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Should I Take Out A Line Of Credit To Buy A Home Or Do A Cash Back Mortgage?

Question by Mr.C | Posted in Renting & Real Estate

I'm already pre-approved for the hold of a home. I'm not sure which way is better - to use a line of credit to pay for my down payment OR take out a cash back mortgage. Making payments is not an controversy. My debt ratio with a $350000.00 mortgage is

Answer: If you use a Theatre sides of credit as your down payment, you can kiss your mortgage approval goodbye.

You aren't obliged to *borrow* money for your down payment..You either have to have that money saved up or expert to you.

 
 

Anyone Ever Applied For & Received A Cash Back Mortgage - 95% Mortgage With A 5% Cash Back?

Question by homehunter | Posted in Personal Finance

If so, did the lender coerce any equity at all? There must be a catch!

Answer: The restrain is in the interest you ultimately pay. It sounds great and some banks really assault it to first home buyers. As a mortgage specialist for a bank I do not encourage my clients to take cash back if they in the final analysis don't need it.

 
 

How Do I Get Cash Back On A Mortgage Loan?

Question by edward m | Posted in Renting & Real Estate

im in the take care of of purchasing a house with no money down and i need to know if it is workable to get cash back when the house in bank owned.

Answer: Not any more. Mortgage loans for more than the acquisition price of the property are as scarce as feathers on a pig. You can look around, but my surmise is that your search will be fruitless.

 
 

Is It Advisable To Get A Home Mortgage At Prime Minus One For 4 Months And Get 5K Cash Back?

Question by rjain15 | Posted in Renting & Real Estate

My lender is giving my 5K back for a mortgage of prime minus one for few months and then he will refinance. He says that I will get stupendous incentive and then he will refinance at almost no cost.
Any comments or suggestions... ?

Answer: Will he guaranty all this in writing? I suspect not, so if he won't walk away.

Related Topics:

Poor Credit Mortgage Loan
City Mortgage Bank
Rental Property Mortgage

 
 

Mortgage Cash Back Question: Is This Right?

Question by Anonykris | Posted in Renting & Real Estate

First some obscurity inconspicuous:

A home we are looking at buying apraised for $340K a year and a half ago. It has sat empty in a turned on tax area since then, and friends are offering it to us for $250K. I've done the research with

Answer: nn lo so..ciao ciao

Related Topics:

Best Calculator Mortgage
Green Point Mortgage
Libor Mortgage

 

How do cash back mortgages work?

I explicate how you can get a mortgage with little to no money saved for a down payment

Mortgage Fraud and Real Estate Fraud

by Staff Reporter

Rachel Dollar, the redactor of Mortgage Dodge Blog, is an attorney and Certified Mortgage Banker who handles suit for lending institutions and backup demand investors. She is an father and a nationally recognized keynoter on the point of mortgage mountebank. Ms. Dollar is a shareholder with the law stubborn of Smith Dollar, PC , is licensed to way law in California and maintains offices in Santa Rosa, California. Email Ms. Dollar

Source: Mortgage Fraud and Real Estate Fraud

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