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Philip Said:

Can I place the remaining mortgage payment on my existing home towards a mortgage on a new home?

We Answered:

No, you can't transfer anything. When you sell the townhouse, you have to pay off the mortgage on the townhouse. You should talk to your realtor and/or mortgage rep about this.

Good luck.

Leon Said:

If I want to increase my home mortgage payment, do I need to refinance?

We Answered:

If you're with Countrywide, you're in a good position with 6.5%. On the wholesale broker side, I can tell you that Countrywide does not have a pre-payment penalty. Also, it would be worth refinancing and incurring more closing cost's on your mortgage. 6.5% isn't the best, but its pretty decent these days. I'm assuming you went through a "retail" branch of Countrywide instead of using a Mortgage Broker.

copy and paste this website to your browser, and it will show you how much faster you'll pay off a 20 yr mortgage if you double you're payment:

http://www.eloan.com/s/amortcalc?context…

From your information you listed, I'm assuming you took your loan out for 134,125. If you double your payments and add $1,000 to the balance every month, you'll go from a 20yr loan and have it paid off in 7 years!!!

Also, Countrywide has a great program to help pay off your loan quicker. If you make a large payment toward the principle balance, they'll reamortize your payments with the amount of years left and the new balance. Thus reducing your monthly payment. The is a small 400-500 fee to do this, but I believe they just add it onto the back of your loan.

Luis Said:

Can the interest/payment on a home equity loan be deducted as home office expense, the same a home mortgage ?

We Answered:

Interest paid on a home equity loan is deductible as mortgage interest as long as the home equity loan is not greater than $100,000. If such a loan exceeds $100,000 then you would have to trace what the funds were used for to seen if any additional interest is deductible.
Interest paid on a home equity line of $100,000 or less is deductible on schedule a as mortgage interest but it is not deductible when you are computing alternative minimum tax.
Mortgage interest is defined as a loan obtained to purchase, construct or improve a personal residence plus a home equity loan of no more than $100,000. The overall limit on such loans is $1,000,000 plus the $100,000.

Robert Said:

Can you make a Wachovia home mortgage payment with a credit card?

We Answered:

No mortgage company that I know of accepts credit cards.

Minnie Said:

Making a wells fargo Home mortgage payment, check by phone.....When will the check clear?

We Answered:

do u still bleed after youcummmm

Bobbie Said:

How Can I Figure Out My Home Mortgage Payment Scedule?

We Answered:

6.6 years if you meant that you borrowed 22,000 after putting 2,000 down.

Wanda Said:

Can I get a loan for a home/ mortgage payment before I pick a specific home?

We Answered:

Hello Kathy,


Yes, I would absolutely get the pre-approval done before you find a home. First of all, many home sellers or their trusted agents typically give first dibs to those that seem serious (i.e. people with financial backing). Also, this is a great time to go over your credit situation and find out if owning a home makes financial sense for you. As you well know, our country and the industry is seeing some of the highest foreclosure numbers we have seen in many years. A large reason for this is because many home buyers do not truely understand all of the expenses that are part of owning a home (upkeep, property taxes,HOA or homeowner's insurance, etc.).

Bottomline, use the mortgage pre-approval process to evaluate your own situaton and really spend the time to determine if this is the right move. If after going over these factors you still feel comfortable with the transaction, definitely shop around and always ask the finance company for a Good Faith Estimate. The GFE (as commonly callled) is an ESTIMATE breakdown of the loan program. Nothing here is written in stone but at least you have something in writing to shop with. Shop at least 3 different lenders before moving forward. Also, many on-line sites are NOT banks and are lead generating companies that will make sure your information gets sold to as many different companies as possible ensuring you annoying phone calls for months after you had completed your transaction, be very careful.

Buying and owning a home can be great and actually be a benefit financial but you have to make sure you are prepared for what you are walking into. Good luck and please feel free to ask additional questions.