There's no doubt about it, when your home is for sale, it needs to be set up like a show home. That means it must be clean, tidy and sparsely furnished. Think about it on these terms: the buyer wants to purchase a home, not your stuff. Eliminating extra stuff helps them clearly see the home they are considering buying, whereas a cluttered home becomes unappealing.
Another aspect of this is that your home can no longer be about your personality. This goes beyond mere decorating, and in fact, it is beneficial to keep your paint colors neutral. If you have a bold paint job, some people might really like that. But the majority of people would rather have neutral colors in their home, or decide on their own bold color schemes. So if you want to sell faster, consider painting over your bold colors with tones of off-white. That way, a buyer sees this as a blank canvas waiting for them to fill.
First impressions are important, and that means you need to consider how your yard, the front of your home, and especially the front door and door step appear. Faded paint needs to be re-done. A sticky door will imprint the buyer with the impression that repairs are needed. Avoid this by doing any minor repairs and paint jobs that will improve the first impression of your home.
Finally, consider things like smell and overall ambiance. Pet or tobacco smells should be eliminated by professional carpet and drapery cleaning, and possibly a nice, but not overpowering, air freshener. Make sure kids and pets aren't bustling about, making messes and distracting buyers when they view your home.
It might be best to plan showing days when no one, including yourself is around. Let the agent describe your home in terms that match what the buyer is looking for, without the distraction of too much clutter or noise to distract them from what they are looking at: a new home to buy.
Jerry Clifford is a Minneapolis Realtor® who has lived there most of his life. Because of this, he really knows his specialty: any and all real estate in Minneapolis.
Related Articles - home sales, home selling, home selling tips, sales tips
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Thursday 18 October 2007
An Introduction to Viatical Settlements
Any person would generally want to protect their families from incurring debt due to medical or other memorial service expenses, and many people as well expect to leave some bucks for their kids or grandchildren when they pass away. However, there are times when people require accepting cash settlements in lieu of their life insurance policies to be careful of their own needs. There are various types of settlements, such as cash life, life settlements, and viatical settlements. The age of the policy owner is not as applicable as the person's health and life anticipation.
Viatical Settlements are extremely different from these. Viatical Settlements are planned for people suffering from fatal illness or those who are not predictable to live more than two years for any reason. Since Viatical Settlements are generally used to settle up medical expenses, they are covenant with in a different way than other kinds of settlements. Viatical Settlements are the simply cash settlements, which are not subject to nationwide taxes as per the Health Insurance Portability and Accountability Act or HIPAA. Viatical settlements could further act as investments for those who desire to buy life insurance policies. The insurance policy, or a part of it, is purchased for less than the amount, which would be paid out upon the policyholder's at the termination. When the policyholder passes on, the buyer collects the death benefit.
As any investments, viatical settlements are also not free with risk. They seem like a certain thing because the policyholder would ultimately pass away. However, the amount acknowledged by the buyer of the policy is resolute by the date on which the policy owner really dies. If that person lives longer than predictable, the return would be less than predicted. Apart from earning less of a return than expected, the purchaser runs the danger of truly losing money if the policyholder lives much longer than probable and in addition premiums should be paid in order to keep up the policy. As long as helpless people are given a fair agreement and are not taken benefit of, viatical settlements could be mutually advantageous.
http://www.amazines.com
Viatical Settlements are extremely different from these. Viatical Settlements are planned for people suffering from fatal illness or those who are not predictable to live more than two years for any reason. Since Viatical Settlements are generally used to settle up medical expenses, they are covenant with in a different way than other kinds of settlements. Viatical Settlements are the simply cash settlements, which are not subject to nationwide taxes as per the Health Insurance Portability and Accountability Act or HIPAA. Viatical settlements could further act as investments for those who desire to buy life insurance policies. The insurance policy, or a part of it, is purchased for less than the amount, which would be paid out upon the policyholder's at the termination. When the policyholder passes on, the buyer collects the death benefit.
As any investments, viatical settlements are also not free with risk. They seem like a certain thing because the policyholder would ultimately pass away. However, the amount acknowledged by the buyer of the policy is resolute by the date on which the policy owner really dies. If that person lives longer than predictable, the return would be less than predicted. Apart from earning less of a return than expected, the purchaser runs the danger of truly losing money if the policyholder lives much longer than probable and in addition premiums should be paid in order to keep up the policy. As long as helpless people are given a fair agreement and are not taken benefit of, viatical settlements could be mutually advantageous.
http://www.amazines.com
Bearing the brunt of having too many debts
Bearing the brunt of having too many debts can be quite taxing. And if these debts comprise of many credit card bills, you might be subject to a heavy interest payment. Well, you can tackle the situation if you exercise a little bit of care. In tight financial situations, you need to show some restraint with regard to your expenses. As for the debts, you can clear them with the help of debt consolidation loans. Many benefits follow if you decide to consolidate your debts. Your different debts get consolidated into one single debt requiring a single monthly repayment. You won’t have to deal with multiple lenders. All this brings an orderly and simplified debt structure, away from the chaos of dealing with several lenders at a time.
With debt consolidation loans, the help is just around the corner. There are two ways in which you can seek this help from the lenders. If your requirement is big, you can decide to pledge your home and get the requisite loan amount. Otherwise, you can do without the any security and get an unsecured debt consolidation loan. This loan might get you up to £25,000 for a period that can extend up to 8-10 years. You should check whether debt consolidation would bring you any monetary savings as well. This is most likely to happen if you are already paying a high interest rate to your lenders.
Debt consolidation loans also help you in adjusting your monthly outgoings. Suppose, you are repaying £1500 a month in all to your several lenders but now due to financial constraints you think it won’t be possible. In such a situation, you can take out debt consolidation loans and repay your lenders in full. Now, you can adjust the repayments with your new lender in such a way that your monthly instalment falls below £1000 which might be comfortable for you. In this way, you can lower your outgoings but only at the expense of extra interest payment. Debt Consolidation Loans
Caitlin Lucy is a Expert Author. She has written good quality articles on Compare Loans and Home Improvement Loans
Related Articles - debt consolidation loans, compare loans, cheap loans, loans uk, loans,
http://www.amazines.com/Finance_and_Investment/article_category.cfm?catid=23
With debt consolidation loans, the help is just around the corner. There are two ways in which you can seek this help from the lenders. If your requirement is big, you can decide to pledge your home and get the requisite loan amount. Otherwise, you can do without the any security and get an unsecured debt consolidation loan. This loan might get you up to £25,000 for a period that can extend up to 8-10 years. You should check whether debt consolidation would bring you any monetary savings as well. This is most likely to happen if you are already paying a high interest rate to your lenders.
Debt consolidation loans also help you in adjusting your monthly outgoings. Suppose, you are repaying £1500 a month in all to your several lenders but now due to financial constraints you think it won’t be possible. In such a situation, you can take out debt consolidation loans and repay your lenders in full. Now, you can adjust the repayments with your new lender in such a way that your monthly instalment falls below £1000 which might be comfortable for you. In this way, you can lower your outgoings but only at the expense of extra interest payment. Debt Consolidation Loans
Caitlin Lucy is a Expert Author. She has written good quality articles on Compare Loans and Home Improvement Loans
Related Articles - debt consolidation loans, compare loans, cheap loans, loans uk, loans,
http://www.amazines.com/Finance_and_Investment/article_category.cfm?catid=23
How to Raise your Credit Score With the Credit Bureaus
A consumer's credit history and their resulting credit score, as computed by the credit bureaus, has a major impact on many aspects of the consumer's life, and that is getting to be more the case every day. These days, many employers are doing credit checks on potential employees, and if they have three candidates that are pretty much equally qualified in all other areas, the one with the highest credit score will likely be offered the job.
Even car insurance companies are getting into the act, where many of them, even the major ones, are starting to factor in the consumer's credit score when they quote car insurance rates. Their theory, which they claim is backed up by mountains of evidence, is that an individual with a low credit score is historically more likely to file claims, even frivolous claims, that an individual with a higher credit score. While consumer advocacy groups are crying foul at this practice, it is very difficult to argue with hard and cold statistical evidence and facts.
So with all that said, why are more individuals not more conscious of their credit scores, and more importantly, how to raise their credit scores? The only answer available is that the majority of consumers are not aware of these practices, and do not know where to start to improve their credit score.
The very first thing you need is copies of your credit reports. Consumers can get this for free in most states once a year, and can also get a free copy if they were recently denied credit. Note that you need a separate copy of your credit report from each of the three major credit reporting agencies, which are Experian, TransUnion, and Equifax. Each of these companies keeps a separate credit profile on each consumer and business.
An interesting thing to note, which is to your advantage, is that these companies do not communicate with each other or share information. Your Visa lender may report to one of them, your mortgage company may report to another, and your bank may report to yet a different one for your car loan. The end result is that NONE of them have a complete and true picture of you and your credit usage or history.
As a result of this, your credit report almost certainly contains errors, and those errors only serve to lower your credit score. If you look over your credit reports closely, you may find accounts that do not belong to you, which is not unusual for people with common names. You may find an account that you paid off years ago still being reported as having a balance that is overdue. You may find that one of your credit card companies is showing you as being a chronically late payer, when you know that you have never been late with a payment in your life.
Note that the credit bureaus do not take responsibility for the accuracy of this data. Rather, they take the approach that they only REPORT the news, they do not make it. But they have a legal responsibility to report the news accurately, and if they are not doing so, it is YOUR responsibility to make them aware of it so they will correct it. But it does not happen automatically.
When you discover an error (and you almost certainly will), you need to file a dispute with the credit bureau that is reporting it. For best results, only submit ONE dispute per envelope. So if you have 5 disputes, you will mail 5 separate envelopes. Although you can file all disputes in one form, studies have indicated that you will have better results if you mail each one separately, and after all, RESULTS are what you are looking for.
After receipt of your dispute of inaccurate information, the credit bureau has 30 days to either verify the data or remove it from your credit report. If they cannot verify it, it must be removed. If they claim to have verified it as correct, your next option is to contact the creditor reporting it. Again, if it is inaccurate, that creditor must correct the way they are reporting it to the credit bureaus.
Understanding the laws of credit reporting and how inaccurate entries on your credit report can lower your credit score is critical to your success, especially since your credit score is being used in more and more places to make decisions about you.
http://www.articlesbase.com/authors/jon-arnold/7833.htm
Even car insurance companies are getting into the act, where many of them, even the major ones, are starting to factor in the consumer's credit score when they quote car insurance rates. Their theory, which they claim is backed up by mountains of evidence, is that an individual with a low credit score is historically more likely to file claims, even frivolous claims, that an individual with a higher credit score. While consumer advocacy groups are crying foul at this practice, it is very difficult to argue with hard and cold statistical evidence and facts.
So with all that said, why are more individuals not more conscious of their credit scores, and more importantly, how to raise their credit scores? The only answer available is that the majority of consumers are not aware of these practices, and do not know where to start to improve their credit score.
The very first thing you need is copies of your credit reports. Consumers can get this for free in most states once a year, and can also get a free copy if they were recently denied credit. Note that you need a separate copy of your credit report from each of the three major credit reporting agencies, which are Experian, TransUnion, and Equifax. Each of these companies keeps a separate credit profile on each consumer and business.
An interesting thing to note, which is to your advantage, is that these companies do not communicate with each other or share information. Your Visa lender may report to one of them, your mortgage company may report to another, and your bank may report to yet a different one for your car loan. The end result is that NONE of them have a complete and true picture of you and your credit usage or history.
As a result of this, your credit report almost certainly contains errors, and those errors only serve to lower your credit score. If you look over your credit reports closely, you may find accounts that do not belong to you, which is not unusual for people with common names. You may find an account that you paid off years ago still being reported as having a balance that is overdue. You may find that one of your credit card companies is showing you as being a chronically late payer, when you know that you have never been late with a payment in your life.
Note that the credit bureaus do not take responsibility for the accuracy of this data. Rather, they take the approach that they only REPORT the news, they do not make it. But they have a legal responsibility to report the news accurately, and if they are not doing so, it is YOUR responsibility to make them aware of it so they will correct it. But it does not happen automatically.
When you discover an error (and you almost certainly will), you need to file a dispute with the credit bureau that is reporting it. For best results, only submit ONE dispute per envelope. So if you have 5 disputes, you will mail 5 separate envelopes. Although you can file all disputes in one form, studies have indicated that you will have better results if you mail each one separately, and after all, RESULTS are what you are looking for.
After receipt of your dispute of inaccurate information, the credit bureau has 30 days to either verify the data or remove it from your credit report. If they cannot verify it, it must be removed. If they claim to have verified it as correct, your next option is to contact the creditor reporting it. Again, if it is inaccurate, that creditor must correct the way they are reporting it to the credit bureaus.
Understanding the laws of credit reporting and how inaccurate entries on your credit report can lower your credit score is critical to your success, especially since your credit score is being used in more and more places to make decisions about you.
http://www.articlesbase.com/authors/jon-arnold/7833.htm
What if I Cannot Make Timely Payments?
Over the course of a lifetime, many average consumers will face occasions when they cannot make a timely payment on one or more of their debt accounts. This does not have to be the end of your good credit record, but what you do, the actions that you take, will determine whether you make it through this period unscathed or not.
When it comes to being late on a payment it really does not matter what the payment is for. Whether it is for a home loan payment, car loan, or credit card is immaterial as there are some steps that should be taken regardless of the loan type. Here are some suggestions that can help you make the most of a tight time:
As soon as you know that you cannot make the payment contact the lender via phone, if possible. You will want to talk to someone in the loan department, and your monthly statement may have a toll free number that you can use for this purpose.
Explain to the loan person the circumstances behind your inability to pay. If your circumstances are temporary make sure you tell them that.
It is almost inevitable that the loan department will want to know when you believe you might be able to make up the payment. It is always a good idea to have thought about this before you make the call.
If you honestly believe that you can make up the payment within 30 days of being late, tell them that and use those words "within 30 days" and tell them you are going to do this because you don't want the delinquency to be reported to the credit agencies. This shows the person that you are talking to that you have some knowledge of how these things work and that you are serious about maintaining your good credit.
On the subject of number of days late, it is important to remember that if a bill is late but paid within 30 days of the cut off date the delinquency may not be reported to the credit reporting agencies, which means it will not go on your credit history. However, if 60 to 90 days pass without payment it is almost certain that it will be reported and be placed on your credit record. For this reason it is imperative that you make up the payment as quickly as possible.
Many consumers do not realize that once a mark goes on their credit report that mark can stay there for up to seven years. It is true that one mark may not cause a lender to turn you down in the future, but why take that chance when you do not have to?
Make your payment as quickly as possible and you can avoid having these late payments haunting you in the future. The important thing to remember is to contact the lender and explain your circumstances. Do not ignore the lender; this is the worse possible thing you can do when you cannot make a timely payment.
http://www.articlesbase.com/authors/peter-kenny/6159.htm
When it comes to being late on a payment it really does not matter what the payment is for. Whether it is for a home loan payment, car loan, or credit card is immaterial as there are some steps that should be taken regardless of the loan type. Here are some suggestions that can help you make the most of a tight time:
As soon as you know that you cannot make the payment contact the lender via phone, if possible. You will want to talk to someone in the loan department, and your monthly statement may have a toll free number that you can use for this purpose.
Explain to the loan person the circumstances behind your inability to pay. If your circumstances are temporary make sure you tell them that.
It is almost inevitable that the loan department will want to know when you believe you might be able to make up the payment. It is always a good idea to have thought about this before you make the call.
If you honestly believe that you can make up the payment within 30 days of being late, tell them that and use those words "within 30 days" and tell them you are going to do this because you don't want the delinquency to be reported to the credit agencies. This shows the person that you are talking to that you have some knowledge of how these things work and that you are serious about maintaining your good credit.
On the subject of number of days late, it is important to remember that if a bill is late but paid within 30 days of the cut off date the delinquency may not be reported to the credit reporting agencies, which means it will not go on your credit history. However, if 60 to 90 days pass without payment it is almost certain that it will be reported and be placed on your credit record. For this reason it is imperative that you make up the payment as quickly as possible.
Many consumers do not realize that once a mark goes on their credit report that mark can stay there for up to seven years. It is true that one mark may not cause a lender to turn you down in the future, but why take that chance when you do not have to?
Make your payment as quickly as possible and you can avoid having these late payments haunting you in the future. The important thing to remember is to contact the lender and explain your circumstances. Do not ignore the lender; this is the worse possible thing you can do when you cannot make a timely payment.
http://www.articlesbase.com/authors/peter-kenny/6159.htm
Teaching Debt to Your Kids
t is somewhat surprising that in this day and age parents often overlook the importance of teaching their children about debt and how to use it safely and effectively. For most consumers, the old adage that nothing is certain in life except death and taxes can be amended to read: nothing in life is certain except death, taxes, and debt.
Think about your own circumstances. How often have you had to use credit? Homes, automobiles, furniture, the list goes on and on, and there is no reason to believe that your children will not have to use credit as they grow and begin their own families. As informed parents and consumers, you probably already know that millions of people find themselves in financial trouble, and a lot of this can be traced back to a lack of education in how to handle debt and credit responsibly.
It is not enough to assume that schools will teach your child what he or she will need to know when it comes to personal finances. The fact is that while schools will happily teach students the basics of commercial finance, they often overlook the most fundamental issue of all, and that is teaching a person how to handle his or her own, personal, finances.
So how do you go about teaching your child the basics of credit and debt? The best answer to that is through patience, diligence, and open communication.
The best time to start is when they are young and just beginning to learn math skills. The vast majority of math as it relates to debt and credit and money, in general, is basic math. In addition to adding, subtracting, multiplying, and dividing, teach your child how to use percentages and decimals. These are two of the most useful skills they learn when it comes to dealing with credit and debt. A great way to teach these skills is through the use of simple word problems.
An example might go like this: If I were to borrow $100 from you and paid you 8% interest, how much money would I have to pay you in total?
Once the child grasps this concept, you can add to it by asking, for example: How much would I owe you if I wanted to pay this off in monthly installments for one year?
An important aspect to teaching children about debt and credit is to bring it down to their level and to make it personal. Using words such as "I" and "you" allow the child to visualize the exchange in a much more personal way and that increases their interest in the learning session.
When a child has a firm understanding of the basics, you might want to bring out an old credit statement and go through it with them. For many children, the very first credit bill they see is their own! Explain some of the terminology and spend as much time as you need with them until they understand that credit is not free.
Giving your child an early exposure to credit and debt will help him or her later on in life in ways that cannot be measured. No parent wants to see their child in deep financial trouble and teaching a child early about credit and debt is one way to prevent that from happening.
http://www.articlesbase.com/authors/peter-kenny/6159.htm
Think about your own circumstances. How often have you had to use credit? Homes, automobiles, furniture, the list goes on and on, and there is no reason to believe that your children will not have to use credit as they grow and begin their own families. As informed parents and consumers, you probably already know that millions of people find themselves in financial trouble, and a lot of this can be traced back to a lack of education in how to handle debt and credit responsibly.
It is not enough to assume that schools will teach your child what he or she will need to know when it comes to personal finances. The fact is that while schools will happily teach students the basics of commercial finance, they often overlook the most fundamental issue of all, and that is teaching a person how to handle his or her own, personal, finances.
So how do you go about teaching your child the basics of credit and debt? The best answer to that is through patience, diligence, and open communication.
The best time to start is when they are young and just beginning to learn math skills. The vast majority of math as it relates to debt and credit and money, in general, is basic math. In addition to adding, subtracting, multiplying, and dividing, teach your child how to use percentages and decimals. These are two of the most useful skills they learn when it comes to dealing with credit and debt. A great way to teach these skills is through the use of simple word problems.
An example might go like this: If I were to borrow $100 from you and paid you 8% interest, how much money would I have to pay you in total?
Once the child grasps this concept, you can add to it by asking, for example: How much would I owe you if I wanted to pay this off in monthly installments for one year?
An important aspect to teaching children about debt and credit is to bring it down to their level and to make it personal. Using words such as "I" and "you" allow the child to visualize the exchange in a much more personal way and that increases their interest in the learning session.
When a child has a firm understanding of the basics, you might want to bring out an old credit statement and go through it with them. For many children, the very first credit bill they see is their own! Explain some of the terminology and spend as much time as you need with them until they understand that credit is not free.
Giving your child an early exposure to credit and debt will help him or her later on in life in ways that cannot be measured. No parent wants to see their child in deep financial trouble and teaching a child early about credit and debt is one way to prevent that from happening.
http://www.articlesbase.com/authors/peter-kenny/6159.htm
Five Things To Avoid With Debt Consolidation
When you start getting behind in those bills, and the collectors start calling, you begin to feel the pressure from being in debt. Certainly no one enjoys it, but the good thing to know is that there is often something you can do about it. If you are looking for debt consolidation, then here are a few tips to help you make the right decisions - and avoid bad choices.
Responding Too Quickly For A Wise Solution
The first thing that you need to avoid is rushing around with no direction. Like most other people, it is hard to quickly come to right decisions when the clouds of trouble and possibly despair come closing in.
The best choices for a workable debt consolidation program come from being able to have a clear head that is able to examine your options intelligently. So, instead of grabbing the first lender with personal loans or a home equity loan, some education about these options will be of tremendous benefit to you. Take the necessary time to learn the best pros and cons of each.
Remaining In Financial Situations That Have No Solution
Sometimes there may be no good exit from extreme financial situations. After you have tried to work with your creditors about reducing your payments, as many of them will, you still may find no workable answer - or have no income. In those cases, you may just need to walk away and accept bankruptcy. This is extreme, however, and most will probably not need to do this. After calculating the options carefully, know when it is time to start over.
Paying Off Your Loan Without Knowing The Cost
Getting any kind of loan for your debt consolidation means that you must calculate and see which one will work best for you. This may require talking with a debt counselor for help, but it could save you thousands of dollars in the long run. Many people pay far more for their mortgages and other loans than they need to - simply because they never compared quotes from various lenders, or took the time to know what to look for when doing so.
Not Learning New Ways To Prevent Future Trouble
Another thing to avoid is assuming that once a solution has been found that no other changes need to be made. Actually, if you make no other changes, you will undoubtedly end up in the same place not too far in the distant future. You should learn how to set up a budget for yourself (or reapply an older one to get you started), destroy some of those credit cards, and find out as many ways to save money as possible - and start applying them to your financial habits.
Holding On To Uncontrolled Spending Habits
One final thing to avoid is how you regularly spend your money. You should look over your expenses in recent months and try to discover where the extra money is going. Too often most people spend money on little things that they could really do without. This may include eating out a lot, buying things you do not really need, or paying more than necessary for something. By saving a little money here and there, pretty soon you will find money you did not know you had each week - and can make those payments on time. A good debt consolidation program should help you control how the money you make is spent - and where and when.
Author: Joseph Kenny http://www.articlesbase.com
Responding Too Quickly For A Wise Solution
The first thing that you need to avoid is rushing around with no direction. Like most other people, it is hard to quickly come to right decisions when the clouds of trouble and possibly despair come closing in.
The best choices for a workable debt consolidation program come from being able to have a clear head that is able to examine your options intelligently. So, instead of grabbing the first lender with personal loans or a home equity loan, some education about these options will be of tremendous benefit to you. Take the necessary time to learn the best pros and cons of each.
Remaining In Financial Situations That Have No Solution
Sometimes there may be no good exit from extreme financial situations. After you have tried to work with your creditors about reducing your payments, as many of them will, you still may find no workable answer - or have no income. In those cases, you may just need to walk away and accept bankruptcy. This is extreme, however, and most will probably not need to do this. After calculating the options carefully, know when it is time to start over.
Paying Off Your Loan Without Knowing The Cost
Getting any kind of loan for your debt consolidation means that you must calculate and see which one will work best for you. This may require talking with a debt counselor for help, but it could save you thousands of dollars in the long run. Many people pay far more for their mortgages and other loans than they need to - simply because they never compared quotes from various lenders, or took the time to know what to look for when doing so.
Not Learning New Ways To Prevent Future Trouble
Another thing to avoid is assuming that once a solution has been found that no other changes need to be made. Actually, if you make no other changes, you will undoubtedly end up in the same place not too far in the distant future. You should learn how to set up a budget for yourself (or reapply an older one to get you started), destroy some of those credit cards, and find out as many ways to save money as possible - and start applying them to your financial habits.
Holding On To Uncontrolled Spending Habits
One final thing to avoid is how you regularly spend your money. You should look over your expenses in recent months and try to discover where the extra money is going. Too often most people spend money on little things that they could really do without. This may include eating out a lot, buying things you do not really need, or paying more than necessary for something. By saving a little money here and there, pretty soon you will find money you did not know you had each week - and can make those payments on time. A good debt consolidation program should help you control how the money you make is spent - and where and when.
Author: Joseph Kenny http://www.articlesbase.com
Saturday 28 July 2007
Home Equity Loan – A Reverse Mortgage Could Provide a Comfortable Retirement!
By Charles Essmeier
While only comprising about 1% of all mortgages, the reverse mortgage has gained in popularity in recent years. Federally insured since the late 1980’s, the reverse mortgage allows owners of paid-off homes to borrow against the equity in their homes in the form of a lump sum, a line of credit, or in the form of monthly payments. The loan is repaid when the owners die or when the home is sold or no longer occupied.
In the early years of its existence, the reverse mortgage was regarded as a “last resort” step to avoid foreclosure, pay medical expenses or keep the home from disrepair. More recently, however, retirees have been finding creative ways to use the equity in their homes to allow their retirement years to be more enjoyable.
The huge growth of the housing market during the last five years has left millions of homeowners with large amounts of equity in their homes. Californians who bought homes in the early 1960’s at modest prices are now retiring; many of them have home equity in the mid-six figures. With that sort of equity, homeowners are using their equity to buy recreational vehicles, boats, luxury vacations, and even second homes. The structure of a reverse mortgage makes it possible for some homeowners to pay cash for a vacation home, while continuing to live in their primary residence for as long as they like, or are able. Once they die, the primary residence would be sold to pay pack the loan, while the second home would become part of their estate.
This has provided a rare opportunity for many couples, who struggled to raise families and pay mortgages during the working years, to enjoy a few luxuries in their retirement years. Couples who could never afford to travel can now dip into their home equity and see Europe or take that cruise that always eluded them.
While this may seem like a win-win situation for all involved, those in the lending industry express caution. For most people, the equity in their home is their single largest asset, and borrowing against it should done only after careful consideration. What if a lengthy hospital stay became necessary? Would the homeowner have sufficient funds to pay for that after buying a second home through a reverse mortgage? What if a husband or wife became incapacitated and required permanent housing in a nursing home? These are things that must be considered before using home equity for a houseboat or RV, and those considering such a move should consider discussing their plans with a financial advisor.
Despite the potential drawbacks, the use of the reverse mortgage to fund a fun and adventurous retirement seems to be growing. With interest rates still near all-time lows, the trend will almost certainly continue in the near future.
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including http://www.End-Your-Debt.com/ and http://www.HomeEquityHelp.net/
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While only comprising about 1% of all mortgages, the reverse mortgage has gained in popularity in recent years. Federally insured since the late 1980’s, the reverse mortgage allows owners of paid-off homes to borrow against the equity in their homes in the form of a lump sum, a line of credit, or in the form of monthly payments. The loan is repaid when the owners die or when the home is sold or no longer occupied.
In the early years of its existence, the reverse mortgage was regarded as a “last resort” step to avoid foreclosure, pay medical expenses or keep the home from disrepair. More recently, however, retirees have been finding creative ways to use the equity in their homes to allow their retirement years to be more enjoyable.
The huge growth of the housing market during the last five years has left millions of homeowners with large amounts of equity in their homes. Californians who bought homes in the early 1960’s at modest prices are now retiring; many of them have home equity in the mid-six figures. With that sort of equity, homeowners are using their equity to buy recreational vehicles, boats, luxury vacations, and even second homes. The structure of a reverse mortgage makes it possible for some homeowners to pay cash for a vacation home, while continuing to live in their primary residence for as long as they like, or are able. Once they die, the primary residence would be sold to pay pack the loan, while the second home would become part of their estate.
This has provided a rare opportunity for many couples, who struggled to raise families and pay mortgages during the working years, to enjoy a few luxuries in their retirement years. Couples who could never afford to travel can now dip into their home equity and see Europe or take that cruise that always eluded them.
While this may seem like a win-win situation for all involved, those in the lending industry express caution. For most people, the equity in their home is their single largest asset, and borrowing against it should done only after careful consideration. What if a lengthy hospital stay became necessary? Would the homeowner have sufficient funds to pay for that after buying a second home through a reverse mortgage? What if a husband or wife became incapacitated and required permanent housing in a nursing home? These are things that must be considered before using home equity for a houseboat or RV, and those considering such a move should consider discussing their plans with a financial advisor.
Despite the potential drawbacks, the use of the reverse mortgage to fund a fun and adventurous retirement seems to be growing. With interest rates still near all-time lows, the trend will almost certainly continue in the near future.
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including http://www.End-Your-Debt.com/ and http://www.HomeEquityHelp.net/
*** Article Source Link***
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Making it affordable: Nine tips for first time home buyers
By Charles Warnock
It seems that everyone loves a good real estate story. The media is filled with reports about soaring property values and home owners of modest means becoming instant millionaires when they sell. As a result, many first time home buyers, afraid of missing out, will rush into buying decisions and achieve less-than-spectacular results. As a first time buyer, your biggest challenge is to balance livability and profitability in a way that makes sense for you and your family. Remember, you are buying a home first and an investment second. Of course, there’s no foolproof formula for buyer success, but there are steps you can take to stack the odds in your favor:
Tip 1: Don’t bet on market timing
If you’re waiting for prices to drop in places like Southern California, Washington D.C. or Miami, you may be waiting a very long time. In regions that are built out with limited room to expand, it’s not realistic to assume property values will fall dramatically. Of course, prices in the nation’s super-heated residential markets (much of California, Nassau-Suffolk Counties in New York, South Florida) should cool down at some point, but there’s no guarantee that higher interest rates won’t eat up any savings from a price correction. If your personal circumstances say it’s time to buy, high prices alone shouldn’t keep you on the sidelines. Current interest rates are still historically low, so you may consider locking in a mortgage before rates head north. Even in booming markets, there are good deals for those willing to devote some time and energy to finding them.
Tip 2: Leverage free and low-cost resources
There’s an abundance of free and low-cost resources for homebuyers on the Web. A Web search can turn up helpful articles, buyer guides, online tools and purchase/ refinance calculators. Keep an eye out for helpful tools like step-by-step guides and checklists to help organize your search. Some Web sites now offer online tools to help you estimate home prices and search for undervalued properties. Many offers on the Web for free property valuations actually are come-ons from real estate brokers looking for seller listings, so check first to see what strings are attached.
Tip 3: Check out the new models
Real estate’s old guard seems to be under assault at every turn today as traditional brokers battle competition from discount and Web-based brokers. Today, buyers have more options than ever before. You can use a full-service broker, discount broker or buy without a broker. To make buying more affordable, consider the homebuyer rebate programs that are becoming more popular. Rebates can help offset closing costs, which are a real obstacle for many first-time buyers. Be aware that some states currently ban real estate rebates all together, and others limit rebates to credits applied to closing costs. Rebate fans around the nation are keeping a close eye on Kentucky, as the Justice Department recently sued the Kentucky Real Estate Commission for violating antitrust laws. Kentucky is one of 15 states that ban or limit real estate rebates.
Tip 4: Lock in a realistic budget
To save time and trouble, first time buyers should have a realistic budget in mind before they shop for homes. One way to determine how much house you can afford is to get “pre-approved” by a lender. Pre-approval means you know exactly how much of a loan you’ll qualify for, so you can limit your search to homes in the right price range. Pre-approval also boosts your credibility and negotiation position with sellers. Most lenders will offer pre-approval as a no-obligation free service, in hopes of winning your business.
Tip 5: Buying — personal decision, business transaction
The Department of Housing and Urban Development (HUD) advises home buyers to create a wish list to help focus priorities. That way, you’ll remember that a spectacular foyer is nice-to-have, but safety and services are essential. Having clear goals will help keep you from getting carried away with emotional factors. Sellers who love their homes tend to ask too much, and buyers who fall in love can end up overpaying. With a little research, you can get can get an objective estimate of property value to make sure the seller has set a fair asking price. There are tools and resources on the Web to help you better understand home valuations.
Tip 6: Don’t let closing costs surprise you
Once you understand the buying process, you should understand and budget for transaction costs. In addition to your down payment, buyers pay most of the closing costs when purchasing a home, including things like inspection fees, title insurance, taxes and more. Closing fees can add up to 5-7 percent of purchase price, and must be paid before you get the keys. Your lender can provide what’s called a “good faith” estimate of your closing costs. Most closing costs are not negotiable but some are. When you’re comparing lenders, don’t be shy…ask which fees are negotiable, then ask if any discounts are available. Finally, be cautious about “no-cost” closing promotions because the lender may be simply passing on the costs in the form of a higher interest rate.
Tip 7: Build a support team
Buying a home is a big investment and a big decision, but you don’t have to go it alone. Remember, at each step of the way, there are people and resources to help you. Use the Internet and ask friends for referrals. Don’t be afraid to pick up the phone and call real estate professionals, mortgage providers, title companies and insurers to ask questions. These professionals should be good resources to help you learn more about home buying, because they want to earn your business. If they are not helpful, then you have also learned something important…that they don’t deserve your business.
Tip 8: Clean up your credit
Low credit ratings mean that buyers won't qualify for the best available interest rates and fees, which could mean considerable extra expense each month for the life of the loan. Most financial institutions today offer risk-based lending – lower credit risk for lenders means better mortgage deals for customers. Credit reports frequently contain inaccurate information, which can hurt a buyer’s purchasing power. First-time buyers should check their credit scores and fix any problems before applying for financing.
Tip 9: Begin with the end in mind
Author Stephen Covey’s advice for effective living also applies to effective home buying. Resale may not your primary consideration, but it’s an important factor. Can you buy in an up-and-coming neighborhood or region? How is the “commutability” from your new home to local employers? How good are the local schools? A few queries to your favorite search engine will turn up free or inexpensive school rating services. Also be on the lookout for outdated features when you buy. If the those small closets and harvest gold appliances seem out of step now, you can bet that they won’t look any better to prospective buyers in a few years.
Charles Warnock is Marketing Communications Manager at Homekeys, a South-Florida based provider of real estate technology and services. He writes often on real estate, finance, interactive marketing and business development. For more information, visit http://www.homekeys.net
***Article Source Link**
http://ezinearticles.com/?Making-it-affordable:-Nine-tips-for-first-time-home-buyers&id=38647
It seems that everyone loves a good real estate story. The media is filled with reports about soaring property values and home owners of modest means becoming instant millionaires when they sell. As a result, many first time home buyers, afraid of missing out, will rush into buying decisions and achieve less-than-spectacular results. As a first time buyer, your biggest challenge is to balance livability and profitability in a way that makes sense for you and your family. Remember, you are buying a home first and an investment second. Of course, there’s no foolproof formula for buyer success, but there are steps you can take to stack the odds in your favor:
Tip 1: Don’t bet on market timing
If you’re waiting for prices to drop in places like Southern California, Washington D.C. or Miami, you may be waiting a very long time. In regions that are built out with limited room to expand, it’s not realistic to assume property values will fall dramatically. Of course, prices in the nation’s super-heated residential markets (much of California, Nassau-Suffolk Counties in New York, South Florida) should cool down at some point, but there’s no guarantee that higher interest rates won’t eat up any savings from a price correction. If your personal circumstances say it’s time to buy, high prices alone shouldn’t keep you on the sidelines. Current interest rates are still historically low, so you may consider locking in a mortgage before rates head north. Even in booming markets, there are good deals for those willing to devote some time and energy to finding them.
Tip 2: Leverage free and low-cost resources
There’s an abundance of free and low-cost resources for homebuyers on the Web. A Web search can turn up helpful articles, buyer guides, online tools and purchase/ refinance calculators. Keep an eye out for helpful tools like step-by-step guides and checklists to help organize your search. Some Web sites now offer online tools to help you estimate home prices and search for undervalued properties. Many offers on the Web for free property valuations actually are come-ons from real estate brokers looking for seller listings, so check first to see what strings are attached.
Tip 3: Check out the new models
Real estate’s old guard seems to be under assault at every turn today as traditional brokers battle competition from discount and Web-based brokers. Today, buyers have more options than ever before. You can use a full-service broker, discount broker or buy without a broker. To make buying more affordable, consider the homebuyer rebate programs that are becoming more popular. Rebates can help offset closing costs, which are a real obstacle for many first-time buyers. Be aware that some states currently ban real estate rebates all together, and others limit rebates to credits applied to closing costs. Rebate fans around the nation are keeping a close eye on Kentucky, as the Justice Department recently sued the Kentucky Real Estate Commission for violating antitrust laws. Kentucky is one of 15 states that ban or limit real estate rebates.
Tip 4: Lock in a realistic budget
To save time and trouble, first time buyers should have a realistic budget in mind before they shop for homes. One way to determine how much house you can afford is to get “pre-approved” by a lender. Pre-approval means you know exactly how much of a loan you’ll qualify for, so you can limit your search to homes in the right price range. Pre-approval also boosts your credibility and negotiation position with sellers. Most lenders will offer pre-approval as a no-obligation free service, in hopes of winning your business.
Tip 5: Buying — personal decision, business transaction
The Department of Housing and Urban Development (HUD) advises home buyers to create a wish list to help focus priorities. That way, you’ll remember that a spectacular foyer is nice-to-have, but safety and services are essential. Having clear goals will help keep you from getting carried away with emotional factors. Sellers who love their homes tend to ask too much, and buyers who fall in love can end up overpaying. With a little research, you can get can get an objective estimate of property value to make sure the seller has set a fair asking price. There are tools and resources on the Web to help you better understand home valuations.
Tip 6: Don’t let closing costs surprise you
Once you understand the buying process, you should understand and budget for transaction costs. In addition to your down payment, buyers pay most of the closing costs when purchasing a home, including things like inspection fees, title insurance, taxes and more. Closing fees can add up to 5-7 percent of purchase price, and must be paid before you get the keys. Your lender can provide what’s called a “good faith” estimate of your closing costs. Most closing costs are not negotiable but some are. When you’re comparing lenders, don’t be shy…ask which fees are negotiable, then ask if any discounts are available. Finally, be cautious about “no-cost” closing promotions because the lender may be simply passing on the costs in the form of a higher interest rate.
Tip 7: Build a support team
Buying a home is a big investment and a big decision, but you don’t have to go it alone. Remember, at each step of the way, there are people and resources to help you. Use the Internet and ask friends for referrals. Don’t be afraid to pick up the phone and call real estate professionals, mortgage providers, title companies and insurers to ask questions. These professionals should be good resources to help you learn more about home buying, because they want to earn your business. If they are not helpful, then you have also learned something important…that they don’t deserve your business.
Tip 8: Clean up your credit
Low credit ratings mean that buyers won't qualify for the best available interest rates and fees, which could mean considerable extra expense each month for the life of the loan. Most financial institutions today offer risk-based lending – lower credit risk for lenders means better mortgage deals for customers. Credit reports frequently contain inaccurate information, which can hurt a buyer’s purchasing power. First-time buyers should check their credit scores and fix any problems before applying for financing.
Tip 9: Begin with the end in mind
Author Stephen Covey’s advice for effective living also applies to effective home buying. Resale may not your primary consideration, but it’s an important factor. Can you buy in an up-and-coming neighborhood or region? How is the “commutability” from your new home to local employers? How good are the local schools? A few queries to your favorite search engine will turn up free or inexpensive school rating services. Also be on the lookout for outdated features when you buy. If the those small closets and harvest gold appliances seem out of step now, you can bet that they won’t look any better to prospective buyers in a few years.
Charles Warnock is Marketing Communications Manager at Homekeys, a South-Florida based provider of real estate technology and services. He writes often on real estate, finance, interactive marketing and business development. For more information, visit http://www.homekeys.net
***Article Source Link**
http://ezinearticles.com/?Making-it-affordable:-Nine-tips-for-first-time-home-buyers&id=38647
Home Equity Loan – With a Reverse Mortgage, Your Home Pays You!
by Charles Essmeier
The home equity loan has become quite popular in the last five years, and Americans have tapped into the equity of their homes in record numbers. The reasons vary, although home improvement and debt consolidation are the most common reasons for borrowing against a home’s equity.
In the last fifteen years or so, a new twist has arrived in the home equity market –- the reverse mortgage. Like a traditional home equity loan or line of credit, a reverse mortgage allows you to borrow against the equity in your home. Unlike those other options, you don’t have to make payments in order to pay it back. The repayment takes place when you die, when you move, or when you sell your home. You must be at least 62 years of age to qualify, but unlike other loans, you do not have to have any appreciable income in order to get a reverse mortgage.
There are a number of advantages of a reverse mortgage over a traditional home equity loan:
• Your options of receiving the money from the loan include a monthly payout, although you may also elect to receive a lump sum or a credit line. A monthly payout would effectively provide you with a regular “income” during the remainder of your time in your home.
• The loan isn’t due until you move, sell the home, or die. There is no repayment schedule, as with regular installment loans. At the time of your death or when you sell the house, the loan must be repaid with interest.
• The amount you have to repay cannot exceed the value of your home. With this feature, you are protected should your home decline in value. The lender cannot force you to pay more than the value of the home.
Due to the age restrictions on reverse mortgages, they are not for everyone. But if you qualify, it could provide an excellent opportunity to have an income during your retirement years.
About the Author
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including http://www.End-Your-Debt.com/ and http://www.HomeEquityHelp.net/
*** Article Link***
http://www.goarticles.com/cgi-bin/showa.cgi?C=40343
The home equity loan has become quite popular in the last five years, and Americans have tapped into the equity of their homes in record numbers. The reasons vary, although home improvement and debt consolidation are the most common reasons for borrowing against a home’s equity.
In the last fifteen years or so, a new twist has arrived in the home equity market –- the reverse mortgage. Like a traditional home equity loan or line of credit, a reverse mortgage allows you to borrow against the equity in your home. Unlike those other options, you don’t have to make payments in order to pay it back. The repayment takes place when you die, when you move, or when you sell your home. You must be at least 62 years of age to qualify, but unlike other loans, you do not have to have any appreciable income in order to get a reverse mortgage.
There are a number of advantages of a reverse mortgage over a traditional home equity loan:
• Your options of receiving the money from the loan include a monthly payout, although you may also elect to receive a lump sum or a credit line. A monthly payout would effectively provide you with a regular “income” during the remainder of your time in your home.
• The loan isn’t due until you move, sell the home, or die. There is no repayment schedule, as with regular installment loans. At the time of your death or when you sell the house, the loan must be repaid with interest.
• The amount you have to repay cannot exceed the value of your home. With this feature, you are protected should your home decline in value. The lender cannot force you to pay more than the value of the home.
Due to the age restrictions on reverse mortgages, they are not for everyone. But if you qualify, it could provide an excellent opportunity to have an income during your retirement years.
About the Author
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including http://www.End-Your-Debt.com/ and http://www.HomeEquityHelp.net/
*** Article Link***
http://www.goarticles.com/cgi-bin/showa.cgi?C=40343
10 Pointers on College Loan Consolidation
By Georgio Heberto
Should I consolidate my college loans or not?
1. Still in school, yes! Rates are low, but they're scheduled to go up. Your college loan payments will then remain as manageable as possible when you leave school. If you have graduated, or will be graduating this May or June, yes! Graduates can lock in historical low rates, and reduce their monthly payments more than half. You can lock in a rate even while still in school, and even if you have been out of school for a couple of years can get a good deal, too.
2. The newest twist in the consolidation puzzle is the "in school consolidation", affecting students who are currently enrolled and will be enrolled past the July 1 consolidation. You can consolidate your existing college loans now to secure the low rates for at least part of their student loan portfolio.
3. Consolidating could save thousands of dollars in interest payments on college loans. There are impending student loan rate changes and new interpretation of regulations by the Department of Education, also, Congress is considering ending the fixed-rate program. Experts are urging students to consolidate to relieve themselves of a higher debt load.
4. Many students and families are looking for a simple, clear answer about whether to consolidate college loans or not. The simple answer is to take some of the bite out of the debt by loan consolidation. You could live like a miser and save as much money as possible or consolidate your federal student loans now.
5. For students still in school, you have an opportunity to choose consolidation. Consolidating would put a college loan borrower into repayment status, but the student can defer payments until after graduation by making a deferment request. Consolidating today can have payments put off until graduation.
6. The federal loan program allows consolidation, which is when a borrower pools his student debts together so that only one monthly payment is necessary, rather than several. It's not just the convenience of one payment that is making consolidation so compelling. The most significant aspect of the program is that it allows a person to permanently lock in a lower interest rate on loans. These loans are backed by, or granted directly by, the federal government.
7. Rates for federal Stafford loans, the most prevalent type of student loan, as well as some other types of federal student loans are set annually based on the rate of 91-day U.S. Treasury bills at the end of May. The exact rate won't be known until the end of the month, but experts say it will be about 2 percentage points higher. (Private loans and federal loans cannot be consolidated together.)
8. For the first time, the U.S. Department of Education will allow students still in school to consolidate federally backed loans. Federal PLUS loans can also be consolidated. PLUS loans are used to help pay the cost higher education.
9. Students, regardless of enrollment, should absolutely consolidate their college loans, arranged through the student's lender. There are no fees, no credit checks, and interest rates are expected to move higher. Those are good reasons to consolidate.
10. Act quickly to put lock on current federal-aid interest rates. Graduates should act now to insulate themselves from a drastic rate change. Apply early. Do not wait until the last minute to file paperwork. Those who have already graduated or left school should not wait to investigate consolidation. In the first six months after graduation, you are in a grace period. Within that six-month window, you can lock in a low rate on Stafford loans and spread the repayment over as long as 30 years.
If you're going to consolidate, now is the best time to do it.
Georgio Heberto is dedicated to offering news, articles, and instruction on financing college education. You have a definite choice in how you finance your education and beyond. Visit http://www.atopeducation.com for more information.
***Article Source Link ***
http://ezinearticles.com/?10-Pointers-on-College-Loan-Consolidation&id=38066
Should I consolidate my college loans or not?
1. Still in school, yes! Rates are low, but they're scheduled to go up. Your college loan payments will then remain as manageable as possible when you leave school. If you have graduated, or will be graduating this May or June, yes! Graduates can lock in historical low rates, and reduce their monthly payments more than half. You can lock in a rate even while still in school, and even if you have been out of school for a couple of years can get a good deal, too.
2. The newest twist in the consolidation puzzle is the "in school consolidation", affecting students who are currently enrolled and will be enrolled past the July 1 consolidation. You can consolidate your existing college loans now to secure the low rates for at least part of their student loan portfolio.
3. Consolidating could save thousands of dollars in interest payments on college loans. There are impending student loan rate changes and new interpretation of regulations by the Department of Education, also, Congress is considering ending the fixed-rate program. Experts are urging students to consolidate to relieve themselves of a higher debt load.
4. Many students and families are looking for a simple, clear answer about whether to consolidate college loans or not. The simple answer is to take some of the bite out of the debt by loan consolidation. You could live like a miser and save as much money as possible or consolidate your federal student loans now.
5. For students still in school, you have an opportunity to choose consolidation. Consolidating would put a college loan borrower into repayment status, but the student can defer payments until after graduation by making a deferment request. Consolidating today can have payments put off until graduation.
6. The federal loan program allows consolidation, which is when a borrower pools his student debts together so that only one monthly payment is necessary, rather than several. It's not just the convenience of one payment that is making consolidation so compelling. The most significant aspect of the program is that it allows a person to permanently lock in a lower interest rate on loans. These loans are backed by, or granted directly by, the federal government.
7. Rates for federal Stafford loans, the most prevalent type of student loan, as well as some other types of federal student loans are set annually based on the rate of 91-day U.S. Treasury bills at the end of May. The exact rate won't be known until the end of the month, but experts say it will be about 2 percentage points higher. (Private loans and federal loans cannot be consolidated together.)
8. For the first time, the U.S. Department of Education will allow students still in school to consolidate federally backed loans. Federal PLUS loans can also be consolidated. PLUS loans are used to help pay the cost higher education.
9. Students, regardless of enrollment, should absolutely consolidate their college loans, arranged through the student's lender. There are no fees, no credit checks, and interest rates are expected to move higher. Those are good reasons to consolidate.
10. Act quickly to put lock on current federal-aid interest rates. Graduates should act now to insulate themselves from a drastic rate change. Apply early. Do not wait until the last minute to file paperwork. Those who have already graduated or left school should not wait to investigate consolidation. In the first six months after graduation, you are in a grace period. Within that six-month window, you can lock in a low rate on Stafford loans and spread the repayment over as long as 30 years.
If you're going to consolidate, now is the best time to do it.
Georgio Heberto is dedicated to offering news, articles, and instruction on financing college education. You have a definite choice in how you finance your education and beyond. Visit http://www.atopeducation.com for more information.
***Article Source Link ***
http://ezinearticles.com/?10-Pointers-on-College-Loan-Consolidation&id=38066
Reverse Mortgage Offers Fresh Approach To Income From Real Estate
By Mark Barnes
If you owe 40 percent or less of your original mortgage, there is a great program that is available to you that will generate extra monthly income. It’s called a reverse mortgage. The reverse mortgage is similar to a home equity loan, only in the fact that it pays you the equity you have in your house. The differences, though, are many. If you have a large amount of equity in your home, you’ll want to consider a reverse mortgage.
The reverse mortgage does exactly what the phrase says. Instead of the homeowner making monthly mortgage payments, the bank literally reverses the action and pays the homeowner. Sound too good to be true? It’s not, and it’s a completely legitimate program. Banks like it, because at the end of the term of the loan (usually when the homeowner dies), the bank acquires the house and may resell it.
Here’s how it works. Let’s say you own a home with a mortgage balance of $30,000 and it’s worth $100,000. The bank will put a loan on some or all of the remaining balance, amortize it over 30 years and send you a check for this amount monthly. Sometimes, they’ll use enough of the remaining equity to pay off your balance, so you owe nothing. Then, you get payments each month, and when you die, the house belongs to the bank.
This program is great for elderly people, who need to supplement their incomes. Check out seniorjobbank.org, as well as the wealth-building system, Winning the Mortgage Game to learn more about this interesting mortgage program.
Mark Barnes is an investment real estate and real estate finance expert. Get his free mortgage finance course at http://www.winningthemortgagegame.com and learn more about his wealth-building system. Mark is also the author of the new novel, The League, a shocking, sports-related conspiracy. Learn more about his suspense thriller at http://www.sportsnovels.com
**Article Source Link**
http://ezinearticles.com/?Reverse-Mortgage-Offers-Fresh-Approach-To-Income-From-Real-Estate&id=33974
If you owe 40 percent or less of your original mortgage, there is a great program that is available to you that will generate extra monthly income. It’s called a reverse mortgage. The reverse mortgage is similar to a home equity loan, only in the fact that it pays you the equity you have in your house. The differences, though, are many. If you have a large amount of equity in your home, you’ll want to consider a reverse mortgage.
The reverse mortgage does exactly what the phrase says. Instead of the homeowner making monthly mortgage payments, the bank literally reverses the action and pays the homeowner. Sound too good to be true? It’s not, and it’s a completely legitimate program. Banks like it, because at the end of the term of the loan (usually when the homeowner dies), the bank acquires the house and may resell it.
Here’s how it works. Let’s say you own a home with a mortgage balance of $30,000 and it’s worth $100,000. The bank will put a loan on some or all of the remaining balance, amortize it over 30 years and send you a check for this amount monthly. Sometimes, they’ll use enough of the remaining equity to pay off your balance, so you owe nothing. Then, you get payments each month, and when you die, the house belongs to the bank.
This program is great for elderly people, who need to supplement their incomes. Check out seniorjobbank.org, as well as the wealth-building system, Winning the Mortgage Game to learn more about this interesting mortgage program.
Mark Barnes is an investment real estate and real estate finance expert. Get his free mortgage finance course at http://www.winningthemortgagegame.com and learn more about his wealth-building system. Mark is also the author of the new novel, The League, a shocking, sports-related conspiracy. Learn more about his suspense thriller at http://www.sportsnovels.com
**Article Source Link**
http://ezinearticles.com/?Reverse-Mortgage-Offers-Fresh-Approach-To-Income-From-Real-Estate&id=33974
How Do I Buy A House?
By Andrew L.
There is no doubt that the market for houses has been on fire recently. More and more people are taking advantage of low interest rates and easy mortgage loan terms to go from being renters to being home owners. With so many people entering the market, it is inevitable that questions will arise.
There are many things to consider when buying your first home. Some of the most important steps to buy a house are:
Learning the home buying process
Start by learning as much as you can about how the home buying and mortgage application process works. Read as much as you can about buying a home. Check out the many books in your local library that offer hints to first time home buyers. Read financial web sites on the internet for tips for first time home buyers. You may even want to sign up for a class aimed at first time homeowners. Many towns and cities offer these kinds of classes, and they can be a great source of information for the buyer looking for his or her first home.
Find out the pre-qualified price range
It is important to find out how much you can borrow before you start looking for a home. Talk with several mortgage lenders in your area and get pre-qualified for a particular price range. The mortgage lender will be able to help you determine how much you can borrow based on your annual income. In general, mortgage lenders recommend that all home related expenses, including the mortgage payment, insurance premiums and real estate taxes, do not exceed 28% of your monthly income.
Get Pre-approved for mortgage loan
The next step is to get pre-approved for mortgage financing. This is similar to getting pre-qualified for a price range, but it is a more formal process. You will need to supply proof of your income for the pre-approval process to move forward. Most lenders will want to see income tax returns from the past two years as proof of the income you are claiming.
House hunting
After you have been pre-approved for your mortgage loan, it is time to actually start house hunting with a realtor (find out why you need to find a realtor before buying a house?). Your mortgage lender will give you a letter stating that you have been pre-approved for a mortgage and the amount you are authorized to borrow. You will need to present this letter to the real estate agent when you get started. It is important to get pre-approved for a mortgage loan before beginning your home search. The real estate agent and real estate company will be much more willing to work with you if they know you can afford the home you are looking at. In addition, sellers will take your offer much more seriously if it is accompanied by a pre-approval letter from your mortgage lender.
Make an offer
Once you have found a home that meets your needs, it is time to make an offer on the property. You will already know the most you can spend from the pre-approval process, and you probably will have your own ideas on what the property is actually worth. In addition, your real estate agent can guide you through the negotiation process and offer procedures. A copy of your pre-approval letter will be presented as part of the written offer. This will ensure the seller that your offer is legitimate.
Negotiation process
If the seller accepts your first offer, congratulations. Your negotiations are over and you're ready to start preparing for your move. More likely, however, is that the seller will come back with a counter-offer. This negotiation process can go on for a short or long amount of time, depending on factors like the motivation of the seller, the local real estate market, and a host of other factors. The real estate agent will be a good guide through the negotiation process. After all, he or she will have been through this process many times before.
Provide copy of Purchase and Sale Agreement to mortgage broker
After the negotiation process has been completed, you will need to present your mortgage broker with a copy of the Purchase and Sale Agreement for the home.
Work to close the mortgage loan
After presenting the Purchase and Sales Agreement, you will need to work with the mortgage broker to ensure you meet all the conditions required for the closing of the mortgage loan.
Home inspection prior closing
Prior to closing, you will want to make sure to have a thorough home inspection performed by a qualified and certified home inspector. A home inspection will protect you from flaws in the construction and condition of the home that are not obvious to the naked eye. Home inspections can uncover things like foundation cracks, termite infestation and other home quality issues.
Hand over down payment
After the home inspection has been performed and the report has come back clean (or all the items uncovered have been repaired), it is time for the buyer to actually hand over the money for the down payment and sign the loan documents.
Collect the house key
After the closing of the loan, the fun part of home buying begins. Your real estate agent will hand over the keys to your new home and you can actually move in and enjoy your beautiful new home. Welcome to moving day!
Andrew is the web owner of Home Buying and Home Selling Guide: How to buy a house and sell house fast!, a website that provides informational guide on home buying, selling house, home mortgage loan, foreclosure home, real estate investment, and more.
***Article Source Link**
http://www.ezinearticles.com/?How-Do-I-Buy-A-House?&id=39172
There is no doubt that the market for houses has been on fire recently. More and more people are taking advantage of low interest rates and easy mortgage loan terms to go from being renters to being home owners. With so many people entering the market, it is inevitable that questions will arise.
There are many things to consider when buying your first home. Some of the most important steps to buy a house are:
Learning the home buying process
Start by learning as much as you can about how the home buying and mortgage application process works. Read as much as you can about buying a home. Check out the many books in your local library that offer hints to first time home buyers. Read financial web sites on the internet for tips for first time home buyers. You may even want to sign up for a class aimed at first time homeowners. Many towns and cities offer these kinds of classes, and they can be a great source of information for the buyer looking for his or her first home.
Find out the pre-qualified price range
It is important to find out how much you can borrow before you start looking for a home. Talk with several mortgage lenders in your area and get pre-qualified for a particular price range. The mortgage lender will be able to help you determine how much you can borrow based on your annual income. In general, mortgage lenders recommend that all home related expenses, including the mortgage payment, insurance premiums and real estate taxes, do not exceed 28% of your monthly income.
Get Pre-approved for mortgage loan
The next step is to get pre-approved for mortgage financing. This is similar to getting pre-qualified for a price range, but it is a more formal process. You will need to supply proof of your income for the pre-approval process to move forward. Most lenders will want to see income tax returns from the past two years as proof of the income you are claiming.
House hunting
After you have been pre-approved for your mortgage loan, it is time to actually start house hunting with a realtor (find out why you need to find a realtor before buying a house?). Your mortgage lender will give you a letter stating that you have been pre-approved for a mortgage and the amount you are authorized to borrow. You will need to present this letter to the real estate agent when you get started. It is important to get pre-approved for a mortgage loan before beginning your home search. The real estate agent and real estate company will be much more willing to work with you if they know you can afford the home you are looking at. In addition, sellers will take your offer much more seriously if it is accompanied by a pre-approval letter from your mortgage lender.
Make an offer
Once you have found a home that meets your needs, it is time to make an offer on the property. You will already know the most you can spend from the pre-approval process, and you probably will have your own ideas on what the property is actually worth. In addition, your real estate agent can guide you through the negotiation process and offer procedures. A copy of your pre-approval letter will be presented as part of the written offer. This will ensure the seller that your offer is legitimate.
Negotiation process
If the seller accepts your first offer, congratulations. Your negotiations are over and you're ready to start preparing for your move. More likely, however, is that the seller will come back with a counter-offer. This negotiation process can go on for a short or long amount of time, depending on factors like the motivation of the seller, the local real estate market, and a host of other factors. The real estate agent will be a good guide through the negotiation process. After all, he or she will have been through this process many times before.
Provide copy of Purchase and Sale Agreement to mortgage broker
After the negotiation process has been completed, you will need to present your mortgage broker with a copy of the Purchase and Sale Agreement for the home.
Work to close the mortgage loan
After presenting the Purchase and Sales Agreement, you will need to work with the mortgage broker to ensure you meet all the conditions required for the closing of the mortgage loan.
Home inspection prior closing
Prior to closing, you will want to make sure to have a thorough home inspection performed by a qualified and certified home inspector. A home inspection will protect you from flaws in the construction and condition of the home that are not obvious to the naked eye. Home inspections can uncover things like foundation cracks, termite infestation and other home quality issues.
Hand over down payment
After the home inspection has been performed and the report has come back clean (or all the items uncovered have been repaired), it is time for the buyer to actually hand over the money for the down payment and sign the loan documents.
Collect the house key
After the closing of the loan, the fun part of home buying begins. Your real estate agent will hand over the keys to your new home and you can actually move in and enjoy your beautiful new home. Welcome to moving day!
Andrew is the web owner of Home Buying and Home Selling Guide: How to buy a house and sell house fast!, a website that provides informational guide on home buying, selling house, home mortgage loan, foreclosure home, real estate investment, and more.
***Article Source Link**
http://www.ezinearticles.com/?How-Do-I-Buy-A-House?&id=39172
Debt Consolidation Versus Debt Negotiation
By Gary Gresham
Debt consolidation versus debt negotiation are two options that are available to you if you need debt assistance. When your monthly bills become too much for you to handle, it makes sense to use debt consolidation or debt negotiation for solving debt and credit problems.
Debt Consolidation
Debt consolidation services have prearranged debt repayment plans with most credit card and collection companies. When you sign up with a debt consolidation company you are offered a lower overall monthly payment based on a lower interest rate they have arranged with the creditor.
This payment is lower than what the credit card companies offer you, saves you money every month and is often the best way to consolidate debt.
One benefit of a debt consolidation repayment plan is it will stop you from getting harassed by your creditors as long as you make the new, lower monthly payments.
The downside of the debt consolidation repayment plan is that you have to cancel all credit cards that you include in the plan. You are also charged your first payment you make toward the program and an additional monthly administration fee. This administration fee ranges from flat fees of $10-$50, while others charge a $5 fee for each creditor. That means you'll pay about $30 a month that doesn't go to paying off your debts.
The debt consolidation program benefits you if you have high interest rates or have higher credit card bills than you can manage. Some people like to make only one payment to one company for all of their debts.
Debt Negotiation
Debt negotiation is sometimes referred to as debt settlement. This is most often offered to people who can't handle a debt consolidation program. If you can't make the minimum payments of a debt consolidation repayment plan or haven't made payments in the past 3 months, a debt negotiation program is the next step for solving debt and credit problems.
One benefit of a debt negotiation program is you stop making payments to your creditors. The debt negotiation company either takes monthly payments from you and keeps it in an account, or lets you keep the money in your own account.
While you are making these monthly payments to the debt negotiation company, they negotiate with your creditors for a lower payoff of around 40-50% of your total amount of debt. Once the negotiated settlement is agreed upon with your creditors, the debt negotiation company makes a one time payment to them.
A downside of the debt negotiation program is it lowers your credit score for as long as you are in the program. However, most debt negotiation companies require the creditor make the credit report show paid in full so it doesn't show up as a negative on your report once your account is settled.
Some debt negotiation companies include a credit repair service that will remove the negative items caused by the debt negotiation program. You pay for this service as part of their program.
Now that you have an idea what debt consolidation versus debt negotiation is choose which one will work best for solving debt and credit problems for you.
Copyright © 2005 Credit Repair Facts.com All Rights Reserved.
This article is supplied by http://www.credit-repair-facts.com where you will find credit information, debt elimination programs and informative facts that give you the knowledge to correct your own credit and credit report. For more credit related articles like these go to: http://www.credit-repair-facts.com/articles_1.html
****Article Source Link***
http://ezinearticles.com/?Debt-Consolidation-Versus-Debt-Negotiation&id=35465
Debt consolidation versus debt negotiation are two options that are available to you if you need debt assistance. When your monthly bills become too much for you to handle, it makes sense to use debt consolidation or debt negotiation for solving debt and credit problems.
Debt Consolidation
Debt consolidation services have prearranged debt repayment plans with most credit card and collection companies. When you sign up with a debt consolidation company you are offered a lower overall monthly payment based on a lower interest rate they have arranged with the creditor.
This payment is lower than what the credit card companies offer you, saves you money every month and is often the best way to consolidate debt.
One benefit of a debt consolidation repayment plan is it will stop you from getting harassed by your creditors as long as you make the new, lower monthly payments.
The downside of the debt consolidation repayment plan is that you have to cancel all credit cards that you include in the plan. You are also charged your first payment you make toward the program and an additional monthly administration fee. This administration fee ranges from flat fees of $10-$50, while others charge a $5 fee for each creditor. That means you'll pay about $30 a month that doesn't go to paying off your debts.
The debt consolidation program benefits you if you have high interest rates or have higher credit card bills than you can manage. Some people like to make only one payment to one company for all of their debts.
Debt Negotiation
Debt negotiation is sometimes referred to as debt settlement. This is most often offered to people who can't handle a debt consolidation program. If you can't make the minimum payments of a debt consolidation repayment plan or haven't made payments in the past 3 months, a debt negotiation program is the next step for solving debt and credit problems.
One benefit of a debt negotiation program is you stop making payments to your creditors. The debt negotiation company either takes monthly payments from you and keeps it in an account, or lets you keep the money in your own account.
While you are making these monthly payments to the debt negotiation company, they negotiate with your creditors for a lower payoff of around 40-50% of your total amount of debt. Once the negotiated settlement is agreed upon with your creditors, the debt negotiation company makes a one time payment to them.
A downside of the debt negotiation program is it lowers your credit score for as long as you are in the program. However, most debt negotiation companies require the creditor make the credit report show paid in full so it doesn't show up as a negative on your report once your account is settled.
Some debt negotiation companies include a credit repair service that will remove the negative items caused by the debt negotiation program. You pay for this service as part of their program.
Now that you have an idea what debt consolidation versus debt negotiation is choose which one will work best for solving debt and credit problems for you.
Copyright © 2005 Credit Repair Facts.com All Rights Reserved.
This article is supplied by http://www.credit-repair-facts.com where you will find credit information, debt elimination programs and informative facts that give you the knowledge to correct your own credit and credit report. For more credit related articles like these go to: http://www.credit-repair-facts.com/articles_1.html
****Article Source Link***
http://ezinearticles.com/?Debt-Consolidation-Versus-Debt-Negotiation&id=35465
Bad Credit? First Time Buyer? You Can Still Get Approved For A Home Mortgage Loan
By Carrie Reeder
Do you have bad credit that you worry will stop you from being able to apply for a home mortgage loan? Have you given up on the dream of being a home owner? Well don’t. Take comfort in the fact that there are special home mortgage loans that you can apply for, that will make sure your dreams of becoming a home owner are fulfilled!
Home Loans Are Flexible - The first thing you need to keep-in-mind is that home loan mortgages are very flexible – they can be adjusted to meet the needs of any borrower. So, if you have a bad credit history, but circumstances have changed in your life and now you are looking to become a home owner then all you need to do is to find a lender who is willing to lend.
First Look at Companies That Specialize in Bad Credit Mortgages - Bad credit mortgage lenders or otherwise called, subprime lenders, are always the best place to look first. Bad credit mortgage companies specialize in lending to people with less than perfect credit to very bad credit, even if they are first-time buyers. The may charge you extra over the life of the home loan mortgage than would have otherwise been the case had you not had the bad credit history, but that’s why they’re in the business!
Look Online – Check the Internet - The Internet is the wonder of the modern age and with it comes all sorts of answers to previously unanswerable questions. In the case of the Internet, many companies are advertising that they are willing to lend to first-time buyers who have a bad credit history. All you need do is look for them.
Consider an Interest Only Mortgage to Compensate For the Higher Payment - Many home mortgage lenders offer loans to applicants with poor or bad credit history for interest only home loan mortgages. With an interest only home loan, the borrower is only required to pay the interest part of the home loan mortgage. The principal amount is due years later, depending on which type of loan you get. This kind of loan can give you the time to fix your credit and qualify for a better interest rate.
You can be approved for a home loan even with adverse credit problems like bankruptcy, foreclosure and other problems that cause your credit score to be low.
To see a list of our recommended mortgage lenders for people with poor or bad credit visit this page: Recommended Bad Credit Mortgage Lenders
Carrie Reeder is the owner of ABC Loan Guide. It is an informational website about various types of loans. It has informative articles and the latest finance news.
***Article Source Link***
http://ezinearticles.com/?Bad-Credit?-First-Time-Buyer?-You-Can-Still-Get-Approved-For-A-Home-Mortgage-Loan&id=36901
Do you have bad credit that you worry will stop you from being able to apply for a home mortgage loan? Have you given up on the dream of being a home owner? Well don’t. Take comfort in the fact that there are special home mortgage loans that you can apply for, that will make sure your dreams of becoming a home owner are fulfilled!
Home Loans Are Flexible - The first thing you need to keep-in-mind is that home loan mortgages are very flexible – they can be adjusted to meet the needs of any borrower. So, if you have a bad credit history, but circumstances have changed in your life and now you are looking to become a home owner then all you need to do is to find a lender who is willing to lend.
First Look at Companies That Specialize in Bad Credit Mortgages - Bad credit mortgage lenders or otherwise called, subprime lenders, are always the best place to look first. Bad credit mortgage companies specialize in lending to people with less than perfect credit to very bad credit, even if they are first-time buyers. The may charge you extra over the life of the home loan mortgage than would have otherwise been the case had you not had the bad credit history, but that’s why they’re in the business!
Look Online – Check the Internet - The Internet is the wonder of the modern age and with it comes all sorts of answers to previously unanswerable questions. In the case of the Internet, many companies are advertising that they are willing to lend to first-time buyers who have a bad credit history. All you need do is look for them.
Consider an Interest Only Mortgage to Compensate For the Higher Payment - Many home mortgage lenders offer loans to applicants with poor or bad credit history for interest only home loan mortgages. With an interest only home loan, the borrower is only required to pay the interest part of the home loan mortgage. The principal amount is due years later, depending on which type of loan you get. This kind of loan can give you the time to fix your credit and qualify for a better interest rate.
You can be approved for a home loan even with adverse credit problems like bankruptcy, foreclosure and other problems that cause your credit score to be low.
To see a list of our recommended mortgage lenders for people with poor or bad credit visit this page: Recommended Bad Credit Mortgage Lenders
Carrie Reeder is the owner of ABC Loan Guide. It is an informational website about various types of loans. It has informative articles and the latest finance news.
***Article Source Link***
http://ezinearticles.com/?Bad-Credit?-First-Time-Buyer?-You-Can-Still-Get-Approved-For-A-Home-Mortgage-Loan&id=36901
What is a Reverse Mortgage?
By Stuart Simpson
Simply stated, a reverse mortgage is a loan that enables homeowners (age 62 and older) to convert part of the equity in their home into a tax-free income without having to sell the home, give up the title, or take on a new monthly mortgage payment. More and more homeowners are using this to supplement their retirement income, pay for health care, modify their home, or just get some cash for emergencies. Since this is a new product, some people have misconceptions of what a reverse mortgage is. The bank doesn’t give you money and take your house. Let’s look at some of the most common questions.
Are reverse mortgages for desperate people? No. It is an excellent financial planning tool used from people of all walks of life.
How do I qualify? You must be 62 or if both parties are on the mortgage, then you both must be at least 62. And, you must have equity in your home.
What if I still owe on my home? You may still qualify even if you have a balance on your first mortgage. The proceeds must be used to pay off the mortgage, first.
How much can I get? This depends on several factors such as, the age of your home, the value, your age at the time of closing, and interest rates.
Is it just monthly payments? No. You can get a lump sum, line of credit, monthly payments or a combination of monthly income and a line of credit.
But, won’t I have to pay taxes on these monthly payments to the government? No. The funds are tax-free. Its your money, not additional income.
Should I seek a lawyer or receive some counseling before I get a reverse mortgage. Yes. You must be counseled before receiving a reverse mortgage. You don’t have to talk to a lawyer or accountant, but it would be advised.
Who owns the title to my house? You still own the title.
What happens when I die? Once your home is passed on to your heirs, the mortgage becomes due. Your heirs may pay the mortgage and keep the home or sell the home and pay off the home. They may keep any excess sales proceeds.
What if I owe more than the house is worth? You can’t. Your repayment amount will never exceed the value of the home at the time the loan comes due. Also, there are no prepayment penalties.
What if I move? If you move, then the mortgage becomes due and must be repaid.
Where can I learn more? The National Reverse Mortgage Lenders Association at http://www.reversemortgage.org
Stuart Simpson has a neat mortgage calculator FREE to use. Try it out at: http://www.mortgage-refinance-review.com/calculator.php
***Article Source Link***
http://ezinearticles.com/?What-is-a-Reverse-Mortgage?&id=27925
Simply stated, a reverse mortgage is a loan that enables homeowners (age 62 and older) to convert part of the equity in their home into a tax-free income without having to sell the home, give up the title, or take on a new monthly mortgage payment. More and more homeowners are using this to supplement their retirement income, pay for health care, modify their home, or just get some cash for emergencies. Since this is a new product, some people have misconceptions of what a reverse mortgage is. The bank doesn’t give you money and take your house. Let’s look at some of the most common questions.
Are reverse mortgages for desperate people? No. It is an excellent financial planning tool used from people of all walks of life.
How do I qualify? You must be 62 or if both parties are on the mortgage, then you both must be at least 62. And, you must have equity in your home.
What if I still owe on my home? You may still qualify even if you have a balance on your first mortgage. The proceeds must be used to pay off the mortgage, first.
How much can I get? This depends on several factors such as, the age of your home, the value, your age at the time of closing, and interest rates.
Is it just monthly payments? No. You can get a lump sum, line of credit, monthly payments or a combination of monthly income and a line of credit.
But, won’t I have to pay taxes on these monthly payments to the government? No. The funds are tax-free. Its your money, not additional income.
Should I seek a lawyer or receive some counseling before I get a reverse mortgage. Yes. You must be counseled before receiving a reverse mortgage. You don’t have to talk to a lawyer or accountant, but it would be advised.
Who owns the title to my house? You still own the title.
What happens when I die? Once your home is passed on to your heirs, the mortgage becomes due. Your heirs may pay the mortgage and keep the home or sell the home and pay off the home. They may keep any excess sales proceeds.
What if I owe more than the house is worth? You can’t. Your repayment amount will never exceed the value of the home at the time the loan comes due. Also, there are no prepayment penalties.
What if I move? If you move, then the mortgage becomes due and must be repaid.
Where can I learn more? The National Reverse Mortgage Lenders Association at http://www.reversemortgage.org
Stuart Simpson has a neat mortgage calculator FREE to use. Try it out at: http://www.mortgage-refinance-review.com/calculator.php
***Article Source Link***
http://ezinearticles.com/?What-is-a-Reverse-Mortgage?&id=27925
Reverse Mortgage – Be Sure You Need It Before Applying For One
By Charles Essmeier
Reverse mortgages used to be considered the last resort of desperate retirees who needed to borrow against their home equity in order to pay for medical expenses. With home prices across the country rising at astonishing rates, more and more retirees, aged 62 and over, are taking out reverse mortgages to fund better retirement living. A reverse mortgage works more or less the opposite way from a conventional mortgage; the borrower receives payments from the lender in the form of a lump sum, a line of credit, or monthly payments. The amount borrowed constitutes a lien against the home must be repaid upon the death of the borrower, or when the home is resold. There are costs associated with a reverse mortgage, however, and potential borrowers should be aware of these when considering taking out such a loan, particularly if the borrower takes out a line of credit.
All loans have fees associated with them. There are home appraisals, paperwork fees, mortgage insurance fees, and additional “points” added to the cost of the loan. In general, the costs of taking out a reverse mortgage are higher than those associated with a traditional mortgage. There are several reasons for this, including the fact that the time period for receiving repayment of the loan is indefinite, typically depending on how long the borrower lives. This uncertainty is added into the loan in the form of additional fees.
Most people who take out a reverse mortgage opt to take their funds in the form of a line of credit, rather than a lump sum or monthly payments. There are advantages to a line of credit, which allows the borrower to use the funds by simply writing checks against the loan. The primary advantage is that the borrower only uses the funds when he or she needs them. Because of this, interest only accrues on the money if the borrower actually writes checks. Borrowers should be aware, however, that the costs of the loan, which can be substantial, apply even if the borrower doesn’t write any checks against the loan. If the homeowner takes out a line of credit and decides to sell the home shortly thereafter without ever having written a check against the loan, the borrower will not owe the lender any interest or principal, but the borrower will lose the money paid for the cost of the loan, which is not refundable. If the borrower rolled the costs into the loan itself, they could owe payments even if they never wrote a check.
In short, borrowers considering taking out a reverse mortgage should make sure that they plan to stay in their home for quite some time and that they actually need the money from such a loan. A reverse mortgage is a great idea for those who have a specific purpose or use in mind, but as an emergency source of “rainy day” funds, it can be an expensive choice.
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation information and HomeEquityHelp.net, a site devoted to information on home equity loans.
***Article Source Link***
http://ezinearticles.com/?Reverse-Mortgage---Be-Sure-You-Need-It-Before-Applying-For-One&id=40327
Reverse mortgages used to be considered the last resort of desperate retirees who needed to borrow against their home equity in order to pay for medical expenses. With home prices across the country rising at astonishing rates, more and more retirees, aged 62 and over, are taking out reverse mortgages to fund better retirement living. A reverse mortgage works more or less the opposite way from a conventional mortgage; the borrower receives payments from the lender in the form of a lump sum, a line of credit, or monthly payments. The amount borrowed constitutes a lien against the home must be repaid upon the death of the borrower, or when the home is resold. There are costs associated with a reverse mortgage, however, and potential borrowers should be aware of these when considering taking out such a loan, particularly if the borrower takes out a line of credit.
All loans have fees associated with them. There are home appraisals, paperwork fees, mortgage insurance fees, and additional “points” added to the cost of the loan. In general, the costs of taking out a reverse mortgage are higher than those associated with a traditional mortgage. There are several reasons for this, including the fact that the time period for receiving repayment of the loan is indefinite, typically depending on how long the borrower lives. This uncertainty is added into the loan in the form of additional fees.
Most people who take out a reverse mortgage opt to take their funds in the form of a line of credit, rather than a lump sum or monthly payments. There are advantages to a line of credit, which allows the borrower to use the funds by simply writing checks against the loan. The primary advantage is that the borrower only uses the funds when he or she needs them. Because of this, interest only accrues on the money if the borrower actually writes checks. Borrowers should be aware, however, that the costs of the loan, which can be substantial, apply even if the borrower doesn’t write any checks against the loan. If the homeowner takes out a line of credit and decides to sell the home shortly thereafter without ever having written a check against the loan, the borrower will not owe the lender any interest or principal, but the borrower will lose the money paid for the cost of the loan, which is not refundable. If the borrower rolled the costs into the loan itself, they could owe payments even if they never wrote a check.
In short, borrowers considering taking out a reverse mortgage should make sure that they plan to stay in their home for quite some time and that they actually need the money from such a loan. A reverse mortgage is a great idea for those who have a specific purpose or use in mind, but as an emergency source of “rainy day” funds, it can be an expensive choice.
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation information and HomeEquityHelp.net, a site devoted to information on home equity loans.
***Article Source Link***
http://ezinearticles.com/?Reverse-Mortgage---Be-Sure-You-Need-It-Before-Applying-For-One&id=40327
Home Mortgage Loan Refinance – Benefits To Refinancing Your House Online
By Carrie Reeder
Here are some of the benefits to doing your home loan refinance online:
Everything seems to happen faster - Online, when looking for a mortgage loan you can search around, fill out an application and a few minutes later, you can be receiving a pre-approval letter via email. There was no calling, no driving & no waiting on hold for an answer. The mortgage company will usually contact you quickly and give you all the information you need to move forward.
You will be more informed and make better decisions - People nowadays that use the internet as consumers, use it primarily to make better purchasing decisions. If you are sitting at home on the couch with your phone book calling every mortgage company listed, you are not going to know what the current interest rate is. You aren’t going to know what your contacted companies competitors are like. All you will know is what that loan officer tells you.
Online, you can view a lot of information very quickly. - After looking at a few mortgage loan websites, you will know quickly that when you refinance you have many options. Do you want to get cash out of your home? Do you want to borrow more than your homes current value? Do you want an interest only loan? And, you will know right away which mortgage companies offer these options. There are many different kinds of refinance loans, and all of these options can be learned after a few minutes of searching online.
Deal with large, reputable companies – When applying online, you should quickly be able to spot the larger, more reputable mortgage companies. I always prefer to use the companies that will submit your application to multiple lenders. That way, your credit is only pulled once, and you can receive multiple offers from up to 4 lenders. For a list of these recommended mortgage companies, see the link below.
Save money – Many online mortgage service companies can save you money by cutting out fees like origination fees and underwriting fees. You will also save money using mortgage services where more than one lender competes for your business. When you can receive multiple offers, you will know that you are choosing the loan with the lowest rate possible and the best terms you can qualify for. I usually recommend applying with about 3 different mortgage companies that will submit your application to multiple lenders and give you multiple offers. That way you can really maximize your options.
Less Commitment – You can search around online and apply to 2-3 different lenders without feeling guilty for working with more than one company. That way you make can make sure you are getting the best deal. Often when you start working with a mortgage broker in person, even if the person isn’t doing the best job for you, you start to feel obligated to continue to work with the person. This is not so online. If you aren’t getting what you want, you are free to move on with no guilt.
For a list of recommended mortgage companies to refinance with online, click on the link here: recommended refinance mortgage lenders. The mortgage companies recommended on my website, for the most part, will submit your application to more than one lender and provide you with multiple offers.
Carrie Reeder is the owner and webmaster of ABC Loan Guide. Visit her site to read loan articles and find links to recommended lenders for refinancing your mortgage.
***Article Source Link***
http://www.ezinearticles.com/?Home-Mortgage-Loan-Refinance---Benefits-To-Refinancing-Your-House-Online&id=23523
Here are some of the benefits to doing your home loan refinance online:
Everything seems to happen faster - Online, when looking for a mortgage loan you can search around, fill out an application and a few minutes later, you can be receiving a pre-approval letter via email. There was no calling, no driving & no waiting on hold for an answer. The mortgage company will usually contact you quickly and give you all the information you need to move forward.
You will be more informed and make better decisions - People nowadays that use the internet as consumers, use it primarily to make better purchasing decisions. If you are sitting at home on the couch with your phone book calling every mortgage company listed, you are not going to know what the current interest rate is. You aren’t going to know what your contacted companies competitors are like. All you will know is what that loan officer tells you.
Online, you can view a lot of information very quickly. - After looking at a few mortgage loan websites, you will know quickly that when you refinance you have many options. Do you want to get cash out of your home? Do you want to borrow more than your homes current value? Do you want an interest only loan? And, you will know right away which mortgage companies offer these options. There are many different kinds of refinance loans, and all of these options can be learned after a few minutes of searching online.
Deal with large, reputable companies – When applying online, you should quickly be able to spot the larger, more reputable mortgage companies. I always prefer to use the companies that will submit your application to multiple lenders. That way, your credit is only pulled once, and you can receive multiple offers from up to 4 lenders. For a list of these recommended mortgage companies, see the link below.
Save money – Many online mortgage service companies can save you money by cutting out fees like origination fees and underwriting fees. You will also save money using mortgage services where more than one lender competes for your business. When you can receive multiple offers, you will know that you are choosing the loan with the lowest rate possible and the best terms you can qualify for. I usually recommend applying with about 3 different mortgage companies that will submit your application to multiple lenders and give you multiple offers. That way you can really maximize your options.
Less Commitment – You can search around online and apply to 2-3 different lenders without feeling guilty for working with more than one company. That way you make can make sure you are getting the best deal. Often when you start working with a mortgage broker in person, even if the person isn’t doing the best job for you, you start to feel obligated to continue to work with the person. This is not so online. If you aren’t getting what you want, you are free to move on with no guilt.
For a list of recommended mortgage companies to refinance with online, click on the link here: recommended refinance mortgage lenders. The mortgage companies recommended on my website, for the most part, will submit your application to more than one lender and provide you with multiple offers.
Carrie Reeder is the owner and webmaster of ABC Loan Guide. Visit her site to read loan articles and find links to recommended lenders for refinancing your mortgage.
***Article Source Link***
http://www.ezinearticles.com/?Home-Mortgage-Loan-Refinance---Benefits-To-Refinancing-Your-House-Online&id=23523
Debt consolidation – Options for Reducing Credit Card Costs
By Charles Essmeier
Americans are using credit cards more than at any time in history, and credit card companies are reaping record profits. One of the reasons that the credit card industry is so profitable is that so many of us use our credit cards unwisely.
If you have good credit, you can get a credit card with a reasonable interest rate; say 10% or so. You can keep that rate by paying your bill on time. On the other hand, if you pay your bills late or fail to pay in full, then you will have to pay late fees and interest. Late fees often range between $15 and $29; some card issuers may charge even more. Adding to the pain of paying late fees, however, is the likely change in interest rates on your card if you pay late. A late payment may trigger a substantial increase in the interest rate on your card, and that “reasonable” interest rate of 10% may suddenly rise to 20% or even 25%!
It’s hard to pay off your credit card balance when you have late fees and 25% interest, so this is something you definitely want to avoid. If you usually pay on time, and you pay late once and are charged a late fee, ask your credit company if they will waive the fee. They will often do it – once. Some will not do it at all, but it is always worth taking the time to ask. If they are unwilling to help you, then you may be better off shopping around for a better credit card deal elsewhere.
You can often save money by transferring your balance to a lower interest credit card, if you have one. Competition has been fierce during the last few years among credit card companies, and it is fairly common to receive “promotional” rates of less than 5% if you transfer your balance to another card. Be sure to read the fine print, however. Those low rates usually apply only to transferred balances, and not to new charges placed on the card. There is usually a time limit associated with the promotional rate, and higher rates may apply at the end of the time limit, perhaps even retroactively!
In summary, if you want to minimize your credit card costs, try the following:
• Shop around for a credit card with a low interest rate.
• Pay your bills on time. A good way to do this is to pay online. That way, you won’t have to worry about your check being delayed in the mail.
• Transfer balances from high interest rate cards to cards with lower rates.
• Use your cards wisely. If you can pay cash, do it.
A few simple steps can save you a fortune in interest charges and late fees.
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and HomeEquityHelp.net, a site devoted to information regarding home equity loans.
**Article Source Link**
http://ezinearticles.com/?Debt-consolidation---Options-for-Reducing-Credit-Card-Costs&id=34181
Americans are using credit cards more than at any time in history, and credit card companies are reaping record profits. One of the reasons that the credit card industry is so profitable is that so many of us use our credit cards unwisely.
If you have good credit, you can get a credit card with a reasonable interest rate; say 10% or so. You can keep that rate by paying your bill on time. On the other hand, if you pay your bills late or fail to pay in full, then you will have to pay late fees and interest. Late fees often range between $15 and $29; some card issuers may charge even more. Adding to the pain of paying late fees, however, is the likely change in interest rates on your card if you pay late. A late payment may trigger a substantial increase in the interest rate on your card, and that “reasonable” interest rate of 10% may suddenly rise to 20% or even 25%!
It’s hard to pay off your credit card balance when you have late fees and 25% interest, so this is something you definitely want to avoid. If you usually pay on time, and you pay late once and are charged a late fee, ask your credit company if they will waive the fee. They will often do it – once. Some will not do it at all, but it is always worth taking the time to ask. If they are unwilling to help you, then you may be better off shopping around for a better credit card deal elsewhere.
You can often save money by transferring your balance to a lower interest credit card, if you have one. Competition has been fierce during the last few years among credit card companies, and it is fairly common to receive “promotional” rates of less than 5% if you transfer your balance to another card. Be sure to read the fine print, however. Those low rates usually apply only to transferred balances, and not to new charges placed on the card. There is usually a time limit associated with the promotional rate, and higher rates may apply at the end of the time limit, perhaps even retroactively!
In summary, if you want to minimize your credit card costs, try the following:
• Shop around for a credit card with a low interest rate.
• Pay your bills on time. A good way to do this is to pay online. That way, you won’t have to worry about your check being delayed in the mail.
• Transfer balances from high interest rate cards to cards with lower rates.
• Use your cards wisely. If you can pay cash, do it.
A few simple steps can save you a fortune in interest charges and late fees.
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and HomeEquityHelp.net, a site devoted to information regarding home equity loans.
**Article Source Link**
http://ezinearticles.com/?Debt-consolidation---Options-for-Reducing-Credit-Card-Costs&id=34181
Apply For Home Mortgage Loan Online With Bad Credit - Things To Consider
By Carrie Reeder
So, you’ve found the perfect home. You’ve already decided where to place each piece of your furniture inside the home, and in your mind, all of your family photographs are hanging alongside the stairwell. But wait—do you know that even if you believe that your credit report is spotless, it could negatively affect your chances of getting that home mortgage approval?
The credit bureaus handle hundreds of thousands of credit reports, and it’s only logical that they will make mistakes. In fact, studies show us that there are some types of errors on at least 50 percent of all credit reports.
Could an error be lurking on your report?
Here’s a simple step-by-step guide to ensure that your credit report reflects exactly what it should.
Step One: Avoid a Bad Credit Report by Requesting a Copy of It
Under the law, you are entitled to a copy of your credit report from each of the three credit reporting agencies. You should simply submit a request in writing or visit their web sites and request a copy.
Step Two: Check the Personal Information
Maybe your name is Jane Smith, but the agencies have you listed as Jayne Smith. If you don’t think that it matters, you’d better think again. If the agencies have a miss-spelling in your name, the wrong address, reversed digits on your social security number, or even wrong employer information, it could mean bad news for your report. If the person who they have you confused with makes a late payment, then it will appear on your report. What’s worse, if they file for bankruptcy or default on a car loan, it will take some time to sort out the erroneous information once it’s found its way onto your report. Avoid all of this, and report any bad information now.
Step Three: The Credit Information
It may be too late, and you may find that there are loans or other items on your report that you’ve never taken out. In addition, you may find that late payments are on your credit report when you’re sure that you made them on time. If you find such erroneous information, then you’ll need to send the credit reporting agencies a letter explaining the error, along with any proof or documents that you have that will back up your claim. They are required to investigate your complaint and report back to you with their findings.
It’s important to do all of this before you apply for a home mortgage. It will not only reduce the amount of time that it takes to get an approval, but it could positively affect the interest rate that you end up with.
To view our recommended sources for bad credit mortgage lenders, visit this page: Recommended Bad Credit Mortgage Lenders.
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.
***Article Source Link***
http://www.ezinearticles.com/?Apply-For--Home-Mortgage-Loan-Online-With-Bad-Credit---Things-To-Consider&id=39974
So, you’ve found the perfect home. You’ve already decided where to place each piece of your furniture inside the home, and in your mind, all of your family photographs are hanging alongside the stairwell. But wait—do you know that even if you believe that your credit report is spotless, it could negatively affect your chances of getting that home mortgage approval?
The credit bureaus handle hundreds of thousands of credit reports, and it’s only logical that they will make mistakes. In fact, studies show us that there are some types of errors on at least 50 percent of all credit reports.
Could an error be lurking on your report?
Here’s a simple step-by-step guide to ensure that your credit report reflects exactly what it should.
Step One: Avoid a Bad Credit Report by Requesting a Copy of It
Under the law, you are entitled to a copy of your credit report from each of the three credit reporting agencies. You should simply submit a request in writing or visit their web sites and request a copy.
Step Two: Check the Personal Information
Maybe your name is Jane Smith, but the agencies have you listed as Jayne Smith. If you don’t think that it matters, you’d better think again. If the agencies have a miss-spelling in your name, the wrong address, reversed digits on your social security number, or even wrong employer information, it could mean bad news for your report. If the person who they have you confused with makes a late payment, then it will appear on your report. What’s worse, if they file for bankruptcy or default on a car loan, it will take some time to sort out the erroneous information once it’s found its way onto your report. Avoid all of this, and report any bad information now.
Step Three: The Credit Information
It may be too late, and you may find that there are loans or other items on your report that you’ve never taken out. In addition, you may find that late payments are on your credit report when you’re sure that you made them on time. If you find such erroneous information, then you’ll need to send the credit reporting agencies a letter explaining the error, along with any proof or documents that you have that will back up your claim. They are required to investigate your complaint and report back to you with their findings.
It’s important to do all of this before you apply for a home mortgage. It will not only reduce the amount of time that it takes to get an approval, but it could positively affect the interest rate that you end up with.
To view our recommended sources for bad credit mortgage lenders, visit this page: Recommended Bad Credit Mortgage Lenders.
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.
***Article Source Link***
http://www.ezinearticles.com/?Apply-For--Home-Mortgage-Loan-Online-With-Bad-Credit---Things-To-Consider&id=39974
Debt consolidation – Consolidate Your Student Loans Now!
by Charles Essmeier
Send Feedback to Charles Essmeier
More Details at: http://www.end-your-debt.com
The Federal student loan program has benefited thousands of college students in the forty years since it was introduced. Interest rates for the program have historically been quite competitive, and the program has allowed many people to acquire a college education who otherwise might not have been able to afford one.
At the moment, interest rates on Federal student loans are the lowest in history, but that is about to change. On July 1, 2005, the interest rates on Federal student loans will rise, due to an increase in the price of Treasury, bills, to which the interest rates on student loans are tied.
While an increase in interest rates is seldom viewed as a good thing, knowing about it ahead of can be helpful. Between now and June 30, new graduates or those who have been repaying existing loans can consolidate their student loans at current rates. The rates currently vary, with fixed rates being slightly higher than adjustable rates. Those considering consolidation might wish to convert their loan to a fixed rate. Depending on the amount of the loan, borrowers may extend their loan terms to as long as 30 years.
There is also legislation pending in Congress that would change the Federal loan system so that all future loans are adjustable rate, with no fixed rate option. This will save the government money by not allowing students to lock in long-term loans at low rates during times of increasing interest rates. Students who wish to obtain a fixed rate loan may not have much longer to do so.
Rates will vary slightly from lender to lender, and the market for loan consolidation is quite competitive. Those wishing to consolidate their loans should consider shopping around for the best deal while time permits.
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and HomeEquityHelp.net, a site devoted to information regarding home equity loans.
Keywords: Debt consolidation, debt management, credit counseling, bankruptcy, credit cards, home equity loan,
About the Author
Charles Essmeier, http://www.end-your-debt.com Charles Essmeier is the owner of Retro Marketing. Retro Marketing, established in 1978, is a firm devoted to informational Websites on topics such as Debt Consolidation, Home Equity Loans, and automobile Lemon Laws .
**Article Source Link**
http://ideamarketers.com/library/article.cfm?articleid=44560
Send Feedback to Charles Essmeier
More Details at: http://www.end-your-debt.com
The Federal student loan program has benefited thousands of college students in the forty years since it was introduced. Interest rates for the program have historically been quite competitive, and the program has allowed many people to acquire a college education who otherwise might not have been able to afford one.
At the moment, interest rates on Federal student loans are the lowest in history, but that is about to change. On July 1, 2005, the interest rates on Federal student loans will rise, due to an increase in the price of Treasury, bills, to which the interest rates on student loans are tied.
While an increase in interest rates is seldom viewed as a good thing, knowing about it ahead of can be helpful. Between now and June 30, new graduates or those who have been repaying existing loans can consolidate their student loans at current rates. The rates currently vary, with fixed rates being slightly higher than adjustable rates. Those considering consolidation might wish to convert their loan to a fixed rate. Depending on the amount of the loan, borrowers may extend their loan terms to as long as 30 years.
There is also legislation pending in Congress that would change the Federal loan system so that all future loans are adjustable rate, with no fixed rate option. This will save the government money by not allowing students to lock in long-term loans at low rates during times of increasing interest rates. Students who wish to obtain a fixed rate loan may not have much longer to do so.
Rates will vary slightly from lender to lender, and the market for loan consolidation is quite competitive. Those wishing to consolidate their loans should consider shopping around for the best deal while time permits.
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and HomeEquityHelp.net, a site devoted to information regarding home equity loans.
Keywords: Debt consolidation, debt management, credit counseling, bankruptcy, credit cards, home equity loan,
About the Author
Charles Essmeier, http://www.end-your-debt.com Charles Essmeier is the owner of Retro Marketing. Retro Marketing, established in 1978, is a firm devoted to informational Websites on topics such as Debt Consolidation, Home Equity Loans, and automobile Lemon Laws .
**Article Source Link**
http://ideamarketers.com/library/article.cfm?articleid=44560
Refinancing Your Home Loan? When Should You Refinance Your Home?
By Carrie Reeder
If you have a current mortgage and are unhappy with the interest rate or the amount of the monthly payments, it is possible to refinance your home and eliminate your problems. But before you call your lender, there are some questions that you should ask yourself in order to determine whether or not it’s the right time for refinancing your mortgage loan.
The first question that you should ask yourself is if you have the cash on hand to pay the fees. Depending on the amount of your mortgage, and the specific fees that your lender will charge, you could pay anywhere from a couple of hundreds dollars to a few thousand. Be sure that you’re financially ready for the move before applying for the loan.
Next, you should take a look at the current interest rates compared to the ones on your existing mortgage, and then decide whether or not a refinance would help your situation. For example, if you have an ARM mortgage, and the interest rates are at an all-time low, you might want to refinance your loan and turn it into a fixed rate so your payments won’t go up again as rates rise. In addition, if you have a fixed rate, but bought your home when interest rates were higher, you might want to refinance in order to lower yours.
If you find yourself with a lot extra debt, you could take advantage of a cash-out refinance loan. With this type of loan, you add on an amount to your home loan, refinance the entire thing at a lower interest rate, and then take the “extra” money out and pay off your debt. This will allow you to reduce the amount of debt you owe (because the interest rate will be lower), and at the same time, reduce the amount of the monthly payment.
Most experts agree that you shouldn’t go to the trouble or expense of refinancing your home if you don’t intend to stay in it for at least three years. Otherwise the cost of the process would likely be more than the overall savings.
To view our recommended sources for mortgage refinance loans, visit: Recommended Refinance Mortgage Lenders Online
Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and the latest news about various types of loans.
Article Source: http://EzineArticles.com/
***Article Source Link***
http://www.ezinearticles.com/?Refinancing-Your-Home-Loan?-When-Should-You-Refinance-Your-Home?&id=40170
If you have a current mortgage and are unhappy with the interest rate or the amount of the monthly payments, it is possible to refinance your home and eliminate your problems. But before you call your lender, there are some questions that you should ask yourself in order to determine whether or not it’s the right time for refinancing your mortgage loan.
The first question that you should ask yourself is if you have the cash on hand to pay the fees. Depending on the amount of your mortgage, and the specific fees that your lender will charge, you could pay anywhere from a couple of hundreds dollars to a few thousand. Be sure that you’re financially ready for the move before applying for the loan.
Next, you should take a look at the current interest rates compared to the ones on your existing mortgage, and then decide whether or not a refinance would help your situation. For example, if you have an ARM mortgage, and the interest rates are at an all-time low, you might want to refinance your loan and turn it into a fixed rate so your payments won’t go up again as rates rise. In addition, if you have a fixed rate, but bought your home when interest rates were higher, you might want to refinance in order to lower yours.
If you find yourself with a lot extra debt, you could take advantage of a cash-out refinance loan. With this type of loan, you add on an amount to your home loan, refinance the entire thing at a lower interest rate, and then take the “extra” money out and pay off your debt. This will allow you to reduce the amount of debt you owe (because the interest rate will be lower), and at the same time, reduce the amount of the monthly payment.
Most experts agree that you shouldn’t go to the trouble or expense of refinancing your home if you don’t intend to stay in it for at least three years. Otherwise the cost of the process would likely be more than the overall savings.
To view our recommended sources for mortgage refinance loans, visit: Recommended Refinance Mortgage Lenders Online
Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and the latest news about various types of loans.
Article Source: http://EzineArticles.com/
***Article Source Link***
http://www.ezinearticles.com/?Refinancing-Your-Home-Loan?-When-Should-You-Refinance-Your-Home?&id=40170
Home Mortgage Loan Refinance – Benefits To Refinancing Your House Online
By Carrie Reeder
Here are some of the benefits to doing your home loan refinance online:
Everything seems to happen faster - Online, when looking for a mortgage loan you can search around, fill out an application and a few minutes later, you can be receiving a pre-approval letter via email. There was no calling, no driving & no waiting on hold for an answer. The mortgage company will usually contact you quickly and give you all the information you need to move forward.
You will be more informed and make better decisions - People nowadays that use the internet as consumers, use it primarily to make better purchasing decisions. If you are sitting at home on the couch with your phone book calling every mortgage company listed, you are not going to know what the current interest rate is. You aren’t going to know what your contacted companies competitors are like. All you will know is what that loan officer tells you.
Online, you can view a lot of information very quickly. - After looking at a few mortgage loan websites, you will know quickly that when you refinance you have many options. Do you want to get cash out of your home? Do you want to borrow more than your homes current value? Do you want an interest only loan? And, you will know right away which mortgage companies offer these options. There are many different kinds of refinance loans, and all of these options can be learned after a few minutes of searching online.
Deal with large, reputable companies – When applying online, you should quickly be able to spot the larger, more reputable mortgage companies. I always prefer to use the companies that will submit your application to multiple lenders. That way, your credit is only pulled once, and you can receive multiple offers from up to 4 lenders. For a list of these recommended mortgage companies, see the link below.
Save money – Many online mortgage service companies can save you money by cutting out fees like origination fees and underwriting fees. You will also save money using mortgage services where more than one lender competes for your business. When you can receive multiple offers, you will know that you are choosing the loan with the lowest rate possible and the best terms you can qualify for. I usually recommend applying with about 3 different mortgage companies that will submit your application to multiple lenders and give you multiple offers. That way you can really maximize your options.
Less Commitment – You can search around online and apply to 2-3 different lenders without feeling guilty for working with more than one company. That way you make can make sure you are getting the best deal. Often when you start working with a mortgage broker in person, even if the person isn’t doing the best job for you, you start to feel obligated to continue to work with the person. This is not so online. If you aren’t getting what you want, you are free to move on with no guilt.
For a list of recommended mortgage companies to refinance with online, click on the link here: recommended refinance mortgage lenders. The mortgage companies recommended on my website, for the most part, will submit your application to more than one lender and provide you with multiple offers.
Carrie Reeder is the owner and webmaster of ABC Loan Guide. Visit her site to read loan articles and find links to recommended lenders for refinancing your mortgage.
***Article Source Link***
http://ezinearticles.com/?Home-Loan-Refinance-Online---Benefits-To-Refinancing-Online&id=23523
Here are some of the benefits to doing your home loan refinance online:
Everything seems to happen faster - Online, when looking for a mortgage loan you can search around, fill out an application and a few minutes later, you can be receiving a pre-approval letter via email. There was no calling, no driving & no waiting on hold for an answer. The mortgage company will usually contact you quickly and give you all the information you need to move forward.
You will be more informed and make better decisions - People nowadays that use the internet as consumers, use it primarily to make better purchasing decisions. If you are sitting at home on the couch with your phone book calling every mortgage company listed, you are not going to know what the current interest rate is. You aren’t going to know what your contacted companies competitors are like. All you will know is what that loan officer tells you.
Online, you can view a lot of information very quickly. - After looking at a few mortgage loan websites, you will know quickly that when you refinance you have many options. Do you want to get cash out of your home? Do you want to borrow more than your homes current value? Do you want an interest only loan? And, you will know right away which mortgage companies offer these options. There are many different kinds of refinance loans, and all of these options can be learned after a few minutes of searching online.
Deal with large, reputable companies – When applying online, you should quickly be able to spot the larger, more reputable mortgage companies. I always prefer to use the companies that will submit your application to multiple lenders. That way, your credit is only pulled once, and you can receive multiple offers from up to 4 lenders. For a list of these recommended mortgage companies, see the link below.
Save money – Many online mortgage service companies can save you money by cutting out fees like origination fees and underwriting fees. You will also save money using mortgage services where more than one lender competes for your business. When you can receive multiple offers, you will know that you are choosing the loan with the lowest rate possible and the best terms you can qualify for. I usually recommend applying with about 3 different mortgage companies that will submit your application to multiple lenders and give you multiple offers. That way you can really maximize your options.
Less Commitment – You can search around online and apply to 2-3 different lenders without feeling guilty for working with more than one company. That way you make can make sure you are getting the best deal. Often when you start working with a mortgage broker in person, even if the person isn’t doing the best job for you, you start to feel obligated to continue to work with the person. This is not so online. If you aren’t getting what you want, you are free to move on with no guilt.
For a list of recommended mortgage companies to refinance with online, click on the link here: recommended refinance mortgage lenders. The mortgage companies recommended on my website, for the most part, will submit your application to more than one lender and provide you with multiple offers.
Carrie Reeder is the owner and webmaster of ABC Loan Guide. Visit her site to read loan articles and find links to recommended lenders for refinancing your mortgage.
***Article Source Link***
http://ezinearticles.com/?Home-Loan-Refinance-Online---Benefits-To-Refinancing-Online&id=23523
Credit Card Debt Freedom is Possible
By Joe Duchesne
Credit card debt have you drowning financially? You're not alone. The average American household carries $9,205 in credit card debt, according to CardWeb, an online industry tracker. Not managed properly, this debt can come to eat up all of your disposable income leaving little or nothing for bare necessities. Some people in this situation respond by charging more but that will only get you further in trouble.
Fail to plan and you plan to fail
There is this cliché that states that if you fail to plan you plan to fail. The first thing you need to do is evaluate where you want to be. Do you want freedom from your credit card burden? Is so, you need to develop a different action plan to the one you are currently following. Makes sense doesn't it?
Start by listing all of the debt you currently owe along with a list of what your monthly obligations are for each debt. At the top of the page, list the amount of income available to pay these debts after essentials like food, hydro, etc... are taken out. When listing essentials, it's important to include a certain amount for clothes, medical and entertainment because no matter how good your intentions, you will spend some money in these areas. If you budget ahead for them, you are less likely to just waste it.
Start paying one credit card first
Don't try to pay off all of your credit cards at once. Doing this will take too long and end up discouraging you. You're better off concentrating on getting one card paid off, then putting the money you've freed up from that one card and applying it to the next one and so forth.
Which credit card charges you the highest rate of interest? Start with that one. Pay the minimum due on all of your credit cards expect for the one you have chosen to focus on first. On that card, put as much money as your budget allows onto the card after all of your expenses and debts have been factored in. Keep doing this month after month until the credit card balance goes to zero.
Loose all credit cards except one
Plan to keep one major credit card for unexpected expenses, car rentals and emergencies. Get rid of all your other cards as you pay them off. Most people can't resist the temptation to spend money on a clean card. If this describes you, you're better off without many credit cards than you are to get right back into deep credit card debt.
Follow this plan, and depending on how much you owe, in a year or so, you should have pretty much achieved credit card debt freedom!
Joe Duchesne is the webmaster of Bootdebt.com a website dedicated to helping people with credit card debt, debt consolidation, getting out of debt and becoming financially literate. Reprint freely as long as you keep this resource box and include a live keyword rich link back to my website.
***Article Source Link***
http://ezinearticles.com/?Credit-Card-Debt-Freedom-is-Possible&id=38136
Credit card debt have you drowning financially? You're not alone. The average American household carries $9,205 in credit card debt, according to CardWeb, an online industry tracker. Not managed properly, this debt can come to eat up all of your disposable income leaving little or nothing for bare necessities. Some people in this situation respond by charging more but that will only get you further in trouble.
Fail to plan and you plan to fail
There is this cliché that states that if you fail to plan you plan to fail. The first thing you need to do is evaluate where you want to be. Do you want freedom from your credit card burden? Is so, you need to develop a different action plan to the one you are currently following. Makes sense doesn't it?
Start by listing all of the debt you currently owe along with a list of what your monthly obligations are for each debt. At the top of the page, list the amount of income available to pay these debts after essentials like food, hydro, etc... are taken out. When listing essentials, it's important to include a certain amount for clothes, medical and entertainment because no matter how good your intentions, you will spend some money in these areas. If you budget ahead for them, you are less likely to just waste it.
Start paying one credit card first
Don't try to pay off all of your credit cards at once. Doing this will take too long and end up discouraging you. You're better off concentrating on getting one card paid off, then putting the money you've freed up from that one card and applying it to the next one and so forth.
Which credit card charges you the highest rate of interest? Start with that one. Pay the minimum due on all of your credit cards expect for the one you have chosen to focus on first. On that card, put as much money as your budget allows onto the card after all of your expenses and debts have been factored in. Keep doing this month after month until the credit card balance goes to zero.
Loose all credit cards except one
Plan to keep one major credit card for unexpected expenses, car rentals and emergencies. Get rid of all your other cards as you pay them off. Most people can't resist the temptation to spend money on a clean card. If this describes you, you're better off without many credit cards than you are to get right back into deep credit card debt.
Follow this plan, and depending on how much you owe, in a year or so, you should have pretty much achieved credit card debt freedom!
Joe Duchesne is the webmaster of Bootdebt.com a website dedicated to helping people with credit card debt, debt consolidation, getting out of debt and becoming financially literate. Reprint freely as long as you keep this resource box and include a live keyword rich link back to my website.
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