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What It Really Means To Be Underwater On Your Mortgage

admin — Fri, 17 Feb 2012 12:53:00 +0000

Freedmont Mortgage CEO Carl Delmont explains the good and bad of today’s mortgage climate, including what it means when you’re upside-down on your home investment

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Mortgages, Home Equity Loans, Refinance, Rates, Mortgage Calculator and More

admin — Fri, 17 Feb 2012 12:52:59 +0000

http://autorefinanceloanrate.org/

2-3% refinance loan rate

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Real Estate for Teachers and Educational folks

admin — Fri, 17 Feb 2012 12:52:58 +0000

We are not Lenders – but we do watch your “six” when it comes to us helping you purchase or sell a home. So, we have access to Lenders and their Services and Remember that you do not pay a Realtor Fee when purchasing Real Estate – our fee is always paid by the seller – with a small exception and that is a GNND (Good Neighbor Next Door Property by HUD http://GNND911.com) – So, you need someone that is going to do the most for you and your hard earned Monies.

Here we go, here is information on the Cal Pers which can be utilized by some Law Enforcement and Educational Professionals.

Cal Pers Selling Features

Competitive Interest Rates- We offer competitive rates on a variety of loan options to meet your individual needs. Rates are posted daily on the Cal Pers Web Site www.calpers.ca.gov

60 or 90 Day Rate Protection- Members may lock in their interest rate for 30, 60, or 90 days and receive protection against market increases and get 2 float down opportunities.

Two FREE Float Down Opportunities- With the 60 or 90 day rate locks, Members receive the lowest CalPERS interest rate on three key dates: 1) Date of the Loan Lock-in 2) Date of loan approval; and 3) Date the loan documents are drawn.

Controlled Closing Costs- CalPERS minimizes some of the fees involved with the home loan, making the CalPERS loan very affordable.

100% Financing Option- We offer various options for your clients to purchase a home with no “out-of-pocket” costs for the down payment.

Reduced Mortgage Insurance Rates- Through CalPERS members receive greatly reduced Mortgage Insurance Rates

Reduced Escrow Title Fees- Members can receive substantial savings on their escrow and title fees, offered by both Old Republic Title and Stewart Title.

Closing Cost Assistance- CalPERS member can use premium pricing interest rates, a gift from a relative and/or seller contributions to pay for closing costs

Personalized Real Estate Assistance Programs- You can take advantage of personal assistance with your real estate transaction and get a cash rebate, for closing costs with Max Advantage through REMAX

Premium Pricing- allows the member to accept a slightly higher interest rate and receive funds to help pay for closing costs and/or mortgage insurance. This helps members who have enough income to qualify for a home loan but lack some of the funds needed to close escrow.

As always – we are RE/MAX of Santa Clarita and if you want to see what we are about – go to http://Paris911.com

Mobile post from Utterli.com. More at http://www.utterli.com/u/utt/u-ODA3ODkzOA

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Poor Credit Home Loans – Some Valuable Facts!

admin — Fri, 17 Feb 2012 12:52:57 +0000

http://www.realcase.com Lenders assign you a credit score any time you apply for credit. This is there way of them determining whether you are a likely candidate to give credit to, or not.

The credit score is a 3 digit number, typically in the range of 300 to 850. At the low end 300 means you have very bad credit and would be unlikely to receive a loan, and on the other end of the scale a credit score of 850 would have the lender salivating at the opportunity to loan you a heap of money.

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HDFC Bank Home Loans Mumbai Call Now 8652288515

admin — Fri, 17 Feb 2012 12:52:56 +0000

For Home Loans in Mumbai, Call Now: 8652288515

The HDFC Advantage:

Pioneers of Housing Finance in India with over 33 years of lending experience.
Widest range of Home Loan Products.
Most experienced and empowered personnel to ensure smooth & easy processing.
Counseling and advisory services for acquiring a property.
Loan from any office for purchase of home anywhere in India
Loan approval even before a property is selected
Flexible loan repayment options
Free & safe document storage.

Home Loans Features & Benefits

Home Loan – Home loans for individuals to purchase (fresh / resale) or construct houses. Application can be made individually or jointly. HDFC finances up to 80% of the cost of the property (including the cost of the land) based on the repayment capacity of the customer.

Home Improvement Loan – The interiors of any home reflect the personal preferences and tastes of its owners making it imperative to constantly upgrade to keep up with changing times. HIL facilitates internal and external repairs and other structural improvements like Painting, Waterproofing and Roofing, Plumbing and Electrical Works, Tiling and Flooring, Grills, Aluminum Windows compound walls and much more. HDFC finances up to 85% of the cost of improvement. This is however subject to 80% of market value as assessed by HDFC.

Home Extension Loan – HEL for adding more space to your existing home for meeting the requirements of your growing family be it an extra bedroom for your children, a reading room for yourself or a cozy coffee corner. It is easy to extend your home anyway you like. HDFC finances up to 85% of the cost of extension. This is however subject to 80% of market value as assessed by HDFC.

Land Purchase Loan – Be it land for a dream house, or just an investment for the future, HDFC Land Purchase Loan is a convenient loan facility to purchase land. HDFC finances up to 80% of the cost /value of the land (Conditions Apply). Repayment of the loan can be done over a maximum period of 15 years.

Choose from Fixed Rate or Floating Rate with options to structure your loan as Partly Fixed or Partly Floating.

Flexible repayment options to suit your individual needs.

Loan cover Term Assurance Plan – HDFC Standard Life Insurance Company Ltd. offers an insurance plan*, which is designed to ensure that life’s uncertainties do not affect your family’s interests and your precious home. LCTAP provides a lump-sum payment on the unfortunate demise of the life assured.

This pure risk plan is designed in a way that the cover decreases as you repay your home loan making it a low cost premium insurance plan.
*Insurance is the subject matter of solicitation.

Automated Repayment of Home loan EMI – You can give us standing instructions to repay your Home Loan EMIs directly from your HDFC Bank Savings Account, thus, saving you the trouble of procuring, signing and tracking post-dated cheques.

HDFC also offers In-house scrutiny of Property documents for your complete peace of mind.

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Underwater mortgages: why do they result in foreclosure?

admin — Wed, 15 Feb 2012 21:55:29 +0000

I read an article on Yahoo! today about underwater mortgages — the situation you’re in when you owe more on your house than it’s worth. I don’t get why this leads to foreclosure. If you can afford to keep on paying your note every month, what difference does it make how much your home is actually worth? Isn’t this the exact situation that everyone with a car loan is in? Your car is a depreciating asset — but nobody "calls in" your car loan just because it’s worth less than the day you bought it.

It also depends on how much deprecation takes place. In some states house values have dropped hundreds of thousands of dollars. The values were inflated way more than they should have been. It was like musical chairs and some of the flippers got caught holding the loans. Then you add to that the trouble in the sub-prime group who were hoping that adjustable rates wouldn’t go up until their income increased over time. Then they could at least afford their costly homes. It didn’t happen. I can see why they walked away. Think about it. How do you sell the house at current market value? Also, if you continue to make payments your amortization is based on an inflated value. Stupid loaners in that case.

estimated online home value calculator?

admin — Wed, 15 Feb 2012 21:55:11 +0000

is there an online home value calculator similar to the Kelley Blue Book online calculator for cars?

read further if you will….

my husband and i were recently told that our home monthly mortgage cost is going to go up by $300 a month which is more than we can afford in this economy. (for the record, we do have a 30 year fixed rate, it’s the escrow tax that’s going up which is causing our monthly cost to go up).

i was wondering if there was an online quiz like the kelley blue book for vehicles that you can type in your square feet, adjustments, landscaping, etc. about your home and it will tell you the approximate value. i’m sure it wouldn’t be completely accurate, but we added a lot of hardwood flooring, paintinglandscaping and the mortgage officer told us that wouldn’t do a thing to our value (which i’ve always heard hardwood floors, painting and landscaping does a lot).

If there is such a site, I do not know about it.

Painting doesn’t add value, hardwood floors are a matter of taste, some people love them, some despise them, so that is not a good determination of value to the typical consumer. I sold a home that did not have a blade of grass, no bushes, no trees and that is exactly the way the buyer wanted it, he wanted to do his own landscaping. I showed a house on Monday that had extensive landscaping in the back yard which obviously cost a lot of money. My clients loved the house, but since the entire backyard was taken up by landscaping, there was not room for a swingset or other play structures for their children, so we did not make an offer. Landscaping is another one of those personal things, some people like it, others don’t.

Updating kitchens and baths give you the best return on your investment, but nothing is 100$.

Sorry, but your mortgage officer is correct.

What is escrow tax?

Home Mortgage/Family/Old house?

admin — Wed, 15 Feb 2012 21:54:56 +0000

Here’s my situation. I bought a house back in ’07 fixed it up pretty nice along with my dad, so it’s worth a considerable amount prolly at least 120k but we aren’t happy w/ the school dist we are in so we were keeping our options open. I only owe about 4 more yrs on this house, I had a really good chunk to put down.. . My credit score is over 800.
My dad helped me fix the house i’m in up pretty nice so my family is very opinionated and don’t think i should sell it , well we went to look at this other house lastnight and thought it was pretty nice ,and is in the good school dist. they are asking 150k negotiable for it was built in ’09 so everything is basically brand new inside . The house i’m in although is very nice and has a lot of new qualities was built in ’72.
We would only have about 30k to put down til we sold this house we are in . i’m only paying about 350 a month mortgage on current house.
My question is #1 would i be able to afford 2 mortgages til I sold the house I’m in, i make about 500 a wk wife makes a little over 400. question #2 my family doesnt come out and say it but are really jealous opionated is it worth pissing people off to move here? I know i’m an adult but its hard when you don’t have your families approval grrr.. #3 is it worth moving just for a school dist? My wife is a teacher at a decent dist but it’s 20 mins from our house , and the dist we are in sucks… so thats’ why we are looking at this house in a good dist thats close to the school…. what to do , what to do…
So to summarize things up, have to sell the other house which is worth at least 125k ,, don’t have families approval … It really sucks being 34 going on 15 lol. I mean my parents dont come out and tell me not to do it, but have little ways of showing me , and tones they use when they are talking.. Does anyone get me?
Ok enough venting…..sooooo……do u do it people?? i’m open to advice.. thanks everyone

Wow … uhm … geez … Where do I start?

School districts do matter, but only if you have school age children. If the idea to move is only based upon easing your wife’s commute, that isn’t typically a good enough reason to move all by itself.
The family is likely just trying to look out for your best interest. I think your perception that they are jealous is misplaced and only a result because they disagree with your decision to keep house # one. And it is very obvious why you are reluctant to sell house #1 due to the amount of "sweat equity" you have invested you have developed a huge attachment to it.
Could you afford both houses? Assuming you have no other debt (car loan, student loan, credit card debt) the answer is yes, but I recommend you sit down with a banker to be sure.

is there anywhere i can get a home equity loan with bad credit?

admin — Wed, 15 Feb 2012 21:54:39 +0000

my boyfriend and i have bad credit but we own a $85,000 home with no mortgage. the house is paid for. we were looking into getting a home equity loan to pay some back bills off and do home improvements. is there anywhere that we could get a loan even with bad credit?

Then why do you want to put the house at risk by using it as an ATM machine?

You DO NOT save any money paying off bills with the house…all you do is take unsecured debt and turn it into secured debt.

Having a free and clear home is one of the most important assets a person can have.

Please work an extra job or something to save up money for what you want to spend money on. I would highly, highly recommend that you not go that route, especially when you aren’t even married…b/c marriage gives you LEGAL protections that you simply do not have, when you are living together.

What percentage of your net income should go towards a home mortgage?

admin — Wed, 15 Feb 2012 21:54:23 +0000

Lets say you have $5000 coming in per month, how much is a safe amount to spend on a mortgage, while still saving some for car payments, other loans, insurance, groceries, emergencies, etc? My dad said a 1/4 of your net income is a good idea per month to spend on your home payments…agree? disagree?

Your father is exactly correct! Listen to him! The people on here that recommend, 33% as a mortgage payment are also the ones who have contributed to the mortgage crisis in this country today! 33% of your net income is too much. It doesn’t leave you any buffer.