6
votes
1answer
144 views

How do banks feel about loaning money to independent IT contractors for a home mortgage?

I'm in IT, I go on contracts that range from 3-6 months, but they have a termination clause of 2 weeks usually. I earn $900 NZ per day. How lenient would a bank be on lending say $400K to me, which I ...
5
votes
1answer
113 views

Loan from Canada to UK

I live in Canada. My brother in the U.K. is thinking of purchasing a house with his wife. They are both teachers and careful with their money but don't yet have money for a down-payment. I am ...
1
vote
1answer
863 views

Can I work with two or more mortgage brokers at the same time?

When searching for a home loan, can I get two or more mortgage brokers to search for the best rate for me and at the end just choose the one that found the best rate?
4
votes
3answers
408 views

Is PMI rate set until 20% paid off

From various things I have read, it seems like PMI stays at the same rate, regardless of how much you owe. Is that right? That is, say I put down 10% and I get PMI. Will my PMI payments stay the ...
3
votes
2answers
773 views

want to refinance FHA loan, may move out unexpectedly and would like to keep as investment property, what are my options?

I'm currently in my primary residence with an FHA loan. I'd like to refinance for a better rate (as I can likely get it down at least 1.5 percentage points or so). I also intend to ultimately use ...
2
votes
3answers
3k views

Why would this FHA refinance cause my mortgage insurance payment to increase so much?

I have a 30-year fixed loan at 5.25%, of which I still owe $184,000. Current payment is $1463/month including PMI, escrow, taxes, etc... and I've been in this loan for 2 1/2 years. Current appraised ...
3
votes
2answers
218 views

Questionable Home Loan/ Construction Agreement Clause

I'm in the process of building my first home. While I have enough money in the bank to pay for the home straight up, I would rather take advantage of the record low interest rates and keep my money in ...
5
votes
2answers
7k views

Can I get a housing loan for my father's property?

I want to apply for a home loan, but the property is registered in my father's name. Is it possible? Can anybody help clarify my understanding of home loans?
0
votes
1answer
712 views

FHA Reduction Notices From Third-Party Companies - Scam? Or Something To Consider?

We've got an FHA loan on our house with a 4.75% interest rate. We get a lot of seemingly junk mail but one item from "American Financial Network" caught my eye: The Federal Government recently ...
5
votes
2answers
497 views

Why would an FHA loan require a loan guarantor to also be a party to the deed?

My daughter is buying a house with an FHA loan but does not have enough income to qualify, so she needs me as a co-signer. The loan originator is claiming that, by FHAs terms, if I am co-signing, I ...
5
votes
1answer
136 views

HAFA: Missed 14 Day Response Window — Am i SOL now?

I have started the short sale process with Bank of America and I am going through the federal program HAFA. I initiated the process but delayed submitting documentation longer than the mandated 14 ...
4
votes
2answers
116 views

Home loan refinancing woes about costs and paybacks

My wife and I bought our house about 4 and half years ago, just a little before the housing market crashed. We didn't have a lot of money, so we played it safe and got into a house that most would ...