A Few Hindrances To Obtaining A VA Home Loan
Posted on February 9, 2010
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Even though VA home loans have many advantages over standard mortgage loans, such as no requirements regarding down payments, no PMI premiums to pay, savings on interest and not paying closing, there are some disadvantages. Generally, with VA home loans, you will encounter many of the same negative aspects that you would with a traditional loan.
One point made by many is that VA mortgages can take a protracted period to process. A serious hindrance for most vets is simply trying to find a seller that will deal with VA mortgage terms due to this idea of long waits on loan processing. In other words, it may be difficult to find a house.
A further disadvantage of VA loans has to do with benefits mentioned earlier. Since you are not allowed to pay the closing costs, the seller must assume responsibility. This could mean that the veteran will have to take a non-negotiable asking price for the house.
How do broker commissions work with assumable mortgages?
Posted on February 9, 2010
Filed Under Renting & Real Estate | Leave a Comment
Someone has recently offered to assume the mortgage on our house. We have the correct type of loan to do that, and the person has been approved by the lender. When we close, what sort of broker commission will we owe to our current realtor?
Know the risks of Reverse Mortgages
Posted on February 4, 2010
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Before taking out a reverse mortgage speak to a lawyer or family member and be sure you understand exactly what theyre offering you. A reverse mortgage is a type of home equity loan that allows older Americans to convert part of the built up equity in their home into cash loans without having to sell their home or take on an additional monthly bill. In a reverse mortgage you receive money from the lender and generally dont have to pay it back for as long as you live in your home. Instead the …
Mortgage Tips & Information : How to Stop Foreclosure with CitiMortgage
Posted on February 1, 2010
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Stopping a foreclosure with CitiMortgage, or with any mortgage lender, involves paying off the delinquent payments or using a loan modification method to renegotiate the loan terms. Avoid foreclosure on a home with tips from a mortgage broker in this free video on mortgageloans. Expert: Matthew McKillen Contact: www.innovativefg.com Bio: Matthew McKillen has more than 21 years of industry experience in arranging loans for his clients. Filmmaker: Christopher Rokosz
VA Loan Purchasing: What About Restoration Of Entitlement
Posted on January 26, 2010
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There are certain conditions in which a veteran who has previously purchased a home using a VA home loan, can take their previously used entitlement and actually have it restored to its original amount. This is what restoration of entitlement is all about. It allows veterans to purchase another home.
Of course, to reap the benefits of this provision, one or the other of the following required conditions must be met. First, the property that was bought with the previous VA loan must already be sold and the loan should be paid in full. Second, the buyer (also called a qualified veteran-transferee) agrees to assume the remaining balance on the previous VA loan. This buyer will then substitute his or her entitlement for the same amount of entitlement that was used by the seller.
Restoration of entitlement can be granted only once. The veteran must have already paid the loan in full.
How much is a reverse mortgages if the house appraisal was 250k?
Posted on January 21, 2010
Filed Under Personal Finance | 3 Comments
My mom is doing that to my grandmom’s house just to get her money :[
I think she’s lying about how much money she’s going to get back so she has to give my grandma less.
So how does the reverse mortgage work? and how much money would my mom get back?
How did banks and mortgages create the current economic problem?
Posted on January 21, 2010
Filed Under Economics | 3 Comments
I have to study for a test and was wondering if someone could explain how as simply as possible.