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Asked 01/30/2009 11:20 am CT (, TX)

I had only one payment left on my mortgage with Celink. I phoned and asked them for a payoff amount and they verbally added approximately $200 in charges and fees to the payoff amount and refuse to send me a Satisfaction of Loan unless I pay these charges. These fees are not listed in my contract and I have never been notified of such fees in the past. Once a loan is paid in full isn't a lender required to send a Satisfaction to the borrower?

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This is normal, you will find that your interest fees are paid a month in arrears, therefore, when y...

[ Total Answers: 1 ]

 
 

Asked 01/26/2009 11:02 am CT (Boise, ID)

My father passed away in June and left my sister and I his home which has 60k owed.I have been living here and paying the payment monthly as well as keeping insurance and such on it. I don`t think I would be able to qualify for a new loan even though we have excellent work and income. How could I buy my sister out and stay in the home.I don`t have cash on hand right now.. Thanks

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Consult a local mortgage broker who can determine whether or not you can qualify for a "cashout" ref...

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Asked 01/20/2009 09:34 pm CT (Bayonne, NJ)

how to take off someone name on a mortage and title and put it on your name. when you are the one that is paying the mortage the taxes and evreything else all they did was sign for the loan now they won\'t refinance we don\'t have no authory to anything we can\'t ask the bank any question we pay for everything the person get the benefit because they sign for the loan my sisters and i can\'t get no help from the goverment to finish our school because they think my mother make to much when everything she and i make go towards the mortage and taxes and bills. the person that sign the mortage get all the benifits as a homeowner

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Asked 01/20/2009 04:19 pm CT (Bartlett, TN)

Is it a good deal to consolidate my 30yr fixed (6.75%) and my eqiuity loan(8.875 %) to a 15yr fixed rate (4.6%). I owe approximately 167K(25yrs) on the 1st and approximately 44K (7yrs) on the 2nd. I would have to pay closing of about $3200, should I do this?

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Yes, I would definitely do this. Rates are the lowest they have been in the past 5 years. I imagin...

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Asked 01/20/2009 04:18 pm CT (Bartlett, TN)

SHOULD I COMBINE MY CURRENT LOANS 30YR (6.75% OWE 25YRS) EQUITY (8.875% OWE ABOUT 7 MORE YRS). THE NEW RATE IS 4.8 AT 15YRS. GOOD IDEA OR NOT?

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Asked 01/19/2009 07:58 pm CT (Asheville, NC)

How long do you need to be on a job to get aproved for a home loan?

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Hi Katie, It depends upon the type of employment. If you are salary/hourly you only need to have...

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Asked 01/18/2009 04:24 pm CT (Plano, TX)

Feel free to email me back. My question is: I have accumulated a total debt of approximately $60k with a net worth of roughly -$16k. The debts are with numerous companies for numerous reasons including credit cards, auto loans, student loans, etc. What I want to know is, with the current foreclosure market being like it is and so many homes being "dumped" so cheaply and under value, is it possible to find a home with a built-in equity to purchase that I can turn around and finance my other debts into the equity on the mortgage loan? I would consider it the opportunity to buy a home, while also "consolidating" my debts into the remaining equity of the home and reducing my number of payments and overall payment amount. Does this sound like a realistic and possible scenario that can be pursued?

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Becker, Hi. Regarding your question about taking equity out to consolidate your bills you must h...

[ Total Answers: 1 ]

 
 

Asked 01/18/2009 09:17 am CT (Bloomington, IL)

My wife and I will finish school in May and then plan to move back to the area where we grew up. We would like to buy a home as soon as we return to the area. The problem is that even if we are fortunate enough to find jobs, we have been told there will be a few hang ups. Apparently the best case scenario (assuming employment) is that we could get into a home a month or so after being back when are able to prove employment/income level with a paystub. We have also been told that a possible situation is that we will be on probation with our new jobs. Because we have to disclose this to the lending agency, this will prevent us from getting a loan until the probabtionary period ends. The loophole to all of this, as I am told, is to use our parents as cosigners, which they are willing to do. Additional information: All parties have good to excellent credit scores and there would be a down payment of at least 10% So the questions are: if we use our parents as cosigners can they come off the loan/title without us having to refinance? If no, will the cost to refinance be such that we are better waiting 4-6 months after returning when we can buy the home on our on, keeping in mind we have to pay rent on a place till then. If we use a cosigner will that prevent us from getting our lowest possible interest rate? If we use a cosigner and disclose to the lender that we plan to remove the cosigner as soon as we can will that prevent us from getting our lowest possible rate. Additional information: All parties have good to excellent credit scores and a down payment of at least 10%

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Hi Chad, As long as you and your wife have jobs you willl not have a problem getting a mortgage p...

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Asked 01/15/2009 08:21 am CT (Dayton, OH)

How do have my mortgage loan continue after my death. I want my son to be able to continue with the loan.

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Asked 01/14/2009 09:29 am CT (West Bloomfield, MI)

I have a 7-yr balloon due March, 2010, with current rate of 4% and (by then) a remaining balance of $260k. This was originally my home but is now a rental property. Home values in Michigan have plummeted. I have tried to refinance now to lock in a 30-yr fixed rate, but since it is considered a rental property, the loan/value ratio needs to be 25% and I'm no where near that. Since I cannot refinance now and definitely won't be able to when the balloon is due as values fall another 10%-20% (as forecasted in Detroit), what happens? (1) Can I refinance with my current lender for a 30-yr fixed with a reasonable interest rate now or in March next year? (2) Should I begin to have these conversations with the lender now? (3) Do they amortize the remaining balance over the remaining 23 yrs? (4) How high can the rate go? I have friends in a similar situation (with their primary home) and rates have gone up to 10%+? (5) How do I keep the rate down and amortize the remaining balance for 30 yrs? I do not know what to do. Any assistance is greatly appreciated. Thank you in advance.

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Too many variable to discuss via email. COntact me to discuss 248-356-3739 Drew...

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Asked 01/13/2009 01:49 pm CT (Los Angeles, CA)

My husband and I have secondary property that is in foreclosure. The properth has a first and second mortage loan. We were told that we must pay the second mortgage loan or we will be sued.

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I do not believe that is true, what I suspect will happen is when the property is foreclosed on you ...

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Asked 01/13/2009 01:48 pm CT (Los Angeles, CA)

My husband and I have secondary property that is in foreclosure. The properth has a first and second mortage loan. We were told that we must pay the second mortgage loan or we will be sued.

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Not necessarily true and there is no point in paying the 2nd if you can't pay the first. The 2nd wil...

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Asked 01/13/2009 01:47 pm CT (Los Angeles, CA)

My husband and I have secondary property that is in foreclosure. The properth has a first and second mortage loan. We were told that we must pay the second mortgage loan or we will be sued.

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Not true.

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Asked 01/13/2009 11:22 am CT (Springfield, IL)

I'm 57 years old and need to refinance my home loan for $150,000.00. Should I do a 15 year or 30 year, at my age?

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If you are concerned about a large payment increase do a 30 year fixed and pay it based on a 15 year...

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Asked 01/13/2009 09:15 am CT (Cleveland, OH)

I am in the process of buying a house from someone who started to gut and remodel. The kitchen cabinets and sink have been removed and the main bathroom has been gutted. The owner bought from the bank and was just going to fix up and sell. I want to buy before he fixes up so I can save money and repair as needed. The loan officer I spoke to told me that the kitchen and bathroom have to be in working condition and the house has to be liveable before I could get a loan. I would be buying the house as-is. Is there any truth that these would have to be fixed before I could get a loan? And I would be living at home until the bathroom and kitchen would be remodeled. Can you give me some direction or if I should choose another lender?

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Asked 01/12/2009 03:13 pm CT (Atlanta, GA)

I have 2 mortagages one on my primary residence of about $580,000.00 on a house worth about 1,000,000.00. The second on a Lake house of about $550,000.00 on a house worth about 1,300,000.00. Our rate is 6.5 on a 10 year interest only loan. We were told by our banker that mortgages over $400,000.00 could not legally qualify for an interest rate lower than we have. Our credit is very good. My question is: Is this true? If so, why? If not, were can I get the best rate for my loan? Would a credit union be a viable answer? I know that is more than one question however, I hope you can help me. Thanks, Barry Grubb

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Asked 01/10/2009 11:18 pm CT (Milwaukee, WI)

Hello... Just a quick question. OK... I have a refi in progress, and we should close by the last week of Jan. I learned that I am going to lose my job (closing our plant) on Jan 31. I am getting a nice severence, and still have a nice nest egg saved up in case of problems (2-3 years), so I'm not too worried about foreclosure. (If anything, a refi will help me to pay it off faster, as I would be paying less...) Do I need to disclose this at the closing, or to my loan officer? Or, since I'm technically still employed at the time of closing - can it be my little secret? Basically, is withholding this information considered fraud, or does the fact that I am truthful in all my statements (regarding CURRENT employer) mean I should be in the clear? I obviously don't want to do anything that will jeopardize my house.

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You would need to disclose that at closing. There will be a document that you will need to sign tha...

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Asked 01/10/2009 09:08 am CT (San Francisco, CA)

We received an NAPF U.S. Loan Notification telling us that we were pre-approved for a 30 year fixed loan at 4.75%/5.00% APR. This is for a loan of up to $287,670. It states that it is not an ARM which, we would never consider. I've never heard of any such program and wanted to know if this is legitimate.

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It sounds as though you are being quoted a Conforming 30 yr Fixed Rate home loan and just about ever...

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Asked 01/09/2009 09:36 am CT (Nashville, TN)

If I got a first mortgage loan at a reduced rate but am a traveling nurse and lease my home - can the lender foreclose on my loan

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That's a possibility but a VERY slim one. I doubt that the lender would want to own any more proper...

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Asked 01/08/2009 07:06 pm CT (New York, NY)

Three-four years ago my mother deeded to my father and then my father to me through an irrevocable trust with my mother as the lifetime beneficiary. My mother has Alzheimer's and was in need of homecare services. The house now needs repairs and I am attempting to get a home equity loan for the trust. I understand that it is not sound to have a new deed as we would lose the benefits of the trust. I live in the home with my mom. The property is mortgage free. My credit score is 647. I had 4 judgments and a tax lien - all of which have paid over the past 4 years. I need about $30,000 but understand that many banks would not offer such a small amount. Any ideas, please.

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