Zillow Advice RSS: Question-Discussion-Guide,Mortgage Types,NC http://www.zillow.com/advice/NC/mortgage-mortgage-types/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate If I purchase a property as a LLC, will closing fees be different? http://www.zillow.com/advice-thread/If-I-purchase-a-property-as-a-LLC-will-closing-fees-be-different/291661/ As far as the closing fees for the <a href="http://www.zillow.com/directory/lenders/">lender</a>, it should not make a difference.&nbsp; Some <a href="http://www.zillow.com/directory/lenders/">lenders</a> will not give <a href="http://www.zillow.com/mortgage/">mortgages</a> to LLC's so you have to be careful.<br \><br \>0 replies Mon, 26 Oct 2009 18:54:00 GMT http://www.zillow.com/advice-thread/If-I-purchase-a-property-as-a-LLC-will-closing-fees-be-different/291661/ 2009-10-26T18:54:00Z Looking for a private mortgage on owner occupied house. Ideas? http://www.zillow.com/advice-thread/Looking-for-a-private-mortgage-on-owner-occupied-house-Ideas/392896/ Need a private investor for house with land value of $450K. Want to borrow $285K and will put $100K into the renovation. Have down payment. Will re-fi in 18 months when traditional mortgage will be an option.<br \><br \>7 replies Wed, 30 Mar 2011 00:27:00 GMT http://www.zillow.com/advice-thread/Looking-for-a-private-mortgage-on-owner-occupied-house-Ideas/392896/ 2011-03-30T00:27:00Z Which type of Loan is better for First time home buyer? http://www.zillow.com/advice-thread/Which-type-of-Loan-is-better-for-First-time-home-buyer/389139/ In life things happen beyond your control. One example is the federal reserve printing a lot of extra money with NOTHING more behind it. When it begins to be spent when the economy improves inflation will roar and not like a mouse. At that time your arm would increase. Your low payment could become a much higher payment you can no longer afford.<br/><br/>Why would you risk losing a house as interest rates go much higher when you can safely get a low fixed rate? A fixed rate will cost you the same on your last monthly payment that it did for your first payment (insurance and taxes excluded).<br/><br/>Look at the foreclosure crisis we have today. Many people who lost their house to foreclosure lost it because of mortgages that reset. When the monthly payment increased it was no longer affordable.<br/><br/>A 30 year fixed rate mortgage is not the ONLY mortgage that is good for a buyer. A 15 or 20 year (or other time frame) <strong>fixed rate mortgage</strong> is also a good choice.<br \><br \>0 replies Fri, 04 Mar 2011 00:43:00 GMT http://www.zillow.com/advice-thread/Which-type-of-Loan-is-better-for-First-time-home-buyer/389139/ 2011-03-04T00:43:00Z Can you get any kind of loan that will take care of personal debt if the home is priced low enough? http://www.zillow.com/advice-thread/Can-you-get-any-kind-of-loan-that-will-take-care-of-personal-debt-if-the-home-is-priced-low-enough/187851/ No, you will not be able to roll any debt into a <a href="http://www.zillow.com/mortgage/">mortgage</a> on a purchase or take any cash out. Your mortgage will be based on the lessor of the sales price or the appraisal. If you purchase a home for $44,000 less than the appraisal, then you will have $44,000 instant equity in the home&nbsp;the day you move in.<br \><br \>0 replies Tue, 13 Jan 2009 11:20:00 GMT http://www.zillow.com/advice-thread/Can-you-get-any-kind-of-loan-that-will-take-care-of-personal-debt-if-the-home-is-priced-low-enough/187851/ 2009-01-13T11:20:00Z 3.75% 30 ARM or 5% 20 year fixed 90% LTV mortgage. Which is better? http://www.zillow.com/advice-thread/3-75-30-ARM-or-5-20-year-fixed-90-LTV-mortgage-Which-is-better/374945/ Karl, after reading your article I see&nbsp;you do not fully understand the terms of most conventional Arms. <br/>You said this:<br/><br/><strong>Also, most adjustable rate mortgages have a cap on how high the interest rate can go up each year. For example, a cap of 1% would mean that the most you interest rate could go up in the following year is by 1%.&nbsp; So if you start with a rate of 3.49% the highest your rate could go up in the 6th year is to 4.49%; this is still lower than the 4.79% fixed rate in our example.&nbsp; However, the next year it could be 5.49% which is higher than the fixed rate.</strong><br/><br/>The caps on a conventional 5/1 or 7/1 Arms are typically 5/2/5 which means if the start rate was 3.49% then the rate can jump to 8.49% in the first adjustment <strong>IF</strong> that is where the index was at that time. Adjustments following the initial are capped at&nbsp;2% annually. The only loans I am aware of that cap adjustments at 1% per year are <strong>some</strong>&nbsp;FHA loans which can&nbsp;have caps of 1/5 or some disclose as 1/1/5.&nbsp;Just because it is FHA does not mean it automatically has 1/5 caps, some lenders are 2/6 even on FHA loans.&nbsp;&nbsp;<br/><br/>It is impressive you were able to pay your loan off in under 7 years, however, if someone wanted to do that it would require a huge amount of money. A 7/1 Arm at 3.75% on $200K would have a P &amp; I payment of $926.23 so&nbsp;to payoff in 7 years you would have to add $1800/month in additional principal or a total monthly payment of $2726/month. That is a&nbsp;huge difference.<br \><br \>0 replies Sun, 30 Jan 2011 17:12:00 GMT http://www.zillow.com/advice-thread/3-75-30-ARM-or-5-20-year-fixed-90-LTV-mortgage-Which-is-better/374945/ 2011-01-30T17:12:00Z Loan for a 21 year old? http://www.zillow.com/advice-thread/Loan-for-a-21-year-old/486352/ <strong>Dave</strong>- Dead wrong and a great example of why Real Estate Agents shouldn't give Mortgage Advice. Stick to the RE Forum.<br/><strong>Barb</strong>- Pipe Dream. The biggest obstacle is your advice. An employer will not take on SS Tax, Bizness Tax, etc... without the son taking a pay cut. Not the best option. Flaming hoops to jump through with the same chance of catching a Unicorn. <br/><br/><strong>Russell</strong>- Best possible scenario. Is he the only lender that can use a non-occupant co-borrower for a purchase or is he the only one who read the entire question?<br/><br/>Cheers!<br \><br \>0 replies Thu, 04 Apr 2013 23:41:00 GMT http://www.zillow.com/advice-thread/Loan-for-a-21-year-old/486352/ 2013-04-04T23:41:00Z what is the difference between mortgage, refinance and home equity.. pls explain in detail http://www.zillow.com/advice-thread/what-is-the-difference-between-mortgage-refinance-and-home-equity-pls-explain-in-detail/180969/ 4 replies Wed, 24 Dec 2008 15:44:00 GMT http://www.zillow.com/advice-thread/what-is-the-difference-between-mortgage-refinance-and-home-equity-pls-explain-in-detail/180969/ 2008-12-24T15:44:00Z How to finance an unfinished REO http://www.zillow.com/advice-thread/How-to-finance-an-unfinished-REO/379829/ I work with a mortgage lender here in the Raleigh area, their company, which is well known, also has a program like that. You can email me and I will give you their name, number and website, if you want.<br \><br \>0 replies Mon, 18 Jul 2011 10:38:00 GMT http://www.zillow.com/advice-thread/How-to-finance-an-unfinished-REO/379829/ 2011-07-18T10:38:00Z Is a tax only mortgage a good idea if I am not planning on living in the property for a long time? http://www.zillow.com/advice-thread/Is-a-tax-only-mortgage-a-good-idea-if-I-am-not-planning-on-living-in-the-property-for-a-long-time/532788/ I want to buy a town home but will be renting it out in the near future, will getting a tax only mortgage be a better fit?<br \><br \>7 replies Tue, 18 Mar 2014 19:33:00 GMT http://www.zillow.com/advice-thread/Is-a-tax-only-mortgage-a-good-idea-if-I-am-not-planning-on-living-in-the-property-for-a-long-time/532788/ 2014-03-18T19:33:00Z Are there any mortgage companies in N.C that will work with a zero credit score http://www.zillow.com/advice-thread/Are-there-any-mortgage-companies-in-N-C-that-will-work-with-a-zero-credit-score/546312/ I have been buying a double wide for three years and have never been behind on the loan. Also I have been paying lot rent for that long with no problem.<br \><br \>0 replies Fri, 20 Jun 2014 03:20:00 GMT http://www.zillow.com/advice-thread/Are-there-any-mortgage-companies-in-N-C-that-will-work-with-a-zero-credit-score/546312/ 2014-06-20T03:20:00Z I'm in NC & need downpayment assistance for an FHA loan. Anyone know of any programs available? http://www.zillow.com/advice-thread/I%27m-in-NC-need-downpayment-assistance-for-an-FHA-loan-Anyone-know-of-any-programs-available/495699/ Underwriters will be hard-pressed to approve your mortgage if you can't even provide the (very low) down payment. You can use gifts up to a certain amount from family, but getting assistance to pay for a loan that is already based on government assistance? You're heading for creating a headache for everyone involved in selling you the house, lending you the money, and for yourself in that you'll have no equity in your home for a very long time. I urge you to save up, get some help from family and put in a CD for a while. <br/><br/>Overall rule of thumb -- if it sounds too good to be true, it IS. Walk away.<br \><br \>0 replies Mon, 25 Aug 2014 21:54:00 GMT http://www.zillow.com/advice-thread/I%27m-in-NC-need-downpayment-assistance-for-an-FHA-loan-Anyone-know-of-any-programs-available/495699/ 2014-08-25T21:54:00Z 80/20 or 100% ARM loans? http://www.zillow.com/advice-thread/80-20-or-100-ARM-loans/363252/ Unfortanately due to the high level of defaults, most bankks have eliminated this program. Your best bet is to meet with a mortgage broker or bank that operates in both states, the one you are in and where you are going. They can prequailify you and let you know if there are any programs that meet your needs given your financicals and credit score.<br \><br \>0 replies Sun, 22 Aug 2010 20:36:00 GMT http://www.zillow.com/advice-thread/80-20-or-100-ARM-loans/363252/ 2010-08-22T20:36:00Z How to purchase home from parents under value? http://www.zillow.com/advice-thread/How-to-purchase-home-from-parents-under-value/430723/ I would seek tax advice (I've just never seen anyone claim to be a tax advisor on the zillow boards). I just happened to be reading some stuff about the gifts people can give each other. One interesting article was here: <a href="http://www.axa-equitable.com/plan/estate/gift-tax.html" rel="nofollow">http://www.axa-equitable.com/plan/estate/gift-tax.html</a><br/><br/>And there is a lot of information on the IRS site: <a href="http://www.irs.gov/" rel="nofollow">http://www.irs.gov/</a><br/><br/>Hopefully some mortgage folks will come along and answer questions about USDA loans vs conventional vs FHA. Good luck!<br \><br \>0 replies Thu, 02 Feb 2012 15:16:00 GMT http://www.zillow.com/advice-thread/How-to-purchase-home-from-parents-under-value/430723/ 2012-02-02T15:16:00Z Purchasing a second home http://www.zillow.com/advice-thread/Purchasing-a-second-home/531108/ Go to the local bank or mortgage lender, complete an application and get the details straight from the source.&nbsp;<br \><br \>0 replies Thu, 06 Mar 2014 14:03:00 GMT http://www.zillow.com/advice-thread/Purchasing-a-second-home/531108/ 2014-03-06T14:03:00Z We are looking for a mortgage with 5% down and trying to avoid PMI. We have a 715 middle score. http://www.zillow.com/advice-thread/We-are-looking-for-a-mortgage-with-5-down-and-trying-to-avoid-PMI-We-have-a-715-middle-score/492738/ We are trying to find a lender or broker that can help make it happen. We had a short ssale 4 yrs. ago due to a work transfer&nbsp;in a FL market that Countrywide and BOA&nbsp; destroyed singlehandedly. They attempted to destroy us as well. Neither of us have much trust in banks and won't get robbed again. Is there such a thing as a fair or honest lender out there?<br \><br \>1 reply Fri, 17 May 2013 03:38:00 GMT http://www.zillow.com/advice-thread/We-are-looking-for-a-mortgage-with-5-down-and-trying-to-avoid-PMI-We-have-a-715-middle-score/492738/ 2013-05-17T03:38:00Z Renovations loans during the original closing http://www.zillow.com/advice-thread/Renovations-loans-during-the-original-closing/238974/ Your best bet is to apply for a Fannie Mae Homestyle Renovation <a href="http://www.zillow.com/mortgage/">Loan</a> - you can finance the cost of the repairs and&nbsp;improvements into the <a href="http://www.zillow.com/mortgage/">mortgage</a>. <a href="http://www.zillow.com/fha-loan/">FHA</a> has a similar program - the FHA 203(k) Rehab Loan.<br \><br \>0 replies Wed, 27 May 2009 11:05:00 GMT http://www.zillow.com/advice-thread/Renovations-loans-during-the-original-closing/238974/ 2009-05-27T11:05:00Z