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Search: "Fixed mortgage"

 
 

Asked 08/19/2008 08:20 am CT (Murfreesboro, TN)

On a regular 30 yr. fixed mortgage, at 6.75%, how does the lender come up with a payment of 900something (before taxes and ins.) on a $157K loan? I know I'm figuring it out wrong, but I would really like to know how it's done, so I can figure it out myself.

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Well, actually, I use a mortgage calculator. I can try to find a factor per thousand for you if you...

[ Total Answers: 1 ]

 
 

Asked 03/20/2008 02:50 pm CT (deltona, FL)

I own a home with a 30-year fixed mortgage at 6% purchased in 2004. Mortgage balance is $68,000. How much more principal should I be adding each month to reduce mortgage by 5 years - 10 years or 15 years?

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If you make a total mortgage payment (exclusive of taxes, insurance &/or PMI) of $475.22, you will p...

[ Total Answers: 1 ]

 
 

Asked 02/04/2008 05:46 pm CT (Murrieta, CA)

I currently have an Adjustable ARM loan and recently recieved a letter from my loan company telling me that the loan will eventually go up to a higher interest rate. I contacted the loan company and ask about re-negotiating the loan to a more reasonalbale rate. the loan value is $566.000 and the home value is less than the loan value. The person that I spoke with told me that the only thing they could do is a "Short Sale" on the house because evenn if they were to give me a loan with "0" an interest rate, I still would not be able to make the payments. I found a deal on new less expensive homes in the area with 30 yr fixed mortgage rates that I can afford. If I purchase the new home and the current home went into some form of forclosure or deed in-lieu of forclosure, can the loan company try to seize the new home? They're leaving me no options to head off a forclosure if and when the loan resets to a higher rate.

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Asked 03/26/2007 08:28 am CT (newark, DE)

I needed a 20% dowmpayment for my investment home . I pulled the money out of my residence home through refinancingin two month ago . I had a 5.5% before refinancing with a balance of 93,000 before refinancing paying a monthly payment of 705. After refinance , I have a conv jumbo payoption ARM with a balance of 152,000 paying 1,161 . I did not understand what all this meant and trusted the broker who avoided all the important details . I terribly regret this move and I am worried about the changes in interest and monthly payment . I don\\\'t know which option to take , whether 12-year amortized payment option or minimum payment . How soon can I refinance again for a fixed mortgage ? My credit score is 641. Thank you in advance .

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Might be wise to check a refinance alternative. You are right to realize your current loan program ...

[ Total Answers: 1 ]

 
 

Asked 03/23/2007 10:20 pm CT (orlando, FL)

I was wondering. if I have a 30 year fixed mortgage with a minim payment of let's say $ 1000, paying more than that every month will reduce also my minimum payment over the months like an auto loan or will only let me repay early? Thanks for your time Marco

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Marco, Your payment will be reduced if your mortgage is an Interest Only loan. If you loan is a tra...

[ Total Answers: 1 ]

 
 

Asked 07/23/2006 04:07 pm CT (north stonington, CT)

What is the difference between a conventional fixed mortgage and a construction loan mortgage? We are discussing flipping a house and don't really know the best loan?

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Convention financing is best if the property is currently livable. Construction/Rehab loans usually...

[ Total Answers: 2 ]