 When selling a house through a Realtor, how long is the contract for? |
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California:
I was renting to someone who didn't regularly clean the house including the bathrooms and kitchen. One of the bathroom shower faucets began to drip but never told me. As a ... |
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OK, im looking at buying a house and though I have a vague understanding of what a mortgage is, its still pretty confusing. Can someone explain to me how it works, what i am paying, etc...
... |
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| I have found a home that I want to purchase, nothing new but it has potential, the price is 75,000...what qualifies a peron for a loan to purchase a home???I am 23, My credit is @600 and I have a ... |
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 I can't get any info from the realtor, what do you think may be wrong with these homes to be so cheap? |
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 Claiming unowned Property/Land? |
I've been looking around online and found a website claiming to provide information on how to acquire for free unowned property or land.
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romosugah | Should I refinance an 80/20 50 year loan w/ a 2 yr arm after 8 months? |
I purchased my first home in September of 2006. At that time, the only loan I qualified for was an 80/20. (50 year w/2 year fixed arm). The first loand is at 6.97% and the second is at 9.9%. At that time my credit score was around 670, it might have gone a little higher since then. I also have a six month pre penalty, but I don't want to refinance too soon so I'm not sure how this works..My husband and I have totally remodeled this home and it's definately worth more than what we bought it for. We don't want to take money out, we just want to get on a 30 year fixed loan with a lower rate..is this possible or should we wait until our 2 years are up? |
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lenderjayne
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It would definitely be worth checking into if the prepayment penalty is only 6 months. The interest rates have been going up and if you wait two years they could even be much higher then they are now costing your thousands of dollars a year.
If you have enough equity now you may be able to consolidate your first and second into one loan.
I hope this helps you.
CA Lender |
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reality
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Absolutely, you should refinance, specially if you upgrade the house, just be sure that you not overpaying your closing cost, because you just payed one when you purchase the house. Good Luck! |
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Uncle Leo
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You should start looking into how to refinance with a 30-year fixed rate loan now. The process could take a while. Don't wait until the 2 years are up, because you may be squeezed for time then and have trouble lining up a good mortgage. Hopefully, you don't have a prepayment penalty at this point. But if your penalty isn't that much, it may be worthwhile to pay the penalty and get out of a dangerous loan situation. Your peace of mind could be worth some money.
If you use a mortgage broker, be careful. Try to find one that will charge you a fixed fee and not take any compensation from anyone else. Mortgage brokers are paid larger commissions to put people into subprime loans with adjustable rates, so they have an incentive to avoid putting you in a fixed 30-year loan. See the webpages listed below for more information. |
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es
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You should consult a mortgage broker and see what you qualify for-- the cost is free, but you may have to have your house appraised to determine what it is now worth, since you renovated it. Unfortunately, it may not be as high as you want it to be, since the real estate market is tanking in many places throughout the U.S. Then, you will have a clearer picture of when you should refinance. Don't forget- you will have to pay for re-issue of title insurance, and have appraisal and bank fees if you refinance. Another alternative is to call your present lender and see if there is a fixed program you qualify for- sometimes they will forego some of the expenses if you stick with the same lender. With all the defaults that are happening because of variable rates resetting, your lender maybe amenable to offering you another product.
Best of luck to you! |
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