Getting A Mortgage

Ted Said:

What are my options in getting a new mortgage; will it be a regular one or an investment mortgage?

We Answered:

As long as you plan to live in the new house it should be an owner occupied mortgage. However, you will need to have a written lease on your current home to count the rental income in qualifying for the new mortgage and generally they count the rental income at 50% of what you receive.

Dana Said:

How does getting a joint mortgage work?

We Answered:

the answer to that is very easy - if u both re loaded with cash and have big income u can buy a new house any time u want and sell old houses any time u want. if u re not loaded with money and to buy a new house u need to sell houses first - u do that. first u sell the house u re not living in. second u go to a bank and ask what sum they can borrow u. then u start looking for a house. anywho it is very common if one of u has more money for down payment than another u make an agreement (on paper) that in case of divorce u get your larger sum back. like for instance if in the beginning u had 80% and he had 20% for down payment agree that in case of divorce when u will be splitting everything u will get your 80% back (from selling the house) and not just 50%

Sally Said:

What are the chances of getting a 2nd mortgage for a trailer near the ocean in a camping ground?

We Answered:

Yes, most of your feedbacks will be negative about banks and financial institutions considering a loan for a trailer, because of the huge risk factor.

You might be able to take out a second mortgage on your current home for the purchase of the trailer. That is a possibility depending on the equity in your current home.

As far as looking for a reputable lending in SC, I would contact the campground where this trailer is and ask them in the office who the lenders are for the majority of trailer owners. Chances are that you will find they have a particular lender or lenders that owners of trailer in that campground use.

Discuss It!

Axel Logan said:

Hello, This is a unique loan services. You need to reach us for a quick and easy loans at low interest rate of 3%. We are department of Mayfunds Inc. We offer different types of loans. Personal loans, business loan, home loans and much more. Contact us via e-mail: mayfundsinc@LIVE.com