Second Mortgage

Can you explain to me in layman terms how adjustable mortgage rates work?

My sister has an adjustable rate mortgage. Over the past year her mortgage payments have gone up several times. Now her monthly mortgage payment is $2,235 for a 2000 sq ft home in a nice area. No new construction has gone up..so I dont understand…

I was under the impression if you paid your bills on time your monthly payment would adjust down not up.

My condo (2500 sq ft also in a very nice area) payments have gone down, but her payments keep rising..why?
DJM: You hit on something that required a phone call to my sister. I pay $50 over my monthly payment while my sister simply pays the monthly payment…

Great answers here. So far only one answer had me pulling out my hair because the person used a lot of jargon…

What would be best for our family in an out-of-control ARM mortgage in a declining neighborhood?

We are a family of four (2 parents, 2 kids ages 12 and and we live in Flint. We have lived in our 1100 sq. ft. home for 13 years now. We need a bigger house and we need to get out from our ever-rising ARM mortgage rate. We’re with a terrible mortgage company who we refinanced with several years ago to pay off debt. Now the property values in our city have declined. We didn’t borrow more than the value of the house; but IF we could sell our home, we may just break even. We barely make enough to make ends meet and certainly can’t save anything. We asked our mortgage co. if they could lower and fix the rate but they said they can’t do anything until we’re behind in our payments. Should we let it get behind so they’ll help us? We also have other debt we need to get paid off but can’t afford to with our out-of-control house payment. The house needs a roof, windows, plumbing and a bathroom overhaul, which, of course, we can’t afford. We’re drowning! What should we do?

How do I succeed at becoming a mortgage broker in Toronto?

I am considering going to school to become a mortgage broker. Can anyone help me find out what courses are required, and what the best avenues are to take in terms of organizations to join etc. that will give me the best chance at succeeding as a mortgage broker?

I ahve been told of 2 courses. Once in seneca that takes 2 semesters: Financial Underwriting, and one by a guy I ran into who says all I need is a 2 weekend course to get a certificate and certified as a PFA (Personal Financial Advisor).

Any indepth support here would be GREATLY appreciated!

How to choose a mortgage company? as the rate going down I’m checking the option to refinance my house?

I got offers from various loaning companies, which things I should check in order to know the following:
1. If this is a good company to work with
2. If it is good for me to move my mortgage to them (other than closing costs and rate)
I got good rates from one of these companies (5.99%) and it sounds like better deal than the one I have now, but I’m wondering if there are any hidden costs or if there’s anything I should be checking about these companies

CDCs: Why our SBA 504 Interim Loan Website is a Useful Resource…

www.SBA504InterimLender.com SBA 504 Expert and CEO of Mercantile Capital Corporation, Chris Hurn explains why the SBA 504 Interim Loan Program website is a useful resource for, CDCs, small businesses, and the commercial property financing community.

How important is having 2 years in the same field to get a mortgage?

I currently have been employed for over 2 years in the same field, but am looking to get into something else. I’m also hoping to get a house as soon as possible. So if I take a job in another field that pays higher, how strict are lenders about the 2 years in the same field requirement? I just doubt at my current wage I’d be approved for a loan high enough to get a house, even though I have excellent credit. Thanks.

Small Business Owners: Why our SBA 504 Interim Loan Website is a Useful Resource…

www.SBA504InterimLender.com SBA 504 Expert and CEO of Mercantile Capital Corporation, Chris Hurn explains why the SBA 504 Interim Loan Program website is a useful resource for small businesses and the commercial property financing community.