 Me and my husband are looking into buying a house? |
| for the first time and we have NO idea where to begin or what the process is like.. can anyone give us some tips or advice? Thank you!!... |
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 Landlord Cheated us ..! can someone Advice ? |
| We went to look for an appartment yesterday in the chicago downtown. we liked the place and we offered the agent that we will put the deposite on the spot. He asked for one month of rent plus ... |
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 What do you think of this place? |
It is for sale; I saw someone else on here was checking it out. Do you think it is worth the price? To me it sounds perfect. What do you think of it?
http://cgi.ebay.com/ws/e... |
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 Is this some sort of a housing scam? |
I have been recently looking to rent a house from a private landlord and so posted a wanted ad on gutree.com. Anyway, i got many responses but here is what most of them have said -
'&#... |
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 Did they just close down circut city?? ? |
| i heard today that they just closed circut city and i was also wondering if they would close down best buy too???... |
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 Do I have a deadbeat tenant or am I just overreacting? |
| I've been renting my second home to a tenant for about 1.5 years now. This is my first time ever being a landlord. At first, he paid on time; after the first 6 months he would start sending ... |
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 What about a 53 year old going into Real Estate as an agent? |
| Making it brief I lost my job some years ago. I have been searching for new opportunties at my age.... |
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 What should I do if I find mold in my rental house? |
| I am in the process of moving out of a rental house. Yesterday I noticed the corner of the wall paper in one room was peeling and noticed behind it was mold! It freaked me out so I pulled all the ... |
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 Is it better to buy a house or rent? |
| when is it better to buy or rent?... |
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 So I have this friend.... She wants to buy a house.? |
| Her credit is not the best, maybe just under bad. She has a good work history, good rental history, good income. How can I get her pointed in the right direction. She applied to a mortgage place a ... |
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 Am I responsible for a house lease which has not yet started? |
| I paid a deposit of one month rent and signed a lease effective Oct. 1st. I have not moved in. My circumstances have changed and I will not be moving there. The landlord wants me to be responsible ... |
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 Why is it better to own your home than rent? |
| its the oldest real estate proverb. Its better to own your home than to rent. you are throwing your money away if you rent. you are making someone else rich. do you agree?... |
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| What can I do to stop my landlord randomly popping round? |
| He has his own food cupbourd and occasionally sleeps in our front room when he has his own home and family.I dont want to get on the wrong side of him as he seems like a nasty piece of work.please ... |
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 Landlord and no deposit ? |
| "moved to a new place and landlord is not wanting to give deposit back i have cleaned to old place from one end to the other the yard wa mowed and no trash was left there i did take pictures of ... |
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 Help in buying a house? |
| i am 24 and despretly want to buy a house, i have 2000.00 dollars in savings and was wandering if someone could tell me if that is enough for a down payment? and if someone like me with bad credit ... |
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crzyaltego | Are the commercials true that you can get a home loan for like $150,000 and only pay $500 a month? |
Are they serious about this. How good does your credit have to be? How much money would you have to have put down? Would you need a cosigner if you only have a 5 year credit history? |
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Daniel L
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Don't trust commercials. Go to reputable lenders and get several loan quotes.
Often the fine print says that the first month's payment is $500. The second month's payment could be much higher. Also, this could be the minimum payment required, not the full payment necessary to pay off the loan in 30 years.
There are so many factors involved. Location and condition of home. Prices of homes in the area. Your credit history. Your income and other debts. How much you can put down. Talk with a professional. It will not cost you anything because they are competing for your business.
There are many loan products available. Ask about each, not just the lender's favorite. Pick the one that is right for you. |
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MORPHO
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Well it's true. I would always take a loan like that if I could. consider this, you buy a house for 100,000 right. then you pay 500 min payment. like they say after a year you might ow more that you borrowed but guess what your property went up in value, so now your property costs way more. so the amount it increased doesn't really matter. talk to a prossional that can give you a real plan. most people can't explain how to do things the right way. I can gt you a personalized brochure, that answers all your questions and gives you the best plans out there. give it a try.! |
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J G
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Yes, it is true.
It is an interest only loan. You will only be paying interest on the loan, and NONE of the principle.
You have to have pretty good credit to get this kind of loan, but I don't recommend it if you can avoid it. By taking this loan, you will not be building any equity in your house.
Down payments vary, and you probably wouldn't need a co-signer if you had great credit. |
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redhead girly
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Yes you can get a home loan like that, but all you are doing for the first months or years is paying interest then after the allotted amount of time of this low payment, then your principle will come due, your payments could possiblely go up or they could demand the rest of the loan be paid in full.
You don't have to have very good credit, and most of the time down payments are in between 5 and 10%. and then again there may not be a down payment. I would research this very thoroughly before I made this kind of loan. |
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W. E
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It is true - but it is NOT a fixed rate, it would be a arm and the RATE will go up - more than likely it will go up (monthly/quarterly/or semi-annually) There are so many loan programs out there - for different situations. Please don't be taken in with what you see/hear on TV or the radio...It is advertising, to get you in - so they can get your information to give you a loan.
A 150,000 @ 6.5 fixed 30 yr = 948.10
Becareful in what you sign, and know what you are signing...OK - IF it is a refinance you do have 3 days right to resend - (means you can change your mind, sign the re-send paperwork and make sure it goes back to the Title Company or closer that closed the loan). If it is a purchase, the Lenders funds the transaction the day of the closing, so there is no resend period.....read the fine print - and have your Lender go over all the terms with you prior to close.
Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.
Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith Estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE, will tell you the up-front closing cost associated with your loan. The TIL will tell your the terms, rate etc. This is a estimate only - not the final - but it does help you figure things out. |
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Christopher
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You would need to have excellent credit. And most of thoes deals are for the first 6 months or year. After that, your payments will go up. |
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stupidwelder
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No it is not true. The loan rate may be $500 but all the other fees like insurance gets tacked on at the end. So you pay 1200 or more depending on your credit. |
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reggiewjr1
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Yes, The commercials ARE True... <<< notice the dot dot dot
However, those rates and programs are the extremes, and available to people with A+ credit, or are programs that are not suited to the best interest of 95% of the people seeing the ads.
In regards to down-payments, there are lenders that will do 100% financing (or more) and although it is nice to have a down-payment, it's not entirely necessary.
A Co-signer would not be required, as long as that credit history was average or better and the income was sufficient.
Hope that answered your questions! |
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matchew318
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You can figure on average that an interest only loan will cost $600-$700 a month for every 100k borrowed.
There are all different programs that can make your monthly payments very little. The problem is it doesnt pay off your loan. I think this loan is a neg-am loan which is simply instead of paying off the loan with minimum payments your loan gets larger.
These aren't bad loans if you can effectively manage your money by yourself. |
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Bchlvr
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NOOOOOOOOO! You should go talk to a mortgage broker. Most people typically put 10% down. Something is always better than nothing. You can apply for 100% FHA financing. If you have a job that you have been with for two years and tax records you should be a ok with good credit. You can even get 105% financing to help pay for closing cost that will run you about $2500 +/-. Although for me that usually sends up a red flag to the other party you are making an offer with that your financing may not go through. Good Luck. Just PLEASE do not listen to those commercials. |
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trumpet.4
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The problem with these types of Mortgages is they are one of two types, an ARM (Adjustable Rate Mortgage) or Interest-Only mortgages. On an ARM, as interest rates go up, so does your payment. on Interest-only, you are only paying interest and don't pay off any principal unless you fork over extra cash. So, yes these commercials are true, but they are deceptive in their nature and a classic mortgage is a safer way to go even though you may have to have a smaller home. |
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hugh.G.rection
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it's called an "option arm" loan. The 500 dollar payment is the minimum payment which is a partial interest payment. You would be deferring a portion of the interest and your loan balance will go up over time.
Your credit can be so-so. Do some research on the loan, if you feel its the way to go for you, then by all means apply. |
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yesmynameismud
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You can. It is negative amortization. Your are back logging interest for a short period of time. This means you owe more after paying for six months than you did when you purchased the house.
If you plan on living in the house, this is a very, very bad idea. If you are going to buy, fix it up, and quickly sell it, this can be good. |
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