It should not matter. You just need to call the lender to renew and they can most of the time do it by phone.

Powered by

I just began work at a mortgage company a few months ago because there is a rush of people that are wanting to refinance. we also do equity loans, reverse mortgages, etc. do you think this would be a good career to stay there long term, or do you think i should just work there a while and move on? i'm just not sure on the future of housing in this country

Yes. You want to learn the business in the slow times. Then when things get busy, you know what to do. During the good times, no one is available to train you. If the manager or owner is spending a lot of time with you, you know you have chosen the right place. If not, look for somewhere else.

Powered by

Im moving to the uk and buying a home soon and i was wondering how the whole mortgage system works. thank you.

Well, You pick a house you like, then have to pay back a certain amount each month, to however much the house is worth. Then when you've paid it all, you are mortgage free. If you then need more money, you ask the bank for a mortgage on your house and they give you the amount of money to buy whatever you need it for, then once again you pay that back each month. But, I don't have one, i live with my mum and we own our house. Go here, it probably will explain better than me. I simplified it (: http://en.wikipedia.org/wiki/Mortgage

Powered by

Let's say i buy a house for £100,000. the total i would repay back on the mortgage is £150,000 over 25 years (for example). 3 years after buying the house, i want to move. i sell the house for £110,000. do i still owe the bank £40,000 (since that's the total repayable?) or do i make a £10,000 profit? how does it work?? oh and if i do make the profit, then would it not be wise to take the mortgage over 30 years since the monthly repayments would be less and i could make the £10,000 as well as saving money over the three years?

You can sell the house whenever you want. AND repay the money owed to the bank. which is calculated upto the date you are paying off the mortgage back. It does not matter how long you took the mortgage for. So if you sell your haouse after 3 years you pay the money borrowed + intrest for 3 years (at whatever rate you got the mortgage) +any penalties for early repayment (only if it applies as, every case is different depending on the deal you sighned) + any selling cost eg deeds transfer etc.. In brief it would never be near 150,000 but, you should calculate the repayment costs inorder to know whether you going to make money . Although you make reasonable saving/downpayment amount over the 3years + any gains in the value of the property

Powered by

My husband's work moved us to az in november, and so we put our house up for sale. we will now be 3 months behind on our house payment at the end of this month. the mortgage company is unwilling to work with us at all on anything! they want over $2,000 by the end of the month to avoid foreclosure. we have already paid 40,000 (4 1/2 years paid on it) for this house and owe more now than when we financed it! we asked them if we could hold off on payments until the house sells, and the answer was no. we asked if they could take less than is owed for the house so that it would sell and they could have all the money (we owe 84,000 for a tax value 79,000 home), and the anwer was no. this company is vanderbuilt mortgage, and they are so awful! they bought the mortgage from our company we financed with, and we are just stuck! is there anything we can do legally to avoid foreclosure? i am just amazed how mortgage companies can abuse people so easily and get away with it thanks skip but they won't take any less than the 2,000, and we can't afford to pay for 2 houses in 2 different states. we would love to ask less for the home, but we have to get enough to pay the mortgage off when we sell it, hence the reason for asking the mortgage company if they would take less than what was owed.

You say you owe more now than when you financed it, so I assume you had a mortgage that allowed negative amortization. What I am wondering is if you owe more, or even nearly as much, than your asking price? If you don't have an appreciable amount of equity in the house that you'd like to recover, you could offer Vanderbuilt a deed in lieu of foreclosure. You lose the house, but you don't have the black mark of foreclosure on your financial record. On the other hand, if you do have significant equity in the house, you'll want to follow the advice given earlier in this exchange and do whatever it takes to sell asap. The foreclosure process takes a few months, and even after you've been foreclosed you have a period of redemption, usually six months, in which to pay the mortgage off. If you can sell soon, hopefully you'll make enough to satisfy that mortgage. Good luck!

Powered by

We would like to move as we have outgrown our home... we got a mortgage for 95k- we have still have 90k left to pay. we would like to sell our house for 100k (we hope! or more!) the new house we looked at will do a part exchange, it is on sale for 175k. how does this work then how much would the mortgage be approx for a new house?

You would have to contact your mortgagee (lender) and have them agree to a substitute of collateral. It's somewhat unusual, but not illegal. However, where are you going to get the $175K to pay the seller? From a pratical standpoint, you need to sell your present home and it looks like you would break even, so you would still need the down payment on the new home. Realistically, I don't see the transaction happening. realtor.sailor

Powered by

Settlement is for the middle of august and im moving to nashville. im signing with my father (who isnt in tn) who makes 120+k a year. how important is my income history? we have been approved (with bank of america) and told what the monthly payments will be... does this mean we'll be funded at settlement or is there still more that the bank has to do?

The bank or lender want to verify that a legal business exist at the address you provide. They also want to see if the address on the pay stubs match the address you provide on your loan mortgage loan application. This also is a way of preventing fraud to a certain extent. If you have been pre-approved by Bank of America for a home mortgage loan, you simply have to find a house, get an appraisal completed and provide the other necessary information and documents to complete the mortgage loan application. Since your application has been pre-approved Bank of America has completed you income check and apparently everything is alright. I hope this has been of some benefit to you, good luck. "FIGHT ON"

Powered by

I have just accepted an offer on my house and have had an offer accepted on our new house prior to this because originally the plan was to keep the current property and rent it, so we were going to get a second mortgage for the second house...now however after having made a snap decision to sell it and have sold it in 4 days! we now no longer need this new mortgage providing we have the money from our old house to buy the new house on completion day...but is that how it works? is this what the whole "chain" thing is about....?

congratulations! yup that's what it's all about! Make sure you have a plan in case this doesnt come to closing.

Powered by

I am losing my job in athens, ga, and really want to move to charleston, sc. i have owned my house here in athens for about 7 years, and have perhaps $50k in equity in it. i know that renting is a pain, but i don't want to sell it because i feel certain the property value will increase significantly in the next 5 years. i can't really keep it, either, because i have no money on hand to put down on a new house in charleston (and my credit is not good enough to use just the equity in my current house as a guarantee on a new mortgage). i am not looking forward to having to rent an apartment for any length of time. i could: 1. sell my house and buy a very inexpensive one in charleston in a ghetto or 2. keep my house and rent somewhere, praying that the tenants will make nice with the management company, and not tear up years of my hard work. any ideas?

Considering your options: renting your home is the best option. Since your credit is compromised at this point, selling your home in Athens will reap a profit for you. At the same time, considering a new purchase, your compromised credit will incur a higher interest rate, demand a higher down payment with possible high mortgage loan fees incurred. Unfortunately, that's the way lenders work. Consider renting your home. That doesn't mean that you should rent to "whomever". You must require a previous rental history. Ask your applicant for the name and number of their previous landlord. Call the previous landlord and ask about the applicants payment history and care of the property. It does take some research, but a phone call only takes 5 minutes. Make sure that you have a valid rental agreement in place, I will post one for you below. You can always add/delete any issues, such as: lawn care, maintenance agreement, etc. The posted link is only a sample of what you can download. Google "rental agreement" and you can find others available. Good luck and hope your new move is a happy one. http://www.lawdepot.com/rental-agreement/?pid=google-reslse_us-rental_e1b-s-ggkey_rental%20agreement&s_kwcid=rental%20agreement%7C563986629&gclid=CKeS4NSAo4sCFQYMZQodUGGGkg

Powered by

Three months ago my wife and i bought our first house at a 5.5% rate. the mortgage broker who was a family friend moved on to another company. my boss's husband owns a separate company and can do us a refi at 5.125% which would save us pretty good money. it seems complicated though like our original closing! would i save time or money by trying to refi through bank of america (our current lender)? any suggestions are helpful, thanks!

The work involved with your old lender or new lender is about the same, unless you are doing a FHA streamline refi, when it would probably be easier to stick with your current lender. If you have an FHA loan and 20% equity do a conventional refi. How long are you planning to stay in this property? If you are going to stay in it more than 5 years it would probably be a good move, but anything much less than that you it will probably cost you more than it will save unless with the new refi you will be getting rid of PMI/MMI. If that is the case it would be a smart thing to do for sure. What you might consider is doing a 15 year refi. The current conventional interest rates, with 20% equity is about 4.5% with 0 points. That was the quote I got late last week, and that was for a non-owner occupied property through the Mortgage Minute Guy. FHA, Freddie-Mac, or Fannie-Mae loans do not have any pre-payment penalties. Judy doesn't have a clue. $10,000 in refi closing costs? Maybe if your are borrowing $750,000. Consider getting a quote from a couple of lenders like Ditech and Quicken Loans. Their rates and costs are very competitive.

Powered by

1. looking for a home under $200,000 2. had identity theft but the items should be removed by now. if not we have documention. (rapid rescore may be needed). 3. hasn't worked at his main job for over a year, so no w-2 from them but plenty of check stubs. 4. getting inheritance, but only wants to use that in consideration if it is needed. 5. he is transferring with job to texas (where we want to move, not presently living). the pay is far higher and he has his transfer letter. 6. need low down-payment. 7. need someone that can help with all aspects such as applying for fha and the program that helps with down payment assistance. if you know of a company that can work with this please let us know. we were working with someone but i just read a review that was not so good. also he was rather difficult to get in contact with and it is important that this get started because the jobs start very soon.

Did you try to go to local bank and ask? We were buying two times and 3 times refinanced. The most positive experience we have had was with local Commerce Bank.