As a borrower, you want to know all of the matters that affect how your mortgage (Intelligence Hypothécaire) will be negotiated. Here are two important features you may want to know about.
-Brokers get a fee based on the size of the mortgage, not on the interest rate of the mortgage.
0
comments
Scenario: My father has been through financial problems throughout his life. 10 years ago, he and my mom have had negative credit scores due to past uses with the IRS and he even had his wages garnished. However he could scrape by and later on I helped him out by buying a home with a mortgage thereby having my name both on mortgage and title. I knew I would end up selling the property if they didn’t make payments on the mortgage as my security and I could always deduct the mortgage interest on my returns. He promised to pay off the mortgage within 2 years and in return I would give away the property to him right after that. But it’s over 6 years and the loan isn’t paid off. I have had to take out cash from my savings to keep the payments on time. The property has gone up in value over the years but my relationship with my dad has worsened. He feels I’m into stealing his money which isn’t true. My dad wants me to sign over the property to him. And he’s also looking for lenders to refinance the loan as the quitclaim would leave the mortgage payoff responsibility entirely on my shoulders. I’d like to make sure that my name is removed from the mortgage debt if at all I transfer the property and would like to know about the tax implications. Is such a transfer possible using a quitclaim? I don’t want to sell and out him in a precarious situation because he can’t make payments as he’s on social security only and in order to save a bit more, he’s looking for a refinance.
Solution:
0
comments
Much like a broker can help you find the best companies and finance, etc, a mortgage advisor can also help you find the best option for you. He or she can also help you in the application process, and offers an excellent service for anyone buying a house. The main difference between a mortgage advisor and broker is the training and expertise needed to do each job.
As well as the advice a mortgage advisor can give you when it comes to buying your house, they can also offer:
0
comments
Florida FHA Mortgage Programs
FHA loans have been helping Florida homebuyers become homeowners since 1934. How do we do it? The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so your Florida mortgage lender can offer you a better deal.
0
comments
We all know that putting extra payments down on your mortgage is going to pay off your mortgage faster and save you money. But what not everyone knows are the little insider tips that allow you to know to the penny, EXACTLY, when to use them to pay off your mortgage, how much to make them in, and exactly what you’ll save as a result.
See, it’s really NOT about how many you make, or how often, or even how much you make them in. When you’re trying to pay off your mortgage faster their is only one thing that matters.
0
comments
Probably the longest commitment we ever make in our lifetimes is the 30 years we commit to a mortgage. There isn’t too much we can count on having after 30 years, but unless we sell our houses or hit the lottery, we can be sure we will be paying off our mortgages for a long time!
Imagine how nice it would be to be mortgage free! It would, in many cases be like getting a $1,800 a month raise. It doesn’t seem possible anyone would have any kind of financial difficulty if he didn’t have a mortgage hanging around his neck. You could buy just about anything and go just about anywhere without needing to prepare your budget around that monthly mortgage payment.
0
comments
There are only 6 ways to pay off your mortgage early and if you don’t know them, you’d better be ok with leaving tens of thousands, sometimes even hundreds of thousands, of dollars on the table.
Now, some of these are great, some are not so great. It just depends on your financial situation and how badly you want to pay off your mortgage.
0
comments
This article describes the Obama mortgage plan and how to know if you qualify. This is a great program to lower homeowners monthly mortgage payments who do qualify.
Many homeowners are struggling to make their monthly mortgage payments perhaps because their interest rate has increased or they have less income. A Home Affordable Modification will provide them with mortgage payments they can afford.
0
comments
As of Monday July 14th, 2008, the government has passed new laws which cause a decent amount of change within the mortgage industry and how these companies give out loans to homeowners. Even though they were passed on Monday, these rules wont take effect until October 2009 to give time for companies to transition to the new set of standards.
The concept being birthed in 2007, was in response to the treatment homeowners were facing from mortgage companies and to the foreclosure crisis that took place. It has been stated that the basis for these new rules are to protect future home buyers from mortgage companies.
0
comments
Scenario:
I have a foreclosure soon to take place on my first mortgage. What happens to the second mortgage if it is paid up to date? I was so stupid that paid a company XYZ $1000 to negotiate a plan for paying the first loan. they promised me that the first mortgage lender would surely accept their plan. But they dropped the ball and the first lender won`t take anything. Now, it`s just 10 days left for the foreclosure sale. The lender is simply trying to blame it on me. Is there anyway I can get back the $1000? What`s going to happen when they sell off the home? Will the sheriff come and keep all my possessions if I`m still there in the property? I`m so upset, I could have used the $1000 towards the first mortgage instead of paying XYZ. What do you suggest now?
0
comments