Comments for 30-Year Fixed Mortgage | America's Most Popular Home Loan

Comment on FHA 30-Year Fixed For First-Time Home Buyers by Online money makers forum

Online money makers forum — Fri, 03 Dec 2010 05:46:22 +0000

i do not like trailer homes because it is not sturdy enough specially when the weather goes bad **’

Comment on Want to sell home and purchase a condo. How do VA mortgage policies work with the transition? by edmund.m

edmund.m — Sat, 20 Nov 2010 00:51:15 +0000

i believe your husband is correct. do check with lender to make sure.

Comment on 30 year fixed rate mortgage but ins and taxes are killing me. Any advice? by glenn

glenn — Wed, 01 Sep 2010 15:54:12 +0000

Yes, a foreclosure damages your credit. And when you try and buy a new place the mortgage company will actually look at it as being worse that a bankruptcy because it shows you would not pay a house note off.

They often are allowed to come against you personally for the shortfall in foreclosure.

Zillow and all of the online services are terrible at guessing how much your home is worth. Call a Realtor and see what it will really sell for. Talk to the Realtor about a short sale. This will also hurt your credit but not near as much because it shows that you at least tried.

You may have a thirty year fixed second lien, but I have never seen one. They are normally 15 years at the max and often balloon after five years.

About the taxes and insurance. Call the tax authority and ask what your alternatives are. Often you can challenge the value they are taxing you on. If your value has really dropped as much as you say then your taxes would not normally go up. The insurance company may have some cheaper insurance you can buy.

In my area a loan for 229500 plus the escrow account for taxes and insurance would be close to the 2232. Maybe the mortgage company screwed up when they first set up the escrow account.

Comment on In doing a 30 year fixed rate mortgage, what is the better option. A bank or credit union or a broker? by broccoli brain

broccoli brain — Thu, 26 Aug 2010 04:49:31 +0000

The way to determine this is to get a Good Faith Estimate from all three, compare them and see which entity is offering you the BEST deal. ( Best deal = lowest interest rate, lease amount of out of pocket expenses)

Comment on Can I rent my home if I have an FHA mortgage on it? by thefinancepirate

thefinancepirate — Sun, 22 Aug 2010 23:51:27 +0000

Typically, you are required to occupy the property as your primary residence for at least 1 year from when you took possession of the property. However, check your Mortgage document under section 5 (titled "Occupancy, Preservation, Maintenance and Protection of the Property; Borrower’s Loan Application; Leaseholds") to see the specific requirements for your loan. I’m going by a standard Ohio FHA Mortgage template here, but it may be a different section for you.

The Mortgage document may also be titled:
Deed of Trust
Open-End Mortgage
Mortgage Deed

Comment on Is it really possible to pay off my 30-year fixed rate mortgage in 5-7 years? by I Buy And Sell Houses

I Buy And Sell Houses — Sat, 21 Aug 2010 23:50:12 +0000

Yes, it’s possible. But it may not be advisable.

A HELOC is the secret. Without getting into the details, you’re not borrowing more money. You’re using the HELOC like a checking account, shifting money (from your paycheck into it), then paying the mortgage out of it. And the sophisticated software that you pay for also tells you when to make additional contributions.

The systems I’ve seen cost something like $3,500. The argument is that you’ll save that much in interest in the first year. And maybe you will. But it is expensive up front. The only real requirement (other than perhaps your ability to obtain a HELOC in today’s credit environment) is that you have a monthly positive cash flow…that your income is exceeding your expenses. The numbers don’t work if you’re going into debt every month.

You can accomplish something sort of similar–not as efficiently–by making extra principal payments on your mortgage every month. Like I said, the program I’m familiar with is a lot more efficient, but it’s pricey.

Hope that helps.

Comment on Can I have my insurance and taxes taken out from my fha mortgage payment ? by Michael M

Michael M — Tue, 17 Aug 2010 04:39:47 +0000

yes and then at the first or second month of the year they readjust the payments … sometimes they take more to ensure all will be covered.

Comment on How many properties can a borrower own when obtaining an FHA mortgage? by golferwhoworks

golferwhoworks — Sun, 15 Aug 2010 04:46:24 +0000

yes as long as the investment is not FHA insured

Comment on FHA Mortgage? by lvminole

lvminole — Thu, 12 Aug 2010 23:50:12 +0000

I’m not sure. I would check the FannieMae website, tehy specialize in these types and other types of loans. I think they may have a chart that compares and contrasts the different pros and cons of each type of loan that they offer. If not look for your local FannieMae provider and I know that they have a detailed book about the size of a coloring book that will tell you everything you need to know and they will be happy to counsel you on your options. Our local place is called Wyatt Mortgage.

Comment on What percentage of your income goes towards your mortgage payments? by Desiree

Desiree — Sun, 23 May 2010 21:40:39 +0000

we are at a little less than 1/3.