Friday
Buying A Home Top Things To Know
1. Don't buy if you can't stay put.
If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the costs of buying and selling a home, you may end up losing money if you sell any sooner.
2. Start by shoring up your credit.
Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start househunting, get copies of your credit report. Make sure the facts are correct. Fix any problems you discover. If you need help click here
3. Aim for a home you can really afford.
The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you'll do better to use one of the Internet's many calculators to get a better handle on your income, debts, and expenses and how those affect what you can afford.
4. Don't worry if you can't put down the usual 20 percent.
There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a down payment as small as 3 percent of the purchase price.
5. Buy in a district with good schools.
This advice applies even if you don't have school-age children. Reason: When it comes time to sell, you'll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.
6. Get professional help.
Even though the Internet gives buyers unprecedented access to home listings, it's still a good idea to use an agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process. If you need help click here.
7. Choose carefully between points and rate.
When picking a mortgage, you usually have the option of paying additional points -- a portion of the interest that you pay at closing -- in exchange for a lower interest rate. If you stay in the house for a long time -- say five to seven years or more -- it's usually a better deal to take the points. The lower interest rate will save you more in the long run.
8. When househunting, bring your camera.
Or at least a notebook to jot down reminders, since after you look at a half-dozen or so houses the details begin to blur in your mind. The best choice would either be an electronic camera that lets you take notes right on the image, or a Polaroid so that you can scribble comments in the margins.
9. Do your homework before bidding.
Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that's about eight to 10 percent lower than what the seller is asking.
10. Hire a home inspector.
Sure, your lender will require a home appraisal anyway. But that's just the bank's way of determining whether the house is worth the price you've agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.
If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the costs of buying and selling a home, you may end up losing money if you sell any sooner.
2. Start by shoring up your credit.
Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start househunting, get copies of your credit report. Make sure the facts are correct. Fix any problems you discover. If you need help click here
3. Aim for a home you can really afford.
The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you'll do better to use one of the Internet's many calculators to get a better handle on your income, debts, and expenses and how those affect what you can afford.
4. Don't worry if you can't put down the usual 20 percent.
There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a down payment as small as 3 percent of the purchase price.
5. Buy in a district with good schools.
This advice applies even if you don't have school-age children. Reason: When it comes time to sell, you'll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.
6. Get professional help.
Even though the Internet gives buyers unprecedented access to home listings, it's still a good idea to use an agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process. If you need help click here.
7. Choose carefully between points and rate.
When picking a mortgage, you usually have the option of paying additional points -- a portion of the interest that you pay at closing -- in exchange for a lower interest rate. If you stay in the house for a long time -- say five to seven years or more -- it's usually a better deal to take the points. The lower interest rate will save you more in the long run.
8. When househunting, bring your camera.
Or at least a notebook to jot down reminders, since after you look at a half-dozen or so houses the details begin to blur in your mind. The best choice would either be an electronic camera that lets you take notes right on the image, or a Polaroid so that you can scribble comments in the margins.
9. Do your homework before bidding.
Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that's about eight to 10 percent lower than what the seller is asking.
10. Hire a home inspector.
Sure, your lender will require a home appraisal anyway. But that's just the bank's way of determining whether the house is worth the price you've agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.
America's Hottest zip codes
For each of the 10 largest metro regions tracked by Fiserv Case Shiller Weiss, here are the 10 zip codes with the largest median five-year price increases -- and their prospects for the coming year.
To track housing performance, Case Shiller Weiss researchers look at repeat sales data for a sample of houses in each zip code, a method they consider more accurate than simply looking at changes in an area's median home price.
The firm then considers past price changes employment trends and interest-rate trends to devise a forecast for the coming year. Finally, it makes adjustments to individual areas to account for other factors that could influence an area's housing market.
Data on five-year price change is through the second quarter of 2004, while the forecasted change is for the third quarter of 2004 through the third quarter of 2005. More on this..
To track housing performance, Case Shiller Weiss researchers look at repeat sales data for a sample of houses in each zip code, a method they consider more accurate than simply looking at changes in an area's median home price.
The firm then considers past price changes employment trends and interest-rate trends to devise a forecast for the coming year. Finally, it makes adjustments to individual areas to account for other factors that could influence an area's housing market.
Data on five-year price change is through the second quarter of 2004, while the forecasted change is for the third quarter of 2004 through the third quarter of 2005. More on this..
Thursday
How To Get Sellers To Call And Beg You To Take Their Property!
Part One In A Six Part Series
by
Joe Crump
This week I'm going to give you the *basic* steps in my $0 Down Real Estate Investing Program. I outline the program in *detail* in my 324 page e-book. For details about the book, can be accessed : here
I personally put together four more real estate deals last week... not to mention the deals that I helped my coaching clients put together. This business gets addictive when you get the system set up. It is a lot of fun seeing deals come
together with very little effort.
Setting it up in the first place is where the effort comes in. After it's set up, it is fairly easy to maintain.
I do most of my work on the phone. It doesn't take a lot of my time.
THE METHOD
First I set up the ads that attract the Sellers and the Investors.
You are looking for two types of Sellers. The ads in the book are designed to get them to call you and ask for your help.
Here are the types of sellers that you are looking for...
TYPE ONE - Property owners who will sell to you at 15-30% below market value.
TYPE TWO - Property owners who will sell you property subject to the existing loans or with terms.
You must get either *price* or *terms* to get a good deal. There are several ways that you can use to bring these deals to your doorstep. They are too detailed to include here and are outlined (step-by-step) in my book.
You will want to set the program up as a "system" that creates a steady stream of qualified sellers calling you and asking you to purchase their properties.
***************************************************************************
FREE AUDIO PROGRAM
You can get a FREE copy of my audio program, "How To Quit Your Job AND Increase Your Monthly Income With Real Estate Investments!" Just go : here
***************************************************************************
Next, I talk to the people who respond to my ads and see if their property qualifies for my program. I categorize their property and determine what type of deal I'm working with.
First of all, does it fit one of my two criteria above (price or terms). Second, what am I going to do with it after I own it.
1. Keep it as a rental?
2. Sell it to an end user on lease option (rent to buy)?
3. Sell it for cash to an Investor? (which I also show you how to find)
4. Sell it to an Investor with Terms?
5. Sell it to an end user for cash?
Fill out the questionnaires that I've provided in the book. They will tell you exactly what type of investment property you are dealing with.
The next step is inspecting the property. If you know how the functions of a home work, this is fairly easy, if not, read up on home inspections or use the guidelines that I give you in the course.
NEXT WEEK - PART TWO - "Making A Zero Down Offer!"
by
Joe Crump
This week I'm going to give you the *basic* steps in my $0 Down Real Estate Investing Program. I outline the program in *detail* in my 324 page e-book. For details about the book, can be accessed : here
I personally put together four more real estate deals last week... not to mention the deals that I helped my coaching clients put together. This business gets addictive when you get the system set up. It is a lot of fun seeing deals come
together with very little effort.
Setting it up in the first place is where the effort comes in. After it's set up, it is fairly easy to maintain.
I do most of my work on the phone. It doesn't take a lot of my time.
THE METHOD
First I set up the ads that attract the Sellers and the Investors.
You are looking for two types of Sellers. The ads in the book are designed to get them to call you and ask for your help.
Here are the types of sellers that you are looking for...
TYPE ONE - Property owners who will sell to you at 15-30% below market value.
TYPE TWO - Property owners who will sell you property subject to the existing loans or with terms.
You must get either *price* or *terms* to get a good deal. There are several ways that you can use to bring these deals to your doorstep. They are too detailed to include here and are outlined (step-by-step) in my book.
You will want to set the program up as a "system" that creates a steady stream of qualified sellers calling you and asking you to purchase their properties.
***************************************************************************
FREE AUDIO PROGRAM
You can get a FREE copy of my audio program, "How To Quit Your Job AND Increase Your Monthly Income With Real Estate Investments!" Just go : here
***************************************************************************
Next, I talk to the people who respond to my ads and see if their property qualifies for my program. I categorize their property and determine what type of deal I'm working with.
First of all, does it fit one of my two criteria above (price or terms). Second, what am I going to do with it after I own it.
1. Keep it as a rental?
2. Sell it to an end user on lease option (rent to buy)?
3. Sell it for cash to an Investor? (which I also show you how to find)
4. Sell it to an Investor with Terms?
5. Sell it to an end user for cash?
Fill out the questionnaires that I've provided in the book. They will tell you exactly what type of investment property you are dealing with.
The next step is inspecting the property. If you know how the functions of a home work, this is fairly easy, if not, read up on home inspections or use the guidelines that I give you in the course.
NEXT WEEK - PART TWO - "Making A Zero Down Offer!"
Wednesday
Save Money buying Homes for Half Price
Join FREE and find a great home in your area. 500,000 properties include preforeclosure, NOD, NTS, auction, HUD, VA, government and bank homes.
More Information
More Information
Monday
The New Age of Mortgage Aplications
The New Age of Mortgage Aplications
by Craig Romero
In today’s day and age, the world is at our fingertips, literally. Every day more and more people are getting online and using the internet to do things they used to have to leave the house for. Computers are being used for everything; from tasks as small as researching homework projects to processes as large as buying homes. If you’re a computer user who’s looking to buy or refinance a home, you may be surprised to learn that the days of having to visit your local lending office for your mortgage are long gone.
If you’re in the market for a mortgage, you may want to consider looking into using an online mortgage broker. There are a number of benefits to using this method of finding a mortgage. You can apply for your mortgage at your own convenience, the application process tends to be shorter, there are normally no application fees required, and the sites often offer tools needed to figure out what you qualify for and how much your monthly payments will be.
Because the application process occurs online, you can go to the website when you choose; 24 hours a day, seven days a week. This enables consumers seeking a mortgage to be free of the time constraints imposed on them by working with brick and motor lenders that adhere to scheduled business hours. There is no need to take time off of work or out of your already hectic schedule to apply for a mortgage when all you have to do is visit a single website in your spare time.
Another benefit of using an online mortgage broker is that often, the lenders the broker represents will compete for your business and you can see the different rate quotes that you are being offered. This allows you to choose the mortgage that is best for you and gives you more control over the entire process.
However, it is important for consumers to remember that the Internet is a big place, and a place where many predators like to take advantage of honest, hardworking consumers. If you do decide to pursue your mortgage online, make sure that you work with a reputable broker to avoid the problems that can occur if dealing with a less than reputable individual or firm. There are signs to look for to make sure you are dealing with a reputable company. Check with the company’s local BBB or the online BBB to make sure there are no complaints against them. Also, if a broker wants you to pay them to apply online, steer clear of them. The actual online application should be free of charge.
Craig Romero is an author and mortgage analyst dedicated to helping homeowners maximize the investment in their homes.
Related Links :
Best Mortgage Rate Finder - Free Quote and help finding the best Mortgage Rate
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by Craig Romero
In today’s day and age, the world is at our fingertips, literally. Every day more and more people are getting online and using the internet to do things they used to have to leave the house for. Computers are being used for everything; from tasks as small as researching homework projects to processes as large as buying homes. If you’re a computer user who’s looking to buy or refinance a home, you may be surprised to learn that the days of having to visit your local lending office for your mortgage are long gone.
If you’re in the market for a mortgage, you may want to consider looking into using an online mortgage broker. There are a number of benefits to using this method of finding a mortgage. You can apply for your mortgage at your own convenience, the application process tends to be shorter, there are normally no application fees required, and the sites often offer tools needed to figure out what you qualify for and how much your monthly payments will be.
Because the application process occurs online, you can go to the website when you choose; 24 hours a day, seven days a week. This enables consumers seeking a mortgage to be free of the time constraints imposed on them by working with brick and motor lenders that adhere to scheduled business hours. There is no need to take time off of work or out of your already hectic schedule to apply for a mortgage when all you have to do is visit a single website in your spare time.
Another benefit of using an online mortgage broker is that often, the lenders the broker represents will compete for your business and you can see the different rate quotes that you are being offered. This allows you to choose the mortgage that is best for you and gives you more control over the entire process.
However, it is important for consumers to remember that the Internet is a big place, and a place where many predators like to take advantage of honest, hardworking consumers. If you do decide to pursue your mortgage online, make sure that you work with a reputable broker to avoid the problems that can occur if dealing with a less than reputable individual or firm. There are signs to look for to make sure you are dealing with a reputable company. Check with the company’s local BBB or the online BBB to make sure there are no complaints against them. Also, if a broker wants you to pay them to apply online, steer clear of them. The actual online application should be free of charge.
Craig Romero is an author and mortgage analyst dedicated to helping homeowners maximize the investment in their homes.
Related Links :
Best Mortgage Rate Finder - Free Quote and help finding the best Mortgage Rate
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Sunday
Home Inspection Success
Home Inspection Success!
How To Become A Successful Home Inspector?
For anyone who is looking for a way to get into the lucrative home inspection field without being trapped or taken advantage of...
An excellent download by Daniel Jones (ASHI certified member)
To find out more on, How YOU could make $700 - $1100 a day as a Home Inspector click here
How To Become A Successful Home Inspector?
For anyone who is looking for a way to get into the lucrative home inspection field without being trapped or taken advantage of...
An excellent download by Daniel Jones (ASHI certified member)
To find out more on, How YOU could make $700 - $1100 a day as a Home Inspector click here
Saturday
How to buy Foreclosures
Matt Landry is a Licensed Real Estate Broker/Owner Federal Homes, New York
His work on "How to make real money buying foreclosures properties" is available for download here
______________________________________________________________________________
If you are looking for best Foreclosure / Pre-foreclosure listings and data source try,
RealtyTrac
: It's the most comprehensive source of exclusive foreclosure / pre-foreclosure, auction and bank homes. You can visit the site and take advantage of their free trial here.
His work on "How to make real money buying foreclosures properties" is available for download here
______________________________________________________________________________
If you are looking for best Foreclosure / Pre-foreclosure listings and data source try,
RealtyTrac
Thursday
Preforeclosures How Fortunes Are Made
Preforeclosures - How Fortunes Are Made
What is preforeclosure? Preforeclosure is the time period from which the bank gives notice of default, once the homeowner is approximately 90 days late in payments, to the time the house sells at auction. Preforeclosure is also the most crucial time in the foreclosure process. It is during this period that you as an investor stand to make the largest profits and can literally make thousands of dollars in months, weeks, days, or even hours!
The key to pre-foreclosure houses is equity. Simply put, equity is the difference between what a house will sell for (fair market value) and what is owed on the house. The whole concept to making money with preforeclosures is to buy a house for less than fair market valuing, thus immediately creating equity for yourself.
Here is an example of how this can work. Let’s say someone owns a house with a fair market value of $200,000. Now let’s assume that this homeowner has lived in the house for several years. If you consider that the property has most likely increased in value over time, while at the same time the homeowner has been paying down the mortgage on a monthly basis, it is fair to assume they owe less than $200,000 on the property.
For this example let’s assume that the homeowner owes $160,000. This means there is $40,000 in equity in the house. As an investor, you would want to buy the house for $160,000 or slightly higher. If you can do this, you have a shot at making $40,000.
I know what you are thinking. Why would they sell the house for $40,000 under the market value? Right? Here is one reason why. If they sell the house to you, you can promise them a quick closing, thus stopping the foreclosure (losing the house at auction).
This will prevent a foreclosure from going on the homeowner’s credit record. A foreclosure can stay on someone’s credit for seven to ten years making it next to impossible to get another mortgage in the future. This is just one of many reasons.
So let’s say they sell the house to you for $160,000. You can turn around and put the house back on the market for the $200,000 that it is worth. Once the home sells, you could put a whopping $40,000 in your pocket. Sounds pretty nice, huh? The best thing is there are ways to make similar deals with little or no money! An that is an example of how you can make money with preforeclosure houses.
In order to buy preforeclosure houses you first need preforeclosure leads. This is how you are going to get your leads. You are going to implement a powerful direct marketing campaign soliciting those who are in preforeclosure. How do you learn where to start looking?
One of the most valuable sources for preforeclosure leads is mortgage brokers. Almost everyone knows a mortgage broker. Maybe your brother is a mortgage broker. Maybe a good friend is a mortgage broker.
If you don’t know anyone in the mortgage business, network a little bit. I am confident you will be introduced to someone in the mortgage field that can help you.
If not, that is OK too! You will just have to do a little more legwork. Go through the yellow pages and look for mortgage companies. Start calling around and introducing yourself. See if you can talk to the manager. If not ask to speak to a loan officer.
Ask them if they have someone in particular that handles foreclosure financing. They may or may not. Often times in mortgage companies, they will receive large volumes of calls from distressed homeowners.
These are homeowners who are trying everything to stop foreclosure. Most of the time, it is too late for the mortgage company to help the homeowner because their credit is already shot. At this point the mortgage company may refer them to what is sometimes call a hard money lender. A hard money lender is a lender that specializes in high risk loans. Often times, they are private investors.
This is where you come in. These leads are invaluable. They are homeowners that are exhausting their last options to save their home. What you do is have the mortgage company start to refer these deals to you. If you can get the names and phone numbers of these homeowners, you can contact them directly. More importantly, you can contact them when they are open to listening and expecting your call. If the mortgage representative that can’t help them gives a high recommendation of you to the homeowner, they will be excited to hear from you.
Written by Jeffrey Ringold
Jeffrey Ringold is the author of ‘How To Build A Massive Fortune Through Real Estate Foreclosures’. He is a licensed real estate agent and investor who has bought or sold over $12 million in real estate over his 7 year career. He is consulted by leading real estate developers and investors almost daily.
Get more information and see how you can be taught to start Building Massive Wealth with Real Estate Foreclosures / Pre-foreclosures you can visit the site for more information and instantly download this excellent step-by-step ebook, Jeffrey's special offer is available here.
-----------------------------------------------------------------------------------------------------
If you are looking for best Pre-foreclosure listings and data source try,
RealtyTrac : It's the most comprehensive source of exclusive pre-foreclosure, auction and bank homes. You can visit the site and take advantage of their free trial here.
What is preforeclosure? Preforeclosure is the time period from which the bank gives notice of default, once the homeowner is approximately 90 days late in payments, to the time the house sells at auction. Preforeclosure is also the most crucial time in the foreclosure process. It is during this period that you as an investor stand to make the largest profits and can literally make thousands of dollars in months, weeks, days, or even hours!
The key to pre-foreclosure houses is equity. Simply put, equity is the difference between what a house will sell for (fair market value) and what is owed on the house. The whole concept to making money with preforeclosures is to buy a house for less than fair market valuing, thus immediately creating equity for yourself.
Here is an example of how this can work. Let’s say someone owns a house with a fair market value of $200,000. Now let’s assume that this homeowner has lived in the house for several years. If you consider that the property has most likely increased in value over time, while at the same time the homeowner has been paying down the mortgage on a monthly basis, it is fair to assume they owe less than $200,000 on the property.
For this example let’s assume that the homeowner owes $160,000. This means there is $40,000 in equity in the house. As an investor, you would want to buy the house for $160,000 or slightly higher. If you can do this, you have a shot at making $40,000.
I know what you are thinking. Why would they sell the house for $40,000 under the market value? Right? Here is one reason why. If they sell the house to you, you can promise them a quick closing, thus stopping the foreclosure (losing the house at auction).
This will prevent a foreclosure from going on the homeowner’s credit record. A foreclosure can stay on someone’s credit for seven to ten years making it next to impossible to get another mortgage in the future. This is just one of many reasons.
So let’s say they sell the house to you for $160,000. You can turn around and put the house back on the market for the $200,000 that it is worth. Once the home sells, you could put a whopping $40,000 in your pocket. Sounds pretty nice, huh? The best thing is there are ways to make similar deals with little or no money! An that is an example of how you can make money with preforeclosure houses.
In order to buy preforeclosure houses you first need preforeclosure leads. This is how you are going to get your leads. You are going to implement a powerful direct marketing campaign soliciting those who are in preforeclosure. How do you learn where to start looking?
One of the most valuable sources for preforeclosure leads is mortgage brokers. Almost everyone knows a mortgage broker. Maybe your brother is a mortgage broker. Maybe a good friend is a mortgage broker.
If you don’t know anyone in the mortgage business, network a little bit. I am confident you will be introduced to someone in the mortgage field that can help you.
If not, that is OK too! You will just have to do a little more legwork. Go through the yellow pages and look for mortgage companies. Start calling around and introducing yourself. See if you can talk to the manager. If not ask to speak to a loan officer.
Ask them if they have someone in particular that handles foreclosure financing. They may or may not. Often times in mortgage companies, they will receive large volumes of calls from distressed homeowners.
These are homeowners who are trying everything to stop foreclosure. Most of the time, it is too late for the mortgage company to help the homeowner because their credit is already shot. At this point the mortgage company may refer them to what is sometimes call a hard money lender. A hard money lender is a lender that specializes in high risk loans. Often times, they are private investors.
This is where you come in. These leads are invaluable. They are homeowners that are exhausting their last options to save their home. What you do is have the mortgage company start to refer these deals to you. If you can get the names and phone numbers of these homeowners, you can contact them directly. More importantly, you can contact them when they are open to listening and expecting your call. If the mortgage representative that can’t help them gives a high recommendation of you to the homeowner, they will be excited to hear from you.
Written by Jeffrey Ringold
Jeffrey Ringold is the author of ‘How To Build A Massive Fortune Through Real Estate Foreclosures’. He is a licensed real estate agent and investor who has bought or sold over $12 million in real estate over his 7 year career. He is consulted by leading real estate developers and investors almost daily.
Get more information and see how you can be taught to start Building Massive Wealth with Real Estate Foreclosures / Pre-foreclosures you can visit the site for more information and instantly download this excellent step-by-step ebook, Jeffrey's special offer is available here.
-----------------------------------------------------------------------------------------------------
If you are looking for best Pre-foreclosure listings and data source try,
RealtyTrac
Monday
What It Really Takes To Buy A Home With Zero Cash Down Payment
Written by Craig Romero / author and mortgage analyst
You hear this headline an awful lot mostly in advertisements and real estate seminars. Even though the application requirements are quite rigid and less forgiving, it is totally possible to get a mortgage without making a down payment by following a few requirements.
Required Program Qualifications:
1. An Excellent Credit History
- Absolutely zero recent history of bad debts
- Consistent and timely payment of all previous and current liabilities
2. Disclose A Current List Of All Liabilities
This will determine how much debt the lender will allow you to carry. Examples of any liabilities may be: loans, car, home, co-signed loans, credit cards, boats, R.V’s, motorcycles, property, etc.
3. Be Able To Prove A Minimum Of 3 Years Stable Employment History.
You will be required to show a letter of employment, or if self employed you must show financial statements for the prior three years.
4. The Financial Ability To Pay Larger Monthly Payments
Expect to pay a few hundred dollars extra per month on a zero down mortgage program. Without a down payment you will be required to meet the obligation of larger mortgage payments. Your monthly payments could vary from a few to several hundred dollars more per month.
Click below for more complete information and
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You hear this headline an awful lot mostly in advertisements and real estate seminars. Even though the application requirements are quite rigid and less forgiving, it is totally possible to get a mortgage without making a down payment by following a few requirements.
Required Program Qualifications:
1. An Excellent Credit History
- Absolutely zero recent history of bad debts
- Consistent and timely payment of all previous and current liabilities
2. Disclose A Current List Of All Liabilities
This will determine how much debt the lender will allow you to carry. Examples of any liabilities may be: loans, car, home, co-signed loans, credit cards, boats, R.V’s, motorcycles, property, etc.
3. Be Able To Prove A Minimum Of 3 Years Stable Employment History.
You will be required to show a letter of employment, or if self employed you must show financial statements for the prior three years.
4. The Financial Ability To Pay Larger Monthly Payments
Expect to pay a few hundred dollars extra per month on a zero down mortgage program. Without a down payment you will be required to meet the obligation of larger mortgage payments. Your monthly payments could vary from a few to several hundred dollars more per month.
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Sunday
Tips for Using Online Mortgage Brokers
If you’re thinking about taking out a mortgage or refinancing your existing one, you’ve probably considered using an online mortgage broker. While the task itself sounds rather simple, it helps to have tips and guidelines to use to avoid some of the common pitfalls that consumers tend to run into.
The first thing you will want to do when dealing with an online mortgage broker is to make sure that the broker represents a number of lending institutions and offers a wide range of loan products. It is very important to make sure the broker isn’t just a lender agent in disguise. If the broker only represents one bank or lender, it is very unlikely that they are going to be able to offer you the mortgage or refinance option that best suits your needs.
Check the qualifications of your broker. Do they belong to any associations? Do they have references? How long have they been in the business? Experience is the key when it comes to mortgage lending and finding the right program to fit your needs. You want to make sure that your mortgage or refinance is in the hands of someone competent, someone who knows what they are doing.
Check to see if your broker is going to charge you a fee. Some brokers charge a fee just for using their services, while others do not. Unless you have reason to feel that the broker is worth the extra cost, avoid brokers that charge an up front fee.
When your broker makes a recommendation, ask them for a comparison to make sure you are getting the loan that best serves your needs. The comparison should include upfront fees as well as ongoing fees and should be based on the actual amount you are borrowing.
Check to make sure that the broker is going to be around to offer you service after the loan closes. Exactly what services does the broker offer? If you have a dispute with the lender, will the broker be able to help you remedy the situation, or will you be left on your own?
When you meet with your broker, make sure you adhere to these tips and suggestions. It will show your broker that you’re an educated consumer that means business; and knowing what questions to ask will help you feel confident and better prepared. It’s the best way to ensure a smooth and pleasant lending experience.
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Written by Craig Romero
Craig Romero is an author and mortgage analyst dedicated to helping homeowners maximize the investment in their homes.
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Related Links :
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The first thing you will want to do when dealing with an online mortgage broker is to make sure that the broker represents a number of lending institutions and offers a wide range of loan products. It is very important to make sure the broker isn’t just a lender agent in disguise. If the broker only represents one bank or lender, it is very unlikely that they are going to be able to offer you the mortgage or refinance option that best suits your needs.
Check the qualifications of your broker. Do they belong to any associations? Do they have references? How long have they been in the business? Experience is the key when it comes to mortgage lending and finding the right program to fit your needs. You want to make sure that your mortgage or refinance is in the hands of someone competent, someone who knows what they are doing.
Check to see if your broker is going to charge you a fee. Some brokers charge a fee just for using their services, while others do not. Unless you have reason to feel that the broker is worth the extra cost, avoid brokers that charge an up front fee.
When your broker makes a recommendation, ask them for a comparison to make sure you are getting the loan that best serves your needs. The comparison should include upfront fees as well as ongoing fees and should be based on the actual amount you are borrowing.
Check to make sure that the broker is going to be around to offer you service after the loan closes. Exactly what services does the broker offer? If you have a dispute with the lender, will the broker be able to help you remedy the situation, or will you be left on your own?
When you meet with your broker, make sure you adhere to these tips and suggestions. It will show your broker that you’re an educated consumer that means business; and knowing what questions to ask will help you feel confident and better prepared. It’s the best way to ensure a smooth and pleasant lending experience.
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Written by Craig Romero
Craig Romero is an author and mortgage analyst dedicated to helping homeowners maximize the investment in their homes.
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Related Links :
Free service to get a pre-screened real estate agent anywhere in the U.S. and get CASH back!
Best Mortgage Rate Finder - Free Quote and help finding the best Mortgage Rate
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Saturday
The Fast Track to Gaining Equity with Refinancing
When most people think of refinancing, they think of a way to lower their monthly payments or to get cash out of their homes, but there’s another aspect to refinancing that more and more people are finding out about and utilizing.
Your home is probably your biggest asset, and the equity in your home is the key to that asset. If you’re paying off at typical 30-year mortgage, you could be throwing some of that equity, and thousands of dollars, away. More and more people are finding out that by refinancing their homes, they can build equity faster and pay of their loans earlier. With mortgage rates being some of the lowest in history, now is the perfect time to review your refinancing options and look closely at what refinancing can do for the equity in your home.
If you can refinance your home at a lower interest rate, but make the same monthly payment that you’ve been making, you can save thousands of dollars in interest, pay your home off early, and build equity faster than if you had continued to pay at the higher rate of interest.
Some borrowers who qualify may even want to refinance at a lower interest rate, but take out a 15-year mortgage instead of a 30-year mortgage.
A 15-year mortgage can save you thousands of dollars. For example, let’s take a $100,000 mortgage with a 7 percent interest rate. If you were to take out a 30-year mortgage with those terms, your total payments would equal $239,511 and the total interest you paid would equal $139,511.
If you took that same exact mortgage amount and interest rate, and took out a 15-year mortgage, your total payments made would equal $161,789 and the total interest you paid would come to $61,789, saving you approximately $77,722. Obviously, if the loan amount were higher, and the interest rate were to decrease when you refinance, you will save substantially more.
Even if you don’t qualify for a 15-year refinance, you will want to ask the lender to prorate the length of your loan to the amount of time you currently have left to pay off.
For instance, if you’ve been paying on your mortgage for 10 years, ask for a 20-year mortgage instead of a 30-year plan. This will ensure that your home is paid off in the quickest amount of time possible and that your equity accrues at an accelerated rate.
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Written by Craig Romero
Discover how to quickly build a minimum of $40,000 worth of home equity and pay your mortgage off in 10 years or less without making biweekly mortgage payments. Visit the site : here
Craig Romero is an author and mortgage analyst dedicated to helping homeowners maximize the investment in their homes.
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Your home is probably your biggest asset, and the equity in your home is the key to that asset. If you’re paying off at typical 30-year mortgage, you could be throwing some of that equity, and thousands of dollars, away. More and more people are finding out that by refinancing their homes, they can build equity faster and pay of their loans earlier. With mortgage rates being some of the lowest in history, now is the perfect time to review your refinancing options and look closely at what refinancing can do for the equity in your home.
If you can refinance your home at a lower interest rate, but make the same monthly payment that you’ve been making, you can save thousands of dollars in interest, pay your home off early, and build equity faster than if you had continued to pay at the higher rate of interest.
Some borrowers who qualify may even want to refinance at a lower interest rate, but take out a 15-year mortgage instead of a 30-year mortgage.
A 15-year mortgage can save you thousands of dollars. For example, let’s take a $100,000 mortgage with a 7 percent interest rate. If you were to take out a 30-year mortgage with those terms, your total payments would equal $239,511 and the total interest you paid would equal $139,511.
If you took that same exact mortgage amount and interest rate, and took out a 15-year mortgage, your total payments made would equal $161,789 and the total interest you paid would come to $61,789, saving you approximately $77,722. Obviously, if the loan amount were higher, and the interest rate were to decrease when you refinance, you will save substantially more.
Even if you don’t qualify for a 15-year refinance, you will want to ask the lender to prorate the length of your loan to the amount of time you currently have left to pay off.
For instance, if you’ve been paying on your mortgage for 10 years, ask for a 20-year mortgage instead of a 30-year plan. This will ensure that your home is paid off in the quickest amount of time possible and that your equity accrues at an accelerated rate.
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Written by Craig Romero
Discover how to quickly build a minimum of $40,000 worth of home equity and pay your mortgage off in 10 years or less without making biweekly mortgage payments. Visit the site : here
Craig Romero is an author and mortgage analyst dedicated to helping homeowners maximize the investment in their homes.
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Friday
Important Things to Know About Refinancing Costs
With so many homeowners refinancing, it is tempting to jump on the bandwagon and do the same. Especially with the low interest rates and appealing offers that are popping up all over the place. While refinancing is a wise choice in many situations, it is important to note that it is not without costs of its own.
Some refinance companies charge an application fee just to begin the application and refinance process. This is an upfront cost that is never rolled into the new loan amount and must come out of your own personal funds. There are lenders who do not charge application fees, and some lenders who do charge application fees often run promotions where that fee is waived.
You might remember that when you bought your home and took out your mortgage, there were costs involved and fees that you paid related to that mortgage. When you refinance, those same fees and costs must be paid all over again, even though they can sometimes be rolled into the new mortgage. If you think that you aren’t paying for things like settlement costs and points, think again. Even if you don’t have to bring cash to closing, the lender has probably added these costs into the term of your loan. Be sure you check to see exactly how much they are charging you and how much money for these expenses is being rolled into your new mortgage balance. To have a lower monthly payment, you’re going to wind up paying more points, and to pay lower points you’re going to need to pay a higher monthly payment.
Another cost that you have to consider when you are thinking about refinancing is whether or not you have an early payoff penalty on the mortgage that you are currently carrying. Sometimes these fees can be steep, and at times makes it senseless to refinance if the fees exceed the amount you will be saving by refinancing in the first place.
While there are costs involved with refinancing, in the majority of cases, it still pays off in the long run. Refinancing can save a homeowner tens of thousands of dollars. A rather large sum compared to the amount spent on refinancing.
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Written by Craig Romero - author and mortgage analyst
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Some refinance companies charge an application fee just to begin the application and refinance process. This is an upfront cost that is never rolled into the new loan amount and must come out of your own personal funds. There are lenders who do not charge application fees, and some lenders who do charge application fees often run promotions where that fee is waived.
You might remember that when you bought your home and took out your mortgage, there were costs involved and fees that you paid related to that mortgage. When you refinance, those same fees and costs must be paid all over again, even though they can sometimes be rolled into the new mortgage. If you think that you aren’t paying for things like settlement costs and points, think again. Even if you don’t have to bring cash to closing, the lender has probably added these costs into the term of your loan. Be sure you check to see exactly how much they are charging you and how much money for these expenses is being rolled into your new mortgage balance. To have a lower monthly payment, you’re going to wind up paying more points, and to pay lower points you’re going to need to pay a higher monthly payment.
Another cost that you have to consider when you are thinking about refinancing is whether or not you have an early payoff penalty on the mortgage that you are currently carrying. Sometimes these fees can be steep, and at times makes it senseless to refinance if the fees exceed the amount you will be saving by refinancing in the first place.
While there are costs involved with refinancing, in the majority of cases, it still pays off in the long run. Refinancing can save a homeowner tens of thousands of dollars. A rather large sum compared to the amount spent on refinancing.
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Written by Craig Romero - author and mortgage analyst
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Thursday
Should I Wait to Refinance?
Mortgage rates have gone up and down, and some speculate that they may drop even lower, but homeowner’s have to consider whether or not playing the waiting game is really wise when it comes to refinancing your mortgage.
While analysts speculate that mortgage rates will remain low, no one is guaranteeing, or even predicting that they will drop lower. While it is not impossible for rates to drop even lower than they already are, it is more likely that they will go up than it is that they will go down. Homeowner’s who wait to refinance with the hopes that rates will drop below the currently low rates may be disappointed and find themselves refinancing at a higher rate than they could have if they would have refinanced now.
At this point in time, when it comes to mortgage refinancing, the early bird really does get the worm. Since it is unlikely that significant rate cuts are in the forecast, homeowners can start saving money sooner by refinancing now. For each month that a homeowner does not refinance, that is another month that they are throwing more money away in interest and less at the principal of their mortgage. Since significant savings are to be had as a result of refinancing a high-interest rate mortgage to a lower interest rate, it only makes sense to take advantage of these savings sooner rather than later. And if saving money sooner is not an incentive, homeowners should think of the money they could be risking if rates suddenly increase and they lose the window of opportunity to refinance at a lower rate. It is important to lock in the low rates now to avoid a lost opportunity if rates do indeed increase.
While no one can tell you when it is the right time for you to refinance your home, if the only thing that has you waiting is the thought that mortgage rates might drop even lower, you may want to rethink that decision and take advantage of the already low rates that are available to you right now.
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Written by Craig Romero - author and mortgage analyst
Discover how to quickly build a minimum of $40,000 worth of home equity and pay your mortgage off in 10 years or less without making biweekly mortgage payments click here..
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While analysts speculate that mortgage rates will remain low, no one is guaranteeing, or even predicting that they will drop lower. While it is not impossible for rates to drop even lower than they already are, it is more likely that they will go up than it is that they will go down. Homeowner’s who wait to refinance with the hopes that rates will drop below the currently low rates may be disappointed and find themselves refinancing at a higher rate than they could have if they would have refinanced now.
At this point in time, when it comes to mortgage refinancing, the early bird really does get the worm. Since it is unlikely that significant rate cuts are in the forecast, homeowners can start saving money sooner by refinancing now. For each month that a homeowner does not refinance, that is another month that they are throwing more money away in interest and less at the principal of their mortgage. Since significant savings are to be had as a result of refinancing a high-interest rate mortgage to a lower interest rate, it only makes sense to take advantage of these savings sooner rather than later. And if saving money sooner is not an incentive, homeowners should think of the money they could be risking if rates suddenly increase and they lose the window of opportunity to refinance at a lower rate. It is important to lock in the low rates now to avoid a lost opportunity if rates do indeed increase.
While no one can tell you when it is the right time for you to refinance your home, if the only thing that has you waiting is the thought that mortgage rates might drop even lower, you may want to rethink that decision and take advantage of the already low rates that are available to you right now.
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Written by Craig Romero - author and mortgage analyst
Discover how to quickly build a minimum of $40,000 worth of home equity and pay your mortgage off in 10 years or less without making biweekly mortgage payments click here..
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Wednesday
Borrowing Online
It is not surprising to find out that homebuyers are browsing and shopping for homes online, but is it surprising that they’re borrowing the money to buy those homes on websites without ever meeting with a broker face to face? It is true that many people prefer to meet with a broker face to face, and as a result many online brokers have gone out of business, but the web still offers numerous online brokers that offer 24-hour access, seven days a week to those who prefer to go about getting their mortgage online.
So what do these sites have to offer? Besides the convenience of 24-7 access, these sites also offer borrowers a place to go where lenders will compete for their business. People with excellent credit may get immediate preliminary responses; others may have to wait a day or two for the offers and quotes to come in. Many of these sites offer sub-prime lenders who cater to those with damaged credit. Online brokers offer easy, automated access without the hassle of having to go into a physical office.
If an online mortgage broker is for you, and you don’t care if you meet face to face with a live person, there are precautions that you should take to ensure you are doing business with a reputable broker or firm. The first thing you will want to do is make sure that they are licensed by your state’s regulatory agency, if such licensing exists.
You’ll also want to make sure that any personal information you submit through the site is sent over a secure connection. If it’s not, your information is at risk of being stolen by unscrupulous individuals who hack into systems. Identity theft is a growing concern, and you should make sure your information is safeguarded during this process.
Also, when you do find an online broker that you want to apply with, stick with that one broker. If you go to too many different brokerage sites, they will each pull your credit report and it will have a negative impact on your credit rating. Each time your credit report is pulled, an inquiry shows up on the report. Too many inquiries have a negative impact on your total credit score.
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Written by Craig Romero
Bi-weekly plans have a major flaw. They take money out of your pocket to acquire any savings. Discover the new Mortgage Loophole that outperforms a bi-weekly mortgage plan, more..
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So what do these sites have to offer? Besides the convenience of 24-7 access, these sites also offer borrowers a place to go where lenders will compete for their business. People with excellent credit may get immediate preliminary responses; others may have to wait a day or two for the offers and quotes to come in. Many of these sites offer sub-prime lenders who cater to those with damaged credit. Online brokers offer easy, automated access without the hassle of having to go into a physical office.
If an online mortgage broker is for you, and you don’t care if you meet face to face with a live person, there are precautions that you should take to ensure you are doing business with a reputable broker or firm. The first thing you will want to do is make sure that they are licensed by your state’s regulatory agency, if such licensing exists.
You’ll also want to make sure that any personal information you submit through the site is sent over a secure connection. If it’s not, your information is at risk of being stolen by unscrupulous individuals who hack into systems. Identity theft is a growing concern, and you should make sure your information is safeguarded during this process.
Also, when you do find an online broker that you want to apply with, stick with that one broker. If you go to too many different brokerage sites, they will each pull your credit report and it will have a negative impact on your credit rating. Each time your credit report is pulled, an inquiry shows up on the report. Too many inquiries have a negative impact on your total credit score.
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Written by Craig Romero
Bi-weekly plans have a major flaw. They take money out of your pocket to acquire any savings. Discover the new Mortgage Loophole that outperforms a bi-weekly mortgage plan, more..
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Tuesday
The Pros and Cons of a Reverse Mortgage
Reverse mortgages are becoming more and more popular every day. This is not surprising, considering senior citizens are facing an increased cost of living and decreased sources of revenue. The average social security check doesn’t cover even the most basic living expenses of the typical senior citizen. Up until recently, senior citizen homeowners faced having to sell their homes and moving into low income senior housing to afford a basic standard of living. Reverse mortgages now offer a solution to that problem.
There are many benefits to a reverse mortgage. Seniors no longer have to sell their homes in order for them to be able to afford their medications or to have extra spending money. Reverse mortgages allow them borrow against the equity in their homes. There are no payments due on the mortgage for the entire time that the homeowner lives in the home, making this option an affordable solution to a financial crisis. This turns the home into a source of income for the homeowner, and puts the home’s equity to work for them. Other benefits that a reverse mortgage offers is the income received from the reverse mortgage is tax free and there are no minimum income requirements to qualify.
There are some things that must be considered when one is thinking about taking advantage of the benefits a reverse mortgage has to offer. While a reverse mortgage is the answer for many, it is not for everyone. Sure, it’s great to have access to extra cash, but you want to make sure that you’re not sacrificing something else in the process.
There are many government aid programs that senior citizens qualify for when they meet certain income and cash asset criteria. If a senior citizen is participating in one or more of these programs, they need to make sure that their benefits will not be affected by the income that would be generated by taking out a reverse mortgage.
Many seniors also do not like the fact that the homes that they worked so hard to own free and clear will now have a large debt against it, even though the debt will be paid off from the proceeds of the sale when the home is sold. The heirs of the individual taking out the mortgage generally do not like the idea of a reverse mortgage since it cuts deeply into their inheritance amount, since the equity in the home is being borrowed against and is no longer an asset. However, it is important for the homeowner to do what is right for them, and not necessarily their heirs.
It is important to weigh both the pros and the cons and determine what is right for you in your specific situation and circumstances. Reverse mortgages can be an invaluable benefit for many, but is not right for everyone.
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Written by Craig Romero
Discover how to quickly build a minimum of $40,000 worth of home equity and pay your mortgage off in 10 years or less without making biweekly mortgage payments. Visit the site : Click here
Craig Romero is an author and mortgage analyst dedicated to helping homeowners maximize the investment in their homes.
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There are many benefits to a reverse mortgage. Seniors no longer have to sell their homes in order for them to be able to afford their medications or to have extra spending money. Reverse mortgages allow them borrow against the equity in their homes. There are no payments due on the mortgage for the entire time that the homeowner lives in the home, making this option an affordable solution to a financial crisis. This turns the home into a source of income for the homeowner, and puts the home’s equity to work for them. Other benefits that a reverse mortgage offers is the income received from the reverse mortgage is tax free and there are no minimum income requirements to qualify.
There are some things that must be considered when one is thinking about taking advantage of the benefits a reverse mortgage has to offer. While a reverse mortgage is the answer for many, it is not for everyone. Sure, it’s great to have access to extra cash, but you want to make sure that you’re not sacrificing something else in the process.
There are many government aid programs that senior citizens qualify for when they meet certain income and cash asset criteria. If a senior citizen is participating in one or more of these programs, they need to make sure that their benefits will not be affected by the income that would be generated by taking out a reverse mortgage.
Many seniors also do not like the fact that the homes that they worked so hard to own free and clear will now have a large debt against it, even though the debt will be paid off from the proceeds of the sale when the home is sold. The heirs of the individual taking out the mortgage generally do not like the idea of a reverse mortgage since it cuts deeply into their inheritance amount, since the equity in the home is being borrowed against and is no longer an asset. However, it is important for the homeowner to do what is right for them, and not necessarily their heirs.
It is important to weigh both the pros and the cons and determine what is right for you in your specific situation and circumstances. Reverse mortgages can be an invaluable benefit for many, but is not right for everyone.
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Written by Craig Romero
Discover how to quickly build a minimum of $40,000 worth of home equity and pay your mortgage off in 10 years or less without making biweekly mortgage payments. Visit the site : Click here
Craig Romero is an author and mortgage analyst dedicated to helping homeowners maximize the investment in their homes.
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Monday
Stop Giving Away Your Equity
Do you know that every year you're giving away the hard-earned equity in your home by paying more than you have to in interest? Most home owners don't realize they can cut up to seven years off of the length of their mortgage, saving thousands of dollars in the process. Think it doesn't add up to a lot?
Think again. Let's lowball it and say you have an $80,000 mortgage and are paying an interest rate of 7 percent. How much will a bi-weekly payment method save you, versus paying the conventional mortgage off over 30 years?
Believe it or not, you would be saving over $25,000. The more your loan amount or the higher your interest, the more money this you can save. When you pay your mortgage bi-weekly, there are a number of factors that come into play.
You're reducing the term of your loan by up to eight years, you're paying less interest over the life of your loan and you're building up equity in your home sooner because more of your money is going towards principal than interest. The savings don't end there.
Due to the fact that your mortgage will be paid off years in advance, you will be able to discontinue your private mortgage insurance earlier than you would if you were paying over a full 30 years, thereby saving you even more money.
The bi-weekly mortgage method is also a wonderful option for people who want to pay off their homes in a shorter period of time than the conventional thirty year mortgages allow, but who don't qualify for a standard 15 year mortgage. It offers homeowners more convenience and flexibility than a fifteen year mortgage.
With a fifteen-year mortgage, if you want to change to a thirty-year mortgage, you would have to refinance. With the bi-weekly payment plan, if your circumstances temporarily change you and need to pay on a monthly basis for a period of time, there is no refinancing necessary.
So how much is someone going to charge you to save you thousands of dollars and build up quick equity in your home? There are various services available to homeowners that will take control of this process for you.
If you use them, you're wasting some of the money you're going to be saving by using this payment method in the first place. There is really no reason to enlist the help of a company to do this for you, when with the proper tools and information, you can do it yourself.
Unless you're independently wealthy and don't care where your money goes, then you will definitely want to look into paying off your mortgage on the bi-weekly plan, and learning how to do it on your own.
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Written by Craig Romero
Discover how to quickly build a minimum of $40,000 worth of home equity and pay your mortgage off in 10 years or less without making biweekly mortgage payments. Visit the site : Click here
Craig Romero is an author and mortgage analyst dedicated to helping homeowners maximize the investment in their homes.
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Think again. Let's lowball it and say you have an $80,000 mortgage and are paying an interest rate of 7 percent. How much will a bi-weekly payment method save you, versus paying the conventional mortgage off over 30 years?
Believe it or not, you would be saving over $25,000. The more your loan amount or the higher your interest, the more money this you can save. When you pay your mortgage bi-weekly, there are a number of factors that come into play.
You're reducing the term of your loan by up to eight years, you're paying less interest over the life of your loan and you're building up equity in your home sooner because more of your money is going towards principal than interest. The savings don't end there.
Due to the fact that your mortgage will be paid off years in advance, you will be able to discontinue your private mortgage insurance earlier than you would if you were paying over a full 30 years, thereby saving you even more money.
The bi-weekly mortgage method is also a wonderful option for people who want to pay off their homes in a shorter period of time than the conventional thirty year mortgages allow, but who don't qualify for a standard 15 year mortgage. It offers homeowners more convenience and flexibility than a fifteen year mortgage.
With a fifteen-year mortgage, if you want to change to a thirty-year mortgage, you would have to refinance. With the bi-weekly payment plan, if your circumstances temporarily change you and need to pay on a monthly basis for a period of time, there is no refinancing necessary.
So how much is someone going to charge you to save you thousands of dollars and build up quick equity in your home? There are various services available to homeowners that will take control of this process for you.
If you use them, you're wasting some of the money you're going to be saving by using this payment method in the first place. There is really no reason to enlist the help of a company to do this for you, when with the proper tools and information, you can do it yourself.
Unless you're independently wealthy and don't care where your money goes, then you will definitely want to look into paying off your mortgage on the bi-weekly plan, and learning how to do it on your own.
-----------------------------------------------------------------------------------------------------
Written by Craig Romero
Discover how to quickly build a minimum of $40,000 worth of home equity and pay your mortgage off in 10 years or less without making biweekly mortgage payments. Visit the site : Click here
Craig Romero is an author and mortgage analyst dedicated to helping homeowners maximize the investment in their homes.
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Given below are 2 easy ways of inserting the feeds into your site.
(1) FAMILIAR WITH XML/RSS
If you are familiar with incorporating XML/RSS feed. You can subscribe to the blog feed here for more details click here.
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Simply use JAVASCRIPT to get the content on your site page(s)
If you are not familiar with XML/RSS we recommend you to use this simple java scripts. To incorporate blog content simply insert one of this java scripts(2a or 2b) into the body of your webpage at the location you want the content to appear. Once the page is opened in a web-browser the most recent blog content will refresh into your site page(s) automatically.
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Deadly Pitfalls To Avoid When Applying For A Mortgage.
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By learning and understanding the following 8 mistakes, you’ll not only save thousands of dollars but most importantly you’ll eliminate the chances of not qualifying for a mortgage.
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1. Being Uneducated About The Mortgage Process
Since buying a home will most likely be the largest single purchase you will ever make, it’s important you understand the actual process of a mortgage to insure you capitalize on your investment. Utilize my reports to educate yourself…it will save you from running in to major problems and allow you to turn your home (debt) into a profitable investment. Also, seek out a lender you feel comfortable will be patient, professional and honest.
2. Dealing With A Second-Rate Mortgage Company.
As a mortgage Analyst, I can’t stress how important it is to research your mortgage company before dealing with them. Don’t be afraid to ask any questions you feel necessary. Be sure and ask for references. Make sure they have satisfied customers. Be sure to ask what percentage of their mortgage applications are denied. If more than 10% of their loans are never funded, look elsewhere. Ask what their average turn around time for processing a loan is. Most modern mortgage companies should be able to approve your loan within hours or even minutes. They should be able to fund your loan within 7-10 business days. In this day and age, there’s no reason to put up with a second-rate mortgage company.
3. Dealing With A Lender Who Funds Their Loans Through Only One Investor
In the mortgage world loans are called products. As you probably know, there are many different types of loans to suit different types of situations. Some people require a 30-year mortgage while some would rather have a 15-year term. These are just two of the most common loan types. There are so many different types of loans (products) it would be impossible to list them all. To see a comprehensive list of loans and their description, please refer to section 1 & 2 of the bonus section in my report. Since not all lenders have a wide range of products, make sure to ask for a list of loans or products a lender has and have him or her sit down and explain the pros and cons of each one that would be of interest to you. Choosing a lender with the widest selection of products will insure you get the best loan possible.
4. Being Misinformed about Your Down Payment
Since the amount of money you place on a down payment will directly affect your monthly payment, your mortgage term and your interest rate, it’s very important to take the time and understand your options. It used to be typical that a person places 10% down, however now days there are many different programs available for different situations. There are now programs that allow you to put below 10% down or even 0 down. Just remember that the less you put down, the longer your mortgage term will be in addition to a higher monthly payment and or a higher interest rate. However, you want to make sure you don’t put yourself in a bind trying to make a down payment that is larger than you can afford.
5. Making Large Credit Purchases Prior to Applying For Your Mortgage
Since the amount of debt you have is calculated in determining how much of a home you qualify for, be sure not to make any large credit purchases before applying for a mortgage.
6. Over Shopping Your Loan
Over Shopping is when you contact multiply mortgage companies for a quote. In order for a mortgage company to give you an accurate quote, it’s necessary for them to pull your credit report. If your credit report is pulled more than 2-3 times in a six-month period, you risk decreasing your credit score. Which in turn could keep you from obtaining the best possible rate and loan term. This is why I recommend researching mortgage companies before hand. Finding a mortgage company with a large selection of products will decrease the need to over shop.
7. Keeping Personal Information From Your Mortgage Broker
This is often one of the most frequent problems mortgage brokers run into when dealing with a client. Your entire financial history within 3 years prior to applying for a mortgage may be used as a reference to calculate how much of a mortgage you can afford. It’s crucial you are honest and up front about all this information with your broker, even if you have had some problems dealing with financial difficulties in the past. You may find it difficult to discuss issues such as this, however it’s best to present and explain these matters in the beginning. Trying to hide past financial difficulties will only slow the loan process. Your mortgage broker is used to dealing with these issues, it’s important to work together to overcome negative financial history.
8. Not Using Common Sense
Most people will already know it’s important all credit card balances should have very low balances or none at all before applying for a mortgage. It won’t allow you to obtain the very best rate and terms if you have racked up balances on your credit cards. Also it’s important you have a good history of paying your bill on time (especially within the last year). I may be a bit redundant in mentioning these things…however, these issues are super important factors in obtaining the best loan possible.
Note: The above considerations are not meant to scare you from going out and applying for a mortgage. Just arm yourself with the best knowledge available and understand the factors above are important to getting the best possible interest rate, monthly payment, and term.
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Written by Craig Romero
Discover how to quickly build a minimum of $40,000 worth of home equity and pay your mortgage off in 10 years or less without making biweekly mortgage payments. Visit the site : Click here
Craig Romero is an author and mortgage analyst dedicated to helping homeowners maximize the investment in their homes.
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By learning and understanding the following 8 mistakes, you’ll not only save thousands of dollars but most importantly you’ll eliminate the chances of not qualifying for a mortgage.
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1. Being Uneducated About The Mortgage Process
Since buying a home will most likely be the largest single purchase you will ever make, it’s important you understand the actual process of a mortgage to insure you capitalize on your investment. Utilize my reports to educate yourself…it will save you from running in to major problems and allow you to turn your home (debt) into a profitable investment. Also, seek out a lender you feel comfortable will be patient, professional and honest.
2. Dealing With A Second-Rate Mortgage Company.
As a mortgage Analyst, I can’t stress how important it is to research your mortgage company before dealing with them. Don’t be afraid to ask any questions you feel necessary. Be sure and ask for references. Make sure they have satisfied customers. Be sure to ask what percentage of their mortgage applications are denied. If more than 10% of their loans are never funded, look elsewhere. Ask what their average turn around time for processing a loan is. Most modern mortgage companies should be able to approve your loan within hours or even minutes. They should be able to fund your loan within 7-10 business days. In this day and age, there’s no reason to put up with a second-rate mortgage company.
3. Dealing With A Lender Who Funds Their Loans Through Only One Investor
In the mortgage world loans are called products. As you probably know, there are many different types of loans to suit different types of situations. Some people require a 30-year mortgage while some would rather have a 15-year term. These are just two of the most common loan types. There are so many different types of loans (products) it would be impossible to list them all. To see a comprehensive list of loans and their description, please refer to section 1 & 2 of the bonus section in my report. Since not all lenders have a wide range of products, make sure to ask for a list of loans or products a lender has and have him or her sit down and explain the pros and cons of each one that would be of interest to you. Choosing a lender with the widest selection of products will insure you get the best loan possible.
4. Being Misinformed about Your Down Payment
Since the amount of money you place on a down payment will directly affect your monthly payment, your mortgage term and your interest rate, it’s very important to take the time and understand your options. It used to be typical that a person places 10% down, however now days there are many different programs available for different situations. There are now programs that allow you to put below 10% down or even 0 down. Just remember that the less you put down, the longer your mortgage term will be in addition to a higher monthly payment and or a higher interest rate. However, you want to make sure you don’t put yourself in a bind trying to make a down payment that is larger than you can afford.
5. Making Large Credit Purchases Prior to Applying For Your Mortgage
Since the amount of debt you have is calculated in determining how much of a home you qualify for, be sure not to make any large credit purchases before applying for a mortgage.
6. Over Shopping Your Loan
Over Shopping is when you contact multiply mortgage companies for a quote. In order for a mortgage company to give you an accurate quote, it’s necessary for them to pull your credit report. If your credit report is pulled more than 2-3 times in a six-month period, you risk decreasing your credit score. Which in turn could keep you from obtaining the best possible rate and loan term. This is why I recommend researching mortgage companies before hand. Finding a mortgage company with a large selection of products will decrease the need to over shop.
7. Keeping Personal Information From Your Mortgage Broker
This is often one of the most frequent problems mortgage brokers run into when dealing with a client. Your entire financial history within 3 years prior to applying for a mortgage may be used as a reference to calculate how much of a mortgage you can afford. It’s crucial you are honest and up front about all this information with your broker, even if you have had some problems dealing with financial difficulties in the past. You may find it difficult to discuss issues such as this, however it’s best to present and explain these matters in the beginning. Trying to hide past financial difficulties will only slow the loan process. Your mortgage broker is used to dealing with these issues, it’s important to work together to overcome negative financial history.
8. Not Using Common Sense
Most people will already know it’s important all credit card balances should have very low balances or none at all before applying for a mortgage. It won’t allow you to obtain the very best rate and terms if you have racked up balances on your credit cards. Also it’s important you have a good history of paying your bill on time (especially within the last year). I may be a bit redundant in mentioning these things…however, these issues are super important factors in obtaining the best loan possible.
Note: The above considerations are not meant to scare you from going out and applying for a mortgage. Just arm yourself with the best knowledge available and understand the factors above are important to getting the best possible interest rate, monthly payment, and term.
-----------------------------------------------------------------------------------------------------
Written by Craig Romero
Discover how to quickly build a minimum of $40,000 worth of home equity and pay your mortgage off in 10 years or less without making biweekly mortgage payments. Visit the site : Click here
Craig Romero is an author and mortgage analyst dedicated to helping homeowners maximize the investment in their homes.
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To send us your article simply send us an email by clicking here.
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- By sending us your post or submission you give us full rights to post your article on smartrealestate blog.
- Every submission will be carefully assessed. The blog administrators reserve the final authority to post or defer posting or deny posting without specifying any reason to the contributer.
- All articles posted will generally remain indefinitely and will be available through the blog archives. However the blog administrators still reserve the right to remove/delete posted article(s) anytime in the future.
If you like to contribute or share a Real Estate related article. Something which will add value and could provide the community with some help/benefit/tips/advise/service. You are hereby encouraged and invited to kindly do so.
We will be happy to process your request for free, subject to below terms.
To send us your article simply send us an email by clicking here.
(Do provide your name and details, preferably who you are indicating your preference whether you want to publish your name & details or remain anonymous. You may also provide a link to your website if any).
TERMS OF ACCEPTANCE:
Posting of your article is subject to you agreeing to the following terms:
- Your article being submitted must be Real Estate related, have original content and be of some use and help to the site readers.
- Your article must not infringe any copyright laws. In case we are informed by any third party that the article submitted infringes ownership or copyright. The article will be immediately deleted and further submissions by you will be declined.
- Your article can contain not more than 1 banner or personal picture, and this should be hosted on your own server. External text links to your site if any are permitted.
- Your article does not profess /advertise / links to or relates to profanity, sex, violence, hate, racism, illegal activity etc.
- By sending us your post or submission you give us full rights to post your article on smartrealestate blog.
- Every submission will be carefully assessed. The blog administrators reserve the final authority to post or defer posting or deny posting without specifying any reason to the contributer.
- All articles posted will generally remain indefinitely and will be available through the blog archives. However the blog administrators still reserve the right to remove/delete posted article(s) anytime in the future.
Saturday
Understanding Foreclosures - Building Wealth
Understanding Foreclosures
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Defining Foreclosure and How it Occurs
According to The American Heritage dictionary, foreclose is defined as: 1. To deprive (a mortgagor) of the right to redeem mortgaged property, as when he has failed in his payments. Foreclosure is defined as: 1. The act of foreclosing, especially a legal proceeding by which a mortgage is foreclosed.
In layman’s terms foreclosure is when a borrower fails to make payments on his or her house and the bank takes action to protect their loan.
How does foreclosure happen?
When someone buys a home they generally finance the purchase. In other words, they borrow money. There are two parties involved in this transaction. There is a lender, also called the mortgagee and there is a borrower, also called the mortgagor. The lender loans the borrower money to purchase their home and, in turn, the borrower gives the lender a promissory note to repay the borrowed sum of money.
Now, the next step is the lender has to protect their loan amount, so they use the house as collateral. The mortgage becomes what is called a lien on the property. That house can’t be sold with clear title until that lien is paid off. The promissory note is a promise that the borrower will pay the lender back in a timely fashion and as stipulated in the note.
Note: Some states use what are called Trust Deeds as opposed to a mortgage. This newsletter is focusing on properties with a mortgage as the lien.
When a borrower does not adhere to the terms of the agreement, meaning they don’t make their payments, the lender starts the foreclosure process in order to recoup their money. Typically, a borrower must be 90 days behind in order for the lender to the start the foreclosure process.
This means the borrower has not made payments in approximately three months. The borrower is said to be in arrears at this point. They owe the lender the 3 months of payments plus interest. The lender, under the terms of the original agreement, has the right to call the balance of the loan due immediately.
This starts the foreclosure process. If the borrower does not pay the lender the money, the house will go to public auction and will be sold to the highest bidder.
Written by Jeffrey Ringold
Jeffrey Ringold is the author of ‘How To Build A Massive Wealth Through Real Estate Foreclosures’. He is a licensed real estate agent and investor who has bought or sold over $12 million in real estate over his 7 year career. He is consulted by leading real estate developers and investors almost daily.
Jeffrey Ringold's powerful work has helped many!
His amazing book reveals the secrets of making money in foreclosures, how to easily start building massive wealth in real estate foreclosures.
For those seriously interested in putting in effort to make a fortune. This is a staight forward no nonsense simple, yet powerful and proven formula that grabs you by the hand and walks you step by step to your real estate riches.
For more information and details you may visit his site here;
http://www.massiveforeclosureprofits.com
----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Defining Foreclosure and How it Occurs
According to The American Heritage dictionary, foreclose is defined as: 1. To deprive (a mortgagor) of the right to redeem mortgaged property, as when he has failed in his payments. Foreclosure is defined as: 1. The act of foreclosing, especially a legal proceeding by which a mortgage is foreclosed.
In layman’s terms foreclosure is when a borrower fails to make payments on his or her house and the bank takes action to protect their loan.
How does foreclosure happen?
When someone buys a home they generally finance the purchase. In other words, they borrow money. There are two parties involved in this transaction. There is a lender, also called the mortgagee and there is a borrower, also called the mortgagor. The lender loans the borrower money to purchase their home and, in turn, the borrower gives the lender a promissory note to repay the borrowed sum of money.
Now, the next step is the lender has to protect their loan amount, so they use the house as collateral. The mortgage becomes what is called a lien on the property. That house can’t be sold with clear title until that lien is paid off. The promissory note is a promise that the borrower will pay the lender back in a timely fashion and as stipulated in the note.
Note: Some states use what are called Trust Deeds as opposed to a mortgage. This newsletter is focusing on properties with a mortgage as the lien.
When a borrower does not adhere to the terms of the agreement, meaning they don’t make their payments, the lender starts the foreclosure process in order to recoup their money. Typically, a borrower must be 90 days behind in order for the lender to the start the foreclosure process.
This means the borrower has not made payments in approximately three months. The borrower is said to be in arrears at this point. They owe the lender the 3 months of payments plus interest. The lender, under the terms of the original agreement, has the right to call the balance of the loan due immediately.
This starts the foreclosure process. If the borrower does not pay the lender the money, the house will go to public auction and will be sold to the highest bidder.
Written by Jeffrey Ringold
Jeffrey Ringold is the author of ‘How To Build A Massive Wealth Through Real Estate Foreclosures’. He is a licensed real estate agent and investor who has bought or sold over $12 million in real estate over his 7 year career. He is consulted by leading real estate developers and investors almost daily.
Jeffrey Ringold's powerful work has helped many!
His amazing book reveals the secrets of making money in foreclosures, how to easily start building massive wealth in real estate foreclosures.
For those seriously interested in putting in effort to make a fortune. This is a staight forward no nonsense simple, yet powerful and proven formula that grabs you by the hand and walks you step by step to your real estate riches.
For more information and details you may visit his site here;
http://www.massiveforeclosureprofits.com
----------------------------------------------------------------------------------------------------
Useful Real Estate Links and Resources
Ziprealty.com
RealtyTrac.com
Forsalebyowner.com
Electronicappraiser.com
Home-inspection-success.com : Shows you how to start and run your own sucessful Home Inspection Business..
Selling A Home Secrets Revealed The secrets to selling a home in the shortest time... for more money... even in a tight market. The step-by-step selling a home guide that has made many homeowners a fortune..
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Top How To Invest In Real Estate And Make Money Resources
How To Make Money This Month In Real Estate
No Money Down Real Estate Investing
Make Money with Fixer Upper Homes
Making Money Help With Real Estate Foreclosures
Preforeclosures - How Fortunes Are Made
How To Payoff Home Mortgage Quickly
Credit Repair Fix Bad Credit Report Services
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