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Duration : 0:1:12
These “No Money Down” deals are actually seller financed properties. That means that instead of paying the seller the entire purchase price at settlement, when you close the deal (which is the typical scenario) you will actually pay the purchase price in increments over time. Just like you pay a mortgage payment. The key to doing this is negotiation with the seller.
Watch this video of REI veteran Lou Brown discuss how he goes about convincing sellers to seller finance properties he’s interested in purchasing. Lou Brown has been investing for over 30 years and has never used a bank loan for his investment properties.
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Duration : 0:4:55
Help! My husband and I are renting a home and we are totally in love with it. The owner of the home is anxious to sell it but we have really bad credit (low 500’s). He mentioned maybe the bank just removing his name from the mortgage and putting ours on it. Is this possible? Can a bank do this? He says he has a really good relationship with the bank. Is this called "assuming the mortgage/loan"? Thanks!!
If the bank will allow you to assume the mortgage when you buy the house, that might be great. I’d be doubtful that the bank would approve that given your credit history, but if it does, go for it.
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Duration : 0:1:1
My wife and I are buying a house. We’re trying to decide whether or not it would be beneficial to make a down payment to lower our monthly payments, or if we should just keep our cash and use it to make the improvements that we have planned for the house. Our rate is 5.375% and we will have no PMI. We’ve determined that after closing costs, we’ll only be able to make a down payment of around 5%, which would lower our monthly payment by about 5%.
Also important to note is that we are probably going to keep this house for less than five years, assuming that home prices don’t fall drastically.
Obviously, if rates were higher, like in the sevens, it would make more of a difference in the monthly payments. However, as rates get lower, at what point does it no longer make sense to make a down payment?
Okay, so two of you obviously think that I’m lying, and Realtoratheart, you apparently didn’t even read my question. And, Dr. Deth, I don’t know what gave you the impression that I’m in this to make money. So let me just clarify a few things: The loan is 100% financing at 5.375%. No PMI. This isn’t just a guess or a fantasy. We’re closing on Thursday and these are the terms of the loan. Yes, it is USDA. As I stated earlier, my only reason for wanting to make a down payment is to lower the monthly payment, so adding an extra payment each year for "principle only" will not accomplish that goal, although we are planning on doing that regardless. I am aware of the homeowner’s insurance and property tax costs. I deliberately left those variables out of the equation. I just want to know from people who have more experience (as I am a first-time homebuyer) whether it’s better to have more cash on hand or a lower monthly payment.
And, realestateguy, thank you for pretty much just re-stating my question.
If you are only going to stay in the house for less than five years, then you would probably be better keeping the money. However, realize that by putting less money into the home to begin with, your net gain (if there is one) on the home will be lower because you won’t have as much equity in it.
If you hear the phrase “bad debt advice”, what comes to mind firstly? Even if you might be tending to presume that this means bad opinion in getting out of debt, bad debt advice really involves receiving advice or information in getting out of bad debt, fruitfully.
Why are you Deep in Debt?
Before getting the needed solution on your debt troubles, you require to make an assessment as to why you got to your financial dilemma in the primary place. What led you into debt? Do you forever plan your expenses or do you shop on impulse? How would you lessen your spending? If you are not sure whether a thing is a necessity or a luxury drop it from your purchasing list and you will be surprised as to how much you can in fact save. This is a respectable debt advice for people who are rash buyers.
Create a Personal Plan
After finding out what stuff reckon as essential expenditures and which do not, you might now make a personalized plan in extricating yourself out of debt. As much as achievable you need to get a second or 3rd opinion from trusted persons, in addition to debt management specialists. You may count on friends and family members for advice, however nobody beats expert advice as it comes to debt management.
Nonetheless you cannot discount the debt advice that other debt-ridden persons may provide you, particularly if they had been able to get out of their state successfully. There are also different sources offering free debt management or assistance advice online. By getting such information you might add more contribution to your debt management plan, so you will be out of debt before long. Your plan must include cost-cutting measures, so you may maintain your expenditures and debt degrees at a lowest. You would need to calculate your total debt as well as decide which debts from which lenders need to be paid off initially. This would mean choosing to completely pay your minimum debt first or to take care of your debt with the peak interest rate. It is also significant for you to determine how much you would be able to pay and how you can keep up with the plan, bearing in mind your income and expenses.
Offer Yourself Benefits
Organizing your debt can be frustrating which is why rewarding your self once in a while can be beneficial. Simply make sure that you won’t end up spending too much on these small rewards.
Be Firm
A helpful debt advice just isn’t to give up on your efforts. It is probable to attain liberty from your amount overdue if you follow through by your plans and keep your spending habits to a acceptable level.
Attorney Negotiated Mortgage Loan Modification for Home Owners. Expert Advice on Real Estate and Finance. Avoid Foreclosure Scams and Fraud. Prevent Bankruptcy. Go To http://RealEstateMarketingThisWeek.com
Part 5 (Excerpt)
The Loss Mitigation Department at the Bank is not on your side
Welcome back once again my guest Brett Fallon, Brett is a regular guest on the show, he is a registered financial consultant with RG Capitol and AIG Financial Advisors Brett W Fallon welcome back to the show.
It is nice to have the financial advisors perspective on some of these things so many people dont have a financial advisor so for thousands and thousands of people listening right now you are their only option for that, financial advisory services are typically not for the masses but again you are here to help and your services are available to quite a number of people you actually work with fortune 500 companies is that correct?
Yes, I do a number of workshops for fortune 500 companies that are headquartered here around the valley, the idea is to help people create efficiency with all assets, understanding that their home and home mortgage is typically the largest asset that most Americans have and if you are not treating that with efficiency, the retirement accounts and investments accounts, and all the other stuff has to work in concert, so Im happy to weigh in with information and give you my viewpoints and my perspective.
We were talking just a few moments ago about utilizing an expert negotiator when trying to do a loan modification, people are getting mail from bogus service sources, we have already covered that, but from their servicers saying if you need help with your mortgage, help is here, give us a call. Im certainly not going to tell everyone in the world that they cant do their own loan modification because some people are qualified to negotiate on their own behalf, though in my opinion they will still be emotionally attached to it and if they hear something that sounds good, it may be enough for them to essentially bite at the offer which is exactly what the loss mitigation department wants you to do.
It goes back to the disinterested third party, that expert negotiator, negotiator being the key word in that phrase. One of the things we were talking about and I want to make sure that we address this especially in this segment, we are talking about loan modification of mortgages of people that have some financial constraints, some pressure whatever the source of pain is, for them knowing that this option exists to take an existing mortgage loan and modify it to their best or better interest, from what it currently is, so who should and who should not do a loan modification, lets start with that.
Ill tell you and lets start with people who shouldnt do a loan modification. Someone who thinks their interest rate is too high and owes more than the house is worth, feels that they are entitled to a loan modification, is not really a good enough reason or a hard enough hardship for those types of people unfortunately. This is essentially a handout that is being offered because of some of the malpractices, if you will, that were happening within the mortgage industry over the last several years.
With these big huge banks offering these products that were teaser loans, toxic mortgages, as we call them now. We certainly didnt call them that then when the consumer calls me up and says I want that 1% loan thats going to be my ticket. Unfortunately people took theses loans but what they didnt realize is that someday this loan with the ridiculously low interest was going to reset and their payment was going to quadruple and who on earth could have known that the economic times would be as bad as they are and they would have no option to get out of these loans.
So someone who simply finds themselves upside down on their home, owing more on the house than the actual value of the house, does not necessarily need to consider a loan modification. No they may not qualify on those merits alone in most cases.
I just want to make a point, I was reading an article in the wall Street Journal about this stuff and basically the gist of the article was that the average foreclosure on any property in the United States costs the lender $50, 000 from start to finish…
Duration : 0:5:26
My husband and I bought a manufactured home back in 2001. Unfortunately, we were very inexperienced and did not understand that having money down at closing was so important. At the time, we also had bad credit, but the dealer was determined to sign us. We ended up buying down 7 points and rolling it into the cost of the loan along with the other closing costs in order to lower our interest rate into something we could afford. It was lowered from 12.5% to 10.75%. We have always made timely payments for the last 6 years, but would like to refinance to get the incredibly high interest rate down. Our current lender says that 10.75% is their lowest rate, and our credit union won’t finance due to the negative equity. The house is appraised at $81,000 and we still owe $92,000 on the loan. I’ve heard that there are loans available for 125% of a home’s value, but not if it’s manufactured. Does anyone know of any alternatives or have any useful suggestions to help us?
Also, just to clarify, the house is attached to a permanent foundation on a piece of land that my husband and I own.
The highest LTV you’re going to get on manufactured right now is about 90%, and that’s even if you can find a bank to do it, because they’ve been avoiding manufactured like the Plague lately. Reason being is that property values are on a down trend, and the first properties to drop in value are mobile and manufactured homes.
Whether you’re buying a home, refinancing your current home or consolidating debt there is a mortgage loan for you regardless of your past credit history. Options are available for borrowers with credit scores as low as 350!
Duration : 0:5:25
Finding down payment assistance and closing cost assistance is not always easy.
Many times these programs have run out of money or they are waiting to get it.
www.caldpap.com is a complete list of all of the programs available in the state of california.
Either click on the “Find Down Payment” button or the “Live Chat” button for immediate help!
Duration : 0:1:1
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