Schiff Report Video blog Oct 10th 2009 Note: the mortgage lender I spoke with is not necessarily the largest single recipient of federal bailout money, just one of the largest. Also check me out on
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Duration : 0:8:24
I understand the difference in the definitions of the use of the property, but what does this mean in terms of the mortgages offered for each type of use?
Is the difference in the rate, term, max LTV? Something else?
If you have one residence in a town and want to buy another, but expect to occupy the 1st for some time while you rennovate the 2nd, will the "use" of the 2nd be considered a primary residence?
Thanks
Yes if you buy the second as a primary residence it is even if you don’t move right in. A vacation home or investment cost you more because you are more likely to not kill yourself trying to not let it be foreclosed. Given tough times and 2-3 properties with mortgages most people choose to save the primary residence.
New York seniors considering a reverse mortgage discover how these special loans work, who’s eligible, and the top lenders.
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How is the application of mathematics used in calculating ones own mortgages and annuities? Are there any related charts, formulae, graphs, or images?
Let me guess… You are in the York Math Waiver course. This is a tough question eh! I know the answer, but I will not tell you… Muhahahahaha!
John E. Goullet is a Wells Fargo reverse mortgage specialist, and he explains how to retire on your own terms.
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I want to know how banks set the interest rates for mortgages. All I know is that they move up and down with the fed funds rate and discount rate (Correct me if I am wrong). Does anyone know all factors that play into the rates that lenders come with? Is there a way to calculate or give more or less weight to any one of them? Thank you.
That is not to say that when the fed lowers rates the mortgage rates don’t tend to fall slightly but not in unison.
The question i think you want to know is why the rate quotes differ so much does. The fact is all mortgage professionals are finding rates from the same pond so to speak.
lenders and brokers have rate sheets it shows the rates that would be available to you what most people don’t know….simply put it shows the rate with the borrower paying no points to get a lower rate and then the other which is it shows the lender or broker your rate that would pay him a yield spread! 1/2% of loan amount to as much as 3% of your loan amount
And in some cases the borrower has no idea of this! Or it is explained away when you see a high APR by saying the reason is because of the closing costs. Closing costs do move the apr higher but considering the apr is factored over the life of the loan 30 years or whatever your term is.
The term is yield spread or back end money. most brokers and lenders even banks split the amount they want to make between the lender fee and yield spread so if a lender wants to make 3% then they show half in the front of 1 1/2 % lender fee.
Borrowers should always focus on the rate. It is unfortunate that so many brokers use the raising of rates to make more money and that doing this can cost the borrowers tens if not hundreds of thousands of dollars in added interest.
The simple fact is you need to use a loan comparison calculator to show the differences in loan offers. 1/2 % higher rate on a 30 yr fixed with a 250k home loan is 48,750 in additional interest!
Remember that the majority of the first 10 years of mortgage payments go toward the interest you owe!
HERE IS A CALCULATOR TO SEETHE BIG PICTURE
I was thinking of writing about the subpime mortgages problem in the US. Firstly I wanted to talk about the reasons leading to this situation and how it escalated, then I would talk about the effects on bank and financial institutions…
Can someone please give me some tips on the structure as I am not entirely sure, what is the best way of analyzing it.
online degree
http://campustime.org/
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But what if you really need a house or want to take advantage of the low-priced homes on the market these days? Why rent when you can buy, right? And your present arrangements are already bursting at the seams. You need more room! So, how do you get the financing?
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One way to get a huge chunk of money is by getting involved with Internet marketing, and to get quick cash, holding a teleseminar series is the key. Here are the steps involved:
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4. Hold the call: Interview the expert on the call, and give gentle suggestions for folks to buy their product throughout. At the end, one of you should close with a harder sale.
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That’s it, really. Four simple steps and you’ll be on your way to getting the house of your dreams. With the money you make from the teleseminar series, you may well have that 50% down payment and if your credit is up to par, you should have no problem securing a mortgage.
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Finance issues can easily be solved with Internet marketing techniques. You can repeat this process any time you like and come away richer for it, even if you don’t want to make Internet marketing a full-time business. But if you’re sick of your job, if you lost your job and can’t get another, or you just think it might be fun, Internet marketing is a great way to solve these issues. You just have to learn the right systems.
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The ListBuilding Club is a very good system for building an online business or just for raking in a few extra dollars each month. We teach you how to set up teleseminars, how to create joint ventures, and all of the other things you need to be successful. Be sure to visit http://ListBuilding.com and allow us to help solve your problems. We make it easy for you.
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I own a couple of fourplexes in Los Angeles. I want to purchase more (another this year while prices are slashed, maybe one more next year), but I know it affects my credit to have a lot of mortgages under my name. But I’m sure the banks who hold the mortgages won’t be ok with me just transferring them out of my name (and off of my credit report), especially now. How do small RE investors handle this problem? How do they get the mortgage liability off of their personal credit?
Even if you do a LLC the credit is still yours.
I have 30 properties, and over 20 mortgages, they will not care. (accept WF who only lets you have 10 with them)
See Jubileex.com for more info. MMA Accelerated Mortgage Pay Off In 8 to 11years News Video. Pay Off your Mortgage in as little as 8 to 11 years or less just by doing what you are currently doing, and without any change to your current lifestyle or current cash flow.
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