This is for my mother in law. She has no job (laid off) right now and scores in the mid 500's. She wants to buy a new home @130k with 65k down. She has spoken to a few mortgage guys who claim this deal is no problem at all but she may pay a point to point and a half above prime. Does this sound right? I told her that this sounds wrong and I would hate to see this deal fall apart, because she has already sold her old place.
Oh yeah the car thing. I had to borrow some cash to get it back. I have filed a small claims suit so we will see what happens when it goes to court. I'll let you guys know. BTW If I loose, I plan on getting a sign andwalking the street by the shop. My in law got lucky with her old place going up in value big time, so that is where the downpayment is coming from. Actually she is moving in order to have a little smaller mortgage.
Re: Re: Mortgage question fot the experts I have filed a small claims suit so we will see what happens when it goes to court. =========== What repairs did they do that cost 3000 bucks? THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
Re: Re: Mortgage question fot the experts A WHOLE RE-BUILT MOTOR AND TRANSMISSION would not cost $3,000 WOULD IT??? Parts and labor included...
Re: Re: Mortgage question fot the experts I'm not sure if that's right or not, but I do know it can be a problem getting a mortgage when you don't have a job. She might also want to consider a smaller down payment, put the rest in the bank so she shows she has money to make payments with until she gets a job. Putting all of your money in your house where you can't get it out in times of hardship is not a good idea. Maybe put 20% down and put the rest away. Yes, the payments are a little higher, but the cash is there to make them, and to live on, until she gets an income. Then try to put back what she used and there's always a cushion there in case of sickness, job loss, etc. Put the money in CDs or some other fairly secure investment until she has 6-12 months of expenses in the bank, then think about investing.
She has spoken to a few mortgage guys who claim this deal is no problem at all but she may pay a point to point and a half above prime. Does this sound right? I told her that this sounds wrong and I would hate to see this deal fall apart, because she has already sold her old place. **************************************** Just a clarification . . . Are you talking about points or the interest rate? One to one and a half points above prime generally refers to the interest rate; i.e., if prime is at about 3% (although I think it is actually going down) , then your interest rate would be about 4-5%.
Re: Re: Mortgage question fot the experts Putting all of your money in your house where you can't get it out in times of hardship is not a good idea. Hedwig ================ How do you get the equity out of a home? THE END ** *** ** LB 59
Re: Re: Re: Re: Mortgage question fot the experts HOUSE RICH~~CASH POOR GEORGE~~A.K.A. RODNEY DANGERFIELD 700 CLUB MEMBER 94 POINTS TILL THE 800 CLUB (MOVED WRONG WAY!!!) ================== Ok George but say I need $10000 out of the equity in my home.How do I get the 10 grand???
LOAN EQUITY LINE OF CREDIT... GEORGE~~A.K.A. RODNEY ===================== Right GEORGE; but suppose I don't like the idea of paying the bank interest on my own money:Now what can I do to get the money out instead of taking out a loan? THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
THEN SELL $10,000 WORTH OF YOUR HOUSE TO SOMEBODY GEORGE~~A.K.A. RODNEY DANGERFIELD ============= Don't think that's to pratical do you?
Re: Re: Mortgage question fot the experts The Prime Rate right now is still at 4.25%. Chances are the person meant "prime" as in just a little over the rate most people get on conforming mortgage loans. With enough cash, anyone can finance any home purchase, although with a score in the mid 500's, odds are the rate will be higher than this person is saying.
Re: Re: Mortgage question fot the experts My in law got lucky with her old place going up in value big time, so that is where the downpayment is coming from. Actually she is moving in order to have a little smaller mortgage. SPIKE++ ================= Why can't she take the extra money put it in a side fund claim the fund as a source of income and let the fund pay all or part of the new home loan payment? THE END ** *** ** LB 59 """""""""```~~~```'""""""""" Click here to view. http://www.memail.com/fotos/index.htm
Re: Re: Mortgage question fot the experts 1*I'm not sure if that's right or not, but I do know it can be a problem getting a mortgage when you don't have a job. 2*Putting all of your money in your house where you can't get it out in times of hardship is not a good idea. Hedwig ================ 1*When you have the money you don't need the job. 2*This is why Home Eqirty isn't what it's cracked up to be. THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
Re: Re: Re: Mortgage question fot the experts 4.00% THAT IS "IF" YOUR BANK GOES ALONG WITH THE FEDERAL RESERVE RATE DROP...
