Mortgage Appraisal Texas
Refinance home?Good Time?
I bought a home a year and a half ago and i have a thirty year fixed note at 6.875%. my payment is roughly 780 without the taxes and insurance. I financed $119,000. and i recently had an appraisal for $155,000. I would love to do away with the 78$ montly mortgage insurance and get a lower rate and or payment. However i have to go by stated income since i am self employed hairdresser and use deductions on income taxes. Also i am interested in down the road purchasing another home and renting out my current home. Not anytime soon but I want to keep that in mind. Any advice would be great. Oh ya I am in Texas and where i live values are going up not down and I have great credit.
Hi I am a Realtor in CT. I believe (now I could be wrong) that all stated income products are no longer available. They did away with that when the market crashed. Just like there are no more mortgage products for 100% finanacing.
What I think you should do is just wait a little longer. Here is what I read today in my daily real estate email. Good Luck Realtor Tina in CT
Obama Promises More Low-Cost Mortgages
President Barack Obama promised Saturday to reduce mortgage costs as a key part of his plan to improve the economy.
Analysts applauded the move, saying that making low-cost mortgages widely available could stabilize housing markets and jumpstart new home construction.
Beyond that, observers say aid for the troubled housing market will help blunt the anger many Americans feel over the financial bailout as the executives of firms that received billons take bonuses while average people lose their homes.
Source: Reuters News, Mark Felsenthal (01/31/2009)
Texas Mortgage: What are today’s mortgage rates? No PMI home loans.
State of Texas, Lubbock mortgage buyers trade legal blows
The Texas Attorney General’s Office and a pair of Lubbock-based businesses that buy mortgages from sellers are trading paper salvos regarding consumer protection issues in Lubbock County Superior Court.
The above mentioned are the basic requirements in order to qualify for a home loan. Secondly, I was interested to know how big a home loan I could get considering Mortgage Appraisal Texas. As soon as I knew how much, I could start searching for a house.
Mortgage Appraisal Texas
Refinance Texas Mortgage?
Our current lender said in the State of Texas laws prevent us from refinancing our current mortgage until is has matured to one year. I cannot find this “law” and want to find out if anyone has any information on it. We purchased the home in Dec of 2007. Our current “Note” states no prepayment penalty for full or partial payments. We have a few rate quotes in the area of 5.875% to 6%, with zero closing costs. Our current rate is 6.875%. We purchased the home in Dec 07 for $155K and financed closing costs for a total loan of $163K – the appraisal (12-07) valued our home at $183K. Thank you in advance for all your help.
It isn’t a law, but it may be a condition of the current mortgage you are in. Check the terms of the loan and see what it says.