What is the difference between a mortgage and a home equity loan?
Question by BC: What is the difference between a mortgage and a home equity loan? I own a home that is paid off but would like to take out a loan to fund some home improvements as well as help my parents pay off their home equity loan. Given this scenario can I take out a mortgage since mortgage rates are lower or am I limited to a home equity loan. I’m not interested in HELOC’s. Best answer: Answer by Mr. KnowitallYou can easily get a fixed rate first mortgage and get cash out (equity) for your scenario. Check with your local bank or mortgage company. You are not required to take out a HELOC. What do you think? Answer...
Read MoreWhat is the basic difference between origination fee and discount fee also known as line 801 and 802?
Wells Fargo Kicking off New Year with Low Mortgage Rates The shorter term 15 year loan deals at the bank start at 2.375% and APR of 2.856%. The 5/1 ARM interest rates at … The best 30 year refinance FHA fixed rate mortgage interest rates can be had for 3.250% carrying an APR of 4.274% today. The best 30 … If you would like more informaiton please visit here… Mortgage Rates: Low Mortgage Rates Stable After Home Price Data Released Today's FHA 30 year fixed mortgage rates are as low as 3.250%, order cure FHA 15 year fixed mortgage interest rates are as low as 2.750% and FHA 5/1 ARM loan rates are as low as 2.500%. Low down payment guidelines and easier credit qualifying make FHA loans … More informaiton please visit here… Mortgage Rates: Low Mortgage Rates Remain Through Christmas Holiday Current FHA 30 year fixed mortgage rates are as low as 3.250%, FHA 15 year fixed mortgage interest rates are as low as 2.750% and FHA 5/1 ARM loan rates are as low as 2.500%. Many home buyers need FHA loans because of the low down payment … If you would like more informaiton please visit here… Question by First time buyer: What is the basic difference between origination fee and discount fee also known as line 801 and 802? I know both will bring down my mortgage rate and both can be called points. I wanted to know what are the advantages and disadvantages of each. I asked this same question to our lender and either they refuse to answer the question or they don’t know the difference. I feel like they are not being honest with me about this matter. Best answer: Answer by happybostonianThe answer is this: both are fees charged by mortgage brokers and lenders. Also, physician mortgage brokers can not charge points/ only lenders can- the term is mistakenly called this. Origination fee is something charged by the broker/lender to pay for administrative fees (processing and the like). Discount fee is something that a broker will charge in order to offset the discount points they are paying… although the regulations are not written as such. Hope this helps you out. Add your own answer in the...
Read MoreWhat is the difference between FHA streamline and non-streamline refinance?
A few nice chateau images I discovered: Chateau d’Ussé Image by Spiterman Chateau de la belle au bois dormant Much more wonderful homes click right here… by Steel Wool Question by grdnoviz: is it possible to get an interest only for stated income/assets on an investment property? I know the rate will be high, remedy but I want to know if anyone does that. Best answer: Answer by ironman_bmfcThe problem you are going to run into is the fact of it being an investment property. They are out there, ed but the rate is not wonderful. There are a few things that would help me to answer your question. Why do you need to do it as an investment instead of a second home? Are you self employed, or w-2’d? How long are you planning on keeping the property? Why do you need to go stated? What is your credit like? Do you need to finance the entire purchase, or do you have some money down? Going I/O SISA is not a problem if it is a primary residence or a second home. If the investment property is far enough away from your primary residence then you can, and should finance it as a second home. You have options on what you can do in this situation, feel free to e-mail me and I can give you some ideas. Know better? Leave your own answer in the comments! by Chris Devers Question by MDrape: Looking for a LEGAL Loan Modification Affiliate Program? I am a Loan Modification/Loss Mitigation Professional looking for a LEGAL loan modification affiliate program. I live in FL. I have tons of leads ready to go. I am open to a referral program or a hands on approach. Please answer or email me. Thank you! Best answer: Answer by Michael ThomasWell you could always go to Google when looking for an affiliate program! Simply type the product in quotes with the words “affiliate program” in it like this: “loan modification – affiliate program” This particular search brings up 94, order 000 search results. You can be more broad for a more narrow responce… Best of luck to you! 😉 Cheers, Mike What do you think? Answer below! Question by pinkpink: Who can give me a lower mortgage interest rate and monthly payments in Austin? Assuming the credit rate is excellent and falls under high income. Also the house price would be under 300k. If there are any mortgage lenders, sales could you suggest what is the current interest rate that you could estimate? Thank you. Best answer: Answer by Noneyahow much money are you putting down and what terms do you want, sale 30 year fixed, 15 year fixed, FHA/VA, conventional or USDA? Know better? Leave your own answer in the comments! by Center for American Progress Question by emeral123: what happens if you foreclose and you have a home equity loan on the property? what could happen to you if you foreclose on a property and have a heloc on the property. it is in arizona, more about would i owe the money still to the home equity loan company, Best answer: Answer by CTyou have to pay it back. What do you think? Answer below! Question by maria isabela l: What is the difference between FHA streamline and non-streamline refinance? If I have a conforming loan right now. Is it possible for me to apply with an FHA loan? what is the difference between streamline and non-streamline refinace? Thanks Best answer: Answer by Big Mr.MuffetAt least Natalee answered your question, this lol. Sarcasm. Streamline...
Read MoreQ&A: What is the difference between streamline refinance vs regular refinance on fha loan?
Question by gmoney: What is the difference between streamline refinance vs regular refinance on fha loan? My husband and I were recently married, dosage link we are in the process of trying to refinance our home. We wanted to know the pros/cons of streamline refinance. We are also wanting to add me to house loan to see if added income helps with rate? I am getting the impression they (wells fargo) is wanting us to do regular refinance. They said it is a standard 3800 no matter where we go or what we do. Any others know anything about either? Best answer: Answer by Caveat EmptorThe FHA Streamline refi option is available to those with existing FHA loans in good standing. The conditions are that you can refi for the existing loan balance only (no cash out) and the new loan payment must be lower than the current payment. It is “streamlined” because there is no requirement for a new appraisal and no LTV requirement. The closing costs can be paid in cash or folded into the new loan balance. Give your answer to this question...
Read MoreFirst time Home Buyer and confused. What is the Difference between an 80/20 and an FHA Loan?
Question by bambam: Does anyone know of mortgage bankers or direct lenders who do low FICO purchases in Maryland? I am looking to purchase a home in Baltimore County Md. and I am in the process of cleaning my credit . I have limited funds, sale pills therefore I’m looking put as little down as possible. Best answer: Answer by unisberkensaphttp://www.naca.com 100% financing 5.25% 30 yr fixed rate credit scores don’t matter No closing csts What do you think? Answer below! A few good mansion pictures I discovered: Mansion Hotel Image by feldpress Mansion Hotel Grand Opening Could 12, there 2007 Porsche A lot more fantastic houses click here… Pittock Mansion | No. 1 Image by PhotoAtelier (Glen) I wanted to shot 3x exposure HDR in Pittock Mansion in Portland, price Oregon, but I was told tripods were forbidden. (We’ve all heard that prior to.) Of program there have been stylish ladies wobbling about in higher heels and even an elderly lady creeping along with a walker and that was viewed as just routine stuff. But a tripod, stabilizing device that it is, was an instrument of disaster! I pressed them on the concern telling them (truthfully) that I shot photographs for regional news e.g. Salem-News.com. The lady told me with a completely straight face that they would let me in before hours as extended as I could offer proof of a million dollars in insurance. So, you happen to be going to see a series of not-so-great photographs shot hand-held at 1600 ISO. Not the greatest setting for my Canon Rebel XT. One particular day they will be sorry they missed the opportunity to have me shoot their museum for free. If you would like to see a lot more properties click right here… Mansion Hotel Image by feldpress Mansion Hotel Grand Opening May possibly 12, 2007 Wang Xiaohui A lot more excellent houses click right here… Question by unknown11233: How should I get a mortgage loan with low credit score? Ok here is my situation. I am trying to get the no income verification loan to buy my first house. I have 10% of the price of the house to pay for down payment. About my credit: I have everything paid off in full. All debts are paid off in full. but this was recently so my credit score didn’t go up yet it still at 515. Now my question: Can I get a no income verification loan with my credit score this low? Also How long does it take to update my credit score? Best answer: Answer by jwilliams22mnOk, and wait a few months. Your credit score will go up dramatically. It will be worth the wait. Then, you do NOT use any of your money for a down payment. If you are a first time home buyer there is absolutely no need for that. Wait until you have the ball in your court with a good credit score and excellent savings. We bought our house recently with a credit score of 650, and major past problems.We got a zero down loan at 6.1% 30 year fixed. You can do this too! Good Luck! Add your own answer in the comments! Home Refinancing Program Use Up 75 Percent, diagnosis DeMarco Says About 700, sildenafil 000 homeowners refinanced their mortgages through the U.S. government's Home Affordable Refinancing Program in the first nine months of this year, an increase of 75 percent over all of last year, the overseer of Fannie Mae (FNMA) and Freddie … For more informaiton please visit here… Question by Dom: Is it possible...
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