I’m buying a second home that will cost me 340K. I am putting down 50% in cash. So all I need to do is finance 170K. If I get a Mortgage., there is a big closing cost, if I get a Home Equity Loan, no closing cost, and low interest (variable) and thus lower monthly payment. The question is, if I default, with the Equity Loan, (from job loss etc), will the bank take away both the homes, as apposed to the Mortgage Loan, where they would only take away the second home
So, which loan??
Also, which one is bettre for tax write-off

What do mortgage loan brokers look at when you’re trying to finance a home for the first time..besides FICO Score? Like how many years on a job do you need? ..and so forth?

The mortgage business isn’t what it was; and I want to change job markets (I wanted to go into foreclosures; I’ve tried for 10 months). If the NYSE hits 13000, interest rates will be through the roof. Imagine what that will do to real estate market. I’m told I would be great at sales (I don’t talk a lot and HATE real estate sales); I think the health care market is the safest. In the last 10 years it has grown about 15 to 29% each year, and set to grow even more the next ten years. I’m getting old; well a 15 yr old considers me old. I don’t know what to do and I need your help…!

Health Care Industry, Finance (Securities), Car Sales, Start my business. WHAT

Signed Terrified.

I need a mortgage for my first home. I have excellent credit (FICO score 780), steady income and job, and I can put 20% down. In my case, is it better to go to a bank or to a mortgage broker company (the ones that compare many different lenders)? Or even LendingTree?

Thank you — being a first-time borrower is scary!

Hi,
I am looking at renting out my property for a year or two whilst things settle and renting a new property whilst living away.

I understand that you pay tax (at 40% as already have a job) on any amount that is deemed profit once you have allowed for mortgage, agents, upkeep etc

What I am not sure of is that we are taking a mortgage "holiday" atm from our lenders. As such we are not making any mortgage payments although the interest still builds up. Do we still allow for the interests part of the mortgage payments? Would it be more prudent to start paying the interest amount of the mortgage payment to our lendder again to avoid getting a hefty tax bill at the end of the year?

How do I calculate the interest portion of our monthly payments? I do know that about 70% of our yearly payments are interest and the rest actually pays thte mortgage - based on last mortgage statement.

Hope this makes at least SOME sense :O)

Thanks

Im trying to get a home loan. I was pre-approved by 5 different places. A couple weeks later I found my dream house. Now when it comes time to actually get my mortgage the guy at weichert financial tells me he’s not sure if its gonna happen. Can I start looking at another company to get me financed. He said that if he cant do it than no one can, but I dont believe that. I know that are credit sucks but we make decent money and have no debt. So will it mess anything up if I start looking elsewhere. Im not looking for another pre-appoval. Im looking for a loan.
PLease dont tell me to call you to get a loan. I want a company with an office right near me.
Mazziatplay— I really just asked if 2 different companies can search for a loan at the same time. I have been working on my credit for over a year since I was hurt on the job and had to take a leave. Now that all of our debt including doctor bills have been paid we are trying to raise our score. In the meantime our landlord is selling our place and we have to leave. This is the reason why we are looking to buy a little sooner that we should. So before you tell someone to WAKE UP maybe you could be considerate of someones feeling. I am not fully aware of the mortgage laws. I do as much research as I can but unfortunatly there are a bunch of lenders that get peoples hopes up just to make a sale.

dismissed bankrptcy 1X but then pd in full & discharged 1/06; have paid car loan 2 yrs never late (only current credit); i am with a debt correction company for only 2 mo & some things have been deleted. now have 626, 610 & 650 credit score. I am currently saving ,000 (hopefully for settlement). i make approx 18 mo gross & have a p/t job (0 mo-working 2 years). can i get a prime mortgage lender to finance a house (0,000), what interest rate do you think i would get?

Applying for a mortgage with my partner, are secure financially etc. but unfortunately i currently work for an agency, even though my job will definately become permanent in a couple of months and I have been where I am for about 6 months - will this be a problem?

I am giving my notice to a very secure job tomorrow, in the commercial lending industry. I really like working in mortgage financing and did it for two years previous to this job. I want to jump back in, but don’t know if I’m making a mistake, what do you think?

I"m 24 years old and serving in the U.S. Air Force. I finish up my commitment in 13 months and plan on pursuing a career as a mortage broker. I’d love to learn the ins and outs of mortgages because I plan on investing in real estate some day. I know there are risks involved in this job because most mortgage brokers are paid by commissions only, but I believe I can do this. I would absolutely love any advice, comments, or encouragement. Thank you.

I have also moved a few times in the last three years and only started my current job in Sept 08

I don’t want to get a sub-prime mortgage with £2,500 fee and 7% + rates on a £70,000 mortgage.

Anybody been in the same situation?

I have worked for a Mortgage company as a processor/loan officer for the past 2 years. Looking to get out of the mortgage industry as it just isnt secure enough for me. What would be the best job choice i can make with this kind of experience?

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!

I lost my job, and my mortgage company is willing to refinance me and work it out so I don’t miss a payment or lose my house. Is there help like that for my car lease? I have a lease for 0 on a minivan that is too expensive for me now, and I don’t want to voluntary-repo it.

It seems that the people that purchased their homes with Adjustable Rate Mortgages got into big trouble when their rates adjusted at a higher rate. Did they not see this coming since they did opt for a Adjustable Rate Mortgages vs a Fixed Rate Mortgage.

Also do people with Fixed Rate Mortgages having the same problem as Adjustable Rate Mortgages home owners? I would assume not, usless they lost their job.

My partner and I are looking for a mortgage lender. We are 1st time buyers in England(midlands). We would prefer a 100% mortgage but my partner has CCJs(they are all paid off)and I currently don’t work. We have looked into different mortgages but can only get around £75000 and would also need a deposit. This is a problem because all the suitable houses are over £100000 and also, because we have quite a high rent, there is no way we can afford a deposit. Does anyone have any ideas of where to look?
My partner has a good, well paid and secure job.
we do have credit unions but I am not sure how good they are. I think they are more for people on social security and stuff like that. I will try them though.

My friend, who is single, lost his job last week. He has a mortgage offer on a new house he is buying and says he’s going to continue to buy it as he can cover the mortgage by getting lodgers. Does he need to tell the mortgage lender about his changed circumstances by law?