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Real Estate Home Mortgages/Questions Answered by Expert Craig Ballhagen
| Subject | Date Asked |
| divorce / mortgage assumption | 11/23/2011 |
| Q: My ex-husband and I purchased a townhouse in 2005, with both of us listed as joint owners but only ... A: The divorce degree protects you against anything negative with the home as long as it clearly states ... | |
| Underwater sale | 11/21/2011 |
| Q: I owe 278k on a home worth (in my best estimation) 210k. My wife and I can afford our payment but ... A: If you try to buy a another home while your home is on the market, you would need to qualify with ... | |
| Mortgage question | 9/6/2011 |
| Q: I am 1 year into a standard 30 year mortgage at 4.25% fixed. A friend who is a contractor suggested ... A: There are many ways to pre pay a mortgage. If you make one extra payment a year, that will reduce a ... | |
| did i sign something,I didnt realize I was signing? | 8/17/2011 |
| Q: husband and wife obtain 1st mortgage on home as joint tenants with rights of suvivorship.both ... A: Andrea, this question is for an attorney. I will try. Quit claims can be reversed at anytime. You ... | |
| Real Estate | 8/10/2011 |
| Q: My name is Rashad. I have invested in real estate for a living a few years back. I am in the ... A: 1. I have a credit person that you could contact for your credit issues. Matt Judy with E Credit ... | |
| USDA income | 4/24/2011 |
| Q: How does USDA do income? We made 77k last year. The year before we made 52k. My wife's income is 50 ... A: I would supply your last 2 years of tax returns and have a RD rep. take a look and see what income ... | |
| FHA question | 3/30/2011 |
| Q: We currently have a FHA mortgage on this home and once we sell this home will need to apply for a ... A: That is a good question. FHA has recently made it harder for people with employment gaps. It means ... | |
| refi | 2/3/2011 |
| Q: i've recently applied for a refi on a condo that i have owned for 4 1/2 years. my current interest ... A: Is it worth it to refi? It depends on how much longer you plan to keep the house. If you are only ... | |
| Refinancing | 1/28/2011 |
| Q: I have checked with my present mortgage company. I am comparing rates. I checked some rates on ... A: Trying to find an online mortgage company to work with is very tricky. If a person has allot of ... | |
| Re-financing an 80/20 under the home affordability plans | 12/28/2010 |
| Q: I currently have an existing 80/20 loan on my primary residence, which is currently "underwater". ... A: If your first mortgage is OWNED by either fannie mae or freddie mac, you may have a way to go. ... | |
| buy or keep renting? | 12/20/2010 |
| Q: So here is my dilemma. My husband stays home with our two young children while he works on his ... A: It really depends on what kind of purchase you make. There are many great deals out there. I would ... | |
| Mortgage | 12/19/2010 |
| Q: Mr. Ballhagen, I purchased a home in 2004. Original mortgage was through a local bank, structured ... A: Suzanne, It sounds to me like you have been doing your homework. These days nobody ever takes ... | |
| Mortgage | 12/19/2010 |
| Q: Mr. Ballhagen, I purchased a home in 2004. Original mortgage was through a local bank, structured ... A: Suzanne, I am a loan officer in Boise Idaho and can not give you any legal advice. I may be able ... | |
| Refinance | 12/1/2010 |
| Q: We did a cash out refinance 8 years ago for a 30 year loan at 6.25%, and have a balance of $87k on ... A: Dropping your rate by 2% will lower your payment approx $110.00. If you are taking cash out to pay ... | |
| Recording an Installment Sales Agreement | 10/31/2010 |
| Q: We sold a rental house to the renters in1999 using an INSTALLMENT SALES AGREEMENT. It is structured ... A: First of all-the questions you are asking are legal and you should consult an attorney. I will give ... | |
| refinance after separation | 10/19/2010 |
| Q: I am separated from my husband and staying in the home by mutual agreement (mortgage is in both our ... A: If you qualify there is no reason why you can't. It depends on what type of loan you are applying ... | |
| Is refinancing necessary? | 9/7/2010 |
| Q: I have moved in with my boyfriend who owns his home and I am now splitting costs - including ... A: When it comes to a person's vesting in a property, you can be on the loan and you can have your name ... | |
| Notice of Interest | 8/9/2010 |
| Q: When purchasing a home and there is a Notice of Interest filed against the property in public ... A: Check with your local title company and request a full title report. That should provide you with ... | |
| Buy now or wait a few months? | 6/28/2010 |
| Q: With mortgage rates at an all time low, it is tempting me to buy my first house soon but I heard ... A: Yes interest rates are at a all time low, but when the rates go up, they will probably go way up. ... | |
| HOUSE TITLE/OWNERSHIP | 6/11/2010 |
| Q: I currently own a home in MD (with a mortgage) and am in the process of purchasing a home as my ... A: The loans do not go into their names. The loan will stay the same. The property will be 100% your ... | |
| 80 20 loan foreclosure | 4/22/2010 |
| Q: craig, I purchase my home for $280K with the 80 20 option in 08. I stop making payments in january ... A: This question is a legal one. I would contact your attorney on your base to seek help. This is ... | |
| Name change on mortgage / divorce | 3/20/2010 |
| Q: If a rental property has a mortgage held by a couple, in both names, and only one is left as owner ... A: The divorce papers will state who the responsible party is for the rental property. The other ... | |
| Home equity loan | 3/19/2010 |
| Q: My husband and I are considering buying a home with a significant amount of equity. We have talked ... A: When you buy the house you may be able to get the line of credit at that time and not draw on it ... | |
| Making big purchase during loan process | 3/16/2010 |
| Q: My husband and I are needing a new washer and dryer and we are in the middle of applying for an FHA ... A: There shouldn't be any problem with you purchasing appliances with cash. What you do not want to do ... | |
| Qualifications for FHA loan | 3/5/2010 |
| Q: My husband and I got preapproved for an FHA loan back in June. We did not find any houses that we ... A: As long as your credit scores are above 620 and your total debt ratio is below 45%, then you should ... | |
| Refinance | 2/16/2010 |
| Q: I'm stuck between a rock and a hard place.....trying to get a lower fixed interest rate, but lousy ... A: Yes-putting your wife on the loan by herself would be the best way to go. Depending on what type of ... | |
| Divorce/Mortgage | 2/9/2010 |
| Q: My husband and I finalized our divorce in 2009 after a two year separation. I have four children and ... A: What I would do is have your fiance and mother buy the house from your ex using an FHA loan. FHA is ... | |
| Getting rid of Mortgage Insurance | 2/8/2010 |
| Q: Here are my stats: 6 months in to my first mortgage, all payments in full and on time. FHA (3.5% ... A: With MI on a FHA loan, it stays with the loan as long as you have a FHA loan-even if you pay it ... | |
| VA Mortgage Question | 2/7/2010 |
| Q: My husband and I are getting ready to go under contract for a single-family home. We are VA ... A: What you are dealing with is called loan flipping-FHA has suspended it's loan flipping rule for now ... | |
| 80/15/5 Loans and Bringing Money to Closing | 2/6/2010 |
| Q: My wife and I purchased a home 4 years ago using an 80/15/5 loan. We are getting ready to put our ... A: When you sell your house, all loans attached to the property have to be paid off. You would have to ... | |
| Buying a Foreclosure | 1/23/2010 |
| Q: My husband and I are selling our home and plan to come out even on the deal. We want to relocate to ... A: It is a good idea to sell your house before you buy another-the other way is very difficult. As ... | |
| FHA vs CONV | 1/21/2010 |
| Q: The Numbers: Purchae Price: 225,000 Purchase Appraisal (pre-closing): 250,000 (it's a short sale) ... A: Yes you can do that -IF it appraises high enough-but don't count on that-the purchase price IS the ... | |
| Subletting residential house | 1/5/2010 |
| Q: My husband and I own a house that we have lived in for 2+ years. He has been temporarily assigned ... A: If you are going to move out of your area for a year or 2, you don't have to have permission from ... | |
| refinancing | 12/10/2009 |
| Q: We have a cofi loan that just reset and is around 4.772%.We know we should refi at some point to a ... A: Kathy, when is comes to a refinancing your current mortgage and you are also paying off credit ... | |
| Monetary Gifts | 11/22/2009 |
| Q: My son is trying to qualify for a FHA loan. My Father gave him a gift of $4000.00 to do so. The bank ... A: When is comes to gift funds it is a FHA (federal) requirement that there is a paper trail for all ... | |
| buying a house for my parents | 11/20/2009 |
| Q: First of all, thank you for your time and your service. I am thinking about buying a small house for ... A: First, I would always seek this type of advice from a real estate attorney. Never take legal advice ... | |
| 1st & 2nd Mortage Pay off | 11/18/2009 |
| Q: My uncle's wife passed away. The mortgage was in her name and the deed was in hers' and her son's ... A: When the house sells all loans will be paid off as long as the loans are not more then the house ... | |
| Second Home | 11/18/2009 |
| Q: We are buying a home. Long story short, credit isn't greatest, but we can definitely afford what ... A: If the second home is in the same city, it can't be a second home. It would have to be an ... | |
| Second Home | 11/17/2009 |
| Q: We are buying a home. Long story short, credit isn't greatest, but we can definitely afford what ... A: The only loans that allow co-signers are FHA loans and FHA doesn't lend on second homes. So if you ... | |
| CMT index refinance | 11/9/2009 |
| Q: I am currently in the market to refinance my house. I was talking with one company who had ... A: The main reason people get 3, 5 or 7 year arms is because they know they will be selling the house ... | |
| Buying a Sibling out of an Estate Property | 11/1/2009 |
| Q: My sister and I have inherited our family house after the death of our mother. My sister wants to ... A: The best way is to use the equity in the house by refinancing the house and taking the cash out to ... | |
| closing date extension | 10/10/2009 |
| Q: my paperwork was not ready on time the day was Friday i did not find out until Saturday cannot get ... A: If your lender did not have the paper work finished on time, they shouldn't have a problem with an ... | |
| Refinance | 9/28/2009 |
| Q: 1st of all thank you for taking the time to answer my question. We live in Florida and currently ... A: I would suggest not to refinance. With only a 1% drop in rate with a loan amount of 78k and the ... | |
| Gift of Equity | 9/24/2009 |
| Q: I am wondering. My father in law is selling his mothers house to my wife and I. The first appraised ... A: With any mortgage the person who has the lowest scores is how the loan will be scored qualified. If ... | |
| Gift of Equity | 9/24/2009 |
| Q: I am wondering. My father in law is selling his mothers house to my wife and I. The first appraised ... A: A co signer does not off set your scores. It only helps you income qualify. Probably the best thing ... | |
| Gift of Equity | 9/24/2009 |
| Q: I am wondering. My father in law is selling his mothers house to my wife and I. The first appraised ... A: If you are using a non occupying co signer, you would be best to go with an FHA loan. All of the ... | |
| TX Home Equity | 9/21/2009 |
| Q: The borrower lives in another state and that is their primary residence. They want to do a cash ... A: Sam, I am not quite sure about your question. When say TX do you mean Texas? I am in Boise Idaho ... | |
| Trading Houses | 9/2/2009 |
| Q: How is it possible to trade for another home of lesser value and both parties have a current ... A: John, thank you for your question. I'd like to first address the current mortgage situation. ... | |
| ownership transfer | 9/1/2009 |
| Q: My husband and I have a mortgage under our names. Is it possible to transfer an ownership to just ... A: The only thing your can do is to take your name off of the title (quit claim) now and then in 6 ... | |
| Ohio Dower Rights | 8/29/2009 |
| Q: I owned my home six years before marrying. After a year or so of marriage I refinanced to do some ... A: I ive in Idaho and we have things a little different. In Ohio, once your husband has restored his ... | |
| qualifying for mortgage, good income, poor credit | 8/25/2009 |
| Q: My husband and I are looking to purchase our first home. My income is 80K, his is 25K. My credit ... A: If you are going the the normal credit bureau channels it will probably take longer. Because there ... | |
| qualifying for mortgage, good income, poor credit | 8/25/2009 |
| Q: My husband and I are looking to purchase our first home. My income is 80K, his is 25K. My credit ... A: the first question is- what are your middle scores? If yours is 585- you will need at least 600 for ... | |
| Selling house | 8/21/2009 |
| Q: I live in Ohio and may be wanting to move from my present location in a few years, maybe sooner. I ... A: As long as you are making your mortgage loan payments on time, you will have no problem renting the ... | |
| reassessing home value | 8/17/2009 |
| Q: I read that since our home has lost a lot of its value that we should get it "reassessed" to save on ... A: Your local county tax assessor office would be your first place to start and their web site. They ... | |
| deed showing easements | 8/16/2009 |
| Q: I have paid off my house mortgage a while back, but can't find a copy of the deed. How would I get ... A: Good afternoon! When you purchased your home, you should have received an owner's policy of title ... | |
About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
Real Estate Home Mortgages
Answers by Expert:
Craig Ballhagen
Top Expert on this page
Expertise
All questions regarding home purchasing and refinancing
Experience
licensed in Ca and Idaho with over 15 years of experience
Organizations
Boise Young Professionals, Association of mortgage bankers
Education/Credentials
BA Sacramento State
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