Mortgage Loan

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Heres the thing Im a recent college grad with a engineering degree and recently landed a job in the Very expensive area? I’ve graduated with about 13K in private loans and about 20K in federal loans with my total student loan monthly payments being about 400 per month. I make around 55k a year so I can definitely make it by myself. My salary will increase rapidly over the next 3 years with a almost guaranteed raise each year.

Heres where it gets difficult my friend that i grew up with recently got a job in the area too working as a security guard and making a very decent salary as well. (I know there isnt that much job security in that job ). When the topic of roommates was first introduced i was against it as well but the area that I want to get my apartment in is very expensive and a one bedroom for me only cost about 1400 a month but a two bedroom cost about 1600 a month which turns out to be 800 a month. The move with my friend would save me about 700 a month which would eliminate the private loan in less than a year with me still having a good amount in my bank.

But my parents( mainly my father hates the idea ) he hates the idea of me being a roommate with another man at age 22, clearly he is homophobic says people might think im gay and states that he is just a security guard (says he could of been a security guard anywhere and questions his intentions) says that my friend is using me just to get by, says the move is costing me my privacy ( which is true) …..I know eventually i can get the loan paid in probably half the time (5 years) but I really dont like that my dad is telling me I no I cant do it when hes not paying 1400 a month which is more than there mortgage (i might add it makes me want to do it just in spite of him to give him the message im running the show for my life now) …..I feel he is still trying to control my life.. Is paying the loan off as soon as possible really that important.
Would a normal male move in with another male
I might add they just graduated college with a bachelors too and the commitment is just for a year.

thats a no brainer, get a roommate. not only will you be saving on the rent but also the utilities and the interest on your loans when you pay them off faster. men sharing apartments is no taboo nor should you worry about people thinking you are gay, thats ridiculous. the only problem i foresee is that your friend might not be able to come up with that type of rent on a security guard salary.

I’m looking for 2 mortgage brokers, Donnie and Terry with Eagle One Properties or Eagle One Real Estate out of Nashville, Tn or the surround area. Does anyone know how to get a hold of them?

try doing a people search online. Are you in the market for a loan if I may ask?

I have a good job right now, I have bills and a good mortgage payment. Its been weighing on my mind heavily to join the national guard. I use to be the army. I want to go back, but not quite the army so i think. Well, my wife has always been a stay at home mom.. and i have always been the one who paid the bills. How will this work now if i decide to join? Will bills still be paid or how does this work? Before when I was in the army i was still living with my parents, will no job, no family nothing, i was young and had nothing.. well, how will this work now?

Does the National Guard pay your bills and/or mortgage when you sign up? Or how does that work? -ROFLMAO!
If you were in the Regular Army, YOU should know the answer to your question!!!!!

YOU get your pay & allowances (according to your rank)

then you take care of your financial obligations!!!!

Unless, YOU are thinking of joining PVT Benjamin’s Army???!!!!

i have a decent job earning 1500 per month because of my poor credit rating i could not get mortgage .and i could not get house for rent also. i have to find rented houses through friends ,still hard to find in right time.can the council help me with that? i have been adviced by a financial advicer it take years to get back to my good credit rating .or any one can tell me how to get mortgage with very poor credit rating.

You will struggle, the main thing you should be focusing on doing is saving AS MUCH of that income as possible, a larger deposit on a house and 6 months good rating, saving etc through bank statements will make you as eligible as anyone for a small house. I advise going to halifax and explaining the situation to them and not a broker.

Renting will have to do for now, offering extra security such as a larger deposit than requested and supplying bank statements (edit the details out) will also help. With that income you will be very low down on the list for a council house, depending entirely on where you live.

Best of luck

I need a quick job no matter what so they will write me a letter saying how many hours I will be working and..my start date; if i can get that and start working I can get some mortgage assistance and not lose my house; are there online jobs that I can do; I need something FAST; if anyone has any ideas I would appreciate it; all I have to have is this stupid letter whether I am working or not; its so hard to find a job; they dont even verify anything; all i need is a litttle help until i find the right job and I wont need anything; anyone have any ideas; or want to hire me and i will work for them for a letter; anything; I cant lose my house if i do i will lose my entire family; my wife said she willl leave me and my 2 kids; i got a felony for buying some bad mortgage leads 7 years ago and i was working for my own company now I cant get a job at walmart; i need help so if anyone has any ideas or can help me out let me know; thanks
the letter is written by the employer so I can show the person handling the mortgage program that I am employed; i have to be employed or they wont help me i qualify in every other way

I have earned money in the past by selling junk on ebay. First it was my own junk and later it was other people’s junk. But ebay has become awful recently, they take all your money.

I used my own bank, but it’s only a guide as it doesn’t know your credit rating etc.

A woman, age 82 yrs, no assets (house, car, land…) poor health, has NEVER left the house in the past 20 years unless her oldest son takes her. Son has had ‘POA’ (Power Of Attorney) for the past 2 years and is sole heir to whatever estate she had.
This lady died 29th of Jan, 2010.

My Question is, Can a loan be issued or made to a person who has no assets or chattels while in her early 80’s, has NEVER used a computer in her life (except for a calculator), or has never signed a contract ?
One other thing, They did have her SIN (social insurance number) on the contract.

This was a loan for over $24,000.00, payment due Jan. 31st. 2010 which was missed including Feb. pmt. Mar. pmt. Apr. pmt. and May pmt. A collection agency sent a letter a couple of days ago (June 23rd, 2010) demanding payment of the full loan. No bills were received prior to this notice from the collection agency or the finance company.
This is a Canadian Business & Finance question, (sorry, I forgot to mention that)
And no, the son never applied for the loan. He is just as puzzled about it as I am.
We are trying to figure out how a loan was taken out by the 82 year old lady without the son knowing about it. There is no trace of where the money went or even if it was ever received by her. Her son does all the banking, picks up the mail, shops for her needs, transports her to & from the Doctor’s office twice a year. She uses an unlisted cellphone with pre-programed phone numbers to contact her son, 911 & close family members including myself.
WE ARE NOT LOOKING FOR A LOAN OR BORROW MONEY, JUST TRYING TO FIGURE OUT HOW A PERSON OF 82 YRS OF AGE WHO HAS HAD ‘NO’ CONTACT WITH THE PUBLIC FOR 15+ YEARS, OWE OVER $24,000.00 DOLLARS !
Oh, I forgot to mention that she died on Jan 29th, 2010.

EDIT: Since the son is not involved in this loan, then yes, I suspect some sort of fraud is being committed — perhaps by the loan company. The son should contact them for specific details of when the loan was taken out and by whom.

We have a mortgage loan with Wells Fargo and they sent us a mortgage payment protection rate quote of $33 per month which is "secure 12 Mortgage Payment protection" through Minnesota Life Insurance with benefits up to "4000.00 a month benefit".

Knowing that there are alot of scam warranty protections out there for home appliances as an addition to your already home insurance policy, is this a scam also?

I think it’s a bad deal, but not a scam.

See, any time a LENDER is offering to "let" you buy insurance, that only pays THEM, well, that’s a bad deal.

If THEY want coverage to make sure THEIR loan gets paid, let them buy it.

If YOU want coverage to make sure that YOUR household bills get paid . . .. you want YOU to be the one getting the money, so you can decide if you’d rather spend it on the mortgage, or on food for your 19 kids.

Never pay to insure someone ELSE. If you’re going to buy it, let YOU choose who gets paid.

My husband and I just purchased our first house in May 2010. We took a loan out for 45k less than we were approved for. I have come across a rental property (4 unit) that I am interested in purchasing..

Can I get another mortgage this fast? We have good credit, and have no debt besides the house.

Thanks!

For residential income property, the minimum cash down payment is usually 30-35%. No substantial cash = no mortgage, no buy. Plus closing costs, of course. Interest rates on non-owner occupied and investment properties are higher than for owner-occupied. Ditto on the insurances.

If you have the cash for down, closing costs, reserves, and the income and credit, and if the purchase won’t push up your debt ratios too high (as the lender defines "too high!"), you just might be able to do this. Run the numbers! Do a spread sheet on the property, estimating conditions of a 10% vacancy rate (more if your community has a current vacancy rate higher than this). Do pro forma financial statement and balance sheet for your household income. Then have a chat with your banker, discuss your projections (pro formas), and see what they have to say before you make any offer and before you apply for a mortgage.