Dec
21
Q&A: How do you get the best mortgage deal?
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Question by Artist at Heart: How do you get the best mortgage deal?
We have been pre-approved by a mortgage company. The mortgage company has recommended a real estate agent. I am a little leary of going with this real estate agent, however, because, being a first time home buyer, I need a lot of guidance. I am afraid that, being tied to the mortgage broker, the real estate agent might not fight to get us the best mortgage deal (if it happens to be with a company other than the original mortgage broker’s).How do you go about getting a good mortgage deal?
Best answer:
Answer by Steve D
first of all, the real estate agent is not there to get you a deal on a mortgage – that is either your responsibility or the mortgage broker’s responsibility. The agent is there to put you in a house (exhibit you house, explain the offer/acceptance routine, be there at closing and walk you through the purchase process).If you do not trust you bond broker to get you a fair deal, then you can start calling around to banks in your area and inquire about their rates. This means, however, getting a new pre-approval and starting from scratch on the mortgage. Being a first-time buyer, if you go this dispatching, you are going to have to educate yourself regarding rates and points and buy-downs.
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Dec
17
How does mortgage interest work when dealing with tax returns?
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Question by : How does mortgage interest work when dealing with tax returns?
How does a mortgage work when dealing with tax returns?Do we get back all the interest that we pay off or a certain percentage? Please provide backup in your answer.
Best answer:
Answer by Yirmiyahu
http://www.irs.gov/formspubs/article/,,id=242605,00.htmlFully deductible interest. In most cases, you can deduct all of your home mortgage interest. How much you can deduct depends on the date of the mortgage, the amount of the mortgage, and how you use the mortgage proceeds. If all of your mortgages fit into one or more of the following three categories at all times during the year, you can deduct all of the interest on those mortgages. (If any one mortgage fits into more than one category, add the debt that fits in each category to your other debt in the same category.) If one or more of your mortgages does not fit into any of these categories, use Part II of this publication to figure the amount of interest you can deduct. The three categories are as follows. Mortgages you took out on or before October 13, 1987 (called grandfathered debt).Mortgages you took out after October 13, 1987, to buy, make, or improve your home (called home acquisition debt), but only if throughout 2010 these mortgages plus any grandfathered debt totaled $ 1 million or less ($ 500,000 or less if married filing separately). Mortgages you took out after October 13, 1987, other than to buy, build, or improve your home (called home equity debt), but only if throughout 2010 these mortgaged totaled $ 100,000 or less ($ 50,000 or less if marrying filing separately) and totaled no more than the fair market value of your home reduced by (1) and (2). The dollar limits for the second and third categories apply to the combined mortgages on your main home and second home
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Dec
13
How does a fixed mortgage work with property taxes increasing?
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Question by chica24: How does a fixed mortgage work with property taxes increasing?
Does your monthly mortgage range stay the same over the years while tax holding increasing? Or does it still increase your monthly mortgage payment and end up being risky with how high it tin become?Thanks!
Best answer:
Answer by Judy
Your interest % stays the same for the length of the mortgage. If property taxes go up though, the escrow portion of your payment goes up.
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Nov
27
How can I get mortgage company to endorse insurance check before work is done?
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Question by Susan D: How can I get mortgage company to endorse insurance check before work is done?
I have a check from my insurance company for hurricane damage. My mortgage company will not endorse the check until the work is done. I need the money to get the served done. How can I get the mortgage company to endorse the check ?
Best answer:
Answer by mbrcatz
You can’t. But you could have your adjuster reissue the check directly to the contractor.Any contractor should be willing to work with you on this – you’ll likely have to pay them your deductible, directly, but most REAL contractors that don’t scam you, should be willing to take payments as the job completes.
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Nov
11
What happens to the mortgage on a house that is left to me in a will?
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Question by Lost in Massachusetts: What happens to the mortgage on a house that is left to me in a will?
A relative will be leaving me a house in their will. If there is a mortgage (home equity) on the house when they die, do I take over the mortgage? I intend on selling the house when it is left to me.
Best answer:
Answer by kemperk
in most all cases, there is a miniclause in a mortgage note thatstates if the obligee dies before thedebt is paid, xyz insurance company willpay off the mortgage.IN NO NO NO circumstances isany relative ever obligated to pay offanother deceased relative’s mortgage.meaning those who were not on thenote in the first place]
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Nov
7
Can a first mortgage be refinanced to a lower rate if there is also an existing second mortgage?
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Question by cookingmomma: Can a first mortgage be refinanced to a lower rate if there is also an existing second mortgage?
If a homeowner has a first mortgage and a second mortgage, and would like to refinance the first mortgage at different terms, can this be accomplished – does the existing second bond put a monkey-wrench in refinancing the first?
Best answer:
Answer by Tim
Normally you roll them both together. You can get better rates on a 1st than a 2nd.
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