We have recently applied for a mortgage of £100,000 which monlthly payments are £693 fixed rate for 3 years. This is based on a 100% mortgage and the fact that we both have bad credit, it does not include building and content insurnace of life cover etc? Is this a good deal anyway?
We think that it is as we have been searching for a mortgage for a few months and due to the adverse credit haven’t been getting a brilliant quote the max we could get before was £85,000 for £625 a month.
I don’t mean to should think, but when taking out separate building and content insurnace etc do you start to do that when you get the completion date? Will the estate agents a house you like is with will accept if you don’t have it yet but you do have your mortgage in place? - hope that bit makes sense!

I have to pay MIP on my loan . It is our first house and an FHA loan. The purchase price was 139k . I paid 10k down and had the mortgage insurance premium(20.) financed in the loan at 1.5 %. I emailed chase and they sent a letter saying they are the servicer of the loan and cant drop it…. HUD will have to. I looked at HUDs website and they say they cant drop it , the mortgage company has to.

When I spoke to the rep on the phone(could barely understand her) She said 3 conditions must be met. It must be paid for a minimum of 5 years,be current, and LTV ratio reach 78%.

HUD has a specific link on the wesite giving conditions , but its hard to understand. I asked the mortgage rep if I could get a new appraisal since weve made improvements and drop it. She said I could but we would have to contact HUD with the new appraisal. She also said the LTV ratio is not on the loan price , but the purchase price(before down payment.) Noone there is helpful and would like some answers.
To be clear, after the down payment, the loan 129920. was 129k plus the mip of 1920. I am confused about the LTV. Is it the new appraise value % compared to the purchase price? (She said not counting down payment) Is this amount before the financed 1920 mip? Who do I contact with the appraisal to drop it? Both are telling me the other one has to drop it. I get the distinct feeling that Chase does not want be to drop it. Had this loan 3 years. I pay at least 0.00 additional principal each month. Never been even one day late.

Please someone give me specifics of what I would need to do to get it drop. It would save . a month I could put toward my principal and that is a lot of interest saved- thousands. I have painted , put on new roof and added skylights. Carpet is next. What specifically do I do and what are the laws with HUD? Which one has to drop it? I keep gettng the run around. You can email me with any more details needed. thanks
Please dont respond with promotions or solicitations. I only want the law concerning dropping the mip. I have a great rate and am in no way behind.I have no other loans and I am in no way drowning in debt(thus paying extra principal) My loan is going great, just thought I would eliminate any uneeded extra payment.

I am currently in a 5k new construction house and haven’t made any upgrades in the 3 years I have lived there. If I were to sell it for less than I bought it for like let’s say k (for example), for story sake lets rule out any principal $$ that is secured towards the actual house - and in turn find a k house where does that k from my last mortgage go?

Is that k able to transfer into the new mortgage of the k home mortgage making it k or is that a separate loan in itself? I have a feeling I’m going to be eating some costs to get rid of my home to purchase a bigger & older home but where does that cost essentially go? How is it accounted for, and is it transferable?

Just curious? Any insight would be deeply appreciated.

Thanks in advance!!

My boyfriend and I would like to buy a house. We have no money down. We are looking between 130k-190k. We want to roll this into obviously a 100% financing mortgage, including closing costs. I am not sure for this finance amount how much PMI would be. I would like to avoid PMI and maybe get an 80/20 loan. The thing is…in 3 years my boyfriend will have his bosses job, which ups his salary quite a bit. I was thinking if we took the 80/20, once he got that job we could pay the 20% part off rather quickly, then be left with the 80%. Is this a good idea? Or is the PMI a much simpler way? How much does doing the 80/20 up the rate? I need some suggestions!
thank you to those of you who understood what i meant by 2 loans (80/20). And though i do appreciate the concern about buying a house with a boyfriend and not a husband, the question was about mortgages, not my personal life.
thanks for all your help everyone….we did get pre-approved already for much over what we are looking for, and we both have excellent credit scores……so i think the 80/20 is the way to go! THANKS!

My husband and I filed bankruptcy and it was discharged in March of 2006. Our mortgage has a 3 year adjustable rate mortgage (ARM) and 3 years will be up shortly. If I don’t re-finance, my rate is going to go up 3%. It’s already high enough! Any suggestions for a company that won’t screw us around?

We are moving and selling the first home.
We are in good standing with the current mortgage company.
We have lived here for almost 3 years- we have had two payments that have been a few days late.

Also, will they keep us at our current interest rate?