Some cool castle pictures:
Castle versus TrTr
Image by crises_crs
Castle rulz -)
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castle
Image by ~ Abdulhai A. Al-Abdulhai~
Tarout Castle which was befor much more than handured years ago….
Thanks to dear Hussain for editing…
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Question by Rosanne R: Does a cosigners signature from a past car loan affect a current buyers credit rating?
Credit rating of cosigner, about it or current debt of prior cosigner,-does it show up when the car buyer, who has now paid off car, applies for credit for home loan or other credit or loan?
Best answer:
Answer by SPIFIMAN1
The only thing that will show is the pay history on the loan. If it was paid as agreed then there will be no problem, if on the other hand if it was paid late or not at all, this will reflect on both signers credit report.
As far as current debt of the co-signer, unless you are on those loans also, this will not affect you at all.
Add your own answer in the comments!
Question by stephen t: How Do FHA Loans Work?
What is there Max LTV on purchases and refis? Who qualifies, there credit scores, information pills debt-to-income? Do they do stated or no doc programs? Thanks.
Best answer:
Answer by devi p
I think it will be same as the other loan….. Just take look at the link below to learn more about other loans.
Know better? Leave your own answer in the comments!
Question by TLH: In Texas, hospital how do you get a loan against home and land that has no prior mortgage?
My aunt gave my spouse & I a home and we want to get a loan to fix it up some. We have only rented before, ailment so we aren’t sure what we need to do to get this type of loan, besides just show up at the bank. What can we do to prepare?
Best answer:
Answer by Yirmiyahu
You have a few options – all of which will depend on your qualifications as a suitable borrower. Your local bank or mortgage broker can assist with any of these options (and others).
1. “Cash Out Refinance” – traditional mortgage where some of the equity of the property is borrowed for any purpose.
2. “FHA 203B” – special government loan program for construction and rehabilitation purposes. The amount borrowed can be the amount of the value of the property.
3. “FHA Title 1” – special government loan program for rehabilitation / fix up. Amount borrowed is usually between $ 15,000 and $ 25,000.
4. “Home Equity Line of Credit” – revolving line of credit, secured by the property; money borrowed can be used for any purpose.
Meet with a trusted loan officer at your bank to discuss these and other options. Don’t rush into a decision.
Know better? Leave your own answer in the comments!
Question by Brice: I just took out my first mortgage on a home. How long do I have to wait before I can refi for a lower rate?
With the average mortgage rates dropping, ailment I am wondering if there is a minimum amount of time you have to pay on your mortgage before you can refinance? 1 year?
Best answer:
Answer by Robin G
Now is not a good time. Your house will probably appraise for less than it’s worth. If you have noticed the housing market is doing poorly.
What do you think? Answer below!
4 Comments
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the rate has to drop enough to make it worthwhile because refinancing costs money – if it only drops your payment $ 50/month and refinancing costs $ 2000, it will take you 40 months to get back where you were, plus you’re not going to have any equity in the house for at least a few years for the bank to allow you to refinance
A year is typically a good time frame.
However, as other posters pointed out, it does cost money to do this.
However (again), rates dropped by a big number this month, 3/4 of a point, so the mortgage you have now is probably pretty dang good.
You can always call whatever bank you’d like and ask them what rates they could offer you and what your monthly payments would be. This can be an invaluable tool in seeing if it’s a good deal for you.
And please stay away from ARM loans, they can really mess you up.
You can refinance now. There is no set time you have to wait unless you have a pre-payment penalty on your existing loan. Refinancing your home has to make sense by either putting you in a better financial position or serve a special purpose.
Common reasons to refinance:
– Lowering your interest rate or term of your loan (from a 30 year fixed to say a 20 year fixed)
– Debt Consolidation Refinance where you pay off non-mortgage debt by using the equity in your home (credit cards, auto loans, students loans, etc.)
– Using the equity in your home to pay for a major expense
– Swiching from an adjustable rate mortgage to a fixed rate mortgage
If you got your loan through a mortgage broker, they would really appreciate you not refinancing for about 4 months.
You don’t have to wait. Talk to your loan officer and see if what you qualify for will put you in a better loan than what you currently have.