Read some of the most frequently asked questions on all areas of mortgage for Ask Bill
Mortgage questions are no match for Bill
Bill receives a large number of mortgage questions from first-time homebuyers and even veteran property owners. Securing a mortgage loan that has a low interest rate involves research, paperwork, and the right know-how. With the Ask Bill frequently asked questions, you will have no trouble finding the information you need to secure a great mortgage loan. Browse through the list of Ask Bill frequently asked mortgage questions and find the answers to your mortgage questions. To discover the answer to each question, simply click on the answer link.
Question: My father is 84 years old and has an outstanding note of $107,000 that he is paying $4,400 every 6 months for 2 years, and then the note is due in full. He has no real way to repay this note, but he does have a Townhouse that is paid off and worth about $160,000. I thought that a reverse mortgage would be something he should do, since I am not interested in inheriting from his estate, but would rather see him not worry about this note at his age. What are your thoughts?
Answer: Learn about reverse mortgage benefits.
Question: I really don't know how to ask this; I need help on my mortgage. I will be 62 years old next month. I had to file bankruptcy last year. I can't refinance because of credit and no income. Please help if you can.
Answer: You generally have wait for two years after a bankruptcy Chapter 7 discharge, before you will be approved for a mortgage loan. It is possible to be approved for an FHA loan, while in the middle of a Chapter 13 bankruptcy. Learn about FHA loan requirements.
Question: I am in the process of consolidating my student loans (approx. $45K) and would like to purchase my 1st home soon. Will having student loans be a deterrent to obtaining a mortgage loan? How do lenders view student loans?
Answer: Consolidating student loan options.
Question: How will you help me own my first home if I have tax liens from both federal and state in my credit report? I have an agreement with both and am presently paying them.
Answer: Tax liens information.
Question: Bill, how do reverse mortgages work and how much can I borrow?
Answer: Information about reverse mortgages.
Question: Hi, I just refinanced and I have 2/28 mortgage I don't have a prepayment penalty so why is my payoff more than the original principal? My original balance was $134,235 and the payoff is $137,771.
Answer: Important information on prepayment and home mortgage fees.
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 a product 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-rate 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 score other than just paying my bills on time? I filed for bankruptcy a year ago and I want to clean up my credit report.
Answer: Here's how to clean up your credit report.
Question: I was told that an FHA loan was a good choice. Are there different types of FHA loans?
Answer: Here are the different types of FHA mortgage loans.
Question: Due to a bankruptcy seven years ago we currently have four installment loans with high interest rates (15%). The bankruptcy is off our credit report now and the interest rates are not getting better. I own my home free and clear. Would it be wise to get a home equity loan and pay off these high interest loans with the money? All four notes will be paid off in around four years and they total approximately $30,000. My payments run about $1200 per month for the four 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 the lenders are saying that 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? What are my options?
Answer: Information on consolidation loans.
Question: If the average mortgage rate for a 30-YR fixed rate loan is 5.98%, how would either an "A-Paper" Loan compare to a Subprime Loan? Would A-Paper loan interest rates be a certain percentage less than average and subprime a certain percentage higher than average?
Answer: All about comparing mortgage rates.
Question: I have owned one house for almost 6 years and I haven't refinanced. Now I wanted to refinance and try to pull out my home equity to renovate my house. Is this a good idea or not? How do home equity loans works?
Answer: See the Bills.com Home Equity Loan resource.
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 approximately $47,000 per year. 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 year old woman? I owe less than $100,000 on this house. It is a two-story and I want a ranch style and to 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.