Your Questions About Check My Mortgage Interest

Donna asks…

What kind of mortgage interest rate can I get with a 660 credit score?

I have a Chapter 7 Bankruptcy that was discharged 3 years ago. Will mortgage lenders even consider me for a loan of $100,000, with a gross yearly income of $75,000?

Since my bankruptcy, all of my payments have been on time, paying off credit cards (I have two) monthly. I have a school loan paid up to date, and no other bills. I check my credit score monthly, and for the past 6 months my score has been hovering around 660. I know it takes time, but what may lenders be willing to offer me with my current status? Should I wait another year or two before applying for a first time home loan?
Would renting an apartment for a couple of years “up” my credit score, and look better for lenders down the road?
I guess I’m in a “toss-up” between buying and renting. I just don’t want to waste any more money on renting. But I’ll rent again if it looks good to lenders, and a better interest rate. I know I have to pay somewhere along the line due to my own past financial mistakes.

admin answers:

Good……
Clean up credit …..Lexington, Ovation or do it yourself letters off of net.
Pay extra on all credit cards, student loans to build up your fico. Do NOT apply for any new credit. Opt out of all pre-approval nonsense. These soft and hard inquires bring down the fico.
Your 660 is a decent score……the higher your score the lower your interest rate will be.
Most lenders will give a 100% LTV no money down loan for 7% if cash flow is tight. Put 25% down and with your 660 fico you can get a much lower interest rate than 7%.

Sandy asks…

Is interest rate only criteria to pick a bank for my mortgage ?

I am shopping for homes and wanted to get a pre-approval letter and later get a loan from bank.

What factors do I need to consider to say that the bank what I am picking is the best one I got ?

Just checking the interest rate,my downpayment is enough ?

I have 800+ fico, 5 yrs work history, 20% downpayment.

admin answers:

Check also the points the bank is charging, and the loan fees, and ask which escrow company they use and then check the fees AND charges of that escrow company.

All of these items will raise your loan cost considerably and vary from institution to institution.

Donald asks…

Can I write off mortgage interest?

I live with my girlfriend, and we both split the mortgage payment. I write her a check every month. Can I write off half of the interest on my taxes at the end of the year, as long as I have the documentation of the payments made for the mortgage?

admin answers:

Yes

Lisa asks…

Is there a website that will give me an understanding of what kind of mortgage interest rate I will get?

I am on this quest to buy a home, and am trying to figure out what I should expect when it comes to applying for a mortgage. I intend to buy in a year, which gives me time to get my credit in the best shape possible as well as save for that down payment. At this point my biggest concern is making enough money to maintain homeownership. The purchasing part shouldn’t be a problem for me, but I don’t want to be living check to check, so I am curious how to figure out my monthly payments based on my specific scenerio. (ex., credit score, down payment, possible co-signer if it will help, ect.)
Is there a website or something that will let me plug in different scenerios to get an estimate of what I would be paying? (Like they do on car dealership websites.)
Oh, I am also weary of needing to type my contact info into a website, because I am not ready to have sales people calling me left and right…so preferably a website that doesn’t ask for contact info.

admin answers:

When you go to realtor.com their is a caculator assumptions on each listing input various numbers depending on down payment,cost of home-but keep in mind you cant forget insurance and taxeshomeowners are caculated with the monthly payments.each countys millage rate is different -here it is .18% =18 dollars for every 1.000.00 dollars of the price of home bought a home in 2000 new-cost 79000 at that time the taxes came in at 1286.52.you can call your local county appraisel office in your area to get a ball park figure on what your taxes will be based on the price of the home ,homeowners insurance varies greatly as to were you are looking to buy, in 2000 our policy was for456 in 2005 it went to 876 and in 2006 it went to 2186.a staggering thought i know if you have enough to put down uasually 20% you will not have to pay an additional fee for pmi its for those to be at higher risk to not be able to make their payments on a timly manner

Nancy asks…

which bank has a good mortgage or interest rate?

I don’t know much about buying a house, this will be my first time buying it. I don’t know a lot of thing. My questions are how do I know which bank has a low interest rate? I can’t let all them to check my credit score. It will hurt my score.

admin answers:

Be very, very careful of mortgage companies. Always go to a real bank or credit union. The reason so many people are losing their homes is because of mortgage brokers who are crooks. And your not knowing anything will make them screw you over even more. All banks are competitive. And the rates change day to day with the stock market. Go to the bank that you have your checking account with. Or a credit union, they often give good deals with no origination fees. They can all give you an FHA loan, which is a safe loan to get. Ask your Realtor to recommend someone. But still be careful, and make sure it is a real bank or credit union, because some Realtors don’t know anything about mortgages either.

Another bit of advice. Do not make any changes in your credit, or job until after you have closed on the house. The bank will check your credit when you start and then again just before the closing to be sure that nothing surprising comes up. Wait to buy anything new on credit. It is OK to pay something off, but do not add anything to your cards. Do not change jobs. Getting a mortgage will be the hardest type of loan that you will ever get. They will check everything, including where you are getting your down payment. Good luck, this is a good time to buy. Lots of good deals out there in many areas.

I use to sell mortgages.

Powered by Yahoo! Answers

Leave a Reply