 I live in apartment, can't get in contact with my landlord, neighbor's oil is spilling, fumes bad!? |
| We live in an old house split into 4 apartments. Our one neighbor, who isn't home, her oil tank is leaking profusely in the basement. Our landlord won't answer calls or messages. The ... |
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 Selling my house: stage it or leave it empty? |
| I have the option of staging my home (bringing furniture into my home solely for the purpose of making it look like a dream home) OR leaving it completely vacant as I will be moved out of my home ... |
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 How can you buy a house if you have filed bankruptcy? |
| Can you even get approved? If you can, what do you need to do to get started and how long must you wait after filing?? Thanks!... |
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 The good news is property prices here in Scotland are still on the rise while prices in the rest of the UK? |
| fall. Do you think that property prices in Scotland will also fall or do you think we will be okay. I am wanting to buy a house but I am not sure if I should wait and see if the prices go down in S... |
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 I am going to court to evict my tenants for the first time this week. Any advice? |
| My tenants have failed to pay the previous two months rent. I've given all the proper notice and made sure to consult with some real estate attorneys, but in PA the eviction takes place in small ... |
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 Landlord SLOW to deposit our rent check?? |
| I just moved into a nice new apt and everything seems alright so far. Our landlord still hasn't cashed our second months rent check and it is the 12th already. Cause for concern?... |
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 I have taken a deposit to secure a room to rent do i need to pay back deposit if she has changed her mind? |
| I asked the girl to consider carefully before giving me a deposit to secure the room of £220,as I had to ask another tennant to leave. She has not moved in as she now says the fridge is too small !! ... |
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 When you are looking for a home to buy, do you prefer to view it empty or furnished? |
Additional Details
I would much rather see it empty, as you have all said so far, so you can see better what is there. I think buying extra stuff to stage it is silly-- as in that hgtv ... |
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 I have just bought a house and got a letter from my mortgage lender..? |
i dont understand if i have too make two payments or one.
this is what the bank wrote:
Your first months mortgage payment will be 957.30. Please send us a cheque for this amount ... |
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 Will I be able to purchase my first home? |
| I just got married and I am 25 years old and $25,000 in credit card debt with $25,000 in student loans. My husband is 23 years old and declared bankruptcy 2 years ago. He has no debt but will also ... |
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 Should we buy home with asbestos?? |
| My mom wants to buy a home built in 1920's. it's a beautiful victorian home - thing is, the basement is covered with asbestos on the wood ceiling. is this dangerous? should we buy the home? ... |
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 I live in Arizona, but want to buy a property in Texas? |
| Since property is out of control and over priced I having to look out of state. Anyways here is the problem, I'm self - employed and want to buy out of state. Do I need to talk to banks/brokers ... |
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 Can I get a mortgage without credit or any employment records if I have a $60 000 downpayment? |
I'm a stay at home mom who just inherited $60 000, is that enough to get a motgage?
Additional Details
my husband works full-time but gets paid in ... |
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 Advice please from landlords? |
| I have been renting a property out for 4 months. I reluctantly went to a letting agent to find a tenant after being messed around a lot. A family on benefits with 3 children (1 on the way) is ... |
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 Instead of selling our house, we considered the option of renting it out, Would a month to month lease be wise |
| Because of the economy, and the requirements for potential buyers to obtain loans, we've decided to rent out our house instead of selling it right away. We've had a few that are interested ... |
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 I need to know if people can still get squatters rights, if you find an abandoned house and just move in.? |
| In the state of Washington. I know that years and years ago people could have squatters rights but I was wondering about it in todays economy.... |
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veronicamars | Is there anything wrong with getting a 30 year mortgage when I expect to sell my place within 7 years? |
Thanks everyone for pointing me toward the mortgage calculator. Follow up question, if you don't mind. I calc'ed a 15 year mortg and a 30 year mortg and obviously I like the monthly payments on the 30 better! I have my eye on a property that I would expect to appreciate in 5 years. Is there anything wrong with going for the 30 year mortg if I expect to sell in 7 years? |
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Avignon_11
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Do the mortgages you are considering have fixed or adjustable rates? The 30 year fixed usually has the highest monthly payments. Why not look at a 7 year ARM (or even a 10 year ARM to be safe) - that wil have a fixed rate for 7 years and then convert to adjustable after that. |
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g-man
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no there is nothing wrong with it, but...
what you probably really want to do is go for a 7 or 10 year ARM.
these are still amortized over 30 years, so the payments are lower, like the 30 year fixed, but they will often have a lower interest rate than the 30 year fixed. |
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Hawk
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No there's nothing wrong in going for the 30 yr mortgage, the longer the mortgage the better, because cash flow will be less . If the property appreciates within a seven year time frame your projected eanings would be greater |
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Joe P
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You can get any kind of mortgage you like.Just becareful with mortgage lender you finance with.They like to scam you. |
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Malika
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No mam,You can sell your house even after 1yr if you want to:-)
The loan will pass to the new buyer if he gets approved:-) |
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Scotty H
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30 years is fine. It gives you more flexibility than a 15 year loan. If you want to pay down your mortgage faster then you just simply send in extra money on a periodic basis. If you are short on money, then it's easier to pay your obligations.
You can pay off your house in 20 years by sending in one extra payment each year towards the principal. You can save money by making 2 payments a month (1/2 of the mortgage payment each) because the interest compounds on a daily basis. |
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reggiewjr1
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No, there is nothing wrong with getting a 30 year mortgage for a home you plan to sell in seven years.
By taking the 30 year over the 15 year term, you will save on your monthly expenses.
This is only one part of the equation though, and you are strictly talking about the TERM of the mortgage.
There are several options that need to be made along side the decision on what term you are looking for; for instance, Should you look at a Fixed Rate 30 year or a ARM 30 year? Normally, an ARM will have a lower interest rate than a Fixed rate program, and you can also get a fixed rate for the first 3, 5, 7, or 10 years of an ARM. You could also look at an Interest Only payment option, or a Option ARM, which gives you multiple different payment options every month (a minimum, I/O, 30yr, and 15yr payment options) which is good if you have income that varies every month, or if it's a rental property and you have a hard time finding a tenant temporarily. These decisions should be based upon the FULL picture of your needs and situation.
Should you worry about pre-payment penalties? If you are not planning to sell within the next one to three years, then don't worry about it, if you are not sure if you may decide to sell next year then maybe try and avoid it.
You should consult with a professional mortgage planner to evaluate your situation and help shop your specific needs around to a variety of lenders to get a good idea of what is currently available to you. |
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Nancy Kay
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nope...that's fine...hardly anyone pays off a thirty year mortgage over 30 years...they move more frequently than that or refinance into another 30 year loan for a better rate...it means nothing, really.
15 year mortgages are great for folks that want to stay put and be debt free sooner...for them it's worth the higher monthly cost. |
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savagescorpio
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Short answer: No. |
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someDumbAmerican
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No. That's how it's done. |
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Vince M
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The only problem is that your equity (value of what you put into the property in your monthly payments) increases very little in the first few years. The monthly calculator should have shown you that your early payments are virtually all interest. (since interest is based on a percentage of the remaining balance)
I hope I am making this clear.
Nevermind the reasons why. Remember this: If propery values and prices don't change much in the next seven years, you will find that the mortgage on the house has not been reduced by much. Not much has been paid towards your principle.
That's why the 15 year loan may be more attractive, even though the payments are higher. In the seven years, more of your monthly payments will apply to your principle. When you sell the house, you will get more cash back, even if the property value (price of the house) remains the same. |
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Openthathouse.com
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Actually getting a 30 year fix is better or same as a 7/1 arm or 10/1 arm. If you want the option of 10/1 arm than get a 30 year fix interest only. first 10 years is interest only and on the 11th year turns into the 30 year fix payment. Great product. |
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