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Our original home loan was in 2004 fixed
Our original home loan was for 245k in 2004 for 30yrs fixed at 5.25. It was modified 5 years ago and has a balance of 189,858. The modified loan has a "fixed" rate of 4.25, and will go up to a fixed rate of 4.375 for the last 18 years as part of the modification agreement in September of this year and a 5,000 principal reduction grant for paying on time in April of next year. Our bank is offering us a HARP refinance of 3.875 for 20 years, fixed, no refinance fees or documentation. If we choose the HARP refinance it saves us $96 a month off our current payment, a little more off the payment from Sept going forward, but we forfeit the $5000 dollar credit towards principal if we accept the offer now, which I know will save us on interest in the long run. Which is better in the long run- refinancing now fixed at 3.875 or letting it go up from 4.25 to 4.375 and get a 5000 principal payment next year?Thank you.
My husband is the only person on the mortgage
Hi - my husband is the only person on the mortgage currently. We got married after the loan was originated. Is the only way to add me to the mortgage by refinancing or can I just be added to the current mortgage? If so - is it OK if my income is sufficient to qualify since he's self-employed (widely varying income)?
I need a finance/loan adviser.I am planning to buy a single
I need a finance/loan adviser.I am planning to buy a single house and want to apply for a home loan. My questions are,1) Can I include insurance for that home loan protection?2) If yes, then what are the insurance coverage/protection can I expect for that home loan?
Bachelor's Degree Equivalent
Can my LLC purchase a car cash and I purchase the car
Can my LLC purchase a car cash and I purchase the car personally from my LLC with a auto loan? The entire transaction would occur in New York City. How does this transaction relate to at arms length transaction. Also can this be applied to a home purchase as well.LLC purchase home for cash and I purchase home personally from my LLC with a home loan?
Texas Financial Planning Question A little background first.
Hello, Texas Financial Planning Question A little background first. My wife and I are fairly young; 33 and 29. We own our home in North Texas and have around $180K in home equity (still owe $120K on mortgage, but home is worth $300K). We have around $130Kinvested in retirement accounts and stock portfolios. And we have around $50K-$75K in cash in our checking account. I hold stock in a local business and receive a royalty in perpetuity (there is nothing sure about this business though, it could be good inthe future, but it is just getting started). And my wife is a teacher and I own a construction company currently. Our goal is to Semi-Retire or Mini-Retire at our young age within a years time, and move to a foreign country to be closer to my wife family.This has been set up as the goal for several years. We will live in South America where money is much harder to come by and we don't intend on being able to do any additional "saving" after we have moved. We are hoping that our net worth of more or less $400Kin our early 30s is enough to get us started with passive income as our lifestyle and income changes dramatically. I hope this is not a fantasy, because we still have a long time to live. We are lost in how to invest our available money. In todays climate,should we continue to contribute and play the stock market? Should we invest more, or pull money out to invest elsewhere? Should we invest in an additional rental home in North Texas, where the housing market is RED HOT and homes values are at an all timehigh? It is one of the biggest seller's markets of all time. If we bought a rental home, we must pay top dollar for the home; probably 30-40% more than it would have been worth 3 years ago (there are bidding wars on almost every available property). Our interestrate would be higher as an investment property, rather than a homestead. And Im sure it would take every cent of our 50K-75K that we have saved in order to qualify for home loan, even with an 810 credit score. What other options would you suggest for my wifeand I SPECIFICALLY, at our age and horizon, at the current climate of the economy, the crashing stock market, and the giant housing boom in Texas? What are some specific financial thoughts and advice to make this happen? Or criticism of the plans legitimacy?We have been given a wide range of advice from friends and family, and internet searches will give you everything under the sun. Some say to invest aggressively in the stock market now. Others say to stay out of the stock market and purchase real estate regardlessof current values. Some say to rent out our current home and collect rent payment for years to come. And others say to sell our current home and cash out at top dollar now, and reinvest in something different.
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I've reached the point where I think I'm ready to
I've reached the point where I think I'm ready to apply for a home loan and I'm looking for a little advice on what to expect and the broad course of the process. I'm planning on calling my bank, Quicken and mortgage guy that I heard about from a buddyof mine. I understand that there is a lot of income and credit verification that needs to be done, is it realistic to supply the interested parties with my recently pulled credit reports or will they need to pull their own? I finally have a 739-755 creditscore and I'm trying to avoid the hit to my credit score of having multiple hard inquiries. Also, are there any fees I should be aware of or questions I should ask when going through the process?
Please clarify on the below: (1) Can i borrow HELOC or HomeView more finance questions
Please clarify on the below :(1) Can i borrow HELOC or Home Equity Loan on my let-out home property ?(2) Can i lease or rent out my home which is home loaned by a mortgage bank ?(3) Can i lease or rent out my home which is home loaned by a mortgage bank & there is home equity loan on it ?(4) Can i sell my home on which there is home equity loan ?(5) Can i apply home equity loan with two banks at the same time so as to borrow the loans from both banks to arrange the required amount ?(6) Can i sell my home which is home loaned by a mortgage bank ?
Bachelor's Degree Equivalent