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Can I refinance my mortgage taking my ex husband off while adding a different person who has better credit than me?
The owners of the property must sign the mortgage so the lender can take possession by foreclosure in the case of a default. Any co-signer should be fully informed that they will be responsible for paying the mortgage if the primary borrower defaults.
The owners of the property must sign the mortgage so the lender can take possession by foreclosure in the case of a default. Any co-signer should be fully informed that they will be responsible for paying the mortgage if the primary borrower defaults.
The owners of the property must sign the mortgage so the lender can take possession by foreclosure in the case of a default. Any co-signer should be fully informed that they will be responsible for paying the mortgage if the primary borrower defaults.
The owners of the property must sign the mortgage so the lender can take possession by foreclosure in the case of a default. Any co-signer should be fully informed that they will be responsible for paying the mortgage if the primary borrower defaults.
What else can I help you with?
Should your parents have you on the title of their house to avoid forced sale?
If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.
Why is it bad to do a 100 percent refinance?
If you refinance and you don't have enough equity in your home, then you are paying refinance fees and adding to your debt, plus your house isn't worth what you are paying so there is more liability to the bank. Banks don't like to take risks on the owner defaulting since they rarely get what the house is worth if they have to foreclose.
What is the purpose of MPI mortgage insurance and how does it impact the overall cost of a mortgage?
The purpose of MPI mortgage insurance is to protect the lender in case the borrower defaults on the loan. It impacts the overall cost of a mortgage by adding an extra cost to the monthly payments, making the mortgage more expensive for the borrower.
I am acquiring a 30 year FHA Non-occupying co-borrowers mortgage loan with a family member. However in 2 years I would like to remove my Dad and add my wife to the deed. What are the downfalls?
A lot of people add and remove people from the deed to their property, without any trouble.... but if you change title the mortgage company CAN accelerate your mortgage (make it become due & payable) if they find out. If you remove your dad from the Mortgage or Loan and add your wife she will have to qualify for the mortgage with you. You will have to do a refinance with your current lender (or another lender) you will have to have a new appraisal & credit docs to prove you qualify. If you do a "Quit Claim Deed" or "Gift Deed" adding your wife and removing your dad. He will still be responsible for the mortgage until he is removed from the loan and she will not receive the credit for the mortgage payments on her credit report until she is on the loan.
What are the steps for adding to mortgage?
To add to a mortgage, you typically need to contact your lender to discuss the process. They may require you to fill out an application, provide financial information, and go through a credit check. If approved, the additional amount will be added to your existing mortgage balance.
My husband purchased a home then added my name to the deed. Now we are in the process of foreclosing. What happens to my undivided half interest?
If your husband mortgaged his property prior to adding your name to the deed then you acquired your interest subject to the mortgage and the bank can take possession of the property by foreclosure. Your "interest" was encumbered by the mortgage. If you want to keep it then you must pay the mortgage.If your husband mortgaged his property prior to adding your name to the deed then you acquired your interest subject tothe mortgage and the bank can take possession of the property by foreclosure. Your "interest" was encumbered by the mortgage. If you want to keep it then you must pay the mortgage.If your husband mortgaged his property prior to adding your name to the deed then you acquired your interest subject tothe mortgage and the bank can take possession of the property by foreclosure. Your "interest" was encumbered by the mortgage. If you want to keep it then you must pay the mortgage.If your husband mortgaged his property prior to adding your name to the deed then you acquired your interest subject tothe mortgage and the bank can take possession of the property by foreclosure. Your "interest" was encumbered by the mortgage. If you want to keep it then you must pay the mortgage.
Should your parents have you on the title of their house to avoid forced sale?
If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.
Why is it bad to do a 100 percent refinance?
If you refinance and you don't have enough equity in your home, then you are paying refinance fees and adding to your debt, plus your house isn't worth what you are paying so there is more liability to the bank. Banks don't like to take risks on the owner defaulting since they rarely get what the house is worth if they have to foreclose.
What is the purpose of MPI mortgage insurance and how does it impact the overall cost of a mortgage?
The purpose of MPI mortgage insurance is to protect the lender in case the borrower defaults on the loan. It impacts the overall cost of a mortgage by adding an extra cost to the monthly payments, making the mortgage more expensive for the borrower.
I am acquiring a 30 year FHA Non-occupying co-borrowers mortgage loan with a family member. However in 2 years I would like to remove my Dad and add my wife to the deed. What are the downfalls?
A lot of people add and remove people from the deed to their property, without any trouble.... but if you change title the mortgage company CAN accelerate your mortgage (make it become due & payable) if they find out. If you remove your dad from the Mortgage or Loan and add your wife she will have to qualify for the mortgage with you. You will have to do a refinance with your current lender (or another lender) you will have to have a new appraisal & credit docs to prove you qualify. If you do a "Quit Claim Deed" or "Gift Deed" adding your wife and removing your dad. He will still be responsible for the mortgage until he is removed from the loan and she will not receive the credit for the mortgage payments on her credit report until she is on the loan.
Do banks have mortgage calculators online?
RBC and TD Canada Trust are two banks that have mortgage calculators online, but you can also check out http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx to see how adding extra payments to your mortgage would shorten the term for paying it off.
Understanding Jacksonville Mortgage Refinancing?
Mortgage refinancing is an option for many homeowners, including those who have homes financed with the Federal Housing Association. So-called "streamlining" options make it possible for homeowners to get no-cost refinancing from mortgage lenders by wrapping the actual cost into the new mortgage by adding extra percentage points to the interest rate. This method tends to add more cost to the overall loan than if the homeowner paid cash for their closing costs. Of course, "streamlining" options are only available if there is sufficient equity in the finance property. This means a fresh appraisal is necessary before the mortgage refinancing can go through. Other requirements for this type of loan include an original mortgage that is FH A insured. Also, any mortgage that is to be refinanced cannot be delinquent if it is to qualify. Finally this type of refinancing must lower the monthly payments made by the homeowner. One more thing: this type of mortgage refinance has no cash option. There are other mortgage refinancing options available for Jacksonville area residents. After all, not everyone has an FHA loan. As with regular mortgages and refinance mortgage can come with either a fixed or variable rate interest option. Those who plan to stay in their residence will likely find the fixed rate to be in their best financial interest. However, if the homeowner plans on moving within the next few years, a variable interest loan might be preferable. This is because that type of loan requires less total interest payments over the short term. Before refinancing a mortgage, a borrower should have an idea of why they want to refinance. One of the benefits of refinancing is the ability to arrange a lower monthly payment, assuming the borrower can find a better interest rate. When a more advantageous interest rate is not available, a Jacksonville mortgage refinancing opportunity can often reduce monthly payments by extending the loan over a longer period. Another benefit of refinancing is allowing the original mortgage to be paid off sooner. Paying off a mortgage as fast as possible is normally in a borrower's best interest. Another common reason homeowners will refinance is to switch from an adjustable rate mortgage to a fixed rate mortgage. A lots of borrowers choose this option so they don't have to worry all the time about interest rate fluctuations. Any homeowner who thinks that they may benefit from a refinanced mortgage should contact a Jackson mortgage refinancing specialist right away.
If you are adding extra to your monthly mortgage payments to put in your escrow will your payments go down after one year?
no not neccesarily
What are the steps for adding to mortgage?
To add to a mortgage, you typically need to contact your lender to discuss the process. They may require you to fill out an application, provide financial information, and go through a credit check. If approved, the additional amount will be added to your existing mortgage balance.
What is the purpose of mortgage insurance escrow and how does it impact the overall cost of a mortgage?
Mortgage insurance escrow is used to ensure that the required insurance premiums are paid on time. It impacts the overall cost of a mortgage by adding an additional monthly payment to cover the insurance costs, which can increase the total amount paid over the life of the loan.
How is adding across and adding down the same?
your still adding but in a different direction
Does your cosigner have to be on the deed if you want to use the property for collateral on a loan?
The cosigner would need to agree. At the very least, consider what you are doing before you even ask.If you needed a co-signer for the first thing, your finances are in disarray. You should be able to refinance the first loan in your name only and then and only then consider adding to your debts.AnswerNo. A person who agrees to be a co-signer on a note and mortgage does not need to be on the deed. However, if you don't own the property then you should not promise to guarantee the mortgage will be paid.A co-signer on a note and mortgage is completely responsible for paying the mortgage if the primary borrower defaults. If someone has asked you to sign their note and mortgage you should consider the request carefully. If you decide to go ahead and sign you should also consider requiring that they execute a new deed with you as the co-owner of the property.
