 What would be the best advice a homeowner could give to a first timer? |
| I'm getting ready to purchase a home for the first time and I need advice, what are some very important things that I should know before and after I close the deal.... |
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 How much more of drop in the price of houses can we expect in the next 6 months? I'm looking to buy. Wait? |
I'm looking to buy in Chicago's NW suburbs. I can wait another 4 months if I need to. Is that my best bet?
What can I expect to pay for a house that is listed for 300k right now ... |
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 I signed a contract with a real estate agency which said I pay 4%when they sell my property & now they want 6% |
| They said I have to pay 6 % now because the sale was from another real estate agency and they want a cut. They said I could have prevented this by muli- listing but I thought I was doing them a ... |
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 Does putting pictures of the inside of your house on the MLS help it sell? |
| I just want to know if seeing the inside of the house on the website is actually helpful or not for the seller. T... |
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 House for sale owned by the listing agent.? |
| We are in NJ. We're interested in a particular house which we have an appt to see. I checked into the tax info and saw who currently owns the home. I just realized he is the real estate agent ... |
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 Moved out of apartment and off lease now my ex boyfriend wont let me get my things.? |
| I was on a lease with my ex bf and less then two weeks ago and i had to remove myself off cause of school purposes for my son. At that time i was involved in a bad car accident and was not able to ... |
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 Is it illegal for a realtor to help with down payments on a house? |
| I am trying to close on a house that had many issues on the loan. I've even got to the end, and the bank saw a judgement on my credit that the underwriter didnt catch. 2 mos later, my credit has ... |
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 Will anyone rent to a person with bad credit and no recent job history? |
I have money to buy a mobile home,but my situation is considered weird by some.
Married,but want to live by myself.... |
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 Does building a fence add value to your home? |
| My husband and I want to put up a 6 foot wooden privacy fence starting at our back door and going around to the other side of the house, completely closing in the back yard. We are looking at about $... |
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 What would you do? |
| OK. Say I live at the end of a street right on the lake, and you and your family move into the house next door that has a nice view of the lake through my property, but is not lake front property. T... |
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 I need a 4br house to rent ASAP ! how can i find one? |
| i am in need of finding a 4br house! i am looking to move ASAP/no later than Aug.15th.my price range from min.$1100.-$1450.max for rent a month. please HELP!... |
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 Is this mortgage too much? I think my MIL got taken for a ride? |
| Okay, I don't know much about mortgages, that's why I'm here. She purchased a home for 150k and is paying 1500 a month...that just sounds like way too much isn't it? In the end ... |
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| Do I necessarily have to get a loan to buy a house? |
If you have more than 20% for down payment, then is it still necessary to get a loan? For what other reasons would one get a loan to buy a house?
Additional Details
A loan officer is ... |
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 Landlord asking for too much personal info on application? |
| We are looking for a rental. We have tons of assets and the perspective landlord knows this. He gave us a credit application. We forwarded it to him and he then asked for our birthdates. This ... |
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 What can I do about noiseyneighbors in my apartment building? Los Angeles here!!? |
| The neighbors that live below me play music all the time. It thimps with bass and I can barely watch TV or concentrate. I have tried to talk with them, but no luck. I've reported them to the ... |
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 We're renting a townhome from Remax realty in Chesapeake Virginia that has big cockroaches, what will they do? |
| We started living at our new townhome (rental) on the 20th and there are cockroaches. We just moved in 2 nights ago and last night we saw 3 different ones run and scurry across the floor. The realtor ... |
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 Ok.. FHA say's I'm approved for the loan. Closing is Set for this coming Tuesday. Title work has been ordered? |
| They have doen all the paper work W2's, Bank Statements, IRA funds, Credit Reports, ETC.. They called my employers this past wednesday to verify my employement.. Loan officer told me they would ... |
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 On a 100% loan - what costs are the buyer responsible for? |
| I found a house I like while browsing. I had no plans to buy but now I am thinking about it. I have good credit and job history but no savings really. So I would need to do a 100% financed loan; ... |
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fly_your_flag_high | Instead of going after the poor people trapped in ARMs, why doesn't the government go after the loan sharks? |
They keep saying the sub-prime loan problem is due to people getting loans they couldn't afford. But the problem is the ARMs have been adjusting up by 2% a year. Who can afford a 12% mortgage? That's not sub-prime. That's TWICE prime! |
 |
 
I-Got-You:)
 |
Well, its like asking a wolf to instead of hunt down a sheep, hunt down another wolf... |
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loanmasterone
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When did it become the governments job to solve all the mistakes that are made by uninformed consumers.
I am willing to bet you that I can almost to the letter tell you what was said during the time these sub-prime loans and adjustable loans were made.
Mr & Mrs. onsumer you do understand that this is not the best loan available, however it does what we want that is get you into the house you want to purchase now.
When this loan adjust and become a permanent fixed rate loan in2-3 years, the property value would have increased. Since you will be paying your debts on time your credit score will increase and we will refinance the mortgage to the new current interest rate.
What happened the property did not increase in value as it has been for the last 20 years of so. Now there was no equity for a refinance even if the clients had improve their credit score.
Most arms have a cap on the mortgage as to how much the interest can increase per adjustment period as well as how much it can adjust per year. I am sure it is well below the 12% you have quoted as I have never seen a loan increase by 12% per year.
When you are approved for a loan, you have to sign loan docs. The loan docs explain the type of loan, terms, adjustment periods, the rate of adjustment and other things you need to know about your loan.
If there become a time when you don't understand what you are signing you should call your mortgage broker for an explanation. If the explanation you are given is not sufficient then you should not sign the loan docs.
Now when the adjustment period arrive, the borrower now jumps up and down, cry foul, I did not know that the loan would adjust nor did I know it would adjust this much.
The person getting the loan should take responsible for their own financal mistakes and not blame others, they are the ones that signed the loan docs.
The government should not be involved in private transactions between it's citizens.
I hope this has been of some use to you, good luck.
"FIGHT ON" |
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Pengy
|
People saw speculators making a fortune buying and selling homes. WIth home prices rising in double digits, and interest rates rather cheap most purchased home in hopes of selling them in five years for a big profit. Others after gaining some equity decided to cash in the equity so they could purchase new toys etc, treating their house as a giant ATM with no care or foresight of what they did know was coming up, higher interest rates. The sub prime loan part is just the beginning and it is moving up to the Alt-A people now as a mortgage company that did not do sub prime just went under. Will get even worse in the next 6 month to a year as adjustables are coming up on the 2-5 year adjustment period. With the glut of houses on the market prices will come down, and credit is tight. Although some blame belongs with the loan brokers, the majority of it belongs to the homeowners, and the belief that a home is an easy money machine. Looks like the bubble is breaking, sooner or later we all have to pay the piper. |
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Corruptfile34
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just how is the government "going after" them?
The bottom line is most consumers taking these loans out got GREEDY in buying more home than they could afford. Why not buy less house and save the money? |
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Craig T
 |
Thats its BLAME someone else, we should bear NO REPONSIBILITY for our own actions and decisions.
Always somebody else's fault and the government should protect us from our poor decisionmaking since we are so stupid. |
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Archer
 |
Those poor people trapped in ARM's willingly signed contracts with loan companies/banks, they weren't coerced into it.
sub-prime loans are not the only way to finance a mortgage. Standard 30 year loans still have fairly low interest rates. At one time Fannie Mae required only 3% down on a 30 year mortgage.
The problem is that way to many people didn't do there homework when it came to mortgage rates. They only saw low numbers and figured the housing market would always be up...up...up....
If they didn't look at the other side of the coin it's your own fault.
There is plenty of info on the web detailing the pros's and con's of all types of mortgage loans and mortgage companies/banks are more then willing to sit down and explain all options.
Sorry, I have no sympathy for anyone who signed before thinking. |
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sharmel
 |
You know why loan sharks are called loan sharks. You know what they do. You know how they operate. Why did you go to one in the first place? The government's primary job is to protect the citizens from external invasive forces. Government cannot protect, and nor should it be held responsible for doing so.. people from their own stupidity. You take out a loan with a loan agency, it is your responsibility to first ensure that the Loaner is legitimate and covered by all the proper legal bona fides. It is also your responsibility to read aaaaallll the small print, and satisfy yourself exactly what it all means and what you are going to face if the chips fall the wrong way. People wanna be "an adult" and make all their own decisions and free choices about things, and boy, they are going to tell government where to get off the bus if they think that it is stepping on their rights to independent decision-making.. But then, guess what.... they goof up, they make the bad decisions, and the wrong choices and they are screaming again - this time for government to bail them out.
Most of the people losing their homes right now are the ones who got too "big-eyed" when the going looked rosey, and committed themselves to real estate that was way out of their league. Circumstances change, but your commitment to whatever you entered into, does not, and if you didn't read the fine print, that isn't the fault of Government, it's your fault. And that, as they say, is the bottom line. |
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RickRN
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When applying for 100's of thousands of dollars and using your house as collateral, you would think people would ask more questions. Where is the accountability. Most of these loans are adjusting according to the Libor or Treasury. The investors don't just make up the interest rate. I'd be willing to bet that in most cases the borrower said "give me the best rate, I can always refinance into a fixed later". |
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Beer Advocate
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Because only stupid people go to loan-sharks, people are supposed to be able to trust real loan corporations, but the mortgage companies aren't very trustworthy it seems anymore...
The gov't is going after them to prevent respectable companies from BECOMING loan-sharks. |
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kate
 |
Sub-prime is the credit score , not the % rate .
Actually , the market forces are putting the ARM lenders out of business . ( and ARM borrowers will have to wise up )
Now they can no longer make those loans but people should stop being stupid ,
START reading the paperwork and NOT going for junk loans .
Smart people wait until they have 20% down , not just grab at whatever loan comes along .
If you act dumb with your $$$$ , you won't have it long .
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