Mortgage Guide

Frank C asked:


A family friend has bought his house for around 130,000 around 10 years ago. The current home value is 44,000 and he has to pay around $900 in mortgage payments. Is there any way to lower, or even stop, the payments altogether? What is the best solution for this dilemma?

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asked:


Our realtor advises that only buyers with cash in hand can buy foreclosed properties at auction. There is a technical challenge buying if you need a mortgage as you have to be in contract to be able to get the mortgage approved. Is this true or is there a valid way you can get a mortgage and bid on a foreclosed property at auction?

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Rob I asked:


Could I get a rate like 8% with $5000.00 dollars down payment on a 30 year fixed on a $100000 dollar mortgage?

Monthly mortgage payment would be around $900.00 dollars a month and closing costs would be around 2000 dollars?

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Mark - asked:


My mortgage broker offered me 45% of gross income.
I calculated that after paying mortgage and all bills I’d be left with 5K spare cash a month to spend.

I have no idea is this is reasonable and am interested to hear how much money folks feel comfortable having after all the bills are paid.

Thanks!

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asked:


My mom and younger sister are both named on the mortgage. Payments are still being made. My mom just passed and my sister does not have a job because she was caring for our ailing mother.

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Amy B asked:


Me and my boyfriend moved in together and he got a mortgage for the house in his name and I just pay him some rent. If we were to get married in the future would I then be involved on his mortgage? Or does it not work like that.

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grkra3 asked:


What is the best mortgage company to get a loan modification through? Easiest mortgage company? I would like to know!

THANKS,
Greg

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asked:


Is this a standard requirement from mortgage lenders to insist on buildings insurance? I trust it is as in the event of a disaster they get refunded for their mortgage loan?

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asked:


I am planning to buy a 2nd house, it needs some modernization which I plan to do over about 6 months, then put it back on the market.
I do not plan to live in the house whilst i do it up.
Please could someone tell me what type of mortgage I would need?
Thanks

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analyst asked:


I am about to buy a mortgage for a property. Does anyone have any tips for me about how to structure it correctly from the beginning so I pay it off as quickly as possible. Thanks in advance for your answer.

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