home loans - mortgage refinance second mortage

Harold asked:


My parents are giving me their current house and building a new one. The house needs some improvements (Kitchen, Bath, Carpets, etc) what is the best loan to get? I currently rent so I don’t have a mortgage. Do I get a home equity loan, first mortgage, home improvement loan? Please help.

EDWARD

valcinn asked:


renting the home and paying the whole mortgage 1078 a month and now want to purchase the home.. we have no dept he has student loans 18k-20k but its deferred. i just dont want to rent anymore i would rather own being that we pay the whole mortgage anyway

TYRONE

cocoa asked:


My family and I are tired of renting. I have a credit score of 530 and admit that I have a bad history of paying on time. I base it on importance first of all. For example, I pay my rent on time every month but I always pay my loan payment about a week late every month. I am planning on paying off 3 loans that I have with my income tax. I should be saving about $420 a month. I calculated that if I pay $500 a month now in rent, I can contribute an additional $400 in paying for a house payment. My husband also just got on disability so this would help out as well. I should be getting a dollar raise next month also. I make about $21,000 a yr but next year should be better. I have been employed for 2 1/2 yrs at the same place and dont plan on going anywhere else. What is best for my situation? I tried buying a home last year but I went with Wells Fargo Home Mortgage since I have a checkings account there. Basicly the guy there told me he couldnt help me with a 500 score and that owner finance would be my best bet. I have looked into owner finance but havent found too many homes out there. My lease ends in a few months and I am tired of living in the bad neighborhood that we live in. I really need some advice. Which would be my best option? Should I wait for my raise next month? Should I wait a month or 2 after I pay off my loans during income tax? Honestly, we want something where we can get the taxes and insurance escrowed.

WILFORD