Archive for July, 2008

Can I get a home equity loan with a first mortgage?

Thursday, July 31st, 2008
home mortgage loan credit
lawrie asked:


I am buying my first home with an FHA loan. The mortgage company I am using doesn’t do a 203K loan and I would like to use money to improve the house. I was approved for $40,000 more than purchase price and only want $20K max. My credit is not perfect… I’m trying to find out the chances of being able to get a home equity loan with a first mortgage. The house is valued $277K and the loan will be for $229000. Any help would be great!

Larry

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Posted in Renting & Real Estate | 4 Comments »

even with the mortgage meltdown, can i still get a 100% home loan after 1 year post bankruptcy?

Friday, July 25th, 2008
home mortgage loan credit
ronald m asked:


even with the mortgage meltdown, can i still get a home loan after 1 year post bankruptcy? my middle credit score is 624. i just paid off a $1000 credit card and the impact (if any) from that isnt showing on my credit report yet. if i have a chance, can someone please point me in the right direction.

Reginald

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Posted in Personal Finance | 6 Comments »

Does applying for a mortgage loan affect your credit score?

Friday, July 25th, 2008
home mortgage loan credit
Desiree asked:


My fiance and I were recently pre-approved for a mortgage loan, yet we have somewhat limited credit history. A co-worker told me that every time you apply for a pre-approval, it brings down your credit score … she also said that we only have 90 days to take out a loan before the pre-approval expires. Is this true? If so, I’m worried we won’t find a home within the 90 days and we won’t get a second pre-approval.

Jamie

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Posted in Credit | 6 Comments »

New Home mortgage/loan for Construction — short term?

Thursday, July 24th, 2008
home mortgage loan credit
groverraj asked:


I am building a new vacation house (2nd house) in PA. I already own the land outright. My current house is paid off (worth $700K)… I have no debt and over $400K in near-cash assets (savings, 401K, stocks). My wife and I earn over $250K/yr. The new house may cost me approx $200K to build. I have $50K cash right now and should have another $50K when I start construction. I need a short-term loan, but more like a line of credit that I use when I need to make payments it and repay every month (not a fixed amount) like a credit card. If I borrow another $100K, I can pay it off in a year. I am not looking to touch my savings, so I do want a loan. Even a $100K loan for 2 years in interest will cost approx. $15K assuming 7.5% APR. What kind of rates am I looking at? What is a good type of loan to get? Should I look for a Home Equity Line of Credit? Traditional Mortgage or Interest only loan and repay off early? Where should I apply for it? My Bank? Online?

Kathy

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Posted in Personal Finance | 3 Comments »

Can we get a home mortgage loan with poor credit?

Tuesday, July 22nd, 2008
home mortgage loan credit
T. asked:


My soon to be husband and I are renting a home in our area and paying $1100.00 a month in rent. (This is quite a bit for the area that we live in) We are wanting to buy a home and feel that we have sufficient income (around $90,000) to own a home. The problem is that our credit scores are in the high 500’s. We have been told that we could qualify for a home loan but may have a higher interest rate. We have little debt between the two of us and have a down payment set aside from a family member. Just wondering if anyone has obtained a mortage loan with simular circumstances?

Katherine

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Posted in Credit | 5 Comments »

what do mortgage lenders require to qualify for a ‘no down payment’ home loan?

Saturday, July 12th, 2008
home mortgage loan credit
djbrossard asked:


i’m trying to purchase a condo for 80K with little or no money down and decent credit. How do I qualify for a mortgage loan like this?

Donna

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Posted in Renting & Real Estate | No Comments »

Will this “Combo” mortgage hurt my credit?

Friday, July 11th, 2008
home mortgage loan credit
JoeyGirl asked:


My hubby and I have a first mortgage, home equity loan, 2 auto loans and credit card debt. We are doing ok - but never have any extra money. We are interested in the combo loan from Countrywide - where they are combined.

I’ve heard that consolidation can hurt your credit. Will this do that to our credit? Since we are doing good, and just want to lower our payments into one, we don’t really NEED to do this, and don’t want to cause any credit damage.

Your insights please! :)

Jerome

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Posted in Renting & Real Estate | 2 Comments »

Will having a paid auto loan in my credit history benefit when I try to get a mortgage in the future?

Monday, July 7th, 2008
home mortgage loan credit
tagnaldaoc asked:


Right now my credit rating is a little over 800. The only things in my credit history are 2 current credit cards. I am also about to buy a new car and am trying to figure out if it will be better for me in the future (when I am trying to buy a house) if I get an auto loan or if I just pay the car myself.

So if I get the minimum car loan, and just pay it off over 2 years, it will cost me around $478 in interest. So, assuming the fact that for like the next 3 or 4 years my credit rating were to remain the same, which would be better for my credit when I try to get a home loan? Is paying almost $500 now (well, over 2 years) to get an auto loans payments/history in my credit report going to benefit me or not?

If it will get me a lower interest rate on a mortgage I’ll be all for it. If it won’t make a difference, then I probably wouldn’t want to spend the extra $500ish. Anyone happen to know? Thanks!
I never had any payments on my current car. It was gifted to me by my parents. (It is 23 years old)

I’ve heard both that having an auto loan can hurt you when you try to get a home loan and that it can help you because you have credit history in multiple areas. (ie. credit cars + loans vs just credit cards) So I’m not really sure which is true or if both are in different circumstances.

Amanda

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Posted in Credit | 5 Comments »