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Lee Said:

Can we get a home mortgage loan with poor credit?

We Answered:

It is absolutely possible to get a mortgage. Our lease on the house we are renting is about to expire and out of curiosity I called to find out if it was even possible to get a loan. My credit score is around 550 and we were able to get a mortgage with only 3% down and a 30-year-fixed with an interest rate of 6.625. Maybe some think that is high but I'm definitely willing to lock that in for nowf until I can get my credit under control. So yes, I think you should definitely start calling or contacting lenders and see what is available in your area. If you have any questions, you can email me. Good Luck!

Marian Said:

Is There Any Help For Our Home Loan?

We Answered:

Your best bet is to look into your refinancing options as loan rates are very low. Rather than seeking average rates available on a 30 year fixed (5.25), I suggest you speak to a local mortgage broker to examine your options.

Rafael Said:

Is there anyone knows where could I file a complain to my home loan mortgage lender?

We Answered:

Start at the State Banking Department. They will help. Then you can go to the US Department of Justice to file a complaint. The Mortgage Bankers Association also handles complaints about members. If fraud is involved, go to the District Attorney..

Aaron Said:

mortgage vs. home equity loan situation?

We Answered:

If you planned to rent the home you could get a mortgage based on the rent it will generate. I would ask you local banker about there loan programs for income property. Also mortgages are cheaper interest rates then home equity loans.
The bank will want to know how you planned top pay them back! You are most likely able to get a equity loan or a mortgage in this case. The mortgage would be a cheaper route.
The key is your income and credit.

Maureen Said:

Mortgage loan rates?

We Answered:

The rates will go down slowly for the mortage market. The banks need the higher rates they are getting to make some much needed cash for themselves.
The prime rate has a web site that also has the odds on what the Fed will do. www.wsjprimerate.us

Mathew Said:

What is the difference between a mortgage and a home equity loan?

We Answered:

Just the packaging of the financial product. Once upon a time Home Equity Loans were called 2nd mortgages. The real difference is risk factor for the bank. Typically Home Equity Loans are 2nd to be paid in the event of a foreclosure or other bad financial happening - leaving them exposed if there wans't any many for them at the end of the day. So they charge you a bit more interest to compensate for this additional risk. Since you would be leveraging your house for the 1st time again, and the holder of this new "note" would be the only creditor and thus 1st in line for payment in the event of default, lenders may negotiate a little and get you a better rate.

Its probably something you should take to a local bank or branch where you can work with a real person. I wouldn't advise trying to work this deal through an online lender.