Ability of using equity to finance down deposit on new home?

Dec 292011
 

Hi Everyone.
I have a substantial amount of equity in one of my homes, and am looking to purchase a second home sometime in the summer. I do not have money for a down payment, however, I do have more than enough for closing costs. I was wondering if it would be advantageous to take out equity on the one home for the 20% down payment on the second home. Do mortgage companies frown upon this action, or is it encouraged? Would I get advantageous interest rates in this case, or similar rates as to doing 100% financing? Just so you know, the home I am looking to purchase is a duplex, however, it will be a primary residence. I know interest rates are generally higher for duplexes. Just a thought I had, wanted to know if it would be worthwhile to leverage the one homes equity to purchase the new home.

Thanks!
Hi,
I’ve checked income levels, and we (to be more specific, the loan will be between me and my brother) will qualify for the loan at a 7% rate (assuming 28% front load). Also, when I say substantial amount of equity, I mean 100%, I own the home outright, and the down payment won’t come close to the 80% mark (more like 40%). Would it be better to get the loan on my current home before I finance? Or should I go to the lender, and ask them to evauluate both options.

Thanks for all of your help! Now I just have to sell the idea to my brother (he is a co-owner of the one home).

anyone can do, denied a class action on mortgages, working with you I lost everything to make up please?

Dec 262011
 

I was hurt really bad got a staff infection. I have been in the mortgage business Mon 10 Before applying to refinance, but my mortgage company said I was 140 000 head, and they would not be hard on my loan. All I needed to do was to set the rate, so I do not lose at home. but all attempts she always said, perhaps, for my house and 20 years of my life I worked for lost. Now they are all banks are still recorded, but no one seems to get the full picture. that banks could do that all e only by reducing interest rates, if honest people like me went to the bank before I had to pay is not a problem can be avoided. I could my payment, but when it came to 11% I could not. I told the bak Mon 10 before, but because I 140,000 at its head sank said no. that was my bank, and should be acted, and now they sell the house and I paid for 221 000 500 000 60 000, and upgrade planned. and I lost everything because you have no equity. they would not fund. But now, banks are still on bail money and alll consumer debt, but the reality is there becauce error alll the market turned, and they should be open locked in their loans to prevent that. And yes, he may have encouraged its brokers to sell to modulate people to earn more money from their customers. You should alll in prison simply to encourage such behavior. If someone is willing to continue trying to help these people?

For the mortgage experts?

Dec 202011
 

Ok, I’m planning on buying a home this year. I have enough to cover any closing costs but not enough to cover a 20% downpayment to avoid PMI. I am not really interested in piggyback mortgages because PMI is deductable as of 2007 and I want to avoid paying higher interest rates during the lenght of the mortgage. Question 1: will mortgage companies in general let me finance PMI upfront. Question 2: If so what percentage of the total finance (approx $ 200000) can I expect to pay for PMI. Question 3: Will the IRS allow me to take a deduction for the full amount of (financed) PMI in the year 2007?

Do I have to miss at least 2 mortgage payments before the mortgage companies are willing to renegotiate?

Dec 182011
 

I have a primary residence that is privately financed by the owner. The houses that I want to negotiate the terms of the loan such as lowering interest rates are my 3 rental properties. All 3 of the rental properties are financed through Bank of America (originally done by Countrywide).

How do I go about re-financing my home mortgage?

Dec 072011
 

Our current rate is 7.75% on a $ 168,000 loan and with the drop in interest rates, we’d like to explore re-financing. Are there any companies that will do all the legwork for us? (i.e. find us the best possible re-financing deal.) If not, where do I start? I don’t want to fill out a ton of credit applications before I know all the terms of the loan. Thanks!

taking out a 20,000 student loan?

Dec 022011
 

okay so i was wondering if i can take out a $ 20,000 loan through fafsfa because im going out of state to go to college living in minnesota going to montana state university and the financial aid lady there said that 8,000 is the most i can get with out the 20,000 dollar loan there asking my parents to pay to which it would be imposible to do so i was wondering if it was possible for me to just take out a loan that large with out huge interest rates and are totally safe like the stafford loan and such
note: im not elligible for grants, and am working on scholarships i just need a safe way of going to my dream school with out screwing my parents.
also i was wondering if i decided to go to a different college would the amounts of financial aid be any larger then montana state is offering or is 8,000 sadly the ceiling for the federal amount everywhere.

Can I get a no doc mortgage Refinance loan with a 600 Fico Score?

Dec 022011
 

Fico Scores range from 585-621. Self employed, bankruptcy within past year. Don’t care about interest rates. Honest, kind answers only, please.

I have a 30 year mortgage when is it the best time to convert to a 15 year loan?

Dec 022011
 

Is this a reasonable thing to do? I have only been in my home for one year! I want to pay it off sooner. accellerated mortgage loan? is this a scam? I hardly believe anything the morgage company offers because the interest rates are a rip off. any advise all welcome!

What exactly is the home mortgage crisis all about?

Dec 022011
 

Why is there a lot of home foreclosure in the U.S. today?Did the interest rates on existing home loans suddenly increase?
Are interest on loans allowed to fluctuate wildly? By how much? But are not the key interest rates which are the basis of interests on home loans at their record lowest, thereby making home purchases very accessible? And what is the current loan interest rate now in the U.S? In the Philippines, you pay 7-8percent per annum. How does that compare to the US?

Can a bank set interest rates below to prime rate or do they have to set them at Prime rate?

Dec 022011
 

The Prime Rate on a mortgage loan at the banks in my area is about 6.1%. Can the banks set interest rates lower than the Prime Rate or do they have to go with the Prime Rate. If so, is there any other source that I can go too (e.g. credit union, mortgage company, etc.) to get a cheaper interest rate. I need a way of comparing interest rates in my area. I’m trying to get one below 5%.

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