Question by reapacheep: What banks or lenders are the best in consulting about the HARP program?
I qualify, more about ailment but I want to make the best first step by contacting a lender or bank that has a good track record for offering these type of refinances. Thanks
Best answer:
Answer by Rob S
I’m pretty sure your own lender now can do the highest loan-to-value ratio (125%). If you go to another lender they can only go up to 100% or 105% of LTV I believe it is.
Maybe check that restriction possibility out when you go shop it.
Good luck, hope it works.
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Question by emartel01: Did George Bush create a law regarding interest rates for home loans?
Last I heard, visit this George Bush passed a law regarding interest rates for home loans. Can someone explain to me?
Best answer:
Answer by poolman4u03
I don’t know if the law was passed, but the point was to freeze intrest rates for people with adjustable rate mortgages for a period of time.
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Question by Cody: What is the highest mortgage I could afford on a small home?
I generate with my fiance about $ 500 a week (well, web its more but I am rounding it down quite a bit). We are looking to get a small home, hospital 3 bedroom one floor house. We are in Michigan and plan to stay in our current area. I have fairly decent credit, about it not excellent, but certainly not bad. With utiliy cost in Michigan (winters mainly) what do you think our mortgage should be like? Whats the highest we can go on a loan? We are first time home buyers, and will likely try to find a foreclosure home to get us started for a good price.
Any opinions and help would be appreciate, its our first steps out into ownership!
Best answer:
Answer by Uncommon Sense
Since we are not psychic, we can’t answer. WAY too many variables in there like debt, credit score, type of loan. etc
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Question by Brian B: How do current mortgage rates help new home builders?
I’d like to buy new construction as a result of the great mortgage rates right now. However, erectile by the time I’d close on my house in December, viagra 60mg it could be a totally different ballgame and rates could go through the roof. It seems to me, stuff then, that low mortgage rates only help people refinancing or buying an existing house.
Best answer:
Answer by Danielle M
It dosen’t help homebuilders. Right now nobody is really touching new construction. Theres to much inventory already on the market.
What do you think? Answer below!
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Question by Peggy Golden: Why can’t people who got behind on house payments get help restructuring a means to keep their home.?
My husband and I got behind, tadalafil lost a business, treat fell behind on payments and now our bank, programs,etc will not even talk to us about a way to fix this and keep our house of 35 years. We want to pay every penny we owe but first we have to have help getting back on the right track. Refinancing and stopping all of the fees and interest accumilating.
Best answer:
Answer by Quizzard
Most banks will work with their clients. They don’t want your house, they want their money. Without knowing your exact situation, we can’t say why you haven’t been able to do so.
What do you think? Answer below!
Question by Lea: Mortgage company wants us to pay hazard insurance premium up front?
I am getting an FHA home loan. My mortgage company sent me a good faith estimate stating that my hazard insurance premium will be included in closing costs, page but that I will also be paying a monthly hazard insurance payment, more about the same goes for the mortgage insurance. They are also wanting us to put $ 591 into hazard insurance reserves. What is this all about? Is this normal? I was pretty positive that when you got insurance you just paid your premium monthly, dosage not up front and then monthly also?
Help me understand what is going on here.
Best answer:
Answer by Common Sense
Very normal.
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It is very normal. The lender wants assurances that the hazard insurance policy is paid. Many borrowers would otherwise lie, imagine that! Your lender gives you a 1/8 to 1/4% rate discount for setting up an escrow account to cover insurance and taxes.
If your loan payment will have taxes and insurance included this is normal. If you’re paying the homeowner premiums separately then you will only need to pay the annual cost up front.
On an impounded account, you pay it up front to cover the first year. the amount the lender collects over the next 12 months will pay next years premium.
It is standard for a new home loan to have money in escrow. Without knowing more details, I would suggest you double check with the reputation of the processing company; and read every last detail. Is your closing attorney helping you understand this at all?
Congratulations on your new home!!!
Totally normal. All lenders will require a full one-year paid insurance policy at the time you close your purchase. Then, if they are requiring monthly impounds, which is frequently the case, they will take that premium, adjust a bit for inflation, divide by 12 and collect at least 2 months of it through your closing, and add it to your monthly payment so that when the next renewal premium comes around, they have sufficient funds in the account to pay the bill in full.
Yes. That’s how it works. You pay the first year of taxes and insurance, up front, at the closing. Then during the year, you pay 1/12 of that every month, to pay NEXT year’s taxes and insurance.
They don’t “front” the money for your taxes and insurance.