Nov
2
Why aren’t the mortgage companies and Banks resetting home loans to current value?
Filed Under Other - Business & Finance | 3 Comments
tarl m asked:
I was told that the mortgage companies and banks are going to reset (re-write) home loans starting on Oct 1st. Why are they waiting so long? If they re-set the loans now they will receive monthly payments and people will stay in their homes. If they continue to wait until oct 1st more people will be walking out on their homes cause they cant make the higher payments.
This same greed has caused the problem, the banks should take what they can now and not loose more money.
Create a video blog
I was told that the mortgage companies and banks are going to reset (re-write) home loans starting on Oct 1st. Why are they waiting so long? If they re-set the loans now they will receive monthly payments and people will stay in their homes. If they continue to wait until oct 1st more people will be walking out on their homes cause they cant make the higher payments.
This same greed has caused the problem, the banks should take what they can now and not loose more money.
Create a video blog
Nov
1
How is a used car trade-in financed when it has negative equity?
Filed Under Other - Business & Finance | 6 Comments
Sammy asked:
Example, car being traded in is worth $26K with a loan payoff of $30K.
If the car I want is $26K, is the full $30K financed again (the dealer gets my trade-in, pays off the $30K then finances $26K for the new car + the $4K negative equity)?
If the car I want is $34K, is $38K financed (the dealer gets my trade-in, pays off the $30K then finances the $4K negative equity + $34K for the new car)?
If the car I want is $28K, is the amount financed $32K (the dealer gets my trade-in, pays off the $30K then finances $28K for the new car + the $4K negative equity)?
If the car I want is $24K, is the amount financed $28K (the dealer gets my trade-in, pays off the $30K and finances the $4K negative equity + $24K for the new car)?
These calculations are driving me crazy and I want to be sure I have this straight before negotiating for the new car.
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Example, car being traded in is worth $26K with a loan payoff of $30K.
If the car I want is $26K, is the full $30K financed again (the dealer gets my trade-in, pays off the $30K then finances $26K for the new car + the $4K negative equity)?
If the car I want is $34K, is $38K financed (the dealer gets my trade-in, pays off the $30K then finances the $4K negative equity + $34K for the new car)?
If the car I want is $28K, is the amount financed $32K (the dealer gets my trade-in, pays off the $30K then finances $28K for the new car + the $4K negative equity)?
If the car I want is $24K, is the amount financed $28K (the dealer gets my trade-in, pays off the $30K and finances the $4K negative equity + $24K for the new car)?
These calculations are driving me crazy and I want to be sure I have this straight before negotiating for the new car.
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Aug
12
How do home loans work?
Filed Under Other - Business & Finance | 2 Comments
Felix D asked:
Hey there,
Hey there,
Lets say for example John Smith takes out a home loan of $500,000 for 30 years at 8.6% per annum.
What does it mean by “… at 8.6% per annum”? Like does he have to pay 8.6% of the 500K each year or somthin?
Cheers, totally clueless about loans
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Jun
12
What percentage of America’s mortgage debt is currently held by savings & loans versus commercial banks?
Filed Under Other - Business & Finance | 1 Comment
Eagle watcher asked:
There was a savings & loan scandal in 1989. Since then I imagine that their portion of the total of American’s mortgage loans has declined. Concomitantly have commercial banks increased their share of the total mortgage debt in America?
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There was a savings & loan scandal in 1989. Since then I imagine that their portion of the total of American’s mortgage loans has declined. Concomitantly have commercial banks increased their share of the total mortgage debt in America?
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Mar
24
I want to broker auto loans from my home office, but have no ideal how to get started. advice, please?
Filed Under Other - Business & Finance | 1 Comment
cj.lowery asked:
I currently work in the mortgage financing industry. I would like to be able to refinance my customers auto loans along with their home loans. Many of them do not have the equity to pay their auto loans off and many have rates on them ranging from 18-26%. This would allow me to provide another beneficial service and supplement my income.
I currently work in the mortgage financing industry. I would like to be able to refinance my customers auto loans along with their home loans. Many of them do not have the equity to pay their auto loans off and many have rates on them ranging from 18-26%. This would allow me to provide another beneficial service and supplement my income.
Any suggestions on how to get started? Companies that employ auto finance brokers remotely?
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