Author Topic: Any mortgage experts on the forums?  (Read 20094 times)

Offline yelped

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Mar 2015
  • Posts: 5556
  • Total likes: 629
  • DansDeals.com Hat Tips 14
    • View Profile
Re: Any mortgage experts on the forums?
« Reply #180 on: September 15, 2020, 05:26:13 PM »

Offline Kobe Bryant

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2017
  • Posts: 1709
  • Total likes: 806
  • DansDeals.com Hat Tips 8
    • View Profile
Re: Any mortgage experts on the forums?
« Reply #181 on: September 15, 2020, 06:05:30 PM »

Offline snagger

  • Dansdeals Gold Elite
  • ***
  • Join Date: Dec 2012
  • Posts: 146
  • Total likes: 3
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: usa
Re: Any mortgage experts on the forums?
« Reply #182 on: September 15, 2020, 06:18:10 PM »
Pm'ed.
can i please get a pm with the bank that is giving 2.625?

Thank you!

Offline BarryLincoln

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2014
  • Posts: 1076
  • Total likes: 47
  • DansDeals.com Hat Tips 3
    • View Profile
  • Location: New Jersey
  • Programs: SPG Platinum, National Executive, Hertz Five Star
Re: Any mortgage experts on the forums?
« Reply #183 on: September 15, 2020, 06:19:57 PM »
can i please get a pm with the bank that is giving 2.625?

Thank you!
Same here, can i get a pm on the 2.65 rate?

Offline yelped

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Mar 2015
  • Posts: 5556
  • Total likes: 629
  • DansDeals.com Hat Tips 14
    • View Profile
Re: Any mortgage experts on the forums?
« Reply #184 on: September 15, 2020, 07:41:39 PM »
can i please get a pm with the bank that is giving 2.625?

Thank you!
Same here, can i get a pm on the 2.65 rate?
+1
Sent.

Offline peace123

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Apr 2012
  • Posts: 1265
  • Total likes: 7
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: usa
Re: Any mortgage experts on the forums?
« Reply #185 on: September 16, 2020, 01:47:32 AM »
Anyone can comment and answer this?

I have a mortgage on a condo where we reside and it is only 20% of the loan amount paid.  I still have 80% of the loan amount to be paid and many years of monthly payments to make. If I want to move to another condo or townhouse, do I have to first have paid off my current mortgage? Or I can still first sell my current condo home, get the money and then use that money to pay off my current mortgage? I can then use the remaining or profit money to put down on a new mortgage?

Thanks

Offline ckmk47

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2012
  • Posts: 6534
  • Total likes: 281
  • DansDeals.com Hat Tips 3
  • Gender: Female
    • View Profile
  • Location: brooklyn
Re: Any mortgage experts on the forums?
« Reply #186 on: September 16, 2020, 04:19:57 AM »
You are able to have several mortgages simultaneously.
But you'll need to qualify for each one as you apply.
Total monthly  payments on all mortgages can't be higher than about 35% of your  monthly income.  And your total debt payments ( car loan, cc payments, etc) each month can't exceed about 45%.
Total debt is much less significant than the  monthly bill.
My % numbers may be off, but you get the idea. 
Total debt .... is why you should be sure to pay almost all of your credit card bill before the statement closes (when you're preparing to apply for a mortgage).

Offline am7734

  • Dansdeals Gold Elite
  • ***
  • Join Date: Aug 2013
  • Posts: 169
  • Total likes: 8
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Any mortgage experts on the forums?
« Reply #187 on: September 16, 2020, 08:36:54 AM »
Anyone can comment and answer this?

I have a mortgage on a condo where we reside and it is only 20% of the loan amount paid.  I still have 80% of the loan amount to be paid and many years of monthly payments to make. If I want to move to another condo or townhouse, do I have to first have paid off my current mortgage? Or I can still first sell my current condo home, get the money and then use that money to pay off my current mortgage? I can then use the remaining or profit money to put down on a new mortgage?

Thanks
When you sell the condo that has the mortgage, the sale proceeds will be used to payoff the mortgage and closing costs with any remaining proceeds going to you as seller. It all happens simultaneously.
Practically speaking, at that point you don't own a home, and have to arrange for somewhere to live (of course you could try to rent back the current place you live from the purchaser/ allow for your move out to be x days from closing- all should be done in the contract of sale).
Assuming you have another place to purchase, you could in theory have all the proceeds from your sale wired to your purchase and that would be your down payment. Additionally/alternatively when you go into contract on your new place you would have put down a contract deposit which will also be credited at the new house closing.

I hope this is somewhat helpful/makes sense.

Offline peace123

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Apr 2012
  • Posts: 1265
  • Total likes: 7
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: usa
Re: Any mortgage experts on the forums?
« Reply #188 on: September 16, 2020, 10:42:48 PM »
Thanks for the responses. But I still havenít paid off the current mortgage and in fact I have only paid about 20% of my $125K loan amount. I put only 5% down when I bought the current condo few years ago. So if I  move and purchase a new townhouse or condo, I donít have  much to put down . How can I sell the current home that I havenít paid off? If I can I will use that money to pay towards new home.

Offline yelped

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Mar 2015
  • Posts: 5556
  • Total likes: 629
  • DansDeals.com Hat Tips 14
    • View Profile
Re: Any mortgage experts on the forums?
« Reply #189 on: September 16, 2020, 11:21:19 PM »
Thanks for the responses. But I still havenít paid off the current mortgage and in fact I have only paid about 20% of my $125K loan amount. I put only 5% down when I bought the current condo few years ago. So if I  move and purchase a new townhouse or condo, I donít have  much to put down . How can I sell the current home that I havenít paid off? If I can I will use that money to pay towards new home.
Let's say you sell your current house for $300k, and you owe $100k, so you payoff the previous mortgage at the closing. You then use the money left over after fees and taxes for the down payment on the next house. You can get a mortgage while in the process of selling the old house with a contingency that the old one get sold and your down payment comes from the gain of that sale. If the timing works out, you can have both closings back to back. I did that in the past.

Offline ckmk47

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2012
  • Posts: 6534
  • Total likes: 281
  • DansDeals.com Hat Tips 3
  • Gender: Female
    • View Profile
  • Location: brooklyn
Re: Any mortgage experts on the forums?
« Reply #190 on: September 16, 2020, 11:59:50 PM »
Thanks for the responses. But I still havenít paid off the current mortgage and in fact I have only paid about 20% of my $125K loan amount. I put only 5% down when I bought the current condo few years ago. So if I  move and purchase a new townhouse or condo, I donít have  much to put down . How can I sell the current home that I havenít paid off? If I can I will use that money to pay towards new home.
So you bought your current condo for $132,000.
Put down $7000.  Mortgage of $125,000.
So far have paid up $25,000 of principle.
You have $100,000 left on the mortgage. 
What is the current market price? 


When you sell:
Market price - $100K = your take home amount (minus fees)


Your take home amount is what you can put down on the new condo.


Technically, how do you shop when your down payment is tied up in your current condo?
am7734 and yelped are saying you shop and sell simultaneously.  And the contract of the purchase is contingent on your selling your old condo.

Offline peace123

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Apr 2012
  • Posts: 1265
  • Total likes: 7
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: usa
Re: Any mortgage experts on the forums?
« Reply #191 on: September 17, 2020, 12:38:55 AM »
mortgage loan amount is 120K. We put down around 5% only and we pay pmi.  When I checked few days ago, I still have around $95k left. It is 30 years.
The current market price is is showing 150K.

I thought that unless I pay the mortgage in full or after 30 years is completed, I can't sell it. If I want to buy a new condo or townhouse,  I don't have much to put down and the loan amount for new mortgage will be from 140K to $250K.

Why would my current mortgage loan company would allow us to sell it to someone else  if I haven't fully paid off the loan?  My loan gets transferred to new buyer or what? How does this work? Thanks.
« Last Edit: September 17, 2020, 12:45:17 AM by peace123 »

Offline Kobe Bryant

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2017
  • Posts: 1709
  • Total likes: 806
  • DansDeals.com Hat Tips 8
    • View Profile
Re: Any mortgage experts on the forums?
« Reply #192 on: September 17, 2020, 12:47:22 AM »
mortgage loan amount is 120K. We put down around 5% only and we pay pmi.  When I checked few days ago, I still have around $95k left. It is 30 years.
The current market price is is showing 150K.

I thought that unless I pay the mortgage in full or after 30 years is completed, I can't sell it. If I want to buy a new condo or townhouse,  I don't have much to put down and the loan amount for new mortgage will be from 140K to $250K.

Why would my current mortgage loan company would allow us to sell it to someone else  if I haven't fully paid off the loan?  My loan gets transferred to new buyer or what? Thanks.
You essentially are paying off the loan when you sell the house or in this case the condo.
So you have $55K of equity after you sell (minus fees etc.) that you can use to put down on another house
This is pretty simplified...


Offline peace123

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Apr 2012
  • Posts: 1265
  • Total likes: 7
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: usa
Re: Any mortgage experts on the forums?
« Reply #193 on: September 18, 2020, 02:44:10 AM »
Equity means the  payments I have made so far and profit I will make from the sell ? Like I bought for 120K loan and I sell for $150k?

Thanks for very valuable info. If in the future I decide to sell this condo room to buy a new condo or townhouse, I should first look for the new home and  price or I should first sell the current one ?

Realtor I hire will take care of everything right? That realtor will be paid by whatever profit I make?

I prefer townhouse type home cos it is not super expensive like a single house and it has privacy and no noise problem like a neighbor above you.

I like the current condo room we live at but this condo  is not tall, i mean it looks short from floor to ceiling and even a walking nose above me is heard loud. it has serious noise issue. I guess most buildings in US are built like that? You hear toilet flushing noise, walking noise , cleaning noise and sometimes the gay guys above us partying noise. if we move, how do I  check to find out that building doesn't have sound issue? Only new expensive buildings are built strong to not hear walking noise from floor above? From where I am originally from, except for huts or  makeshift homes of very poor people,  all buildings are built with cement and metal and we NEVER EVER hear neighbor above you  except unless they scream loud or open their window and scream. This is one thing I hate about buildings, apartments in this great country.  Many buildings in USA are made with wood and sponges right? I guess thats why a hurricane or tornado easily blows them off and you hear neighbor above you walking, toilet flushing, floor shaking noise from sex, etc.

Thanks
« Last Edit: September 18, 2020, 02:50:36 AM by peace123 »

Offline Help

  • Dansdeals Bronze Elite
  • *
  • Join Date: Feb 2020
  • Posts: 41
  • Total likes: 9
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: USA
Re: Any mortgage experts on the forums?
« Reply #194 on: September 22, 2020, 03:51:27 PM »
Regarding receiving gifts towards a down payment, Can the gift be made out directly to the lawyer, or it needs to come from the buyers account?

Thank you.