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.
Asked 03/21/2008 07:48 am CT (Agoura Hills, CA)
I recently acquired a 50K home equity loan from my credit union for home improvements. At the same time our son is purchasing his first home and could use some help. Is there any problem in using our home equity money to help him increase with his down payment amount?
Jeff, if it is a true home equity line of credit (heloc) there are probably not any restrictions on ...
[ Total Answers: 1 ]
Asked 02/08/2008 01:40 pm CT (Ann Arbor Area, MI)
My ex & I finalized divorce in March 2007. I have been the sole income and paid both the primary and secondary mortgage. The Lawyers sprung Liens on the property in court without prior knowledge or resulting adverse effects. The money was available to pay the lawyers and ex off. However the credit union and title company interepretted the liens as primary, and wanted a suborndiation agreement. The subornination agreement was finalized after the market plunged, and mortgage applicaton expired. No equity left in the home as there are foundation repairs. The ex was to issue a quit claim deed, but never did. I have made all payments. Under advisement with the courts to refinance, however my credit fell as I attempted to refinance and get loans, causing the loan to value and credit scores not to align. My lawyer won't lift the lien. Question: What are the creative options for me to remove my ex from the title and deed. I cannot refinance, and the foundation is needing repair.
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?
THe local Credit Union who paid the FHA loan off should have it. If your parents paid it off with th...
[ Total Answers: 2 ]