What is the best kind of mortgage insurance here in Canada?
If you are healthy, get individual insurance rather than through your bank. Individual Insurance requires a medical exam/test, and assuming your are healthy, the insurance premiums will be considerably lower than insurance through the bank. Read the rest of this entry »
How to prove a mortgage payment?Â
We’re about to take out a mortgage, and you can be reading about mortgage servicing fraud, where even though you send payment on time.
They cash the check but don’t update your records, then they add late fees, take out hazard insurance, send it to collection, and the whole thing snowballs from there. Read the rest of this entry »
Is is really easy is it to buy a second home and get a second mortgage?
There is a possible way that you can get second mortgage. You have to prove that your first home is rented out and that you have been consistent in paying all your mortgage payments in the past.
So will the mortgage companies look at this as a hoax if you can provide a copy of the lease agreement, or will it be included in the debt to income ratio ? Read the rest of this entry »
What does it take for you to qualify for both the loans with purchase money and get a combo loan.
As far as just second mortgage is concerned, just like a home equity loan, you need to have a pretty good credit score, good income/employment history and low DTI.
The person who qualifies for a second mortgage is one that has a credit score acceptable to the lender, enough equity in the property to warrant a second and the ability to repay the loan. Read the rest of this entry »
This is the buzz all over now but sub prime housing market is still not improving.
Recently there has been much talk about the government stepping in to bail out the people who are losing htere homes do to sub prime loans. Some people have expressed their disagreement with this new step in the recent months.
With the highly unstable subprime market conditions, the government decided to bail people out when they cannot afford it. So do you think it is wrong with a government bail out? Read the rest of this entry »
You may get some leads online but then where else you must look? Â
If you are a loan officer with a mortgage company then you will know that the hardest thing about my job is getting in contact with interested customers.
First, you should check the disclosures on the leads you get from your lead company. Does your company have a Do Not Call program in place? If not you should ask. You have selected a wonderful career field. You are pretty much on your own to earn as much as you want and be as successful as you can. Read the rest of this entry »
Taking out a second mortgage can be a big decision but you may not want to land up taking for thirty years.
So you may think of getting 30 years loan anyways and pay it off early without penalties as you need less money. Yes you can finance it for 30 years and pay if off early.Just be sure when you go in to pay tell them you are paying extra on the principle.
If you are doing this to consolidate bills don’t.You will end up making more bills.Shop around for the best interest rates.You won’t be able to borrow all your equity value only a percentage of it. You will also have to pay closing cost and an appraiser. Read the rest of this entry »
So should you refinance your first mortgage for debt consolidation or opt for second mortgage benefits?
Even though your first mortgage rate is at low, you would have to consider your blend rate if you opt for a second mortgage.
Either way (HELOC or HELON), your interest rate will be much higher than your current rate, so if your blend rate matches or is better than the current interest rates now, then you might be better off just refinancing your property. Read the rest of this entry »
There are many ways to describe a seller second in Mortgage Terms.
It means that the seller is willing to carry a second mortgage on the property he is selling.
Moreover, if it is legally stated, it means that the seller will hold the second mortgage. The primary lender has the first and is paid first in case of default. The second has second claim on the property or what is left after the first gets his money. The second then gets paid if there is enough and if not - he is out of luck. Read the rest of this entry »
The thing that matters most is what will be best for you knowing that you are moving into a new house in a few years or so.
A refinance to clean up credit makes alot of sense. The new rate is actually lower then what you have now. Even though you have a 6.5%, your second mortgage can probably be in the 8% or higher range.
So, interest alone is less with the new mortgage. Also, the main thing to look at is the paying credit cards over 30 years. Read the rest of this entry »