Second Home Mortgage Blog

what are the different types of mortgage loans now available?

admin — Wed, 16 May 2012 22:48:39 +0000

Loans offered to homeowners in foreclosure at this time, and the rates?

Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.

http://www.worldbestloans.com/Mortgage%20Loan.htm

A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.

Is a Mortgage co required to issue a monthly mortgage statement?

admin — Wed, 16 May 2012 22:48:31 +0000

I was in arreas on my mortgage until 06/2011. Now my mortgage Co refuses to issue a mortgage statement and will not correspond with me in writing. My mortgage is current.

Can you access your account online? That is very common today. I think they are only obligated to provide a 1098 before January 31 showing how much you paid in interest. They often provide other details about your loan regarding the balance, interest rate etc. etc. at that time.

Mom wants to purchase second home. 1st mortage is paid off. Lender wants her to mortgage 1st home with?

admin — Wed, 16 May 2012 22:48:02 +0000

no money down. Says this is best option.
Is there something wrong with wanting to take out a new mortgage for second home and putting 20 percent down? Does this increase her finance rate? I don’t understand.

please don’t listen to Cassie …

the advice she got was good … the lowest rate anyone can get is on their occupied residence … taking cash out on her main residence to fiance a 2nd home is the best option … a 2nd or investment property will come with much higher rates and need much more money for a down payment. A mortgage company looks at a 2nd property as a bigger risk then the home you live in full time because if her income situation goes bad they think you are more likely to pay for the home you live in

What are the different kinds of mortgage loans available?

admin — Tue, 31 Jan 2012 04:00:04 +0000

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?

admin — Sat, 21 Jan 2012 04:31:14 +0000

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?

admin — Sat, 31 Dec 2011 06:47:23 +0000

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?

admin — Thu, 22 Dec 2011 02:01:39 +0000

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?

admin — Tue, 06 Dec 2011 00:29:36 +0000

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?

admin — Sun, 27 Nov 2011 08:58:45 +0000

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?

admin — Fri, 18 Nov 2011 06:03:34 +0000

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!