J. Mel asked:


The home building company advertises a $230,000 home w/ $1,190 monthly mortgage for principle & interest only. The down payment requested is $8,047. What should I expect my monthly mortgage to be? Thank You!

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cassie asked:


I have been living with my parents while in college and have not had a job in three years because I have been living off of student loans- $20k worth. I plan to have a teaching job in four months and will be making $41k. My boyfriend and I want to buy a house very very soon. How long will I need to be working before the mortgage company can qualify me for a loan?

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t247267 asked:


It’s me again. I did not know that my mortgage broker lied about my income until he told me after the fact. Yes he admitted it to me.He actually used it to tell me how hard he worked for me to get the loan. The original application was filled out in my home with one of his associates and I did not lie. I have requested copies of my file and applkication from him and he threatened me with an attorney. At one point he offered to get me out of this mess and blamed GMAC for putting me in the wrong loan. (they had my social wrong and he tried to tell me that i got someone elses terms). All he did was lie. I am not to blame. How can I get my file?

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JohnPau2010 asked:


I am planning to buy a home and wanted to know why everyone thinks that home mortgage loan is tax beneficial.

Example:-
If we are paying around $15,000 a year in interest+property taxes and in tax refund( 15% tax bracket) we get back around $2K-3K and we are happy.

Its like paying government $100 and getting back $15 and we are happy with that.

Correct me if I am wrong

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Jose G asked:


I am wondering what happens if I just stop paying my mortgage. How does the process usually go and in which time? Are there any laws or regulations? How long would it take until I have to leave the house finally. Would there be any consequences?
Thanks a lot for your answers!

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shy_boy321 asked:


I have a Chapter 7 Bankruptcy that was discharged 3 years ago. Will mortgage lenders even consider me for a loan of $100,000, with a gross yearly income of $75,000?

Since my bankruptcy, all of my payments have been on time, paying off credit cards (I have two) monthly. I have a school loan paid up to date, and no other bills. I check my credit score monthly, and for the past 6 months my score has been hovering around 660. I know it takes time, but what may lenders be willing to offer me with my current status? Should I wait another year or two before applying for a first time home loan?
Would renting an apartment for a couple of years “up” my credit score, and look better for lenders down the road?
I guess I’m in a “toss-up” between buying and renting. I just don’t want to waste any more money on renting. But I’ll rent again if it looks good to lenders, and a better interest rate. I know I have to pay somewhere along the line due to my own past financial mistakes.

Simi Valley Real Estate

Meghan asked:


Say on average you make $3,000 a month. (I live in Oregon by the way..)
You still have to pay other things like water, sewer, garbage, electric, cable (maybe)..
How much should you aim your mortgage at while looking for a home?

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Bryan N asked:


I have two properthy. On one property I have two mortgage lender. If I were to forclose on my house, can the lender from a second mortgage put a lean on my current house?

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cooluni asked:


I am in the process of foreclosing my house along with 2 rental homes in AZ. I understand that the anti deficiency law protects my assets. However, can and will the 2nd mortgage company sue me or put a lien on my other property/asset for the deficiency? Is there anyway to protect myself?

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TJS asked:


Let’s say I only have a 10% down payment so I have to have PMI. Do I have to pay that for the entire life of the mortgage or can I stop paying it after I have an equity position of 20% in the house?

If that’s the case, would I be better off getting an 80/20 loan (or in this case 80/10)?

Any additional details about PMI that you may think is relavent is greatly appreciated.

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askaway2009 asked:


What type of Mortgage are you allowed to roll in previous debt and even take cash out if you choose…
Friend said he had some FHA loan and couldnt do..
I am not familiar with this industry or process so please any help would be appreciated.

Simi Valley Ca Real Estate