May
31
Does the home loan interest rate vary between online quotes and the real ones ?
Filed Under Home Loan | Leave a Comment
Question by JohnPau2010: Does the home loan interest rate vary between online quotes and the real ones ?
- I am planning to buy a home
- i have put an offer on a house and almost 100% done deal
Now I have to look out for a home loan. I am looking at several online interest rate quotes what lenders are giving based on my facts.
Some of them are sending quotes for 4.78% 4.5% , now does these rates change when we actually sign there application or do they have to stick with the rates what they have quoted me online ?
Best answer:
Answer by Steve D
The rates will vary right up until the time you lock in. The rates online are not considered legally binding offers, just an indication as to what the rates were at the point in time the page was updated.
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May
29
Question by Tink: How to obtain a home loan for more than the home costs?
Is it possible in our current market? If so, can it be in one loan? Say the home is purchased for $ 120k, can the buyer ask for another $ 20k for personal debt? Does this have to be done with a home equity loan?
Best answer:
Answer by Bluey
The valuation of the house would have to be more than the price you pay by at least the additional make you want to borrow
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May
27
Can I get a refinanced mortgage if i start a home business with no employees and still work my regular job?
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Question by sammus: Can I get a refinanced mortgage if i start a home business with no employees and still work my regular job?
I want to refinance my mortgage and I want to start a home business before doing so. It would have no employees and I would calm keep my current job. My home business will not require whatever due balances or credit lines to increase my debt. Would mortgage accompany see the worry that I would quit my regular job or would they trust that I would maturely handle the mortgage payments? In other words, would I have no problems getting refinanced under these conditions. My credit score is about 650 and I’ve been at my current job for 1 1/2 years but have had steady employment for a long time. I have also paid my mortgage on time for 12 months.The reason I am asking is because what I will be doing requires a vendor license. Therefore, in my ssn, it would show the business based at my home address.I am actually looking for a new mortgage loan, not a home equity loan or personal loan and I don’t need to borrow to pay debts.
Best answer:
Answer by Keith An
If there is no debt increases involved, then does the bond company really need to know about your home business? Go to http://www.businessstarterpackage.com/article.html and check out all of the articles on this very sort of thing. You can find all you need to know there.
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May
25
I have a mortgage on one home, can I get a second mortgage to pay for another house?
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Question by TexasBound: I have a mortgage on one home, can I get a second mortgage to pay for another house?
I’m planning to relocate, but current owe a mortgage for $ 50k. I also have a bankruptcy on my record thats a couple of years old. I’d like to find new home in the state I choose to live in. Would I be able to get a second mortgage or refinance my current home in order to pay for a new one?
Best answer:
Answer by lendingwhiz2008
That depends on a few things.How much equity do you have in your current home?What is your credit score?What is your debt load?Yes you can get a 2nd mortgage on your current home to buy another, people do it all the time.Your income must support maintaining your current home (you should be able to get a renter in there to offset the mortgage payment or some portion there of) and support your new mortgage.You can get a loan with a BK. Many lenders require it to be discharged for 2 years, yet, there are still a few lenders that will lend on a BK only being discharged 1 day.In a nutshell, yes you can, if all your other ducks are in a row.Good luck
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May
23
The FHA home loan Process Four easy steps to your FHA loan!
The FHA home loan Process Four easy steps to your FHA lending!
1. Applying for a FHA housing loan.
Applying for a FHA home loan through FHAmortgageFHAloan.com is simpler than ever before. We have combined the speed and ease of the Internet with the hands on approach that our FHA home loan applicants have emanate to expect. Once you apply online for a FHA home loan, you are entered into our database where your FHA home lent is processed. Within 24 hours, your assigned FHA home loan officer will contact you, via e-mail or phone, to schedule your interview.
2. The FHA housing loan Interview
During your FHA home loan interview your FHA home loan officer will go through your FHA home loan application to determine your eligibility. If you are unable to be pre-qualified at the time of application, your FHA home loan officer will offer you advice on how to improve your credit situation so that you may become eligible within weeks time. Within 20 minutes you will know the determination of your FHA home loan application! The FHA home loan telephone interview also serves as an excellent opportunity to get acquainted with your FHA home loan officer. Your FHA home loan officer plays an important role throughout the FHA home loan process. Good communication with your FHA home loan officer will increase your chances of FHA home loan pre-approval and speed the processing of your FHA home loan!
3. FHA FHA home loan Processing
The processing of a FHA home loan involves the gathering of documents to verify all information inputted in your FHA home loan application. This includes, but is not limited to; W2′s, paystubs, credit report, bank statements, etc. When your FHA home loan pre-qualification is sent to you (after your interview) it will include a checklist that is specific to your file. This checklist will state all the items that you must submit to your FHA home loan officer in order to receive your FHA home loan commitment!
4. Closing your FHA home loan
The closing is the “end of the line” in obtaining a FHA home lending. At the closing you will sign all FHA home lend documents and take possession of your new home. If you are refinancing, you will not take possession of a new home, but you will get a lower interest rate, cash away, or both!
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FHA loans make it Easy to buy a Florida home.
FHA lending have been assist Florida homebuyers become homeowners since 1934. How does FHA help? The Federal Housing Administration (FHA) – which is part of (HUD), provides mortgage insurance to insure private lenders against loss. The mortgage insurance allows private Florida lenders to lend up to 97% of the purchase price and allows financing with No Minimum credit score requirement for Florida homebuyers.
Easy Qualification – The FHA loan insures lenders against loss for loans made to properly qualified FHA home loan borrowers. So you’re likely to find FHA loans with terms that make it easier for you to qualify.
Minimal Down payment Requirements – FHA loan can work with as little as 3% down and those funds can come from a family, grant , or your employer. Although the FHA loan does not have a zero down mortgage option yet, you will find that there are many Florida down payment assistance programs to help you with the down payment.
Less than A-1 Credit is Okay – The Florida FHA home loan program exists to expand the pool of home buyers. Even borrowers with prior bankruptcies or bond lent lates get approved every day for FHA loans to buy or Refinance homes in. The FHA loan program uses credit quality, not credit score!
Lower Cost Over the Life of the Loan – Florida FHA home loan rates are extraordinarily competitive. FHA’s lower risk to the lender means a better rate for the Florida borrower.
Safeguards for Borrowers Who Get Behind – FHA loans also allow the lender more options in helping borrowers who fall behind keep their homes are get current again: special forbearance, workouts, flushing free mortgage counseling. Further, HUD can allow the lender to take past due payments and move them to the end of the loan and in around exemplify will actually pay your past due payments for you. Options to save your home you’ll never get from a conventional loan! In an uncertain world, this is another excellent reason for you to get a FHA lent.
Options for Manufactured Housing – Under certain conditions, you can even secure a FHA loan for a Mobile Home or manufactured home using a Florida FHA mortgage loan.
FHA Loans Are Fully Assumable – When you are ready to sell your Miami house, you can hooking buyers FHA financing! All FHA lent can be assumed by qualified buyers.
The FHA program has germinated since it started in 1934 and now has options for HUD ascertain loans that fit a variety of different borrowers and situations.
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May
21
Question by PrimeConcern: How much mortgage debt is there in the USA?
Given all the worries about credit in this country, and subprime mortgages, I was curious as to what the entire amount of home mortgage debt is. There are about 110 million households in the country, with 70% of them owned residences. Let’s say there are 75 million owned homes. Not all have mortgages, but if 70 million do, and the average mortgage amount on such homes is $ 200,000, that comes out to a scary $ 14 TRILLION of mortgage debt in the USA. If just 2% default, the amount of bad home loans is $ 280 billion. It could obviously be much higher. Does anyone know what total mortgage debt is per household and in total? This is a real problem that could damage the economy.
Best answer:
Answer by Pete W
You bring up a significant question. The best data I can find on the ‘net are figures for 2003 (USA Today) – nothing newer available according to them. If that number is correct then the total mortgage debt in the US, 2003, $ 6.3 trillion. Some adjustments must be made for the past four years- high, I’m sure.Lots of bucks out there!!
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