Zillow Advice RSS: Question-Discussion-Guide,Rentals, http://www.zillow.com/advice/United-States%253B%253B%253B%253B%253B%253B%253B%253B/rentals/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate We put a renter in our house and what to buy another. What do we need to do before purchasing again? http://www.zillow.com/advice-thread/We-put-a-renter-in-our-house-and-what-to-buy-another-What-do-we-need-to-do-before-purchasing-again/402723/ Sounds like you were doing your best to be proactive.&nbsp; It is a pity the lender is changing guidance and still may be under estimating what it takes.<br/><br/>What percentage down do you have for the new property?<br/><br/>Is your current property underwater?<br/><br/>How much do you have in reserves (i.e. saved up to cover both mortgages) beyond your down payment.<br/><br/>When you calculate the rental income, be aware only 75% will count.<br/><br/><br/><br \><br \>0 replies Sat, 11 Jun 2011 15:30:00 GMT http://www.zillow.com/advice-thread/We-put-a-renter-in-our-house-and-what-to-buy-another-What-do-we-need-to-do-before-purchasing-again/402723/ 2011-06-11T15:30:00Z Sheriff tells deputies not to help in foreclosures http://www.zillow.com/advice-thread/Sheriff-tells-deputies-not-to-help-in-foreclosures/44747/ <p>Here is one of he examples of why buying can be better than renting, at least you are aware of whether the mortgage is being paid. There are merits to both renting and buying, as well as detriments. Both require some due dilligence. If you are renting a place (even if it is a complex) you should still do a little snooping around in county records to make sure the property isn't in default and you are dealing with the owner.</p><p>&nbsp;</p><p><a href="http://www.zillow.com/forum/site/ViewThread.htm?tid=44409"><strong>Another</strong></a>&nbsp;post here is someone on this board (sort of) facing the same problem. Although what the landlord is doing isn't right and they should be liable, it is also stealing from the bank, or even worse, some unsuspecting new home buyer that bought the house at auction.</p><br \><br \>0 replies Thu, 09 Oct 2008 13:40:00 GMT http://www.zillow.com/advice-thread/Sheriff-tells-deputies-not-to-help-in-foreclosures/44747/ 2008-10-09T13:40:00Z What to watch out for when renting a house from owner? http://www.zillow.com/advice-thread/What-to-watch-out-for-when-renting-a-house-from-owner/450561/ Make sure the&nbsp;home is in great condition from the start of the lease and the owner is not behind on the mortgage.&nbsp;Have agreement on who&nbsp;will do repairs during the lease.<br \><br \>0 replies Wed, 11 Jul 2012 14:19:00 GMT http://www.zillow.com/advice-thread/What-to-watch-out-for-when-renting-a-house-from-owner/450561/ 2012-07-11T14:19:00Z I live in Missouri, my landlord has defaulted on the mortgage must i still pay him rent http://www.zillow.com/advice-thread/I-live-in-Missouri-my-landlord-has-defaulted-on-the-mortgage-must-i-still-pay-him-rent/447480/ My landlord has defaulted on his mortgage he is months behind on this one and another one. He is in rehab and his cousin has power of attorney. Must I continue to ppay rent to his cousin as his demanded by the cousin even though they are in default aand will let it be foreclosed on<br \><br \>2 replies Tue, 19 Jun 2012 20:33:00 GMT http://www.zillow.com/advice-thread/I-live-in-Missouri-my-landlord-has-defaulted-on-the-mortgage-must-i-still-pay-him-rent/447480/ 2012-06-19T20:33:00Z I get SSI 1,212. and my boyfriend works 40hrw $9.hr,poor credit,1st timebuyer can we get a loan? http://www.zillow.com/advice-thread/I-get-SSI-1-212-and-my-boyfriend-works-40hrw-9-hr-poor-credit-1st-timebuyer-can-we-get-a-loan/248438/ You might try the calculators&nbsp;<a href="http://www.zillow.com/mortgage/calculator/Calculators.htm">here</a>&nbsp;like the how much can I afford and the credit score estimator. They might give you some idea if buying now would be an attainable goal or if you need to save up some for a down payment first. Ownership costs include more than the mortgage payment and things like taxes, insurance and maintenance have to be included in your budget up front so you will be able to comfortably afford what you buy. Do some research, talk to the lenders on the board and then you will have a better idea of what step you need to take to get on the road to ownership if that's what you want.<br \><br \>0 replies Mon, 22 Jun 2009 16:42:00 GMT http://www.zillow.com/advice-thread/I-get-SSI-1-212-and-my-boyfriend-works-40hrw-9-hr-poor-credit-1st-timebuyer-can-we-get-a-loan/248438/ 2009-06-22T16:42:00Z firt time buyer http://www.zillow.com/advice-thread/firt-time-buyer/424342/ It is great that you have a down payment, but not good credit means different things to different people. Do you know what your credit score is? Do you know why it is low?<br/><br/>If you can target areas on your credit for improvement before you buy, that will make any mortgage you get cheaper. There is a lot of useful credit information <a rel="nofollow" href="http://www.myfico.com/crediteducation/improveyourscore.aspx">here</a>, <a rel="nofollow" href="http://money.msn.com/credit-rating/9-fast-fixes-for-your-credit-scores-weston.aspx">here</a>&nbsp;and <a rel="nofollow" href="http://www.forbes.com/2009/03/19/raise-credit-score-markets-fico.html">here</a>&nbsp;to help you raise your score. Getting on the right track with credit can also give you more choices of loans.<br \><br \>0 replies Wed, 30 Nov 2011 14:31:00 GMT http://www.zillow.com/advice-thread/firt-time-buyer/424342/ 2011-11-30T14:31:00Z What should owning a home mean to you? http://www.zillow.com/advice-thread/What-should-owning-a-home-mean-to-you/229924/ Home ownership is one of our inalienable rights as Americans no matter what the race, religion, marital status, handicap, beautiful, pretty, ugly whatever... IF... they desire to become a home owner...mind you I said IF.&nbsp; You may rent and pay someone else's <a href="http://www.zillow.com/mortgage/">mortgage</a> and enable them to get numerous tax deductions as an owner of investment property.&nbsp; Potential home owners must be able to qualify by being able to show a history of paying their bills in a timely fashion, have a job for a period of two years or more that is verifiable for the <a href="http://www.zillow.com/mortgage/">loan</a> amount required.&nbsp; They are required to come up with the necessary deposit as per VA, FHA, CONV loan programs available. There are ways to get the deposit required to reach your goal of home ownership...for more details don't hesitate to get in touch with me.&nbsp; I believe a <a href="http://www.zillow.com/directory/lenders/">lender</a> has the right to ask for these requests being met when lending a new homeowner money.&nbsp; Red Squirrel, I am happy to learn you have registered.&nbsp; As for buying more house than one can afford...where in my wording is there any mention of buying more house than you can afford?&nbsp; That's crazy! ~&nbsp;<br \><br \>0 replies Fri, 01 May 2009 16:41:00 GMT http://www.zillow.com/advice-thread/What-should-owning-a-home-mean-to-you/229924/ 2009-05-01T16:41:00Z How do you do a short sale on a home we've been renting for 3yrs.? http://www.zillow.com/advice-thread/How-do-you-do-a-short-sale-on-a-home-we%27ve-been-renting-for-3yrs/428972/ Her <a href="http://www.zillow.com/directory/lenders/">lender</a> won't allow you to buy it as a short sale. They consider that <a href="http://www.zillow.com/mortgage-rates/">mortgage</a> fraud (which is a felony) and won't approve the sale. It would be nice if that could happen. But don't count on it. You are better off buying a house somewhere else if you have the ability to buy right now.<br/><br/>Nathan<br \><br \>0 replies Mon, 16 Jan 2012 20:46:00 GMT http://www.zillow.com/advice-thread/How-do-you-do-a-short-sale-on-a-home-we%27ve-been-renting-for-3yrs/428972/ 2012-01-16T20:46:00Z Can't rent because my condo sale has not yet closed. http://www.zillow.com/advice-thread/Can%27t-rent-because-my-condo-sale-has-not-yet-closed/452121/ I was just turned down for a nice apartment because sale is pending on my condo - I have a contract and we are due to close in tthree weeks - and the apartment management views my existing mortgage as a liability and my income isn't sufficient, according to their formula. Has anyone ever heard of this? I've rented in this area before, while owning my condo, and I've never had a problem.<br \><br \>1 reply Sun, 22 Jul 2012 18:50:00 GMT http://www.zillow.com/advice-thread/Can%27t-rent-because-my-condo-sale-has-not-yet-closed/452121/ 2012-07-22T18:50:00Z Buy or wait nine to ten months http://www.zillow.com/advice-thread/Buy-or-wait-nine-to-ten-months/356456/ Sorry I&acute;m late to the party. There are a couple things I didn&acute;t see mentioned, but could have missed. Consider that you probably will (eventually) buy due to the Relo package and the shorter the time you hold the mortgage, the less principle you pay down. Relo will pay your move to SC but likely not your move within SC. You will likely move back on a Relo so, as pointed out by Stanley Barsch, that mitigates risk. Talk to your tax advisor as not owning a home after you have been may effect your taxes. Your call.<br/><br/>In many cases if not a Relo, renting makes sense perhaps for an entire short relocation when looking only at the real estate piece. A good tax/financial advisor can save clients thousands of dollars advising the best fit for each circumstance.<br \><br \>0 replies Mon, 02 Aug 2010 22:38:00 GMT http://www.zillow.com/advice-thread/Buy-or-wait-nine-to-ten-months/356456/ 2010-08-02T22:38:00Z Are we bottomed out now?? http://www.zillow.com/advice-thread/Are-we-bottomed-out-now/185185/ The inventory should come up again with a new wave of <a href="http://www.zillow.com/homes/for_sale/fore_lt/">foreclosures</a> that are going to happen with more unemployment and exotic mortgages.<br/><br/>I think people are so used to abnormal prices specially in CA that these current prices look good. I think its going to drop some more atleast. Look at the increases between 03 and 07 we have not shed any of that weight off.<br/><br/>It is sort of crazy to see almost anything being in the 500k and above range in CA cities. Makes it look as if everyone in CA earns above 100k to afford these <a href="http://www.zillow.com/mortgage/">mortgages</a> which is just not true.<br/><br \><br \>0 replies Wed, 07 Jan 2009 10:18:00 GMT http://www.zillow.com/advice-thread/Are-we-bottomed-out-now/185185/ 2009-01-07T10:18:00Z do i need to notify my morgage comp if i rent my home out ? http://www.zillow.com/advice-thread/do-i-need-to-notify-my-morgage-comp-if-i-rent-my-home-out/325602/ Not usually. Some <a href="http://www.zillow.com/mortgage/">mortgages</a> require owner occupancy for the first year or two of a mortgage, but past any specified period like that in the original <a href="http://www.zillow.com/mortgage/">mortgage</a> contract, you can do what you want. You are the homeowner.<br \><br \>0 replies Wed, 17 Feb 2010 15:59:00 GMT http://www.zillow.com/advice-thread/do-i-need-to-notify-my-morgage-comp-if-i-rent-my-home-out/325602/ 2010-02-17T15:59:00Z Rental property is in forclosure http://www.zillow.com/advice-thread/Rental-property-is-in-forclosure/530822/ A few years ago, the federal government enacted a law to protect renters if the property they are renting goes into foreclosure.&nbsp; Here's a <a href="http://www.nolo.com/legal-encyclopedia/renters-foreclosure-what-are-their-30064.html" rel="nofollow">useful description from Nolo law website</a>. <br/><br/>In order to protect your rights, you must pay rent to the landlord and comply with other lease terms.&nbsp; The day you skip a rent payment, then the only rights you have are the state laws about eviction (and an eviction on your record is not a good thing). &nbsp; Yeah, I know is seems sleazy that the landlord is pocketing your money and not paying the&nbsp; mortgage but that is the landlord's choice.<br/><br/><br/>good luck<br/><br \><br \>0 replies Tue, 04 Mar 2014 02:22:00 GMT http://www.zillow.com/advice-thread/Rental-property-is-in-forclosure/530822/ 2014-03-04T02:22:00Z property tax is included in my morgage so if i rent it out is that subject to change http://www.zillow.com/advice-thread/property-tax-is-included-in-my-morgage-so-if-i-rent-it-out-is-that-subject-to-change/325603/ Property tax is probably held in escrow with your mortgage.&nbsp;&nbsp; If property tax increase, the escrow amount is likely to increase also thus your monthly payments for "mortgage" are likely to change. <br/><br/><br \><br \>0 replies Wed, 17 Feb 2010 17:21:00 GMT http://www.zillow.com/advice-thread/property-tax-is-included-in-my-morgage-so-if-i-rent-it-out-is-that-subject-to-change/325603/ 2010-02-17T17:21:00Z Renting Out My House and Renting Another Property http://www.zillow.com/advice-thread/Renting-Out-My-House-and-Renting-Another-Property/450590/ If you are planning to rent an apartment that is less than your current monthly mortgage then I think it's a great idea! Especially if the rental investment&nbsp;rate is high enough to cover your investment property and the apartment you plan to rent. <br/><br/>It is also important to know the net operating income and the capitalization rate in order to calculate the sales value when you are ready to sell. If you contact your local Realtor he/she will be able to help you on this one.<br \><br \>0 replies Wed, 11 Jul 2012 16:25:00 GMT http://www.zillow.com/advice-thread/Renting-Out-My-House-and-Renting-Another-Property/450590/ 2012-07-11T16:25:00Z can same property be listed for sale and for rent http://www.zillow.com/advice-thread/can-same-property-be-listed-for-sale-and-for-rent/384245/ <p>Hi Raymond,<br/><br/>Yes the same property can be listed for sale and for rent. I have had many client's in the past who would like to either or just to cover their mortgage. If you are entering it into the MLS you will have to enter it twice, once as a rental and once as a sale. I suggest putting in the remarks, that it is either or and add the MLS ID # to the listing.<br/><br/>Brittany</p><br \><br \>0 replies Wed, 02 Feb 2011 18:49:00 GMT http://www.zillow.com/advice-thread/can-same-property-be-listed-for-sale-and-for-rent/384245/ 2011-02-02T18:49:00Z how to buy/own a house with retirement income and no money down http://www.zillow.com/advice-thread/how-to-buy-own-a-house-with-retirement-income-and-no-money-down/435167/ Celdon,<br/><br/>Your best bet would be to start by&nbsp;contacting a Mortgage Broker so that they can review your current options with you.&nbsp; You may also&nbsp;need to budget for your closing costs of purchase (title, escrow, appraisal, inspections etc...).&nbsp; Once you know your choices, find a good REALTOR to aassist with the rest of the details and transaction process.&nbsp;&nbsp;&nbsp;If you are over 55 you may also want to consider senior communities as they can be less <br/>expensive.<br/><br/>Kind Regards,<br/><br/>Marcie Sands, SRES&nbsp;<br/>Simply The Best Real Estate Co., Inc.<br/>Rancho Bernardo<br/><em>[phone number deleted by Zillow moderator. Please see our Good Neighbor Policy]</em><br \><br \>0 replies Wed, 14 Mar 2012 17:43:00 GMT http://www.zillow.com/advice-thread/how-to-buy-own-a-house-with-retirement-income-and-no-money-down/435167/ 2012-03-14T17:43:00Z Can I get into a rent to own property? http://www.zillow.com/advice-thread/Can-I-get-into-a-rent-to-own-property/413566/ Whether you can get into a rent to own property in Boca&nbsp;Raton,&nbsp;Delray Beach, or Lake Clarke Shores&nbsp;will depend upon the owner and your finances. <br/><br/>If you are able to qualify for a mortgage, you&nbsp;might consider looking into an FHA mortgage that requires only 3 1/2% down.&nbsp; Talk to a mortgage broker whom you know, or ask your realtor for a recommendation. <br/><br/>If you are unable to qualify for a mortgage on a home in Boca Raton due to current credit problems, but you foresee a&nbsp;relatively quick&nbsp;fix in sight for that situation, you may be wiser simply to rent in Boca Raton for a year or two and then buy.<br/><br/>A Rent to own agreement for a&nbsp;home in Boca Raton, or anywhere else,&nbsp;usually has a non-refundable downpayment built into it. In addition, the owner may work with you to create a rent that pays his monthly expenses on the house, and allows him to put aside something additional&nbsp; each month so that at the end of a certain period you have built up a downpayment&nbsp; (also non-refundable)&nbsp; for your Boca home.<br/><br/>However, at that point, typically 12-18 months down the road, you will still need to find financing&nbsp;in order to purchase your home in Boca Raton.<br/><br/>Marc Jablon, The Jablon Team<br/>Realty Assocites<br/>[Contact information removed by Zillow moderator. Please see our&nbsp;<u><a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a></u>&nbsp;for more information.]<br/><br \><br \>0 replies Thu, 01 Sep 2011 16:13:00 GMT http://www.zillow.com/advice-thread/Can-I-get-into-a-rent-to-own-property/413566/ 2011-09-01T16:13:00Z Need information about Kiddie Condo purchase in OH...financing options? http://www.zillow.com/advice-thread/Need-information-about-Kiddie-Condo-purchase-in-OH-financing-options/347218/ I would recommend that you talk to a mortgage lender (perhaps your bank has one you can talk to) and they will discuss all the options that are available to you. With your credit score and income you sould have <br/>several options available to you. Good Luck!<br \><br \>0 replies Tue, 27 Apr 2010 14:05:00 GMT http://www.zillow.com/advice-thread/Need-information-about-Kiddie-Condo-purchase-in-OH-financing-options/347218/ 2010-04-27T14:05:00Z How Do YOU Effectively Raise Rent? http://www.zillow.com/advice-thread/How-Do-YOU-Effectively-Raise-Rent/399684/ Unfortunately, real estate expenses rise over time, from property tax bills to insurance costs to mortgage rate increases, so landlords occasionally need to elevate tenants' rental payments. Raising tenants' rent can prove a challenging conversation for quite a few landlords, so here are a couple of suggestions to help make this dialogue a prosperous one:<br/><br/>Tip 1: Spring into Summer Statistically: Many more People move through the spring and summertime months, which helps make it far less difficult to fill vacant rental units during these hotter months. <br/><br/>Tip 2: Planning Ahead: A lot of states need advance notice of at least 30-90 days when raising rent. This is something you will need to research for your state. Having the dialog sooner rather than later gives you an opportunity to locate a new tenant, creating a easy transition if the rental increase is not accepted.<br/><br/>Tip 3: Face to Face: While it may seem less complicated to have this dialog by phone or by mail, the simple fact is human beings are less likely to say "no" in person, making a face-to-face conversation a much more effective approach.<br/><br/>Tip 4: Study Market Rents: It's far simpler to raise the rent if you are raising it to a fair level, close to other nearby rents. Learn what other neighborhood landlords are charging for comparable properties, and if the tenant balks at the raise in rent, show them the info on what they can expect to end up paying for similar rental properties.<br/><br/>Content By:&nbsp; The Property Management Boutique -&nbsp;<em>[Hotlink deleted by a Zillow Moderator]</em><br \><br \>2 replies Thu, 19 May 2011 18:50:00 GMT http://www.zillow.com/advice-thread/How-Do-YOU-Effectively-Raise-Rent/399684/ 2011-05-19T18:50:00Z