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

Want to sell home and purchase a condo. How do VA mortgage policies work with the transition?

admin — Sat, 20 Nov 2010 00:51:15 +0000

I have a VA mortgage on my home. My husband thinks that the mortgage has to be paid in full before we can use the VA benefit again. Does anyone know how this works?

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

admin — Wed, 01 Sep 2010 15:54:11 +0000

In June 2006 I bought a house with an 80 / 20 loan. The 80 is @ 6.65 % and the 20 is at 8.1 %. Both rates are 30 year fixed. Also I gave K down including closing costs. My insurance and taxes are in escrow and included in my mortgage payment to Wells-Fargo. I live in Miami.

The price of the house was 9,500 but the value according to Zillow.com is 5,000 and sinking!. My initial mortgage payment was 00 / month but has now ballooned to 32 / month!

I purposely avoided an ARM because of the eventual increase but even a fixed rate still increases due to taxes and insurance!

Has anyone experienced this? How did you handle it? I can’t refinance because I owe more than what the house is now worth. Plus it’s not really the banks fault it’s the county and states.

I can probably find an apt. as big as my house for 00 less per month (probably with a view of the ocean).

I am seriously considering walking away. Does a foreclosure only damage your credit? Any advice or thoughts?
Last year the taxes & insurance were about 00.

I can afford the payments, but I did not anticipate a 0 / month increase in less than 3 years. And it’s been going up every year. I have no reason to believe that it’s going to stop. Eventually I won’t be able to afford it.

I’m wondering what’s a common increase for my area and what I should have planned for?
Correction the taxes alone were 55 for 2008.

Can you apply for both a conventional and FHA mortgage at the same time?

admin — Thu, 26 Aug 2010 14:30:33 +0000

We are purchasing a new home and the builder is upset we are applying for a FHA Mortgage. The contract was written that we would go conventional, however, FHA is a lower monthly payment, lower interest rate. They are telling me that I need to get a commitment for both types of mortgages – can I do that?

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

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

I have been researching mortgages for months and no one gives me a straight answer and even if it seems that they do. The next person I talk with has a conflicting answer. It seems that Brokers charge more closing costs but banks don’t seem to have as much information on the market and they seem more difficult to work with.

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

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

My home has been on the market for almost a year (OH is very slow market right now). I am considering renting it to offset my mortgage expenses, but am unsure if there are restrictions because I’m financed FHA that prevent that. Also, would I need to change my homeowners insurance?

Is it really possible to pay off my 30-year fixed rate mortgage in 5-7 years?

admin — Sat, 21 Aug 2010 23:50:12 +0000

I saw a so-called expert on a news broadcast this morning who said people in Australia and Europe have discovered a way to leverage their debt and finances in order to pay off their home mortgages at a faster rate without changing their monthly payments. How is this possible? It was quickly suggested that a Home Equity Line of Credit (HELOC) was the secret, but what does getting more debt have to do with eliminating debt?

Can I have my insurance and taxes taken out from my fha mortgage payment ?

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

I bought my first home with a fha mortgage loan. I wanted to know if there is any way I could have my insurance and my taxes not to be included in my mortgage payment?

How many properties can a borrower own when obtaining an FHA mortgage?

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

I know that only one FHA mortgage is allowed per person. But can that person own an investment property and get a refinance FHA on their primary?

FHA Mortgage?

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

We are refinancing to a FHA mortgage, and I have heard that they do not require PMI insurance, is this true?

What percentage of your income goes towards your mortgage payments?

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

If you don’t mind my asking, I’m trying to figure out what a reasonable percent of my income is to be going towards a mortgage payment. My partner and I make around 00 gross monthly, and I’m wondering what percent of that we could reasonably spend on a mortgage without getting in over our heads. We have no other debt, but have normal bills like utilities and car insurance. If you don’t mind could you please give me an idea of what you earn and what you put towards your mortgage? Or what percent of your gross income goes towards your mortgage payments?

Thanks so much!