I do not have great credit history and would like to apply for a home loan to see if I qualify, but I want to know who is best to go threw for a good shot if my history is poor? Answer: Most lenders/banks have the same mortgage products, your ability to get a mortgage …
Tag Archive: loan
My home mortgage was transferred to Fannie Mae last month. Why did my bank do this?
My loan was with Bank of America. Answer: Bank of America decided they needed additional money to lend, therefore they bundled a lot of mortgages they had to include yours and sold them to Fannie Mae, an agency formed by the federal government to purchase such mortgages. Bank of American might still service the mortgage …
Is it possible to get someone to take over the mortgage on you home?
Kind of like deeding it over to the person, like when you have someone take over payments on a car? Or is the only way to do it is to have them qualify for a loan and you sell the home to them? Answer: If you have a VA loan and you are selling to …
What happens if a home forecloses and the auction only pays off the first mortgage and not the second?
Will the second mortgage holders come after you or be able to put something (other than a foreclosure) on your credit like a judgement? Would they be ale to garnish wages or do anything crazy like that in the future? The reason for two loans was a first and second (100% loan) was used to …
What happens to a reverse mortgage after the person have to go to nursing home. How does that work?
What happens to a reverse mortgage after the person have to go to nursing home. How does that work? Answer: Generally, the loan ends when the homeowner dies, sells the house, or, depending on the loan conditions, moves out of the house for 12 consecutive months (for example, to go into an assisted living home …
Can someone please tell me the difference between a 2nd mortgage, home equity loan and refinancing?
Answer: Yes. Home Equity Loans are more like credit cards and affect your credit that way. They are also almost exclusively adjustable rates. HELOC’s are generally available “for free” from most major banks. Know why it’s free? Because they are going to make a TON of money from you as long as you have the …
Does being on the mortgage only mean I own the home?
I have separated and want to buy a home of my own but need to be a first time home owner to qualify for the loan. Did i actually own the home if i was never on the deed but only on the mortgage? He has recently refinanced and i am no longer on the …
If shantel and kwami made a downpayment of 20,000 on a 175,000 home, what would be their monthly mortgage paym?
If shantel and kwami made a downpayment of 20,000 on a 175,000 home, what would be their monthly mortgage payment assuming the finance for 25 years at 6.75%. How much would they save on each monthly payment by making the down payment? How much interest would they save over the life time of the loan? …
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