A New Mortgage

Leo Said:

What is the best way to market a new mortgage company?

We Answered:

Associations may be a good avenue to explore as well. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet. See the source box for some relevant links.

Hope that helps! I wish you much success & happiness in all your ventures!

Oscar Said:

What type of mortgage to get when buying new house before selling old one?

We Answered:

I wouldn't do a HELOC on your existing house because of the closing costs, possible early termination fees, and because some banks do not permit funds from a HELOC to be used as a down payment on another property. I think you should inquire about a "bridge" loan. That kind of loan can be a 'single payment' loan which does not need a payment for, say, 3 months, and then is due in full. If you've got a good relationship with your lender, you can 'roll' that loan over if your old home hasn't sold within the three month period. If your home does sell within that period, you'll pay off the bridge loan with the proceeds.

Howard Said:

At age 57 should I get a new mortgage or get a home equity loan?

We Answered:

Find a company that offers low or no closing costs and get a mortgage....it is a lot lower interest rate and you can take it out for 15, 20, or 30 years to control the payment amount.

Mike

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Charles Said:

Can current mortgage company come after my new property after foreclosure?

We Answered:

Very likely, yes. But it does depend on the wording of your mortgage and the laws of your state.

bests,
-rsr-

Cynthia Said:

Is Countrywide Mortgage safe to refinance or get a new mortgage with?

We Answered:

If anybody has picked up a newspaper lately, you can figure out that Bank of America is buying Countrywide. Bank of America is one of the largest and most successful financial institutions in the world. They have been successful in their recent acquisitions and have been increasingly growing with each new one. Countrywide was one of the leading mortgage companies, but it has been eating itself up from the inside. You can read up on issues with the controversal CEO and their company sales tactics. But soon to be B of A, it should become a strong company again.

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