Am I Eligible For an FHA Loan? - Are You Helping Your Mortgage Clients Answer This Question?

The recent Federal Economic Stimulus package and now the more permanent Housing and Economic Recovery Act of 2008 is making it easier for you to assist struggling home owners. It may even help you serve savvy home buyers that are interested in buying heavily discounted homes, such as foreclosures and short sales.

The question is are you helping your home owner and buyer answer their burning questions about these programs--Am I Eligible?

Learning about FHA

The latest Housing and Economic Recovery Act makes permanent some very helpful reforms to FHA lending standards. The following are some key opportunities:

• Permanent FHA loan limits mortgage refinancing the greater of $271,050 or 115% of the local median home price, capped at $625,500
• Streamlined programs for FHA condos and manufactured home programs
• FHA foreclosure rescue allowing lenders to do principle reductions and refinance into 30 year fixed mortgages at 90% of the appraised value, with a loan limit of $550,440

How it Applies to the Market You Serve

The new permanent FHA program reforms maintain the local nature of their eligibility requirements. Therefore, you need to make sure that you understand how the provisions apply to your service areas.

The local nature of these FHA eligibility requirements is causing a significant amount of uncertainty and confusion for current home owners and potential home buyers. This becomes your opportunity to help.

Simple, Help-based Marketing

The local structure of the FHA programs makes for a prime opportunity to launch hyper-local education programs and become the local FHA mortgage and real estate expert. Here are some simple ideas to claim your position as the local FHA guru:

• Offer brief presentations on the new FHA assistance programs to local civic groups
• Offer home owner assistance seminars or information to local libraries
• Post local FHA qualification and eligibility information on your local website or blog
• Email or direct mail your past prospects and clients an FHA reform alert
• Offer free FHA qualification and eligibility consultations

These reforms were meant to help people. It is your job to get the word out and educate home owners and home buyer that you have programs to ease their pain.

Bill Rice helps companies convert web traffic to buyers. He is a recognized expert, adviser, writer, speaker, and entrepreneur in online lead generation.

Bill Rice is passionate about the social web (social media), online community building, and creating online consumer experiences. Bill Rice regularly applies those passions to design and write money making lead generation projects for his clients. Tell me about your project at It's About Conversion! or Urgent Leads.

Mortgage Escrow Information

Escrow

An escrow account is a special account, typically set up at closing, and designed refinancing mortgage hold money for property taxes and/or insurance(i.e flood, Private mortgage insurance, homeowners) and is collected with the home owner's monthly home loan payment. The escrow account ensures these items are paid when they are due, and removes the risk of delinquent taxes or lapses in insurance policy.

4 key benefits of an escrow account:

1. The Home owner's escrow items are paid on time

2. The mortgage refinancing does not have to worry about coming up with several large, lump-
sum payments throughout the year.

3. This money is advanced interest free.

4. If the escrow account is short, the mortgage company will advance the shortage

necessary to cover the escrow item.

The Real Estate Settlement Procedures Act(RESPA) sets limits on the amount a lender may require a homeowner to put into an escrow account. Mortgage companies or lenders will review the escrow amount yearly and inform the homeowner of any shortages or excess. If there is an excess, that is usually refunded once it's above a certain dollar amount, for example: If it is over $100, then the home owner can expect a refund of the escrow surplus. Check with your particular mortgage company for details on the releasable amount for a refund of any escrow surplus. Or you might be able to leave it as a credit towards your next due mortgage payment.

RESPA does not require lenders to impose any escrow account on homeowners; Regardless, certain government loan programs such as: FHA and VA loans, and some lenders may require escrow accounts as a condition of the loan.

When there is no escrow set aside, the homeowner is then responsible for paying all property taxes and/or insurance in full by the due date. This means the homeowner must have the discipline and the necessary funds available on, or before the date of the insurance and taxes. The homeowner is required to provide their lender with evidence of payment to prove that if necessary. If you are interested in tax sale properties and helpful information go to : http://escrow-nonescrow.blogspot.com

Oswin Grant

Benefits on an Assumable Mortgage

Let's look at an imaginary Calgarian, we'll call him Ralph. Ralph works as oil rig worker just outside of Calgary. He has lots of cash, but no credit; he's never even had a credit card. When it comes to getting a house, what will happen? Every bank in Calgary will likely turn Ralph down for a mortgage because he has no credit record.

An assumable mortgage can provide Ralph with a mortgage without needing a credit history. As long as Ralph pays the down payment, he can become a Calgary homeowner. The mortgage responsibility , and the monthly payment, transfers to Ralph. With no bank involved, Ralph doesn't need to be approved. He simply takes over (or assumes) the previous owners mortgage.

Assumption can be a great option for people like Ralph who have low, or no, credit. It is also a great option when you can't prove your earnings or have gone through bankruptcy.

Better Interest Rates

Another benefit of assumable mortgages is the interest rate. If a person has poor credit, they will have to pay a higher interest rate. They refinancing mortgage also have to pay high interest rates if the market conditions are poor.

But if they assume a mortgage, they get the interest rate that the previous home owner got. If market conditions were better or the previous owner had good credit, the interest rate will likely be lower than what is currently available.

Fewer Fees

There is also a big benefit to the person transferring the mortgage. Since it the mortgage isn't going to be closed and paid off, there won't be any early payment fees. For the buyer, the assuming saves money on regular mortgage costs like Canadian Mortgage and Housing fees and appraisal fees.

You may run into an mortgage refinancing Fee from the lender, which covers the paperwork that updates the mortgage documents. Expect your Assumption Fee to be anywhere from $150 - $500.

Mortgage Calgary offers news and information on reverse mortgages for Canadians.

Real Estate Mortgage Refinance

In today's Real Estate market, many home owners are looking for ways to reduce their cost relative to their house payment. One way to do this is to refinance their property and reduce their mortgage payment.

Short refinancing is the key to saving money and reducing your payment. Mortgage companies are looking to invite customers into the arena mortgage refinancing refinancing by taking their loans and recalculating them with a smaller interest rate and reducing the customers monthly payment.

A short refinance is a loan where the first lender agrees to drop part of the balance so a new loan can get approved. The short refinance offers the original bank more money than a short sale refinancing mortgage a foreclosure. A lower balance on a new 30 year fixed rate loan with a low interest rate can lower your monthly payments by hundreds of dollars. This savings can amount to thousands of dollars a year.

The question would be raised of why would my current bank or lender agree to release part of my balance so I could get a loan somewhere else? The answer is simple: The short refinance offers the old bank more money than a short sale or a foreclosure. The new loan is not a government bailout loan apart of the governments.

These days the best thing to do is to find ways to save money by looking at your existing financial situation. Many times the answer to save money is directly in front of you simply by altering your existing situation with your current financial investments.

Using companies who are looking for customers to help is the best thing you can do to help yourself. Many companies are going through tough times now and refinancing is a way for them to make money. It of course helps you the customer as well so you should reach out to those companies because they have fast systems in place to assist you in these programs.

Mortgage companies that can help you are available online and have offices for walk-in business. Doing a search on the Internet I found Surefast Mortgage as one of those Mortgage companies that are involved with Refinancing and Short Sales.

Deciphering Your Mortgage

You could nearly drown in all of the paperwork that is associated with obtaining a mortgage...but you won't. You'll wade through it all and eventually find a mortgage loan offer that's perfect for you. However, your work isn't done once you've been offered a mortgage; more paperwork will come your way as you move towards closing, and you still have to keep an eye on all of it.

When a mortgage loan is offered, a document that summarizes the mortgage must be provided. It's called a Good Faith Estimate (GFE). This pre-closing document, which is usually available within one week of you submitting your mortgage application, is what you need to pay the closest attention to. So, when the GFE is ready, make sure to sit down with your mortgage consultant to view it. When you do, look for discrepancies in what's on the GFE versus what your mortgage consultant has told.

The main details to look for on your GFE are:

Type of loan
Interest rate
Cash due at closing
Amount of the loan
Private mortgage insurance costs
Fees
- Mortgage points - costs for choosing to purchase points to lower your interest rate
- Loan origination - costs for processing the loan
- Appraisal
- Mortgage broker - costs for mortgage broker services (usually 1% - 2% of the loan amount; fee can be negotiable)
- Processing - costs for legwork related to processing the loan; should be less than $500
- Underwriting - for the reviewing of the mortgage application and all related paperwork required to make a decision on the loan; typically less than $500
- Title - costs for the closing attorney's and title company's services; these may be negotiable

If you find a discrepancy, here's what you need to do:

1. Notify your mortgage consultant of the issue
2. Ask "why" and "how." More specifically, ask why the information is different than what you were told. Next, ask how (all the ways!) the change will directly affect your initial, short-term and long-term costs.
3. If the mortgage consultant's responses are acceptable, proceed with the mortgage loan; if they are not, refinancing mortgage that changes be made immediately. (This is a key moment where having solid general knowledge of mortgages and understanding your mortgage options can come in handy.)
4. Based on the responses given in 1 - 3, decide whether you're going to proceed with the mortgage. Remember: You're not obligated to adhere to the terms of the mortgage until you sign for it at your closing; before that, consider it a proposed mortgage that you can accept or reject at any time.

Now, it's important to note that GFEs are not standardized forms. Therefore, each company may display the information differently. However, refinancing mortgage assured that the information is there; you may have to hunt for it but it is there because the Real Estate Settlement Procedures Act mandates it.

Finally, remember that the document is called a Good Faith Estimate. It's an estimate of monies associated with your mortgage loan-related costs. Therefore, the figures may change between the time you receive the GFE and your actual mortgage loan closing date. If that happens, go back to 1-4 above.

Mauricio Navarro is CEO of Rationale Media LLC, which owns and manages CompareMortgageQuotes.ca - a Canadian website to compare mortgage rates & receive instant home mortgage rates.

Refinancing Homes - Things You Can Do to Get the Best Deal

Refinancing homes can be a great way for saving you money on your home mortgage. The ability to reduce your monthly payments by getting lower interest mortgage refinancing or to be able to save thousands on the overall loan is music to most home owners' ears. With this thought in mind, we have put together a few tips you can implement to help put you in the best position for a future refinancing:

1. Clean up your credit.
Bad mortgage refinancing simply hurts the terms you can have on a mortgage. If you are able to improve your credit history, this can go a long way towards improving your bargaining position. This is one of the most basic and overlooked ways at getting better interest rates by simply improving your credit. Therefore, take steps now to raise your credit score or wipe out any errors in your credit report. It is also a good idea to consider services that will periodically monitor your credit report to help ensure you are not a victim of identity theft or other odd credit charges.

2. Time the market for optimal times.
Many experts suggest holding off on any refinancing off the current mortgage until you can get a market rate of at least two less points.

3. Build up a solid amount of equity in your home.
The longer time period you are building equity in your home is to your advantage. A good rule of thumb is to build up at 10% to 15% equity in your home on a regular conventional mortgage loan or at least 5 to 10% on Fannie Mae (FNMA) loan.

4. Work to get a larger salary or other supplemental income.
The more money you have that you can count as income will also help in your refinancing negotiations. This extra income can help by gaining a better interest rate combined with other factors or allow you to shorten the length of the loan allowing you to reduce the amount of overall interest money you would have to pay over the course of the loan.

Exercising tips like these can help in refinancing homes. You should take all these steps to help plant the seeds of success long before you need to refinance. Doing so can help save you significant money in the long run and help reduce your monthly mortgage payment as well.

For more information on Refinancing Homes, visit the previous link or http://www.homeloansandrefinancing.com to get some solid tips and information on various home loans and refinancing options.

Whether or Not Home Refinancing Is an Alternative Solution

Refinancing (home), as customarily defined, is getting another mortgage mortgage refinancing pay for the original mortgage. It may include any property of valuable consideration. A lot of refinancing networks/companies in promoting this service discuss the advantages and disadvantages of this service which eventually leads one to a decision on whether to take it or not.
Some of the advantages are the following: getting the 2nd mortgage on a lower interest rate, getting a better term of repayment, avoiding the payment of private mortgage insurance (PMI).

And the disadvantages are the following: failure to pay for the 2nd mortgage refinance could lead to the foreclosure of your property, penalties for late payment are higher and so on. However, the question is: are they straightforward enough to discuss what home refinancing entails. Remember what is being placed as a collateral is the value of your home, your abode. The point is having known the advantages and disadvantages is not enough. It is not the sole consideration to be well thought-out.

Considering the ongoing economic crisis that is sweeping the entire globe, it is worthwhile to know that ultimately it is in the hands of the owner, his discretion on how make use of the loan. Whether it will be used to repay the first mortgage or to finance other things like paying for home renovations or paying for school tuition fees or investing in a new business, the fact remains the same. It is still a loan, which you have to repay. Where to get the money to repay the second mortgage.....refinancing? It is all going to be a vicious cycle. A burden carried over to solve (?) another burden.

It is also not correct to assume that it is a big no, no to engage in home refinancing. What is at hand is that it is a risky decision to be dealing with. Therefore, resort to financial experts would certainly facilitate in order to get the better terms of home refinancing. These experts will give you the pros and cons in obtaining the second mortgage. A discussion of the status of your prior or first mortgage in relation to your second mortgage should be impending to determine the viability of the second mortgage. Whether or not the amount of interest that is obtained from the second mortgage can consequently result in gaining savings or on the other hand gaining more encumbrances on the other end. There are imminent cost in home refinancing that one should take note of, like the valuation fee (which may include information about your current lender, outstanding mortgage balance, amount of your monthly payment, status of your property tax and any insurance payments), credit report, escrow (funds set aside to for payment of taxes or insurance that is due) and lender fees.

Eventually, with all the necessary facts and information, one can make a better decision. However, will that better decision lead to a better good? No one would know. Everything is a risk. Nevertheless, as a risk taker what do you have?

Thom Mia is refinancing mortgage of this article on 2nd mortgage refinance. Find more information about 2nd mortgage refinance here.

100% Mortgage Financing - Yes, it is Available!

100% financing is still available in the mortgage market. I know, you listen to all the financial doom and gloom from the media and you would think every lender just locked their doors and went home. It's not a good situation but it is not as bad as the media wants you to think.

Remember, it is also an election year and every election year, both political parties talk about how bad the economy is until we believe them. Then one is elected and they save the day, ... and the economy. Don't ya just love it!!

Here is a news flash. People are still buying homes. Yes, mortgages are available and everyone should realize that this is the best time to invest, or purchase a home. (When the price is low.) Have you ever heard the term "A Buyers Market"? That is what we have here.

History shows that Real Estate sales and our economy run in cycles. Back in the late 70's and 80's it was a 4-5 year cycle. You could graph it. Then, when the sub-prime loans were forced on lenders (mid to late 90's) by government regulation the cycle changed. They became longer and were more intense until it all caught up with us and here we are, like it or not.

I don't like it either but more than that I am tired of the finger pointing and blaming, and dreading, and media hype. I don't believe a "bail out" is the answer but obviously, it is not my choice or yours, or we the people's choice. Our elected officials will make the decision and base it on "no stronger ground" than what you and I would base our own opinion on.

All right all ready! So do it, what ever it is, ... so We The People can get over it and move on. We have been through worse times and we will survive and prosper. I think it is in the DNA of the USA. (sorry, that was really bad) We survive in spite of the people we have elected to office.

If you must have 100 Percent financing it is available, ... just not in the form of previous no-doc, no-verification sub-prime loans. You have several options. FHA, VA, Rural Development, or special products based on perfect credit and stability. The refinancing mortgage Rural Development product is one that few remember or know about.

USDA Rural Development has two mortgage programs: Direct and Guarantee. The Direct program is a mortgage provided directly though the rural development office and your income can only be 80% of the median income for that area.

The Guarantee program on the other hand is provided by USDA approved lenders and Broker originators. It is a guarantee program, there is no subsidy or recapture, and the income restrictions allow up to 115% of the median income after special adjustments.

This is a 100% LTV mortgage based on the APPRAISED value, not the purchase price. The credit guidelines are very flexible and the guidelines have no minimum buyer commitment and no maximum for seller concessions. Note: some lender policies may be stricter in this area. USDA will always respect the lenders prerogative.

OK, so let all of us get over the failure of our market, roll up our sleeves and move on to a brighter future. Remember, NOW is the best time to purchase, refinancing mortgage a buyers market!

Author: Connie Sanders has been in the real estate and mortgage industry for many years and believes this program is stronger than FHA. Read more about the underwriting guidelines for the 100% rural housing mortgage at: http://www.rural-development-mortgage-guidelines.com

Picking Perfect Mortgage Lenders

The apprehension among mortgage borrowers consistently circles around their fears of working with the right mortgage company. If you are new to mortgage hunting or even a seasoned home buyer, you have probably heard about or experienced less than desirable service, or worse, refinancing mortgage a terrible mortgage. Choosing the right lender is the key to favorable results in the search for a great mortgage. Follow the easy steps below to choose a lender for your next mortgage.

Talk to your bank or credit union. You might as well give them a shot so you can establish a mortgage refinancing model to compare interest rates and fees. You will use this baseline when you talk to the next lender.

Talk to a mortgage broker. Any competitive mortgage broker should be able to beat the interest rate and fees offered by a bank or credit union provided they operate business in a fair manner. Remember, mortgage brokers can control the interest rates they offer - usually more so than a bank.

Interview the companies you speak with. Now, don't interview them like you would interview somebody for a job. Ask a question here or there to determine their credibility and knowledge. If you seem to know more than the loan officer, try contacting somebody else. You can ask about rates, but don't always expect an accurate quote without first taking an application to determine your creditworthiness.

Review good faith estimates to ensure all fees are disclosed. Review the truth in lending disclosure to determine its accuracy. If you have questions, ASK! Ask questions like your finances depend on it because they might. If you are receiving quotes and the numbers you talked about with the mortgage company don't look anything like what is on the disclosures, then find out why.

Pick the lender that is not pushy, offers fair rates and fees, and the one that seems most trustworthy. Transparency is also important. The more transparent a loan officer is, the better your experience will be

There's more to mortgages that just looking for one in the right places. Learn a little about how they work, what's available in the market, and who has a reputation for great service. You should be well on your way to great financing.

Read more on finding the best mortgage rate at BeatMyBroker. You can also find more information about mortgages and learn about yield spread premium at BeatMyBroker. YSP is a hot topic all borrowers should know about

Mortgage Loan Modification Assistance - How to Modify My Home Loan

The mortgage refinance industry has changed drastically. There mortgage refinancing no more stated income loans since the market has crashed. Now most lenders only do full documentation loans. This has a tremendous affect on higher priced refinancing mortgage such as California, Florida, and New York since most home owners chose to buy homes with stated income loans with variable interest rates.

Now that home owner's interest rates are about to increase significantly, the majority of them will not be able to refinance their loan to a lower interest rate because they are either upside down or they won't qualify because they're out of a job. They have only two options. They can talk to their mortgage company to do a mortgage loan modification or they can just let it go to foreclosure. However, mortgage companies aren't too friendly to deal with. They are mostly interested in getting a payment than modifying the loan. Plus, if you try to call them to get assistance, they'll transfer you to several people until you finally hang up the phone or get disconnected.

It's sad to say that if a mortgage company is unwilling to do a home loan modification plan that the house will most likely go into foreclosure and the home owner's credit will be ruined for 7 years. Sometimes a home owner has to contact a lawyer who specializes in loan modifications to get the job done.

Most mortgage companies will not talk to home owner about a loan modification program until his is at least 3-4 months behind on his payments. So this really hurts honest homeowners who want to pay back their mortgage but are unable to do so because of their current circumstances.

For another possible solution for a mortgage loan modification, go to TipsforLoanModification.info.

Looking at Both Sides of the Negative Amortization Mortgage Loans

What are Negative Amortization Loans?

Negative amortization mortgages have payment options that allow reduced monthly payments on a loan are insufficient to pay the interest accruing on the mortgage refinancing The additional interest cost is added to the loan balance. The increased loan balance results in higher interest expense and an increasing loan balance. Thus, the term negative amortization applies to the principal mortgage to cover the insufficient funds to amortize the loan balance.

The homeowner refinancing mortgage in effect, borrowing more money each month to cover the interest on the mortgage. The monthly payment is a deferred interest payment. Until the loan starts to amortize, there isnt a principal part of the monthly payment. Most people get these loans to aid current cash flow, but doesnt help to pay off the mortgage. This can be an effective form of finance for investing or a risky choice for someone with a misunderstanding or no plan.

What are the concerns and risks with Negative Amortization?

1. If the loan term ends without sufficient amortization, the remaining mortgage owned can be larger than the original mortgage.

2. The mortgage payment reset at some point with a higher payment amount once it goes into re-payment period.

3. The increase required in the monthly payment to repay the larger loan balance over a shorter period can be substantial.

4. Home values will not always increase, especially if mortgage and home equity rates continue to trend upward.

What are the benefits of Negative Amortization Mortgages?

1. Neg Am loans are usually easier to qualify for because the intro payment is lower.

2. Increased Purchase Power with the ability to borrow a larger loan amount than the borrower would otherwise qualify for based on their monthly income and debt-to-income ratio.

3. Lower Intro Rates may save Homebuyers looking for a short-term

4. Increased cash flow during the beginning of the loan.

This payment choice mortgage loan makes sense for people who have seasonal or erratic incomes or for savvy borrowers who want more flexibility for investments their money.

Keith Hinkley likes to shake up the South Bay with controversial articles about real estate and home finance. For free financing information on loan program options or to find a mortgage broker or lender who offers no fee loan applications in your area, or visit the recommended mortgage lenders below.

Please visit these helpful home loan resource websites: To get a no cost rate quote for a 2nd mortgage please check out Second Mortgages Online. If you need more loan advice about home refinancing take a look at Payment Option Mortgage Refinance. For the latest interest rate for refinance or home purchase loans, please visit Bridge Home Mortgages.

Handling Objections with the Option Arm

Handling Objections with the Option Arm. Nowadays, there are hundreds of Loan Officers and Mortgage people who have the Pay Option Arm at their disposal, but there are very few that actually know and understand how to sell it, the right way. Im sure there are all kinds of people reading this right now saying I know the right way to sell it, bla-bla-bla. If you do, great! I give you props for doing so. BUT, there are a lot of Loan Officers that dont know and dont know they dont know. Get it? Im hoping this little article will help shed some light on what Im talking about. Heres what I mean; if you can handle the objections, you can sell the Option Arm. If you understand the objections, you can answer them properly. Ill give you a brief this is what Im talking about here. Almost every objection you get when presenting the POA properly will be a version of one of these:

1. Im afraid of the rate refinancing mortgage too refinancing mortgage and going too high.
2. Im afraid my payments will increase and I cant afford them anymore.

There may be other minor ones, but lets tackle these. Im afraid of the rate increasing too quickly and going too high. This one is simply overcome by explaining the indexes to the borrower, in a way he/she can understand! Thats the key, keeping it simple. Dont overwhelm the borrower with fancy mortgage terms, just stay with the basics.

The index is the only moving part of the POA. So, making the borrower feel comfortable with the index is the key to overcoming this objection. NOTE: Which ever index you decide to sell, make sure you can explain it to the average person who doesnt understand the first thing about mortgages. I always ask myself, did you explain it in a way your Grandmother would understand it? You may be able to explain some indexes better than others, but you have to figure that out on your own.

*Tip: Have your Account Rep explain it to you until you fully understand it* Once youre borrower is comfortable with how stable, or unstable, the index actually is, youre ready for the next objection:

Im afraid my payments will increase and I cant afford them anymore.

Now this is the time to earn your money. You have to really understand how the payment is figured and how the increases are figured. Not just by using your calculator, but by explaining it to your borrower as well. Dont always assume the payments are in 5 year increments. There are a few Lenders that actually have a 10 year recast, so know who they are and what their parameters are. Heres a tip, the simpler you can make it for your borrower, the more of an expert youll become in their eyes. Just a couple of quick tips about the Pay Option Arm. Go out there and sell!

And now I would like to offer you free access to my Mortgage Mailbag with the first installment being "The 5 Biggest Myths about the Pay Option Arm and the Real Truth About Them". It's a free weekly service you can access at http://www.MortgageMailbag.com

Mortgage Loan Qualify for a Better Interest Rate

If you mortgage refinancing in refinancing mortgage process of taking out a mortgage or refinancing your current mortgage there are steps you can take to get a better interest rate. Here is what you need to do before applying to improve your interest rate.

Clean Up Your Credit

The interest rate you will qualify for largely depends on the state of your credit. At least six months before you start applying for a mortgage you need to tune up your credit. Under the Fair Credit Reporting Act (FCRA) in the United States you can dispute any information found in your credit reports.

Obtaining your credit reports is the first step. Recent legislation in the United States requires the three credit agencies to provide one free copy of your credit report every year. The three agencies are Equifax, Trans Union, and Experian. You can request the free copies by visiting the website annualcreditreport.com.

If you find errors on any of your credit reports you need to dispute them. The credit agency has thirty days to investigate the error once you report it to them. If they are unable to verify the accuracy of the information in question the agency is required by law to delete it from your file.

Some experts state that nearly eighty percent of the records maintained by the credit agencies contain inaccurate information. It is however, your responsibility to ensure your individual records are accurate. If you find errors the credit agencies are required to forward your claim to the creditor in question. If the creditor believes the information is accurate they may resubmit it to your credit; if his happens you will need to settle the dispute with that creditor.

Once you have verified that the information found in your credit reports is accurate you need to concentrate on your repayment history. It is important to have a record of making on-time payments. For at least six months before applying for a mortgage or home equity loan make sure you are making your mortgage and credit card payments on time.

The information found in your credit reports, including your repayment history, is used to calculate your FICO score. By taking the steps outlined in this article you will improve your FICO score and the mortgage interest rate you will qualify for.

To learn more sign up for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com using the link below.

Louie Latour is a mortgage professional and the owner of RefiAdvisor.com, a mortgage resource site offering a free gift for homeowners: "Mortgage Refinance - What You Need to Know." This guidebook helps homeowners avoid common mortgage mistakes and predatory lending practices.

Claim your free guidebook today at: http://www.refiadvisor.com

St Louis Mortgage Refinance

Do You Know How to Pay Off Your Home Mortgage Loan Without Feeling it in These 3 Easy Steps?

Is it possible to take mortgage refinancing long term home mortgage loan refinancing mortgage pay it off faster and save money in the process? While I would like to say, "absolutely", I need to qualify that with 2 circumstances. Let's explore the topic and see what is required. I mentioned in the title of this article that 3 easy steps are needed so let's start there.

Step 1-This may be so simple as to not be worth writing, and, an absolute requirement to handling our mortgage loan is that our net income on a monthly basis is larger than our expenses. Sorry people, this is one of those inviolate laws...we must make more income than we spend. If you are upside down financially, get right side up by increasing income and/or reducing expense, then you have some discretionary income to work with.

Step 2-Simple step number 2 is one of personal choice. Some of us want to be out of debt, and some of us don't. My parents' generation seemed to really hate the concept of debt; we baby boomers and younger, have taken leverage and debt and made it an art form. Perhaps a nice balance lies somewhere between those two perspectives. Let's use debt, our home mortgage, to acquire the property that we want, and then let's pay off that mortgage in the fastest time possible so we save as much money as possible.

Step 3-In this step, we get to manage the process. Most of us know that if we send in some extra money from time to time, "payable to principal only", the balance of our mortgage debt is immediately reduced. By reducing the mortgage balance, the length of time that we must pay on the mortgage is also reduced. Most of us also recognize that our normal monthly mortgage payment is generally comprised of a payment to principal and a payment to interest. This is where it gets fun. The principal payment portion of my mortgage payment is quite small compared to the amount of interest I pay (for approximately the first 20 years). So, when I send in a separate principal payment to my home mortgage lender, it may take many months off of my loan repayment schedule. For ease of math, let's say that I send in one year worth of principal...that one step immediately saves me one year worth of interest as well! Sometimes, sending in just several hundred dollars can save us several thousand dollars. And it's guaranteed!

I encourage you to take a look at your mortgage and this process. The math to do it accurately can be tedious so I purchased a piece of software to help me be precise and save the most money possible. It took my mortgage from 28 years to 6 and saved me approximately $350,000 in mortgage interest! Now, to me, that's fun.

James Oates III is a former Captain in the United States Marine Corps, an entrepreneur, a Harley rider, and investor, who has a passion for helping people get out of debt. Learn more about James at http://www.FinanciaLiberty.com and http://www.JamesOatesIII.com

Reverse Mortgage - Surviving the Stock Market Crisis

Is your retirement portfolio down in the dumps because you are heavy into equities? Are you selling stocks and mutual funds at refinancing mortgage loss to get cash to cover living expenses? Are you confident that the market will come back over time and wish that you had cash to ride out the storm?

As the popular saying goes, maybe it is time to 'think outside the box' and examine other possibilities to getting cash. You can sell equities at a loss as mentioned above and suffer from lost opportunity when the market rebounds. You can turn to family for financial assistance. You can sell you home to raise cash, but then you are faced with finding a new and presumably less expensive dwelling. However, you may want to seriously look into taking equity from your home and turning it into cash.

Your Financial Planner probably never told you to do cash out refinancing of your house. If they did, you would likely fire them and go find someone that had some common sense. Retirees don't need mortgage payments. I doubt that most people would sit still when offered such a suggestion as taking out a loan to live on, but maybe you should reconsider using the equity in your home. After all, the equity in your home belongs to you and no one else.

Rather than a traditional refinance seniors should use a Reverse Mortgage. Reverse Mortgages are designed for homeowners age 62 and older. The mortgage refinancing are really just that simple. If you have a mortgage, the Reverse Mortgage loan proceeds are used to pay it off, and you benefit from no more monthly mortgage payments. You do not pay back even one penny of a Reverse Mortgage until you permanently leave your home. If you are married the loan remains until you both leave the home.

Know that with a Reverse Mortgage, just as with the mortgage you had when you purchased your home, the house is in your name to do as you wish. You will be required to pay the taxes and insurance as you always have, and your heirs will still benefit from the remaining equity in your home.

Is a Reverse Mortgage a better alternative to selling stocks at a loss? You will need to compare the cost of the Reverse Mortgage against the lost opportunity on your investments in order to get the correct answer. Seniors should stop thinking about Reverse Mortgages as a bad idea and start looking at them as serious financial tools. Some people don't have a choice but to take out a Reverse Mortgage in order to remain in their homes, but maybe you have a choice and if the numbers prove it the Reverse Mortgage may be right for you.

To have a meaningful talk with your Financial Planner about Reverse Mortgages you will need a personalized printout of the expected loan amortization that only a qualified Reverse Mortgage Consultant can provide. Ask your Financial Planner to compare that to what your lost opportunity will cost you in the stock market and then you will be making an informed decision. A Reverse Mortgage just might make sense. I will gladly provide you a free no obligation quote. No matter what your decision, examine all the scenarios before you have regrets about the choices you make. For most retirees, they don't have the time to start the process of wealth creation over again after their money is gone.

Steven Moline is a Reverse Mortgage Consultant with First Priority Financial serving all of California.

I help senior homeowners who need extra cash for living achieve financial freedom for life. You need the facts to make an informed decision. I will come to your home in most cases and explain your benefits without pressure or obligation. For more information, to ask questions or to receive a complimentary brochure contact me toll free at 866-885-5573 or on the web at http://www.royalreversemortgage.com/Contact_Steve.htm

Who Could Benefit From a Reverse Mortgage?

What is a "Reverse Mortgage?"

Also known as a Home Equity Conversion Mortgage (HECM)a reverse mortgage,is a popular way older homeowners (62+) can convert part of mortgage refinancing equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payments.

Before explaining a reverse mortgage, let's review the features of a Standard Mortgage:

With a standard loan or mortgage, your income stream is used to 'qualify' for the mortgage or loan. The lender will want to see that you have enough cash flow from your job and other sources of income in order to make the payments.

By securing this loan or mortgage against your house, the bank has extra security. After all, if you stop paying, they can take away your house.

As the years go by and you continue to make the payments, you will build up 'equity', which is the difference between what your house is worth, and how much you owe on the loan or mortgage What you owe will be continually reducing as you pay off the principal.

A Reverse Mortgage ... Reverses The Process:

A reverse mortgage, in contrast, requires no proof of income, no credit checks etc.. You simply have to own the home you are borrowing against.

The reason for this is that interest payments are 'rolled up' on the reverse mortgage - i.e they are added to the loan, and not repaid monthly.

Over time, of course, this starts to eat up your equity, because as each interest payment is added to the loan, interest starts being charged on the previous interest too!

Who Would Benefit From A Reverse Mortgage?

Older homeowners (62+), who struggle on limited pensions are usually living in properties that have soared in value in recent years. With reverse mortgages they can unlock some of the value in their homes and remain in the property at the same time, thus enhancing their retirement years.

These reverse mortgages are becoming more popular with seniors.

Paying Back The Loan

There are NO monthly payments due on a reverse mortgage while it is outstanding. The mortgage/loan is repaid when the homeowners cease to occupy the home as a principal residence, whether the homeowner (the last remaining spouse, in cases of couples) passes away, sells the home, or permanently moves out.

Depending on the size of the loan and the current real estate market conditions, there may actually be no equity left when the loan is finally repaid. If the debt comes to exceed the value of the property, the FHA or the lender takes the loss.

As well, loans under these programs are without recourse. This means that lenders can not attach other assets of borrowers or their heirs in the event that the reverse mortgage debt exceeds the property value.

On a another note, if the home is sold and the sales proceeds exceed the amount owed on the reverse mortgage, the excess money goes to you or your estate.

There will always be some concern with homeowners who mortgage refinancing like to leave an inheritance for their children and the home is to be that cash inheritance.

Note:

As with all loans, be careful not to default on regular or common charges, such as property tax, insurance, utilities etc, as these could all lead to the loan/mortgage being reclaimed early (foreclosed).

Typically, the lender will have an option built in to the contract to increase your debt by paying these charges on your behalf, should you default, and this is not an option you want them to exercise, as you will then start paying interest on those charges too!

Reverse mortgages can be very useful, but treat carefully as they can also have a sting in their tail.

Keep an eye on the outstanding balance every month, versus the value of your home for peace of mind.

And as with most major decisions, speak to an expert who knows your situation and long term plans before applying for a reverse mortgage. As a matter of fact, in the U.S., mandatory counseling is required prior to applying for a reverse mortgage. An approved counselor will educate you about reverse mortgages and determine whether this is your best option. Then, given your particular situation assist you in determining which reverse mortgage product best suits your needs. The U.S. Department of Housing and Urban Development has a list of approved counseling agencies posted online at Home Equity Conversion Mortgages Resources

The organization formerly known as American Association of Retired Persons, has also entered the picture as a major information source for reverse mortgages. They have a guide (including a nifty calculator) that can help you figure out if a reverse mortgage is right for you.

You will want to visit TodaysHouse.com for buying or selling real estate ideas as well as home improvement, mortgage financing options and lifestyle alternatives. If credit card debt, debt relief or the family budget are an issue, here is the place to go now.

Foreclosure Refinancing - How You Can Avoid Foreclosure on Your Home

Many people make the mistake of failing to act when they become aware that they will be unable to make their regular refinancing mortgage payments. This is problematic because the longer you delay acting, the more likely you will incur additional costs as the mortgage payments become more delinquent and additional pre-foreclosure fees are incurred. Instead, a better course of action is to consider a foreclosure refinancing or mortgage modification.

A mortgage modification is an option that is similar to refinancing that helps homeowners who are currently unable or about to be unable to make their mortgage payments. These plans take many names including a special forbearance or modification and they are all designed to bring the loan current and make adjustments to the loan terms that help bring down the monthly mortgage payment.

These are ideal for many homeowners because they allow them to hold onto their homes and give them a monthly mortgage payment which they can afford. In addition, these can be very helpful in times of crises where a job loss or illness has led to a temporary reduction in income that will be remedied at a later point in time. Most recently, many of these situations are occurring because of recent company layoffs or homeowners entering into ARM loans which have had their interest rate rise subsequently after signing or taking out too big a mortgage than they could afford. The latter has been known to be a large part of the subprime mortgage meltdown.

With all this said, you or others should take immediate steps to address this situation if you are in risk of failing to make any payments. Contact mortgage refinancing mortgage company immediately and discuss getting setup on a foreclosure refinancing or mortgage modification plan to help bring your loan current. Taking action is the single best thing you can do to help address your current mortgage situation.

For more information on a Foreclosure Refinancing, visit the previous link or http://www.homeloansandrefinancing.com to get some solid tips and information on various home loans and refinancing options.

How to Get the Best Home Mortgage Loan Rate

Obtaining the best home mortgage loan rate will save you thousands of dollars in interest paid over the life of your loan. Unfortunately, unless you're versed in mortgages, it's easy mortgage refinancing be mislead by lenders. You can refinancing mortgage you're getting a great loan, but in actuality, you can walk out of the closing with a loan that will cost you thousands more than it should.

Let's talk about how to avoid this.

Just to take an example. If you got a 30-year mortgage for a principal of $150,000 with an effective interest rate of 5.5%, your payments would be $851.68. If you get a loan at 6%, your payments would be $899.33. That's a difference of $47.65 per month.

That may not sound like a lot of money when you compare this to a $150,000 house, but over time it will add up. If you kept the house for just 5 years, you would be paying an extra $2859 in interest!

Now, you might be thinking that you can tell if your loan has an interest rate of 5.5% or 6%, and you can if it's the stated interest rate. But there are several ways lenders make money from the money they lend you. And getting your best home mortgage loan rate depends on your understanding this.

When you get a loan, besides the stated interest rate on the loan, you'll also have to pay closing costs and perhaps even points. Closing costs are not technically interest, but to you the borrower they are, because it's money you have to pay to get the house you want. Points are specifically interest paid in advance.

So, now you not only have to check the stated interest rate on your loan, but the closing costs, and the points, too. This makes getting the best home mortgage loan rate more difficult that you might have first imagined.

Fortunately for all of us, there's a better way to compare loans than just by their stated interest rate. It's called the annual percentage rate, or APR. APR is essentially calculated by taking into account all of the money you pay to acquire a certain loan. In other words, the points and even some of the closing costs are included in the APR calculation.

When you're shopping for your best home mortgage loan rate a better way to compare loans is by their APR instead of their stated interest rate. How do you find out the APR? Lenders have to give you this information by law. As a matter of fact, they have to advertise the APR of any loan they're advertising.

To learn more about finding the best mortgage for you and your needs, visit my blog, Best Mortgage Guide.

Patricia Pearce is a consumer advocate and educator. She runs several online sites devoted to empowering consumers to keep more of their money.

Many Home Buyers Are Surprised by Rising Mortgage Payments

It may have seemed like a perfect solution to many homeowners and buyers. Refinancing or purchasing with an attractive low-cost option mortgage seemed a perfect financial solution.

But now that interest rates are adjusting on many refinancing mortgage homeowners are getting a not-so-perfect surprise.

In the last five years, millions of Americans purchased homes and refinanced properties using risky mortgages with adjustable rates and low initial payments. The once appealing teaser rate has ended, and some monthly payments have more than doubled.

With interest rates refinancing mortgage over a percentage point since 2003, homeowners are lured into non-traditional loans with low teaser rates such as 2%. But when the teaser period ends, monthly payments can increase by 50% say industry experts.

Christopher Cagan, director of research for First American Real Estate Solutions, estimates that payment shock will result in approximately $110 billion of foreclosures in the next two years.

Homeowners are facing a double-trouble situation. Not only are they facing higher monthly payments, they are facing the possibility of not being able to sell their homes for what they owe.

Those who purchased or refinanced during the peak of the real estate market in their area are facing the possibility of declining real estate values. If they can't sell and can't pay their mortgage, they have few options but to default on their loan.

There are non-profit agencies out there that will help homeowners refinance at affordable fixed rates. But homeowners must be able to afford their home on a traditional mortgage -- one of the reasons they didn't go with traditional in the first place is that they couldn't afford it.

Those that can hold on to their homes will probably come out unscathed if they just hang in there. Millions will probably have to cut their losses and start over. And hopefully, more home buyers will exercise higher caution when choosing a mortgage product in the future.

Martin Lukac represents RateTake Refinance Rates marketplace. RateTake matches consumers with multiple lenders offering low rates. Got too much credit debt? Get Debt Help and you'd be surprised what we can do together.

Practical Mortgage Advice For Borrowers Following Recent Events

After an extremely volatile week the financial markets are being capped with incredible events especially coming from government announcements mortgage refinancing intervention. With the news coming so quickly here is a recap of the recent events and how they impact mortgage borrowers:

1. Fear about the safety of money on deposit with banks folding or going on brink of collapse. This loss of confidence has caused bonds to lose some or all of their value in certain cases. This news has resulted in money quickly pouring out of stocks and bonds and into U S treasuries.

Impact to borrowers: preventing "lockdown of the markets" with government involvement. Currently people are willing to pay money not to lose principal or basis in their investments...not even worrying about a return on their investment. With the government rushing to back investments and restore trust this means lower rates for borrowers.

2. Government guarantee of market funds. Treasury Secretary Hank Paulson announced the US Government will guarantee money market funds.This action is helping settle the markets and as a result stocks were up last yesterday and rallying again today.

Impact to borrowers: rate volatility from day to day based on current news.

3. Fed makes a decision to support currently unsellable mortgage debt. The mortgage mess has so much uncertainty that investors do not want to buy the investments regardless of the performance level. The government has stepped in as a buyer providing liquidity to investment groups that are holding these securities and keeping them afloat while they to recover.

Impact to borrowers: stabilizing long term impact on fixed rates.

Are these the last changes we will see in the mortgage market?

If the last few years have taught us anything it is that there are more changes to come. At Trusted Mortgage Advice we believe that ultimately the financial markets will determine their own outcome - and that common sense will ultimately prevail.

We see a return to mortgage basics - mortgage refinancing will need good credit, a bit of money saved and will need to invest in their own homes.

But at the end of the day government intervention is going to be a necessity here. Why?

1. Too much at stake. With the size of the financial institutions that are failing keeping them afloat may be worth the investment of taxpayer dollars.
2. Media coverage. With so much coverage of this financial turmoil politicians and regulators will be under tremendous pressure to do something about it.
3. Mortgage lending still makes sense. So much of today's problems have been caused by a lack of good judgment shown by both lenders and borrowers over the last few years. At the end of the day American homeownership will survive and credit worthy, responsible borrowers will be able to obtain credit.
4. The possibility of a recession is still out there and regulators will do everything they can to avoid letting that happen on their watch.

Looking for Advice on Your Mortgage Situation?

With all of the turmoil we recommend making a thorough financial check up including:

1. Talk to your banker: check the rates on checking and savings accounts to ensure you get the best pricing.
2. Talk to your financial advisor: Make sure your investment strategy doesn't need to change based on current events.
3. Talk to your insurance agent: It never hurts to ask if you can save money on home, auto or health insurance.
4. Talk to Trusted Mortgage Advice: Don't let a mortgage company convince you to take a deal that doesn't feel right. We will help you evaluate your loan and make sure you are getting the best deal possible.

Andre Savoie. A Professional Internet Marketing Firm and Writer. A WSI SEO Expert - Providing information with regards to Marketing loans. Trusted Mortgage Advice - a perfect site that give Mortgage Advice for your Peace of Mind.

Getting a Mortgage Loan in Today's Environment

The financial industry has been in the throws of a dozy of a down market. The federal government has acted to keep us out of another great depression by pumping money into the market. The question for many people is whether this money is now available to them in the form of mortgages?

How much money is in the financial markets? The answer is not entirely clear. Most people focus on the $700 billion dollar bailout, but this is just a starting point. What many do not realize is the Federal Reserve Bank and other government agencies have already been pumping money into the market to try to keep things afloat. Even more is going to have to come in as the hedge funds begin to fail. Yes, there is another potential collapse on our horizon. Regardless, we know that as much as $5 trillion has been pumped into the market in the last 18 months.

Where did $5 trillion go? Well, it went to many areas, but much of it is actually in the banking system as we speak. Yes, the banks have held back on lending because they are trying to make their bottom lines look better, but they are lending money. The increased pressure from the federal government to get money into the housing market means that the banks are going to be issuing more and more loans whether they really refinancing mortgage to or not.

The key to getting a mortgage in this market is to position yourself correctly. The first thing to consider is the motivation of the banks. They have been burned badly, so their number one focus is on limiting risk to a minimum. If mortgage refinancing can fit within this profile, then you can get a loan without too much trouble. So, how do you do it?

The key to getting a loan is to get your financial life into shape. That means you need to get your credit in order. If you have anything less than an "A" credit rating, you need to make an effort to fix the problem areas. An "A" rating means a FICO score of 751 or higher.

The second key to making your application attractive is a healthy down payment. The minimum should be 10 percent, but 20 percent is a better figure. Keep in mind what a down payment is. It is a splitting of the risk. When you put $40,000 to $60,000 down on a home, the bank knows you are not going to walk away from that home unless things get really bad. This cuts down the amount of risk the bank faces, and makes you more attractive as a loan applicant.

The financial world is undeniably a mess. It will recover. Part of that process is the issuing of loans. If you need a mortgage, you can get one. Just make sure you take the time to position yourself correctly.

Stephen Teak is with CommercialLoanStop.com - your resource for commercial loans for simple and complex projects alike.

The Four Most Important Questions to Ask Before Refinancing Your Mortgage

Thinking of refinancing your home mortgage can mortgage refinancing overwhelming, with so many options on the market. If you break your thought processes into four categories it will be a whole lot easier for you to focus: mortgage refinancing about the term of your mortgage, your current interest rate compared to the new rates on offer, are you staying put or planning to move in the short term future, and do you have enough credit to find a mortgagee happy to take over your loan?

The mortgage term is how long the loan is spread over, and then there is the payback period meaning how long will you be with the new financier before you have made back to money it cost for the refinancing. These costs include appraisal fees, bank fees, lawyer fees and early pay out fees assigned to your current mortgage. Some lending institutes will allow you to absorb those charges associated with transferring into your home mortgage so you don't pay anything in cash at the time.

Probably the most important thing for you to understand is exactly how much your interest rate will go down. If the new rate is over two percent less than the old one, refinancing is probably going to be worth your while. Any less than that and the recovery period or payback time will be too long and will result in more of a loss to you.

For those people who are hoping to move home in two years or less refinancing beforehand is not a good idea. The refinancing costs for doing the mortgage twice over will be too high leaving you noticeably behind.

Lenders looking to refinance your loan for you are focused on the LTV or loan-to-value ratio. This means the amount of your mortgage in comparison to your home's appraised value. In some cases the mortgagee will only refinance if the new loan is to be 90% or less of the homes value, but every bank and lender has their own LTV limits. In some cases simply paying refinancing costs yourself will give you a better LTV.

If you do your research, refinancing your home mortgage can save you thousands in interest, but it can lose you the same if you dont do it right. Check if you know someone who can recommend a lender to refinance with, or take time to see a variety of different ones and make your own informed decision. See below for more information on Mortgage Refinancing.

For more information on Mortgage Refinancing or visit http://www.mortgagerefinancingexpert.com/, a popular website that offers information on Mortgage Refinancing. Please leave the links intact if you wish to reprint this article. Thanks

How Mortgage Rates Influence the Type of Loan You Choose

Whether you are buying a property in Miami mortgage refinancing investment purpose, or for residence, Miami home mortgage can help you to fulfill refinancing mortgage desire of owning a house here. When buying a house on mortgage in Miami, mortgage rates influence your decision regarding the property and the type of loan you choose. The rates in turn are affected by various factors. These factors include funding rate of the federal government; insecurities supported by mortgage; bond market etc. Other economic aspects like the number of the employed and housing figures also affect the interest rates. The rates thus formed, are applied to various types of mortgages.

Whatever the trend may be, property in Miami is a must-buy, and thus the Miami home mortgage sector has been growing these last few years. However, mortgage rates for each loan applicant vary, depending upon the amount of risk involved and the individual's financial status.

The total value of your assets largely influences your Miami mortgage rates, as the risk becomes low. If you are in a comfortable financial position to pay off the loan, you get a favorable rate. A good credit ranking also helps to bring down the rates. On the other hand, if you have a poor credit rating, the rates increase. Usually, with a score lower than 720, you can expect high rates.

Your net value is assessed by comparing your total income with your total debts to calculate your mortgage rate. Long term loans such as car installments, student loans etc., as well as monthly debts like credit card bills are all taken into account. The higher the ratio of debt to your income the more the risk, and the higher your Miami mortgage rate.

Besides these personal factors, the interest rate of Miami mortgage also depends upon the loan amount approved, depending on the worth of the property selected. The smaller the loan, the greater is the equity in the home, thus making the loan more alluring for the lender. Also, different states and areas within a state have different rates according to the value of property.

Types Of Loans

The rate for certain types of Miami mortgage are generally lower than others. Adjustable rate mortgage has a lower rate but a large risk factor. Loans like fixed rate mortgage and balloon mortgage have higher rates but are safe and protected against future rate fluctuations.

Visit CORE online to get free access to more information and resources for getting better mortgage rates on a Miami mortgage

Stated Income Refinance Mortgage For the Business Owner

Are you mortgage refinancing to get refinanced because you own a business and have trouble proving your income? Maybe you are trying to refinance so you can use the cash out to grow your business. If this is the case, then you really need the cash and you need to be able to do this with a stated income refinance mortgage. Here is what you need to know.

This type of loan was built for small business owners. Mortgage companies came to the understanding that they could not force a business owner to try to prove what they really make because it is very difficult to do so. This is what caused them to introduce stated income programs.

The stated income program basically works with no income documents. You will not need your tax forms or anything proving your income. Just write on a piece of paper how much you make and sign it. That is all they will need and that is what they will go off of.

Now you will need to have a pretty strong credit score to make this program work for you. This is a requirement and a credit score of over 650 will usually get you done. The higher the better because you will get a better mortgage with a higher credit score.

Expect your rate to be a bit higher than a normal mortgage, but it will not be drastic. You should also know that this mortgage is usually a bit quicker because there is not messing around with documents. You just get your credit pulled, qualify, have an appraisal done, and sign the papers. It can be done mortgage refinancing about 10 days.

The stated income refinance mortgage will probably be the only way you will get what you need out of a mortgage if you are a business owner or work for cash. Use it to your advantage and make sure you get a good deal.

Discover the companies that do Mortgage loans with Stated Income Refinance Mortgage. Go here for more info:

Stated Income Refinance Mortgage

Low Credit Score Home Loans Home Buying Tips

Although you can purchase a new home without knowing all the tricks and
techniques for securing a low rate, future homebuyers should educate
themselves on the home buying process.

In some states, it is mandatory for first time homebuyers to attend a
home buying workshop. If you have bad credit, these workshops are
beneficial. They teach you various techniques such as how to improve credit
rating, and how to find a lender that caters to bad credit home loans.

Bad Credit Rating Effect Loan Approval

For the most part, you can obtain a home loan with fair credit. In some
cases, you may even be able to get a low rate. Unfortunately, if your
credit score falls below 500, homeownership may be impossible. Even with
a credit score below 600, your loan options are limited. Thus, it is
important for those contemplating buying a home to improve their credit
rating.

Before approving a loan and offering a mortgage rate, lenders will
carefully review your credit report and score. Late payments, collection
accounts, excessive debts, and inquiries contribute to having a high or
low credit score. Mortgage rates are based on credit rating. Hence, if
you are hoping to get a great mortgage rate, which equals lower monthly
payments, now's the time to improve credit.

Save Enough Money for a Down Payment

Because it is difficult for hard-working people to save money for a
down payment and closing costs, various loan programs will incorporate
fees into the total loan amount. However, if you have bad credit, a down
payment can improve your chances of getting approved for a home loan.

The ideal down payment is about 20% of the home price. Nonetheless,
lenders are willing to accept smaller amounts. If possible, attempt to
have a down payment of at least 3% to 5%. Aside from boosting approval
chances, a down payment may help you secure a lower rate.

Use the Right Lender for a Bad Credit Loan

To obtain the best mortgage loan with a low credit score, you need to
use a sub prime or high risk mortgage refinancing Some traditional lenders offer sub
prime loans. However, choose a lender that specializes in bad credit loans. You may obtain better rates with a bad credit mortgage lender.

View our recommended bad credit mortgage lenders online.

Also mortgage refinancing out our recommended sources for a free instant credit report, or view our recommended online debt recovery solutions online.

Home Mortgage - Part 4

Obviously, you will not have this equity or the additional expenses if you decide to live in an apartment. And if you particularly dislike mowing and shoveling and such, an mortgage refinancing gives you more relaxation time. Also, depending on your outside interests, you might find an apartment with pool facilities or a workout gym or tennis courts. Needless to say, if you are single, you will find more eligible bachelors and bachelorettes in an apartment complex then you will in a family neighborhood.

What this boils down to is that you must base your decision on whether to buy a house or rent an apartment on what you will feel comfortable with while fully realizing what the future might bring. However, this decision is not only for people starting out in life. It is important to read this section because we will be discussing the possibility of selling your present house and moving into an apartment in our section on saving money.

2nd Mortgage

Second mortgages can be a very bad trap for you. That is, you have been paying on your home mortgage for awhile and can now use the refinancing mortgage of the house you have already paid for (your equity in it) as collateral on another mortgage. Therefore, you are right back where you started from. Unfortunately, it is the person who is deeply in debt already who is encouraged to get a 2nd mortgage. The idea is that this additional loan can be used for whatever you want and it is very tempting.

We continually see TV commercials for 2nd mortgages to pay off your huge debts. Does it really make sense to you to take on even more debt in order to pay off old debts? No, you know it does not.

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Florida Home Mortgages

Whether you live refinancing mortgage Florida or elsewhere, you can buy a home in the state. Your best sources of current mortgage information are local mortgage refinancing individual lenders, and brokers. Before you look for a lender, you will need to decide on where you want to buy your home. This will depend on the mortgage payment you can afford and other factors that may be important for your family, like local crime rates and the school district of the home you are considering.

You can talk to your financial institution or search the Internet to find information about local and national lenders who operate in Florida. You can even apply for a mortgage online, though it is always a good idea to follow up in person with the lender before making a final decision. Compare mortgage rates, fees, and services provided between several lenders to find the deal that works best for you. Know the warning signs of a predatory lender, such as making you borrow more than you need or can afford to repay, charging excessive fees, making you falsify statements on your application, or quoting an interest rate that is much higher than what you qualify for based on your credit. If you cant understand the details of a mortgage or contract, seek advice from a counseling agency approved by the US Department of Housing and Urban Development.

Once youve identified the home you are thinking of buying, compare the price with that of other homes in the neighborhood, and hire a licensed home inspector. For peace of mind, go over the fine print in your mortgage contract with a real estate lawyer, and dont sign anything you dont understand. If you follow all these tips, you will have a more rewarding home buying experience.

Florida Mortgages provides detailed information about Florida mortgages, Florida interest only mortgages, Florida mortgage brokers and more. Florida Mortgages is affiliated with Florida Refinance Mortgage Loans.

Refinance Rates to Save Money on Mortgage Loans

While purchasing a home, most homeowners consider the price of the home refinancing mortgage forget to look into the mortgage rates when they get their financed. Taking mortgage rates into account is essential as it determines what amount you finally pay for your home. So, people who realize the importance of mortgage rates later need not wait until their next mortgage loan to correct their mistake. Refinancing mortgage loan is a great option available at their disposal.

Amendments in the payment scheme and change in the terms of loan are the primary reasons that cause people to refinance their existing mortgage with the new one. Conditions of the existing mortgage is changed by opting for a refinance mortgage scheme that has a different interest rate, payment duration and may also have an altogether different lender.

However, there are many upfront costs related to refinancing - these costs are almost equal to the expenses that you incurred to acquire your previous mortgage loan. Nevertheless, refinancing helps you save money in the long run.

Furthermore, there are two main conditions to opt for refinancing that has a tremendous impact on the refinance rates that are being offered:

1. Acquired your mortgage loan when the interest rates were sky rocketing? - In this case, refinancing your home now will help you strike a good deal that have lower interest rates. This way you will save a lot of money, not only on the overall amount that you will pay for your home but also the monthly payments that you will need to pay will also be lower. Hence, you can have more to pay for your other necessities and debts.

2. Your mortgage loan has an adjustable interest rate - It may be possible that you have chosen to go for adjustable interest rates when your home was financed. Therefore, whenever the interest rate rises, so is your monthly payment for the repayment of the loan. It would thereby be a better option to switch over to refinance the home and opt for a fixed lower interest refinance rate. This would assure you a lower interest payment for every month.

Stagnant finance rate

Nonetheless, there are many other reasons when people consider refinancing their home but the refinance rate usually remains the same or rises in some cases. For instance, some people refinance their home merely to increase the duration of repayment of the mortgage loan. In that case, though the monthly payment of the borrower may decrease but the refinance rates remains stable or increases.

Same lenders who finance their home can be approached for refinancing as well that includes banks, mortgage companies, brokers and others. Thorough research of the available refinance options will help you find the best deal.

Refinancing is a great option to make amendments in your existing mortgage loan. For more information on refinance rate or refinance mortgage loan, please visit http://www.refinanceguide.com

I Cannot Refinance My Adjustable Mortgage - What to Do When Your in Deep Trouble With Your Home Loan

If you are a home owner who is currently struggling financially and emotionally because of an adjustable mortgage that you cannot refinance you are not alone. The country is currently experiencing a huge amount of borrowers who have said to themselves I cannot refinance my adjustable mortgage.

Once you say it out loud it seems like there is nowhere to turn for help, however nothing is further from the truth, you just have to know what to do and where to go for help!

Turning To Your Lender When Your ARM Is Broken

In most cases the lenders will send threatening letters and place harassing phone calls to your home when you are late with your mortgage. This is basically a scare tactic and in reality the last thing the lender wants it to get your home back through foreclosure because mortgage refinancing will lose money on the deal.

Armed with this knowledge you should call your lender and let them know you have tried but cannot refinance your adjustable mortgage. Tell them why you are unable to refinance and be honest with them and in most cases they will offer you some sort of assistance to help save your home.

Lender Programs To Save Your Home

The mortgage refinancing most popular solutions the lenders generally will offer is to either use a loan modification to switch your adjustable home loan over to a fixed rate. The other solution is to extend the fixed rate period of your ARM and re evaluate the situation when that time frame expires.

In both instances the lender is showing good faith so always make your payments on time and be completely honest with your lender after an arrangement has been made or it could jeopardize future assistance if you need it.

If you are struggling and cannot Refinance An Adjustable Mortgage and need more information then head over to http://www.adjustablemortgageinfo.com and get the answers you need.

Self Directed RRSP Mortgage

If you would like mortgage refinancing be able to use your rrsp money to fund real estate then you need to set up a self directed rrsp mortgage. Once you have done this you can use the money to buy real estate with a real estate investor. You would make money inside of your rrsp at an agreed upon rate of return that would be secured to the real estate. This is better then mutual funds and the stock market in most cases.

The problem with this is not so much the real estate going down in price, but the investor you are investing with. If you are investing with someone that is not experienced in real estate then you may lose money. Simply because this person may have bought the property in a wrong manner, or maybe they do not know how to manage the property. Any properties I have been involved with we have always used a certain buying criteria. Yes, this protects the investor, but protects us as well. And anybody who you are going to invest with should have some form of buying criteria.

There is other types of mortgages that you can invest in without having to be self directed. Some give normal returns, while others give returns of up to 23%. But do your homework before pursuing. As with any investment you need to know all you can before making the investment.

How to Set up a Self Directed RRSP Mortgage

Here in Edmonton, I use a Calgary company. I do not work for the company, but can not use their name freely. The way I found them though was to call up my bank and ask where I could do this the easiest. Of course they were not wanting to give the info, but that is the easiest way. Or you can contact me and I will send you a private email.

After you set up an account with a trustee you will be able to lend your rrsp money to the highest bidder, or maybe more important the most secure bidder. Why take 15% from some hotshot when you can make 12% from as astute investor? Not sure about you but the extra 3% does not make sense with the 3-4 times risk involved. But that is just my thoughts.

Whatever your reason for wanting to do this know one thing. That you can not under any circumstances set up a self directed rrsp mortgage then go and buy an investment property yourself. Or with a partner, or with any family member. In fact the rule states you must be outside of arms reach to invest your rrsp mortgage with that person. And arms length means any relationship through blood or through marriage.

Interested in getting a return of 23% per year in your rrsp, tied to real estate? check out Best RRSP Rate

Kelly Kramer owns a plumbing company and buy and sells real estate, if you liked this article you can learn more at http://www.edmontons-business-directory.com

3 Essential Vocabulary Words For Mortgage Holders

Obtaining a mortgage loan is a complicated procedure. It includes lots of paperwork, signatures, fine print, and red tape. Even ivy league colleges don't require that much paperwork for acceptance! It is an exasperating and confusing process that completely overwhelms most people. Even though applying for a mortgage is a stressful and long process, learning three basic homeowners vocabulary words can help you get a better handle on refinancing mortgage whole thing.

The people who enter a mortgage with some basic knowledge helps them beyond belief, so they realize what they are agreeing mortgage refinancing do. Understanding the lingo of the home buyer's world equips you to deal wisely.

The first essential piece of vocabulary is the word term. Term means the life of the mortgage you're applying for. In other words, it is the length of time you're making payments on the loan.

The majority of mortgages last anywhere from ten to thirty years. Longer mortgage loans come with lower monthly payments but you pay more in total interest over the life of the loan. So it's a trade off between one convenience for another. It's usually wise to choose the shortest term you can, because you stand to save tens or hundreds of thousands of dollars in interest with a short mortgage loan term.

The second vocabulary word is interest rate. Know what your interest rate is and how lenders will calculate it. This number (rounded to the one-tenth percent) indicates how much interest you'll be paying for the borrowed money over the life of the loan. Rates are either fixed (never changes) or variable (may increase at certain points during the life of the loan). Even though they appear to be a great deal at first, stay away from adjustable rate mortgages. When the rate increases, you can be in a world of hurt if you aren't prepared to make bigger monthly payments!

The third vocabulary word is closing cost. Learn how they affect the purchase price, because it's often the case that homeowners need to pay these closing costs completely on their own. House appraisals, attorney and notary fees, deeds fees, and more usually are part of the closing costs. Usually closing costs are packed with little fees that add up to a big number! Be wise when you buy a home. Look at the itemized list of fees and ask about anything that seems fishy. Unscrupulous lenders often try to nickel and dime consumers with a few bogus fees in the closing costs if you're not careful.

Now that you've learned these three basic vocabulary words, you can shop for your new home with confidence. Armed with your knowledge, you can get a great mortgage. Comparison shop for mortgages just like you would for any other large purchase, because even a slight difference in interest rates can equate to thousands of dollars. You have the right to spend your money wisely and make every penny count.

For additional information about mortgage loans, please visit the #1 mortgage resource on the net: http://www.MortgageLoans-101.com

Non Recourse Mortgage Basics

A non recourse mortgage is a home mortgage without individual or business responsibility. This mortgage refinancing of mortgage is starting to be more well-received as individuals and companies are looking for methods to finance their companies and homes without the necessity to set themselves or their corporations in a place of exposure to individual and corporation responsibility.

The traditional non recourse mortgage is a secured loan. They're also called asset based loans or asset based mortgages. Even though they are collaterized mortgages, they are beginning to be very well-received because they limit the number of responsibility for the individual or corporation. If mortgage refinancing default on the mortgage, the only asset you can loose is the given collateral.

The conventional non recourse mortgage is considered a secured mortgage because it's the only manner for the bank to protect itself. Since it can not sue people or corporations, the bank has to have some sort of collateral to secure itself.

In the same manner, because it's a secured loan, it gives much more beneficial terms than a conventional mortgage. A corporation or individual may comfortably apply for a non recourse mortgage with an effective rate that varies between 3%-6%. This interest rate is two to four points lower than a conventional mortgage.

Also, it's very simple to apply for this sort of mortgage, Since the worth of the collateral is the sole basis examined to approve the mortgage, the corporation or individual's credit history or earnings is of no concern. A corporation or people might have foreclosures or even bankruptcies and still get a non recourse mortgage.

In addition, because the assets is the single critical factor in being approved, the application process is very simple. An individual or business could have the necessary money within 4 to 5 days. It all has to do with how rapid the simple conditions are finished.

Subsequently, because of its specific requirements, a non recourse mortgage does not have the financing difficulties that conventional bank mortgages are having currently. As long as you have the assets, you may quickly obtain the financing for your corporation or for your particular necessities. Unlike a conventional bank mortgages which lending institutions are not providing currently, an asset based loan or asset based mortgage could be approved for simply.

Keep in mind that applying for a mortgage of any type is a fundamental choice. It is in your best interest to ensure that you learn as much as possible about how a non recourse mortgage works. Using some time to obtain the necessary information, may save you hundreds of dollars through the term of the mortgage.

To learn more about how a non recourse mortgage works, please visit our site. In it you'll be able to read dozens of informational articles about how a non recourse mortgage works.

Refinancing Mortgage Rate

Are you considering refinancing your mortgage loan? If so, your refinancing mortgage rate is of primary concern when choosing a lender. Most homeowners dont understand how the rate quotes they receive are marked up to give their mortgage broker a commission. Here are several tips to help you find the best mortgage rate when refinancing.

It all Starts With a Wholesale Lender

Choosing a wholesale lender for your next mortgage will allow you to take advantage of wholesale mortgage rates, something youll never be able to do with a mortgage refinancing The problem is that the average homeowner cannot access wholesale mortgage rates directly; members of the pubic must rely on mortgage brokers for access to wholesale mortgage rates.

Your mortgage broker is basically a salesperson that sells loans for wholesale mortgage lenders. mortgage refinancing brokers are compensated by charging origination fees for their services; however, they also take kickbacks from lenders for charging above market interest rates. Heres an example of a typical brokered refinancing transaction with unnecessary interest rate markup.

Suzie is a typical homeowner. Shes decided to refinance her $300,000 mortgage and take cash back from her home equity to pay off her credit cards. Suzie is worried about getting a good deal on her mortgage rate and her broker has convinced her that a thirty year fixed rate mortgage at seven percent is the right loan for her. Suzie thinks shes getting a good deal because the broker is only charging her one percent for the origination fee. What Suzie doesnt know is that the wholesale lender approved her for 6.25%.

Suzies mortgage broker marked up her interest rate .75% because the lender pays a kickback of one percent for every quarter percent Suzie overpays. In this example the broker receives three percent from the lender and one percent from Suzie. Thats $12,000 for lying to Suzie and a few hours work. Suzie is now stuck paying above market mortgage rates because she doesnt understand how her mortgage broker is compensated.

Luckily for your, homeowners who understand how mortgage brokers make their money can avoid paying this ridiculous markup of their mortgage interest rates.

To Continue Reading This Article Click Here: Refinancing Mortgage Rate

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Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this "Mortgage Refinancing Toolkit," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.

Get your free mortgage refinancing tutorial today at: http://www.refiadvisor.com

Home Mortgage Modification

During the real estate boom of the last ten years variable rate mortgages were very popular. They offered people low interest rates and refinancing them refinancing mortgage very easy to do refinancing mortgage the rising property values. Even people with bad credit had no problem securing no money down financing with adjustable rate mortgages.

Unfortunately this great time in real estate and the economy came to a screeching halt. Many of these borrowers that had variable rate mortgages were now unable to refinance because the value of their home fell severely or the bad credit loan programs they needed had been discontinued by lenders.

With no other option many people began to miss mortgage payments because of their adjustable mortgages and many wound up losing their homes.

Most banks began to realize the problem they had on their hands and started to tell people they could modify a mortgage with bad credit. This helped not only the banks but the borrowers as well.

What Is a Mortgage Modification With Bad Credit

A mortgage modification is where your lenders decides that unless they change the terms of your loan you may fall into foreclosure. This not only hurts your credit but also takes profit away from the lenders and right now the last thing they want is more lost profits.

How Can I Modify a Mortgage With Bad Credit

The first step to mortgage modification with bad credit is to contact your current mortgage holder as soon as you know your variable rate mortgage will increase.

Be prepared to tell them a lot of information about your current financial status and why you cannot refinance.You may also have to prove what you say with pay stubs, bank statements and whatever else they ask you for.Hold nothing back because lying to them at this point could eliminate any chance you have of saving your home. If you are honest with them about your situation they will more then likely help you modify a mortgage with bad credit.

Modifying your adjustable rate mortgage may help you gain more affordable mortgage payments. Read more about your adjustable rate mortgage at http://www.adjustablemortgageinfo.com.