 Interest only Loans Good Idea or no? |
| I have an 80/20 ARM that will adjust in July of 08. I am currently looking at refinancing my loan. I bought my home in a small town that is growing fast and building way bigger homes. I have owned ... |
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 Is this illegal for landlords to do or perfectly ok? |
| So I've been hunting for a somewhere (non apartment) to rent since March and so far have been unsuccessful for various reasons. Yesterday was a first for me though. So a 3 bedroom house was for ... |
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 What kind of things should we do to get a good appraisal on our home ? |
we are refinancing our home mortgage and we have to have a new appraisal done since our old one is a year old. what things will the appraisal be looking for when they come.
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 Is it true that once a home for sale is listed and has an MLS number..that a buyer cannot offer to pay more ? |
| the house is listed for a price...but i am willing to pay more than the listed price because i want it so much..is it legal to offer the seller more or must i stick with the listed price?... |
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 Landlord tenant rights? |
| my super-intendant lives across the hall from me and one day she comes over and knocks at my door and claimed that it smelled like pot, She also mentioned that she did not mind she just ask that we ... |
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 If I make $30,000(CDN)/year....? |
In order to be approved for a mortgage, what is the most I could afford?
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I have no debt and I have no bills under my name and never have before. I have a driver'... |
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 Any advice for my Open House? |
| I am dreading the Open House, but we have found a house we really want to move to, so now we desperately need to sell our house. Any advice, tips or suggestions for a successful Open House? I ... |
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 Should I run if my realtor wants the down payment, first and last mo. rent in cash? |
They won't take personal, bank or cashier checks. They haven't told us we need cash until now... What should I do?!
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They did offer to give us a receipt but I... |
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 "Utilities included" question? |
So I sublet an apartment for a month from someone. The ad for this apartment said "utilities included." She moved out, I moved in, things were peachy.
Yesterday, I found a post ... |
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 Hi I live in private accomodation, London UK, i have a baby 1.5 yrs old? |
and theres no heating in the bathroom which is sooo cold, and theres mould growing everywhere and a smell of damp.
are there legally bound to any civil statues here, do I or my child have a ... |
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 Real Estate help?!?!? |
Can anyone give me a link to a few sites or one good one that has listings of Fixer-upper type homes for sale? Basically a site that can give me specific options (acreage, woods, condition, etc)
... |
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 Is it legal for apartment places to charge different rent to different people in the same apartments? |
| We have 5 girls living here and we each pay $300 per month, the people below us are paying $275 each per month for the EXACT same apartment... we moved in on the same date and it really just doesn... |
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 I am a co-signer for a house how do i remove my name off of the house?? |
| my step father is way behind on the payments im in the military so i don't live there or in the area where the house is in. its messing up my credit really bad what should i do or what can i do ... |
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 HAs anyone heard about the "we buy your house for cash" companies? |
| I want to get rid of my house fast. I cant afford it and I cant get it refinanced. I have good credit but I dont make enough money for the mortgage companies to want to refinance me. I am ... |
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 I thought someone cant cash a post dated check? |
| I gave my landlord my check for rent the day before Thanksgiving because I knew I wouldnt be back until today (Dec. 1st) and my rent is due before the 1st of the month. Well, I had not put my ... |
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 Buying a house? |
| Me and my husband are looking to buy a brand new home, asking 182,000 for it...now this is not our dream home..our dream home is worth about 192,000..still not a bad deal...but... with a bank ... |
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 I rent a house in San Diego. We had a home invasion robbery and don't feel safe. Can we break our lease? |
Is a home invasion robbery reasonable grounds to break a residential lease? It was very real with masked gun men, a full police response and report.
Thanks.... |
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caw0918 | Can someone help me understand a interest only mortgage loan? I think im getting screwed over!? |
so, we build our house last year, my husband is in construction and his dad is a contractor. I just recently found out his dad took out a second mortgage on his house to be able to build our house. Then i found out it is an intrest only mortgage. We pay 1200 a month, for our house to his dad and his dad pays it to the bank. Now, would it be feasible to say that his dad is not paying for his house on his own? He has said before we built our house that his house payment is 1200 a month. Could he be paying his old mortgage on his house and we just be paying the intrest only loan? I am super confused! He rents to my sister in law for 600 a month..the other side of the house..he is very savy with money and frankly I dont trust him! can someone help me understand?
Additional Details
i know we spent 156,000 building the home and it is worth over 210,000...dont know if that helps |
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reality
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We should know how much money he gave you for construction. Looks like $180000.00
and 8% interest, if this is a write numbers, then it's ok. When you finish with your constraction, you can refinance the house, take a loan on your name and pay back the money to his dad.
Good Luck! |
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budhah1
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evidently your house is now finished, Go to the bank and get a new loan for your house, and pay off your father-in-law's loan. Right now you are not paying for your place, as it is all interest.. You did not give any balance, so can't very well tell you whether you are getting taken or not. |
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Big Deal Maker
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Well lets look at it this way. You are currently paying on an interest loan to the banker (father in-law) The home has no loans on it other than him being banker. He is taking on the loan on his own home. So if anything happens to your father- in - law. You have a home free and clear.
As you have stated he had taken out a second loan to build your home on his own house. You are paying on that second of interest only payment he has. (I`m betting he could get the loan and you could not)
If he had not taken out the loan for the build you would not be living in the home today.
If he makes a few bucks on the deal i say so what. You will have a home with equity when you can afford the new loan. |
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pyelder
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If he refinanced his original mortgage, then yes, you may be paying for both. However, if it is truly a "second mortgage", then no, you are not. In either event, the costs for the house go beyond the construction costs. He is responsible for also paying taxes, insurance, and possibly some utility costs (water & sewer). So, even if he is clearing an amount above the loan payment, he still has other expenses to take care.
Also, keep in mind that until you have a deed, its not "your" house. Moreover, an interest-only loan, is not always the most "savy" deal |
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T Taylor
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He built a house for you and your husband, and your sister-in-law rents the other side for $600 a month? Are you buying the house from him, or renting it? If you and your husband are not on the deed, then you are renting.
Suggestion: If your credit is good enough, the best thing to do is to get your own mortgage. Have your father-in-law give you a sales contract (if renting) or a loan payoff (if buying). It is entirely feasible that your father-in-law did take out a second interest only loan to build your house. If it took more than $150-175K to build your house, then yeah, that could be the cost. Most fathers do not cheat their sons out of money (he's going to get it back eventually!) |
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starshyne59
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You should never pay your mortgage through someone else. Get your home refinanced immediately into your own name, and pay off the interest-only loan.
This type of loan is terrible!!! You will never, ever pay off your home if you are only paying the interest. And you can never know for sure where the money is going unless you have the mortgage in your own name and make the payments yourself. Plus, you are not establishing any credit in your name if the mortgage is not in your name.
Without knowing how much you purchased the house for and what amount was financed, I really couldn't advise you on whether the payment amount sounds right or not. |
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acermill
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You've gotten yourself into a rather stupid scenario here. why on earth did your father-in-law take a loan to build you a house ? You should have done that on your own, separate from any involvement with your father-in-law.
You need to get accurate accounting expenses from your father-in-law's interests, and then also enter into a contract in which you are legally bound to pay him the agreed interest. Without such a contract, HE can deduct the interest on HIS income tax, and you cannot.
Time for you to contact a qualified CPA if all this is above your head. |
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Probanker
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Its time to cash out and pay your father-in-law off. I am employed by one of the largest mortgage brokers in the country. We work with over 350 lenders to bring you the best rates and programs. I welcome the opportunity to help. Please feel free to shoot me an email anytime with any questions you may have. |
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