Comments on: More Canadians are Turning to Mortgage Brokers

By: ounlopez

ounlopez — Wed, 08 Jul 2009 22:38:12 +0000

Speak to your lender about a FHA 203K loan. The 203K loan is sometimes refererred to as a "rehab loan". With a 203K you can have the kitchen/bedroom remodel costs put into your initial loan. The rehab must have estimates up front and also must be done by an approved contractor.

The home must be able to be appraised at the completed price. For example:

Say the home is listed at $150,000 and has an old outdated kitchen and bathroom. Before making an offer you get estimates from an approved FHA203K contractor for remodeling the kitchen and bathroom. The estimates come in at $30,000.

An appraiser will then appraise the home as if the remodel has already been done. As long as the home appraises at $180,000 you will be able to get the loan.

A big advantage to doing it this way is you do not need to have that $30,000 in hand or need to borrow the money later at higher rates. The rehab is done right away so you do not have to live with the outdated kitchen/bathroom. Your monthly payment on the loan on 150K vs 180K should amount to around $180/month additional.

By: sammus

sammus — Wed, 08 Jul 2009 11:28:28 +0000

i do not see any problem with you getting the refinance and i would not worry about the business end affected it!!!

By: Anonymous

Anonymous — Wed, 08 Jul 2009 08:35:05 +0000

PMI protects the lender in case your loan goes into default. The only way to have it removed is when you owe less than 80% of your home's value.

By: elliottsmith9

elliottsmith9 — Wed, 08 Jul 2009 03:17:06 +0000

I don’t think many youtube songs could sustain me for 7 minutes. This one did cause it was awesome. So many good lines.

By: TexasBound

TexasBound — Wed, 08 Jul 2009 00:55:11 +0000

That depends on a few things.

How much equity do you have in your current home?

What is your credit score?
What is your debt load?

Yes you can get a 2nd mortgage on your current home to buy another, people do it all the time.

Your income must support maintaining your current home (you should be able to get a renter in there to offset the mortgage payment or some portion there of) and support your new mortgage.

You can get a loan with a BK. Many lenders require it to be discharged for 2 years, however, there are still a few lenders that will lend on a BK only being discharged 1 day.

In a nutshell, yes you can, if all your other ducks are in a row.

Good luck

By: Melindaca2

Melindaca2 — Wed, 08 Jul 2009 00:50:02 +0000

Sad shit actually!

By: buad0118

buad0118 — Tue, 07 Jul 2009 18:01:03 +0000

When a senior lien forecloses, a junior lien is wiped out.

So if the first mortgage holder forecloses, the second trust deed goes away. If the second forecloses, you'll still owe the first.

Oftentimes, if a senior lien forecloses, the junior lien holder will send a representative to the auction to defend its interests by making sure the property goes for enough to pay the junior lien as well. Or they buy it themselves with the idea of reselling. Costs money, yes. But better than losing their whole investment.

By: wellsfargoinjustice

wellsfargoinjustice — Tue, 07 Jul 2009 05:59:00 +0000

Thanks for posting – great video!

By: 2fuck2shit2

2fuck2shit2 — Tue, 07 Jul 2009 05:03:14 +0000

What is the Key disfavors by Having Your Mortgage

realmortgagepaid.blogspot. com

By: Mamacita

Mamacita — Tue, 07 Jul 2009 03:49:47 +0000

creditreport.imess.net – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.