I read public records when doing RE research so I’m wondering. I guess that only second and reverse mortgages show. And why would someone choose a second mortgage vs home equity loan?
Are we saying that a home equity loan automatically shows as a lien?
Posts Tagged ‘Mortgages’
Public Records Reading- Mortgages, Do home equity loans show or just reverse and second mortgages?
21
May
Can I get a home equity loan if there are two mortgages on the house already?
20
May
My mom is planning to add my name to the title or deed for our home. She already has two mortgages on the home, the original and then a second that was a loan for the roof. Would I be able to get a home equity loan for this home. I live in Milwaukee, WI
How many US auto loans and home mortgages financed by banks are out there?
18
May
I’m trying to discover the # of US home mortgages and auto loans financed by banks in the US and the average value of each type of loan. It’s for a school project.
Do you find it disgusting that financial professionals blame individual home owners for taking bad mortgages?
13
Apr
As both a homeowner and a financial professional, I become completely disgusted when financial professionals, Rick Santelli being a prime example, put all the blame on homeowners for taking bad mortgages and get angry when the individuals will receive some stimulus money yet don’t seem nearly as upset that poorly managed companies receive a rediculously higher amount of stimulus money for taking high risks and getting burnt?
This situation highlights a huge issue that I have with the perspective that so many have.
First of all, why do people who work in finance and many wealthy right-wingers in general assume that everyone is financially savvy and should have been able to know they were getting a bad loan?
Lets put it this way – when I am ill and go to a physician, and he perscribes a medicine for me, would these same people assume that everyone should be medically astute enough to know on our own if we will be able to handle this dosage, or if this is the right perscription or not? Of course not. So how can these people blame homeowners who visit a mortage broker (who at one point in time could credibly be presumed to be a financial professional), and the mortgage broker says that based on their analysis you can afford $X of a home, and we would recommend this mortgage – how when the person puts their faith in the financial professional’s opinion can they all be blamed? This is as hippocritical as if in the previous scenario, a prescription ended up killing many people, would the patients be blamed by medical professionals?
And on the second part of my argument, I hear so many right-winged representatives (talk show hosts on radio and tv, among others) mocking individuals who expect to get “free stuff” (i.e. government tax dollars paid for by individuals) from the stimulus package, in particular under Obama. Why do these people not feel the same way, but on a more intense level, to the corporations, like the auto CEO’s who flew to meet with congress and asked for their “free stuff”, and when congress asked them to show how they will spend it “uuhhhh, we didn’t really put a financial plan together to bring with us”…not to mention other corporations who receive insane sums of money for taking huge risks and failing.
Wouldn’t a better plan for the people of this country have been to let the big corporations who burned themselves fail (doesn’t the true nature of a free market involve a “survival of the fittest” component?), and use these huge sums of money to help the individuals and other businesses stay afloat who weren’t a cause of this problem but were inadvertently affected – i.e., cut out the problematic corporations on the top of the economic food chain and support the rest of the innocent?
Please discuss – and STAR and COME BACK TO THIS QUESTION to keep the discussion going through additional edits.
Thanks for sharing.
You didn’t address one of my points though – you say if YOU cannot buy something that YOU cannot afford, then that is STUPIDITY.
What about the financial professionals selling things that people cannot afford? Is that not STUPIDITY from a higher level within the transaction. They have a responsibility to be ethical and perform duel dilligence to make this determination, and when they don’t, or even worse knowingly do sell a bad product as an investment which further hurts our economy, that is a much greater form of STUPIDITY. What about the people who were not informed as to how adjustable rate mortages worked, and were encouraged into them by the professionals. How can you not blame the professional over the individual?
So You Want to Refinance: An Insiders Guide to Refinancing Adjustable Rate Mortgages and Home Loans
13
Apr
Buy Cheap So You Want to Refinance: An Insiders Guide to Refinancing Adjustable Rate Mortgages and Home Loans
Product Description
Are you paying more than you need to?
In this book a mortgage lending insider reveals her answer to this question – and more – in her best selling So You Want to Refinance. If you are baffled by the dizzying array of mortgage companies, sales pitches, and loan products, this book is for you. The book walks you through each step of the loan process in easy-to-understand language to help you make an informed decision that’s good for YOU-n… Read More >>
i have 2 mortgages in my home loan?
10
Apr
i have 2 mortgages in my home loan, thing is i haven’t paid the 1st loan mortgage for about 3 months already bec of very very hard times, so the question is, what will i do with the 2nd loan? am i going to continue paying the 2nd loan while not able to pay for the 1st loan knowing that it will still lead to foreclosure anyway? that i would only waste precious money of what i have left if i would still pay the 2nd loan knowing that the 1st loan can’t be paid and would lead to foreclosure anyway, either way?
Mortgages 101: Quick Answers to Over 250 Critical Questions About Your Home Loan
10
Apr
- ISBN13: 9780814401668
- Condition: USED – VERY GOOD
- Notes:
Buy Cheap Mortgages 101: Quick Answers to Over 250 Critical Questions About Your Home Loan
Product Description
With mortgage stories dominating the front-page news, people–whether they’re buying a new house or refinancing–increasingly have questions about the complicated issues at stake. Arranged in an easily accessible question-and-answer format, Mortgages 101 provides readers with essential lending formulas, as well as important information on lending requirements and application procedures. The book shows readers how to save money by: understanding key terms like AR… Read More >>
Mortgages: What You Need to Know
10
Apr
Buy Cheap Mortgages: What You Need to Know
Product Description
How is this book different from other books on this topic? Most people in the country follow what the mass media and industry norm prescribes without slowing down and seeing how that advice will impact their financial lives both short and long term. Mortgages: What You Need to Know questions the traditional thought process of the type of mortgage you should have. More importantly we break down each part of the mortgage process beginning months before you actually ap… Read More >>
Real Estate Financing – What You Should Know About Home Mortgages
25
Nov
As the nation’s real estate market continues to grow and new technology gains more ground, many widely accepted beliefs that were true just a few years ago may not be true today. Before you go after a home mortgage or home loan or any real estate financing, if you have a lot of bad credit because of consumer debt such as credit card or personal loans, try to eliminate or reduce this debt as soon as possible because it’ll affect your ability to qualify for a home mortgage and the estimated monthly payment.
Some tips to know: whether you’re financing or refinancing. most people move or refinance within a seven year period. And loan programs for down payments of 20% or less require you to purchase Private Mortgage Insurance (PMI).
If you’re going to buy a second home or second property, you’ll need to identify the source or sources of your down payment, since you won’t be selling your current house and using the proceeds, and you’ll need to expect a larger monthly payment for housing and other related expenses too.
If you have a problem getting a home mortgage and the seller still owes money on the home you can check with your lender and see if you can get a wraparound mortgage. Although it’s not legal in all states, it will allow you to pay the monthly payment on the existing mortgage and an additional payment to pay the difference; make sure that a wraparound mortgage will not trigger a due-on-sale clause ask the lender in advance.
Many people are not aware that they may be able to customize the length of their loans. Ask the mortgage broker or lender you’re working with. Although lenders usually advertise 15-year loans and 30-year fixed rate mortgages, applicants can ask for 20 years, 25 years or any other number of years that would work better. This may allow borrowers to build up their equity faster and keep their monthly payments in a range they can afford. Some lenders may impose strict limits on how much of the down payment can come from borrowing from other sources.
Some of the advantages of adjustable rate mortgages that are touted include: lower costs – because they are usually priced lower than fixed-rate mortgages so you can increase your buying power and lower your initial monthly payments then if the interest rates go down, you’ll have lower payments. However in all the years I was in the real estate business I never advised anyone to get this type of loan. With the changing market trends one can find themselves in a heap of trouble just like that. This would be a last resort loan and one would have to be sure they were not going to be unemployed in the next few years.
If you’re working with a local builder within a sub-division or housing development and you’re just making carpeting, lighting and appliance selections for a brand new home, you’ll likely be able to get a standard mortgage loan. But if you’re planning to hire the contractors, electricians, plumbers, and painters, you’ll probably need a construction loan, which provides the funds to pay the subcontractors as the work goes along.
You will want to work with your mortgage broker or lender closely to develop an individual home loan or home mortgage program based on your credit worthiness. If you have or think you have a less-than-perfect or ‘bad credit’ credit report don’t worry too much about it. When financing real estate it’s important to know that a low FICO credit score doesn’t mean you won’t qualify for a home loan or home mortgage. There is much ado about the FICO score these days but there are many instances in which it isn’t going to interfere with getting a home loan or mortgage.
If you do borrow money for a down payment it must be disclosed to the lender or if any of the money for your down payment was a gift, be ready to provide proof of it.
The 20-year fixed-rate mortgages allow you to make a consistent higher monthly payment throughout all of the 20 years you have the mortgage; the shorter term means you pay the loan off quicker and therefore pay less interest and importantly, build equity faster than you would with a 30 year loan. You’ll also need to take into consideration what the closing costs will be. Ask about the escrow account for taxes and insurance.
Make sure to ask other homeowners how they’re doing and what real estate financing and home mortgage or loan pitfalls to avoid. And whatever you do don’t get yourself into a situation where you are unable to make the mortgage payments; make sure to think far ahead. Try not to get too overwhelmed with all the different home loan and mortgage choices available.
Make a list of questions and get the answers from any real estate agents, real estate brokers, mortgage lenders and any other real estate professionals you know or meet. Ask them about real estate financing, home mortgages, home loans, refinancing and current mortgage rates. Go online and get home mortgage quotes. Online quotes can often be cheaper because of the elimination of middlemen for example. And compare the quotes with other quotes you get locally to find the best rates for you.