The mortgage on my investment property is adjustable, and I would like to take advantage of the current rates. I cant refi the whole mortgage because now the property is worth less than the loan amount. Can I get a new (fixed) mortgage for say, half the balance of the existing mortgage, and pay down half of that first mortgage, leaving me with the same overall balance, but now two mortgages, one adjustable, and one fixed?

No. If you paid $120K for a property 3 years ago, put 20% down, and financed $100K and now the property is worth $95K you have no equity. The only way you would get a second mortgage was if the property was now worth $150K, meaning 80% equity would be $120, and then you then you could maybe get a 2nd for the difference between what you owed ($95K) and the 80% equity ($120) for a total loan of $25K. And that is speaking owner occupied, for an investment property it is probably more restrictive on the ratios. See if you can get your original mortgage refinanced.

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http://realestatemarketingthisweek.com/first-time-home-buyer/the-median-income-first-time-home-buyer-can-afford-twice-the-median-priced-home/ – The median income family can afford twice the median priced home –

Part 2 – And now I mentioned Dan Havey is back in the studio with us, Dan has done a lot of great things in the mortgage industry. He left us about a year and a half ago, is that right Dan?

Yes, I left the mortgage industry in October of 2007. Tell us a little bit more about yourself.

As you know I came originally from Wisconsin, where I got a degree in Business Finance and I came out here in 1989 and started working with my brother selling real estate owned-REO, bank owned properties for Fannie Mae, Countrywide, and the Resolution Trust Corporation-RTC which was the government entity that was put in charge of disposing of all the real estate owned by the 1800 S&Ls that had failed. I did that until about 1995 when I moved into the mortgage industry and there for 12 years I worked predominately with bankruptcy attorneys helping their clients get out of bankruptcy and foreclosure. I left the mortgage industry in October of 2007. Now I am working predominately in the arena of marketing for real estate and mortgage companies, helping out companies, just like Im here helping out Michael today, to get people to realize that right now actually is a really good time to buy.

There are a couple of points I want to make and it was something that Michael had said earlier. The first one was that 4% interest rate. Originally Obama said a couple of weeks ago, when he rolled out the mortgage plan, that they were going to take the $200 billion and use it to buy mortgage backed securities, well the article I was reading today said it appears that plan may have changed. Instead of buying the mortgage backs they were actually buying the stock of Fannie and Freddie to help support the company and keep these companies going under. I dont quite understand why being how they own them now.

Well youve got to hand it to the government they have really done a heck of a job helping Fannie Mae out, for instance today the stock is up to $0.41. Wow, doing so well, I remember when it was $150 or so, where it was at the top of the market.

Today, right now is definitely the best time even if rates dont get down to the 4% point. The beauty of it and were going to talk more about this in a later segment, is that we have seen a 51% decline in home values from the peak of the market. So you dont have to have the absolute greatest interest rate in order to be able to buy a house today. The median home price right now is $130,000 in Maricopa County, it was $264,000 just two years ago.

So the median home price is $130,000? We are going to talk a little bit about what a person has to make to actually qualify for that. Well it is definitely well within the means of a median income family. Right now a median income family makes about $64,000 in the state of Arizona according to the US Census Bureau and HUD. I ran some numbers today, I think at 6% interest and at that rate they can buy a $280,000 house. So you can buy twice the median home price if you are making just what the median income family would be in the state of Arizona. So the median household income buys double the median priced house in Maricopa County. That is correct, at 6% interest.

And the reality of it is interest rates are not even that high right now. So for people to be waiting for that perfect interest rate of 4% it doesnt really matter if it gets here or not because right now is such an incredibly fabulous time to be buying a house. There are so many foreclosures out there on the market right now, there are so many short sales out there on the market right now, and the point you made earlier is very important, that people have to get in and get prequalified, know exactly what they can buy. Now in many cases you are going to need a down payment, so get with your mortgage broker, get with Velocity Financial and start working on that program of getting those funds together for the down payment as well.

Dan Havey we talked in the past about whats available for financing these days, interesting to give little pat on the back for Velocity Financial is one of less than 15% of all of the lenders in the state of Arizona that are qualified to do FHA financed homes. Now FHA financing, people used to think it was only for first time home buyers, thats no longer the case. The FHA loan which only requires 3.5% down payment it doesnt matter if you have owned a home before and in many cases you can own another home now so long as your new purchase is going to be your primary residence you can utilize FHA financing and put only 3.5% down… http://realestatemarketingthisweek.com

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Wow. Great question, and one that I must admit I am unable to answer precisely.

Portugal has become quite diversified and has fostered a service-based economy since joining the European Community in 1986. Since then, successive governments have privatized many state-controlled firms and liberalized key areas of the economy – including the financial sector.

Portugal qualified for the European Monetary Union (EMU) in 1998 and began circulating the euro at the beginning of 2002.

I suspect the first non-resident mortgages became available shortly thereafter, but please don’t quote me on that…

Sorry to have not had a precise answer for you.

Best,

A.J. (Tony) Montoya REALTOR®, ABR, RSPS, TRC
Certified Resort & 2nd Home Property Specialist
Accredited Buyer’s Representative
Transnational Referral Certified Broker
Broker/CEO – CabinQuest, Inc.

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First Time Home Buyer Seminar with Kenn Renner – 08

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I understand little of the banking system and even less about mortgages. I am in the scarey property market place for the first time. I rang up a mortgage lender and they sent me a ‘Key facts illustration’ I rang them 3 days after receiving it to apply for a mortgage and they told me that that particular mortgage (10 year fixed) had been withdrwn two days ago.

Whats going on at the moment and what should I do ?

I agree with your other answers and think you should bide your time and you might be in for a real bargain. It is unfortunate for some but beneficial to others, this is the economy as we have known to love and hate!

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http://www.banksmartnow.com
Skype vbeatteay
800.792.3155 ext. 3789

Mortgage calculators and low Mortgage/refinance Rates dont tell the whole story Are Rate and Payment your biggest considerations when looking at a mortgage? They should be a consideration, but a strategy is far more important. Discover the strategies and secrets that the banks would rather you didnt know

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I am not a rich person but I need a home for my wife and two girls. The price range is between 100,000 and 120,000 if that is needed. I have zero money to put down, but I might be able to dig up about a thousand dollars or so. Any help would me much appriciated. Thanks Alot!
By the way my approx. credit score is 710

if you have a 620 you can look at mycommunity….it’s zero down….otherwise you can use the FHA with 2.25% down payment.

make sure to get the seller to pay for the closing costs!!!

*710 is good but it will not change your rate on the government programs

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Senior producer Bill Owens and correspondent Anthony Mason preview tonight’s newscast, which will look at the subprime mortgage meltdown, John Edwards’ campaign, and healing. (CBSNews.com)

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I would like to purchase my first starter home by mid 2008, but my credit is somewhat shaky. I have two credit cards (totalling 700) and one will be paid off by the end of the summer. I have 6 late payments on this card in the past 5 years of its existence, but the most recent was in 2005. The other card is 1.5 years old with perfect payment history. I have 4 collection accounts (2 with cell phone companies from 2003 and 2 for medical bills in 2006). On a good note, I obtained a car and paid the balance (before the end of the loan) of $6,200 in 10 months with never a late payment for 2005. Federal government student loans totalling $5,250 have also been on time for the past 14 months.
With this said, how hard would it be to obtain a mortgage? I’m sure the interest rate would be high, but I am so desperate to buy a house! I have lived in an apartment for 5 years and am tired of "throwing money out of the window."

With that credit history, let’s just say it will be a "challenge."

Currently, renting is not really throwing money out of the window. When you buy, there are quite a few fees and taxes you have to pay that will not go towards your equity. For example, property tax, and association dues on a condo. Buying makes more sense financially if house prices are going up, and currently they are not.

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Hear what first time home buyers need to know about Hawaii mortgages. Marvin Galicha http://EasyMortgageHawaii.com 808-927-2935. Pitfalls: Low Credit Ratings, Junk Fees, quick approvals, Pre pay penalties. Don’t miss out on the house of your dreams.

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