Sunday, 27. February 2011
I bought a rental property for cash and want to obtain financing. I prefer a fixed 15-yr. mortage or I could get a home equity loan. The price of it is 70,000 and I want to put down twenty percent of the appraisal, which is higher, more like 80,000. So I want to finance ,000. My problem is I have only been on the job for one month and I have no proof of income for the last two years, since I was self-employed and can not produce a tax return. Which banks should I apply to, whose rules are not as strict, but I still want a decent interest rate. I don’t want these subprime ripoff companies either.
My credit score is very high 770 and I had mortgages before but they were paid off long ago and no longer on my credit report.
I am not able to produce any tax returns at all. But if I make up some false ones can they find out from the gov’t. that I am a fraud?
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Tuesday, 22. February 2011
We just had to make a home improvement that cost almost ,000!!! This was an emergency situation and I had to put it on an unsecure credit card!!! Yikes! The interest rate is CRAZY! I’m so stressed out over this! What can I do? A home equity loan is pretty much out of the question since we have 2 mortgages already on this place and no one wants to be in third position. Our credit is good, not great. Any options???
Dom—we have synthetic stucco on our house (the bad kind) and needed to replace with hardcoat
Dragon, we won’t fall behind on anything. We pay our bills on time. Just looking for options for a lower interest rate. Thanks
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Saturday, 19. February 2011
How many people right here on yahoo answers are going to apply for the bailout for homeowners? Please state the political party you identify with and what tax income bracket you are in.
Please do not state whether you agree with it or not. I am not interested in those answers because that is not the question.
http://politicalticker.blogs.cnn.com/2009/03/04/guidelines-will-spell-out-homeowner-bailout/
President Barack Obama promised the guidelines would be released on March 4 when he unveiled his proposal to help keep up to nine million people in their homes at a housing event in Arizona last month.
The officials said the guidelines will include tests to help banks figure out whether individuals homeowners who are "underwater," or have homes that are valued less than the mortgage, can be saved by the president’s billion loan modification program.
Under the administration’s plan, those homeowners considered viable under the new guidelines could have monthly housing payments lowered to 31 percent of their gross monthly income to help prevent foreclosure.
The plan aims to help a second group of homeowners in danger of facing foreclosure who do not currently have enough equity in their homes to take advantage of historically low interest rates through refinancing. Only people who received their mortgages through Fannie Mae or Freddie Mac — about 40 percent of homeowners — are eligible for this part of the plan.
According to the officials, these homeowners normally can usually refinance only with a loan-to-value rate of 80 percent, so that there is at least 20 percent equity in the home. Given that many of these homeowners have dramatically lost equity, they will now be eligible for refinancing at a loan-to-value percent of up to 105 percent, according to the officials.
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Saturday, 19. February 2011
we have 2 mortgages –
1st – @ 6.375% remaining 201,000 for 355 mnths no mortgage insurance – total monthly pmnt 1272.70$ + 410.2$ to the escrow account.
2nd – @ 10.75% remaining 36,000 for 225 mnths – monthly pmnt 386.8$
we plan to stay in this house for 30 years
when we bought the house was appraised @ 250k
now – 275k.
our income bracket is 31%
credit score 740.
my question is should we combine these 2 @ 6.625 for 30 yrs with closing costs being apprx 2500.?
also i was given an option to refi just the 2nd one @ 8.5% for 20 yrs with closing costs apprx 250?
any advice would be greatly appreciated.
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Saturday, 12. February 2011
During a long period of underemployment and costly divorce, I accumulated about ,000 in credit card debt. My current income is 5,000 per year, I own a home with some equity that I can’t/don’t want to sell, and two vehicles outright. All in all, my assets are probably worth ,000 net mortgages, etc.
I was able to make the payments on my credit cards until all of the banks raised my rates to 30%, despite my paying on time and having a good credit score (735). At loan-shark rates, I have started falling behind each month and have burned through all of the cash I’d saved.
I could pay the balances back if they were at reasonable interest rates, but not at 30%. I don’t want to risk my home or vehicles, but I could care less about my credit score at this point because there’s no credit available to anyone anyway.
Would debt settlement be a better option than a Chapter 13 bankruptcy? If I did file a 13, would I be able to keep my vehicles?
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Saturday, 15. January 2011
My husband and I own a home, bought it in 9/07 with {content} down. At the time, our bank was offering a 80/20 loan, to avoid PMI and for tax purposes, but our interest rates were 6.5/8.5, respectively. Our credit scores are around 700-775, and we are in no way about to lose our home, like so many others out there, we are just looking to refinance to save money monthly with a lower interest rate. Are there any (legitimate) banks out there offering refinancing for 80/20 mortgages, or just the 80% mortgage?
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Sunday, 9. January 2011
I had 2 mortgages on the house. The first was an interest only fixed rate mortgage and the other was a home equity loan. At the time, the house was worth a lot more then I borrowed, so I had the ability to borrow quite a bit of equity on the house. That was then, this is now. Before everything in Florida crashed (that’s where the house or I should say Condo is located), I used the remaining balance on the home equity loan, which had a lower interest rate to pay off the first mortgage in full.
Now I am left with a home equity second loan only on the condo with a balance greater then the value. I want to give this condo to my sister. Is a home equity loan assumable? Can I just sign it over to her with minimal closing costs?
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Friday, 31. December 2010
single family house, paid cash 45k worth 97k, trying to extract equity. Unclear on mortgages vs. home equity loan.
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