Zillow Advice RSS: Question-Discussion-Guide,Home Equity Loans,CO http://www.zillow.com/advice/CO/mortgage-home-equity-loans/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate Second mortgage to purchase new home http://www.zillow.com/advice-thread/Second-mortgage-to-purchase-new-home/530008/ I bought a home as my primary residence for 235,000 in May 2012. Currently the home is worth about 285,000 and have 220,000 on the mortgage which is FHA. We are moving too a new home as our primary residence and were planning on selling the old home for a down payment on the new home. I am considering keeping the old home and renting it out, and taking out a second mortgage on the old home for the down payment on the new home. Can I do this or is there something I'm missing?<br \><br \>8 replies Wed, 26 Feb 2014 01:32:00 GMT http://www.zillow.com/advice-thread/Second-mortgage-to-purchase-new-home/530008/ 2014-02-26T01:32:00Z What can I do to get more (or better) quotes for my loan request ZR-BZRGDWJ http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-BZRGDWJ/348801/ Second mortgages are very tough to find in this market.&nbsp; Looking for cash out you might have to redo your whole mortgage.<br/><br/><br/><br/><br \><br \>0 replies Fri, 07 May 2010 00:37:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-BZRGDWJ/348801/ 2010-05-07T00:37:00Z What can I do to get more (or better) quotes for my loan request ZR-SPPTQTS http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-SPPTQTS/451733/ Hi Itns,<br/>I refer my clients to Shanon at Castle and Cooke Mortgage and encourage them to get good faith estimates from her as well as a couple of other lenders.&nbsp; To minimize the impact on your credit score, get the three FICO scores from the first lender you talk to and ask the subsequent lenders NOT to pull your credit.&nbsp; Give them your scores verbally, this should be enough to get the information you need and it is a great way to compare apples to apples.&nbsp; One word of caution: consider the turn times if you are using the loan to buy a home as opposed to refinance.&nbsp; Without mentioning any names, some of the larger lenders may take up to 60 days to close your loan.&nbsp; This may put you at a serious disadvantage when trying to leverage a good deal on your purchase.&nbsp; Shanon is the manager at Castle and Cooke Mortgage in Colorado Springs (and also my wife:)) and can be reached at <em>[deleted by Zillow moderator. Please see our Good Neighbor Policy]</em>.&nbsp; I think Academy Mortgage does a great job too.&nbsp; Good Luck!<br \><br \>0 replies Wed, 22 Aug 2012 15:06:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-SPPTQTS/451733/ 2012-08-22T15:06:00Z 82 year old wants to borrow $60,000 on home, with $0.00 mortgage. Fixed income 28k annual. Advice? http://www.zillow.com/advice-thread/82-year-old-wants-to-borrow-60-000-on-home-with-0-00-mortgage-Fixed-income-28k-annual-Advice/289981/ How does a reverse put all the cards in the bank's hands? Reverse is a lein like any other <a href="http://www.zillow.com/mortgage/">mortgage</a> (fannie freddie <a href="http://www.zillow.com/fha-loan/">fha</a> va). <br/><br/>If you are talking about putting the house in trust or something of the sort, no conventional loan/lender will allow that. They would want the house in the individual's name. Reverse will allow for the property to be held in a Living Trust or a revocable trust.<br/><br/>Here is a better idea: No matter what this homeowner might get for a mortgage, they should have an attorney contact the credit card companies to negotiate a lower payoff.<br \><br \>0 replies Tue, 20 Oct 2009 17:33:00 GMT http://www.zillow.com/advice-thread/82-year-old-wants-to-borrow-60-000-on-home-with-0-00-mortgage-Fixed-income-28k-annual-Advice/289981/ 2009-10-20T17:33:00Z My second mortgage was sold to HSBC and they changed the terms of the loan is this legal. http://www.zillow.com/advice-thread/My-second-mortgage-was-sold-to-HSBC-and-they-changed-the-terms-of-the-loan-is-this-legal/487356/ The original loan was a ten year $20,000 second mortgage from Bank of the West with payments of $227 a month it was sold to HSBC 2 years into the loan. they changed the term of the loan to 30 years 30,000 with monthly payments of $321 a month. we did not get informed of the 30 year change or the $30,000 change but we were informed about the monthly payment change. my wife continued to make payments on the loan with out asking any questions. the original term of the loan is up in 18 months. when we asked HSBC about the payoff we found out about the new details of the loan. I have a copy of my original loan and read the terms to HSBC on the phone. They told me they have a contract with my signature on it. I asked them to send me a copy of it. they told me 7 to 10 days for delivery no later than April 6 April 8 they told me it would be another 7 to ten days to arrive. I don't think they have a contract with my signature since I never would agree to those terms and sign a contract like that.What can I do to get this rectified since I'm sure <br/>I have already over paid the loan.<br \><br \>7 replies Thu, 11 Apr 2013 01:27:00 GMT http://www.zillow.com/advice-thread/My-second-mortgage-was-sold-to-HSBC-and-they-changed-the-terms-of-the-loan-is-this-legal/487356/ 2013-04-11T01:27:00Z Mortgage broker to assist international buyers? http://www.zillow.com/advice-thread/Mortgage-broker-to-assist-international-buyers/304508/ I am a non-resident alien, looking to borrow to purchase a property in Seattle or Denver.&nbsp; <br/><br/>Does anyone know of a <a href="http://www.zillow.com/directory/lenders/">mortgage broker</a> that can assist?&nbsp;&nbsp;I will be purchasing on a tourist visa.&nbsp; Most banks are not too interested in helping (or in the case of Citibank, will lend but at an unrealistic&nbsp;premium of 4%). I have sufficient <a href="http://www.zillow.com/home-equity-loan/">home equity</a> and income.<br/><br/>I asked this question earlier but I have not received any brokers details.&nbsp; <br/><br/>Thanks<br/>Thanks<br \><br \>8 replies Sun, 06 Dec 2009 21:28:00 GMT http://www.zillow.com/advice-thread/Mortgage-broker-to-assist-international-buyers/304508/ 2009-12-06T21:28:00Z First Mortgage or HELOC http://www.zillow.com/advice-thread/First-Mortgage-or-HELOC/260638/ I made an offer on a fixer-upper that will be our primary residence.&nbsp; I made enough on the sale of our existing home to pay for it with 10K in change.&nbsp; I need about 25-30K to pay for improvements.&nbsp; Should I take out the smallest 1st <a href="http://www.zillow.com/mortgage/">Mortgage</a> available (about 50K) instead of buying the home outright, or apply for a HELOC (via my Credit Union and tied to Prime.)&nbsp; I shouldn't have any problems getting approved for a loan.<br \><br \>3 replies Sun, 26 Jul 2009 05:42:00 GMT http://www.zillow.com/advice-thread/First-Mortgage-or-HELOC/260638/ 2009-07-26T05:42:00Z