Your Questions About Check My Mortgage

Mary asks…

Is there a mortgage that I can pay with my airline mileage card?

I pay thousands monthly on two mortgages, would like to figure out how to pay for them with an airline mileage card. Most mortgage companies won’t let you charge your payment, and writing a credit card “check” is actually like a cash withdrawal that they don’t give mileage for… any ideas? Thanks…
ADDED: Thanks, but MOST if not all will not take a credit card for payment. Try yours, if it works let me know!! Paying with credit for your mortgage is looked at like you don’t have the money to pay for your house, so they won’t take a credit card payment. Thanks.

admin answers:

I haven’t heard that charging a mortgage payment is off-limits…have you checked that thoroughly?

It would seem that they want their money and would not likely be concerned as to how it was received?

…as long as the card used was not drawn on the same financial institution.

If that is just the case with your mortgage company, then perhaps refinancing elsewhere would be your only option?

Good Luck.

Richard asks…

when a mortgage company makes an error what rights do I have?

My mortgage company made a clerical error which resulted in forclosure on my home. I was never late and always paid more and had all the proof but I could not get anyone to listen to me and an attourney wanted large amounts of money just to send a letter to stop the forclosure. I already had all the proof and had done all the leg work. I finally got the forclosure stopped 2 days before the sale and was issued a large check because I had too much money in my escorw after they corrected the error but it has ruined my life. I am a single mom and do not have lots of money to hire an attorney. They all tell me it is common.

admin answers:

Your rights will vary depending both upon the state in which this took place and the contract you have with your mortgage company. However, if you stopped the foreclosure and received a refund, it seems unlikely that you’ll have substantial monetary damages.

James asks…

Will a direct mortgage lender have an effect on your credit score?

I was just told by a direct mortgage lender that it would have absolutely no affect on my credit score/report if he was to run a credit check on me, is that true? He says it is because he is a direct mortgage lender not a broker. Anyone know about this?

admin answers:

BULL S–T! I am a direct lender as well and any inquire on your credit effects the score. I just pulled one where the client has been shopping for a loan and with 18 pulls the scores went from 619 down to 567. Don’t believe him as it is not true. I will have to wait for her scores to reset in order to help her get a home.
I am a mortgage banker in TN & KY

Charles asks…

when will a down payment actually be requested on a mortgage?

My wife and I are going to the bank to get preapproved on a mortgage. When are they going to ask for the downpayment? After we’re approved? Right before we buy the house? Reason being is I will be getting my bonus check next month so I wouldn’t officially have a downpayment until next month.

admin answers:

Yes, you bring it to closing. You pay the earnest money to hold the house when you sign the contract and that is added into the down payment.

Helen asks…

my husband has not made a mortgage payment in months. How do I get him out of the house?

He received OUR tax check back this year in the amount of $12,000 and did not apply any toward mortgage, not sure what he did with the money. Trying to find out how do I go about getting him to leave. I have asked him to leave and he will not. I can’t afford to hire an attorney at the moment.

admin answers:

The bank will start foreclosure proceedings after so many months of being in arrears. Getting him to leave is a short term problem, you need to get in touch with the bank to see if you can avoid losing your house so that you aren’t homeless. Good Luck.

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Your Questions About Check My Mortgage Interest

Helen asks…

Extra Mortgage payment?

Let say I borrow $200,000 on a 30 yrs fixed and I make my monthly mortgage payment. At the end of the year, I have some extra money left over, can I put that into the mortgage and pay extra? If yes, how would they recalculate my payments for next year? Is there any fees for this? Do I just send them a check and say put it down on my principal? What about the interest rate?

admin answers:

Your payments are fixed. An extra payment or amount is applied to the principal and shortens the length of the loan. The interest rate is not affected. The total amount of interest can be affected greatly – $1,000 extra paid now at 6% will save $1,800 in interest over the life of the 30 year loan. Most loan payment coupons have a spot in which to write the extra principal payment amount.

Laura asks…

What are my rights when buying a home?

My husband and I bought a home a while back. My husband’s uncle lent us the money to buy a home and we are paying him back with interest. We have always been on time but today he sent over state farm insurance to check the roof. We had a hail storm about a two months ago and he wanted to make sure his roof was O.K. My husband and I felt like he was violating our privacy, he never sent a notice or anything luckily my husband was home sick if not we would have never found out. My question is can they do this or what are our rights basically my husband’s uncle is our mortgage company so do mortgage companies have these kind of rights.

admin answers:

He’s not a mortgage company. He’s a private individual making sure his investment is secure.
A world of difference. If you want to deal with a mortgage company, get a loan and pay him off.

Betty asks…

Is this any grounds to sue this mortgage company?

At the lowest point in interest rates, I struck a deal with a well-known mortgage company for a refi, for a conforming amount. The rate was locked in for a month. I passed credit check with flying colors. An appraiser was sent out by the mortgage company. The house appraised at above what was needed for the 80 percent loan. I had been following the sales in the area including foreclosures and knew the value and the appraisal was right on, from what I could see. On the last day, the mortgage company told me that they had done an internal check of the appraisal — from the company they had sent out, no less — and they had reassessed the appraisal and determined a new appraisal value at significantly less. They said I would have to pay down the loan by $25,000 to get a loan and it would be at a higher rate because it then fell below a threshold of some sort (i.e., the smaller the loan, the higher the rate). By this point in time, interest rates were up so I was furious. I was confident that the value was correctly appraised in the first place. I called the Appraisal Institute and got their designated expert in the area. He came out and appraised the house — at my expense — within two days. It appraised at the same amount as the first appraisal. I sent it to the mortgage company, with a threat. They said they would investigate and review everything. It took more than two weeks. They came back and acknowledged that appraised value was exactly what it had been in the first place. They said they would loan me the full amount as first discussed, but NOT at the rate that had been locked in. Instead, now that rates are 3/4 point higher, they want to make the loan at that significantly higher rate. Since they acknowledged their error, in essence, do I have a case to sue them if they do not stick to their initially agreement — i.e., the locked in amount?? My opinion is that they just wanted an out to the lower rate because I got it on the day it was the 70 year low, and right before rates started up again. Any ideas about that?

Also, they never told me that they do this internal evaluation of the appraisal. All they told me was that the house would be appraised, I would pay for it, and that they would send out the appraiser. It is as if they did not disclose to me the existence of another hoop to jump through. Had I known they had this crazy standard that no other company had, I would have gone elsewhere, that is for sure! Their failure to disclose this in essence added a condition that they did not tell me about. Is that a breach of contract?

admin answers:

Yes, it sounds like you have a pretty good case.

I gope you have this all in writing, it is not an entire verbal agreement, that would be weak, but if they sent this in writing you should be able to force the lower interest.

John asks…

Mortgage Bailout?

OK, it’s not a bailout but the President just announced that the government will offer to refinance high risk loans for people with good credit.

I just got my mortgage last January and understood it to be a fixed rate yet interest only loan. But then I read in USA Today that these are high risk loans too and that the payment will go up when the principal kicks in and the rate can actually change. I realized the payment will go up but I thought I had a fixed rate! Anyway, I have a Countrywide loan and I’m a thinking I better check things out. So before I run off to find a CPA or mortgage expert can any of you tell me if I should be looking into this government refinance? And where do I go to get it? Thanks.

On a separate note it looks like Countrywide is making some drastic moves to stay competitive with the market (borrowing money, laying off %25 of the workforce). But if they go belly up any idea how that will affect me? Thanks again!

admin answers:

Your FIXED rate can’t change, but you have to start paying principle after that interest-only period is over. If your loan was 30 years and you paid interest only for the first 10, now you only have 20 years to pay off your mortgage SO your payments skyrocket.
You’d better be careful with this kind of loan, if you couldn’t afford the house unless you were only paying interest, you shouldn’t have bought one. Now you’re going to wind up foreclosing on your house just like everyone else. Sucks to be you, huh?

David asks…

How do I reduce the number of years on my mortgage?

I owe $126,000 and am approximately five years into a 30-year fixed mortgage. My payment is $1150 a month (most of it interest of course).

I would like to reduce the number of years that I have to pay for this home to 10 remaining. I know that there is a way to make extra payments that apply to principal rather than interest but I don’t fully understand the process. How much extra would I need to pay to meet my goal and what is the process for doing so? Send a check marked “for principal only” two weeks after sending the normal mortgage payment? Will my normal payment be reduced as I pay down the principal?

admin answers:

Here’s the way it works:

Your current payment is based on how much interest you owe on the principal each month, less some amount that goes to principal to pay it down. Your next month’s payment then has a little bit less going to interest, because the principal was reduce slightly the previous month. So, a bit more goes to the principal, paying it down a bit. The amount of the monthly payment is the exact amount you have to pay such that, after the 30-year period, your final payment will be equal to the remaining principal and the loan is paid off.

When you put extra money into the principal (say, pay $1350 instead of $1150), that reduces the principal by an additional $200 from what it would have been had you just made the regular payment. So, the next month, that reduction in principal means that you pay less of the $1150 in interest and even more goes to the principal.

Using a mortgage calculator (assuming you just started the 30-year term and an interest rate of 6.5%), I determined that you would have to make an additional payment to the principal of $700 a month to have that loan paid off in 10 years.

Now, let’s say you come into a lump of cash (say $50,000) and you put it toward the principal on your loan that first month. Your payments will stay the same. But, since the principal is reduced by that $50,000, a lot more goes to principal each month and the loan is paid off in about 12 years

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Your Questions About Check My Mortgage Status

Laura asks…

Can I get a credit report and loans with my status? Please help.Urgent!! See details below.?

I am international student in U.S.A. and get a social security number just for work. For myself, I do not have any credit cards, loans, house mortgage, cars, and I do not need to pay any bills.. What I only have is saving account and check account.
I have two questions:
1) Can I get credit report with my situation?
2) Can I get credit card or any loans?
Please help..Urgent!!

admin answers:

You can get a credit report from www.annualcreditreport.com. Put in your Social Security number and you’ll get the report. However, there probably isn’t anything on it since you don’t have any credit.

I would suggest you go to the bank where your savings account is and apply for a card with them. You’re already a customer with them and have money in their bank. That would probably be your best chance with no credit history.

You will have to show them some sort of income though. No one is going to give you any type of credit without seeing income as you would have no ability to repay.

David asks…

Is it better to have 0 or 1 exemptions on your W2’s when you are married?

My husband and I were married in May 2005. When I changed my status at work on my W2’s, they changed my expemption from 0 to 1. I had less taxes withheld on each paycheck. I did not want 1 exemption, I wanted to keep 0. Can I change my exemption back to 0? We also have a rental property. Do I have to claim the whole rent check each month or just the amount left over after we paid the mortgage on the rental property?

admin answers:

You should be able to continue to claim 0 exemptions if you want. Ask your employer for a W-4, complete the form requesting 0 exemptions (and, if you want, to withhold at the higher, single rate), and then return the form to the personnel department.

Your rental will be taxed on its income after expenses. One of the expenses is the mortgage interest (NOT the entire mortgage payment).

Nancy asks…

If i am late on one mortgage paymnet but double up my next payment will it effect my credit score?

My grace period id up today. I will not be able to pay the full amount of 1103.80. I only have half of my payment and my mortgage company will not accept partial paymnet and will send my check back. My only other option is to default on this payment and double up my next months paymnet. I was out of work for 3 weeks and it damaged my financial status pretty bad. Any suggestions? and how bad will skipping a payment drop my credit score?

admin answers:

If you’re less than 30 days late, you just pay the late fee and no damage to your credit. If you pay over 30 days late, you get a mark on your report. Hard to say how many points you’ll lose. You’ll get most of them back within a year. Please, when you get caught up, start yourself an emergency fund. Most recommendations at 6 months worth of living expenses. But a good start is a spare mortgage payment in your savings account. Good luck!

Carol asks…

very bad house to live in?

have a property in spain and a mortgage i have lived here for 6 years and there has been problems after problems i was advised to get a architect to come in and check the construction of the property the report came back in and said its very dangerous it needs to be pulled down and start again my question is, is the bank to blam for not checking and establishing its status first

admin answers:

The bank? No. The bank loaned you money. You are the one that picked out the house, this is on you. YOU should have inspected first.

Mark asks…

what rights do i have if my mortgage company gives information about me?

I have filed a claim after a storm for roof repair; the insurance checks are made out to myself and my mortgage company; I have had repairs done and the contractor has contacted my mortgage company about payment. I was told, and this could be here, say that my mortgage company gave information about me and my claims status to the contractor stating it was under fraud investigation. what right does the mortgage company have to say that to a company I hired and what are my rights to do anything about it in Texas? Any suggestions, thank you
My deductible had already been taken care of, the contractor has been harassing me but there is nothing i can do until the payment is released. I just want to be done with the contractor, thanks everyone.

admin answers:

The mortgage company would only know this from the insurance company. If the price of the roof is too high or above what is normal, yes it sounds like fraud on your part and the contractor’s part and the insurance company may not be willing to pay. This often happens when the contractor tries to help you avoid paying the deductible, stupid, stupid, stupid, insurance companies know almost to the dollar what it costs for repairs.

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Your Questions About Check My Mortgage

Steven asks…

Now that Obama has lowered gas prices, when will he cut the check for my mortgage?

I was thinking of buying a new flat screen for football season, and I was wondering if I should go ahead and buy it, or if I should wait till the check actually gets here.
I heard today at work that he actually claimed his trip was responsible for the lower gas prices? Is this true?

To the first poster, every union worker I know is a huge football fan, and I have yet to see one vote republican.

admin answers:

Go ahead and buy it, Obama will save you, he will save everyone. I can’t wait till he becomes president because then I won’t have to wipe my own a s s any more.

GO OBAMAMA

David asks…

I just received an escrow check from my mortgage company. What is it for and is it for real?

Never had anything like this before and didn’t know if it was legit.
I have been in my home for roughly ten years now. It is a manufactured home. I pay my own property tax and insurance

admin answers:

Can you elaborate a little more on the actual check, what did it say? Have you tried calling the escrow company that issued the check? If you just sold a home they may have overestimated some of your closing costs and it may simply be a refund or unused funds that belong to you.

Laura asks…

How do I check daily FHA mortgage rates?

My lender hasn’t locked rate for home purchase in CA. How do I check rates myself looking at internet. he says we will be able to lock once we get loan docks this week. I just want to see what kind of rate I’m looking at (ballpark)

admin answers:

I disagree with the previous two answers. MOST rates on the internet are very misleading. Unless you understand the difference in rate and APR this will not be helpful to the average person. Also, many rates on the internet include points but the real question is how many. I recommend you shop several banks on the same day and get an estimate of the rates. This will help you determine who is comparable and who is out of the game. Just to give you an idea the average rate today on a FHA loan is 4.50-4.75%. 4.50% would be something most lenders charge additional points for. The 4.75% would traditionally be no points except for the traditional FHA charges. Under the new FHA program FHA charges 1.00% origination charge for the program. This is not a mortgage broker fee, it is a fee to FHA. I do agree with your current lender, he should not lock a rate until he has loan papers in hand. The reason is simple. Rates are quoted and locked based on the estimated time to close. Until your lender has loan papers he can not estimate how much time he needs for the rate lock. This is a KEY part of locking rates. I strongly recommend that you do NOT play the market for a better rate. Rates are showing strong signs of increasing. Most people in the industry are expecting a steady increase into the third quarter. Pick a lender you are comfortable with. Trust there judgment and get your rate locked before they go up even further. I am not a mortgage lender, so the rates i quoted are based on my own research that i did today, however, I have a pretty good insight on this stuff. I hope this helps…

Sandra asks…

What is escrow plus? I got a check from my mortgage payment? Why?

The weirdist thing. I got a check from my mortage payment it said something about escrow plus and my house payment also dropped. What’s is going on. Should I cash the check.

what is escrow.

admin answers:

Just sign the back and mail it to me…

…sorry, I couldn’t resist.

You can cash it. It shouldn’t be over a few thousand…if it is, call your mortgage company 1st.

Every month a portion of your mortgage payment goes into an “escrow” account. That money is used to pay for things like taxes and insurance when they are due. If more money was collected than paid out, they will refund the difference and adjust your payment amount so that next year, there’s not such a big difference.

Sometimes it works the other way around…Taxes and insurance goes up, and they haven’t collected enough in the “reserve” or “escrow” account, and they’ll ask you to send them a check, and adjust your payments higher.

Enjoy your check!

John asks…

Applying for a mortgage can I use bank statements images of pay slips?

Me
And my boyfriend are going to apply for a house to rent.
It is one you can go into a part buy part rent one but before anyone applies they dona
Mortgage check to make sure you can afford it. I need 3 months of pay slips but I have lost my last 2 an it will be a while until I can get copies. Could
I use a bank satement to show the money going into my account as evidence? Please help thanks

admin answers:

No. Money going into an account unless it is a direct deposit from an employer could be anything from anywhere

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Your Questions About Check My Mortgage Status

Richard asks…

How many other people did not get Stimulus Rebate on Friday?

I should have received the economic stimulus tax rebate on Friday via Direct Deposit. I filed in Feb and received regular tax check just fine. Last 2 digits are 18. On 5-1-08 IRS put up a “Where’s My Stimulus Payment?” feature to check the status. I checked it by entering my SS# and exemptions and it just says I must have made a mistake. There was no mistake. I was counting on this money for a deposit to hold a new rental place. This sucks. The only thing I can think of is the tax issue due to being behind on my mortgage. I pay taxes and insurance through my mortgage payment. So, maybe that’s the issue?? Anyone know?? Grrr….
There is a new feature Slayor. And I have not spent the money yet. I will just lose out on the place I really wanted.

admin answers:

Well I spent over an hour on hold to the IRS…They told me it is on the way, My last 2 are 08…But still no money in my account. Then I called H&R block..I did my taxes online, but instead of paying them with a credit card i had them take it out of my return. Therefore it became a “3rd party” So the money was given to h&r block and then they put it into my account. So the IRS never got my account info. Long story short, I will be getting a paper check… :(. I think the goverment should have given out more info. This is just a nightmare.

Maria asks…

Is it against the law for a bank to hold my early partial mortgage payment, as “unapplied”?

When I set up my mortgage they said I could not pay bi-weekly. I refused to accept that answer. So, I sent half the payment 2 weeks early, to save interest. They put the money in “unapplied” status. Is this legal? The money is out of my checking account, but not applied to my mortgage.

admin answers:

Before you sent payment you had already been informed that paying bi-weekly was unacceptable yet you still went ahead and did it, you can’t then complain about the bank not applying the money to your mortage.

Donna asks…

which filing status do I use?

My husband and I have been seperated for 1year. I have our two children. A tax advisor said I can file HoH and get EIC. This really scares me. What if I file this way and the IRS wants proof. I don’t have proof that we are seperated. We have nothing thru the courts. All the bills and the mortgage are still in both our names. We do not have a savings/checking together any more. He pays the morgage in the place of child support. We were seperated last tax season but because it had not been six months we had to file together. AND it looks as if we might get back together now. If I file HoH this year and MFJ next year, will that raise red flags? I could really use all the refund that the tax advisor is saying I can get. I realize it would be easier just to file MFJ this year, but like I said if I can get that extra money, it would really help. Any advise.
I guess I did not word that correctly. The child support that he pays me totals the amount of mortage I have to pay. That was the agreement between us. It is not like he gets the bill in the mail. I get it and pay it with my own personal check.
Judy, I was hoping you would answer my question. I have been reading all of the questions under “Taxes” and by reading your answers I have come to trust yours the most. I can only assume you are some sort of tax advisor. Thanks.

admin answers:

The Head of Household status requires that your spouse has not spent any time at your home during the last six months of 2006, and that you have, with you own money, paid over half the cost of maintaining the home.

Since your spouse has paid the mortgage, I have some doubt that you will be able to establish that your expenses for utilities, repairs and maintenance, and food eaten at home total more than the mortgage payments.

In hindsight, had you received child support payments instead of having him pay the mortgage, you may have qualified for Head of Household status.

Added later: My answer took note of the statement “He pays the mortgage in place of child support.” My answer doesn’t change even if he gave you the mortgage money and you paid it with your check. He paid you for the mortgage, so he paid household support, possibly more than half. If you can establish you paid for more of the household expenses than your spouse did, then you can claim HoH.

David asks…

Can I sue my Mortgage company for mental anguish, and loss of my job as a result?

I have been to court with their attorneys to keep my condo. I am now in a foreclosure status, and have been fighting with them for approx 2 years now. I did the whole “trial Mortgage” and here it is a year later (the “trial” should have only been for 3 months). I have been making the payments during the trial period on time as requested. Now they are telling me I am in foreclosure status, and they have returned my check for this month- indicating that they will not take a personal check on a foreclosure. The letter also said there was not enough funds in the bank account, and that letter came the same day that the statement from the bank came showing that the funds were available for them to take the funds. I have had to go to the state Attorney General for assistance in the past when they said they did not get my paperwork they had requested, however, I had proof that my fax was successful – showing the date and time it was sent.
Meanwhile, my company I worked for was going through some changes, and one of the criteria that they were evaluating us on was our job performance (which is normal). However, I had the first negative review of my entire career at the company (14 years), and as a result I was laid off when it came time to reduce numbers. My job has been outsourced.
I feel that if I had not been going through the ordeal with the Mortgage company, that I would have had a better performance review, because I would have been able to concentrate better, and may not have been laid off. There are several people from my department that are still there. I was one of 5 let go- out of 14 from my team.
I should tell you the reason I fell behind in the first place was because I had to have surgery, and lost two months salary while I was recuperating. This is how it began.
There are other factors that also add to this.

admin answers:

Can i sue my lender for breach contract mental anguish? My wife is not on our loan yet called to inquire if we were to fall behind on our payments due to the disaster to home what would happen.the supervior knew my wife wasnt on the loan put us in forbearance and said it was a special program for disaster victims 3 months later we are in pre forcloser we never were sent any paper work stating how forbearance works as well as they had no right allowing my wife to make this discision my wife ened up in a menatl hospital due to this thinking she was at fault we got 2 months together they accepted payed nexted month they rejected inquired why they said because i didnt pay all 3 months at once in nov i found out it was rejected because of how the paymnets were made they lost modification paperworker they have been very misleading and unethical what can i sue them for they ruined my credit my wife now i have to take care of my children because my wife is mentally disabled due to the guilt she feels from putting us in this disaster i want to sue for mnetal anguish

Donald asks…

How many deductions should I claim?

I was married last month and need to fill out a W4 for work. I make around $50K and my wife $75K and we don’t have any children but we do have a mortgage. Should we both just claim 1 and have single status if we want to avoid paying a lot in or receiving a large check? I appreciate any help!

admin answers:

I have 2 boys and a husband and when I get a new job I always claim Married but at the higher single rate. That way the most money is taken out of my check during the pay periods and we get a bigger refund. It will say on the W-4 claim Married at the higher single rate.

Since you just got married…I would suggest that you and your wife file separate tax returns so that you can get the most back. If you use an account then definitely seek his advice as to how to file your return for 2008.

One of the best sources out there for debt management, savings and investing is www.daveramsey.com. This man had it all…the big house, the nice cars, all the best toys..etc. Then one day it all came crashing down and he was literally bankrupt. But he created a solution to get out of debt through various means without filing bankruptcy or having to go through credit counseling. You may not think you need debt management now….but think about it. Saving, Investing, being debt free. Dave Ramsey probably thought he would never need a plan either..and look what happened to him. We found out of him through our church. We took his 13 week course. It was fabulous. We have several members that went and now tell us that within one year they will be debt free…because they followed his plan.

Good luck…hope you get back lots of money. Especially at the beginning of every marriage…you can use all the money you can get to set up household…and get the little extra things you want but is not in the budget.

Julie

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Your Questions About Mortgage Insurance

Ken asks…

Do you have to pay mortgage insurance with the FHA 3.5% down payment loan?

I’m getting an FHA loan which includes a 3.5% down payment.

Do I still have to pay mortgage insurance or will that be covered by FHA?

admin answers:

Hi: Unfortunately, you still have to pay MIP until the principal balance of the home is 80% of the home’s value. It’s disheartening, but the only way to avoid MIP is to come up with 20% down.

I put 8% down last year and I have another 8 more years to go until I can get the MIP taken off! GRRRR!!

Good luck.

Donald asks…

a good company for term mortgage protection insurance with no medical check up?

I have term life insurance but also am looking at protecting my mortgage if I should die early, I am a male in good heath- and I do not want to get any kind of medical screening just to protect my mortgage…does anyone have a good company they can recommend?

admin answers:

Mortgage protection is something the lender buys. I think you mean “mortgage life insurance”.

Because it’s usually no medical exam, limited questions, more lenient underwriting, it’s a lot more expensive than straight term insurance. Also, because the amount of coverage goes down every month when you make a mortgage payment, but the premium stays flat, it gets a WHOLE LOT more expensive as time goes on.

It’s really a pretty bad deal, unless you’re uninsurable on “real” insurance. And I just flat out don’t like it, because it only protects the LENDER.

You’d need a company that can sell in your state. You’re probably best off talking to a local broker or agent.

William asks…

If your mortgage is 100k more than what your house is worth will you be able to get default insurance?

If you build a house for 300k but market value when complete will be 200k, (rural location), I know a bank would be reluctant to give a 275k mortgage (25k down) on a house only worth 200k when built, but in this situation would you be able to purchase mortgage default insurance on the 75k that the bank is at risk of losing if we default?

admin answers:

Reluctant? In this economy it’s down right impossible unless you have loads of other assets you can put down as additional collateral or you have an fantastic income to debt ratio. Mortgage insurance is what a lender purchases to cover the default of one of their loans (you couldn’t purchase it), however no insurer is going to insure a mortgage for 137% of the value of the property.

Ruth asks…

Can you deduct your mortgage insurance without itemizing?

Someone told me that they deducted the interest they paid on their mortgage but didnt itemize. I didnt think that was possible.
oops i meant interest. mortgage interest.

admin answers:

No, that is not possible. They may have meant property tax – you can take $500 of that without itemizing. It adds to your standard deduction.

Maria asks…

Which insurance is best Life (term or level) or Mortgage insurance?

Hello
I am currently pregnant and live with my boyfriend in a mortgage property. This is our mortgage together and was wondering which insurance is best to secure our family’s future.
I am not sure whether to go for Life Term Insurance, Life Level Insurance or Mortgage Insurance?
The policy will be a joint one unless good advice is given!! 🙂
I would appreciate an explanation in stupid terms please HAHA as this is a serious policy for our future.
Many Thanks

admin answers:

Level term!! The amount of coverage never changes. With mortgage insurance the coverage does down as your mortgage goes down. But you also need coverage to help pay bills if one person passes away. Level term is the only way to go.

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Your Questions About Mortgage Payment Calculator

Mandy asks…

Who comes up with mortgage calculators?

I’m a single mother who has not debt a credit rating of 783 and pay 1415 in rent & that is just rent that doesn’t include water, power, trash, phone, cable or anything else. Through those in and it’s closer to $1800.I have no debt not even a car payment. I make sadly only about $40,000 dollars as an executive assistant. I don’t live lavishly and while like any woman enjoy nice things I know when & what I can afford and live within my means though admit sometimes times are tight but I know what I can afford & never bite off more then I can afford even if I might like something better. I don’t mind paying what I currently pay cheapier would be nice but still & yes I know about property taxes which where I live is about 10% paid twice a year. My point and question is I would like to buy a condo or house obviously it makes more sense so how come if I go to a “how much home can I afford” calculator it will tell me I can only afford a loan for $150,000 if that even at a fix rate and for 30 years. When even after taxes I would make well over that in 30 years.

admin answers:

Your house payment including taxes insurance & PMI must be 31% or lower of your monthly gross income. Your total debt can’t exceed 43% of your gross monthly income. It is not based on what you will make, but total gross monthly income.

Nancy asks…

How can I fix this Java applet?

When doing this, I need to have the user input their principal, interest rate, and time period (in years) to get the monthly payment. I wanted to know what to do so that this applet works on the web? Do I have the correct parameters?

import javax.swing.*;
import java.awt.Dimension;
import java.awt.FlowLayout;
import java.awt.LayoutManager;
import java.awt.event.*;
import java.text.DecimalFormat;
import java.applet.*;

public class MortgageCalc extends Applet implements ActionListener {

private static final long serialVersionUID = 1L;
public JLabel ir, tp, pa, mp;
public JButton calculate;
public JTextField TFir, TFtp, TFpa, TFmp;
LayoutManager Layout;

/*public void start()
{
MortgageCalc mc = new MortgageCalc();
mc.go();
}//ends main menu*/

public void init()
{
JFrame frame = new JFrame(“Mortgage Calculator“);
frame.setDefaultCloseOperation(JFrame.EXIT_ON_CLOSE);
Layout = new FlowLayout();

ir = new JLabel(“Interest Rate: “);
TFir = new JTextField(“”, 10);

tp = new JLabel(“Time Period (Years): “);
TFtp = new JTextField(“”, 10);

pa = new JLabel(“Principle Amount: “);
TFpa = new JTextField(“”, 10);

mp = new JLabel(“Mortgage Payment: “);
TFmp = new JTextField(“”, 10);
TFmp.setEditable(false);

calculate = new JButton(“Calculate”);
calculate.setMaximumSize(new Dimension(25, 25));
JPanel button = new JPanel();
button.add(calculate);
calculate.addActionListener(this);

frame.getContentPane().setLayout(Layout);
frame.getContentPane().add(ir);
frame.getContentPane().add(TFir);
frame.getContentPane().add(tp);
frame.getContentPane().add(TFtp);
frame.getContentPane().add(pa);
frame.getContentPane().add(TFpa);
frame.getContentPane().add(mp);
frame.getContentPane().add(TFmp);
frame.getContentPane().add(button);
frame.setSize(300, 200);
frame.setVisible(true);
}//ends public void go()//ends public void init()

public void actionPerformed(ActionEvent ae)
{
double Interest = Double.parseDouble(TFir.getText());
double TimePeriod = Double.parseDouble(TFtp.getText());
double Principle = Double.parseDouble(TFpa.getText());

double MonthlyPayment, SimpleInterest;

Interest = Interest * .010;

SimpleInterest = Interest * Principle * TimePeriod;

MonthlyPayment = SimpleInterest – (Principle*(Principle*Interest*TimePeriod))/(TimePeriod*12);

DecimalFormat monthly = new DecimalFormat(“$0,000.00”);

TFmp.setText(“” + (monthly.format(MonthlyPayment)));
}//end public void actionPerformed()
}

admin answers:

For starters, without wading through your code, if you wanna use Swing widgets, you extends JApplet. There isn’t any JFrame unless you want it to open out of the browser (and that takes a trick). JFrame, JDesktopPane, JDialog and JApplet are top-level containers.

Mark asks…

Finance Calculator – HELP!?

I have download the finance calculator to work on monthly payment of a mortgage, but honestly, I don’t know how to use it. Can someone be kind enough to tell me how?

For instance:
Property Value = $500,000
Interest Rate = 1% Per annum
Repayment Period = 20 yrs

How to key in the figure n get the answer???

admin answers:

Here. Use this one instead.

Http://www.mortgagecalculator.org/

Sharon asks…

What is a smart amount to borrow for a mortgage based on my income?

My wife and I make $80,000 between us. We only have one car payment and it is $500/month. I have no other loans or credit card debt. My credit is an 805 Equifax and 762 Transunion.

I am also aware of the ratio calculators but I am not looking to borrow the maximum amount and overextend myself. Does anyone know of any other calculators that are more conservative

admin answers:

The old rule has always been that you should be able to pay your rent/mortgage with what you make in 1 week, so 80,000 / 52 is $1538 which would be the ideal mortgage for you guys…

$1538 per month that is… So factor in your down payment, do the math with a mortgage calculator and see what that comes to….

Jenny asks…

Questions from a first-time home buyer?

My husband and I are looking at buying our first house. We’ve been in an apartment for a year and a half now and we’re more than ready to move into a house and actually have some counter space and decently sized bedrooms haha.

How do you calculate mortgage payments? I saw some mortgage calculators online, but they were not accurate. They didn’t ask for interest rates or property taxes or anything like that. They just divided the cost of the house over 30 years. I would have assumed that you multiply the interest rate (we’ll say 6%) by the cost of the house. Then divide the actual loan amount by 30 and add the interest to it.

80,000 x 0.06= $4,800 (per year, interest).

80,000/30= 2,667 + 4,800= $7,466/year or $622/month.

Is that how you do it? Am I doing it wrong?

Also, my husband is paying back his school loans. Our cars are paid off. We spend $65/week in groceries, $125/month for car insurance, $116/health insurance, etc. We don’t waste money on frivolous crap… And according to this mortgage calculator online, it says he needs to make $61,000. If the mortgage + utilities = what we pay in rent now, and we’re paying that on time every month with no problems, why does it say his salary needs to be almost twice what it is now?

This is stressful…

admin answers:

In my part of Texas your house payment on a $80,000 house with FHA minimum down payment, your monthly payment would be about $800 including homeowners insurance and property taxes.

Every mortgage calculator I have seen on line includes the principal and interest. It is not figured the way you did. But you made a good effort. Each payment remains the same but the principal is slightly higher with each payment and the interest in slightly lower.

The insurance depends on exactly what policy you buy and the taxes depend on your tax district and any exemptions you can take.

The calculator is making a lot of rough guesses. When you talk to a loan officer they will be able to take into account how good you have been with money and come up with a much better idea of what you will qualify for.

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Your Questions About Mortgage Payment Calculator

Maria asks…

I’m trying to determine how much home I can afford. Do I include rent I currently pay?

I don’t see rent payment as part of the monthly debt these online mortgage calculators ask for.

Please advise and thanks!

admin answers:

Rent is not in the calculator since you are changing your housing costs from rent to mortgage payments. A mortgage payment should not be much more than what your rent payment is or 30% of your gross monthly income. Ignore the rent payment to use the calculator. But use it as a guideline for what monthly payment you can comfortably affort toward a mortgage.

David asks…

Can I get a mortgage for $11,000?

Or would I have to buy an $11,000 home without it? Realtor.com says my mortgage payments would be $59 for 30 years, but I could pay way more than that and pay it off faster than 30 years. Using their calculator, I figured I could get a three year mortgage for $331 a month. Is this realistic? Would a lender accept those terms?

admin answers:

There was a great point made. What kind of property is this? If it’s a trailer, you may have difficulty getting a mortgage, some lenders do not lend on trailers. I would pursue either a personal loan or a home equity. I’m not a huge fan of home equity but it could make sense here with a line of credit. Lender do offer purchase lines of credit, but your credit better be sterling. I would shop around to see who can do what, look up the line of credit (make sure you get a line that will allow you to lock in a draw so you don’t get crushed when the rate adjusts every month) and personal loans and see what you can do.. Good luck

Linda asks…

Can somebody give me a clue on my mortgage payments?

I bought my first home about 8 months ago. I had no down payment and ended up getting two separate loans.

The first was $114,000 @ 6.75% 30 year fixed.

The second was for $38,000 @ 9.436% 15 year balloon.

Monthly payment on the first is: $1014.12
Monthly payment on the second is: $316.05

I can pay this. Its far from ideal but I’m paying only slightly more per month than I would for an apartment. I thought I might be able to refinance before too long but then too many people making $35K bought $350K houses and I’m thinking the chances of my doing that right now are slim especially since I’ve paid down next to no principle at this point.

Let’s leave the atrocious 9+% one alone for a minute. I know there are insurance fees and real estate taxes built into mortgage payments but I’m plugging $114K and 6.5% over 30 years into the generic calculators online and not getting anywhere near what I’m paying. Any help?
Was supposed to be 6.75% used for calculations…typo.

admin answers:

I get 739.40 for principal and interest. That would make the taxes and insurance about 274.72. Does that sound about right?

I don’t know why you would be using 6.5 as the rate if it is 6.75.

You are right. It would cost too much to refinance at this point even if you could. It would be years before you would actually be saving money.

I would focus on paying down the 2nd. The rate on the 1st is not that bad. If you add abut $80/month to the payments on the 2nd, you will pay it off in 15 years. If you could pay $500/month on it, you could pay it off in less than 10 years.

I hope this helps.

Chris asks…

JAVA programming code writing question?

Ok , I am doing an assignment for a mortgage calculator in JAVA. The assignment is to write the code first, then enter into JAVA to execute. I am all new to this so……Here is my code and it will not execute. I am lost as lost can be. Any help will be appreciated.

public class MortageCalculator {
public static void main(String [] args) {

//declare variables
double interestRate=.0575;
int amount=200000;
int term=30;
double monthlyInterestRate=interestRate / 12;
int totalMonths=term * 12;
double payment=amount * (1-(Math.pow((1+monthlyInterestRate ),(-totalMonths))));

//display payment amount
System.out.println(“The monthly payment for your mortage is” + payment);
}
}

Here is the info:

Formula for mortgage payment calculation:

a = [P(1 + r)nr]/[(1 + r)n – 1] — where P is the principal amount, r is the interest rate and n is the term in years.

Formulas to calculate the monthly payment and balance:

interestRate = .0575;
amount = 200000;
term = 30;
monthlyInterestRate = interestRate / 12;
totalMonths= term * 12;
payment = amount * monthlyInterestRate / (1-(Math.pow((1+monthlyInterestRate ),(-totalMonths))));

Formulas to calculate the amortization:

interestPaid = loanBalance * montlyInterestRate;
principalPaid = payment – interestPaid;
loanBalance = loanBalance – principalPaid;
//loanBalance is a running number, the initial value is equal to amount
I wrote this in notepad.

admin answers:

I tried to execute your code and it works fine (I’m not sure about the formula and all but wrt programming, it’s fine).
Just as a check:
name the file as MortageCalculator.java
build as : javac MortageCalculator.java
execute as : java MortageCalculator

For ease in debugging, you can use a good IDE such as Eclipse. Or at least notepad++

Helen asks…

Java solve this please?

Hi I would like help on this program I have been working on. It is an amortization table for a mortgage payment.My loop does the first payment and I am trying to update the Interest and principal and balance payment while the loop goes on.I can’t get it work in my computer and I wonder if I am missing anything at all. Please recommend the easiest way to fix it as I have been working on it by my own for long hours. Thanks and here is the code.
__________________________

/******* ********
***** Mortgage Calculator *****
*** Prepared by Bereket Isayas ***
** Presented to Todd Davenport **
* UOP PRG420*
*/
//import java.lang.Math;
//import java.util.Currency;

public class morgageCalc {

public static void main(String[] args) {
//Declared the data types as integers
int n,numofyrs,Month;

//Declares the data types as decimal numbers
double P,rate,fI,ratetozeros,rateoveryear,I,L,mp,decimals,result;
//introduces the Initial amount borrowed
L=200000;

//Owed Years
numofyrs=30;

//Yearly interest rate
rate=5.75;
decimals=12*100;

//Months in years
n=numofyrs*12;
fI=rate/decimals;
ratetozeros=rate/100;
rateoveryear=ratetozeros/12;

//Actual rate per amount borrowed
result=(int) (L*rateoveryear);

//Computes the monthly pay
mp= L*(fI*((Math.pow((1+fI),n))/((Math.pow((1+fI),n))-1)));

//Prints the monthly payment

System.out.printf (“Your monthly payment is $ %.2fn”, mp );

for(Month=1;Month<=n;Month++){

I= (double)(L*fI);
P=(double) (mp-result);
double balance = (double) (L-P);

System.out.println("Payment “+Month);

System.out.printf(“Principal$ %.2fn”,+P);
System.out.printf(“Interest $ %.2fn”,+I);
System.out.printf(“Balance $ %.2fn”,+balance);

n=n-1;
try {
Thread.sleep(1000);
} catch (Exception e) {
}

}}}

admin answers:

Have you tried not commenting out your imports?

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Your Questions About Mortgage Payment Calculator

Thomas asks…

Australian Mortgages – Extra payments per week vs periodic lump sums?

I currently put in $150 per week extra into the mortgage.

Should I continue doing this or bank the $150 pw into a 7.6% savings account (such as ING) and make 1 or 2 lump sum payments per year into the mortgage?

There are online calculators for lump sum payments, but they only calculate one offs, not annual lump sum payments.

Thanks!
Please, bankers and finaciers advise only.

admin answers:

The more you put on your mortgage up front the better off you will be in the end.

Jenny asks…

Help with mortgage?

I make about $2,000 a month. I am interested in buying an apartment for, let’s say, $150,000. On a 10 year term, at an interest rate of 5.00% a year, the total comes to $1,590.98, according to:

http://www.bankrate.com/brm/mortgagecalculator.asp?unroundedPayment=1590.982728586134&loanAmount=150000.00&nrOfYears=10&nrOfMonths=120&interestRate=5.00&startMonth=9&startDay=28&startYear=2007&monthlyPayment=1590.98&monthlyAdditional=0&yearlyAdditional=0&yearlyAdditionalMonth=9&oneAdditional=0&oneAdditionalMonth=9&oneAdditionalYear=2007&paidOffDate=Oct+28%2C+2017&submit.x=23&submit.y=9

Now, are those figures realistic? I want to move out of my parents house fast. How much would the down payment be? Any other expenses? Would I save money if I rented it out to someone else? Please let me know. Thank you.

admin answers:

Not realistic. First, you’ll never get a 5% interest rate, and you won’t get 100% financing on an apartment.

More importantly, you can’t afford it. Your debt ratio is too high. You won’t be able to qualify for a loan with a total debt ratio above 50% or so, if your credit is perfect.

You’ll need about 10% down payment, plus another $6,000 or so in closing costs. Other monthly expenses include utilities, food, telephone, internet, cable TV, parking, gas, etc. You could probably save money if you got a roomate.

Sounds like you should reconsider living with your parents until you are in a better financial position to move out.

Good luck.

William asks…

Help with Java program for a mortgage payment calculator?

As part of an assignment for an online Java class I have to write a mortgage calculator using a class provided by the instructor. Within the code given, the variables for P (principal) i (interst rate) and N (term length) is declared and set to zero. within the code i have written, i have lines to get user input for the three variables. then i have the instantiation code to call in the calc instance of the mortgage calculator class. the program works beautifully until I try to satisfy the last requirement of the assignment which is to “package” the two classes (my main class and the mortgage calculator class provided) into week2. When I package the two together, I being having problems with my variables. I’m not sure how to get around this… ?? I need to be able to input the variables from the user (despite not having a GUI to work with) and still calculate from the mortgage calculator class. as an example my code looks something like this:

1 public class MyMortgageCalculator {
2 public static void main(String [] args) {
3 line to use Scanner loanDetails = new Scanner
4 double P, i;
5 int N;
6 system.out.println (enter principal amount);
7 P= loanDetails.nextDouble()
8 system.out.println (interest rate)
9 i = loanDetails.nextDouble()

10 formatting line goes here

11 //code to instantiate
12 MortgageCalculator calc = new MortgageCalculator(P, i, N*12)
13 print response line here
14 }
15 }

Now, the error directs me to what is shown here as line 12. there are 2 errors at this line. The first points to the left hand side M in MortgageCalculator and the second error points to the right hand side M in MortgageCalculator.

Can anyone please help me fix this??? The code works before packaging but not after…
@McFate, yes, the files are saved in exactly the same folder. and when I leave the statement out and compile I have no errors. Thank you for any assistance. It’s greatly appreciated.

I also have the package statement as the very first thing in both programs. no comments or code present there. :-/

It has to be something related to that however since the program works fine when I put it in netbeans. it works fine. I did get an error that said the main class MyProgram was not found and asked me to choose with the only option being week2.MyProgram. Does this mean that the name of my class in the first line

public class MyPrgram {
public static void main…
}

should actually be

public class week2.MyProgram {
public static void main…
}

no I tried that… it doesn’t work either. 🙁
*********

Okay then the problem must lie in the location of the week2 file not being declared? for instance in your example foo.bar.MyClass, would the package line need to be altered to say
package foo.bar
or would that statement be something else within the code after the package line?

admin answers:

Did you put the two classes in the same package? Are they being compiled together? (Remember that package structure AND directory structure must match exactly.)

If you place the classes in a package named week2, then they must also be in a directory named week2. And you should compile from the directory above. (For example, if you reference foo.bar.MyClass, the compiler will look for a directory foo, containing a directory bar, containing MyClass (which must itself be declared as being in package foo.bar.)

NetBeans works because it handles all of this automatically — placing classes in a directory that matches their package declaration, compiling all the classes together, etc. You can do the same from the command-line, you just need to be careful about what directory you are in (the directory containing week2, not week2 itself).

@M

Chris asks…

Understanding how the calculation of mortgages/financing works?

I had thought I understood how the calculation of mortgage payments actually worked; now I’m not quite so sure and had thought I would give a hypothetical scenario, so that I could resolve this issue.

This is how I thought calculating a mortgage payment would work. Let’s say hypothetically a home was $50,000 and I was required to put 10% down. That would mean the principle would be $45,000. Let’s say I had a 30 year mortgage.There’s 360 Months in 30 years, so I took 45,000 and divided it by 360 That would make my monthly payment $125.00 monthly. Let’s say the interest rate I had was 10%. 10% of 125.00 is 12.50, which would bring my monthly payment to $137.50.

Now I know my approach is flawed because when I use the online mortgage calculator it says a 45,000 principle with a 10% interest rate at a 30 year loan would give me a monthly payment of $394.91.

I’m just wondering what it is I’m doing incorrectly. Thanks in advance for your time.

admin answers:

You cannot figure it how you did. For one thing interest is per year so you would divide APR by 12 for the interest per month. But that was not your major error in understanding loans.

Interest is not a percentage of each payment, it is on the remaining balance. So when you make your first monthly payment the interest of 10% / 12 would work out to 45,000 x 0.1 / 12 = $375.00 interest and subtract $19.91 from the principal, making the balance $44,980.09.

The 2nd payment would be 44,980.09 x 0.1 / 12 = $374.83 interest and subtract $20.08 from principal for a balance of $44,960.01, and so on.

Gradually as the principal decreases, the dollars in interest decrease and the portion towards principal increases, until your last payment is mostly remaining principal. And that is why paying anything extra early in the loan can have a large impact on the total amount of interest you pay. An extra payment per year could knock years of payments off of your loan.

Sandy asks…

If banks won’t lend you more than 22-28% of your income for mortgage, how can ppl possibly buy $1mil+ houses?

Does this apply to mortgages for houses $1 million+? Let’s say you want to buy a $3 million house. When I used the bankrate calculator, monthly payment came up to around $20,000. If the 22-28% you gross income rule applies, you have to at least earn $70,000-$90,000 A MONTH which equals to $840,000-$1,080,000 A YEAR. I know you don’t have to earn that much to buy a $3 million house, so I’m guessing the 22-28% rule doesn’t apply above certain price. What is this price, and where can I read more about buying expensive houses in much detail? Thank you so much!

admin answers:

They have assets I presume!

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