looks like my deal on a house is falling through

[ricco561]

that would melt the icing on my cakes...lol.

I have an ice box.

 

[night train]

No one talked to me about FHA except on here. How do I apply for an FHA loan? The bank wants me to pay the $8000 in liens off and will finance the rest.

the 41% is actually for a manual underwrite, I get many clients approved up to 55% back end ratio running digital underwriter whitch FHA and FNMA guidelins accept. You just have to worry about the front end "housing ratio is under 38%

 

[EZ_E]

Yup...I pay a minimum of $500 extra.

I guess it depends on how you look at it. I make really good money, and so does my wife. So it's not like it puts any burdon on my finances to do so.

Have you ever looked at your ammortization schedule? By paying extra on my mortgage like I am i'm basically controlling how much interest i'm going to pay over the life of the loan because every dollar extra I pay goes straight towards the principle and no interest.

You can save hundreds of thouands by paying extra and paying the loan off early. I used it in almost every loan I sold. There's a good prepay estimator on Bloomberg.com

 

[night train]

oh and fuck the bank, if it is an REO it is there reponsibility at that point as well if it is a short sale.

 

[miplank]

You can save hundreds of thouands by paying extra and paying the loan off early. I used it in almost every loan I sold. There's a good prepay estimator on Bloomberg.com

I'll have to go look at that site. I've never actually sat down and figured out my savings, although I know its going to be ALOT.

I just want to have my house paid for as soon as possible to get rid of the mortgage payment.

 

[miplank]

Okay..I just used the calculator on bloomberg.com

By paying a min. of $500 extra per month. I have cutting 14 years 5 months off my Mortgage, and saving my self $136,330


Doesn't seem like to much now...does it?

 

[cindylou]

Okay..I just used the calculator on bloomberg.com

By paying a min. of $500 extra per month. I have cutting 14 years 5 months off my Mortgage, and saving my self $136,330


Doesn't seem like to much now...does it?

that would be a burden for me. Im 27 - just starting out. Do you have any idea how many shoes and clothes that would buy? lol j/k

 

[miplank]

that would be a burden for me. Im 27 - just starting out. Do you have any idea how many shoes and clothes that would buy? lol j/k

I'm only 26...

Then again, both my wife and I have great paying jobs.

 

[EZ_E]

Okay..I just used the calculator on bloomberg.com

By paying a min. of $500 extra per month. I have cutting 14 years 5 months off my Mortgage, and saving my self $136,330


Doesn't seem like to much now...does it?

EXACTLY what I used to say to my borrowers. Ahhhh, the good old days.

Here's the link if anyone else is interested:

Bloomberg.com: Calculators

 

[cindylou]

I'm only 26...

Then again, both my wife and I have great paying jobs.

obviously if 500 bucks a month is no thang