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Asked 10/31/2007 05:25 pm CT (evans, NY)

I am going through a mortgage broker. My total cost of the loan in 173,000. I am financing 155,700. There is no loan origination fee but there is a 3 % yeild spread premium at 6.375 interest rate. I was offered a rate of 6.0 for 1.5 points. Is a YSP of 3 % excessive and is it better to buy the points?

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Sounds a little high to me but there could be other factors. But if you can get 6% without increasi...

[ Total Answers: 2 ]

 
 

Asked 10/31/2007 12:41 pm CT (Toronto, Ontario)

My husband and I are considering a $200,000, 25-year mortgage, 5-year term mortgage at a rate of 7.5%. Considering fixed-rate mortgage rates compounding semi-annually, what will our loan balance be after the first 5 years? Also we hope to make a $10,000 payment directly against the mortgage balance at the time of renewal, 5 years from now. How much can we reduce our mortgage payment, assuming we renewed the mortgage at the same rate and for the same remaining term of 20 years? How much money can we save overall? Thanks!

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Hi Renee Most of teh brokers on here are from the USA and they have different mortgage calculations...

[ Total Answers: 2 ]

 
 

Asked 10/31/2007 12:05 pm CT (bladenboro, NC)

My parents are trying to refinance their home. They have run into a problem. Apparently they had originally financed their home with FHA. FHA sold out this loan to another company and this loan has changed hands to about 5 company\\\'s. My parents then got an equity loan with the local credit union to pay the mortgage off. However, now the lein from FHA is still on their Deed and no one will assist them with getting it removed. FHA has been quite rude about the situation as well as the other company\\\'s they have contacted. I asume all they need is a Satifaction statement from \\\"someone\\\" but who and can we require them to do it?

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THe local Credit Union who paid the FHA loan off should have it. If your parents paid it off with th...

[ Total Answers: 2 ]

 
 

Asked 10/30/2007 11:11 pm CT (portland, OR)

OKAY. I AM IN A VERY DARK CORNER. I HAVE TO REFINANCE A JUMBO 95% LTV, LOW FICO MORTGAGE, WITH CASH OUT (ATTORNEY, ATTORNEY, MEDIATOR ON PERSONAL PAYROLL), I HAVE A 1/60 ON 1ST FROM 1.07 AND A DISCHARGED CHAPTER 7 FROM '04. MODERATE INCOME @ 80K. WILL TAKE ALMOST ANY OFFER. ANY SUGGESTIONS?

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Asked 10/30/2007 10:45 am CT (columbus, OH)

I am renting a house through a friend, but would like to try a lease/option. The problem is they have 2 mortgages. The payment is way to high. Is there anyway to get the house for what it is worth or do we have to keep it at what they owe.

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Asked 10/28/2007 11:38 pm CT (Canonsburg, PA)

We have 8.010 fixed on our mortgage from 3 yrs ago can we refinance at a lower rate now with 680 fico, also want to borrow 60,000 against to pay off credit cards, bills ect...Want to use only husbands SS but my income as well because my credit is not quite as good, is this possible. We would use about 118% of the value of our house, can you direct us to a lender that will not"grill" us for information and that would be easy to use to get a refinance and that extra $$ to pay off debts. We really appreciate your help!

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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 10/27/2007 01:12 pm CT (hebron, KY)

In looking at my credit report, I see that my second mortgage lender has "charged off" my account. Can you explain what this means? Can they foreclose? My second mortgage lender is different than my first. Thanks.

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Asked 10/26/2007 07:27 pm CT (laprit@msn.com, CO)

When a 5 year arm mortgage comes due and the party cannot get refinancing on the balance due but the mortgage holder agrees to accept payments as is, does a new mortgage need to be filed?

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No, you need not do anything at all. The loan will adjust to the current market by taking the curre...

[ Total Answers: 1 ]

 
 

Asked 10/22/2007 04:32 pm CT (Los Angeles, CA)

Can daughter w/bad credit grant deed property to father w/great credit (Non-Owner Occupied & already has 1 property) for the purpose of refinancing before a foreclosure can occur? Daughter is currently 90 days late on her mortgage (NOD not filed yet) and behind in property taxes (showing on title) and behind in state taxes (lien is showing on title).

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It is possible, but like Larry said you could have some issues. I'd call Larry....

[ Total Answers: 3 ]

 
 

Asked 10/22/2007 01:45 pm CT (Brentwood, CA)

My husband passed away a few months ago. The mortgage was in his name only. What do I have to do to have the mortgage put under my name and social security number for tax purposes?

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Call your lender and ask them. You should also check with the title company that closed the most rec...

[ Total Answers: 1 ]

 
 

Asked 10/17/2007 03:32 pm CT (Reseda, CA)

I have a townhouse that has a first and a second on it. The outstanding balance is about 405k and the Townhouse is now worth only about 350k The monthly payments total over 3k a month and I have never been late on any mortgage payment and my credit rating is mid 700s. Recently the 1st adjusted and by spring It will adjust again. I will not able to afford this place within a few months and will start to fall behind on payments. I have paid off property in another state and want to move. Can I walk away from the townhouse without them trying to seize any other assets? How long could I stay in the property safely not paying the mortgage payments before I am kicked out? I realize they will wreck my credit but what other things can happen?

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Jerry is right, you may consider borrowing from the Free and clear home that you own to help get you...

[ Total Answers: 2 ]

 
 

Asked 10/17/2007 08:08 am CT (Plainville, MA)

My husband recently passed away. The mortgage is in his name. The deed has both of our names on it. Do I need to refinance? Or would it have to be a new mortgage? We have 200,000. left on the morgage, and 280,000. in equity. Iam also looking to lower my mortgage payment, what are my options?

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You don't necessarily need to refinance, but, if you would like to try to get a lower payment the fi...

[ Total Answers: 2 ]

 
 

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 10/13/2007 06:35 am CT (Butler, TN)

I'm at the end of my first year of a ARM mortgage. I financed 237,000 at 9%. My payments are 1,777.50 monthly. I was told by my lender to wait 2yrs before refinancing or I would en cure high penalty's. Everything I've heard or read is telling me to refinance now. I can't find in my contract what my penalty's will be. I have a baby on the way and funds are getting tight. Any advice??

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More than likely you have a 2 year pre-pay on your loan. It could make sense to refinance anyway if...

[ 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 07:54 pm CT (detroit, MI)

The house we live in is just in my wifes name on the title due to some documents that were not available at the time of the purchase. The mortgage we have , also in her name alone, is an adjustable one and it's at about 12% and our payment went from 750 to 1300 and we have a really hard time paying it every month. Because of this her credit is ruined however we wanted to refinance the house just in my name as I have a 685 credit. Is that possible????? Thank you!!!

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Adrian, Has this loan been done for you yet? If not please let me know as I can get it done in y...

[ Total Answers: 4 ]

 
 

Asked 10/09/2007 02:32 pm CT (Apex, NC)

After a rough couple of years I am rebuilding my credit. I have 2 Credit Cards in good standing, however several in collections that are about a year away in my States Statue of Limitions for collections. My credit score is 573, I have a stable job for 7 years and make 40K a year. Can I get a mortgage?

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Trish, Yes you can. But you first may want to consider using a credit repair company to clean up ...

[ 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 ...

[ Total Answers: 1 ]



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