 What is this kid doing to close so many real estate deals? We have over 3000 realtors in my county board? |
| Theres a 22 year old Mexican Kid who has been in the business 4 years, ever since he was 18. He is the top producer closing 70 deals per year the last 3 years and he does little advertising. The ... |
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 Can anybody help me... I moved into a student house two months ago and signed a contract until the end of? |
| July. problem is i have come into money problems and can no longer pay my rent. i told my landlord this and she basically said... u need to find someone to take over your lease... if you dont then u ... |
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 Should I pay it off? |
| I have a mortgage left of 60k which I pay 6.125% . should I pay it off if I could. If I do ,I won't have much to fall back on if I need an emergency fund.My wife is barely working so I am very ... |
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 Submitted a 60 day notice and 8 days later told them that I did not want to move out.? |
| I gave them the 60 day notice on the 10th and called them back on the 19th and told them that I didn't want to move b/c I accepted a permanent position at my current job. They said that they ... |
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 Do you think it's a bit unfair that real estate agencies, buy bargain properties? |
... before others have had a chance to even see them. Wouldn't it be better if they went to needy families, or something? Especially when there is so much high cost housing and rent now.
... |
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 Need help with letter to landlord to get waive monthly lease due to business is extreamly slow.? |
Additional Details
I have a general retail store. We sell almost everything except for food. I don't know why our sale redeced almost 50 % for two months. It is getting worse and ... |
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 Would you live in a caravan to save money? |
| me and my boyfriend are living in a house at the moment that is costing us about ÂŁ1000 a month to live n including bills, we are trying to save money so we can get our own place. But becuase we have ... |
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 Do landlords talk to ur previous landlord? |
| When applying for a new apartment will a landlord contact ur previous landlord? And if so, what kind of information can they tell em?... |
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 So I got a letter from my apartment that my lease was going up by $100...? |
| and that I need to go and resign my lease because that is up as well. If I don't go to resign the lease what would happen. Can I continue paying what I'm paying now since I haven't ... |
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 Buyers Agent Says offer was Rejected? |
| I know this might sound weird, I feel the agent really didn’t even send the offer over to the Sellers agent. My agent called me back today after 3 days saying the sellers agent said no to the ... |
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 Can some who has a mortgage and an equity loan apply for another mortgage? |
| I currently own a two family house with a mortgage and equity loan up to it's current market value. Can I qualify for another mortgage because I want to buy another house. And how much would I ... |
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 Real estate agent, doing her job or above and beyond? |
| We're selling my mother's second house and it's hard for us to get there. The real estate agent has helped a lot, referred contractors, let them in to work, alerted us when the heat ... |
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 Where is the best place in the UK to live? |
| After posting yesterday about the best place to find rentals in Manchester a few of the replies came back saying Manchester was an awful place to live. If this is the case, then where is the best ... |
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mgroff80 | Is a 5yr interest only home loan a bad idea for a 1st time buyer? |
I'm in the home market and do not have 20k to place down on a home, nor do I make 150k a year. Would a interest only loan for 5yrs be a bad idea? At that point I could re fi after 5 yrs for a 30 yr fixed, at least I would have some equity |
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student_pilot2002
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You would only have equity if the housing market went up in your area. I wouldn't do a 5yr interest only loan, try a Fanny-Mae lender. There are products out there. Good luck, the below link is "Mortgage Solutions No/Low Down Payment. For further information about Fannie Mae mortgage products that provide no or low down payment options, choose from the options below."
http://www.fanniemae.com/homebuyers/findamortgage/mortgages/downpaymentnolow.jhtml?p=Find+a+Mortgage&s=Mortgage+Solutions&t=By+Borrower+Need&q=No/Low+Down+Payment |
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boston857
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Market conditions today make ARMS and interest only loans a bad idea because when the loan converts to P&I, you will not eb able to afford where you live. Also, with an interest only loan you don't build any equity and if you refi in 5 years, you will be doing a refi for rate & term only....
Best to buy what you can affrod or wait and save ..... |
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Irish Eyes
 |
It would have been a great idea 3-5 years ago. Now that home prices have been so inflated, it is not a good idea.
I think there will be a secondary correction in the housing market when people with loans such as you describe have to refinance. Many will not be able to afford the home they are living in and will be forced to sell.
I would concentrate on saving as much as I could for a down payment and waiting for the housing prices to fall further. |
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hunter2
 |
Hi,
Ditto to the other answer about 5 years ago!
Contact a loan broker that specializes in FHA mortgages.
You only need 3% down to buy FHA. My son just got 6.65% on a 30 yr. fixed. They are for relatively low income ( low now is so high) and not great credit folks to get them into a home.
Please don't take that interest only loan. The notion that youwill have equity after 5 years is a very, very long shot. First of all by paying int. only there is no equity building up from your monthly payments. Second the likelyhood that values will go up enough to have enough equity to sell and pay all fees is a very long shot.
So be careful and talk this over with your re Agent and ask them if they don't know someone who can help you get FHA financing. |
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aj1020
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Yes, bad, bad idea. Our friend got an interest only loan, and then lost his job, so now is out of luck.
Depending on where you live and your credit rating and amount of debt, you might qualify for an 100% financing - 80/20 loan. We didn't have enough for a downpayment on our loan, so we got an 80/20 loan. Basically you have 2 mortgages - one for the first 20% of the mortgage to cover the traditional downpayment and avoid PMI and a second, main, mortgage for the other 80%. This avoids PMI and you get a bit better rate than doing a full 100% financing. |
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Jeff
 |
Don't do it! IO are for investors looking to flip houses, or you plan on selling in a couple of years hoping the value increases. Get a 3 or 5 year arm, this way you'll get a low rate for a few years. Then after building some equity you can either refi if you love the house or sell it. IO is like renting, your getting no return on your investment. Mortgage Consultant. |
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NONAME
 |
What's the difference in interest rate between a 5 year and a 30 year fixed?
Right now, in most cases, less than .5%.
Couple years ago, a 5 year ARM was about 1.25% less than a comparable 30 year fixed rate. That's when it really made sense to do an ARM, even though at that time, fixed rates were at 40 year lows.
Right now, the rate spread between the two is not worth the risk you are taking by choosing the ARM.
And you can have a 30 year fixed rate loan, with the first 10 years being interest-only, if you need the payment savings in the first couple years.
Rates are still very good right now for fixed rates, so you may as well take a good fixed rate and not have to refinance (and pay a few grand in closing costs again) in a couple years. |
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c21bucks
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Ditto ... go FHA! They only require 2.5-3% down. You will have to pay private mortgage insurance (PMI), but the good news is that PMI will also be tax deductible in 2007 ... in addition to your interest on your home. (Just recently informed about the PMI tax info myself!)
Make sure you get a good loan officer that can give you options! Ask your agent who they can refer to you. Also, in some areas there are special programs for first time home buyers that can help pay for closing costs. (Ask your agent and loan officer if there are any in your area!) |
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isac
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you don't build up any equity for an interest only loan!!!!
interest only loan meaning your payment only goes towards the interest of the loan.
that means after 5 years, the total balance that you owe would be bigger than what you originally borrowed. this is a really bad idea!!
stay away from broker / agent that encourage you to get interest only loan. they just want to make you believe that you can afford it while you might not be really ready. they get commission out of your loan. |
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mortgage help
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yes, your plan sounds good. Keep some money in your pocket for furnishings as well... |
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