Easy Home Equity Loan » interest rates

Can I have a second FHA mortgage?

admin — Sat, 27 Aug 2011 04:15:59 +0000

I have an FHA mortgage at my primary residence and would like to buy another house as a rental to my daughter.
Can I obtain another FHA mortgage?
Obviously I am looking to put down the smallest down payment possible, with the best interest rates.
Are there any other options?

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Consumer math help needed badly?

admin — Sun, 24 Jul 2011 20:29:43 +0000

can anyone anwser ANY of these?

1. Real Property is NOT: (Points: 10)
attached to the ground
often mortgaged
taxed
capable of being moved

2. When a large value item or asset is sold voluntarily, it could be called what? (Points: 10)
foreclosed
repossessed
liquidated
auctioned

3. If you break an automobile or apartment rental lease before the contract expires, you could be subject to what? (Points: 10)
prepayment penalty
early termination penalty
finances charges
higher interest rates

4. When you begin paying a 30-year loan, what part of the loan are you paying first? (Points: 10)
equity
interest
principal
assets

5. If you don’t own your residence, what kind of insurance do you need? (Points: 10)
Homeowners insurance
Supplemental insurance
Renters insurance
Private Mortgage insurance

6. What are expenses like telephone, electricity and natural gas called? (Points: 10)
assessment expenses
utility expenses
luxuries
budget items

7. Insurance approval and evidence of coverage is required to get a mortgage. (Points: 10)
True
False

8. When you rent your residence, taxes are paid as part of your rent payment. (Points: 10)
True
False

9. When you pay finance charges, or interest payments on your first home the amount is deducted from your federal income tax. (Points: 10)
True
False

10. What are good reasons for buying/mortgaging a home? (Points: 10)
to build equity as savings
you expect to reside in the same area for a long time
your credit is established and you can get a very low interest rate
your income is high enough to claim a deduction on your income tax
all of the above

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Is refinance or second mortgage a better option (specifics in details)?

admin — Sat, 11 Jun 2011 09:06:04 +0000

We bought our house in 2004 for K and have a 30 year fixed mortgage at 5.25%. Our balance on our mortgage is ,500 Our house has appreciated and is now worth about 0K. We have student loans totaling K and credit card debt of about K. No car loans. We’re expecting a tax return of about ,500. We’d also like to add on another room to our house and have a quote for ,500. We’d like to refinance for about -K. With interest rates getting back down to the mid to low 5% is it a better deal to refinance or get a second mortgage?

Thanks in advance.
My husband and I both have excellent credit.

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Debt & Divorce?

admin — Wed, 11 May 2011 06:05:22 +0000

I’ve been married for just over a year and have had a very rocky marriage that will likely end in divorce over the next 6 months. I had a baby and gave up my business to be a stay at home mom. I had a salon with clients, which I gave up to get married (and would take years to start over) When I left, I still had 30k left in credit card debt (from college, I couldn’t get the student loans to pay for everything and had no job), and just 4k left in student loans. We didn’t accrue any debt together when we were married. I know I’ll get child support, but I’ll still have to work to cover the rest of rent and car payment, etc. The interest rates are horrible and anytime I ask to have them lowered they never do (because I pay the minimum on time). I can’t afford to pay much more than the minimums now, so it will never get payed off. What is the best way to pay down my debt? Should I get a house on my own and refi in a year or 2 and use the equity to pay it all off? CCC?
Well he already has 3 kids from his last marriage and has done really good paying child support and pays extra for lessons or whatever, so I don’t think that will be a problem.

He went through a bad divorce with his ex wife and he doesn’t want to tear eachother apart by going through counseling. He doesn’t expect things to work out so he doesn’t want to go to counseling because he thinks it will only add to problems, and stress – which is bad for his health.

At this point I think I’ll be happier on my own, its just an issue of how to support myself and my baby without having to send her to daycare. Right now I can work from home and not have to pay other bills, because until we split he still pays stuff. So its a prime time for me to pay stuff off – does anyone have any suggestions for stuff to do from home? I used to be an excellent sales and office admin and learn very quickly. If I can have 2/3rds paid off when we split up, the remainder won’t be so bad.

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Are there any legitimate debt consolidation places?

admin — Wed, 20 Apr 2011 01:18:20 +0000

I have massive credit card debt. I don’t blame anyone but myself for this. However, the interest rates on the cards has gotten ridiculous. I have never missed a payment or been late, but my simple debt, meaning my debt to income ratio, precludes me from getting a normal loan or new credit card to which I could transfer some funds. All my cards are maxed out as well. Again, I could site the bad economy and poor job market, but ultimately I ran up this debt. The monthly bills for the CC’s alone represent a third of my pay. My debt to income ratio is 100%. Meaning that I make just enough money to pay my minimum payments. But at this rate, I will be paying my bills off forever. Are there any legitimate debt consolidation places out there that can help. My credit is extremely important to me, hence the reason I have never missed a payment or was late on one. I do not want to declare bankruptcy or do any kind of consolidation that puts a black mark on my credit. I own a home now, but because of the realestate crisis, I’m under water with that as well, so an equity line consolidation is out of the question. I don’t think that I am so out of the ordinary. I feel like I’m in the majority of americans suffering in this economy. So, can anyone help? Are there any hardship loans or consolidation services that actually help without hurting your credit score.
thanks

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US blacks see 'financial apartheid' in subprime crisis – do you see their reasoning on this?

admin — Thu, 14 Apr 2011 20:30:01 +0000

SO…you are crying RACISM for being given a chance to own a home and FAILING because you did not pay your bills? How is this apartheid?
This all goes back to being treated EQUALLY. It is not MY fault that you chose to buy something you could not afford. Whites do it too. It is just stupidity and greed…nothing else.

http://www.breitbart.com/article.php?id=080127181914.e1z8r2hd&show_article=1

"People of color are more than three times more likely to have subprime loans," concluded the organization United for a Fair Economy in a recent report which estimated that minorities have seen between 163 billion and 278 billion dollars of their equity go up in smoke since 2000.
The city has responded by suing lenders, accusing them of targeting black borrowers and steering them to the loans granted with few formalities and at hefty interest rates to people with poor credit histories.
READ THE ARTICLE – this is not MY ISSUE

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How does home equity loan work?

admin — Wed, 06 Apr 2011 22:59:37 +0000

Let’s say I take out K.

So, it will be monthly payments with a low interest (like 2-3%). My question is more about the interest rates. Credit is excellent.

Thanks.

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How does home equity loan work?

admin — Tue, 05 Apr 2011 20:40:19 +0000

Let’s say I take out K.

So, it will be monthly payments with a low interest (like 2-3%). My question is more about the interest rates. Credit is excellent.

Thanks.

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Would filing bankruptcy be a good option for me after my divorce, which was caused by my wife accrued debt?

admin — Thu, 31 Mar 2011 20:29:38 +0000

I am recently divorced and the reason for my divorce was due to my wife obtaining numerous credit cards on line im my name, she then maxed them out and didn’t make payments on them. When I found out the cards existed the interest rates had went out of sight and late fees had became enormous. Due to the divorce and the credit card debt I turned the credit cards and one personal loan over to Consumer Credit Counseling Service. This is still a strain on my budget. I bring home 3,700 dollars a month and my total debt that I turned over to the credit counselors is now 18,700 dollars. After I pay my rent, child support (which is the mortgage on the house my x wife lives in), car payment, a home equity line payment, and other monthly bills I only have approximately 360 dollars left for groceries and gas, and other emergency expenses. Would I be a good candidate for bankruptcy, or does anyone know a better option?

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Ex-Wife gets fined $5000 per month – Who gets the fine?

admin — Sun, 27 Mar 2011 01:15:41 +0000

Hello,

My ex wife still has not refinanced our marital home, even though this was ordered in the divorce decree. The judge gave her many chances to refinance, but my ex said she couldn’t afford it, interest rates were too high, couldn’t get a loan, etc. Well finally, after her not complying with the judge’s order to refinance the house to buy me out, the judge imposed a 00 per month penalty on her for every month that she doesn’t refinance the house. Okay – my question is, who gets the 00. Does it go to the court or would it be deducted from her share of the equity in the house. Can this fine really be enforced? Thank you very much for your help.