24 Hour Mortgage Info |

I was reading in www.hopenowmortgages.com details about the new program that will help us to avoid Foreclosures and I found very interesting things ( I will list just a couple but you can visit them to read more)
* The bank will have to forgive you the late payments, penalties and second mortgages you may have
* The bank have to give you a new loan for the ACTUAL appraised value
* If you refinance with the Hope for Homeowner Program you have to share the equity with the FHA when you sell your home.
* You cannot get a Home Equity Line of Credit or any other aditional loan using your house
* You need to have 10% equity to apply for the loan
It sounds very interesting… go tho Hope Now Mortgages dot com

Wait a minute? How is this a spam. He’s actually giving away the information here on yahoo.

Hey… I think it’s great! Thank you from all the people that are having trouble with the mortgage thanks to bush and his cronies.

Would like to do a loan modification for an existing mortgage. They want funds before they will do it? Is this necessary?

It sounds like a modification is another term for re-financing. These funds they require are closing costs just like there were with your original loan.

If you have an adjustable rate mortgage, it might be a good idea to pay the costs to re-finance to a fixed rate loan. If it will take you a long time to recover the closing costs and you already have a fixed rate loan, it might be a good idea to just put some extra payments towards principal.

How did he get money from Fannie Mae? Has it been proven?

ok…..why does the mcBush campaign have a record setting number of lobbyst running it including over a dozen that lobbied for fannie and freddie?

and also why does the mcbush campaign have so many people running it that were part of the abysmally failed Bush administration??

answer these….and you may have a chance….

lol

do you have to have equity or how does that work. Is refinancing and pulling cash out the same. what is the difference?

You need equity in the home to take out a home equity loan. So, they will usually have an appraiser come through the home and inspect it. He/She will do a market analysis against other homes in the neighborhood that sold with similar options. Based on that, they come up with a number for what the house is worth. Then, they look at how much you currently owe on the home. Usually, the amount that is available to you for a home equity loan is the appraised value of the home minus the amount you owe on the home. Home equity loans are running over 9% these days.

You gain equity in a home through two ways….

1. Paying down the principal of the loan.
2. Market appreciation of a home.

If you just bought a house, odds are little time has passed for either of the two activities mentioned above to occur so you likely have little equity in the house….unless you made a big downpayment on the home.

What occurs during a refi that can give you cash is that they basically give you a new loan on the principle balance of the existing loan and then wrap a loan up for the extra cash portion into that loan. So, they give you $50,000 cash. Instead of your balance on the home loan being $200,000, it becomes $250,000 for the home loan principle balance plus the cash loan. Then the cash amount is spread out throughout the length and terms of the home loan. Get it?

The federal reserve banking system has been disigned by bankers to ensure the population is constantly caught up in a cycle of self generating debt that can never be paid off, yet the government has the power to control the circulation of money itself rather than borrow it from a privately run bank at interest. Will either party address this issue?"

The steps to shutting it down would be to figure out who is going to take over the many services of the Fed, then have congress change the law.

However, you are unlikely to get much support unless you can present accurate arguments.

- "caught up in a cycle of self generating debt" - The decision to go into debt, whether public or private is not up to the Fed. It is up to individuals, businesses, and governments. For instance, if the government consistently passed balanced budgets, there would be no public debt.

Now you could make the argument that before we had a flexible money supply, we had boom-bust cycles rather than 'debt cycles'. Boom-and-bust cycles ffectively 'cancelled' debt with foreclosures and bankruptcies on a routine basis.

Our current system provides for a money supply that can expand with the economy. Perfect? No, but the Boom/bust cycles of yesteryear are less frequent and, for the most part, replaced by up-and-down cycles. In the past, an economic shock like the sub-prime crisis or 1987 stock market crash would have likely triggered a 'bank panic' and subsequent recession. Today flexible money can be pumped in rapidly to restore confidence.

- "that can never be paid off" - of course it can and then may be replaced by new investments.

There is some nonsense in the anti-fed camp that mathematically our national debt it can never be paid off. You didn't say that so no reason to go into it.

If congress passed a balanced budget 10 years in a row (the life of a 10-year T-BIll), our public debt would be paid off leaving only the interagency obligations.

- " circulation of money itself rather than borrow it from a privately run bank at interest" - There is a lot implied here…

Are you arguing that the government should print money to pay for expenses, rather than run balanced budgets or borrow? Our current deficit runs at about $400B. The base money supply grew by less than $50B last year. You would be advocating growing the money supply by 8x the current non-inflationary rate. Read up on cause of hyperinflation.

re "private bank with interest" - By design, the Treasury never borrows money directly from the Federal Reserve (except once in WWII) . The Fed only buys T-Bills on the open market. And when the Fed owns a T-bIll and earns interest, it returns 90%+ of it back to the Treasury (it's the law).

You imply that the Federal Reserve system is wholly private which is a myth. See http://www.federalreserveeducation.org/fed101/structure/ for the structure.

I commend you for wanting to be an advocate for positive change. But make sure it is founded in facts and not simply anti-fed rhetoric.

I'm a first time homebuyer, so I'm not quite sure… It seems comparable, but I would appreciate any feedback…

Not really, I think the average for the country is around 5.75%

Does anyone know if you can get a VA home loan as your mortgage and then apply for and use federal/state/local first time home buyer grant money for the down payment? I know there are a lot of first time home buyer programs out there, but which ones can you combine with a VA home loan?

VA home loans are a unique way of extending support to the US war veterans, who committed their lives in safeguarding the interests of the country. Therefore, understanding these loans is beneficial. VA housing loan program provides financial assistance to veterans so that they can purchase home at a favorable rate of interest and convenient loan terms. Loans provided by the VA are fixed<!–interest mortgage loan that do not require any down payment. These loans are provided to all eligible veterans, regardless of their age, color, race, sex, religion, familial status, nationality or handicap.

http://badcreditloans.awardspace.com/Easiest_Way_to_Get_a_Home_Loan_with_Bad_Credit.html

No prepayment penalties and long amortization terms are another advantage of these loans. Houses provided under VA housing loan programs are duly inspected at the time of construction and require a warranty from the builder. The foremost step is to locate a suitable–>property in a safe locality. Next, the veteran has to go to a lender and apply for a home loan. VA guaranteed loans are provided by private lenders that include banks, mortgage companies and savings and loan associations. No prepayment penalties and long amortization terms are another advantage of these loans.

In trying to avoid making bankers and lenders rich with interest on my money and house purchase, from all the mortgage options available, which is the best option?
-30 year fixed rate conventional, Adjustable Rate Mortgage, 15-year fixed rate conventional, interest only, or 80/20 piggyback?

Depends on your circumstances? The key being, how long do you plan on living there?

If over 5 years, go for a fixed rate conventional. 15 year if you can afford the payments, otherwise 30.

If less than 5 years, an ARM may make sense. Get one where the rate is locked for 3 or 5 years.

During high interest times, ARMs also make sense, because you get the lower rate now, and can easily refinance for cheaper later.

Interst only loans are dangerous. If your home loses money, you can wind up upside-down and may have to sell for a loss later on. But if you are OK with the risk, they make a good way to get in cheap while your property grows in value.

80/20 piggybacks are good for when you don't have much of a downpayment, or none, yet want to avoid Private Mortgage Insurance.

If this will be your primary residence, and you plan on living there for over 5 years, go with the fixed rates and avoid all the pitfalls of the other loans.

I finally found a great home and after the contract is signed my mortgage lady gives me a good faith estimate of 11309.07 She said FHA loans are typically higher.is this true.Should I be looking for a different mortgage person

It probably isn't too unreasonable. $2400 for the origination fee, another $2500 or so in processing, admin, etc, a couple of grand for PMI, and a thousand for escrows, and another grand for prepaid interest, Plus you may have a discount point or two built in.

FHA loans are expensive look into some convectional that might meet your needs.

And MOST IMPORTANTLY, DO NOT be afraid to beat some of the fees out of your broker. When push comes to shove, you would be surprised how fast the fees come down. I can usually get the fees down to around 40% of the fees listed on the good faith estimate.

Say you want to buy a $60,000 home, but you don't plan on living there longer than 10 years. Would it be better to get a 30 year loan and have smaller payments, or a five or ten year loan so when you sell teh house it is completly paid off?
Actually the price of the home is irrevelant. I was just wondering which option would be better.

The issue is how to pay the least amount of interest, as you will recover your principal payments on sale. Mortgage companies have something called a yield spread premium. i.e. if you get a 7.0% interest loan at no points, you can "buy down" the rate by paying 1 point at closing for a 6.75% rate. You can also "buy up" the rate and pay 7.25% and get a point back. On a $60k house that would be $600.00. Mortgage brokers use this yield spread premium to generate their commission without it coming directly out of your pocket, but that could be your money just as well. The break even point for buying up or down your rate is about 8-10 years. So if you KNOW you will be selling in less than 10, it pays to "buy up" your rate. If you know you will be there more than 10, then "buy down" your rate. The trick is to find someone who will let you buy up your rate.

If you can find a knowledgeable mortgage broker who will be honest with you, they can show you their rate sheets, and explains this.