Sep
30
How many points does your credit score go down for late mortage payments?
Filed Under Credit | 2 Comments
Coral asked:
How many points does your credit score go down for every late mortgage payment made 30-35 days after the due date?
How many points does your credit score go down for every late mortgage payment made 30-35 days after the due date?
Is this hard to repair?
Kansieo.com
Sep
29
Re-mortgaging - Guide To The Best Deals
Filed Under Mortgage | Leave a Comment
Joseph Kenny asked:
When interest rates fall, there are savings to be made. This is true for everyone, not just people currently looking for a new home or mortgage. This means that even if you have already bought your home or already committed to a mortgage, you can take real advantage of lower interest rates.
For many people this will not be necessary, as they will have a variable rate mortgage that goes down as interest rates fall and so you get to take advantage of lower interest rates as they come. However there are many situations in which re-mortgaging will be beneficial.
Step One
The first is for people who are tied into fixed rate mortgages at higher rates. Since their mortgage rate is fixed, they will not be getting any of the advantages of lower interest rates. This is an unenviable position and one of the best ways to get out of it is to re-mortgage on better terms. You will have to check if this is worthwhile however. If your existing mortgage has redemption penalties or an extended tie in, then getting out of the mortgage is likely to cost you a lot of money. You will also have to consider the arrangement or refinancing fees and add this to the cost of making the change. Only if, after calculating all of these extra charges, the lower rates are worth the expense of re-mortgaging, should you go through with the transaction.
There are also people on variable rate mortgages who can benefit from re-mortgaging. This is because even though their current mortgage will have reduced its interest rates in line with a lower Bank of England rate, there may be significantly cheaper mortgages on the market that they wish to switch to.
Redemption Costs
Just like many loans on the market if you wish to pay your mortgage off early then you may be liable to pay an early redemption penalty. Normally for a personal loan in the UK the average payment or charge is between one or two months interest payments. This charge should be taken into consideration when contemplating transferring your mortage away from your current provider.
Your In Credit
Often, people re-mortgage because they find that their credit rating has improved dramatically since they took out their first mortgage. If you took out a mortgage five years ago, then it could well be the case that your income has increased, the value of your home has increased, and you may also have some savings now. All of these factors will allow you to apply for more exclusive mortgages that offer better rates. If this is the case for you, then looking into a re-mortgage that takes advantage of all these benefits is a very good idea. Don’t be afraid to take the best offers available to you on the mortgage market.
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When interest rates fall, there are savings to be made. This is true for everyone, not just people currently looking for a new home or mortgage. This means that even if you have already bought your home or already committed to a mortgage, you can take real advantage of lower interest rates.
For many people this will not be necessary, as they will have a variable rate mortgage that goes down as interest rates fall and so you get to take advantage of lower interest rates as they come. However there are many situations in which re-mortgaging will be beneficial.
Step One
The first is for people who are tied into fixed rate mortgages at higher rates. Since their mortgage rate is fixed, they will not be getting any of the advantages of lower interest rates. This is an unenviable position and one of the best ways to get out of it is to re-mortgage on better terms. You will have to check if this is worthwhile however. If your existing mortgage has redemption penalties or an extended tie in, then getting out of the mortgage is likely to cost you a lot of money. You will also have to consider the arrangement or refinancing fees and add this to the cost of making the change. Only if, after calculating all of these extra charges, the lower rates are worth the expense of re-mortgaging, should you go through with the transaction.
There are also people on variable rate mortgages who can benefit from re-mortgaging. This is because even though their current mortgage will have reduced its interest rates in line with a lower Bank of England rate, there may be significantly cheaper mortgages on the market that they wish to switch to.
Redemption Costs
Just like many loans on the market if you wish to pay your mortgage off early then you may be liable to pay an early redemption penalty. Normally for a personal loan in the UK the average payment or charge is between one or two months interest payments. This charge should be taken into consideration when contemplating transferring your mortage away from your current provider.
Your In Credit
Often, people re-mortgage because they find that their credit rating has improved dramatically since they took out their first mortgage. If you took out a mortgage five years ago, then it could well be the case that your income has increased, the value of your home has increased, and you may also have some savings now. All of these factors will allow you to apply for more exclusive mortgages that offer better rates. If this is the case for you, then looking into a re-mortgage that takes advantage of all these benefits is a very good idea. Don’t be afraid to take the best offers available to you on the mortgage market.
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Sep
29
iceman asked:
I have solid credit, a round a 700 credit score. However my Fiance has poor credit due to some problems in college and her lack of using credit in the past few years. Her income is very good, and without it I could ever carry the mortgage we are looking for on my own. My question is how much will her credit score effect the type of rate we get or the get of line we get?
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I have solid credit, a round a 700 credit score. However my Fiance has poor credit due to some problems in college and her lack of using credit in the past few years. Her income is very good, and without it I could ever carry the mortgage we are looking for on my own. My question is how much will her credit score effect the type of rate we get or the get of line we get?
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Sep
28
Mortgage your Home Restoration
Filed Under Mortgage | Leave a Comment
Susan Zanzonico asked:
Buying and restoring a historic home might be easier than you think. If you can qualify for a mortgage, you might be able to get financing for the restoration as well, under Section 203(k) of the National Housing Act (NHA). This legislation makes it easier for buyers to stay in the historic market of their choice, and find a home to suit their needs.
The 203 (k) program differs from other mortgages because it provides financing beyond the cost of the house or property. In most cases, upgrades to a property must be completed before the mortgage is made, in order to provide adequate loan security to the lender - this might require a buyer to find a high interest interim loan for their restoration after acquiring a property. With the 203 (k) program, a buyer can have just one mortgage at a long-term rate, covering both the purchase and rehabilitation of a property. These mortgages are based on the projected value of the property after the upgrades, taking into account the cost of the work.
Lenders can minimize their risk under the 203 (k) program by having their mortgage endorsed by the Department of Housing and Urban Development as soon as proceeds are disbursed and the mortgage escrow created.
A wide variety of property types are eli gable for 203 (k) financing, but some form of residential use on the property is required. Eligible properties must also be at least one year since completion, and all newly constructed units must attach to the existing building. For a mixed use property to qualify, only a certain percentage of it may be used commercially, and upgrade funds must only be used for the residential parts of the building, or areas used to access the residential sections. One story buildings eligible for 203 (k) financing are limited to 25 per cent commercial use, while two story buildings are limited to 49 per cent, and three story buildings are limited to 33 per cent. The purchase and upgrade of an owner occupied condominium unit can also be financed through a 203 (k) mortgage, as long as renovations are limited to the interior of the unit. Demolished or razed homes may even qualify, providing some of the existing foundation remains in place.
Finding a lender for a 203 (k) mortgage isn’t difficult. The program is designed to minimizes risk to lenders, while providing ample opportunity for buyers to increase the value of their home and preserve historic areas. As a result, many 203 (k) borrowers are able to pay back their mortgages faster than traditional mortgage borrowers.
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Buying and restoring a historic home might be easier than you think. If you can qualify for a mortgage, you might be able to get financing for the restoration as well, under Section 203(k) of the National Housing Act (NHA). This legislation makes it easier for buyers to stay in the historic market of their choice, and find a home to suit their needs.
The 203 (k) program differs from other mortgages because it provides financing beyond the cost of the house or property. In most cases, upgrades to a property must be completed before the mortgage is made, in order to provide adequate loan security to the lender - this might require a buyer to find a high interest interim loan for their restoration after acquiring a property. With the 203 (k) program, a buyer can have just one mortgage at a long-term rate, covering both the purchase and rehabilitation of a property. These mortgages are based on the projected value of the property after the upgrades, taking into account the cost of the work.
Lenders can minimize their risk under the 203 (k) program by having their mortgage endorsed by the Department of Housing and Urban Development as soon as proceeds are disbursed and the mortgage escrow created.
A wide variety of property types are eli gable for 203 (k) financing, but some form of residential use on the property is required. Eligible properties must also be at least one year since completion, and all newly constructed units must attach to the existing building. For a mixed use property to qualify, only a certain percentage of it may be used commercially, and upgrade funds must only be used for the residential parts of the building, or areas used to access the residential sections. One story buildings eligible for 203 (k) financing are limited to 25 per cent commercial use, while two story buildings are limited to 49 per cent, and three story buildings are limited to 33 per cent. The purchase and upgrade of an owner occupied condominium unit can also be financed through a 203 (k) mortgage, as long as renovations are limited to the interior of the unit. Demolished or razed homes may even qualify, providing some of the existing foundation remains in place.
Finding a lender for a 203 (k) mortgage isn’t difficult. The program is designed to minimizes risk to lenders, while providing ample opportunity for buyers to increase the value of their home and preserve historic areas. As a result, many 203 (k) borrowers are able to pay back their mortgages faster than traditional mortgage borrowers.
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Sep
25
A Reverse Mortgage: Is It For You?
Filed Under Mortgage | Leave a Comment
Joseph Kenny asked:
Many senior citizens do not know where to get the funds to pay for their health care. This may be why the issue of reverse mortgages is getting so much attention in the media. Many senior citizens are unsure of how to get the finances to continue caring for themselves if heath problems arise. The need for long-term health and medical care is getting to be more relevant to our American society. There are larger numbers of people who are reaching retirement age than ever before and they need health care alternatives.
As you read the newspaper or watch television or as you browse the financial websites on investments, the idea of reverse mortgages tends to pop up. Often an attempt is made to explain what the different advantages and disadvantages are to the reverse mortgage. There are two major organizations which have given endorsements to the reverse mortgage option to provide long-term care to seniors in certain circumstances; AARP and the NCOA.
The NCOA (National Council on Aging) conducted a report which stated that over 13 million people are eligible to use a reverse mortgage to fund their long-term expenses at home and to keep their independence at home longer. This is an option that offers an advantage of having alternative financial resources from which to draw funds for medical care. Less money is taken from Medicare and Medicaid, both of which have great financial pressure on them because of the large volume of retirees that rely on them.
A reverse mortgage is also known as a home equity conversion mortgage. Reverse mortgages are supported by federal agencies such as FHA and HUD. People who are sixty two and older are the most frequent users of the reverse mortgage program. These people are usually the ones who have paid their mortgages off and have usable equity in their homes. The amount that the recipient of the reverse mortgage can draw against is usually capped by the value of the house.
Instead of making a monthly mortgage payment the reverse is true, as the homeowner actually receives the payments. The money that is received through a reverse mortgage is tax free and will not affect your current Medicare or SSI benefits. Seniors don’t have to worry about the money being taken from their monthly incomes.
In the event that the homeowner does leave the home to move into a nursing facility or a retirement community the reverse mortgage will have to be paid back. This type of loan is based on the equity you have in the home, but even if the payments to you over time amount to more, you only have to pay back what the house is valued at when the mortgage was taken out.
Not everyone will find that a reverse mortgage will be the best way to deal with their circumstances but it is still a very good option for some. As an aging baby-boomer or an older senior citizen you may benefit from this information.
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Many senior citizens do not know where to get the funds to pay for their health care. This may be why the issue of reverse mortgages is getting so much attention in the media. Many senior citizens are unsure of how to get the finances to continue caring for themselves if heath problems arise. The need for long-term health and medical care is getting to be more relevant to our American society. There are larger numbers of people who are reaching retirement age than ever before and they need health care alternatives.
As you read the newspaper or watch television or as you browse the financial websites on investments, the idea of reverse mortgages tends to pop up. Often an attempt is made to explain what the different advantages and disadvantages are to the reverse mortgage. There are two major organizations which have given endorsements to the reverse mortgage option to provide long-term care to seniors in certain circumstances; AARP and the NCOA.
The NCOA (National Council on Aging) conducted a report which stated that over 13 million people are eligible to use a reverse mortgage to fund their long-term expenses at home and to keep their independence at home longer. This is an option that offers an advantage of having alternative financial resources from which to draw funds for medical care. Less money is taken from Medicare and Medicaid, both of which have great financial pressure on them because of the large volume of retirees that rely on them.
A reverse mortgage is also known as a home equity conversion mortgage. Reverse mortgages are supported by federal agencies such as FHA and HUD. People who are sixty two and older are the most frequent users of the reverse mortgage program. These people are usually the ones who have paid their mortgages off and have usable equity in their homes. The amount that the recipient of the reverse mortgage can draw against is usually capped by the value of the house.
Instead of making a monthly mortgage payment the reverse is true, as the homeowner actually receives the payments. The money that is received through a reverse mortgage is tax free and will not affect your current Medicare or SSI benefits. Seniors don’t have to worry about the money being taken from their monthly incomes.
In the event that the homeowner does leave the home to move into a nursing facility or a retirement community the reverse mortgage will have to be paid back. This type of loan is based on the equity you have in the home, but even if the payments to you over time amount to more, you only have to pay back what the house is valued at when the mortgage was taken out.
Not everyone will find that a reverse mortgage will be the best way to deal with their circumstances but it is still a very good option for some. As an aging baby-boomer or an older senior citizen you may benefit from this information.
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Sep
23
Reverse Mortgage Information - Who Qualifies For Reverse Mortgages
Filed Under Mortgage | Leave a Comment
Charles & Susan Truett asked:
Reverse mortgages can be a great solution for seniors who wish to remain in their home but are having difficulty making their monthly payments and meeting other financial obligations. If you are over age 62 and own your own home, the bank will actually pay you money so you can stay in your home, rather than the other way around. It is important to collect as much reverse mortgage information as possible before deciding whether to take out the loan.
Anyone is eligible for a reverse mortgage loan, even if they have no income. Your home must be a single family residence in a one to four unit dwelling, a condominium or some type of manufactured home. Cooperatives and most mobile homes are not eligible. The home must be at least one year old and you have to first meet with an authorized counselor.
You can obtain the loan as a lump sum payment, a fixed monthly amount or as a line of credit that you use whenever you need it. The money can be used for just about any purpose. This can include paying property taxes or medical bills, home repairs and improvements, paying off credit cards or just daily living expenses. The amount of money you receive depends upon your age, the amount of equity in the home, its appraised value and current interest rates. The reverse mortgage loan does not have to be repaid until you sell the home, permanently move out, or pass away. Your loan could also become due if you allow the property to deteriorate, you fail to pay property taxes or hazard insurance, or if the last surviving borrower does not occupy the home for 12 months in a row due to illness.
There are some fees involved with a reverse mortgage loan, similar to those you would incur with a regular mortgage. These include origination fees which cover the lenders operating expenses and are currently capped at the greater of $2,000 or 2% of the maximum FHA loan limit. In addition you will be required to take out mortgage insurance and pay an appraisal fee which ranges between $300 - $400. Other closing costs include fees for a credit report (usually under $20), flood certification, closing and title search, document preparation, recording, courier, pest inspection and a land survey. In addition, a monthly service set-aside fee of $30-35 per month will be charged.
When you meet with your counselor, you should be able to obtain all the reverse mortgage information you require before you make your final decision. It will be nice to have the option of staying in your own home if that is what you desire.
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Reverse mortgages can be a great solution for seniors who wish to remain in their home but are having difficulty making their monthly payments and meeting other financial obligations. If you are over age 62 and own your own home, the bank will actually pay you money so you can stay in your home, rather than the other way around. It is important to collect as much reverse mortgage information as possible before deciding whether to take out the loan.
Anyone is eligible for a reverse mortgage loan, even if they have no income. Your home must be a single family residence in a one to four unit dwelling, a condominium or some type of manufactured home. Cooperatives and most mobile homes are not eligible. The home must be at least one year old and you have to first meet with an authorized counselor.
You can obtain the loan as a lump sum payment, a fixed monthly amount or as a line of credit that you use whenever you need it. The money can be used for just about any purpose. This can include paying property taxes or medical bills, home repairs and improvements, paying off credit cards or just daily living expenses. The amount of money you receive depends upon your age, the amount of equity in the home, its appraised value and current interest rates. The reverse mortgage loan does not have to be repaid until you sell the home, permanently move out, or pass away. Your loan could also become due if you allow the property to deteriorate, you fail to pay property taxes or hazard insurance, or if the last surviving borrower does not occupy the home for 12 months in a row due to illness.
There are some fees involved with a reverse mortgage loan, similar to those you would incur with a regular mortgage. These include origination fees which cover the lenders operating expenses and are currently capped at the greater of $2,000 or 2% of the maximum FHA loan limit. In addition you will be required to take out mortgage insurance and pay an appraisal fee which ranges between $300 - $400. Other closing costs include fees for a credit report (usually under $20), flood certification, closing and title search, document preparation, recording, courier, pest inspection and a land survey. In addition, a monthly service set-aside fee of $30-35 per month will be charged.
When you meet with your counselor, you should be able to obtain all the reverse mortgage information you require before you make your final decision. It will be nice to have the option of staying in your own home if that is what you desire.
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Sep
20
Can you adjust your mortage rate lower by negiotation in this market?
Filed Under Renting & Real Estate | 12 Comments
OZ2003 asked:
Hi there, I was wondering, I currently have two mortages, and 80/20 since I had no down payment. My 80 10 year interest is fixed at 6.125% and my 20 30 year fixed is at 8.25%. I don’t want to refinance and pay all closing costs, but could I call my mortgage company and work a better deal with the way the market is. I have a stable job and always pay on time.
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Hi there, I was wondering, I currently have two mortages, and 80/20 since I had no down payment. My 80 10 year interest is fixed at 6.125% and my 20 30 year fixed is at 8.25%. I don’t want to refinance and pay all closing costs, but could I call my mortgage company and work a better deal with the way the market is. I have a stable job and always pay on time.
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Sep
17
Balaji Vijayaraghavan asked:
You should always compare mortgage rates to find the best mortgage to meet your needs before refinancing. Comparison helps you identify the best lender. Compare Mortage rates by contacting at least two different mortgage lenders.
It will take some research and comparison in order to find both the best lender and the best in first time home buyer loans. Also, Calculate whether a fixed rate mortgage or an adjustable rate mortgage will benefit you in the short and long-term.
Record numbers of homeowners are jumping on the refinancing bandwagon in an effort to lower their mortgage interest rates. There are several tools that help you determine if it’s worth chasing a low mortgage and refinance your mortgage, it’s best to mortgage rate compare before signing on the dotted line. Further, if you have poor credit, you’ll be required to pay a higher rate of interest than those who have a good credit rating.
Another important question is, Should you buy or rent When you get that urge to buy a house, the first thing to do is step back and ask whether it makes more sense to keep renting for a while. If you still want to buy, you need to figure out how much house you can afford.
Industry experts claim that homeowners are refinancing in record numbers. While this is all well and good for some it may not be for others. It’s true with a good refinancing package you can potentially shave hundreds of dollars off your existing mortgage but it isn’t for everyone.
When you apply for a loan, you and the lender will need accurate estimates of how much you will pay every month for property taxes and homeowners insurance. In the next chapter, we will describe these and other key elements of the monthly mortgage payment.
Further, when you buy a home with a reverse mortgage it is not considered taxable income and does not affect Social Security or Medicare benefits.
There are many factors that come into play when you consider the ultimate amount you may be able to save by refinancing. Such factors include whether you will be selling your home in the near future and what if any effects there will be on your taxes.
All the more reason to mortgage rate compare and gather information from various lenders. Being a knowledgeable homeowner is vital. Just knowing your interest rate and your monthly payment costs is not enough to win at the refinancing game. A wise homeowner will always mortgage rate compare and gather information about the same loan amount, loan term and type of loan so comparisons are easily made.
Look out for your own best interests and don’t feel pressured to stay with the lender of your original mortgage if their terms aren’t in your best interest. Ask the right questions, compare mortgage rates between lenders and negotiate the best refinancing deal you can.
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You should always compare mortgage rates to find the best mortgage to meet your needs before refinancing. Comparison helps you identify the best lender. Compare Mortage rates by contacting at least two different mortgage lenders.
It will take some research and comparison in order to find both the best lender and the best in first time home buyer loans. Also, Calculate whether a fixed rate mortgage or an adjustable rate mortgage will benefit you in the short and long-term.
Record numbers of homeowners are jumping on the refinancing bandwagon in an effort to lower their mortgage interest rates. There are several tools that help you determine if it’s worth chasing a low mortgage and refinance your mortgage, it’s best to mortgage rate compare before signing on the dotted line. Further, if you have poor credit, you’ll be required to pay a higher rate of interest than those who have a good credit rating.
Another important question is, Should you buy or rent When you get that urge to buy a house, the first thing to do is step back and ask whether it makes more sense to keep renting for a while. If you still want to buy, you need to figure out how much house you can afford.
Industry experts claim that homeowners are refinancing in record numbers. While this is all well and good for some it may not be for others. It’s true with a good refinancing package you can potentially shave hundreds of dollars off your existing mortgage but it isn’t for everyone.
When you apply for a loan, you and the lender will need accurate estimates of how much you will pay every month for property taxes and homeowners insurance. In the next chapter, we will describe these and other key elements of the monthly mortgage payment.
Further, when you buy a home with a reverse mortgage it is not considered taxable income and does not affect Social Security or Medicare benefits.
There are many factors that come into play when you consider the ultimate amount you may be able to save by refinancing. Such factors include whether you will be selling your home in the near future and what if any effects there will be on your taxes.
All the more reason to mortgage rate compare and gather information from various lenders. Being a knowledgeable homeowner is vital. Just knowing your interest rate and your monthly payment costs is not enough to win at the refinancing game. A wise homeowner will always mortgage rate compare and gather information about the same loan amount, loan term and type of loan so comparisons are easily made.
Look out for your own best interests and don’t feel pressured to stay with the lender of your original mortgage if their terms aren’t in your best interest. Ask the right questions, compare mortgage rates between lenders and negotiate the best refinancing deal you can.
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Sep
15
My Manayunk Mortgage: the Fees
Filed Under Finance | Leave a Comment
Manu Geol asked:
A lot of people just plunge into mortgage without evaluating it completely. They are either too fascinated with real estate so as to be able to evaluate mortgages or they are just plain careless. However, mortgages need to be considered carefully. Since your Manayunk mortgage is one of your biggest financial transactions, you cannot just go for that Manayunk mortgage without actually considering all the costs/fees etc related to your mortgage.
Your Manayunk mortgage approval (rather mortgage approval in general) will involve a lot of different people/professionals. The first and the most important is the mortgage lender. Your Manayunk mortgage lender will agree on various terms and conditions with you as part of your Manayunk home mortgage loan approval process. Most people think that the monthly mortgage instalments are the only payments to be made to the mortgage lenders. However, mortgage lenders also charge an application fee (or the establishment fee) to the buyer. If you are going for insurance of your Manayunk mortgage, you will need to pay for mortgage insurance too (which can be part of your monthly mortgage payments). Stamp duties, registration and other government taxes should also be considered. Then you have the legal fees, as charged by the attorney. Inspection fee is another one that you need to consider. So there are a whole lot of expenses related to getting your Manayunk mortgage (or just any mortgage, for that matter) and you should consider all of these when evaluating your Manayunk mortgage. As far as the mortgage offers go, you can use certain websites online for quickly getting good mortgage offers.
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A lot of people just plunge into mortgage without evaluating it completely. They are either too fascinated with real estate so as to be able to evaluate mortgages or they are just plain careless. However, mortgages need to be considered carefully. Since your Manayunk mortgage is one of your biggest financial transactions, you cannot just go for that Manayunk mortgage without actually considering all the costs/fees etc related to your mortgage.
Your Manayunk mortgage approval (rather mortgage approval in general) will involve a lot of different people/professionals. The first and the most important is the mortgage lender. Your Manayunk mortgage lender will agree on various terms and conditions with you as part of your Manayunk home mortgage loan approval process. Most people think that the monthly mortgage instalments are the only payments to be made to the mortgage lenders. However, mortgage lenders also charge an application fee (or the establishment fee) to the buyer. If you are going for insurance of your Manayunk mortgage, you will need to pay for mortgage insurance too (which can be part of your monthly mortgage payments). Stamp duties, registration and other government taxes should also be considered. Then you have the legal fees, as charged by the attorney. Inspection fee is another one that you need to consider. So there are a whole lot of expenses related to getting your Manayunk mortgage (or just any mortgage, for that matter) and you should consider all of these when evaluating your Manayunk mortgage. As far as the mortgage offers go, you can use certain websites online for quickly getting good mortgage offers.
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Sep
13
What are the advantages/disadvantages of FHA mortage vs conventional mortgage?
Filed Under Renting & Real Estate | 7 Comments
crazy_grrrl asked:
If I have a low credit score, but parents are fronting 20% of the downpayment for a new home - mortgage broker is suggesting applying for an FHA mortgage.
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If I have a low credit score, but parents are fronting 20% of the downpayment for a new home - mortgage broker is suggesting applying for an FHA mortgage.
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