First Mortgage Funding
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William Said:
A question about mortgage funding and our first payment? Please help!?We Answered:
From the day escrow closes, you owe interest on the loan. If escrow closes on the first of the month, you owe no interest for that month, because you haven't used the money yet. For example, if you put $1000 on your credit card and pay it off with the next bill, you don't pay interest charges. Same with your house. You don't pay interest for that month until you have used the money for the month.Anyway, if you closed after the first of the month, part of your closing costs would have been the interest up front for the upcoming month. You would then not have a payment the next month, basically going a month and some extra time without making a payment (but you actually paid up front in the closing costs).
I know this seems confusing. But, it's really quite simple. The lender will send you a bill with a due date on it and you pay it by that date. It may be the next month, or the next after that. But, rest assured it's all been tallied up correctly.
Hilda Said:
Is it possible to get a second mortgage with the intention of selling my first property?We Answered:
Its possible if you have a buyer, but with no buyer, no. Wanting is sell isn't enough, you need a sale in progress. The closing dates have to be close together, with a bridge loan covering you for a few days, not until a buyer happens along.Nellie Said:
After buying first home, what is a smart investment to look into next?We Answered:
rental property, and if u do get married remember to get a prenup.Nicole Said:
where can i refinance my horrific ARM to a fixed rate mortgage with no regard to my D- credit rating 75k ann $We Answered:
You should be able to find some help there : http://index-go.com/bad-credit-finance-m…Good luck !
Jaime Said:
I have a 2nd Mortgage with a high interest. Should I pay off my 2nd Mortgage first or fund my roth ira?We Answered:
I think it sort of depends. I have a $40,000 2nd morgage that was adjustable at 8.75%. This interest rate has been rising over the last year or so and may be continue to rise. The question that I asked is whether I can make 8.75% on the money that I put into my Roth ira. If you a stock wiz and know you will make more then 8.75% on the money in roth I would put the money in the roth. For me I felt that a 8.75% return was guaranteed and safe (I am sort of moderate risk category) by paying down my 2nd mortage.Yes I am not taking in account the tax advantage of 1)mortgage tax deduction and 2)tax free on capital gains on my roth.
I like the idea of taking my money, paying down my 2nd mortgage and saving 8.75%.