My husband and I are planning to move soon. I say that extra payments at this point are akin to putting money under the mattress. He thinks we will get more than we put in when we sell. We understand that extra money applied to principal shortens the loan, but don’t understand how that all works. Is the loan refigured every month? every year? Where would we find out this information? Our mortgage is with US Bank – would their customer service be knowledgable enough? Thank you!
May 212012
I had to move from one state to another. I have been trying to sell my old house for about a year. Finally I am going to have to do a short sell (I have a couple offers to pay less than what I owe on the home). I should probably get some money back [...]
I am 6 years into an interest only mortgage and want to change to a capital and interest mortgage. How do i go about this andhow do i get the money i have already paid into my endowment policy?
Apr 072012
Hi I want to know, according to UK laws and FSA regulations what can I do if my mortgage broker lied to the lender about my income? I accidently came to know this and broker is not yet accepting this. Mortgage lender is now asking for income proof (which broker wasn’t expecting) which would result [...]
My mortgage payment will adjust in about 18 months. The mortgage balance is $ 300,000. I can not refinance now since I am unemployed; however I do have a lot of money saved and invested. My savings and investments are about equal to the mortgage balance. Payments at this time are about $ 2,500. What [...]
Mar 072012
Last year I moved and I’m paying an interest only mortgage. It was my understanding that I would receive more money on my return. I actually ended up receiving less than previous years. This year I did a preview with Turbotax and it shows that I’m getting back a substantial amount more. How can I [...]
I’m getting a mortgage loan through a mortgage company but the guy that is giving me the loan seems a little bit to excited. How much money is he making off of the loan of 170,000 and what should I look out for?
Do mortgage companies make money by offering a higher interest rate. For example- one mortgage lender is offering 6.5, and mine is offering 6.75. If they are both equal for service, closing costs, etc., how could one offer a lower rate? Do they stand to make money off of the extra .25%? I tried to [...]
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