I want to rent out my home and buy a new home. When the market gets better I plan on selling it. It still has mortgage. SO will I be able to get a second mortgage? I have some debt but plan to pay off completely. The house I want to buy will cost less. …
Tag Archive: debt
We’re out of debt and now owe a 140,000 home mortgage-on 30yr note. I’ve heard biweekly or bimonthly?
payments will speed it up. Any thoughts on this? Should I just send in extra payments and they will apply it? Thanks for your help Answer: Payments on bi-weekly or bi-monthly schedule can only help if the mortgage agreement calculates the interest in such a way as to take in account for these types of …
How to mortgage a vacation home?
I have recently inherited some money, and our dream was always to purchase a vacation home. My question is… do I pay off my primary mortgage, car, and every other debt first… and then use the balance of the cash as a down payment on the vacation home and get a mortgage on the 2nd …
Will fixed home mortgage rates lower again by January 2008?
We are specifically looking to go from a fixed 6.5 % to a fixed 5.9% or lower. Answer: You can get 5.99% on a 30 year fixed for 0 points today. Of course, this depends on a few factors you didn’t provide – credit, income, assets, loan-to-value, debt-to-income ratio. No one can predict where rates …
Is there an alternative to a home mortgage?
We would like to live debt free as much as possible. Answer: Pay cash. Rent Land contract. Buy a four-plex that brings in more rent on 3 units than the mortgage so it pays for itself.
Is their a California Law restricting the maximum back end debt to income ratios for a home mortgage?
Answer: No there is no “law” because the California state does not dictate the lending policies of banks…..in fact NO state does. These days, you will be hard pressed to find a bank that will accept a ratio higher than 35-40%.
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