 Ok my brother wants to buy a foreclosure house but get this hes 16years old? |
any i was wonder if its even possible for him to buy a foreclosure house it kinda peaked my curiosity
Additional Details
and i heard that its possible if he has like our parents to co ... |
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 Bottom Line: Do Real Estate Agents Deserve 6-7% of a person's net worth? |
In short, for working 12-40 hours, do they deserve the equivalent take-home pay of almost a year of labor??? (assuming most people have a 30 year mortgage and pay about half to it each month...)
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 My rent is due the first day of the month..? |
| and the first day of this month was a saturday and the office was closed. I could not get to their drop box to drop it off either. I don't think I can get it to them til tuesday the 4th since ... |
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 Is 5% too high to pay a real estate agent? |
| I live in Pleasanton CA, and have recently been informed by a friend that my agent is robbing us, by charging 5%. Is this true? What is a good percentage? And does anyone have any tips on ... |
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 Based on our income what would be an affordable home price? |
| My fiance makes about 95,000 a year and i make about 85,000 a year. what is an affordable home price? we are both 27 years old and still have time for raises and advancements in our careers. We live ... |
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 As a tenant, what can I tell prospective buyers? |
I have a question for those 'in the know' here.
Our landlords have been pretty deceitful about the house. They lured me in with promises to update and fix things but never did ... |
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 Is there anything i can do about my neighbors guitar noise in my apartment?complex? |
| theres not a certain time of the day or an exact day of the week that he does it, but it's annoying as hell. the floor shakes and you you feel the vibrations when you're trying to watch a ... |
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 Are you sheltered from the mortgage crisis? |
| because you are lucky or becasue you have a 3 suitcases full of product in your closet?... |
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 Where is a good place to move? Why? |
| I would like to move somewhere that the cost of living is affordable, housing is reasonable, good school systems, wages with an B.A. degree or higher pays well, crime rate is not high, and a great ... |
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 Buying 1st home, 30 yr. fixed,10 yr interest only loan? ADVICE? |
| I have applied for a loan of 160,000.00. Approved for 30 year fixed @ 6.75%, 10 yr interest only + (including taxes, insurance, haz-insurance). I am pleased about the payment. What do you think about ... |
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 Being evicted? |
| This month has been hard on our family. We ended up paying rent very late. (just on sat) But we paid it in full and late fees included. This was the only time this has happened. The landlord came ... |
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 ADVISE PLEASE!!! Should I stay in the house I am in, or should I move? PLEASE READ BELOW? |
| I am currently renting a home, my landlords decided to put the house on the market and do a short sale. After an open house and 3 other showings, the real estate agent said that she received ... |
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 My parents want to buy a home under my name. What should I do? |
| I'm 22 with pretty good credit and a good paying job. My parents have never owned their own home but now that they're more successful business wise, they're up for it. They both have ... |
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 Is it possible to buy an island for about $2 million? |
| i herrd that leonardo de caprio bought an island for 1.2 millon and i was wondring is it tru becaue i have about 2 million saved and i would love to buy an island where can i get the info?... |
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 Can my landlord require me to do this? |
| My lease ends at the end of this month, and my landlord is sending me 'requirements' to move out. One of them is show her proof of final payment for utilities (in my name). I don't ... |
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 How do I make a nonpaying tenant leave my house? |
| My tenant has left her old mother alone at my house 2 days before the end of the lease saying that her mother would leave on the last day and return the house, But the mother refused to leave and ... |
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 Lease ends 6th of October. Should landlord have to prorate me if I want out by 6th? |
| I live in Washington state. I am on a 6 month lease and was wondering if I have to pay in full for my last months rent. I want to give them 30 days notice by the 6th of September. Are they required ... |
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 Can my landlord sue me when there was no verbal or contractual agreement of rent? |
| I recently rented the lower level of a home. The place turned out to have more problems and issues than I cared to deal with. I never agreed to a specific amount of time that I would stay or what ... |
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Woody | I got an Adjustable Rate Mortage (ARM) on my house a year ago. Did I screw up? |
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goodtimefriend
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Yes you did... because in another year or two (depending on the terms of your mortgage) your interest rate is going to increase by 3% and with the housing market in a decline you wont have the value in the home to refinance to a fixed rate.. Also, lender guidelines are tightening up so if your a sub-prime customer you wouldn't be able to get approved anyway |
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Real Estate Guy
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Before ANYONE can answer your questions, you have to give more information.
What is the term of the ARM (ie: 1 year, 3/1, 5/1, 7/1 10/1)
When does it begin (when did you get the mortgage)
What is the start interest rate?
What are the caps. ARMS ususally have adjustable caps ie: 1 percent per each adjustment and a life cap, usually of 5 or 6%).
How long do you plan to live in the house.
ARMS are not a bad deal in all cases.
Answers these questions and then people can answer your question correctly. |
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Sharon
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Yes and no. You're going to want to refinance as soon as your past the prepenalty date. There are three things that are going to factor into your refinance the most. Your credit score, your debt to income ratio, and the appraisal on your house. Keep your credit score as high as possible to get the lowest rate. Keep your debt low so you requalify for a loan; i.e. pay down credit cards and don't make any more debt like a car loan before you refinance. And hope that your appraisal comes back at least as much as the one a year ago. There are alot of factors in an appraisal. But here's a hint: if the housing market in your area has dropped and houses are staying on the market longer and selling for less, your appraisal might not be as much as it was. And lenders are getting pickier lately about loaning out their money with all the foreclosures. |
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streezaleodejanero
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Yes and no. No because right now the rates are reasonable, and when you finally get to the last step. You re adjust your mortgage. Yes because they are risky. But only time will tell. You only really screwed up if at any time you can't pay your mortgage and have to go to foreclosure. |
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whowhat?
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How long do you have on the ARM before it changes? 3 yr, 5 yr? You probably have enough time to ride out this turmoil. The rates will probably go down again in a few years. |
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SUPERMAN
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No cause the rate is going down so that is not a screw up at this time. If the rate was going up then yes you would have.
As the rate is going to do a nose dive to recover what has been just a total overburdening of consumers for far too long.
Its up to each person to make choices regarding ARM when the market shows its going to be lower if you do your homework you will win in this situation. But I suggest you lock in when you find the rate is hanging for long time without dropping. |
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rosey posey
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you can run into problems when the interest resets because usually your income doesn't keep pace with the higher interest rates. you can go to your lender and try to refinance at a higher, but stable interest rate. you may have to wait longer than a year to do this however. |
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skahhh
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I predict interest rates will dip to all time lows bordering on the banks paying you to borrow money in the next 10 years, or we have a real huge recession! |
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Rick B
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Yes. Rates were at all time lows, why would you not lock them in for 15 or 30 years?!?! |
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Jerrold J
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Maybe but there is not enough information for anybody but yourself to answer that question. I CAN tell you that you have taken a bigger risk but choosing a ARM but I can not tell you if it is worth the gamble that you are taking. To decide IF an ARM was the right choice you need to look at a few things like-
1.What is your planned holding period for the house? Anything longer then 4 years and the ARM risks are far higher then the fixed rate you could have gotten and may still be able to get.
2. Over the short term the interest rate market will continue to be lowered but credit standards will continue to tighten so what is your credit rating and income levels and can you qualify for a fixed rate loan over the next 18 months and how will that fixed rate compare to the adjustable rate your loan carrys?
3. What are the prepayment penalties on your ARM and when and how much will it cost you to convert to a fixed rate?
4. What are the predications for the real estate market in your area, with that type of house and what are the demographic numbers for population, age, job growth and cost of living?
5, What are your 5 to 10 years prospects for employment, income, taxs, and family size?
6. Other then this house, what investments do you have, how are they structured, and what risks are they exposed to in the real estate, stock, employment markets?
You need to look at all the risks you are taking and make a risk versus reward judgement based on your income, taxs, life style, and personal goals to determine if the risk you are playing with the interest rate is worth you betting your house on becasue that is what you have done. IF rates go up, IF you lose your job, IF your household income drops due to layoff, divorce, death; then you will risk losing your house to gain how much "savings" by a lower STARTER interest rate? |
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qman
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Not really. Rates have been going down. The people who have screwed up are those buying more expensive houses than they can afford. |
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