August 9th, 2009 — Mortgage Loans
Mortgage and real estate are few of the popular industries in the US and so the chances of fraud are big news in America. In fact, the situation is so severe that the Obama administration has made investigation of these types of fraud a high priority. Although government is doing best at their end but you must have to have some precautionary measures too. Here’re few that can help you avoiding mortgage and or real estate fraud:
- Be cautious of any business that claims it is “sanctioned” or else affiliated with the federal government.
- Beware of any advertisement that states “lowest rates, lowest fees guaranteed etc”
- Avoid the businesses that charge you upfront fees and especially those are non refundable.
- DO gain yourself of free consultations with HUD approved housing counselors. These can and do include mortgage loan originators (loan officers) affiliated with mortgage brokers licensed to do government loans
- DO take advantage of referrals from friends, family, your realtor, accountants, attorneys, insurance agents, and any other source you feel is reliable.
- DO check out the business with both local and federal consumer protection agencies.
July 4th, 2009 — Home Buyer, Home Loans, Mortgage Loans
Owning a home is an ultimate wish of almost everyone, but for many home buyers and builders, getting a home may perhaps seem like a scary experience. Apart from being expensive, you might come across BIG words like realtors, agents, credit scores, home loans, pre-qualification letters, buyer loyalty agreements, sales agreements and so much more.
You must’ve heard people around you facing difficulty in approval for a mortgage loan. Loan applications are rejected left and right, and even those with good credit can’t seem to find a way through. I came across a 25 year old, having enormous 30% deposit cash in hand, still crying for not getting a mortgage! Things may seem depressing, but in reality it’s not as bad as it’s depicted. When properly guided, you may be closer to buying the home of your dreams than you can think.
All you need is to keep in mind that you follow these instructions:
- Do proper research
- Don’t forget to count your affordability
- Always remember the ‘three rule’: shop, evaluate & negotiate
With these three tips you can qualify for a mortgage loan without the fear of being rejected:
June 19th, 2009 — Mortgage Loans
Here goes the list:
- You get large amount of money at once, which can be used for any major expenditure or emergency situation you might have come across.
- Since the home ownership already belongs to you, this makes you easily qualify for a cash-out refinance loan.
- If you require cash-out refinancing to get rid of the debt without tax deductable interest, you may earn a few tax benefits in your favor.
- Cash-out refinancing is a double treat for you if you get to pay a lower interest rate than you are presently paying on your mortgage loan.
- With cash-out refinance loans you have to bear low interest rates as compared to home equity loans.
June 16th, 2009 — Mortgage Loans
A reverse mortgage is a mortgage loan made to older Americans who want to obtain equity from their homes in the form of cash. These loans are basically intended for retired people who may need the money to enhance retirement pensions, Social Security, or for medical purposes.
The advantage of such a loan is that of receiving a monthly tax-free income that is available for life or until the house is sold and the homeowner moves. The program of payments depends on the value of the home and the ages of the owners
June 14th, 2009 — Mortgage Loans
As the name tells, these loans are quite flexible in nature and adjust to the latest market trends. The best thing about such loans is that they are bendable to your situation. You can select the mortgage loan you require when interest rates are quite low and get it adjusted throughout the loan term.
ARM’s have interest rates that change according to financial indexes determined by the current market. This indicates your payments can rise or fall depending change in index. This may often lead to unsteady payments so the home buyer must be prepared in advance. If your financial situation forces you to choose this kind of loan, you don’t have to worry, you can always re-settle the terms or have mortgage refinancing later to get a much better deal.
June 11th, 2009 — Mortgage Loans
A fixed loan rate remains unchanged throughout the life of mortgage. The payments you make remain the same every month. This helps in making you organize your budget accordingly, giving you less worries. This loan is the safest kind of mortgage loans. A fixed rate loan involves the following:
- 30 Year Fixed Rate Mortgages (360 Installments)
- 15 Year Fixed Rate Mortgages (180 Installments)
- Biweekly Mortgages
- Convertible Mortgages
The traditional fixed loan rate may still be the best mortgage for your situation. One benefit of fixed loans is that you have to pay lower monthly payments, while providing for an unchanging monthly payment schedule. Many lenders may also offer 25, 20, to about 40 year term mortgages. But this can end you up paying more interest rate than usual.
