Posts Tagged ‘lenders’
Tuesday, August 17th, 2010
My math skills aren’t amazing and I’m not sure how I would figure this out anyway, so maybe someone can help me. This is a real life question. We have about 60 or so thousand dollars in private student loans and then maybe 10 in federal loans. If you’re not familiar with private student loans, skip to the bottom and I’ll explain them. The rate for the student loans is currently about 9%.
We are selling our house and if we sell the house for the amount that we paid (we’ll probably get a little more), we will net about 35,000 after commissions. We’re planning on buying a small fixer upper for 75-100,000 and getting a 10 year mortgage. Mortgage rates look like they’re about 4 or so percent. I was planning on getting the 10 yr mortgage, paying it off in about 4 years and then taking out a home equity loan and paying them off. My dad said that I should either put down less and pay down the student loans even though it doesn’t pay them off or take out equity as I go and pay them down.
My hesitation to do this is that my payment on the student loans won’t go down just because I owe less, but with a HEL, I will be paying more for the time being (mtg + HEL+ student loans at the same time). It’s still doable, but I’d rather not be paying more than I have to.
So my question is this:
if I pay down as I go, will my student loans skip ahead so that I’m paying a higher percentage of my payment to the principle than interest? Or is the percentage of principle vs. interest determined by time rather than how much you owe?
What do you think the best strategy for paying off these loans quickly and for the least amount of money?
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Private student loans: they were offered for a short time while lenders were lending money like crazy and they’re not federal loans, so they don’t have the low interest rates. The interest rates on private student loans are variable, currently at about 9%, but it’s been as high as 11.5%. No one is offering them anymore so you can’t refinance them, lock in a rate, file for bankruptcy, or in any way alter the loan terms. No matter what, the loans will be at that rate and you can’t get rid of them. If our credit scores go down or we don’t pay on time or whatever, the rates can go up to whatever they want. So as you can imagine we are dying to pay these off and get them out of our lives.
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Tags: amount of money, commissions, dad, federal loans, hesitation, Home Equity Loan, lenders, lending money, life question, low interest rates, math skills, mortgage mortgage, mortgage rates, principle, private student loans, short time, thousand dollars, year mortgage
Posted in best home equity loans | 1 Comment »
Wednesday, August 11th, 2010
I didn’t have furniture in my front 3 rooms for a couple years so that we could pay off the mortgage on our home. We, like many people, were young and built a bigger/better house than we could comfortably afford at the time. BUT…we were responsible and didn’t ask for help. We cut back on other things. My mortgage was paid off in 5 years…I will NOW have to pay for other’s…?
Political Risk: An August Surprise from Obama?
"Main Street may be about to get its own gigantic bailout. Rumors are running wild from Washington to Wall Street that the Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than what their homes are worth. An estimated 15 million U.S. mortgages – one in five – are underwater with negative equity of some 0 billion.
Tags: bailout, fannie mae, fannie mae and freddie mac, freddie mac, furniture, lenders, mortgage debt, mortgages, negative equity, political risk, surprise, wall street
Posted in american equity mortgage | 1 Comment »
Saturday, July 31st, 2010
My friend was talked into adding her boyfriend to her deed and creating a joint tenancy. He makes no payments and has no equity in the property. There is a mortgage on the property and permission was not obtained from the lender before this was done. What can she do to get this reversed or is it even a legal deed in the first place since the lender is unaware of it and did not grant permission to do it.
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Tags: acne cure, amp, amp electric, amp shutdown, bad credit car loans, bad credit loan, bad credit personal loans, barricades, canadian bad credit car loans, car amp, chelsea clinton, event horizon, guaranteed lowest price, horizon, joint tenancy, lenders, machinations, mortgage, mortgage interest rates, mortgage rate, public shell, refinancing your home, refinancing your home mortgage, signature student loans, spandau ballet, tax aspects, unsecured bad credit personal loans, value computers
Posted in equity lender | 1 Comment »
Friday, May 14th, 2010
My grandparents are giving us their 2nd residence home. No money owed on it, title will be ours next week. Here’s my question: we want to pay off some debt & do home improvements, but I am concerned about the seasoning clause. What banks/lenders offer home equity loans without a seasoning clause? Since there is no purchase amount, will they go by the appraised value in this case? Thanks in advance.
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Tags: american banks, amp, bailout, banks, bass amp, case thanks, cb radio, cube case, electric guitar sound, european banks, friday five, gifts for grads, grandparents, hamfest, happy anniversary, Home Equity Loan, home equity loans, home improvements, inexpensive gifts, iplayer, lenders, money, mysterious case, portable dvd player, snake skin, thanks in advance
Posted in Home Equity Loan | 7 Comments »
Friday, April 30th, 2010
Are there any legit (well known) Lenders out there who will give a home equity line of credit from an investment property? We have about 65% equity in a home we currently own and rent out in CO.
We have superb credit (above 750). When we built it and bought it with so much cash, we had every intention of it being our final home. Circumstances change and we’re now out of State.
We make excellent profit off it, so selling it, not an option. But how can we free up some cash?
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Tags: article directory, decision time, douglas james cottrell, energy performance, equity line of credit, essential things, healthy relationships, home circumstances, home equity line, home equity line of credit, Home Equity Loan, home equity loans, intention, investment property, legit, lenders, loan facts, mortgage home equity, new frontier, prayer intentions, refinancing your mortgage, score one, way to go home, what is a good credit score
Posted in equity lender | No Comments »
Thursday, March 25th, 2010
I will not have enough for a down payment. Yes, I know it is better to have one, but I do not, and desperately need to purchase my home. I am responsible and pay my bills on time, my credit is good my middle score is 692, my debt to income ratio is 36%. I want to get a loan to try to take advantage of the 1st time home buyers credit.
Thank you in advance for your answers. 
Perhaps you didn’t hear my question… please read the first sentence and do not answer unless you can advise me of some lenders that do offer zero down home loans… that is why I posted the question.
In addition my debt to income ration IS NOT HIGH and you are ridiculous for saying so, my loan officer today told me that my debt to income was perfect and where it should be… upon further investigation this website will explain it to you so that you can understand:
http://www.investopedia.com/articles/07/debt_to_income.asp
In addition, you are borderline disrespectful by saying that my debt to income ration is "extremely" high, please educate yourself before shooting off at the mouth. I would be curious to now how great yours is then! Sorry to go on a tangent I just want to know WHAT LENDERS OFFER ZERO DOWN FINANCING.
You know what, I asked a simple f’n question. Seriously! I should’ve have never supplied additional information b/c it is the biggest f’n distraction from my actual question. I am not an idiot. I am perfectly capable. My bf and I purchased our first home with a worse credit score than I currently have and got a great rate in 07′, also we have no problems saving money… in fact I have money to put down and would rather have it for reserve. I am only purchasing a small investment property under 80K. You guys are so full of yourself that you would rather answer questions like a f’n telephone operator that hates her job and quotes policy to annoy people. I am not applying for a long with you! I came to yahoo answers to get a f’n answer not a CREDIT COUNSELING SUPPORT GROUP!!!!!!!!!!!!!!!! I already own a home!!!!!!!!!!! I have for 5 years, and everything in my bf’s name so that I can buy my first home. DON’T RESPOND UNLESS YOU CAN ANSER THE QUESTION!!!!!!!!!!!!!!!!!!
Tags: 1st time home buyers, bf, credit counseling, credit score, debt to income ratio, debt to income ration, distraction, home loans, investment property, job, lenders, loan officer, saving money, tangent, telephone operator, time home buyers, yahoo, zero down
Posted in zero down home loans | 1 Comment »
Friday, January 22nd, 2010
I have been paying on my 30 fixed mortgage for 8 years now. Haven’t been late with a payment since 2006, but had a few late payments in ‘05-’06 when my wife lost her job following a move to a different state. My credit is "good" at just under 700, last time I checked (last Aug). The mortgage I currently have is a VA loan, but it is at 7%!
I only want to shorten the term to a 15 year mortgage and continue paying about the same, or even a little more monthly, but at a reasonable interest rate (~5%). I just want to build up equity faster and pay it off sooner. I’m NOT trying to reduce payments or get a consolidation loan/line of credit.
One other key factor is that I no longer live in the home. It is a rental (single family home) which I maintain very well.
Bank of America won’t budge on refinancing or renegotiating the rate. I paid 8k for the house (brand new home) and owe just under 0k. I think the house would likely appraise for 0 – 5K.
Problem is that I get all of this junk mail which appear to be "bait and switch" tactics from nefarious lenders. I want a legitimate company to give me a reasonable loan with no hassle. Is that too much to ask?
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Tags: 8 years, bait and switch, bank of america, bank of america home equity loan, brian moynihan, consolidation loan, equity loan calculator, fixed mortgage, hassle, Home Equity Loan, home equity loan calculator, house brand, how to buy a new car, interest rate, job, junk mail, last time, late payments, legitimate company, lenders, loan line, marketwat, new begining, oracle president, rheinmetall ag, single family, well bank, year mortgage
Posted in home equity loan refinancing interest rate | 1 Comment »
Thursday, January 14th, 2010
Which word describes what you exchange for money when you negotiate a secured debt with a lender?
collateral
credit report
principal
interest
Which word describes the decrease in value of an asset over time?
financing
equity
leasing
depreciation
.What will a bank do if you default on a car loan?
foreclose on the car
refinance the car
repossess the car
depreciate the car
Why do lenders often charge more interest for a car loan than a home loan?
because you could crash the car
the car could be stolen during the loan
cars can be moved to from one location to another
all of the above
What can a bank do if your credit score goes down significantly and you miss a car or home loan payment?
foreclose on your home
require the car loan to be paid-in-full
increase interest rates
all of the above
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Tags: auto finance, auto loan with bad credit, auto loans after bankruptcy, bad credit unsecured personal loans, bankruptcy loans, car loan, collateral, credit loans, credit report, credit score, depreciation, easy loans, foreclose, home loan, impact credit, interest rates, leasing, lenders, loan cars, loan payment, loan questions, loan reviews, loan with bad credit, machinery prices, money, nuclear scientist, principal interest, secured debt, unsecured personal loans, yoga class
Posted in home equity loan refinancing interest rate | 1 Comment »
Friday, December 18th, 2009
I want to sell my current home & purchase a condo. I am a retired senior with a fully paid-up home. The condo is in construction to be finished in a couple of months.
If I list my current home, it may not sell in time to simply pay for the condo. Therefore I have been to see lenders. They all recommend against a bridge loan due to unavailability and also due to high costs. They also recommend against a Home Equity loan. The one I think would be the best is this scenario but I am asking for your guidance on which one is the better way to do this for any and all reasons.
Re-finance my current home and take a 0k loan at less than 5%. This loan would have no prepayment penalty. I would make a k down payment on the condo Then sell my home and pay off the refinance loan on the home & owning the condo free & clear.
The other alternative, is to take a mortgage on the new condo & pay it off when the house sells but that mortgage cannot be done until it is completed. Again, there would be no prepayment penalty. Also the seller will not do a contingency.
If I would take the loan on my current home I would not have a problem making the mortgage payments because they would be low enough for me to afford to do this for a few months while the house is listed. But I’m not sure if it makes things more complicated to sell a home with a mortgage on it or not?
I would like to keep the home & rent to my son for property taxes only but it would be less rent than FMV & I think the IRS calls it my second home & the tax benefit is lost. What a shame not to be able to help out.
Thank you,
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Tags: australian senator, bridge loan, contingency, fdic, finance investment, guidance, home amp, Home Equity Loan, international trade, investment property, irs, lenders, mortgage payments, offside, olympia, portsmouth, prepayment penalty, property finance, property taxes, springfield illinois, tax benefit, unavailability, what a shame
Posted in Home Equity Loan Refinancing | 4 Comments »
Related ‘lenders’ sites :
 | HPD - Home
HPD is the largest municipal developer of affordable housing in the nation.
www.nyc.gov/hpd |
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 | LenderLab
Find Wholesale Sub-Prime, Hard Money, and Commercial Lenders. The Net's Largest & most comprehensive Loan Search Engine. All types of Lenders, all States.
www.lenderlab.com |
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 | Locating New Page....
We recently moved this document. This page should refresh momentarily. If, after a few seconds, the page does not change, follow this link to go to the new page. ...
www.hud.gov/groups/lenders.cfm |
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 | HUD FHA Lender List
Welcome to the Lender List page. This page allows you to lookup lenders using various selection criteria. If you need help, take a look at our help screen. ...
www.hud.gov/ll/code/llslcrit.cfm |
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 | HomePath - HomePath Mortgage Lenders
HomePath.com is the Official foreclosure website owned by Fannie Mae. Find Fannie Mae foreclosures exclusively on HomePath.com.
www.fanniemae.com/homepath/financing/lenders.jhtml |
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 | Mortgage Lenders, Home Loan Refinance Lenders
Get today's lowest rate quote from multiple major mortgage lenders. Learn about the difference between mortgage lenders, brokers and companies.
www.mortgageloan.com/mortgage-lenders |
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 | Lenders.us | Compare Rates from Lenders
Compare Loans & Lenders. Make Lenders.us your source for Quotes from Lenders & articles weighing the advantages of leading loan products. Find the Right Loan Today!
www.lenders.us |
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