That’s what who said? asked:


I am buying a home. I will put down an offer for $65,000. I make $30,000 a year and have $19,000 saved up towards the home. I have a credit score of 725. I was planning on getting a 15 yr mortgage, and putting 20% down, basically because I want as little debt as possible. Today, I was talking with someone who recommended putting down as little as possible (FHA 3% even) and taking out a 30 year mortgage. He said I could use the money I would have otherwise spent on the 15yr, 20% down mortgage to invest, thus making more money than i will pay extra in interest. While his thinking made sense, I just can’t be comfortable with that much debt. I am familiar with other forms of investing. He also reminded me most 30yr mortgages let you pay more than your principle, and I would have more “cushion” this way. It just seems like a better idea to get the best interest rate possible (about 4.7% for a 15yr, as opposed to 5.1% for a 30 yr). With the 20% down I would also avoid mortgage insurance. I know i CAN afford the 15yr, 20% down payment, but should I go this route? Thank you!

Eric

Beth asked:


what steps do I take to legally move sombody new in? Please help!

Louise

dl3_ma asked:


Can I go FHA on a VA home being sold as is?

Linda

kenisha_taylor asked:


Need to know if it is possible to take a smaller loan for repairs on top of the original loan I will take out to buy the house.

Elizabeth

jam.three asked:


i am a month behind right now and have plenty of credit card debt and was hit with child support for a child for which the judge wont allow a dna test for.what can i do?please help.

Philip

annyvt asked:


My friends husband offered to do the paperwork, but would i benefit from having the same mortgage company do it or outside help? i was told by the mortgage company that if i keep them and do the financing with them i will save more. is this true? please help.

Francis

Liz C asked:


I will be purchasing a 4 unit building using residential financing so I’ll need to occupy one of the units in order to qualify for this type of loan. I would like to purchase a single home in the next year and wanted to know how that would affect my loan of the 4 unit since I will have to move out of there.

Roger

ibkid i asked:


I have 4 houses in total. Is there a limit in the number of house I can claim and deduct mortgage interests/property tax? I previously understood that I am only allow to deduct 2 property (my primary and 1 secondary home).

Gerald

BH16 asked:


What type of qualifications do you need to be approved… ex.

credit score, income, what automatically disqualifies you such as a repo???

Jay

qadata asked:


History: This person applied for home mortgage loan 7 months ago. At that time he did not have any liabilities/loans and had funds in his bank account too.

Bank went through loan approval process and approved this person for several types of loans (80/20, 80/15/5, etc) after looking into salary, bank statements, etc. This person went ahead and signed a contract with builder to build a new house.

Things have changed and now this person does not have money to make even 5% down and still wants to proceed with home purchse since there are enough credit card balance transfer offers he can use to make 5% or even 20% down without a problem.

I guess my question is would bank have any issues with down payment using credit card balance transfer? Is there a possibility bank would know this person ows money to a credit card company (if not timed properly since they are going to run a credit report again)? Has anybody done it before? any legal issues with this approach?

Thanks!
QAData

Cory