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
And, what is the lowest credit score you can have? My credit score isn’t the greatest and I’m looking to get pre-approved, but I have heard that the banks are not even giving loans right now even if you have good credit.Any advice?
That is not at all true. Not one bit.
Banks have started regulating who they give out loans to.
If you have perfect credit you can get a loan if you put 10% down.
If you have had dings, you will have to put 20% down.
(The way it used to be before this mess started).
You want to put 20% anyway.
This avoids that nasty PMI, which does not go towards principal or interest, and it is not tax deductible.
It’s like throwing money away.
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Bankruptcy, your home, mortgages, deficiency judgment, stripping off of second mortgage.
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I have a list of reasons why they would be against the idea (limited government intervention, Laissez-faire, current banking crisis), but would there be any reason why they would be for it? This was a repost an hour ago and again I greatly appreciate for the help in advance.
It fits right in with their ridiculous socialist philosophy: take money from the responsible to give to the irresponsible. It goes along with expanded social welfare programs (take from the hard-working taxpayers and give to those too lazy to get a job). They think that everyone should own a house, even if they can’t afford it. Well, if they can’t afford to own a house, let them rent! I rented for 20 years before I could afford to buy a house. But they don’t see it that way. They want everyone to be "equal."
As a new homeowner, I purchased a house I could afford, took a fixed-rate mortgage, and make my payments on time. Now I’m being told that I need to shell out more of my hard-earned money to bail out those who bought more house than they could afford and can’t make the payments, and those who didn’t realize that a adjustable rate mortgage was going to adjust UP at some point. The liberals think that this is my "Patriotic duty" and that I should help those more foolish than myself. They want to "spread the wealth" to those who made poor choices.
Hawaii homeowners are being given one more chance to save either their home or credit ratings.3/2/2010.
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Why are they calling this the worst economy since the depression?
i remember the carter years all too well…they say that because all too many voters weren’t born at that time and don’t care to learn history…the just want to believe democrats are always good
We would like to sell our house, we have grown out of it. We do not have 20% to put down on another.
Yes, FHA only requires 3.5% down and USDA is zero down
www.notapennydown.com Mark Fidgett, a mortgage broker in Vancouver Canada, explains the one thing you absolutely must not do before you buy a home
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They are at 6.47%, last week they were 6.14% and for a while it was even in the 5’s.
Banks are in trouble have little money to lend. You have doubtless heard about Fannie & Freddie. Between the two, they guarantee over $5Trillion in US mortgages. Without a strong guarantor, limited capital, a declining economic picture, risks are very high for banks lending mortgage money. So interest rates have to increase dramatically.
Note that as soon as the "Fannie & Freddie Show" aired on the news, interest rates began escalating sharply.
I’m guessing the government takes over, but do they make millions and millions of people homeless when they call their loans and there is no way to repay ? I’m just imagining empty homes and people living in the streets, would it be less dramatic then that?
In my opinion it won’t be that dramatic.
The government doesn’t usually take over mortgages. This current crisis is just that, a huge, unprecedented crisis and the government’s bailout plan includes buying up bad loans.
When homeowners don’t pay their mortgages, eventually the lender will foreclose on and evict them, if it comes to that. It does not happen fast. The homeowners get months to try to catch up on their payments and/or work something out with the lenders. The banks don’t *want* to foreclose and then have property on their hands that they have to sell at a loss.
If the homeowners can’t work something out they will have to move, but hopefully not to the streets! I guess this could happen but I think the percentage of people who end up homeless after a foreclosure is extremely low. More likely they find a place to rent or maybe move in with relatives.
Whoever ends up holding the loan tries to collect, but probably will end up writing off at least part of the debt.