question for one of our mortgage guys

[miss puff]

I am trying to figure out if we will be able to afford our house even after we declare bankruptcy. Our intention is to reaffirm and then hopefully refi after a couple of years. I was wondering if one of you could tell me what our house payment will be when our principal kicks in-it kicks in in April, but for calculating purposes lets just say next month is when the new payment woudl be. Here is what we have:

80/20

80-conventional-Interest only
$199,467 5.99 % (arm)-
current payment- 997.17 (not including taxes, principal or insurance)
margin 4.999% Lifetime interest rate cap 12.999%

20-conventional
$49,586 10.125% (arm)
Current payment 442.35 (principal is included in this one)
Margin 9.125%, Lifetime interest rate cap 17.125%

Does anyone know about how much my mortgage will be going up? Even if it's approximate? I tried looking up calculators online but couldn't find exactly what I was looking for or figure out what the principal payment would add to it. Thanks in advance for your expertise.

Miss P

[FraggleRock]

This site has a lot of different calculators on it http://mortgages.interest.com/content/calculators/

[miss puff]

Thanks Fraggle. I did stumble upon this site when I was surfing the web. The calculators do show an interest only loan and an arm loan, but I can't figure it all out together what the new payment would be when you start adding principal and the rate adjustment. UGGHHH, so grusterating.

[MTG_BANKER_OH]

I am trying to figure out if we will be able to afford our house even after we declare bankruptcy. Our intention is to reaffirm and then hopefully refi after a couple of years. I was wondering if one of you could tell me what our house payment will be when our principal kicks in-it kicks in in April, but for calculating purposes lets just say next month is when the new payment woudl be. Here is what we have:

80/20

80-conventional-Interest only
$199,467 5.99 % (arm)-
current payment- 997.17 (not including taxes, principal or insurance)
margin 4.999% Lifetime interest rate cap 12.999%

20-conventional
$49,586 10.125% (arm)
Current payment 442.35 (principal is included in this one)
Margin 9.125%, Lifetime interest rate cap 17.125%

Does anyone know about how much my mortgage will be going up? Even if it's approximate? I tried looking up calculators online but couldn't find exactly what I was looking for or figure out what the principal payment would add to it. Thanks in advance for your expertise.

Miss P

If your margin is 4.99 which is pretty high your rate will be around 10% after the fist adjustment. With an adjustable mortgage to calculate your rate after the adjustment you add the margin (you said 4.99) + the index ( i am assuming the libor index). The margin 4.99+index 5.52 = 10.51% You also need to see if there is a periodic cap where the rate can not go higher then at your first adjustment sometimes it is 6% sometimes it is 2%. You may need to do a little more research. Your first mortgage would be around $1787 a month. It looks like your second mortgage will be around 14.62% Please let me know if you need any more clarification.

[miss puff]

Your first mortgage would be around $1787 a month. It looks like your second mortgage will be around 14.62%

HOLY CRAP!!!! *runs and finds paperwork to look for "period cap" amount.*

Thanks so much MTG_B_Ohio-
p.s., do you do refi's post-bk, out of state?

[miss puff]

Mtgbankeroh, I sent you a PM with all the information I think you need. thanks so much. Also, from reading the paperwork maybe principal doesn't kick in until 60 months? ugghh, so confusing

[MTG_BANKER_OH]

Mtgbankeroh, I sent you a PM with all the information I think you need. thanks so much. Also, from reading the paperwork maybe principal doesn't kick in until 60 months? ugghh, so confusing

I responded to your PM the loan will remain interest only for 60 months but your payment will go up. To calculate your interest only payment you take the loan amount * your interest rate (eg. 6% is .06) then divide that by 12.

So $199,000 * .08 = $15920 yearly interest payment $15290/12 = $1326 monthly interest only. I am only licensed in OH and FL, i need more states but the commpany I work for currently is great and I could not leave them over some other company.

[miss puff]

Thank you so much for taking the time to figure that out for me. So, the 1787 would have been with principal then? If I am using your figures correctly, the second would come out to be about $530 per month?

currently we are paying combined 1439.78
In April we could be paying approx 1850.00 per month?

[MTG_BANKER_OH]

Thank you so much for taking the time to figure that out for me. So, the 1787 would have been with principal then? If I am using your figures correctly, the second would come out to be about $530 per month?

currently we are paying combined 1439.78
In April we could be paying approx 1850.00 per month?

If the cap on your second is 2% and it adjusts every 6 months or is it a equity line tied to prime?

[brownlayde]

getting a mortage

hello mortage banker, i live in florida and i may need your help getting a mortage if it,s possible.

[MTG_BANKER_OH]

hello mortage banker, i live in florida and i may need your help getting a mortage if it,s possible.

What are your goals for financing? (eg. payment, money down if applicable, size of home you are looking for, and what your credit scores are currently) It is somewhat expensive to do loans in florida because of the state taxs on purchases and refinances and the homeowners insurance, but it is the same for anyone buying a home in Florida.

[brownlayde]

loan

100% financing , looking for 4 bed 2 bath in deltona fl , nothing above 200,000 not sure what my scores are up to for all cb but transunion was 569 last time checked . my lease is up may 1 of 2007 so i just trying to get prepared as to what i need to do . so everything falls in place by then.

[MTG_BANKER_OH]

100% financing , looking for 4 bed 2 bath in deltona fl , nothing above 200,000 not sure what my scores are up to for all cb but transunion was 569 last time checked . my lease is up may 1 of 2007 so i just trying to get prepared as to what i need to do . so everything falls in place by then.

It is good you are looking so far ahead that is the best way to do it. The higher your scores the better rates you will qualify for but you probably knew that anyway.