Second Home Mortgage Blog

Two of my brothers have disabilities and want to start a neck tie shop, if possible.
Thanks!

Have them contact their local SBA office. They have loan programs specifically for people with disabilities.

The taxes in our area when up drastically. My friend asked me to review his tax bill and I noticed he did not have a Homestead or Mortgage exemption. He has a 30 year mortgage on the property and it is his only & primary residence. He’s had the mortgage for five years. Is there a way for him to recoupe some of those taxes because he didn’t have those exemptions. Is his mortgage company responsible?
What about the back money that is owed to him because the county was over charging because he did not have those exemptions for 5 years

your friend is the one who would do that. if he thinks his tax is too high
he can call the assessors office and they should recalculate it or at least
check it out. there should be a place on the tax bill that says what to
do if you don’t agree with the tax.

i have a problem.i want make home mortgage but i dont know information about that.so what I need to know before applying my first home mortgage?

Before applying for your first home mortgage loan you will want to shop around and see what average home mortgage loan rates are. Shopping for home mortgage rates online is a timesaver and frequently have lower rates as well. Your home mortgage rate will affect how much money you have to pay back over the term of the loan, so the lower the better

Reffer here for tips before make first home morgage

http://the-home-mortgage.blogspot.com

Can I sell a home with just a 1st mortgage, collect the equity and continue to pay on my Heloc as if it is a line of credit? or will I have to include it in my home sale (and possibly a short sale)?

The HELOC is secured by your home (read your loan documents). It likely has a due on transfer clause which means that if you transfer your ownership of the property, the loan becomes immediately due and payable. Typically that means you need to pay off the HELOC with proceeds from the sale (or you need to bring enough cash to settle it at closing).

Anyone with any sense would not buy the property with an outstanding lien for the HELOC, because if that is not paid, that lender could still foreclose (that lien would be senior to any sale or transfer you make now).

home insurance companies in the United States? Is it possible that this could lead to the government deciding who gets mortgages, loans, and home insurance? (well, the already do, but does it bother you that it is now a widely known thing)

In a small way, yes, I am not sure I want the government making all of those decisions. But, if this is what it takes right now to get our economy back on track-I am all for it.

edit: I have to agree with several of these answers. I have sat and wondered forever how the hell so many of these people got away with loaning money to risky clients. The ARM loan? Those two things alone are bad, but put them together and you have disaster for all involved.

I’ve been looking into these a lot lately, but I’m having a hard time deciding what company to work with. Anyone work for one – or have a reverse mortgage – that they can recommend?

No, but before you take one read everything about them on HUD.GOV and AARP. They can’t be undone so you are stuck with them for life.
Since you are young enough to use the internet you are too young to know your entire future. I won’t consider one before 85 because so much can happen between 62 and death. You could be widowed, remarry, decide to move to a warmer or cheaper place, move in with a SO, move in with the kids or not want a house and want to move to an apartment. With the reverse mortgage you won’t have as many choices since you have to pay off the debt before you can move.

The IRS sets a minimum rate that can be charged for a home mortgage. That number has a special name which escapes me. Anybody know?

Thanks

You may be talking about the imputed interest rules.

If you are receiving or making payments for a loan or installment sale, but little or no interest is stated on the contract, the IRS assumes a rate of interest based on the published applicable federal rate. For instance, if you sold some land on an installment sale and agreed to receive the payments over a 10-year period interest free, the IRS would determine that part of your sales price was actually interest and calculate the interest amount based on the applicable federal rate.

There are some loans exempt from the imputed interest rules, (1) the $10,000 gift loan exception and (2) the $100,000 gift loan exception. See irs.gov for details.

Hope this helps.

I am planning to buy a new house. What would be better, to take two loans (primary and secondary) on the new home, or to take one loan and home equity from my first home (which was paid in full) to put into the new house?

It’s usually pretty irrelevant which option you use, Lenders will consider you total net worth in setting rates, so in effect you end up borrowing against both homes. The only slight difference might be that it you are at risk of defaulting on the second home, not having the first encumbered could be better. But since lenders know that as well, they might give you a higher rate for keepng the first house out of the mix.

I went to a very expensive college for 5 years. I haven’t graduated yet since I’m working on my PhD. My loans aren’t due for another 2 years at least. I have $150,000 in student loans, some credit cards, and me and my fiance each have a car loan. Do we have any hope of getting a mortgage loan to buy a house?

Depends on your debt to income ratio…if the ratio of monthly living expenses exceeds the income by 40%, then it is unlikely that you qualify for a cheaper loan…you may still get a loan if you have alot of equity to invest in a new hse etc…..also, the struture of ur student loans is important…if pymts are deferred that can work in your favor ………..

With the three credit scores being different, which do they use to determine you qualification for a mortgage? Or do they simply average all three scores. My husband has two scores at around 540 and his transunion is at 605. What are his chances?

Mortgage companies typically use the mid FICO score.

Your husband’s scores are very low. You would have to have a big downpayment and no other debt to maybe qualify for a very high interest rate.

Get a copy of his credit report and start working on fixing the negatives. First, pay off current credit card balances. Carrying balances of more than 30% of your available limit kills your score. Paying them down will give a quick boost to his score.

Second, start contacting the negatives, newest one first and work back to the oldest. Ask for delete for payment — some will, some won’t. The older the debt, the more likely they will settle for less than full balance. If the debt is older than 3 years, offer 25%; 2 or 3, offer 50%; less than 2, offer 75%. Lump sum payment gets the best deal. Payment plans have to be short term.

Get any settlement agreement in writing and keep it along with your payment proof, forever. Don’t give the collection agency direct access to your bank account.

Paying off old debt won’t increase your credit score (unless you get the item deleted); however, paid debt looks better than unpaid. Mortgage companies will require you to settle old debt before approving any mortgage.

You should also put a set a mount in a savings account every payday toward the downpayment and closing costs.