HI, I am thinking about getting my first morgage, and I am confused. My broker says for the first few years I will be paying mostly just interest, and over the course of the loan interest will reduce and payments toward the actual home will go up. But what happens if I only live there for 2 or 3 years, then want to sell it? Will I still owe all the rest of the interest that would have accumulated if the loan reached maturity? If not, but I have paid primarily interest, after 3 years when I sell I will basically only get a very small fraction of what I paid the bank back from the sale? What is the best way to proceed if you only want to live in the home for 3 years or so, and then sell?
Posts Tagged ‘Question’
Newbie question on using a home equity loan?
11
Aug
I took out a home equity loan many years ago (making monthly payments on it) with my bank.
How do I go about actually using that loan for home improvements instead fo charging stuff to my regular credit cards?
What documents do I need?.
Home loan Pre-Approval question…?
05
Aug
So my boyfriend and I were just pre-approved for a loan. Tomorrow we show our bank statements, w2s and such to the lender. I have an overdraft on my bank statement from like a month ago. How much will that hurt me in actually getting the loan? I transferred money right away to pay it back and that shows on my statement.
And FYI I have a lender.
Home Loan Question (Serious Answers Only Please!)?
28
Jul
I have a credit rating of 612. I am a first-time buyer and a female.
I am looking at a bank owned home for $133,500. What are my chances of getting a zero down loan?
I should mention that I am fresh out of a divorce and most of the hiccups on my credit report are medical.
I have an excellent debt to income ratio. Does this change anything?
A Home Refinancing Question?
14
Jul
Ok … I literally don’t have a great Knowledge in this Subject but I do want to find out regarding this Letter I receieved from one of the Agents …. incase its a light in the darkness for me.
I have received a letter which mentions these things …WHAT DOES THIS MEAN ????
you may refinance and possibly lock in a interest rate and get a good amount of cash from your home’s estimated available equity through exclusive fast track loan program, available to you as a select, qualified COUNTRYWIDE home loans customer ? On top of this you may also qualify for 1/2 point reduction in in the DISCOUNT POINTs on your NEXT HOME REFINANCE or Purchase Mortgage ..
MY PARENTs own this condo for last 4 years and they received this letter …….. is this for REAL ???
DO I HAVE ANY benifits out of this ????
Country Wide is being bought by Bank of America … so I don’t even know if all these is for real ….
Any experts can let me know ….. ???? what does that Sentence mean ??
Question about getting a mobile or manufactured home loan with low credit score?
13
Jul
My credit score is in the low 600s, less than 620. My husbands is in the 500s. Both score are the results of ex’s, and we have been working to bring them up for a while now. We would like to purchase a manufactured home around April 2008. We have 1 acre of land that we own free and clear and about a 15% downpayment on a $70,000 home. Does anyone know what our chances are of getting a loan? If we cannot get one qwith that criteria, does anyone know how much more down we would need or what our minimum score would have to be? Thanks.
Dumb Question, I know but, If an owner is selling there home, how do they get the equity from it?
25
Jun
I don’t know too much about equity. I know what it is, but I don’t know what happens with it. Is this cash in the owner’s pocket or is it just used for their a new home purchase. Why do people have Home Equity loans?
VA home loan question?
22
Jun
My fiance and I are in the process of looking for a home. We are going to his bank on friday with the paperwork the bank requested so he can try and qualify. He was in the Navy and the VA Loan is supposed to be Guaranteed. He has worked at the same job for 10 years and been with the bank for 7. he makes about 2500 a month and we pay 500 a month right now for rent on a run down house. Is there anyone out there that can possibly tell me about what they think he may qualify for.. so I can start looking..
Also how much are closing costs on an 80k house..
and how much do u think home owners insurance would cost.
I tried to get an estimated quote today but the person I talked to said they couldnt give me a quote because i did not have a closing date. I kinda need to know estimates so I can budget for my family..
thanks for your time.. I may add more questions as i think of them, but i will add them to this page.. 
2500 is estimated take home pay..
We want to get qualified and find a home and close on a home by december 1st so we qualify for that tax credit!!! 8000 would be awesome free money just for buying a home.. that would be a nice nest egg incase something happened to my fiance or his job. we would still be able to pay the mortgage that way
Realtors, home loans, mortgage consultants PLEASE HELP. Question about a shorty sale?
20
Jun
I offered the exact asking price on 2 different short sale homes today. What are my chances of the bank accepting at least one of the offers
and how long does it or could it take to respond to these offers. I know nothing if exact, but a rough typical estimate would be nice. THANK YOU SO MUCH!
I was told putting in offers on 2 seperate houses was ok. I could easily decline my offer on one. (Just a response to the 1st person who answered my question). i was told by my realtor.
Mortgage question concerning mortgage and home equity loan! Help Please!?
06
Jun
I own a paid off 120-140k house. My credit score is 640 and quickly improving. I rent my house out and have an apartment but my lease expires in a month. My apartment costs 600 a month for a studio. Ive never been late ect. I found a condo with low fees monthly and its only 55k for a 2br 1 1/2 bath. What is the chances I can get a home equity loan for this condo with a 6-7% intrest rate? Should I go with a home equity loan or a totally new mortgage on the condo itself? The home equity loan has no closing cost while a mortgage will be around 3k in closing. I just dont want a home equity loan with more than 7% intrest. Anything more than that is ridiculous! Can I get it?
Question to those who are experts on home loans?
04
Jun
I co-own a home with a family member. It is owned free and clear, no debt is on it. We are considering consolidating all of our outstanding debt and doing home improvements on the property. What is the best option from a mortgage lender? Variable? Fixed? I have an appointment with a lender coming up soon and would like to be prepared. I have done some research but would like advice from someone in the field. Thank you very much.
Home Equity Loan Question?
01
Jun
OK heres the deal… I have bad credit however i have my own house all paid for, nothing owed. I need a new car since mine decided to freakin blow up! I tried with Bank of America to get a home equity line of $25,000… which was the min, and they denied me because of my credit. I HAVE COLLATERIAL! Anyone know where else i should apply? or am I just basically screwed? You would thing that my house is all paid for that someone would give me a home equity loan…I am trying to avoid going to a car dealership to finance due to the interest rates…Thanks for all your help! any suggestions are also welcome
Home Loan Question?
30
May
I am purchasing a home currently, but I have not closed, nor have I signed any documents finalizing anything… I have placed a deposit only for $6,000. The house has now been appraised under what the company is selling it to me for(kbhomes)… Because of this, the loan company (Countrywide) is wanting to change my loan from 100% to now wanting me to put 3% down. Before this everything was fine, I have already been approved for the total amount of the home loan (100% financing), we’re just waiting to close and the house to be finished. But now CW wants to change up the loan… is there anything I can do? I don’t think i should have to put anymore money down.
Question for bankers with knowledge of home equity loans?
26
May
I had an allodial title to my home, which was passed down. I signed a contract with a bank for a Home equity loan. As a condition of the loan the Bank agreed with me that I Did not agree to tax deductions in the Home equity loan; they would not deduct a property tax, no agreement to take it out the mortgage payment; (3) I Don’t have to pay taxes in mortgage payment agreeing I would pay property taxes due to a separate arrangement with Township Tax Office if payments are due. I became surety still under the Home equity loan. The Bank forecloses on the property or Home equity loan for failure to receive payment. The Bank didn’t receive payment because they refused it. Was the bank refusal not breach of contract? There was non-payment of monthly obligations on the loan because they refuse to receive payment because of failure to pay property taxes. The Bank forecloses because Township stated I owed property tax. When I was continuing not to pay property taxes after a while the Bank foreclose on the payment. How did failure to pay property taxes breach contract my contract with the bank? Tax bills are sent out by Township Tax Office, which I refuse to honor. I didn’t have a Mortgage Loan rather Home equity loan. United Jersey Bank breached the contract when they did not receive any payment thus the contract was void. The tax issue was separate. Under New Jersey Statute it is the property owner’s responsibility to make sure that the property taxes are paid when due, even though the owner may not have received the tax bill. A bill is not necessary to make a payment. There was no court decision that as the person who inherited the home property taxes were due. Under New Jersey Statute it is the property owner’s responsibility to make sure that the property taxes are paid when due. Yet how do I owe property taxes? The property was taking for non-payment of Federal Reserve notes.
Question about financing a home?
24
May
I am currently buying a home from the landowner. I have been making payments to him for the last 4 years and now it has come time for us to get the home financed thru a lender. Will this be a refinace or do we need to treat it like a new home loan? Also I have to ask will it affect me since I owe back taxes to the irs? I need help please so we know what we need to do. Thanks in advance