 Thinking of buying a house... first timer... what should we know? |
| My husband is in the Navy. We have two small children. We are both young (21 and 22) but we are wanting to buy a house. How do you get a mortgage loan? Do you HAVE to have a down payment? What ... |
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 Filed bankruptcy 11+ years ago. Loan app is asking if I have ever filed bankruptcy. Do I need to be honest? |
My husband bought a house 6 years ago. I married him 5 years ago then we refinanced adding me to the loan (we got 5.875%).
We are now trying to get a commercial real estate loan, but the ... |
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 What rights do I have if I am 5 months into my home lease and now the owner wants to sell? |
| The owner of my rental home (through an agency) called me yesterday and told me he is selling our house. We are only 5 months into our year long lease. What rights do we have, if any?... |
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 I am behind in my morgatgage with really bad credit no one will refiance me i am going into foreclosure? |
| i am behind in prperty taxes about 2 yrs worth i got a rolling 30 day or 60 day late for a year i do make enough to pay the normal bills but not the catch up game are is there any one who can help or ... |
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 What are the most important things to think about when buying 1-3 acres of land to build a house on? |
Additional Details
We are looking to buy the land to build a house upon. A few things we've thought about is to make sure that mobile homes wouldn't be built beside us. The ... |
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 With a nice house across the street from me empty for a year, are houses selling at all in YOUR area? |
And everyone around here is slashing prices right and left. There doesn't seem to be any good end in sight.
Additional Details
I live in north Georgia.... |
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 When renting a property??? |
| Will the estate agent or landlord carry out a credit check on you?... |
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 How long can my landlord keep my security deposit? |
| I gave the key to my landlord on the 17th and we did a walkthrough and that was done, now she is saying that it will take 3 to 4 weeks from today the 13th to get my security deposit back, because she ... |
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 Owners selling condo, how often can she bring people over? |
| The owner of the condo we are living in is selling the place, how often can she bring prospective buyers into the condo while we are still living there? It's getting a little intrusive after ... |
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 Why doesn't real estate just sell for the asking price instead of having to go thru all the paper work...? |
| Wouldn't it be easier to just put a price on it and sell it for that price? We don't go thru all of that when purchasing cars or anything else. Where did this practice start?... |
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 "Forgiving" Mortgage defaults? |
From what I understand, a couple of years ago, people were buying houses, paying their mortgages, everything was "fine"...
Now suddenly we have this mortgage crisis-thing. Why ... |
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 Security Deposit Being Withheld.? |
| I moved out May 31st, 2006. I paid a security deposit of $350 plus another cat deposit of $200. I paid with cashier's checks most of the summer and that is how I paid for my pet deposit. So ... |
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 How can a landlord who requested you don't smoke in house/apartment tell that you have been smoking? |
Is there a way they can tell?
Additional Details
I'm not really referring to cigarette smoke, more like marijuana smoke.... |
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 Mydaughter is renting from a private landlord. Rights Please? |
| Her roof is leaking, doors to downstairs rooms all off, No floor coverings, broken front window, previous tenants (he had multi occupancy, no fire regs observed) and previous 9 tenants mattresses and ... |
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 Are there any programs to financially help first time homebuyers with bad credit? |
| i am looking to buy a home. i work full time and except for a jaded financial past, i am trying to get things straight. is there any help?... |
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hmmmmmmmm56 | When u have a mortgage can u refinance EVERY year? for a lower payment? |
is this possible? i dont know if iti s.. thanks |
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Sharon B
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Yes, if you do not have a pre-payment penalty. If you have an FHA loan you can do what is known as a Streamline refinance, these are called Streamline because the costs are kept way down. You need an "Honest" loan officer to guide you to make sure the the costs do not outweigh the benefits. I use to do what I called the Adjustable Rate game! This is where I took the lowest adjustable rate and usually refinanced about every 24 to 36 months, but I paid the payment I would pay on a fixed rate loan to pay down my mortgage as fast as possible to gain equity. Equity and good credit is the key! Use the equity to buy more property! In the past 7 years it has been better to get a 5 yr fixed at a low rate and pay more...but with the way the rates are now and where they are headed, grab a low 30 yr fixed at interest only and keep it with an equity line behind it for the write off! |
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jojo
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Make sure that your current loan has no prepayment penalties. Typically it is not worth all the fees to refinance unless your new interest rate would be 1% lower than what you already have. Be careful playing this game that you dont sign into a loan with adjustable rates or prepayment penalties. |
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ms.b
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It may seem that easy but us not you have to be in good standings with the mortgage people and if you are welling to pay extra costs then try it but i really think that you should look into that a little more. I think that you can only do that every two years or so.hope that I was a good help. |
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acermill
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Heh. I suppose it's possible, in theory. However, you may face prepayment penalties on early payoff of your current mortgage, plus fees to refinance again, which would undoubtedly cost you MORE than paying your current payment would cost. |
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SuperCactus
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Maybe. Some mortgages have penalties for early pay off. Another factor will be the cost of getting a new loan every year. Would it make financial sense? |
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idgaf
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yes, and you can multiple times a year too. As long as there is no fine for early payoff
If you want to cash out, they are usually at a higher interest rate. And while the feds DID cut the interest rate, the mortgage industry socialites are GREEDY and charge points. Points are just EXTRA dollars the the mortgage broker makes, and doesnt benefit the consumer AT ALL.
oh-- back to your question- it can be done, and IS done by about 20 percent of the homeowners every year. |
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Quicken Loans
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You can refinance as much you want as long as you can qualify. Lowering your payment is another story - it might not make sense to refinance every year depending on where rates are at at that time. |
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Matt K
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It's generally possible, but if rates are trending upwards, why would you refinance into a higher rate?
Right now of course, it makes sense to refinance with rates going downward. |
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Useful Idiot
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Sure but wouldn't make financial sense. It costs money to refinance...the point of owning real estate is to OWN the Real Estate. You can't own it if you constantly refi. |
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Mortgage Expert
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You probably wont save enough in one year to pay for the cost of the refinance. You will not benefit from refinancing yearly. If you find a low fixed rate that will benefit you in the long run, then go for it, otherwise, I wouldnt not consider it. |
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edco
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Rule of thumb is that unless you can lower the interest rate by 2 or more points, it's not worth it.
You still have to do paperwork with a refi, and it is not cheap |
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Gem
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If your credit remains strong, you could.
BUT, re-financing costs money (fees, appraisals, credit checks, etc) and I would think the additional fees would not make up for a small drop in interest.
Also, as your loan would always be in its first year, you will always be maying the max interest and never paying it down by much.
If you can't afford your payments, take another job and put all the extra money towards the mortgage for a couple years. Then see if re-fi is a good move. |
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MIND THE GAP
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Yes, if you can find a loan with a lower payment. |
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