Posts Tagged ‘mortgage loans’

Should I refinance my mortgage?

Thursday, August 26th, 2010

My home is appraised at 5,000, my mortgage is at 5.875% with a balance of 67,000, I also have an equity loan at 31/2 % with a balance of ,500 should I refinance ?

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What happens to my 2nd mortgage home equity loan in a short sale in California?

Monday, August 23rd, 2010

I am currently under short sale proceedings in CA. My first has agreed to the terms but my second, which is a non-purchase money loan, is requiring me to sign a promissory note at a reduced balance. The second has agreed to reduce my balance by 65% and payable interest free over 20 years. Should I sign? I believe the alternative to not signing is a foreclosure initiated by the first. Need help fast. Thanks for reading.

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Does this FHA streamline refinance make sense to do if I plan to sell in 4 years?

Wednesday, July 14th, 2010

Here’s the scenario …

Been in my first home for 1 year and have a 5.5% fixed rate on an FHA mortgage. I plan on living here for 4 more years and then selling to upgrade into a new home. I was contacted by my old broker proposing to do an FHA Streamline refinance to take advantage of the current lower rates. His proposition is this…

- 4.625% rate
- Payments lowered by 0 per month
- I bring .8k to closing
- Loan balance goes up by k

I’m trying to understand why this would make sense for me to do.
By my logic the scenario doesn’t give me much of an advantage…

GAIN: months(48) x savings (0) = 80 gained
vs.
LOSS: closing (00) + loan balance change(00) = 00 lost

The broker is arguing with me that the closing is basically free because I can bring the skip payment that would occur plus some refunded escrow money to pay for it. I don’t know if I would agree with that. Seems like I’m financing my savings with cash upfront and losing equity. Any opinions or insight would be greatly appreciated. Thanks!

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I want to get a Heloc or Home Equity loan..through a Broker?

Sunday, May 23rd, 2010

So I recently applied for a heloc or equity which ever I could qualify for, but neither did.
I applied with WElls FArgo, who are extremely strict!
Thing is I am just on the deed of the house, I think thats why It got denied. So this is my parents house, and they said I could borrow 70k from equity, but they have to apply with me right?
I currently make 3,000/mnth, FIco of 715, with only car payment, and credit card that are being paid off. I really want to get this loan to invest in a property paid in cash! My mom thinks they wont qualify because my mom only makes about 1,200/month, same for my dad.

Will we qualify perhaps through a broker??
Balance on house is 200k. Value is 350k.
Wells fargo is farthest the strictest. I have seen other people with incomes of 500 a month and still got a heloc. Im sure some where I can get it.

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Why did I not qualify for the HELOC or Home equity loan?

Saturday, May 8th, 2010

So I applied with Wells Fargo bank, and well knowing that this bank is very strict, I went ahead and applied for which ever I could qualify for. Heres a little about what they saw: I had a fico of 688 they said was average.

I work as a tutor making 2,500/month
financing a 17k car
credit card balance: 5,600
credit card balance: 500.
credit card balance: 500.
Student loans that are still deffered. Thats it. I dont pay rent or own a house yet, but I was trying to borrow some money from parents equity. Why did I not qualify? One thing I am only on the deed of house, not on mortgage. And I applied by my self. I asked another representative, and he said that the primary loan person had to apply with me?

I want to apply again with a different bank or maybe go through a broker I know, meanwhile I building my credit back to at least 740

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I have a mortgage and a home equity that are killing me….around 1,700 a month. What can I do?

Tuesday, April 20th, 2010

Mortgage balance is 57,000 and Home equity loan is 84,000. The home loan has about five years at 986.00 a month and the equity loan is a balloon loan that I pay 700.00 a month interest alone (killing me) it is on a thirty year amortization. Help…House is worth about these two totals. Should I refinance for 15 years?? Should I shoot myself (just kidding) Any help would be much appreciated!!!

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Equity in home used to get a mortgage – is mortgage eligible for modification?

Tuesday, March 30th, 2010

If somebody used the equity in their home to get a mortgage (home was paid off, except for ,000, then home was refinanced with a 0,000 mortgage with 0,000 in cash going to homeowner, ,000 to pay off the previous mortgage), is this mortgage eligible for loan modification? Or are only loans that were used to actually purchase a home eligible?

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Can my home equity line lender force me to sell (or into foreclosure) if I own almost 70% of my home?

Friday, March 12th, 2010

We are not in foreclosure but this bank has had trouble. I’m trying to understand our position should they demand full payment of the equity line.

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My house is going to be appraised this Friday, what can I do to prerare it?

Monday, February 15th, 2010

I asked for a home equity loan and they told me that my house needs to be appraised at 120,000 how can I prepare it for me to have a better chance?

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