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Search: "Interest"

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Asked 04/03/2007 12:39 pm CT (plainfield, NJ)

my fiance and i are interested in investing in a multi family house. we both are currently paying off all our bills that we owe. but our current credit scores are very low. how wold i go about getting a good deal...please help...thanks

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Asked 04/01/2007 03:44 pm CT (san jose, CA)

I am looking to purchase a brand new home i will be paying about $27,000 in interest and points to file on next years tax return.. How much a refund am I looking at if I claim 1?

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Cassandra This is something that I go over with my clients during the consultation for their mortga...

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Asked 03/31/2007 11:49 pm CT (Phoenix, AZ)

My friend bought a home about 2 years before and he got the mortgage with 4.75% interest rate. Now, I want to buy that home from my friend as he moved to another state. Can my friend still have the mortgage in his name but I pay the monthly installment?

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Yes, if you do a lease with the option to buy. A word of caution must be given here. If the origin...

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Asked 03/30/2007 09:51 am CT (Jersey city, NJ)

If a person has an interest only mortgage, can they pay down the principal with larger payments?

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If a person has interest only mortgage, they can pay down the principal with larger payments. The ba...

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Asked 03/28/2007 04:02 pm CT (Tower City, PA)

How long must you have your mortgage before you are able to refinance it with another company to get a lower interest rate?

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If you don't have a prepayment penalty, you can refinance as soon as you want. Realistically, you u...

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Asked 03/28/2007 07:31 am CT (Reading, PA)

My husband filed bankruptcy 3 years ago. Ch13. He thought it was a 3 yr it is a 5. We get letters all the time about paying it off early. I didn't file have decent credit, but we want to get my debt paid off. His interest rate on his mortgage is 8.5. Can we refinance everything get this bankruptcy taken care of and put my name on everything? Right now I am not on the mortgage or deed. He did this right before we got married and one day I would like to buy a new home.

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You should be able to refinance out of your Chapter 13, but will need enough equity in the home to d...

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Asked 03/26/2007 08:34 pm CT (Brooklyn, NY)

Let's say someone just inherited 1,000,000 in stock and has enough money to pay off their $250,000 mortgage. Is it better to keep the mortgage and keep paying the $2000 in interest (someone mentioned that it\'s good for tax purposes, why?) or is better to pay off the entire mortgage at once so no more interest has to be paid. I think the second way is better? Please advise.

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Remember that any tax benefit from tax deductions come from paying actual interest. Assuming a 31% ...

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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 ...

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Asked 03/26/2007 08:16 am CT (Kirkwood, MO)

I am trying to buy a house with my fiance', but she doesn't have much income right now in college. Her credit score is high 700s and mine is 640ish. I make in the high 40s per year. We want to buy a house in the 190,000 range so we are using her grandparents as cosigners. It will be just me and them on the loan, not her. They make great money and have credit scores in the 800s. My current loan guy is a relative and i think he might be screwing us. He seems to think that a 3% FHA loan is my only option. He says we can't do an ARM, interest only, 80/20 or anything else. i want to spend as little as possible out of pocket. The ONLY way we've been able to put a contract in is by having the seller's front our closing costs and the 3% down. No one has really been keen on the idea of the 3%, but they all agreed to the closing costs. We don't want to drain our savings to get this house and then be strapped when an emergency comes up. Do you know of any other options. I'm also in the Army if that helps.

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Bryan, you are wise to consider being House Rich and Cash Poor. It sounds like other programs (like...

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Asked 03/25/2007 03:48 pm CT (Rosepine, LA)

In 1999, my husband and I purchased a home. When the 9-11 attacks happened we refinanced our home from a thirty year to a fifteen year mortgage to get a lower and fixed interest rate. Due to my low credit rating, my spouse said the lawyer suggested he have me sign a document that would take me off the mortgage so only my spouse's credit rating would be a factor. I am now, after fifteeen years of marriage, and five children, going through an ugly divorce and my spouse is trying to use this document to dispute the community property law in the state of Louisiana, so that he may gain the house which I was awarded due to minor children still in the home. We currently owe 50,000 and it is valued at about 85,000. To keep from having to split the value of the equity in our home with me, he is now using this document to stop me from benefiting in any way. I need to know the name of the type of document they had me sign, and what if any rights I have according to LA laws. Thank you.

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It's called a Quit Claim Deed.

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Asked 03/24/2007 04:03 pm CT (taft, CA)

I lost my job this year though I found a new one it is a large cut in pay. We have a first and second interest only mortgage and we are no longer able to pay all the bills. We owe about 80,000 more than what its worth... If we just walk away the first should be able to recoup most of its value but what happens to the second can they sue us. I really don't want to file bankruptcy but I cant afford to keep the house. We had it listed 6 months and our only offer wouldn't come close to paying it off

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Jeff is right. I would suggest that you contact both lenders regarding your situation and ask for th...

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Asked 03/19/2007 01:18 pm CT (Liberty, MO)

I got a second mortgage a couple years ago and I almost have all of the money to pay it off. The terms of the mortgage included a prepayment penalty of 2% of the REMAINING principle balance in paid off within 3 years. I have been saving up the money to pay this off and just have it sitting in an account. If I pay down the principal using the money already saved and then pay off the loan in a couple months when I have the rest of the money, will I get away with paying a much lower prepayment penalty since the outstanding principle balance will be almost nothing? Here is the exact language of the contract I signed: Consecutive monthly principal and interest installments of $xxx.xx first due on the xx day of xxxxx, xxxx. Such payments to continue until maturity when the remaining principal balance and any unpaid interest thereon shall be due and payable. In the event full prepayment is made within three (3) years of the date of the first monthly payment a prepayment penalty in the amount of two percent (2%) the remaining principal balance will be assessed.

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From what you stated in your question you would have to pay a penalty if you pay it off within 3 yea...

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Asked 03/06/2007 11:15 am CT (Denver, CO)

I financed a home purchase for a friend. They are makeing payments on time and are current. An I required to provide them an interest paid statement or do they have to figure that out on their own.

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No, you do not need to provide them with an interest statement since it is under your name. Now depe...

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Asked 02/09/2007 06:22 pm CT (Newport, WA)

I took out a 15000.00 dollar loan to purchase my cabin home.I purchased the 2 acre property with cabin for 45000.00.I put 24000.00 down and did a second loan of 6000.00 with a friend at 3% interest.The first loan was at 10.5% fixed.The agreement was i kept homeowners ins. up to date and paid my payments on time.I dont have a problem paying my payments on time.My insurance company called me and said they were not renewing my policy in 4 months due to roof and siding problems.Also they pointed at my dog husky.Can the lender forclose on me if i make my payments on time but cant find another homeowner policy in time?

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In the event your servicer is notified of a lapse in your policy they will likely place forced insur...

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Asked 02/08/2007 12:54 pm CT (West Palm Beach, FL)

Will have tax refund. Have Condo appraised recently: $210,000.00 Mortgage balance $143,000.00 Home Equity 9.49% balance $24,300.59 Home Equity 9.14% balance $10,472.35 Available Credit Home Equity $15,277.06 mortgage payment $1292.00 Home equity variable 9.49% payment $195.86 Interest Only. Home equity fixed 9.14% payment $311.28 Principal & interest. Should I put money to pay off Home Equity, refinance mortgage, or invest refund. Approx $5000.00

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Hi Ken, You did not indicate what the interest rate on your first mortgage is. But by my calculation...

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Asked 02/04/2007 12:32 pm CT (savannah, MO)

I had an ARM that has adjusted in January. I tried to refi in November with my mortgage company. They sent their appraiser who valued my home at 10000 less than I owe. Now they wont refi. I wondered if I had any recourse or if I'm stuck with 8.9 percent interest until it adjusts again. Thanks

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Wes, Give me a call or email me more information. I have loans that will lend above and beyond t...

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Asked 01/31/2007 08:37 am CT (san jose, CA)

I haven't received my 10-98 yet. and would like my interest paid in 2006. Also, when will the 10-98 be going out

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Asked 01/25/2007 05:37 pm CT (Alma, WI)

I am a first time home buyer I was pre-approved for a mortgage at a 100% financing one lender tells me I have to have PMI. Lending Tree tells me its optional. The lender tells me PMI is based on my credit score. My score is 599 he says I would be paying $250 PMI a month on a $160,000 mortgage at a 6.1% interest. Lending Tree says is optional at a 6.5% interst. Which lender should I believe?

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Understand that there are very few knowledgeable mortgage people associated with Lending Tree. Beca...

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Asked 01/14/2007 02:46 pm CT (East Peoria, IL)

My son and daughter-in-law are looking to buy a home and are interested in a brand new double wide manufactured home. My question is can they still get a 30 year mortgage loan or do you have to apply for a different kind of loan for a manufactured home? Also, they likely will need a 100% mortgage or a very minimal down payment, they are very young and just starting out. I hoep you can help me.

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Michele, I lend on many manufactured homes. You best option for these homes is to go with FHA fi...

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Asked 01/07/2007 04:28 am CT (Pikesville, MD)

If I refinance my home for less than 1% decrease in my interest rate (6.875 to 6.2), is it worth the effort in the long run? I plan to be in my home another 10-12 years.

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Paul, it is simple have a mortgage professional run the numbers for you if you recoup the money you ...

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