A 100% home cost mortgage vs 2 loans (one for 80% the other for 20%), which one is better??
360376
It really depends on the overall picture. The blended rate on 2 loans could be close to the one loan option, but with the 1 loan option you will probably pay Mortgage Insurance.\n\nThe rates on the 20% 2nd loans have really gone through the roof, so the 1 loan options are starting to look better again.\n\nAs far as closing costs, it really depends on the type of loan and the lender you are using.  The Bank that I work at charges very little on fees and we have no junk fees that I see other lenders use.  But being that their are 2 loans there are more costs than just one loan.\n\nYou should have your lender go over the difference in total monthly payments and difference in closing costs for the 2 options and see which one looks better.\n\nWith 2 loans, chances are you will want to refi or combine the 2 together within a few years if you have built up equity.  With one loan, if you are paying Mortgage Insurance, after 2 years if your value has increased, you may be able to eliminate the Mortgage Insurance and your payment goes down.  Not the case with 2 loans.\n\nS, look at the overall payments and costs and ask yourself if you plan on being in the same house or same mortgages for more than 2 years.
1126192
Have you thought about seller financing for the other 20%?   You get your 80% mortgage loan from your bank and the seller carries the other 500k as a second deed of trust with a short carry period of say 3-5 years.    How you structure the note is negotiable of course as a principal and interest or interest only balloon payment, rate etc.   Some sellers just want out of the property and won't do it, but frankly if the property has credit tenants and positive NOI and positive cashflows after debt service of the 80%, the seller might be receptive to this (after all, no one knows the property better), especially if you either gave a little room on the interest rate, purchase price or other terms and conditions in exchange.\n\nA second idea would be you could probably use the equity in another property you might own (or any other type of investment really) as collateral on a loan for the other 20%.   There are definately a lot of ways you can do this, just make sure the numbers make sense and the cash flows can support it.
421018
Banks can do loans with 0% down, just like mortgage brokers. I have found that closing costs are usually the biggest difference between a bank and mortgage broker. Mortgage brokers are usually paid on commission and make their money on certain fees that are included in the closing costs. Mortgage bankers and brokers adhere to the same set of guidelines and you will usually not find much difference in rate. To accurately compare the two, you should compare the Annual Percentage Rate (APR)that appears on the Truth in Lending Form. This form is a required disclosure that MUST be given when you apply for a loan. Unlike the interest rate on the money you borrow, the APR takes into consideration the fees you have to pay in order to borrow money. When you compare these rates, you will find who is actually giving you the better deal. Typically, banks have lower closing costs than mortgage brokers. You should also receive a Good Faith Estimate of Closing Costs when you apply. These are also an excellent way to compare item by item what you are being charged from each option. My advice, compare and ask questions.
360151
I would find two or three mortgage brokers in your area.  Only have one pull your credit and send it to you.  Make sure you are comparing apples to apples though.  A great way to do that is to see what commission the mortgage broker is making.  (Make sure they include the YSP.)  The average commission in the US is 1.7% -ish  That should give you something to base your decision off of.  Good luck.
461645
Even though your first mortgage rate is at 5.625%, you would have to consider your blend rate if you opt for a second mortgage. Either way (HELOC or HELON), your interest rate will be much higher than your current rate, so if your blend rate matches or is better than the current interest rates now, then you might be better off just refinancing your property. You also have to consider how long you plan on staying that the current location know. This will allow you to know if your going to recover the cost of the refinancing. Obviously if you do a HELOC or HELON and there are costs associated with them, you will not recover the cost of those items, unless you factor in the interest of the debt consolidation and what your saving in doing that. If you need clarification, feel free to contact me directly.
418462
several things could be happening here\n\nyour lender could be including private mortage insurance if you don't have 20% down and the lender requires it\n\nalso, the lender may be including fees and closing costs into the loan, which could run into thousands of dollars\n\nbe very wary of any loan where all costs are not disclosed to you in a truth-in lending statement, and if a lender or broker makes promises to you or tells you to disregard any truth-in -lending statement you do get
431671
Basically your bank will loan you money based on the value of your property. There are loan ratios so lets say they have a 10% ratio (I think thats normal although others demand more or less depending on the area). That would mean you can borrow up to 90% of the value of the house. If the house is 100K you could borrow 90K. Now if you only owe 50K because you bought it a a few years back and it has gone up in value then your bank will lend you up to the 90K (or an extra 40K) for you to do whatever you want with. Its a cheap way to finance debt for purchasing things like cars, holidays, extensions...than using a credit card or personal loan BUT it means you are putting those things under your home loan and if you dont or cant pay then they reposses your home. You would start by going to your bank and having the home valued by a professional they recognise to see how much you could borrow. A good bank will pay for this service for you as long as you take out a loan with them. You generally set up a new loan (which means a new fee) and then your back to normal. Your home loan repayments will go up but they should be able to calculate these for you so you know what to expect. Remember interest rates are on the rise so factor that in. Happy spending.
927664
Talk to your bank, and talk to a loan broker.  I have used both with good results.  Your real estate agent should be able to suggest a good loan broker; that's how I found mine.  He put together a reasonable package (it wasn't cheap), and two years later we refinanced into a much more reasonable mortgage.
816818
There ism't much difference. FHA does have MIP, but just like PMI with conventional loans, you can file to have it removed once you owe less than 80% on the house. If you are refinancing you may already have enough equity in the house to not even worry about MIP or PMI. \n\nFHA rates are lower because the payments are insured by the government, and they usually want you to stay in the house a certain amount of time before selling it. But, there isn't really a big difference.\n\nGo for the best rate, 3% saves you alot of money no matter how you look at it.
70668
They will offer you an 80/20 percent , 2 loans, the second will be the downpayment, and 2 years will be INTEREST ONLY!\n\nBe sure the loan officer not add too much for transaction...
556221
I get 100% loans for credit scores that low all day long.  Like a previous person said, you'll have split it into two loans (80% and 20%) and should opt for the ARM.  \n\nUnfortunately, I'm only licensed in PA.  \n\nYour best (and possibly only) bet is to contact a local mortgage broker out of the phone book.  Check out and bookmark my blog to learn all about home financing and what mortgage brokers do: http://explaintome.blogspot.com\n\nWhether you can get a 100% loan depends on all the other factors besides credit.  Do you pay your rent by check?  Can your landlord verify that you paid 12 payments on time?  Do you have 2 years work history in the same line of work?  Do you have some extra money in the bank as reserves just in case you fall on bad times?  Do you make enough money to support all your current debts plus this new payment, including taxes and insurance?\n\nThose are the questions you can discuss with your mortgage broker to get yourself financed.
862791
try moneysupermarket .com or uswitch.com or moneysavingexpert.com any of these will allow you to compare mortgages or loans
73356
If you have good credit the both of you should get approved, but here is the kicker buying a house is a huge comittment and from personal experience if the two of you are not for sure that you can handle such an investment I would not do it. Also If one or the other defaults in paying half of the house payment the other is still responsible for the payment and if you split you either have to buy their part, sell your part or both put the house up for sale and pay the remainding balance on the home and if any money is left over then you have to split it. No being engaged don't make a difference. Remenber that if you decide to do this that you will be in a loan for 20, 30 or even 40 year loan. Before you make a decision throughly talk this over and exhaust every option that you have and find the best mortgage rates and loans possible.  Hope things go well. BIG DECISION
1081219
Make sure your loan contract says that excess goes to principle, which is the more favorable option.\n\nMost, not all, loan agreements are written this way, so double check.  Ask to see the language in the document if you are currently loan shopping.
1110162
Don't do it from a store, they will rip you off with probably 10-20%.  You should just take out a personal loan from a bank or credit union.  Depending on whether it's a secured or unsecured loan it should be around 8-11% I'd believe.  You could also take out a home equity loan if you have a home.\n\nMy credit union has secured for 9.99% and various rates around 10.5% for unsecured.
1006592
There are several options there but you may be better of talking to your bank, a mortgage broker and perhaps check an online offer to give you three options.  Keep in mind it may give you peace of mind to work with a local buisness or bank for your mortgage.  It never hurts to shop I tell all of my customers to shop around.  Check origination, lock fees, rates are important but can be less of an indicator of a "good loan" or not.
468273
Assuming that you have decent credit and your bebt/income ratio is good, you shouldn't have a problem getting up to 100% of the value of your home, which is about $20k.  Some lenders will go as high as 125%.  \n\nEven more important is what you mean by "remodel."  You can do a lot for $20k, and that could certainly raise the value of your home.  If all you're doing is replacing a leaking roof, painting the house, etc. you won't really increase the value of your home.  But if you're putting in a high-end kitchen, making a spa-like bathroom, turning extra space into an extra bedroom, adding a bathroom, etc. then you should go over that with your lender.  You may even increase the value of your home more than the loan you're looking to take out.\n\nI'm doing work in my condo for that very reason.  I'm putting up a wall to add another bedroom, putting in high-end closets, and putting in some high-end bathroom upgrades.  The increase in appraisal value is about 3 times what my cost will be.  No lender will have a problem with that.