Marie asked:


My parents got the loan in their name and 6 mos after quitclaimed the home over to me and my husband. For 2 years we have been living in and paying the mortgage, property taxes, etc. We are going to do our 2007 taxes. We live in California

Elizabeth

Synapse India asked:


Mortgage loans are the easiest way of using property as collateral for paying your existing debt. The initiation of the term mortgage has come from its original meaning. In the beginning, the term mortgage was used to refer to the legal device used in securing the property, but nowadays it is referred by the debt secured by the mortgage, the mortgage loan.

In many countries, laws and legislations has legalized the system of home purchases to be funded by a mortgage. People belonging from any such country can be get advantaged of getting many mortgage loans options to choose from. So, be sure about what you want to opt for. Though, all the options for mortgage loans tend to be lucrative and really attractive, but it has to be dealt with proper care to avert any kind of financial disaster if not handled properly. Following are the loans that you should stay away from:

Interest Only Mortgages-This kind of mortgage loans need to be paid only the interest portion of your mortgage each month and not the principal payments. The basic idea of providing this facility is to enable homeowners to buy really expensive home. This means that your monthly payments may change significantly and most importantly in very short notice.

Multiple Choice Mortgages-If you opt for a multiple choice mortgage, you will get a very low and attractive introductory interest rate. You can decide about your own interest payment modes too.

Adjustable Rate Mortgages- In this system, interest rates are entirely dependent on the market forces. So, there are chances of fluctuation of interest payments from time to time. Adjustable rate mortgages depend on the interest rate and change their mortgage rates. However, this kind of system may be risky sometimes as during recession you will be happy to pay low while when market improves you may need to pay a heavy sum instantly.

If you are staying in Florida, Florida mortgage loans can get some attractive mortgage home loans to get the perfect solutions for your troubles.



MALCOLM

macklesman asked:


An individual has a $120,000 30 year mortgage at 6% fixed. This individual also has a floating rate Home Equity line of credit for $20,000. The current rate on this loan is 8.5%. Only interest payments are required on the Home Equity line. The individual has an increase in discretionary income of $500 per month. Assuming rates will stay constant, does it make more economic sense to pay down the mortgage or the Home Equity loan first?

KURTIS