NLIC.org

Sara Said:

Will my credit scores allow me to get a mortgage at a goord rate?

We Answered:

Unfortunately, due to the recent mortgage crisis, anyone with less than a 660 is going to have a hard time getting a mortgage of any kind. There are plenty of people in your shoes though, who have had a crisis to two. My advice is to talk to a mortgage broker who may be able to work with a company that will accept your reasons for having a low credit score. Illness is the number 1 cause of bankruptcies in this country, so you are not alone in your problem.

Grace Said:

Property tax rate and hazard insurance rate?

We Answered:

Both of those rates depend on the county and city in which you live.

Mike Said:

Find the total monthly payment, including taves and insurance, on each mortgage? How to do it?

We Answered:

Mortgage monthly payment $470.71
Insurance monthly $12.08
Taxes monthly $47.50

Montly Amount $530.29

Bruce Said:

If I move out of my (mortgaged) house and decide to rent it out, will my insurance rate go up?

We Answered:

Yes, it will be more expensive as a tenant is a bigger risk.

Elaine Said:

I have a 30 year fixed rate mortgage thru wells fargo (which includes taxes and home insurance). Will my?

We Answered:

If you have a fixed rate loan, your interest rate won't change but your property taxes will undoubtedly go up. You can protest the valuation of your home. You will need to file a protest with your county tax assessor. Their website will have more information on the details of the process. Find out if you can file a homestead exemption. That will help put a cap on your property taxes. This information is also available through your county tax assessor.

Clifton Said:

what was the mortgage interest rate....?

We Answered:

the interest rate is stated at 9% but the term of amortization and the principal balance and the monthly payment are all missing from your information. Your preliminary calculation factored the insurance cost by the interest rate and that make no sense. A mortgage with an original balance of $49,712.75 amortized over 360 months at a rate of 9% would have a monthly payment of $400, for principal and interest, but there is nothing in the above stated facts that make this a relevant calculation. You need to read the problem better.