What caused the home mortgage rates to sky rocket, causing people being unable to pay their monthly mortgages?
Q. The recession was caused by people being unable to pay back their home mortgages because the mortgage rates were too high? Banks were not getting their money back from home owners, causing a credit crunch, thus they were unable to lend money to big businesses. Big businesses then had to cut back on expenses and began to lay people off the the thousands. So what caused the mortgage rates to go up so high that started this financial mess in the first place?
Asked by Christopher - Mon Oct 5 21:56:18 2009 - - 11 Answers - 1 Comments
A. barney frank,chris dodd,ACORN,and all other democrats forcing banks to give loans to people who could never pay them back..
Answered by i love Ginger - Mon Oct 5 22:00:25 2009
Q. The recession was caused by people being unable to pay back their home mortgages because the mortgage rates were too high? Banks were not getting their money back from home owners, causing a credit crunch, thus they were unable to lend money to big businesses. Big businesses then had to cut back on expenses and began to lay people off the the thousands. So what caused the mortgage rates to go up so high that started this financial mess in the first place?
Asked by Christopher - Mon Oct 5 21:56:18 2009 - - 11 Answers - 1 Comments
A. barney frank,chris dodd,ACORN,and all other democrats forcing banks to give loans to people who could never pay them back..
Answered by i love Ginger - Mon Oct 5 22:00:25 2009
I have a mortgage on one home, can I get a second mortgage to pay for another house?
Q. I'm planning to relocate, but current owe a mortgage for $50k. I also have a bankruptcy on my record thats a couple of years old. I'd like to find new home in the state I choose to live in. Would I be able to get a second mortgage or refinance my current home in order to pay for a new one?
Asked by TexasBound - Sat Mar 8 22:52:49 2008 - - 5 Answers - 0 Comments
A. That depends on a few things. How much equity do you have in your current home? What is your credit score? What is your debt load? Yes you can get a 2nd mortgage on your current home to buy another, people do it all the time. Your income must support maintaining your current home (you should be able to get a renter in there to offset the mortgage payment or some portion there of) and support your new mortgage. You can get a loan with a BK. Many lenders require it to be discharged for 2 years, however, there are still a few lenders that will lend on a BK only being discharged 1 day. In a nutshell, yes you can, if all your other ducks are in a row. Good luck
Answered by lendingwhiz2008 - Sat Mar 8 23:08:04 2008
Q. I'm planning to relocate, but current owe a mortgage for $50k. I also have a bankruptcy on my record thats a couple of years old. I'd like to find new home in the state I choose to live in. Would I be able to get a second mortgage or refinance my current home in order to pay for a new one?
Asked by TexasBound - Sat Mar 8 22:52:49 2008 - - 5 Answers - 0 Comments
A. That depends on a few things. How much equity do you have in your current home? What is your credit score? What is your debt load? Yes you can get a 2nd mortgage on your current home to buy another, people do it all the time. Your income must support maintaining your current home (you should be able to get a renter in there to offset the mortgage payment or some portion there of) and support your new mortgage. You can get a loan with a BK. Many lenders require it to be discharged for 2 years, however, there are still a few lenders that will lend on a BK only being discharged 1 day. In a nutshell, yes you can, if all your other ducks are in a row. Good luck
Answered by lendingwhiz2008 - Sat Mar 8 23:08:04 2008
How can I become a mortgage broker in california?
Q. I simply cannot seem to find legitimate information on becoming a mortgage broker in California. Many of the web sites that purport to have information really share very little of anything and some are just plain frauds. I'd like to find information on mortgage broker training and possibly information on finding a school (preferably Los Angeles) where I can get training on becoming a mortgage broker.
Asked by Dennis S - Fri Jan 5 21:13:53 2007 - - 1 Answers - 0 Comments
A. What are you thinking BRO that is a bad job especially this time of the year. You only get two applicants a week. No houses selling.
Answered by gear jammer - Fri Jan 5 21:22:48 2007
Q. I simply cannot seem to find legitimate information on becoming a mortgage broker in California. Many of the web sites that purport to have information really share very little of anything and some are just plain frauds. I'd like to find information on mortgage broker training and possibly information on finding a school (preferably Los Angeles) where I can get training on becoming a mortgage broker.
Asked by Dennis S - Fri Jan 5 21:13:53 2007 - - 1 Answers - 0 Comments
A. What are you thinking BRO that is a bad job especially this time of the year. You only get two applicants a week. No houses selling.
Answered by gear jammer - Fri Jan 5 21:22:48 2007
Mortgage Finance Experts: How will the market affect homeowners who will be refinancing next year?
Q. My parents bought their home 4 years ago at a 4% rate, which is due to change next year when their loan rate. With the market crunch and the new strict lending that's bound to occur as a result of this, they are worried about what refinancing has in store for them. The good news is that they have flawless credit (they successfully removed their PMI, and they are early every month on their mortgage payments ---and they pay an extra couple of hundred dollars than they should. Not to mention their credit card debt is very low (only a couple of thousand dollars). They've both been at their great paying jobs for over a decade; but they are still worried about whether they will be able to secure a decent fixed rate when their mandatory… [cont.]
Asked by Kate373 - Wed Aug 29 09:55:42 2007 - - 5 Answers - 0 Comments
A. The biggest impact on our market is the following: 1. - There is no longer any subprime lending 2. - Jumbo loan rates have been rising disproportionate to the rest of the market 3. - The ALT-A market has all but vanished 4. - FHA Loans have become increasingly attractive. 5. - Fannie Mae loans have for the most part remained unaffected. While I certainly cannot predict what the market will be like a year from now (if I could I wouldn't be writing loans and training loan officers for a living) I don't see subprime on the radar for quite some time. Everything else will come around and normalize. Here's a point that everyone seems to be missing. For the most part this is a market problem - Given time the market will correct the problem.… [cont.]
Answered by loancareer - Wed Aug 29 10:04:06 2007
Q. My parents bought their home 4 years ago at a 4% rate, which is due to change next year when their loan rate. With the market crunch and the new strict lending that's bound to occur as a result of this, they are worried about what refinancing has in store for them. The good news is that they have flawless credit (they successfully removed their PMI, and they are early every month on their mortgage payments ---and they pay an extra couple of hundred dollars than they should. Not to mention their credit card debt is very low (only a couple of thousand dollars). They've both been at their great paying jobs for over a decade; but they are still worried about whether they will be able to secure a decent fixed rate when their mandatory… [cont.]
Asked by Kate373 - Wed Aug 29 09:55:42 2007 - - 5 Answers - 0 Comments
A. The biggest impact on our market is the following: 1. - There is no longer any subprime lending 2. - Jumbo loan rates have been rising disproportionate to the rest of the market 3. - The ALT-A market has all but vanished 4. - FHA Loans have become increasingly attractive. 5. - Fannie Mae loans have for the most part remained unaffected. While I certainly cannot predict what the market will be like a year from now (if I could I wouldn't be writing loans and training loan officers for a living) I don't see subprime on the radar for quite some time. Everything else will come around and normalize. Here's a point that everyone seems to be missing. For the most part this is a market problem - Given time the market will correct the problem.… [cont.]
Answered by loancareer - Wed Aug 29 10:04:06 2007
What happens to the second mortgage when the first mortgage forecloses?
Q. I am going through a foreclosure on my first mortgage, what are my options with dealing with the second mortgage? Any legitimate websites with guides for dealing with the aftermath of foreclosure would also be appreciated.
Asked by Painted Jezebel - Wed May 21 13:19:41 2008 - - 5 Answers - 0 Comments
A. If and when the bank sells your house, the amount of the sale will be applied as follows: First, the costs of repossession, foreclosure and the sale will be paid. Second, money will be applied to your outstanding balance Third, any other lienholders (2nd mortgage) will get money. In this market, the bank is going to be lucky to sell the house for enough money to pay the fees let alone the first mortgage. So, what will happen is that the 2nd mortgage holder will want you to pay and they very well could sue you and garnish your wages to get paid. Good luck.
Answered by Gem - Wed May 21 13:34:20 2008
Q. I am going through a foreclosure on my first mortgage, what are my options with dealing with the second mortgage? Any legitimate websites with guides for dealing with the aftermath of foreclosure would also be appreciated.
Asked by Painted Jezebel - Wed May 21 13:19:41 2008 - - 5 Answers - 0 Comments
A. If and when the bank sells your house, the amount of the sale will be applied as follows: First, the costs of repossession, foreclosure and the sale will be paid. Second, money will be applied to your outstanding balance Third, any other lienholders (2nd mortgage) will get money. In this market, the bank is going to be lucky to sell the house for enough money to pay the fees let alone the first mortgage. So, what will happen is that the 2nd mortgage holder will want you to pay and they very well could sue you and garnish your wages to get paid. Good luck.
Answered by Gem - Wed May 21 13:34:20 2008
How do I become a mortgage broker or mortgage agent in California?
Q. I am fresh out of a college. Not just any college; a community college. And I need step by step how to become a mortgage broker or mortgage agent please. Thanks alot.
Asked by Nelson - Thu May 17 20:17:20 2007 - - 3 Answers - 1 Comments
A. Get a job at the Mortgage Broker Office. at first, you'll just answer phone calls and all, but eventually, you'll either be a processor or agent.
Answered by nostalgia80 - Thu May 17 20:21:24 2007
Q. I am fresh out of a college. Not just any college; a community college. And I need step by step how to become a mortgage broker or mortgage agent please. Thanks alot.
Asked by Nelson - Thu May 17 20:17:20 2007 - - 3 Answers - 1 Comments
A. Get a job at the Mortgage Broker Office. at first, you'll just answer phone calls and all, but eventually, you'll either be a processor or agent.
Answered by nostalgia80 - Thu May 17 20:21:24 2007
How much money do mortgage brokers make?
Q. I heard that mortgage brokers drive Porches and make tons of money. By and large, how much does the average mortgage broker make?
Asked by Carson - Fri Nov 24 22:42:31 2006 - - 4 Answers - 1 Comments
A. Depends on the person. Two items that affect their income is volume (number of loans they close) and how aggressively they price their loans. With the real estate market booming and the rates being so low the last three years, loan officers stood to make quite a bit (everyone was buying and refinancing). Even inexperienced loan officers did well previously. When the market was hot, I saw good loan officers making around the $300,000 mark. But now things have slowed sales wise and rates have risen (not as many refinances). Some who made easy money previously have little to no pipeline now. Its sales - you need to build a referral base and be persistent. A good loan officer can still make over $100,000 per year. It can be a tough… [cont.]
Answered by actingnormal - Sat Nov 25 17:18:06 2006
Q. I heard that mortgage brokers drive Porches and make tons of money. By and large, how much does the average mortgage broker make?
Asked by Carson - Fri Nov 24 22:42:31 2006 - - 4 Answers - 1 Comments
A. Depends on the person. Two items that affect their income is volume (number of loans they close) and how aggressively they price their loans. With the real estate market booming and the rates being so low the last three years, loan officers stood to make quite a bit (everyone was buying and refinancing). Even inexperienced loan officers did well previously. When the market was hot, I saw good loan officers making around the $300,000 mark. But now things have slowed sales wise and rates have risen (not as many refinances). Some who made easy money previously have little to no pipeline now. Its sales - you need to build a referral base and be persistent. A good loan officer can still make over $100,000 per year. It can be a tough… [cont.]
Answered by actingnormal - Sat Nov 25 17:18:06 2006
When asked what my mortgage payment is, should it include escrow or just principal and interest?
Q. I am planning on refinancing my car loan but I think my current mortgage payment will affect the banks decision. So my question is, when they ask what my mortgage is, should I include escrow or just principal and interest?
Asked by John - Mon Jul 26 14:29:16 2010 - - 2 Answers - 0 Comments
A. Everything, PITI - the goal of asking is to get an idea of your monthly outgo - plus, they will get they info anyway when they pull your credit report, so it looks better if you are completely honest.
Answered by Steve D - Mon Jul 26 14:31:22 2010
Q. I am planning on refinancing my car loan but I think my current mortgage payment will affect the banks decision. So my question is, when they ask what my mortgage is, should I include escrow or just principal and interest?
Asked by John - Mon Jul 26 14:29:16 2010 - - 2 Answers - 0 Comments
A. Everything, PITI - the goal of asking is to get an idea of your monthly outgo - plus, they will get they info anyway when they pull your credit report, so it looks better if you are completely honest.
Answered by Steve D - Mon Jul 26 14:31:22 2010
My Mortgage Insurance was financed with the home and does not appear on 1098, can I still deduct it?
Q. My Mortgage Insurance was financed with the home and does not appear on 1098, can I still deduct it? and if I can how? The amount is over 2K and it is listed on my Settelment Statement. Mortgage is though Bank of America. I was planning to call IRS and my bank but they are closed on the weekends.
Asked by eva - Sat Jan 23 12:41:24 2010 - - 4 Answers - 0 Comments
A. Dear Eva: You can deduct it but you may need proof of payment by the IRS. Contact your lender or provider and get documentation. If you paid it, deduct it. This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more Errol Quinn Enrolled Agent
Answered by hrblockerrolquinn - Sat Jan 23 13:24:06 2010
Q. My Mortgage Insurance was financed with the home and does not appear on 1098, can I still deduct it? and if I can how? The amount is over 2K and it is listed on my Settelment Statement. Mortgage is though Bank of America. I was planning to call IRS and my bank but they are closed on the weekends.
Asked by eva - Sat Jan 23 12:41:24 2010 - - 4 Answers - 0 Comments
A. Dear Eva: You can deduct it but you may need proof of payment by the IRS. Contact your lender or provider and get documentation. If you paid it, deduct it. This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more Errol Quinn Enrolled Agent
Answered by hrblockerrolquinn - Sat Jan 23 13:24:06 2010
How can unmarried people report home mortgage interest paid jointly?
Q. I own a home in common with another person. We're not married. We're both named on the mortgage and we pay the mortgage out of a joint checking account, to which we both contribute and use for other various purposes. Can we split the mortgage interest deduction between us however we wish as long as we total up on our two returns to the total amount we jointly paid to the bank? Or must we use some kind of formula? How will the bank report this interest paid to the IRS?
Asked by Thesmo - Wed Jan 6 16:38:56 2010 - - 3 Answers - 0 Comments
A. You can split the total paid between your returns. You are supposed to split it by the proportion each of you actually paid. The bank will report it all under the ss# of the primary person on the loan. If you are splitting it, you should include an explanation with your returns.
Answered by Judy - Wed Jan 6 16:45:49 2010
Q. I own a home in common with another person. We're not married. We're both named on the mortgage and we pay the mortgage out of a joint checking account, to which we both contribute and use for other various purposes. Can we split the mortgage interest deduction between us however we wish as long as we total up on our two returns to the total amount we jointly paid to the bank? Or must we use some kind of formula? How will the bank report this interest paid to the IRS?
Asked by Thesmo - Wed Jan 6 16:38:56 2010 - - 3 Answers - 0 Comments
A. You can split the total paid between your returns. You are supposed to split it by the proportion each of you actually paid. The bank will report it all under the ss# of the primary person on the loan. If you are splitting it, you should include an explanation with your returns.
Answered by Judy - Wed Jan 6 16:45:49 2010
Do you still make mortgage payments while your home is on the market to sell?
Q. My friend was selling his house and couldn't make the mortgage payments while the house was on the market. He said the real estate agent/company would pay his mortgage while it was up for sale. Then when the house sold, they deducted it from the price of the sale. How is this done? Also, if you don't make any mortgage payments while the house is on the market can it go into foreclosure?
Asked by okeydokey - Fri Mar 13 22:27:33 2009 - - 8 Answers - 0 Comments
A. the real estate agent "loaned " your friend money to make mortgage payments while the house was on the market,or during the closing period,,these payments were rightfully deducted from the net profit,if any,from the sale
Answered by lavrenti - Fri Mar 13 22:35:01 2009
Q. My friend was selling his house and couldn't make the mortgage payments while the house was on the market. He said the real estate agent/company would pay his mortgage while it was up for sale. Then when the house sold, they deducted it from the price of the sale. How is this done? Also, if you don't make any mortgage payments while the house is on the market can it go into foreclosure?
Asked by okeydokey - Fri Mar 13 22:27:33 2009 - - 8 Answers - 0 Comments
A. the real estate agent "loaned " your friend money to make mortgage payments while the house was on the market,or during the closing period,,these payments were rightfully deducted from the net profit,if any,from the sale
Answered by lavrenti - Fri Mar 13 22:35:01 2009
What happens to your mortgage if you sell your home for less than you owe?
Q. We would like to move into a bigger home. We live in a small condo that we paid a lot for. We will never get as much for it as we owe for our loan, but we have out grown it. We are not in a foreclosure situation because we are making the payments on time without a problem. If we sell our home for less than it is worth, can we add the balance of our mortgage onto the mortgage of a new home, or will we owe the bank the balance right then and there?
Asked by Rikki Suzi - Thu Dec 31 17:54:24 2009 - - 5 Answers - 0 Comments
A. You have to pay the balance at closing otherwise the buyer's mortgage company won't give them a mortgage. You could try to get loan modification on your existing loan. Consider calling HUD at (800) 569-4287 and take advantage of their free financial counseling services. A good site I used to get some help can be found at where I entered some details about my current mortgage and the company got back to me multiple loan modification proposals.
Answered by Neil - Sun Jan 3 16:23:23 2010
Q. We would like to move into a bigger home. We live in a small condo that we paid a lot for. We will never get as much for it as we owe for our loan, but we have out grown it. We are not in a foreclosure situation because we are making the payments on time without a problem. If we sell our home for less than it is worth, can we add the balance of our mortgage onto the mortgage of a new home, or will we owe the bank the balance right then and there?
Asked by Rikki Suzi - Thu Dec 31 17:54:24 2009 - - 5 Answers - 0 Comments
A. You have to pay the balance at closing otherwise the buyer's mortgage company won't give them a mortgage. You could try to get loan modification on your existing loan. Consider calling HUD at (800) 569-4287 and take advantage of their free financial counseling services. A good site I used to get some help can be found at where I entered some details about my current mortgage and the company got back to me multiple loan modification proposals.
Answered by Neil - Sun Jan 3 16:23:23 2010
How much does a mortgage loan officer make? Is it a good job?
Q. I have an interview with a mortgage company tomorrow hiring a loan officer. The owner mentioned he typically hires for commission only, but has in the past and considered a small base salary plus commission to get started. The Economy: Rates are historically low on mortgages, home prices are low, but banks are not lending. Do you think I could make money? I have 7 years sales experience. How much do loan officers make?
Asked by C - Tue Apr 27 23:35:53 2010 - - 1 Answers - 0 Comments
A. Avg. Salary: 42k$ 50 Salaries registered here:
Answered by Matt - Wed Apr 28 10:31:59 2010
Q. I have an interview with a mortgage company tomorrow hiring a loan officer. The owner mentioned he typically hires for commission only, but has in the past and considered a small base salary plus commission to get started. The Economy: Rates are historically low on mortgages, home prices are low, but banks are not lending. Do you think I could make money? I have 7 years sales experience. How much do loan officers make?
Asked by C - Tue Apr 27 23:35:53 2010 - - 1 Answers - 0 Comments
A. Avg. Salary: 42k$ 50 Salaries registered here:
Answered by Matt - Wed Apr 28 10:31:59 2010
How do i find a job as a mortgage loan officer without any mortgage experience?
Q. I currently work in a distribution center, and i have a bachelors in economics and psychology. I am interested in becoming a mortgage loan officer so i took a 24 credit hour course in residential mortgage lending but unfortunately i haven't been able to find a job because i do not have any mortgage or lending experience. What else should i do to achieve my carer goal?
Asked by dre_gh - Sun Jul 22 18:17:37 2007 - - 3 Answers - 0 Comments
A. I really suggest looking around at different careers websites, such as monster.com, in addition to checking out our careers page (I m an employee of Quicken Loans). Don t worry about your lack of experience. At many mortgage companies, including Quicken Loans, no lending experience is not a problem. In addition to on-going training, all new mortgage bankers attend five weeks of industry-leading training. We ve been hiring 200+ new mortgage bankers a month for the past few months and we consider candidates with various work backgrounds and experiences. I ve included a link to our mortgage banker careers page that has more information, but if you have any questions feel free to contact me through my profile. One thing, we only… [cont.]
Answered by Quicken Loans - Wed Jul 25 23:09:10 2007
Q. I currently work in a distribution center, and i have a bachelors in economics and psychology. I am interested in becoming a mortgage loan officer so i took a 24 credit hour course in residential mortgage lending but unfortunately i haven't been able to find a job because i do not have any mortgage or lending experience. What else should i do to achieve my carer goal?
Asked by dre_gh - Sun Jul 22 18:17:37 2007 - - 3 Answers - 0 Comments
A. I really suggest looking around at different careers websites, such as monster.com, in addition to checking out our careers page (I m an employee of Quicken Loans). Don t worry about your lack of experience. At many mortgage companies, including Quicken Loans, no lending experience is not a problem. In addition to on-going training, all new mortgage bankers attend five weeks of industry-leading training. We ve been hiring 200+ new mortgage bankers a month for the past few months and we consider candidates with various work backgrounds and experiences. I ve included a link to our mortgage banker careers page that has more information, but if you have any questions feel free to contact me through my profile. One thing, we only… [cont.]
Answered by Quicken Loans - Wed Jul 25 23:09:10 2007
What happens to the mortgage on a house that is left to me in a will?
Q. A relative will be leaving me a house in their will. If there is a mortgage (home equity) on the house when they die, do I take over the mortgage? I intend on selling the house when it is left to me.
Asked by Lost in Massachusetts - Thu Jul 10 14:39:58 2008 - - 4 Answers - 0 Comments
A. It goes with the property. If you(or the executor) don't pay the mortgage the lender will foreclose. If you wish to sell, by all means do so but make the mortgage payments while you are the owner. And, by the way, you are not required to take the property--you can decline the inheritance if there is no equity or not enough equity to make it worth your while.
Answered by frak1a12345 - Thu Jul 10 15:06:46 2008
Q. A relative will be leaving me a house in their will. If there is a mortgage (home equity) on the house when they die, do I take over the mortgage? I intend on selling the house when it is left to me.
Asked by Lost in Massachusetts - Thu Jul 10 14:39:58 2008 - - 4 Answers - 0 Comments
A. It goes with the property. If you(or the executor) don't pay the mortgage the lender will foreclose. If you wish to sell, by all means do so but make the mortgage payments while you are the owner. And, by the way, you are not required to take the property--you can decline the inheritance if there is no equity or not enough equity to make it worth your while.
Answered by frak1a12345 - Thu Jul 10 15:06:46 2008
Can a first mortgage be refinanced to a lower rate if there is also an existing second mortgage?
Q. If a homeowner has a first mortgage and a second mortgage, and would like to refinance the first mortgage at different terms, can this be accomplished - does the existing second mortgage put a monkey-wrench in refinancing the first?
Asked by cookingmomma - Tue Jan 8 20:32:10 2008 - - 4 Answers - 0 Comments
A. if the 2nd mortgage holder agrees to subordinate it can be done. heres the situation when u refi, the 2nd mortgage automatically becomes the first, therefore ur new mortgage would be in 2nd lein position, which would be at a higher rate than you are figuring on as no one is going to be in 2nd place without a higher rate, therefore, you must approach the current 2nd holder tell them what u r planning and get them to provide in writing the fact that they will subordinate to the new first mortgage. they can say no, depending on how much equity u r planning on taking out. understand if u default the first mortgage holder get paid first, and the second gets whatever is left, if there isnt enough the 2nd holder takes a risk of not getting all… [cont.]
Answered by donald e - Tue Jan 8 20:49:03 2008
Q. If a homeowner has a first mortgage and a second mortgage, and would like to refinance the first mortgage at different terms, can this be accomplished - does the existing second mortgage put a monkey-wrench in refinancing the first?
Asked by cookingmomma - Tue Jan 8 20:32:10 2008 - - 4 Answers - 0 Comments
A. if the 2nd mortgage holder agrees to subordinate it can be done. heres the situation when u refi, the 2nd mortgage automatically becomes the first, therefore ur new mortgage would be in 2nd lein position, which would be at a higher rate than you are figuring on as no one is going to be in 2nd place without a higher rate, therefore, you must approach the current 2nd holder tell them what u r planning and get them to provide in writing the fact that they will subordinate to the new first mortgage. they can say no, depending on how much equity u r planning on taking out. understand if u default the first mortgage holder get paid first, and the second gets whatever is left, if there isnt enough the 2nd holder takes a risk of not getting all… [cont.]
Answered by donald e - Tue Jan 8 20:49:03 2008
What is the best strategy to pay off my mortgage early?
Q. I have a standard 30 year fixed rate mortgage at around 5%. I am planning for an early mortgage payoff. I am wondering if I should pay the minimum mortgage payment and save my extra cash until I can pay the mortgage off in one lump sum 9-10 years from now or make smaller monthly payments.
Asked by john - Tue May 4 15:12:04 2010 - - 5 Answers - 0 Comments
A. If you can earn more than 5% by investing, do it. Otherwise, it's better to make additional payments to the mortgage now. The interest on a mortgage, like other loans, is compounded. The lower the balance, the lower the interest calculation and the more of the payment that gets applied to the principal. Every extra dollar paid now will be "worth" more than a dollar in the end. Here's a great trick I heard. If you get paid every two weeks, pay half the mortgage payment with each paycheck. Not only will this save a little money in interest, but it will also mean an extra payment each year.
Answered by Alex - Tue May 4 20:04:41 2010
Q. I have a standard 30 year fixed rate mortgage at around 5%. I am planning for an early mortgage payoff. I am wondering if I should pay the minimum mortgage payment and save my extra cash until I can pay the mortgage off in one lump sum 9-10 years from now or make smaller monthly payments.
Asked by john - Tue May 4 15:12:04 2010 - - 5 Answers - 0 Comments
A. If you can earn more than 5% by investing, do it. Otherwise, it's better to make additional payments to the mortgage now. The interest on a mortgage, like other loans, is compounded. The lower the balance, the lower the interest calculation and the more of the payment that gets applied to the principal. Every extra dollar paid now will be "worth" more than a dollar in the end. Here's a great trick I heard. If you get paid every two weeks, pay half the mortgage payment with each paycheck. Not only will this save a little money in interest, but it will also mean an extra payment each year.
Answered by Alex - Tue May 4 20:04:41 2010
How do you get the best mortgage deal?
Q. We have been pre-approved by a mortgage company. The mortgage company has recommended a real estate agent. I am a little leary of going with this real estate agent, however, because, being a first time home buyer, I need a lot of guidance. I am afraid that, being tied to the mortgage broker, the real estate agent might not fight to get us the best mortgage deal (if it happens to be with a company other than the original mortgage broker's). How do you go about getting a good mortgage deal?
Asked by Artist at Heart - Wed Jul 22 15:33:35 2009 - - 3 Answers - 0 Comments
A. first of all, the real estate agent is not there to get you a deal on a mortgage - that is either your responsibility or the mortgage broker's responsibility. The agent is there to put you in a house (show you houses, explain the offer/acceptance routine, be there at closing and walk you through the purchase process). If you do not trust you mortgage broker to get you a fair deal, then you can start calling around to banks in your area and inquire about their rates. This means, however, getting a new pre-approval and starting from scratch on the mortgage. Being a first-time buyer, if you go this route, you are going to have to educate yourself regarding rates and points and buy-downs.
Answered by Steve D - Wed Jul 22 15:39:17 2009
Q. We have been pre-approved by a mortgage company. The mortgage company has recommended a real estate agent. I am a little leary of going with this real estate agent, however, because, being a first time home buyer, I need a lot of guidance. I am afraid that, being tied to the mortgage broker, the real estate agent might not fight to get us the best mortgage deal (if it happens to be with a company other than the original mortgage broker's). How do you go about getting a good mortgage deal?
Asked by Artist at Heart - Wed Jul 22 15:33:35 2009 - - 3 Answers - 0 Comments
A. first of all, the real estate agent is not there to get you a deal on a mortgage - that is either your responsibility or the mortgage broker's responsibility. The agent is there to put you in a house (show you houses, explain the offer/acceptance routine, be there at closing and walk you through the purchase process). If you do not trust you mortgage broker to get you a fair deal, then you can start calling around to banks in your area and inquire about their rates. This means, however, getting a new pre-approval and starting from scratch on the mortgage. Being a first-time buyer, if you go this route, you are going to have to educate yourself regarding rates and points and buy-downs.
Answered by Steve D - Wed Jul 22 15:39:17 2009
How do mortgage companies determine which credit score to use?
Q. With the three credit scores being different, which do they use to determine you qualification for a mortgage? Or do they simply average all three scores. My husband has two scores at around 540 and his transunion is at 605. What are his chances?
Asked by Melissa T - Wed Apr 9 18:06:00 2008 - - 5 Answers - 0 Comments
A. Mortgage companies typically use the mid FICO score. Your husband's scores are very low. You would have to have a big downpayment and no other debt to maybe qualify for a very high interest rate. Get a copy of his credit report and start working on fixing the negatives. First, pay off current credit card balances. Carrying balances of more than 30% of your available limit kills your score. Paying them down will give a quick boost to his score. Second, start contacting the negatives, newest one first and work back to the oldest. Ask for delete for payment -- some will, some won't. The older the debt, the more likely they will settle for less than full balance. If the debt is older than 3 years, offer 25%; 2 or 3, offer 50%; less… [cont.]
Answered by bdancer222 - Wed Apr 9 18:31:23 2008
Q. With the three credit scores being different, which do they use to determine you qualification for a mortgage? Or do they simply average all three scores. My husband has two scores at around 540 and his transunion is at 605. What are his chances?
Asked by Melissa T - Wed Apr 9 18:06:00 2008 - - 5 Answers - 0 Comments
A. Mortgage companies typically use the mid FICO score. Your husband's scores are very low. You would have to have a big downpayment and no other debt to maybe qualify for a very high interest rate. Get a copy of his credit report and start working on fixing the negatives. First, pay off current credit card balances. Carrying balances of more than 30% of your available limit kills your score. Paying them down will give a quick boost to his score. Second, start contacting the negatives, newest one first and work back to the oldest. Ask for delete for payment -- some will, some won't. The older the debt, the more likely they will settle for less than full balance. If the debt is older than 3 years, offer 25%; 2 or 3, offer 50%; less… [cont.]
Answered by bdancer222 - Wed Apr 9 18:31:23 2008
What reverse mortgage company should I work for?
Q. I've been looking into these a lot lately, but I'm having a hard time deciding what company to work with. Anyone work for one - or have a reverse mortgage - that they can recommend?
Asked by TJS - Sun Feb 15 22:30:46 2009 - - 2 Answers - 2 Comments
A. No, but before you take one read everything about them on HUD.GOV and AARP. They can't be undone so you are stuck with them for life. Since you are young enough to use the internet you are too young to know your entire future. I won't consider one before 85 because so much can happen between 62 and death. You could be widowed, remarry, decide to move to a warmer or cheaper place, move in with a SO, move in with the kids or not want a house and want to move to an apartment. With the reverse mortgage you won't have as many choices since you have to pay off the debt before you can move.
Answered by shipwreck - Sun Feb 15 22:42:14 2009
Q. I've been looking into these a lot lately, but I'm having a hard time deciding what company to work with. Anyone work for one - or have a reverse mortgage - that they can recommend?
Asked by TJS - Sun Feb 15 22:30:46 2009 - - 2 Answers - 2 Comments
A. No, but before you take one read everything about them on HUD.GOV and AARP. They can't be undone so you are stuck with them for life. Since you are young enough to use the internet you are too young to know your entire future. I won't consider one before 85 because so much can happen between 62 and death. You could be widowed, remarry, decide to move to a warmer or cheaper place, move in with a SO, move in with the kids or not want a house and want to move to an apartment. With the reverse mortgage you won't have as many choices since you have to pay off the debt before you can move.
Answered by shipwreck - Sun Feb 15 22:42:14 2009
From Yahoo Answer Search: 'mortgage'
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Wed, 01 Sep 2010 06:02:47 GMT+00:00
-Bond Risk Bloomberg If you remove or reduce the biggest investor in the Danish and Swedish mortgage market, ie the banks, and change the funding rules, then there will be ...
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Wed, 16 Dec 2009 06:48:52 PST
"After we have accumulated all the documentation: the appraisal, the title and everything, and we have the pre-approval, we've sent ... ehow.com.
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Brian McKay
Fri, 03 Sep 2010 18:00:10 GM
Mortgage. rates increased slightly today after making fresh new lows on Monday. Current 30 year . mortgage. rates are averaging 4.38 percent, up from an average 30 year . mortgage. rate of 4.36 percent earlier this week. . Mortgage. rates headed ...
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