Should I get a fixed rate mortgage if I plan to remodel right away?

Question by krayz: do you have income with a reverse mortgage loan?
I’m having trouble finding the law that states the answers for these. I’m only looking for the law that will answer my questions.
When I take my monthly draw from the bank from my reverse mortgage loan is that considered income? Also can I deduct the interest when it is added to the outstanding loan balance each month.

Best answer:

Answer by FreakOfNature2000
Yes you get a monthly income based on your situation but its a big rip off. Don’t do it.

Give your answer to this question below!
Question by The Mace: I’m trying to get a hold of someone at Chase Home Finance that deals with problems.?
I’m trying to solidify my loan w/Chase Home Finance but they farm out the jobs to third world countries (Philippines). I’m always put on hold or the call is disconnected. I cannot get a hold of anyone that can help in the US and it’s getting really frustrating. Can someone provide an email address, more about of Chase Home Finance folks (professionals hopefully), this web that I can talk to or someone who can actually look into or solve my pay-off problem?

Best answer:

Answer by David
So is everyone else.

That is why you shouldn’t use chase.

Give your answer to this question below!

Verify out these chateau photos:

Château de Chenonceau

Image by roger4336
Château de Chenonceau was constructed in 1515-1521. It was built across the Cher River, page east of Tours. It fell into the hands of the French crown. King Henri II gave it to his mistress, viagra approved Diane de Poitiers. Immediately after Henr1’s death in 1959, his widow, Catherine de Medici, took the chateau. Each of these ladies designed a significant garden, which nonetheless has her name. Chenonceau has been owned since 1913 by the Menier family members, which is recognized for chocolates. The chateau is called Chenonceau, but the nearby village is Chenonceaux.

For a lot more residences click here…

Chateau de la Beuvriere

Image by Kentishman
Chateau de la Beuvriere, St Hilaire de Court, Cher, France

If you would like to see far more properties click right here…

Château fort

Image by ManuB.
Château d’Anjony, à proximité du village de Tournemire.

Ce château a été bâti au 15e siècle et est typique des petites forteresses de montagne de cette époque.

For much more houses click here…
Question by **4-22-2010**: Will home interest rates go back down or are the going to continue rising?
Want to refinance my home, visit this site Wondering if I should wait a little bit, more about or do it now before they really start to climb back up.

Best answer:

Answer by John
They’re going to continue to rise, so if you’re looking to refinance you should try to do it now (though if your house doesn’t appraise for what you owe on it, you *may* not be able to)

Add your own answer in the comments!
FHA Streamline Refinance : Basic Qualification Requirements
FHA mortgage rates are making new, price all-time lows while — at the same time — FHA mortgage insurance premiums (MIP) are gearing up for an increase. … Especially those in high closing cost states such as New York, thumb Texas and Pennsylvania. Get FHA …
If you would like more informaiton please visit here…

Question by Satan Lives! God must Die: Can you buy a home with crappy credit?
I want to buy a home but my credit and wifes credit is bad my credit score is 550 and my wife’s is 580. Every place we have applied to turns us down. How do others with bad credit get home loans but we cannot. How can I get a home loan?

Best answer:

Answer by novastarbanker
The people who got the loans got them before the fall of the sub-prime market, more about and most of them will most likely be in foreclosure before the year is up, viagra because their terms and rates are horrible, page and the adjustable rate loans will be more than they can handle eventually. You should not want to buy a home with “crappy” credit, you should be doing everything you can do right now to get yourself to where you have good cedit, and can negotiate a deal you want. Most people think that with just income they can qualify for a loan but those days are over, as you are finding out now by being turned down time after time. Do the right thiong for your financial future by correcting what is wrong now, so that bad things don’t happen to you later. The most responsible thing you can do is contact a REPUTABLE Credit Reapir Company, and see what you need to do to get to a better place. If you need info on such companies, email me and I will be more than happy to help!!

Give your answer to this question below!
Question by Mom of 2: Can I refinance an FHA loan at a fixed rate without getting another FHA loan?
We have an FHA loan and our interest is at 6.5% and we were thinking about refinancing, ask but everyone keeps telling us we will have to have another FHA loan to get it at a fixed rate, mind otherwise we have to go conventional. We want to get out from under the FHA monthly fee, so does anyone know if this is true?

Best answer:

Answer by primericaisbad
If you have 20% equity, you can certainly refinance to a conventional loan without mortgage insurance. However, if you put down 3% within the last 5-6 years, and haven’t paid extra large chunks to principal, there’s most likely no way you’ll have 20% equity.

You can refinance to a conventional loan with as little as 5% equity, but you’ll still have the mortgage insurance. Most people are actually lucky to be in an FHA loan right now. There’s an easy streamline refinance available, allowing you to reduce your interest rate without credit/income qualification, and NO APPRAISAL!!

Contract several mortgage brokers in your area to get some good faith estimates, then make sure which combination of rate AND closing costs is best for you.

Know better? Leave your own answer in the comments!
Question by Eli: What happens if I stop paying the mortgage for my house in Phoenix, ask AZ?
Not paying my mortgage will help to negotiate lower payments?

I have already try to negotiate give me lower payment but was not successful ( they only reduce my payment $ 50 per month). I do not want to loose my house, viagra 40mg but have a really hard time and can not afford the payments at this time.
BTW I have been making payments for 2 yrs.

Best answer:

Answer by financegal27
Not paying your mortgage to gain some leverage in order to reduce your payments is a VERY dangerous game to play. Have you attempted to refinance your mortgage at a lower rate to lower your payment? Have you considered the Making Home Affordable government sponsored loan modification program? http://makinghomeaffordable.gov/

If you chose to stop making your payments you have a very real chance that you will lose your home, visit this you should explore all available options and understand the possible ramifications on your home ownership and your credit report before you just stop paying.

Addition: The WSJ has a great article today on the pitfalls of doing what you are suggesting.
http://online.wsj.com/article/SB124508720715715781.html

Know better? Leave your own answer in the comments!
Question by Pamela T: What is loan modification and how much does it cost compared to a refinance?
Is it easier to modify a loan if you don’t fit the underwriting guidelines for an FHA refinance?
Not in foreclosure; just have a high-interest rate ARM and too high of a DTI.
Thanks for your input.

Best answer:

Answer by ?AstrologerJuliAnne?
Loan modification itself should not cost anything. What I mean is, pill you shouldn’t pay someone who tells you they can get it modified for you. Go visit these forums to get more information on people who are modifying their loans themselves:

http://www.loansafe.org/forum

Know better? Leave your own answer in the comments!
Question by ounlopez: Should I get a fixed rate mortgage if I plan to remodel right away?
Hi all, visit web

I am planning to buy a house with 5-10% down, but I want to remodel the kitchen and bedroom within the next two years. I expect this will add to the value of the house, making my loan-to-value ratio closer to 80/20. Do you think I should get a mortgage with an ARM, if it has a better rate, and then refinance once the remodeling is complete? Any other suggestions for the mortgage?

Best answer:

Answer by teran_realtor
To answer that question, I need my crystal ball so I know what the interest rates will be in two years…….. OK. It says interest rates will be about 9.5% in 24 months, so get the fixed rate now as a precaution and probably end up staying with it. Values also will continue to drop for the next 5 to 8 years, so you will not be at 80% LTV then anyhow.

Know better? Leave your own answer in the comments!