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Should i sell or refinance my home? Switch from 30 to 10 year mortgage?

admin — Sat, 19 May 2012 11:51:20 +0000

Question by Robert L:
Should i sell or refinance my home? Switch from 30 to 10 year mortgage?
I bought my home in Findlay Illinois in October of 2007. Its a 1 bedroom, wood framed, 900 square foot home built in 1916 with a 40×40 detached 2 car heated and insulated garage. I paid 35,000 for it. It appraised for 38,200 at time of purchase. 30 year fixed mortgage at 6.75% interest, financed with help of first time home buyers loan through usda rural development. My credit score was 640 at time of the purchase with no bad strikes or missed payments since and i have since payed off an automobile loan.

Looking at this graph in this link really scares

http://www.businessinsider.com/the-housing-chart-thats-worth-1000-words-2009-2

Im young and really goofed when purchasing this home as it was a rush rush situation due to a family member dying and i got overly excited about it and didnt do my research and get educated on the matter untill after i purchased it.

Im afraid that since the housing crash, the house may not be worth what i have left on the loan.

National interest rates are extremely low right now, so im considering trying to refinance it. I dont know if i would be better off refinancing or selling it right now.

I can afford a considerable raise in the monthly payment which is only 318$ after escrow, so im thinking of refinancing and going with a 10 year loan. I dont know much on the 30 vs 10 year subject but i would suspect its a lot harder to get a 10 year loan than a 30? Am i correct?

What would you do in my situation?

Best answer:

Answer by Reena
Go ahead and refinance. Your total mortgage was only $ 35,000.
No big deal in the big world of mortgages.

Save up a couple of thousand dollars and then refinance into a 10 year.
(Frankly… save up $ 10,000 and get that loan down to a 5 year…

There are people out there that finance cars that cost more than your house. Stay in it as long as you want… you will never see a better deal out there again.

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how can I get my 30yr mortgage changed to 40yr?

admin — Sat, 19 May 2012 11:02:08 +0000

Question by determined to do it:
how can I get my 30yr mortgage changed to 40yr?
my mom & I went together on a house in 2008 because she didnt like living in my mobile. We have it down to $ 183,877.62 and loan is at 6%. Since that time my credit has suffered due to 3 major medical bills going to collection and a car repossesion(all during time I was on disability and my insurance was not paying my bills). My mom has now done a total about face deciding she wants to live in senior community and going to walk off and leave me to deal with house. I tried asking Chase if I could assume the loan, they said no based on my credit/income. My income is 47,000 a year, my scores are Experian 644, Equifax 574 and transunion 589 for rounded of 602. This is up from December when it was 589. I have paid off 2 of the 3 medical, and got another car and been on time with payments(14%interest). I also got 2 small credit cards and paying them off after letting it cycle thru one month, but never using to more than 30% of total max, just to build credit. My mom’s name will be coming up at any time on the senior housing waiting list. So I’m looking for ideas, I tried loan modification to lower payment and they said no until she is gone and not paying her half. Cannot refinance to lower % till I get to 620 credit score. I also just found out she signed a paper years ago when she was on California free medical program that any asset when she dies, the state can take to pay them back for 12 years of her free medical. She used over 90grand, so I have to get this place out of her name or everything I’ve paid into it will be lost to the state. Is it possible to refinance to a 40 year when you’ve been on a 30 year so you can lower payments and also remove one person’s name? Or do they only do that stuff for those with good credit?
Chase said that I do not qualify to refi on my own, even though my debt to income ration is very low because of my credit score. I cannot even modify loan because of score. I am confused why the person said it’s median, because even the credit counselour program offered by the city I live in, which charges nothing, said to take the 3 scores, total them, then divide by 3 and that is the score the bank goes by. My mortgage insurance is in place for 10 years, so that wont drop off until another 7 years, and my mom wont be here that long. The other person was confused about the 90 grand. That is how much my mom used from State Insurance. Say by some miracle of God I could make the payment on my own til my credit comes up, then refinance, still when I sold the house someday the state would take $ 90 grand towards what she owned because her name was on the title. So I must have her name off the title before she dies, which at 80 could be any day. Someone once told me I could have her quick d

Best answer:

Answer by Phemie Stulick
about it you can get information from here bizfin.in/ans.php?ques=3AA07Ft

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Have you ever been to Wisconsin?

admin — Sat, 19 May 2012 02:02:10 +0000

Question by David Bianchet:
Have you ever been to Wisconsin?
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Best answer:

Answer by Mr.Butt Burn
wtf?

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Should I say something?

admin — Fri, 18 May 2012 21:51:57 +0000

Question by SweetCocoaAngel:
Should I say something?
So my parents, mostly my mom favors my brother. And I don’t want to sound super jealous. Because I am not, just they put their lives in the line for him all the time financially. For an example. When he got married they bought him a townhouse. two months later she decided they should move to Florida instead. And they do. The townhouse is in foreclosure now, under my parents name (Townhouse=$ 185,000) Also, my parents are paying off my brothers student loan, which he did not even finish going to school for. ($ 90,000 a year= $ 965 dollars a month)

I tell them stop, or rather, I tell them to tell my brother to pay off his own student loan. But they said no since he is now deciding to be a lawyer and they want to pay off his student loan before he’s done with lawyer school (Did I mention he has changed his mind ten times through out one school year and having my parents pay for him)

I, on the other hand, paid myself to stay at a community college for 3 1/2 years while trying to save up for a 4 year school as much as I can. I chose the cheapest 4 year school to go to with my major ($ 10,00 a year including summer semester, at 12 credits per semester) and my mom last month said they could help half way with the payment since how this school works is you have to pay it off within 3 months of the semester. So $ 2,600= $ 850 a month. I already pay $ 300 dollars a month for the community college, $ 250 for my car, $ 250 for gas. So if I paid everything it would be — $ 1,300 a month and that doesn’t even include books or anything else!)

BUT, now my mom said yesterday she can’t afford the other half. Instead they are going to go to Florida for a few weeks and spend $ 2,900 dollars to go down and visit my brother,sister-in-law and nephew. I was a bit shocked. Since she said she wanted to help so bad but then when she realized she could go down to see my nephew instead of helping me with my education even a little bit she dipped.

WHAT DO I DO!? I can’t go to the 4 year school now. Because in order for me to get a student loan I have to move out which I can’t afford that and going to school. My parents have such a bad credit score, I tried taking out $ 1,000 last year and they said no because I would have to co-sign with my parents. WHAT THE HECK AM I SUPPOSED TO DO?!

Should I say something to my brother? About how I can’t go to a 4 year school now….
I have a job thank you very much. I don’t make $ 1,300 a year. I’m trying to get a 2nd job so I can work 50+ hrs a week. OKAY!?

Best answer:

Answer by RoystonChan
asd f

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Have you ever been on a cruise?

admin — Fri, 18 May 2012 17:02:53 +0000

Question by David Bianchet:
Have you ever been on a cruise?
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Madonna on Lady Gaga
Greatest metal tunes

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Sinead O’Connor (Steve Granitz/WireImage) ’90s stars’ erratic behavior Iranian president Mahmoud Ahmadinejad waves from

Best answer:

Answer by Marian Sweets
wowowoowowow
never

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Is it true that opening store credit cards lowers your credit score?

admin — Fri, 18 May 2012 14:52:14 +0000

Question by Cat:
Is it true that opening store credit cards lowers your credit score?
I read somewhere that when you open store credit cards, you get 20 points taken off your credit score. Is this true?
What constitues a “store credit card?” Are they things like the Macy’s card, which you can only use at Macy’s? Or ones that are affiliated with a store but you can use at other places as well (i.e. Target Visa Card)?

Best answer:

Answer by general
No but opening to many lowers it because your debt to income ratio. Also running your credit drops your score, if you don’t get the card you have a hit.

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Are there any credit cards that give you free access to your credit score?

admin — Fri, 18 May 2012 08:02:51 +0000

Question by ♥—>{Shauntee}<---♥:
Are there any credit cards that give you free access to your credit score?
I currently have WAMU and a credit score update is one of their perks. I love this feature but it will disappear this week when Chase merges all the WAMU information into their databases. Because of this change I don’t even want the card anymore, but I would love to get another card with this same kind of perk.

Best answer:

Answer by Judy
I haven’t found any others.
I think Navy Federal Union was having one – but not yet.
Don’t sweat it.
I’ve heard countless times, that the WAMU score was not accurate.

Pay your credit card bills in full each month, that way you’ll know you have the best credit you could possibly have.
/

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Is 719 a good credit score?

admin — Fri, 18 May 2012 07:52:47 +0000

Question by Kevin:
Is 719 a good credit score?
I checked my Equifax FICO score today and it was 719. Is this a good score considering the facts that I’m only 19 and I’ve only had a credit card since May ’08?

Best answer:

Answer by Polish Meg
Your score is good but thats only one part of what banks use to decide whether to grant you credit. Length of your history and the number of accounts you have open also play factors.

What do you think? Answer below!

This is my question about the need for a credit report to get a job. When did it become a law you must have this before you can get a job. My thought is that this is just one way to lower your pay.

What is a better way to pay off credit card debt and improve my credit score?

admin — Fri, 18 May 2012 00:52:02 +0000

Question by Nice Guy:
What is a better way to pay off credit card debt and improve my credit score?
Here is the scenario…. I have a credit score of 650, I have high balances on all four of my small credit cards (500-650 limits). I have 1,200 saved up to go towards paying off these balances. Whats the best route to go? Should I pay off two of these cards and leave the other balances high or should I spread out my money and pay down to make all of my cards a little lower? What looks better on the credit score?

Best answer:

Answer by billie b
pay off 2 then work on the other ones

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Is there a huge difference between a FICO credit score and the score given by the 3 credit bureaus?

admin — Thu, 17 May 2012 23:01:57 +0000

Question by lamontsmith13:
Is there a huge difference between a FICO credit score and the score given by the 3 credit bureaus?
I’ve already gotten my free credit reports from annualcreditreport.com but now I’m looking to monitor my credit score periodically from all three bureaus. I know that FICO is probably the biggest credit score service is their number that much different than what I’d get from the credit score source that Equifax, Experian and TransUnion use?

I just don’t want to pay so much more for nothing. If FICO says my Experian credit score is 700 and I go to Experian.com and their service says my score is 692, I don’t see the difference.

Thanks.

Best answer:

Answer by Dr. Deth
each agency uses a different formula probably – they should all be within 15 points of each other. It may depend on timing of when your score was calculated with each agency – probably not all done on same day – they may not ALL have the exact same info available about you and your accounts

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