Dec
27
Home loans with low down payments require PMI insurance, so why are banks losing money on sub-prime mortgages?
Filed Under Renting & Real Estate | 2 Comments
A home loan with less than 20% down requires PMI (Private Mortgage Insurance). Since most “sub-prime” mortgages would require PMI, why are banks losing so much money on these loans? Shouldn’t it be the insurance companies that lose the money?
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Dec
14
Is a home equity loan a good idea for financing my new business?
Filed Under Small Business | 3 Comments
I am a web developer and am thinking about quitting my day job and starting my own company. I’ve got some clients lined up already but need some financing to pay for startup costs such as equipment, supplies, and my office lease. Dipping into personal savings is not an option since there isn’t much there.
Thanks for the suggestions so far - much appreciated. Forgot to mention a few things:
1 - I’m set up as an LLC
2 - Office “lease” is month-to-month and I will take over my current employer’s payments of (a whopping) $150/month
3 - Two small kids at our small house so the cheap office is better than a home office at this point.
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Dec
8
I have started the process of refinancing my home equity loan from 9% to a lower rate. It currently has a balance of $10K.
I have also started the process of refinancing my home mortgage from 6.8 to around 5 something hopefully. It has a balance of $54k with 10 years to go on the current loan. I was originally thinking of just refinancing the mortgage with a 10 year payment period without taking out any additional moneys.
Question: Should I refinance my mortgage, taking out enough to also pay off my home equity loan as well? Thanks in advance for
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Dec
5
What are some of the lending banks that help with home loans and bad credit?
Filed Under Renting & Real Estate | 5 Comments
I HAVE A LOW 500′S CREDIT SCORE, WE HAVE BEEN A STRUGGLING FAMILY FOR YEARS NOW, WE HAVE 7 KIDS AT HOME, 4 ARE FROM PREVIOUS MARRIAGES.WE ARE IN THE NEED OF OWNING OUR OWN HOME, IVE RECENTLY GOT A PROMOTION AT WORK THAT ALMOST DOUBLED MY INCOME.BETWEEN THE BOTH OF US WORKING WE MAKE ROUGHLY 80 A YEAR. CAN WE STILL GET HELP WITH A HOME LOAN?
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