What are the different kinds of mortgage loans available?

Posted by admin on January 30, 2012 2 comments

Im looking to buy a house. I know there are different loans. What are my options, what are the defferences between them, and what is the advantage of each loan? Sorry if this is all confussing, im not to sure what im talking about.

When I started Real estate sales in 1978 there were only about 7 or eight types of loans. Now there are dozens or maybe hundreds.

You need to find a very good and very experienced local loan officer that you can go over your data and they can help you find the best two or three loans for you and help you choose.

For example most people that are trying to put a small amount down on a home owner occupied loan seem to be choosing FHA. But maybe a VA would be better for you- or something else.

Is it easy to buy a second home mortgage wise?

Posted by admin on January 20, 2012 3 comments

If you own a house assessed at about 400k, how much down payment would you need to put on a house costing in the 800k-900k, and how much will be a typical monthly mortgage. Also, do you need a solid job to get a mortgage on your second house if you own your first house? Thanks to all.

Salaam Nader,

You can get into great loan programs with 10% down. Ideally you would like to put 20% down, but 10% would suffice. And no, you can go stated regarding employment.

Talk to a mortgage broker in your area for advice regarding your specific situation. If you’re in California, let me know and I’ll have my loan consultant contact you.

Regards

Could you rent out the house that has second home mortgage?

Posted by admin on December 31, 2011 3 comments

I want to refinance my previous house because we moved to another state and own another house. The previous house is qualified for second home mortgage for refinance. And, I do have the money to pay for the second home mortgage. But, could I rent out the house that has second home mortgage on it? Renting will help keep the house warm in the winter of New England.

yeah you can definitely it does not matter.

Is there an income limit on 203k renovation mortgage loans?

Posted by admin on December 21, 2011 5 comments

I know theres limits on a regular FHA mortgage, was curious if the same standards apply.

There is not an upper limit on income for an FHA 203 K or a more common FHA 203b. These are not subsidized loans. You do have to make enough money to qualify for the payments.

a 203 K is to help with renovation. You have to come up with solid bills (not simply rough estimates) for the repairs and sometimes these can be pretty much impossible to come up with. But if the house works out and the lender knows what they are doing and the seller is willing to have patience and you as a buyer understand how this works- it can be done.

How does a fixed mortgage work with property taxes increasing?

Posted by admin on December 5, 2011 6 comments

Does your monthly mortgage rate stay the same over the years while taxes keep increasing? Or does it still increase your monthly mortgage payment and end up being risky with how high it can become?

Thanks!

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.

When refinancing a home mortgage, is it usually best to go through a lender’s national center or locally?

Posted by admin on November 27, 2011 3 comments

I am interested in refinancing my home mortgage. My mortgage lender has a number of local mortgage offices as well as a national call center through which I could proceed with the refinancing.

Is it likely that there would be a significant difference in fees, rates, etc., when using their national call center versus their local offices? Would it be wise for me to get a good faith estimate from both and then make a decision?

I would simply call the national number. If they have a program for some sort of streamline refinance that would be the best way to go. (also the first time I did this I got a person that was no help and said I could not refinance- I hung up and called back five hours later and got a different person and got the loan).

If Liberals never came up with Subprime Mortgage Loans would we not be in this mess?

Posted by admin on November 18, 2011 9 comments

We wouldn’t have had to bail out anyone. It all goes straight back to those loans they forced the banks to give ..

The marxist plan worked!

You got that idea from a conservative with a large imagination and little regard for the truth.

Start by looking at Standard & Poors that rate these junk loans as AAA!

Then look at the financial institutions that took out swaps (insurance) on this junk knowing that they were bad (they couldn’t lose)!

Then examine the mortgage companies that fraudulently inflated the income on these loans to make them look viable.

Finally, examine the Bush administration that deregulated the industry – the Dodd Franks Bill was in response to the lack of regulations!

What is the best mortgage company to get a loan modification through?

Posted by admin on November 18, 2011 2 comments

What is the best mortgage company to get a loan modification through? Easiest mortgage company? I would like to know!

THANKS,
Greg

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How does mortgage companies work when a person dies?

Posted by admin on November 8, 2011 4 comments

My mom and younger sister are both named on the mortgage. Payments are still being made. My mom just passed and my sister does not have a job because she was caring for our ailing mother.

Depends on how they held title to the property. IF there was a right of survivorship between sister and mother, it passed outside of probate to the sister, and they begin foreclosure.

If not, Your mom’s estate will need to be probated and it gets really complicated and you need a probate lawyer

How does mortgage interest work when dealing with tax returns?

Posted by admin on October 30, 2011 4 comments

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.

http://www.irs.gov/formspubs/article/0,,id=242605,00.html

Fully 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, build, 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 mortgages totaled $100,000 or less ($50,000 or less if married 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