Mortgage Arm Articles and Resources

Open Question: Refinancing out of an ARM mortgage as a freelancer. Is it possible?

I'm on a 5 year ARM due to reset in Sept of this year. I am currently a freelancer (self employed). I have a credit score around 770. Very little debt. I have around 18k in savings, I need to refinance around $78k. Can anyone offer any advice on how and if I can refinance in my situation in this current economic climate? I appreciate and insight or suggestions. more

Open Question: us history someone please help me?

1. Which was not a reason for Carter's low approval ratings in 1980? (Points: 1) economic problems Iran hostage crisis lack of confidence in the president Camp David Accords 2. Besides lower taxes and smaller government, what did Ronald Reagan's political agenda include? (Points: 1) social programs to help the poor a strong military a reduction in nuclear arms improvements in Medicare 3. By 1980 many Americans wanted a smaller federal government, lower taxes, and a strong military. How did those issues influence politics in 1980? (Points: 1) There was a shift to the right to more conservative views. There was a shift to the left to more liberal views. The political climate did not change. Voters did not know who to turn to. 4. Which was not an issue in the 1980 election? (Points: 1) hostages in Iran confidence in the leadership the economy social programs 5. What was a key element of Reagan's plan to meet the economic crisis in 1981? (Points: 1) raising taxes to pay for government programs raising interest rates to curb inflation lowering interest rates to encourage home buying regulating savings and loans to avoid further crises 6. What was one benefit some economists believed would result from supply-side economics? (Points: 1) more jobs as individuals and businesses spent their tax savings lower interest rates for home mortgages and new automobiles greater profits for large corporations increased money for social programs 7. Which was not an economic issue associated with Reaganomics? (Points: 1) large budget deficits tripling of the national debt increased inflation increased inequality between rich and poor 8. What happened after the Reagan administration loosened regulations on savings and loan institutions (S&Ls)? (Points: 1) People had more investment opportunities. Many S&Ls made bad loans and went bankrupt. The S&Ls and their customers saw greater long-term profits. The entire banking industry suffered as people pulled their money out of banks. 9. What was one result of environmental deregulation during the Reagan years? (Points: 1) Oil companies discovered many new sources of oil to reduce dependence on foreign oil. Private logging firms made national forests more accessible to people. Mining companies opened new kinds of mines that allowed them to reduce pollution. Millions of acres of public land were opened to private drilling, mining, and logging. 10. Why were many conservatives in favor of government deregulation? (Points: 1) They thought the number of regulations had become excessive and hurt businesses. They believed that government had no authority to regulate any aspect of business or industry. They thought deregulation would help reduce inflation. They wanted to increase tax rates and save money by deregulating. 11. Who is Sandra Day O'Connor? (Points: 1) the secretary of the interior during Reagan's first term the first woman Supreme Court justice the president of the air traffic controllers union the first woman secretary of state 12. What was the difference between traditional views of the Cold War and Reagan's view of it? (Points: 1) Reagan favored eliminating communism, not merely containing it. Reagan wanted a closer affiliation with communist nations. Reagan did not view communism as a threat at all. Reagan hoped that his foreign policy would persuade people to give up communism. 13. Who did not protest communism? (Points: 1) Alexander Solzhenitsyn and Andrei Sakharov Lech Walesa and Solidarity British prime minister Margaret Thatcher Soviet leader Leonid Brezhnev 14. What was the Reagan Doctrine? (Points: 1) forming alliances with as many nations as possible opposing communism in all circumstances limiting the U.S. military as an example to other nations opening new air bases in Pakistan and Afghanistan 15. What was Ronald Reagan's weapons strategy? (Points: 1) a continuation of the mutually assured destruction (MAD) theory a conventional and nuclear military buildup that the Soviets could not afford a wait-and-see attitude to determine what other nations would do an increased emphasis on nuclear weapons rather than conventional weapons 16. Who was Mikhail Gorbachev? (Points: 1) the Soviet leader who wanted to restructure the Soviet more

Open Question: please help me with us history?

1. Which was not a reason for Carter's low approval ratings in 1980? (Points: 1) economic problems Iran hostage crisis lack of confidence in the president Camp David Accords 2. Besides lower taxes and smaller government, what did Ronald Reagan's political agenda include? (Points: 1) social programs to help the poor a strong military a reduction in nuclear arms improvements in Medicare 3. By 1980 many Americans wanted a smaller federal government, lower taxes, and a strong military. How did those issues influence politics in 1980? (Points: 1) There was a shift to the right to more conservative views. There was a shift to the left to more liberal views. The political climate did not change. Voters did not know who to turn to. 4. Which was not an issue in the 1980 election? (Points: 1) hostages in Iran confidence in the leadership the economy social programs 5. What was a key element of Reagan's plan to meet the economic crisis in 1981? (Points: 1) raising taxes to pay for government programs raising interest rates to curb inflation lowering interest rates to encourage home buying regulating savings and loans to avoid further crises 6. What was one benefit some economists believed would result from supply-side economics? (Points: 1) more jobs as individuals and businesses spent their tax savings lower interest rates for home mortgages and new automobiles greater profits for large corporations increased money for social programs 7. Which was not an economic issue associated with Reaganomics? (Points: 1) large budget deficits tripling of the national debt increased inflation increased inequality between rich and poor 8. What happened after the Reagan administration loosened regulations on savings and loan institutions (S&Ls)? (Points: 1) People had more investment opportunities. Many S&Ls made bad loans and went bankrupt. The S&Ls and their customers saw greater long-term profits. The entire banking industry suffered as people pulled their money out of banks. 9. What was one result of environmental deregulation during the Reagan years? (Points: 1) Oil companies discovered many new sources of oil to reduce dependence on foreign oil. Private logging firms made national forests more accessible to people. Mining companies opened new kinds of mines that allowed them to reduce pollution. Millions of acres of public land were opened to private drilling, mining, and logging. 10. Why were many conservatives in favor of government deregulation? (Points: 1) They thought the number of regulations had become excessive and hurt businesses. They believed that government had no authority to regulate any aspect of business or industry. They thought deregulation would help reduce inflation. They wanted to increase tax rates and save money by deregulating. 11. Who is Sandra Day O'Connor? (Points: 1) the secretary of the interior during Reagan's first term the first woman Supreme Court justice the president of the air traffic controllers union the first woman secretary of state 12. What was the difference between traditional views of the Cold War and Reagan's view of it? (Points: 1) Reagan favored eliminating communism, not merely containing it. Reagan wanted a closer affiliation with communist nations. Reagan did not view communism as a threat at all. Reagan hoped that his foreign policy would persuade people to give up communism. 13. Who did not protest communism? (Points: 1) Alexander Solzhenitsyn and Andrei Sakharov Lech Walesa and Solidarity British prime minister Margaret Thatcher Soviet leader Leonid Brezhnev 14. What was the Reagan Doctrine? (Points: 1) forming alliances with as many nations as possible opposing communism in all circumstances limiting the U.S. military as an example to other nations opening new air bases in Pakistan and Afghanistan 15. What was Ronald Reagan's weapons strategy? (Points: 1) a continuation of the mutually assured destruction (MAD) theory a conventional and nuclear military buildup that the Soviets could not afford a wait-and-see attitude to determine what other nations would do an increased emphasis on nuclear weapons rather than conventional weapons 16. Who was Mikhail Gorbachev? (Points: 1) the Soviet leader who wanted to restructure the Soviet more

Open Question: Should I re-finance my townhouse? The appraisal came in below my principal balance.?

We bought a townhouse in 2006 for $220,000 in Middletown, CT and financed $180,000 at 5.875% for 30 years. Last month I decided to explore refinancing options and locked in a rate of 5% (which includes 1 point) with the current mortgage holder. Closing costs, including the point, would have been around $3,700, which we planned on rolling into the principal balance. The new mortgage payment would have offset the mortgage costs in about 2.5 years. However, the appraisal came in at $168,000…$2,700 less than what our current principal balance on the loan is ($170,700). That means we'd not only NOT be able to roll the closing costs in ($3,700), but we’d also have to come up with the difference between the appraisal and principal balance ($2,700), meaning it would cost us, in cash, around $6,400 at closing. While this refinancing would save us $133/mo on our mortgage payment, the closing costs wouldn’t be recouped for 4 years - as opposed to the original 2.5. In August, we will be 3 years into a 6-year ARM that is currently at 5.875%. We are planning/hoping to be out of the house before it expires, but I don't want to risk a big rate hike if we don't move before then. more

Resolved Question: Do you have to pay PMI on all mortgage types, balloon, ARM's, and Fixed 30yr Mortgages?

Where exactly does PMI apply, if you dont have 20% down payment. I know we wont have it, trying to get financed for 95% (we overqualifty income-wise for an FHA loan). Do you always pay PMI if you dont have 20%? How is it determined how MUCH PMI. Credit score of 646. more

Open Question: hey someone please answer this i dont care if you guess.. .just answer if you are like in 10th grade or higher?

. What does leasing a car involve? (Points: 2) Purchasing a car from a car dealer rather than from the previous owner Using a loan to buy the right to use a car only on specific days of the week Paying off the car loan over a period of time that's longer than the car is owned Renting the car for a specific period of time and paying for its depreciation 2. When can a bank repossess someone's car? (Points: 2) When the owner buys a used car When the owner gets into an accident When the owner cancels the insurance When the owner defaults on the loan payments 3. Which of these makes a student loan different from other types of loans? (Points: 2) Students don't have to provide any collateral to get a student loan. Student loans are sponsored and guaranteed by the government. The principal on a student loan is paid off before the interest is applied. The payments on a student loan can't be shown on an amortization table. 4. Which of these describes how a five/one ARM mortgage works? (Points: 2) The monthly payment is one-fifth of the total purchase price of the house. The interest rate is fixed for five years and then changes every year afterward. The interest rate charged on the mortgage is five times the normal interest rate. The annual fees on the mortgage are only charged during the first five years of the loan. 5. What is one of the advantages of getting a government-sponsored mortgage instead of a conventional mortgage? (Points: 2) Government mortgages are easier to get approved than conventional mortgages. Government mortgages allow home buyers to spend more money on their house. Government mortgages charge lower interest rates than conventional mortgages. Government mortgages prevent the government from taking the property for public use. 6. What is one advantage of using a credit card to make purchases? (Points: 2) You earn interest on your purchases. You can buy something now and pay for it later. You automatically improve your credit history. You get instant access to your checking account. 7. Match each of the fees below with the situations where a credit card customer would get charged. (Points: 2) Matching: Answer Potential Matches: : Annual fee 1: The credit card company requires a yearly payment for the right to use the card. 2: You use a new credit card to pay off the $1,000 balance on another credit card. 3: You pay your minimum payment one week after the due date. 4: You withdraw $500 from an ATM using your credit card. : Balance transfer fee : Cash advance fee : Late payment fee 8. Why is it important for people to maintain a good credit history? (Points: 2) So that the IRS won't investigate them for tax fraud So that it's easier to list the expenses on their personal budget So that they know all of the fees associated with their credit cards So that they have an easier time getting loans and credit cards 9. Which of these credit card features would be best for customers who think they might not be able to pay their balance at the end of each month? (Points: 2) No fees for cash advances A high balance transfer limit A low annual percentage rate An annual fee that can be waived 10. Match each of the credit card terms with its definition. (Points: 2) Matching: Answer Potential Matches: : Annual percentage rate 1: Number of days to run a balance before fees or interest are charged. 2: A listing of a person's financial information and history 3: A credit card with money in a savings account to act as collateral. 4: The amount of interest paid on unpaid balances. : Grace period : Secured card : Credit report more

Open Question: Economics question... please help?

. What does leasing a car involve? (Points: 2) Purchasing a car from a car dealer rather than from the previous owner Using a loan to buy the right to use a car only on specific days of the week Paying off the car loan over a period of time that's longer than the car is owned Renting the car for a specific period of time and paying for its depreciation 2. When can a bank repossess someone's car? (Points: 2) When the owner buys a used car When the owner gets into an accident When the owner cancels the insurance When the owner defaults on the loan payments 3. Which of these makes a student loan different from other types of loans? (Points: 2) Students don't have to provide any collateral to get a student loan. Student loans are sponsored and guaranteed by the government. The principal on a student loan is paid off before the interest is applied. The payments on a student loan can't be shown on an amortization table. 4. Which of these describes how a five/one ARM mortgage works? (Points: 2) The monthly payment is one-fifth of the total purchase price of the house. The interest rate is fixed for five years and then changes every year afterward. The interest rate charged on the mortgage is five times the normal interest rate. The annual fees on the mortgage are only charged during the first five years of the loan. 5. What is one of the advantages of getting a government-sponsored mortgage instead of a conventional mortgage? (Points: 2) Government mortgages are easier to get approved than conventional mortgages. Government mortgages allow home buyers to spend more money on their house. Government mortgages charge lower interest rates than conventional mortgages. Government mortgages prevent the government from taking the property for public use. 6. What is one advantage of using a credit card to make purchases? (Points: 2) You earn interest on your purchases. You can buy something now and pay for it later. You automatically improve your credit history. You get instant access to your checking account. more

Resolved Question: Military Family- Should we refinance?

Hi- We are a military family who purchased a home when we moved to our current duty station. My husband is up for promotion and we may be moving in a year. Currently, we have a 30 yr. fixed rate mortgage of 6%. Our payment is $1123 per month. We are unsure of our status, but can't stand the thought of not moving and not being able to get in on a lower interest rate. Also, my husband read that military families should consider ARM loans. Is this a good idea? Everything we've ever heard about ARMs has been negative. Thanks in advance for your honest advice. more

Voting Question: Should I refinance or wait some more?

I have two mortgages: first with a balance 186K and second with a balance of 27K. My loan to value ratio based on the value of home and first mortgage balance is 91%. My first mortgage as a 5-yr ARM due to reset in June 2010. I qualify for "Make Home Affordable" Program. I've been told that under this program I will not have to pay PMI. Should I rush into refinancing my home or wait? more

Resolved Question: Obama Supports Voter Fraud?

FACTS about ACORN: ACORN is a radical left-wing group that takes in 40% of it's revenues from American taxpayers. ACORN has it's finger prints all over the sub-prime mortgage fiasco. ACORN is a corrupt organization hiding behind the poor. ACORN's political action committee has endorsed Obama's presidential candidacy. Today it was revealed, by Investors Business Daily, that Obama's campaign paid ACORN $800,000 to register new voters--a payment that his campiagn finance records did not make public. Obama also worked for the voter registration arm of ACORN in 1992. http://news.yahoo.com/s/ap/20090507/ap_on_re_us/us_voter_registration_probe thats proof ACORN is a corrupt organization... http://www.blogher.com/what-does-acorn-stand thats proof that our messiah obama supports it! i dont know but these facts are over-whelming!!! Anyone tell me if i got something wrong here? more

Resolved Question: do you never get tempted to quit working to support your child!?

i have a 2 yr old and im 14 weeks pregnant with number two and im so exceited! the problem is my shameless side of the family being so well off and having all the time in the world because....they dont work and live off the social!! i work 3 days a week, my wage is £90 a week in which £30 goes towards my sons nursery at the end of each week so really i get £60 a week, any way lol....mine and my partners wage is added up to 25K a year, it sounds a lot, but we dont see any of it at the end of the month after mortgage and bills and coucil tax etc, also my partner gets taxed £600 a month off his wage!! my two cousins got pregnant the same time i did with my son, and one has just had another baby too, they hang around town all day, go pubs and get new buggys every other month for their babies(im still pushing a rickety old thing), yet they live off benefits and live in council property which they are paying next to nothing for and are baisically living the life!.......my moan is, as i live in the UK there i a surestart grant in which low earners and non workers get £500 towards baby things, this would come in usefull so much to myself for a new buggy etc but sadly i cannot get it due to us working, even if i finish working i wouldnt be able to claim anything not even working tax, why should we struggle because we choose to support our children, im getting upset now because these scroungers prance around with babies on thier arms and im scared i cannot afford much for my new baby without getting in debt, iv also been diagnosed with spd and will need to finish work in sick before my maternity which will mean i will loose even more money :(......is anything going to change!! more

Voting Question: Can I get a loan in my brother-in-law's name as his durable power of attorney?

My sister passed away 6 months ago and my brother-in-law had to be placed in a nursing home with Alzheimers the next day. He has long term care insurance which will last 5-6 years. His assets are about $1million. I loved them both and ache for the loss of them. Like so many, we've suffered in the housing market and had an ARM loan increase last year, along with job loss, etc. We are getting back on our feet but are unable to refinance our mortgage due to loss in home value and bills. We are trying to ride out this housing mess and know values will slowly come back. If we could get a secured loan in his name we could not only qualify to refinance but pay him back at a low rate. I want to be completely legal and above board. Can this be done? more

Resolved Question: Which of the 3 credits scores is considered my FICO score? How is my FICO calculated?

My mortgage is a 5 yr ARM @ 4.75 and I want to lock in at the best rate. I have a vehicle lease that matures in June and want to make a new car purchase. Both attempts will require a credit check. Which credit score do mortgage companies and car dealerships use to help me get the best interest rate? more

Resolved Question: If I use Obama's loan modification plan, will I hurt my credit?

I have an ARM that expires in January 2011. My current mortgage payment is $1700 per month (5% rate). I tried to refinance into a 30-year fixed but got denied (My wife only works part-time right now). My mortgage company says I qualify for an immediate reduction of $300 to my monthly payment for the next 4 months while they review our information and determine if we qualify for a permanent loan modification. They think we probably will. But they warned that they report to the credit bureau that we will only be making a partial payment for the next 4 months, and that we will be taking part in the Obama loan modification plan. Is that bad? My wife plans to go back to work full-time in 4-5 years and then we'd like to buy a bigger house. Will using this loan modification plan ruin our credit and kill our chances of getting approved for a loan in the future? We have perfect credit right now, no missed or late payments. How bad does it hurt our credit? Any ideas? more

Voting Question: Refinance exisiting loan as owner occupied property and then buy a new home within few months?

If a homeowner refinances his existing home from 5/1 ARM to 30 yrs fixed as owner occupied property. But within few months decides to move on and buys a new home with 20% down and loan for rest. Does he need to worry about mortgage fraud? If he has been living in that house for 5/6 years and happens to refinance just before moving on is that still a problem as essentially the 1st property now becomes a rental property? Please explain. more

Resolved Question: What can I do about my house / mortgage / job situation?

I am currently "stuck" in a sub-prime mortgage on my home in South Florida, and I lost my job about 6 months ago. WHile I am aggressively job-searching, I know It may be some time before I find something. I want to get out of FL and have expanded my job search nationwide. I am not eligible for either of Obama's save your home options. I can't refinance because I'm not behind on my mortgage. I can't modify my mortgage because I don't have a job. My mortgage (5 year interest only ARM) will start adjusting monthly and ammortizing in 9 months. I have thought about moving out and renting it as a section 8 rental, and have a friend who is able to manage the rental for me. The problem is that my mortgage could still double overnight in 9 months, even if I do have guaranteed income from renters. I have nearly perfect credit, which I hate to ruin. I know that I want to get out of FL, but not sure where I'm going to find a job, so I'm sort of in limbo. Should I stop paying my mortgage and stay in the home for a few months and just save the money for my upcoming move? Should I ask the bank for a short sale? I know either of these will affect my credit. Should I try to move out and rent it? Thanks so much for any insight you can give me.I should add that I have tried talking to my bank, and they do not have options for me. Also, I have taken a restaurant job, but, with working nearly 60 hours a week, I am still coming up $1,000 short each month, so my savings are taking a hit. more

Resolved Question: Will the succeed in cutting out all the "toxic loans" like a cancer?

Obviously, if they don't, it will certainly re-emerge and spread in short order. Ban toxic loans and those who created this financial cancer. Securitized loans should be illegal plus reselling home loans should be illegal. Time to return to square one with the once wonderful s&l system, until the crooked mortgage bankers managed to create the ARMs in the mid eighties, that was the seed for all the years of trouble. Outrageous deregulation in congress was the next horrible decision. Securitized home loans broke the banks. The greedy SOBs manipulated this diaster. We need more soup kitchens and breadlines, asap. Not later, now. Even the pharoahs were wise enough to store up grain for anticipated diasters like this. Even the paraohs, a few thousand years ago. It is clearly written in ancient texts. Obama is doing nothing for the coming diaster. No national soup kitchens, no national health care units, no tent cities. All this will be needed as the Depression grows worse. All this bailout spending only increases the losses for the wealth, not ordinary people. Obviously, they do not care now many starve die of neglected medical attention or exposure for lack of affordable housing. What have they done to prepare? They have managed stop the distribution of ammo. They have shut down production at Remington and other ammo makers. The prepare for martial law and crowd control. That is how they prepare. Better read the writing on the wall, my friend. "When the finger points to the moon, the fool stares at the finger." more

Voting Question: Could we get a home loan for at least $90K...?

I make over 60K a year but have a condo I'm upside down in and a mortgage company that refuses to work with me on payments that keep rising due to an ARM. My credit is not good, in fact it is poor. My husband on the other hand has good credit but his income varies week to week (sometimes 30 hours sometimes 8). We had a confidential marriage and are not registered as married anywhere, so I do not affect his credit. Is there anyway to get a loan for a home purchase? more

Resolved Question: Gay dudes, your opinion on this guy's looks...?

The man with his arms wrapped around the chick in the NAA Life advertisement here on Yahoo!... you know, the mortgage advert thingie. I can't help but stare at him... I think he's really quite hot; very guy-down-the-street, you know what I mean? I just thought I'd find out if I'm the only one who thinks that. more

Voting Question: mortgage modification/mitigation?

I am an engineer and own a house with a 5/1 arm mortgage that will expire next year. I am not behind on my payments but I have had expenses last year due to healt of my loved one. I would say that my income/debt ration is sufficient. I need to modify this loan . I have been contacted by a law firm that says they will try to reduce the principal and also the rate to prime (about 3.5). But they want to charge an upfront fee of 3500 which is not negotiable. I wanted to pay half first and half after the case closes, but they do not want that. This is making me a littlle cautious as they may just take my money and sit on my files for ever and nothing ever gets out of it. Is this a scam? Is it possible to get principal reduction and rate reduction to about 3.5 or even as low as 2% like they say they have beed successful? They say that even if my income/debt ratio is high, I am qualified because of the predtory lending practice and my expenses. Any answers that you have regarding this would be helpful. If you have experiences, it woudl be nice to share as well. more

Resolved Question: best way to beat high mortgage interest rates?

first, i don't want to refinance b/c we're 6 years into our loan. right now our ARM is low, like 3.85% b/c of the economy. i expect it to remain low through 2010. but after that, i expect a big increase. if it goes up high like 8.5% what are the best ways to combat an increasing rate w/o refinancing???don't want to refinance b/c we've already paid tens of thousands in interest. if you refinance then you pay another 6 or 7 years worth of interest (money lost).right but i don't mean closing costs, i'm talking about 23years of a loan vs. starting another 30year loan more

Voting Question: Just had baby, bills are out of control & we forecast 3 mo. before needing credit cards to pay mortgage- help!?

We are married and have three children... (just had our third child.) The pregnancy had many unforeseen problems which resulted in a mountain of doctors bills during and after the pregnancy. We have a substantial amount run up on credit cards (over 20k) and that promotion we have been holding out for my husband to get for the last two years is nowhere to be seen now. My mortgage is way more than we can afford right now. We purchased our home 4 years ago on a 5 to 1 arm. Got scared when rates started to go up and wanting to do what we thought was the right thing, we refinanced to a traditional 30 year loan two years ago which raised our monthly payments about $800. The rate we are locked in at is 6.5% and we had perfect credit back then! With everything that has happened and what we are forecasting, we can swing things another maybe 3 months before needing what little we have left open on credit cards to pay our mortgage. We have used our credit cards over the last two years to purchase groceries and what not when we didn't have the cash. I just don't know what to do. We live in las vegas- and our home has depreciated so much we are estimating to be upside down around $150-175k on top of losing the $70k we put down on the house. Please, where do we go for help. I don't know where to start or who to trust! What do I do? more

Resolved Question: What type of mortgage should I get?

I plan to purchase a $500,000 condo with 30% down and I am planning to pay off the balance in about 2 to 3 years. What would be the best type of mortgage for me (ie. FRM vs ARM vs. ???) Thanks. more

Resolved Question: Are there any programs under the new Homeowner Affordability Act to assist military members after a PCS?

If a member of the armed services is forced to move due to PCS, is there any relief for them if their mortgage is underwater or they are unable to sell their home? So far, all I've found are programs for "owner-occupied" properties, but what about those who can't occupy their own home due to a forced, government move? more

Resolved Question: Refinance or sell investment property at a loss?

I moved from Michigan to Pennsylvania about 2 years ago. When I could not sale my house I decided to rent it. I have it rented out, but I still pay about $150 out of pocket each month (not bad). Here is the problem....I have a ARM that will adjust soon and I need to refinance. Since it is an now an investment property rates are more and rules are different. I have discussed what will be needed with several banks and they all said I should expect to bring 10-15k to the table. Now I'm considering listing it at a low ball price and take a loss just to get rid of it. If I loose $10k on the sale at least I won't have to worry about making mortgage, condo assoc.payments. Plus taxes, repairs and management fees. If I pay the mortgage down I do still have to worry about all of those thing, but I will still "own the property" and get a bit of a tax break. Additional info...this is the only property that I own. My mortgage payment and other fees are low enough that I can pay them even when the property is not rented. So do you think I should sale or refinance? more

Resolved Question: The first sub-prime loan was initiated in 1993. Who was president?

Subprime lending evolved with the realization of a demand in the marketplace for loans to high-risk borrowers with imperfect credit. The first subprime was initiated in 1993. Many companies entered the market when the prime interest rate was low, and real interest became negative allowing modest subprime rates to flourish; negative interest rates are hand-outs, the more you borrow the more you earn.[citation needed] Others entered with the relaxation of usury laws. Traditional lenders were more cautious and historically turned away potential borrowers with impaired or limited credit histories. Statistically, approximately 25% of the population of the United States falls into this category.[citation needed] In 1998, the Federal Trade Commission estimated that 10% of new-car financing in the U.S. was provided by subprime loans, and that $125 billion of $859 billion total mortgage dollars were subprime. In the third quarter of 2007, subprime ARMs only represented 6.8% of the mortgages outstanding in the US, yet they represented 43.0% of the foreclosures started. Subprime fixed mortgages represented 6.3% of outstanding loans and 12.0% of the foreclosures started in the same period. more

Voting Question: Do you think sociopaths should see their children? under what circumstances?

i'm worried that my sociopathic soon to be ex husband will only cause detriment to our daughter. only recently has his charade come to light, and now that i realize how he really is, i look back & see some warning signs that he had glossed over or explained away. he used to be so sweet (everyone including me says with confusion "what happened to him? he used to be such a nice guy & so cool, but now he's a total jerk.") he has threatened, since we've separated, to take our daughter & disappear. he used to "joke" about ways to kill me. (he'd say "i didn't mean YOU, i just used you for an example. wouldn't it be funny?!?"). he has called our toddler annoying, on a regular basis. told her to "just shut up" because he couldn't hear his video game (and this was during a visit, after we separated & he didn't get to see her as often). he does drugs (pot, so it's not an addiction) and has stolen lots of money from me, and even money given for our daughter's future. he stole so much that it took me a month and help from my family to get my account back into the positive, and i missed 3 mortgage payments so we lost our home. when confronted about stealing from me the last time he said "well, you keep coming over here!" and laughed, yet in previous instances acted & said he was sorry & wouldn't do it anymore. (yet his behavior never changed). he recently told me that before we got together he used to rob people's houses & rob people at knife point because "it was fun having that power over people". he is very manipulative, verbally abusive, and cold towards people. he has admitted that he has no friends, just acquantances that he can benefit from. i found out that he has been diagnosed with antisocial personality disorder (which is basically the same as being a sociopath) & other things (i can't remember all of them, PTSD is one). he has an anger problem & no amount of anger management classes have seemed to help (he was court ordered to do them on several occassions, once when he was convicted of assaulting his ex gf, once when his older son was taken away at 10 months old [he has no contact with his son, his parental rights were terminated by the state]). he used to hold me by my arms so hard as to leave bruises & make the most scathing remarks until i started crying & struggling to get away, and then he'd laugh when i got away & shoved by him & say something like "assault! you better be careful or i'll report you to the police & they'll take [our baby] away" with a smirk on his face. i'm trying to decide if he should even be allowed to see our daughter, and under what circumstances. i know i don't get the final say, but i can ask for any conditions in my proposed parenting plan in the divorce papers. i'm going to talk to a lawyer soon, but i have to go through legal aid & it might be a few days so i'm trying to get things sorted out before going. i'm thinking of requesting that he complete drug treatment, anger management, and counselling (even though he's done all three at least twice each in his life & hasn't changed) and then only get supervised visits (when supervised he does REALLY great with kids--i saw him with his son during the supervised visits at children services before his parental rights were terminated). but i'm afraid he'll do damage to our daughter's mental & emotional health. but she needs a father! i don't know!!!! i can't figure out what would actually be best for her in the long term. he can be really great with her, or really neglectful & sometimes mean. i know she loves him, but when she's scared or tired or hurt she wants nothing to do with him (esp when he's the one who yells at & scares her). she only ever wants to play when it comes to him. what sort of plan would you suggest, knowing the above?sorry it's so long. complicated issue. thanks for taking the time to read & answer, i reallly appreciate it. [this is a repost as well, as i posted it during the maintenance & didn't get many answers. thanks!!] more

Resolved Question: Is$50.000 combined income(wife and me)to apply for a $180.000 mortgage?

We are first time buyers and have excellent credit rating. The problem is that as a transport self contractor I have a lot of tax credits and my income even being very good in numbers,once I apply the credits looks very little on my income tax papers. I gross about 80.000 but after all my tax credits they become 20.000 of adjusted income on paper. so my dilemma is if to show a higher income I have to forfeit about 40.000 in tax credits that I am entitled to and therefore pay an arm and a leg to the IRS or use my credits and with my combined joint income is enough to apply for the mortgage more

Resolved Question: Loan Mod. DOes the 31% include second mortgage?

Ok, we have an arm 1st mortgage, we have a normal 30 year fixed for our second. We only need the 1st mortgage modified which we are working on at the moment. But when they say that total mortgage payment"S" can not exceed 31% does that mean 31% of the whole mortgage or just their part of the mortgage. Cause if its just 31% of the first mortgage then we are going to be right back at square one, and we REALLY wont be able to afford it cause my husband just had to take a 8% paycut at work. We have Litton Loan and they are being a pain at the moment. Thanks all! more

Resolved Question: House Poor... what is Obama doing for those of us that pay our mortgages?

I have an adjustable rate mortgage and have been paying on time. My credit is decent? however I am house poor! I basically work to pay my mortgage. The problem is, right after my divorce i took the arm because it was easier and I thought I would sell within 2 years. That was the plan anyhow.. Fast forward 3 years later andt these awful market conditions and waa laa not only am I stuck here, but no bank will touch me because I owe more than the house is worth (keep in mind I put 75k DOWN on my house when I bought it at 323k... Its losing value daily and is now down to 215K value!! WTHeck? I owe 255K still!! So, I have no equity and I can not refi... I feel badly for those losing their homes I truly do, but what options are there for us that pay our mortgages when the market continues to fall like this? Ideally I just want a fixed rate at a little lower than my current rate.. but the banks run from me.. (joke)... I feel like in a few years time I will be one of the foreclosure stats! My bills go up, my pay doesn't.,.. any ideas?? What is the government doing to help people who PAY?? more

Resolved Question: I have an adjustable rate mortgage and have been paying on time. My credit is decent?

however I am house poor! I basically work to pay my mortgage. The problem is, right after my divorce i took the arm because it was easier and I thought I would sell within 2 years. That was the plan anyhow.. Fast forward 3 years later andt these awful market conditions and waa laa not only am I stuck here, but no bank will touch me because I owe more than the house is worth (keep in mind I put 75k DOWN on my house when I bought it at 323k... Its losing value daily and is now down to 215K value!! WTHeck? I owe 255K still!! So, I have no equity and I can not refi... I feel badly for those losing their homes I truly do, but what options are there for us that pay our mortgages when the market continues to fall like this? Ideally I just want a fixed rate at a little lower than my current rate.. but the banks run from me.. (joke)... I feel like in a few years time I will be one of the foreclosure stats! My bills go up, my pay doesn't.,.. any ideas?? What is the government doing to help people who PAY?? more

Voting Question: My mortgage is not Fennie Mc backed? Can I refi with another bank?

my home mortgage is thru a small credit union and cannot refi my mortgage because my mortgage is not fannie May backed. can I refi thru another bank? I have a 3 year ARM and I want to have a low fix interest rate more

Resolved Question: What am I to do about my mortgage?

I had an audit conducted on my documents. #1 It was found that the mortgage company overstated my income. They stated that I made more than I actually did by a thousand dollars. #2 It was found that I was never qualified for the higher mortgage. I was given an ARM and was not qualified at the highest interest rate. In essence, the mortgage company qualified me at the lowest rate knowing I could not afford the payments of the ARM once the rate changed which it has. I am paying $200 plus dollars more than I started out paying because of the ARM. What do I do? Can the mortgage company be litigated for predatory lending? more

Voting Question: Why Would Borrowers Accept ARM(Adjustable-Rate Mortgage) At all?

I've never bought any properties all my life. I'm just a student majoring in Economics and am now trying to understand the whole subprime crisis thing. What makes me confused is, why would some subprime borrowers accept ARM(adjustable rate mortages) at all?? Didn't they know it was highly risky? or is it becuz ARMs are always associated with very GOOG terms?(like zero down payments?) Plus, I wanna know why interest rates would go up when real estate market is sluggish? more

Resolved Question: 5/1 ARM mortgage, lock for 4.5% or float at 3%?

I just reached end of 5 years of 5/1 ARM mortgage, so now i'm faced with 2 choices, i can either lock for another 5 years, for 4.5% rate, or stay adjustable annually, currently 3%. which one is a better choice? I'm not likely to move in 5 years. more

Resolved Question: Why do many churches set an amount a person must or should give (please see details)?

When a person up to their necks in debt who cannot afford their rent or mortgage, clothes, or to be able to feed their families are strong armed into being told how much they should or must give how is that giving "cheerfully"? Mt 6:3 - But when thou doest alms, let not thy left hand know what thy right hand doeth: more

Voting Question: got a 2 year arm mortgage and want a 30 year fixed?

2 years ago bought my first home.i didnt qualify for a gov loan so the bank did a inhouse loan on a 2 year note so that maybe in 2 years i would qualify for a gov.( i didnt have enought income on tax returns)Im in the construction industry and work has goten very slow..but am making mortgage payment on time..are there anyway for me to get a 30 fixed loan??or am i gonna be stuck redoing this loan every two years.. family of 5 thanks for any help,,, more

Resolved Question: Can my wife buy our condo?

Our condo has decreased in value so I am unable to refinance our mortgage and our arm is about to adjust. I am the only one on the mortgage so is it possible for my wife to go to a bank and buy our condo and put it in her name? We have enough money for the closing costs but not sure if this is even possible. Thanks for the help! more

Voting Question: I have been hearing ads about suing your mortgage company lately,anyone sue their mortgage company and won?

I have heard lot of ads on the radio and read them in newspapers and internets sites about suing your mortgage company because of their bad loans. Has anyone sued their mortgage company and won? or lost? Any experience or advice is appreciated. I am in an Option Arm loan and awaiting for a modification to my loan. Another question if someone can help is, my house is significantly upside down in value, and the modification loan will give me a 30 year fix rate for the loan amount of what I bought the house for and not for whats it worth now which is wishful thinking... Should I take it or hold off for a better rate or consult an attorney and sue?ok, maybe I didn't ask the question right. There are attorneys that will help you review your loan and will try and get you a loan modification. My house is upside down. I bought my house for 500k, and its now worth 300k. Anyone have any dealings with an attorney to get your loan modified? more

Resolved Question: Why is everyone blaming Bush for the economic crisis we are in?

So many people that have jumped on the trillion dollar, spending spree loving Obama train, and they all seem to be blaming Bush for our economic crisis. Get real people and think about it. The spoiled, spending spree loving, credit card dependent Americans that have the "I want it now" attitude, are the ones that made the housing market a disaster buy signing away those papers knowing darn well they couldn't afford it. NO ONE FORCED THEM TO SIGN THE LOAN DOCS!! And if they say that they were tricked and didn't know what an ARM mortgage was, they have no business buying a house in the first place. Hence the trickle down theory with the fall of the rest of our stability as a country, You know who you are. Look in the mirror. Hmm, so many similarities to Obama and that specific group of people. more

Resolved Question: Mortgage advice please?

Could someone give me some mortgage advice? I bought my condo four years ago with a 5/1 ARM because I thought I'd be moving by now...and I am--except, the value of my house has dropped so low it doesn't make sense to sell it. So, I'm renting it out. That's kind of beside the point. I have no problem with my payments at 5.125% and my bank will renew my 5/1 arm next year in June at whatever rate they've got. They're offering a 5.5 right now. I can't refinance w/ a fixed as the value of the property is too low in comparison w/how much I owe on it. Should I get the 5.5 now, or is there a chance ARMs may fall within the next year or so? Any advice would be greatly appreciated. Thanks. P.S. I would appreciate it if I didn't hear the old "it's your fault we're in this mess" stuff. This was NOT a sub prime mortgage--the bank was very thorough in asking for credit rating, bank account info, salary, etc. I have a full-time job and job security so I won't be defaulting anytime soon. more

Resolved Question: Why are mortgage loan interest rates higher for fixed rate mortgages held for longer periods of time?

I am sorry if this sounds like a dumb question, but I don't understand. For example, why are 30 year fixed mortgage rates the highest mortgage rates, vs say a 15, and why are 15 year fixed rate mortgages higher than adjustable rate mortgages ? It seems that lending institutions are taking greater risk with a ARM vs. a Fixed rate mortage and they should pay a higher rate (For example, compared this situation to a new car loan vs a used car loan--the risk is higher on a used car loan ?? ?? I can understand a fixed rate loan of 30 higher than a 15 --greater risk of default from the borrower, BUT I still don't get the ARM being so low. more

Resolved Question: Could someone give me some mortgage advice?

I bought my condo four years ago with a 5/1 ARM because I thought I'd be moving by now...and I am--except, the value of my house has dropped so low it doesn't make sense to sell it. So, I'm renting it out. That's kind of beside the point. I have no problem with my payments at 5.125% and my bank will renew my 5/1 arm next year in June at whatever rate they've got. They're offering a 5.5 right now. I can't refinance w/ a fixed as the value of the property is too low in comparison w/how much I owe on it. Should I get the 5.5 now, or is there a chance ARMs may fall within the next year or so? Any advice would be greatly appreciated. Thanks. P.S. I would appreciate it if I didn't hear the old "it's your fault we're in this mess" stuff. This was NOT a sub prime mortgage--the bank was very thorough in asking for credit rating, bank account info, salary, etc. I have a full-time job and job security so I won't be defaulting anytime soon. more

Resolved Question: Questions about refinancing?

How much does it cost to refinance? We have an ARM but it doesn't adjust for another five years. It's at a 6.25 right now. Our mortgage is 250,000. I've heard rates are great right now. Not sure what to do. Thanks! more

Resolved Question: Do you think I should refinance into HELOC with a variable rate from a fixed 30-year rate? Please see details.?

I have a condo that I bought 2 years ago, 80/20 deal. The 1st mortgage is a 6.5% 5-yr. arm, and 2nd is 9.75% 30 yr. fixed. I have an option of refinancing the 2nd loan into a HELOC with a 5.36% variable rate. I realize it is tied to Fed prime rate, and I was wondering if it would be a smoart move to go for this percentage, and possibly lock the Heloc in some time? Any help would be greatly appreciated! p.s. I am actually trying to sell my condo- what are the predictions, do you think market is going to pick up? If I sell it now, I would have to pay 10-15K out of pocket, which would be hard for my budget... Id market going to get better any time soon? more

Resolved Question: My daughter need to refi her arm mortgage by oct. but her home value is less how should she proceed to refi .?

She has talked to a bank and they didn't give her much help. She also has at least $20,000 to put down ,but feel like that will not be enough.Both her and husband work and earn good money. How should she proceed and what bank could she go to to refi?? more

Resolved Question: Will the mortgage bailout help me?

I bought a house 2 years ago, at the peak of the market. According to zillow and rough estimates from appraisers, without an actual appraisal, i have lost over 80k on the value of my home. I have an 80/20 load and im paying interest only right now with a 6.875% on the 80 and the 20% is an ARM which is down to 5.5% now. Started at 10.5%. I have locked in a 4.5% fixed rate if i re-fi, and get down to 90% loan to value ratio using my VA benefits. I would need 110k to be able to re-fi. This i do not have. I have not missed any payments, but on paper, my mortgage payments are about 54% of my gross monthly income. I rent out all my extra rooms to get by which helps significantly but i dont want roommates for the next 28 years. I dont know the details of this bailout nonsense and i dont even like the idea of the bailouts. However, if i can get my tax dollars to actually benefit me for the first time, i will gladly take advantage of the bailout. In three years my 80% loan is going to adjust and raise my payments significantly. It will do so every 5 years after that. I am not struggling to make my payments, but if i dont have tenants, it will be very hard to get by, especially after the adjustment. who knows what my 20% loan will go to when interest rates start going back up. Do you know any more about the bailout and if it sounds like i will be eligible? Please dont mistake me for one of the a-holes who bought a house with shitty credit and no income. I bought the house with a friend, not realizing the market would crash, or that 6 months of living together, we wouldnt be friends any more and i would be the one to be solely responsible for the house. I have great credit and make good money, but because i bought it with a friend with the intention on living in it for a couple years, fixing it up and selling it to at least break even rather then throw away money for rent, i now am stuck in a pretty shitty situation. more

Resolved Question: Does anybody else think that there should be NOT a dime given to anyone who took out an ARM mortgage?

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Resolved Question: Can I refinance my house again?

We refinanced our mortgage last year after our ARM readjusted to a stupid amount. We had to jump through hoops and the closing costs to get our 6.5% interest mortgage were over $11,000. So our $200,000 mortgage is now $211,000 and we still have a high interest mortgage due to mortgage rates are now around 4.5% The loan IS a FHA loan. We are NOT behind. We don't want to add another single penny in closing costs to our loan as we now have financed $11,000 closing costs and we are now under water. What are our options. We will not leave our house nor are we interested in selling it. We just want to get some relief like the others are getting (first time owners, AIG, banks etc)You know, I'm pretty tired of people saying WEs got ourselves into this. We make the money to cover our loan, but got screwed up because my husband's bankrupcty years ago (his lawyer gave him bad advice. He should have had a corporate bankruptcy instead of personal, and the lawyer did not put all debts on the paperwork so husband's credit score forced us to get a ARM) We have nothing else bad on our credit and our mortgage is only 22% of our income. But we would like a lower interest rate now because everyone else is getting one. WE ARE NOT LOSERS SO QUIT BLAMING US!!!Chatplas - and I mean YOU. YOU DON'T KNOW ME OR MY SITUATION SO DON'T F*CKING INSULT ME more

Resolved Question: How do I find a financial advocate for my disabled sister.?

I need to find some help for my sister. She has MS and has been on disability for the last 10 years or so. She also has 2 children about to enter high school. She is having trouble dealing with the stress/anxiety of a possible bankruptcy. The stress is enough to shut her down and prevent her from doing anything. She like a lot of people got into an arm mortgage purchasing a home she cannot afford. What I need to find is someone that can help her through the bankruptcy and help her develop realistic expectations on how to live in the future. She's living beyond her means but its going to be a hard pill for her to swallow, and I can't seem convey that too her. I don't know what to look for to help her. Some sort of life coach etc. I don't know funds are not there so some sort of probing program for the disabled would sound right. If someone can point me in the right direction it would be a blessing. Thank you. more

Adjustable-rate mortgage - Wikipedia, the free encyclopedia

Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM. Mortgage Calculators and tools for your website!

ARM vs. Fixed Rate Mortgage - Financial Calculators from Dinkytown.net ...

This calculator helps you to determine what your adjustable mortgage payments will be. Custom Calculators and tools for your website!

Adjustable Rate Mortgage Calculator

Everything you'd like to know about mortgage indexes: market characteristics, volatility, current values, historical graphs, advantages and drawbacks.

Mortgage X Arm Index

Printable version (708 KB PDF) ESPAÑOL (revision forthcoming) Skip to content. Mortgage Shopping Worksheet What is an ARM? How ARMs work: the basic features

Adjustable Rate Mortgage

An Adjustable Rate Mortgage (ARM) may provide you with the flexibility of a lower starting interest rate and a initial monthly payment. ARM loans are well-suited for people who ...

mortgage arm

Troubled U.S. homeowners could save up to $823 million from a predatory lending settlement reached this week with Bank of America, state officials say. Under the terms of the deal, Bank of America neither admitted nor denied wrongdoing but agreed to ...

BOFA: Mortgage Holders Get $823M In Relief - Post Chronicle

CHAMPAIGN, Ill., May 23 (UPI) -- Two Illinois banks have been shuttered by regulators, marking the 35th and 36th bank closings in the United States so far this year, officials said. Strategic Capital Bank of Champaign and Citizens National Bank of ...

UPI NewsTrack Business - United Press International

Borrowers have forsaken adjustable-rate mortgages. In its latest survey, the Mortgage Bankers Association said ARMs accounted for just 2.3% of loan applications for the week ending May 8, down from more than 30% in the middle of the decade

Mortgage 101: Is an ARM Right for You? - Street.Com

401(K): An Individual Retirement Account that lets employees save for retirement while deferring income taxes on the deposits and earnings. A 401(K) holder cannot withdraw funds before age 59 1/2 without penalties. 403(b): A tax-advantaged retirement ...

MONEY DICTIONARY - CNBC

NEW YORK , May 21 /PRNewswire-FirstCall/ -- Mortgage rates were all over the map this week, with the average 30-year fixed mortgage rate inching higher to 5.24 percent. According to Bankrate.com's weekly national survey, the average 30-year fixed ...

Bankrate: Mortgage Rates Post Mixed Results - Earthtimes

Mortgage rates remain low as the Federal Reserve continues to make moves to keep them that way. Freddie Mac 's weekly rate report said 30-year fixed-rate mortgages fell to an average 4.82 percent, down from 4.86 percent last week. A year ago, 30-year ...

Mortgage rates fall again - Birmingham Business Journal

Officials in Washington are looking to keep mortgage rates at affordable levels to help the ailing housing market. However, as Treasury notes being printed begin flooding the market, keeping rates down will be more of a challenge every week. As ...

Feds Seek To Steady Mortgage Rates - HULIQ.com

Almost from the day Barack Obama was inaugurated, the press has amused itself with speculation about who is running the economy portfolio at the White House and who has been marginalized. For the most part, Larry Summers and Tim Geithner have won the ...

Site Presented By - Salon

Mortgage loan interest rates continue to hold steady at under 5% for the ninth week in a row. Although Freddie Mac reported a minimal mortgage interest rate increase of .02 percent for the week ending May 14th, 30-year fixed rate mortgages continue ...

Mortgage Loan Rates Stay Under 5% - 9 Straight Weeks - HULIQ.com

NEW YORK(Reuters) - U.S. mortgage rates fell in the latest week, trekking closer to a record low set last month. Interest rates on U.S. 30-year fixed-rate mortgages fell to 4.82 percent for the week ending May 21, down from the previous week's 4.86 ...