Sunday, 20. March 2011
My boyfriends parents are wanting us to "buy" half their house. They stated when they go to sell it in 3-5 years, they will split the profit with me and their son. They have lived there for 14 years and have a second mortgage on it. The second mortgage was to buy acreage. If I were to do this, would I be making payments on the house, or the house and the "acreage"?
Friday, 31. December 2010
Ok … I literally don’t have a great Knowledge in this Subject but I do want to find out regarding this Letter I receieved from one of the Agents …. incase its a light in the darkness for me.
I have received a letter which mentions these things …WHAT DOES THIS MEAN ????
you may refinance and possibly lock in a interest rate and get a good amount of cash from your home’s estimated available equity through exclusive fast track loan program, available to you as a select, qualified COUNTRYWIDE home loans customer ? On top of this you may also qualify for 1/2 point reduction in in the DISCOUNT POINTs on your NEXT HOME REFINANCE or Purchase Mortgage ..
MY PARENTs own this condo for last 4 years and they received this letter …….. is this for REAL ???
DO I HAVE ANY benifits out of this ????
Country Wide is being bought by Bank of America … so I don’t even know if all these is for real ….
Any experts can let me know ….. ???? what does that Sentence mean ??
Tuesday, 14. December 2010
My parents who are both deceased gave me the 1st option to purchase their home. I want to buy my sisters out and I want to know if it is better to get a new mortgage or can I borrow money from the equity in the house and pay them off. There is no mortgage on the home, I only pay taxes.
Sunday, 28. November 2010
My parents recently signed the deed of their house over to me with a Life Estate clause added to it so that they will still have a place to live. The intentions were for me to get a home equity loan in order to make some much needed renovations to the house, including a handicapped suite for the both of them to make them more comfortable. However, everyone with whom I have spoken has told me that with the life estate clause on the deed, it is impossible for me to secure a home equity or other type of loan, even if my parents cosign since they are the beneficiaries of the life estate. What options do I have so that I can get a loan for the renovations?
Thursday, 25. November 2010
I am buying my parents home at 100,000.00 The loan is worked out so that my parents gift me the equity in the home ( it is worth 132,000) for my down payment. I am doing a conventional loan with a fixed interest rate at 5.5%. Have not signed papers yet.. It is based on a 30 year mortgage. How ever I hear that for first time buyers they are passing a bill to give a big tax break and also possibly a 4% interest rate. The guys doing the loan tell me to go ahead and do the loan I have now and if interest rate goes down to 4% I can refinance. I do not know what to do. With a bank I wil have to pay closing cost and down payment- I don’t this way. Also with the new bill do you have to purchase your home on a 15 year mortgage- That will probably make my payments go way up and not sure if it is worth it in the long run. My payments will be 1.00 but I pay 7 a month which will cover all the taxes and Insurance that they wil pay for me every year. Do I take this deal or hold out till the bill passes? What would be the advantages and disadvantages? I need help!!!
Tuesday, 16. November 2010
I wish to purchase my Mother and Father’s home. I am a first time home buyer and due to Credit score around 600 FHA loans are appealing to me.
The home value is est. 5k, we have agreed upon 0k for a purchase price. My parents carry est. 5k mortgage within that a est. 0k is in home equity loans at 2.5%.
Is there a way to transfer the title completely and assume their mortgage which carries a lower interest rate? or do I shop mortgage brokers? or credit unions and banks better?
Sunday, 12. September 2010
I want to help my parents buy their first home, but because they may not have a good credit score, I was wanting to apply with them to help them. How can I do this?
Saturday, 11. September 2010
My parents are planning on buying an investment property. They plan on paying cash for this property. So they will not have a mortgage. I will be renting the place from them with 2 other people. If they decide to finance a second property, would they be able to use the rent from both properties to pay the mortgage on the second property?
How and what will they be taxed on?
How does rent to own work when it comes to taxes?