 Who is the best company to get a home loan through with bad credit? |
| I have pretty bad credit and I need a home loan, but I don't want to get screwed.. does anyone know who I should go with?... |
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 A new house for me and my husband? |
| I'm Elisha,I'm 19 years old,I live in New Jersey(the roads are shut down and flooded!not mine),and im married.I think I should have my own apartment,my mom doesn't!!!!:@!What do you ... |
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 How much rent should my roommate's boyfriend pay? |
| I live in a 3 bedroom apt with 2 other girls. One of the bedroom is a master bedroom - larger in size and has a bathroom inside the room. This room also comes with its own parking space. The other ... |
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 What should i charge my parents if i'm their real estate agent? |
| i'm a new agent and will be listing one of my parents house soon. But i dont want to get rich off of them. I'm just trying to help them. What percentage should i charge. they say to ... |
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 Can my landlord do this? |
| I know a couple who rent thisgoodsize trailer bit bigger then a trasvel trailer but not a mobile home and the county has disconnected the electric now for over a year and they still don't have ... |
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 Can a landlord force you to give him a copy of your car key? |
| My landlord wants a copy of my car key. His reasoning is that they want to be able to move it if it snows and they want to plow the driveway. It will be about $30-50 for me to make the copy because ... |
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 Any REAL ESTATE EXPERTS here ? ... Should i take out a mortgage or pay all-cash for a condo unit.?? |
| i am planning on purchasing a condo unit. i can afford to pay for it in all-cash. is there any reason to mortgage a property if one can pay for it in cash.? wouldn't one come ahead paying all ... |
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 What state would you prefer to live in out of Tennessee, Georgia and Texas? |
| My family and I would like to go to a place that's somewhat similiar to Chicago to live.Please advise from the 3 states which state can we have the same way of living (somewhat face pace), ... |
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 I want to buy a house; I'm 24 with decent credit and climbing, but no down payment money? |
I just moved to San Antonio, in a big part due to what my bf thought jobs would pay and housing costs. (We come from FL where everything is horrid for homes there!)
I've seen homes ... |
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 Tips for buying first home any advice? |
| We are looking into buying our first home. We are working with a mortgage company. Should we apply for more than one? How do we know we are getting the best rates? Should we go ahead and buy ... |
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 Can you negotiate rent? |
| I am moving into an apartment in the Washington DC area. It is fairly expensive for a 1 bed, 1 bath no utilities included apartment, but I dont really have a choice. The rent is 1500/ month. With the ... |
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 My rent cheque has bounced, does the landlord get charged? |
| Basically, my landlord deposited my rent cheque a day before an incoming amount of money entered my account, the cheque has bounced, i have been charged £8, but i was wondering if she would be ... |
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 How formal do I need to dress as a real estate agent? |
| I am starting as a real estate agent next week and really want to rock my new job. It seems like many of the agents I meet wear suits. Do I need to wear pant and skirt suits when I am meeting ... |
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 How come they want a bid on a house then have a home inspection? |
| don't you want to know whats wrong first and adjust the bid accordingly.just like buying a car,you see there price and go to a shop to check it out and then haggle over the price of whats wrong?I... |
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mjc | Home equity loan? |
My fiancee and i just seetled on a new house. We have a lot of debt and i was wondering how long i should wait befor taking out a home equity loan to pay off the debt and get a better, more consolidated monthly payment. |
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hugh.G.rection
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by rule (loose rule) you are going to want to wait 12 months before refinancing. The lender will look at the purchase price of the property as the value for the first 12 months instead of the appraised value. Unless you put a significant amount of money down when purchasing the home, you will not be able to pull a significant amount of money out of the property.
From what I can tell, your credit is not at its peak right now, I would avoid having your credit ran and just wait it out if possible. The absolute best thing to do in these situations is to seek personal financing through a relative or friend who will be willing to consolidate your debt into one payment. Your credit score will go way up over the course of a year and then you can get the home equity loan to pay off the relative or friend at a competive interest rate. |
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mtgguy
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wait at 6 monts to build equity in the house. |
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rikena
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If you roll your other debt into the the home, you have lengthened you payments. Not unless you stop accumulating more debt.
Can't keep rolling your short term debt (like groceries) into your long term debt instrument (home equity) or you will be paying off that filet for the next 15 years. I would work on paying off short term debt now as soon as possible and not accumulate any more. Use the equity in your home for a rainy day |
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DAN H
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Check out your home inspection, which may give you some clues where you can make minor changes which will improve the appraisal- make those improvements- then get house appraised. Then apply for HE loan. |
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catch22
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There are several factors to this. First you have to have some equity in the home.
then you must find a lender that has no seasoning on title. No seasoning on title means they do not care how long you have owned the property. Some lenders will only go off the purchase price if you have been in the home less than 6 months. I have many lenders that will go off a new appraisal regardless of how long you have owned the property. So if you bought a home with 25k in equity, you could take out a HELOC on the home.
Also, depending on the state most lenders will cover the small fees associated with a HELOC( most require you to keep it open for at least three years or you have to pay back the small closing fees) Any money coming off the top of your loan is going straight to the Loan Officer. HELOCS take about an hour to work up and most lenders will pay the Loan Officer a set amount (not YSP)on the back end. I myself do not charge any origination fees to do a HELOC. They are simple to do and I just don't feel right charging on the front. Plus they are an added benefit for my clients that I already work with. |
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dapixelator
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Do it as soon as you can. I don't know what kind of debt you have or how much, or how much equity for that matter. But...
You should consolidate to lower interest rate financing and pay off certain debt as fast as possible (e.g. credit card, other high interest).
An HE rate will very likely be lower than credit card or car debt (assuming you don't have a 1.9% or 0%). Plus interest on HE is tax deductable (in many cases). Check with a tax advisor on deductability.
That said, if you do consolidate your debt-- you also have to be dilligent about not racking up alot of new credit card debt (if you have it today). Otherwise, you'll only be a deeper hole. |
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sylviajane1951
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Right Away!! |
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justlettinguknow
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The difference between your home loan and the property value is your equity. Banks have their own appraisers so they can appraise higher than their true value. This is one of many fees you will pay. Keep in mind that banks make their money off your loans so they may approve a loan knowing you can not pay it back. Therefore, you can apply at anytime. But please be careful. |
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Mudisfun
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Depending on the equity position you have in your home, the amount of funds your looking for and your credit score I can assist you with a home equity loan or line of credit with a low closing cost product ($225-$250 depending on your state). The lender covers title, escrow, appraisal etc... Yes, thats it... $225-$250
Drop me a line and we can discuss your specifics.
Kevin 866-562-6838 x 106
kruorock@firstratelending.com
www.firstratelending.com |
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Just Curious
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Don't automatically assume that you should take out a home equity loan to pay off your other debt. Take a good look at where the debt is concentrated. Is it in credit cards? While using a home equity loan to pay it off may give you some tax deductions, keep other things in mind, such as the cost of taking out the loan. Also, realize that once you take out a home equity loan for this other debt, you are essentially putting your house up as collateral. If you later have trouble paying your bills, you could potentially lose your home with a home equity loan. This is not the case with unsecured debt, such as credit cards. |
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J W
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I am a licensed mortgage broker and do business in over 24 states.
I have a few questions to better determine what may be best for you.
Please email me at jdw222_001@yahoo.com
I look forward to speaking with you. |
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LiLiLA
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Do not wait because values are coming down and you want to make sure you get the most you can on your Home Equity Line. Traditionally you would wait 12 mos, however, you would want to use your purchase price at this moment.
Some advice: They now have HELOANS, so they're the same benefits as HELOCs in that you can draw and not have a payment if you have a zero balance, but, the rate is fixed.
I just locked a loan at 7.44% and normal HELOC rates are prime plus a margin. Since prime is at 8% and rising, you don't want a payment that is going to be 15% in the near future...
Good luck!
I am also a broker and licensed in 48 states so let me know if you need any advice! LAG@preferredventures.com |
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