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Financing a Mobile Home with acerage 09/21/2005 |
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Q: Mr. Frost, I have been trying to obtain financing on acreage with an older singlewide on it. The home is 29 years old, there is a 3 car garage and a carport on it, as well as fencing for horses. I am purchasing it by myself, I'm self employed, and have a budget of around $80,000. I've contacted banks, mortgage brokers, mobile home financing companies, and all sorts of referrals, on line and over the phone. HELP! Why is this so difficult? My credit is spotless, but the score is lowered because of a medical collection. Where do you suggest that I turn now? I may have access to a gift for the down payment-if necessary, but I would rather not use this. I want acreage for the horses, and it seems that everything in my budget is an older mobile home. I need to make a purchase within the next 30 days, and value your advice. |
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How will the drop in the stock market change rates? 04/21/2005 |
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Q: Jerry, I have been waiting to be in a position to buy my first home. I am hoping that the decline in the stock markets will have an effect on the mortgage rates. Is this a likely scenario, or is it still as good as it has ever been? |
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Should we pay points to buy down our interest rate? 08/15/2003 |
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Q: We will be purchasing a home in Columbia, MOin late October. As |
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To refinance or not? 07/31/2003 |
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Q: Jerry, I currently have a 7.5% home loan with a balance of 45,000. I have roughly 7 years left on the loan. Would it be wise to try and refinance to take advantage of the record low mortgage rates. Thank for your help. |
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BI-WEEKLY ADVANTAGE PLAN 07/30/2003 |
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Jerry, My mortgage company is offering this plan, telling me it would save 6years 6months on the note and I would save 27,000 dollars over the term. My current payment is, say $750.00 a month bi-monthly would be $375.00 with the above savings. |
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Fixed or Adjustable options? 07/09/2003 |
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Q: I expect to see myself only staying in my first home here in St.Louis between 3-7 years depending on whether or not I continue with law school and then move out of the city. With rates so low, should I go with a 3, 5, or 7 year ARM or just get a 30 year fixed rate loan to avoid the risk of rates going back up? |
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Rate lock questions 05/28/2003 |
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Q: My question is this: do we have the right to lock in at a new rate (they are more favorable now), since the rate lock expiration date has passed? |
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Misleading Lenders 04/25/2003 |
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Q: They tell me we have 3 business days to cancel and I am wondering if we should. I would like to know is it illegal not to give us a truth in lending sheet and copy of estimated closing costs prior to closing. If we cancel the deal what will we be expected to pay for aside from the appraisal? |
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PAYOFF OR NOT? 04/17/2003 |
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Q: I currently have another 15 years to pay off my mortgage at 7.4%, my payoff amount is about $65.000. I have been paying an extra $100 each month towards the principle. |
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Buying a new home with credit problems 03/20/2003 |
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Q: My daughter and son-in-law have had numerous financial problems over the past 6 years, the largest of them being the house they own now. Since purchasing 7 years ago it has turned into the proverbial money pit. |
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selling a property"as is" 03/19/2003 |
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Q:Jerry What is the best way to sell my moms house? It is an older home that has fallen into disrepair. |
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First time home buyer 03/12/2003 |
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Q: I'm a first time buyer. I am confused on what type of loan I can get and what type of interest rates are available. I've done the random searches for loan rates for a certain amount of money. |
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How should I go about converting my residence into a rental? 03/10/2003 |
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Q: Dear Mr. Frost: My husband and I have lived in our house for 18 years. We own our home free and clear. |
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New construction financing 02/20/2003 |
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Q:Jerry, What is the best method for using equity in my home for a down-payment on new construction? |
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Buying a home with an unrelated party 02/07/2003 |
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Q: Mr. Frost: My boyfriend and I are in the process of buying our first home. We had planned on waiting to buy a house after we got married, but with the rates this low, we want to get in before they start to go back up. |
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Refinancing 01/28/2003 |
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Q: Is refinancing a choice for us? Should we wait until we have more equity and take our chances with the interest rates? |
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First Time Home Buyer 01/28/2003 |
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Q: I'm an engineer who has been on the job for a little over two years and I've been considering buying a home. My only problem is, I don't really know where to begin. I don't have much money saved up and I'm currently staying in an apt. |
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No Cost Refi? 01/23/2003 |
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Q: Could you please explain how a "no cost refinance" works? My understanding is that the Mortgage Company pays the closing costs out of their brokerage...is that correct? |
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How should a significant other be vested on title? 01/16/2003 |
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Q:A friend recently read an article regarding ownership of titles for significant others. If you are not married and wish to purchase a home together, what should the verbage on the title be? Is this article on-line? Thank you. |
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FICO scores 01/08/2003 |
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Q: We are getting ready to buy a house. The problem is our FICO score is only around 610. We have nothing negative for 6 years. We think the problem may be our bank does not report to the credit bureaus. |
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Minimum Down-payment requirements? 12/28/2002 |
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Q: Jerry, My name is Patrick and I am wanting to buy my first home soon. I am 23 and my fiance' and I have a combined income at right around 48000 a year. Is there a minimum down payment |
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Sale of an investment property 12/11/2002 |
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Q: Mr. Frost: My husband and I are selling a 4-family apartment building in St. LouisCity(an area that is, unfortunately, going downhill fast). Would it be best to pay off debt with the proceeds? |
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I'm Married and my spouse has bad credit. 12/05/2002 |
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Q : I'm married and my spouse credit is bad (charge offs)but I can qualify for a loan, should I make the application alone? Would a broker charge up to 3 percent of the loan as fees or commission? |
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Adjustable rate options 11/20/2002 |
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Q: Hi Jerry, I have a buddy telling me that he got into a variable loan tied to the "Libor" rate?? It is running at 3.25 with a 1.8 margin. He kept his payment the same and is working to paydown in 11 years!! |
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Is a 3/1 or a 5/15 arm loan a good idea? 11/06/2002 |
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Q: Jerry, I would like to buy a 150,000 house with about 10,000 on down payment. Is it a good idea to get the 3 year arm or 5 arm loan and refinance after 3 or 5 years? |
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Minimum credit scores to qualify for a loan? 10/25/2002 |
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Q: I have never bought a home before and I have been working on my credit I was wondering what is the standard credit score you need to have before applying for a new home loan? |
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Rate lock options for loan closing next year? 10/23/2002 |
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Hi Jerry, We have signed a contract to purchase a $237,500 home with a close date of 4/1/03. As we discovered after we signed the April close date, we cannot lock on an interest rate until 60 days prior to closing. |
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buying out house thru divorce 10/09/2002 |
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Q: I am interested in buying our house from my ex-husband. We both currently still own the house but I want to buy the house & pay him his share of the value. |
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Capital gains question 10/07/2002 |
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Q: I have listed my home for sale. It was purchased in 1992 for $122,000. It is now listed for $183,000. Do the capital gains tax laws still exist? I am getting divorced and will not be purchasing another property for some time so I wanted to know what kind of surprises I will be facing as far as taxes go. Thanks for your help. Bob |
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Refinancing with less than perfect credit 10/02/2002 |
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Q: We bought our house in march of 1999. We have an interest rate of 10.94 and we would like to refinance before 3 years because we only have a three year fixed rate. |
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Refinance or home equity loan? 09/30/2002 |
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Q: My husband and I are adopting a baby from Russia. |
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First time home seeker 09/26/2002 |
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Q: I am in the market to purchase a home for the first time. I have been reading different tips and topics trying to learn more about purchasing a home. |
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What to do when you can't make your mortgage payments 09/23/2002 |
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Q: So here’s my question. Under the circumstances, is there a way my friend can legally postpone his mortgage payments until he is able to return to work? |
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Credit card balances & mortgage shopping 09/12/2002 |
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Q: Hi! This is a scary scenario & we are living it! For the last 3 yrs we have lived in St Louis City spending beaucoup bucks(up to $10,000/yr)to send our child to a private school. |
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How to find the best rate 09/11/2002 |
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Q: We are looking either to refinance or buy a new home. |
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I have a 30 year FHA should I refi to a 15 year? 09/05/2002 |
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Q: I have a 30-year FHA mortgage (7.5%, about 4 1/2 years paid out) that I would like to refinance to a 15 year mortgage. What would be considered a good interest rate? Will there be any difficulties because it was originally an FHA loan? Concerned consumer |
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