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I have bad credit, can I still get a loan to buy an investment house?

admin — Sun, 20 May 2012 05:07:44 +0000

Question by : I have bad credit, can I still get a loan to buy an investment house?
I want to buy an investment home in Florida for $ 55,000 and is being rented out for $ 700 a month currently. It’s also built in 2005 so it’s new and in good shape. I can put down $ 25,000 and only need to borrow $ 30,000. Using this house as collateral. Will they lend to me? I’m going to go downtown tuesday and ask some banks. I’m currently living in Hawaii by the way.

Best answer:

Answer by My Take on It
Possibly
Most banks won’t do a 30k mortgage though. It’s just too low.
You might have to opt for owner financing or a lease option here.

Another thing though, have you ever been a landlord? Being in HI and your property being in FL is going to be really tough to handle the day to day deal of making sure your tenants aren’t trashing the place or skipping out on you. If you do buy this place, I would definately advise hiring a property management company to oversee this property. They will screen tenants, hire repairmen, etc It will cost you about 10% of the rental amount you charge, but will be well worth it.

Give your answer to this question below!

The Importance Of Mortgage Payment Protection Insurance

admin — Sat, 19 May 2012 18:08:29 +0000

www.mortgagesolutions1.co.uk – The Importance of mortgage payment protection insurances let us quote you on mortgage payment protection insurance.
Video Rating: 0 / 5

www.uk-mortgage-protection.com This video shows Rick Lomas researching age related mortgage payment protection insurance. This new type of MPPI insurance gives discounts to anyone under the age of 50. For the under 24s it can very inexpensive.

What do you think new home loan interest rates will be in 90 days?

admin — Fri, 18 May 2012 20:06:50 +0000

Question by missnaula: What do you think new home loan interest rates will be in 90 days?

Thanks Diana!!

Hanna- Did you even read the question?

Happy Gramps – thanks for stating the obvious.

Just curious to what your opinions are… thanks!

Best answer:

Answer by Happy Gramps
Impossible to know – only to guesstimate……………….rates are rising as of this date, but they fluctuate on a daily basis

What do you think? Answer below!

Is FHA mortgage insurance tax deductible?

admin — Thu, 17 May 2012 22:07:27 +0000

Question by Narilka: Is FHA mortgage insurance tax deductible?
Please note that I am not talking about private mortgage insurance; I am talking about mutual mortgage insurance provided by an FHA loan.

Best answer:

Answer by bostonianinmo
That is deductible. However you may only deduct the portion that applied to 2007 so you must pro-rate the premium. If it’s a 30 year mortgage, divide the total premium by 360 and multiply that by the number of months remaining in the year from the closing date going forward. If the MIP deduction is extended into future years you’ll be able to deduct 12/360ths of the premium each year for as long as you hold the mortgage.

Also, you must have closed the loan in 2007 AND it must have been a purchase money mortgage, NOT a re-fi.

What do you think? Answer below!

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

admin — Thu, 17 May 2012 11:09:01 +0000

Question by smacatxfl: Real Estate realtors? how are you making money now that the home business is depressed?
Just curious how real estate people are making ends meet. The “easy” money of listing and selling and taking people
‘s equity has put a temporary freeze on your earnings. Just was curious as to what other means you all have at this time?

Best answer:

Answer by Mary B
It was actually, to me, never easy money. Realtor’s also never “took” people’s equity…they paid for a service and we received payment for it, and everyone has a CHOICE to use a Realtor or not.

Smart Realtors never have their eggs in one basket…there are certain markets of the sector that never go away regardless of what the economy does: First-time buyers, relocators, DINKS having babies, etc.

Many of us have our hands in the investing and rental sides of the market.

Add your own answer in the comments!

$359900 – 4523 Lehigh Dr, Troy, MI

admin — Wed, 16 May 2012 13:11:35 +0000

www.ewebengine.com 4523 Lehigh Dr Troy, MI 48098 Impressive Nw Troy Home W/4 Bedrooms, 3.1 Baths, Side Entry Gar & Private Backyard – Many Updates T/o: Granite Kit. W/island, New Dimensional Roof 2006, Hardwood Flrs, Gas Fp, Bath & More. Formal Dining Rm. Huge Florida Room (heated). In-ground Heated Pool 40′ X 20′ W/cabana. Sprinkler Sys. C/a. Several Minutes To Troy High. Boulan Middle/bemis Elem. You Won’t Be Disappointed! Listed by Webber Robert – REAL ESTATE ONE-TROY www.ewebengine.com

Can I refinance two car loans into one loan?

admin — Wed, 16 May 2012 02:07:50 +0000

Question by : Can I refinance two car loans into one loan?
I’m wanting to reduce some of my monthly payments and I figured combining my auto loans would be a good idea. Is there a way to refinance and combine the two car loans???

Best answer:

Answer by Judy
The danger of refinancing car loans is clear.
You will end up financing for much more than the car is actually worth, since you will be extending the life of the loan.
Financially this is never a good idea.
Your goal should be to pay off these loans – that way your payments will be 0.
This will save you money over the long run.
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What do you think? Answer below!

Mortgage Payment Calculator, Compare Two Mortgage Payment Options

admin — Tue, 15 May 2012 15:15:11 +0000

Canadian Mortgage Calculator that will compare 2 mortgages side by side. Find iMortgageCalculator.ca at www.home-equity-loan-strategies.com Compare the difference between 2 different mortgage choices with this mortgage calculator Canada. View here www.youtube.com
Video Rating: 0 / 5

Should I invest again in real estate, or was it dumb luck?

admin — Tue, 15 May 2012 04:10:06 +0000

Question by aronbesmart: Should I invest again in real estate, or was it dumb luck?
I recently made a considerable net profit on a house sale in Northern Ireland (as in £110,000 from four months of ownership). This was completely unintentional; I just needed to move closer to work so decided to sell after just a few months, but as an American citizen it blew me away that the market is so strong here. Anyway, because this money came to me from out of the blue, I’m considering reinvesting it in new property in the area, either land or home. My question is whether it makes more sense to diversify these earnings in things other than UK real estate, or put it all into one barrell and hope for similar luck the second time around. Some say the market here inevitably will crash, and this worries me. It’s also hard to justify spending £300,000 (US $ 600,000) on a property that probably would sell for $ 135,000 in many US states. The house I just sold for $ 640,000 is a two bedroom apartment, granted in a nice area but come on. Apparently real estate is where the money is. Advice?
Sarava, sorry to hear you’re having trouble selling your house. And I completely agree about the luck issue. The apartment I just sold was on the market for a year before I came along, and I purchased it for UNDER the asking price in September. When I sold it a few weeks ago, it went in five days, and people were bidding on it like it was on eBay!

Best answer:

Answer by Ben D
I would.

Know better? Leave your own answer in the comments!

Loan Modification Lawsuits Filed Against CitiMortgage, JPMorgan Chase, Bank of America, Wells Fargo

admin — Mon, 14 May 2012 17:10:56 +0000

Milberg associate Jessica Sleater discusses litigation related to loan modification misrepresentations made by banks under the Home Affordable Modication Program.
Video Rating: 4 / 5

bit.ly Loan Modification – Bank of America In this video, I want to share with you the naked truth why many homeowners won’t get the loan modification they seek. First we must realize that loan are private contracts between a mortgage company and a homeowner. And unless there has been some violation of the law, mortgage companies are under no obligation to modify anyone loan. So we must realize that a loan modification is a privilege. This is why we have seen the government initiatives below and still have the housing crisis. Saving homeowners is simply not the law of the land. How Now The Hope Line Hope for Homeowners FHA Secure FHA Modernization Act Emergency Loan Modification Act of 2007 Emergency Economic Stabilization Act of 2008 Making Home Affordable Home Affordable Modification Program Home Affordable Modification Program 2.0 – Principle Reductions They have gamed the system. Now the banks are free to do what ever they can to maximize their profits. Since they all paid back their tarp funds, they are are under any obligation to the government to enact any special programs to help homeowners. This is why as we speak there are record numbers of families facing foreclosure. How else do you explain why 81% of Wachovia FSB homeowners eligible for a permanent loan modification received one, while only 25% of “eligible” Bank of America homeowners have? So if you are seeking a loan modification, what should you do? First off, you need to understand the performance of you …
Video Rating: 4 / 5