May
28
What is an escrow account. I just received a check for $602?
Filed Under Renting & Real Estate | 2 Comments
nike47 asked:
I bought a condo with two other guys and we received a check for $602 from our morgage company. The letter seemed to say that we will receive $602 each and every month. We are clueless on why we are getting this money. Is it a account that will bacically pay for our taxes making it a wash?
Jacob
I bought a condo with two other guys and we received a check for $602 from our morgage company. The letter seemed to say that we will receive $602 each and every month. We are clueless on why we are getting this money. Is it a account that will bacically pay for our taxes making it a wash?
Jacob
May
24
are their any free grants to fix and keep my home in Illinois 61032?
Filed Under Renting & Real Estate | 1 Comment
Scott s asked:
My morgage payments are way to high for me now. I am devorced and with only one income now. mine. Plus my house needs a roof and possibly windows and more. Thank you
Jean
My morgage payments are way to high for me now. I am devorced and with only one income now. mine. Plus my house needs a roof and possibly windows and more. Thank you
Jean
May
24
does anyone know if there is any financial help for people who are disabled who want to buy a house?
Filed Under Renting & Real Estate | 5 Comments
princess asked:
have okay credit. but have been turned down for morgage because we don’t have enough money coming in.
can only afford what we pay in rent.
want to better our lives but, we need help.
Roy
have okay credit. but have been turned down for morgage because we don’t have enough money coming in.
can only afford what we pay in rent.
want to better our lives but, we need help.
Roy
May
23
Noah I. Wagoner asked:
If you bought a house in Arizona a few years back with the help of a fixed rate mortgage loan you must be paying a high interest rate on the loan since the rates at that time were quite high. This was because the value of the dollar was high thanks to the economic boom going on at that time. But now the value of the dollar has dropped quite a bit, making homes cheaper and the AZ mortgage rates a lot lower. This is why you should consider refinancing your home in order to get lower interest rates and reduce your monthly payments.
When you finally choose to make use of the low AZ mortgage rates and refinance your home you should keep the following things in mind:
How Long You Plan to Keep the House: When you refinance your house to reduce your monthly payments it does not mean you will definitely save money. If you plan to shift and get another home in the next few years, refinancing your 15 or 30 year fixed interest mortgage is not a good idea since you will paying only the interest for the first few years. If you plan to sell the house in four years, you will be paying less on the monthly payments for four years, but in the long run, actually be paying more than what you were in the first place.
Fees Charged for Refinancing: When refinancing you will have to redo the paperwork and will have to pay fees to the lender, broker and appraiser once again. You will have to include these loan origination fees to the principal.
Apart from these points, refinancing your house to reduce the monthly payments is a great idea. If you plan to keep the house for a long time than you can definitely cover the loan origination fees and get savings of more than a thousand dollars over the term of your mortgage loan.
The AZ Mortgage Rates are low right now and anybody who knows a little but about refinancing will tell you that now is the time to do it. Refinance on a fixed interest mortgage loan when the rates are low. This is what any expert will tell you. But remember to take the above two points into consideration before doing so.
Lori
If you bought a house in Arizona a few years back with the help of a fixed rate mortgage loan you must be paying a high interest rate on the loan since the rates at that time were quite high. This was because the value of the dollar was high thanks to the economic boom going on at that time. But now the value of the dollar has dropped quite a bit, making homes cheaper and the AZ mortgage rates a lot lower. This is why you should consider refinancing your home in order to get lower interest rates and reduce your monthly payments.
When you finally choose to make use of the low AZ mortgage rates and refinance your home you should keep the following things in mind:
How Long You Plan to Keep the House: When you refinance your house to reduce your monthly payments it does not mean you will definitely save money. If you plan to shift and get another home in the next few years, refinancing your 15 or 30 year fixed interest mortgage is not a good idea since you will paying only the interest for the first few years. If you plan to sell the house in four years, you will be paying less on the monthly payments for four years, but in the long run, actually be paying more than what you were in the first place.
Fees Charged for Refinancing: When refinancing you will have to redo the paperwork and will have to pay fees to the lender, broker and appraiser once again. You will have to include these loan origination fees to the principal.
Apart from these points, refinancing your house to reduce the monthly payments is a great idea. If you plan to keep the house for a long time than you can definitely cover the loan origination fees and get savings of more than a thousand dollars over the term of your mortgage loan.
The AZ Mortgage Rates are low right now and anybody who knows a little but about refinancing will tell you that now is the time to do it. Refinance on a fixed interest mortgage loan when the rates are low. This is what any expert will tell you. But remember to take the above two points into consideration before doing so.
Lori
May
23
Death and Mortgages
Filed Under Real Estate | Leave a Comment
Juliette Van Rooyen asked:
The last thing that you want to worry about when you’re getting to the stage in your life when you are at the end of your life is a mortgage. Having something of that magnitude hanging over your head when you are lying on your “death bed” is unpaid debts or an unpaid mortgage. The length of your mortgage used to make this pretty much impossible, but as the length of mortgage terms has been forced to increase by market pressure, this is becoming ever more probable. For those people who bought a house after their twentieth birthday this is becoming ever more of a possibility as mortgages over fifty years in length becomes offered by more and more lenders.
The years where you are supposed to relax and enjoy are likely to become increasingly burdened by stress as the poor financial decisions made in youth come back to haunt you and your family. The last thing any person wants to do is leave their surviving family with debt and unpaid mortgages. The sky rocketing increase in house prices is making it more and more likely that survivors are going to be left with the responsibility to repay the mortgage that remains unpaid. The alternative to this is to acquire a mortgage so early in life that you can repay it before you retire and then get to enjoy your “golden years” without that stress.
The most common reason why people will suffer under the burden of a mortgage until the end of their lives is compound interest. This makes it harder and harder to repay the original mortgage and prolongs the period over which the mortgage is paid. The problem is that many people are being posed the situation that buying a house is completely out of reach without opting for an “intergenerational mortgage.” This then passes the burden squarely to those people who survive the people who took out the loan initially. This is unlikely to be in everyone’s best interest.
The longer the term you choose to maintain the mortgage for, the greater sum you end up paying to the lender. Even a difference in the length of your mortgage that is as small as a couple years can make startling amounts of difference for the mortgage holder. It also increases the length of time where stress is placed on the people who are repaying the mortgage. This pressure can more than counteract the benefits that people enjoy as a result of owning their own home. No one wants the last thing they say before they die to be “Don’t forget to pay the mortgage.”
Bryan
The last thing that you want to worry about when you’re getting to the stage in your life when you are at the end of your life is a mortgage. Having something of that magnitude hanging over your head when you are lying on your “death bed” is unpaid debts or an unpaid mortgage. The length of your mortgage used to make this pretty much impossible, but as the length of mortgage terms has been forced to increase by market pressure, this is becoming ever more probable. For those people who bought a house after their twentieth birthday this is becoming ever more of a possibility as mortgages over fifty years in length becomes offered by more and more lenders.
The years where you are supposed to relax and enjoy are likely to become increasingly burdened by stress as the poor financial decisions made in youth come back to haunt you and your family. The last thing any person wants to do is leave their surviving family with debt and unpaid mortgages. The sky rocketing increase in house prices is making it more and more likely that survivors are going to be left with the responsibility to repay the mortgage that remains unpaid. The alternative to this is to acquire a mortgage so early in life that you can repay it before you retire and then get to enjoy your “golden years” without that stress.
The most common reason why people will suffer under the burden of a mortgage until the end of their lives is compound interest. This makes it harder and harder to repay the original mortgage and prolongs the period over which the mortgage is paid. The problem is that many people are being posed the situation that buying a house is completely out of reach without opting for an “intergenerational mortgage.” This then passes the burden squarely to those people who survive the people who took out the loan initially. This is unlikely to be in everyone’s best interest.
The longer the term you choose to maintain the mortgage for, the greater sum you end up paying to the lender. Even a difference in the length of your mortgage that is as small as a couple years can make startling amounts of difference for the mortgage holder. It also increases the length of time where stress is placed on the people who are repaying the mortgage. This pressure can more than counteract the benefits that people enjoy as a result of owning their own home. No one wants the last thing they say before they die to be “Don’t forget to pay the mortgage.”
Bryan