0
If one is looking for a short term home and only has enough income for an apt or an interest only mortgage what is the best choice?
Wiki User
∙ 8y ago
Its basically up to your preference. If you are considering an interest only mortgage you will not build up an equity in your property unless property values increase, since you are not making payments to principal. You also need to consider the costs of buying and seling the home(est. $3k x 2), which probably eat up any net gain you might earn. But if you consider the deposit required for some apartments it may be worth the risk. It also depends on whether or not you want to worry about maintenace or privacy. Either way you are not looking to acquire a means of investment and would recommend the least expensive living situation. Contact me if you have any questions or might want to get another pre-qualification.
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
Do you have to carry mortgage insurance?
No you don't have to, but you would be a fool not to carry enough insurance to cover your mortgage! However, most mortgage lenders do require it, and if so, they will not make the loan if you refuse to carry the mortgage insurance. In that case, the choice is yours.
How do you use mortgage in a sentence?
He was fortunate enough not to need a mortgage and paid for the house outright from his savings.
What is required to get a California home mortgage?
The requirements to get a California home mortgage are similar to a home mortgage in any other state, which include stable income, a large enough down payment, and enough savings in liquid assets.
If you foreclose on your home and proceeds are not enough to pay the first and second mortgage what happens to the second mortgage lien?
You still owe the money to the mortgage provider.
Why would one refinance a mortgage?
Refinancing a mortgage is an option pursued in the current market environment by numerous home owners, for various reasons. One might, for example, refinance their mortgage if interest rates have lowered, or if their personal credit score has improved enough to warrant a lower rate. Ultimately, while there are many benefits to refinancing a mortgage, there are also balancing detriments, and both of these are dependent on factors such as the lending institution and the individuals in question.
What are some benefits of interest mortgage loans?
There are plenty of benefits of interest mortgage loans. However, the first thing is that one is able to have enough money for the house one want to buy.
Do you have to carry mortgage insurance?
No you don't have to, but you would be a fool not to carry enough insurance to cover your mortgage! However, most mortgage lenders do require it, and if so, they will not make the loan if you refuse to carry the mortgage insurance. In that case, the choice is yours.
Are the interest rates low enough that I would benefit from refinancing my car loan which is currently 6.5%?
Yes, the interest rates low enough that you would benefit from refinancing your car loan which is currently 6.5%. You can read more at ptmoney.com/2010/03/04/should-i-refinance-my-mortgage/
Can a judge force a joint owner to sign a quit claim deed if there is a mortgage on said property?
You have not provided enough detail. However, a judge can rule that a party shall lose their interest in the property. The outstanding mortgage must be addressed at the same time. The judge could rule the recipient of the property will be responsible for paying the mortgage. However, that could create a difficult situation if there is a default on the mortgage since the lender is not subject to the court order unless it was a party to the lawsuit.You have not provided enough detail. However, a judge can rule that a party shall lose their interest in the property. The outstanding mortgage must be addressed at the same time. The judge could rule the recipient of the property will be responsible for paying the mortgage. However, that could create a difficult situation if there is a default on the mortgage since the lender is not subject to the court order unless it was a party to the lawsuit.You have not provided enough detail. However, a judge can rule that a party shall lose their interest in the property. The outstanding mortgage must be addressed at the same time. The judge could rule the recipient of the property will be responsible for paying the mortgage. However, that could create a difficult situation if there is a default on the mortgage since the lender is not subject to the court order unless it was a party to the lawsuit.You have not provided enough detail. However, a judge can rule that a party shall lose their interest in the property. The outstanding mortgage must be addressed at the same time. The judge could rule the recipient of the property will be responsible for paying the mortgage. However, that could create a difficult situation if there is a default on the mortgage since the lender is not subject to the court order unless it was a party to the lawsuit.
If you are married and you get a mortgage in only one of your name when you file tax jointly would it make any difference When you add the other's name later how does the tax work?
If you have enough income, you can write off any interest you paid on your mortgage. This will help reduce your taxable income.
Can A Home Refinance Save You Cash?
Interest rates are lower than they have ever been. The time to refinance your mortgage has never been more ideal than it is right now. Getting a home refinance going will work for anyone with solid credit and enough paid on their home to make the numbers worthwhile. When looking at the cost of a home refinance plan, make sure you include any charges for early payment on your old mortgage and fees for getting it refinanced. If you see a significant amount of savings after these things are taken into account, the new home loan is probably a good choice for you.
How do you use mortgage in a sentence?
He was fortunate enough not to need a mortgage and paid for the house outright from his savings.
What is required to get a California home mortgage?
The requirements to get a California home mortgage are similar to a home mortgage in any other state, which include stable income, a large enough down payment, and enough savings in liquid assets.
If you foreclose on your home and proceeds are not enough to pay the first and second mortgage what happens to the second mortgage lien?
You still owe the money to the mortgage provider.
Why would one refinance a mortgage?
Refinancing a mortgage is an option pursued in the current market environment by numerous home owners, for various reasons. One might, for example, refinance their mortgage if interest rates have lowered, or if their personal credit score has improved enough to warrant a lower rate. Ultimately, while there are many benefits to refinancing a mortgage, there are also balancing detriments, and both of these are dependent on factors such as the lending institution and the individuals in question.
IS it better to prepay your mortgage or save the same amount?
If you have enough money to pay off your mortgage and no other debts, you should pay it off. If you have other debts, you should pay off those with higher interest rates before those with lower. If you have credit cards, you should pay them off and cancel them.
what are the current mortgage interest rates?
Current mortgage rates vary depending on the mortgage company and the length of the mortgage. As of today the average rate for a 30 year fixed term mortgage is 3.61%. A 15 year fixed term mortgage is 2.85%.
