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Search: "Interest"

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Asked 01/03/2007 12:02 pm CT (Rochester Hills, MI)

I have a 30 year jumbo loan for residential single family property for approx $446,000. The principle payment is around $3,000 mth (without taxes and insurance). The interest rate is 10%. How can I reduce my payment down to approx $1500 mthly.

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For some reason my screen name is not showing in my posts, I show up as "unknown". Please contact m...

[ Total Answers: 5 ]

 
 

Asked 12/06/2006 04:26 pm CT (Reno, NV)

My broker calls me on a regular basis with loan deals. I have refused all ARMs and No interest offers, but this new one has me thinking. Because I am a customer of his, he is offering the same loan I have now (30 year fixed w/ escgrow accounts) w/ a lower interest rate that save me $100 a month. There are no refinance costs or appraisals, and my loan amount is not supposed to go up at all unless there are interest costs from the current mortgage holder. He says this is just a service he offers to his clients that have refinanced with him before. My questions are simple: 1) What is the catch, where does his company make their money? 2)Does it hurt my credit to keep refinancing or my ability to get financing? 3) What questions should I ask to identify possible hidden fees and charges?

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Dear Gina, What you have been taught about mortgage lending, including the rate and fee type of t...

[ Total Answers: 2 ]

 
 

Asked 12/06/2006 01:07 pm CT (staten island, NY)

My wife and I are starting to have interest in buying our first house however my credit is less than stellar(mid 6's) and her's is excellent (over 800). I make a good living at about six figures and she is a stay at home mom. Will this be enough to get a mortgage? And how much could I expect to get approved for?

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Larry, As a very approximate rule of thumb, you can easily borrow 2 to 3 times your total gross annu...

[ Total Answers: 1 ]

 
 

Asked 11/20/2006 11:15 am CT (Tucson, AZ)

Tell me about interest only loans

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Debra, Interest only loans can be a very useful loan which can help meet your goals and objectives....

[ Total Answers: 2 ]

 
 

Asked 11/07/2006 07:26 am CT (Rolling Meadows, IL)

hello, I have a few questions I wanted to ask: 1. If a house / condo has equity (lets say $15,000) - Can I take out that equity at the closing to help pay for renovation or to simply help make monthly payments on mortgage? 2. If so, is there a limit in equity amount I can take out at the closing, or I'm free to take out as much equity as there is in a house? (for example, if there is $20,000 in equity - can I take all $20,000 or only a certain percentage) 3. I'm buying a condo right now and I will have $180,000 mortgage. This is my first mortgage. I do not have money to qualify for an additional standard mortgage. If I find a property that has large equity that I can take out at the closing to help pay monthly fees, can I quality for an "investment property" loan in that case? 4. If so, having a excellent credit rating (775), using interest only loan - do I have a chance to quality for let's say $300,000 loan? 5. If I'm a disabled veteran with 30% documented disability and I'm currently a student - does it make any difference (interest discounts, etc) when qualifying for an "investment property" loan?

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Vadim, I would suggest that you find a trusted mortgage advisor in your area that you can sit and t...

[ Total Answers: 1 ]

 
 

Asked 11/06/2006 10:12 am CT (San Jose, CA)

I am thinking about making a good chuck of payment towards my principal on an existing mortgage. How would this impact my overall interest payment over the long run? I don't think it will have any impact on my current monthly payment --please confirm. Thanks.

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Hi there, Equity management is an area that you need to explore. This is an area we are expert...

[ Total Answers: 2 ]

 
 

Asked 10/25/2006 11:37 am CT (Red Bluff, CA)

I bought a home in Red Bluff CA a few months ago. I did this through a stated income loan because my fiance could not be on the loan due to his bad credit. For this reason our interest rate is 8.5% and our mortgage is $1,565. We cannot refinanace for 2 years without penalties. My fiance and I are splitting up. We have a 16 month old son. I would love to keep the home for my son and I but I fear I cannot make the payment. What are my options? I need help despately!Please.

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Hi Amber, You have a few options, but I need a bit more information to give you a proper analysis...

[ Total Answers: 2 ]

 
 

Asked 10/17/2006 01:20 pm CT (quincy, IL)

My mortgage lock-in rate has expired. My mortgage company is now telling me that I am stuck with the rate that was available at the beginning of the loan. The rate now is currently lower than when we locked-in. The property we are buying had to be surveyed & they had to wait close to 4 weeks for the people to do the survey. It is not our fault that the survey took so long. Now that the lock has expired & the interest rate in lower, why do we have to now lock in at the higher rate?

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Truth is when rate's locked, it's locked. However, you shouldn't suffer due to outside delays. Ask...

[ Total Answers: 2 ]

 
 

Asked 10/11/2006 08:48 am CT (Cartersville, GA)

Bankruptcy discharged June 2005. Got in current home June 2004. 80/20 loan with 2 year ARM (interest only) on 1st and fixed on second. My ARM adjusted in June of 2006 and I want to refi to lower monthly payments. I am current, and have a really good job/steady income, but do not really have anything in the way of clsing costs or downpayment at the moment. I have recovered from the bankruptcy but need to lower my monthly to speed up my receovery. Should I try to refi both into a fixed or just the 1st? (is that even possible?) Should I try to roll both into another ARM with a lower rate to give me time to further improve my credit? I have read so much on the Net about mortgages I am confused. My current ARM is going to adjust another point up on December and I would like to avoid that if possible. I am tired of filling out these forms and having my credit pulled only to get turned down, or telling me they can't do it. What is my best course of action? Please help me with some good advice?

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Kevin: I do loans in GA. There are several pieces of information that I would need in order to pr...

[ Total Answers: 1 ]

 
 

Asked 10/06/2006 03:29 pm CT (Leesburg, VA)

I was recently approved for a $278k loan 100% 80/20 based on a new home purchase at 5.75 Interest only (80%) and 9.5(20%) 30 yr fixed. With options and adds the home price is closer to $300k. How much can I expect the rates to change based on the increase of price and will I still qualify?

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That minimal of a price increase shouldn't have any affect on the rate, unless it makes you unqualif...

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Asked 09/16/2006 01:23 pm CT (Asheville, NC)

I want to get a second mortgage on my home to pay off all of my bills and purchase another car. My home is worth about $200,000 and I currently have a $140,000 primary mortgage and a $9000 second mortage (that would also be paid off in the process). I need about $35,000. The problem is that due to many unexpected medical bills that made me late on my current mortgage, my credit score is in the low 500's. My father has agreed to cosign with me and his score is 800+. I know there are some lenders that will allow for a non-occupying cosigners, but I don't know exactly what all this means. My first mortgage has a 5.25% rate and I want to get as low a rate on the second mortage as possible. Where do I find honest lenders that would be interested and would give me a reasonable rate?

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Your father can take out the mortgage for you, but you will not be able to obtain secondary financin...

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Asked 09/07/2006 09:32 am CT (new york, NY)

My bank wants to change Truth in Lending Disclosure Statement. Can you please compare this? 1. Loan Amount:117,500 Interest Rate:6.375% APR:6.51% Finance Charge:148,121.20 Amount Financed:115,773.91 Total of Payments: 263,895.11 2. 1.Loan Amount:117,500 Interest Rate:6.375% APR:6.678% Finance Charge:150,121.20 Amount Financed:113,773.91 Total of Payments: 263,895.11

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since the loan amounts and interest rates are the same, it would seem to me that there are now some ...

[ Total Answers: 1 ]

 
 

Asked 08/19/2006 12:19 am CT (Chapel Hill, NC)

Is there a no-doc, interest-only mortgage?

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Yes there is a No Doc Interest Only mortgage. If interested give me a call at 888-Jeff-Loyd...

[ Total Answers: 1 ]

 
 

Asked 08/16/2006 05:33 pm CT (Maynardville, TN)

Our primary residence has a mortgage set up on the 85-10-5 scale. We have a first mortgage for 85% of the loan and a second mortgage for 10% of the loan with 5% down. We purchased 6 months ago. We are very interested in purchasing a second home of lessor value, but don't know if a new loan is possible for us. Our credit is very good/excellent, but we do not have a down payment for the second home purchase and would like to finance it 100%. Is this even possible? Thank you!

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There are 100% financing options available for 2nd homes, but it usually makes more since to leverag...

[ Total Answers: 2 ]

 
 

Asked 07/19/2006 09:15 pm CT (Lithia Springs, GA)

My husband and I received a Chpt 7 discharge this past January. We remain in our house which has three mortgages. The 1st and 3rd are included in the bankruptcy(we make reg pmts), the 2nd we reaffirmed. What are our options if we want to leave the house? Or if we sale, is it possible that we can get the second to make the $14K a personal loan since we can't file bankruptcy anymore. The third question is, the 3rd mortgage is interest only (but did not start off as such, it was done to try and save money on monthly pmts), the bank claims that they cannot switch it back to regular payments, is that true/can they do that? I'm paying $200+ monthly and it's going nowhere, all interest.

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Hi Kit, Yes its true. Once you have secured a note with terms, that is a legal binding agreement...

[ Total Answers: 1 ]

 
 

Asked 07/16/2006 07:50 pm CT (Melbourne, FL)

What is the difference between a bi-weekly mortgage and just paying extra each month on your payment? And how to I make sure the "extra" amount gets taken off the principle and not the interest? Thanks!

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Bernie, in addition to the previous answer, the difference between a bi-weekly payment and just maki...

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Asked 07/12/2006 11:17 am CT (san diego, CA)

I need to know if the interest charge applies to only the principal or does it apply to the whole monthly payment which includes the taxes and insurance.

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Hi Alex! The interest charged on a mortgage is only on the balance of the loan. There is no intere...

[ Total Answers: 1 ]

 
 

Asked 06/05/2006 08:50 am CT (North Kingstown, RI)

My boyfriend and I are looking to purchase a home, his credit is excellent, while mine is not so great. How will this effect our being approved for a mortgage and the interest rate? Of our total income he makes approximately 65%. thank you!

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We have a Free Home Buyers Education Book available online at www.chrisgrauteam.com. It can answer ...

[ Total Answers: 4 ]

 
 

Asked 05/13/2006 04:21 pm CT (ocala, FL)

my credit score is a 550 after my divorce. I have a charge off he was awarded to pay. as of now I have 1 account in good standing. could I get financed for a first time home r buyer with a decent interest rate

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Hello. My name is Matt Stafford. Unfortunately the answer is no. Right now you could not get a good...

[ Total Answers: 3 ]

 
 

Asked 05/03/2006 06:58 pm CT (Liberty, KY)

I am interested in purchasing my retirement home. I have interest in a 2001 fleetwood manufactured home on a permanent foundation.How much depreciation yearly is estimated for an appraisal. She paid 48.900 and has 2 acres. Local worth about 14,000 She is asking 59.900 I want to offer about 49.500 for starts. With a VA is this an issue for finance of 100% ? Thank you James P.

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Manufactured Homes are difficult to finance. But not impossible. As for the depreciation it is impos...

[ Total Answers: 1 ]



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