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Q&A: How do you start the mortgage journey?

admin — Sun, 20 May 2012 07:05:50 +0000

Question by poppy: How do you start the mortgage journey?
I have €10,000 loan from college and a car. I have 3 yeasrs to pay it off. How do I begin the mortgage climb? What do I need to do to get a mortgage? How long do I need to be saving with a building society etc any advice greatly appraciated. Oh by the way I’m single, and earning just over €42,000 a year in a permanent pensionable job. Ireland only please.
Apologies for poor spelling typos working off a broken keyboard!

Best answer:

Answer by bluebell
You could start by joining a building society now, and arrange a regular savings plan. The easiest way is to have money deducted by standing order from your pay every payday (assuming your pay is deposited straight into the bank). Then you need to work out a feasible budget. €42,000 a year is roughly €807 a week or €3,500 a month. How much of this do you really need to live on, and how much can you save? The more you save, the less you have to borrow. If you can put a special effort into repaying your existing college loan, you get rid of one burden, and it is a plus in your favour to be able to say to a potential lender that you had repaid this loan early. It shows you to be a responsible person. It also shows that making those payments hasn’t been a struggle, which in turn makes you a better candidate for a loan. You can apply for a mortgage at any time, but the odds are better if you have already been saving seriously with the building society for some months or years.

Have a look at house prices in the area where you want to buy. You will need to save at least 10%. If you make it a challenge, you could do it sooner by reducing other spending. If you can pay off existing loans, that repayment money can then be redirected into extra savings.

Good luck !!

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How to refinance a home mortgage with negative equity?

admin — Sat, 19 May 2012 07:53:36 +0000

Question by that username: How to refinance a home mortgage with negative equity?
I really need good options on how to refinance a home mortgage with negative equity. Currently my mortgage wont allow me a refinance. Any options on what i could do?

Best answer:

Answer by Common Sense
Sorry, there are no options. None.

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Reverse Mortgages For Dummies

admin — Fri, 18 May 2012 07:04:30 +0000

Reverse Mortgages For Dummies

For seniors who live on a fixed income, owning a home—and keeping it—can be financially challenging. Rather than face the choice of selling your home and moving or becoming a home-owning pauper, reverse mortgage products let seniors convert part of their equity into tax-free income that can be used for anything—even mortgage payments, living expenses, or medical costs.Reverse Mortgages For Dummies covers all the basics of reverse mortgage products so you and your adult children can underst

List Price: $ 16.99

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Why doesnt the Government put some money aside for those who cant pay their mortgages?

admin — Wed, 16 May 2012 07:12:00 +0000

Question by : Why doesnt the Government put some money aside for those who cant pay their mortgages?
Why can’t the Government put some money aside to help all the people who are struggling with their mortgages since they helped the rich pigs in the banks? What would be so wrong with this?

Best answer:

Answer by lost 1
They can put your money aside but not mine.Any idea of who ends up paying the bills for the Government?

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What are my options in getting a new mortgage; will it be a regular one or an investment mortgage?

admin — Mon, 14 May 2012 07:07:23 +0000

Question by eric_j_morton: What are my options in getting a new mortgage; will it be a regular one or an investment mortgage?
I bought a house a year ago and fixed it up while I was living n it. Now I want to buy a new house and rent my current one out. What are my options in getting a new mortgage; will it be a regular one or an investment mortgage?

Best answer:

Answer by ghothem
As long as you plan to live in the new house it should be an owner occupied mortgage. However, you will need to have a written lease on your current home to count the rental income in qualifying for the new mortgage and generally they count the rental income at 50% of what you receive.

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What is the differences between all these different mortgage terms?

admin — Sun, 13 May 2012 07:03:07 +0000

Question by Cindy16: What is the differences between all these different mortgage terms?
I am looking into different mortgage.
Get very confused by so many different kinds of them.
What are the differences?

If we are planning to get a 300K mortgage, and planning to stay in the house for at least 5 years.
What mortgage might be good for us?

30yr fix
5/1
7/1
why there is 5/1 ARM?? What is the different between all these?

thank u

Best answer:

Answer by ChrisB
Interest.com has an EXCELLENT table for checking out all the pros/cons of different mortgages. I believe it’s just what you need: http://mortgages.interest.com/content/firsttime/whichmtge.asp

I would also recommend Bankrate.com for looking up general mortgage rates and subsequent payments. Don’t forget to factor in escrow and property taxes in their estimates.

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How do I look up mortgage information in the public records office?

admin — Sat, 12 May 2012 07:08:50 +0000

Question by remo7: How do I look up mortgage information in the public records office?
I would like to go to the public records office and find specific mortgage information. For example, what type of mortgage someone has.

Best answer:

Answer by ardee112
Go to the local Registrar of Deeds (or whatever your local public records office is called) and tell the person there that you would like to look up the information on such-and-such property. He/she will show you how to use the card file or the computer to do the search. You need to know either the owner’s name or the Legal Description of the property. If you don’t know, the local Tax Collecting Department can give you that information.

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Can a Mortgage Company hold your insurance check for the repair of your building?

admin — Fri, 11 May 2012 07:04:40 +0000

Question by Charles C: Can a Mortgage Company hold your insurance check for the repair of your building?
My building suffered damage with a hail storm. The insurance company sent me a check made out to the mortgage company and to me. Now the Mortgage company is holding the funds and I can’t finish the repairs needed. My mortgage payments are up to date.
The repairs are done, the Mortgage company inspected the repairs and they are holding the depreciation check. Would anyone know why?

Best answer:

Answer by mbrcatz17
Ask the mortgage company if they’ll release the funds directly to your contractor.

OTOH, MOST contractors will do the work, and THEN let you pay . . .

But yes, they can do that.

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The Canada Mortgage and Housing Corporation wants to examine how much homeowners plan to spend on renovations?

admin — Thu, 10 May 2012 07:07:37 +0000

Question by : The Canada Mortgage and Housing Corporation wants to examine how much homeowners plan to spend on renovations?
The Canada Mortgage and Housing Corporation wants to examine how much homeowners plan to spend on renovations in the next year. A simple random sample of 125 shoppers produces a mean of $ 750 with a standard deviation of $ 135. Based on the survey result, use alpha=.05 to provide a population mean estimate.
Demonstrate how increasing alpha to .1 or decreasing alpha to .01 changes the estimate while holding the sample size constant. Explain the difference in the outcomes.

Best answer:

Answer by ロｱ乇尺ﾑズ尺ﾑ刀乙ｲん乇丂乇ﾒﾘ丂ロﾚﾑｲロ尺ロ乃乇ﾚﾉｲ乇
The difference in the outcomes is pretty large…

Good luck!

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Q&A: 2nd mortgage Foreclosure: How long is the delay to put it on your credit?

admin — Wed, 09 May 2012 06:57:44 +0000

Question by hruss7: 2nd mortgage Foreclosure: How long is the delay to put it on your credit?
We paid off a 2nd mortgageforeclosure before it went through. We continued to pay on our first mortgage with no problem. The attempted forclosure was not on our credit report until we refinanced with a new mortgage company. Is this fair? It looks suspicious that it only appeared on our credit after we refinanced with a new company. We understand that business is business but it seems that they were fine with everything until we pulled our mortgage from them and went with another company.

Best answer:

Answer by ruscito_mom
They can post it on your credit on the 31st day once it becomes late

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