mortgage
bjm_116
asked:
"if i buy a home of $350,000 detached / semidetached and 10,000 down payment then how much mortgage will i have to pay every month???? thanks for the answers :)well if not 10,000 then wat abt 20 or 25 ?"
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Min replied:
"depends on your interest ratelets say you did a 30 year 5% fixed1825.19 would be your monthlyhere's a calculator.. toss around your own numbers."
Jamestheflame replied:
"That depends on your interest rate, insurance, tax, term of the loan and the cost of mortgage insurance (which you will need with so small a down payment)."
hrh_gracee replied:
"On a 340,000 mortgage loan (350,000 purchase price with 10,000 down) and an interest rate of 6.25% your estimated monthly payment would be: $2,093.44. That is assuming the 10,000 down was only the down payment and that you have extra $$$ for closing costs.While this would include interest, this does NOT include taxes, homeowners insurance, or PMI (private mortgage insurance) which you undoubtedly will have on a mortgage above an 80% loan to value ratio. Good luck."
woodlander replied:
"if you have an OK credit, about 2700 with prop. tax and ins."
Beez replied:
"It depends on the interest rate and whether you take out a 15 or a 30 year mortgage with an adjustable or a locked in rate."
Iñigo
asked:
"In the actual Subprime mortgage crisis in the US huge amounts of mortgage frauds were discovered. What's the part that these frauds played in the actual mortgage crisis ? Thanks."
Question posted courtesy of:
kate replied:
"Read . . .>"
alterfemego replied:
"Lenders were not clear or were untruthful about how the adjustable rates worked and what the consequences would be to the homeowner in the future when they adjusted. Some started folks out with what were called "teaser rates", like 4%, but it would adjust significantly within a short period of time, like 1-2 years, and the new rate would be 8%! These folks had no clue. Loans officers were not licensed in most cases and were'nt held to a higher standard like Realtor/Appraisers are. Thus they bent the hell out the rules to make a buck. Others like a few builders and others would use what are called "straw buyers" to sign closing paperwork on a property they really didn't wouldn't own. These straw buyers put themselves in deep trouble with Federal Authorities. And some appraisers were in the mix as well, dummy up appraisals to match the trumped up sales of properties. So it all came down to greed and now we are all going to pay for this for many years to come. I would estimate that somewhere between 85-95% of Americans will feel some effect of this on their credit with no control on their part. A damn sad state of affairs."
afiesha s replied:
"That is a really good question. Allow me to direct you to this site. It is great for people with questions like yours."
Oye chak de phatte!! replied:
"read on...The above article elucidates you on the actual subprime mortgage crisis in us. and the persons behind the mortgage fraud and all those who are to be directly blamed for this financial catastrophe."
buad0118
asked:
"I am going to bid on a house at foreclosure and it has a 1st mortgage of $280K and a second of $70K. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at foreclosure that I will own additional money to the second mortgage or just the first mortgage and back taxes?"
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sammus
asked:
"I want to refinance my mortgage and I want to start a home business before doing so. It would have no employees and I would still keep my current job. My home business will not require any due balances or credit lines to increase my debt. Would mortgage companies see the worry that I would quit my regular job or would they trust that I would maturely handle the mortgage payments? In other words, would I have no problems getting refinanced under these conditions. My credit score is about 650 and I've been at my current job for 1 1/2 years but have had steady employment for a long time. I have also paid my mortgage on time for 12 months.The reason I am asking is because what I will be doing requires a vendor license. Therefore, in my ssn, it would show the business based at my home address.I am actually looking for a new mortgage loan, not a home equity loan or personal loan and I don't need to borrow to pay debts."
Question posted courtesy of:
Keith A replied:
"If there is no debt increases involved, then does the mortgage company really need to know about your home business? Go to and check out all of the articles on this very sort of thing. You can find all you need to know there."
Nanci T replied:
"I believe the answer you're looking for can be found on this site. They've got lots of info about the subject."
Mortgage Planner replied:
"A lender wants to see a history of stable and continual employment and income and will consider- your debt-to-income ratio (debt divided by income)- the loan-to-value ratio (mortgage divided by appraised value)- your credit history.Based on what you have stated, as long as you continue to have stable employment and income, no increase in debt and maintain your credit score, your plans to start a business should have no impact on your ability refinance your mortgage."
ed m replied:
"i do not see any problem with you getting the refinance and i would not worry about the business end affected it!!!"
TexasBound
asked:
"I'm planning to relocate, but current owe a mortgage for $50k. I also have a bankruptcy on my record thats a couple of years old. I'd like to find new home in the state I choose to live in. Would I be able to get a second mortgage or refinance my current home in order to pay for a new one?"
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Illusion # 1: The government can create wealth. Reality: The government doesn’t create any wealth—it redistributes it through inflation and taxation. To the superficial observer, the government appears altruistic when it buys mortgages and injects capital into banks to alleviate the hardships of homeowners and banks.
To maintain a good credit score it is very important to know how credit scores are calculated. Credit ratings are very important when trying to get a loan, mortgage or credit cards.
In the past decades, it was believed that a mortgage loan is a mortgage loan no matter whichever is chosen.
For the 4th consecutive year, the government has set the conforming mortgage loan size limit at $417,000.A conforming mortgage is one that, quite literally, conforms to the mortgage guidelines set forth by Fannie Mae or Freddie Mac.
With Horizon Equity and CHIP, you can rest assured that you won’t be stuck with negative home equity or with ridiculous lender and administration fees.
