Comments for BestFlexibleMortgages.com

Comment on What are the tax implications of leasing a house for less then the mortgage payment if any? by William H

William H — Sun, 04 Sep 2011 00:00:41 +0000

Find out what the market rent is for the type of real estate you own. Charge that rate. You should be able to shelter all the income with the cost of the mortgage, insurance, maintenance, and depreciation. The mortgage does not affect the rental rate.

If you rent the property for more than three years (at that point you do not qualify for the primary residence exclusion), you could perform an 1031 exchange if you have capital gains to defer.

Comment on What does the "low down payment mortgage adjustable rate rider to security instrument" document mean? by Dale H

Dale H — Sat, 03 Sep 2011 11:56:57 +0000

The rider describes when and how the rate will adjust on you mortgage. Depending on the index and the margin, it may or may not be a reason to be concerned.

If you are due for an adjustment, you can google the index and then you just add the margin to get the new rate. Once you have the new rate, you can calculate a new payment based on the remaining balance and term of the loan.

If you would like to fax it to me, I could better explain what it means.

866-820-0633

Or you could call your servicer and they should be able to explain it to you.

Good luck.

Comment on What about a 2nd career as a mortgage originator. Where can I get on-line training and what about the pay? by fren c

fren c — Sat, 03 Sep 2011 00:22:59 +0000

i agree working under a qualified senior broker can help you tremandously. there are many brokers now looking for work and many companies laying off thousands. get your training thru your states department of finance. and look for a good company that will take you in look for a company that provides leads to you and support.

good luck

Comment on How difficult is it to obtain a mortgage loan with little or no down payment? by lostinsidemyself

lostinsidemyself — Fri, 02 Sep 2011 11:16:46 +0000

There is much more to owning a home than having a down payment and if you don’t even have a downpayment, then YOU CAN’T AFFORD A HOME! It’s the banks giving loans to people like you that got us into all this mess in the first place!

Comment on What tax would I pay on the sale of my house, when the mortgage has been paid for through my business? by Onestep downfrom God

Onestep downfrom God — Thu, 01 Sep 2011 07:57:32 +0000

Did you prepare and submit your own accounts or use an accountant? Check how much of the interest element was actually charged against tax and how much was charged to you. Even if the whole of the interest was charged, it does not prevent PPR exemption from being claimed, but there might be some income tax due on the overclaimed interest.

Comment on What are the pros and cons of an elderly couple doing a reverse mortgage? by Les Ismore

Les Ismore — Wed, 31 Aug 2011 07:24:30 +0000

Mid-sixties is a little on the young side. The optimal age for a reverse mortgage is 74-76.

The key is to remain in your home as long as possible to amortize the high upfront costs. If the loan terminates (due to death, moveout, etc) within 5-7 years, you’ll have paid a very high price. This is the biggest disadvantage. A recent HUD study shows that most HECM (home equity conversion mortgages) reverse mortgages are terminated within seven years.

The big advantage of reverse mortgages is that in the right circumstances you can access home equity for the rest of your life to help with retirement costs and not have to worry about making monthly loan repayments.

Here’s a summary of what several well-known personal finance experts think about reverse mortgages which may be useful to you:

http://www.reverse-mortgage-information.org/what-experts-are-saying-about-reverse-mortgages/

Cheers

Comment on Can I deduct the property taxes and mortgage interest when I file my taxes in MD? by Steve

Steve — Tue, 30 Aug 2011 18:25:41 +0000

You can use mortgage interest and property tax as a deduction for your Federal Income Tax. Assuming that you have enough deductions to itemize, you would list these on Schedule A.

However, you cannot use these deductions for your MD state income tax filing.

Comment on How am i supposed to pay my mortgage while in boot camp? by seriously omg

seriously omg — Mon, 29 Aug 2011 17:43:43 +0000

I believe there is a law on it: http://usmilitary.about.com/od/sscra/l/blscramenu.htm
You can defer payments while on training

Comment on How would i go about finding a deed and seeing if there is mortgage life insurance? by Sharon T

Sharon T — Mon, 29 Aug 2011 03:24:37 +0000

The deed won’t help you. It has nothing to do with mortgage life insurance. Check his bank records from the time he bought the house until he died. He would have had to pay a premium at least annually to keep the policy in effect.

If you need the deed for some other reason, you can probably access it online and print off a copy. If not, your county recorder will give you a copy for a modest fee.

Comment on Can a letter of hardship apply toward Mortgage forgiveness Act? by chatsplas

chatsplas — Sat, 27 Aug 2011 22:46:02 +0000

If you chose to buy a home 200 miles to job, that’s a choice you made, your election, hardship you chose. Now if you got transferred after purchasing home, then it’s a hardship.