http://www.FreeMarylandMortgageInfo.com – Do you have an upside down mortgage loan ? Do you have an upside down home loan or negative home equity ? If so, watch this video to learn how we may be able to help.

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For example, we are buiding a home for $300,000. We need a loan for $200,000 and our land is worth about $30,000. Do we receive "credit" for a clear lien – making the loan amount actually $170,000?

-owning the lot, paid for is like having 30,000 in a savings account–it is an asset you own..if you need 200 K for a mortgage, then you must be able to qualify for a mtg of that amt.–owning the land does not reduce the amt needed to build the house– remember, the most important thing is to be able to qualify for a mtg of $ 200 K by having good credit, other assets, like savings or stocks or bonds and are you building the home yourself-will it be worth 100K more than your cost to build it?? that will be help-full– since it will give you 100 K equity in the home and make a 200 K mtg easier to obtain if you have 100K equity in the home- talk to a mtg broker or a savings & loan in your area to get some answers !! good luck to you..

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Is it going to be more difficult to secure a 800K Commercial Building loan than say 6 months ago? I will be in the market for that kind of loan in the next week or two and haven’t a feel for the market right now.

Commercial loans have not taken the same hits as residential. Underwriting for residential loans had become beyond ridiculous allowing everyone to get a loan, whether they could make the payments or not.

Commercial lending has been constant in its criteria, thus it has remained stable.

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For instance, you are quite tired of renting apartment units. It is been a long time since you have been renting (probably when you have started your first work several years ago) and you estimated that you have already spent an amount sufficient to purchase a modest and permanent home. At this point in time, you realized that it is now the moment to shop for a home that you want to stay in. However, you are hindered by lack of financial funds that you can use on financing the purchase of your new home. There is no chance that a real estate agent will provide you the necessary documentations saying that you are now the new owner if you do not have enough funds.

Will you still go back to being a tenant until you retire from your present work?

What if there is an alternative that you can resort to in this case? Are you willing to give it a try or you will just turn your back on this opportunity of owning a new home without the need of paying the full value immediately?

Yes, there is still a way! And it is through securing a home mortgage loan.

Home mortgage loans are popular financing schemes in purchasing a new home. Arranging mortgage loans are seen as the standard method of buying residential properties without the need of paying the full value immediately. Under typical home mortgage loans conditions, your mortgage lender will pay the owner or developer of the home of your choice, and you will make monthly repayments of the amount your lender spent on purchasing the home from the owner or developer. The term of the mortgage loan is dependent on what you will agree with the lender.

The interest rates applicable on a home mortgage loan may vary according to the loan term and the principal amount. There are two types of interest rates applied on home mortgage loans. These are the following:

1) Fixed rate mortgage (FRM) as the name suggests, the interest rate is fixed, hence the monthly repayment for the term of the home mortgage loan. In the United States, the home mortgage loan term where the FRM is applicable is typically for 10, 15, 20, or 30 years. The only increase that you can expect in your monthly repayments is the result of increase on property taxes and insurance rates. But the interest rate and the basic monthly repayment amounts will be consistent throughout the term of the home mortgage loan.

2) Adjustable rate mortgage (ARM) the interest period is initially fixed for a certain period of time. After which, it will now be subjected on changes (either adjust up or down) based on various market indexes. In the United States, the most common indices used in determining ARM are the Prime Rate and Treasure Index. Home mortgage loans having this type of interest rate transfers the risk from the mortgage lender to the borrower.

The mortgage lender determines whether an applicant is eligible for the home mortgage loan he selected based on different factors, but the most popular is the applicant’s credit scores. The higher your credit score, the more creditworthy you are to your lender, which could lead to cost-efficient home mortgage loans.

With home mortgage loans, you will be able to realize your ultimate dream of becoming a new homeowner and not just a tenant forever.

Michael Contaro
http://www.articlesbase.com/mortgage-articles/what-you-need-to-know-about-a-home-mortgage-loan-70446.html

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My dad is interested in purchasing a home for me and "renting" it to me. His house is paid off, he has no mortgage loan currently. Does he have to put down 20%? If so, is there any way to get around that?

You don’t have to put 20% down, you just have to put 20% down to avoid paying private mortgage insurance. His owning another home (free and clear) won’t relieve the down payment requirement or the private mortgage insurance requirement.

He could (and I’m not saying should, just could) take out a HELOC (home equity line of credit) on the original house and use it for the downpayment on the second house and then take out a conventional mortgage on the second house.

I do have to agree with one of the other answers though… It’s tough to mix family and business. What happens if you want to move or relocate to another area? Does your dad now sell the house? Does he really want to be a landlord? If the furnace failed in this second house will Dad expect you to pay? This is a tough situation!

good luck!

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Hi All

what is the best rate for the home mortgage loan? and I am putting almost 50% down payment.
One broker offered me loan at , 5% at 0 Point for 30Yr fixed. Do you think I should contact more brokers? Do you think I can get better rate if I contact more broker?

Mihir

15 yr is 4.45%

30 year is about 5%

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does that obligate me to anything, or will it just tell me how much I am aloud to borrow?

A pre-qualification is nothing more than YOU providing the circumstances of your income, debts, etc. so that another person can give you a good idea of what amount you may qualify for.

Once you actually apply somewhere, then credit checks will be run and verification of the information provided earlier will be asked for.

As I have said before, I could get a ham and cheese sandwich prequalified to buy a house within ten minutes.

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I know that if a person already has an FHA loan, they may refinance using the FHA Streamline process. If a person currently has a conventional mortgage loan, can they refinance using FHA? If posible, can you please provide me the resource where I can read this information. Only if that’s not to much trouble. I looked on the HUD website but locating that particular information was far to cumbersome. Thank you

yes you can but the correct answer is…you can financing a FHA mortgage, but ONLY up to 95% loan to value for refi’s cashouts, and it depends on the COUNTY limits…not the state limits. They have county limits….not state limits.

Streamline FHA refinance is for those who dont plan on taking money out, but those who just want a lower rate.

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Me and my fiance bought a home, now his family is residing with us temporarily. It has been a year, the loan is in both our names. How can I get out of it? I has been only 3 months since we bought the home.

You can’t ‘get out of a mortgage’. You agreed to a contract with a lender, and you are expected to honor the contract.

The only solution is sale of the property to terminate the mortgage, or refinance without YOUR name on it. This will take the cooperation of your fiance, of course.

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Say if me and a co-buyer buy a home together (both first-time home buyers), and get a conventional loan from a bank. If later, one of us wants to take our name down the title, would that be allowed? Would the bank re-acess the other person’s credit and issue a new loan to them? What would happen if that person’s credit is not enough to pay for the whole house?

Greetings to you all, I’m sharing this important information to those who have fallend victim of scam that pretend to be lender but are not, if you really need a loan I urgue you to contact now a very reliable loan lender. His email weltland.microfinance@gmail.com
It was like a joke when Mrs Vanessa Kleeberger referred me and I was offered a loan that I needed to finish my post graduate degree without any upfront fee.
Pls do me one favour by telling him that I Mr Johnson Fred Joe referred you because there is a commission for anyone who referred customers.

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