Posted by Adriana Noton | Under Home Equity Loan
Sunday Dec 20, 2009
Taking out a mortgage on a new home is a very big step in your life. If you are obtaining a mortgage loan for the first time, there are a few things you should consider.
Borrowers today have more choices than ever before when searching for a mortgage loan. Traditional types or mortgages are still very popular in the market today, but there are new mortgages that are also available. While many traditional mortgages are easily understood, some newer mortgages have features you could overlook.
If you are buying a home for the first time, an FHA loan might be just right for you. FHA loans are obtained through a regular mortgage lender, but they are backed by the U. S. Government. Qualifying for an FHA loan is easier than other loans because lenders know that the loan is secured by government funding.
The most traditional loan on the market is the fixed rate mortgage. With a fixed rate mortgage, you choose the length of time you want to pay off the mortgage, as well as the interest rate. Fixed rate mortgages usually have a payback period of 10 to 30 years. During the life of the loan, the interest rate will remain the same.
Adjustable rate mortgages have many of the same features as fixed rate mortgages. With this type of loan, you also have to option to determine the interest rate and length of time to pay back the loan. What is different about this type of loan is that the interest rate can change. As interests rates change in the market, the lender can change the interest rate you pay on your mortgage.
Veterans of the U. S. Military have an option that other borrowers do not have. Many veterans will be able to qualify for a V. A. Loan. Most mortgages require the borrower to have a down payment to purchase a home. The V. A. Loan is different in that no down payment is required for qualified borrowers.
In recent years, a number of new loans have been introduced to the market. Many of these are very tempting to borrowers because they appear to offer flexibility in payment that others do not. Be careful! Some of these mortgages look great on the surface but have feature that can be dangerous. Many the newer loans include a balloon payment which will require you to make a very big payment to complete the loan.
You might find just the loan you want, but the interest rate might be a little higher than you want to pay. If this is the case, the lender will give you the opportunity to pay what are called points to buy a lower rate. Points are usually one percent of the amount you are borrowing. If you are taking out a fixed rate mortgage, paying points can be a very good investment.
Finding a good mortgage loan is easy these days. If you search the Internet, you will find many mortgage lenders doing business online. Do a little research first, decide what type of mortgage is right for you and you will have no trouble finding the mortgage loan that is right for you.
When you’re deciding to buy a house, some of the factors that you have to take into account are mortgage rates. As mortgage rates are important for home-buyers, GIC rates are important for investors. If you’re interested in a customized financial plan, remember to visit us.
Technorati Tags: Estate, fixed GIC, gross income, Home Equity Loan, Mortgage, mortgage loan rates, mortgage rate, payment, rate, Real
Posted by Doc Schmyz | Under Foreclosure
Wednesday Jul 8, 2009
by Doc Schmyz
Home foreclosure is a not the best situation to be in. Once the notices start coming and the phone starts ringing you can’t really keep hiding. Your going to hear from lots of people who claim that they can help you. These calls are from organizations and companies that have their own motives and goals. Beware, in desperate times even a good sales pitch may sound like a miracle. Lets take a look at what they really want.
There are a number of people who are going to send mail or call. Most likely they were able to get your address or your number from the court system. Due to the legal nature of the process your information will be deemed as public and be published. This means anyone with internet access can find you. In some cases they may get your name from a list that was generated on the web…most of these lists go to investors/ investment trust companies.
The most common people or organizations that are going to give you call:
Swindlers/Con Men
These are the ones you have to be aware of. (And there are a lot of them out there.) All of them offer promises and refer you to a chapter 13 attorney for collect a fee. In worse cases, they will take the deed of the house and force you to pay rent while leading you to believe that they can save your home and in the end you loose it all because they do nothing but take your “rent money” and skip town.
This is the most common problem you will face besides the actual foreclosure.
Mortgage brokers
They can help you by refinancing your property. However, these loans may have higher interest rates and closing costs than what you payed at the bank. Some may even charge you more to see how much you are willing to pay and take advantage of it. Not all brokers will rip you off. Over the last several years mortgage brokers have gotten the short end of the stick in the press. Shop around and ask family and friends for a referral if you decide to use a broker. (and just for the record..no I am not a mortgage broker)
Attorneys
This is your last resort. Most attorneys don’t really care about the situation you’re in or give you the attention you need.
Mortgage negotiators/Mortgage “Mod gods”
They negotiate repayment schemes with mortgage lenders. You can negotiate with the bank but in case it fails you can ask the help of a professional to get the plan approved. Some banks may impose a much more demanding plan and these professionals can get you a more favorable agreement.
Hard money lenders
These people are normally wealthy and are looking to loan you money, to cover your mortgage, at a higher interest rate. In some cases they will over to buy your house and lease to own it back to you…for a higher interest rate of course. (this may not be a bad option IF you can arrage something that works fr your financial position)
Mortgage/note holder
Your mortgage holder will call you to reinstate your house. This can be a good option depending on your situation. These are usually offered by mortgages backed by the government.
Whoever calls you or wherever the mail comes from be aware and think things through. You can stop a home foreclosure with the right options applicable for your situation. Do not throw in the towel if you don’t have to.
Technorati Tags: debt, Estate, Finance, Foreclosure, home sale, investing, investor, Mortgage, Real, relief, Wealth
Posted by Doc Schmyz | Under Foreclosure
Saturday Jun 27, 2009
by Doc Schmyz
The last thing anyone wants to loose is your house. Unfortunately even though we know this fact, sometimes we tend to take our mortgage payments for granted and end up loosing our homes. When a borrower fails to pay his or her mortgage for a number of payments (usually 5 or 6) the lender will issue a foreclosure by selling the house or repossessing it.
More often than not lenders often lead their borrowers to believe that they don’t have other options available. There are other alternatives that homeowners can use to keep their house off the auction block.
These are some of the options that homeowners can use.
Short stop
You can get a short refinance for the foreclosure of your property. If you don’t want a new loan to cover an existing one, you can ask the help of a friend. A borrower’s friend or relative can buy or pay off the mortgage.
New payment plan
You (the homeowner) agree to pay a portion of the amount and agree to pay the rest in the following months. The homeowner also shows proof of their income and pays a down payment. This is a much easier way and most lenders agree to this plan.
Change the plan
In some cases a temporary change in the terms of the loan can be given when properly negotiated. These changes include but are not limited to, amortization extension and reduction of interest rate. A foreclosure negotiator handles the job of getting these plans approved.
Third party sale
The property on foreclosure is sold to a third party. The proceeds will go to the mortgage lender as a settlement for the debt.
Friendly third party sale
The third party who buys the property sells it on foreclosure to clean the deed of other holders. Then, in turn the property is sold back to the borrower.
The above mentioned are just a few ideas of what you can do to keep your home if faced with foreclosure. Do not be afraid to ask for help. Be forward and upfront with your lender if you have fallen on hard times. If you have to take a second job to earn extra money then do it. It is far easier to work to stay out of foreclosure then to try and fix it once you have gotten a notice. Do not let your personal ego and pride cost you your home.
Technorati Tags: debit, Estate, Foreclosure, Home, investing, Loans, Mortgage, Property, Real, retirement
Posted by admin | Under Home Purchase
Thursday Nov 27, 2008
How long can you wait before buying a home after foreclosure? Your home buying questions answered.
Duration : 0:3:35
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Technorati Tags: buy, Estate, Foreclosure, Home, purchase, Real
Posted by admin | Under Conventional Mortgage
Thursday Nov 13, 2008
a day in the life of a mortgage broker/loan officer trying to close FHA Deals and short sale purchase.
FHA, Home Loans, Refinance, Purchase, Conventional, Jumbo, Cashout, First Time Homebuyer, Real Estate, Mortgage, Wholesale, Lending, Borrow,
Duration : 0:5:17
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Technorati Tags: Cashout, Conventional, Estate, FHA, first, Home, Homebuyer, Jumbo, Loans, purchase, Real, Refinance, sale, Short, time
Posted by admin | Under Mortgage Rates
Thursday Oct 9, 2008
Real estate and mortgage finance expert Chip mings is interviewed by Neil Cavuto on Fox News concerning the proposal by the Federal Reserve to change the mortgage rules!
Duration : 0:6:53
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Technorati Tags: banks, cavuto, Chip, Cummings, Estate, federal, Finance, Foreclosure, fox, lending, money, Mortgage, neil, news, Real, reserve
Posted by admin | Under Fannie Mae
Friday Oct 3, 2008
http://investing.meetup.com/21 – New York Investing meetup organizer Daryl Montgomery discusses the U.S. government bailout of Fannie Mae and Freddie Mac. The New York Investing meetup is a group of 1800 independent traders and investors that provides investment education and analysis to the public. We also have an associated blog, “The Helicopter Economics Investing Guide” at: http://nyinvestingmeetup.blogspot.com
Duration : 0:5:17
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Technorati Tags: Alt-A, Bailout, bank, bernanke, bonds, bubble, ceiling, collapse, congress, Crisis, debt, economy, Estate, failure, failures, fannie, federal, FHA, freddie, Government, GSEs, housing, inflation, investing, IOUSA, mac, mae, national, Paul, paulson, Real, reserve, Ron, stocks, subprime
Posted by admin | Under FHA Mortgage
Sunday Sep 21, 2008
In 2 minutes, we share helpful information for home owners and buyers about the mortgage industry. Today’s topic – the recent changes with FHA.
Duration : 0:1:46
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Technorati Tags: Arizona, Estate, Mortgage, Phoenix, Real
Posted by admin | Under VA Mortgage
Thursday Sep 18, 2008
MB0905064 (480) 839-6709 VA loans from Mateo Mortgage. Below Market Rates easy qualifying. Contact us today
Duration : 0:2:0
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Technorati Tags: Arizona, equity, Estate, garcia, Loans, mateo, Phoenix, Real, Refinance, streamline, tempe, VA
Posted by admin | Under FHA Mortgage
Thursday Sep 18, 2008
http://www.tourfactory.com/s388175/r_www.youtube.com
Why Rent When You can Own? Tired of writing that monthly check to your landlord? Own this home for $822.92** per month. This ground level condo is two years new and features 2 bedrooms, 2 baths, and an oversized attached 1 car garage. Your kitchen boasts matched Whirlpool appliances and a tile floor. With air conditioning and two remote controlled ergonomic ceiling fans, you will always find the perfect temperature. You will have room to spread out in this great room concept floorplan with a separate sun room. The master suite features a private patio, as well as a private bath, and two closets for your convenience. This prime location will give you great access to shopping, dining, E-470, I-225, schools, bike paths, reservoirs, parks, and recreation. **Principal, Interest, and FHA mortgage insurance. Taxes, Insurance, and HOA fees additional. Based on an FHA base loan amount of $129,961 for 30 years fixed interest rate of 5.875%. (Principal and Interest of $768.77 and FHA mortgage insurance of $54.15 per month)
Duration : 0:1:7
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Technorati Tags: 80013, Aurora, CO, Consultant, Estate, Home, Inc, Property, Real, Storm, Tour, Tour388175, TourFactory, Virtual
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