NJ Mortgage

Archive for July, 2010

I have more than enough money to afford to pay for a house in full. However, I think I can get better returns on my money than the cost of a mortgage. What is the most aggressive mortgage I can get, knowing that I can always pay it down in the event that I need to?

Get an interest only loan or consider an ARM, or a 40-year fixed, a 30-year fixed or lesser year fixed.

If you can put your lump sum of money in a (safe) investment that can consistently get higher returns than the interest rate you’re having to pay on the loan… good idea. If you’re considering putting the lump sum in an investment that would spit out the mortgage payment each month, you’re credit rating will go up too. If you’re considering putting the lump sum in a tax-deferred retirement account, like a variable annuity, just consider what monthly mortgage payment you can afford until you’re 59.5 years old.

I am confused on how to complete a schedule for a mortgage. Last year a home was purchased worth $260,000 @ the beginning of the year. $80,000 was put down and the remainder was borrowed @ 6% compounded annually, amortized over 30 years. $3,240.00 was paid in real estate taxes. HELP PLEASE!!

Dear G: Not an easy task unless you have access to a mortgage amortization schedule. They are available on line and also you can reference Wikipedia for a description of several types of schedules (1) declining (2) straight line (3) annuity. Depending on the type of amortization selected the calculation is different.

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent

Can an American obtain a mortgage loan from Japan where the mortgage rates are much lower?

Only for property located in Japan and with a japanese co-signer.
For usa mortgages I found interesting information & the best options here.

http://all-mortgage-calculators.blogspot.com/2007/07/mortgage-loans.html

Good luck!

Does it effect the value of cash reserves and cost fop those seeking to borrow to the public as non-bank lenders ? We have had a further interest rate rise, to counter inflation due to strong consumer spending here & i am currently applying to refinance back to the larger banks from a smaller non-bank lender.

Hi,

The crisis has brought down real estate and share market to a considerable extent worldwide. Checkout http://mortgage.creditmortgagepro.com for some useful info on the matter. Good luck!

I am a mortgage broker in Oregon, if you are a wholesale lender who can do the above scenerio for a property in WA. please contact me!
Thanks!

Jessica@FrontierMortgage.com
541-681-4423

If the Home is in a Park or on Leased Land.

JCF Acceptance
www.jcfinc.com
(800) 745-00

We bought a brand new Condo/Townhome in Rhode Island in 2005.
Its in a decent area, 10 min from Providence. 40 min from Newport. 50 minutes from Boston. We both lost our jobs last November and are both living on one Unemployment check. With student loans, cars, insurance, utilities, mortgage, credit cards etc… Its all getting to be way too much and we are throwing away everything we’ve saved into this black hole of debt & mortgage interest.

So, we’ve read all about both types of Short Sales, (release of lien) etc.
Foreclosure, Bankruptcy etc…..

I know there is an alternative to rent our Condo/Townhouse out but the market isn’t looking that good for renting (to cover what we’d need for bills & to move) BUT, we want OUT OF HERE! We want to either move back home to upstate NY where our families are from or way down south to FLORIDA where its warm. I don’t even care if we RENT again. I’m SICK OF IT around here. One of the highest unemployment rates and we are depressed and miserable.

So, what is there for us to do?
we had so much student loan bills on credit cards we consolidated into a second mortgage while the market was still good. So, now we have the first home mortgage and a second mortgage. These total $200K the main problem is that we are 1 of 5 condo units. The one on the end went into Foreclosure when its owner skipped the country. NICE! So, with that unit selling for $129K we are screwed!

So we’d short sale and have to get forgiveness for $70K
AAaaaaahhhhhhh……………………………
If its a release of lien, I can’t afford 70K plus all my 50K in student loans and still be left with no house.

What the heck are we supposed to do?
Just want to move…..

Any help would be great!

ps- I’ve tried talking to our Mortgage Co. (First Franklin based out of CA) they are NO HELP. and have straight out told us they won’t do anything unless we are 3 to 4 months behind on payments. Of which we aren’t. We have never missed a payment.
WHY WON’T THESE COMPANIES WORK WITH US THAT NEED HELP? I DON’T GET IT…

My best advice and as frustrated as you are and I will probably get thumbs down. TRY TO SAVE YOUR HOUSE AND CREDIT!!!! A short sale won’t fly with that much money being lost and besides that it will take months before the bank even approves a short sale.

Could you take low paying jobs in maybe the mall or walmart or something and try to work out and save your house? I know you probably didn’t go to school to work getting minimum wage but you will have some money and in the mean time maybe you will meet people who are hiring in your area of studies vs. living on one unemployment check.

We are about to apply for our first mortgage. Which do lenders like better – extra capital or no debts?

We have enough in our savings to pay off a car loan and credit card loans. We will still have enough for a 20% down payment. Should we wipe out those debts? or keep them (the rates are very low on both).

thanks!

Pay off your debt asap.but do not close the accounts.this will raise ur credit score and lower ur debt to income ratio.shows that more is kept in than goin out of ur household.stay sweet and safe.

I heard a person can surrender the keys to their home and sign the deed over to the mortgage lender to avoid foreclosure. Is this true? I guess this is seen on teh credit report still as a foreclosure, but it saves the lender some cost and you don’t go through as much pain and they forgive the debt. is this true???

It is true, if the bank agrees. It is usually not in their best interest to agree, as they forfeit the money you took from them. They can not obtain it via other methods as they can in a foreclosure.

Ask your lender if they will accept the deed in lu of foreclosure. If there is pretty good equity they very well might.

I recently applied for homeowners’ assistance with my mortgagor, and am currently in the foreclosure process. I’m not sure if I’m going to get the loan mod or not. What do banks look for when a homeowner applies for loan modification? I realize that lender practices vary; I’m just looking for general guidelines, because I don’t want to lose my home.

1) payment history-this establishes the borrowers willingness to pay the loan in a timely fashion

2) credit and income-this establishes the borrowers ability to pay the loan in a timely fashion

Under normal circumstances, a modification will not be granted if you are currently in forbearance or foreclosure. However, the market certainly isn’t normal right now, so for your sake, I hope they work something out.

I wish you the best.

The purchase price of the house is $490,000.00. I am getting a piggyback mortgage wherein I am putting 5% down, and financing 80% on the 1st mortgage, and 15% on the second.

I am buying in NJ and my credit rating is good.
This would not fall under jumbo loan parameters. It is a piggyback loan – that is totally different.

The 1st loan would be for 80% -392,000.00

The 2nd loan would be for 15% – 73,500.00

Right now between 5 and 7%. We had 4.625% just the other day here at Ascentra. I would recommend going to a CREDIT UNION. ^_^