Why Mortgage Companies Fail at Approving Loan Modifications For Foreclosure Victims
By [http://ezinearticles.com/?expert=Nick_Adama]Nick Adama
Homeowners who fall behind in their mortgage but recover from a hardship and are able to get back on track often attempt to work with their lender to qualify for a plan to make up the missed payments. But often, they are disappointed in how poorly the mortgage company responds to their requests for help, even when the borrowers have cash on hand to pay down the arrears.
But the bank never returns phone calls, no matter how many voice messages are left, yet collections calls may continue unabated. It would almost seem illegal for lenders to act this incompetent, but they do it every day and pass up legitimate chances to allow financially stable borrowers to get back on track and stop foreclosure before the house is auctioned off or an eviction date is set.
But of course, failing to work with homeowners who are behind on their mortgage is not illegal. A family was paying, then it stopped paying. The mortgage contract says that if the borrowers stop paying the loan on time every month, the bank can take the house into foreclosure and attempt to have it sold at a public auction to satisfy the debt. There is nothing illegal about enforcing a contract that both parties entered into voluntarily and with all the terms in writing.
So foreclosure and refusing to work with a homeowner is not illegal, per se. Regardless, though, it is almost always a bad idea on the part of the bank not to try and work with the borrowers, especially if they can get caught up again in a reasonable period of time. Banks lose money on foreclosures, and if a homeowner has actually recovered from a financial hardship, then there is no reason why the lender should not at least make an attempt to resolve the situation.
But with so many foreclosures going on right now, if the loan is with a big bank or servicing company, self-represented borrowers are often pushed onto the back burner while those represented by foreclosure help companies, government agencies, or attorneys can get through to the lenders more easily. In fact, it might be worth asking for some help from a reputable assistance provider in this situation and requesting a mortgage modification or other workout plan through the help of a professional.
Unless a borrower is able to sit on hold for multiple hours throughout the workday in order to make sure the bank gets faxes and for status updates, the mortgage modification may find itself on the bottom of the pile, while others are worked on more that are receiving calls every day from the interested parties. It can take days just for a lender to acknowledge that it has received a fax giving a third party authorization to speak with the lender about the loan, and even longer for it to acknowledge receiving a completed loan workout package and reviewing it.
Unfortunately for homeowners, banks are completely incompetent at helping people solve foreclosure in a timely manner unless they are forced to do by legal threats or given a deal that it would be certifiably insane to turn down. Servicing companies and financial firms that have securitized mortgages into bonds can actually make more money by letting a house go into foreclosure, so they have no incentive to make a loan work and decrease their own profits.
The ForeclosureFish website has been created to provide homeowners in danger of losing their houses with important foreclosure information and resources. The site describes various methods that may be used to save a home, such as stopping a sheriff sale, defending a foreclosure in court, refinancing, selling, and more. Visit the site if you are planning on stopping foreclosure on your home before the bank takes the property to a county auction, as well as how you can recover your credit record after: http://www.foreclosurefish.com/Article Source: http://EzineArticles.com/?expert=Nick_Adama http://EzineArticles.com/?Why-Mortgage-Companies-Fail-at-Approving-Loan-Modifications-For-Foreclosure-Victims&id=1769351
Friday 12 December 2008
Getting Qualified in Today's Mortgage Market
Getting Qualified in Today's Mortgage Market
By [http://ezinearticles.com/?expert=Lee_Keadle]Lee Keadle
Home mortgages have gotten a lot of attention in the news during the past few weeks. As home buyers keep hearing about how lenders are tightening the loans they give out, many people are wondering if they'll now be able to get the home they could have easily bought months ago. I've included in this article one of the most common questions we've gotten from home buyers in the past few weeks: is it harder to qualify now than it was 3 months ago before the mortgage crunch?
The short answer to this question is that it's gotten more difficult for lenders to qualify borrowers who have limited down payments. A borrower now needs a clean credit and a few months' of reserves in the bank in order to get qualified. Borrowers also now have to make a minimum of a 3% down payment unless they are VA eligible.
In terms of qualifying, lenders are having to go back to old school methods of qualifying. All lenders (regardless of the company) will require a 2 year history of income, which is a larger time frame than what we were seeing even six months ago. And, lenders are having to be conservative in how they calculate a borrower's income.
For example, some borrowers who work overtime count that overpay as their regular income. Even if a borrower can show that he has a history of regular overtime pay (say 6 months or so), the lender may not be able to technically count that overtime income anymore in the regular income. So across the board, you'll find stricter guidelines for borrowers.
However, it's important to note that even with these stricter guidelines, the changes should not affect most buyers. These guidelines are really only affecting borrowers with a damaged credit history. It's gotten a lot harder for them to qualify in the past few months.
But, if you've a done good job of maintaining credit and have saved up some money, you should not have any more trouble qualifying now compared to several months ago. So, it completely depends on your current financial situation.
If you're considering buying a home in the next few months, it's a good idea to talk with a home loan consultant. Don't think that several months out is too early to meet with a consultant. One of the biggest problems we see with buyers is that look at homes (either in person or on the internet) and don't really know how much they can afford. There's no point in getting your hopes up for a home or a price range of homes that you love but can't afford. So, before you start visiting homes, it's a good idea to talk with a lender about down payments and monthly mortgage payments so you can have a definite price range in mind.
Let Lee Keadle be your Charleston real estate guide! He specializes in Mount Pleasant SC real estate but works in all 18 Charleston areas!
Article Source: http://EzineArticles.com/?expert=Lee_Keadle http://EzineArticles.com/?Getting-Qualified-in-Todays-Mortgage-Market&id=1772297
By [http://ezinearticles.com/?expert=Lee_Keadle]Lee Keadle
Home mortgages have gotten a lot of attention in the news during the past few weeks. As home buyers keep hearing about how lenders are tightening the loans they give out, many people are wondering if they'll now be able to get the home they could have easily bought months ago. I've included in this article one of the most common questions we've gotten from home buyers in the past few weeks: is it harder to qualify now than it was 3 months ago before the mortgage crunch?
The short answer to this question is that it's gotten more difficult for lenders to qualify borrowers who have limited down payments. A borrower now needs a clean credit and a few months' of reserves in the bank in order to get qualified. Borrowers also now have to make a minimum of a 3% down payment unless they are VA eligible.
In terms of qualifying, lenders are having to go back to old school methods of qualifying. All lenders (regardless of the company) will require a 2 year history of income, which is a larger time frame than what we were seeing even six months ago. And, lenders are having to be conservative in how they calculate a borrower's income.
For example, some borrowers who work overtime count that overpay as their regular income. Even if a borrower can show that he has a history of regular overtime pay (say 6 months or so), the lender may not be able to technically count that overtime income anymore in the regular income. So across the board, you'll find stricter guidelines for borrowers.
However, it's important to note that even with these stricter guidelines, the changes should not affect most buyers. These guidelines are really only affecting borrowers with a damaged credit history. It's gotten a lot harder for them to qualify in the past few months.
But, if you've a done good job of maintaining credit and have saved up some money, you should not have any more trouble qualifying now compared to several months ago. So, it completely depends on your current financial situation.
If you're considering buying a home in the next few months, it's a good idea to talk with a home loan consultant. Don't think that several months out is too early to meet with a consultant. One of the biggest problems we see with buyers is that look at homes (either in person or on the internet) and don't really know how much they can afford. There's no point in getting your hopes up for a home or a price range of homes that you love but can't afford. So, before you start visiting homes, it's a good idea to talk with a lender about down payments and monthly mortgage payments so you can have a definite price range in mind.
Let Lee Keadle be your Charleston real estate guide! He specializes in Mount Pleasant SC real estate but works in all 18 Charleston areas!
Article Source: http://EzineArticles.com/?expert=Lee_Keadle http://EzineArticles.com/?Getting-Qualified-in-Todays-Mortgage-Market&id=1772297
Tuesday 9 December 2008
Mortgage Protection Insurance
The majority of homeowners never stop to consider what would happen if they suddenly didn’t have the ability to make their mortgage payment. Yet everyday people find themselves facing sudden illnesses, a death in the family or a natural disaster that prevents them from having the necessary funds to pay their mortgage. With mortgage protection insurance all homeowners can have the extra protection they need.
Many of those who buy a house and finance a mortgage are young and very healthy. They really don’t foresee anything happening that could interfere with their ability to hold a job and make money. However, illness and accidents to happen and unless you have mortgage protection insurance in place, you are likely still responsible for making your full mortgage payment even if physically that’s not possible.
A common problem that people find themselves facing is being hurt in a car accident. Auto accidents can be very serious and depending on the job you do, you might not be able to go to work for several weeks or months. Although you are likely to realize a monetary settlement from the accident if you weren’t at fault that can take years. In the meantime you have a mortgage to pay and no job to do that. If you have mortgage protection insurance that includes accident coverage, your mortgage payments will be made until you can return to work.
Illness is much the same. Cancer, heart disease and strokes strike people of all ages, all the time. Serious illnesses typically prevent a person from working in any capacity. Without a regular salary coming in, they can face the reality of losing their home to foreclosure. With mortgage protection insurance, they can apply for coverage once they can no longer work. Typically a doctor is assigned to the case and his or her findings will help determine how long coverage will be extended for. For a family already facing the hardship of a life-threatening illness, having to worry about losing their home shouldn’t be a concern at all.
Most companies that offer funding for homes will have these types of policies available. The representative that you work with during the loan process will usually initially ask you about whether you are interested in mortgage protection insurance. Many homeowners turn it down because they are concerned with saving the few dollars a month it would cost. It’s certainly a personal decision but it’s incredibly important to weigh the benefits of having mortgage protection insurance against what could possibly occur if you didn’t. Think about the long term effects of a serious illness or accident and just what your family may risk losing if you don’t have the mortgage protection insurance in place.
Many of those who buy a house and finance a mortgage are young and very healthy. They really don’t foresee anything happening that could interfere with their ability to hold a job and make money. However, illness and accidents to happen and unless you have mortgage protection insurance in place, you are likely still responsible for making your full mortgage payment even if physically that’s not possible.
A common problem that people find themselves facing is being hurt in a car accident. Auto accidents can be very serious and depending on the job you do, you might not be able to go to work for several weeks or months. Although you are likely to realize a monetary settlement from the accident if you weren’t at fault that can take years. In the meantime you have a mortgage to pay and no job to do that. If you have mortgage protection insurance that includes accident coverage, your mortgage payments will be made until you can return to work.
Illness is much the same. Cancer, heart disease and strokes strike people of all ages, all the time. Serious illnesses typically prevent a person from working in any capacity. Without a regular salary coming in, they can face the reality of losing their home to foreclosure. With mortgage protection insurance, they can apply for coverage once they can no longer work. Typically a doctor is assigned to the case and his or her findings will help determine how long coverage will be extended for. For a family already facing the hardship of a life-threatening illness, having to worry about losing their home shouldn’t be a concern at all.
Most companies that offer funding for homes will have these types of policies available. The representative that you work with during the loan process will usually initially ask you about whether you are interested in mortgage protection insurance. Many homeowners turn it down because they are concerned with saving the few dollars a month it would cost. It’s certainly a personal decision but it’s incredibly important to weigh the benefits of having mortgage protection insurance against what could possibly occur if you didn’t. Think about the long term effects of a serious illness or accident and just what your family may risk losing if you don’t have the mortgage protection insurance in place.
Sunday 23 November 2008
Compare Mortgage Deals
Compare Mortgage Deals
By [http://ezinearticles.com/?expert=R_Rama]R Rama
Today it hs become virtually impossible to obtain a mortgage deal, however their are many lenders creating new products which are customer adequate and they are trying to focus on what their customers need.
A vast majority of homeowners are not choosing remortgage as an option, this is because remortgage deals are unaffordable. Mortgage deals plays apart of every lender in the UK, however the best mortgage deal will be ones first choice. Do not be fooled when a lender presents its low interest rates, there are always disadvantages to an appealing mortgage deal.
Many people who are looking for a mortgage deal are selecting the fixed rate option. This is because they have the power to budget their financial circumstances. Rushing into a mortgage deal or taking one on which could be difficult to keep up with can lead to major problems.
Comparing mortgage deals online has always been a key to the lowest possible rate. Many still go by the olden style where they visit their local town branch and ask for assistance. This is not a bad way to obtain a mortgage, however comparing mortgages online first and then visiting your local town branch would be the best thing to do. The reason why this is a good idea is because if you only visit a local shop, they could only present to you a mortgage deal where they benefit from a high commission.
Everyday people are trying their best to get the best possible mortgage deal, remember if you want the best, compare from the best. Below you will be forwarded to the greatest mortgage deals.
If you would like to receive a [http://www.mortgagequotes.me.uk]mortgage quote on [http://www.mortgages-uk.eu/bad-credit-mortgages.html]compare mortgage deals, please visit our compare mortgages website
Article Source: http://EzineArticles.com/?expert=R_Rama http://EzineArticles.com/?Compare-Mortgage-Deals&id=1217092
By [http://ezinearticles.com/?expert=R_Rama]R Rama
Today it hs become virtually impossible to obtain a mortgage deal, however their are many lenders creating new products which are customer adequate and they are trying to focus on what their customers need.
A vast majority of homeowners are not choosing remortgage as an option, this is because remortgage deals are unaffordable. Mortgage deals plays apart of every lender in the UK, however the best mortgage deal will be ones first choice. Do not be fooled when a lender presents its low interest rates, there are always disadvantages to an appealing mortgage deal.
Many people who are looking for a mortgage deal are selecting the fixed rate option. This is because they have the power to budget their financial circumstances. Rushing into a mortgage deal or taking one on which could be difficult to keep up with can lead to major problems.
Comparing mortgage deals online has always been a key to the lowest possible rate. Many still go by the olden style where they visit their local town branch and ask for assistance. This is not a bad way to obtain a mortgage, however comparing mortgages online first and then visiting your local town branch would be the best thing to do. The reason why this is a good idea is because if you only visit a local shop, they could only present to you a mortgage deal where they benefit from a high commission.
Everyday people are trying their best to get the best possible mortgage deal, remember if you want the best, compare from the best. Below you will be forwarded to the greatest mortgage deals.
If you would like to receive a [http://www.mortgagequotes.me.uk]mortgage quote on [http://www.mortgages-uk.eu/bad-credit-mortgages.html]compare mortgage deals, please visit our compare mortgages website
Article Source: http://EzineArticles.com/?expert=R_Rama http://EzineArticles.com/?Compare-Mortgage-Deals&id=1217092
Wednesday 19 November 2008
Best Mortgage Deals - How to Find the Best Mortgage Deals
Best Mortgage Deals - How to Find the Best Mortgage Deals
By [http://ezinearticles.com/?expert=Benjamin_Robert_Ehinger]Benjamin Robert Ehinger
Are you looking to purchase a home or refinance your existing home? If so, then you need to know how to find the best mortgage deals. There is a specific way to go about finding your mortgage deal and here is how you should do it.
First, start with an online credit report. Pull your own credit from all three reporting agencies and make sure they include a fico score. Even if this costs you a few dollars it will be worth it. This is what you are going to submit to all the mortgage companies you want a quote from.
Second, find three to four mortgage companies and one mortgage broker to get quotes from. The broker will be able to shop around with many different companies to see what is out there for you and the other companies will give you quotes from their best programs.
Last, you need to shop your quote. When you get the best deal you should send it over to the other companies and see what they can do for you. There is the possibility that they will match or beat the quote. Once you have done this you should choose the company you feel most comfortable with.
Now all you have to do is get to work on finding the best mortgage deals and get the mortgage you need and want. The key is to shop your quote with multiple companies and make sure you get the mortgage deal that you are most comfortable with and need.
Discover more about the Best Mortgage Deals. Get more information here: [http://www.Free-Offer-Sites.info/Mortgage/Articles/Best-Mortgage-Deals.html]Best Mortgage Deals, Go Here
Article Source: http://EzineArticles.com/?expert=Benjamin_Robert_Ehinger http://EzineArticles.com/?Best-Mortgage-Deals---How-to-Find-the-Best-Mortgage-Deals&id=1211526
By [http://ezinearticles.com/?expert=Benjamin_Robert_Ehinger]Benjamin Robert Ehinger
Are you looking to purchase a home or refinance your existing home? If so, then you need to know how to find the best mortgage deals. There is a specific way to go about finding your mortgage deal and here is how you should do it.
First, start with an online credit report. Pull your own credit from all three reporting agencies and make sure they include a fico score. Even if this costs you a few dollars it will be worth it. This is what you are going to submit to all the mortgage companies you want a quote from.
Second, find three to four mortgage companies and one mortgage broker to get quotes from. The broker will be able to shop around with many different companies to see what is out there for you and the other companies will give you quotes from their best programs.
Last, you need to shop your quote. When you get the best deal you should send it over to the other companies and see what they can do for you. There is the possibility that they will match or beat the quote. Once you have done this you should choose the company you feel most comfortable with.
Now all you have to do is get to work on finding the best mortgage deals and get the mortgage you need and want. The key is to shop your quote with multiple companies and make sure you get the mortgage deal that you are most comfortable with and need.
Discover more about the Best Mortgage Deals. Get more information here: [http://www.Free-Offer-Sites.info/Mortgage/Articles/Best-Mortgage-Deals.html]Best Mortgage Deals, Go Here
Article Source: http://EzineArticles.com/?expert=Benjamin_Robert_Ehinger http://EzineArticles.com/?Best-Mortgage-Deals---How-to-Find-the-Best-Mortgage-Deals&id=1211526
Monday 3 November 2008
Step by step guide on mortgages
Finding Mortgage Advice to Get You Out of the Hole
If you want to find a ortgages advisor, you may have to look online to find one in
your area. There are many that exist as part of a larger firm, or as an independent consultation company.
Getting the Help of a Mortgage Broker
A mortgage broker can also help you by consolidating multiple debts into one mortgage loan. This is when you borrow a larger sum to pay off a bunch of smaller sums. It can save you huge amounts of money over time, and it is something that a mortgage broker will help you do.
Using Mortgage Calculators to do Your Tough Problems
If you want to figure out some thing that is not included on the calculator you are using, you can do an internet search for a calculator that accomplishes the things that you want to do. If it is at all common with loans, there is probably someone who has wanted to do it before. Alternatively, you could figure it out on your own using the old fashioned method of a paper and pencil.
Finding the Best Mortgage Loan
You should never decide on a mortgage loan after only looking at a few. It is important that you shop around as much as possible, to try and find a mortgage loan that will have the best repayment options along with the best interest rate. This will make everything easy for you, and help you to slowly but surely increase your credit rating.
Understanding Mortgages and Their Many Aspects
First of all, the most important thing that gauges any mortgage is the interest rate. This defines how much the lender is charging for every month that you keep their money. A high interest rate is the thing that can really kill people who are trying to pay back a debt. If you have a high interest rate on a ortgages loan, the money will compound on a regular basis, and the numerical value for the money you owe will not lower as much as the money you pay for it. If you would have been able to pay back $10,000 in a year, with a high interest rate that time could increase by 150%.
If you want to find a ortgages advisor, you may have to look online to find one in
your area. There are many that exist as part of a larger firm, or as an independent consultation company.
Getting the Help of a Mortgage Broker
A mortgage broker can also help you by consolidating multiple debts into one mortgage loan. This is when you borrow a larger sum to pay off a bunch of smaller sums. It can save you huge amounts of money over time, and it is something that a mortgage broker will help you do.
Using Mortgage Calculators to do Your Tough Problems
If you want to figure out some thing that is not included on the calculator you are using, you can do an internet search for a calculator that accomplishes the things that you want to do. If it is at all common with loans, there is probably someone who has wanted to do it before. Alternatively, you could figure it out on your own using the old fashioned method of a paper and pencil.
Finding the Best Mortgage Loan
You should never decide on a mortgage loan after only looking at a few. It is important that you shop around as much as possible, to try and find a mortgage loan that will have the best repayment options along with the best interest rate. This will make everything easy for you, and help you to slowly but surely increase your credit rating.
Understanding Mortgages and Their Many Aspects
First of all, the most important thing that gauges any mortgage is the interest rate. This defines how much the lender is charging for every month that you keep their money. A high interest rate is the thing that can really kill people who are trying to pay back a debt. If you have a high interest rate on a ortgages loan, the money will compound on a regular basis, and the numerical value for the money you owe will not lower as much as the money you pay for it. If you would have been able to pay back $10,000 in a year, with a high interest rate that time could increase by 150%.
Best Mortgage Deal In The Credit Crunch?
Best Mortgage Deal In The Credit Crunch?
Find Best Mortgage Deal
Since the current credit crunch the world of banking and finance has been turned upside down.Big banking institutions are no longer loaning money to each other so it his getting harder and harder to get a bank to loan you money for a mortgage.
Best Fixed Rate Mortgage Deal
This can be very frustrating if you are currently trying to find a lender to loan you money for your first mortgage deal or it could be for another house move.So were do you go to find the best mortgage deal.
Refinance Second Mortgage
There are lots of comparison sites giving you the rates of the best interest rates available at the moment.So how do you know you have got the best rate to suit your mortgage needs first of all you need to decide weather you are goinging for a variable rate or interest only rate mortgage because the repayments can varies by a large amount because most banks will expect a least 20% deposit now.
So before start out looking for the best mortgage deal make sure you have a deposit because most banks will not loan you the money.
Find Best Mortgage Deal
Since the current credit crunch the world of banking and finance has been turned upside down.Big banking institutions are no longer loaning money to each other so it his getting harder and harder to get a bank to loan you money for a mortgage.
Best Fixed Rate Mortgage Deal
This can be very frustrating if you are currently trying to find a lender to loan you money for your first mortgage deal or it could be for another house move.So were do you go to find the best mortgage deal.
Refinance Second Mortgage
There are lots of comparison sites giving you the rates of the best interest rates available at the moment.So how do you know you have got the best rate to suit your mortgage needs first of all you need to decide weather you are goinging for a variable rate or interest only rate mortgage because the repayments can varies by a large amount because most banks will expect a least 20% deposit now.
So before start out looking for the best mortgage deal make sure you have a deposit because most banks will not loan you the money.
Tuesday 24 June 2008
How Will a Foreclosure Affect Your Credit Report?
By Michael M Masterson
The two most frequently asked questions involving credit and credit reports are as follows:
1) How does a bankruptcy affect my credit report?
2) How does foreclosure affect my credit report?
It breaks down like so. If a creditor sees your entire report, they will evaluate it as a whole. However, most will only see your FICO score rather than your report. A FICO score is a revealing indicator of whether or not you will pay your bills. Problem is, the calculations involved and how you're assigned a FICO score is completely unknown. Your score can change at any time and such a change can be caused by anything, including a simple inquiry.
Failure to make a loan payment for 30 to 90 days will result in a decrease of your FICO score. If such delinquencies result in a lender's foreclosure, your FICO score will most definitely decrease. With each subsequent step of the process, your score will suffer. All of it-the late payments, the defaults, the auctions will all contribute to the decrease of your FICO credit score.
How will a low FICO score affect you? First off, you will probably be denied credit for seven years. If you are given credit, you will have to pay a much higher interest rate than most. For example, you may have to pay $3000 in interest if you buy a new car. This is harsh reality of the matter.
But it's not known how much a foreclosure will affect your FICO credit score. There is some sort of science and reason to it but the actual formula is as guarded as Tom Cruise's ties to Scientology. Most experts agree though that a foreclosure will damage your FICO score, decreasing it anywhere from 100-150 points.
A damaged FICO score or not, there is always a light at the end of the tunnel. In a few years, you'll be able to buy a house. Though you will be forced to pay a higher interest rate and don't be shocked if you have to make a larger down payment than others. Nevertheless, time is on your side. The longer you wait the higher your score will be. Reestablish and improve the credit you have. Credit reports operate on a 24-month cycle so with two years time, you should be able to improve your score and get yourself back on track.
Are you at risk of going through foreclosure? Discover how I was able to [http://www.guidetostopforeclosure.com]get out of foreclosure not once but twice at http://www.guidetostopforeclosure.com]www.GuideToStopForeclosure.com.
Article Source: http://EzineArticles.com/?expert=Michael_M_Masterson http://EzineArticles.com/?How-Will-a-Foreclosure-Affect-Your-Credit-Report?&id=1264536
The two most frequently asked questions involving credit and credit reports are as follows:
1) How does a bankruptcy affect my credit report?
2) How does foreclosure affect my credit report?
It breaks down like so. If a creditor sees your entire report, they will evaluate it as a whole. However, most will only see your FICO score rather than your report. A FICO score is a revealing indicator of whether or not you will pay your bills. Problem is, the calculations involved and how you're assigned a FICO score is completely unknown. Your score can change at any time and such a change can be caused by anything, including a simple inquiry.
Failure to make a loan payment for 30 to 90 days will result in a decrease of your FICO score. If such delinquencies result in a lender's foreclosure, your FICO score will most definitely decrease. With each subsequent step of the process, your score will suffer. All of it-the late payments, the defaults, the auctions will all contribute to the decrease of your FICO credit score.
How will a low FICO score affect you? First off, you will probably be denied credit for seven years. If you are given credit, you will have to pay a much higher interest rate than most. For example, you may have to pay $3000 in interest if you buy a new car. This is harsh reality of the matter.
But it's not known how much a foreclosure will affect your FICO credit score. There is some sort of science and reason to it but the actual formula is as guarded as Tom Cruise's ties to Scientology. Most experts agree though that a foreclosure will damage your FICO score, decreasing it anywhere from 100-150 points.
A damaged FICO score or not, there is always a light at the end of the tunnel. In a few years, you'll be able to buy a house. Though you will be forced to pay a higher interest rate and don't be shocked if you have to make a larger down payment than others. Nevertheless, time is on your side. The longer you wait the higher your score will be. Reestablish and improve the credit you have. Credit reports operate on a 24-month cycle so with two years time, you should be able to improve your score and get yourself back on track.
Are you at risk of going through foreclosure? Discover how I was able to [http://www.guidetostopforeclosure.com]get out of foreclosure not once but twice at http://www.guidetostopforeclosure.com]www.GuideToStopForeclosure.com.
Article Source: http://EzineArticles.com/?expert=Michael_M_Masterson http://EzineArticles.com/?How-Will-a-Foreclosure-Affect-Your-Credit-Report?&id=1264536
Your Paying 161% Interest For Your Mortgage!
By John Mark Ridings
You read the title correctly and you're not in a deep sleep having a nightmare. I am sorry that you had to find this out from some stranger but this is a Truth. I am in the mortgage business and when I discovered this I almost fell of my chair. For example if you have a 200,000.00 for a thirty year term at 6% and pay it to full maturity the effective interest rate will be 161%. Now do you understand why 95% of all Americans will never own their own home and if you are reading this, odds are you are one of them! It blows my mind to think that Americans will make mortgage payments for 20, 30, and 40 and 50 years and still will never achieve home ownership, why!
What I discovered is there are two factors why we will never own our home. The first is a banking instrument called amortization and the second is to continually refinance your current Mortgage. Let's first take a look amortization and explain the origins of it and how it works. After the great depression the president of the United States, FDR realized the government needed something to stimulate the economy what they decided to do is to focus on new home construction. His advisors discovered that home construction was a viable way to jump start the economy. The benefits of new home construction are that it creates jobs and affects numerous sectors of the economy.
One of the obstacles in their plan was how to finance homeowners. Before the great depression homeowners would put down 80% and finance 20%. After the depression potential buyers didn't have the resources to make large down payment. What they proposed was to increase the term of the loan, great idea but now the lenders were taking on greater risk with longer term loans. Whenever the banks liability or risk increases the lending institute will then pass it on to the consumer in the form of compound interest or cost. To solve that problem and reduce the risk to the lender they created the bank instrument called amortization. A definition of amortization in its simplest form, the bulk of the interest on the mortgage will to be paid in the first 7 to 10years of the loan.
On a 200,000.00 mortgage for a thirty year term at 6% interest it is not until the 21st year of the loan does principal overtake interest? Let me give you an example for the above scenario. On this loan the payment would be approximately $1,199.00 per month, in your first month $1,000.00 would go to interest and $199.00 would be applied to principal. Don't take my word for it look at your Truth and Lending Statement and you will see that you'll pay two and a half times for your home. Albert Einstein said "Compound interest is the 8th wonder of the world. He who understands it earns it! He who doesn't pays it!" He could have said it about Relativity, Physic's or Electricity but he did not. He understood the power of compound interest and so do the banks.
Here is an example of compound interest. If you would open a savings account at 3% and would deposit $ 1,000.00 and leave it there for 48 years or a working lifetime you would have a return of $ 4,000.00. The banks will take the same $ 1,000.00 and will get 18% on there money and at the end of 48 years will accumulate a return of $ 4,096,000.00. No you don't need glasses you read it correctly. This is why there is a bank on every corner and more banks than churches.
The second component is refinancing your existing mortgage. Every time you refinance, you're resetting the amortization schedule which puts the bulk of interest in the first 7 to 10 years. The national average says Americans will refinance their home every 3 to 5yrs. Mr. Einstein also made another profound statement "the definition of insanity is doing the same thing over again and expecting different results". We have been taught to refinance our homes every time we are able to save a percentage point or more. That's what the lenders and mortgage companies want you to believe. Presently there are few options available to homeowners to reduce mortgage debt, one is a bi-weekly and the other is adding extra money to your current mortgage. Both will eliminate a few years off your debt but most individuals are not disciplined enough to do so and that includes myself.
By now you are probably asking yourself how I can stop the insanity. Now there is an award winning product revolutionizing the way we pay our mortgage. It is reducing mortgage debt by one third the time. A similar concept is being used throughout Europe, Australia and New Zealand and is reducing mortgages by fifty percent. Are they smarter than we are, no but they have found a solution. You need stop this cycle and let me show you how to become debt free through mortgage cancellation. My passion is to see you financially free.
For more information contact me at [mailto:jmridings@paidinfull.org]jmridings@paidinfull.org or go to http://www.paidinfull.org and watch the 10 min video overview. It will change your financial future. I want to help you please call me at 708-983-3431 for a free copy of 101 Ways to Stop the Money Leak.
A successful restaurateur in Chicago, One day I woke up and all that I had labored for was taken away. Starting over at 49 is a journal of my journey back to the place of achieving my goals for my life. Also to help Americans achieve financial freedom.
Article Source: http://EzineArticles.com/?expert=John_Mark_Ridings [http://ezinearticles.com/?Your-Paying-161%-Interest-For-Your-Mortgage!&id=1264537 ]http://EzineArticles.com/?Your-Paying-161%-Interest-For-Your-Mortgage!&id=1264537
You read the title correctly and you're not in a deep sleep having a nightmare. I am sorry that you had to find this out from some stranger but this is a Truth. I am in the mortgage business and when I discovered this I almost fell of my chair. For example if you have a 200,000.00 for a thirty year term at 6% and pay it to full maturity the effective interest rate will be 161%. Now do you understand why 95% of all Americans will never own their own home and if you are reading this, odds are you are one of them! It blows my mind to think that Americans will make mortgage payments for 20, 30, and 40 and 50 years and still will never achieve home ownership, why!
What I discovered is there are two factors why we will never own our home. The first is a banking instrument called amortization and the second is to continually refinance your current Mortgage. Let's first take a look amortization and explain the origins of it and how it works. After the great depression the president of the United States, FDR realized the government needed something to stimulate the economy what they decided to do is to focus on new home construction. His advisors discovered that home construction was a viable way to jump start the economy. The benefits of new home construction are that it creates jobs and affects numerous sectors of the economy.
One of the obstacles in their plan was how to finance homeowners. Before the great depression homeowners would put down 80% and finance 20%. After the depression potential buyers didn't have the resources to make large down payment. What they proposed was to increase the term of the loan, great idea but now the lenders were taking on greater risk with longer term loans. Whenever the banks liability or risk increases the lending institute will then pass it on to the consumer in the form of compound interest or cost. To solve that problem and reduce the risk to the lender they created the bank instrument called amortization. A definition of amortization in its simplest form, the bulk of the interest on the mortgage will to be paid in the first 7 to 10years of the loan.
On a 200,000.00 mortgage for a thirty year term at 6% interest it is not until the 21st year of the loan does principal overtake interest? Let me give you an example for the above scenario. On this loan the payment would be approximately $1,199.00 per month, in your first month $1,000.00 would go to interest and $199.00 would be applied to principal. Don't take my word for it look at your Truth and Lending Statement and you will see that you'll pay two and a half times for your home. Albert Einstein said "Compound interest is the 8th wonder of the world. He who understands it earns it! He who doesn't pays it!" He could have said it about Relativity, Physic's or Electricity but he did not. He understood the power of compound interest and so do the banks.
Here is an example of compound interest. If you would open a savings account at 3% and would deposit $ 1,000.00 and leave it there for 48 years or a working lifetime you would have a return of $ 4,000.00. The banks will take the same $ 1,000.00 and will get 18% on there money and at the end of 48 years will accumulate a return of $ 4,096,000.00. No you don't need glasses you read it correctly. This is why there is a bank on every corner and more banks than churches.
The second component is refinancing your existing mortgage. Every time you refinance, you're resetting the amortization schedule which puts the bulk of interest in the first 7 to 10 years. The national average says Americans will refinance their home every 3 to 5yrs. Mr. Einstein also made another profound statement "the definition of insanity is doing the same thing over again and expecting different results". We have been taught to refinance our homes every time we are able to save a percentage point or more. That's what the lenders and mortgage companies want you to believe. Presently there are few options available to homeowners to reduce mortgage debt, one is a bi-weekly and the other is adding extra money to your current mortgage. Both will eliminate a few years off your debt but most individuals are not disciplined enough to do so and that includes myself.
By now you are probably asking yourself how I can stop the insanity. Now there is an award winning product revolutionizing the way we pay our mortgage. It is reducing mortgage debt by one third the time. A similar concept is being used throughout Europe, Australia and New Zealand and is reducing mortgages by fifty percent. Are they smarter than we are, no but they have found a solution. You need stop this cycle and let me show you how to become debt free through mortgage cancellation. My passion is to see you financially free.
For more information contact me at [mailto:jmridings@paidinfull.org]jmridings@paidinfull.org or go to http://www.paidinfull.org and watch the 10 min video overview. It will change your financial future. I want to help you please call me at 708-983-3431 for a free copy of 101 Ways to Stop the Money Leak.
A successful restaurateur in Chicago, One day I woke up and all that I had labored for was taken away. Starting over at 49 is a journal of my journey back to the place of achieving my goals for my life. Also to help Americans achieve financial freedom.
Article Source: http://EzineArticles.com/?expert=John_Mark_Ridings [http://ezinearticles.com/?Your-Paying-161%-Interest-For-Your-Mortgage!&id=1264537 ]http://EzineArticles.com/?Your-Paying-161%-Interest-For-Your-Mortgage!&id=1264537
Thursday 19 June 2008
How to pay off your mortgage in 5 year or less
How to pay off your mortgage in 5 years or less l have found a short video on how to pay off your mortgage in a short amount of time l hope you find it helpfull to your learning.
How to pay your mortgage in 5 years or less take a look.
How to pay your mortgage in 5 years or less take a look.
Sunday 27 April 2008
Tip on how to reduce your overall morgage fast
This technique is so simple l don't know way people are not taking advantage of this situation.Let me explain what l mean if your mortgage $120.000 and your mortgage was $600 dollars a month if you paid additional 120 dollars a month over the term of that mortgage let say 10 years you would save $20.000 dollars over that term of the mortgage this is a considerable saving in interest payments and it will also reduce the term of your mortgage.
Friday 4 April 2008
Best Mortgage Deal Use A Mortgage Calculator To Find The Best Deal On Your Mortgage
Unfortunately most advertising about best mortgage deals is not quite what it seems. The place to be wariest of the best mortgage deals is online when there are all kinds of different companies posting fixed rates to tempt you to go for it.There are offers everywhere that you can think of for the best mortgage deals. Obviously the best mortgage deals are the ones that are going to benefit you personally and also the ones that the lender can actually follow through on. Everywhere you go you will see marketing for the best mortgage deals.
However a deal like this can comprise many factors including the mortgage interest rate, the term of the loan and the cost of the fees it may even have something to do with whether or not you like the agent or lender that you are speaking to in person and whether you trust him or her enough to work with him or her for the term of the mortgage.Not all of the best mortgage deals are found on a contrast and compare website sometimes a human that you can discuss your situation with is the best way to be offered the best mortgage deals this is because what is good for you might be distinct from what is good for anyone else trying to get a good mortgage.
When it comes to finding the best mortgage deals you also need to realize that the rates will be all over the place many of the mortgage deals offered are there to tantalize you into clicking on a link if you are online.
In the end it seems all too often that the best mortgage deals are a figment of some marketing advertising person's imagination after a company offering the best mortgage deals looks at your credit rating they usually use that as an excuse to skyrocket the interest rates and fees that they will charge you.
Sometimes they will also offer to fix your credit for a nice fat fee so that you can qualify for the best mortgage deals that they are offering unfortunately these best mortgage deals are almost always phantom ones.
The truth is that the best mortgage deals are just not advertised the goal of the bank or lender is to actually offer you the worst mortgage deals possible so they can make the most profit.
This is why it can be crucial to talk to an expert or use a mortgage calculator when looking at an array of offers on a site that are advertised as the best mortgage deals just remember that any of the best mortgage deals to be made or most likely to be made behind closed doors and in person and not through some kind of negotiation on the web.Get independent advice from a mortgage advisor are you unsure as to whether you should use a mortgage advisor click here to learn more about the benefits that an independent mortgage advisor can provide.
If you're looking for a new mortgage, the best action you can take is to contact an independent mortgage advisor save time and money by getting a mortgage advisor to do the hard work for you. So whether you need a bigger place or a better best mortgage deal,
However a deal like this can comprise many factors including the mortgage interest rate, the term of the loan and the cost of the fees it may even have something to do with whether or not you like the agent or lender that you are speaking to in person and whether you trust him or her enough to work with him or her for the term of the mortgage.Not all of the best mortgage deals are found on a contrast and compare website sometimes a human that you can discuss your situation with is the best way to be offered the best mortgage deals this is because what is good for you might be distinct from what is good for anyone else trying to get a good mortgage.
When it comes to finding the best mortgage deals you also need to realize that the rates will be all over the place many of the mortgage deals offered are there to tantalize you into clicking on a link if you are online.
In the end it seems all too often that the best mortgage deals are a figment of some marketing advertising person's imagination after a company offering the best mortgage deals looks at your credit rating they usually use that as an excuse to skyrocket the interest rates and fees that they will charge you.
Sometimes they will also offer to fix your credit for a nice fat fee so that you can qualify for the best mortgage deals that they are offering unfortunately these best mortgage deals are almost always phantom ones.
The truth is that the best mortgage deals are just not advertised the goal of the bank or lender is to actually offer you the worst mortgage deals possible so they can make the most profit.
This is why it can be crucial to talk to an expert or use a mortgage calculator when looking at an array of offers on a site that are advertised as the best mortgage deals just remember that any of the best mortgage deals to be made or most likely to be made behind closed doors and in person and not through some kind of negotiation on the web.Get independent advice from a mortgage advisor are you unsure as to whether you should use a mortgage advisor click here to learn more about the benefits that an independent mortgage advisor can provide.
If you're looking for a new mortgage, the best action you can take is to contact an independent mortgage advisor save time and money by getting a mortgage advisor to do the hard work for you. So whether you need a bigger place or a better best mortgage deal,
Tuesday 26 February 2008
How To Reduce your Mortgage?part 2
How To Reduce your Mortgage?part 2
how to reduce your mortgage is by setting up a additional budget plan if your existing mortgage is $500 dollars a month you would need to budget to find extra income to reduce your mortgage.Because you still have to pay all your exsisting bills while you continue to reduce your mortgage but don't get discourage because you will start to see the fruits of your labour.
how to reduce your mortgage is by setting up a additional budget plan if your existing mortgage is $500 dollars a month you would need to budget to find extra income to reduce your mortgage.Because you still have to pay all your exsisting bills while you continue to reduce your mortgage but don't get discourage because you will start to see the fruits of your labour.
Monday 25 February 2008
how to reduce your mortgage?
The first step to paying off your mortgage?
l get a lot of questions from people asking how to pay off their mortgage?.The simple answer to your questions is that you can pay off your mortgage quite easily if you are disiplined enough and take action steps towards paying off your mortgage.l will post step 2 tomorrow
l get a lot of questions from people asking how to pay off their mortgage?.The simple answer to your questions is that you can pay off your mortgage quite easily if you are disiplined enough and take action steps towards paying off your mortgage.l will post step 2 tomorrow
Wednesday 13 February 2008
Strategies for Saving Money on your Mortgage
I hope you find this article useful l think their is some good information here for my readers l am getting a lot of people asking how to save money on your mortgage l hope this answers your questions
by: Seymore Hennigan
We all like to save money. Why pay more for something, when you can pay less? We could all use an extra few dollars in our pockets, couldn’t we? Most people don’t realize that there are a number of ways to save money on their mortgage. If you were to take out a mortgage on a 25 year term, chances are that by the time you repay the entire loan you will have paid the bank double the amount you borrowed. And you wonder how the banks are making record profits?
One of the best ways to save money on your mortgage is to put down the biggest down payment you possibly can. This way, the initial amount you are borrowing from the bank is lower and the interest you are paying back will be less than if you borrowed a larger amount. Most of us do not have tens of thousands of dollars sitting around. If possible, why not consider borrowing your down payment from a family member? The banks are not particularly keen on this practice, but if someone in your family can afford to loan you the money without interest it can be very helpful in the long run.
Another thing to consider, once you have been approved for a mortgage, is your repayment frequency. Most people opt for a simple monthly payment. There are other ways, however, to approach this. Why not increase the rate of repayment? If you can manage making a mortgage payment either weekly or bi-weekly, you will save thousands of dollars over the term of your mortgage. Many banks will also allow you to make an annual lump sum payment on the principle of your mortgage. It is wise to take advantage of this opportunity, as you are paying directly on the principle amount of your loan.
For most people, purchasing a home is the single greatest investment they make in their lifetime. Owning a home provides stability for your family, and in time you will have a significant amount of equity tied up. Buying a house can be considered an investment, and you should look at ways to maximize your investment. There are ways to save money on your mortgage, and you would be wise to consider all of your options. Wouldn’t you rather make your money work for you, than to always work for your money? Short term compromises can lead to long term savings. Think ahead!
About The Author
Seymore Hennigan has worked in finance for many years. When he is not crunching numbers or advising his family and friends on investments, he writes freelance articles for mortgageguide101.com – an independent mortgage guide filled with extensive information about buying a new home - http://www.mortgageguide101.com/buying-a-house.aspx, home buying tips - http://www.mortgageguide101.com/articles/when-you-shouldn't-buy-a-house.aspx, first time home buying - http://www.mortgageguide101.com/first-time-home-buyers.aspx and more.
by: Seymore Hennigan
We all like to save money. Why pay more for something, when you can pay less? We could all use an extra few dollars in our pockets, couldn’t we? Most people don’t realize that there are a number of ways to save money on their mortgage. If you were to take out a mortgage on a 25 year term, chances are that by the time you repay the entire loan you will have paid the bank double the amount you borrowed. And you wonder how the banks are making record profits?
One of the best ways to save money on your mortgage is to put down the biggest down payment you possibly can. This way, the initial amount you are borrowing from the bank is lower and the interest you are paying back will be less than if you borrowed a larger amount. Most of us do not have tens of thousands of dollars sitting around. If possible, why not consider borrowing your down payment from a family member? The banks are not particularly keen on this practice, but if someone in your family can afford to loan you the money without interest it can be very helpful in the long run.
Another thing to consider, once you have been approved for a mortgage, is your repayment frequency. Most people opt for a simple monthly payment. There are other ways, however, to approach this. Why not increase the rate of repayment? If you can manage making a mortgage payment either weekly or bi-weekly, you will save thousands of dollars over the term of your mortgage. Many banks will also allow you to make an annual lump sum payment on the principle of your mortgage. It is wise to take advantage of this opportunity, as you are paying directly on the principle amount of your loan.
For most people, purchasing a home is the single greatest investment they make in their lifetime. Owning a home provides stability for your family, and in time you will have a significant amount of equity tied up. Buying a house can be considered an investment, and you should look at ways to maximize your investment. There are ways to save money on your mortgage, and you would be wise to consider all of your options. Wouldn’t you rather make your money work for you, than to always work for your money? Short term compromises can lead to long term savings. Think ahead!
About The Author
Seymore Hennigan has worked in finance for many years. When he is not crunching numbers or advising his family and friends on investments, he writes freelance articles for mortgageguide101.com – an independent mortgage guide filled with extensive information about buying a new home - http://www.mortgageguide101.com/buying-a-house.aspx, home buying tips - http://www.mortgageguide101.com/articles/when-you-shouldn't-buy-a-house.aspx, first time home buying - http://www.mortgageguide101.com/first-time-home-buyers.aspx and more.
Tuesday 12 February 2008
Getting the Best Mortgage Rate
by: Jay Moncliff
Buying a home is an expensive endeavor so getting the best possible mortgage rate should be one of your main priorities. By deciding to get the best mortgage rate possible you will be making a positive decision to help you for many years to come. However, just deciding to get the best mortgage rate available is not going to get you the best mortgage rate available. Instead, you will need to learn the tips and tricks for negotiating with your mortgage lender in order to receive the best possible mortgage rate for your personal situation.
Mortgage Rate Tip #1 Origination Fee
Your mortgage rate might be low in your mind, but you must take the origination fee into account as well because this can increase your APR. Lenders frequently charge 1%, but you can always negotiate the mortgage rate origination fee lower. Also, if the origination fee is much higher than 1% you need to either negotiate it down, or find another lender with a more favorable overall mortgage rate.
Mortgage Rate Tip #2 Lock in the Rate
When negotiating your mortgage rate, make sure your lender is prepared to lock in your rate for at least 30-60 days. This way you will be guaranteed a particular rate even if rates skyrocket the next day. Another not trick many individuals are not aware of is to include a clause that also will allow you to take a lower rate if rates fall during this period. This is a great mortgage rate tip because you get your mortgage rate locked in so it can’t go any higher, but if the average mortgage rate goes lower you receive the lower rate.
Mortgage Rate Tip #3 Fight
If the mortgage rate drops significantly and you have already signed a deal locking in a particular mortgage rate and don’t have a clause that ensures you will receive the lower rate, then you need to fight. You simply need to call your lender and say that while you signed the lock in agreement you want the lower rate. This will take some negotiating, but your lender wants you business and might be willing to negotiate the mortgage rate with you.
About The Author
Jay Moncliff is the founder of http://www.mileniummortgages.com a website specialized on Mortgage Rate, resources and articles. This site provides updated information on Mortgage Rate. For more info on Mortgage Rate visit: http://www.mileniummortgages.com.
Buying a home is an expensive endeavor so getting the best possible mortgage rate should be one of your main priorities. By deciding to get the best mortgage rate possible you will be making a positive decision to help you for many years to come. However, just deciding to get the best mortgage rate available is not going to get you the best mortgage rate available. Instead, you will need to learn the tips and tricks for negotiating with your mortgage lender in order to receive the best possible mortgage rate for your personal situation.
Mortgage Rate Tip #1 Origination Fee
Your mortgage rate might be low in your mind, but you must take the origination fee into account as well because this can increase your APR. Lenders frequently charge 1%, but you can always negotiate the mortgage rate origination fee lower. Also, if the origination fee is much higher than 1% you need to either negotiate it down, or find another lender with a more favorable overall mortgage rate.
Mortgage Rate Tip #2 Lock in the Rate
When negotiating your mortgage rate, make sure your lender is prepared to lock in your rate for at least 30-60 days. This way you will be guaranteed a particular rate even if rates skyrocket the next day. Another not trick many individuals are not aware of is to include a clause that also will allow you to take a lower rate if rates fall during this period. This is a great mortgage rate tip because you get your mortgage rate locked in so it can’t go any higher, but if the average mortgage rate goes lower you receive the lower rate.
Mortgage Rate Tip #3 Fight
If the mortgage rate drops significantly and you have already signed a deal locking in a particular mortgage rate and don’t have a clause that ensures you will receive the lower rate, then you need to fight. You simply need to call your lender and say that while you signed the lock in agreement you want the lower rate. This will take some negotiating, but your lender wants you business and might be willing to negotiate the mortgage rate with you.
About The Author
Jay Moncliff is the founder of http://www.mileniummortgages.com a website specialized on Mortgage Rate, resources and articles. This site provides updated information on Mortgage Rate. For more info on Mortgage Rate visit: http://www.mileniummortgages.com.
The Secret To Finding The Best Mortgage Loan
The Secret To Finding The Best Mortgage Loan
by: Scott Patterson
As you apply for a home loan or look to refinance your home, it is important to understand your situation and how it will be affected by the type of loan that you will be applying for.
But first, it is important to find out why you need the loan. For instance, do you need it for a home loan.
The next step is to do your research in order to escape the headaches and hassles that plague the home loan process. During this process, you should consider two major factors: How much you can afford and how to compare the different lending companies.
Let’s take a look at each…
How much you can afford:
The most important factor to getting the right kind of mortgage loan is to know how much you can fit into your budget. That way, you can ensure that you are staying within the proper budget limit. When calculating the affordability factor, it is important to take into account these three factors:
Income- The key is to know how much you make each month in relation to a mortgage payment. The rule of thumb is that the payment should not exceed 27 percent of your total income.
Debt- Obviously the less debt you have, the
better your financial situation. So by having less debt, you will be in a better position to afford the house of your dreams.
Down Payment- A house that requires a large down payment will require you to spend more money upfront. In some situations, you can spend up to 20% of the selling price with 3 to 6% in addition for closing costs
How to compare mortgage loans:
In addition to considering your finances, it is important to carefully research the various lenders that are available to consumers. Here are just a few factors to take into consideration:
Compare lenders at the same Interest rate and lock in period. That way you will be able to properly compare the different lenders
Every lender has associate fees including points and various costs. Each company is different, but it is important to factor in all these costs to fully understand how much your mortgage loan will cost
Once you have compared both of these factors, you should find the one that has the best rate
After discovering the best rate, you will be able to discover the home loan that fits your budget and your unique situation.
By understanding the home loan process and what type of loan is right for you, it will simple to get the best possible home loan.
About The Author
Scott J. Patterson is the owner of First Home Mortgage Loan, for more information on how to get a top rate loan, check out his site: http://www.first-home-mortgage-loan.info http://www.endlesswholesale.info.
by: Scott Patterson
As you apply for a home loan or look to refinance your home, it is important to understand your situation and how it will be affected by the type of loan that you will be applying for.
But first, it is important to find out why you need the loan. For instance, do you need it for a home loan.
The next step is to do your research in order to escape the headaches and hassles that plague the home loan process. During this process, you should consider two major factors: How much you can afford and how to compare the different lending companies.
Let’s take a look at each…
How much you can afford:
The most important factor to getting the right kind of mortgage loan is to know how much you can fit into your budget. That way, you can ensure that you are staying within the proper budget limit. When calculating the affordability factor, it is important to take into account these three factors:
Income- The key is to know how much you make each month in relation to a mortgage payment. The rule of thumb is that the payment should not exceed 27 percent of your total income.
Debt- Obviously the less debt you have, the
better your financial situation. So by having less debt, you will be in a better position to afford the house of your dreams.
Down Payment- A house that requires a large down payment will require you to spend more money upfront. In some situations, you can spend up to 20% of the selling price with 3 to 6% in addition for closing costs
How to compare mortgage loans:
In addition to considering your finances, it is important to carefully research the various lenders that are available to consumers. Here are just a few factors to take into consideration:
Compare lenders at the same Interest rate and lock in period. That way you will be able to properly compare the different lenders
Every lender has associate fees including points and various costs. Each company is different, but it is important to factor in all these costs to fully understand how much your mortgage loan will cost
Once you have compared both of these factors, you should find the one that has the best rate
After discovering the best rate, you will be able to discover the home loan that fits your budget and your unique situation.
By understanding the home loan process and what type of loan is right for you, it will simple to get the best possible home loan.
About The Author
Scott J. Patterson is the owner of First Home Mortgage Loan, for more information on how to get a top rate loan, check out his site: http://www.first-home-mortgage-loan.info http://www.endlesswholesale.info.
Monday 11 February 2008
Title: Discover the insider secrets the banks don't want you to know...
Discover the insider secrets the banks don't want you to know...
Author: xuejun
"Learn how YOU can get the Best Mortgage with the lowest rates,even if you have HORRIBLE credit." Discover the insider secrets the banks don't want you to know... Are you tired of being turned down for a mortgage? Are you told that you can't get a mortgage because of bad credit?
Do you feel like no one will ever give you a mortgage? Are you sick of your bad credit score haunting you? Well, get ready to Put all that behind you. I'm going to show you exactly how anyone, with any credit, can get any mortgage - right now! And best of all, these methods work in any state.
And... It doesn't matter how much money you make. It doesn't matter how much money you have in the bank. It doesn't matter how young or old you are. It doesn't matter if you have a job, or are self employed. It doesn't matter what type of property you want: house, condo,mobile home, whatever.
A few years ago I personally was refused a mortgage many times, due to bad credit, and being told that I didn't make enough money. I too, used to feel like I'd never be approved for a mortgage by anyone. I was dead wrong! Every mortgage company out there either told me that I had really bad credit, or no credit at all. I didn't even have any credit score at all.
You know, that cute little 3 digit number that everyone uses to see if you're "worthy" enough for their loan. I probably couldn't have got aloan for a can of soda if I tried. Not Until I Met These Guys...I got a job at a private mortgage company. My views of mortgages, credit and finance were about to change - big time. This wasn't your typical stuffy, boring, old lady banking type of company - These were young professionals who had a great time doing what they did. And they made lots of money doing it.
They were getting loans for people like me. I quickly realized that they obviously knew what theywere doing. They taught me the real in's and out's of the bad creditmortgage business. The little known, no holds barred, guerilla finance methods used by real estate pros.
I also learned the truth: I found out how many people are being flat out lied to by their lenders. Even the "perfect people" with great credit, that think they've got a great mortgage - that couldn't be further from the truth! Even if they tell you that they can give you a bad creditmortgage - you'll get ripped off! Hell, even if you already have a mortgage - chances are you're being ripped off! Unfortunately, big banks and mortgage companies are making huge profits off of you, and either telling you that you just can't get a mortgage with bad credit, or giving you their pathetic offer - and telling you that it's the best deal you'll ever get.
People with bad credit are either told that they can't get a loan, or that they' ll only get a loan with high interest rates - that's a flat outlie! The fact is - if you have bad credit, you' ll be taken advantage of by greedy banks and lenders. That is,unless you know the secret... I found out how Anyone, fromAnywhere with Any Credit Score can get Killer Deals on Any Mortgage.
I've helped countless people get the lowest rates and low downpayments on all kinds of Mortgages: Home Purchases, Refinances, Home Equity Loans - you name it. I'vealso helped people with bad credit (even horrible credit) get mortgage rates lower then people with good credit!Click Here Apply! About the author:"Learn how YOU can get the Best Mortgage with the lowest rates,even if you have HORRIBLE credit.
" Discover the insider secretsthe banks don't want you to know... Are you tired of beingturned down for a mortgage?
Author: xuejun
"Learn how YOU can get the Best Mortgage with the lowest rates,even if you have HORRIBLE credit." Discover the insider secrets the banks don't want you to know... Are you tired of being turned down for a mortgage? Are you told that you can't get a mortgage because of bad credit?
Do you feel like no one will ever give you a mortgage? Are you sick of your bad credit score haunting you? Well, get ready to Put all that behind you. I'm going to show you exactly how anyone, with any credit, can get any mortgage - right now! And best of all, these methods work in any state.
And... It doesn't matter how much money you make. It doesn't matter how much money you have in the bank. It doesn't matter how young or old you are. It doesn't matter if you have a job, or are self employed. It doesn't matter what type of property you want: house, condo,mobile home, whatever.
A few years ago I personally was refused a mortgage many times, due to bad credit, and being told that I didn't make enough money. I too, used to feel like I'd never be approved for a mortgage by anyone. I was dead wrong! Every mortgage company out there either told me that I had really bad credit, or no credit at all. I didn't even have any credit score at all.
You know, that cute little 3 digit number that everyone uses to see if you're "worthy" enough for their loan. I probably couldn't have got aloan for a can of soda if I tried. Not Until I Met These Guys...I got a job at a private mortgage company. My views of mortgages, credit and finance were about to change - big time. This wasn't your typical stuffy, boring, old lady banking type of company - These were young professionals who had a great time doing what they did. And they made lots of money doing it.
They were getting loans for people like me. I quickly realized that they obviously knew what theywere doing. They taught me the real in's and out's of the bad creditmortgage business. The little known, no holds barred, guerilla finance methods used by real estate pros.
I also learned the truth: I found out how many people are being flat out lied to by their lenders. Even the "perfect people" with great credit, that think they've got a great mortgage - that couldn't be further from the truth! Even if they tell you that they can give you a bad creditmortgage - you'll get ripped off! Hell, even if you already have a mortgage - chances are you're being ripped off! Unfortunately, big banks and mortgage companies are making huge profits off of you, and either telling you that you just can't get a mortgage with bad credit, or giving you their pathetic offer - and telling you that it's the best deal you'll ever get.
People with bad credit are either told that they can't get a loan, or that they' ll only get a loan with high interest rates - that's a flat outlie! The fact is - if you have bad credit, you' ll be taken advantage of by greedy banks and lenders. That is,unless you know the secret... I found out how Anyone, fromAnywhere with Any Credit Score can get Killer Deals on Any Mortgage.
I've helped countless people get the lowest rates and low downpayments on all kinds of Mortgages: Home Purchases, Refinances, Home Equity Loans - you name it. I'vealso helped people with bad credit (even horrible credit) get mortgage rates lower then people with good credit!Click Here Apply! About the author:"Learn how YOU can get the Best Mortgage with the lowest rates,even if you have HORRIBLE credit.
" Discover the insider secretsthe banks don't want you to know... Are you tired of beingturned down for a mortgage?
Monday 4 February 2008
The Benefits of Refinancing Home Mortgage
The Benefits of Refinancing Home Mortgage
A mortgage is probably the most expensive long term loan that you will ever take out. It is however, extremely manageable due to the period over which it is spread (usually 25 years). This is why, if you need to borrow money for whatever reason, and you are on a budget, refinancing home mortgage is a great idea.
It doesn't really matter what you are borrowing the money for, the terms and conditions will be the same. Years ago you would need to prove down to the last penny that the refinancing home mortgage was going towards home improvements or remodelling. This is not the case today, This question is very rarely asked, just so long as you can afford to pay the monthly repayments.
It may be that you have incurred debts of some description or you want to buy a new car, whatever the reason, this is an easy straight forward way to raise the cash.
One condition obviously is that you will need to have the equity in your home currently. It's no good asking for $25,000 if your mortgage is $190,000 dollars and your house is only valued at $200,000.
You will have to decide on a course of action when paying back the loan. When refinancing home mortgage, chances are you will have owned your current mortgage for a few years or more. This will mean that you will either have to take the refinance loan over the same period as your current mortgage and pay a higher premium or have the new loan over a longer period. This will mean extending the period of your mortgage completely.
The last option would be to change mortgage lenders completely when refinancing home mortgage and take out a completely new mortgage that will encompass all of loans, new and old. This will then give you one monthly payment and a term determined by your ability to meet this payment.
You will need to decide whether to go for a repayment mortgage or an interest only mortgage. A repayment mortgage mean higher payments, but you will have the peace of mind knowing that the debt will be payed off completely over the term of the mortgage.
An interest only mortgage will be much cheaper, but you will need to have a plan in place to meet the final payment at the end of the mortgage period ie. an endowment policy, ISA or some form of savings plan.
2nd mortgage refinance loans are usually more straight forward than 1st mortgage loans. You have after all been a customer with history already, whether it was with your current lender or another lender.
For Refinancing Home Mortgage and 2nd Mortgage Refinance Loans help and advice, visit debit consolidation 1
A mortgage is probably the most expensive long term loan that you will ever take out. It is however, extremely manageable due to the period over which it is spread (usually 25 years). This is why, if you need to borrow money for whatever reason, and you are on a budget, refinancing home mortgage is a great idea.
It doesn't really matter what you are borrowing the money for, the terms and conditions will be the same. Years ago you would need to prove down to the last penny that the refinancing home mortgage was going towards home improvements or remodelling. This is not the case today, This question is very rarely asked, just so long as you can afford to pay the monthly repayments.
It may be that you have incurred debts of some description or you want to buy a new car, whatever the reason, this is an easy straight forward way to raise the cash.
One condition obviously is that you will need to have the equity in your home currently. It's no good asking for $25,000 if your mortgage is $190,000 dollars and your house is only valued at $200,000.
You will have to decide on a course of action when paying back the loan. When refinancing home mortgage, chances are you will have owned your current mortgage for a few years or more. This will mean that you will either have to take the refinance loan over the same period as your current mortgage and pay a higher premium or have the new loan over a longer period. This will mean extending the period of your mortgage completely.
The last option would be to change mortgage lenders completely when refinancing home mortgage and take out a completely new mortgage that will encompass all of loans, new and old. This will then give you one monthly payment and a term determined by your ability to meet this payment.
You will need to decide whether to go for a repayment mortgage or an interest only mortgage. A repayment mortgage mean higher payments, but you will have the peace of mind knowing that the debt will be payed off completely over the term of the mortgage.
An interest only mortgage will be much cheaper, but you will need to have a plan in place to meet the final payment at the end of the mortgage period ie. an endowment policy, ISA or some form of savings plan.
2nd mortgage refinance loans are usually more straight forward than 1st mortgage loans. You have after all been a customer with history already, whether it was with your current lender or another lender.
For Refinancing Home Mortgage and 2nd Mortgage Refinance Loans help and advice, visit debit consolidation 1
Friday 25 January 2008
Finding The Right Mortgage
By Joseph Kenny
The world of mortgages has become a real minefield over recent
years, with more and more mortgages coming onto the market.
These days you can find mortgages to suit a wide range of
circumstances and needs, but if you know little or nothing about
mortgages the whole process can still be confusing and
frustrating. If you are not confident about finding the right
mortgage then it may be a good idea to employ the services of an
independent financial adviser, who can advise on you on the best
mortgage for your needs based on the details that you provide.
However, you are better off paying the financial adviser for his
or her assistance rather than choosing and adviser that gets
commission directly from a lender, as this minimizes the risk of
getting an adviser that recommends based on the commission that
he or she will receive rather than based on what is truly best
for you.
Another option that can help you when it comes to finding the
right mortgage is to go through a specialist mortgage broker. A
mortgage broker is a professional with links to a number of
mortgage lenders. When you use a mortgage broker to find your
mortgage you will only have to complete one application form,
which the broker will then use to approach different lenders
within his pool of contacts in order to find you the best deal
for your needs and circumstances. This will help to reduce the
work and time that you have to put in, as the broker will do the
leg work for you, and also reduces the chances of rejections, as
the mortgage broker is most likely to know which mortgage lender
will accept your application.
However, before you approach a mortgage broker of adviser it is
a good idea to familiarize yourself with the different mortgage
products available, as this will give you an idea of the type of
mortgage you may wish to go for. In addition to deciding whether
you want to opt for a repayment or interest only mortgage you
also need to decide what sort of mortgage product you want, such
as variable rate mortgage, fixed rate mortgage, base tracker
mortgage, discounted mortgage, offset mortgage, or one of the
many other mortgage products available.
You will find plenty of information on mortgage products
available online, so you can get an idea of the different types
of mortgages and which one might suit you. However, trawling
through different lenders' sites in order to compare different
mortgages can be confusing and time consuming. This is where the
professional broker or adviser can help in terms of helping you
to find the right mortgage. He or she will have the resources,
contacts, and experience to find the best mortgage for your
needs, and of course you don’t have to commit to any recommended
mortgage product until you are completely happy.
You should bear in mind that taking on a mortgage is a serious
commitment, and failure to keep up with repayments can result in
you losing your home altogether. Therefore you should make sure
that you can comfortably afford the repayments on your mortgage,
and consider taking out a fixed rate if you feel that any
increases in repayments during the first few years would leave
you struggling financially.
About the Author: Joe Kenny writes for the UK personal finance
sites offering loans, credit cards, mortgages and insurance
products - http://www.ukpersonalloanstore.co.uk/ and
http://www.nationsfinance.co.uk. For US residents seeking loans,
refinance or mortgages visit http://www.rebuild.org/
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=201784&ca=Finances
The world of mortgages has become a real minefield over recent
years, with more and more mortgages coming onto the market.
These days you can find mortgages to suit a wide range of
circumstances and needs, but if you know little or nothing about
mortgages the whole process can still be confusing and
frustrating. If you are not confident about finding the right
mortgage then it may be a good idea to employ the services of an
independent financial adviser, who can advise on you on the best
mortgage for your needs based on the details that you provide.
However, you are better off paying the financial adviser for his
or her assistance rather than choosing and adviser that gets
commission directly from a lender, as this minimizes the risk of
getting an adviser that recommends based on the commission that
he or she will receive rather than based on what is truly best
for you.
Another option that can help you when it comes to finding the
right mortgage is to go through a specialist mortgage broker. A
mortgage broker is a professional with links to a number of
mortgage lenders. When you use a mortgage broker to find your
mortgage you will only have to complete one application form,
which the broker will then use to approach different lenders
within his pool of contacts in order to find you the best deal
for your needs and circumstances. This will help to reduce the
work and time that you have to put in, as the broker will do the
leg work for you, and also reduces the chances of rejections, as
the mortgage broker is most likely to know which mortgage lender
will accept your application.
However, before you approach a mortgage broker of adviser it is
a good idea to familiarize yourself with the different mortgage
products available, as this will give you an idea of the type of
mortgage you may wish to go for. In addition to deciding whether
you want to opt for a repayment or interest only mortgage you
also need to decide what sort of mortgage product you want, such
as variable rate mortgage, fixed rate mortgage, base tracker
mortgage, discounted mortgage, offset mortgage, or one of the
many other mortgage products available.
You will find plenty of information on mortgage products
available online, so you can get an idea of the different types
of mortgages and which one might suit you. However, trawling
through different lenders' sites in order to compare different
mortgages can be confusing and time consuming. This is where the
professional broker or adviser can help in terms of helping you
to find the right mortgage. He or she will have the resources,
contacts, and experience to find the best mortgage for your
needs, and of course you don’t have to commit to any recommended
mortgage product until you are completely happy.
You should bear in mind that taking on a mortgage is a serious
commitment, and failure to keep up with repayments can result in
you losing your home altogether. Therefore you should make sure
that you can comfortably afford the repayments on your mortgage,
and consider taking out a fixed rate if you feel that any
increases in repayments during the first few years would leave
you struggling financially.
About the Author: Joe Kenny writes for the UK personal finance
sites offering loans, credit cards, mortgages and insurance
products - http://www.ukpersonalloanstore.co.uk/ and
http://www.nationsfinance.co.uk. For US residents seeking loans,
refinance or mortgages visit http://www.rebuild.org/
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=201784&ca=Finances
Thursday 24 January 2008
Renting Versus Buying Commercial Property
By P Green
If you run your own business or intend to make 2008 the year
you quit your job and start up on your own, then one of the
issues you're going to have to consider is where you work.
Many small businesses are successfully started and run from
home. But as the business grows, or if you intend to open a
shop, then you will have to look at commercial property. And
that opens up an interesting debate – do you rent, or do you
buy?
There are distinct pros and cons to each, depending on what
kind of business you will be running. So the first thing to do
is look at your business plan and try to ascertain what kind of
commercial property will be perfect for you.
If you are opening a shop you will obviously need somewhere
with planning permission for retail and good access for
customers. But do you need a lot of space to show off your
wares, or a basic retail booth?
Is passing footfall going to be essential to the success of the
operation, or do you think customers will go out of their way to
find you? It's essential to work these things out in advance as
they wildly affect the kind of property you will need.
A great location in the centre of town will give you your
footfall, but at much increased costs. A property that's further
out of town will be cheaper to rent or buy, but your marketing
will have to work harder to attract customers.
Once you have studied this and know exactly what you need, it's
time to make the big decision: buy or rent.
If you're going to purchase your own commercial property, the
first thing you'll need is cash. Lots of it. Just like a
residential house, a building for your business will require
some capital and probably a commercial mortgage as well. Some
mortgage deals require you stump up 10 per cent of the purchase
price as a deposit.
This may have an impact on the cash flow and profitability of
your business for a while. But on the plus side, you are
investing in a long-term asset that one day you or your business
will own outright. Commercial property will generate a rental
income, making it a sound investment. But of course the value of
any investment can go up or down, so don't risk your business or
savings without thinking it through and getting plenty of
advice.
If you need greater control of your cash flow, then renting is
the route for you. When you pay a monthly rent to the owner of
the building, you haven't got to worry about interest rate rises
pushing mortgage payments up, or essential repairs eating into
your budget. Wind blows the roof off one evening – not your
problem!
But you have less flexibility. Owners can do whatever they like
to their building without having to seek the landlord's
permission (as long as it's legal, anyway). If you rent
commercial property and want to subdivide an office with false
walls, not only may your business plans be held back while the
landlord looks at them, but you may even have to pay to have the
work reversed when you leave. How would you feel forking out
thousands of pounds to rip down improvements that cost you a
small fortune to install in the first place?
So those are the main differences between buying and renting a
commercial property. It's worth remembering that you will have
to pay utility bills and business rates whether you buy property
or rent. You may also be stung for stamp duty – certainly if you
buy, and in some circumstances, when you rent premises too.
About the Author: For more information about renting vs buying
commercial property please visit http://www.propertytoday.co.uk
Source: http://www.isnare.com
Permanent Link:
http://www.isnare.com/?aid=214523&ca=Real+Estate
If you run your own business or intend to make 2008 the year
you quit your job and start up on your own, then one of the
issues you're going to have to consider is where you work.
Many small businesses are successfully started and run from
home. But as the business grows, or if you intend to open a
shop, then you will have to look at commercial property. And
that opens up an interesting debate – do you rent, or do you
buy?
There are distinct pros and cons to each, depending on what
kind of business you will be running. So the first thing to do
is look at your business plan and try to ascertain what kind of
commercial property will be perfect for you.
If you are opening a shop you will obviously need somewhere
with planning permission for retail and good access for
customers. But do you need a lot of space to show off your
wares, or a basic retail booth?
Is passing footfall going to be essential to the success of the
operation, or do you think customers will go out of their way to
find you? It's essential to work these things out in advance as
they wildly affect the kind of property you will need.
A great location in the centre of town will give you your
footfall, but at much increased costs. A property that's further
out of town will be cheaper to rent or buy, but your marketing
will have to work harder to attract customers.
Once you have studied this and know exactly what you need, it's
time to make the big decision: buy or rent.
If you're going to purchase your own commercial property, the
first thing you'll need is cash. Lots of it. Just like a
residential house, a building for your business will require
some capital and probably a commercial mortgage as well. Some
mortgage deals require you stump up 10 per cent of the purchase
price as a deposit.
This may have an impact on the cash flow and profitability of
your business for a while. But on the plus side, you are
investing in a long-term asset that one day you or your business
will own outright. Commercial property will generate a rental
income, making it a sound investment. But of course the value of
any investment can go up or down, so don't risk your business or
savings without thinking it through and getting plenty of
advice.
If you need greater control of your cash flow, then renting is
the route for you. When you pay a monthly rent to the owner of
the building, you haven't got to worry about interest rate rises
pushing mortgage payments up, or essential repairs eating into
your budget. Wind blows the roof off one evening – not your
problem!
But you have less flexibility. Owners can do whatever they like
to their building without having to seek the landlord's
permission (as long as it's legal, anyway). If you rent
commercial property and want to subdivide an office with false
walls, not only may your business plans be held back while the
landlord looks at them, but you may even have to pay to have the
work reversed when you leave. How would you feel forking out
thousands of pounds to rip down improvements that cost you a
small fortune to install in the first place?
So those are the main differences between buying and renting a
commercial property. It's worth remembering that you will have
to pay utility bills and business rates whether you buy property
or rent. You may also be stung for stamp duty – certainly if you
buy, and in some circumstances, when you rent premises too.
About the Author: For more information about renting vs buying
commercial property please visit http://www.propertytoday.co.uk
Source: http://www.isnare.com
Permanent Link:
http://www.isnare.com/?aid=214523&ca=Real+Estate
Wednesday 23 January 2008
Secret Formula On How Pay Your Mortgage Off
Secret Formula On How Pay Your Mortgage Off If you want to pay your mortgage off you have to make time.Watch less tv look after yourself and your family stop working for your money and let money work for you.
To become successful you have to set goals in your life and personal goals you want to achieve so if it is to pay off your mortgage you need to motivate yourself to start working towards your goal.
If you are managing your personal finances poorly trying to pay off your mortgage won't help you untill you have your finances in order before you begin to pay off your mortgage.The simply answer that will solve all your money problems is to spend less than you earn and invest the differance ie paying it towards your mortgage plan.
This is the secret that eludes most people are looking for the excotic answer to pay of there mortgage but it is quite simple when you fiqure this stuff out.This is not a sermon it is a fact learn to save aleast 10% of your income let me give you a small example so you can see the picture.
If you can save $500 dollars a month which is not that much in the scheme of things and ivest it over 5 years you will have around $30.000 dollars without interest been added on.So you can see how simply it is to pay off your mortgage if you follow this simple plan.
To become successful you have to set goals in your life and personal goals you want to achieve so if it is to pay off your mortgage you need to motivate yourself to start working towards your goal.
If you are managing your personal finances poorly trying to pay off your mortgage won't help you untill you have your finances in order before you begin to pay off your mortgage.The simply answer that will solve all your money problems is to spend less than you earn and invest the differance ie paying it towards your mortgage plan.
This is the secret that eludes most people are looking for the excotic answer to pay of there mortgage but it is quite simple when you fiqure this stuff out.This is not a sermon it is a fact learn to save aleast 10% of your income let me give you a small example so you can see the picture.
If you can save $500 dollars a month which is not that much in the scheme of things and ivest it over 5 years you will have around $30.000 dollars without interest been added on.So you can see how simply it is to pay off your mortgage if you follow this simple plan.
Mortgage Rates: Which One Is Best For You?
By Rony Walker
Mortgage rates are amortized over a preferred loan term and
depend on your qualifying annual income. To determine this,
mortgage companies adopt ratios to evaluate your mortgage
monthly payments of both principal and interest. Some companies
offer some flexibility, but which one is best for you?
Choosing the Right Mortgage
There will always be a mortgage to suit your needs. It is a
matter of understanding the mortgage rates, so don’t jump into
the bandwagon when you hear that mortgage rates are lower at
this time.
Aside from the lower interest rates to study, include in your
estimates the fees you have to pay before and during the closing
of the loan. That should include expenses with the documentation
requirement for the loan.
Your Mortgage
Lenders carefully analyze three things when you take out a
mortgage:
1. your credit history
2. your financial situation
3. amount you need to borrow
4. amount for your down payment
Mortgage rates are the terms you apply during the loan term in
paying for your home. Depending on the lenders’ evaluation of
the above criteria, you may have several or few options for
mortgage rates. Give the list a rundown before you go to a
lender.
The Types of Mortgage Rates
There are generally four types of mortgage rates. Each have
different monthly amortization plans, and come with their
separate advantages and disadvantages, precisely why you should
be cautious in selecting the appropriate loan tailor-fitted to
your financial circumstance.
Fixed Rate Mortgages
This traditional type of loan provides you the option of
choosing a loan term of 10, 15, 20, or 30 years. The interest
rates do not change throughout the term. For this loan, you will
be required by the lenders to give 5% of the home’s total cost
during the closing.
Adjustable Rate Mortgage (ARM)
Lower interest rates for the first few years are offered by
this particular loan, depending on the terms you have agreed to.
Some ARMs will adjust to a fixed rate mortgage while some will
not.
Because this type of loan is capped, interest rates will go and
stay as high until the last day you pay off the loan. It would
be a smart move to get this type of loan if you foresee a steady
increase in wages in the future because you can always refinance
later.
Balloon Mortgages
This loan is right for you if you want a short loan term or
planning to stay in the home for a few years (five to seven
years) because it offers lower mortgage rates for a repayment
period of 7 years.
If after the loan term you still have a sizable balance unpaid,
or if you decide to stay on and have an unpaid balance, you can
refinance. You can borrow from either the same lender or a
different one.
Jumbo Loans
Lenders give this option to those who pass the criteria because
of the higher monthly payments. Borrowers must have excellent
credit histories with the income to match. This loan permits a
higher amount to allow borrowers to buy homes in the
million-dollar range.
How much you can afford for the monthly payment, attendant
fees, when you can break even, and your financial situation and
prospects are just some of the few things you have to examine
before you can get the right mortgage with the matching mortgage
rates.
About the Author: At http://WhatAboutLoans.com, know all about
the different types of mortgage rates
(http://www.whataboutloans.com/mortgage/mortgage-rates.html)
before taking out a refinance home mortgage
(http://www.whataboutloans.com/mortgage/mortgage-refinance-loans.html)
or a California refinance
(http://www.whataboutloans.com/state/mortgage/california.html)
contract. Visit this site today.
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=204127&ca=Finances
Mortgage rates are amortized over a preferred loan term and
depend on your qualifying annual income. To determine this,
mortgage companies adopt ratios to evaluate your mortgage
monthly payments of both principal and interest. Some companies
offer some flexibility, but which one is best for you?
Choosing the Right Mortgage
There will always be a mortgage to suit your needs. It is a
matter of understanding the mortgage rates, so don’t jump into
the bandwagon when you hear that mortgage rates are lower at
this time.
Aside from the lower interest rates to study, include in your
estimates the fees you have to pay before and during the closing
of the loan. That should include expenses with the documentation
requirement for the loan.
Your Mortgage
Lenders carefully analyze three things when you take out a
mortgage:
1. your credit history
2. your financial situation
3. amount you need to borrow
4. amount for your down payment
Mortgage rates are the terms you apply during the loan term in
paying for your home. Depending on the lenders’ evaluation of
the above criteria, you may have several or few options for
mortgage rates. Give the list a rundown before you go to a
lender.
The Types of Mortgage Rates
There are generally four types of mortgage rates. Each have
different monthly amortization plans, and come with their
separate advantages and disadvantages, precisely why you should
be cautious in selecting the appropriate loan tailor-fitted to
your financial circumstance.
Fixed Rate Mortgages
This traditional type of loan provides you the option of
choosing a loan term of 10, 15, 20, or 30 years. The interest
rates do not change throughout the term. For this loan, you will
be required by the lenders to give 5% of the home’s total cost
during the closing.
Adjustable Rate Mortgage (ARM)
Lower interest rates for the first few years are offered by
this particular loan, depending on the terms you have agreed to.
Some ARMs will adjust to a fixed rate mortgage while some will
not.
Because this type of loan is capped, interest rates will go and
stay as high until the last day you pay off the loan. It would
be a smart move to get this type of loan if you foresee a steady
increase in wages in the future because you can always refinance
later.
Balloon Mortgages
This loan is right for you if you want a short loan term or
planning to stay in the home for a few years (five to seven
years) because it offers lower mortgage rates for a repayment
period of 7 years.
If after the loan term you still have a sizable balance unpaid,
or if you decide to stay on and have an unpaid balance, you can
refinance. You can borrow from either the same lender or a
different one.
Jumbo Loans
Lenders give this option to those who pass the criteria because
of the higher monthly payments. Borrowers must have excellent
credit histories with the income to match. This loan permits a
higher amount to allow borrowers to buy homes in the
million-dollar range.
How much you can afford for the monthly payment, attendant
fees, when you can break even, and your financial situation and
prospects are just some of the few things you have to examine
before you can get the right mortgage with the matching mortgage
rates.
About the Author: At http://WhatAboutLoans.com, know all about
the different types of mortgage rates
(http://www.whataboutloans.com/mortgage/mortgage-rates.html)
before taking out a refinance home mortgage
(http://www.whataboutloans.com/mortgage/mortgage-refinance-loans.html)
or a California refinance
(http://www.whataboutloans.com/state/mortgage/california.html)
contract. Visit this site today.
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=204127&ca=Finances
Tuesday 22 January 2008
Top Reasons Why You Should Opt For Home Mortgage Refinance
By Alan Lim
Home mortgage refinance has been very popular these days. Find
out why people do refinancing, and why you may be better off
getting one as well.
Opting for home mortgage refinance should be a major decision
to make. However, if you decide on it at the right time and at
the right circumstances, it might just be the best financial
move that you can ever do for yourself and for your family.
All of us are eager to buy ourselves a home. Along with this
eagerness are the anxiety and the pressures from home
inspections right down to escrow deadline. To cope, we often go
for any mortgage that we qualify for. Eventually, you may soon
realize how you could have found yourself a better deal had you
given the mortgage terms more thought. This happens all too
often, and this is one of the primary reasons why most people
opt for a home mortgage refinance to cut down on the interest
being paid for the loan.
In relation to this, loan refinancing proves to improve
flexibility in terms of cash flow. What happens is that instead
of looking for ways to cut down on the total mortgage payments,
you can look for terms that can enable you to lower your monthly
payment. So, if your monthly expenses are relatively tight, you
can just imagine how saving $300 through a home mortgage
refinance will give you a little more cash flexibility (this
accounts for $3,600 a year, which is relatively attractive).
Another top reason for you to go for a home mortgage refinance
is to get some extra cash on hand. Your home is one great
resource if you want to earn extra cash for better financial or
personal reasons. Your home has most likely increased in terms
of value, qualifying you to earn more out of it and put it to
better use. Some of the most common related reasons for opting
for refinancing to get extra cash include making home
improvements, car upgrade, paying off credit cards, paying
tuition fees, starting a new business, or going on a dream
vacation.
On the other line, there are many people who go with the home
mortgage refinance route as a desperate attempt to get
themselves out of overwhelming debt. The rates for refinancing
are relatively favorable. If you find yourself with too many
small bills with payments that are slowly getting too difficult
for you to handle, you can take a lot of weight off your
shoulders by getting a home mortgage refinance. This way, you
can get enough cash to pay off all the smaller payments so you
can concentrate on one monthly payment, which is your mortgage.
Considering how some lenders can stretch to up to a 30-year
terms, you can easily go back on track to your journey towards
financial stability.
Remember that the decision to get a mortgage refinance is a lot
less stressful than getting a new home loan. Without the
pressure and the deadlines, you can surely give it some good
thought to ensure that you are getting a much better deal. So,
take your time and shop around for the best home mortgage
refinance deal that best fits your situation.
About the Author: http://www.homemortgageloan-refinance.com
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=210926&ca=Finances
Home mortgage refinance has been very popular these days. Find
out why people do refinancing, and why you may be better off
getting one as well.
Opting for home mortgage refinance should be a major decision
to make. However, if you decide on it at the right time and at
the right circumstances, it might just be the best financial
move that you can ever do for yourself and for your family.
All of us are eager to buy ourselves a home. Along with this
eagerness are the anxiety and the pressures from home
inspections right down to escrow deadline. To cope, we often go
for any mortgage that we qualify for. Eventually, you may soon
realize how you could have found yourself a better deal had you
given the mortgage terms more thought. This happens all too
often, and this is one of the primary reasons why most people
opt for a home mortgage refinance to cut down on the interest
being paid for the loan.
In relation to this, loan refinancing proves to improve
flexibility in terms of cash flow. What happens is that instead
of looking for ways to cut down on the total mortgage payments,
you can look for terms that can enable you to lower your monthly
payment. So, if your monthly expenses are relatively tight, you
can just imagine how saving $300 through a home mortgage
refinance will give you a little more cash flexibility (this
accounts for $3,600 a year, which is relatively attractive).
Another top reason for you to go for a home mortgage refinance
is to get some extra cash on hand. Your home is one great
resource if you want to earn extra cash for better financial or
personal reasons. Your home has most likely increased in terms
of value, qualifying you to earn more out of it and put it to
better use. Some of the most common related reasons for opting
for refinancing to get extra cash include making home
improvements, car upgrade, paying off credit cards, paying
tuition fees, starting a new business, or going on a dream
vacation.
On the other line, there are many people who go with the home
mortgage refinance route as a desperate attempt to get
themselves out of overwhelming debt. The rates for refinancing
are relatively favorable. If you find yourself with too many
small bills with payments that are slowly getting too difficult
for you to handle, you can take a lot of weight off your
shoulders by getting a home mortgage refinance. This way, you
can get enough cash to pay off all the smaller payments so you
can concentrate on one monthly payment, which is your mortgage.
Considering how some lenders can stretch to up to a 30-year
terms, you can easily go back on track to your journey towards
financial stability.
Remember that the decision to get a mortgage refinance is a lot
less stressful than getting a new home loan. Without the
pressure and the deadlines, you can surely give it some good
thought to ensure that you are getting a much better deal. So,
take your time and shop around for the best home mortgage
refinance deal that best fits your situation.
About the Author: http://www.homemortgageloan-refinance.com
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=210926&ca=Finances
An Adverse Credit Homeowner Loan Could Be Your Best Option If
By Louis Rix
If you have had problems with credit in the past and have tried
to get a personal loan then you have probably found yourself
being turned down time after time. If this is the situation you
are in then applying for an adverse credit homeowner loan could
be the answer to your problems. A loan of this type can be taken
out for almost any reason and the repayments can be extended
over many years.
You do have to choose your loan carefully as while there are
now many lenders that will offer adverse credit loans, these
usually come with very high rates of interest. However by taking
out a secured loan you are able to lower the rates of interest,
the downside is that you will have to put up your home against
the amount that you wish to borrow as collateral.
One of the easiest ways of getting access to the whole of the
market place and of being sure of getting the cheapest rates of
interest and the best deal is to go online with a specialist
website. A specialist website will be able to search around on
your behalf with the top UK lenders and then deliver the best
deals to you along with the key facts so that you can read what
the loan entails.
The key facts hold the small print of the loan and this will
tell you of any costs which could be added onto the loan along
with the rate of interest you will pay, how much interest will
be added on and how much the total loan will cost. It is
essential that you do not just compare the APR of the loan but
also the terms and conditions because this can make a huge
difference to the loan and for a clear picture you need to make
good use of all this information. Loan protection can be added
onto the cost of the loan without you realising it, although
many lenders have now changed their ways and offer it but do not
add it, it would be wise to check your loan.
An adverse credit homeowner loan means that you will put up
your home as security against the money you are going to borrow
and because of this the rate of interest will usually be lower.
However due to this your home will be at risk until you have
paid off the loan so it is essential that you make sure you can
afford the loan repayments and have taken into account that
circumstances might change. The amount of money you are able to
borrow on a homeowner loan will depend on the amount of equity
that is in your home. The equity is worked out by taking the
value of your home and then deducting what is left outstanding
on your mortgage, so the more of your mortgage you have paid
off, the more equity you will have to borrow on. Some lenders
will allow you to borrow up to 125% of the equity but for this
you can expect the rate of interest to be high.
About the Author: Louis Rix is Director of Netloans Ltd
(http://www.netloans.co.uk), a leading Secured Loan Broker for
UK Homeowners offering homeowner and secured loans for any
purpose who ensure that their customers get the best homeowner
loan deal.
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=212294&ca=Finances
If you have had problems with credit in the past and have tried
to get a personal loan then you have probably found yourself
being turned down time after time. If this is the situation you
are in then applying for an adverse credit homeowner loan could
be the answer to your problems. A loan of this type can be taken
out for almost any reason and the repayments can be extended
over many years.
You do have to choose your loan carefully as while there are
now many lenders that will offer adverse credit loans, these
usually come with very high rates of interest. However by taking
out a secured loan you are able to lower the rates of interest,
the downside is that you will have to put up your home against
the amount that you wish to borrow as collateral.
One of the easiest ways of getting access to the whole of the
market place and of being sure of getting the cheapest rates of
interest and the best deal is to go online with a specialist
website. A specialist website will be able to search around on
your behalf with the top UK lenders and then deliver the best
deals to you along with the key facts so that you can read what
the loan entails.
The key facts hold the small print of the loan and this will
tell you of any costs which could be added onto the loan along
with the rate of interest you will pay, how much interest will
be added on and how much the total loan will cost. It is
essential that you do not just compare the APR of the loan but
also the terms and conditions because this can make a huge
difference to the loan and for a clear picture you need to make
good use of all this information. Loan protection can be added
onto the cost of the loan without you realising it, although
many lenders have now changed their ways and offer it but do not
add it, it would be wise to check your loan.
An adverse credit homeowner loan means that you will put up
your home as security against the money you are going to borrow
and because of this the rate of interest will usually be lower.
However due to this your home will be at risk until you have
paid off the loan so it is essential that you make sure you can
afford the loan repayments and have taken into account that
circumstances might change. The amount of money you are able to
borrow on a homeowner loan will depend on the amount of equity
that is in your home. The equity is worked out by taking the
value of your home and then deducting what is left outstanding
on your mortgage, so the more of your mortgage you have paid
off, the more equity you will have to borrow on. Some lenders
will allow you to borrow up to 125% of the equity but for this
you can expect the rate of interest to be high.
About the Author: Louis Rix is Director of Netloans Ltd
(http://www.netloans.co.uk), a leading Secured Loan Broker for
UK Homeowners offering homeowner and secured loans for any
purpose who ensure that their customers get the best homeowner
loan deal.
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=212294&ca=Finances
UK Mortgages For The First Time Buyer
By Michael Sterios
With the cost of houses and property continuing to rise, UK
mortgages are also becoming more expensive. For first-time
buyers, this is more of a problem than for those already on the
property ladder. With the average cost of a new home now almost
£200,000, it’s almost becoming an impossibility to get your
first mortgage.
Thankfully, there are options available to you, as well as
numerous companies who specialise in this particular market.
From helping you find the best type of mortgage in the UK for
first time buyers to explaining the different interest rates and
charges, taking the first step onto the property ladder can be a
little more realistic.
Where to Start
The first thing you need to do is decide how much you can
afford, and then take it from there. One of the best features of
UK mortgages compared to other countries is that there are a
host of different ways specifically to help you buy your first
home.
100% Mortgage
For example, you can take out what’s known as 100% mortgage.
This can make a huge difference in being able to afford your own
home if you’re a first time buyer. With a 5% deposit on a
£200,000 home costing a minimum £10,000, it can allow you to buy
a better home than you might have been looking at.
However, you do need to be careful, since 100% mortgages tend
to come with a higher interest rate than ones where you pay a
deposit. They can also be more difficult to get, due to
increased credit checks.
Shared Ownership
Another option is to look at shared ownership – this is where
you can buy a home with a friend and share the costs. The
benefit of this is that you can both get on the property ladder,
although make sure you both sign an agreement for what happens
should one of you want to sell their half.
Guarantor Mortgage
This is a particularly useful option for a younger person
looking to buy his or her own home. Many banks and lenders will
now allow a parent or guardian to “co-sign” the mortgage as a
guarantor. This means that if the homeowner can’t meet the
mortgage payment, the guarantor will meet it instead. Not only
does this help satisfy the lender, it may also let the buyer
afford a more valuable property. However, these can be risky,
since if the guarantor ends up having to pay the mortgage, it
could strain whatever relationship they have with the buyer.
Graduate and Professional Mortgages
Another type of mortgage fairly unique to the UK is this one,
and it offers an excellent opportunity to anyone who has either
just graduated from University, or is employed in a certain
profession. Since a University graduate will normally have a
large amount of debt, it can be hard for them to get a mortgage.
However, lenders are of the opinion that a graduate will be able
to find a high-paying job, so they will overlook any debt and
allow a graduate mortgage.
A professional mortgage is similar, in that banks are far more
likely to give you a mortgage if you have a certain job.
Professions such as lawyers or doctors are known to see large
initial wage increases, and this helps in getting a mortgage
approved.
There are many more UK mortgage methods available for first
time buyers, including state help. For all the options available
to you, a specialist mortgage advisor will be able to help you
find the package that’s best for you.
About the Author: Michael Sterios is a writer for
http://www.ukmortgagesource.co.uk
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=215386&ca=Finances
With the cost of houses and property continuing to rise, UK
mortgages are also becoming more expensive. For first-time
buyers, this is more of a problem than for those already on the
property ladder. With the average cost of a new home now almost
£200,000, it’s almost becoming an impossibility to get your
first mortgage.
Thankfully, there are options available to you, as well as
numerous companies who specialise in this particular market.
From helping you find the best type of mortgage in the UK for
first time buyers to explaining the different interest rates and
charges, taking the first step onto the property ladder can be a
little more realistic.
Where to Start
The first thing you need to do is decide how much you can
afford, and then take it from there. One of the best features of
UK mortgages compared to other countries is that there are a
host of different ways specifically to help you buy your first
home.
100% Mortgage
For example, you can take out what’s known as 100% mortgage.
This can make a huge difference in being able to afford your own
home if you’re a first time buyer. With a 5% deposit on a
£200,000 home costing a minimum £10,000, it can allow you to buy
a better home than you might have been looking at.
However, you do need to be careful, since 100% mortgages tend
to come with a higher interest rate than ones where you pay a
deposit. They can also be more difficult to get, due to
increased credit checks.
Shared Ownership
Another option is to look at shared ownership – this is where
you can buy a home with a friend and share the costs. The
benefit of this is that you can both get on the property ladder,
although make sure you both sign an agreement for what happens
should one of you want to sell their half.
Guarantor Mortgage
This is a particularly useful option for a younger person
looking to buy his or her own home. Many banks and lenders will
now allow a parent or guardian to “co-sign” the mortgage as a
guarantor. This means that if the homeowner can’t meet the
mortgage payment, the guarantor will meet it instead. Not only
does this help satisfy the lender, it may also let the buyer
afford a more valuable property. However, these can be risky,
since if the guarantor ends up having to pay the mortgage, it
could strain whatever relationship they have with the buyer.
Graduate and Professional Mortgages
Another type of mortgage fairly unique to the UK is this one,
and it offers an excellent opportunity to anyone who has either
just graduated from University, or is employed in a certain
profession. Since a University graduate will normally have a
large amount of debt, it can be hard for them to get a mortgage.
However, lenders are of the opinion that a graduate will be able
to find a high-paying job, so they will overlook any debt and
allow a graduate mortgage.
A professional mortgage is similar, in that banks are far more
likely to give you a mortgage if you have a certain job.
Professions such as lawyers or doctors are known to see large
initial wage increases, and this helps in getting a mortgage
approved.
There are many more UK mortgage methods available for first
time buyers, including state help. For all the options available
to you, a specialist mortgage advisor will be able to help you
find the package that’s best for you.
About the Author: Michael Sterios is a writer for
http://www.ukmortgagesource.co.uk
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=215386&ca=Finances
Some Of The Best Mortgage Deals Can Be Found Online
By Jason Hulott1
Forget about taking out a mortgage with the high street lender.
A far better and effective way to get the best mortgage deals is
by going online with a specialist website. By doing so you will
be able to compare mortgages from some of the top UK lenders so
you can be sure you have the cheapest rates of interest.
However there is more to the best mortgage deals than just
comparing the rates of interest. There are many other factors
that you have to take into account. There are various costs that
can be associated with a mortgage and you have to take all of
these into account when looking for and comparing the best
deals.
The first thing you have to consider is the arraignment fee for
the mortgage. This can vary greatly and is added on to cover the
cost of arraigning the mortgage for you. The lenders can add on
somewhere between £100 and £300 and you are expected to pay this
when you have completed the mortgage. Some lenders will call
this fee an administration fee or set up fee, so compare this
charge as you compare interest rates.
A valuation fee can also be charged and must be considered when
comparing the best mortgage deals. This fee is to cover having
your home valued so the lender can make sure that it is worth
the amount that you are asking to borrow. It is a way of the
lender protecting themselves against you not being able to pay
the loan.
The majority of mortgage lenders will add on an early
redemption fee or penalty. This means that if you decide to move
your mortgage within a specific amount of time you will have to
pay a penalty. The actual amount can vary considerably so again
take this into account when looking for the best mortgage deals.
Some of the lenders will attach an application fee but as there
is so much competition in the market to get you to take out a
mortgage, this has for the most part been abolished. However it
is worth checking to make sure that this fee has not been
attached.
All of the above are ways that lenders can boost up the cost of
what could be seen to be the best mortgage deals. The fees are
usually found in the small print of the loan and if you shop
with a specialist website for the quotes should come in the key
facts. It is essential you compare these as the fees themselves
and the amount charged does vary considerably. Of course these
are the hidden or additional costs that are added on and you
also have to compare the rates of interest and different types
of mortgage.
With the lenders being so competitive when it comes to offering
the best mortgage deals you can sometimes find that some of the
fees such as the valuation fee is waived. So it is worthwhile
shopping around and comparing the hidden costs to determine
which mortgage offers the best deal.
About the Author: Jason Hulott is Business Development Director
at UK Mortgages service, PolarMortgages
(http://www.polarmortgages.co.uk). Visit Polar Mortgages now for
more information about UK mortgages and remortgages.
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=215088&ca=Finances
Forget about taking out a mortgage with the high street lender.
A far better and effective way to get the best mortgage deals is
by going online with a specialist website. By doing so you will
be able to compare mortgages from some of the top UK lenders so
you can be sure you have the cheapest rates of interest.
However there is more to the best mortgage deals than just
comparing the rates of interest. There are many other factors
that you have to take into account. There are various costs that
can be associated with a mortgage and you have to take all of
these into account when looking for and comparing the best
deals.
The first thing you have to consider is the arraignment fee for
the mortgage. This can vary greatly and is added on to cover the
cost of arraigning the mortgage for you. The lenders can add on
somewhere between £100 and £300 and you are expected to pay this
when you have completed the mortgage. Some lenders will call
this fee an administration fee or set up fee, so compare this
charge as you compare interest rates.
A valuation fee can also be charged and must be considered when
comparing the best mortgage deals. This fee is to cover having
your home valued so the lender can make sure that it is worth
the amount that you are asking to borrow. It is a way of the
lender protecting themselves against you not being able to pay
the loan.
The majority of mortgage lenders will add on an early
redemption fee or penalty. This means that if you decide to move
your mortgage within a specific amount of time you will have to
pay a penalty. The actual amount can vary considerably so again
take this into account when looking for the best mortgage deals.
Some of the lenders will attach an application fee but as there
is so much competition in the market to get you to take out a
mortgage, this has for the most part been abolished. However it
is worth checking to make sure that this fee has not been
attached.
All of the above are ways that lenders can boost up the cost of
what could be seen to be the best mortgage deals. The fees are
usually found in the small print of the loan and if you shop
with a specialist website for the quotes should come in the key
facts. It is essential you compare these as the fees themselves
and the amount charged does vary considerably. Of course these
are the hidden or additional costs that are added on and you
also have to compare the rates of interest and different types
of mortgage.
With the lenders being so competitive when it comes to offering
the best mortgage deals you can sometimes find that some of the
fees such as the valuation fee is waived. So it is worthwhile
shopping around and comparing the hidden costs to determine
which mortgage offers the best deal.
About the Author: Jason Hulott is Business Development Director
at UK Mortgages service, PolarMortgages
(http://www.polarmortgages.co.uk). Visit Polar Mortgages now for
more information about UK mortgages and remortgages.
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=215088&ca=Finances
Monday 21 January 2008
Best way To Pay Off your Home Loan Mortgage In 5years or Less?
By Nelson Smith
I can talk from experiance because when l was 23 my goal was to pay off my mortgage in 5 years the amount at the time was $60,000 dollars which was taken up a large percentage of my income at that time.
This goal wasn't going to be easy because my income wasn't that great so the only way l could pay it off was by getting additional work.
My plan was to save $1000 dollars extra a month which l paid off my mortgage at the end of the year you do this because interest is calculated on the amount you owe at the end of the financial year so your payments will be reduced.
We did have to pay a small sum to the mortgage company for admin costs you just need to check not all do so if you see my plan you need to cover all your general outgoings and still find the additional money to pay of your mortgage in your own time frame so if you do the sums it works out.
$1000x12month=$12000x5years = $60,000 But what you got to remember your mortgage payment will reduce after year one so that extra money can go on bring the loan payments faster so this is the best way to pay off your home loan mortgage.
Just remember it take's planning and patience and determination to stick with it you can do it if, l can you can then when you pay off that mortgage buy another property and rent it out and create passive income for your old age.
I can talk from experiance because when l was 23 my goal was to pay off my mortgage in 5 years the amount at the time was $60,000 dollars which was taken up a large percentage of my income at that time.
This goal wasn't going to be easy because my income wasn't that great so the only way l could pay it off was by getting additional work.
My plan was to save $1000 dollars extra a month which l paid off my mortgage at the end of the year you do this because interest is calculated on the amount you owe at the end of the financial year so your payments will be reduced.
We did have to pay a small sum to the mortgage company for admin costs you just need to check not all do so if you see my plan you need to cover all your general outgoings and still find the additional money to pay of your mortgage in your own time frame so if you do the sums it works out.
$1000x12month=$12000x5years = $60,000 But what you got to remember your mortgage payment will reduce after year one so that extra money can go on bring the loan payments faster so this is the best way to pay off your home loan mortgage.
Just remember it take's planning and patience and determination to stick with it you can do it if, l can you can then when you pay off that mortgage buy another property and rent it out and create passive income for your old age.
Tuesday 15 January 2008
basic types mortgages adjustable rate mortgage fixed rate mortgage interest only mortgage
By Nelson Smith
Fixed RateMortgage
The two basic types of loans are the fixed rate mortgage and adjustable rate mortgage.Fixed rate mortgage can be fixed over set period of time.You need to take into consideration if interest rate's go up over that period you need to budget the extra funds for that has well.The downside to a fixed rate is if interest rates go down you could be paying more than you should for your mortgage.
Adjustable Rate Mortgage
adjustable rate mortgage means that when you decide on a adjustable rate mortgage it could go up and it can go down with interest rise's.If you are on a tight budget l would advise either a interest only mortgage or the adjustable rate mortgage.This is a decison you can make when you decide to take out a mortgage deal for your property.
Interest Only Mortgage
interest only mortgage have there place l personally only go for this type of mortgage because it is a cheaper way and you get lower payment's.However in saying this you must have way of paying this mortgage off because you only pay the interst on the loan nothing else so if you borrow $100,000 dollars over what term you decide you will still owe that amount if you don't have a way of paying it back.This is a good method if you plan on buying property under value and selling it on in a fe years the profit is in the property and you haven't paid the earth for the loan.
l found this budget calculator for your bills take a look it free to use l hope you find it usefull this is the link
Fixed RateMortgage
The two basic types of loans are the fixed rate mortgage and adjustable rate mortgage.Fixed rate mortgage can be fixed over set period of time.You need to take into consideration if interest rate's go up over that period you need to budget the extra funds for that has well.The downside to a fixed rate is if interest rates go down you could be paying more than you should for your mortgage.
Adjustable Rate Mortgage
adjustable rate mortgage means that when you decide on a adjustable rate mortgage it could go up and it can go down with interest rise's.If you are on a tight budget l would advise either a interest only mortgage or the adjustable rate mortgage.This is a decison you can make when you decide to take out a mortgage deal for your property.
Interest Only Mortgage
interest only mortgage have there place l personally only go for this type of mortgage because it is a cheaper way and you get lower payment's.However in saying this you must have way of paying this mortgage off because you only pay the interst on the loan nothing else so if you borrow $100,000 dollars over what term you decide you will still owe that amount if you don't have a way of paying it back.This is a good method if you plan on buying property under value and selling it on in a fe years the profit is in the property and you haven't paid the earth for the loan.
l found this budget calculator for your bills take a look it free to use l hope you find it usefull this is the link
Monday 14 January 2008
Mortgage checklist
By Nelson Smith
When apply for a home mortgage be sure to consider each of the following options for your mortgage checklist.
1 Be clear on the type of mortgage vehical.Do you want to pay the loan quickly or do you want to keep monthly payment low.This is where you might want to consider a interest only mortgage or a varible rate mortgage is were you pay over a period of time.Interest only mortgage you only pay back interest on the loan borrowed.Make sure you shop around for the best deal.There are loads of comparison site's on the internet for loans and mortgage's.
2 Next big one to consider is your solicitor ask about fee's and get general feedback from previous customer's.Don't just jump in on the first quote but don't just go for the cheapest either sometimes it doesn't pay.
3 You will need to consider the type of survey,s there are a full survey and a bank will also do a basic survey on the property you intend to buy l must make you aware this is only a basic survey.This will depend on your budget and the value of the property you are considering buying.I would alway's recommend you have a full survey from my own experiance with property,s but at the end of the day you make the choose to suit your own pocket.
4 The last one is to make sure you have a good insurance policy for your property and possestion's.You can go to comparison site's to compare different deals that are on the table.Make sure you work out your true value of your possestion's most people don't invest enough time in this area.When they go to claim they find they have underestimated the value of the rebuild and content's of the property.
5 Last thing make sure you have at least enough money to cover your first month's mortgage and fee's very important.Most people forget to plan these things and get themselfs into debt l hope this mortgage checklist has been a help.
When apply for a home mortgage be sure to consider each of the following options for your mortgage checklist.
1 Be clear on the type of mortgage vehical.Do you want to pay the loan quickly or do you want to keep monthly payment low.This is where you might want to consider a interest only mortgage or a varible rate mortgage is were you pay over a period of time.Interest only mortgage you only pay back interest on the loan borrowed.Make sure you shop around for the best deal.There are loads of comparison site's on the internet for loans and mortgage's.
2 Next big one to consider is your solicitor ask about fee's and get general feedback from previous customer's.Don't just jump in on the first quote but don't just go for the cheapest either sometimes it doesn't pay.
3 You will need to consider the type of survey,s there are a full survey and a bank will also do a basic survey on the property you intend to buy l must make you aware this is only a basic survey.This will depend on your budget and the value of the property you are considering buying.I would alway's recommend you have a full survey from my own experiance with property,s but at the end of the day you make the choose to suit your own pocket.
4 The last one is to make sure you have a good insurance policy for your property and possestion's.You can go to comparison site's to compare different deals that are on the table.Make sure you work out your true value of your possestion's most people don't invest enough time in this area.When they go to claim they find they have underestimated the value of the rebuild and content's of the property.
5 Last thing make sure you have at least enough money to cover your first month's mortgage and fee's very important.Most people forget to plan these things and get themselfs into debt l hope this mortgage checklist has been a help.
Friday 11 January 2008
best way to pay off loan interest
Fed's Mishkin says rate cuts 'unlikely' to raise inflation threat Forbes. For example, suppose you have a $200,000, 30-year payment-option ARM with a 2% rate for the first 3 months and a 6% rate for the remaining 9 months of the year.
However, once the 6% rate is applied to your loan balance, you are no longer covering the interest costs. Because payment caps limit only the amount of payment increases, and not interest-rate increases, payments sometimes do not cover all the interest due on your loan.
This can make some people think that even if the rate and payments on their ARM get too high, they can avoid those higher payments by refinancing their loan or, in the worst case, selling their home.
Also you may find it difficult to refinance your loan to get a lower monthly payment or rate. If you get an ARM, you may decide later that you don't want to risk any increases in the interest rate and payment amount. For example, suppose you have a 3/1 ARM with an initial rate of 6%. Sometimes there is a trade-off between having a prepayment penalty and having lower origination fees or lower interest rates.
The resources of the Federal Savings and Loan Insurance Corporation have been exhausted. Recent profit downgrades by US banks with investments linked to subprime loans have worsened the crisis by making lenders less willing to provide credit.
In remarks at the White House, Bush said he would work to "modernize and improve" the Federal Housing Administration "by lowering downpayment requirements, by increasing loan limits and providing more flexibility in pricing.
24 hours After appearing immune to the turmoil engulfing the mortgage market in the United States, China suffered its first serious setback Friday from exposure to subprime loans. Banking experts remain confident that any losses arising from subprime loans suffered by Bank of China, the Chinese bank with the biggest exposure to foreign markets, were unlikely to seriously jeopardize its financial performance.
Payment-option ARMs have a built-in recalculation period, usually every 5 years. ARMs may start with lower monthly payments than fixed-rate mortgages, but keep the following in mind: Your monthly payments could change.
Your payments may not go down much, or at all even if interest rates go down you could end up owing more money than you borrowed even if you make all your payments on time.
If you want to pay off your ARM early to avoid higher payments, you might have to pay a penalty. With an ARM, the interest rate changes periodically, usually in relation to an index, and payments may go up or down accordingly. To compare two ARMs with each other or to compare an ARM with a fixed-rate mortgage, you need to know about indexes, margins, discounts, caps on rates and payments, negative amortization, payment options, and recasting (recalculating) your loan.
However, once the 6% rate is applied to your loan balance, you are no longer covering the interest costs. Because payment caps limit only the amount of payment increases, and not interest-rate increases, payments sometimes do not cover all the interest due on your loan.
This can make some people think that even if the rate and payments on their ARM get too high, they can avoid those higher payments by refinancing their loan or, in the worst case, selling their home.
Also you may find it difficult to refinance your loan to get a lower monthly payment or rate. If you get an ARM, you may decide later that you don't want to risk any increases in the interest rate and payment amount. For example, suppose you have a 3/1 ARM with an initial rate of 6%. Sometimes there is a trade-off between having a prepayment penalty and having lower origination fees or lower interest rates.
The resources of the Federal Savings and Loan Insurance Corporation have been exhausted. Recent profit downgrades by US banks with investments linked to subprime loans have worsened the crisis by making lenders less willing to provide credit.
In remarks at the White House, Bush said he would work to "modernize and improve" the Federal Housing Administration "by lowering downpayment requirements, by increasing loan limits and providing more flexibility in pricing.
24 hours After appearing immune to the turmoil engulfing the mortgage market in the United States, China suffered its first serious setback Friday from exposure to subprime loans. Banking experts remain confident that any losses arising from subprime loans suffered by Bank of China, the Chinese bank with the biggest exposure to foreign markets, were unlikely to seriously jeopardize its financial performance.
Payment-option ARMs have a built-in recalculation period, usually every 5 years. ARMs may start with lower monthly payments than fixed-rate mortgages, but keep the following in mind: Your monthly payments could change.
Your payments may not go down much, or at all even if interest rates go down you could end up owing more money than you borrowed even if you make all your payments on time.
If you want to pay off your ARM early to avoid higher payments, you might have to pay a penalty. With an ARM, the interest rate changes periodically, usually in relation to an index, and payments may go up or down accordingly. To compare two ARMs with each other or to compare an ARM with a fixed-rate mortgage, you need to know about indexes, margins, discounts, caps on rates and payments, negative amortization, payment options, and recasting (recalculating) your loan.
How l paid my own mortgage off in five years or less
How l paid my own mortgage off in five years or less
How l paid my own mortgage off in five years or less.This is a step by step plan on how l paid my own mortgage off in five years or less l can still remember the exact day that l decided to pay my mortgage off.
This was the day when jim rohn was talking on a tape in the back ground talking about goal setting and he stated some facts that got my attention he stated that 97% of the nation didn't set any goals at all.This got me thinking because my present position at that time was pennies in the pocket creditors calling,something had to change to enable me to pay off my mortgage.
So that night i decided there and then to put together a action plan on how to pay my mortgage off at that time i had a $60.000 dollar loan.My own finances were not in good shape my out going at that time were greater than my incoming at that time.So if you were thinking l was in a good starting position at that time you couldn't be further from the truth.
That night my wife and l worked out a plan on how much money was needed to enable us to pay off our mortgage in five years or less.After doinging all our sums it worked out we need to find a additional $10.000 dollars a year.This was going tobe a tall order for myself and my wife we didn't have any children at this time.
We wrote down all our expenses looking into all area's of our finances to enable us to find this extra $500 dollars a month.It worked out that we found $300 dollars in cutting back on things we didn't need such as takeaways'holidays,clothes,you get the idea.We still needed to find a extra $200 dollars a month in order for us to achieve this goal we both worked so we fiqured out we need to get another source of income.
We started a carpet cleaning business we brought a carpet cleaning machine and l would go cold calling for business why am telling you this bit you need to keep to your goal what ever comes in your way to enable you to achieve paying your mortgage in five years or less.so the plan is this
1 set out a plan
2 reduce your expenditure
3find extra income if you need to
4 pay off your mortgage at the end of your financial year
5 repeat this process untill you reach your goal.
How l paid my own mortgage off in five years or less.This is a step by step plan on how l paid my own mortgage off in five years or less l can still remember the exact day that l decided to pay my mortgage off.
This was the day when jim rohn was talking on a tape in the back ground talking about goal setting and he stated some facts that got my attention he stated that 97% of the nation didn't set any goals at all.This got me thinking because my present position at that time was pennies in the pocket creditors calling,something had to change to enable me to pay off my mortgage.
So that night i decided there and then to put together a action plan on how to pay my mortgage off at that time i had a $60.000 dollar loan.My own finances were not in good shape my out going at that time were greater than my incoming at that time.So if you were thinking l was in a good starting position at that time you couldn't be further from the truth.
That night my wife and l worked out a plan on how much money was needed to enable us to pay off our mortgage in five years or less.After doinging all our sums it worked out we need to find a additional $10.000 dollars a year.This was going tobe a tall order for myself and my wife we didn't have any children at this time.
We wrote down all our expenses looking into all area's of our finances to enable us to find this extra $500 dollars a month.It worked out that we found $300 dollars in cutting back on things we didn't need such as takeaways'holidays,clothes,you get the idea.We still needed to find a extra $200 dollars a month in order for us to achieve this goal we both worked so we fiqured out we need to get another source of income.
We started a carpet cleaning business we brought a carpet cleaning machine and l would go cold calling for business why am telling you this bit you need to keep to your goal what ever comes in your way to enable you to achieve paying your mortgage in five years or less.so the plan is this
1 set out a plan
2 reduce your expenditure
3find extra income if you need to
4 pay off your mortgage at the end of your financial year
5 repeat this process untill you reach your goal.
Thursday 10 January 2008
How To Pay Off Your Mortgage 2x As Fast
By Ben Schmitt
Want to have a mortgage free life?
There is a simple way to pay off your mortgage, save tons of interest, and it's easy to do.
See, right now, the majority of your mortgage payment is going to interest. To pay off your mortgage you will need to make sure your payment is going to the principle.
If you lower the principle on your mortgage now, instead of throughout the duration of the term, you will save tons of money and pay off your mortgage at lightening speed. You are going to have to pay that principle one way or another, but why pay all the interest with it?
But when and how often?
To successfully pay off your mortgage 2x as fast pay the principle... each month.
Simply pay a little extra money with your mortgage payment each month.
Paying off your mortgage early is really like making an investment. No, you do not ever get the money back directly, but you will reap the rewards later... in interest savings and debt free living.
BUT, HOW MUCH EXTRA DO YOU PAY?
You do not want to pay more than you have to, but you do want to pay off your mortgage as fast as possible. The easiest method to pay off your mortgage early this way is to simply calculate 3-4% of your monthly mortgage payment. That 3-4% will then become the amount of extra money that pays off your mortgage early. It's your principle payment.
To do this all you have to do is take an extra check of whatever 3-4% happens to be, and make a note to your bank that you want the additional money applied to the principle on the loan.
This should not put too much extra stress on you, but it will help you to pay off your mortgage MUCH faster.
WARNING: you must write 'for prepaid principle' on the extra check. If you do not the bank will just count it towards next month's mortgage payment and you won't pay off your mortgage ANY faster.
Come join our Insider's Mortgage Blog and finally... learn how to beat the bank. By the way, it's free: [http://payoffmortgageearly-saveinterest.blogspot.com/]payoffmortgageearly-saveinterest.blogspot.com
Email Ben personally [mailto:benjschmitt@yahoo.com]benjschmitt@yahoo.com
OR
Call him at 970 388 1404
Article Source: http://EzineArticles.com/?expert=Ben_Schmitt http://EzineArticles.com/?How-To-Pay-Off-Your-Mortgage-2x-As-Fast&id=791464
Want to have a mortgage free life?
There is a simple way to pay off your mortgage, save tons of interest, and it's easy to do.
See, right now, the majority of your mortgage payment is going to interest. To pay off your mortgage you will need to make sure your payment is going to the principle.
If you lower the principle on your mortgage now, instead of throughout the duration of the term, you will save tons of money and pay off your mortgage at lightening speed. You are going to have to pay that principle one way or another, but why pay all the interest with it?
But when and how often?
To successfully pay off your mortgage 2x as fast pay the principle... each month.
Simply pay a little extra money with your mortgage payment each month.
Paying off your mortgage early is really like making an investment. No, you do not ever get the money back directly, but you will reap the rewards later... in interest savings and debt free living.
BUT, HOW MUCH EXTRA DO YOU PAY?
You do not want to pay more than you have to, but you do want to pay off your mortgage as fast as possible. The easiest method to pay off your mortgage early this way is to simply calculate 3-4% of your monthly mortgage payment. That 3-4% will then become the amount of extra money that pays off your mortgage early. It's your principle payment.
To do this all you have to do is take an extra check of whatever 3-4% happens to be, and make a note to your bank that you want the additional money applied to the principle on the loan.
This should not put too much extra stress on you, but it will help you to pay off your mortgage MUCH faster.
WARNING: you must write 'for prepaid principle' on the extra check. If you do not the bank will just count it towards next month's mortgage payment and you won't pay off your mortgage ANY faster.
Come join our Insider's Mortgage Blog and finally... learn how to beat the bank. By the way, it's free: [http://payoffmortgageearly-saveinterest.blogspot.com/]payoffmortgageearly-saveinterest.blogspot.com
Email Ben personally [mailto:benjschmitt@yahoo.com]benjschmitt@yahoo.com
OR
Call him at 970 388 1404
Article Source: http://EzineArticles.com/?expert=Ben_Schmitt http://EzineArticles.com/?How-To-Pay-Off-Your-Mortgage-2x-As-Fast&id=791464
Wednesday 2 January 2008
Mortgage Refinance Your Way Out Of Debt
By Rony Walker
Mounting credit card debts with their high interest rates
places the borrower in a financial mess. If you have an existing
mortgage, get a mortgage refinance to pay all your debts and
have more money left over for your monthly bills and other home
expenses. But how do you know if you are getting the best deal?
What is Mortgage Refinance?
Mortgage refinance is simply replacing an existing loan with a
new loan using the same assets as security. In most cases, this
kind of loan is secured with a real estate property, like your
home or other properties that will be approved by the creditor.
Generally, this type of refinancing is specifically for home
mortgages.
Does It Make Sense to Refinance?
Here are three questions you need to answer to determine if you
need another loan:
1. Are you seeking to loosen your monthly cash flow?
2. Are you trying to reduce your loan term?
3. Do you need to get cash from the equity of your home?
Taking out cash from the equity of home can be a sensible move
to pay off your debt and improve cash flow. But be aware that it
is more expensive to take the cash-out, compared to getting a
mortgage refinancing. Agents will be pushing for a cash-out
instead of refinancing your asset because they’ll be getting
more commissions.
Mortgage Refinance to Pay Off Debts
The average American household will have nine credit cards and
it is not surprising that many credit card holders have exceeded
their borrowing limits. The different credit cards have
different interest rates and the payments are demanded monthly
like clockwork. Should a payment be delayed or neglected,
interest rates will soar.
The consolidation of these credit card loans into one loan is
seen as a practical solution. There are advantages from a
mortgage refinance when you want to lower your monthly bills and
pay off your debts at the same time. To make sure that you pay
your debts, you can do the following:
1. Get all your credit cards and review the outstanding
balances of each credit card.
2. List the total balances and arrange them according to
amounts, from the lowest to the highest balance amount.
3. Start paying the smaller balances and working your way up to
the top of the list.
4. Debit other credit card balances when you pay off the loans.
5. Stick to your budget.
Are You Getting the Best Deal?
As a rule, your mortgage refinance should be able to save you
money. If you have a 30-year loan and have been paying it for 10
years, you have the option to refinance. You can shorten the
payment period to 10 or 20 years. This move will save money in
the thousands in interests alone.
You can still have the same monthly payment because your
refinance rate is now lower and your payment period shorter. You
are also building your home equity faster. Before you take out a
mortgage refinance program, shop for the best deal by comparing
interest rates.
About the Author: A mortgage refinance
(http://www.whataboutloans.com/mortgage/mortgage-refinance-loans.html/)
can help you in more ways other than just paying off your credit
card debts. Check out the latest mortgage rates
(http://www.whataboutloans.com/mortgage/mortgage-rates.html/)
with the free online mortgage calculator
(http://http://www.whataboutloans.com/tools/mortgage-calculator.html/)
and get fast results. For more information, visit
http://WhatAboutLoans.com today.
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=203833&ca=Finances
Mounting credit card debts with their high interest rates
places the borrower in a financial mess. If you have an existing
mortgage, get a mortgage refinance to pay all your debts and
have more money left over for your monthly bills and other home
expenses. But how do you know if you are getting the best deal?
What is Mortgage Refinance?
Mortgage refinance is simply replacing an existing loan with a
new loan using the same assets as security. In most cases, this
kind of loan is secured with a real estate property, like your
home or other properties that will be approved by the creditor.
Generally, this type of refinancing is specifically for home
mortgages.
Does It Make Sense to Refinance?
Here are three questions you need to answer to determine if you
need another loan:
1. Are you seeking to loosen your monthly cash flow?
2. Are you trying to reduce your loan term?
3. Do you need to get cash from the equity of your home?
Taking out cash from the equity of home can be a sensible move
to pay off your debt and improve cash flow. But be aware that it
is more expensive to take the cash-out, compared to getting a
mortgage refinancing. Agents will be pushing for a cash-out
instead of refinancing your asset because they’ll be getting
more commissions.
Mortgage Refinance to Pay Off Debts
The average American household will have nine credit cards and
it is not surprising that many credit card holders have exceeded
their borrowing limits. The different credit cards have
different interest rates and the payments are demanded monthly
like clockwork. Should a payment be delayed or neglected,
interest rates will soar.
The consolidation of these credit card loans into one loan is
seen as a practical solution. There are advantages from a
mortgage refinance when you want to lower your monthly bills and
pay off your debts at the same time. To make sure that you pay
your debts, you can do the following:
1. Get all your credit cards and review the outstanding
balances of each credit card.
2. List the total balances and arrange them according to
amounts, from the lowest to the highest balance amount.
3. Start paying the smaller balances and working your way up to
the top of the list.
4. Debit other credit card balances when you pay off the loans.
5. Stick to your budget.
Are You Getting the Best Deal?
As a rule, your mortgage refinance should be able to save you
money. If you have a 30-year loan and have been paying it for 10
years, you have the option to refinance. You can shorten the
payment period to 10 or 20 years. This move will save money in
the thousands in interests alone.
You can still have the same monthly payment because your
refinance rate is now lower and your payment period shorter. You
are also building your home equity faster. Before you take out a
mortgage refinance program, shop for the best deal by comparing
interest rates.
About the Author: A mortgage refinance
(http://www.whataboutloans.com/mortgage/mortgage-refinance-loans.html/)
can help you in more ways other than just paying off your credit
card debts. Check out the latest mortgage rates
(http://www.whataboutloans.com/mortgage/mortgage-rates.html/)
with the free online mortgage calculator
(http://http://www.whataboutloans.com/tools/mortgage-calculator.html/)
and get fast results. For more information, visit
http://WhatAboutLoans.com today.
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=203833&ca=Finances
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