in order to take get about 180,000 mortgage what would you say the annual income for 1 person should be?From personal knowledge how much would you say a 1 person income should be in order to get a mortgage?
The mortgage payment should be less than 40% of the income.From personal knowledge how much would you say a 1 person income should be in order to get a mortgage?
Let's see...with taxes, a 180,000 house would be about $1500/month. That's around 6% interesting and a 30-year loan.
They say you should never pay more than 20% of your monthly income on your mortgage. Anything about that is financial suicide.
As 20% of your income, you would need to make around $7500 monthly.
As 15% of your income, you would need to make around $10,000 monthly.
Of course, the more down payment you have, the more you can delegate as mortgage. Also, how much debt do you have in your life? Car payments? Student loans? ANY loans? That will also factor into how much you can afford.
Friday, April 30, 2010
Where can I find the best HELOC rates to refinance my second mortgage?
My current rate is near 10%, and I'd like to find a HELOC rate of prime minus 1%, no fees, and accepting a LTV of 90%Where can I find the best HELOC rates to refinance my second mortgage?
I agree, www.bankrate.com has rates from many different lenders, and links to specific places to obtain loans, like lowermybills.com. the HELOC rates are around 7%, but I'm not sure if they will allow an LTV of 90%.
http://www.bankrate.com/brm/rate/brm_loa鈥?/a>Where can I find the best HELOC rates to refinance my second mortgage?
bankrate.com
Ya know, they all offer pretty competetive rates. However you do need to look at some of the fine print on the HELOCs. What are you planning on doing with it? How many transactions per month? etc... I teach people how to use a HELOC to pay off their homes faster.
Out of all of the banks that I have worked with, I find that CHASE, WELLS FARGO, and US BANK offer great rates and very low hassle.
So like I say, what you are going to do with it, should play a factor in selecting the propor HELOC.
Take out a closed-end 2nd mtg with a fixed rate, helocs have variable interest rates and they work like a huge credit card since the balance never goes down.
You won't get such terms as prime minus 1% on a 2nd mtg either, have you thought about what's the avg. rate you are paying for BOTH your 1st and 2nd mtg.? Consider refinancing and consolidating both mtgs into one.
Credit unions (on average) offer much better HELOC rates than banks (see http://www.datatrac.net/CUNA/execonline.asp?view=product%26amp;pcode=C-0049)
Pen Fed CU regularly has extremely good rates on both HELOCs and regular home equity loans.
https://www.penfed.org/index.aspapplying make up eye liquid
I agree, www.bankrate.com has rates from many different lenders, and links to specific places to obtain loans, like lowermybills.com. the HELOC rates are around 7%, but I'm not sure if they will allow an LTV of 90%.
http://www.bankrate.com/brm/rate/brm_loa鈥?/a>Where can I find the best HELOC rates to refinance my second mortgage?
bankrate.com
Ya know, they all offer pretty competetive rates. However you do need to look at some of the fine print on the HELOCs. What are you planning on doing with it? How many transactions per month? etc... I teach people how to use a HELOC to pay off their homes faster.
Out of all of the banks that I have worked with, I find that CHASE, WELLS FARGO, and US BANK offer great rates and very low hassle.
So like I say, what you are going to do with it, should play a factor in selecting the propor HELOC.
Take out a closed-end 2nd mtg with a fixed rate, helocs have variable interest rates and they work like a huge credit card since the balance never goes down.
You won't get such terms as prime minus 1% on a 2nd mtg either, have you thought about what's the avg. rate you are paying for BOTH your 1st and 2nd mtg.? Consider refinancing and consolidating both mtgs into one.
Credit unions (on average) offer much better HELOC rates than banks (see http://www.datatrac.net/CUNA/execonline.asp?view=product%26amp;pcode=C-0049)
Pen Fed CU regularly has extremely good rates on both HELOCs and regular home equity loans.
https://www.penfed.org/index.asp
Will not paying this months mortgage delay my refinance?
We were supposed to close on our refinace Sept 10th, so I did not pay Sept mortgage, now the payment is late and the loan doc's won't be ready til Thursday. Is this gonna be a problem ?Will not paying this months mortgage delay my refinance?
You have 30 days to make your September payment before it reports as a ';late'; on your credit report, while it is not advisable for you to NOT make your Septembers payment, your refinance loan won't be in jeopardy until it is actually 30 days past due (due date being the 1st of the month). September's payment will be paid either by you making the mortgage payment now, or it being paid off through the refinance. I don't know your exact loan situation, so I would recommend you pay it now... your mortgage broker can just update the payoff demand (piece of paper which says how much they are owed on any particular date) from your existing lender if you decide to make September's payment before the refinance loan funds.Will not paying this months mortgage delay my refinance?
Consult with your loan officer he or she can tell you within a ssecond if it will or will not impact your loan. Were you told not to pay the Sept payment? If they are expecting you would have paid it on time, the 1st, then yes the figures will have to be changed to reflect the additional payment information.
Of course it is going to be a problem. Send the payment in right away!.
Yes!! Pay it right away! It had to be paid, there was no free month in between! I hope this does not end your plans, but it seriously might disqualify you.
It's going to mess up your closing as the payoff amount from your current lender will be wrong now that you have missed a payment. On top of that, now that you're late on a mortgage payment you COULD possibly lose out on the refi.
Whatever possessed you to not make the Sept payment??
Ugh. Are you refinancing through the same company? It might not be a big deal. But if you are changing companies, this could be a problem.
Call your lender in the AM and find out how to electronically transfer your payment ASAP.
if they see that you're late then they can deny your mortgage.
You have 30 days to make your September payment before it reports as a ';late'; on your credit report, while it is not advisable for you to NOT make your Septembers payment, your refinance loan won't be in jeopardy until it is actually 30 days past due (due date being the 1st of the month). September's payment will be paid either by you making the mortgage payment now, or it being paid off through the refinance. I don't know your exact loan situation, so I would recommend you pay it now... your mortgage broker can just update the payoff demand (piece of paper which says how much they are owed on any particular date) from your existing lender if you decide to make September's payment before the refinance loan funds.Will not paying this months mortgage delay my refinance?
Consult with your loan officer he or she can tell you within a ssecond if it will or will not impact your loan. Were you told not to pay the Sept payment? If they are expecting you would have paid it on time, the 1st, then yes the figures will have to be changed to reflect the additional payment information.
Of course it is going to be a problem. Send the payment in right away!.
Yes!! Pay it right away! It had to be paid, there was no free month in between! I hope this does not end your plans, but it seriously might disqualify you.
It's going to mess up your closing as the payoff amount from your current lender will be wrong now that you have missed a payment. On top of that, now that you're late on a mortgage payment you COULD possibly lose out on the refi.
Whatever possessed you to not make the Sept payment??
Ugh. Are you refinancing through the same company? It might not be a big deal. But if you are changing companies, this could be a problem.
Call your lender in the AM and find out how to electronically transfer your payment ASAP.
if they see that you're late then they can deny your mortgage.
How in depth does the mortgage company get with verification?
i applied for a fha mortgage and the mortgage company is not counting my student loans in my dti because they are on forbearance. technically, they are supposed to be on forbearance for a year, but mine will not be in 5 months. they used my forbearance letter that didn't say when i had to start repaying and they never asked me when the forbearance was up.
does the underwriter or someone else actually call the student loan company to verify, or do they just work off the paperwork given to them?How in depth does the mortgage company get with verification?
You will be required to provide documentation that shows the loans are deferred for at least 1 year otherwise the underwriter will include the payments.How in depth does the mortgage company get with verification?
Yes and your Loan Officer is doing you a grave disservice by not disclosing this to the u/w up front. I hope you will still fit the DTI once that is added into your debt. FHA is very concerned right now with the numbers and tend to be extra critical. You may want to ask that it be added in so you can see your DTI and make sure you are still qualified for this loan.
*Compliment of the day to you,
My name is Helen Donald base in united kingdom(UK),I am a student who was scammed by some scams in the internet, where I saw their addresses on yahoo answers and I required a loan of 20,000 pounds and finally I was scam over 1,500 pounds, so I decided not to look for loan in the net but I came across a friend of my who told me that she saw an address of a young woman called Susan Patrick from the United State of America who require a loan of $60,000 USD from a lender. and finally receive her loan, so she place the address of the lender main why she have had of scam on the net before but she just decide to give the man a try and she receive her loan after three days. So she ask me to contact this online bank and I require a loan from this bank first, second day no reply from this man and I proceeded
with him finally I receive a loan of about 22,000pounds from this lender. So I now said to my self nothing good come through stress when you are with the right person. So if you are in need of any type of loan this lender is who I advice every body that is in need of a loan to contact. Via e-mail charlessmith41@gmail.com Hence i know you will definitely call me to thank me, GOOD LUCK.
*
does the underwriter or someone else actually call the student loan company to verify, or do they just work off the paperwork given to them?How in depth does the mortgage company get with verification?
You will be required to provide documentation that shows the loans are deferred for at least 1 year otherwise the underwriter will include the payments.How in depth does the mortgage company get with verification?
Yes and your Loan Officer is doing you a grave disservice by not disclosing this to the u/w up front. I hope you will still fit the DTI once that is added into your debt. FHA is very concerned right now with the numbers and tend to be extra critical. You may want to ask that it be added in so you can see your DTI and make sure you are still qualified for this loan.
*Compliment of the day to you,
My name is Helen Donald base in united kingdom(UK),I am a student who was scammed by some scams in the internet, where I saw their addresses on yahoo answers and I required a loan of 20,000 pounds and finally I was scam over 1,500 pounds, so I decided not to look for loan in the net but I came across a friend of my who told me that she saw an address of a young woman called Susan Patrick from the United State of America who require a loan of $60,000 USD from a lender. and finally receive her loan, so she place the address of the lender main why she have had of scam on the net before but she just decide to give the man a try and she receive her loan after three days. So she ask me to contact this online bank and I require a loan from this bank first, second day no reply from this man and I proceeded
with him finally I receive a loan of about 22,000pounds from this lender. So I now said to my self nothing good come through stress when you are with the right person. So if you are in need of any type of loan this lender is who I advice every body that is in need of a loan to contact. Via e-mail charlessmith41@gmail.com Hence i know you will definitely call me to thank me, GOOD LUCK.
*
Can you lock an interest rate when you currently have an adjustable mortgage?
Contact your present lender, and tell them you want to convert to a fixed rate. Your rate may go up a little bit, but that is your cheapest alternative.
Other than that, you can shop around for a good mortgage broker.
Good luck!Can you lock an interest rate when you currently have an adjustable mortgage?
refinance if you r ableCan you lock an interest rate when you currently have an adjustable mortgage?
I think the only way to do this is to refinance with a fixed rate mortgage - which, judging by the current mortgage and housing trends, you should seriously consider doing. My bf and I have an interest rate fixed at a little over 6% for the next 30 years - it'll feel really nice when interest rates go into the double digits!
Lots of things happening in the mortgage industry,,, Talk to your mortgage holder. and hope it is a local bank rather than some national outfit. This may not be the same person you originated your loan with. Many banks sell their loans.
Bush and company is trying to get the banking industry to REDO some of these loans. The lending institution you have may be more than happy to give you a rate ';Modification'; and leave everything else the same... Rates are hanging around 5.75-6.25% and may be moving soon as the Fed has lowered rates so maybe mortgage rates will come down too.
Contact your lender and tell them you want to convert the mortgage to a fixed rate.
Unless your current mortgage has a convertible option, you will not be able to just convert it to a fixed rate.
You should however call your lender and see if you qualify for a loan modification, which may fix your rate for a couple more years.
Other than that, you can shop around for a good mortgage broker.
Good luck!Can you lock an interest rate when you currently have an adjustable mortgage?
refinance if you r ableCan you lock an interest rate when you currently have an adjustable mortgage?
I think the only way to do this is to refinance with a fixed rate mortgage - which, judging by the current mortgage and housing trends, you should seriously consider doing. My bf and I have an interest rate fixed at a little over 6% for the next 30 years - it'll feel really nice when interest rates go into the double digits!
Lots of things happening in the mortgage industry,,, Talk to your mortgage holder. and hope it is a local bank rather than some national outfit. This may not be the same person you originated your loan with. Many banks sell their loans.
Bush and company is trying to get the banking industry to REDO some of these loans. The lending institution you have may be more than happy to give you a rate ';Modification'; and leave everything else the same... Rates are hanging around 5.75-6.25% and may be moving soon as the Fed has lowered rates so maybe mortgage rates will come down too.
Contact your lender and tell them you want to convert the mortgage to a fixed rate.
Unless your current mortgage has a convertible option, you will not be able to just convert it to a fixed rate.
You should however call your lender and see if you qualify for a loan modification, which may fix your rate for a couple more years.
What would be a typical mortgage interest rate for 30yr?
100% mortgage, with 830 credit score in GA?
House is not expensive, around 170k.What would be a typical mortgage interest rate for 30yr?
According to bankrate, your interest rate would be in the 6% - 7% range ( http://www.bankrate.com/brm/rate/brm_mtg鈥?/a> ) This may not include PMI, which may be required for a 100% mortgage.
100% mortgages are becoming more expensive because of the current mortgage credit crunch.What would be a typical mortgage interest rate for 30yr?
A house around 170k is expensive. You have to put something down and your looking at around 6-7%.
I think about 5%
There's 24 different factors that determine your interest rate. I'd be more than happy to get you prequalified and deliver a proposal that can give you your best options. I work for Chase as a mortgage planner.
It looks like your credit score is going to be a nice positive factor, but there are other factors that could make your rate be anywhere from 1% (yes, it's possible) to 12% (yes, unfortunately this is possible too).
You can call me at 561-573-2955. I'm able to lend nationwide. You can visit my website at www.caseycasperson.com or email me casey.x.casperson@chase.com.
If anything I can show you some tips and tricks while you negotiate for your new home!!
Looks like they are running about 6.25, but I doubt that is for 100% finance. You would typically be expected to put down 10%. (Which is a very good idea - more if you can afford it)
Ok, I just checked my rates and a 100% conventional loan today for a 30 yr fixed 170k loan would be 6.875 with no origination or discount points.
I also have a 3% down FHA program at 6.75% fixed for 30 yrs without points and discount fees.
You can get lower rates if you want to buy down the rate, but I just quoted without buydowns. Let me know if you have more specific questions or need a payment quote. Good luck!
House is not expensive, around 170k.What would be a typical mortgage interest rate for 30yr?
According to bankrate, your interest rate would be in the 6% - 7% range ( http://www.bankrate.com/brm/rate/brm_mtg鈥?/a> ) This may not include PMI, which may be required for a 100% mortgage.
100% mortgages are becoming more expensive because of the current mortgage credit crunch.What would be a typical mortgage interest rate for 30yr?
A house around 170k is expensive. You have to put something down and your looking at around 6-7%.
I think about 5%
There's 24 different factors that determine your interest rate. I'd be more than happy to get you prequalified and deliver a proposal that can give you your best options. I work for Chase as a mortgage planner.
It looks like your credit score is going to be a nice positive factor, but there are other factors that could make your rate be anywhere from 1% (yes, it's possible) to 12% (yes, unfortunately this is possible too).
You can call me at 561-573-2955. I'm able to lend nationwide. You can visit my website at www.caseycasperson.com or email me casey.x.casperson@chase.com.
If anything I can show you some tips and tricks while you negotiate for your new home!!
Looks like they are running about 6.25, but I doubt that is for 100% finance. You would typically be expected to put down 10%. (Which is a very good idea - more if you can afford it)
Ok, I just checked my rates and a 100% conventional loan today for a 30 yr fixed 170k loan would be 6.875 with no origination or discount points.
I also have a 3% down FHA program at 6.75% fixed for 30 yrs without points and discount fees.
You can get lower rates if you want to buy down the rate, but I just quoted without buydowns. Let me know if you have more specific questions or need a payment quote. Good luck!
How in depth does the mortgage company get with verification?
i applied for a fha mortgage and the mortgage company is not counting my student loans in my dti because they are on forbearance. technically, they are supposed to be on forbearance for a year, but mine will not be in 5 months. they used my forbearance letter that didn't say when i had to start repaying and they never asked me when the forbearance was up.
does the underwriter or someone else actually call the student loan company to verify, or do they just work off the paperwork given to them?How in depth does the mortgage company get with verification?
You will be required to provide documentation that shows the loans are deferred for at least 1 year otherwise the underwriter will include the payments.How in depth does the mortgage company get with verification?
Yes and your Loan Officer is doing you a grave disservice by not disclosing this to the u/w up front. I hope you will still fit the DTI once that is added into your debt. FHA is very concerned right now with the numbers and tend to be extra critical. You may want to ask that it be added in so you can see your DTI and make sure you are still qualified for this loan.
*Compliment of the day to you,
My name is Helen Donald base in united kingdom(UK),I am a student who was scammed by some scams in the internet, where I saw their addresses on yahoo answers and I required a loan of 20,000 pounds and finally I was scam over 1,500 pounds, so I decided not to look for loan in the net but I came across a friend of my who told me that she saw an address of a young woman called Susan Patrick from the United State of America who require a loan of $60,000 USD from a lender. and finally receive her loan, so she place the address of the lender main why she have had of scam on the net before but she just decide to give the man a try and she receive her loan after three days. So she ask me to contact this online bank and I require a loan from this bank first, second day no reply from this man and I proceeded
with him finally I receive a loan of about 22,000pounds from this lender. So I now said to my self nothing good come through stress when you are with the right person. So if you are in need of any type of loan this lender is who I advice every body that is in need of a loan to contact. Via e-mail charlessmith41@gmail.com Hence i know you will definitely call me to thank me, GOOD LUCK.
*
does the underwriter or someone else actually call the student loan company to verify, or do they just work off the paperwork given to them?How in depth does the mortgage company get with verification?
You will be required to provide documentation that shows the loans are deferred for at least 1 year otherwise the underwriter will include the payments.How in depth does the mortgage company get with verification?
Yes and your Loan Officer is doing you a grave disservice by not disclosing this to the u/w up front. I hope you will still fit the DTI once that is added into your debt. FHA is very concerned right now with the numbers and tend to be extra critical. You may want to ask that it be added in so you can see your DTI and make sure you are still qualified for this loan.
*Compliment of the day to you,
My name is Helen Donald base in united kingdom(UK),I am a student who was scammed by some scams in the internet, where I saw their addresses on yahoo answers and I required a loan of 20,000 pounds and finally I was scam over 1,500 pounds, so I decided not to look for loan in the net but I came across a friend of my who told me that she saw an address of a young woman called Susan Patrick from the United State of America who require a loan of $60,000 USD from a lender. and finally receive her loan, so she place the address of the lender main why she have had of scam on the net before but she just decide to give the man a try and she receive her loan after three days. So she ask me to contact this online bank and I require a loan from this bank first, second day no reply from this man and I proceeded
with him finally I receive a loan of about 22,000pounds from this lender. So I now said to my self nothing good come through stress when you are with the right person. So if you are in need of any type of loan this lender is who I advice every body that is in need of a loan to contact. Via e-mail charlessmith41@gmail.com Hence i know you will definitely call me to thank me, GOOD LUCK.
*
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