 How do you make an offer on a FSBO house? |
| Do I need a lawyer, agent or what? Should I make the inital offer verbal or in writing? The property is an estate.... |
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 Are mortgage rates usually higher on investment properties? |
| Are mortgage rates usually higher on investment properties. I want to make sure that i'm gettin the right information. Right now if i go onto bankrate the interest rate is 6.27 on a fixed 30 ... |
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 Do i have to give my landlord 30 days notice if i am buying a home? |
My husband and I are buying a house in Oregon...Do we have to give the landlord 30 days notice before we move??? We are renting a house right now,
Additional Details
there is no lease we ... |
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 We have 1st mortgage fixed 7.75 and second mortgage ARM. Before my husband gets laid off, should I refinance? |
| I don't know what to do with the banks nad economy in such upheaval. My husband wants to refinance before he gets laid off. He's afraid of the ARM interest rate will go high and we won'... |
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 My tenant is going to leave next 25days, but our agreement says 1month notice, so can I keep deposit or ????? |
I am new landload, and this time my tenant forgot to give me a notice brfore 1month, so I should get new tenant.....
I can take a deposit or charge of few days or what can I do ?
P... |
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 I need help with scaring the crap out of a real estate agent that is trying to entice me into mortgage fraud.? |
| This person is an acquaintance so I don't want to put any strain on my relationship with this person, so I need to do this in an "innocent" way so they don't realize that I know ... |
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 Would I qualify for a loan on a $525000 house.? |
| The Home appraised for $560000 and I realy want to buy it. My base salery is $60,000 and I will have roomates cover all but 1000 a month(based on a $3200 a month pmt). and i think my FICO score is ... |
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 Get away with Pet fee? |
| I am moving to a new apartment and I am getting a puppy as a gift from my husband. I found out that the pet fee is 250 and we do not have that money right away because we have to pay all the deposits ... |
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 I am considering selling my deceased mother's home to a "we buy houses for cash" company.? |
| The home is paid for but is in bad condition. It needs new ceilings, LOTS of work on the interior and exterior, paint inside and out...you name it. If nothing else, it could be torn down and ... |
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 I have purchased a home, I had my boyfriend's name put on the deed of the home, is he liable for the mortgage? |
Additional Details
His parents just recently found out and his father is an attorney, now everyone is worried that he has taken on a huge debt, but since the loan is in my name and he ... |
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 Need help understanding a specific question about the Sale of Real Estate.? |
| Scenario: The payoff balance on my home is approximately $120K. Can I sell my home for $100K? If so, what type of an arrangement is made to pay the remaining $20K to the mortgage company? Can the ... |
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 Any Realtors want to tackle this question? What are your thoughts on this situation? |
| I'm considering buying a commercial property in another state. It's a depressed, rural area with a charming "old town" area that is starting to make a comeback. There are ... |
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 How much would it cost to build a house using Illegal Immigrants? |
This is just a question out of curiosity. But how much would it cost(assuming you already have the land), to build a 3 bedroom house using illegal labor.
Additional Details
Christ, the ... |
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 My husband and I are divorcing. I moved out of the house into an apt. My husband let a friend of his move in |
| Who was going to pay $600 a month toward the mortgage. The friend hasn't paid anything yet and has been living in my house for 3 months. Do I have the right to ask him to leave? There is no ... |
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 I have money for a down pymt on a home, but my credit is awful. Is there help for me? |
| I am in SC and need to purchase at least 3 acres and a home, but my credit is trashed. Are there people that will assist with getting approved for a home purchase?... |
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TP | Applied for an home equity loan and got denied?? |
They said our debt to income was to high. WE wanted to do some repair on our house but also pay off our credit cards and close the accounts and our motorcycle loan Why wouldnt they give it to me when I would lose a portion of my debt? I was 5% over the DTI get rid of this lowers my debt significally |
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BoomChikkaBoom
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Why would you want to trade unsecured debt for secured debt?
Unless the rate on the secured debt was so low and the unsecured debt so high, this wouldn't make much sense.
Did you ask if you could arrange for the credit card payoffs and close-outs as a condition of the loan? I see this done a lot. |
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lepr0kan
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Lenders have gotten very strict with home equity loans, so yes this may have helped you, but they are out to protect themselves. When evaluating your ratio they would have already taken out the debts being paid off and 5% is a significant amount over the limit. unfortunately lending is all about evaluating risk and lenders have figured out what the max ratio for having limited risk in a borrower is and you were over that amount. Try going through your current mortgage co for a 2nd loan, they may be more willing to work with the higher ratio as long as your payment history is great and you can show them that with the new loan you would have significant savings. |
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Beverly S
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My company does this all the time. We cut the checks directly to your credit cards, motorcycle etc. That way we know they are paid off. We use your new DTI as qualifier. However, if they turned you down saying you are 5% too high there is nothing you can do. The ratio's are a reason to decline. Also, as some of the others here have said- Heloc's are alot harder to get now since they are worried about values declining & their security being wiped out. You may want to try refinancing with your first mortgage co. & getting cash back. Or try an FHA refi- they will lend up to 95% of appraised value but you will still have to qualify DTI. |
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Dale H
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If your DTI was too high after the consolidation, then the denial makes sense.
Home equity lending has become much more risky in many markets where values are declining. If a home goes to foreclosure, the home equity lender generally gets wiped out completely so they want to have as much confidence in possible of your ability to repay the loan.
It is nothing personal. I suggest checking with some other lenders. There are 100's or 1000's of them left. Now you know what question to ask; what is the maximum DTI before you get in to a full blown application.
Just because your DTI would be lower after the loan does not mean that they can approve the loan. It all depends on the individual lenders guidelines.
Good luck and do not give up without trying a little more. |
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Nia
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Many homeowners apply for home equity loan for a variety of reasons. While some want to utilize the money to get rid of unmanageable debt, others want to add value to their existing home by restructuring and repairing. Whatever may be the reason, the home equity loan<!--provides a homeowner the quickest and easiest means to get extra cash to meet unavoidable expenses.In many cases, lenders are too willing to offer you home equity loan for the simple reason that the loan is secured by your property.
http://best-loans.awardspace.com/homeloans.htm
The market is flooded with so many loan products from lending institutions that offer you excellent terms and conditions and leave no stone unturned to publicize their schemes on televisions and print-->All this may leave you feeling baffled and confused about which home equity loan product to pick. Before choosing which lending institution to go with, make sure to do some research. Shop online to obtain home equity loan quotes from different financial companies. |
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Your #1 fan
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Borrow from the contractor provided you can put 20% down (at least). Contractors are starving for business unlike the previous realestate boom when it would take you 6 months to have your kitchen remodelled. If you go with a larger company than it is very likely they have their own credit department much like a car dealer. |
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estielmo
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Apply elsewhere. Let the new people see your report upfront so they can give a better idea if they can help you. |
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frak1a12345
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The huge problem that the lender is facing is that they can't guarantee what you going to do with the money. Therefore they assume it will be added to your debt rather than used to reduce your debt(this is a worst case scenario). Using that assumption they decided you weren't a good risk and declined your application. |
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~girlfriday~
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Well, the bank can't look at what your finances (debt) will be in the future. It has to look at your current situation in deciding to loan you money or not. Even if you stated the reason for the loan was to pay off (some) debt, they do not know that you will do that once the loan is issued. They just can't risk that you won't pay off debt as stated. Plus, you are really just trading one debt for another, aren't you? |
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