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Home Loans And Mortgages

admin — Sat, 23 Jan 2010 23:12:59 +0000

Looking for great info on your home loan, getting a mortgage, or refinancing existing loans?

There is some great video and article information on loans and mortgages here:

How To Smash Your Mortgage:

DIY Loan Modification System:

Mortgage Medicine:

Low Mortgage Rates:

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Refinance Home Mortgages & Loans. No Foreclosures in Gig Harbor WA

3 separate mortgages? part 2.?

admin — Thu, 11 Mar 2010 04:28:17 +0000

http://answers.yahoo.com/question/index;_ylt=ApAI.C62aRjL.duY9yT7Asjsy6IX;_ylv=3?qid=20071029104156AABR4AB

this is related to my above link. so from the poster who answer my question..it is not really wise to get 3 separate mortgages. this is a 3 family house in brooklyn, ny btw. the house is $850k (still negotiating). i was thinking of putting down $125k and my 2nd bro is putting $50k and my 3rd wont put down anything.

if we just have one mortgage…how do we determine how much we each pay? can i tell the lawyer to draw up an agreement that each would be paying this based on how much we put down? what happen if we get into a fight in the future and one bro won’t pay or anything. i just want to have some protections just in casedd of something like that.

The thing you are afraid of is the same thing the banks will be concerned about, one of you defaulting and that bank foreclosing on the home.

If you do this (really not a great plan) keep in mind that each one of you is responsible 100% for the mortgages (there is no way any bank will agree to put a % ownership in their document, it is all or nothing). All three mortgages have to be paid or the house is foreclosed on. No lawyer you hire will help you keep any bank from foreclosing if one brother decides not to pay his part.

I brought my home 1yr ago, I want to refinance, my mortgage was setup with a 1st and 2nd mortgage?

admin — Thu, 11 Mar 2010 04:27:54 +0000

Total I brought the house for 87000 and I owe about 85000 total between the two mortgages. First mortgage has an itnerest rate of 9.5% and the 2nd is about 12%. Is this a good time to refinance. In total I am paying between 750-800 a month (not including taxes or homeowners insurance) should I refinance.

you’d have to borrow at least 85000.00 as that is your total as you would have to pay other two liens off

i would like to sell my double wide to our renters, but we have 2 mortgages on it. what can i do?

admin — Thu, 11 Mar 2010 04:27:46 +0000

i can sell it to the renters for what is left owed on the 1st mortgage. we just built a new house and i don’t know what to do about the 2nd mortgage.

Your renters cant assume your mortgage. You figure out a price that they are willing to pay and if it covers both your mortgages, then sell it and pay off the mortgages with the proceeds. Good luck.

What are the risks associated with refinancing home loan with a local lender instead of the big companies?

admin — Thu, 11 Mar 2010 04:27:39 +0000

we are in the process of refinancing our home & i recently submitted my contact info online & i’m receiving calls from many of the local lenders, Can anybody let me know if there are any risks associated with the small companies instead of going with big banks like Wells fargo , BOA or WaMu ..

Thank u in advance …

It sounds like the other person just copied and pasted some random information from a website.

Hon there is not a risk; they all get their money from the Federal Reserve. What you will be dealing with is professionalism, turn around time, and fees. If you go with a smaller ma & pop shop, such as a broker or a Broker Banker, or a independant bank you are using the middleman. The Bigger banks pay these brokers a fee called a Yield Spread Premium, or YSP, to submit their loans to them. The brokers generate the application; collect the required documents outlined by the underwriter, and charge you their fees for doing so. The time in which it takes to complete the loan application depends on the speed of the broker and you to get to them what they ask for, and the volume the bank is dealing with at the time your information is submitted to them. With the broker, you are more likely to receive a higher level of "personal" attention then you would if you went with a bigger company such as WaMu, Wells, or BOA. The broker will shop around for you and determine the best loan program and interest rate based on your income, credit score, and loan amount, in addition to other determing information. Therefore, your chances are better for achieving what you are looking to accomplish with your refinance.

With the broker, you are an individual, a person if you will. With the bigger banks, you are just a loan number. It could take the bigger bank several weeks to months to complete the loan process in order to get you to the closing table. That is a risk in itself I guess. How long do you have to accomplish your refinance? If you are pressed for time due to an urgent payment of a debt, you may want to go the broker route. The brokers usually know right away which lender to send the loan to in order to speed up the process. They have worked with their banks fo choice in most cases for years and are familiar with the individuals there who they can count on to make things happen quickly. Either way the period is undetermined and relies on the factors listed above.

If you decide to go directly with a big bank, you would be only given what they have to offer. They are not going to shop around for you to find a different deal with another bank that may benefit you. If you don’t take their deal and walk away, you will have to start all over with another bank. However, if you cut out the broker and go directly with a loan officer at the bigger bank, you will not pay the additional fees the broker would charge on top of the banks regulated fees. Therefore, you will be saving some money doing it that way when it comes to your final closing costs. If you are, doing a Cash Out Refi that could make a huge difference in your proceeds amount.

I have been a Residential Mortgage Closer for 7 years and have worked for a Brokerage Firm and 2 banks, Washington Mutual and GreenPoint Mortgage. There are benefits of doing it either way. It is all in what your expectations are and what you want to accomplish. Are you looking for a lower rate? Cash out? Borrowing against your equity to pay off debts?

What ever you decide to do is up to you. You will not need to worry about risk since it all ends up in the same place in the end. The servicing rights of your loan may be sold several times and the interest rate on your note will be sold as soon as possible to Fannie Mae in the secondary market.

Good Luck!

Why cant the government offer to buy all mortgages and stop the meltdown?

admin — Thu, 11 Mar 2010 04:27:17 +0000

If there are 300 million people in America, and likely less than 100 million mortgages, a buy out of less than 100 million could stop the leveraged mortgage meltdown. Why not stop it at the source and only spend 100 million instead of the billions?

Math isn’t one of your strong points is it. Do you think the 100 million mortgages are only worth 1 dollar each??

And how about getting a job and taking care of your own instead of sticking your hand out for something that you haven’t worked for or deserve?

how to refinance home loan and consolidate home and auto loans?

admin — Thu, 11 Mar 2010 04:27:04 +0000

we have not so good credit and want to refinance our home loan to consolidate our auto loans into our mortgage . is this a bad idea

one reason why a large number of Americans are in debt is because they don’t check their credit report&score monthly. you can prevent this very common problem by going to http://creditreviews.notlong.com and begin to rebuild your credit immediately.

3rd Presidential Debate Rap (Spaceship Excellent Episode 9)

admin — Thu, 11 Mar 2010 00:26:22 +0000

http://spaceshipexcellent.com This translation of the third and final Presidential Debate was discovered on the same frequency as the regularly scheduled Spaceship Excellent transmissions.

LYRICS
—————–
MCCAIN:
My friend, Joe the plumber, you’ve got John on your team,
I’ll help you buy your business, the American dream.
Obama’s got nada to help you with taxes,
With him you’ll owe more, cuz you’re high in his bracket.
OBAMA:
Joe, I’ve got tax cuts for you in your past,
My focus, you know this, is on middle class.
Those with 40k won’t pay, that’s a disgrace.
Even Fox knew that’s not the case.
MCCAIN:
With me, we’ll make houses secure in this land,
With mortgages purchased 100 mill planned.
I’ll balance the budget, when I’m in the house
with a hatchet AND scalpel, to cut out all doubts.
OBAMA:
John, what is wrong is your cold spending freeze,
And Exxon valdez, cuts for those companies.
I’ll go line for line through the budget indeed,
And cut it, while we learn to live in our means.
MCCAIN:
My friends, I know how to save billions in cash,
I stand for reform, I don’t stand for the past.
You won’t take a stand, when shove comes to push
You’re 4 years too late to fight president bush.
OBAMA:
Of this I’m positive, your campaign’s negative,
it explains more about you than the ways I choose to live,
Attack all you want, I’ll afford all you call at me.
America can’t afford 4 more years of poor policies.
MCCAIN:
You’ve spent more money on negative ads
Than all the combined campaigns of the past.
I tried to talk open with you in town halls,
First you nodded your head, but you never did call…
OBAMA:
The facts remain, ask your running mate, shall we?
People shouting “terrorist” and “kill him” at her rallies.
Joe Biden is one of the finest public servants.
Working for the middle class, honest and deserving.
MCCAIN:
Joe had that cockamamie plan in Iraq,
to split up three countries, that’s out of whack.
But Americans know about Sarah Palin,
Reformer and role model to all Women.
OBAMA:
Back to the issue of energy here,
We can gain independence in near 10 years.
But we can’t drill our way out, look at the facts
We’ve got 5%, but we use five times that.
MCCAIN:
Nuclear’s the new clear solution, you’ll see
That and free trade for our e-conomy
Colombian trade, you know that we hafta,
You can’t unilaterally renegotiate nafta!
OBAMA:
Free trade is good, so long as it’s fair,
What’s bad is the plan that you call for health care.
20 million citizens losing their coverage,
Compare that to getting same care as your governor.
MCCAIN:
My plan allows people to choose their own aide.
And no, I don’t support Roe vs. Wade.
Those who are pro-life see the solution.
I choose for adherence to the constitution.
OBAMA:
Education remains the key to our economy
Credits for our college students serving their communities,
No child behind had the money left behind,
It’s going to cost cash to invest in their minds.
MCCAIN:
Spending more money is not the solution.
We need new direction, and new execution.
I spent my whole life putting my country first.
Let me serve you, and you’ll see the re-birth.
OBAMA:
As your president, I will us all of my ability
To renew a spirit of sacrifice and responsibility,
And to build strength in our middle class again,
I will work tirelessly every day for you children.
—————–
ABOUT SPACESHIP EXCELLENT
The musical Spacemen are on a mission to explore the galaxy of the United States in search of the leader of the solar system. They travel in a spaceship bus, a mobile laboratory used for inspecting foreign towns and inhabitants. The viewpoints they collect become raw material for their live shows, where their experience becomes one with their audience. The mission will culminate in the nations capital on Election Day, when the new leader will be named.
This is a tour of cosmic proportions that is soon to become the worlds first ever Interactive Rockumentary. Each venue and person they meet on the way will set the stage for this cultural phenomenon, and they want you to be a part of it. ALL ABOARD.

Duration : 0:3:41

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How to Satisfy an HSBC Recovery Dept 2nd Mortgage!

admin — Thu, 11 Mar 2010 00:26:09 +0000

This weeks Preforeclosure Tip of the Weekcovers how to get a 1st lien holder (Saxon) to allow a 2nd lien holder (HSBC) more money than the “soon-to-be” standard $3000 that the government is allowing on the new government short sale program.

Duration : 0:6:3

Technorati Tags: bank, Debt, estate, Loss, Mitigation, negotiating, Owned, preforeclosure, real, REO, sales, short

Ask An Expert: Tips for First Time Homebuyers

admin — Thu, 11 Mar 2010 00:26:04 +0000

Welcome to Ask an Expert video podcast where we offer tips and advice for Canadians on making sense of their money. In our first episode, John Turner, Director of mortgages with BMO Bank of Montreal speaks to well-known Canadian real estate expert Don Lawby. Don is President of Century 21 Canada and offers five great tips for first time homebuyers.
http://www.bmo.com

Duration : 0:10:3

Technorati Tags: An, Ask, BMO, Don, Expert, first, Homebuyers, John, Lawby, mortgages, time, Turner