Mortgage home loan answers
Learn about mortgage home loans and rates.
-
Trying to qualify for a home loan. Will adding my name to my parents savings account help?
Posted on August 25th, 2011 No comments
Question by michaeldorian: Trying to qualify for a home loan. Will adding my name to my parents savings account help?
I’ve been doing alot of research in terming of qualifying for a home loan and tin’t look to find an answer to this. Many home loans require you to show a bank account statement of atleast 3 months of savings. I unfortunately don’t have that but the monthly mortage is not an issue. Will my parents adding my name to their save account allow me to still use that account as proof of the 3+ months salvage to qualify for the loan? Will this help in any way towards getting approved for the loan. Thanks!
Best answer:
Answer by lobo
No, proof of income, job time and your debt ratio is what will qualify you. The bank statements are to verify you have the downwardly payment. Lenders will usually not let you payment exceed 40% of your gross income.
Give your answer to this question below! -
In CA. Can I claim property taxes and interest payments on my home if I was only on title and not the loan?
Posted on November 23rd, 2010 5 comments
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 -
Would anyone be able to explain the value of refinancing a home loan?
Posted on February 24th, 2010 3 comments
Joey T asked:
I’ve recently purchased my parents home in order to free up income for them so they can live a better lifestyle and have more “throw” away income later in their life.My situation is this: I refi’d their home instead of getting a traditional mortgage with a rate of 6.35ish in Sept. I am set up on a 20yr bi-weekly payment which should pay off in 17 years without putting any additional monies onto each payment (thank you to one of my friends for giving me that information about the bi-weekly payments. Saving 3 years right off the bat was very awesome…).
With the rates going so low lately should I consider refinancing in order to lower payments and/or timeframe of the loan?
RAY
