Friday, 27. August 2010
So, I am in a situation where I had a good job for years w/o a degree, bought a condo, got laid off and now working again, but I think the real solution is to go back and finish my bachelor’s degree. In order to do this, I would like to quit my job this fall or sometime next year to finish my junior and senior year full time instead of just going part time. One thing is for sure and that is I start my junior year of college this fall, I just don’t know if it will be full time or part time. The college is night classes which makes it good for the part time option. The problem with not working and going to school full time is making my mortgage payment. My condo is worth 240K from the bad economy and have a 190K loan against it. (I had a good down payment from a previous house sale). My current APR on the condo is 5.875%. I got a GFE on a basic refinance (5.125% w/o points or fees) and it came back I would pay 10 per month w/ taxes instead of the 15 per month I’m paying now. I’m also considering not refinancing because it is only a 5 savings per month and I plan to sell in 3 years after I get my degree. If I don’t refinance, I am thinking of going with a line of credit (home equity loan) with the bank I have the home loan with and then quit my job when school starts. I would then use the money from the line of credit to pay my mortgage while I’m in school. I think the percentage rate was around 6.5%. I wouldn’t need to use the home equity loan until my senior year of college though. I currently have ,000 severance from the lay off I plan to use during my junior year to pay my mortgage. Then when that money is gone, I would plan to use the line of credit during my senior year. I like the line of credit because I only pay interest on what has been taking out. Second option instead of the line of credit: Instead of the home equity loan for my senior year of college, I could refinance the condo and "take cash out". I have not looked into this option. If I take ,000 out, I could put it in a CD for a year and then it would be used for my senior year of college to pay my mortgage. I know it is not a good situation for me, but I’m trying to make the best of it. Does the home equity loan sound better or the refinance?
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Sunday, 22. August 2010
My MIL asked my husband to refinance her home loan with her so that she can get a lower interest rate. She owes a home with my husband’s brother. She refinanced her home a few times and now she has an interest only loan, so she’s not building equity.
We own a house too, have a child in private school and I resigned from my job to start my own business. Interestly enough, she spoke to my husband about the refinancing the day before I resigned from my job and I am pretty sure I told her when I was going to resign. Why gives her the right to come to my husband and ask him for such a huge favor? My MIL and BIL are unable to handle the responsibily and need to sell the house ASAP
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Sunday, 22. August 2010
I was left 1/3 of my grandmother’s home. The executor (my brother) of the will owns another 1/3 and then my other brother owns the final third. The property is currently up for sale. I have not received any documentation that shows I am 1/3 owner of the property (grandmother died over a year ago). I don’t know how much involvement I should have in the sale. How much am I allowed? Also, I don’t like how my brother is handling the disbursement of the estate and think he may try to pocket the money if the property sells, he is not an honest man. My brother took our 96 yr old grandmother to a lawyer and had her name him as executor behind the rest of the families’ back’s. She was suffering from dementia. They lived in another state and we had no idea what he was up to. I don’t want to cause a big problem or alarm him to the fact that I am suspicious of how he is dealing with this. I just want to know what my rights are in regards to my portion of the estate. Do I technically own 1/3 of that as equity? If so could I use that for a home loan or get a cash advancement so that I could wash my hands of all of this? I just want to find out the best way to get my share and get out. It’s a substantial amount of money and I know my grandmother would not have wanted it dealt with this way.
The property has not yet been probated. I have been researching that today. My brother never showed the will to anyone, just told us we would be getting money from the property when it sold. I called to acquire a copy of the will today and as soon as I see what I am entitled to, I intend to follow up with the probate procedures.
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Monday, 16. August 2010
I am involved in a 3-way investment on a rental property and we are being forced to sell because of a DOT project. Our profit on this property will be approximately ,000 and we need to figure out how to split this up. Being close family members, we weren’t too concerned about figuring this out we bought the property.
I would really appreciate any suggestions from real estate investors experienced with partnership investments like this.
Here are the figures for the capital and work/mangement invested by each party.
Investor #1:
Invested 0, 000 by taking out a regular home loan.
Lived at the property and payed "rent".
Did 85% of the maintenance, improvements and rental property management.
Investor #2:
Invested ,000 from a home equity line of credit.
Did 0% of the maintenance, improvements and rental property management.
Investor #3:
Invested ,000 from a home equity line of credit.
Did 15% of the maintenance, improvements and rental property management.
Thank you!
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Friday, 6. August 2010
Other than banks, where is the best to go for a home loan?
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Saturday, 24. July 2010
have been approved for a home loan. I found a house that they are asking 9,000 for and I just made an offer of 0,000 hoping I can get a steal because of the way the market is down and continuing to go down. The house is currently worth 8,000 according to the appraisal. I’m pretty sure the bank is going to let it go to me for my offer, so that would mean the minute the doc’s are signed, I just got a house with 8,000 in equity in it. I plan to pay off both my cars and some credit cards using a home equity loan or line of credit, so that I only have the house payment to pay. How soon after I buy the house, can I be approved for one of these and what does it take to get qualified,. i.e credit score, equity, etc.
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Saturday, 24. July 2010
I have an 80/20 on my first home loan, but have been renting it for the past year. I have great tenants and they plan to buy it but want time to save for the down payment. In the mean time I was contingently approved for the second home (5,000) if my because I told the bank I was going to sell it. What if I decided I wanted to just keep it as a investment property?
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Thursday, 15. July 2010
Hi,
I am looking into buying a house in the next six months, but I still have around 15 thousand of debt. But I own a mobile home I am looking to sell. But assuming I don’t…what are the chances of me getting a home with that much in debt. My credit is in the mid seven hundreds and i make a little over 5000 a month.
My main question is, can i get a mortgage loan for more than the home to consolidate my debt. I don’t even know if it’s possible. It would be so nice to be able to not worry about the interest on my credit cards and just pay my home loan….or would i need equity? Just a question.
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