Jul
31
What Is Reverse Mortgage?
July 31, 2010 | Leave a Comment
What Is Reverse mortgage?
A reverse mortgage is a loan available to those with the minimum age requirement of 62. A reverse mortgage releases the home equity of one's home as either a lump sum or in multiple payments. However, what makes this mortgage unique is that the homeowner's responsibility to repay the loan is delayed until they either pass away, sell the house, or leave (to an institution such as assisted living).
Mar
30
Foreclosures Have Led to Proliferation of Mortgage Scams
March 30, 2010 | Leave a Comment
Foreclosures have led to a proliferation of mortgage scams and the government is pumping dollars into FBI, Justice Department, Secret Service and the Postal Service of USA to track down the culprits. The frauds have cost the borrowers as well as the industry huge losses to the tune of $15 billion to $25 billion. The numbers of such cases being handled by the FBI have been steadily climbing from 5,400 in 2002 to 25,000 in 2005 and a staggering 65,000 in 2008.
A yearly study is conducted by The mortgage Asset Research Institute on behalf of the mortgage Bankers Association on this problem. According to their report of 2009, nearly two thirds of the frauds are about false statements in applications. For example the borrowers lied about occupancy of the house. This falsehood helped borrowers to get a lower mortgage rate although it is in direct violation of the federal laws.
Dec
11
Find the Best Mortgage Terms When You Decide to Look for a Home | ArticlesBase.com
December 11, 2009 | Leave a Comment
As a borrower, you will have different kinds of lenders available such as banks, mortgage companies, credit unions and even mortgage brokers. You are very likely to get different quotes from different mortgage lenders. Therefore, the thing to do would be to visit and talk to several lenders to try to get the best mortgage deal available.
If you deal with a broker, you should know that the brokerage does not necessarily loan money. A broker helps you find a lender and arranges the transaction. Brokers will have a wide selection of mortgage loans and terms for you to choose from and they will by and large contact various lenders concerning your loan application. However, brokers are not obligated to get you the best deal out there unless you specifically contract the broker to act as your agent and do so.
Dec
4
Rent Realtor: Why it may be a Better Idea to Rent a Home in this Market than to Buy
December 4, 2009 | Leave a Comment
Though the analysts say that we are coming out of this recession, but unemployment rates are still high, retail sales are low, home sales are low, home prices are still undervalued and foreclosure rates are still up. Yes, this is a buyer's market, but is it for you? Here are some factors to consider and help you decide if you need a buy:
Credit approval-Well, it has become even harder to qualify for a home loan these days. It isn't enough to have a good credit score; you have to have an excellent credit score. Prior lending practices are why we are in this crazy market filled with foreclosed homes and banks are doing what they can to avoid a repeat. They are also being stingier with their credit as well.
Nov
5
Avoid foreclosure – An overview | ArticlesBase.com
November 5, 2009 | Leave a Comment
Due to certain circumstances like divorce, financial difficulties, loss of job etc homeowners may have missed fewer than three mortgage payments or might miss more than that in a month, to avoid such problem you can implement a simple plan to avoid foreclosure.
If youre a homeowner do remember certain things on mind. First thing to understand is the type of mortgage you have taken. Nowadays, most of the homeowners prefer adjustable rate mortgages as it carries low initial costs, but then the homeowner is subject to fluctuating interest rates, causing drastic rises in payments from month to month. If you have to taken adjustable rate mortgage, it is better if you keep a watch on interest rates. Do keep certain money aside every month to meet payments. If youre finding it difficult, the best thing would to refinance your house. By doing this you can move to fixed rate mortgage, wherein you have to make same payment every month which will help you to plan better and assign your finances.
Nov
1
The Home Loan Debate: Is FHA Right For You?
November 1, 2009 | Leave a Comment
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Oct
30
Help in struggling homeowners through the process of negotiating a loan modification ……… | ArticlesBase.com
October 30, 2009 | Leave a Comment
If you are struggling to make your monthly payments, it is a relief to learn about the possibility of a loan modification. It is a terrible feeling to live in fear of defaulting on your mortgage and losing your house to foreclosure. A loan modification might be just what you need, and if so, you have to learn what to do to reach a modification agreement. The first thing you need to do is contact a qualified financial advisor. There are two ways to do this, either from a HUD approved note for profit group or from a professional loan modification company. You could try to complete the process all on your own, but you will have more success if you use a third party, who not only help you through the process but will also advocate for you as well. You will discuss your financial situation with your counselor, review all your options and decide what is the best thing for you to do. If a loan modification is your best option, you will be asked to write a loan modification hardship letter. This is sent to your lender and it outlines the reasons for your hardship and why it is important you receive a loan modification in order to keep your home. After your meeting is over, your counselor will forward your hardship letter and all the necessary paperwork to your lender. These two pieces of information will determine if you are going to be able to modify your loan. Your lender will read the letter to decide if you are serious about paying the modified loan and they will review your financial documents to see if a modification is a good option in your situation. Many lenders now offer different types of loan modification programs and there is a government program that allows lenders to modify loans by lowering interest rates. Generally, lenders are looking for what is known as a debt to income ratio. This is the percentage of your income that goes to paying your mortgage. If your mortgage can be modified so that your debt to income ratio is somewhere between 34percent to 45percent, most lenders will consider working on a loan modification with you. The best thing you can do to avoid foreclosure and negotiate a loan modification is to take action as soon as you realize that you are going to have trouble paying your monthly mortgage bill. With each passing month, your options lessen. This article is meant to help struggling homeowners through the process of negotiating a loan modification. If you being working as soon as trouble starts and your know what you need to do, you can avoid having your home foreclosed.
Oct
28
The Importance of Getting Pre-Approved for Your Aventura Real Estate | ArticlesBase.com
October 28, 2009 | Leave a Comment
If youre big on research and preparations, you might have stumbled upon the word pre-approval while doing your real estate homework. Getting pre-approved is indeed an important part of buying a home. First-time homebuyers can easily reap the benefits of a pre-approved mortgage. And if youre planning to buy an Aventura real estate property, perhaps applying for pre-approval will also be tremendously helpful. Here are some reasons why its much talked-about and essential.
1. It allows you to make an offer as soon as you like.
Having a pre-approved mortgage means that you are serious about buying a property. If youre shopping for the rightAventura real estate property, youll easily come up with the right offer if youre mortgage is pre-approved. Youll also likely to appear like a seasoned homebuyer to the seller; someone whos not to be trifled with, so to speak.
Oct
23
Real Estate: How To Short Sell Your Home
October 23, 2009 | Leave a Comment
Short sales are made for people who are in danger of falling behind on their mortgage payments. It is a negotiation between the lender and the owner to sell the house for less than it is currently worth. While this can be an emotional process, it is one that can save your checkbook.
With today's housing market there are many people in debt that they can't control. Whether it's your fault or your lender's fault, you might just not be able to handle your mortgage anymore.
This is a sale that is negotiated with your bank or lender to dispose your home for less than your mortgage is worth to get the debt off of your hands. This benefits you because you won't have to worry about constantly falling behind anymore and it works for the bank because even though they're taking a small loss, they don't have to worry about non-payment.
Sep
24
How Mortgage Foreclosure Affects Tenants | ArticlesBase.com
September 24, 2009 | Leave a Comment
In todays world of mortgage foreclosure the needs and the requirements have changed. The renters will check the financial background on the landlords that provide the property on loan. The mortgage lenders would force the homeowners to foreclose their property as soon as possible. The tenants are ready to take this property and pay the required loan to the owners of the property. You would find the most of the houses are given if rent because the owners of the property are not able to sell the property on time but they never wanted to become the landlords of the property. These owners would try to lease out their property and would try to pay their dues. But the rates of the sub "prime loans is changing due to this reason the owners of the property are not able to pay their mortgage payments. If the property is been foreclosed then the tenants of the property are forced to vacant the property as soon as possible.
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