What percentage of your income goes toward your mortgage payment?
We’re getting ready to buy a house and I’m just curious about what percentage of their income people are comfortable with spending on their mortgage. What is your mortgage payment (including taxes and insurance) and your household income, and are you comfortable with your mortgage payments?
Thanks!
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What matters more; your credit score or the contents of your credit report?
I have a good credit score but I still have unpaid collection accounts on my credit report. Will lenders expect me to pay those off before they would give me a mortgage? Since my credit score is high, will it really matter what is on my credit report?
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What credit score is need to qualify for a home loan?
What credit score do I need to qualify for a loan at all, not necessarily a loan with a great interest rate? Due to some student loan problems over the past year, my credit score has plummeted into the 500s from around 700. I earn 6 figures and I have very little debt, so that should look ok to lenders. I’m just wondering what my credit score needs to be before I can even consider applying for a mortgage.
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What happens to the second mortgage when the first mortgage forecloses?
I am going through a foreclosure on my first mortgage, what are my options with dealing with the second mortgage? Any legitimate websites with guides for dealing with the aftermath of foreclosure would also be appreciated.
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What is the outlook for mortgage refinancing next year?
My parents bought their home with an adjustable rate mortgage 4 years ago at a 4% rate, but this is due to change next year. With the housing market crunch and the new strict lending that’s bound to occur, they are worried about what kind of refinancing will be available for them. The good news is that they have flawless credit (they successfully removed their PMI, and they are early every month on their mortgage payments plus they usually pay an extra couple of hundred dollars each month. They also have very low credit card debt (only a couple of thousand dollars). They’ve both been at their great paying jobs for over 10 years but they are still worried about whether they will be able to secure a decent fixed rate when they want to refinance. I am looking for advice from mortgage finance experts.
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Can you get a mortgage that allows you to bid on a foreclosed property?
Our Realtor advises that only buyers with cash in hand can buy foreclosed properties at auction. There is a technical challenge buying if you need a mortgage as you have to be in contract to be able to get the mortgage approved. Is this true or is there a valid way you can get a mortgage and bid on a foreclosed property at auction?
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How does reworking a mortgage affect my credit score?
I could use the help of potentially reworking my mortgage to be more affordable. It is possible for me to get by without doing so. If I do call my mortgage holder and rework my mortgage for a reduced interest rate or reduced principle how does that affect my credit score?
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How does a mortgage holder get out of PMI payments on their mortgage loan?
Seems to me that PMI is very costly for the home owner, especially me with a perfect credit rating and new funding source to maintain a mortgage if I lose my job (my job is very secure). Please any suggestions on how to get the PMI waived by the mortgage company.
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Can I refinance my mortgage if i start a home business with no employees and still work my regular job?
I want to refinance my mortgage and I want to start a home business before doing so. It would have no employees and I would still keep my current job. My home business will not require any due balances or credit lines to increase my debt. Would mortgage companies see the worry that I would quit my regular job or would they trust that I would maturely handle the mortgage payments? In other words, would I have no problems getting refinanced under these conditions. My credit score is about 650 and I’ve been at my current job for 1 1/2 years but have had steady employment for a long time. I have also paid my mortgage on time for 12 months.
The reason I am asking is because what I will be doing requires a vendor license. Therefore, in my ssn, it would show the business based at my home address.
I am actually looking for a new mortgage loan, not a home equity loan or personal loan and I don’t need to borrow to pay debts.
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I have a mortgage on one home, can I get a second mortgage to pay for another house?
I’m planning to relocate, but I currently owe a mortgage for $50k. I also have a bankruptcy on my record that’s a couple of years old. I’d like to find a new home in the state I’m moving to. Would I be able to get a second mortgage or refinance my current home in order to pay for a new one?
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How much mortgage debt is there in the USA?
Given all the worries about credit in this country, and subprime mortgages, I was curious as to what the entire amount of home mortgage debt is. There are about 110 million households in the country, with 70% of them owned residences. Let’s say there are 75 million owned homes. Not all have mortgages, but if 70 million do, and the average mortgage amount on such homes is $200,000, that comes out to a scary $14 TRILLION of mortgage debt in the USA. If just 2% default, the amount of bad home loans is $280 billion. It could obviously be much higher.
Does anyone know what total mortgage debt is per household and in total? This is a real problem that could damage the economy.
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What happens to a second mortgage when a home is purchased at a foreclosure auction?
I am going to bid on a house at foreclosure and it has a first mortgage and a second mortgage. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at foreclosure, I will owe additional money to the second mortgage?
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How does mortgage fraud affects the subprime mortgage crisis?
In the actual Subprime mortgage crisis in the US huge amounts of mortgage frauds were discovered. What’s the part that these frauds played in the actual mortgage crisis ? Thanks.
The bank charged late payment fees on our mortgage but never told us.
I recently got a letter from my bank saying we owed them 9 “late payment” charges on our mortgage. (you know how your mortgage is due and if you pay it late they tack on a charge) Well, every time my husband went to pay our mortgage even if it was late, the bank teller never tacked on the charge. Anyways, they are now saying that they’re going to take us to collections for the amount due, does this mean they’re going to try and take our house? We have never missed a month on our mortgage, just a few times they didn’t tack on the late charge…can anyone answer?
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