I want to get a mortgage loan and the bank wants me to get a letter from the Social Security Administration stating that my disability will last at least 3 years into the future. I’ve had disability for 10 years now but they want proof of future disability. I’ve searched for data on this type [...]

What was so special about 2006? How did all of a sudden millions of people started to default on these loans given out? Did something precipitate this? I understand why it happened but i don’t understand the suddenness of it. You are making a logical error, that I call "assuming all other things are equal". [...]

What are the advantages and disadvantages? Especially for first time home buyers? Is it better than a regular loan? Thank you in advance for your help Federally insured mortgage loans like FHA or VA have many advantages. First, the down payment is usually a great deal smaller. On FHA, the private mortgage insurance in your [...]

I’m thinking about a second home or vacation home, rates are much, much lower here versus latin america. You’d probably have to get a personal loan because it’s a pain for banks to repo or pay taxes for out-of-country property. Your best bet is to ask your lender or go to a mortgage broker and [...]

I’m in Economics and need to know how to draw these curves. Also, could you explain why they are drawn how they are? The price elasticity of supply for mortgage loans reports how sensitive the supply of loans will be to the interest rate that can be earned by such loans. If the supply is [...]

Is the sky the limit or is there certain amount one person can have? I want to buy a house…live there for a couple of years, move, rent that, then buy a bigger, better house later. A loan officer from Wells Fargo told me yesterday that they are only allowing new borrowers to have a [...]

i am closing my accounts with b of a and want to switch to a bank that is helping people. Patricia There appears to be no better or worse…. it is just a terribly difficult and time consuming process created by governmental regulators …. so many properties and people just do not meet the governments [...]

Doesn’t make any sense to figure what I can afford based on what I earn BEFORE the government takes their cut. Why don’t they do it based on what I have left over? The bank isn’t going to attempt how your net is adjusted by taxes (will you get money back or pay more) and [...]

I have good credit and stable job, and I just refinanced my current home at 4.65% fixed for 30 yrs and really lowered my payment. I’d like turn this current home into an investment property and then buy another home with zero or 3 percent down, 5 percent down, etc. Is it difficult at this [...]

Thank you, Michael. Do you know if the interest rate is negotiable or it will just vary by the lender? Yes it can vary. It depends on the Yield Spread Premium the mortgage broker or banker is getting. In other words how much they are getting from the lender for doing the loan with them. [...]