Just How Much Mortgage Can I Afford? [mortgagerefinance-101.blogspot.com]
Are you ready to buy your first home and are wanting to save for a deposit? Mortgage Choice will give you tips on how to save! www.mortgagechoice.com.au
The typical rule-of-thumb to answer this question is "one week's gross income". But because of the tax advantages of home ownership, its really higher than that. 31% of your annual gross income is a workable rule-of-thumb. So, if you have a household income of $ 100,000, then you can afford up to approximately $ 31,000 per year in monthly payments. Divided by 12 months per year, this is $ 2,583 per month.
The secret though, what the money merchants at the banks and mortgage companies don't want you to know, is that $ 2,583 per month must cover more than merely the repayment of the loan. This payment must cover
(1) the repayment of the principle amount of the loan, (2) the interest on the loan, (3) the real estate (i.e., ad valorem) taxes, (4) the homeowner's insurance, (5) any homeowner's association fees (if you live in a development with common elements, and (6) any escrow amounts the lender requires.
So let's look at this.
Assume your real estate taxes are (or would be) $ 250 per month and your homeowner's insurance is the same. That's $ 500 per month. Now assume you live in a development with common elements, with a payment of $ 100 per month. Now the total is $ 600 per month. We'll assume there are no more escrow funds to set aside.
The monthly total is $ 600 per month. You can afford $ 2,583 per month. $ 2,583 less $ 600 is $ 1,983 per month. Assuming a 4.5% mortgage, payable monthly over 30 years, then you can afford to borrow approximately $ 391,000. Remember, this is a fixed-rate mortgage. The interest rate does not vary over the life of the loan.
Another work of caution. Just because you can afford to borrow $ 391,000 does not mean you should borrow $ 391,000.
You probably also have some credit card debt, maybe a student loan (or two!) and every month brings emergencies you did not foresee. You also have your retirement goals to fund and maybe college educations to think about. It is, therefore, OK to borrow less than you can afford to pay back. Find More Just How Much Mortgage Can I Afford? Articles
How to Get a Mortgage Loan Modification [mortgagerefinance-101.blogspot.com]
www.bills.com Ethan Ewing, President of Bills.com provides advise and tips to get the best deal on your mortgage loan online. These days, getting a mortgage loan can seem overwhelming. It does not have to be complicated if you follow a few simple steps. Watch this video with Ethan Ewing, President of Bills.com, to learn about tips to get the best possible rate on your mortgage. Find more personal finance advice, services and information at bills.com
Homeowners are asking the question, how do I get a loan modification? The best way to get your current mortgage changed is thru your current lender. You need to let them know that you are getting behind on your bills, and that you want to learn more about the loan modification process.
The U.S. Government has over 75 billion dollars available to help homeowners who have fallen behind their mortgage payment and could be facing foreclosure, get a second chance at the original mortgage loan terms, and bring down the payments so that they can hold on to their property.
When you apply for the loan modification you will need to show that yes indeed you are having a problem paying your bills, and that you do want to find a way to hold on to your home and not go into foreclosure or even bankruptcy. Make sure you write a letter of hardship that explains your current situation and why you need the help.
The lender will be basing your new mortgage terms on how much you will be making in the future and how much you can afford to pay a month for the modified loan.
The theory is that it is better for someone that owns a home currently, and wants to stay there but is having financial shortfalls, is better than an empty property and a loan that went bad. That is why the money was put aside for the loan modification program. You will have to put in about the same amount of effort you did when you originally bought the house, but if you qualified the first time, chances are you will qualify again.
Take time to talk to your lender and let them know about your current financial situation. Make sure you do research on your end to better understand the paperwork they will need, and when you show that you have done your homework, you might be surprised at how simple the process really is.
Question by Bri up: How do Mortgage loan officers make their money? I'm getting a mortgage loan through a mortgage company but the guy that is giving me the loan seems a little bit to excited. How much money is he making off of the loan of 170,000 and what should I look out for? Best answer for How do Mortgage loan officers make their money?:
Answer by healthspot_2000 We are on commission only. He is making 1% on the front which is the origination which equals 1700, if he is not making any money in the rate (on the back) more than likely he will make more money on the front (in the origination fee)
Answer by SMEAC by charging commissions and fees
Answer by iceman Either on an origination fee --which normally is around 1%. Or from the bank they are using to get your loan. Our mortgage broker waived all upfront fees and was getting paid only from the bank that was supplying our mortgage.
Answer by mazziatplay Lenders price loans at various levels. Par is the interest rate with the borrower paying no discount points to reduce the rate and no yield spread premium is being paid to the loan officer for locking the borrower at a higher rate than par. Locking at higher than par is not always detrimental to the borrower as the loan officer can use the yield spread premium to pay some of the borrower's closing costs but there are loan officers who will quote and lock a borrower at a higher rate in order to increase their income on the loan. Typically, the average loan fee (as compared to discount points) is 1% of the loan amount. Because you are working with a broker, he is required to disclose any yield spread premium on an updated Good Faith Estimate if he locked your rate at a higher rate than the original rate quoted. If he locked you at the originally quoted rate and the rates dropped between the time of the quote and the lock, he may have picked up some yield spread premium that you would not normally see until you get your HUD 1 closing statement. I would suggest you ask the title company for a copy of the HUD 1 prior to signing so that you may examine the disbursement breakdown on page 2. If you find he is getting yield spread premium that you feel is excessive for the work performed you can go back to him and demand he renegotiate the lock to the rate that was par on the day you locked. You may have to pay a re-draw fee on the documents so evaluate the savings. Most lenders will agree to that since it represents no loss to them. Let me know if you need assistance reviewing the HUD 1. Now, I'm not saying there is anything wrong with a loan officer being compensated via some yield spread premium. On some days there really isn't a rate quoted at par, there may be a bit, but not a lot, of yield spread and some loans take more work than others. People deserve to be fairly compensated for their time and service. But loan officers who conciously jack up a rate on a borrower and misrepresent it as par or who simply jack it up on a simple loan to get more money are ethically challenged and need their hands slapped.
Answer by dancing11freak The loan origination fee, processing fee and discount points. You should have been given what is called a Good Faith Estimate (GFE). This should tell you what he is charging you to do the loan. The loan officer doesn't get all that money. The broker usually receives around 40% of those fees to cover overhead expenses. For $ 170,000 loan you really should be paying around $ 2250 for all fees to broker. If y ou are comfortable with those fees be sure to ask your loan officer to put all the fees into the loan origination line of the closing statement (origination, processing, appraisal, credit report fee). This expense can be amortized on your taxes. If this is separated on the closing statement you can only expense the origination fee unless you pay for the appraisal with your own check.
Nick is featured on ITN News as a first time buyer offered an Abbey mortgage at five times his salary. The property is shown by a member of the Keatons, Mile End, East London.
Abbey for Intermediaries has doubled the maximum loan size on its flexible offset mortgage to £1m, reversing a cut it made earlier this year. Abbey offset loan maximum back to £1m
Today, Reading Abbey is mostly in ruins, but that does not detract from the fact that it was once a prime symbol of royalty and solidarity in Reading and, as such, stood proudly in the very centre of town.
Its main reason for being, as stated by Henry I when he founded Reading Abbey in 1121, was "for the salvation of my soul, and the souls of King William, my father, and of King William, my brother, and Queen Maud, my wife, and all my ancestors and successors." According to its foundation charter, Reading Abbey took the place of three other monasteries, namely, Reading, Choisey and Leominster. It was dedicated in honour of the Blessed Virgin and St. John the Evangelist.
Upon its foundation, Reading Abbey was established by a monks from Cluny, a French abbey, as well as monks from St. Pacras, a Cluniac priory in Sussex. The Hugh of Amiens served as the first abbot in 1123.
The abbey was constructed to attract the most number of people as a possible.
Practically anyone who travelled to the most populous cities of England had easy access to the abbey. As the chronicler William of Malmesbury noted during the 12th century, it was built "between the rivers Kennet and Thames, on a spot calculated for the reception of almost all who might have occasion to travel to the more populous cities of England." The two rivers provided convenient transport for all surrounding areas. This was enhanced by the construction of wharves on the River Kennet which, aside from provide access to the abbey, also powered the abbey's water mills.
The abbey occupied about 30 acres and was enclosed on three sides by a great wall with four gateways, one of which served as the local prison. Visitors entered through an inner gatehouse. The church itself was about 450 feet long and 95 feet wide and included 200-foot transeptsm, a 75-foot lady-chapel and a square central tower with a spire. The chapter house featured a vaulted hall that served as a national council chamber for Parliament. The premises also housed a leper-hospital, a hospitium and other structures.
In 1135, upon the death of Henry I in France, his remains were brought back to Reading and buried before the altar of what was then a still-incomplete abbey. Over the years, many persons of royalty were also buried at Reading Abbey (at least in part), including Empress Matilda, William of Poitiers, Constance of York and others.
Its royal heritage also made the abbey one of the most renowned and visited pilgrimage centres in medieval England as well as one of the richest religious houses. Its possessions could be seen in such remote destinations like Herefordshire and Scotland. At the abbey itself, around 230 relics were accounted for, including the hand of St. James, literally a shrivelled human hand discovered amid the abbey's ruins in 1786 and later moved to St. Peter's Roman Catholic Church in Marlow.
The abbey also earned the distinction of featuring the earliest known four-part harmony in the UK, which is the song Sumer is icumen in, which is believed to have been written down in the around 1240.
In 1538, during Henry VIII's infamous Dissolution of the Monasteries, Reading Abbey was nearly demolished. Hugh Cook Faringdon, its last abbot, was convicted of high treason and hanged right in front of Abbey Church. This was followed by a systematic robbing and looting of the abbey, including the removal of lead, glass and facing stones, which were later reused elsewhere.
Today, what is left of the abbey's major buildings are mainly the inner rubble cores of the walls, which have been conserved in recent years and are now Grade I listed. Visitors have free access to the abbey remains, which are now part of the Forbury Gardens Park. A significant part of the abbey is buried beneath Reading Gaol.
Meanwhile, the abbey's inner gateway is still intact, thanks to efforts to restore it during the Victorian era. The same goes for the abbey's hospitium dormitory, which was recently incorporated into office development. The abbey school, founded in 1125, is now a state grammar school renamed as Reading School, although it now stands on a different site.
Only the grave of Henry I is marked by a plaque near its original location, while all other graves are unmarked. Plaques also appear on the walls of the ruined chapter house to commemorate significant events of the past.
Starting in 1996, the chapter house has been the venue for the Progress Theatre's annual outdoor Shakespeare production, which is undertaken in partnership with the Reading Borough Council. It was expanded into the Reading Abbey Ruins Open Air Festival in 2007.
VA home loan advantages go beyond basic veteran benefits in Houston, Texas by military VA service advocates; Sponsors, Security America Mortgage, which is a VA lending company who now host monthly programs that help create a difference in the lives ... VA Home Loan Advantages Go Beyond Basic Veteran Benefits in Texas by ...
While there is a wide variety of loans for you to choose from to pay for your new home, if you can qualify for no money down loans, you will appreciate getting into your home at a much more affordable price. Some of these kinds of loans are known as 100% VA loans, which are designed as incentives for veterans of the armed forces. Therefore, if you have served in the armed forces or the National Guard for long enough, you should certainly get in touch with a VA mortgage lender to discuss the possibility of you benefiting from zero down home loans. Here are the basic benefits of working with a VA lender to get your loan.
First is the fact that you can appreciate the lowest interest rates available on the market today. Such no money down loans with low rates are reserved strictly for the brave veterans who have served their country. Unlike conventional lenders, a VA mortgage lender will not determine your interest rate based on your credit score. Consider that if your score is 650, your VA lender will give you the rate that someone with a score of 780 might expect to receive. Currently, 100% VA loans have interest rates hovering around 4.5%.
Next, the seller can pay the closing costs. Add this to the fact that you have zero down home loans at your disposal, and you could get into your home practically for free! The way this works is that the seller will pay up to 4% of the purchase price on the home in closing costs. This means if your home cost $ 200,000, the seller could pay $ 8,000 in closing costs. Since you can get 100% VA loans, you literally could get you and your family into a home without a penny spent.
Last, you are not required to pay Private Mortgage Insurance, a benefit that could save you $ 25 to $ 250 per month, depending on the size of your loan. If you want to appreciate all these benefits and more from no money down loans, you truly need to get in touch with a VA mortgage lender. Speaking with a knowledgeable VA lender will be imperative to discovering the size of loan you qualify for. If you are a veteran, there is absolutely no reason not to check out zero down home loans in the form of 100% VA loans. Recommend No Money Down Loans With A Va Mortgage Lender Topics
Daily Mortgage Rates Becoming Less Volatile [mortgagerefinance-101.blogspot.com]
WASHINGTON (AP) â€" The average U.S. rate on the 30-year fixed mortgage stayed this week at the lowest level on record. ... This article was published in Saturday Business on page 11 of the Saturday, June 30, 2012 edition of The Columbia Daily Tribune. Mortgage rates stay at record lows
www.GoNorthwestLoans.com - Rates and pricing has improved today. Watch Eric explain what is happening in the market. View Eric's Daily Rate Watch publication on his website.
Daily mortgage rate are something that many home owners do not keep up with. Honestly, it seems that many Americans just take whatever rate that is offered to them that seems acceptable. Prior to the previous week, average rate were quite volatile involving swings as much as a full percentage point in less than a week. This makes it very challenging to decide what a decent rate offer is. Unfortunately, many Americans went to banks and got home loan rates that were much higher than they should have accepted.
When looking at Wells Fargo mortgage rates, you are likely to see quite unusual movement in the month of June. There was actually a two week period in which overall rates moved from 4.8% to 5.59% and back down to 5.39%. This is not good for anyone as the uncertainty pushes people away. Many Americans are afraid to sink their money in the housing market as it is, so fluctuating mortgage rates makes them even more fearful.
The best way to avoid this fear is to educate yourself on the market.
If you know where rates have been and where they are currently, you will have a much better chance at predicting where they are going to go. It is hard to imagine that many Americans who buy a home do not even consider making a mortgage rate prediction before going through the home buying process. Do home owners not realize that they could save over $ 20,000 during the years that they are making a mortgage payment? I guess the answer to that question is no. Suggest Daily Mortgage Rates Becoming Less Volatile Articles
Loan modification is a phrase that is related to the amendment in one or more conditions in the loan contract. These modifications will be implemented in the contract so that it is simple for the person to handle the loan account professionally and successfully. This will not cause the person any financial trouble and it will be convenient for him to pay back. Are you trying hard to accomplish your mortgage loan repayments and in search of loan modification? SunTrust Mortgage Company will lend you a hand.
About SunTrust Mortgage Company
The company offers the SunTrust mortgage loan modifications service and will definitely be a great help for you. Through this modification you can decrease the interest rates, which will cut down the monthly mortgage expense and put aside the delayed payments as well. Through this process, there will be an alteration in the complete mortgage contract which will allow you to establish new loan.
All crises have a way out; modifications for loans are simple and can be accomplished very quickly, if your lender is SunTrust. The SunTrust mortgage loan modifications are not at all demanding. This is a certified modification facility that is running this agenda effectively for an extended period. Reasons to Get SunTrust Mortgage
The policy will bring your account up to date as soon as the loan modification is implemented. SunTrust mortgage loan modification is an easy and straightforward method. There are no disturbances and pressures you would have to take to get the modifications completed. The company has an awesome achievement rate in altering the mortgage loans. Coming close to or submitting an application for the loan modification is quite undemanding.
In this process the due amount is restored into a fresh unpaid account where everything will be computed in one shot and will establish everything afresh. All you have to do is open the website of the company and submit an application for the facility. Or you could do it by ringing up their office. Once you submitted an application they will get in touch with you and get all the required details and begin the assessment procedure.
They will give guidance to you and offer you all the particulars of the program. So what is stopping you? You should readily benefit from such a great prospect and get the SunTrust Mortgage loan modification. SunTrust Mortgage loan modification leads to tranquility of mind and you can live a comfortable life.
California Mortgage Rate Calculator [mortgagerefinance-101.blogspot.com]
www.lendinguniverse.com California lowest refinancing mortgage rate and hard money, how to refinance a home loan and home mortgages rates against current mortgages rates and compare it with private hard money loan rate and terms. http Similarly, for credit unions, the brokers review the brokers the National Credit Union Administration's (NCUA) "Financial Performance Reports," which provided quarterly data for interest income, noninterest income, and fee income for all federally insured credit unions from 2000 to 2010. Based on past work, the brokers have found the quarterly financial data maintained by Commercial lenders and Private Investors to be sufficiently reliable for the purposes of our reports. To determine the effect, if any, of changing consumer payment preferences and bank processing practices on the types and frequency of account fees incurred by borrowers brokers, the brokers review the brokers the 2004 an d 2007 Federal Reserve payment studies on noncash payment trends in the United States.1 The brokers also review the brokers data on payment trends in debit and credit card transactions from the HARD MONEY CONSTRUCTION LOAN Data Book.2 In addition, the brokers spoke with multiple industry experts, including bank representatives and consumer group representatives, such as the Borrowers brokers seeking hard money loans, the Center for Responsible Lending, and the US Public Interest Research Group to understand what practices hard lenders employ to process ...
Today's low mortgage rates are holding on after news from the Euro Zone summit surprised investors when they announced a deal that included recapitalizing European banks, as well as, helping decrease the borrowing costs for Spain and Italy. Although ... Mortgage Rates: Low Mortgage Rates Hold On After Euro Zone Summit Surprises
Recently, California mortgage loans at low interest rates are available so that more people can apply to them. California mortgage loans are available to anyone who has a seniority of different credit and there are some available, even for people on low incomes. People with a history of bad credit or poor, which may not be able to borrow from commercial banks may apply to online mortgage loan California, because there are far-reaching programs available depending on the needs of all typespeople.
The world of mortgages can be very confusing and there are many aspects to consider, like, how can people can comfortably afford, what kind of conditions they prefer calculator and more.
A mortgage rate calculator California is a technique or research tool that helps people solve some common problems that are associated with loans.
A California mortgage rate calculator is a simple online form to use, basic detailsborrower's mortgage loan to calculate what they expected to pay for their home loan each month. The borrower can use to see what mortgage rates, costs for the various interest groups to help them, then the exact calculation of the mortgage for their home.
California mortgage rate calculator help you calculate the monthly payments, the loans must be made for payment. Help you decide the term of the loan shouldselected.
When borrowers uncertain about the level they need to borrow, they can easily calculate the amount.
is the amount you expect to pay a deposit when buying will be deducted from the cost of the house. The interest rate is the story on several factors such as the duration of the loan, the loan be affected and the solvency of the debtor. The results of California only loans have an initial overview of the monthly costs.real interest rates, terms and monthly payment information is obtained loans from mortgage lenders.
Application of California mortgage loan rate to calculate Another is, payments for mortgage loans debt consolidation for which borrowers can compare their monthly savings on their traditional likely.
Obama's Mortgage Modification Plan [mortgagerefinance-101.blogspot.com]
The Supreme Court on Thursday upheld the individual insurance requirement at the heart of President Barack Obama's health care overhaul. ... The average U.S. rate on the 30-year fixed mortgage stayed this week at the lowest level on record. Cheap ... High court upholds key part of Obama health law
Via NY Daily News: "Three months ago, in his State of the Union speech, President Obama announced a new task force to investigate mortgage fraud and bring some measure of relief to the 12 million American families who are either losing their homes or in danger of losing them. The new Residential Mortgage-Backed Securities Working Group would be co-chaired by New York State Attorney General Eric Schneiderman, US Attorney John Walsh of Colorado and three Washington insiders from the Justice Department and the Securities and Exchange Commission. Obama said, "This new unit will hold accountable those who broke the law, speed assistance to homeowners and help turn the page on an era of recklessness that hurt so many Americans." Whether or not the President, attorney general and others intend to get around to this task someday, "speed" was a terrible word to choose. Because 85 days after that speech, there is no sign of any activity...".* The Young Turks host Cenk Uygur breaks it down. Read more from Mike Gecan and Arnie Graf: www.nydailynews.com Subscribe to The Young Turks: bit.ly Find out how to watch The Young Turks on Current by clicking here: www.current.com The Largest Online New Show in the World. Facebook: www.facebook.com Twitter: twitter.com Google+: www.gplus.to Pinterest: pinterest.com
The main intention behind Obama's mortgage modification plan is to improve the financial condition of the people of America, which in turn will help improve the economic status of the country as a whole. There are actually few things related to the modification plan that people should know so that it helps them understand the plan and get answered to the related questions. This is very important because there are many people who still have some misconceptions about the home stimulus plan and its benefits and safety measures.
The first thing that should be clear in the homeowners' mind is that they are not going to loose their house just because there is a steep downfall of the value of houses in the property market. The foreclosure has nothing to do with the current value of your house. Only if you fail to repay your home mortgage installments regularly, you may get a notice of foreclosure or an offer for loan modification from your lender.
There is no need to immediately accept or reject your lender's proposal, rather take some time from him. Try to discuss with a legal advisor and see if the proposal is best, affordable and profitable for you. If yes, go ahead and accept it and if not try other options to save your house.
Mortgage modification plan offers cash incentives for lenders and borrowers making the plan all the more practicable and feasible. If your loan installments are more than 38% of your monthly income, the outstanding loan amount is less than $ 729,750, you are living in that house and you are facing serious financial hardship, you are eligible for the mortgage modification program designed under the main plan. There are many programs that are included in this home stimulus plan and you will have to look for the one that is suitable for you and your financial condition.
If you want to know the probability of the loan modification application approval for a particular home loan, you can get the net present value test done.
The lender will evaluate and calculate whether the modified and restructured loan will give them more monetary flow or not. If yes, they will accept and approve the application for home loan modification. So there are few points that will give you an idea whether your application will be improved or not. More Obama's Mortgage Modification Plan Articles
Question by : What do i have to have to qualify for obama mortgage plan? Ok well my casa is under forecloser. Well i heard about obama mortgage plan and that it may help. Ummm does anyone know what the plan is called? Will it help my situation? What i got to have to qualify for it? where to sign up for it? I I would really appreciate help so please do if you can. Best answer for What do i have to have to qualify for obama mortgage plan?:
Answer by Carol Sorry to hear your troubles. Call your lender to inquire about what they can do. Or at this point, you might want to speak to a HUD Housing Counselor. Find one by calling 1-888-995-HOPE (4673) The program is called Making Home Affordable. Go to this government site for details about Obama's program: Copy and paste this link: http://www.makinghomeaffordable.gov/ Good luck.
A 100-percent mortgage can be obtained from different lending institutions, which can be researched on the Internet. Get a 100-percent mortgage, or a federal loan at 97 percent, with tips from a licensed mortgage broker in this free video on personal finance and real estate. Expert: Adriel Torres Contact: ultimatecredittoday.com Bio: Adriel Torres has been in the mortgage business for over a decade. He has owned two mortgage companies and is a licensed mortgage broker. Filmmaker: Christopher Rokosz
Is the 100 Percent Winners software just another overhyped betting scam? This money making opportunity arises from the concept of arbitrage, in this case, arbitrage betting. However, the concept of arbitrage is in fact being used by traders on many financial markets such the commodities market.
For example, a financial trader who is able to buy London gold futures at $ 1,350 while another trader is willing to buy it from him for $ 1,400 in the New York gold futures market will surely do so provided he or she can spot this opportunity and act on it.
How Do You Really Make Money Using the 100 Percent Winners Software?
At that point in time, the trader would have no need to worry about the price at all as he or she would already have ‘guaranteed' his or her own profit and is only waiting for both the transactions to be executed and completed.
This is the exact strategy that this software will be executing for its clients, except that the market is the sports betting market and not the futures market.
What Kind of Prior Knowledge Do You Need to Have Before You Can Begin Making Money With 100 Percent Winners?
Also, it is worth noting that knowing about the sport will not make you more money as compared to if you knew nothing about the sporting event that you are betting on. However, you would definitely need to understand this concept of arbitrage and learn to fully understand the numbers that presented on the user interface of the software.
If 100 Percent Winners Truly Worked, Why Hasn't More People Taken Advantage of This Investment Opportunity?
Even though the concept of arbitrage betting has existed for many years, most people did not actually have the time to constantly monitor all the odds being offered by all the different bookmakers. Although most people would discover this concept of arbitrage betting at first and become all excited about it, they eventually ended up disappointed after realizing how much time and manual effort they actually need to make it work. With this newly programmed calculator and live odds information feeding software, it has truly made it possible for users like me to consistently make money from arbitrage betting. Find More 100 Percent Winners Review Issues
Answer by RT(R) you either have REALLY bad credit, or you are getting ripped off big time.
Answer by francine How much lower from the CU and what is your score? What kind of loan? Remember you never HAVE a mortgage until the last paper is signed and the keys are handed to you.
Answer by Bob D If you have the money to put down, Get the credit union one. It might be better to continue to rent. Get your FICO up and some savings to togather and try to buy in 5-6 months. That being said..If you HAVE to buy right now or the deal is really good and you have the cash for that 5%. The credit union.
Answer by Jon S 100% at 8.8% rate... like it's been said, either your credit is in the toilet, or you are getting ripped big time. If your credit is not so great, I'd be careful as 100% loans for those with less than perfect credit are not as plentiful these days (in fact even if you are getting a Freddie or Fannie Mae loan which both offer this, you very likely will not be able to get mortgage insurance as the MI companies have been cutting off low scores and high loan to value loans, ask your mortgage person for more information on the planned loan, ask a lot of questions, and then ask a lot more). If you have better credit, shop around you are getting skunked. The credit union is not the place to go if you want 100% financing, but could be a great place if you have some money to put down (they often limit loans to 95% loan to value). Some questions you need to look at, how long you plan to be in the house, what you can do with the money you might have to put down by leaving it elsewhere (not just the interest return on it, but how having some money in the bank will make you feel, it can be a big thing to keep you from freaking out about that big new mortgage you just got.)
Answer by matsonb Go 100% and keep the 5% in your pocket to buy furniture and spruce up the home... or just put it in your savings account.
Home Affordable Mortgage Plan ? Approved Lender List [mortgagerefinance-101.blogspot.com]
Question by to_the_hurricave: Is there a website that offers a list of bank/mortgage lenders per state? Looking for a list of mortgage lenders and/or banks for each state. Any website out there like that? Best answer for Is there a website that offers a list of bank/mortgage lenders per state?:
Answer by Marko Try bankrate.com . It'll give you a lot of lenders to look at - good luck.
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"Very few companies on the list have been recognized four years in a row, and even fewer compliance-focused companies have attained that recognition," said Leonard Ryan, president of QuestSoft. "Being singled out by Mortgage Technology for industry ... Mortgage Technology Recognizes QuestSoft as Top Mortgage Service Provider
If you are considering whether a loan modification under the Affordable Home Mortgage can help you plan, you probably know the first thing you need to find out. Is your lender on the approved lender list? The federal program is working with the lenders on the existing mortgage. You get an incentive for you to rewrite your mortgage and help!
- Lenders Tree
While it is usually something like reticent to discuss a loan workout with a borrower in default, under this program, they have a $ 1000Reward for each loan modification that they are completed. And in this current financial market is a very unpleasant and costly foreclosure matter, even for them. Homes can sit vacant and unproductive for a while due to stagnant sales housing.
- Lenders Tree
President Obama has called on all participating banks and credit institutions to add extra staff, so that homeowners who in a desperate situation can not obtain timely help, but not surprised when you encountersomewhat slow process.
Even your first contact to your lender may result in a long wait time or an unsatisfactory experience.
If you are struggling in a bad mortgage situation, this opportunity is the best you will get to try to get a fresh start and save your home. Don't delay. The following is a list of approved lenders, but it may not be all-inclusive. Lenders are added as they are approved.
If lenders are approved, they are required to give you Consideration under the Affordable Home Mortgage Program.
Prior to exclude them, they are required to verify your eligibility for a loan modification, and they need to take your probationary period if qualified.Of Of course there are other requirements to obtain this support the federal government, but if your lender is involved You have the first milestone in the thumb! Check whether your lender on this list:
Using a Mortgage Refinance Calculator [mortgagerefinance-101.blogspot.com]
www.HomeMortgage.com HomeMortgage.com sets you up with free refinance mortgage calculator selections, so you can make informed decisions on loans! HomeMortgage.com also has a home mortgage calculator to help you determine which rates work best for you! HomeMortgage.com presents you with the best refinance mortgage calculator options to win on the housing market. Visit HomeMortgage.com!
(Source: By Jamie Smith Hopkins, The Baltimore Sun (MCT) â€" Add this to your to-do list if you're refinancing or about to sell a home: Make sure the original mortgage actually gets paid off. Today's reminder comes courtesy of Todd R. Bettin of Crofton ... Selling or Refinancing Your Home? Beware of This Scam
The Internet has made a lot of things so much easier for the average human being that if the plug were pulled tomorrow we would all of a sudden find ourselves in a very difficult position with respect to carrying out our daily routine. Because of its convenience there is something for everyone that they would miss if the Internet went down - not just from a sentimental point of view, but also because it would change how they did things, quite radically in some cases. One of the most important applications of the Internet is from a point of view of personal finance. A lot of people these days do their banking online. But it doesn't stop there, because getting the best deals on a range of financial products becomes a lot easier when the Internet is involved.
A mortgage refinance, for example, is something that more and more people are considering because of the state of the financial markets.
The markets falling has led to lower interest rates, and anyone clever enough and with a good enough credit rating to refinance to a fixed rate mortgage under the current circumstances can end up making a big saving. The idea is to pay off your existing mortgage with the new one and have a little left over to cover other debts - leaving you with one manageable monthly repayment. The key aspect of this whole idea is that you will be stretching those payments over a longer time - so you will have longer to wait for the magical "mortgage free" feeling. The payoff for you is that if you refinance at the right time, you can end up with a great deal.
Finding the right deal is very much the key in this respect. If you use an online mortgage calculator before arranging your mortgage refinance you can find out exactly where you stand.
Taking into account your income and the current state of your finances a mortgage calculator will drive you towards the best deal for you. The best mortgage deal for you may not be the one which is best for others, and the calculator takes account of this. Overall, by paying attention you can save yourself a lot of money. The right mortgage refinance will often differ from the wrong one by an overall figure ranking in the thousands of dollars.
Everyone likes to save money. The best mortgage refinance will allow the customer to do this not only in the short term, but can make the long-term level of debt you carry significantly smaller. The truth of the matter is that this will not be the case for everyone, and this is what the mortgage calculator is there to detect. If, for example, you only have five years until retirement and no significant pension plan, you will not be the best candidate for a mortgage refinance. In other circumstances, though, it could be the decision which allows you to unlock the potential of your income.
Advantages of Conventional Mortgages [mortgagerefinance-101.blogspot.com]
Cory Kessenich here with Inlanta Mortgage Madison. If you've been tuning in, I've been doing some educational videos to help consumers understand loan programs we can offer. Today we're going to dive a little deeper into conventional mortgage insurance versus FHA mortgage insurance. Resources: Private Mortgage Insurance: an Overview (video) www.youtube.com View the comparison chart at realestatemarbles.com Visit us online at www.madisonmortgageloans.com Cory Kessenich Mortgage Consultant Toll Free 877-240-5810 x205 cory.kessenich@madisonmortgageguys.com www.realestatemarbles.com NMLS ID #208789 Inlanta NMLS ID #1016
A conventional mortgage is one that is not insured or guaranteed by the federal government. Also, unlike mortgages that are sanctioned by the Federal Housing Administration or Veteran Affairs Department, these mortgages will not have the financial backing of the government. The easiest way to receive a conventional mortgage is to offer a large down payment. The following are the advantages of conventional mortgages.
Numerous lenders and payment options
As these loans are easy for the lending institutions to sell, you will be able to find several flexible mortgage plans that will be suitable for you. As there are very few limitations on these loans, lenders can easily sanction them. This flexibility allows lenders to provide a conventional mortgage on relaxed payment terms.
Decreased rates of interest
As these mortgages are offered by numerous lenders, they will compete with each other to offer you decreased interest rates.
Also, if you offer to place a sizeable down payment when you take the loan, the rates will be decreased further as the lenders will have a lower risk of credit.
Avoid private mortgage insurance
When you opt for a conventional mortgage, the private mortgage insurance will not be needed after 20% of the equity of the property has been paid. This is a good way to save money as it will result in a significant decrease in the monthly payment amount. With the subsequent savings, you have the opportunity to receive better terms on refinancing the mortgage if and when it is required.
Lower eligibility criteria and increased limits of mortgage loans
When compared to the loans sanctioned by the Federal Housing Administration or Veteran Affairs Department, conventional mortgages have lenient criteria for eligibility.
These mortgages also have an increased mortgage limit. This means that you will now be able to purchase the pricey properties for which you will not receive a mortgage from commercial banks and other lending institutions. As the mortgage does not have to receive approval or funds from the government, it will be sanctioned quickly.
Mortgage alternatives for lower credit scores    Â
Usually, an approval of a mortgage loan requires solid credit scores. But, a conventional mortgage will be sanctioned even if you have a weak score of credit history. However, the mortgage may have higher rates of interest and stricter terms as the risk of credit will be higher for the lender.
Less time to pay off the mortgage
As these loans are offered by numerous lenders at flexible rates of interest, it will be faster to pay off this mortgage. Also, these mortgages will have lower closing costs than those sanctioned by the Federal Housing Administration. If you have deposited a sizeable down payment that is more than 20% of the equity of the property, you can eliminate private mortgage insurance from your monthly payments which will help you to pay off the mortgage quickly.
Several lenders offer a conventional mortgage on investment properties as well. This is an excellent way to avoid borrowing equity against your home. These mortgages are very common as they were among the first loans that were provided by local lenders. The lenders will decide the borrower's loan eligibility and amount.
Therefore the certainty of commentators over interest rates is misleading and dangerous to believe. Variable rate mortgages are a time bomb that will hurt homeowners and banks alike. I am certain that commentators and economists did not predict the 5 ... Ignore interest rate predictions
AnnaHomes.ca BC Real Estate Association (BCREA) Chief Economist Cameron Muir discusses the February 2012 statistics and takes an in depth look at BCREA's Q1 Mortgage Rate Forecast.
Here are my mortgage rate predictions for 2009. Of course, no one can be 100% sure of exactly about what will happen, but I think we do have some good information to work with. Even a small difference in interest can mean a lot of money for a homeowner. Know when the lowest mortgage rates of 2009 will be:
The housing market is in pretty bad shape. This is due to a tough economy, and a lot of homeowners having mortgages which they can not afford. In response to this, earlier this year, mortgage rates were dropped to 4.69% or so for a typical fixed rate mortgage. President Obamas stimulus plan allowed the rates to fall so low, and a chance for homeowners to save their home from foreclosure or themselves from defaulting on their mortgage.
When rates initially dropped to that low 4.69% rate, homeowners flocked to refinance their mortgage. These applications quickly piled up for the mortgage lenders and banks, and they were overwhelmed.
The interest rates needed to be increased, and they were to 5.19%. This minimal increase kept back homeowners who just wanted to save money, and still allowed enough savings to allow homeowners who truly needed to save money the chance. Things will be changing though, and this is where I make my predictions.
I think that for the rest of this year, 2009, we will see lower mortgage rates. I think that sometime around October of this year, mortgage rates will drop to their prior lows of 4.69% for a standard fixed rate mortgage. This will be around the time mortgage lenders and banks are ready for a whole new round of refinancing applications.
Homeowners who can should wait until the lowered rate kicks in.
However, if you are facing financial problems, or risk losing your home, you need to take action now. Suggest Mortgage Rate Predictions Issues
Soft Second Mortgage Vs 125 Second Mortgage [mortgagerefinance-101.blogspot.com]
While some still struggle to get a mortgage Nationwide is offering those in negative equity up to a 125% mortgage.. Follow us on twitter at twitter.com
I hear people all the time wondering about the difference between a 125 second mortgage and a soft second mortgage. These two second mortgage products are in reality two entirely different mortgage products that can do different things for each individual home buyer.
A soft second mortgage is essentially a kind of second mortgage that can be provided to people who may have had difficulty purchasing a home unless such financing were available to them. The soft second mortgage can provide the additional financing to cover the remaining costs of buying a home that may not be covered by the first mortgage. Soft second mortgages typically come with a lower interest rate than more conventional first and second mortgage loan products and for this reason many lower-income and borderline-income individuals do not hesitate to utilize a soft second mortgage when it is needed.
Many different banks participate in such programs that make available soft second mortgages so look around and you shouldn't have too much trouble finding a lender that can work with you.
The 125 second mortgage is similar to the soft second mortgage in that it is a second mortgage product that can provide a home buyer additional financing for their home purchase. The similarities pretty much stop there though because a 125 second mortgage is pretty-much synonymous with a home equity loan or home equity line of credit that can allow a person to take out up 125 percent of their home's value via a second mortgage. This mortgage loan is not about the lender's income or difficulty in finding a home, and is rather based off of the equity that may be present in a particular piece of real estate.
You should be aware that these types of 125 second mortgages have become increasingly difficult to come by lately due to the housing crisis, the credit crisis, and the entire weakening economy. You still have a chance at getting such a loan if you have equity in your property so apply away and see what happens. Suggest Soft Second Mortgage Vs 125 Second Mortgage Articles
Interesting Information Regarding Mortgage Amortization Schedules [mortgagerefinance-101.blogspot.com]
Q: I have a house. The original mortgage I took out was for $ 110000 at 7.5 percent, and I still owe $ 37000. My problem is that no one will refinance the $ 37000. They all want to do a much bigger. Refinancing mature mortgage doesn't always make sense
Contract for Deed Amortized This article relates to the ways in which you can buy a contract for deed and how the payments are handled, whether it's amortized or interest only. Being that buyers would like to build up equity, they will likely go with amortized so that their is a principle reduction that follows an chosen amortization chart. You can best see this by reviewing the different options of a payment calculator. Amortization charts can be set to go over a 10, 15, 20, or 30 year period. The longer that period, the more affordable the monthly payment should be, and in turn the longer the full payoff would be. Like most terms with a contract for deed, they are negotiable with both the buyer and the seller. Some sellers own their house free and clear so they may not feel as much pressure to release a mortgage obligation in a certain amount of time as spelled out in a chosen balloon term between the buyer and the seller. Most balloon terms are for 2 or 3 years, so it's fair to say that the buyer is looked upon to refinance the property before the amortization chart shows the last payment to be made 20 or 30 years later. Amortized charts are pretty common in real estate, we've also written an article with a finance payment calculator that you can check out. Amortization just simply means to pay off the loan amount, meaning that their is principle reduction. Not only does the loan go down more every month, it goes down a greater % every month as it furthers into the ...
Would you be keen on finding out how your lender allocates the monthly amount that you pay for mortgage? They usually use a table that shows each periodic payment on your loan. Enter the amortization schedule.
When someone refers to amortization, they’re talking about a regular pay-off schedule which is used to repay a debt over a certain time period. A loan or house mortgage is most often what this debt is. Your monthly payment goes, in part to the mortgage’s interest. Reducing the principle balance of the debt is where the remaining part of your payment goes. In determining what portion of the monthly pay-off applies to the interest and the principal, you’ll need to use an amortization schedule.
Even though every month your pay-off is deducted for both the interest and the principal, the specific monthly allocation actually differs.
The amortization schedule computes what amount of your money goes where. The bulk of your money goes toward the interest at the start of your repayment plan. You start paying higher on the principal the later into your loan repayment period you get.
If you think that is complicated, you most likely won’t want to be told that there is more than one type of amortization. You can come across amortizations in the form of straight line (linear) or with a diminishing balance. Other types that are available are annuity or an all-at-once bullet. Negative amortizations, furthermore, amplify the balance.
Additionally, amortization schedules are chronological in nature. You don’t pay on the mortgage until a month after you were actually approved for the mortgage. The balance is paid off in full by the last pay-off.
It is not uncommon for the final pay-off to be a little different from all of your earlier payments.
Finally, an amortization schedule can also display the interest or principal amount that you’ve paid up until a specific point. It will also display what remains on the principal balance right after you’ve made your latest payment. In general, it can prove to be a remarkably useful document in managing your loan or mortgage payments, if you learn to read your amortization schedule.
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Paying off your house quicker than originally planned is definitely a good idea. But if you think of your home as a way to increase your wealth, that is even better.
Owning a home automatically creates a form of savings for you, but owning a home and using the equity to increase your wealth is a better idea. It is not hard to do. And though it can result in the same advantages that a professional investor has, you do not need to know the complicated strategies they do. It just takes the following two steps.
1. Use the equity you already have in your home to work in your favor. You can use it to pay down the principle of your first mortgage, which accrues on a daily basis, and then get it back into your equity loan before interest accrues on it. This will do two things, drastically reduce the amount of interest you would pay on your home, and also significantly decrease the time it would take you to get out of debt.
2. After using a method like this to substantially reduce the time it takes to pay off your mortgage, you can then have whatever time is left to put into some account that bears interest for you, instead.
It takes the money you would have used to pay off your house-and would have only made money for your bank-and puts it into your savings account.
When you think in these terms, you not only avoid paying large amounts of interest to the banks, but you can also begin to use your money (much sooner than you would have originally) to begin earning compound interest in your favor. This is the business the banks are in, and they provide the tools you need to do the very same things. That's their business! And you can have the same advantages.
Find a mortgage lender [mortgagerefinance-101.blogspot.com]
www.lendinguniverse.com find top 10 mortgage lenders on http contact Mortgage Lenders, private investors, hard money brokers and credit union who can potentially refinance while house is in foreclosure and arrange your loan fast. In addition to being directly connected to the lenders...
We all know about mortgages. Today this is part of life of every single American. We all are influenced by the mortgage era. The trend was somewhat rare a couple of decades back, but now a days it has become a very booming field and there are more and more people falling for this scheme. Mortgage has become a very common trend especially in a country like United States of America. Every day there are numerous individuals who are falling prey to the system of mortgage. This has now become a very profitable and a very wide business. There are a lot of people who are adopting it as a business and a profession. There are a lot of people who are investing in this business and find it quite profitable. Those who are assisting other people in getting the mortgages and loans are called mortgage lenders. They are companies who provide or lend money to the individuals who are looking to get the mortgage.
There are numerous people who are looking to get the mortgage everyday and therefore this has become a very profitable business. There are more people who are adopting it as a business as it has proved to be very successful. Since individual with money are looking to invest in other places, therefore most of them find it quite profitable. There are numerous mortgage lenders situated in the United States of America.
Qualifying for mortgage before purchasing the home would really be beneficial to you, as you would be having a perfect idea of how much you have to pay for the property. This could be helpful for you and could also help in deciding in which range you could afford to purchase a property.
The homeowners who are facing forecloser problems could get help from these strategies.
One can plan some deals with their mortgage lenders by following these steps.
The first step which is to be followed is to stop avoiding the phone calls and letters from the lending agents. You should take time and find a mortgage lender. Maintaining relation with the mortgage lender is more beneficial than fighting for the property at the time of foreclosure. If proper precautions are taken from the beginning then one can get many ways to save the property from foreclosure.
One should also be ready to provide all the information to the mortgage lenders so as to convince them that you could pay their loans. Your mortgage lender could also ask for the information about your income of last several months, and you should be in the state to show them all the information. Providing information could be beneficial to you and you can even get some help from your mortgage lender if you convince them for the same.
Another step that you should stop is, not to abandon your property to either the lender or to any banks. Abandoning the property would not be a wise step to take as you would not be able to fight for your house if you discard the property. Another thing that you could do is to visit the HUD standard foreclosure housing counseling organization.
In many cases, the mortgage lenders just want to take the property from you. They are concerned with the property not with the homeowner. In that case, if a single payment is missed, it could cause a great damage to the homeowner and even foreclosure is possible for the same property. Therefore in such cases, missing a single payment could cost the homeowner their property. Actually, foreclosing of property for just a single premium is not illegal; any mortgage lender could do that.
Therefore, the homeowner should take all the steps and opportunities to save his property from the foreclosure and get benefits of the mortgage lenders as much as they can. It could prove to be beneficial in many cases. Even if the property is not saved from foreclosure, the credit rating could not get affected from this event.
Thus the homeowner must take all the steps seriously to get some or the other help from either the mortgage lender or from banks.
Where to Find a Mortgage Refinance Company [mortgagerefinance-101.blogspot.com]
www.mortgagehelplosangeles.com If the market value of your home is currently less than you owe your bank, AND if you are current in your payments and your credit is still in good shape, you may qualify for a new mortgage refinance approach that will reduce your principle to 90% of the current market value AND keep your credit intact. Details are included in this video or you can call Bill Rayman, Senior Vice President of Los Angeles Based Mortgage Capital Partners, to discuss solutions currently available to you. Call 310-453-4016 or read more on this blog http
Lenders are looking for innovative ways to gain the attention of qualified mortgage refinance customers. With interest rates still low, refinance offers are flooding the market. SourceLink has created a mortgage refinance campaign strategy that gains ... SourceLink Releases MORE, an innovative campaign strategy for mortgage...
The current recession hit economy is playing a spoil sport in millions of lives as many people have lost their jobs. This incident has shattered their dreams of living in their own dream home. The market is reacting in a negative way to get back their money given in terms of home loans. Most people have become defaulters and there is no way to repay the monthly installments. The highly skewed pattern has left the home owners with no options but to refinance their mortgage in order to prevent further damage. Let's find some details on how and where to find a mortgage refinance company.
Online information:
The internet gives everything and offers endless opportunities for mortgage refinance. Almost, all the companies have their web presence and it is much easier to identify them online rather than offline. All the information is posted on their website and the best thing is that, a homeowner can request quotation from all the mortgage companies at the same time.
He can avoid a face to face interview with the officials. The data collected will help him to analyze the best possible company in terms of interests and other features.
Offline strategies:
Not to hide, there are too many pitfalls to traps in the online way of mortgaging. The exposure rate to a scammer is very high in this case. This approach would require the home owner to go and meet the personnel in person and request the details. This can be of immense help as the counseling department may offer him valuable ideas which he might not have thought of. The service, personal attention, willingness to help and much more can be experienced in a real time environment.
The homeowners must look in for personal service, honesty and integrity with the mortgage refinance company that he has selected to have the best of deals.
