Sentences with phrase «debt on an existing mortgage»

When a buyer purchases property «subject to mortgage», the buyer agrees to assume the remaining debt on an existing mortgage, but the original homeowner remains on the loan and, therefore, remains personally liable for the debt should the buyer default on making the monthly payments.

Not exact matches

As you work through the application, make sure to gather account statements on your existing mortgage, car loans, student loans, home equity lines of credit and any other debts.

You will need to gather account statements on all remaining debts, including your existing mortgage, home equity lines of credit, car loans and student loans.

On the other hand, a low - income applicant may afford the same mortgage because their existing debt is extremely low.

By taking out a second mortgage on their home, borrowers can turn existing equity into cash to consolidate debt, fund home improvement projects, contribute to an investment home purchase, or build a secondary unit.

Private lenders focus on the market value and existing debts on a property when deciding whether or not to approve a mortgage application.

Some mortgage lenders offer mortgage refinancing options, which will enable you to pay off the outstanding balance on your existing debts and replace them with a new mortgage.

Harry is forced to continue to rent, because he doesn't have the money for a down payment on a new home, and the existing mortgage affects his debt to income ratio.

These lenders consider the existing mortgages on the property and they do not give a mortgage if your property has too much debt.

Private lenders are keen about market value and existing debts on a property when deciding whether to approve mortgage applications.

If a lender sees a very high amount of existing debt in a property they will not agree to put a mortgage on a property.

Similar to a short sale, a short refinance on an FHA loan allows homeowners to refinance up to 96.5 % of their home's current value provided your existing lender agrees to write off any mortgage debt in excess of your maximum FHA loan amount.

Clearing existing debts through a consolidation loan can make a hugely positive impression, as well as ease the interest rate structure the lender is likely to charge on the mortgage loan.

Private lenders of bad credit mortgages will look at existing debts on a property as opposed to credit score.

Keep in mind — the new mortgage is based only on your income, credit score and existing debt.

This includes your personal information, your employer's contact, evidence of income for the previous two years, proof of homeownership and insurance, a mortgage statement, and any evidence of existing debts and liens on your home.

People would have to spend more on existing debt, such as their mortgages, and would have less to put towards other economic activity.

The primary reason why most homeowners consider paying off credit card debt by consolidating all of their outstanding credit debt into a second mortgage is because the interest rates on their existing credit card are simply too high.

Any late mortgage payments within the past 36 months on the existing USDA loan, with emphasis on the most recent 12 month period, must be analyzed and addressed by the lender to determine if any late payments were a disregard for financial obligations, an inability to manage debt, or factors beyond the control of the borrower when considering the underwriting decision.

Private mortgage lenders will need to look at the existing debts on your property and get an estimated selling price for your property.

Instead of looking at credit, private lenders will look at the existing debts on a property when making a decision to provide a mortgage.

A3) Cash Out and / or Consolidation of Debt - Consumers looking for this type of refinance option break into two categories, consumers looking to borrow money on a clear title and those that have an existing mortgage and are looking to pull equity from their mobile home.

Start saving money on your mortgage — all while leveraging home equity to pay off existing student debt.

The previous cap on total mortgage debt of $ 1 million remains in effect for existing mortgage holders.

Now is a great time to get a mortgage on a new home, refinance an existing mortgage or use a home equity loan to consolidate your debt with a lower rate (and potential tax advantages).

A3) Cash Out and / or Consolidation of Debt - Consumers looking for this type of refinance option break into two categories, consumers looking to borrow money on a clear title and those that have an existing mortgage and are looking to pull equity from their manufactured home.

This would include the amount you owe on your mortgage and any existing home equity financing debt.

For the properties Jeremy purchased on the MLS, he said, «either it said on the MLS that they would take seller financing or it didn't say that but they'd been on the market for a little while and it was a value add opportunity where they had a low enough mortgage balance that we could do seller financing and give them a down payment big enough to cover their existing debt.»

Homeowners may refinance mortgage debts existing on 12/14/17 up to $ 1 million and still deduct the interest, so long as the new loan does not exceed the amount of the mortgage being refinanced.

Homeowners may refinance mortgage debts existing on 12/14/17 up to $ 1 million and still deduct the interest, so long as the new loan does not exceed the amount refinanced.

Homeowners may refinance mortgage debts existing on 12/14/17 up to $ 1 million and still deduct the interest, so long as the new loan does not exceed the amount of the existing mortgage being refinanced.

Federal law (15 USC Section 1692) and Florida law (Florida Statutes 559.55 et seq) exist to protect Florida home owners who are behind on their mortgage payments, specifically to protect Florida mortgage holders from the bad acts of debt collection agencies and even attorneys hired by banks to act in the role of a debt collector.

The amounts available depend on the value of the home, the senior's age, the interest rate, upfront fees and any mandatory expenses, the most important of which is repayment of existing mortgage debt on the home.

Ryan discusses the death of Osama Bin Laden; Ryan reviews the economic news of the week; Ryan notices the correlation between increased home sales and interest rate drops; Louis notes we can't expect the housing market to be supported by further decreases in rates as they are already near historic lows; Ryan explains that interest rates change once every four hours; Ryan notes the difference between getting a quote and being locked in to an interest rate; Ryan advises the importance of keeping in touch with your mortgage lender; Louis notes that interest rates change a lot faster than home prices; Ryan notes that the consumer confidence was up, Ryan and Louis discuss the Fed's decision to keep interest rates where they are and to continue the $ 600 billion QE2 program; Ryan and Louis discuss the Fed's view that inflation is nascent; Louis notes that not only does the Fed not see inflation that exists but disclaims any responsibility for it; Louis asserts that there is a correlation between oil prices and Fed policy; Louis discusses Ben Bernanke's assertion that the Fed can't control oil prices but that they somehow can control the impact of higher oil prices on the rest of the economy; Louis also remarks on Bernanke's view of the dollar - the claim that a strong dollar can be achieved through the Fed's current policy as it is their belief that they are creating a sound economy and therefore a sound dollar; Louis notes the irony of the Fed chastising Congress» spendthrift ways — if the Fed did not monetize the debt, Congress could» nt spend; Louis noted that as Bernanke spoke the prices of gold and silver rose as it seemed that the Fed has no interest in cutting off the easy money; the current Fed policy will keep interest rates low; Ryan notes that the Fed knows that they can't let interest rates rise because of the housing mess; Louis notes that the Fed has a Hobson's Choice - either keep rates low or let interest rates rise and cut off the recovery.

Conversely, in a refinance with cash provided, the consumer refinances an existing mortgage obligation and receives money from the transaction that is in addition to the funds used to pay the unpaid principal balance, any earned unpaid finance charge on the existing debt, and amounts attributed solely to the costs of the refinancing.

When market conditions are healthy — like they generally have been over the past 30 months — they can relatively quickly raise debt through the issuance of notes, which they can use to pay off mortgages on their existing properties, providing them with added financial flexibility to sell or refinance.