What is the purpose of this money?
Earnest money refers to the "deposit" you provide when making an offer on the property you are purchasing. It is not related to the mortgage at all except that it is listed on the 1003 (Mortgage Application) as part of the property transaction.
Someone may be using that phrase to get you to pay some sort of application fee for a mortgage application. You may want to find a mortgage provider who does not charge an application fee…there are lots of ‘em…
Me2Me2Me3@yahoo.com
There are many options available. The credi scores will diictate what rate you get…and these scores can be improved in less thn a week if they need to be.
I write a blog on the subject of credit management, mortgages, real estate trends, etc. Check it out for more information that may be helpful.
I would like to refinance my condo with my current lender. However, my boyfriend got a two loans that are about 30,000. We are able to pay our current mortgage which is 2700 a month. I don’t have any loans but my student loan. Will I be qualify anyways, since we are paying them our mortgage and they can be assure that we will pay them?
You qualify by having enough income and steady employment. Contact your current lender.
My husband and I need to refinance our home to lower our monthly payments. We are paying 9% right now. We both have bad credit. About 4 years ago we started getting behind and couldn’t make credit card payments. It was either pay them or pay our house payment. So I just didn’t pay them. We also have some unpaid medical bills that our insurance didn’t cover after the birth of our daughter. The creditors are always on our backs. In May we will be eligible to refinance our home (we had a prepayment penalty clause in our mortgage agreement). What chance do we have of getting a lower interest rate and lower monthly payments? Any help is greatly appreciated!
Bad credit is one of the worst problems to have… however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-consolidation.htm
if it helps kindly remember me in your voting!.. cheers!
How long after purchasing a home do you have to wait to take out a home equity loan? Do you have to re-close? Are there loan you can take out beside equity if you own a home?
You can take out a home equity loan at any time after you have purchased a house as long as you have the necessary equity to do so. Yes, you will have to "re-close" on the new loan because you will have new paperwork and a new lien will be added to the house. As for your last question, I believe you are asking about other loans you can take out if you own your home. Well, of course there are other loans that you can take out that aren’t assosiated with your home, but that depends on what you are looking to finance. Anytime you use your home as collateral on a loan, the bank will put a lien against the title and will require some sort of equity available to draw from. You can try for a home improvement loan, which again is based on your equity, but there are stricter guidelines for those types of loans.
I am on my last year of Grad school and I run out of student loans. I had the federal loans and a citi-assist loan but my school is telling me that I maxed out on the amount of loans I can get (the full cost of attendance). What can I do? I see there are private student loan option but some say maximum is total cost of attendance… this means I am ineligible? what are my options?
No, it means all you can get is the total cost of tuition & books. Call a few of those companies & ask. Also, since you’re in last year, ask mom, dad, aunt, whoever you can for a personal loan. Also, get a job. Waiting tables can be really good $$ for minimum hours put in. Dinner or cocktail only. There’s no money in breakfast or lunch.
mortgage and equity loan, does one have a better interest rate than the other overall? does an equity loan have an advantage or is it almost the same thing if i just got another mortgage?
A mortgage will likely be at a lower rate, but will have closing costs and will take longer and require more steps to approve. Most lenders offer equity loans with little or no fees, and the underwriting is much quicker. However, if your credit history is poor, you will have better chances getting a mortgage refinance approved. The best advice is to use a local broker who can advise you on the best solution in your situation, then shop for the best rate/lowest fees using a single inquiry on your credit.
I have two loans- 441,000.00 and 77,000.00. House is only worth about 520,000.00. I need to get out of it asap. Can I offer the lender of the second mortgage some money to get out of it before I do a short sale on the first? I was thinking about $1000 to $5000. Thanks! I need all the answers I can get.
I owe 520k, it may only sell for that amount if I’m lucky, definitely not more. Can I please have people with experience in this answer the question. I’ve read that in some short sales, the second mortgagee gets zero.
I have 15 years of mortgage experience and 2 years as a Real Estate Agent.
Not all banks will negotiate or even deal with short sales. They have the option to say no to you. The first mortgage will most likely say no since they have the 1st position. You will probably have to talk to the 2nd mortgage holder and ask them to do a short sale. My guess is they may be willing to take 50% MINIMUM on what you owe them. So you can call them and talk to them, but most banks will only do short sales in case you have been late, or lost your job. They will not do it just because you want out of your house.
Call them and see what they are willing to do. If they are willing to take $30K off your loan, you should be in good shape to sell it and pay the commission fees to your agent. On a short sale beware though…. the bank will not allow you to make one cent on the transaction. You should also know that any amount of money the bank takes off your loan is consider regular income and you will be taxed on it at the end of the year. So if they take $30K off your loan you better be saving at least $10K to pay the IRS in January.
Have you considered just renting your place out for a while?
I am a NRI citizen looking for 100% Homeloan and which is the bank who can provide me 100%Homeloan and what are the documents needed and even tell the bank at low rate of interest.
Place in Mumbai and Also if possible in Kerala.
Sir, May you elaborate ,,,, what’s 100% ?
No bank in India gives loan for 100% in any loan including House Building loans.
You are to provide some margin ( it is yopur contribution ), say 10% and get 90% as laoan.
Both for Mumbai and kerala, I may name one bank which is a very customer friendly :
CENRTRAL BANK OF INDIA
www.centralbankofindia.com
We are looking at buying a home, but also want to get student loans in a few months for my husband to go to school on. With a home loan, is it harder to get student loans? Please let me know what you know. Thanks!
McKenzie:
That would depend what type of student loan you are talking about.
The most likely loan that you’re going to be able to get for your husband is a Stafford loan from the Federal Student Aid system. Your eligibility for Federal Student Aid is not impacted by the value of a primary residence, so the purchase of a home will not make it any less likely that your husband will qualify for a Stafford – or – in fact – any other type of Federal Student Aid.
(The value of your primary residence is not considered an "asset" when calculating your husband’s Expected Family Contribution score.)
Now – if you are hoping to apply for what they call "private" or "alternative" education loans, I have to tell you that your problem is not going to be whether you’ve bought a home – your problem is going to be finding a lender who make that type of loan right now. We get a lot of students here whose parents or older brothers or sisters borrowed from the likes of Campus Door, and Astrive and My Rich Uncle, and a variety of other educational lending specialists. Now that this new generation of students is ready for college, they’re looking for those loans that their elder siblings or parents used to get.
Bad news. Those loans are gone, and so are most of those companies. Yes – another victim of the worldwide banking and lending crisis. There are literally a handful of lenders making private student loans right now, and every single one of them applies extraordinarily conservative lending analyses to every single application. Very, very few people can qualify for a private educational loan without a cosigner, unless they have a significant income stream and a well-established, and very positive credit history.
That’s why I said (earlier) that your husband’s most likely loan source will be the Stafford lending program – which – thanks to the government’s guarantee on that loan – never requires a cosigner. The Stafford application doesn’t even ask about your or his income or credit history, and as I said – the purchase of a home will actually be a GOOD thing, in the sense that you and your husband are probably converting a countable asset like cash into a non-countable asset – your permanent residence. If nothing else, that will decrease your husband’s EFC score, and make it more likely that he may qualify for other forms of Federal Student Aid, in addition to the Stafford.
I hope that helped – good luck to you and your husband!