Easy Home Equity Loan

I don’t want to pay for Private Mortgage Insurance. I want to buy about a 0,000 townhouse but it is hard to save up ,000 for a down payment to avoid PMI.

What options do I have?

- I am a 1st time buyer with good credit.
- I have a good stable job.
- I don’t want room-mates to "help me out" with the mortgage.
- I don’t want to borrow from my 401K which only has a balance of like 00 anyway.
- I have a significant amount of college loans and a car loan, and would be living "paycheck per paycheck" if it weren’t for my wonderful wife.
- I don’t want to settle for high interest rates.

Basically, I’m trying to figure out a way to save 50,000 bucks. My coworkers got their downpayments from the equity on their old homes – (lucky as hell).

It just seems RIDICULOUSLY hard for a first time buyer these days.
Actually, they paid 0% downpayment… It seems you can’t do that these days.

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we have a 2nd home will my interest go up while my credit go bad and insurance rates go up will credit cards will be cancelled.we can afford two mortgages but it is scaring me when we have nothing left at end of month.will we be labeled as fraud since we make enough money.the house we want to foreclose is our rental property. what are the process the bank will do ,also we took a equity line on the rental property can we ask the bank where we took the equity to just make it a personal loan should we hire an attorney

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I bought my home 14 months ago, it was a foreclosure, and we got a heck of a deal. It appraises at about 0,000 or 5,000 right now, and we paid 2,000 for it.

Since it has only been 14 months, the principal is still at about 0,300. BUT…we are paying like 3 a month for PMI (Property Mortgage Insurance) since we don’t have enough equity in the home at this point. We are also paying an interest rate of 6.75%. I really don’t know how that compares to other people…but I didn’t think it was all that great.

So…..I was just calling around to a few different mortgage companies, and not hearing anything real intriguing until last Friday. I talked to a guy who said he could lower my mortgage payment by a month, lower the interest rate to 6.35%, pay off 00 worth of my student loans (which equates to about a monthly savings), and we would get to skip 2 mortgage payments. Skipping those 2 mortgage payments would then allow me to pay off a laptop lease I have, which would save approximatley per month. I would then have about 00-2000 cash left (from skipping the 2nd month of mortage payment, and getting the remaining balance of my current escrow account), and I could save that, or pay another small student loan off. So…in the end, we could likely knock out close to 0 of monthly expenses, and have 3-4 less bills to send off every month. I really like that idea.

He told me all of this, and I was pretty excited……UNTIL I saw that our new loan amount would be 2,000…. It’s still under what the home appraises for, but I just kinda hate seeing it jump to over 0,000…

I’m not sure how long we will be in this home, but I would guess at the VERY minimum, 5 more years, but who knows, we could be there for another 25. We haven’t really put much thought into it.

Can anyone lend some advice on this? I would appreciate hearing another opinion.

ps- It would be refinancing a 30 year fixed, to another 30 year fixed. And I am 25 years old. Just throwing that out there.

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I currently own a villa in Deerfield Beach, FL (near Fort Lauderdale). I paid 50K for it over 10 years ago. Currently I have about 150K of equity in the home. I re-financed about 6 years ago so my interest rate is at 5.0% on a 15 year loan. The mortgage including taxes and insurance right now is about 0 a month.

We are thinking about moving to a larger house with a purchase price around 300K. With the market, it is really tough to sell. I would like to keep my current house and rent it out. I’m seeing rental prices around the area is about 50 a month.

Presuming I can get that amount, what’s the best way for me to manage my equity so I can buy the new house. Idealy I would like to break even on my rental house after taking the equity out to buy the new house.

Any help or creative financing ideas are appreciated. I would like to hear about different types of loans and is it possible to combine the houses into one mortgage. Does it make sense? Thanks!

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Hello everyone. I am purchasing a house but the loan I could get was FHA because i did not have 20 % down and not enough credit for conforming loan. I could put 15 % down on the house but my question is whether i should do that or go with the minimum of 3 % because with FHA loan you pay premium mortgage insurance 1.5 % upfront and .5 higher interest rate. Lets say if i build a better credit in 6 months to qualify for a conforming rate and refinance the house from FHA to conforming do i need to have 20 % down for conforming loan or should i put the money to FHA loan and that 15 % is counted as home equity. All I need is 5 % after that right or do i need to have 20 % in cash?
I asked this question once but mostly i got people trying to get me to contact them for loans. I dont need that. Only respond if you know the answer.
Nop I cant get a conforming right now. I could come upwith the 20 % but not enought credit. Please answer about the amount i should put on FHA loan. Would the 15 % count when i refinance to confroming to make 20 % or do i need to hold the money so i can have them for the conforming loan in about 6 months when i build up my credit.
I have no choice FHA is what i am getting right now. Please focus on the question I need to know about the % amount whether it is better for me to put down 15 % on the fha or should i put down 3 % and save the money for the conforming when i refinance. I would put 15 % if the money counts toward the refinance to conforming in the future to make 20 %. total after adding 5 %.

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The title and mortgage of our marital home, never had my name on it, since my credit had been lower than his, back when we were house shopping. Since then, he never did the footwork to have me added. Recently we were divorced, and due to the circumstances, I was awarded 100% of the house and all the equity built in it. I want the title in my name now, though I am not sure I would get approved for a refinancing of the mortgage in MY name, due to my low income, and the economy (combined with a merely fair credit rating). How do I handle this so that interest and taxes paid on the property are credited to my name, especially for tax purposes, but also so that insurance and the escrow covers the loan as it is now? Can I even do that?

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I would like to add my mother on to the deed of the property. I have a current VA mortgage on the propertry. Would there be any problem of adding a second party to the deed and would it violate my current deed insurance?

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Here’s what’s going on: We purchased a single family home in 11/07 at a 6.5% interest rate for 30 years (conventional loan.) It was our 1st time purchasing-we just went thru the motions. Anyhow, I have wanted to refi for a lower rate and term, but we have a little negative equity and lenders will only lend 90% with PMI. That’s quite a bit of money for us to fork out (not including the thousands of dollars to actually refi), so I say forget the refi & figure out what I need to pay each month to pay this loan off in 15 years. Pretty much there are 2 equations I’d like to know-

1) How much do I need to pay each month to pay my loan off in 180 payments/months?

2) How much do I need to pay each month to pay off my loan in 160 payments/months?

Let’s presume I’m paying the 1st of every month. I know that interest rate will change my p/o greatly if I vary from the 1st of the month plan-no plans to do that.

I am just looking for the most accurate estimate I can get, so please ask me any questions if I am missing information, I will happily update my question and you can update your answer.

Assuming homeowner’s insurance does not change-78/yr
Assuming taxes do not change-8/yr
Current loan balance 3,500

Here’s a copy of my mortgage site based on a 50(ish) payment I made this month:

Your payment is comprised of the
following amounts:
Principal and Interest 8.48
County Tax: .57
PMI Escrow: .41
Hazard Escrow: .17
Overage/Shortage: .02

3) What’s Hazard Escrow????? Geez.
Lauren, you are an asset to Y! Answers! Thanks for your time & information!

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