 What is the best way or best places to look for cheap property to renovate? |
I'm looking to get mortgage and instead of buying ready-to-move-in property I'd like to buy one in bad state and renovate it myself as I am a builder and have the right tools. Brighton.
<... |
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 We have found a house that we absolutely love.? |
| The house has been on the market for atleast a year. We had planned on waiting a few more months to buy but the house has been reduced again and I'm afraid someone else will buy it. The real ... |
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 Buying a home with bad credit possible? |
| I've never owned a home, nor has my husband ...we would be first time buyers, yet have bad credit, is there any way possible, any programs available for us?... |
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 If someone sells me? |
their cardboard box under a bridge, do I have tenancy security?
Additional Details
and if so for how long?... |
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 My boyfriend wants me to work? |
I moved to a new apartment that is $30/mo. in NYC. Previously we paid, $1200 per month.
The rent is based on my income. So the more I make the more rent I pay.
I am an ... |
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 Should the government bail out people who's variable rate mortgages are foreclosing? |
| I keep hearing about how the government needs to help people who signed variable rate morgages. They knew what they were getting into when they signed. Now their rates are rising and the mortgages ... |
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 Closing on my home end of July - can I take my expensive luxury shower head or do I have to leave it? |
| This is the first time I am selling a home. I just happend to be telling my mom this morning that I'm planning on taking my $100 shower head with me when I move and replacing it with this $20 ... |
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 What's there to stop me withholding my last months rent to make sure I get my deposit back? |
| Given that I am having to take my previous landlord to court in order to get back my illegally withheld deposit, I was wondering what is there to stop me in future withholding the last months rent (... |
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 I moved out of my flat recently....? |
| .....and my former flatmate owes me £100 which he refuses to pay. What are my options, legal and .....erm....otherwise, to get my money?... |
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 My landlord won't fix problems with my apartment? |
| My landlord won't fix my windows and when I signed my lease I had him amend it to state that all window would be fixed so that they open and close and lock. It's been six months and they ... |
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 I want to know what I can do about a landlord entering my home when I am home and when I am not home.? |
| Is there a law that protects me from this? Is there something I can do to stop it. I was sleeping one afternoon and got up cause I heard something and when I came around the corner of my living room.... |
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 My real estate agent and broker are liars.? |
| My real estate agent tells me he will sell my condo in 8 months or less and he has me signs a "listing agreement." Stupid me. I sign the damn thing without looking closer at it! After he ... |
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| Can I advertise a house for sell without upseting my real estate agent? |
| I want to sell a house through a real estate agent but also want to advertise it on sites like craigslist. I would list the real estate agent's number as the contact person. Would I be violating ... |
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 What to do? My landlord claims that I did not pay my April rent, but I did? |
| I got notice of non payment today and it claims that I did not pay the April rent. But they are mistaken, I did pay the rent and I have a copy of the check I wrote them. However, I don't have a ... |
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 Dear Sirs,I am the franchising manager of a construction company and its real estate agent dept. in Altınkum i |
Dear Sirs,
I am the franchising manager of a construction company and its real estate agent dept. in Altınkum in Didim(a beautiful sea-side town on the west coast ) in Turkey and we would like ... |
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 What is a good excuse for breaking a lease?? |
| we have a year lease, I know it's bad but we need to move 2,000 miles away in 2 months for family. I need something that is reasonable enough for our landlord to go easy on us. Please help!!!... |
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 Scam or not? |
| This investor says he can help me sale my house by lease w/ option to buy to a person with bad credit. All I have to do is put the title or deed in his or her name until their credit is better, then ... |
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bwjordan | If I make an extra payment on my house, does it reduce my payment from then on or just the length of the loan? |
I am selling my first house; after it sells I am going to put the money into my current house. I am wondering if it's going to lower my payment or just shorten the length of my loan. |
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amkornele
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Assuming you have a fixed rate or regular ARM: You will simply be reducing the length of your loan. Mortgage interest is calculated on a monthly basis. Once you've made your full payment for the month, then any extra money gets applied to the principal. The good news: Sending $25 extra each month to your mortgage can save you thousands of dollars in interest. You can get an amortization schedule for free by visiting www.bankrate.com. They have calculators that can help you plan out each scenario.
For instance: Every year when I have a raise, I divide the extra money between my 401K and my mortgage. My 30 year mortgage has now changed into a 20 year mortgage.
Prepay penalties may apply. If you send in small amounts like $25-50 per month, they may not apply. Check the fine print in your note.
If you have an Option ARM: again, your interest is calculated on the balance of your mortgage each mo. It will not affect your minimum required payment, but it may change the other 3 payment options. |
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Diaboyos
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Don't make an extra payment. Instead, pay extra on principal every month. If you just make an extra payment you are still paying 75% towards interest and not the home. If you pay extra on principal every month you will end up paying alot less interest when the house is paid off. Even $10 a month extra in principal can save you thousands in interest over a 30 year plan. Contact your mortgage company and find out how to pay extra towards principal. Most mortgage companies you have to specify that the extra you are paying be applied towards principal otherwise they just apply it to interest and you lose it. |
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mtngal_1966
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just the length of the loan |
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wauktown101
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I don't know a whole lot about this because I don't own yet but I have discussed this concern with others and I was told that when I do close on my home, make one extra payment per year or pay extra on my mortgage every month or a few months each year, (making sure that I specify that it is to be applied to my principal), and my mortgage will be paid off sooner. It will also increase the equity in my home alot faster. |
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panamm
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refer to #2....they're correct on this one. all mortgage products are different. |
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Jody B.
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The mortgage company usually applies anything over and above your regular payment to the principal balance. Your next and all future monthly payment amounts will remain the same and become due at the same time.
If you can afford to pay extra, you should, even if its only a small amount. Since it's applied to the principal you end up paying less interest in the long run.
But be careful...some loans have a "pre-payment penalty." This means that you have to pay a penalty fee if you pay the loan off before it matures. The mortgage company can tell you if there is a pre payment penalty with your loan. |
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R J
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Depends on the terms of your loan- call your mort. company and ask for a loan review...bring up making extra payments. |
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russellmcmillen1947
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no |
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chays
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If you refinance the loan and put the money you get from the 1st house into this one you could possibly do both...shorter term and lower payments |
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theskullknows
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it comes off the end |
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Simone
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It will shorten the length of your loan and (slightly) reduce the overall interest you pay. If you make just one additional house payment per year you will reduce a 30 year loan by about 5 years.
Ask your mortgage company to run some amortization tables for you showing different payments. Say $50 extra per month totally to interest. Then what about $150 extra per month? The more 'extra' you pay each month the larger chunk it takes off of your interest and ultimately the length of your loan.
I have paid an extra $50 per month since I bought my house 4 years ago, that equals about 1 payment per year and my loan did go from 30 years to 25. Nice little savings. |
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joeysmom2
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It just means you have one less payment to make on the end.... if you have an installment loan you agree to make x payments in the amount of $x. |
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therego2
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Making an extra payment shortens the length of the loan. Your current monthly payment will stay the same unless you refinance. If you are wanting to pay ahead on your mortgage, make a "principal only" payment. All the money will go toward the principal, reducing the length of your loan and saving you interest. Making an extra payment does not save you any interest. |
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