Join the 9 million people who found a smarter way to get Expert help

Recent Home Loan questions

I want to know specifics about home loans and suggestions.

Hello, I want to know specifics about home loans and suggestions.We have 1 mortgage on our homeWe have lived here for 4.5 years with my wifeHome Value is $325,000We have a 15 Fixed Rate mortgage at 3.25%We currently still owe $115,000 for 10.5 more years. So, we have approx $210,000 in equityCredit score is 805We would like to buy some investment property.I am seeing that there are mortgage companies that offer refinancing with additional optional monies added to the total mortgage cost at a Single Homestead rate. Rates as low at 3.25% (the same that we have now), with no points to be paid or closing costs. (Thats what they say)Wouldn't it be cheaper to refinance my Homestead and add an additional $150K-$200K on top of our existing balance, and the use that money to pay cash for an investment property? Thereby having only one mortgage, and not paying any points or inflated Second Home fees?Why do people get a second mortgage on a rental property if all they have to do is refinance their current home at reduced rates with no closing fees? Also, Isn't it much easier to qualify for a Homestead refi, than it is to qualify for a Second investment mortgage? And a refi also offers cheaper rates.This has been confusing me. I don't see the reason why I should apply for this new investment mortgage when these lending companies want me to refinance my current house at cheaper rates anyway.Help me understand. Any other options?

Read more

PDtax

Owner

Master's Degree

6,996 satisfied customers
Home loan qualification - I have been working on w2 years

Home loan qualification - I have been working on w2 for several years and started my own company S corp recently (From Sep 2015). I do sub contracting corp to corp and run my payroll. I have credit score of 800. I tried applying for home loan and been rejected since my w2/payslip is from my company. To qualify for home loan I need tax return of s corp for two years. Just wanted to check if there is any other options available for home loan?

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,026 satisfied customers
I am looking to refinance my home to pay off my wife loan

I am looking to refinance my home to pay off my wife loan and help build my credit score. The mortgage has been in my wife name and I am not on it - so I never had a mortgage. My house appraises for $224,000. I owe $68,000 with my regular bank. My fico score is an 806. I went to my other bank a credit union and was approved for $72,000 with a 4.5% interest rate at a 7 year loan as of the moment. $72,000 is what I'll need for closing, appraisal so on and so forth. But will change once the house is appraised by them. I could pay this off in 4 years. Was told from a friend that it is better to never pay off a home loan for tax purposes. The highest my fico score has ever been was an 831 - without a home loan. So my questions are. Is it better to have a long term (10yr to 15yr) then a short (7yr) loan - why? What tax benefits can Be taken and why?

Read more

Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

3,986 satisfied customers
Our original home loan was in 2004 fixed at 5.25. It was

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.

Read more

PDtax

Owner

Master's Degree

6,996 satisfied customers
My husband is the only person on the mortgage currently. We

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)?

Read more

Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

3,986 satisfied customers
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?

Read more

Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

3,986 satisfied customers
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.

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,026 satisfied customers
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?

Read more

CGCPA

Owner

Bachelor's Degree

3,360 satisfied customers
Please clarify on the below: (1) Can i borrow HELOC or Home

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 ?

Read more

Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
View more finance questions
In The News