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Search: "Interest"

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Asked 04/04/2006 03:01 pm CT (birmingham, AL)

My wife and I are first time homebuyers. She has 680 credit score and I have 702. The motgage company said our interest rate would be 8.6 because we have not been at our jobs long enough..we both only have 3 months on the job,but my wife is a recent college grad. They said we would have to do a stated income loan. Is this true?

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They are speaking about the programs they have available to you in house. You should shop around. Th...

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Asked 03/31/2006 07:06 am CT (Howell, NJ)

I want to refinance and reduce my monthly payment, should I go with a 30 year fixed or an ARM product ? I am concerned because interest rates are going up. Thanks in advance for your help!

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I would first like to know what you are currently paying on your mortgage. Then, I woudl tell you a...

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Asked 03/27/2006 08:00 pm CT (CARY, NC)

WE ARE LOOKING TO BUY A HOUSE IN CARY NC. WE HAVE 90K TO PUT DOWN ON A HOUSE THAT WOULD COST ABOUT 270,OUR CREDIT SCORES ARE IN THE LOW 600S AND OUR INCOME IS ABOUT 80K WHAT WOULD THE BEST MORTGAGE TO GET AND A INTEREST RANGE,,THANKS

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Hi Joe, Your loan would be under 70% loan to value-this is a good start. As long as you are not car...

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Asked 03/27/2006 12:48 pm CT (Baltimore, MD)

When you borrow against your stock porfolio (margin) do you pay back only the interest and not the principal?

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Asked 03/27/2006 12:46 pm CT (Baltimore, MD)

When you take out a mortgage do you pay back interest and principal?

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Hi Bruce, The quick answer is Yes! However this only applies to fully amortized loans. If you are l...

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Asked 03/22/2006 10:32 am CT (calgary, Alberta)

hi there - with interest rates so low, we have a variable rate mortgage which has served us well... however, as the interest rate continues to rise, i am wondering at what point it makes sense to switch and lock in at these lower rates... is there a "magic" number? :) thanks for your time..

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Hi Ellen, There is no magic number, the forecast for prime is to hold steady for the rest of 2006 an...

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Asked 03/18/2006 04:08 pm CT (Des Moines, IA)

What is my interest rate for last year?

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Asked 03/15/2006 03:45 pm CT (nadiada3@aol.com, FL)

i refinance a property and took out the equity and bought another house the loan i thought i got was interest only for one year and then adjustable afterwards but it wasent . Tthe interest adjusted the next month on the both property and i owe now more than I payed for the property .im afraid I'll run into difficulties because we are just paying minimum payments and the balance is added on to our amount owed what to do

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Hello, It sounds like you have the Option ARM Loan. This is not a great loan if you’re not educated...

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Asked 03/13/2006 01:02 pm CT (Springdale, AR)

Hello, My husband and I recently refinanced our home and added our Van onto our payment. The amount borrowed was a bit over $70,000.00 for 15 years. So, my question would be would that cause the amount to be raised to $122,767.22 due to interest before it is paid in full?

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Asked 03/07/2006 01:09 pm CT (little rock, AR)

I bought a house at the end of december (cost 400,000, loan 280,000) and i plan to pay it off in 2-3 y. I 've already paid 20% of the mortgage (15 y, interest 5.25%) but my scheduled monthly payment stays the same. Should it not decrease proportionally ? Would it be better at this point to get another type of mortgage like a 3 year ARM to lower the amount that I will end up paying for interest ? Thank you MF

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Hello MF, I realize that some people might tell you to keep the current loan that you have and hold ...

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Asked 03/07/2006 06:14 am CT (laredo, TX)

i am a first time buyer. my question is if i was interested in a home i saw at first but now i want another one that is bigger and better that have seen but they already started the paper work on the first one i asked if it can be put on hold they told me no that i would get fine why would i get fined if i have not signed anything and is it not my choice of which home i want.

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Laura- I think you are being misled a bit or at the least not fully disclosed too. If you have not ...

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Asked 03/04/2006 10:19 pm CT (El cerrito, CA)

I am making interest only payment on my mortgage and the according to this payment option, this amt will pay all the accrued interest of the previous month however, no portion of the payment will be applied to reduce the principle. My questions are: Why then is my statement showing unpaid interest amount if my monthly pmt is suppose to be paying the accrued int. for the previous months. My second question is why is an amt being applied to principle as per info. in acct activity section, even though this option states no portion would be going to reduce principle. This is so confusing.

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That is a bit confusing. 1st things first. Interest is accrued in arrears, meaning that when you mak...

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Asked 03/01/2006 06:35 pm CT (Greenville, SC)

I have a mortgage balance of $92679.55 at 6%. I pay a payment of $584.57 (principal & interest) each month with a extra payment the same amount. So I make 13 payments a year. I can't seem to figure out how many years it will take to pay it off. Thank you, Kim

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I would be happy to provide you with an amortization schedule. The question really is: How many ye...

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Asked 02/08/2006 09:58 am CT (Bakersfield, CA)

I've been looking at houses lately and keep hearing radio ads for loans with a 1% interest rate - is this for real and are there any catches to these loans? Thank you, Rich

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It is truly a loan program, but htere are many catches to this. What you are seeing is called an Opt...

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Asked 02/02/2006 08:45 am CT (Mission Viejo, CA)

My husband and I purchased a townhome three years ago with an interest only mortgage, we have since built up some equity and would like to refinance with a regular mortgage. Is this something we can do and can someone tell me what the requirements are?

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Hi Susie, I live in Newport Beach and can tell you first hand that you probably have gained a fair ...

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