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Can an unmarried couple get 100 percent financing for a mortgage if one of them is a student who works part-time?
Wiki User
∙ 17y ago
Yes, as long as the couple make enough money between the two to qualify and the student can verify two years or more of part-time work.
Wiki User
∙ 17y ago
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What are the advantages and disadvantages of 100 percent financing however having a first mortgage and subfinancing in order to get 100 financing?
The advantage to having a first and second mortgage equalling 100% financing is that you would not have to pay PMI, which would be required on a first mortgage at 100%. The second mortgage is subordinate financing, meaning it is in the second lien position on the house, and therefore does not affect the first mortgage lender's ability to persue the subject property in the event of a default on the loan. The thing to consider is that when you do this on a purchase, your first AND second mortgage lender will qualify you at the cumulative mortgage payment.
How much has mortgage financing rates dropped or risen in the last year?
Mortgage rates have dropped over the last year by a couple percent. However, it is harder to obtain a mortage due to the current recession. The average rate on a 30-year fixed rate mortgage was 5.05 percent. Rates had dropped to a record low of 4.71 percent in December
What recent development spurred activity in the mortgage financing industry?
When average interest rates dipped below 7 percent in 2001 and below 6 percent in 2002, the industry saw an unprecedented spike in refinancing activity, which fueled a record volume of mortgage originations in both years
What percent of us homes have no mortgage?
According to the US Census about 70 percent of homes have a mortgage and 30 percent do not.
Can you get 100 percent mortgage in Canada?
Yes. There are still some lenders that can do a 100% financing. The qualification is a little tougher and there are specific cases that these could be applicable. Will have to look at individual case to give further information.
When does it make sense to try to refinance to get better mortgage rates?
People refinance to get a better rate. Even one percent can make the difference in thousands and thousands of dollars of interest over the life of the mortgage, depending on how much was borrowed, how much is owed and the current terms. Your lender can advise you when re-financing is a good idea. Talk to your mortgage lender. There are often costs associated with re-financing. Get assistance to calculate the actual savings of a re-fi when measured against the cost. It always makes sense to re-fi IF it will save money in the long run.
What is conventional uninsured mortgage?
Candidates for conventional, uninsured loans are considered prime borrowers. They have at least a 20 percent down payment, good credit and enough income to make mortgage lenders feel safe. Lenders require insurance on loans when borrowers lack sufficient money or credit to offset the risk of financing a home.
What is the practice of putting 10 percent down on a stock and financing the other 90 percent?
Buying on Margin
What does the term jumbo mortgage rate refer to?
A jumbo mortgage is an amount borrowed that is over the conventional limits. A jumbo mortgage rate is the percent interest to be paid on this inflated mortgage.
What are the lowest refinance mortgage rates?
The lowest mortgage refinance rates are currently around 2 percent.
What is the good interest rate on an mortgage loan is what percent?
The answer depends on whether you are the lender or the borrower and also in the country that you get the mortgage in.
What are the monthly payments on a 30 year fixed rate mortgage at 5 percent?
This would depend on the principal balance of the mortgage.
