How to refinance a home mortgage with negative equity?

Posted by admin on July 28, 2011 5 comments

I really need good options on how to refinance a home mortgage with negative equity. Currently my mortgage wont allow me a refinance. Any options on what i could do?

Sorry, there are no options. None.

mortgage loans?

Posted by admin on July 16, 2011 2 comments

is it better to take the proceeds from the sale of our house and use it as a down payment or use it as cash at closing? The builder is paying 2% towards closing.

Also are FHA loans or conventional loans better?

If you get an FHA loan, they only require 3% down. With an FHA loan, the PMI rates are lower & rates are a little better. If you were looking to put 20% down, go conventional.

What percentage of your net income should go towards a home mortgage?

Posted by admin on June 17, 2011 9 comments

Lets say you have $5000 coming in per month, how much is a safe amount to spend on a mortgage, while still saving some for car payments, other loans, insurance, groceries, emergencies, etc? My dad said a 1/4 of your net income is a good idea per month to spend on your home payments…agree? disagree?

Your father is exactly correct! Listen to him! The people on here that recommend, 33% as a mortgage payment are also the ones who have contributed to the mortgage crisis in this country today! 33% of your net income is too much. It doesn’t leave you any buffer.

Which type of lending institution is better for a home mortgage; a mortgage company or traditional bank?

Posted by admin on June 8, 2011 5 comments

I’m not a first time home buyer. What are the pros and cons of using bank financing versus mortgage company financing to find the most competitive interest rates? This is for a home purchase, not refinance and my credit is excellant.

in terms of competitive rates, your bank is limited to the loans that are in the bank, as opposed to a mortgage company who will have thousands of options to fund your loan.

The pro’s of a local bank are the personal contact and you can build a relationship with them, which will encourage repeat business and you will then be able to get better rates from them

As an investor I want to keep my funding as local as possible, find the banks that have very few branches and the want to give me business, as opposed to national banks or brokers that I am only a number too.

How do i evict a co-signer when the Home mortgage is not being paid?

Posted by admin on May 26, 2011 6 comments

I purchased a home and later refinanced with a co-signer. I have not lived there for the past 3 month b/c i had to relocate for work. I allowed her to move back in and she has not paid the mortgage on time yet. Mays still has not been paid. How do i get her out?

If she is on the title you simply don’t, it is not possible.

What is the difference between Mortgage Modification and Refinance?

Posted by admin on May 9, 2011 3 comments

Also, if a wanted to do a Mortgage Modification should I do it directly with the bank I have the mortgage with or should I seek help from a lawyer or those institutions that do mortgage modifications?

Modification simply modifies your existing mortgage while a Refinance initiates an entirely new mortgage with new terms. You should always do the easiest thing first which is to consult the lender you have the original loan with and ask about modification. They have a financial interest to work with you, if they choose, but no legal obligation to do so.

Business loan to get mortgage loans?

Posted by admin on April 29, 2011 3 comments

I want to start buying rental properties. I have some money, but I need more. Can I start a business, then get a business loan, to then mortgage these rental properties? Basically borrow money to use for down payments on mortgage loans.

No. I don’t think that’s legal to do. The business loan you get will be to build up your company, unless you state it’s to buy houses.

What companies offer smaller mortgage loans?

Posted by admin on April 13, 2011 3 comments

I am looking to buy a house that has an asking price of $18,900. I have decent credit (600-range) and regular income (1600/month), but no one will offer a mortgage because they do not offer mortgages that small. Are there companies that do? I am located in Pennsylvania.

Nothing under 50k- it would cost us more to process than we are allowed by law to charge. 600 is also too low of a score.

How long can I get a mobile home mortgage?

Posted by admin on March 31, 2011 4 comments

I’m getting a divorce and eventually moving out, and I don’t really want to throw money away on rent. I’m thinking of buying a mobile home (because they’re inexpensive) but was wondering if I can get a full 30-year mortgage on one, so I can keep my payments as low as possible? (And no mobile home jokes, ok??) :)

Yes You Can get a federally insured mortgage for 30years I do them – email me

Can I buy a new home while my old homes mortgage is being modified?

Posted by admin on March 20, 2011 4 comments

I have a home that is now being rented out. Currently I am trying to get the mortgage modified. I am current on all my payments and want to buy a new home. Can I do this or do I have to wait til my loan modification is complete?
No I have never been behind or missed a payment on my current home loan. I have been renting it out for the past 6 months and I make enough money to cover both mortgages without the rental income.

I would wait until the modification is completed before applying for a new loan for another property.

If the modifying company does a credit check and see any new mortgage or new mortgage company inquiry they will probably refuse to grant your modification.

Obviously you don’t financially need a modification.