Randy T asked:


I am a first time home buyer. I have a house already ready to purchase for 204k. I will be putting 20 percent down and I will be needing approximately 163k. I am trying to go through Wells Fargo or Wachovia for the home loan because I was denied from the other mortgage company because I had 3 credit lines and they need 4 credit lines to be approved.

How many credits lines is required for wells fargo or wachovia to qualify?

Laurie

concerned_earthling asked:


I am looking for an acronym that fits the word leg.
I started with Liquid Equity Grab.
As in the bank grabs the equity in your home.
Free up the equity in your home and really pay the bank more with a LEG (Liqiud Equity Grab)
That does not sound official like an ARM (Adustable Rate Mortgage) does.

So here is the idea either a whole new acronym that fits the LEG or a word that starts with G that fits and sounds official.

The end result must be an official sounding phrase that uses the phrase an ARM and a LEG.

My house cost me an ARM and a LEG.

Maureen

Antonio Redford asked:


Every day one comes across several kinds of financial products like loans, mortgages and remortgages but have you ever heard of a loan that you could take against your immovable property and still enjoy living in it without any hassle. Well, yes it is true through reverse mortgage loan. It actually gives you a chance to own your property on loan. Well, it is a home loan that you earn through home’s equity.

Now you must be thinking how different it is from other loans? Well, reverse mortgage loan is a special kind of a loan that is available to equity-rich seniors. In this kind of service, repayment is not necessary until the borrower sells the property or moves to some other place or retirement home. You can say that it is a tax-free loan for homeowners whose mortgage has already been paid, well in advance but want to use the equity in their homes. If one has to follow the real definition, then it would be that a lender makes periodic payments to the borrower using his or her equity in the home as a security.

However, be ware and aware while choosing reverse mortgage loan as there are plenty of players that are offering loans to the needy in the market. A reverse mortgage is available in single-purpose, federally, and proprietary insured as well as covers the benefits and drawbacks of each. Thus, you have to consider many things when applying for this loan, such as how will it improve my life style, or how can I evaluate the property carefully in order to make an informed, wise decision to obtain it. Well, keep your worries aside as many financial institutions offer counseling sessions on the credit involved. The borrower receives the loan in a form of lump sum, line of credit and fixed monthly payment. To be eligible for reverse mortgage loan, you have to be an owner of a house and should be more than 62 years old. In fact, the benefits involved in it are that you do not have to pay the amount at one time or even in a form of monthly installments. Moreover, for procuring reverse mortgage loan you do not even have to go through a hassle of filling up formalities like income proof or a receipt.

However, a reverse mortgage loan is due upon three circumstances, such as the death of the borrower or the homeowner, in case the homeowner is hospitalized or after the home has been vacated for a consecutive one year. But if you think that that is all then you are here for another surprise in a form of special discounts and services on general insurance, health care, travel and entertainment services. Moreover, it is also involved in providing tax aide services and offers financial retirement plans to its clients. You can say that it all you wished for with that grin back on your face.



Caroline

HoustonJustin asked:

My wife and I owe over $150,000 in student debt with interest rates around 9-11% on each loan. Is it better to just refinance our house and pay it all off, for a lower monthly payment and interest rate?
To further clarify, our house is appraised at $250,000. We came into an inheritance and paid it off so we have no mortgage payment currently. Since we had to relocate to a new state, we are both unemployed and these payments are taking a toll on us. I’m sure we can get a rate on the home loan under what the school loans are charging us, and this way we can raise our credit score with a mortgage payment and have greater tax deductions? What do you guys think?

Jonathan

Ally asked:

what is an average interest rate for a 200,000 home loan???

Milton