Mortgage Financing
What type of loan should I take out to do home improvements?
Q: What type of loan (equity line of credit or loan) would be better to take out to pay off credit cards and do minor home improvements on an investment property? Total debt is $87,000 and have 2 credit scores over 710. Read More.
What will going into foreclosure to do my Fico score?
Q: I have a credit score in the high 700s and will be going into foreclosure on a home. Can you tell me what that will do to my Fico score? Read More.
I want to use my current home as an income-producing property, but am having trouble getting a loan. Can you help?
Q: I own a three-family home in Holyoke, Massachusetts, and would like to use it as a rental/income property and purchase a home in a more rural area. Can you help me find a lender who doesn’t see in only black and white? I spoke with a lender who said that they would not consider the rents from all three apartments because it wasn’t on my taxes as such. I tried to explain that I am living in one apartment and my mother in another, so the two apartments weren’t rented out. I have all three apartments rented out–$700, $700, and $850 per month covers ALL the mortgage, taxes and insurance, and leaves me with $950 income at the end of the month. I am so frusterated and any help on such a lender or your professional suggestions would be … Read More.
When I was going through my divorce, the house wasn’t settled. We tried to do a modification, but did not get approved, so the house is on the market as a short sale. My credit has suffered as a result–should I put a note on my credit report to explain the circumstances?
Q: Hello, I live in NJ and recently went through a divorce. At the time of the divorce, the house wasn’t settled. Now, after trying to do a modification and not getting it, the house is on the market as a short sale. My credit has suffered and I was wondering, if I add a letter to my credit report explaining the divorce and such, will that help me get some credit? Prior to all of this happening, my credit was decent–I had a score of 720. Now it is much lower–in the low 600s. My ex-husband did nothing to help me and won’t even cooperate with the short sale, but my saving grace is that my divorce decree says the house is to be sold. Read More.
I recently refinanced my home at an interest rate of 5.25%. Is it better for me to pay the entire amount owed, continue making small payments at the refinanced rate, or refinance again at 4% interest?
Q: I am retired and re-financed from 15 to 30 year fixed in order to lower my monthly payments. The interest rate was at 5.25 %. Is it worth to pay off the entire amount owed, which is $160,000, from my savings, or should I continue paying the lower monthly rate for the rest of my life? Or, a third option I am considering would be to refinance again at 4 %. My income is approximately $5,000/month, and comes from Social Security and pension. Financial advisors usually say to keep the mortgage and invest the money. What do you think? I tried to downsize and sell the house, but had it on the market for a year with no luck. Read More.
