 Is it possible to get a loan for a home if I am unemployed? |
| I live in NJ. Divorced with 2 kids, I have 50K to put down and another 100K in the bank (cds, savings, and checking). My credit is in good standing-approx a 620. I am also a fulltime med student for ... |
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 Advice for first time home buyer with no credit? |
| my (long-time) fiance and i are hoping to buy a home within the next year.i do not work and have poor credit, so i will most certainly not be on the loan. he works and supports us all, but has really ... |
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 We run a motel and a guest wants to bring plunk his "live in" trailer in our back yard.? |
| The guest wants to stay here troughout the summer and he suggested this. This is good for us in some ways like, it free's up a room. But, what are the pro's and con's with this idea? W... |
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 Buy a house now, or wait - unusual circumstances!? |
| I have $40,000 down, can afford $3000 per month and have good credit. The thing is, I won't be living in the USA until 2017! Should I buy now and rent the house out, or wait? By 2017, I won�... |
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 How do you get out of a mortgage when the other won't sell and can't assume the loan because of bad credit? |
| The mortgage is about 5 years old on a house I part own in Colorado. I've been trying to get off the title and mortgage but my ex-fiance seems to blow me off each time. I don't care about ... |
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 I live and work in a very affluent area, yet I have a very low income. How can I afford to buy a house? |
| The area That i work in, all the houses are too expensive. It's in conneticut/upstate new york and the cheapest homes still cost $500,000 or more with under an acre of land. Real Estate here ... |
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 Can my landlord increase my rent by as much as 25%? |
| The rent will then be well out of our price range. I was under the impression it cannot be increased by more than 10% per ... |
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 Non lease eviction? |
| My friend is being evicted. She has been issued a summons to go to court, but they have also issued her Fiance a summons saying that he owes her back rent also. He lives with her most of the time, ... |
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 Tricky legal question, but very urgent??? |
We just purchased a home, and moved in 1½ weeks ago (signed on 3-30-2007). We got the water turned on the same day as the signing.
After a week, we started noticing water building up in ... |
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 Which is the smarter financial move?? |
| Right now I can buy a palce but...everyone is giving me diff advice. Seems as though most say RENT right now because prices will continue to go down thru 2008. I always though by renting it was a lot ... |
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| Section 8 housing? |
| I LIVE IN SOUTH FLORIDA I WANT TO RENT OUT MY HOME, I WANTED HOW WOULD I RENT OUT MY HOME TO A SECTION 8 FAMILY... |
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 Temperature in house to avoid pipes from freezing? |
| I live alone and travel often. I live outside Philly, so it's fairly cold right now. When I travel, I turn down the heat to lower the bills......but does anyone know the safe temperature I need ... |
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 My landlord is going to keep my deposit, is this legal in my circumstances? |
| My landlord is the most unreliable person. I asked numerous times for her to bring me a new lease to sign. I asked three times and still nothing. she was excited that I wanted to stay for another ... |
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 My neighbor is playing high bass music... why are people so rude?? (I live in an apt)? |
| I don't get it. This guy has a newborn infant and about 5 other people living his apartment, yet he plays his loud bass filled music all the time. I like loud music too, but I realize I live ... |
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Ryan T | If I pay my mortgage weekly instead of monthly will that shorten the time it takes to pay my house off? |
I've heard that making your mortgage payment weekly instead of monthly will shorten the time it takes to pay off my house, and the amount of interest that I will pay also. Does anyone know if this is ture? |
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imapepper
 |
With all the loan options and programs out there, why would you want to PAY OFF your loan? Keep the money moving and become a real estate investor. Talk to a few financial consultants and find out what options you have and what you can do with the equity built in your home. Then contact a mortgage lender to get the best loan for your money. At this day and age, the days of working to pay off your home are long gone. |
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Not Laughing w/ U
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Yes and here are some mortgage calculators to show you ( I like tthis first one cause it shows the different ways of pre-paying and the effects:
http://mortgage-x.com/calculators/extra_payment_calculator.asp
http://www.yourmoneypage.com/all.shtml
http://www.bankrate.com/brm/news/debt/debtguide2004/mortgage-calculator.asp
But BE CAREFUL of a pre-pay penalty. Mortgages are different and if yours has a penalty for getting too far ahead during the first three years you might not help yourself at all. Review your doc's and if it's still not clear then call them.
(And by the way, IMAPEPPER is right. Many people believe that it's better to keep the mortgage on your home rather than having all your money tied up. Maybe keep that extra cash in the bank rather than putting toward the mortgage. If it's in the bank you can get to it quicker than you can if it's tied up in equity in your home and in the time it takes you to refinance you could miss out on a great deal. I don't know why anyone gave him/her a thumbs down. I give him/her a thumbs up for encouraging you to consider other options.) |
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Mary Smith
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yes you will pay off the mortgage at a faster rate that way |
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justin g
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Yes this will. I am a loan officer for a mortgage company,a nd there is a few factors that come in to play with it, such as your rate, payment, and loan amount. But typically, on a $200,000 home, with a 7% rate, and you are on a 30 year, bi weekly payments should take you down to about a 25-26 years. On a 15 years, it should take you down to about a 12 year. Hope that helps. Also you will save about $40K in interest on a 30 years, and about $25K in interest on a 15 year. Hope that helps. |
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HomesByDamon.com
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Yes, it is true. By making bi-weekly payments vs. monthly payments you will be making one extra payment per year. By doing so, you will shave about 7 years off of a 30 year mortgage.
I would do this yourself, instead of having your mortgage co. do it b/c they'll charge a fee for it and over time the fees will have somewhat of a negative impact on what you are trying to accomplish.
Also, one thing to think about, if you are planning on staying in your home long term it makes sense, however, if you plan on moving in a few years, you might be able to make better use of your money, i.e. invest it elsewhere... |
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madrax
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It sure will shorten the time by as much as 4 to 6 years (if you are consistent) plus you will be saving thousands in interest. Its a great decision. |
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mortgage help
 |
That won't do it. If you make a payment every 2 weeks of half your monthly payment, this will be the same as making one extra payment every year. This is because there are 26 payments (52 weeks in a year), which equals 13 monthly payments. Doing this should pay your mortgage off in about 23 years as opposed to 30. |
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satarnag
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Yes, because in America, interest in computed daily, even on weekends! The best thing to do, if you have positive cash flow, is to use a HELOC and credit cards to play the same game with the banks. For example, put your entire paycheck towards your mortgage and use a HELOC and/or credit cards with a 25-30 day grace period to pay bills and live off, then use your second paycheck to pay back your HELOC and credit cards. You'll pay off your house in half the time this way without adjusting your lifestyle.
Regards |
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Alterfemego
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Technically yes, because the extra payments go to payoff the principle not the interest. You could take out a 15 yrs mortgage and accomplish the same thing with only two payments a month. If you would like a referral, just email me. I'd be glad to help. |
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robert495713
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Yes this will work. What will happen is you will end up having a few months where you are making an extra partial payment. That's how it shortens the payoff. You can get the same effect by taking your tax refund and paying one extra payment on your mortgage each year. |
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