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EbCTlandlord

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Posts: 3
Reply with quote  #1 
Purchasing a new home and planning on renting out current condo. Have been given mortgage rate for new home. Would like to either refinance or do loan modification on condo to lock in better rate and reduce monthly payment (it's currently a 5 yr ARM). Will bank consider this and if so, how will new home affect rate I can get on the condo that I'll be renting out?
Marytmary1978

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Posts: 445
Reply with quote  #2 

Just get a new loan (refinance ) the condo.  Why in the world would you do an ARM when fixed rates are at the historical low, and the difference is so little compaired to an ARM?

EbCTlandlord

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Posts: 3
Reply with quote  #3 
I should have framed e question differently. I plan to refinance the condo by changing to a 30 yr mortgage. Would the same bank be likely to give us both mortgages? I'm planning on using a local bank for the new home- they've given a good rate. The condo (w/ the 5 yr ARM) is with a larger bank. Would the local buy the mortgage from the other? I'm thinking that would depend on appraisal and what I owe on the mortgage.
Marytmary1978

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Posts: 445
Reply with quote  #4 

It all depends on:

your credit rating

your income

the perctage of the value you want to finance.

 

If you are making a milion a year and have a credit score of 780 you will have no problem financing a number of homes (assuming they are not multimilion dollar homes)

 

If you make 10 thousand a year and have a 300 credit score-- you will not be able to finace a tree house.

 

Just ask the mortgage company and shop around.

JennfieSmith

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Reply with quote  #5 
It totally depends upon your credit score and income and if you have high credit rating you could be able to finance frequently on number of homes.

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LisaSmith

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Reply with quote  #6 
Love that you are tailoring your content based on this topic and reacting to the demand rather than just writing this post. Nice piece of work.
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MatthewSm

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Reply with quote  #7 
Refinancing replaces your current mortgage with a new loan that has a more favorable interest rate and terms that you can afford to manage. The new loan is secured on the same property as your current loan. The new loan funds are used to pay down the current mortgage while any remaining money can be used to your best advantage.
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EmilySmith

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Reply with quote  #8 
Since you most likely will need to get a mortgage to buy a home, you must make sure your history of credit score is as clean as possible. A few months before you start home hunting, get copies of your credit score score. Make sure the facts are correct, and fix any problems you discover.
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Bennett

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Posts: 47
Reply with quote  #9 
The housing problem is not one of monetary policy. Rather it is the story of an economy waged in a deleveraging cycle which is being hampered by a structural shift in employment. Over a decade of declining net worth, stagnant wage growth and rising inflationary pressures continue to choke off household formation. Furthermore, the psychology of home ownership in America's youth has been changed from "buy a house it always goes up in price" to "renting is better."
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prin1113ci

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Posts: 86
Reply with quote  #10 
This tool will show you can be mortgage-free faster . Save by using the equity in your home to borrow at lower interest rates .


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kobe27

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Posts: 5
Reply with quote  #11 
Going with the credit score if you acquire a good credit then things would be in your favor and you would successfully grab the chance. Well loan modification would certainly going to be a great idea as the monthly installments and the interest rate would be low. Make sure for any prospective requirement cash loan would be a great assistance for a smooth go.
sadiyakhan

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Posts: 22
Reply with quote  #12 
The mortgage rate determines the interest you pay on your mortgage loan when you borrow in order to buy or refinance your home. Your monthly mortgage payment includes the interest you owe on your outstanding loan balance and a portion of the principal itself, which reduces the remaining loan balance.  The mortgage rate really matters because a one-percentage point difference in mortgage rates translates into at least a 10% difference in the monthly mortgage payment.


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annalee_workman

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Posts: 5
Reply with quote  #13 
hallo..
sorry friend i have no enough money to take a home.but i want.please tell me cheep house.
thank you

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richardson03

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Posts: 10
Reply with quote  #14 
I never been do that before and it seem that it can be work.Well in Finland country there are many people are looking for kirjanpito or accounting for them to know how can they manage their money and debt specially in matter of mortgage.
shagydeep

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Posts: 18
Reply with quote  #15 
Hello,
My advise to you don't purchase another house and gives your part current house on rent so you can live in it and will get rent on it...
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