What are the advantages to a 10 year mortgage vs a 30 year mortgage?
Answers: A crap load of money saved on interest...and 20 years less to pay a mortgage...
You might try this:
The 10 yr payments will be higher than the 30 yr payments.
So if you can find out what the 10 yr and get the 30 yr loan, you can still pay the 30 yr loan off in 10 yrs.
How?
Every month you pay the normal monthly payment, then a second seperate check paying the difference between the 10 and 30 yr payments. Be sure to mark this second payment as a pricipal payment.
Why?
By doing this you'll have some flexibility in your payments. You should still make the larger payment and get your home paid off faster, but should you lose your job in 8 years, you have an easy spot to save money off your normal payments until you canfind a new job.
However:
This willl require discipline on your part! If you're not terribly disciplined when it comes to money, just get the 10 and get your home paid off!
You own the house outright 20 years sooner.
And, you will probably get a half-point reduction in the interest rate.
Refinance interrogate?
I just refinanced my home around 2 months back and get the best rate at that time. I have an excellent credit history. Now, that the feed keeps adjectives the rate down, the current mortgage rates went down. Is at hand anything I can do to get current rates. My first pocket money is going to be on Feb 1st. Please advice.Answers: Morgage rates are not tied into the Federal rate, they are tied into the ecomomic outlook which isn't looking to correct currently. You could check with your Morgage company and see if they'd proposition a quick refinace which might cut some of the cost but they'd still entail to do a new title rummage etc. otherwise consider a full refinace if rates drop 3/4 to a point. There are numerious unknown factors we don't know similar to your current terms and time you're planning on staying surrounded by your home.
Fed cuts do not directly affect mortgage rates. Sometimes mortgage rates walk in the divergent direction of fed amusement.
No, you have a signed contract for your loan next to a stated interest rate. I am sure it is a fair contract.
I rent and have bad credit and would love to buy a home is there a way?
Answers: Unfortunately if you have bad credit the interest rates are very high if you can get a loan at all.
The lenders will also require that you make a large cash down payment and they will require that you have large cash reserves in your bank account after you close the transaction.
I recommend that you contact an attorney who handles credit repair to correct any mistakes on your credit report.
I recommend that you concentrate on building up your credit score and building up your cash reserves before you try to buy a home.
.
First pay off any bad debt and pay your bills on time from this day forward. Get all your debt paid with in 4 months from today. After a year of paying your bills on time and 8 months of paying the bad debt off. It should greatly improve your credit score and report. I wouldn't suggest getting a mortgage with bad credit (Under 550 credit score with out 50%+ money down and have a very high amount of income you will probably get denied). Many lenders will give you a high interest rate that could cost you much money in the long run. Wait it out a year improve your credit then buy.
But if you must own try a VA or a FHA loan. Then after a few years you can refinance and hopefully have better credit so you can lower your interest rate and hopefully have more money to put down and enough equity you might be able to drop the PMI (private mortgage insurance) which is required if you put less than 20% down.
YES
get credit in order
work 3 more pt/tm jobs
save every penny
rent cheap/safe
buy cash cars
read
'home buying for dummies'
'total money make over'
apply info.
we will not get to visit.
Bad credit is one of the worst problems to have... however there exists a solution. I will hereby talk from my personal experience. I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details, if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times,
I suggest you get as much information as possible online on this first, a good place to start in my humble opinion is astraight to the point ebook with question and answer I found : http://www.counselingcreditcarddebt.com