jeff asked:


I have student loans of about $7,500 and about $13,000 left on my car loan. I am looking to purchase a house and wondering if there is any way to add my car loan and student loans on to the mortgage?

LELAND

Poly Muthumbi asked:


Assuming that you exceptional reader has come across mortgage loans, then I will start by outlining briefly the aspects of mortgage lending. A government is one of the most commonly recognized aspects either directly or indirectly.

A government can influence mortgage loans directly by establishing and enforcing laws that

will be expected to be complied with by the mortgage lenders while making deals with the borrowers. Conversely the same government can influence mortgage loans indirectly through regulation of the participants like the monetary markets, such as the banking industry and often via state intervention. This means direct lending by the government and public corporations like by state-owned banks.

Mortgage loans are normally pre-arranged as continuing loans, or loans expected to be cleared after long period of time by the borrower. Such loans are nonetheless paid in form of set installments that are periodically paid similar to the annuity and calculated according to the time value of money formulae. This means that the lender use this formulae to calculate the interest amount his money has accumulated after a given period, usually quarter annually, semi annually or even per annum.

Depending on the local legal conditions of economic issues, the most central arrangement would require a fixed monthly payment over a period of ten to thirty years. Over this period the principal element of the loan, the initial amount borrowed would be slowly paid down through allocated over the specified period, while the interest amount rises up, good for the lender. In practice, many variants are possible and common worldwide and within each country.

Mortgage lending will also consider the supposed risk of the mortgage loans. That means the probability that the funds will be repaid by the borrower or not based on his creditworthiness. Therefore he does not honor his obligation to pay the lender, the lender will be capable of foreclosing or repossessing some or all of its original capital; and the financial interest amount in relation to time of defaulting and time delays that may be involved in certain circumstances. There are many types of mortgage loans made use of internationally, but numerous features mostly them. All of these may be subject to local parameter and legal requirements.

One of the numerous features of mortgage loans include the interest that may be fixed for the life of the loan or variable, and change at certain pre-defined periods; the interest rate can also be higher or lower due to economic changes. The next one is the term; mortgage loans generally have an utmost term, that is, the number of years after which an amortizing loan or in other words being allocated over the period in years specified for which the loan will be repaid.

Some mortgage loans may have no amortization or the interest rate may not be distributed over the period of year till the loan is due and thus might require full repayment of any remaining balance at a certain date. Payment amount and frequency is also a feature to characterize mortgage loans, which is the amount paid per period and the frequency of payments; to some extent, the amount paid per period may change or the borrower may have the option to increase or decrease the amount paid. In addition, prepayment is another important mortgage loans. Some types of mortgages may restrict prepayment of all or a portion of the loan, or require payment of a penalty to the lender for prepayment.

Poly Muthumbi is a Web Administrator and Has Been Researching and Reporting on Debt for Years. For More Information on MORTGAGE LOANS, Visit Her Site at MORTGAGE LOAN



JESUS

Remy asked:


Are you interested in finding out more about mortgage loans?  You can get fast mortgage loans today without even having to give documentation of your employment or income tax verification if you put down 20 percent towards the purchases of your home.  This is called a “no doc” mortgage and is a great way to purchase a home if you are self employed and cannot verify all of your income. 

 

If you are self employed and making good money, mortgage lenders used to want two years of income tax returns before they would allow you to get mortgage loans.  This is not the case any longer.  Mortgage loans are now available for individuals who put down at least 20 percent of the cost of the house without them having to provide any proof of income or past income.  If you are self employed, a no-doc mortgage may be right for you. 

 

Mortgage brokers who specialize in fitting customers with the right mortgage loans for them will be able to find you the best mortgage loans to fit your needs.  Many people feel that because they are self employed or have bad credit that they cannot afford to purchase a home in this buyer’s market.  This is not true.  There are many mortgage vehicles out there that you can get, even if you have bad credit or a prior bankruptcy. 

 

Mortgage brokers want to make mortgage loans to individuals because this is how they stay in business. Because the housing industry is pretty much at a standstill throughout the United States, many brokers are looking for creative ways to market mortgages to potential buyers.  It is a buyer’s market because there are more homes for sale than there are people to buy them.  The imbalance of supply versus demand has caused the home prices to drop in some areas, while some are still holding their own. 

 

To apply for a mortgage, talk to a mortgage broker today.  Look around for the best rate in the mortgage as well as the least amount of fees.  Never forget that the fees are negotiable.  You should talk to the mortgage broker about getting the bet type of mortgage for your credit.  If you have excellent credit, you should have no problem at all getting a very competitive rate.  If you have poor credit, you will pay a slightly higher rate, but can still shop for a competitive mortgage rate among sub prime lenders. 

 

Look at the fees that will be charged by the mortgage lender.  Some of them charge points, which are a percentage of the mortgage value.  While many mortgage lenders are eliminating the idea of points, others are still using them.  Make sure you know all of the hidden costs before you apply for any loan. 

 

If you are providing documentation, you will need two years of tax returns, bank statement for the last six months and employment verification to get mortgage loans.  If you are going no doc, you will just need an application to be filled out, proof of the down payment and an appraisal on the property.  An appraisal will have to be done whenever you apply for mortgage loans as it indicates how much the property is worth. 

 



ELLIS

Anthony Pace asked:


Commercial mortgage loans are executed using real estate to collateralize the loan. Commercial mortgages are similar to residential mortgages, except that the collateral used to secure the loan is a commercial (business) building rather than a personal residential home. If the borrower defaults on the loan, the lender can seize the collateral (building) to recover the loan proceeds.

Commercial mortgage loans are not available to persons, but rather to businesses, which include partnerships, incorporated businesses, limited companies, etc. The business must be sound financially and the process to verify the business income can be more complicated than verifying the credit worthiness of a specific individual. That is why traditional commercial mortgages can take six to nine months to underwrite.

Commercial loans are procured for a variety of reasons: to buy the premises of an existing business, to make improvements or enlarge existing premises, to make commercial and residential investments or to develop the existing property in other ways. An example would be to buy already constructed business premises, like offices, shops, restaurants, or pubs. Additionally, they can also be used to buy business assets such as plant equipment and specialized machinery.

The Interest rates for commercial mortgages are generally higher than those for residential mortgages but lower than interest rates on unsecured business loans. A fixed-rate loan is the most common commercial mortgage. It is similar to the fixed rate home mortgage loan in that the interest rate remains constant throughout the term. However, the term for most commercial mortgage loans is between 3 and 10 years but they can be extended for as long as 25 years.

The commercial mortgage loan amount and interest rate that you can receive is a direct correlation of the credit worthiness assessed by the lender with respect to your ability to repay the loan. If you have an excellent business record with a verifiable profit and loss business statement then you will have little trouble getting a commercial mortgage at an attractive interest rate.

Commercial loans are not provided without extensive scrutiny regarding your business stability and profitability. The Lender usually wants to see your last three years of audited financial statements including a Profit and Loss statement, balance sheet and a cash flow forecast. Favorable business information is critical to the lender and to you because, as stated earlier, if you default on the loan the lender can repossess your property and sell it to repay the outstanding mortgage balance.

The best place to find commercial mortgage loans is on the Internet. There are enormous numbers of commercial lenders vying for your business and they all advertise on the Internet. It is possible to compare many loan quotes side by side and determine which is best for your financial situation.



SAMUEL

Kenneth M asked:


My dad wants to get a reverse mortage loan, I am trying to convince him not to. I try & tell him that these companies are obviously making a lot of money, because they run so many TV ads. & he says “They are sponsored by the gouvernement” I believe on the ad they mention something about “THe gouvernement.” What can you tell me about this? I want to come back at him with some facts like “For your information dad, they are independent corporations & the gouvernement has nothing to do with the actually lending of the money, the most the gouvernement did for these companies was hand them a license to do so.” something like that, please help me, I really need him to “Drop it” just drop the subject completely, anything you can do to help! please & thank you!

WILLIE

aletheapontifex asked:


I’ll be starting at a top ten law school in the fall, and I am thinking about buying a condo instead of renting. I have excellent credit (750s), as well as enough for a 20% down payment. I have a car worth $12,000, paid off, and no other assets. I have no credit card debt, and my student loans are almost all deferred. My only real liability at this point is a $50/month loan payment. I am looking at two-bedroom units, updated, for between $115-125k. The market where I am going to school is well-insulated, a relatively affluent college town and property values have generally appreciated very well but right now things are hitting bottom (or they seem to be). The places I am looking at sold for close to $200k two years ago. I’d like to purchase one of these units and rent the second bedroom to another law student. My student loan income and money from summer employment allows me to comfortably pay the mortgage without a roommate, but with a roommate I cut costs by more than half. My plan is to live there for three years, rent it out for another 2-3 and sell it before reaching the capital gains tax cutoff (2 years residence in the 5 years prior to sale). Mortgage payment would be around $600/month, plus fees and taxes, so closer to $800/month–I’d be paying $750 to rent a shabby one-bedroom. I’ll also save $10k because I’ll qualify for residency status in the state I am moving to and in-state tuition rates. Overall I think I’ll come out well ahead of renting, my only problem is qualifying for a loan. I have been working very sporadically for the same company for the past two years part time (just a few hours here and there, might have gone inactive part of that time) and have little verifiable income. My down payment comes from savings from a good job I had a few years ago, before I went back to finish my undergraduate degree (been in school full time since 2006, worked full time before that). Parents are no help, worse off than I am financially. Banks don’t count student loans as income as far as I know. My summer employment options are solid, coming from the school I’ll be attending, but this is unverifiable as of yet. As is the rental income I’ll make from the second bedroom. Even without summer employment, my loan amounts comfortably cover the mortgage payments. I thought about a SISA loan, but I can’t lie about anything, and I hear NINA loans have gone the way of the dinosaur. Any suggestions?
It is long, but I figured it would be worth putting all the info in so I didn’t have to answer questions about it later! I’m a first time buyer, so please help, thanks!
Renting a bedroom is not illegal nor is it an “illegal occupancy.”

TROY

pichon asked:


I am currently waiting for the bank to respond to the offer that I submitted last Friday. If they accept m y offer when is the best time to lock my interest rate to assue a good interest rate. Last Friday it was 6.175. THANKS

GORDON

Christen Scott asked:


You can resolve your financial crises easily with Mortgage Loans. These are a kind of secured loans where you can mortgage your property. Mortgage is a document on which you entrust your property to the lender due to that lender gets the right to foreclose your property and you get money in the lieu of that, which you can use for any of your personal purposes. Two types of mortgage loans are available in market- short-term mortgage loans and long-term mortgage loans.

For long-term mortgage loans you can choose for fixed interest rates even and you can save money as well as you can keep the money for as long as 25 years. Your high credit score helps you get money at significantly lower interest rate as well as no down payment is charged from people having high credit score. But, you do not have to worry if you have bad credit score because even then you are eligible to get Mortgage Loans. Unlike the people having high credit score you may get money at higher interest rate comparatively.     

To avail Mortgage Loans you need to pledge your real property to the lender. Any default in the repayment can lead you to lose your property. Other than fixed rate of interest you can also choose adjustable rate of interest or floating rate of interest according to your convenience.  If you have bad credit score you can shop around to find the best lender for you with flexible terms and conditions. Before borrowing Mortgage Loan you are always advised to search for ins and outs of the lender so that you cannot be ripped off.   

Bad Credit Mortgage Loans are available for the people who have credit (FICO) score less than 650. To avoid this, pay your bills in time because late payment is as harmful as not paying and try to avoid bankruptcy at all costs because this makes it very much difficult to woo lenders even for Bad Credit Mortgage Loans. To keep your credit score good try to keep few credit cards and do not keep and use credit cards unnecessarily.  

Bad Credit Mortgage Loans may be costlier for you because of your bad credit history but this is also a best option for you to improve your credit score and as soon as your credit history improves you can switch to a better option. You can find a lot of resources online to both learning credit card repair, finding best loan and lender for one.  You must keep in mind before searching for all these things that Bad Credit Mortgage Loans are available at higher rate of interest as well as some lenders may ask you to bring a co-signer.

You should also be above 18 year of age to be eligible to get Mortgage Loans. You must borrow only the amount which you exactly need because any delay or default in the repayment can be risky for your property as well as it can spoil your credit score. If people with bad credit score get these loans, they get chance to improve their credit score and they must make most of this opportunity. If you are also in financial crunch and you own something which you pledge as collateral then,    

Mortgage Loans

can help you better.



JOAN

Remy asked:


Why pay someone else’s rent when you can pay your own mortgage instead?  Mortgage loans are easier to get than ever before.  If you have more than 20 percent of the price of the home as a down payment, you do not even have to produce documents for mortgage loans in most cases.  Even if you do not have any money to put down on your mortgage, or have a past bankruptcy, there are mortgage loans that are available for you. 

 

You can apply for mortgage loans online or in an off line lending institution.  Often, there are more options with regard to mortgage loans online than anywhere else.  You can often get a discounted rate on mortgage loans when you apply online.  Take a look at the rates and how much you can afford to pay for a mortgage each month before you get ready to apply.   There are plenty of mortgage calculators online that can determine the amount of money that you will need to buy the home as well as how much your monthly mortgage payment will be. 

 

When applying for mortgage loans, you have a choice of getting a conventional loan or a government backed loan.  If you are a first time homeowner or a veteran of the services, you can easily get a loan for more than 80 percent of the value of the home. 

 

Mortgage lenders are eager to make mortgage loans.  The interest rates on mortgage loans are still low and there are many bargains on the real estate market today.  In addition to all of the foreclosures, many home prices have actually fallen in some areas.  There has never been a better time to purchase a home for yourself than right now.

 

If you are renting a home, you are tossing away your money on rent.  You are actually paying someone’s else’s mortgage instead of paying your own.  You can apply for mortgage loans and buy a home of your own instead of paying rent.  In addition to having the enjoyment of home rental, you also have the tax advantages of owning your own home.  You can write off the interest that you pay for your mortgage loans on your income tax.

 

The United States used to be a nation of renters but is now a nation of homeowners.  This began in the 1950s and continues until today.  The government gives incentives for people to purchase their own homes.  Two of the incentives that are given are the tax advantages of mortgage loans, such as the ability to write off the interest and the points, and the government backed mortgage loans such as the FHA loan and VA loan. 

 

If you are renting a home, consider buying a home today instead.  Getting mortgage loans is not difficult no matter what your financial situation.  There are some mortgage loans that will actually lend you 100 percent of the cost of the house.  You can actually buy a house with no money down and probably pay less money per month for your mortgage than you do now for rent. 

 

Gather up your financial documents and talk to a loan officer.  He or she will be able to tell you all about mortgage loans and which ones may be right for you.   



ORVILLE

Matt Peters asked:


With the numerous mortgage options being offered by mortgage lenders today, newcomers to the arena may find the scenery just plain confusing. If you’re planning to get a mortgage loan, and you don’t know where to start, here is a list of the basics that you need to know about.

Mortgage Defined

A lot of people tend to use mortgage to mean a mortgage loan. A mortgage refers to the document that you, as a borrower, sign and entrust to a mortgage lender in return for a mortgage loan. If you default on your mortgage payments, the mortgage lender, through the document called mortgage, has the right to take possession of your property. The borrower, the one who applies for a mortgage loan, is referred to as the mortgagor since it is the borrower who hands the mortgage over to the mortgage lender.

Mortgage Loan

The basic premise of a mortgage loan is that it is a type of loan used to pay the difference between the purchase price and the cash available for a down payment. When mortgage lenders let you use their money, they will charge you a fee for it. The biggest fee is called the interest, which is expressed as an annual percentage of the loan. Usually, it is in the range of a low 5% and a high 12%. When you apply for a mortgage loan at one of these financial institutions, they will also charge you with an origination fee, which may include application fees, credit report fees and appraisal fees. The annual percentage rate (APR) consists of the base interest rate with points and other fees.

Mortgage Loan Rates

The mortgage loan comes in a fixed rate and adjustable rate. A fixed rate mortgage loan refers to a loan that features a fixed interest rate and fixed monthly payments for the entire life of a loan. Mortgage lenders typically offer 15- and 30-year fixed rate mortgage loans. An adjustable rate mortgage loan features lower initial rates, which may change as frequently as every six months. Borrowers who prefer going the least expensive way can opt for the 15-year mortgage loan. However, this type of loan is suitable for those who can afford the higher monthly mortgage payments. For people who plan on moving to another home in less than eight years, may find it more appropriate to settle for a 30-year mortgage loan, with its lower monthly mortgage payments.

Mortgage Loan and Down Payment

The down payment made on a house is usually in the range of five to 20 percent. The down payment precedes the mortgage loan, or the amount borrowed on the residual cost of the house. Thus a house that’s worth $450,000, you will require a down payment of $90,000 and a mortgage of $360,000.

Basic Mortgage Interest



Interest rates are prone to fluctuations, which make them highly unpredictable. There are two popular indices of short-term interest rates. The first one is the rate banks offer for six-month certificates of deposits (CDs). The second one is the interest on Treasury Bills, or T-bills. Mortgage lenders operate by charging around 2.5% over the publicly quoted interest rate. Compared to short-term rates, long-term rates are higher since they expose lenders to greater risk when lending money for a long time.



STUART