I have a mortgage on the house I'm living in, but my work is transferring me to another state, which has a higher cost of living.  The house I'm in will go on the market, but I will need a place in the new state pretty quickly.  Will the old house mortgage hurt my credit for the new house mortgage?
214873
My husband and I run a mortgage branch in Temecula, CA.  The answer to your question is that you would need to get pre-qualified again to buy the new home.  If you are earning enough money you could, in order to prequalify, retain your existing home whilst buying the new one.  If not, you would need to make the purchase of the new home dependant upon selling the existing one.  In terms of hurting your credit, well a new mortgage account usually knocks it slightly, but generally over a few months having 2 mortgages is good for your credit rather than detrimental. And having an existing mortgage account which you have been paying every month is a good thing for the new lender, not a bad thing. It is always good to have open credit which you are using and paying as agreed.\nIf you need help in either CA, WA, OR, FL or AZ please call us and we will help.  951 302 6586 or toll free 866 606 8707.
424185
Yes.  If you have instant equity, meaning that you bought a house priced under the value, you can use that equity immediately.  You can take out a line of credit or a second mortgage.  Don't worry because as soon as you move in the offers for loans and credit will come rollin in faster than you read them.
447685
The holder of the second mortgage could in theory foreclose on your home, even though you're up to date with the first mortgage and the taxes.  It's conceivable that your situation (widow of a veteran) might give you some extra protections, but I think that's a long shot, and you would have to ask an attorney about that.  The suggestion some other folks have made to refinance is certainly worth looking at.  If the interest rate on your first and second mortgages is relatively high, it's possible that by refinancing (that is, getting a new loan to replace both old loans) you could afford the payments on the total amount owed. A call to the first lender or to any mortgage broker could answer that question.\n\nOne other thing to remember is that the second lender probably would like to avoid foreclosing, as it's expensive and time-consuming, and if you don't have much equity in the home, the lender may not get his money back.  So he may have an incentive to negotiate with you--that is, to take a smaller monthly payment or to agree to some other terms that would work for you.  There is no harm in contacting the lender and talking to him.
390773
Probably not much.  Usually the stated rate already assumes excellent credit.  If you have bad credit, you would not receive the stated rate.  In the case of a house, the loan is a collateralized loan (secured by the house itself).  The risk of defaulting is reduced as the bank can take ownership in the house for non-payment.\n\nIn my opinion, if you can get the bank to lower the stated rate at all, you should consider it a victory.  Negotiate the up front fees and ensure there are no points assessed.
469375
There are a number of factors that will affect the answer.  These factors include the outstanding balance on your existing loan, the loan-to-value ratio (i.e. how much you have borrowed vs. how much your home is worth) and the rate of interest you are paying as compared to the rate you qualify for today.\n\nThe short answer is that borrowing more money means making larger payments.\n\nI suggest you contact a mortgage banker, as they will have a widest range of products for you to choose from.  A mortgage broker depends exclusively on outside underwriting and is generally stuck with larger fees, and a bank is stuck with its own products only.\n\nThe company I work for, Mission Hills Mortgage, has access to over 4000 products, including our internal banking assets, so we are one source that represents the best of both worlds.  I would be happy to speak with you and take a closer look at the situation.\n\n800-880-1853, ask for Todd
517923
If you have a mortgage on the mobile home, it will show up as a foreclosure on your credit report. It will make it hard for you to get any kind of credit or refinance your home.\n\nWhy don't you try renting the mobile home out or doing a lease purchase or land contract on it? If you do a land contract, you are basically doing a private mortgage. You draw up a contract, giving the renter a year to get their own financing. In the mean time they are paying rent and covering your mortgage payment.
311585
I have been working in the mortgage industry for about 4 years now. Let me tell you up front, in all honesty, it's MUCH more difficult to work with someone who has a previous bankruptcy than someone who doesn't, even if both customers have the same credit score! From a lenders point of view, when you have a bankruptcy we automatically downgrade your credit grade even if you're credit is restored and you have a 700 score. Normally a 700+ score would place you in an "A+", "A", or "A-" credit grade depending on a few things such as mortgage payment history. However, when we see a bankruptcy less than 7 years out, we will bump you down to a "C" credit grade or less. Which means you won't be able to obtain maximum financing. Most lenders max out at 80% or 85% LTV (loan to value) with "C" credit grade / bankruptcy. That means if you wish to purchase a $100K house, you would only be able to finance $80K or $85K of it. There are lenders out there that will still lend to customers who may be even one day out of discharge, but you're going to get raped on the rate. It's always best to avoid bankruptcy at all cost! If you have to do it, look into filing a chapter 13. Filing a chapter 7 is basically like throwing up a big middle finger and saying I'm not paying anyone any money. That's why it has a 7 year period. In all reality though, I still have customers come to me that had a bankruptcy more than 7 years ago and I STILL see it on their credit report. Chapter 13's typically last anywhere from 2-4 years, and in a C13BK you work to pay back negotiated amounts. This will always look better than paying back nothing at all.
254814
Ok, a second mortgage is when you still are making your original pmt., but you take out what is called equity that is built up in your home. Say you bought your house for 100,000, and now it is worth 200,000. Now, most banks use the 80% rule. You take the 200,000 and subtract what you owe still on the house- say you owe 85,000. So, you have 115,000. Now, what is 80% of that? 92,000. So, you could get an equity loan (or a line of credit) up to 92,000. Now, say you borrow that, you will owe money on that. Technically, banks call it an equity payment, but a lot of people call it a second mortgage, because it is a loan against your home. A line of credit is a bit different in that say you get the line of credit for 92,000, but you only use a few thousand here and there. You only pay what you use. Say you pay it off, and then a month later, decide to use it for a vacation, then you would owe again.
614605
yeah, but it would be silly for small stuff like that. Try getting a "sears" or "lowe's" card first- you should be able to get a high enough credit line from them to buy those things, because refinancing your home, getting a second mortgage, is going to cost you MUCH MORE over the years when you are paying it back.
250716
It sounds like you are in the IDEAL situation for what is called a "contingency" agreement. Put your house on the market and start looking for a new house. If you have no income and the only money you have is from the sale of your current house then you can sign a purchase contract with another seller that says you will close on the purchase of their home contingent on the sale of your current property, which, in regular words, means you can buy their house as soon as yours is sold!!!\n\nThere is also the option of a bridge loan. These are secured by the equity of your current house and gets paid in full once your house is sold. These work well but you have to pay interest on them just as you would a regular mortgage. I would speak with a mortgage broker after you get in touch with a real estate agent!!!!
536671
Here are some options for you.  1) You could refinance your house for more than the current mortgage on it, and use the additional cash as a down payment on the new house.  2) You could buy a new house from a seller who is willing to lend you the down payment, if you can find such a seller.  3)  You could borrow money for a down payment using other collateral, for example, stocks, bonds, or mutual funds.  \n\nHowever, you will need to have substantial income in order to qualify for a new loan in addition to your old loan, and if you have never tried being a landlord before, you may not want to take on that burden.  You may be better off keeping you life simple and just selling the old house to buy the new one.
38109
This is a tricky question to answer because it depends on the problems you have on your credit, what your scores are (you might not need to do anything to get the intitial mortgage but your rate will be higher), how long ago the problems occured, what the ballances of your good revolving accounts are, how many open lines of credit you have, and how long you have had credit.\n\nThe first thing for you to do in my opinion if you are looking for a mortgage is to go into a a mortgage company and have them pull your credit. This will give them an idea of what they can, or can't do for you,a nd give you an idea of what your credit looks like. Alot of times the LO can run simulators that will show what to do to improve your score. Then you can do a rapid rescore if you want it done quick.\n\nSome words of caution about credit: \n1- paying off old bad debt is not in your best interest when you are getting ready to apply for a loan. Once you make contact with the creditopr again and try to resolve the problems you change the bad debt from being old to being current. The older the derog. credit, the less impact it has against your score.\n\n2- bringing your you used credit to available credit on your revolving accounts (charge cards) below 50% on each account will improve your score. The lower from there you take it the better.\n\n3- Once you have obtained a home loan, if you have a choice between paying your mortgage or paying on another loan, always choose the mortgage. Mortgagge lates count against you more, and are the main thing that lenders look at when determining if you qualify for future home loans.\n\nIf you have any questions feel free to contact me at the e-mail below and I will try to help you out.
287690
Since the loan is not in YOUR name, it has no effect on YOUR credit.  If the LOAN is in the "the estate of __________", the bank KNOWS the person is deceased, even if they don't realize it.  It may be the DEED is in that name, which is a whole different animal.\n\nWith a credit score of 780, I wouldn't worry about getting the loan in your name.. Just pay it off and start putting that payment into savings where it will earn YOU some interest (instead of you paying it to the lender).  You will benefit from paying it off by having 1). no mortgage payment and 2). full equity in the house.\n\nGood for you for wanting to get this paid off!  Sounds like you have pretty good financial sense.
342013
Housing and Council Tax Benefits received make no difference to your right to buy.\n\nBut if you're still on these benefits, you're not likely to be able to get a mortgage.\n\nIf you've been on benefits before and are now working, there is no problem.\n\nPhone the Council and talk to a Right To Buy officer. (Or they might be called a SOLAH (Sale of Local Authority Housing) Officer.)
607475
Check your Note for the 2nd mortgage you're trying to refinance carefully.  Many 2nds have prepayment penalties!!!!  That would make any changes probably not worth it, as they're usually somewhere around 6 months worth of interest in the first year.\n\nI would say, if you qualified for the first and 2nd to begin with you could probably qualify again, but I'm assuming your financial information has changed in the month since you purchased and this may not be the case.\n\nDid you purchase the house for under appraised value?  It would be extremely rare for a house to appreciate in the first month, although some areas of the country are moving up quite fast.\n\nI don't know if there is any good answer.  The best thing you can do is go back to  your original loan agent and ask.  It can never hurt and they're always willing to try to make things work and make their commissions!
294457
It can't hurt you as long as you know going in that the rate will change after the introductory period and you have the option available to move it back to the LOC later. \n\nI did it once with a balloon payment I had on a note and I just paid as much as I could on it during the intro period and then when it converted over I owed less than $1,000 and had it paid off within a couple of months.
340666
You have the wrong lender.  Sallie Mae will hunt you down like a dog for their money.  They will call your house 8 to 15 times a day for as long as you owe them.  If you want to transfer to another lender, the new lender does not want to deal with Sallie Mae because they do not allow you to leave them and they have the rights by law.  Spread the word their are a very bad lender and you will have no rights in court if you want to sue them. Sallie Mae is well protected by the big dogs.  My advise to anyone reading this is to avoid Sallie Mae loans.  Make sure the next lender does not affiliate with Sallie Mae.  I know many people who are trapped by Sallie Mae.