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Asked 10/27/2007 03:28 pm CT (Bartlett, TN)

My husband and I purchase our 117,000.00 home in Jan. 2007. The thing is ;we want to refinance to get our $1036.00 ARMS mortgage payment down before it get any higher and to get a fixed rates. We ask for fixed rates when we purchase the loan, but end up with ARMS.At the time we thought ARMS was a fixed rate. Our mortgage company has send us several letters trying to get us to refianace for a fixed rate but we're so confused.

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Hi Lora, There are quit a few folks out there that are looking to "dump there" ARM and get into a...

[ Total Answers: 1 ]

 
 

Asked 10/19/2007 09:08 am CT (Patterson, CA)

Hi, My boyfriend and I are first time home buyers and we are trying to get a loan on a house that is $260,000. I have a 550 credit score and he has a 650, we are using the FHA program. Will we be able to get a loan approved with those credit scores? I am really discouraged and stressing because we really want the house! HELP

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stop stressing buying your first home should be a happy time not a stressful one. We would have to ...

[ Total Answers: 2 ]

 
 

Asked 10/18/2007 10:07 pm CT (Portland, OR)

I have an investment property that I've been unable to sell and would like to refinance it and get a renter in. How long does it have to be off of the market before I can get a loan on it?

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I have several lenders who will consider it if it's been off the market for 1 day. Others want to se...

[ Total Answers: 1 ]

 
 

Asked 10/17/2007 01:47 pm CT (SPARKS, NV)

HELLO, MY QUESTION IS IF WE INCLUDE OUR MORGTAGE LOANS IN BANKRUPTCY THE LENDERS SAY WE'LL RECIEVE 1099'S FOR THE 2ND AND 3RD LOANS ON THE PROPERTY. OUR BK ATTORNEY SAYS TO TALK WITH A CPA , WHAT'S YOUR THOUGHT ON THIS? THANK YOU, BIG DOG

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That's generally true. Any amount that they write off as a loss will be credited to you as income re...

[ Total Answers: 1 ]

 
 

Asked 10/16/2007 01:35 pm CT (whitesburg, TN)

we are trying to refiance our home, the loans people are having a hard time finding a place compatable to ours that has sold. is there any way we can get our place refianced just with and appraisal? when we bought our manufactured home and put it on ou 13 + acres it appraisaed for 200,000. can you help me find and asnwer to my problem. thank you

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Asked 10/14/2007 01:18 pm CT (Little Rock, AR)

My husband and I are first time home buyers and will have some money for down payment/closing cost. We were wondering if it is possible to get a loan for more than a price of a home to buy furniture or pay off a car etc?

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No and Yes. No you cannot borrow more than sales price to payoff debt but there are still 100% fina...

[ Total Answers: 1 ]

 
 

Asked 10/13/2007 10:31 am CT (Milford, MI)

My wife and I divorced 8 years ago but still lived together. Our home was financed in my name and hers. And the deed is in both names. We had taken a second mortgage on the home as well but in my name only. She has left the home 7 months ago, for bigger and better things. The house is currently worth less than we owe. What options do I have to get rid of this debt? Is she still responsible for 1/2 the payments even though she no longer resides in the home but is on the deed and the mortgage. She won't agree to sign off unless I sell the house for the loan amount? What can I do?

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This a common misperception. You and your Ex are both 100% liable EACH to pay off ANY mortgage you s...

[ Total Answers: 1 ]

 
 

Asked 10/12/2007 09:31 am CT (Winnsboro, SC)

My husband and I refinance house loan after a year they sold our loan to another mortgage company that we now have for about 2 years now the payment has went from 606.00 to 775.00 plus about 10,000 dollars add on to the account. What can we do to correct this problem?

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More than likely your payment has gone up because your taxes, insurance, or adjustable rate has gone...

[ Total Answers: 1 ]

 
 

Asked 10/09/2007 12:39 pm CT (Washington, DC)

Hello, My husband filed chpt. 13 in order to save our home, however the loan company "worked" out an agreement in which we paid $2300 a month not inclusive of the rent we pay of $1100 monthly. Needless to say it was a disaster. The house went to foreclosure in sept. The loan was in his name. I am interested in purchasing a home in a few months and wanted to know if I could include him on in the obtaining of a mortgage? I plan on purchasing in the next 6-7 months , at that time he would have been in clpt. 13, 19 months. How does the foreclosure affect the chpt. 13?

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Sorry, I meant Nicole!

[ Total Answers: 2 ]

 
 

Asked 10/08/2007 04:08 pm CT (seven valleys, PA)

My husband and I are both named on the deed to our home, but the mortgage is in his name only. If we were to default on the loan, would the credit adversely affect us both?

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Carrie, If you are not on the loan, then you were credit should not be affected by it. If you ...

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Asked 10/05/2007 05:56 am CT (Friendswood, TX)

I have credit score 570, can I get home equity loan with an interest rate of no more than 5.5%

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Tony, I would first consider using a credit repair company to boost your credit score. If you wou...

[ Total Answers: 2 ]

 
 

Asked 10/04/2007 05:20 pm CT (Canyon Lake, CA)

Do you think rates will be better to redo my option ARM jumbo loan to a fixed rate 30 year loan in approx. 10months or 1 1/2 years?? Prepayment over in 10 months, however considering a modification to a 2 yr fixed rate 6.23% ($COST $1,000) ADDING APPROX. ANOTHER YEAR TO PREPAYMENT PENALTY. My goal is to have a 30 yr fixed rate loan at 6% or better.

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Susan, the timing of refinancing now or in the future is more complex than what any of us feel inter...

[ Total Answers: 3 ]

 
 

Asked 10/04/2007 05:16 pm CT (Canyon Lake, CA)

I currently have a jumbo loan with an option ARM. Been paying min. due, want a 30 yr fixed loan when prepayment

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Susan, Give me a call or email me and I will help you prepare for the refinance. I will make sure...

[ Total Answers: 1 ]

 
 

Asked 10/03/2007 02:05 pm CT (Aragon, GA)

My son is wanting to building a house and is in the proces of applying for a const/perm loan. He has a good job, no debt, and overall in good financial shape at 24 yrs. Since he has very little debt,, I agrreed to help him qualify for the const/perm loan . Is there any way for me to do that without being held responsible for the mortgage if somethin should happen. His father and are in good financial shape, our house is paid for and we are in no real debt which is why I agreed to sign with him on the constr. /perm loan. What is the best way to help my son without the responsiblilty of being responsible for the mortgage.

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Kay, I work wiht one of the nations top lenders for constuction loan fiancing. I can put you in t...

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Asked 10/03/2007 02:03 pm CT (san jose, CA)

Me and my husband filed chapter 7 bankruptcy 8 years ago it will not come off our credit report until Nov '09, our credit scores are 730 and 731. Our there any good loans for 1st time home buyers.

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Hi Patricia - Our office is just up the 880 in Castro Valley - We have both real estate services and...

[ Total Answers: 5 ]

 
 

Asked 10/02/2007 11:13 am CT (Denver, CO)

If I am changing carreers will switching to my new job in a couple months (same pay and benefits) affect my ability to get approved on a loan? Do I need more than 6 months at the job before I can purchase? What if I'm moving because of work?

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Lenders like to see the same line of work for 2 years. This can be very broad (management, customer...

[ Total Answers: 2 ]

 
 

Asked 09/23/2007 04:49 am CT (Severna Park, MD)

I have a 5 year ARM that will expire in April 2008. The interest rate is very good, and I am trying to hang onto it for as long as I can. When should I actually refinance to get another loan? I've been told that I have decent credit and my house has built up about quite a bit of equity in 5 years. Thanks!

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Doreen,. Now may be the time to consider taking action on a refinance for your ARM. Rates are at lo...

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Asked 09/21/2007 05:39 am CT (Riverside, CA)

I am 3 mos late on mortgage, been in home 30 yrs, FICA appx 548, income $2100/mo, home appraised in June $300,000 and need to borrow 188,000. Is there ANY hope in re-financing and getting payment llunder $800/mo=even w/a 50 yr loan. Thanks, Gladia

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Gladia, possibly. As Dawn mentioned, a Reverse Mortgage could be your solution. You may also call me...

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Asked 09/20/2007 01:08 pm CT (Fuquay Varina, NC)

I got caught up in those on line pay day loans when I went through a bad financial situation a few months ago. It took me months to get them paid off, but I paid off the last of them last month. I have been trying to buy a house, got credit cleaned up, all scores over 620 and have pre-approval for a mortgage. I have a meeting scheduled with the mortgage company and didn't realize they would need my bank statements. Of course the payday loans show up. He asked me to bring two months of statements. Will those pay day loans keep me from getting a mortgage even though they are paid off.

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Asked 09/18/2007 03:07 pm CT (Seattle, WA)

My mother just passed away last month, in August. She left a will leaving all of her property (2) to me-her only child (no grandchildren). A year before her death she entered into a reverse mortgage and I need to know how do I legally have the property title put into my name so that I can apply for a refi/cash out loan to put both properties into my name? "Friends" have told me to file the will at the county courthouse-which I have done and to also file a Quit Claim deed as well, is this correct??

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