Do i have to refi as a new loan to take him off .So how i can remove my brother in law from the mortgage loan?
Not necessarily. You maybe able to go back to the original lender and see if you are able to get credit approved without him on it. This all depends on the lender that holds your loan right now. I would contact them to see if you have any options with them before trying to get refinanced.
Another question that pops into my mind is that he my also be on the deed of the property. It is possible to have just a loan on the property without being on the deed. You may want to double check with the city or the township...ect. To see if he is on the deed. If he is you can file a quit claim deed and get his name removed from that as well. This way you don't run into problems if you do choose to refi later on.
Hope this info helps!!So how i can remove my brother in law from the mortgage loan?
Jesse, the answer is NOT going to change. In order to change ANY of the signers to a mortgage, you will need to refinance the complete mortgage. Lenders will NOT remove a responsible signer to a mortgage without a full refinance of the mortgage in the names of one or more different persons.
Yes that is the only way to remove him from the loan. If you needed to remove him from just the title that would be different story.
You could try to refinance to see if you would qualify alone (without him).
Yes you do.
yep refinance, new contract new leans and so forth
Wednesday, November 23, 2011
I was discharged from bancruptcy in march can i get a mortgage?
i was only bancrupt for 6 months , is there a mortgage company that will touch me? i have worked for the nhs for 13 years and have a good wage .This is a UK question.I was discharged from bancruptcy in march can i get a mortgage?
Not impossible there are still a few lenders around who will consider you. However, some insist on 12 months, some up to three years AFTER your discharge from bankruptcy before they will take an application from you. Also be prepared to find a 25% deposit.
Suggest to talk to an Independent Mortgage Adviser.I was discharged from bancruptcy in march can i get a mortgage?
Before the credit crunch, I would have said that you'd be ok. Now, however, banks and mortgage companies are more reticent about their lending.
You will need to shop around, and show bank statements and wage slips to prove your income. How long ago was your bankruptcy? I know you can't get a bank account for a certain time after being made bankrupt, but if you now have one, so long as you offer full disclosure to the company you approach, hopefully you shouldn't have too much of a problem. Good luck, and happy house hunting :)
If anyone in the US is reading this- in the states it takes 3 yrs after a BK before you can get an FHA loan. In the UK- I am unsure, but the mortgage market in Europe, Canada, and the states seem to have similar guidelines.
If you have a substantial amount to put down- say more than 30%- which I'm guessing you don't given your recent BK-you would be OK.
to be honest you will have to work on rebuilding your credit score and this will take time, plus with mortgages hard to get at the moment you will need a healthy deposit no 100% mortgages at the moment anywhere.best of luck.
We have recently been discharged also and would like to start rebuilding our credit history but NO ONE will touch us - even the ';bad credit'; agencies. Any advice? How did you manage to get the credit card?
Try an Independent Bank first. The Cooperative Bank is very good.
I'd have thought at the moment that this would be highly unlikely...
Not impossible there are still a few lenders around who will consider you. However, some insist on 12 months, some up to three years AFTER your discharge from bankruptcy before they will take an application from you. Also be prepared to find a 25% deposit.
Suggest to talk to an Independent Mortgage Adviser.I was discharged from bancruptcy in march can i get a mortgage?
Before the credit crunch, I would have said that you'd be ok. Now, however, banks and mortgage companies are more reticent about their lending.
You will need to shop around, and show bank statements and wage slips to prove your income. How long ago was your bankruptcy? I know you can't get a bank account for a certain time after being made bankrupt, but if you now have one, so long as you offer full disclosure to the company you approach, hopefully you shouldn't have too much of a problem. Good luck, and happy house hunting :)
If anyone in the US is reading this- in the states it takes 3 yrs after a BK before you can get an FHA loan. In the UK- I am unsure, but the mortgage market in Europe, Canada, and the states seem to have similar guidelines.
If you have a substantial amount to put down- say more than 30%- which I'm guessing you don't given your recent BK-you would be OK.
to be honest you will have to work on rebuilding your credit score and this will take time, plus with mortgages hard to get at the moment you will need a healthy deposit no 100% mortgages at the moment anywhere.best of luck.
We have recently been discharged also and would like to start rebuilding our credit history but NO ONE will touch us - even the ';bad credit'; agencies. Any advice? How did you manage to get the credit card?
Try an Independent Bank first. The Cooperative Bank is very good.
I'd have thought at the moment that this would be highly unlikely...
Is a silent 2nd mortgage included when determining the equity in a home?
I bought my home with a silent 2nd mortgage and I need to know how much equity I have in my home. Should I determine the equity with the 2nd mortgage added to the price?Is a silent 2nd mortgage included when determining the equity in a home?
your equity in home is the value of house minus all mortgages and liens.Is a silent 2nd mortgage included when determining the equity in a home?
Your equity is the amount you have paid off, that you have a leagal claim too. It does not matter who holds what balance in what ever mortage arrangement you have. Your starting fresh from the point of contract you hold till it is paid off, that is the extent of your equity.scary mask acne scars
your equity in home is the value of house minus all mortgages and liens.Is a silent 2nd mortgage included when determining the equity in a home?
Your equity is the amount you have paid off, that you have a leagal claim too. It does not matter who holds what balance in what ever mortage arrangement you have. Your starting fresh from the point of contract you hold till it is paid off, that is the extent of your equity.
I'm a home daycare provider. Can I claim my house mortgage payments?
There's a place for rent payments. Can house Mortgage payments be listed there as well? I'm also wondering where to enter amount for meals. Is that under other? My CPA had my pastdue taxes for 9 months, without doing them. I bought Turbotax %26amp; I'm trying to figure it out myself. Thanks for any help!I'm a home daycare provider. Can I claim my house mortgage payments?
You can't claim the mortgage payment--that's a combination of interest (deductible) and principal (only as depreciation).
As for use of your home, as a licensed daycare provider you are able to use publication 587.
Standard meal and snack rates. If you qualify as a family daycare provider, you can use the standard meal and snack rates, instead of actual costs, to compute the deductible cost of meals and snacks provided to eligible children. For these purposes:
A family daycare provider is a person engaged in the business of providing family daycare.
Family daycare is childcare provided to eligible children in the home of the family daycare provider. The care must be non-medical, not involve a transfer of legal custody, and generally last less than 24 hours each day.
Eligible children are minor children receiving family daycare in the home of the family daycare provider. Eligible children do not include children who are full-time or part-time residents in the home where the childcare is provided or children whose parents or guardians are residents of the same home. Eligible children do not include children who receive daycare services for personal reasons of the provider. For example, if a provider provides daycare services for a relative as a favor to that relative, that child is not an eligible child.
You can compute the deductible cost of each meal and snack you actually purchased and served to an eligible child during the time period you provided family daycare using the standard meal and snack rates shown in Table 3, later. You can use the standard meal and snack rates for a maximum of one breakfast, one lunch, one dinner, and three snacks per eligible child per day. If you receive reimbursement for a particular meal or snack, you can deduct only the portion of the applicable standard meal or snack rate that is more than the amount of the reimbursement.
You can use either the standard meal and snack rates or actual costs to calculate the deductible cost of food provided to eligible children in the family daycare for any particular tax year. If you choose to use the standard meal and snack rates for a particular tax year, you must use the rates for all your deductible food costs for eligible children during that tax year. However, if you use the standard meal and snack rates in any tax year, you can use actual costs to compute the deductible cost of food in any other tax year.
If you use the standard meal and snack rates, you must maintain records to substantiate the computation of the total amount deducted for the cost of food provided to eligible children. The records kept should include the name of each child, dates and hours of attendance in the daycare, and the type and quantity of meals and snacks served. This information can be recorded in a log similar to the one shown in Exhibit A, later.
The standard meal and snack rates include beverages, but do not include non-food supplies used for food preparation, service, or storage, such as containers, paper products, or utensils. These expenses can be claimed as a separate deduction on your Schedule C (Form 1040).
Table 3. 2007 Standard Meal and Snack Rates
Location of Family Daycare Provider Breakfast Lunch Dinner Snack
States other than Alaska and Hawaii $1.06 $1.97 $1.97 $0.58
Alaska $1.69 $3.20 $3.20 $0.95
Hawaii $1.24 $2.31 $2.31 $0.69I'm a home daycare provider. Can I claim my house mortgage payments?
VB pretty much explained it all.
on schedule C: profit or loss from business
your daycare supplies go on part II - #22. line 23 is where you put your daycare licenses - 27 you might have other expenses.
schedule 8829 - you can't put mortgage payments - but put your mortgage interest on part II line 10 (b) and under that you can do the real estate taxes - house insurance - utilities - etc..... you will have to figure out your timespace % to see how much of this you can take off.
Dont forget schedule SE for self employment tax -
and heres a great URL if you need to learn something.
as a daycare provider, you are running a business -- the tax aspects go on schedule C to form 1040.
there are special rules for the office in the home deduction for daycare providers, which replace some of the other possible deductions [rent, mortgage interest, etc.]
see the instructions. you might want to search the irs.gov website for ';daycare provider'; as well.
You can't claim the mortgage payment--that's a combination of interest (deductible) and principal (only as depreciation).
As for use of your home, as a licensed daycare provider you are able to use publication 587.
Standard meal and snack rates. If you qualify as a family daycare provider, you can use the standard meal and snack rates, instead of actual costs, to compute the deductible cost of meals and snacks provided to eligible children. For these purposes:
A family daycare provider is a person engaged in the business of providing family daycare.
Family daycare is childcare provided to eligible children in the home of the family daycare provider. The care must be non-medical, not involve a transfer of legal custody, and generally last less than 24 hours each day.
Eligible children are minor children receiving family daycare in the home of the family daycare provider. Eligible children do not include children who are full-time or part-time residents in the home where the childcare is provided or children whose parents or guardians are residents of the same home. Eligible children do not include children who receive daycare services for personal reasons of the provider. For example, if a provider provides daycare services for a relative as a favor to that relative, that child is not an eligible child.
You can compute the deductible cost of each meal and snack you actually purchased and served to an eligible child during the time period you provided family daycare using the standard meal and snack rates shown in Table 3, later. You can use the standard meal and snack rates for a maximum of one breakfast, one lunch, one dinner, and three snacks per eligible child per day. If you receive reimbursement for a particular meal or snack, you can deduct only the portion of the applicable standard meal or snack rate that is more than the amount of the reimbursement.
You can use either the standard meal and snack rates or actual costs to calculate the deductible cost of food provided to eligible children in the family daycare for any particular tax year. If you choose to use the standard meal and snack rates for a particular tax year, you must use the rates for all your deductible food costs for eligible children during that tax year. However, if you use the standard meal and snack rates in any tax year, you can use actual costs to compute the deductible cost of food in any other tax year.
If you use the standard meal and snack rates, you must maintain records to substantiate the computation of the total amount deducted for the cost of food provided to eligible children. The records kept should include the name of each child, dates and hours of attendance in the daycare, and the type and quantity of meals and snacks served. This information can be recorded in a log similar to the one shown in Exhibit A, later.
The standard meal and snack rates include beverages, but do not include non-food supplies used for food preparation, service, or storage, such as containers, paper products, or utensils. These expenses can be claimed as a separate deduction on your Schedule C (Form 1040).
Table 3. 2007 Standard Meal and Snack Rates
Location of Family Daycare Provider Breakfast Lunch Dinner Snack
States other than Alaska and Hawaii $1.06 $1.97 $1.97 $0.58
Alaska $1.69 $3.20 $3.20 $0.95
Hawaii $1.24 $2.31 $2.31 $0.69I'm a home daycare provider. Can I claim my house mortgage payments?
VB pretty much explained it all.
on schedule C: profit or loss from business
your daycare supplies go on part II - #22. line 23 is where you put your daycare licenses - 27 you might have other expenses.
schedule 8829 - you can't put mortgage payments - but put your mortgage interest on part II line 10 (b) and under that you can do the real estate taxes - house insurance - utilities - etc..... you will have to figure out your timespace % to see how much of this you can take off.
Dont forget schedule SE for self employment tax -
and heres a great URL if you need to learn something.
as a daycare provider, you are running a business -- the tax aspects go on schedule C to form 1040.
there are special rules for the office in the home deduction for daycare providers, which replace some of the other possible deductions [rent, mortgage interest, etc.]
see the instructions. you might want to search the irs.gov website for ';daycare provider'; as well.
I am homeowner with 50% of current house value in a mortgage and 20k in cash assets, working as a professional
How will a global recession or depression effect me?
Given a 5 year recession and given a 20 year recession.I am homeowner with 50% of current house value in a mortgage and 20k in cash assets, working as a professional
Owning 50% of a house is pretty good, and as long as you stay employed you should be fine.
But think about this, What if you owned you house outright and had $20K in cash assets....NOTHING COULD HURT YOU. Find a way to pay your mortgage in an expedited way.
My first Mortgage took 4 years to pay off, My next house took 3 1/4 Years to pay off (Moving up in price, not having 2 houses) The money I didn't pay for interest or payments after paying off the houses, I saved and invested.
I am just completing a house deal, I will pay $700,000 cash and then I will sell my house that I live in Now for $750,000 (actually it is done) I will own 2 houses for two weeks, no Mortgage all because of managing debt properlyI am homeowner with 50% of current house value in a mortgage and 20k in cash assets, working as a professional
it depends ... are you planning to move ? Assuming you stay put and you can afford your mortgage payments I wouldnt worry about it !
Given a 5 year recession and given a 20 year recession.I am homeowner with 50% of current house value in a mortgage and 20k in cash assets, working as a professional
Owning 50% of a house is pretty good, and as long as you stay employed you should be fine.
But think about this, What if you owned you house outright and had $20K in cash assets....NOTHING COULD HURT YOU. Find a way to pay your mortgage in an expedited way.
My first Mortgage took 4 years to pay off, My next house took 3 1/4 Years to pay off (Moving up in price, not having 2 houses) The money I didn't pay for interest or payments after paying off the houses, I saved and invested.
I am just completing a house deal, I will pay $700,000 cash and then I will sell my house that I live in Now for $750,000 (actually it is done) I will own 2 houses for two weeks, no Mortgage all because of managing debt properlyI am homeowner with 50% of current house value in a mortgage and 20k in cash assets, working as a professional
it depends ... are you planning to move ? Assuming you stay put and you can afford your mortgage payments I wouldnt worry about it !
So how i can remove my brother in law from the mortgage loan?
Do i have to refi as a new loan to take him off .So how i can remove my brother in law from the mortgage loan?
Not necessarily. You maybe able to go back to the original lender and see if you are able to get credit approved without him on it. This all depends on the lender that holds your loan right now. I would contact them to see if you have any options with them before trying to get refinanced.
Another question that pops into my mind is that he my also be on the deed of the property. It is possible to have just a loan on the property without being on the deed. You may want to double check with the city or the township...ect. To see if he is on the deed. If he is you can file a quit claim deed and get his name removed from that as well. This way you don't run into problems if you do choose to refi later on.
Hope this info helps!!So how i can remove my brother in law from the mortgage loan?
Jesse, the answer is NOT going to change. In order to change ANY of the signers to a mortgage, you will need to refinance the complete mortgage. Lenders will NOT remove a responsible signer to a mortgage without a full refinance of the mortgage in the names of one or more different persons.
Yes that is the only way to remove him from the loan. If you needed to remove him from just the title that would be different story.
You could try to refinance to see if you would qualify alone (without him).
Yes you do.
yep refinance, new contract new leans and so forth
Not necessarily. You maybe able to go back to the original lender and see if you are able to get credit approved without him on it. This all depends on the lender that holds your loan right now. I would contact them to see if you have any options with them before trying to get refinanced.
Another question that pops into my mind is that he my also be on the deed of the property. It is possible to have just a loan on the property without being on the deed. You may want to double check with the city or the township...ect. To see if he is on the deed. If he is you can file a quit claim deed and get his name removed from that as well. This way you don't run into problems if you do choose to refi later on.
Hope this info helps!!So how i can remove my brother in law from the mortgage loan?
Jesse, the answer is NOT going to change. In order to change ANY of the signers to a mortgage, you will need to refinance the complete mortgage. Lenders will NOT remove a responsible signer to a mortgage without a full refinance of the mortgage in the names of one or more different persons.
Yes that is the only way to remove him from the loan. If you needed to remove him from just the title that would be different story.
You could try to refinance to see if you would qualify alone (without him).
Yes you do.
yep refinance, new contract new leans and so forth
Is anyone giving out 90% mortgages?
I'm looking at buying a second house but can't seem to find anyone that does 90% are the going? Or whats the highest amount people are giving out? I don't mind if it's interest only.
I'm in England.Is anyone giving out 90% mortgages?
Northern Rock are doing so, Allegedly.Is anyone giving out 90% mortgages?
If you had a few millions spare would you offer someone a loan secured on a property which is likely not to worth even 80% of its ';valuation'; in a distress sale situation. If you were lucky enough to obtain such a loan the cost in terms of higher interest mortgage insurance and upfront charges would be enormous.
Man! If I had to come up with 25% down I wouldn't be able to buy for ages! I just bought a place (I actually take possession in one hour), and we put 5% down, plus about $8,000 in mortgage insurance. The total was around $24,000 CDN. 25% would have been almost $80,000 CDN!
2nd houses - you will probably need at least 20% down and you won't be getting a rate less than 6-7%. The 5% rates are for owner occupied primary residences only
no they aren't, i just got a mortgage and i could only get a 75% one! so good luck
try The Post Office or Yorkshire Bank
try lloyds tsb they are pretty good when we were going to have a mortgage we went to them. x
I'm in England.Is anyone giving out 90% mortgages?
Northern Rock are doing so, Allegedly.Is anyone giving out 90% mortgages?
If you had a few millions spare would you offer someone a loan secured on a property which is likely not to worth even 80% of its ';valuation'; in a distress sale situation. If you were lucky enough to obtain such a loan the cost in terms of higher interest mortgage insurance and upfront charges would be enormous.
Man! If I had to come up with 25% down I wouldn't be able to buy for ages! I just bought a place (I actually take possession in one hour), and we put 5% down, plus about $8,000 in mortgage insurance. The total was around $24,000 CDN. 25% would have been almost $80,000 CDN!
2nd houses - you will probably need at least 20% down and you won't be getting a rate less than 6-7%. The 5% rates are for owner occupied primary residences only
no they aren't, i just got a mortgage and i could only get a 75% one! so good luck
try The Post Office or Yorkshire Bank
try lloyds tsb they are pretty good when we were going to have a mortgage we went to them. x
Edwards Made $14 Million from Oil, Drugs, Coal, Foreclosing on Sub-Prime Mortgages and Hedgefunds.?
Don't Pelosi, Hillary and top Dems say those things are ';evil';?Edwards Made $14 Million from Oil, Drugs, Coal, Foreclosing on Sub-Prime Mortgages and Hedgefunds.?
But he sure looks good doing it, doesn't he?Edwards Made $14 Million from Oil, Drugs, Coal, Foreclosing on Sub-Prime Mortgages and Hedgefunds.?
Doesn't he breed horses too?
At least the ones with good hair?
All liberal Democrats are hypocrites.
Gee personal attacks on a guy that really doesn't have a very good chance of getting his party's nomination. So brave you are.
But he sure looks good doing it, doesn't he?Edwards Made $14 Million from Oil, Drugs, Coal, Foreclosing on Sub-Prime Mortgages and Hedgefunds.?
Doesn't he breed horses too?
At least the ones with good hair?
All liberal Democrats are hypocrites.
Gee personal attacks on a guy that really doesn't have a very good chance of getting his party's nomination. So brave you are.
How hard is it to find someone to hold a mortgage in the 250k range? There is alot of collateral.?
Not hard at all; if there is a lot of equity.scary mask buy make up
Isn't there a provision in HUD docs that make mortgage providers responsible for buying back the bad paper the?
bad paper they have written? Perhaps changing the verbage in that document from ';may'; to ';must'; would make a world of difference. Also is there not a clause that states that the federal government has the authority to require that mortgage lenders do so?Isn't there a provision in HUD docs that make mortgage providers responsible for buying back the bad paper the?
There is a critical difference between the terms may and must in any statute or regulation. May is discretionary, must is mandatory. I think you have answered your own question.
There is a critical difference between the terms may and must in any statute or regulation. May is discretionary, must is mandatory. I think you have answered your own question.
Where can I go to find a good home based mortgage broker opportunity?
Try this one (I cannot vouch for them...I found them online):
Become A Mortgage Broker
Learn the business from an industry insider. Start your career now. Unlimited income and freedom are within your grasp.
www.mortgagebrokertraining.com
Become A Mortgage Broker
Learn the business from an industry insider. Start your career now. Unlimited income and freedom are within your grasp.
www.mortgagebrokertraining.com
Has anyone heard of a company named Federal Mortgage Solutions? They're offering me a mortgage deal 2 good 2 b?
This company has offered to buy out my current mortgage, cut it in half, reduce my 6.25% interest rate to 4.0%, and cut my monthly payments in half. To me, this just sounds way to good to be true, so I'm trying to find out if anyone else has been contacted by this company.Has anyone heard of a company named Federal Mortgage Solutions? They're offering me a mortgage deal 2 good 2 b?
Spend some smart money and have a lawyer review the docs. One who works for you.Has anyone heard of a company named Federal Mortgage Solutions? They're offering me a mortgage deal 2 good 2 b?
Are they offering this to you because you are behind on your payments? Some of the lenders are now offering this to their home owners because they need a loan modification. You may want to check it with your lender. If this is the case you will receive a notice from your lender with paper work that needs to be filled out and returned to them in order to get the loan modification. If this is just an offer I would check around I have not heard of any rates being that low.
This has ';scam'; written all over it.
It took a bit of doing, but I was able to find their website: http://www.federalmortgagesolutions.com/
The site has one page with two clickable links: Contact Us, which returns a contact form (no e-mail address) and a link to download the forms. On these forms, they ask for all of your credit card information in order to pay an upfront fee. They also ask for a lot of personal information. I guess you're supposed to call them to get specific terms to put onto the form. They don't give any indication what their rates are, yet there's fields in the form for how much your credit card is to be charged.
The only other references I found to Federal Mortgage Solutions (other than listings in various yellow pages type sites) were ads on Craigslist and other local LA publications offering jobs for people to be mortgage consultants for the company. And, they're offering $500 a pop for each ';client'; a consultant lands.
There's an old saying-- if it sounds too good to be true, it probably is. They're not going to just let you walk away with only 1/2 your debt. When companies do stuff like that, they usually stretch your payment timeframe out twice as long (so if you have 15 more years until your house is paid off, it will really take you 30 more years). When it's all said and done, you'll end up paying about twice what your debt actually was b/c of interest. That's the ONLY way they can do this without putting themselves into debt.
It sounds like a scam. If it sounds too good to be true, its not true. No bank is able to do what you are saying this at this point. The loan modifications backed by the government are helping out sub prime mortgage home owners. There isn't any legitimate company that can offer what you are saying. Don't waste your money. Grill them and ask how can they do something no bank can. Report them to HUD or proper authorities.
Tell them to put it in WRITING and sign it. LOL
Also, do NOT pay any money UP front to these people. Tell them to put the closing costs into the refi.
Watch how fast their tune changes.
Spend some smart money and have a lawyer review the docs. One who works for you.Has anyone heard of a company named Federal Mortgage Solutions? They're offering me a mortgage deal 2 good 2 b?
Are they offering this to you because you are behind on your payments? Some of the lenders are now offering this to their home owners because they need a loan modification. You may want to check it with your lender. If this is the case you will receive a notice from your lender with paper work that needs to be filled out and returned to them in order to get the loan modification. If this is just an offer I would check around I have not heard of any rates being that low.
This has ';scam'; written all over it.
It took a bit of doing, but I was able to find their website: http://www.federalmortgagesolutions.com/
The site has one page with two clickable links: Contact Us, which returns a contact form (no e-mail address) and a link to download the forms. On these forms, they ask for all of your credit card information in order to pay an upfront fee. They also ask for a lot of personal information. I guess you're supposed to call them to get specific terms to put onto the form. They don't give any indication what their rates are, yet there's fields in the form for how much your credit card is to be charged.
The only other references I found to Federal Mortgage Solutions (other than listings in various yellow pages type sites) were ads on Craigslist and other local LA publications offering jobs for people to be mortgage consultants for the company. And, they're offering $500 a pop for each ';client'; a consultant lands.
There's an old saying-- if it sounds too good to be true, it probably is. They're not going to just let you walk away with only 1/2 your debt. When companies do stuff like that, they usually stretch your payment timeframe out twice as long (so if you have 15 more years until your house is paid off, it will really take you 30 more years). When it's all said and done, you'll end up paying about twice what your debt actually was b/c of interest. That's the ONLY way they can do this without putting themselves into debt.
It sounds like a scam. If it sounds too good to be true, its not true. No bank is able to do what you are saying this at this point. The loan modifications backed by the government are helping out sub prime mortgage home owners. There isn't any legitimate company that can offer what you are saying. Don't waste your money. Grill them and ask how can they do something no bank can. Report them to HUD or proper authorities.
Tell them to put it in WRITING and sign it. LOL
Also, do NOT pay any money UP front to these people. Tell them to put the closing costs into the refi.
Watch how fast their tune changes.
Who just wants to go shopping and blow next months mortgage?
To heck with bankers and their tyranny we pay late fees anyway we should not be exiled from our homes. Confession of a shop-a-holicsWho just wants to go shopping and blow next months mortgage?
Sorry I do not do as 0bama doesWho just wants to go shopping and blow next months mortgage?
I wish, my credit card company is calling me 5-6 times a day because I shorted them $19 (not purposely)on a payment. They would probably send Cousin Guido with bats to my house if I skipped a payment.
Honey chile', I go shopping EVERY day of the year on YOUR money. I ain't got no mortgage, no utilities or no insurance. YOU are paying for it.
That wouldnt be very responsible of you now would it. you must be a lib.
If you stop shopping....then the Terrorists have won! (George Bush in a less than lucid moment)
Sounds good to me. I'll just cry to Obama to get it all paid off on the next stimulus bill. Screw working for a living!
No I worked too long and hard for what little I have, Im getting my wife's credit card bad habits in check now.
no...i like not being homeless
Sorry I do not do as 0bama doesWho just wants to go shopping and blow next months mortgage?
I wish, my credit card company is calling me 5-6 times a day because I shorted them $19 (not purposely)on a payment. They would probably send Cousin Guido with bats to my house if I skipped a payment.
Honey chile', I go shopping EVERY day of the year on YOUR money. I ain't got no mortgage, no utilities or no insurance. YOU are paying for it.
That wouldnt be very responsible of you now would it. you must be a lib.
If you stop shopping....then the Terrorists have won! (George Bush in a less than lucid moment)
Sounds good to me. I'll just cry to Obama to get it all paid off on the next stimulus bill. Screw working for a living!
No I worked too long and hard for what little I have, Im getting my wife's credit card bad habits in check now.
no...i like not being homeless
Does anyone know any good ways for me to market myself and get refferals. I am a mortgage broker?
I do reverse mortgage and refiances with fha and Va, leads are bad right now do you have any ideas that could help me get my name out there?Does anyone know any good ways for me to market myself and get refferals. I am a mortgage broker?
The best thing to do is start locally and use flyer's and business cards to post on doors around your neighborhood. I worked for a few months with a real estate office and we would have local loan agency's walk in and hand out flyer's for their business and talk to the loan agent for the Realtor they are always looking for new connections. Also look for houses for sale and leave your flyer's or cards there. And don't forget to try and set up a website for your business.Does anyone know any good ways for me to market myself and get refferals. I am a mortgage broker?
I suggest looking for a local BNI chapter to visit. (Business Networking). I recently became a member in a local chapter - our area has several chapters. You can visit twice before deciding whether to join. Basically, you get to know other business people and refer each other to people you know who are looking for your service. Word of mouth referrals are the best, so it's a great way to get to know locals who will be looking out for you and your business. You'll even have the opportunity at each meeting to ask for your best referral.scary mask buy make up
The best thing to do is start locally and use flyer's and business cards to post on doors around your neighborhood. I worked for a few months with a real estate office and we would have local loan agency's walk in and hand out flyer's for their business and talk to the loan agent for the Realtor they are always looking for new connections. Also look for houses for sale and leave your flyer's or cards there. And don't forget to try and set up a website for your business.Does anyone know any good ways for me to market myself and get refferals. I am a mortgage broker?
I suggest looking for a local BNI chapter to visit. (Business Networking). I recently became a member in a local chapter - our area has several chapters. You can visit twice before deciding whether to join. Basically, you get to know other business people and refer each other to people you know who are looking for your service. Word of mouth referrals are the best, so it's a great way to get to know locals who will be looking out for you and your business. You'll even have the opportunity at each meeting to ask for your best referral.
Is it good to escrow tax and insurance in your mortgage payment?
Here are the benefits of escrowing tax and insurance vs. not escrowing...
BENEFITS OF AN ESCROWED LOAN.
1. You don't have to worry about paying your property taxes every year. The mortgage company is responsible for paying your taxes in such a way that they save the most money (most tax authorities give a discount date for early payment).
2. Slightly better interest rate on your mortgage. An escrowed loan is less risky to the lender. If the loan is escrowed, the lender knows that the taxes will be paid (and the county will have no claim to take away the property). Since the loan is less risky, the lender may have a slightly lower interest rate than a non-escrowed loan.
BENEFITS OF A NON-ESCROWED LOAN.
1. If you are not sending one twelfth of your annual tax bill to the mortgage company, then you will be able to gain a slight amount of interest on that money (rather than the money sitting in the mortgage company's bank account). That being said, some states require that mortgage companies pay a small amount of interest on escrow funds they hold. If your annual tax bill is $3000, it's not as if you would collect a full years' worth of interest on $3000 since you only pay approximately $250 per month toward your taxes. If you calculate one month's worth of interest on $250, it's not that much money. Also, mortgage companies are allowed under law to collect slightly more than what they figure they'll need to pay at the end of the year (since they are operating off of an estimated tax anyway). This extra is called a ';cushion.'; If your monthly tax payment is $250, then the mortgage company might collect $260 in case the tax bill is higher than they expect when the actual bill comes.
I have always had escrowed loans and have had no problems with them. It's one less thing you have to worry about. But it wouldn't be the end of the world to have to cut a fat annual check to the county myself. (I just paid off my loan so that's what I'm going to start doing now since I don't have a loan anymore).
Good luck!Is it good to escrow tax and insurance in your mortgage payment?
yes it is. makes it simple.
BENEFITS OF AN ESCROWED LOAN.
1. You don't have to worry about paying your property taxes every year. The mortgage company is responsible for paying your taxes in such a way that they save the most money (most tax authorities give a discount date for early payment).
2. Slightly better interest rate on your mortgage. An escrowed loan is less risky to the lender. If the loan is escrowed, the lender knows that the taxes will be paid (and the county will have no claim to take away the property). Since the loan is less risky, the lender may have a slightly lower interest rate than a non-escrowed loan.
BENEFITS OF A NON-ESCROWED LOAN.
1. If you are not sending one twelfth of your annual tax bill to the mortgage company, then you will be able to gain a slight amount of interest on that money (rather than the money sitting in the mortgage company's bank account). That being said, some states require that mortgage companies pay a small amount of interest on escrow funds they hold. If your annual tax bill is $3000, it's not as if you would collect a full years' worth of interest on $3000 since you only pay approximately $250 per month toward your taxes. If you calculate one month's worth of interest on $250, it's not that much money. Also, mortgage companies are allowed under law to collect slightly more than what they figure they'll need to pay at the end of the year (since they are operating off of an estimated tax anyway). This extra is called a ';cushion.'; If your monthly tax payment is $250, then the mortgage company might collect $260 in case the tax bill is higher than they expect when the actual bill comes.
I have always had escrowed loans and have had no problems with them. It's one less thing you have to worry about. But it wouldn't be the end of the world to have to cut a fat annual check to the county myself. (I just paid off my loan so that's what I'm going to start doing now since I don't have a loan anymore).
Good luck!Is it good to escrow tax and insurance in your mortgage payment?
yes it is. makes it simple.
How much interest would i pay with a 40 year mortgage?
heres the info.
if you had a mortgage for 40 years with payments once a month.
with a 4.75% interest rate.
the principle amount is 125,000.00
how much interest alone would be paid once you finished your payments?How much interest would i pay with a 40 year mortgage?
Monthly - 582.20
Interest - 154,454.71
Total paid over 40 years - 279,454.71How much interest would i pay with a 40 year mortgage?
279,454.71 that's a 124,454.71 difference That's how the banks get rich. 40yrs I would go for a shorter time frame, if I was you
if you had a mortgage for 40 years with payments once a month.
with a 4.75% interest rate.
the principle amount is 125,000.00
how much interest alone would be paid once you finished your payments?How much interest would i pay with a 40 year mortgage?
Monthly - 582.20
Interest - 154,454.71
Total paid over 40 years - 279,454.71How much interest would i pay with a 40 year mortgage?
279,454.71 that's a 124,454.71 difference That's how the banks get rich. 40yrs I would go for a shorter time frame, if I was you
Is there a way to get rid of that annoying mortgage ad with the dancing figures on Yahoo?
Is it possible to delete or block out the mortgage ad with the black dancing figures? Today I noticed they have dancing Santa Claus's? It's the most annoying and distracting ad. There is no getting away from it. I am seriously considering closing out my yahoo email accounts and switching to another email provider. One that doesn't suffocate you with advertisements!Is there a way to get rid of that annoying mortgage ad with the dancing figures on Yahoo?
Whew, I thought I was the only one who HATES that FMing ad. If you upgrade to the cheapest paid Yahoo email option, I believe it removes all ads. That way you get to keep Yahoo but not see that damned dancing figure in it's annoying frenzy.Is there a way to get rid of that annoying mortgage ad with the dancing figures on Yahoo?
I do not know, but if you find out please let us all know. Does that guy have absolutely no rhythm or what? At least they haven't added a strobe... (oops, now I've done it.)
Whew, I thought I was the only one who HATES that FMing ad. If you upgrade to the cheapest paid Yahoo email option, I believe it removes all ads. That way you get to keep Yahoo but not see that damned dancing figure in it's annoying frenzy.Is there a way to get rid of that annoying mortgage ad with the dancing figures on Yahoo?
I do not know, but if you find out please let us all know. Does that guy have absolutely no rhythm or what? At least they haven't added a strobe... (oops, now I've done it.)
What is the mathematical formula to calculate/determine suitability of mortgage refinancing options?
No formula exists. Simple rule of thumb is whether or not the cost of refinancing can be recouped within a reasonable period of time. For me, 15 months is the payback.
Did congress sign law granting bankruptcy judges power to modify mortgage loans?
New law to aid with housing crisis. It was set to pass March 4. What happened?Did congress sign law granting bankruptcy judges power to modify mortgage loans?
idk
idk
Can anyone tell me if you pay an extra 400 a month towards the principal on your mortgage,?
and the balance is 290,000 what the savings would be? In other words rather than commit to a 15 year mortgage and the higher payment, commit to yourself to pay the extra cash unless an emergency arises.Can anyone tell me if you pay an extra 400 a month towards the principal on your mortgage,?
before you make the change, make sure that your mortgage allows you to pay early. It used to be called something like ';allowed to pay early without penalty'; or something like that.
Some mortgages are writing so that even if you pay off the principle early, you owe the same amount of interest as if you had not paid the principle off early.
yeah, i know it sounds crazy. I have no idea why some are ( or were) like that.Can anyone tell me if you pay an extra 400 a month towards the principal on your mortgage,?
i am a mortgage broker and i can fax you over the whole break down for this if you want..just email me a fax number...if not the the savings would be $189,736 in interest alone and you would cut your term to 16.3 years..now this is assuming a 6.5% rate seeing how you didnt tell us what the rate was..
If you have just purchased a house. All the ';interest,'; gets
paid off first. Then you start paying on the ';principal.'; Any
extra you pay on the principal. It comes off the ';back'; of the
mortgage, not the ';front.'; Check with an lending expert. %26lt;}:-})
most mortgages tell you what amount of your current payment is principle, and what is interest. If you make an additional principle payment, you will shorten your note by one month. Whether that is a good idea or not, depends on a lot of things. Who 30 years ago would have projected today's prices?
It depends on the interest rates on a 30 year versus a 15 year mortgage. On a 6.% mortgage, the monthly payments on a 15 year mortgage is $2,520.00. On a thirty year mortgage, the monthly payments would be $1,830.00 for the 30 year mortgage.
15 x 2520 x 12 months = 453,600 or 205,200 in savings on interest.
30 x 1830 x 12 months = 658,800
That's too difficult for me. However, your mortgage adviser should have the figures for you.
We paid off extra on our mortgage and saved quite a bit of money - so in general it makes sense to do this if you can. It also depends a little on the type of mortgage you have - some are set up so that you can't do this. You're definitely going to have to consult your mortgage adviser.
I'd also suggest that you ask the mortgage adviser in what circumstances it would be a bad idea to do this. In this volatile real estate market, it might be that you would be better to save the money elsewhere.... you really gotta ask.
M
Extra payments are usually applied directly to principal. Sending extra each month can dramatically shorten the term of your loan. See the articles below.
Doing that will cut years off your mortgage, even paying it bi- weekly instead of monthy cuts like seven years off your loan. Good idea, pay extra when you can instead of commiting to such a large payment.
Without knowing the interest rate, I can't give you an exact answer. Assuming that you have a reasonable interest rate (under 6.7 percent) and that its fixed, then I would argue 1) you should pay off every other obligation you have, especially credit card debt, before you pay a penny towards your mortgage and 2) because mortgage interest is tax deductible, you may be better off investing the $400 per month so as not to reduce the tax benefits of the mortgage.
I reduce my overall interest and life of my mortgage by:
1) Making payments twice per month and reducing 1/2 on the 15th and 1/2 on the 30th...
2) Making 1 extra payment over the course of the year...
Both techniques are easy ways to pay down your mortgage quicker and reducing the interest you will pay on the life of the mortgage... With automatic withdrawal and payment options from my bank it is all done electronically...
my understanding is that if you can repay an extra amount at this sort of level the savings in interest that would have been added to your account are phenominal
There are a couple of pieces of missing info to be able to answer your questions specifically, so I made a couple of assumptions, and the result should hold true. First is what is the interest rate that you are paying, and is the loan currently a ';fully amortized'; one, that is one that has a payment amount that will reduce the loan to zero at the end of 15 years currently?
I assume that you have a 15 year fully amortized loan at a 6% interest rate (of course many loans are available for better rates, but this is a common average) so the payment would be about $2,447. At the end of 15 years the loan would be paid off and you would have paid a total of $440,460 of which $150,493 is interest. By paying an extra $400 a month, your payments would be $2,847 and would be paid off just under 12 years, saving you three years of paying a mortgage, and the total amount paid would be $406,381 for a total interest payment of $116,392 saving you $34,101 in interest payments.
That's the direct answer to your question...but something to consider is if you were able to put that $400 into another investment with a higher return than the interest you are being charged on your loan, then at the end of the 15 years you would be better off and further ahead. That is a personal decision and something to be weighed against the value of security one would gain in having their home fully paid for.
Either way, you are in a great mind set to put that extra money to work for you instead of buying useless doodads or frittering it away on other non investment choices. Great job and good luck!
I am not sure what the savings would be, but as long as you don't have a penalty for paying early, most don't, you will save money. Make sure when you pay the extra money, you mark it as a principal only payment!
i dont think u would unless you send payments directly to ure principal!!!
iF you can afford it I would do it
We cannot answer your question specifically unless you give us the interest rates. Normally, a 30 year loan has a higher interest rate than a 15 year loan, about 0.5% more. In addition, most of your payments go to interest on a 30 year loan. eg. for $290,000 at 6.25% int. for a 30 yr loan, your monthly payment is $1785.58. If you pay $400 more each month ie. $26,226.96 in total for the first 12 months, you would have paid $17,888.84 in interest by the end of the year and only $8338.13 in principal. On the other hand, if you go for a 15 year loan at 5.75% int., your monthly payment will be $2408.19 or $28,898.28. By the end of the year, only $16,347.66 goes to interest and $12,550.61 goes to principal. The difference in principal reduction is $4212.48. The question to you is: would you rather pay off the loan faster, or pay the bank 10.5 months of $400 extra as income to the bank but insurance for emergency to you?
First you have to see if your loan allows for that. Believe it or not their are loans with early pay off penalty. Now if it dose allow for early pay off with no fee then you have to specify to the mortgage company where you want the money to go. It has the potential to save you 70 to 80 thousand dollars in interest you would not have to pay. Pulse the satisfaction of an early pay off.Good luck .
You can probably google a mortgage calculator to find out this information. You can also contact your mortgage company who can calculate this for you. Read your note to see if there is a ';pre-payment penalty';. Even so, it's usually for mortgages that are paid in full in 3-5 years and not the lifetime of the loan. Yes, paying just one extra payment a year cuts 7 years off your loan. If you want to pay Bi-weekly, you need to check with your lender to see if you can do this.
It depends on the interest rate. But for example, if you had 7.0% fixed for 30 years for a $290K loan, your payment would be $1,929 before property tax and insurance. Paying an extra $400 of principal per month, you would save $175K in interest and would pay the house off in less than 19 years (instead of 30 years).
Getting a 15 year loan would get you a slightly better interest rate, but would make your monthly payment about $650 higher.scary mask buy make up
before you make the change, make sure that your mortgage allows you to pay early. It used to be called something like ';allowed to pay early without penalty'; or something like that.
Some mortgages are writing so that even if you pay off the principle early, you owe the same amount of interest as if you had not paid the principle off early.
yeah, i know it sounds crazy. I have no idea why some are ( or were) like that.Can anyone tell me if you pay an extra 400 a month towards the principal on your mortgage,?
i am a mortgage broker and i can fax you over the whole break down for this if you want..just email me a fax number...if not the the savings would be $189,736 in interest alone and you would cut your term to 16.3 years..now this is assuming a 6.5% rate seeing how you didnt tell us what the rate was..
If you have just purchased a house. All the ';interest,'; gets
paid off first. Then you start paying on the ';principal.'; Any
extra you pay on the principal. It comes off the ';back'; of the
mortgage, not the ';front.'; Check with an lending expert. %26lt;}:-})
most mortgages tell you what amount of your current payment is principle, and what is interest. If you make an additional principle payment, you will shorten your note by one month. Whether that is a good idea or not, depends on a lot of things. Who 30 years ago would have projected today's prices?
It depends on the interest rates on a 30 year versus a 15 year mortgage. On a 6.% mortgage, the monthly payments on a 15 year mortgage is $2,520.00. On a thirty year mortgage, the monthly payments would be $1,830.00 for the 30 year mortgage.
15 x 2520 x 12 months = 453,600 or 205,200 in savings on interest.
30 x 1830 x 12 months = 658,800
That's too difficult for me. However, your mortgage adviser should have the figures for you.
We paid off extra on our mortgage and saved quite a bit of money - so in general it makes sense to do this if you can. It also depends a little on the type of mortgage you have - some are set up so that you can't do this. You're definitely going to have to consult your mortgage adviser.
I'd also suggest that you ask the mortgage adviser in what circumstances it would be a bad idea to do this. In this volatile real estate market, it might be that you would be better to save the money elsewhere.... you really gotta ask.
M
Extra payments are usually applied directly to principal. Sending extra each month can dramatically shorten the term of your loan. See the articles below.
Doing that will cut years off your mortgage, even paying it bi- weekly instead of monthy cuts like seven years off your loan. Good idea, pay extra when you can instead of commiting to such a large payment.
Without knowing the interest rate, I can't give you an exact answer. Assuming that you have a reasonable interest rate (under 6.7 percent) and that its fixed, then I would argue 1) you should pay off every other obligation you have, especially credit card debt, before you pay a penny towards your mortgage and 2) because mortgage interest is tax deductible, you may be better off investing the $400 per month so as not to reduce the tax benefits of the mortgage.
I reduce my overall interest and life of my mortgage by:
1) Making payments twice per month and reducing 1/2 on the 15th and 1/2 on the 30th...
2) Making 1 extra payment over the course of the year...
Both techniques are easy ways to pay down your mortgage quicker and reducing the interest you will pay on the life of the mortgage... With automatic withdrawal and payment options from my bank it is all done electronically...
my understanding is that if you can repay an extra amount at this sort of level the savings in interest that would have been added to your account are phenominal
There are a couple of pieces of missing info to be able to answer your questions specifically, so I made a couple of assumptions, and the result should hold true. First is what is the interest rate that you are paying, and is the loan currently a ';fully amortized'; one, that is one that has a payment amount that will reduce the loan to zero at the end of 15 years currently?
I assume that you have a 15 year fully amortized loan at a 6% interest rate (of course many loans are available for better rates, but this is a common average) so the payment would be about $2,447. At the end of 15 years the loan would be paid off and you would have paid a total of $440,460 of which $150,493 is interest. By paying an extra $400 a month, your payments would be $2,847 and would be paid off just under 12 years, saving you three years of paying a mortgage, and the total amount paid would be $406,381 for a total interest payment of $116,392 saving you $34,101 in interest payments.
That's the direct answer to your question...but something to consider is if you were able to put that $400 into another investment with a higher return than the interest you are being charged on your loan, then at the end of the 15 years you would be better off and further ahead. That is a personal decision and something to be weighed against the value of security one would gain in having their home fully paid for.
Either way, you are in a great mind set to put that extra money to work for you instead of buying useless doodads or frittering it away on other non investment choices. Great job and good luck!
I am not sure what the savings would be, but as long as you don't have a penalty for paying early, most don't, you will save money. Make sure when you pay the extra money, you mark it as a principal only payment!
i dont think u would unless you send payments directly to ure principal!!!
iF you can afford it I would do it
We cannot answer your question specifically unless you give us the interest rates. Normally, a 30 year loan has a higher interest rate than a 15 year loan, about 0.5% more. In addition, most of your payments go to interest on a 30 year loan. eg. for $290,000 at 6.25% int. for a 30 yr loan, your monthly payment is $1785.58. If you pay $400 more each month ie. $26,226.96 in total for the first 12 months, you would have paid $17,888.84 in interest by the end of the year and only $8338.13 in principal. On the other hand, if you go for a 15 year loan at 5.75% int., your monthly payment will be $2408.19 or $28,898.28. By the end of the year, only $16,347.66 goes to interest and $12,550.61 goes to principal. The difference in principal reduction is $4212.48. The question to you is: would you rather pay off the loan faster, or pay the bank 10.5 months of $400 extra as income to the bank but insurance for emergency to you?
First you have to see if your loan allows for that. Believe it or not their are loans with early pay off penalty. Now if it dose allow for early pay off with no fee then you have to specify to the mortgage company where you want the money to go. It has the potential to save you 70 to 80 thousand dollars in interest you would not have to pay. Pulse the satisfaction of an early pay off.Good luck .
You can probably google a mortgage calculator to find out this information. You can also contact your mortgage company who can calculate this for you. Read your note to see if there is a ';pre-payment penalty';. Even so, it's usually for mortgages that are paid in full in 3-5 years and not the lifetime of the loan. Yes, paying just one extra payment a year cuts 7 years off your loan. If you want to pay Bi-weekly, you need to check with your lender to see if you can do this.
It depends on the interest rate. But for example, if you had 7.0% fixed for 30 years for a $290K loan, your payment would be $1,929 before property tax and insurance. Paying an extra $400 of principal per month, you would save $175K in interest and would pay the house off in less than 19 years (instead of 30 years).
Getting a 15 year loan would get you a slightly better interest rate, but would make your monthly payment about $650 higher.
How long do you have to be at a job before you can be considered for a mortgage?
I have bad credit and 15 percent downpayment.How long do you have to be at a job before you can be considered for a mortgage?
They want to see 2 months pay stubs from you place of employment.How long do you have to be at a job before you can be considered for a mortgage?
Since it came out in a later question that you are self employed, it would be 2 years of tax returns they would want to see. Also, if you were working for someone else, you would need 2 years of steady employment. The only caveat to that is if you changed jobs, but it was in the same industry, you would be ok.
Also, don't try to fib on your tax returns, as the lender will have you sign a paper that allows them to send away for the return you filed with the IRS.
No more funny loans. LOL
mortgage... the origin of that word French.
Mort = Death
Gage = Pledge / Promise
Thus: I promise on my life I will repay the debt borrowed.
Answer = depends on the nature of your employment and different lenders have their own criteria.
maybe 3 to 9 months
They want to see 2 months pay stubs from you place of employment.How long do you have to be at a job before you can be considered for a mortgage?
Since it came out in a later question that you are self employed, it would be 2 years of tax returns they would want to see. Also, if you were working for someone else, you would need 2 years of steady employment. The only caveat to that is if you changed jobs, but it was in the same industry, you would be ok.
Also, don't try to fib on your tax returns, as the lender will have you sign a paper that allows them to send away for the return you filed with the IRS.
No more funny loans. LOL
mortgage... the origin of that word French.
Mort = Death
Gage = Pledge / Promise
Thus: I promise on my life I will repay the debt borrowed.
Answer = depends on the nature of your employment and different lenders have their own criteria.
maybe 3 to 9 months
My fiance and i live together, my names not on mortgage, if he dies what happens to house?
Will i be told to move?My fiance and i live together, my names not on mortgage, if he dies what happens to house?
If he dies and you are not in his will it goes to the state -probate. Depending on the relationship you have with his family you may have to fight with them for it. You either do a quick deed and add your name or do a will. But technically speaking until the house is officially paid for it belongs to the mortgage company so the absolute best idea maybe to refinance joint tenancy with right of survivor-ship.My fiance and i live together, my names not on mortgage, if he dies what happens to house?
get married and you'll automatically own half the house and get it when he passes - until then unless you are on the title you are screwed - go to local tax office (or call a title company) and have them put you on the title if you aren't - it's easy to do and doesn't cost much. You can also get private insurance so that in the event one or the other passes the house is paid off in full (well worth the money)
Ok, you do have ownership rights if he dies after your married even if you are not on the deed. These are called ';rights of Dower'; check your state for how much. In my state the wife (regardless of how long married) has dowery rights of 30%. Even if he were to die right now if you keep making the payments the bank will not make you move.
If you are there as a ';common in law'; wife you should be ok. Better if you were named, but only as a wife/ partner not the main person. Thus if he dies and your mortgage insurance is up to date you will get the house gratis.
This happened to me in Ohio. My boyfriend died, I was not listed on the mortgage either, nor was anyone else....the house went to the state of Ohio, and it took me 8 months to get things fixed. I do have the house in my name and my moms.
Does your fiance have a will, stating you inherit the house?
Without a will the house goes to his parents. And they can ask you to leave. If you marry then the house goes to you.
what matters most is who's name is on the title. If he dies and your not on the mortgage, they could force you out, but they would probably rather take your money instead.
good luck
I don't know who's name is on the property title, but if the mortgage is not paid off, the lender will foreclose.
Yup. If your name isn't on the deed, you have no ownership interest (I think). Check with a lawyer in your area.
Ask him to put you on the deed..if not then do NOT marry him.
If he dies and you are not in his will it goes to the state -probate. Depending on the relationship you have with his family you may have to fight with them for it. You either do a quick deed and add your name or do a will. But technically speaking until the house is officially paid for it belongs to the mortgage company so the absolute best idea maybe to refinance joint tenancy with right of survivor-ship.My fiance and i live together, my names not on mortgage, if he dies what happens to house?
get married and you'll automatically own half the house and get it when he passes - until then unless you are on the title you are screwed - go to local tax office (or call a title company) and have them put you on the title if you aren't - it's easy to do and doesn't cost much. You can also get private insurance so that in the event one or the other passes the house is paid off in full (well worth the money)
Ok, you do have ownership rights if he dies after your married even if you are not on the deed. These are called ';rights of Dower'; check your state for how much. In my state the wife (regardless of how long married) has dowery rights of 30%. Even if he were to die right now if you keep making the payments the bank will not make you move.
If you are there as a ';common in law'; wife you should be ok. Better if you were named, but only as a wife/ partner not the main person. Thus if he dies and your mortgage insurance is up to date you will get the house gratis.
This happened to me in Ohio. My boyfriend died, I was not listed on the mortgage either, nor was anyone else....the house went to the state of Ohio, and it took me 8 months to get things fixed. I do have the house in my name and my moms.
Does your fiance have a will, stating you inherit the house?
Without a will the house goes to his parents. And they can ask you to leave. If you marry then the house goes to you.
what matters most is who's name is on the title. If he dies and your not on the mortgage, they could force you out, but they would probably rather take your money instead.
good luck
I don't know who's name is on the property title, but if the mortgage is not paid off, the lender will foreclose.
Yup. If your name isn't on the deed, you have no ownership interest (I think). Check with a lawyer in your area.
Ask him to put you on the deed..if not then do NOT marry him.
What is the average % of gross salary to determine affordable mortgage + tax to purchase in New York City?
As a branch manager for a direct lender you will need 50% gross salary to qualify for a mortgage loan at the best rate possible. If you make 50% or less, you can still receive a loan, however the rates are higher. ryan.wood@truelend.comWhat is the average % of gross salary to determine affordable mortgage + tax to purchase in New York City?
Typically figure roughly 25-30%. At least that is what my realtor has told me.
Typically figure roughly 25-30%. At least that is what my realtor has told me.
Can I get a first home buyers grant (Australia) is I buy a property in full (no mortgage)?
I'm living with my parents, saving and investing. I want to buy an apartment in full. I hate mortgages because of upfront fees and non-tax deductible interest.Can I get a first home buyers grant (Australia) is I buy a property in full (no mortgage)?
You do not need to buy the property with a loan to qualify for the FHOG. If you have not owned property before, and qualify for the grant, then yes, you will receive the grant. Appl;ication form and guidelines are available from:
www.osr.nsw.gov.auCan I get a first home buyers grant (Australia) is I buy a property in full (no mortgage)?
Yes you are able to apply for the First Home Owners Grant provided you do not have any properties under your name and you intend to live in the property for at least 6 months.
You do not need to buy the property with a loan to qualify for the FHOG. If you have not owned property before, and qualify for the grant, then yes, you will receive the grant. Appl;ication form and guidelines are available from:
www.osr.nsw.gov.auCan I get a first home buyers grant (Australia) is I buy a property in full (no mortgage)?
Yes you are able to apply for the First Home Owners Grant provided you do not have any properties under your name and you intend to live in the property for at least 6 months.
Should I pay more then just interest on a 2nd mortgage?
My husband and I owe about $98K on our house. Before we got married, he took a $40K second mortgage on the house to pay for graduate school. We are only paying the interest on the 2nd mortgage, at about $350 a month. We are planning to sell in two years and we'll list the house for about $170K. My question is, do we continue paying just the interest on the 2nd mortagage and pay it off when we sell, or should we start making larger payments off the balance? Any help you can give is greatly appreciated!!!Should I pay more then just interest on a 2nd mortgage?
If you are definately going to be selling off the house in two years, then just paying the interest is a smart thing to do. What will happen is that when the house sells, both mortgages will be paid off and you will have the balance to invest in a new home. The only way you could get in trouble is if your plans change for whatever reason or you are unable to sell your home for it's full value. Just make sure you are not just spending away what you would have been using to pay down the mortgage and it is being saved or invested. A number of people get caught in that ';spend everything'; trap.Should I pay more then just interest on a 2nd mortgage?
If you have the option to pay larger payments onto something ensure they go toward the highest interest debt to reduce your costs. Your second mortgage will likely be charged interest at a rate higher than your first, so applying towards that is a good thing. Regardless of whether or not you sell the house in the next couple of years, you still owe the money, so putting a dent into it now will only give you greater equity when you sell! Good luck!
DANG I hate when Credit Guru steals my answers!
He's absolutely right. Pay off your credit card debt, then use that money to start paying off your 2nd mortgage.
From what you describe, I see no advantage in paying off the mortgage at this time.
Pay off your credit cards first.
For 2 reasons:
1) Credit card interest(even if it is less than your 2nd) is not deductible, your 2nd interest is so if you are in the 15% tax bracket then you are really paying $297.50/mo interest)
2) Paying off credit cards will bring your balance to zero, which is the best thing to do to start to repay your debt. Credit cards are the WORST way to borrow money.
Once your credit cards are paid off and you are comfortable with the amount of money you have in savings %26amp; investments then you can start paying on the 2nd principal.
A final note, when you pay off your credit cards just file them away and don't use them. Don't close them, that might potentially lower your credit score and I am assuming when you sell this house you will be buying another so you want the highest credit score so you get the lowest interest rate.
Good Luck
I think it is always a good idea to pay off debt. Unless you need that money for something else immediately. If you would just be putting it into savings, you are better off paying down your debt because the interest you are paying on the mortgage is most likely much higher than any return you could guarantee yourself in any savings or investment plan.
I would suggest you guys develop a budget and pay off as much of the principle as you can. Principle drives equity.
Check out www.daveramsey.com for good ideas on getting out of debt quicker.
If you are definately going to be selling off the house in two years, then just paying the interest is a smart thing to do. What will happen is that when the house sells, both mortgages will be paid off and you will have the balance to invest in a new home. The only way you could get in trouble is if your plans change for whatever reason or you are unable to sell your home for it's full value. Just make sure you are not just spending away what you would have been using to pay down the mortgage and it is being saved or invested. A number of people get caught in that ';spend everything'; trap.Should I pay more then just interest on a 2nd mortgage?
If you have the option to pay larger payments onto something ensure they go toward the highest interest debt to reduce your costs. Your second mortgage will likely be charged interest at a rate higher than your first, so applying towards that is a good thing. Regardless of whether or not you sell the house in the next couple of years, you still owe the money, so putting a dent into it now will only give you greater equity when you sell! Good luck!
DANG I hate when Credit Guru steals my answers!
He's absolutely right. Pay off your credit card debt, then use that money to start paying off your 2nd mortgage.
From what you describe, I see no advantage in paying off the mortgage at this time.
Pay off your credit cards first.
For 2 reasons:
1) Credit card interest(even if it is less than your 2nd) is not deductible, your 2nd interest is so if you are in the 15% tax bracket then you are really paying $297.50/mo interest)
2) Paying off credit cards will bring your balance to zero, which is the best thing to do to start to repay your debt. Credit cards are the WORST way to borrow money.
Once your credit cards are paid off and you are comfortable with the amount of money you have in savings %26amp; investments then you can start paying on the 2nd principal.
A final note, when you pay off your credit cards just file them away and don't use them. Don't close them, that might potentially lower your credit score and I am assuming when you sell this house you will be buying another so you want the highest credit score so you get the lowest interest rate.
Good Luck
I think it is always a good idea to pay off debt. Unless you need that money for something else immediately. If you would just be putting it into savings, you are better off paying down your debt because the interest you are paying on the mortgage is most likely much higher than any return you could guarantee yourself in any savings or investment plan.
I would suggest you guys develop a budget and pay off as much of the principle as you can. Principle drives equity.
Check out www.daveramsey.com for good ideas on getting out of debt quicker.
What profession do you think is profiting most from this mortgage crisis?
At the moment bamkers are being protected by Uncle Sam. In the future, attorneys who will litigate all this ka ka, will make out.scary mask buy make up
Will a bank give a discount to pay-off a mortgage ahead of schedule?
It seems possible since everything financially is in turmoil.Will a bank give a discount to pay-off a mortgage ahead of schedule?
You need to check your mortgage agreement but most banks will not charge you for paying the loan off earlier but they will not give you aa discount either. But you will save a lot of interest.Will a bank give a discount to pay-off a mortgage ahead of schedule?
I don't know of any that are doing that at present. Years ago when interest rates had gone up to 10% or more, they would give you a discount if you paid extra payments if you had an older loan at 6% or less.
If the present mess leads to hyper inflation and high interest rates, the same thing will occur again, but it hasn't happened yet.
Unlikely, they lent you the money on the expectation that they were going to get 25 years interest on it, so if you pay it off early I would think that they will charge you at least 3 months interest.
The answer is no. If you have a 30 year fixed rate mortgage, and you were half way done, you paid about 70% in interest. That's how most banks or mortgage cos. make their money.
normally they will charge you for foreclosure of the accpunt!!
You need to check your mortgage agreement but most banks will not charge you for paying the loan off earlier but they will not give you aa discount either. But you will save a lot of interest.Will a bank give a discount to pay-off a mortgage ahead of schedule?
I don't know of any that are doing that at present. Years ago when interest rates had gone up to 10% or more, they would give you a discount if you paid extra payments if you had an older loan at 6% or less.
If the present mess leads to hyper inflation and high interest rates, the same thing will occur again, but it hasn't happened yet.
Unlikely, they lent you the money on the expectation that they were going to get 25 years interest on it, so if you pay it off early I would think that they will charge you at least 3 months interest.
The answer is no. If you have a 30 year fixed rate mortgage, and you were half way done, you paid about 70% in interest. That's how most banks or mortgage cos. make their money.
normally they will charge you for foreclosure of the accpunt!!
Should I invest in real estate or pay off my mortgage or my primary home?
I was thinking about buying a piece of property to rent as an investment but now I am second guessing myself. Should I pay off my primary home's mortgage early instead?Should I invest in real estate or pay off my mortgage or my primary home?
I think the comfort of knowing your home is paid off would be the best for most people.
If you find a good rental property that spits out a lot of profit each month then you could use that income to pay off your mortgage early-don't buy a property unless you can make a monthly cash flow on it (above the cost of insurance, taxes, principle and interest and repairs)Should I invest in real estate or pay off my mortgage or my primary home?
What an opportunity: PAY OFF YOUR MORTGAGE. This will give you an opportunity to set back some cash in savings that are secure and not subject to huge losses in a volatile real estate market. It is tempting to want to make a big killing, but there is no feeling like having no house payment and money you can enjoy without being under stress. We did it, and we are glad, glad glad.
Forget richdad.com, tax advisors, investment planners and all that mess....you need to fully understand PEACE of MIND %26amp; DEBT FREE.
Sure there's this mantra out there about ';using other people's money';, but that's a sales pitch. Plain %26amp; Simple. (to sell books, or to earn your business another way)
Being DEBT FREE NOW is more important than becoming DEBT FREE with passive income 30 years from now.
Why? Well, what's the purpose of insurance? To protect us from the ';unknowns';.
There's also this little added bonus of ';Peace of Mind';.
Opportunities to earn ';passive income'; will come later, get out of Debt, even your home debt. And if your in Austin, TX then that kind of advice actually prevents me from earning commission!
pay off your mortgage...WOW - one less bill every month...congratulations.
when your mortgage is paid in full...you now have a great asset for any future needs.
When you sell...you won't have to worry so much about not getting enough to pay off the mortgage....
Wow this is great....congratulations
good luck
Pay Off the mortgage.!!! Using mortgage interest deduction as a reason to carry a mortgage is crazy. You are gonna pay the bank $10,000 so you can save $3000 in taxes????? Just pay me the 10k and call me a charity. Real estate is a good investment but you have to consider the risk involved. If your do not rent the property or the renter misses a payment or a major repair pops up you can suddenly face losing your rental property and your own home.
Invest your money in the rental - make syure the rent will pay both the mortgage %26amp; property taxes - run the rental like a business
Pay off your mortgage.
Buying property right now does not make a lot of sense.
The real estate market has not bottomed and most likely won't bottom till the end of NEXT YEAR.
I have NEVER seen real estate turn around on a dime.
It will take years for it to bottom, then start a gradual climb up again.
Buying now is like trying to catch a falling knife.
Let the knife fall to the ground, then go and pick up the knife up once it bounces on the ground.
Too many hero's in the market right now thinking they can nail the bottom of this housing market.
Watch interest rates! If the 30 year fixed climbs above 7% this would be another negative for housing market.
Terry S.
If you file a schedule a on your 1040's most likely better not to pay off your primary mortgage, best to confirm this with your tax advisor or accountant, but normally mortgage interest represents the single largest deduction that reduces tax debt for most people. So investment property can also be beneficial in this area also, but be ready with back up funds. It is proven that people do not take as good of care of the houses they rent, repairs can be numerous. Eviction processes can take months sometimes so have enough funds available to continue paying your mortgage if this happens, you never know. Or you just these funds and invest into a high yield money market or mutual fund and watch your balance rise while still keeping liquid, just a thought. Hope this helps!
I think the comfort of knowing your home is paid off would be the best for most people.
If you find a good rental property that spits out a lot of profit each month then you could use that income to pay off your mortgage early-don't buy a property unless you can make a monthly cash flow on it (above the cost of insurance, taxes, principle and interest and repairs)Should I invest in real estate or pay off my mortgage or my primary home?
What an opportunity: PAY OFF YOUR MORTGAGE. This will give you an opportunity to set back some cash in savings that are secure and not subject to huge losses in a volatile real estate market. It is tempting to want to make a big killing, but there is no feeling like having no house payment and money you can enjoy without being under stress. We did it, and we are glad, glad glad.
Forget richdad.com, tax advisors, investment planners and all that mess....you need to fully understand PEACE of MIND %26amp; DEBT FREE.
Sure there's this mantra out there about ';using other people's money';, but that's a sales pitch. Plain %26amp; Simple. (to sell books, or to earn your business another way)
Being DEBT FREE NOW is more important than becoming DEBT FREE with passive income 30 years from now.
Why? Well, what's the purpose of insurance? To protect us from the ';unknowns';.
There's also this little added bonus of ';Peace of Mind';.
Opportunities to earn ';passive income'; will come later, get out of Debt, even your home debt. And if your in Austin, TX then that kind of advice actually prevents me from earning commission!
pay off your mortgage...WOW - one less bill every month...congratulations.
when your mortgage is paid in full...you now have a great asset for any future needs.
When you sell...you won't have to worry so much about not getting enough to pay off the mortgage....
Wow this is great....congratulations
good luck
Pay Off the mortgage.!!! Using mortgage interest deduction as a reason to carry a mortgage is crazy. You are gonna pay the bank $10,000 so you can save $3000 in taxes????? Just pay me the 10k and call me a charity. Real estate is a good investment but you have to consider the risk involved. If your do not rent the property or the renter misses a payment or a major repair pops up you can suddenly face losing your rental property and your own home.
Invest your money in the rental - make syure the rent will pay both the mortgage %26amp; property taxes - run the rental like a business
Pay off your mortgage.
Buying property right now does not make a lot of sense.
The real estate market has not bottomed and most likely won't bottom till the end of NEXT YEAR.
I have NEVER seen real estate turn around on a dime.
It will take years for it to bottom, then start a gradual climb up again.
Buying now is like trying to catch a falling knife.
Let the knife fall to the ground, then go and pick up the knife up once it bounces on the ground.
Too many hero's in the market right now thinking they can nail the bottom of this housing market.
Watch interest rates! If the 30 year fixed climbs above 7% this would be another negative for housing market.
Terry S.
If you file a schedule a on your 1040's most likely better not to pay off your primary mortgage, best to confirm this with your tax advisor or accountant, but normally mortgage interest represents the single largest deduction that reduces tax debt for most people. So investment property can also be beneficial in this area also, but be ready with back up funds. It is proven that people do not take as good of care of the houses they rent, repairs can be numerous. Eviction processes can take months sometimes so have enough funds available to continue paying your mortgage if this happens, you never know. Or you just these funds and invest into a high yield money market or mutual fund and watch your balance rise while still keeping liquid, just a thought. Hope this helps!
I'm selling my LLC but the LLC has a mortgage attached to a property it owns. How do I transfer that?
I'm selling my Corporation. The Corporation owns some 4-plexes in Louisiana. There is a mortgage attached to these 4-Plexes. How would I go about getting the new owners of the Corporation to take on the loan? I need to remove myself from the mortgage note. Will the Lender allow this?
Myself and several others in the Corporation signed the note but we now will not own the Corporation. how do I get this switched over to the new owners of the Corporaton?I'm selling my LLC but the LLC has a mortgage attached to a property it owns. How do I transfer that?
If you all personally signed off on the loan, the new owners will have to be approved by the lender in order to release you from the loan, but the lender is not just going to personally release you even if you sell the corp.I'm selling my LLC but the LLC has a mortgage attached to a property it owns. How do I transfer that?
It sounds like the deed is in the name of the corp. Since ';several others'; signed the note, it makes me think that you all were offering personal guarantees (if the loan was to the corp solely, maybe only one officer would have had to sign).
At a minimum, the lender is going to want to qualify the new owners to make sure they are at least as creditworthy as you guys are, because they are going to want their personal guarantees in exchange.
I would contact the lender and tell them you are ';considering'; a sale of the corporation, and what are their practices and procedures in this regard to transferring the note obligation to the new shareholders. I'm sure they've had this happen before and have guidelnes for this, but the first person you talk to there is probably not going to know. Persevere.
Nope.
You have to take it out of the corporation's name before you can get them to buy it, then put it back in the name of the LLC if you want to avoid a commercial loan.
The paperwork is simple..it's done all day, every day, and it can all be filed at once at the same closing...all it is, is the order in which the documents are recorded.
It's the SAME process you used when you purchased the property....just in reverse.
Any closing attorney should be able to handle the transaction...do not use a title company.
The reason is that mortgage companies loan to individuals, not companies...an LLC is a legal entity, not a person.
You shouldn't be on the mortgage note, the company should. If you bought the property and you're name is on it, you're proper f**ked
Ask Loan Answers. I love these guys.
twitter.com/loanswers
Myself and several others in the Corporation signed the note but we now will not own the Corporation. how do I get this switched over to the new owners of the Corporaton?I'm selling my LLC but the LLC has a mortgage attached to a property it owns. How do I transfer that?
If you all personally signed off on the loan, the new owners will have to be approved by the lender in order to release you from the loan, but the lender is not just going to personally release you even if you sell the corp.I'm selling my LLC but the LLC has a mortgage attached to a property it owns. How do I transfer that?
It sounds like the deed is in the name of the corp. Since ';several others'; signed the note, it makes me think that you all were offering personal guarantees (if the loan was to the corp solely, maybe only one officer would have had to sign).
At a minimum, the lender is going to want to qualify the new owners to make sure they are at least as creditworthy as you guys are, because they are going to want their personal guarantees in exchange.
I would contact the lender and tell them you are ';considering'; a sale of the corporation, and what are their practices and procedures in this regard to transferring the note obligation to the new shareholders. I'm sure they've had this happen before and have guidelnes for this, but the first person you talk to there is probably not going to know. Persevere.
Nope.
You have to take it out of the corporation's name before you can get them to buy it, then put it back in the name of the LLC if you want to avoid a commercial loan.
The paperwork is simple..it's done all day, every day, and it can all be filed at once at the same closing...all it is, is the order in which the documents are recorded.
It's the SAME process you used when you purchased the property....just in reverse.
Any closing attorney should be able to handle the transaction...do not use a title company.
The reason is that mortgage companies loan to individuals, not companies...an LLC is a legal entity, not a person.
You shouldn't be on the mortgage note, the company should. If you bought the property and you're name is on it, you're proper f**ked
Ask Loan Answers. I love these guys.
twitter.com/loanswers
What education req's are needed to work as a loan officer (mortgages, auto, etc...)?
YOU NEED A BROKERS LICENSE OR A MORTGAGE LICENSE. AND IF YOUR A ALCOHOLIC THAT HELPS . YOU DONT NEED A EDUCATION BUT IT WOULD BE NICE MAYBE YOU CAN BE ONE OF THE SMART ONES OUT THERE.THAT KNOW HOW TO READ THIER CLIENTS CREDIT REPORTWhat education req's are needed to work as a loan officer (mortgages, auto, etc...)?
Usually, high school grad is good enough if you're starting out and the co. you're starting with will give full sales training. Sometimes having a background/degree in finance will help. But basically, it's all about being a good salesman more than an education pedigree.
Usually, high school grad is good enough if you're starting out and the co. you're starting with will give full sales training. Sometimes having a background/degree in finance will help. But basically, it's all about being a good salesman more than an education pedigree.
How do you negotiate a ';short sale'; on a home mortgage?
The very first thing you must do is to get the seller to authorize the lender and the foreclusre attorney, to release information to you and also allow you to negotiate a contract ith them. If they don't see that signature..they can not legally discuss the foreclosure with you. Once you have this letter..you need to have your attorney (one that is well versed in short sales) send the letter and a request for the payoff amount to both the lender and their atty. Usually It will take several days for a response.
The key to getting them to respond is to HIRE AN ATTORNEY! I tried this myself, had all the documents and couldnt gret anyone to return my calls. Funny,....I got another attorney involved and we had a return call in 3 days!
Don't assume because the seller has a statement with their payoff that that is correct....often they don't know that there are thousands of dollars in foreclosure fees, atty fees and interest that is acruing daily. Once you have the true payoff..offer less (Short sale) write a contract, have the
seller sign it..have your attorney fax it back to the lender and their atty. Make SURE you have proof of funds or a NON CONTINGENT preapproval letter that is going to go with that offer. The stronger you look, the sooner you can close the more likely the bank will say yes! Good luck..email me if I can be of more help!
Vicki Watzlawick
Broker Owner
Exit Platinum Realty
www.vickisdreamhomes.comHow do you negotiate a ';short sale'; on a home mortgage?
Hire a qualified attorney to negotiate the short sale for you.How do you negotiate a ';short sale'; on a home mortgage?
A short sale is a pre-forclosure measure that the mortgage holder/bank negotiates with teh borrower. It is a settlement in lieu of foreclsoure for an amount less than the balance owed on the mortgage, which the Lender accepts as full and final payment on the mortgage. The owner/borrower is not entittle to ANY of the proceeds of the sale.scary mask buy make up
The key to getting them to respond is to HIRE AN ATTORNEY! I tried this myself, had all the documents and couldnt gret anyone to return my calls. Funny,....I got another attorney involved and we had a return call in 3 days!
Don't assume because the seller has a statement with their payoff that that is correct....often they don't know that there are thousands of dollars in foreclosure fees, atty fees and interest that is acruing daily. Once you have the true payoff..offer less (Short sale) write a contract, have the
seller sign it..have your attorney fax it back to the lender and their atty. Make SURE you have proof of funds or a NON CONTINGENT preapproval letter that is going to go with that offer. The stronger you look, the sooner you can close the more likely the bank will say yes! Good luck..email me if I can be of more help!
Vicki Watzlawick
Broker Owner
Exit Platinum Realty
www.vickisdreamhomes.comHow do you negotiate a ';short sale'; on a home mortgage?
Hire a qualified attorney to negotiate the short sale for you.How do you negotiate a ';short sale'; on a home mortgage?
A short sale is a pre-forclosure measure that the mortgage holder/bank negotiates with teh borrower. It is a settlement in lieu of foreclsoure for an amount less than the balance owed on the mortgage, which the Lender accepts as full and final payment on the mortgage. The owner/borrower is not entittle to ANY of the proceeds of the sale.
Easiest way to transfer property to family member with mortgage still owed, Moving out of state.?
Property was bought in 2006
Owe around 580,000 to lender.
My mom would be the only borrower, she has good credit.
Would this be a refinance or new sale?Easiest way to transfer property to family member with mortgage still owed, Moving out of state.?
you need to transfer the title, and she needs to get a mortgage. Unless your mother can assume your mortgage, it would be a new sale.
You should double check with a lawyer for the rules of where you are though. A lawyer has to do the title transfer anyway.Easiest way to transfer property to family member with mortgage still owed, Moving out of state.?
Call a lawyer or title company. Read your mortgage documents or deed of trust documents.
Most likely your loan will be due when you transfer the title, no matter how you transfer it. You need advice from a professional who lives in the same state you do.
If she is going to borrow the money then it would be a new sale. and in most cases if she is just going to give you what you owe on the home, the rates are very good right now if she has good credit, and the payments will be less.
Owe around 580,000 to lender.
My mom would be the only borrower, she has good credit.
Would this be a refinance or new sale?Easiest way to transfer property to family member with mortgage still owed, Moving out of state.?
you need to transfer the title, and she needs to get a mortgage. Unless your mother can assume your mortgage, it would be a new sale.
You should double check with a lawyer for the rules of where you are though. A lawyer has to do the title transfer anyway.Easiest way to transfer property to family member with mortgage still owed, Moving out of state.?
Call a lawyer or title company. Read your mortgage documents or deed of trust documents.
Most likely your loan will be due when you transfer the title, no matter how you transfer it. You need advice from a professional who lives in the same state you do.
If she is going to borrow the money then it would be a new sale. and in most cases if she is just going to give you what you owe on the home, the rates are very good right now if she has good credit, and the payments will be less.
Where is the best place to go for a Mortgage loan?
I have very good credit and want to buy my first home. I am 21y/o. I will need 100% loan and not over 6% interest. Where is the best place? I would not like verible interest either. THANKSWhere is the best place to go for a Mortgage loan?
I've bought a few homes over the past 20 years. One trick that's worked for me is to have my realtor invite 3 mortgage brokers into the office. Then... I interview them!
Now that my credit's pretty good, I give them one criteria... ask whatever they want up front, but don't keep coming back for more info. I got bombarded with follow up requests the first time I bought a house and I'll never put up with that again.
Good luck!Where is the best place to go for a Mortgage loan?
All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrower%26lt;!--and even for those with more experience! Here, we will discuss the different types of loan options, and how they work.
http://mortgage-loans.awardspace.com/
http://best-loans.awardspace.com/homeloans.htm
First, there are two main broad categories of mortgage loans: government loans (FHA, VA, and RHS, or Rural Housing Service loans) and conventional loans (all other loans). In general, government loans have low or no down payment requirements for the purchaser--%26gt;and are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.
By posing this question on Yahoo Answers, you're inviting every scheming lowlife scammer to offer you a loan. And I guarantee they will reply soon. Don't respond to anyone who offers a loan and has a generic contact email, i.e., yahoo.com. They are scammers. They will ask for money for proceesing stuf and you will not see a dime.
my little advice is that you go to a bank in your area to request for the loan and that is if you have a collateral, but if you want loan from those that give out unsecured loan without a collateral i know of someone that gives out unsecured loans, though he is the only one i have tried for now so i don't really know if his interest rate is the lowest, here is their contact information if you want to contact them. (kingstonloaninc@live.com)
i am sure they can be of help to you.
I was in the same situation, consider FHA from your bank where you have a checking account. They were even lower than a credit union and online mortgage companies (lending tree, contrywide, etc.).
I've bought a few homes over the past 20 years. One trick that's worked for me is to have my realtor invite 3 mortgage brokers into the office. Then... I interview them!
Now that my credit's pretty good, I give them one criteria... ask whatever they want up front, but don't keep coming back for more info. I got bombarded with follow up requests the first time I bought a house and I'll never put up with that again.
Good luck!Where is the best place to go for a Mortgage loan?
All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrower%26lt;!--and even for those with more experience! Here, we will discuss the different types of loan options, and how they work.
http://mortgage-loans.awardspace.com/
http://best-loans.awardspace.com/homeloans.htm
First, there are two main broad categories of mortgage loans: government loans (FHA, VA, and RHS, or Rural Housing Service loans) and conventional loans (all other loans). In general, government loans have low or no down payment requirements for the purchaser--%26gt;and are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.
By posing this question on Yahoo Answers, you're inviting every scheming lowlife scammer to offer you a loan. And I guarantee they will reply soon. Don't respond to anyone who offers a loan and has a generic contact email, i.e., yahoo.com. They are scammers. They will ask for money for proceesing stuf and you will not see a dime.
my little advice is that you go to a bank in your area to request for the loan and that is if you have a collateral, but if you want loan from those that give out unsecured loan without a collateral i know of someone that gives out unsecured loans, though he is the only one i have tried for now so i don't really know if his interest rate is the lowest, here is their contact information if you want to contact them. (kingstonloaninc@live.com)
i am sure they can be of help to you.
I was in the same situation, consider FHA from your bank where you have a checking account. They were even lower than a credit union and online mortgage companies (lending tree, contrywide, etc.).
Anyone know of mortgage company that will finance bad credit?
I have 5% to 10% to put down to buy a house but cannot get more than an 80% mortgage. Anyone know of any companies that will help?Anyone know of mortgage company that will finance bad credit?
The FHA will do up to 97.5% financing with a credit score as low as 500.Anyone know of mortgage company that will finance bad credit?
There are way more details necessary than you are likely to be interested in sharing on an Internet forum. Find a broker that doesn't charge application or credit report fees, and let him/her go to work. If they can't get you approved try another one or two - but if you keep getting the same answer, odds are what you are seeking to do just isn't doable at this time.
Even if the broker can get you financed, still comparison shop with one or two others to make sure that what you are being offered is reasonable.
Many lenders, banks in particular, deal in any sort of secured loan other than second mortgages. Other institutions deal almost exclusively in secured loans. Finance companies that deal in secured loans can be found in your phone book, newspaper, and increasingly, online.Shop%26lt;!--around and compare interest rates on loans and the terms of repayment with several different lenders. You'll find many internet sites that let you request a loan rate quote from multiple lenders at once. You can find more information on bad credit loans here,
http://badcredits.awardspace.com/
Once you've submitted a request for a loan quote, you'll be contacted by representatives from several companies--%26gt;and can get a good idea of what each can offer you in terms of interest and other finance charges and fees. Choose the best one for your needs, and apply for the loan. It's that easy.
There are mortgage companies that will finance a house for you, but make sure you don't get knocked upside the head! Even if they get you in with 10% down, you better make sure you don't get killed with high interest rates and outrageous closing costs. Remember your down payment is different from you closing costs. So, you might put 10% down, but end up with a lot of broker's fees, a high interest rate, and maybe even a loan program that might get you in trouble down the road. Ask friends and relatives if they know a good loan officer. The main question for the loan officer is if they are a direct lender or a broker. The direct lender lends the money, the broker searches for a direct lender to loan you the money. The broker has to get paid too. A lot of times the broker will make just as much, if not more than the lender.
';The FHA'; does not loan money, that's the type of loan. FHA, Conventional, or VA.
Have you tried taking out a 80/20 mortgage? This is probably your best bet. This means you have one ';main'; mortgage making up 80%, and a second smaller loan for 20% with a second bank/lender. I would contact a mortgage broker instead of a bank, then they'll find something for you.
PS - Keep in mind, the financial markets were just rocked by a subprime failure - meaning a lot of lenders giving out loans to those with bad credit defaulted on their obligations. What this means is in the coming months it will get even harder to be approved.
The FHA will do up to 97.5% financing with a credit score as low as 500.Anyone know of mortgage company that will finance bad credit?
There are way more details necessary than you are likely to be interested in sharing on an Internet forum. Find a broker that doesn't charge application or credit report fees, and let him/her go to work. If they can't get you approved try another one or two - but if you keep getting the same answer, odds are what you are seeking to do just isn't doable at this time.
Even if the broker can get you financed, still comparison shop with one or two others to make sure that what you are being offered is reasonable.
Many lenders, banks in particular, deal in any sort of secured loan other than second mortgages. Other institutions deal almost exclusively in secured loans. Finance companies that deal in secured loans can be found in your phone book, newspaper, and increasingly, online.Shop%26lt;!--around and compare interest rates on loans and the terms of repayment with several different lenders. You'll find many internet sites that let you request a loan rate quote from multiple lenders at once. You can find more information on bad credit loans here,
http://badcredits.awardspace.com/
Once you've submitted a request for a loan quote, you'll be contacted by representatives from several companies--%26gt;and can get a good idea of what each can offer you in terms of interest and other finance charges and fees. Choose the best one for your needs, and apply for the loan. It's that easy.
There are mortgage companies that will finance a house for you, but make sure you don't get knocked upside the head! Even if they get you in with 10% down, you better make sure you don't get killed with high interest rates and outrageous closing costs. Remember your down payment is different from you closing costs. So, you might put 10% down, but end up with a lot of broker's fees, a high interest rate, and maybe even a loan program that might get you in trouble down the road. Ask friends and relatives if they know a good loan officer. The main question for the loan officer is if they are a direct lender or a broker. The direct lender lends the money, the broker searches for a direct lender to loan you the money. The broker has to get paid too. A lot of times the broker will make just as much, if not more than the lender.
';The FHA'; does not loan money, that's the type of loan. FHA, Conventional, or VA.
Have you tried taking out a 80/20 mortgage? This is probably your best bet. This means you have one ';main'; mortgage making up 80%, and a second smaller loan for 20% with a second bank/lender. I would contact a mortgage broker instead of a bank, then they'll find something for you.
PS - Keep in mind, the financial markets were just rocked by a subprime failure - meaning a lot of lenders giving out loans to those with bad credit defaulted on their obligations. What this means is in the coming months it will get even harder to be approved.
What is a Mortgage commitment letter?
In Pa we are buying a house and we are having tough time with getting the inspection complete. Which will apperently result in renegioated price and needed repairs prior to closing. My agreement states that I have 15 days to have and inspection and 15 days to present a mortgage commitment letter. My lender states that I should be sure I want the property, which we providing needed repairs are renegotiated or taken care of. So my realtor says she needs it and my lender says everything is all set. What is the letter entail and what does it mean?What is a Mortgage commitment letter?
The loan commitment letter is from the lender stating that they have approved your loan for the amount of money needed to close the deal. If repairs are an issue, the price of renegotiating means the sales price may be reduced, however, if you then are accepting in the nonrepaired state, then you'll need funds to cover the repair.
The loan commitment letter is from the lender stating that they have approved your loan for the amount of money needed to close the deal. If repairs are an issue, the price of renegotiating means the sales price may be reduced, however, if you then are accepting in the nonrepaired state, then you'll need funds to cover the repair.
Are there any mortgage loans that require less than 20% down?
I already own a house and now I want to buy my parents a house. Besides the programs for first-time homebuyers, are there mortgage loans out there that require less than 20% down?Are there any mortgage loans that require less than 20% down?
In the UK lenders are very slowly increasing % loans and it is now possible to borrow up to 90% with a few high st lenders.(eg RBS) However rates with low deposits are not particularly attractive. Not all lenders will lend if the property is to be occupied by a dependent relative.
You do not say if you have a mortgage yourself. If you have your earnings must cover both mortgages. If you do not have a mortgage, or even if you do, you could remortgage your own house to raise a larger deposit %26amp; qualify for lower rates. To get best advice speak to an independent mortgage adviser.Are there any mortgage loans that require less than 20% down?
Yes, with both conventional and FHA. The FHA will allow for 96.5% LTV or 3.5% down payment.
FHA rates are at an all time low.
In the UK lenders are very slowly increasing % loans and it is now possible to borrow up to 90% with a few high st lenders.(eg RBS) However rates with low deposits are not particularly attractive. Not all lenders will lend if the property is to be occupied by a dependent relative.
You do not say if you have a mortgage yourself. If you have your earnings must cover both mortgages. If you do not have a mortgage, or even if you do, you could remortgage your own house to raise a larger deposit %26amp; qualify for lower rates. To get best advice speak to an independent mortgage adviser.Are there any mortgage loans that require less than 20% down?
Yes, with both conventional and FHA. The FHA will allow for 96.5% LTV or 3.5% down payment.
FHA rates are at an all time low.
Does anyone think mortgage stocks are a good long-term buy?
Fannie Mae, Freddie Mac, Countrywide, etc. are all tumbling (some up to 80% from a year ago)... but I've noticed a rebound of over 30% in a matter of days. Do you think these stocks, now hovering around 7-13 dollars per share, will ever get back to their 40-80 dollars-per-share range?Does anyone think mortgage stocks are a good long-term buy?
There has been much recent talk on Bloomberg Reports and on CNBC that Fannie and Freddie are good long term buys. These are stocks that would also be good to consider for a 401k.Does anyone think mortgage stocks are a good long-term buy?
Last I heard they were taking over by the government and they say more banks may be on the way! I think I would split my investments, say gold maybe. It's jumped way up.scary mask buy make up
There has been much recent talk on Bloomberg Reports and on CNBC that Fannie and Freddie are good long term buys. These are stocks that would also be good to consider for a 401k.Does anyone think mortgage stocks are a good long-term buy?
Last I heard they were taking over by the government and they say more banks may be on the way! I think I would split my investments, say gold maybe. It's jumped way up.
What is the legal age to sign on a mortgage in California and Texas?
you have to be 18 years old to sign a contract by yourself. But a mortgage contract, for a good one, you would need long established credit, and a good flow if income.What is the legal age to sign on a mortgage in California and Texas?
18 is legal age though i dont know if a 18 year old would have enough credit to qualify for one
18 is legal age though i dont know if a 18 year old would have enough credit to qualify for one
Can I claim mortgage interest paid in 2007 on this years taxes?
It wasnt enough to claim on last years taxes and someone told me I could use it this year.ThanksCan I claim mortgage interest paid in 2007 on this years taxes?
I do think there's some kind of provision that says something like, if you had excessive mortgage interest that you couldn't write off the year before (like if you had more than a $1 million mortgage), it can carry over to the next year. I had this discussion with my tax preparer last year. But, I can't remember what the exact stipulation was.
Contact a tax preparer if you're doing itemized deductions. I pay my accountant $300 a year to prepare my taxes, and he's has saved me many times over what I pay him each year. And, all I have to do is provide him with the documentation. He then just updates the data in his laptop and it's done within a couple hours.Can I claim mortgage interest paid in 2007 on this years taxes?
No, you cannot.
No, you cannot. You can only use as a deduction for 2008 any mortgage interest actually paid within calendar 2008. If you did not have sufficient interest paid to deduct in 2007, it's history.
I do think there's some kind of provision that says something like, if you had excessive mortgage interest that you couldn't write off the year before (like if you had more than a $1 million mortgage), it can carry over to the next year. I had this discussion with my tax preparer last year. But, I can't remember what the exact stipulation was.
Contact a tax preparer if you're doing itemized deductions. I pay my accountant $300 a year to prepare my taxes, and he's has saved me many times over what I pay him each year. And, all I have to do is provide him with the documentation. He then just updates the data in his laptop and it's done within a couple hours.Can I claim mortgage interest paid in 2007 on this years taxes?
No, you cannot.
No, you cannot. You can only use as a deduction for 2008 any mortgage interest actually paid within calendar 2008. If you did not have sufficient interest paid to deduct in 2007, it's history.
Refinancing if your late 3 months on your 2nd mortgage?
Hello,
Are there any mortgage companies that will do a refi if your late 3 months on your 2nd mortgage? Thank you for your time.Refinancing if your late 3 months on your 2nd mortgage?
it will be hard == would you loan money to a person that will not pay their bills!!!!Refinancing if your late 3 months on your 2nd mortgage?
It will be really tough. You need to contact your lender and explain your situation; most likely they will be willing to work out a payment plan that would allow your past dues to get current, and keep your credit rating from getting worse. Don't fall for any adjustable rate mortgages offered by preditory lenders.
A hard money lender would do it if you had plenty of equity and were willing to pay an ungodly interest rate.
Are there any mortgage companies that will do a refi if your late 3 months on your 2nd mortgage? Thank you for your time.Refinancing if your late 3 months on your 2nd mortgage?
it will be hard == would you loan money to a person that will not pay their bills!!!!Refinancing if your late 3 months on your 2nd mortgage?
It will be really tough. You need to contact your lender and explain your situation; most likely they will be willing to work out a payment plan that would allow your past dues to get current, and keep your credit rating from getting worse. Don't fall for any adjustable rate mortgages offered by preditory lenders.
A hard money lender would do it if you had plenty of equity and were willing to pay an ungodly interest rate.
Is the government mortgaging the future of our country by passing the new stimulus bill?
It is going to take years to pay for all of thisIs the government mortgaging the future of our country by passing the new stimulus bill?
We have no choice. Many people have lost jobs %26amp; we don't want half the country to end up like the bottom poor have always been. When people function the future is better. If we don't do this many people from all walks of life are going to be in trouble. we all depend on others. I don't know if you lost money but many older people have to go back to work %26amp; we have not seen the worst of what is still tumblind down. I have a cousin who lost $600,000 %26amp; has $400,000 left. I had no idea she had that much money. So people all around you have lost their money %26amp; need to start over again. We need to take care of today or their won't be a tomorrow.
We have no choice. Many people have lost jobs %26amp; we don't want half the country to end up like the bottom poor have always been. When people function the future is better. If we don't do this many people from all walks of life are going to be in trouble. we all depend on others. I don't know if you lost money but many older people have to go back to work %26amp; we have not seen the worst of what is still tumblind down. I have a cousin who lost $600,000 %26amp; has $400,000 left. I had no idea she had that much money. So people all around you have lost their money %26amp; need to start over again. We need to take care of today or their won't be a tomorrow.
Does Refinancing the house or filing bankruptcy make your mortgage payment go up?
My dad just recently seen a 20,000 increase to the house mortgageDoes Refinancing the house or filing bankruptcy make your mortgage payment go up?
DEPENDS. It might.
TALK to the bankruptcy attorney, don't ask thousands of yahoos who don't have any specific information and are thus unable to give correct answers. Generally the point of refinancing is to make the payments go down, but who knows what is going on there?Does Refinancing the house or filing bankruptcy make your mortgage payment go up?
If you refinance it could increase or decrease the payment depending on whether you increased the debt, increased the length of the mortgage or increased the interest rate. The same thing would apply if you decreased these. Whether the payment goes up or down depends on which of these you increase or decrease.
A payment could also go up if you previously had no escrow account and paid your own taxes instead of paying the equivalent amount to the mortgage company so they could pay it for you. If you previously paid $ 12000 tax each year, and escrow account would mean you pay $ 1000 per month to the mortgage company and don't have to pay the $ 12000 out of your own pocket when the tax is due.
No, not necessarily. We've done both in the last 24 yrs. After a re-fi your paymnt should either go down or stay the same. Of course if you get money back against the equity in your home and re-fi for more than originaly purchaced than you owe more and sure, it will go up but only a little.
As far as bankruptcy, everything was dissolved and it didn't effect our house whatsoever. But, the reason his mortgage went up could be an insurance rate hike if it's policy renewal time, or an expected homeowners tax increase and mortgage co.'s will intentionally over estimate the escrow amount needed to fulfill payment for taxes and ins. Also, there most likely was an increase in the appraisal value by the city/county tax assessor which he can dispute. But 20,000 sounds really absurd so maybe there is a mistake. It does happen.
Im not sure on the bankruptcy part but in realation to refinancing ur mortgage it depends who u refinance with, ur father could have been paying a rate of 5.3 and re financed with another company whos rates are 5.6 this would lead to a rise in his monthly repayments, however i find often when u re finance ur mortage u often reduce the repayemnt rather then increase,
DEPENDS. It might.
TALK to the bankruptcy attorney, don't ask thousands of yahoos who don't have any specific information and are thus unable to give correct answers. Generally the point of refinancing is to make the payments go down, but who knows what is going on there?Does Refinancing the house or filing bankruptcy make your mortgage payment go up?
If you refinance it could increase or decrease the payment depending on whether you increased the debt, increased the length of the mortgage or increased the interest rate. The same thing would apply if you decreased these. Whether the payment goes up or down depends on which of these you increase or decrease.
A payment could also go up if you previously had no escrow account and paid your own taxes instead of paying the equivalent amount to the mortgage company so they could pay it for you. If you previously paid $ 12000 tax each year, and escrow account would mean you pay $ 1000 per month to the mortgage company and don't have to pay the $ 12000 out of your own pocket when the tax is due.
No, not necessarily. We've done both in the last 24 yrs. After a re-fi your paymnt should either go down or stay the same. Of course if you get money back against the equity in your home and re-fi for more than originaly purchaced than you owe more and sure, it will go up but only a little.
As far as bankruptcy, everything was dissolved and it didn't effect our house whatsoever. But, the reason his mortgage went up could be an insurance rate hike if it's policy renewal time, or an expected homeowners tax increase and mortgage co.'s will intentionally over estimate the escrow amount needed to fulfill payment for taxes and ins. Also, there most likely was an increase in the appraisal value by the city/county tax assessor which he can dispute. But 20,000 sounds really absurd so maybe there is a mistake. It does happen.
Im not sure on the bankruptcy part but in realation to refinancing ur mortgage it depends who u refinance with, ur father could have been paying a rate of 5.3 and re financed with another company whos rates are 5.6 this would lead to a rise in his monthly repayments, however i find often when u re finance ur mortage u often reduce the repayemnt rather then increase,
What are the tax benefits of being debt free (mortgage)?
We have 2 children and will be debt free by the end of March. What are the tax benefits. For example, mortgage write off verses increased taxes. Looking for some informtation.What are the tax benefits of being debt free (mortgage)?
Too many people confuse the tax deductability of mortgage interest with being a huge benefit that one should keep.
You are always, always, **always** better off not to pay the interest in the first place, whether it is tax deductable or not.
Many people also ignore the fact that if you don't itemize, you still get the standard deduction even if you don't have a mortgage. This new standardized deduction will replace your itemized deduction making the loss of the deduction that much less noticable.
So do it, and congratulations!What are the tax benefits of being debt free (mortgage)?
First congrats! I cannot tell if you mean you will still have a mortgage or not. If not, even better!
As you know, credit card/car/consumer debts are not beneficial for tax purposes (no deductions). You are entitled to a mortgage interest deduction on Sch A - Itemized Deductions.
If you have paid off your mortgage, obviously this deduction goes away. Looking solely at income taxes, the amount you pay for taxes may actually increase since this deduction is no longer there. You are still way ahead when you consider paying $1 for interest for a 25 cent tax deduction still costs you 75 cents overall!
You can minimize this adverse tax consequence of being debt free (including no mortgage). You are permitted to deduct the greater of your schedule A itemized deductions or the standard deduction. For 2005 returns, the standard deduction is $10,000 for marrieds. So if your itemized deductions are higher than this, then you deduct the full amount. If they are less than $10,000, you still deduct $10,000.
Having total itemized deductions greater than your standard deduction becomes harder if you no longer have mortgage interest. However, you can do some simple tax planning to accomplish this goal every other year...by paying your property taxes in Jan of 2007 for 2006 and in December of 2007 for 2008. You will report twice the amount of taxes and increase the likelihood your itemized deductions are larger than the standard deduction. Other similar strategies would work (charitable contributions for example).
All in, consider that because you will still get at least the standard deduction then you really are not losing the tax benefit of the full mortgage interest lost deduction.
Finally, everyones situation is different. If you report more than $145,950 of adjusted gross income, then your itemized deductions have limited deductibility since you are deemed rich by the govt! Alt minimum taxes also impact people strangely.
The best part is you are tax free! Enjoy this...
Good luck and God blessscary mask buy make up
Too many people confuse the tax deductability of mortgage interest with being a huge benefit that one should keep.
You are always, always, **always** better off not to pay the interest in the first place, whether it is tax deductable or not.
Many people also ignore the fact that if you don't itemize, you still get the standard deduction even if you don't have a mortgage. This new standardized deduction will replace your itemized deduction making the loss of the deduction that much less noticable.
So do it, and congratulations!What are the tax benefits of being debt free (mortgage)?
First congrats! I cannot tell if you mean you will still have a mortgage or not. If not, even better!
As you know, credit card/car/consumer debts are not beneficial for tax purposes (no deductions). You are entitled to a mortgage interest deduction on Sch A - Itemized Deductions.
If you have paid off your mortgage, obviously this deduction goes away. Looking solely at income taxes, the amount you pay for taxes may actually increase since this deduction is no longer there. You are still way ahead when you consider paying $1 for interest for a 25 cent tax deduction still costs you 75 cents overall!
You can minimize this adverse tax consequence of being debt free (including no mortgage). You are permitted to deduct the greater of your schedule A itemized deductions or the standard deduction. For 2005 returns, the standard deduction is $10,000 for marrieds. So if your itemized deductions are higher than this, then you deduct the full amount. If they are less than $10,000, you still deduct $10,000.
Having total itemized deductions greater than your standard deduction becomes harder if you no longer have mortgage interest. However, you can do some simple tax planning to accomplish this goal every other year...by paying your property taxes in Jan of 2007 for 2006 and in December of 2007 for 2008. You will report twice the amount of taxes and increase the likelihood your itemized deductions are larger than the standard deduction. Other similar strategies would work (charitable contributions for example).
All in, consider that because you will still get at least the standard deduction then you really are not losing the tax benefit of the full mortgage interest lost deduction.
Finally, everyones situation is different. If you report more than $145,950 of adjusted gross income, then your itemized deductions have limited deductibility since you are deemed rich by the govt! Alt minimum taxes also impact people strangely.
The best part is you are tax free! Enjoy this...
Good luck and God bless
Why is it that Over 1/2 of All Mortgage Defaulters are Minorities? Were they treated unfairly?
What can taxpayers do to help these poor people?
Should Obama take this fact to taxpayers so that we can ';share the wealth';?Why is it that Over 1/2 of All Mortgage Defaulters are Minorities? Were they treated unfairly?
No. They were ignorant--and careless.
BUYER BEWARE.
If you don't read the contract-or can't read the contract--and you don't hire an attorney to give you advice--then you make stupid mistakes.
Poor people ahve no business buying a house--it's not some inalienable right--to be a home owner.
God--would the communists please go back to East Germany!!!
BHO is an idiot.Why is it that Over 1/2 of All Mortgage Defaulters are Minorities? Were they treated unfairly?
Fact: White males get the best interest rates when buying a car, regardless of credit score. Then comes black men, then white women, then black women, getting the worst deals. [This only holds for those who do no know how to negotiate a car loan.]
Have you ever heard of ';red-lining';? Red-lining is when mainstream banks refuse to lend in certain downscale neighborhoods regardless of the race of the applicant. Now we have ';race-lining'; where blacks and Hispanics and the poor are given sub-standard treatment at the real estate office, since they can no longer be driven out of certain neighborhoods because of race or ethnicity. This is not news. This has been happening for decades. I bought my house in 2002, and I saw it coming back then. I was shown only homes more than 20% over my own budget. I was pointed to neighborhoods where I would never be able to live like a homeowner. My guess is that many of these people fell prey to dishonest mortgage brokers and lenders who inflated their role in the transaction to boost their own commissions. They got greedy. Most people only buy a home a few times in their lifetimes. They needed guidance and weren't offered any. They probably didn't know they needed it.
Their loans should be rewritten to reflect the true value of their homes, and not the inflated values of a market imploding with financial chaos. And, they should all get together in a class-action lawsuit against all those greedy sub-prime lenders, so this will never happen again!
This is the result of sub prime loans, Fannie Mae and Freddie Mack loans that the Dems helped enact. The mortgage companies gave loans with low interest rates that would balloon in several years to low income families. They shouldn't have qualified for the loans because they didn't earn enough to make the balloon payments,nor did the companys check out their social security numbers to see if they were even here legally.
The taxpayers are already overburdened.
If these people were stupid enough to take out a loan they knew they couldn't afford, and if the banks were stupid enough to do this, then they should be the ones penalized , not the taxpayer.
Clinton made lenders lower their standards so that more minorities could get mortgages... surprise surprise they couldn't pay up when the bill came and were foreclosed on... Blame Clinton, not Bush for this one.
According to who? I haven't seen any ethnic breakdown of foreclosures.
They were targeted.
That is a FACT.
Should Obama take this fact to taxpayers so that we can ';share the wealth';?Why is it that Over 1/2 of All Mortgage Defaulters are Minorities? Were they treated unfairly?
No. They were ignorant--and careless.
BUYER BEWARE.
If you don't read the contract-or can't read the contract--and you don't hire an attorney to give you advice--then you make stupid mistakes.
Poor people ahve no business buying a house--it's not some inalienable right--to be a home owner.
God--would the communists please go back to East Germany!!!
BHO is an idiot.Why is it that Over 1/2 of All Mortgage Defaulters are Minorities? Were they treated unfairly?
Fact: White males get the best interest rates when buying a car, regardless of credit score. Then comes black men, then white women, then black women, getting the worst deals. [This only holds for those who do no know how to negotiate a car loan.]
Have you ever heard of ';red-lining';? Red-lining is when mainstream banks refuse to lend in certain downscale neighborhoods regardless of the race of the applicant. Now we have ';race-lining'; where blacks and Hispanics and the poor are given sub-standard treatment at the real estate office, since they can no longer be driven out of certain neighborhoods because of race or ethnicity. This is not news. This has been happening for decades. I bought my house in 2002, and I saw it coming back then. I was shown only homes more than 20% over my own budget. I was pointed to neighborhoods where I would never be able to live like a homeowner. My guess is that many of these people fell prey to dishonest mortgage brokers and lenders who inflated their role in the transaction to boost their own commissions. They got greedy. Most people only buy a home a few times in their lifetimes. They needed guidance and weren't offered any. They probably didn't know they needed it.
Their loans should be rewritten to reflect the true value of their homes, and not the inflated values of a market imploding with financial chaos. And, they should all get together in a class-action lawsuit against all those greedy sub-prime lenders, so this will never happen again!
This is the result of sub prime loans, Fannie Mae and Freddie Mack loans that the Dems helped enact. The mortgage companies gave loans with low interest rates that would balloon in several years to low income families. They shouldn't have qualified for the loans because they didn't earn enough to make the balloon payments,nor did the companys check out their social security numbers to see if they were even here legally.
The taxpayers are already overburdened.
If these people were stupid enough to take out a loan they knew they couldn't afford, and if the banks were stupid enough to do this, then they should be the ones penalized , not the taxpayer.
Clinton made lenders lower their standards so that more minorities could get mortgages... surprise surprise they couldn't pay up when the bill came and were foreclosed on... Blame Clinton, not Bush for this one.
According to who? I haven't seen any ethnic breakdown of foreclosures.
They were targeted.
That is a FACT.
WEBSITE FOR THE BEST MORTGAGES?
Can anyone tell me a good site for comparing mortgages or mortgage calculators, also does anyone know if the interest rate is going to drop in the near future.
WEBSITE FOR THE BEST MORTGAGES?
Contact your mortgage broker as they will shop mortgage rates for you. If you go on a website, they are giving average interest rates %26amp; may not be applicable in your state. Call a local broker!WEBSITE FOR THE BEST MORTGAGES?
Find a Mortgage Banker, not a Broker. A Broker adds fees to the rate or points to make a profit. The Yellow Pages will list mortgages available in your area. Find somebody you trust and feel comfortable with. Watch carefully for garbage fees like Underwriting Fee, Processing Fee, Tax Service Fee, etc. Those are all pure profit items for the lender. Ask for a Good Faith Estimate and compare fees and rates with 3-5 lenders.
If you want to keep abreast of the latest developments, you should regularly look at a site such as thisismoney's homes section:
http://www.thisismoney.co.uk/homes
This digests a lot of information for you if you don't want to look at lots of sources.
It also has a mortgage finder and mortgage affordability calculator
http://www.thisismoney.co.uk/mortgagefin鈥?/a>
The advantage here is that the results (from mform) clearly set out the rates, repayments and fees applied to the mortgage.
Please remember that if you are selecting a mortgage via your own research - what looks like the best headline rate often has hidden catches: a low interest rate may disguise very high initial arrangement fees and punitive exit charges.
It is probably worthwhile (despite some negative posts here - and no, I don't have any vested interests) to get help. Make sure you select an independent financial adviser to assist you.
To select an appropriate adviser, have a look at the tips on Martin Lewis' site:
http://www.moneysavingexpert.com/mortgag鈥?/a>
This is also a good source of information on mortgage tips and pitfalls.
As for your question on interest rates, the reality is no-one knows. A better question for you to ask is - will a drop in interest rates be passed on by my mortgage provider to me? Depends if you are on a discount or a tracker. If you don't know the difference - find out from these sites!
Good luck
i think it will drop, go se your local mortgage adviser, independent not from th building society
take a look at index finance uk,they have various uk lenders listed.
WEBSITE FOR THE BEST MORTGAGES?
Contact your mortgage broker as they will shop mortgage rates for you. If you go on a website, they are giving average interest rates %26amp; may not be applicable in your state. Call a local broker!WEBSITE FOR THE BEST MORTGAGES?
Find a Mortgage Banker, not a Broker. A Broker adds fees to the rate or points to make a profit. The Yellow Pages will list mortgages available in your area. Find somebody you trust and feel comfortable with. Watch carefully for garbage fees like Underwriting Fee, Processing Fee, Tax Service Fee, etc. Those are all pure profit items for the lender. Ask for a Good Faith Estimate and compare fees and rates with 3-5 lenders.
If you want to keep abreast of the latest developments, you should regularly look at a site such as thisismoney's homes section:
http://www.thisismoney.co.uk/homes
This digests a lot of information for you if you don't want to look at lots of sources.
It also has a mortgage finder and mortgage affordability calculator
http://www.thisismoney.co.uk/mortgagefin鈥?/a>
The advantage here is that the results (from mform) clearly set out the rates, repayments and fees applied to the mortgage.
Please remember that if you are selecting a mortgage via your own research - what looks like the best headline rate often has hidden catches: a low interest rate may disguise very high initial arrangement fees and punitive exit charges.
It is probably worthwhile (despite some negative posts here - and no, I don't have any vested interests) to get help. Make sure you select an independent financial adviser to assist you.
To select an appropriate adviser, have a look at the tips on Martin Lewis' site:
http://www.moneysavingexpert.com/mortgag鈥?/a>
This is also a good source of information on mortgage tips and pitfalls.
As for your question on interest rates, the reality is no-one knows. A better question for you to ask is - will a drop in interest rates be passed on by my mortgage provider to me? Depends if you are on a discount or a tracker. If you don't know the difference - find out from these sites!
Good luck
i think it will drop, go se your local mortgage adviser, independent not from th building society
take a look at index finance uk,they have various uk lenders listed.
I just purchased a second home. Can I deduct mortgage interest for both properties? Is there a dollar limit?
Not sure if mortgage interest deduction is allowable beyond a certain amount of mortgage debt (for tax filing status = single).
I do not plan on renting out either of the properties. One would be my primary residence (vacant), and I would be living in the 2nd property in another state (because I had to relocate for a job).I just purchased a second home. Can I deduct mortgage interest for both properties? Is there a dollar limit?
You can deduct home mortgage interest on up to two homes. Generally, the acquisition debt on which you can deduct interest is limited to $1 million ($500,000 if married filing separately).
In addition, you can deduct interest on a home equity loan, generally that limit is $100,000.
More details and special cases are in IRS Publication 936
http://www.irs.gov/publications/p936/ar0鈥?/a>I just purchased a second home. Can I deduct mortgage interest for both properties? Is there a dollar limit?
I believe that you can only deduct the mortgage interest on the residence considered to be your primary residence.
You can deduct the mortgage interest on up to 2 properties. There are limits, but I can't remember them now.
Consult IRS Pub 936 as to deductabilty. This can be ordered from the IRS website.
I do not plan on renting out either of the properties. One would be my primary residence (vacant), and I would be living in the 2nd property in another state (because I had to relocate for a job).I just purchased a second home. Can I deduct mortgage interest for both properties? Is there a dollar limit?
You can deduct home mortgage interest on up to two homes. Generally, the acquisition debt on which you can deduct interest is limited to $1 million ($500,000 if married filing separately).
In addition, you can deduct interest on a home equity loan, generally that limit is $100,000.
More details and special cases are in IRS Publication 936
http://www.irs.gov/publications/p936/ar0鈥?/a>I just purchased a second home. Can I deduct mortgage interest for both properties? Is there a dollar limit?
I believe that you can only deduct the mortgage interest on the residence considered to be your primary residence.
You can deduct the mortgage interest on up to 2 properties. There are limits, but I can't remember them now.
Consult IRS Pub 936 as to deductabilty. This can be ordered from the IRS website.
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