 Mortgages & Bad Credit? |
| My fiance and I are not married yet, but are thinking of buying a house. We both have pretty bad credit. When I google "bad credit mortgages in Pittsburgh PA" a hundred links come up and I ... |
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 Can a mortgage company prevent me from leasing my house after I've lived there for 3 years? |
| It was my primary residence for over 3 years. Does anyone know anything about this? Does it always have to be owner occupied? Thank you!... |
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 Can maintenance be carried out in rented accommodation without 24 hours notice to enter property? |
I wrote to my letting agent about 6 weeks ago concerning a large crack in my window. The crack in my window was there before I moved in. However, now it's getting to winter i wanted it fixed.
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 How can I find the history of my house? |
| I actually have since moved a block or so away from my old house. I'd still like to find the history of the house, though, just because it seemed so cold and dark. Several people in my family ... |
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 Is this a scam? (REAL ESTATE)? |
| Developer is looking for investors to buy lots of land. Developer is wanting to start an IPO and get $$$ to launch it. Investors buy lots and "cash out" $20 K -- then lease the lot back to ... |
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 How do i get on Section 8? |
| i just got kick out for my dads now i'm at my moms i cant work i get ssi and i dont have a home what can i do ? i wont have any for 6 days and i cant stay with my mom and i dont know anyone who ... |
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 I have a credit score of 640 my fiance has a score of 750. Can we buy a house what score would they use? |
Additional Details
We would only have about 5% to put down in order to pay for closing costs and have some emergency cash left over.... |
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 First time home buyer using a VA Loan...? |
| My Husband comes home from Iraq in a month, and we are going to buy a house as soon as he gets home. I've heard that a VA loan takes a while to process and what not. So my question is, how long ... |
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 Does a landlord have the right to call at the last second and say they are? |
Coming to go thru the house to check on it? The gave my boyfriend about 8 hours warning that they coming.... do they have the right to go thru the house like that?
Additional Details
Its ... |
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 Should we make our initial offer over the asking price? |
| My wife and I are going to make an offer on a bank owned (foreclosure) home. It is a nice 3 bedroom ranch with a full partially-finished basement, hardwood floors, pool, etc. It's in a ... |
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 Can someone tell me where i stand with my landlord going to court to get me evicted? |
| on mytenancy agreement it states who my landlord is but does not provide me with his address or phone number. my tenancy agreement ended on 7th january but i have not found anywhere else to stay as ... |
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 Going to view a house tomorrow bit of advice? |
| We have been renting a flat since last May. It was fine through the summer, but since winter has come we have found it to be very draughty and cold. We are wanting to get a mortgage on a house ... |
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 Does my landlady have the right to sell the house when we are only 3mnths into a 6mnth tenency? |
i have 2 small children and we have just moved into a rented house 3mnths ago, the landlady said she was not looking to sell in the near future and we signed a 6mnth tenency agreement.
a few ... |
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 The house i'm renting is in foreclosure if I stop paying rent can I appeal a eviction if he files one.florida? |
| I feel as a renter if the owner is not trying to resolve the debt owed he knowingly is breaking the rental agreement between us not allowing my family and self to stay for the duration of ... |
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 Less than 30 day notice - tenant? |
I live in MA. Tenant agreement states 30 day written notice (min). I received an e-mail on the 5th instead of the 1st of Jan '09. Are they responsible for Jan & Feb?
Additional D... |
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 Do They Have The Right to Raise my Rent? |
| I'm from CA and have been living in a Townhouse since last July. During my first year, the complex that I stay in has changed ownership. Yesterday, I got a letter from the manager saying that ... |
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 I would like to start buying houses to rehab & sell or rent.? |
| What is the best way to get started doing this with less than perfect credit?... |
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 Rent A Center a viable option? |
| I have sub par credit (still a work in progress) but really need new bedroom furniture. I know RAC doesn't exactly give you a great deal, but what is a guy to do if he doesn't have several ... |
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 I have lost my house deeds where can i get them from so i can sell my house? |
| iv had my house 37 years now i want to sell but cant find my title deeds can i get some ... |
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Robert S | Should I refinance my house in this situation? |
We bought the house a year ago and the APR is currently 6.75 (30 year, fixed). We owe around $172000 (not counting the home equity line, 21K). I was just looking at Quicken loans and saw tone of ways to save money using their calculator. Stuff like "Smart Choice 5-year" and ARMs. Should I bite?
Additional Details
We won't be in the house more than 5 years from now. |
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A little Southern Comfort
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Stay away from the arm! That is why we are having this bog forclosure crises. The arm sounds great but this is no gurantee that you will for sure be out of your home.
My husbadn and I got lucky for the first time in our lives and we purchased a home on a 30 year mortgage at 5%. MOST of the people in out neighborhood did 1 year and five year arms because they were in the 3-4% range at the time and now they are regretting it big time. I live in Raleigh NC and we supposedly have the best real estate market at the moment, yet this houses have been sitting on the market for 1 year plus. There are tons of houses in my neighborhood for sale b/c the rate went sky high on them and they cant afford. Three homes have been forclosed.
In the end it is your descion, but I would steer clear.
Good Luck Robert! |
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paladin
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First I just had the worst experience ever with quicken loans. They kept upping the amount of money I had to bring to closing. One week before when it was too late to get another lender my closing costs went up 5000. Second 6.75 is a good interest rate now. Third you will probably have to pay so much for new fees and closing costs that it will not be worth it to refinance right now, because you have only been in the house 1 year. Lastly house values are dropping and if you already owe 193,000 you are probably upside down if you had to sell.... |
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Errrk
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You didn't say what your home is worth. If you know, Know, KNOW that you will not be in the home for more than 5 years, then go for the 7-yr ARM. Lots of people took 3 & 5 year arms a few years ago and are reGRETTing it. |
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Gary H
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It all depends on ratios, appraisals, and income. You should look into it, there's a chance of it being possible. But I'd leave the ARMs alone. And I'd shop around. Not lenders are the same.
Check out Loan-Com. info and do a search for refinance loans. They have dozens of loan programs available at reasonable rates and affordable terms. |
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Becky D
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I have to answer this question every day for my customers. Arms are not bad as long as it is appropriate for the situation. They are often not explained correctly. Just please know who you are loaning from. If you know for sure that you will be selling your house in 5 or less years, than a arm will work for you. I have a 5 year arm right now for 5.49% and a month ago I had a 10 year arm for 5.49%. Rates are now going up so if you are going to do it, do it now. P.S. you shouldn't be paying that much in closing costs. Our closing fee was $150. |
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MM C
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Think twice before you refinance it. The 5 year ARM rate is about 5.5 to 5.8% and fixed rate is about 6.5% (assume you have excellent credit). 5 yrs later, the 5-ARM loan will turn to adjustable and rate will go up. You said you plan to sell it in 5 yrs but what if the house value drop to below your loan amount. I'm saying you may have to sell at $150k or even $100k 5 yrs later. Then you'll have to make the difference cos' you owe the bank total of $193k. Are you willing to pay $43k or $93k to sell your house? You may save some money in the first 5 yrs with 5-ARM but after that.... You should do the calculation yourself.
BTW, don't think about short sale or foreclosure is an option. It's not an option to homeowner and you never want to go through one in your life. |
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Biggie @ Arbor Mortgage
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Do not get into an ARM. I understand that you don't want to be in the home in 5 years, but what if you can't sell it & your ARM adjusts ? You may be in the same situation as thousands of homeowners not being able to refinance because the value of the home has dropped! Do you have any equity in your home? Probably after 1 year, no! Is your APR 6.75% or your interest rate 6.75%? There is a difference, it is not the same.
If you don't have to refi, don't! Stay where you are at. |
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paola c
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Based on your scenario..Defenitely not! In your case two factors play a critical role in your decision making...Rate of return on the cost of refinancing and risk factor.
1. Sell the sizzle not the steak is what a lot of sales agent try to do and in mortgages the rate is the sizzle and the monthly payment is the steak. You should focus on how much it is going to cost you to refinance your mortgage then you should compare how much you will be saving monthly. If you get a descent return on your investment (which is the cost of refinance then go ahead and do it IF and only IF you are willing to take the on the risk factor.) Just to give you an idea..if you currently have a 6.75% int rate and are being offered a 5.5 5yr ARM ( not a bad rate in the current market it will prob be higher than that) then the difference in monthly payments would be $111.19. That is a total of $1,134.28, $6,671.40 in 5yrs. I dont know much about your particular scenario to calculate total closing costs but they should roughly be around $5,500 in order to get a rate like 5.5. If that is the case you have refinance to save approximatley $1,100 if you sell in 5 yrs. It would make more sense to refinance if the 5.5 were a fix 30yr program and you were going to stay for much longer. You would also have to consider the amount of int you would be saving during the 5yrs on the $111.19 a month but it is not going to be significant during the first 5yrs.
2. Consider the risk factor...There is NEVER a guarantee that market conditions in any are of real estate will stay stable or net a profit. It is all specualtion and one can only guess. Besides that who knows what your financial condition will be in 5yrs. There is obviously a level of risk and you would have to consider if it makes sense to risk it all to save $1,100 in 5yrs. If you get in to this 5yr arm and decide not to sell or cant sell you could potentially loose your home or loose a lot i mean a lot more money than $1,100.
Hope this helps...good luck! |
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