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Mortgage Information
More Articles from Mortgage Information: | | | | RELATED ARTICLES Mortgage Prepayment Penalties - Just Say No One of the most common terms found in a new home loan is a prepayment penalty. This type of penalty says that if the borrower pays off the loan early, commonly during the first five years of the loan, then the borrower will be responsible for paying an additional amount of money, typically about six months interest on 80% of the mortgage balance. Sub-prime market loans will typically carry prepayment penalties more than standard mortgage loans. Fortune 500 Budgeting For Our Personal Lives January and February are traditionally busy months in the financial industry as many New Years resolutions typically include the goal of becoming debt free or saving for a major purchase. While many of our clients understand the importance of getting professional help when managing their business bookkeeping, only a few think to ask for our services in managing their personal finances. Do You Need A Financial Planner No matter how much money you make, it pays to keep on top of money coming in and going out.Even if you do a good job of that, there are important times in your life when talking with a professional adviser makes sense. Drowning in Debt Tips and Tricks for Getting Out of Hot Water with Creditors Do you, like millions of other Americans, feel like you’re sinking in an ocean of credit card debt Well, fear not--there are many options for reducing your debt way before you have to be concerned about receiving notices or daunting telephone calls from debt collectors. The important thing to remember is to be proactive in handling your credit card debt. Unmanaged debt can ultimately lead to lawsuits, loss of property, and tarnished credit reports. Private Mortgage Insurance PMI If your down payment on a home is less than 20 percent of the appraised value or sale price, you must obtain private mortgage insurance, known as PMI, with your lender. This will enable you to obtain a mortgage with a lower down payment because your lender is now protected against any default on the loan. Making Room for Two: How to Adjust to Life with a Roommate Because downsizing is a fact of life these days, many renters and homeowners can, at a moments notice, find themselves unable to pay the rent or the mortgage. It suddenly becomes necessary to find a roommate - and fast. Bad Credit Qualify Yourself For A Zero Down Mortgage Loan I decided to write this article today after closing a home purchase loan for a couple that had some major credit issues.They got into the house with ZERO down payment, and only had to bring $600 for the closing costs.Their situation was pretty bad, I’m talking about a bankruptcy 2 years ago, thousands of dollars in outstanding collections, charge-offs and debt to income ratio of 49%.By the way, we left all of their outstanding charge-offs and collections open which means they didn’t have to pay any of them off!So many think they wont be able to qualify for a mortgage loan.Many will keep thinking they cant qualify until they read this article. How to Build a Real Estate Investing Power Team As you continue to read about real estate investing, you will no doubt come across the term power team. What is this power team A power team is a group of people without whom successful real estate investing becomes very difficult, if not impossible. Included in a power team are at least one real estate agent, a mortgage broker, and a real estate lawyer, all of whom will have experience in creative real estate investing. Choosing the Best Life Insurance Option for You Life insurance in is becoming more and more popular with many people now realizing the importance and the benefits of a good life insurance policy. There are two main types of popular life insurance, both of which offer a range of invaluable benefits to consumers. Total Cost of Credit vs Monthly Payment I read a press release the other day which points to the fact we need to be very careful with our finances. The subject of the release was home mortgages. A company was announcing the availability of 40 year mortgages for its customers. The stated purpose was to lower the monthly payments to make buying a home more affordable. Refinancing your home - How and why Chances are you may need a little extra money to get some work done around the home or perhaps your current interest rate is 7.5% and the prime interest rate is 6.0% there is a benefit to restart the clock on an existing mortgage and save thousands of dollars over the life of the loan. The first thing you must realize is that refinancing your home can also be tax deductible, meaning that you will receive an extra tax advantage for the closing costs associated with a refinancing no matter what the condition, even in bankruptcy! Real Estate Marketing for the “You” Generation Are you working in the real estate industry Are you a real estate agent, mortgage consultant, builder, real estate broker, appraiser, construction worker, etc Want Money You Got It! Six out of six people who were asked to list their highest priority in life said, "I want money". Maybe not in those exact words, but that was the gist of the request. Understand, when you ask the Universe for something the Universe must help provide it. All six of these people are getting exactly what they asked for. They are wanting money. The Three Largest Factors In Your Interest Rate There are three major factors that affect how much you pay for a loan.Understanding these factors can save you time, money and frustration. What is a Bridging Loan A bridging loan as the name implies is a loan used to “bridge” the financial gap between monies required for your new property completion prior to your existing property having been sold. Home loan applications made easy You have finally found the home of your dreams. You have searched all over and are ready to purchase it. Before you even make your offer you should seek out the financing first. In some cases, it is easier to have a pre-approval in hand before making any financial commitment through a contract. Why get your hopes up after you purchase the home when you can buy with assurance and wait by the settlement table. Before you can buy anything, you will need to get accepted by a reputable lender. There is much you will need to know, as this will be the largest purchase you will ever make. You will need to fill out a mortgage application first. Real Estate Remains A Strong Investment Opportunities to make big, quick profits in residential real estate tend to come and go in cycles.When a local market is hot, families may find it possible to buy a house at an attractive price, fix it up, and watch its value rise in just a few years. 5 Easy Ways to Save and Build Wealth 1. Pay off high-cost debt. The best investment most borrowers can make is to pay off consumer debt with double-digit interest rates. For example, if you have a $3,000 credit card balance at 19.8%, and you pay the required minimum balance of 2% of the balance or $15, whichever is greater, it will take 39 years to pay off the loan. And you will pay more than $10,000 in interest charges. Tax Reform, My Way We need real tax reform and we need it now. Previous attempts have been made at tax reform, but they have only provided band-aid solutions that have still left us with too many quirks, complication, and read tape. There are several things Congress could do to simply the tax system and benefit the taxpayers and federal budget at the same time. To Buy or Rent For Your College Student September always means Back To School, and for thousands of families it also signals Off To College. In addition, more and more young people are opting to continue their education with post-graduate studies. |
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