I am 8 years into a 30 yr mortgage, with a fixed rate that is about 1.25 to 1.75 points above where rates are now, so it seems like a good time to investigate refinancing. What are the problems and issues I need to watch out for? [more inside]
We are trying to refinance our mortgage, and the appraisal came back low. Now our loan to value ratio is lower than expected, and the closing fees are higher. We don't feel like the appraiser did his job correctly (more inside for details). We are pretty sure a second appraisal would come back much higher, but the cost of the appraisal is about the same as the increase in fees. What should we do? Have you successfully contested an appraisal (is such a thing possible)? If not, can we use this low appraisal to request a lower assessment on our property taxes? [more inside]
My friend Jenna (alias), a 62-year old woman, very smart and capable, lost her cashier job of 30-some years about a year ago. She's freaking out and has asked me for help. Now I'm freaking out! [more inside]
We were getting close to making an offer on a home — but the house was a lifestyle upgrade, not a necessity. This month we found out a kid is on the way (whoo!), and we're trying to decide if the house is still doable, or if we should save our pennies for the little person-to-be? [more inside]
First time home buyer. Totally confused and stressed out! I was pre-approved for a loan that includes a CalHFA down payment assistance loan. (I'm in California, natch, Alameda County). We went into contract last week and now my mortgage broker is asking me to collect a bunch of paperwork and she told me I need to do an educational class for my CalHFA loan. So I start researching these loans a little more closely, and I think I'm over the income limit. Now... What? [more inside]
We're house-hunting in the craziest market ever - SF Bay Area. Will you help me think this out? [more inside]
Looking to get pre approved for a home loan as a first step. Could you recommend a few good banks & web sites. The home purchase would be in central NJ. Would prefer to get this done over the phone / online. What is typically considered a good interest rate for someone with very good credit these days?
Buying our first home, I'm would like to go with a buyer agent and have our first meeting set with one Saturday. I'm turning to the hive mind for your tip, tricks, questions, and other things you wish you would have done or found helpful during meeting with your realtor. [more inside]
The issue isn't us as borrowers... It's the house. The house is part of a coop/co-housing setting. We'd be buying the house, but the land it sits on would remain owned by the co-op. Mortgage? [more inside]
If I wanted to buy a house or condo in a distant state as an investment, and I had an opportunity to buy a place outright, with tenants and leases already in place, should I? How about outright but sans tenants? More info within. [more inside]
Trying to buy a house. Have money for a down payment, but I'm self-employed and was turned down for a traditional loan. My parents are willing to lend me the money I'd need for the balance, and have me pay them back with interest, á la a mortgage loan. Is this doable? [more inside]
My wife and I have been working and saving over the last 4-5 years. We've managed to pay off all of our debts and have gotten ahead. It feels great to be debt free, but we want to buy a house. We found a bank foreclosure that's been sitting vacant for 6 years as it slowly worked through the courts. We have just enough to buy it outright, but that will leave us almost broke. Should we buy it? [more inside]
I have a newly good income, a very tiny (yes, I mean very tiny) beginning of a savings account, shitty credit, a little (in the hundreds) debt and I want to buy a house. What should I do? [more inside]
I live in Vancouver and I'll be looking to buy a condo this year somewhere in Coquitlam or New Westminster. I've never bought a place before and have literally no idea what I'm doing. I'm told a Mortgage Broker is my best bet but how do I choose the right one for me? [more inside]
We're shopping for a mortgage (in the DC area), and are feeling anxious and frustrated that 1) it's so hard to know who we'll end up with because so many lenders/originators are likely to sell our loan and/or servicing after closing, and 2) it's easy to find complaints about most servicers out there and hard to find anyone that's satisfied. What has your experience been like with the place(s) that own and/or service your mortgage? Or should we put all that to the side and just try to find someone with the best rates/fees and the best reviews/recommendations regarding smooth and quick closing? [more inside]
My parents have always struggled financially, living under crippling debt and never able to have an income able to match the bills, the biggest of which is their mortgage. I hate to see how difficult this situation is for my dad, and I want to help out for the sake of his stress level, and also because once he retires in a few years the math truly does not work out in their favor. I've been thinking of buying some land anyway, so I'm wondering if there is any feasible way to make this work for both my parents and me. [more inside]
I'm looking at buying a house on the bayou, but am unsure whether the flood and flood insurance issues mean I should offer less, or just run. [more inside]
More details after the jump, but in short: Mortgage lender holds the deeds to the house after missing payments for years. I am trying to figure out what the imminent risks to the house are and if I could find a debt negotiator. Many thanks to you all. [more inside]
Where can I find stats on actual home ownership, not home borrowship? [more inside]
I am trying to purchase a foreclosed house with a homepath loan, but I do not qualify for a homepath loan despite excellent credit. Apparently a conventional loan will not work for the current condition of the home. Can you help me sort out my options in Virginia? [more inside]
My girlfriend and I are trying to get a home loan together. She has good credit, mine is apparently less than good (we were already denied by one lender). Is it possible to apply for loans using only her name, but still include the income I would contribute? Is this a terrible idea?
How do mortgage lenders take into account student loans when calculating whether and how much to lend? Special details inside... [more inside]
I want to buy my mom's house. What are the logistics of this? [more inside]
Family-finances-filter: need financial advisor and online resources to address mortgage refi / retirement questions on behalf of my parents. [more inside]
This past year, we bought a house. A month or two later my wife sold her house. We'd really hoped we could sell the house first, obviously, but it was a bad market and we were in a rush get the home (my wife's house was in another state). So now we both have a0 large mortgage and a large chunk of cash. We're trying to figure out what to do now. [more inside]
It is often said (by presumably reputable sources, such as FHA), that you can afford a house payment that equals 28% - 35% of your pre-tax salary. This seems like an astonishing large amount of money to me -- it's almost 2x what I pay now in rent. Even considering the tax deduction, how can this be right, in this day and age of low housing appreciation rates?
My house is worth $100K less than I bought it for. I have trouble making payments. Is there anything i can do? [more inside]
Home Loans Question: How can we possible afford the mortgage on a 500k house with only ten percent down? [more inside]
I am a homeowner who may be out of a job soon. Instead of selling my house, is there any assistance/help/aid I can apply for to help me in this time of crisis?
What, exactly will happen to me? I got divorced a while ago, and lately my income just can't cover part of my divorce decree. She's mad and threatening to sue. [more inside]
So when I bought my house it was worth around 280K. Its currently valued at around 155K. My mortgage is about 220K. So I have a lot of negative equity and I just got divorced which halved my income which makes making the payments harder. [more inside]
Is it smart to refinance my house now? Very Special Snowflake details on the other side. [more inside]
Explain Property Taxes to me (Chicago) I recently bought a condo in the Wicker Park area of Chicago (Cook County). A week ago I received a notice that my 2008 Property Tax Bill is delinquent. Odd thing was it was sent to me by the builder of my condo building. I was under the impression that my mortgage company was supposed to be paying my property taxes and not me. I have a 30 year fixed mortgage with BoA if that's important. So what do I do? Anonymous 'cause I'm pretty ashamed I don't know the answer to this and know I should.
Help me help my ex-wife get some House Payment breathing room. [more inside]
Should I sell my house, or rent it at a loss when I move cities? What should my decision-making matrix be for how much of a loss per month is acceptable? [more inside]
Currently, at no fault of our own, we live in a 2 bedroom townhouse mortgaged for about 367, and now worth about 275. My wife and I despretly need a bigger home, with an expanding family(children). We have one, and probably gonna have another in the next year. What should we do? Please see explanation for our options as we see it. [more inside]
Previously I was considering bankruptcy, but now I'm considering selling my house. My fiancee has left, I have $50k in CC debt, student loans, and a mortgage that is under water by $15-25K. Renting it out will only cover 2/3 of the mortgage/taxes/ins., and nowhere to live. I'm thinking about selling it, but what happens if I sell for less than I owe? Also, I'd be responsible for the realtor's fee (4-6%= appx. $20-25K). Add those together, and it's 30k to 50k to SELL my house and get out from under the mortgage. What happens to the balance that I would owe? Thanks!
Caught between a potentially troublesome mortgage and a bad job. How should I proceed? [more inside]
I'm looking to buy a home, am I ready to finance this? [more inside]
How much is reasonable (if anything) to pay to a lender for a mortgage application fee? [more inside]
Use cash to start a business or for a down payment on a home. [more inside]
I've got some doubts about our current SoCal real estate agent. At first, there didn't seem to be a problem. But recent events have made me wonder if we're wasting his time. [more inside]
My fiancee and I recently applied for a mortgage on a $200k property in Portland, OR. We have a lot of assets (at least I think so), but were denied for a mortgage loan where we would have put 20% down. Why, and what can we do about it? [more inside]
What are my options for borrowing money for home improvement? [more inside]
Buying a house soon: is it better to pay down my credit card partially, or pay off a small personal loan?
Buying a house soon: is it better to pay down my credit card partially, or pay off a small personal loan? [more inside]
What are the best ways to find and compare mortgage refi rates and fees? (web sites, or?) [more inside]
Is it insane to buy a house in this market? [more inside]
We're refinancing our home mortgage and want to know if you think we should jump now or wait, considering recent news about mortgage rates dropping further based on supposed guarantees by Freddie and Fannie. [more inside]
How late is too late to negotiate with mortgage broker for fees? And how can I track mortgage interest rates to get a better rate before closing? [more inside]
What happens to your credit after walking out of your house? [more inside]
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