Mortgage Guide

.: Jezz :. asked:

For his birthday, little Joe asked for a 10-speed bicycle. His father said, “Son, we’d give you one, but the mortgage on this house is $280,000 & your mother just lost her job. There’s no way we can afford it.”

The next day the father saw little Joe heading out the front door with a suitcase. So he asked, “Son, where are you going?”

Little Joe told him; “I was walking past your room last night and heard you telling Mom you were pulling out. Then I heard her tell you to wait because she was coming too.

And I’ll be damned if I’m staying here by myself with a $280,000 mortgage & no bike.

Question posted courtesy of: Dan

rwdrumz asked:

Don’t bash me for my methods, but just give your thoughts in the current situation. Ex and I had a super easy divorce where I said, “I’ll move out, you keep paying the mortgage on the house and we’ll decide later if you refinance or sell it.” Well, we have a 2nd mortgage line of credit for all our debt consolidation and home improvements. I have been paying half this 2nd mortgage cuz it was debt we both gathered. But if I gave her the whole house and it’s 1st mortgage payment, shouldn’t she also be paying the 2nd mortgage? The 2nd mortgage came from equity which I earned half of. Now I’m giving up that equity so isn’t that her resposibility now?

For example on a refi. 1st mortgage we owe 200k. House worth 280k. 2nd mortgage balance 80k. She refi’s the 1st mortgage, I get 40k in equity. She refi’s 2nd mortgage and even if we split the 80k, I just give her back the 40k I earned from equity so I’m even. Is my logic correct here? I should be 100% free of any of the mortgages?
That’s exactly what I was asking about. If she refinances, logic is that it’ll be for the whole amount (1st and 2nd mortgages) and I’d not fit in anywhere. Some think I’m still responsible for 1/2 the HELOC because I helped create that debt it was put towards. But it’s from equity in the home so if I give up my equity portion, I also give up my 1/2 of the HELOC resposibility, right?

Question posted courtesy of: Darryl

Anjali asked:

A hypothetical question. If a disabled person lives with his/her parents, in a home they own and/or are on the mortgage for, what happens to the home when the parents die?

If the parents leave the home to their disabled son/daughter in their will, can that son/daughter continue living in that home, as long as the mortgage & other home expenses (property tax, maintenance) is paid (either through the estate/inheritance or other income), or does the disabled son/daughter have to get the mortgage (& credit check) in their own name to live there?

In other words, if the parents leave the house and estate to their disabled child so he/she is “taken care of”, does the home ownership & any mortgage transfer automatically?

Or upon the parents deaths will the bank/mortgage company require the disabled person to either vacate the home or go through a credit check to apply for a mortgage in their own name?

Would the Home Ownership Transfer Automatically upon Death?
A little more info, if anyone needs it to answer/thinks its important.

The person who is disabled does NOT need help, with bathing, dressing, or any daily living needs, so they do NOT need a group home, or nursing home.

He/She is able to manage the tasks of daily living (laundry, shopping, etc.) & though due to the disabilities, he/she cannot currently drive (the parents are getting their child help to resolve this) with disabled transport services, buses, etc., the disabled person is able to get around as needed.

Therefore there is no need for them to move into a nursing home.

However, as a result of the disabilities, as well as other issues, this disabled person has LOUSY credit, and no way would qualify for a mortgage on their own.

If necessary, the parents have considerable savings and investments both in their own names as well as in trusts for their child - more than enough to fully pay off the house, and then some (actually a LOT more!)

Question posted courtesy of: Betty

Lee asked:

I have signed a mortgage in principal agreement with my mortgage advisor to get a mortgage which at the time was the best on the market. However, as it took about a month for the actual mortgage offer to arrive, the interest rate on the offer has increased, and would work out to cost us about £700 over the lifetime of the agreement. This is despite the mortgage advisor guarantee us upon signing the mortgage in principal agreement that the rate was then secured. What can I do about this and who can I complain to?

Question posted courtesy of: Debra

Wondering asked:

Yesterday our mortgage lender called to give us details on a possible refinance opportunity. We aren’t sure if we want to do this or not. Would you look at the facts and figures and give us your opinion?
Right now we have a 5.875% 30 year fixed rate loan with a balance of $134,700. Our monthly payment is $1,113.87. This includes insurance and taxes.
We can get a refinance at 5.625% 30 year fixed rate for $161,000. Our monthly payment will be $1,250.
Another option is to take a 15 year fixed rate at 5.25% with a monthly payment of $1,611.
Both of these options will be 90% of our home value and will then incur mortgage insurance until our balance drops below the 90 % value of the home.
We would get a cash out of $34,000 to pay off credit card debts. These credit card debits are at a low 2.99%, 3.99% and 4.99% fixed life of loan rate. We have been paying off about $700 to $1000 a month on this debt. In the last year, we paid off about $12,000, bringing the debt down from $36,000 to $24,000. This is the only debt we have, other than the mortgage.
Here’s the question: Should we continue to pay off the credit card debt and be done with it in about two years? Of course, this is assuming that there are no other emergencies that require us to charge more debt. I am wary of the credit card market being able to change your percentages without much reason. We have co-signed for a car for a family member and she often makes late payments. I understand the credit card mongers can change your contract if you are delinquent on any bill, not just their own bills. That would be bad.
It would be lovely to have only one mortgage bill to pay instead of five credit card bills and one mortgage payment. And not to worry that the terms might change without much warning. Plus it would all be a tax break.
On the other hand, we could be done with that $34,000 credit card debt in two years if all goes well. Then we could double up on our mortgage payment and get that paid off sooner.
What do you think? What would you do if it was your choice? We are going to ask our accountant friend the same questions. Just gathering opinions now. Thanks for taking the time to help us think this one through. We will be anxiously awaiting your answers!

Question posted courtesy of: Floyd

wemysslad asked:

is it possible for my partner to sign their house into both of our names so we are both shared owners or would we have to take out a new joint mortgage? we live in scotland so this would be based on scottish laws!

Question posted courtesy of: Manuel

GARTH asked:

morning boys and girls.. my daughter and her boyfriend are saving to get a mortgage,in your oppinion which is the best to go for. or would renting be better. (in england). thank you ppl.

Question posted courtesy of: Derek

XCuteX asked:

ive split from my partner. we have a joint mortgage but he hasnt been making his share of the mortgage payments for the last 6 months. he also moved out of the property 6 months ago.
im in the process of having him released from the mortgage. the property hasnt gone up in value. if my ex refuses consent to be released from the mortgage, when the property does come of value, is he still entitled to 50% of the profit, even though i can prove he hasnt made any contribution to the mortgage and the fact that my continued mortgage payments (not his) have resulted in the profit in the first place?
mispipik-why do you have to judge people?people ask Qs for advice!!if you cant see that then your the IDIOT!!!!!!

Question posted courtesy of: Theresa

bjm_116 asked:

if i buy a home of $350,000 detached / semidetached and 10,000 down payment then how much mortgage will i have to pay every month????

thanks for the answers well if not 10,000 then wat abt 20 or 25 ?

Question posted courtesy of: Franklin

Bird lady asked:

I was looking into buying mortgage insurance to cover me in case something happens. I found out this existed when someone I know died very suddenly. I went to the bank where my mortgage is and they told me they only offer it on new loans( my mortgage is 2 years old ). I was not offered this protection
when I applied for this mortgage ( actually it was a refinance of my original mortgage ) as I applied through a mortgage company.I was told the best thing to do now was take out a life insurance policy, which I already have, but that dosent cover my husband or myself if we lose our job or become disabled.Does anyone know where I could look into this or is it even worth it? The insurance company that carries my house and auto insurance does not offer mortgage insurance.Any help would be greatly appreciated! Thank You

Question posted courtesy of: Josephine