Zillow Advice RSS: Question-Discussion-Guide,Mortgage, http://www.zillow.com/advice/United-States%253B%253B%253B%253B%253B%253B%253B%253B/mortgage/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate Zillow Mortgage Education Center http://www.zillow.com/advice-thread/Zillow-Mortgage-Education-Center/495977/ Buying a home or looking to refinance? Zillow's new Mortgage Education Center&nbsp;has more than 45 articles on relevant mortgage topics &mdash; from the basics of borrowing to underwater refinancing and loan products. The site also provides access to helpful tools including Zillow's calculators to budget for a home and Zillow Mortgage Marketplace&nbsp;to shop for rates.<br/><br/><img imagetype="8" uploadtype="new" imageid="X1-IAjv4fbrkpmegq1000000000_i3rmx" height="200px" width="250px" src="http://photos2.zillow.com/o_a/IS1bptcrkpmegq1000000000.jpg"/><p>Ready to dive in? You can find the Mortgage Education Center under the Mortgage Rates tab on&nbsp;<a href="http://www.zillow.com/">Z</a>illow.com, or by visiting clicking <a href="http://www.zillow.com/mortgage-rates/learn/">here</a>.</p><br \><br \>2 replies Fri, 07 Jun 2013 22:05:00 GMT http://www.zillow.com/advice-thread/Zillow-Mortgage-Education-Center/495977/ 2013-06-07T22:05:00Z Interest-Only and Deferred-Interest Loans http://www.zillow.com/advice-thread/Interest-Only-and-Deferred-Interest-Loans/2369/ <wikipage><p><pagelink type="wikipage" dest="Interest-Only-Loan">Interest-only</pagelink> and deferred-interest mortgages are gaining increasing popularity, as homeowners like the idea of having the freedom to decide how much to pay against their mortgage each month. Interest-only loans offer you the option to pay only the monthly interest, or you can pay the monthly interest and as much of the principal as you'd like. Deferred-interest mortgages give you even more choices. In addition to the payment options of an interest-only mortgage, a deferred-interest loan also allows you to pay just a portion of the interest payment each month (the unpaid interest would then be added to your principal loan balance).</p><p>&nbsp;</p><p>By opting for an interest-only payment or a deferred-interest payment, your monthly mortgage payment is less -- often times, significantly less -- than it would be if you made a "conventional" interest plus principal payment. You gain the freedom to do with your available cash as you choose.</p><p>&nbsp;</p><p>To help you decide how much home you can afford, it's smart to think in terms of an interest <em>plus</em> principal payment each month. If you can only afford the minimum payment on your mortgage, you may be overextending yourself. Having a <em>choice</em> to pay only the minimum is quite different than only being able to <em>afford</em> the minimum.</p><p>&nbsp;</p><p>Is an interest-only or deferred-payment mortgage right for you? If any of the following situations apply to you, these loans may be just what you've been waiting for:</p><ul><li>If you need cash flow and have a low interest rate, paying interest only is the same as borrowing money at a great rate.</li><li>If you're paid on commission or depend on tips, and your income fluctuates month-to-month, interest-only or deferred-interest payments are great. When commissions are down, make the minimum payment. When you have an excellent month, pay the full payment or more.</li><li>If you invest the money you don't put toward your mortgage in something with a higher rate of return. For example, if you pay 6.5 percent on your mortgage but find an opportunity to make an investment that returns 9 percent, you will make 2.5 percent on your money that you wouldn't make if you had paid your full principal plus interest.</li><li>You have higher interest debt to pay off. Again, if you have credit card debt at 15 percent, it makes dollars and sense to pay that before mortgage interest debt at 6.5 percent.</li><li>If you expect to be in your home for less than 10 years.</li><li>If you live in an area with appreciating home values. Regardless of what you've heard, most of the country is still appreciating in value. In those areas, even if you pay mostly just interest on your home, you're likely gaining equity in your home. In some cases, you can gain equity even with deferred-interest minimum payments.</li></ul><p>Interest-only and deferred-interest loans can be great tools for money management. But, be careful not to stretch your budget too thin so that you have to rely on paying only the minimum payment each month. This can cause headaches down the road and isn't recommended. If you can afford the full payment but choose to have the payment flexibility that these types of loans offer, they just might be a fit for your financial goals.</p><br/><p>As always, make sure your mortgage professional goes over all the numbers and fully explains the payment scenarios. Don't assume anything. Get real numbers and you'll make the best decision.</p><p><pagelink type="external" dest="https://plus.google.com/116010607353595760297/posts?rel=author" nofollow="false">By Diane Tuman</pagelink></p><p><br/>&nbsp;</p></wikipage><br \><br \>1 reply Fri, 12 Oct 2012 21:35:00 GMT http://www.zillow.com/advice-thread/Interest-Only-and-Deferred-Interest-Loans/2369/ 2012-10-12T21:35:00Z Can I get a VA loan with a spouse with bad credit and I have bad credit as well http://www.zillow.com/advice-thread/Can-I-get-a-VA-loan-with-a-spouse-with-bad-credit-and-I-have-bad-credit-as-well/584454/ My spouse and I both have bad credit can I try to just buy the house alone I think my score is 620 his is 580 ... (It's my VA loan)<br \><br \>3 replies Mon, 27 Apr 2015 02:58:00 GMT http://www.zillow.com/advice-thread/Can-I-get-a-VA-loan-with-a-spouse-with-bad-credit-and-I-have-bad-credit-as-well/584454/ 2015-04-27T02:58:00Z is there a short term loan until other house is sold- then pay off new loan? http://www.zillow.com/advice-thread/is-there-a-short-term-loan-until-other-house-is-sold-then-pay-off-new-loan/584423/ 4 replies Sun, 26 Apr 2015 21:16:00 GMT http://www.zillow.com/advice-thread/is-there-a-short-term-loan-until-other-house-is-sold-then-pay-off-new-loan/584423/ 2015-04-26T21:16:00Z Rates on the move again! http://www.zillow.com/advice-thread/Rates-on-the-move-again/412191/ The mortgage rate Gods are giving those fence sitters that missed last week another opportunity. I wonder if they will wait again.<br/><br/>Bring on Pasa and the charts.<br \><br \>5366 replies Thu, 18 Aug 2011 15:34:00 GMT http://www.zillow.com/advice-thread/Rates-on-the-move-again/412191/ 2011-08-18T15:34:00Z would a loan officer send a application through to underwriter if they knew it wouldnt be approved http://www.zillow.com/advice-thread/would-a-loan-officer-send-a-application-through-to-underwriter-if-they-knew-it-wouldnt-be-approved/532253/ 24 replies Thu, 13 Mar 2014 23:22:00 GMT http://www.zillow.com/advice-thread/would-a-loan-officer-send-a-application-through-to-underwriter-if-they-knew-it-wouldnt-be-approved/532253/ 2014-03-13T23:22:00Z stated-income refinance http://www.zillow.com/advice-thread/stated-income-refinance/584460/ 0 replies Mon, 27 Apr 2015 04:27:00 GMT http://www.zillow.com/advice-thread/stated-income-refinance/584460/ 2015-04-27T04:27:00Z Questions about 95% LTV, 80/15/5, or FHA Loans http://www.zillow.com/advice-thread/Questions-about-95-LTV-80-15-5-or-FHA-Loans/584345/ Hi all:<br/><br/>I have a contract for $325k on a completely rehabbed bungalow. I have already been approved for an FHA loan with my father signing as a non-occupant co-borrower, but I was less than pleased with my note after upfront MIP and the rest of the mortgage insurance was factored in. I am about to finish up a doctorate degree in May and have school debt, but have an offer letter for a new position at my same company making good money. I am currently employed at the firm that has offered me a job (have been working there for the past 3 years). My middle fico score is 780 and my father's is 810+. I only have 5% to put down. The lender from which I got my FHA loan approval tells me that it is absolutely impossible to go the conventional loan route, but does not have any good reasons for me except that FHA is the only loan that will work for me.&nbsp; After doing some research, it seems that it would be possible to go the conventional loan route with such good credit scores and that the FHA lender is just trying to jam this FHA loan down my throat.<br/><br/>Are there lenders offering 80/15/5 with a non-occupant co-borrower? What kind of rates am I looking at? <br/><br/>What about a 95% conventional loan with BPMI?<br/><br/>If any of you are able to offer these types of loans, or knows someone who does please steer me in the right direction. <br/><br/>Many thanks!<br \><br \>12 replies Sun, 26 Apr 2015 00:56:00 GMT http://www.zillow.com/advice-thread/Questions-about-95-LTV-80-15-5-or-FHA-Loans/584345/ 2015-04-26T00:56:00Z Quality Control Dept http://www.zillow.com/advice-thread/Quality-Control-Dept/584399/ &nbsp; What does it mean when your loan has been sent to the quality control department? Im patiently waiting to get approve, its been almost 1 month now since i signed the contract. This will be my first home, This house will be a brand new one, but they will not start construction until the loan gets approve.&nbsp;<br \><br \>2 replies Sun, 26 Apr 2015 17:28:00 GMT http://www.zillow.com/advice-thread/Quality-Control-Dept/584399/ 2015-04-26T17:28:00Z Jumbo Loan Cash Out Refi http://www.zillow.com/advice-thread/Jumbo-Loan-Cash-Out-Refi/584101/ <p>I currently own a home worth 2.1-2.5mm with a 900k mortgage on it. I am looking to refinance and cash out an extra 800k out of it (so total new mortgage = 1.7mm).&nbsp;I&nbsp;am looking for a&nbsp;30yr fixed at a reasonable rate. My credit is&nbsp;~760.&nbsp;I have been running into two issues with the lenders I talked to:</p><p>&nbsp; 1. They are unwilling to&nbsp;do a jumbo cash out refi&nbsp;at 70-80% LTV ratio that I am looking for</p><p>&nbsp; 2. DTI qualification issue.&nbsp;Details:&nbsp;I received a bonus significantly better&nbsp;this year than in&nbsp;prior years but this better bonus is expected to continue (I even have a signed letter from my employer confirming that fact). The bonus is being paid&nbsp;through 2015&nbsp;so it is not reflected in the 2014 W2. Based on my&nbsp;augmented bonus the DTI is 37% but based on&nbsp;the 2014 W2&nbsp;it is 55%.</p><p>Any suggestions??</p><br \><br \>3 replies Thu, 23 Apr 2015 21:35:00 GMT http://www.zillow.com/advice-thread/Jumbo-Loan-Cash-Out-Refi/584101/ 2015-04-23T21:35:00Z NINA, No-Doc or other type of mortgage http://www.zillow.com/advice-thread/NINA-No-Doc-or-other-type-of-mortgage/584365/ Here is my situation. &nbsp;I am putting my condo up for sale in an expensive city in Colorado and moving a few hundred miles away to a less expensive city in CO. &nbsp;I will have about 110k from the sale to put towards another house. &nbsp;I have an 800+ credit score, and ZERO debt besides the mortgate, but am looking at houses in the 150-180k range. &nbsp;I am a personal trainer, fitness instructor and climbing guide and would not/could not document my income. &nbsp;I am fine with a little higher rate. &nbsp;<br/><br/>So the question is could I qualify for a loan with excellent credit, no debt, and greater than 50% downpayment but not really be able to show income?<br \><br \>5 replies Sun, 26 Apr 2015 13:44:00 GMT http://www.zillow.com/advice-thread/NINA-No-Doc-or-other-type-of-mortgage/584365/ 2015-04-26T13:44:00Z Mortgage rates lock http://www.zillow.com/advice-thread/Mortgage-rates-lock/584372/ I'm getting loan for $220.000 original purchase price is $275.000 but i will put %20 down. Middle score 755. My lender give me %4.125 rate i just want to make sure that's fair rate. My other question i lock the rate for 30 days and I didn't close so they renew it for 2 more weeks if the rates has been drop from the time I applied should i get a lower rate or how this work? Thanks for help<br \><br \>5 replies Sun, 26 Apr 2015 14:17:00 GMT http://www.zillow.com/advice-thread/Mortgage-rates-lock/584372/ 2015-04-26T14:17:00Z Has anybody had a loan mod. wih countrywide and was it a sucess? http://www.zillow.com/advice-thread/Has-anybody-had-a-loan-mod-wih-countrywide-and-was-it-a-sucess/203776/ 15 replies Wed, 25 Feb 2009 17:47:00 GMT http://www.zillow.com/advice-thread/Has-anybody-had-a-loan-mod-wih-countrywide-and-was-it-a-sucess/203776/ 2009-02-25T17:47:00Z Getting a mortgage with 620 score and collateral http://www.zillow.com/advice-thread/Getting-a-mortgage-with-620-score-and-collateral/584374/ Years ago right after high school I did not take care if my finances and some things went to collections (student loan, small med bill and phone bill). All have been paid off for 2 years and I have 2 cc that u am responsible with and pay in full each month. I've had a car loan in my name for 6 months now as we'll. credit has rose to 620 and I really would like to purchase a house. I make 55k in wny and am looking for a loan for 100-110,000. I have land that I want to use as collateral. It was given to me so I owe nothing on it and it is worth 18000. I have 6600 saved up. Is it worth my time to go to the bank?<br \><br \>5 replies Sun, 26 Apr 2015 14:32:00 GMT http://www.zillow.com/advice-thread/Getting-a-mortgage-with-620-score-and-collateral/584374/ 2015-04-26T14:32:00Z Can I get a loan? if yes what type would you recommend? http://www.zillow.com/advice-thread/Can-I-get-a-loan-if-yes-what-type-would-you-recommend/584381/ We had a foreclosure 3 years ago and a bankruptcy chapter 7 discharged 2 years ago. Our scores are between 620-650. Do we qualify as first time buyers? Can we avoid the PMI payment with a 5% down? What kind of loan would you recommend? I'm in NJ.<br \><br \>2 replies Sun, 26 Apr 2015 15:02:00 GMT http://www.zillow.com/advice-thread/Can-I-get-a-loan-if-yes-what-type-would-you-recommend/584381/ 2015-04-26T15:02:00Z I need a good lawyer to modify my loan asap pleaseeeeeeee. http://www.zillow.com/advice-thread/I-need-a-good-lawyer-to-modify-my-loan-asap-pleaseeeeeeee/269601/ i live in antioch,ca.&nbsp; my <a href="http://www.zillow.com/mortgage/">loan</a> is appx. 560, its worth 235 and my wife and I separated, am behind about 3 months.&nbsp; there so many scams and i am affraid to<br/>pick anybody.<br \><br \>17 replies Wed, 19 Aug 2009 02:02:00 GMT http://www.zillow.com/advice-thread/I-need-a-good-lawyer-to-modify-my-loan-asap-pleaseeeeeeee/269601/ 2009-08-19T02:02:00Z what should I do? http://www.zillow.com/advice-thread/what-should-I-do/581704/ I have a mortgage of about 300k on the first and a heloc of about 128k both with Wells Fargo. My home will probably appraise for around 360k. Should I try and refinance if possible? We are also looking to move to a different state in the near future.<br \><br \>6 replies Sun, 05 Apr 2015 23:36:00 GMT http://www.zillow.com/advice-thread/what-should-I-do/581704/ 2015-04-05T23:36:00Z High Income Loan Modification http://www.zillow.com/advice-thread/High-Income-Loan-Modification/553841/ Help!<br/><br/>I have a mortgage for $260,000, with a 10.1% interest rate. &nbsp;My current monthly payment is $2,800.00. &nbsp;I knew that my mortgage was going to become unaffordable, so I went to a non-profit organization for assistance back in 2010. They informed me that my income was too high and, at that time, no one would modify my loan while I was current with my payments. &nbsp;Eventually, I fell behind on my mortgage payment for four months due to my son's medical expenses and bills. I then entered into the loan modification process. &nbsp;During the loan modification processing, I was not able to make payments. &nbsp;The modification processing took 2 years.<br/><br/>When all was said and done, I ended up being 29 months in arrears and my modification was denied because the mortgage amount was less than 31% of my gross salary ($3,900). So I continue to pay the $2,800.00.<br/><br/>My parents now live with me, and they offered to purchase my home in their names in an effort to get the mortgage down to $1,650, which I would pay and is completely affordable. &nbsp;Fortunately, my home is worth &nbsp;$265,000 so I thought I could just simply sell the house and pay off my mortgage. &nbsp;However, when I asked for a pay off quote, the mortgage company added over $115,000 in interest and penalties. &nbsp;The new amount is over $375,000. &nbsp;That is $100,000 over the market value.<br/><br/>I thought about doing a short-sale, but if I did, my parents would be prohibited from buying the home (you can't sale to a relative when short-selling). &nbsp;<br/><br/>I don't know what to do. &nbsp;Any suggestions?<br/><br/>Devin B.<br/>&nbsp;<br \><br \>2 replies Fri, 08 Aug 2014 19:53:00 GMT http://www.zillow.com/advice-thread/High-Income-Loan-Modification/553841/ 2014-08-08T19:53:00Z Denied 3 times for loan modification http://www.zillow.com/advice-thread/Denied-3-times-for-loan-modification/583052/ My husband and I are really in a hole. We have 3 very small children, all 4 years old and under. We are back 8 months on our mortgage and the property has gone into foreclosure as of the end of February. We have applied for a loan modification 3 separate times and have been denied every time. The reasoning is that we don't make enough to pay the mortgage payment even after a load mod. After the 2nd denial my brother moved in to contribute towards our income and we just got word we were denied again. We have reduced all of our expenses and they have noted that, but they always mention our debt. They calculate that we have $700 a month going toward our unsecured debts. All of the credit cards we have have been canceled because of extremely late payments. I have an appointment on Saturday with an attorney to discuss filing for bankruptcy. My husband works 2 jobs and picks up overtime. I am the primary caretaker of our children and placing our kids in daycare wouldnt make sense as it would cost more than any income I could bring in. My sister will also be moving in this month and will contribute another $600 monthly towards our expenses. This will be our fourth time applying and we are just spent from all of this. The worry keeps me up most nights. I feel like we have no options left. My question is will filing for chapter 7 help us get a load mod? By ridding us of that debt it would free up all that money to go towards the mortgage. Thanks if you've read all this<br \><br \>6 replies Thu, 16 Apr 2015 00:12:00 GMT http://www.zillow.com/advice-thread/Denied-3-times-for-loan-modification/583052/ 2015-04-16T00:12:00Z Are there 40 year loans in regular loans or va loans http://www.zillow.com/advice-thread/Are-there-40-year-loans-in-regular-loans-or-va-loans/412568/ 8 replies Sun, 21 Aug 2011 18:01:00 GMT http://www.zillow.com/advice-thread/Are-there-40-year-loans-in-regular-loans-or-va-loans/412568/ 2011-08-21T18:01:00Z