can i opt for changing of my home loan tenure ?
442767
It is always adviable to get the shortest loan term possible, that way you pay the least interest.  In case changing your loan term will result in any complications, the bank told me that I could turn my 30 year loan into a 15 year loan simply by making 1 extra full payment towards the principle every year.  So if its easier for you, just pay extra and leave the loan as it is.  You will still be better off in the long run.
643159
Yes, If you chose to move out legally you would be able to unless there is a clause in your contract or mortgage that states that you must reside in the property for a certain amount of time
1159129
Rent it out. That way you've got your mortgage paid every month plus a bit more and if you do decide do move back then you've got somewhere to go.
1031949
No, you can't The house sale is usually contingent on appraisal and loan approval. That means you can decide not to go through with the purchase. If you read the loan application, I'm sure there is something that says they aren't going to lend you if there is something they don't like about the house such as termite, roof leak, etc. Your other option is to ask the seller to repair them.
940555
Beer budget and champagne taste will get you in financial trouble every time. The bank will NOT loan you money for the purpose you state for a reason, and that is the very high probability of default. You are not unique, not the original, lenders have seen very creative people trying to do the same thing, all with the same result: repossessed. Payment of your current "lease" has nothing to do with qualifying for a home mortgage other than showing a credit history. Landlords do not care how much you earn just that you pay timely. Unlike a real estate purchase, landlords, well they retain title to the apartment and can simply evict you if you fail to pay. If YOU held title they would have to go thru the expense of foreclosure if you stop making payments.\n\nHad you done your research then you'd know the ratio of income to debt lenders use to justify granting a loan. In case you research fell short the approx ratios are 29% of gross income as a potential home payment, 36% of gross income for all debt including proposed home purchase, car, credit cards, student loans and all other revolving debt payments.\n\nYour choices are either increase your income, increase the down payment, or buy a lesser home than you feel you deserve.
1135221
no sorry i haven't and i lived in pa my whole life. sounds rough though and another good reason not to risk your home to finance something else, sorry i hope it works out for you. hopefully your spouse will have the descency to realize loan or not the home is yours and they shouldn't mess with it.
308494
Depends on what your goals are for the property in question. Are you looking to hold onto the property for an extended amount of time or looking to flip in 12 months? Are you looking for cash flow control, or do you want to know what your payments will be every month? How much are you willing to place down for the new property? \n\nMost lenders will require you to place down a minimum of 10% towards the property, meaning that you would receive an 80/10/10 loan. Your interest rate because of the fact that it's an investment property will vary from lender to lender, however it will be higher than an O/O property. Your second will be the killer for interest rate. Because your interest rate for the second will be outrageous, you might want to entertain the idea of MI, it might be less than the fully amortized amount of a second loan.\nAgain, depending on your time frame that you want to hold onto the property will determine the program that you enter. If you’re only looking to keep the property for 2 years, then there is no reason for a 30yr fixed program. However if you plan on holding it for 30yrs you might want to entertain an ARM to reduce your monthly obligations.\nThe Pay option ARM is very popular with investors since it allows them to control the cash flow of the payments. However it is a one month adjustable and they normally want a larger down payment. You would have to calculate your cash on cash return to determine if this is an option since you'll be placing down about 25% of the purchase amount. There is a formula you can use to determine cash flow /deferred interest and appreciation to determine how effective the program will be for you. Again, it really depends on a lot of factors as the investor that you need to decide and then find a vehicle that will assist you in reaching it. If you have any other questions, you can contact me directly.
1072256
The answer is yes you can BUT the reality is that it is hard to find a lender that will refinance your loan knowing that at any minute your home could be sold and they will waiste their time and money. Most lenders will ask you to take the home off the market before you can refinance.\n\nGood luck!
152441
NO......I WOULD STRONGLY SUGGEST THAT YOU SELL THE HOUSE..\nBECAUSE THEN YOU ARE GOING TO BE STUCK WITH 2 PAYMENTS... THE ONE FROM WHERE YOU BOUGHT THE HOUSE...AND THE 2ND LOAN YOU TAKE OUT...\n\nWHATS GOING TO HAPPENED WHEN YOUR MONEY RUNS OUT...FOR PAYING THE HOME YOU PURCHASED....??\n\nYOU WILL BE STUCK WITH 2 PAYMENTS.
340242
If you already own your home, you can take a loan out for both amounts as long as you have enough equity in your home. If you are purchasing a home, you can not typically add additional money to your loan.
322201
Depending on the type of loan you need for your new home, you need to have a DTI (debt-to-income ratio) between 45-50% opn average for a purchase. It makes sense to refi your home to ensure you are prequalified to purchase the new home. It is difficult for a mortgage broker to provide you with a preapproval letter (usually required by a Realtor to prove to a seller that you are a ready-willing-able buyer) unless you meet this DTI guideline.  However, ask what your DTI is and ask that to see it on the application. Worst-case-scenario (although unlikely) and if the mortgage broker is unscrupulous and your DTI is fine, they could be trying to get two deals out of one.  It is very common to recommend a refi prior to listing your home for other reasons as well - for example if you find your dream-home and you put in an offer, but your current home hasn't sold, your purchase offer will have to have a 'contingent upon current sale' clause. This could become a heart-breaking 'deal-breaker' if your home doesn't sell before the offer expires. A seller cannot be expected to hold the sale for you, while you are waiting to sell your home. Also, it is good to have the cash from your refi in the bank (or better yet, invested) as 'reserves'. This makes a lender feel more confident in lending you money for a hew home, because the extra cash removes risk by showing you could cover your new mortgage payment if for some reason you were to become unemployed. I hope these three reasons help you become more confident with your broker. I know it is scary for everyone, and the media only makes it more confusing for consumers. I commend your questions!  Keep asking, information is free!
1106673
if you can agree with the buyer you can set anyday to move out. its up to you and the buyer
235810
No.  Mortgages are on specific properties.  You cannot transfer them from one to another.  Sorry!  To be absolutely sure, call your mortgage company, they will be able to answer it for you for certain as they are the ones granting the mortgage in the first place.
184398
My son is signed up with Sallie Mae, and has to start paying next month. But you asked if it's possible to switch. I assume it is, cause he is constantly getting offers in the mail to do that.
1135029
Basically, if the lender believes the new home will be your primary residence, then you can get a primary home loan.  Once you obtain a multitude of properties, you will find it extremely difficult to convince the lender this is the case.  \n\nDid you know that you need to tell the lender of your current mortgage that you're renting out the property?  I assume you obtained renter's liability insurance while rentin it out, rather than ordinary homeowner's insurance?
151490
Yes, sometimes you can.  You may have to take an interest only loan, and one with a high interest rate, and you will probably be given terms of a hugh pre-payment penalty.  Not all lenders look strickly at the numbers, some actually do look at the over all picture and past history before your circumstances forced you into bankrupsy.  Good Luck, and keep looking as there are some companies out there!
478343
You can always purchase another home.  If you are not planning to live in it you would apply for a non-owner occupied loan.  The rates are typically higher for this type of purchase.  Additionally the amount a lender would provide is also typically less due to the increased risk. You mention doing improvements and flipping it.  There are some risks involved with this type of venture.  First a new lender may not wish to finance a property they know will be sold shortly after granting you financing as it is not cost effective for them.  Also after you renovate the home the new purchasers may have trouble obtaining financing since you purchased it less than 12 months ago.  If you do re-sell the investment property in less than 12 months the new purchasers lender may require evidence of improvements to the home to justify the increase in value from the time you bought it to the time you re-sell it.  I recommend you keep all receipts and cancelled checks you obtain during renovation to adequately substantiate the value increase.  House flipping is not easy task.  You can lose your shirt if you are not careful.