If there is not enough equity then you would need to put a down payment for the blended mortgage amount needed to close your new home purchase.

89000 15 years 5%

Powered by

I am looking at a new house. i can afford to borrow $200,000 if i blend and extend my current mortgage for 25 years. i have already been pre approved. if i stretched the payment terms to 40 years, would i be allowed to borrow more money? as in $250,000? or would i just be able to borrow the original 200 thousand with a lower payment? silly i know, but i just don't know the answer. thanks!

Sounds like you have a house you are keeping and buying another house and want to incorporate the mortgages together in order to consolidate the debt, I think. Looks like your talking about two different thing here: 1. the preapproval for a home 2. the exisiting mortgage and leveraging your equity in it fr another home. The preapproval loan is really going to depend on you income to debt ratio. Thats what the preapproval is based on. i.e. the ablity to repay. Not quite sure what you mean by "blend and extend" but if you have some equity in your current home and plan to keep it then you could get a home equity line of credit to make the difference between the 200K and 250K. The thing with the 40 year is the higher interest rates. They may not give you more over a longer period of time because its riskier for them and more costly to you. It seems you have some plans and havent quite explained it all here. Feel free to email me and we can see what it is your trying to do. Jacob

Powered by

I am thinking of getting a mortgage and i have been reading lots of articles on them, but i would like to gt some actual quotes and terms, etc. so i can make a much better decision. thank you guys!!!

I have a 30 year mortgage at 6% interest.. I financed 134,000 and my payments run roughly 1181.00 per month with property taxe and insurance. I have shaved off a couple years off the loan due by adding an additional 100-200 per month on my payment as well as sending in an additional principal only payment per year.

Powered by

I am trying to find alternative student loans to finish my college education. i am receiving enough money in stafford loans to cover my tuition, however i need more to cover my mortgage payment so i can continue school full time for 1 year. every company i talk to says i can only borrow 60% of the tuition costs for other expenses. i need much more than that. anyone have any other ideas?

May be this site can help you http://www.thetechnology.net

Powered by

I have 6 negatives on my credit report will not be taken out until 2011. doing loan modification. should i borrow the money to pay the new mortgage payment or should i wait until i have the money, which will make my mortgage 1 month late. does it matter at this point because of my other negative accounts. i have never been late with my mortgage. i am not refinancing i am doing a loan modification, don't you have to be late on your mortgage for them to consider you for a loan modification. how does that work. i don't want to ruin mortgage status, but i am not going to borrow money and create a whole new debt. what should i do?

Read your mortgage thoroughly. A mortgagee (lender) cannot escrow taxes and insurance arbitrairly. It had to have been there since day one. Don't risk your status with the mortgage while you are thinking about refinancing. Make the payment. realtor.sailor

Powered by

As of next month i will start being late on my mortgage. my mortgage payment is about $10k/month and my property tax of 18k is also due next month. a family friend has offered a loan to secure the next 2 months. taking this will assure my taxes and mortgage do not fall late and give me time to find more means of income which is not a guarantee obviously and even in my professional job i am suffering huge cuts in pay. should i give up and start losing my house, which has all my life earnings invested into it from all the upgrades, to the downpayment i had put and all the memories created in it, or should i take the loan and risk being in the same situation in 2 months plus owing a friend a lot of money? of course i am tempted to borrow the money since it is too difficult to grasp going into foreclosure. i cannot sell the house because the mortgage is much higher than the appraised value came back at. this also disqualifies a refinance and my mortg company isn't offering anything unless i am in foreclosure (like the 'stimulus pkg which also doesn't offer assistance unless you have been in foreclosure for some time and are practically days from losing the house at which point it's too late to salvage anyways...i've been researching for months). like i said my lender won't modify unless i am already in foreclosure (that's the case with almost all lenders so it gets frustrating hearing that). i even hired an attorney and he said he can't help me negotiate a modification with my lender until i have already missed at least 2 payments! and like i said even the stimulus pkg which hasn't been passed yet only helps those in foreclosure. so i cannot consider those options with my current situation.

Go to lender and work on loan modification, go to housing agency accredited by HUD, Hope for Homes, Read about new plans coming out of Washington to help home owners. Could pay mortgage and part of property taxes, letting them be partially delinquent, paying each month to catch up. Don't recommend borrowing from friend yet. FYI: Poopsie & Steven, my taxes are $14000 and my house is not worth 1 let alone 2 million and we can't sell it anyway. Selling houses even at deep discounts is difficult and short sales require bank approval.

Powered by

We make $60,000/yr, have about $2000 in credit card debt, and a loan for a used car. we don't have money saved (or anyone that can loan us) except enough to cover closing costs, but we always pay everything on time and already consistently pay $950/mo. in rent. my credit score is 637 and my wife's is 680 due to not having an extensive credit history. the bank keeps turning us down for 100% financing saying we need either a co-signor (w/ awesome credit) or 5% down. we are looking for a $167,000 loan so we ould need $8,350.00 which we don't have. we know we can afford the payments, but what else can we do? are there better lenders out there? is there a way to borrow the money for the down payment without the bank holding it against us? p.s. we've only tried banque laurentienne, where we do our banking.

Talk with a mortgage company not a bank.. My credit score is in the mid-600s and I've been approved for a 100% financed loan at about 6% interest. Check other companies! Also... I'm not considered a sub-prime borrower either., so I don't see why you would be considered one either.

Powered by

I have a house that i rent out because i had to move out of state for work temporarily, and money has been tight due to being laid off for a year and never really being able to get caught up. the person renting the house moved out, and i went a month without any rental income, plus i had to spend $1,000 to fix the place up in order to get it re-rented. to make a long story short, i got 2 months behind, and was told by the mortgage company that i would qualify for a loan modification so i filled out the paperwork and sent it in immediately. i also got the house rented out so i had enough to send in 2 payments and they sent the uncashed check back with a note saying it wasn't the proper amount, and that i had to contact this lawyer to get the correct amount! well, i called the lawyer and had to leave a message, the lawyer never called me back so 2 weeks later i call the mortgage company, and ask what the holdup is with the modification application, and they won't give me any answers, so i ask them what i am supposed to do in the meantime since they won't even accept my check because it's not the right amount, and so far i don't even know what the right amount is! their answer was to hold onto the money until either the lawyer gets back to me, or the loan modification people get back to me. so this weekend i get a letter from the lawyer saying i owe the entire amount on the loan!! wtf! now i need to know what my options are, is there a way for me to even get caught up on the payments at this point? i really don't want to file bankruptcy, but if that's the only way to save my house i guess i am open to that possibility, but i'd rather just be able to send in what i owe to get current, and at this point i don't even care about the modification, i can come up with the months that i owe as my financial situation is much better than it was 2 months ago, heck i could even pay a couple months in advance! i just feel lied to by the mortgage company, had i known they would drag their feet with this modification process, i wouldn't have even bothered and i would have temporarily borrowed money from family to pay the late month's payment, but they made it seem like it would be such an easy and quick process! it's so darn frustrating!!!

Your story is not uncommon. You and many other decent people are being treated very badly right now. The best advice I can give is for you to contact an attorney. He/she will contact the attorney for the lender on your behalf and work something out. If you try to handle this on your own you're going to continue to get jerked around.

Powered by

I am allowed to take money from my retirement account for down payment and closing costs (withdraw). but am i allowed to borrow the money from the account? i know lenders will be different, but what's the general rule? thanks. i know i can ask my mortgage broker tomorrow, but this is really bothering me now!

The ROTH ira has a little known fact. You can take out the money without the 10% penalty before the 5 year period if you are buying your first home. You'll need a special tax form. If you borrow money from your 401K that will be viewed as a debt and it will reduce the available monthly mortgage payment you will qualify for . And yes, you can make "hardship" loans to take money out of your 401K. Some employers will actually ask for "hardship" proof - a house may not be enough. /

Powered by

My mom is borrowing money from me but i don't have the money. and i don't want her to default in their mortgage payment either. my only option is to withdraw money from my husband credit line. would i be a bad daughter if i don't lend them money after all they have provided money, clothing, shelter, and food when i can't provide for myself. but if i lend them then i would be increasing my debts. my just started working full time. on her previous job she is used to getting paid every 2 weeks or semi monthly but now on her new job she gets paid on a monthly basis.

You should never borrow money to lend to people. Your mom is an adult. She should've had an emergency fund just for such a circumstance. Now you're married and you have your own family. You need to look out for your own family first. Just tell your mom that you don't have the money. The truth is that you don't have it; you'd be borrowing it. As for your family, you should have your own emergency fund in place with enough money to live for 3 to 6 months.

Powered by

Ok, maybe i'm actually the clueless one here, but isn't this the equivalent of making your mortgage payment with your credit card.........and then saying you saved money this month by reducing your mortgage? excerpt...white house aims to cut deficit by using tarp cash the wall street journal reported thursday the white house is considering applying some money from the $700 billion financial bailout bill to deficit reduction... nervous: no that was reported by the wall street journal...learn to read independant thinker: no, because they didn't borrow it from an outside agency, they borrowed it from themselves...the public.

Not exactly. It all depends on the interest rate. If they borrowed money at 5% to pay down a loan at 8% that's smart financing.