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My 2-family home is valued at 375K. I have 12 years and 88K on it left. My current loan is at a 4.9 interest rate. I need to borrow 220K and need it in lump sum. With todays rates being around 6.5 for a 30 year, I know refinancing is out of the question. Which would be better for me, a HEL or a HELOC? What would my payments be for 30 years, 15 years? Thanks

By: lmatrixl

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Heather asked:


My husband and I are trying to get into a house. We thought we were approved, as that is what the loan officer at the bank told us. We went ahead and started the process on the house like appraisal, home inspection, land survey, title transfer, etc. We are a week away from getting into the house and the loan officer says that her underwriter says we no longer qualify. And we will lose out on all of the money we have already invested into the process.

The issue is my husband claimed his personal vehicle miles, since he uses it for work all the time, on our 2008 tax return. She said as a consequence, she had to deduct $12,000 from our income! The truck is brand new! We have only done routine oil changes on it…no major repairs.

Does that sound right to you?? I mean, he does not make $12,000 less, like the underwriter is suggesting. Our monthy home payment comes out to only about $100 more than our current rent payment. So, the affordability is not an issue.

The lender says we need a co-signer who does not own a house. It is easier said than done.

Have you all heard of this?? What can we do to show her that we can afford it and the mileage has nothing to do with our income? Or does it?
Thank you Loan for your first answer. He is not self-employed. He works for a major company as a sales rep. Don’t know if that was an issue. We had to submit all of our pay stubs, W2s, and tax returns.
I mean LoneRanger, thanks….I am just thinking in finance terms right now!! ahhhh!

colorofthesky717 asked:


I’m hoping to purchase a house this year. However, I only qualify for a mortgage loan of about $80,000 (because I only make $27,000 a year, my credit source is actually quite high). I’m hoping to buy a house around the $130,000 area. My mortgage broker says I could get an FHA loan of higher amount if I have my parents co-sign the mortgage but my parents are not willing to co-sign. However, they are willing to give me a short term loan of $8,000. If I have this amount of money in my savings, will it increase the amount of mortgage loan I qualify for?

Thank you!

Euronymous asked:


Will the bank that I hold the money in possibly provide me with a small mortgage of around $40,000 so that I could purchase a $90,000 home?

Thank you!