what happens if partner refuses to pay his half of the mortgage? The lender will hold you each responsible for payment in full. That’s the long and the short of it. You both agreed to the loan contract, and if it’s not paid in full there will be all of the consequences: Hits to your …
Category Archives: Mortgages
Is a VA Loan a Good Deal?
Veterans Administration, or VA loans, are government guaranteed loans available to veterans and active duty members of the armed services, that enable them to purchase homes for not money down. In fact, VA loans go up to 103 percent of purchase price to allow for some closing costs as well. VA loans are a unique …
“I’ll Pay For Your Appraisal” From a Loan Provider
This is one of those commercial gambits I keep seeing that has nothing intrinsically wrong with it, and yet it is most often a tactic employed by the more costly loan providers. In short, sharks and scam artists. The basic come-on is this: Loan provider offers to pay for your appraisal if you do the …
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How Soon After You Purchase A Home Can You Refinance?
Legally, immediately. With that said, there are economic reasons why it may not be a good idea for you to refinance. If you have a prepayment penalty, you’re going to have to save a lot of money to make it worth paying that penalty. Suppose you have a rate of 7 percent, and an penalty …
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Cash Back From The Seller to the Buyer in Real Estate Sales
Yesterday I dealt with a very disturbing phone call from a would be client. He was very happy with the way I found bargain properties, and wanted me to find him such a property. All very well and good. But he said that a condition of the transaction had to be that he would receive …
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Disasters and the Mortgage
after Katrina I am upside down with my mortgage.my house is uninhabitable. My flood insurance checkdoesn’t payoff the mortgage. How can i get a short payoffdue to financial hardship – i.e. relocation loss of jobs andsteady income? This is one of the hard truths about mortgages. They are a contract between you and the lender …
Issues with Relocation Loans
Sooner or later, a pretty fair proportion of the population are going to get an offer for a much better job, but the catch is that job is located in another city on the opposite end of the country. What are the major issues relating to the mortgage? Well, first off, the relocating spouse may …
Issues Relating to One Spouse Qualifying For A Loan On Their Own
“I am married but want to refinance my house only in my name. What do I have to do?” This is actually pretty easy, and there are at least two ways to potentially accomplish this, depending upon lender policy and the law in your area. Most lenders policies require the property to be titled in …
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Zero Cost Real Estate Loans
Got a question asking if zero cost loans really exist. They do. I’ve done several dozen myself, for clients who listened to me about the nature of the market. Let me define what a zero cost loan is. It is a loan with a higher rate deliberately chosen so as to get a high enough …
What Pre-Approval For A Mortgage Loan Should Mean
People are understandably hazy on the difference between pre-qualification and pre-approval. Pre-qualification is a non-rigorous process whereby somebody says that based upon the information as presented to them, it appears you’ll qualify for the loan. Pre-approval should be more rigorous. For A paper, it should mean that you’ve fed the final loan information, including qualifying …
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