Serious enthusiast of the blog, a bunch of your articles or blog posts have definitely helped me out. Awaiting improvements!
The BIG banks are committing Foreclosure Fraud, throwing people out of their homes by forging the documents. DEMAND that your bank produce YOUR ORIGINAL mortgage note with your wet ink signature (a copy is insufficient, just like a copy of a dollar bill is not a dollar). If the bank cannot produce YOUR original signed note, they can be sued for the mortgage amount +3 times the amt. They may give you the house rather than pay 4X. Do not refinance They get a new signature. FORGING.
couple of weeks back, we posted about how mogrtage rates had reached record lows not seen in the past 60 years, and how people were taking advantage of these low rates as a means
no you will not have to pay it off.but and it is a big but! banks have been trying very hard to tighten up their exposures to risks, and having a equity line of credit now days is considered a risk.so the holder of second loan (equity line) may not agree for subordination,even though they are the same bank. they may also not allow you to take cash out. unless there is substantial equity exist.your best chance is going to be refinancing with the same lender,and before spending any money,you need to make certain that the line of credit holder is willing to subordinate.
Wow! Great to find a post with such a clear message!
Thank you, I have recently been looking for facts about this question for a while and yours is the best I have found so far.
This is certainly some thing I have to find more information about, thanks for the publish.
Spokesman for Schwarzenegger states he will sign the Mortgage Debt Relief Bill Who is the Spokesman and WHEN is Arnold going to sign it?Tax deadline is around the corner, April 15, 2010 in case Arnold didn’t know it, and people are sweating bullets until he signs the bill.What’s the hold up.. Why doesn’t anyone report on this?
Yes, you can. I just did this with my Wells Fargo mortgage. It was my choice when I refinanced my mortgage whether I wanted to roll in my home equity line or keep it open. I had a decent rate (but not as great as yours wow!) and I chose to keep it open. The bank made no big deal out of it one way or the other, and although I have pretty good credit, I had a very large balance on it, more than $350k.
Who would even be questioning a duoble dip in housing at this point? I could see that holding water back in October. But seeing collapse in home sales and values starting in late summer 2010, I think 10 months straight of overwhelming evidence is enough to declare the housing duoble dip started in July 2010 after the credit ended.
Not having a car payment is always nice.Another thing to consider is that you can write off mortgage interest but not car loan interest. So you’d be better to have more loan on your house and less loan on your car, if you see what I mean.Bandit makes a good point, though. Equity in your home gives you power, so you want to be careful not to remove too much of that equity.
I enjoy checking your posts, this page was added to my favorites in firefox.
I would pay the mortgage down early, wiohutt relying on the renters covering the payment. That will protect you in the event that you can’t get renters for a while (economic downturn or some other issue you can’t control) or interest rates going sky high. You will get a far better return if you reduce your interest costs than you would if you invested the money. Here’s why.Say you borrow $ 100 000 at 6%, with repayments of $ 150 a week. Over 30 years, it will cost about $ 116 000 in interest. That’s on top of the payments, so adding the principle to that means you’ve spent $ 216 000 to pay off $ 100 000. I’ll just guess (you haven’t told us how much extra you’d be adding to the mortgage) that you pay double repayments, which would take repayments to $ 300 a week. That would clear the mortgage in a little over 9 years, and only cost about $ 130 800 to do so. That’s only $ 30 800 in interest. If you instead invested that extra $ 150 a week ($ 600 a month) at 4% interest for 30 years, you’d have over $ 416 000 on paper, but about a quarter of that at least would go in tax. That investment would reap income, but it would be taxable income. So you’d probably come out with an effective return of about 3%, which would be just ahead of inflation. So you’d be left with about $ 350 000, minus the $ 116 000 you’ve paid on interest, leaves you with a return, after 30 years, of $ 234 000. Taking into account inflation, the value of this after 30 years would be much less. It would probably only be worth about half of that, or $ 117 000. However, paying the homeloan out in 9 years frees you to put the entire amount (rental income and personal contribution) into an investment. That makes it $ 1200 a month over 20 years at $ 393 962 before inflation, or just under $ 200 000 in today’s dollars. That’s not including capital gains on the investment property.I’d pay the mortgage out early, to reduce your debt burden, and then consider buying another investment property. You’d be better off in the long run.Best wishes
Thanks so much for the blog post.Really thank you! Great.
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