CJ asked:


Started working last year december earning a net basic income of R10400, for investment purposes I bought a newly developed upmarket apartment and ended paying morgage of R4300pm(I stay in it) and then after that I bought my first car and I am paying R3500pm and since I work 2km away from work, the little that I had left was is enough for fuel and other necessary expenses. I then took up a loan of R42000 (which I pay R940pm for 7yrs) and I bought a R43000 central city apartment with it and used up the R12500 overdraft facility to renovate the flat which now brings me an extra net income of R3000 per month additional to my salary. My salary has since gone up so my net is now R13000.

I know it wasn’t a good idea to take up a loan and exhaust my overdraft but I wanted to have as many long term investments as possible but now the problem is that I don’t like my progress in paying off the loan. Please assist with means of me paying off the loan faster ans staying debt free.
well, the flat that I bought was a bank repo…so it was quite a bargain (has 4 bedrooms, a bathroom, kischen and 2 reception areas) and after just six months I can sell it for at least R120k which will be more than enough for me to get initial invetsment and profit…but I don’t think its wise to sell at least now.

Monica

syber_wolf_02 asked:


She got house in divorce. The agreement is states in one place I am responsible but in another place it stated she is liable. She combined 2nd morgage to first mortgage to make one payment.

Louise

Kristy Annely asked:




The idea of refinancing your second mortgage is undoubtedly attractive - if you can pay off your present 2nd mortgage by obtaining another with better terms. But beware - refinancing your 2nd mortgage is only advisable under some situations. Study the prevailing interest rates and determine whether they are conducive to refinancing. Are the effective interest rates lower now than when you obtained your second mortgage? If so, then refinancing makes sense.

Refinancing can be tricky, so be prepared to do careful math before you decide. Take into consideration the length of time it will take you to pay off your home, and how much you will be paying (in total) over the years if you stick with your present 2nd mortgage or decide to refinance.

Before you refinance, be sure to properly educate yourself about the advantages and disadvantages of refinancing your 2nd mortgage. Refinancing has the power to put you in a better place if you use it properly, but can also yield catastrophic results when poorly timed. Such catastrophic results include ending up paying higher rates, having longer re-payment periods, a change in heart that could lead to yet a third refinance, or even the worst: foreclosure. Nobody wants that, but foreclosure occurs every day as a result of people being unable to keep up with payments.

Consult a trusted mortgage-lending expert before making your decision. If your current finance situation does not absolutely require you to refinance or get a second mortgage, then do not refinance. Stay the course and wait until you are sure before you change course.

Micheal

paul h asked:


i was just pre approved by westpac for a 20,000 dollar top up loan which takes me to 80% later they told me they can only give me 60% because my post code comes as a high risk area when i asked why . they said as it was a minning area . i later called to get this in writing but they seem to be reluctant to give it to me and are saying that the guy shouldnt have told me this they now seem to be avoiding my request of this in writing and say a supervisor will get back to me which hasnt happened as it is a minning area they say boom times can affect peroperty values up or down depending whether its a down turn or upturn in minning yet the minning company state that minning dosent affect the property values can any one tell me my rights as to obtaining a letter from bank to say why my post code is classed as a high risk area and has anyone heard of this or had the same experiance

Lisa

Julita Viola asked:




For many homebuyers they always look at the mortgage rates predictions so that they will know when to purchase their dream home. But buying your dream house is not going to be based on what the mortgage rates predictions are. It is better for you to know how much can I borrow for a mortgage. Using mortgage calculators or home loan calculators can give more information and quotes that may be more useful in your search for a house or home loan.

Mortgage rates predictions are just a mere forecast as to where to rates are going and how they can affect your variable mortgage rates. It is very difficult to accurately predict where the interest rates are going especially when the main factors affecting rates are going in opposite directions. The US is reeling from economic difficulty and these major factors that control mortgage rates are pulling in unrelated directions.

Accurately determining where the mortgage rates are going can be extremely difficult with the opposing directions of the major indicators. The ever slowing US economy plus the subprime mortgage fiasco, it is putting too much pressure on mortgage rates to go down. With too many home foreclosures and the oversupply of homes for sale and buyers, the pressure is on to lower rates. But there are the pressures of inflation to contend with.

The price of fuel or gas and food is increasing by the day and it seems that there is no end in sight. Rising prices of commodities, fuel or gas and food are indicators of inflation. And when there is inflation, there is pressure for mortgage rates to go up. But you cannot just move the rates higher when there is too much of homes for sale and no buyers. It just not going to work that way. The main culprit in inflation is the Federal Reserve or central banks printing too much money and nothing to back it up.

There are other factors that determine how home mortgage rates go. Stocks and bonds an also play a role in the determining or predicting where the mortgage rates are going. But unless the central banks stop printing too much money and put into circulation, inflation will stick its ugly head.

With the economic crisis, the ever increasing inflation will force financial institutions and lenders alike to move interest rates higher. Accurately determining which of the factors will stood up will mean the difference between a correct mortgage rates predictions and one that is way out of estimates. But these are not the sole determinant in your search for how much you can borrow for a mortgage.

Robert

tony asked:


when the extra money is suposto go back to the principal on my loan in 30 days after the work has stoped and thay just keep it 17955.00 who do i report the theft to its bin a year now and my house payment is 255.00 a month more because of this and i have no money for a aterny

Martin

.phantom47 asked:


We are being told that we must rent out the other house for just at the morgage price and no more is this true or are they trying to get over on us about the extra rent we could make on the rental price of the house?

Brent

Lisa Dempsey asked:




As of March 31, 2010, the Federal Reserve has stopped the policy of buying mortgage-backed securities. The reason the Fed has implemented this policy in the first place was to help keep mortgage rates low while, in effect, subsidizing the real estate market and providing capital for distressed lenders as well as investors.

What happens now? For now, most real estate experts do not believe that mortgage rates will begin any major upswings in the near future. Freddie Mac CEO Ed Haldeman told Forbes.com in a recent article that he didn’t believe there would be “a major dislocation and a major move up in mortgage rates.” However, if the rates do start to skyrocket, the Fed has not completely closed the door on the possibility of beginning to purchase mortgage-backed securities again.

According to the Mortgage Bankers Association, US mortgage applications were up 1.3% for the week ending March 26, 2010. That shows a 6.8% increase since the week of October 30, 2009. Mortgage Bankers Association’s Michael Fratantoni said in a Reuters Report (March 31, 2010) that he believed the increase in mortgage activity appeared to be tied to the approaching deadline for the government’s homebuyer’s tax credit. To be eligible for the $8000 tax credit for first time homebuyers or the $6500 tax credit for current homeowners, all contracts must be signed by April 30, 2010 and must be closed by June 30, 2010.

These numbers all mean good news for the real estate market as a whole. An increase in mortgage applications indicates that home sales are on the rise as well. To see the exact impact these events are having on the local Houston area market, we will need to wait until next week, when the Houston Association of Realtors releases its March home sales results. Keep an eye out for updates in the Keller Williams blog.

Keller Williams Realty Northeast

Jeanne

rapzz311 asked:


looking to find my first home

Jacob

Jeanette Joy Fisher asked:




It’s every homeowner’s fantasy: to own their home free and clear. There are lots of legitimate ways to pay off your mortgage loan faster, but here’s the latest scam for folks hoping to eliminate their entire 30-year mortgage–in less than a year.

Here’s how it works. A “mortgage elimination” company posts ads in magazines, on the Web, in newspapers, or anywhere else they can find victims, promising that their system is legal and effective.

One of the strangest arguments, though persuasive to potential victims, is that lenders don’t really lend money. Although it’s a convoluted argument, the bottom line is that lenders borrow money from other lenders, and when the lending chain is followed all the way to its source, it turns out to be the federal government, which prints money on ink and paper, meaning that the money has no real value. Since that’s the case, it was really the victim who generated the money the first place. If the victim buys that argument, it means their mortgage note is meaningless and no money is actually owed.

Conspiracy enthusiasts love that sort of talk, especially if it’s back up by hints that agencies such as the FBI don’t want us to know about the true lending process, because they’re afraid that when the American public finds out, the banking industry will no longer be able to cheat innocent homebuyers out of their hard-earned cash.

The next step is for the homeowner to send a check for several thousand dollars, on the mortgage eliminator’s promise to guide them through the process and to represent them in court, if necessary. After that, one of two things will happen. Some mortgage eliminators will simply disappear, and the victim will never hear from them again. Others will actually deliver a program, which inevitably will lead to the homeowner’s loss of their home through foreclosure.

Here’s how that second option works. The mortgage eliminator tells the homeowner to go to the county clerk’s office and file a discharge of debt form, stating that the mortgage is paid in full. That’s not the case, of course, but when clerk records the form, it does appear as if the property is owned free and clear. Next comes the part where scam artists really clean up. With the property seemingly free and clear, the homeowner can now apply for more loans, and the proceeds are then split, with the mortgage eliminator often getting the larger portion. Everything seems fine–until the county clerk and original lender discover the scam and confront the homeowner, who is soon caught up in a huge legal and financial bind, as well as facing possible fraud and conspiracy charges and jail time.

The saddest part of this scam is that the most vulnerable people are those who are already facing bankruptcy or foreclosure. Everyone dreams of owning their home free and clear–but when it comes to paying off your mortgage, remember the old adage: if it seems to good to be true, it probably is.

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