Rob Robertson's Discussions

It's much more common in Europe than in the United States to have the Washing Machine in the Kitchen area (I lived in Europe for 9 years).I thnk "scjobe" hit the nail on the head with his suggestion.Good luck!

Well, I've never heard of such a list.You would really need to do alot of research to find homes that have assumable financing on them, especially if they are in foreclosure, if you were looking for "take over payments" opportunities.Here's an interesting website, is you are interesting in just seeing what homes are coming available due to foreclosure/auction sales (don't worry, it's just a website with the information - it was forwarded to me from an associate and I just checked it out this morning):www.ushomeauction.comGood luck Mark.

If you like the property, regardless of the "Garage Conversion," I would buy the property.However, to answer your question, I will share my own personal experience with you:I was a landlord recently and had a bad experience with my 1st tenant. I don't know what state you are in but I am in CA and there are certain rules you need to follow as a Landlord.For the amount of rent I collected, I probably lost 500%+ more than the amount I collected with having to deal with the legal aspects of eviction, property rehab, time off work to deal with issues, etc... (My tenant only paid 2 months rent to me before the problems started.)Plus, you have websites on the net now that educate tenants and show them, for a few dollars, how to evade eviction! Here's one I just found, took about 10 seconds to find:www.catenantlaw.comI can email you a copy of the CA Tenant Landlord Handbook (I have a copy in PDF Format - it's issue by the CA Department of Consumer Affairs), if you want a copy. You just might want to make sure you know what you might be getting yourself into, as a landlord you do accept a heck of a lot of responsibility in return for what seems like a pittance of a payment for rent.My opinion is just what it is, my opinion. In my opinion, I would not rent out the Garage conversion/additional unit.Good luck! My email address is listed on my profile, if you want a copy of that handbook.

Refinance the HELOC into a new one that offers a fixed rate option. We set them up for clients all the time. When it's set up, you can elect to "fix your interest rate" from 5 to 20 years. What's great about this type of home equity line of credit is that you can budget your payments, protect yourself against rising interest rates, AND, as you are paying down your principal balance, you can still utilize the un-used portion of the Line of Credit.As far as your current 1st mortgage, if you have a good, solid 1st mortgage, then keep what you have. If not, I highly recommend a 30 (or 40) year fixed. The current interest rate environment is very volatile right now and since you plan on staying in your home for the next 10 years, you certainly could always refinance a 30 or 40 year fixed rate loan if rates ever dropped.I wouldn't even consider a 5/1 ARM for a client unless the intention was to sell the property, regardless of market conditions, in the next 3-5 years.Go with the safe bet - 30 or 40 year fixed.If you want more information, feel free to check out my profile and contact me via email or with a phone call.Good luck!

I think you would find it very difficult to find a decent 1st mortgage, today, if you cannot fully document you income and assets.Alt-A lending has changed drastically just over the past week or two. I don't think you would like the quote on a SIVA, SISA, No Ratio, NINA, or No Doc loan right now, if you could find a direct lender that still offers the program.Besides, the loan you have now is very good, compared to what is available today. (You would have a very hard time finding a better loan).I wouldn't worry too much about your 1st mortgage. 8+ years is a long time. Plus, if you continue to receive cost of living wage increases over the next 8 years, by the time the 10 year interest only payment option expires, and your loan is recast over the remaining 20 year term, you will probably find that the monthly mortgage payment is more affordable.If you have equity in your property, you may want consider a small home equity line of credit that you would draw from each year (if needed) to cover the taxes and insurance as they come due. This way, you can pay back what you can afford and at the same time not have to put your house on the market because of poor timing. When you sell your property, the Line of Credit would be paid off in full, along with your current 1st mortgage. There are still lenders doing Stated Income Home Equity Lines of Credit, even for the "stated wage earner." Assuming you even need a stated income loan; There are still a few lenders who will allow a 55%DTI using full income documentation to set up a home equity loan or line of credit, assuming 720+ Fico.So hang on to your 1st mortgage, if at all possible.If you would like more information, or help figuring out if a line of credit is right for you, feel free to check out my profile and send me an email.Good luck.

Good luck to you. I recommend you check out Charter One Bank for that Home Equity Loan. Go through a broker you trust; you can get about 1% lower to a fixed rate loan, or have your annual fee waived for life on a line of credit, by using a broker.They have about the lowest rates and low loan set up fees. I just ran a Fixed Rate home equity loan through them. From Loan submission to final approval and loan documents being mailed out to my client: 48 hours! Clients sign tomorrow evening.Cost my clients a total of $1400 to set up a $79,000 Home Equity Loan. Rate is 7.50% fixed (wholesale par), 25 year term. Full Income Documentation, 720+ credit score, statistical appraisal (AKA electronic appraisal, that Charter One Bank provided), allowing for 55% DTI (Debt To Income Ratio). Clients currently have a 5.875% 30 year fixed - no sense in messing with a good, solid first mortgage. Loan proceeds are being used to pay off and close their variable rate Home Equity Line of Credit, pay off credit card debt, and a few home improvements.Just wanted to give you some numbers to consider.Again, Good luck to you!

If your property is in CA, NV, AK, FL, CT, NE or OR, feel free to check out my profile (click on the picture) and then send me an email or call me.As an Upfront Mortgage Broker, everything is disclosed to you upfront, before you make your final decision and before you incur any costs or obligation.Let me know a good time for your consultation appointment.

Steven, before you call anyone about a refinance, you need to find out what is keeping your scores down so low, besides the medical collections. If you haven't seen a recent copy of your credit report, you can get a FREE COPY of your credit report, from each of the three major credit bureaus (the same ones that banks and lenders see) and have an opportunity to clean up your credit yourself:www.annualcreditreport.comThis site will offer you your actual credit scores, for a fee. However, I recommend you skip that and just review each report from each bureau, challenging any discrepencies or mistakes.The site is easy to use, and easy to understand.As far as answering your question: Chances are you will still be able to refinance next year, depending on your actual credit score, mortgage payment history, equity position, and affordability of borrowing (interest rates).Regardless of who you use for your next refinance, I highly recommend biting the bullet and taking the longest fixed rate term you can afford, with the 30 year fixed being the ideal loan.By going with the 30 year fixed, you get a solid loan that you can always refinance in the future if and when interest rates drop, and you can always pay off early if you want to.Also, if rates go up, you have your permanent loan and you will not be forced into a refinance in the event of bad timing (rates are high, equity position is less favorable due to poor market performance or timing, temporary credit issues, etc...).Good luck to you. Feel free to check out my profile (click on the picture) and if you have further questions, you can email me.

What qualifies your comment about mortgage brokers? Are you one yourself?

Electric bill will vary depending on how much you pay for electricity in your area. In my area, electricity is billed on a tiered-rate: The more you use, the more you pay per Kilowatt hour.Example: Running a 12-amp pump for my swimming pool, 8 hours a day, costs 3x as much in the summer as it does in the winter, because of higher electrical demand in the summer (I use 2.0 megawatts per month in the summer, because of A/C, vs. an average of 0.8 megawatts in the winter months).Ztclarke's estimate is probably accurate.