Mortgage Questions and Answers from Bills.com

FORECLOSURES. Read the rest of the question and the ANSWER to finding help with mortgage foreclosure.

Question: Can you give me examples of what impacts my PMI or mortgage insurance rates? And, does my credit score impact my PMI rate?
Answer: How to calculate mortgage insurance rates

Question: Is there such a mortgage called a bi-weekly mortgage where you pay half of your monthly mortgage amount every two weeks. I heard the benefit of this mortgage is that you can cut the life of the loan by several years. Is this true? Thanks.
Answer: About a bi weekly mortgage

Question: What is the difference between 30-year fixed and 30-year fixed jumbo?
Answer: About a 30 year fixed jumbo mortgage

Question: To qualify for debt consolidation, must I have credit card debt?
Answer: Debt consolidation options

Question: When applying for a mortgage or other lines of credit, will it bring down my credit score when various companies check my credit score? What are some ways that I can bring up my credit card score other than just paying my bills on time? I filed for bankruptcy a year ago and I want to bring it up.
Answer: Here's how to increase credit score

Question: What is a 30yr fix and what is 7yr ARm
Answer: Here's the different types of mortgage loans

Question: Due to Bankruptcy, 7 years ago we have 4 loans of high interest (15%). Bankruptcy is off credit report now and interest rates are getting better. Question is I own my home outright, would it be wise to get a home equity loan and pay these off with the money. All 4 notes will be paid off in around 4 years. It totals to about 30,000 in debts. My payments run about 1200.00 per month for the 4 notes (these are vehicles).
Answer: Important information about a home equity loan - is it for you

Question: I am trying to consolidate my debt by getting a consolidation loan (2nd mortgage), this will cut my bills in half but they say currently my DTI ratio is too high and they can't do it. I know it's too high that's why I'm trying to consolidate, if I'm not late on bills now why won't they approve me???
Answer: Information on consolidation loans

Question: Hi Bill,

1. What is vintage basis?
2. What is the difference between sub prime vs. non-traditional mortgage?
3. "A paper" vs. sub prime?
4. Retail vs. wholesale mortgage?

Answer: Information on subprime mortgage loans.

Question: If the average mortgage rate for a 30YR fix rate loan is 5.98%, how would either an A-Paper Loan compare or a Subprime Loan compare? Would A-Paper loan interest rate be a certain % less than average and subprime a certain % higher than average?
Answer: All about comparing mortgage rates

Question: I have owned one house for almost 6years and I haven't refinanced... and now I wanted to refinance my house and try to pull out my home equity to renovate my house… my question is if this a good idea or not? How does home equity works???
Answer: Here's how home equity works

Question: I have a friend who will loan me 15K against a house I own. Exactly what paperwork is required to protect his interest and how is it filed? There is currently a first mortgage so my friend will be second in line.
Answer: Educate yourself on how to file a lien

Question: I turned 60 this year. I am single, live alone, and own a home that was purchased 6 years ago after a divorce. I have a nice job making approx. $47,000. I want to move and buy another house but don't know if that is wise at this time or if I should wait until I am ready to retire (maybe 6 or 7 years?). Will a mortgage company give a new loan to a 60 yr old woman? I owe less than 100,000 on this house. It's a two story and I want a ranch style and downsize as well. I wish to know what the best way to go financially.
Answer: Here are your home loan solutions

Question: What are the expenses, fees and closing costs associated with securing a home equity debt consolidation loan?
Answer: What you need to know about a home equity debt consolidation loan

Question: Do all reverse mortgage products currently available to consumers have adjustable rates?
Answer: Your reverse mortgage products