buying a house getting a mortgage at 70?
90699
When my dad hit his sixties he had banks swarming at him trying to loan him money, and he has angina.  He bought a house in his 60s on a mortgage.
1132441
There are a couple of trains of thought here.\n\nYou did not state your age so it is sort of difficult to say with certainly how to solve or answer question.\n\nIf you are not close to retirement and not worried about being on a fixed income and worried about making your current mortgage payment, then this is my suggestion.\n\nKeep your current mortgage as it is, it is mostly a tax write off with your interest.\n\nPurchase additional income properties either with a guy that need money to find fix-up and repair distress properties and place them back on the market for  sale.  This is a good way for you to earn money without doing a lot of the work yourself.  Make sure this person has  experience, so have him show you some of his work he has done in the last 2-3 months. Find out his volume, investment amount needed per deal and the return you can expect for your investment.\n\nThe other way is for you to find distress properties, foreclosures, For sale by owners, fix them and put them back on the market for sale. If you decide to go this route for every 3 houses you come across I would keep 1 for a rental property and income tax write off. If you are doing an average of 3 per month that would give you 12 properties at the end of your 12 month cycle. You should conservatively be earning approximately $10,000- $20,000 per month easily. \n\nAnother way is just to purchase property for rental through bank REO that are already for move in. At this rate it would take a lot longer to accumulate.\n\nYou can lend your money out to others using their homes as collatral for 2nd trust deed investment. 2nd trust deeds are averaging about 10-12% annual. They are normally interest only with a call date of 5 years or less.\n\nI hope this has been of some use to you, good luck.\n\n"FIGHT ON"
1095040
You need to buy within your means, and I recommend a fixed rate mortgage.  In the early 80s, we saw mortgage rates as high as 18%.  God forbid that should happen if you are one of those people living in a home you can't really afford with a variable rate interest-only loan.  If something looks too good to be true, it probably is.  If the information I gather from your question is correct, you will need to sell or refinance.  Other than that, ignore the person who said renting is better than owning right now.  For that to be true, huge monetary deflation would have to be imminent.  Since monetary INFLATION is actually what seems imminent, this would be a wonderful time to have a fixed-rate mortgage, student loan, etc.  You may also expect rents to keep increasing, while the cost of home ownership with a fixed-rate mortgage loan will remain relatively stable. (And relative to the value of money, will decrease.)\nI hope this helps.
405838
If the loan is only $45000 and you want the payments under $600, first I would want to know if the taxes and insurance are included in your $600 payment.  Otherwise, it depends on you.  A 45,000 loan for 30 years at 15.8% is only $597.89 monthly.  That is a really high rate by today's standards.  A 12% rate, not bad for owner financing, is $462.88 monthly over 30 years.\n13.0% = $497.79\n12.5% = $480.27\n12.0% = $462.88\n11.5% = $445.63\n11.0% = $428.55\n10.5% = $411.63\n10.0% = $394.91\nHope this helps...
548156
First try with your mortgage company. Sometimes they have special hardship programs to re-age your account.
1149842
See a professional mortgage consultant, there are Lenders that will do five times salary, self cert etc, but your personal circumstances have to be considered.  I wouldn't get involved with teling lenders about lodgers, seek professional advice sweet or you could fall at the start.  K
1064299
I agree with Realestatelawyer on this one.  There would be a clause in your mortgage that would not allow it to go any higher than 9.875%.  As far ARMS being dangerous????  That is just not true.  They are only dangerous for the dumb witted person that has no idea what they have gotten themselves into.  Use them right and they will be your best friends.\n\nI would ride out the 5.875%.  Maybe add some extra payments onto the mortgage this year as well.  I doubt that rates with be anything like they were in the next two years, but we never know what could happen.\n\nGood luck with that.  If you still are considering refinancing, feel free to contact me and I could help you out with that.  You can contact me at timothy.kazee@americanhm .com.  Have a great night!
169742
If you have good credit, you can do it. DOnt fall for thos infomercials. Just keep in mind that there will be closing costs whcih you will be responsible for..those aren;t normally covered in mortgages...\nSo...if you have good credit and are willing to pay a higher monthly payment..then yes...good luck!!
901240
Just because a company is advertising that they offer a 5.5, chances are your not going to qualify for it. That is a just a marketing trick to get you interested. They best way to tell what kind of rate you will qualify for is based on three simple questions.\n\n1. On a scale of 1 to 10 what is your credit score like?\n\n2. Have you had any 30 day lates or more on your mortgage in the past two years.\n\n3. What is the loan to value on the home? Meaning how much do you owe against how much the home is valued at. \n\nOnly people with 700+ credit scores with low LTV will qualify for that rate in today's market.\n\nGood Luck!
981051
First, how is your credit?  It's more a credit issue than an age issue.  Second, how is your employment history? With today's economy, that's a really important issue.  \n\nFrom my experience, as a second time house buyer, I was certain I would not qualify for a mortgage at great rates.  Since I hadn't bought a house in 10 years, I was recently divorced, making very little money, I knew nobody in their right mind would want to finance me.  I figured, as much as I hated the thought of renting, it may be the better option of the two (I was currently living with my parents with my two children).I had called about a rental, knowing it was out of my range, but I was desperate.  It so happened that I was talking to a real estate agent.  She ran my credit report, showing a 797, 802 and 809.  She said with that, I had no worries.  So, together we found a home and I have been here since June of 2005.  \n\nWords of advice, be sure your taxes and insurance are included in your monthly payment.  \n\nGo for it - you sound like a 20 yr. old with a head on your shoulders and are ready for the homeowner responsibility.  Do your research and be sure you are prepared financially.  Good luck!!
367791
depends on your credit down payment, length of mortgage 10, 15, 30 years, and tax in your area
1112974
THANETHE BRAIN DOES NOT KNOW WHAT HE IS TALKING ABOUT. To qualify you I just need your SS# ( to run credit) and answer a few questions, TO GET a mortgage a I need 2 years W2 a sales contact, 2 recent pay stubs a copy of the cancel check if you put any money down.  You need to get a lawyer (have the lawyer run a title search) a appraisal and maybe a home insp. If you have any questions you can email me  johng@oldmerchants.com I am a Sr. manager at a mortgage Bank
753849
Usually the amount you can borrow is around 2.5 times your salary, or in your case you and your friend's salary combined\n\ne.g. if you earn 40,000 between you, you can borrow 100,000\n\nYou need to go to the bank and ask for advice, and they will give you details of which mortgage will suit you best. Then you can shop around and try and get a lower interest rate!
1041607
There really is only one downside to taking out a reverse mortgage.  The children are not left with 100% of the value of the home for an inheritance.\n\nWith both of your parents being 78, they qualify to get around $230,000 to use as they will.  The house is still in their name it just shows that there is a mortgage on the home like any other conventional mortgage.  They can take the full amount in a lump sum, split it up in monthly payments or leave it in a line of credit which right now has a growth rate of about 7%.  This means if they didn't touch the line of credit in one year they would have $246,000 dollars.  With the line of credit they are only charged interest on what they pull out of the line of credit and that interest rate right now is right around 6.5%.  The rest of the money sits there untouched until they need it.  These loans are set up so that there should always be equity in the home to pass along to their heirs.\n\nAll of this money is tax free and there are no monthly payments to make.  You CAN make a payment if you want and are concerned about keeping the balance down.  You even get a tax break if you pay back the interest you are being charged.\n\nThis is a much better option than a home equity loan which you have to make high monthly payments and if something happens and they get behind could lose their home.\n\nSo really the only downside to reverse mortgages is that someone like you wouldn't get 100% of the home value for your inheritance.\n\nI'd be happy to send you some more information if you would like.  This is what I specialize in and our company can do reverses almost anywhere in the country.  If you would like some more information please email me at bburns@griffinloans.com
10570
Try Regional Mortgages.\nhttp://www.regionalmortgages.com
88089
Most lenders require a minimum of 2 trades that have seasoned for 2 yrs. If you do not have this then you will have a hard time qualifying for a mortgage. Especially an investment property.
1060024
You need a private lender.  Explain your situation to them and hopefully one will be willing to take on the risk.  It will help a lot if you have a steady long term job.   Private Lenders charge more interest than banks and some of them do show up on credit search - make sure yours doesn't.  In Canada they advertise in major newspapers under the category, "Money to Lend."  We got our house this way and it worked great.  Good luck with the dream home!