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Home Equity and Refinancing
Home equity is the ownership value accumulated in a property. A refi involves restructuring a debt, usually to take advantage of lower interest rates.
5,740 Questions
What is a fully skirted manufactured home?
A mobile or modular home with covering from the pad it is placed on to the bottom edge of the unit. Keeps it dry, offers some dead space insulation , and keeps critters out .
What is the difference between a home equity loan and a reverse mortgage loan?
A home equity loan (HEL), also known as a second mortgage, is similar to a traditional mortgage in that the person will get a lump sum (less fees) and pay back that money (plus interest) over ten to thirty years (most home equity loans are for ten years).
A reverse mortgage (RM) allows an individual who owns their home outright (no mortgages, home equity loans or home equity lines of credit attached to the home) to receive monthly payments that tap on the equity of the home, and those payments don't have to be repaid until the home is sold, the recipient dies or specific conditions are broken.
Key difference between these types of loans are as follows:
* HEL requires income and monthly payments to be made, RM pays you monthly
* RM takes into account the borrower's age, HEL does not
* HEL has a fixed term, RM has a variable term
* Failure to pay HEL can result in foreclosure, RM does not
* HEL may allow lending up to 125% of home value, RM is limited to far less
In California how can you determine whether or not your mortgage is a non-recourse loan?
California is known as a one-action rule state, meaning that the lender must choose one action (and one action only) in order to recoup any losses from non-payment of funds.
The lender may choose to foreclose, then that lender may not bring a lawsuit against the borrower for any deficiency between the value of the note and the amount the home is sold for.
The lender may also chose to bring a lawsuit against the borrower, whereby they lose the right to foreclose, however, a judgment against the borrower may result in a forced sale as part of the civil proceedings (in order to get the lender paid), effectively evicting the owners from the home.
Now, only the first (primary) mortgage falls under the one-action rule. Any home equity loans or lines of credit are recourse loans.
What does extra mortgage payments do?
Do you mean paying MORE than your minimum payment? Paying more than your minimum payment is a good idea on your mortgage, if you can afford it. It will decrease the amount of time you have your mortgage and lower the overall amount of money you end up paying towards interest. Paying extra on your loan creates more savings the earlier you do it.
Example: On a 300,000 loan at 5% for 30 years, paying $200 extra per month reduces the number of monthly payments by 78, or 6.50 years, and reduces the interest and total paid by $69,210.39. That is a huge cost savings to you.
Can you get a home equity loan without documenting your income?
No.
Even though a home equity loan is backed by the value of one's principal residence, the individual's income must be substantial enough (after other payments) to cover the principal and interest payments associated with the home equity loan.
If income cannot/will not be documented, no lender will approve a home equity loan.
Are home equity loans a good way to consolidate debt?
, I am Mrs. Jane White from Florida when I was in need of loan I posted a question here on how to get loan and someone refer me to standard loan firm and that is where I got my loan without credit check and low interest rate of 3%, You can reach them with this email if you need loan standardloanfirm@live.com
The law varies from location to location. However, in practice: why on Earth would you want to? A recsission period allows you to void the contract, it doesn't require you to; in terms of net effect, the difference between waiving the rescission period and simply not using it is nil.
If you've already agreed to waive a rescission period and are now wondering if you can still get out of the contract ... contact a lawyer in your area.
Who records a satisfaction of mortgage?
The same local county/parish Registrar or Recorder who recorded the Deed of Trust will record the satisfaction or reconveyance papers. Your mortgage company is responsible for filing the appropriate documentation.
Are you a homeowner if you pay mortgage?
You are, but your mortgage company is on the deed and is also considered an owner of your home.
What is the difference between a vest and a jacket?
a vest is a jacket but with no sleves and a jacket has sleves.
if you have any other question i will answer them no problem!
Can you get a home equity loan if you don't have a mortgage?
I am assuming you mean that you own the house outright. The answer (provided you own the home without a mortgage) is yes. Home equity loans are designed for people who wish to borrow against the equity in the home.
Remember, you have to own the home in order to use equity. This means your name has to be on the deed.
(See related link below for more information.)
What happens if you cannot repay a line of credit loan?
Generally, the lender will sue you in court and obtain a judgment lien. The lender can use the lien to take possession of any property you own to satisfy the debt. If the line of credit is an equity credit line mortgage, the lender can take possession of your property by foreclosure. Finally, your credit will be ruined.
What do you meant by prefernce share capital?
Preference share capital means share capital which have preference over all other kind of share capital in term of profit and clearance at the time of dissolution of business.
What is the difference between a 30-06 and a 308?
The .30-06 is 12mm longer, and has a flatter trajectory.
yes there will be Bab AL hara 6 . it will come up at February 10 2011
When did Home Owners' Loan Corporation end?
The Home Owners' Loan Corporation started in 1933, its purpose was to help homewners save thier houses through mortgage foreclosues. This program lasted for over four years.It ended in 1936.
Is Colorado an exempt state for reverse mortgages?
Reverse mortgages are offered in all 50 states including Colorado. If the question refers to personal guarantee exemption, any HECM reverse mortgage qualifies regardless of location as there is no personal recourse to borrowers any any circumstance with a HECM reverse mortgage.
Can you get a home equity loan with no mortgage?
You can get a home equity loan with no mortgage but the process is a lot longer than the normal loan process. If you are interested in getting a home equity loan, please visit http://austinhomemortgageloan.com, we will be happy to assist you!
Will you be paying 3.8 percent tax if you sell your house after 2013?
in the obama health care plan what is the tax if you sell your house in 2013 and what income restrictions and price of house are part of this determination?
How can you pay your 30-year mortgage off in 15 years?
very simple. you double your payment each month. so if your morgage was 500 a month you would pay 1000 a month. even if you dont choose that route you can atleast pay whatever amount more that you are able to because that as well will save you a tremendous amount of money over time.
Actually, double your principal and interest payment will result in payoff after only 7 years. This is because, each month, the interest is only assessed one time, so the excess interest goes against principal. To pay off in 15 years, multiply the principal and interest payment by 1.25.
How do you convert a conventional loan to an FHA loan?
One cannot directly convert a loan from one type to another. Rather, one must complete a refinance (in this case, without cash out) to move from a conventional loan to an FHA loan.
How can you switch your mortgage to a different bank?
absolutley!!! remember you are the "owner" you have absolute power do not let the morgage company try to act like they have power. when you go through another bank its called re-financing and most time that can lower you monthly payment and save you tons on your total loan terms. best of luck. prayer is power.
