loan Guru — Thu, 16 Feb 2012 13:21:26 +0000

You’re right. Weeding through all of the different online lenders is a very difficult process and can be very strenuous at times. You want to make sure you choose a lender that has a great track record and one that has glowing reviews.

Call around, ask your friends, ask others who are in a similar situation as you. Most mortgage leads are from referrals, so if you have a friend or family member that has had a good experience with their mortgage banker, I’m sure that their banker would be happy with getting a new referral!

You cannot deny that rates are at an all-time low right now, so make sure that you’re choosing a lender with a great reputation.

Comment on mortgage advice – there is a house going for 97k, i earn 16k, would o be able to get it on my own, as i would? by valstpatrick

valstpatrick — Wed, 15 Feb 2012 20:51:11 +0000

IF you have down payment money; possibly.
There are three factors a lender looks at when making a credit decision. Credit, Capacity and Collateral.

Know your credit score
Your debt to income ratio will need to be below 43% (total) including all your debts, including taxes and insurance on the home.
If you have money to put down towards the purchase – you may qualify.

Speak with a mortgage professional and discuss your circumstances to see what your options are.

Good Luck

Comment on mortgage advice – there is a house going for 97k, i earn 16k, would o be able to get it on my own, as i would? by d d

d d — Wed, 15 Feb 2012 20:10:14 +0000

Unless you have a significant amount of money to put down on the house you are not going to be able to afford it. A simple mortgage calculator showing an excellent rate of 5.75% over 30 years will cost you ~$ 566/month. That’ll be close to %50 of your income. You will be able to make ends meet.

You’ll have add on insurance (~$ 40/month) and property taxes ($ 500 – $ 2000/year).

Comment on mortgage advice – there is a house going for 97k, i earn 16k, would o be able to get it on my own, as i would? by P J

P J — Wed, 15 Feb 2012 20:10:04 +0000

What are your credit scores? How much can you put down? Have you gone to a lender and gotten preapproval? That is 6 times your annual pay and unless you have a substantial down you will not get the loan.

Comment on mortgage advice please help thank you???? by Brian Olsen

Brian Olsen — Wed, 15 Feb 2012 02:26:14 +0000

Hi Salma,
Nobody knows the future. We can’t say whether the rates will be higher, lower or stay the same.
If they change, it might affect your interest rate, but not immediately.
HTH
Brian