Refinance Mortgage

I have been paying the same amount in rent as I would pay for a mortgage and I would really like to own a home. I know there are loans for poor credit but I am afraid that I will pick the wrong one. I realize with poor credit I shouldnt be looking into this but I am now better capable of handling my finances and have a steady income. I know which home I would purchase, just need to find a good mortgage. I dont want to jeopardize my family and end up with the wrong loan.
I have about 25,000 in savings for a downpayment which I realize I still need more……to avoid pmi . I plan to stay in the house for a long time.

If your credit is bad you will need a down payment. No 100% financing available if your credit it lower than 590. The down payment will be from 5% to 20% depending on your credit.

So if you haven’t started saving already, start now and get a copy of your credit report so you know what to expect.

I had a score of around 700 and recently bought a home for 200k. I got a 30 year fixed loan at 5 percent. I’m only 23… Well I just checked my score and its now 687. I’m guessing my score went down due to mortgage loan. How long will it take to go back up? And how much does a mortgage improve my credit?

The effect of ANY change on your credit score depends on your ENTIRE credit file. NONE ot your questions has a correct answer with one exception. In your case, the mortgage apparently reduced your score by about 13 points.

I was wondering if giving a credit for mortgage payments be more effective in rescuing the economy than subsidizing the financial institutions. This would possibly prevent foreclosures for people at risk, and also put more income into the pockets of people who did not take-on the high risk mortgage, thus adding to the economic stimulation.

The amounts of money (700 billion) are so large, it is hard to believe this is only about mortgages. I think the banks are guilty of making lots of bad investments way beyond the bad mortgages they made in this country. Corporate greed led them to this situation, and it seems rather crazy to bail them out so they can do it again. Some, if not many, of these businesses should go out of business.

Giving these dollars back to each taxpaying adult in this country would make much more sense. The money could be used to pay down mortgages, buy things that are needed, or pay off the huge medical debt many Americans have. I have looked for some explanation of just what the proposed bail out would accomplish and for some reason, no one is telling us–perhaps these financial geniuses that got us into this mess have no idea how this thing will work. Having the same people that caused this problem try to fix it just seems like the wrong approach.

My concern is that this taxpayer money will end up in the hands of a few people that are already way to rich relative to what most of the people in this country have. The current administration has shown over and over they can’t be trusted. How is this huge crisis going to be any different?

How about just canceling income tax for a year or two? That would provide a huge economic stimulus. How about all the law makers giving up their pay for a year or two? How about some of the many billionaires that made there bucks off the sweat of the rest of us giving back to the cause? There are many ways to solve this crisis that do not require our selling out the poor and middle class tax paying Americans.

Whatever we do, we can’t put another one of these same people back into office. Vote for anyone but Republicans in November. You still have time to get reregistered and then get out and vote.

I have a bank endorsed credit card for Bank of America. What happens if they go bankrupt? Do I still have to pay back the money that I owe on that credit card? What about people who have a mortgage through a bank? Do they have to continue to pay it even if the bank has gone under?

Bank of America is in good financial health despite the stock price. BofA is going nowhere anytime soon.

If you had a mortgage or credit card account with a bank or lender that went out of business, the assets of that firm would be acquired by another bank or financial group and you would be notified to send your next payment to them, or they would send you a new coupon book for your mortgage payments.

Debts do not get wiped out or forgiven because a firm fails. That has never been the case, and it never will be the case.

I haven’t actually applied for a mortgage loan yet, but I did get my (mortgage) credit report. Apparently they throw out the high and low credit scores and go with the middle score and mine is 650. What interest rate can I expect to offered?

freecreditreport.hotusa.org – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.