Zillow Advice RSS: Question-Discussion-Guide,Zillow Questions, http://www.zillow.com/advice/United-States%253B%253B%253B%253B%253B%253B%253B%253B/zillow-questions/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate I did not get any quotes on my loan request (ZR-SBDRYNK). Can someone help me figure out why? http://www.zillow.com/advice-thread/I-did-not-get-any-quotes-on-my-loan-request-ZR-SBDRYNK-Can-someone-help-me-figure-out-why/319853/ I know that my credit score is low and we're working on that. I've entered a debt management plan and am paying on time each month. We have the income to support a <a href="http://www.zillow.com/mortgage/">mortgage</a>, I just need to know what else we should be doing.<br \><br \>2 replies Fri, 29 Jan 2010 20:09:00 GMT http://www.zillow.com/advice-thread/I-did-not-get-any-quotes-on-my-loan-request-ZR-SBDRYNK-Can-someone-help-me-figure-out-why/319853/ 2010-01-29T20:09:00Z Government just solved the credit crisis - Governmert may create megafund for all banks Bad Debt!! http://www.zillow.com/advice-thread/Government-just-solved-the-credit-crisis-Governmert-may-create-megafund-for-all-banks-Bad-Debt/43059/ <p>From Reuters:</p><p>&nbsp;</p><p>WASHINGTON (Reuters) - The possibility of a massive, U.S. taxpayer-funded bailout to attack the <a href="http://www.zillow.com/mortgage/">mortgage</a> crisis and calm financial markets gripped Washington and Wall Street on Thursday on signs a Bush administration plan was in the works.<br/><br/>Responding to the week's upheaval of the financial system, the Treasury Department has been shopping a proposal for a government fund to absorb bad mortgage debts with congressional leaders, according to two sources.<br/><br/>Treasury Secretary Henry Paulson was to meet with congressional leaders at 7 p.m. to discuss current market conditions.<br/><br/>One congressional aide said the topic was expected to be "how to get us out of this financial mess."<br/><br/>Word of a possible solution to the debt that has poisoned the balance sheets of major financial firms sent stocks soaring to give Wall Street its best day in six years.</p><br \><br \>0 replies Fri, 19 Sep 2008 01:00:00 GMT http://www.zillow.com/advice-thread/Government-just-solved-the-credit-crisis-Governmert-may-create-megafund-for-all-banks-Bad-Debt/43059/ 2008-09-19T01:00:00Z How do I or where do I begin to get a loan for a house? My credit is not good. http://www.zillow.com/advice-thread/How-do-I-or-where-do-I-begin-to-get-a-loan-for-a-house-My-credit-is-not-good/424422/ Talk with a few <a href="http://www.zillow.com/mortgage-rates/">mortgage</a> professionals. Normally, they have the right advice to help you build your credit over time in order to qualify for financing. Ask around to anyone you know who has recently purchased a home and get their lender's info.<br \><br \>0 replies Wed, 30 Nov 2011 21:44:00 GMT http://www.zillow.com/advice-thread/How-do-I-or-where-do-I-begin-to-get-a-loan-for-a-house-My-credit-is-not-good/424422/ 2011-11-30T21:44:00Z What can I do to get more (or better) quotes for my loan request ZR-DBJQQCF http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-DBJQQCF/338309/ Internet <a href="http://www.zillow.com/mortgage/">Loans</a> are NOT The way to go. I can understand your concern, but one fact to consider is this; Once your <a href="http://www.zillow.com/mortgage/">Mortgage</a> terms are set, they are set. A Mortgage Banker often has access to over a dozen or more investors, (lending institutions), this is a huge benefit to you as these "investors" are competing for your loan. You end up with the best rates.&nbsp; Just make sure you shop around for your Mortgage Banker, as well.They do charge different fees, especially underwiters fee and tax service fees. &nbsp;Did you know that it takes 5 mortgage inquiries to equal 1 hit on your <a href="http://www.zillow.com/mortgage-glossary/Credit-Report/">credit report</a>. Shop around, you are in a no lose situation.<br \><br \>0 replies Sat, 27 Mar 2010 22:16:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-DBJQQCF/338309/ 2010-03-27T22:16:00Z Buying and Selling at the Same Time http://www.zillow.com/advice-thread/Buying-and-Selling-at-the-Same-Time/17/ <wikipage><p>And you thought buying or selling a home was scary. Either one can be, of course, but there&rsquo;s nothing like doing both at once to foster a flurry of &ldquo;what ifs.&rdquo; What if I buy a new house, but my old one doesn&rsquo;t sell? What if I sell my old house, but can&rsquo;t find a new one? And what if I try to do both at once and end up going completely crazy in the process?<br/><br/>Don&rsquo;t worry, you won&rsquo;t, as long as you take the time to think things through. Depending on your particular situation, it may make more sense to buy first, then sell &mdash; or just the opposite. Either way, here are some of the factors to consider:<br/><br/><strong>Buy First, Then Sell</strong></p><ul><li>Can search for new home without pressure</li><li>No need to find interim housing</li><li>Risk of double mortgage payments</li><li>Equity from current home unknown</li></ul><p><strong>Sell First, Then Buy</strong></p><ul><li>Equity is immediately available</li><li>No double mortgage payments</li><li>Risk of having to find interim housing</li><li>Pressure to buy can lead to rash decisions</li></ul><h2>Clean It Up</h2><p>Clearly, buying and selling concurrently comes with its own brand of stress, but with a little pre-planning you can keep it under control. Simply put, you should get as much done to your old house before you even start looking for your new one. At a minimum:</p><ul><li>Get rid of stuff. You don&rsquo;t want to be hauling junk to the dump while the clock is ticking.</li><li>Fix what you can. If necessary, <pagelink type="wikipage" dest="Home-Inspection-Guide">hire an inspector</pagelink> to determine what needs doing and get it done. Quibbling with potential buyers over who&rsquo;s going to pay for what is counter-productive.</li><li><pagelink type="wikipage" dest="Tell-All---Disclosure-for-the-Seller"><u>Disclose</u></pagelink> what you don&rsquo;t &mdash; fix, that is. If you don&rsquo;t want to take on a major repair, be sure to disclose the problem to the buyer. It may be better to accept a lower offer than to have the deal fall apart.</li></ul><h2>&nbsp;</h2><h2>Tools of the Trade</h2><p>Regardless of the route you choose, you can ease the process in others ways, too. One is through a <pagelink type="wikipage" dest="Bridge-Loan">bridge loan</pagelink>, a short-term loan that &ldquo;bridges&rdquo; the gap between buying your new house and selling your current one. (Watch out, though: Bridge loans often carry high fees and interest rates.) Other options include taking out a home equity loan or borrowing against a 401(k).<br/><br/>You can also structure your deals to include contingency clauses, in which you agree to sell your current home contingent on purchasing your new one and/or agree to buy your new home contingent on selling your old one. Just be aware that most sellers prefer contingency-free offers: If your offer is contingent on selling your current home and a competing offer has no such constraints, many sellers will go for the free-and-clear sale.</p><p>&nbsp;</p><h2>The Reality of Rent-backs</h2><p>If you&rsquo;ve sold your current home but can&rsquo;t move into your new one (or haven&rsquo;t even found it yet), you may be able to negotiate a rent-back with the buyer. In a nutshell, that means you can stay in &ldquo;your&rdquo; home as a tenant who pays rent to the new owners. If the buyer is amenable, you&rsquo;ll not only have the proceeds from the sale, but also more time to plan your next step.<br/><br/>The problem, of course, is that the buyer calls the shots. They&rsquo;ll probably want you to cover their mortgage payment and other costs, which, assuming your house has appreciated, are probably quite a bit higher than you&rsquo;re used to paying. Add in the utilities, renter&rsquo;s insurance, and other expenses, and it may make more sense to find a rental apartment &mdash; or redouble your efforts to find your new home.</p><p>&nbsp;</p><h2>Real Life <strong>Example</strong></h2><p><strong>Who:</strong> Reese and Cameron, after nine years in a 90-year-old Victorian<br/><strong>The decision:</strong> They had a lot of possessions, a laundry list of repairs to consider, and not a lot of time or available cash. They also had a decision to make: Should they sell their old home first and use the proceeds to buy their new home, or should they buy their new home first and hope the old one sold in a timely manner?<br/><strong>The agents:</strong> Fortunately, they also had a real estate agent they trusted, a woman who helped them find their new house and put them in touch with another agent who was able to list their old home.<br/><strong>The game plan:</strong> They developed a plan to put their current home on the market the day after they made an offer on a new one, giving them just under a month to complete both transactions.<br/><strong>The quote:</strong> &ldquo;We found the house we wanted, and the clock starting ticking,&rdquo; says Reese. &ldquo;That&rsquo;s when the stress really kicked in.&rdquo;<br/><strong>The concession:</strong> With the clock ticking, Reese and Cameron knew they had to find a buyer for their old house in a hurry. (It didn&rsquo;t help matters when they lost a week when the first buyer bailed out at the eleventh hour.) Fortunately, their agent found a buyer who agreed to a three-week closing period in exchange for a slight concession on the sales price.<br/><strong>The closing:</strong> They closed on their old house on a Friday, closed on their new one on Saturday, and breathed a huge sigh of relief. &ldquo;It was nice getting that big check,&rdquo; says Cameron, &ldquo;even if we didn&rsquo;t get to keep it very long.&rdquo;</p><p>&nbsp;</p><p>&nbsp;</p></wikipage><br \><br \>1 reply Mon, 13 Oct 2008 21:06:00 GMT http://www.zillow.com/advice-thread/Buying-and-Selling-at-the-Same-Time/17/ 2008-10-13T21:06:00Z You have the recent re-fi date of our house correct, yet the amount is wrong. How do I fix that?? http://www.zillow.com/advice-thread/You-have-the-recent-re-fi-date-of-our-house-correct-yet-the-amount-is-wrong-How-do-I-fix-that/270663/ Zillow should only be showing sales prices, Zestimates etc, and not the amount borrowed on the home.&nbsp;&nbsp; <br/><br/>It is no one's business but our own (and the lender's) how much our <a href="http://www.zillow.com/mortgage/">mortgage</a> is.<br \><br \>0 replies Sat, 22 Aug 2009 00:36:00 GMT http://www.zillow.com/advice-thread/You-have-the-recent-re-fi-date-of-our-house-correct-yet-the-amount-is-wrong-How-do-I-fix-that/270663/ 2009-08-22T00:36:00Z Paulson & Ben - stop robbing everyone.. http://www.zillow.com/advice-thread/Paulson-Ben-stop-robbing-everyone/43077/ <p>Home ownership is NOT the cornerstone. Pls realize that most people never pay off their homes. Before <a href="http://www.zillow.com/mortgage/">mortgages</a>, homes were much, much cheaper.</p><p>&nbsp;</p><p>The bailout attempt is only an attempt to thwart this until after the election. It will probably only last a couple mos. After the bailout fails I think we will see two more things tried. First,&nbsp;a law that won't let you take out all your money from our accounts. Actually, there already is one. You aren't allowed to take money out of circulation. So you can't remove your savings to put in your mattress. It will probably be enforced with a withdrawal limit. This will force us to continue using banks. Second, I also see a price freeze in the future. This will cause massive supply problems, expecially since we don't produce anything as a nation anymore. Other countries will probably just opt of supplying to us.</p><br \><br \>0 replies Fri, 19 Sep 2008 16:22:00 GMT http://www.zillow.com/advice-thread/Paulson-Ben-stop-robbing-everyone/43077/ 2008-09-19T16:22:00Z Sales within Familes and Foreclosures? http://www.zillow.com/advice-thread/Sales-within-Familes-and-Foreclosures/18473/ <p><br/>Funny, they say that they don't factor in family and foreclosures.&nbsp; I do <a href="http://www.zillow.com/mortgage/">mortgages</a> for a living and the Zestimates are usually about $20000 off of the actual appraised values in most areas that I do mortgages which is in 8 states.&nbsp; If you look closely, you will see that there are more distressed sales than <a href="http://www.zillow.com/homes/for_sale/fore_lt/">foreclosures</a> (these are houses that are on the market for a very long time) and this drives down the prices in the area.&nbsp; Appraisers exclude most distressed sales which apparently must be why they are so far off.&nbsp; My home sits on a pond in a cul de sac with one of the largest lots in my neighborhood.&nbsp; Houses on a major road across the street from a high school up the road are valued about $15 higher per square foot.&nbsp; In addition to that in homestead exemption states, the assessment is lowered if you file your homestead which throws the value way off and people will not <a href="http://www.zillow.com/refinance/">refinance</a> to avoid increase in taxes so the county will base taxes on the last transaction.&nbsp; I live in a neighborhood that has very few sales in the last few years but an almost identical neighborhood 3 blocks away are about $30 more per square foot because there is a high amount of sales.&nbsp; Those would be used for comparables as they are less than 1/8 a mile away but I guess they only factor in your block for estimates???</p><br \><br \>0 replies Mon, 28 Jan 2008 20:58:00 GMT http://www.zillow.com/advice-thread/Sales-within-Familes-and-Foreclosures/18473/ 2008-01-28T20:58:00Z Mortgage Interest Deduction http://www.zillow.com/advice-thread/Mortgage-Interest-Deduction/375237/ <p>After reading an article in the <a rel="nofollow" href="http://www.theatlantic.com/business/archive/2010/11/the-case-for-and-against-killing-the-mortgage-interest-deduction/66596/">Atlantic</a>&nbsp;on the debate over mortgage interest deduction, I'm wondering what the general consensus is on the topic. The article raises some interesting points on both the pros and cons of discontinuing the deduction. There is the question of how it would affect each income level, both positively and negatively. There's also the issue of the national debt and the fact that the deduction is "the costliest tax giveaway in the United States." And, how would ending the deduction affect the already teetering housing market?<br/>I want to know what everyone thinks about this. What is your take on the issue? What do you think is the best way to proceed and why?</p><br \><br \>7 replies Wed, 17 Nov 2010 00:49:00 GMT http://www.zillow.com/advice-thread/Mortgage-Interest-Deduction/375237/ 2010-11-17T00:49:00Z Agents: Every post is a person is more important that your personal contribution count http://www.zillow.com/advice-thread/Agents-Every-post-is-a-person-is-more-important-that-your-personal-contribution-count/430597/ Would one liners like..<br/><br/>Take my Mortgage...Please!<br/><br/>be OK?<br \><br \>0 replies Thu, 02 Feb 2012 04:18:00 GMT http://www.zillow.com/advice-thread/Agents-Every-post-is-a-person-is-more-important-that-your-personal-contribution-count/430597/ 2012-02-02T04:18:00Z Can I borrow part of the down payment to avoid paying MIP? http://www.zillow.com/advice-thread/Can-I-borrow-part-of-the-down-payment-to-avoid-paying-MIP/565920/ Yes. Paying Mortgage Insurance is not good. That money could be going to your principal.<br \><br \>0 replies Sun, 09 Nov 2014 15:43:00 GMT http://www.zillow.com/advice-thread/Can-I-borrow-part-of-the-down-payment-to-avoid-paying-MIP/565920/ 2014-11-09T15:43:00Z we make 100,00 a year low scores 670 and 570 renting for 1375 a month how can we get a house.... or http://www.zillow.com/advice-thread/we-make-100-00-a-year-low-scores-670-and-570-renting-for-1375-a-month-how-can-we-get-a-house-or/350637/ Hello Earl &amp; Claudia,<br/><br/>I am a Realtor and a mortgage broker here in Austin.&nbsp; To know if you would qualify we would need to know how much the person makes with the 670 fico.&nbsp; That person could most definitely qualify for FHA or possibly conventional financing themselves if their debt ratio was in check.<br/><br/>As a Realtor I do not originate FHA but I work with FHA lenders who can go as low as 580 so you are possibly not too far off if you do in fact need the income of the 570 fico borrower.&nbsp; When your scores are in that range the lenders are extra picky.&nbsp; If we could get your scores up to a 580 and you did not have any collections in the past 12 months yes you could get into a house right now in most cases.&nbsp; I would just need to look at everything and see your entire credit profile to see if this is something you can do now or possibly in the near future.<br/><br/>So there is some additional information that would be needed.&nbsp; Feel free to contact me thorough my Zillow profile or speak with a lender that can look at everything and give you advice on how best to proceed.<br/><br/>I wish you the best of luck and now is a great time to see if you can get int a house and lock in these rates.&nbsp; Currently my best rates are at 4.375% for a 30 year mortgage.&nbsp; That is as low as they have been in the past 18 months.<br/><br/>Best of luck to you.<br \><br \>0 replies Thu, 20 May 2010 19:43:00 GMT http://www.zillow.com/advice-thread/we-make-100-00-a-year-low-scores-670-and-570-renting-for-1375-a-month-how-can-we-get-a-house-or/350637/ 2010-05-20T19:43:00Z Should I continue to pay my rent if my landlord has been foreclosed upon and had a sheriffs sale? http://www.zillow.com/advice-thread/Should-I-continue-to-pay-my-rent-if-my-landlord-has-been-foreclosed-upon-and-had-a-sheriffs-sale/178410/ You should absolutely NOT pay any money to the Landlord after the sheriffs sale.&nbsp; Contact an Attorney and deposit your required rent money in their trust account after sending the Landlord a letter stating your intentions.&nbsp; Copy the <a href="http://www.zillow.com/directory/lenders/">Lender</a> in on the letter.<br/><br/>After a sheriffs sale the Landlord is no longer the fee owner of the property, his rights extend only to redemption within a certain time period depending on what state you are in.&nbsp; Seek professional advice but please do not give money to a person who no longer deserves it and who is not paying their mortgage!<br \><br \>0 replies Thu, 18 Dec 2008 03:24:00 GMT http://www.zillow.com/advice-thread/Should-I-continue-to-pay-my-rent-if-my-landlord-has-been-foreclosed-upon-and-had-a-sheriffs-sale/178410/ 2008-12-18T03:24:00Z Party today? http://www.zillow.com/advice-thread/Party-today/43090/ <p>We'll think on it. What about <a href="http://www.zillow.com/forum/site/ViewCategory.htm?tcid=24">the mortgages</a> category?</p><br \><br \>0 replies Fri, 19 Sep 2008 22:43:00 GMT http://www.zillow.com/advice-thread/Party-today/43090/ 2008-09-19T22:43:00Z Are there any good Hard Money/ Private lenders in California. http://www.zillow.com/advice-thread/Are-there-any-good-Hard-Money-Private-lenders-in-California/369094/ We have a California Mortgage Fund ....we&nbsp;basically only&nbsp;fund Commercial Loans and Development projects however we will do non - owner occupied First and Second Trust Deeds.Feel free to contact me at your convenience I would be happy to discuss our programs and lending parameters.Jeffrey -<br \><br \>0 replies Thu, 07 Oct 2010 15:11:00 GMT http://www.zillow.com/advice-thread/Are-there-any-good-Hard-Money-Private-lenders-in-California/369094/ 2010-10-07T15:11:00Z Can the bank hold my mortgage payment? http://www.zillow.com/advice-thread/Can-the-bank-hold-my-mortgage-payment/239923/ I'm going through a <a href="http://www.zillow.com/loan-modification/">loan mod</a> and I've made every payment on time.&nbsp; For the month of May they put my payment in a supended account until the loan is reviewed and processed.&nbsp;The retention group just informed me that &nbsp;If the loan isn't processed in two days they will report May's to the credit burea as late.&nbsp; Can they do this?&nbsp;<br \><br \>0 replies Thu, 28 May 2009 12:31:00 GMT http://www.zillow.com/advice-thread/Can-the-bank-hold-my-mortgage-payment/239923/ 2009-05-28T12:31:00Z The Mortgage Mess: A Very Funny Look At A Very Serious Topic http://www.zillow.com/advice-thread/The-Mortgage-Mess-A-Very-Funny-Look-At-A-Very-Serious-Topic/43091/ <p>Friday, September 19, 2008<br/>The <a href="http://www.zillow.com/mortgage/">Mortgage</a> Crisis: A Serious Story Viewed In A Very Funny Way<br/><br/>Some Quick Current Events<br/><br/>In a week of unprecedented developments, today brings us some more.<br/><br/>The SEC has banned the short selling of 800 financial stocks for a couple of weeks. Not an up-tick rule or needing to be able to borrow and deliver the stock, but a ban. Today will be a short squeeze rally of epic proportions.<br/><br/>There is a proposal to institute insurance on $1 in and $1 out money market funds to avoid the run that was beginning to appear yesterday in this multi-trillion dollar market.<br/><br/>There is a proposal to set up a Resolution Trust like fund to buy troubled mortgage assets.<br/><br/>To The Funny Stuff<br/><br/>The following cartoon depicts in an extremely funny way, the sub-prime mortgage crisis as it might have happened. It takes you from the original making of the mortgage, to the investment banks that packaged and sold them, to the accountants and ratings agencies that blessed them to the investor that bought them. Funny, sad, scary and to a certain extent true.<br/><br/>The series has been around for a while, but with the epic developments this morning concerning a Resolution Trust type fund, a ban on short selling of financial stocks and government insurance for money market funds, now is a good time to take another look at it.<br/><br/>Warning: The comic does include some words that some might find objectionable, so if you think you are one of them email me and I will give the gist.<br/><br/>The link to view the comic frame by frame is http://www.flickr.com/photos/70898289@N00/sets/72157603960390184/ .<br/><br/>To view this as a slide show the link is http://www.flickr.com/photos/70898289@N00/sets/72157603960390184/show/ .<br/><br/>Thanks to flickr.com and gokmop for making it available.</p><br \><br \>1 reply Fri, 19 Sep 2008 14:34:00 GMT http://www.zillow.com/advice-thread/The-Mortgage-Mess-A-Very-Funny-Look-At-A-Very-Serious-Topic/43091/ 2008-09-19T14:34:00Z Upside down mortgage/Under water http://www.zillow.com/advice-thread/Upside-down-mortgage-Under-water/209173/ According to Zillow, I owe $90,000 more than my homes current value!!! What do I do?????<br \><br \>1 reply Wed, 11 Mar 2009 13:48:00 GMT http://www.zillow.com/advice-thread/Upside-down-mortgage-Under-water/209173/ 2009-03-11T13:48:00Z Mortgage Subject http://www.zillow.com/advice-thread/Mortgage-Subject/39/ Under the main <a href="http://www.zillow.com">Real Estate</a> subject, there should not only be Buy & Sell, Remodel, and other RE Professionals... but what about <a href="http://www.zillow.com/mortgage/">Mortgage</a> / Refinance? I know most of my clients have more questions about Mortgage than I can shake a stick at.<br/><br/>Might be good to have a central forum location for those types of questions and allow Mortgage folk to help out with answers, too.<br \><br \>3 replies Wed, 11 Jul 2007 07:01:00 GMT http://www.zillow.com/advice-thread/Mortgage-Subject/39/ 2007-07-11T07:01:00Z Anybody have a review of Browns mortgage gallery http://www.zillow.com/advice-thread/Anybody-have-a-review-of-Browns-mortgage-gallery/535178/ We are working with them , but not sure they are legit<br \><br \>2 replies Fri, 04 Apr 2014 19:51:00 GMT http://www.zillow.com/advice-thread/Anybody-have-a-review-of-Browns-mortgage-gallery/535178/ 2014-04-04T19:51:00Z