NLIC.org

Wilma Said:

what were typical mortgage rates in 1981? for a note carried by the seller of a house, and commercially?

We Answered:

They were terrible. I had a home back then. I paid close to 10% interest, with excellent credit and high (for the time) income.

Prices were really low, and interest was high. Back then you could write off EVERYTHING though, making it much easier to survive then it sounds.

Alan Said:

Can I get a mortgage in America for a house in Israel?

We Answered:

Speak to a loan officer at a US bank that has branches in Israel. Most of the very large banks in the US have branches in Israel or have affiliates they work with. However do not expect to get the same kind of interest rate on Israeli property as you would get for US property.

Alfredo Said:

why am i always getting mail for lower mortgage rates on house? are these scams or just gimmicks to get you?

We Answered:

they are mostly scams, your mortgage company, the title company, and god knows who else is busy selling all your personal information to anyone willing to pay for it. It took me months after notifying all the players not to sell my name for those cheesy offers to stop.

Yolanda Said:

Is it possible to get a mortgage on a house already paid off? Can I use it to pay debts?

We Answered:

HELOCs may cost a little more (or maybe not, if you loan is small and you gamble on a floating rate loan knowing it will be paid off soon) but if you get a mortgage you need appraisals, etc and may end up paying several thousand in fees to get the mortgage, wiping out any potential savings. The HELOC can be accessed as you need it, and paid back quickly or slowly without hassle.

Wade Said:

Just curious... how much would does it usually take to buy a house? i mean how much is mortgage rates?

We Answered:

The more you can put down the lower your interest rates usually are, and the less PMI you will have to pay. Try to put 20% down. You will have to shop for interest rates, but expect to pay around 6.5-7% if you have good credit.

Glenn Said:

Would it make sense to buy a house when mortgage rates are 14% and expected inflation is 15%?

We Answered:

If you mean that property values would be increasing 15% per year, the answer would be yes because you would be realizing every penny of interest in equity, plus you would have a monster tax deduction.