Comments for MORTGAGEBASICS.INFO

Comment on I have bad credit, can I still get a loan to buy an investment house? by PlatinumREI.com

PlatinumREI.com — Sun, 20 May 2012 06:26:51 +0000

Yes, you CAN. It is called a “hard money loan” or a “private money loan”. Such lenders can be easily found near you on the internet. The loan size is pretty small, but there should be takers.

Comment on I have bad credit, can I still get a loan to buy an investment house? by Sharon T

Sharon T — Sun, 20 May 2012 05:30:28 +0000

You aren’t going to find a loan for a Florida house at a Hawaii bank.

Who owns the house? The seller is your most likely source of financing. With bad credit and the low amount of the loan, I can’t be encouraging.

Comment on What do you think new home loan interest rates will be in 90 days? by One Two

One Two — Fri, 18 May 2012 21:47:23 +0000

As the old song says: “The only way is up, baby!”

The banks have got us by the short & curleys; need a place to live? Pay the man, and pay him whatever he asks. that’s what got us in the mess we are in and its going to get worse not better. Very sad indeed.

Sorry I can’t give you actual numbers. You know that if I could give accurate number I wouldn’t be replying you right now. I would be on a beach enjoying the sun and counting my money… having predicted the money markets…

Best, 1 // 2

Comment on What do you think new home loan interest rates will be in 90 days? by Diana

Diana — Fri, 18 May 2012 21:27:37 +0000

No One can really say, but not that much more. Look at the economy, its not changing fast anytime soon. I would say, it could go up a few fractions to 1 point at most. Good Luck.

Comment on What do you think new home loan interest rates will be in 90 days? by Rod Rigo

Rod Rigo — Fri, 18 May 2012 20:55:00 +0000

They will increase. There is no other way to go unfortunately. This will be for both remortgage and new but.

Comment on Real Estate realtors? how are you making money now that the home business is depressed? by Traverse City Agent

Traverse City Agent — Thu, 17 May 2012 12:09:25 +0000

This isn’t the first time that there has been a leveling off in the real estate industry. Nor will it be the last. Think back to the 80′s when people paid 12-15% interest on a home mortgage. Homes still sold and buyers still bought. In fact many people know that mortgage rates are still quite low and selection and motivation on the part of the seller are quite high.

What’s hapening now is that people who got into the industry thinking it was easy have paid out a lot of money with very little return. Real Estate Agents typically have a 90% turnover rate. That’s up even more with the downturn in the market. That means that although there might be less business, there is also less competition. In addition, seasoned realtors are stepping out of the business (retiring).

Real Estate agents are almost entirely independant contractors. We only get a paycheck when we sell a house. It’s never an “easy” business when you have no idea where or when your next paycheck is coming. We get no benefits and no unemployment. That means we’re always on the look out for a way to make additional money. Often that comes in the form of investments in rental properties or services associated with the rel estate industry.

In regards to some of the other posts: Realtors are not responsible for obtaining a mortgage or home equity line. Financial information is confidential and I cannot call a mortgage broker and have them tell me what your income is are how you ntend to pay your mortgage. My role is to assist you in locating a home within the perameters that you set up.

Comment on Real Estate realtors? how are you making money now that the home business is depressed? by Mike

Mike — Thu, 17 May 2012 11:19:32 +0000

Unfortunately real estate agents and REALTORS are making more money than ever selling the houses of people who were taken advantage of during the last few years and now must sell their houses becausethey cannot make their mortgage payments when the interest rate adjusts upward.

This is a tragedy because the bulk of them did not represent their clients interests properly. That is the reason that we are in the credit crisis that we are in with the record number of foreclosures.

The REALTORS and real estate agents did not do their jobs. They did not represent their clients interests. Now they are profiting from their client’s tragedies and loss of their client’s homes.

I recommend that in any real eestate transaction that you hire an atorney who specializes in real estate law to represent your interests even if there is also a REALTOR or real estate agent involved.

Also hire your own real estate appraiser to protect your interests. This should be a real estate appraiser who is not representing the lender’s interest. Your interest is very different from that of the lender.

Comment on Can I refinance two car loans into one loan? by Love my Meyer

Love my Meyer — Wed, 16 May 2012 02:20:21 +0000

no, not unless one is worth enough to cover both loans.

Comment on Can I refinance two car loans into one loan? by ibu guru

ibu guru — Wed, 16 May 2012 02:14:02 +0000

No. Each car is collateral for a specific loan. Banks want collateral! No collateral, no loan. Chances are one car is insufficient collateral for a big-enough loan to cover both.

Do you mean to tell me that you cannot manage to set up two payments out of your bank account to pay your car loans on time? Or are you trying to stretch out terms so that the total monthly payment of the two loans is lower? Refinancing will cost you fees & interest over a longer term! Forget it, and manage better. That’s the cheapest solution, except for paying off one or both of these car loans in full and getting done with it.

Comment on Should I invest again in real estate, or was it dumb luck? by saladin_ancient

saladin_ancient — Tue, 15 May 2012 06:19:13 +0000

Look, there is a reason why that house would sell for less in the US…. we have more land.
The scarcity of your land is far greater in Ireland than it is here.
Just as in Texas the same 3/2 house would sell for three fold in New York, the same 3/2 house will be twice that in Ireland.

You have the ability there to find some great deals and make some good money. I would jump on the opportunity. Dont be afraid of being successful.

They have been saying that market will crash for 20 years.. but there is only more people, and less land.. i dont see it crashing.