Monthly Archives: August 2010

Mortgage Finance

Reverse Mortgages Can Advantage Elderly

Reverse mortgages are available through lenders insured through the federal government and could be of excellent benefit to those who are eligible to apply. You will find three kinds of reverse mortgages currently obtainable in the United States, including House Equity Conversion Mortgages (HECM), Fannie Mae (FNMA) House Keeper and Financial Freedom Cash Accounts.

The fundamental premise of a reverse home loan is that it enables homeowners over the age of sixty-two to convert part of the equity in their houses into tax-free income without having to sell the house, give up the title to the home, or take on a new monthly home loan payment. The reverse mortgage is titled as such simply because lenders pay the borrower fixed payments or a lump sum over time as opposed to a traditional home loan arrangement. Eligible property includes single-family dwellings, manufactured houses built after June 1976, condominiums and town houses.

The procedure for applying for a reverse home loan is more involved than having a conventional home loan. Aside from meeting the age and property type restrictions, applicants should discuss the loan with a counselor employed through the U.S. Department of Housing and Urban Development prior to signing. There are five different types of payment techniques for each United States government insured loan obtainable, allowing for flexibility to meet the requirements of the applicants. These consist of monthly, quarterly, semi-annual and annual payments towards the borrower for a fixed number of periods or a lump sum that can be invested.

Repayment terms also vary through the interest rate, as with conventional mortgages. People who select variable rate mortgages will pay over one percent less since the danger assumed by the borrower for agreeing to month-to-month adjustable rate calculations can greatly increase their risk more than the life of the mortgage. The total of the home loan is due when the house is no longer occupied through the borrower and can be paid by the borrower or by his or her heirs in the event of death.

While many think about borrowing to be a bad idea later in existence, reverse mortgages simply allow seniors to enjoy the equity they have already established without carrying the danger of getting to meet monthly payments while on a reduced or fixed income. This can substantially improve the high quality of life for numerous older Americans and allow them to appreciate the fruits of their life long labor.

If you are looking for more information on Reverse Mortgage Calculator, then I suggest you make your prior research so you will not end up being misinformed, or much worse, scammed. If you want to know more about Reverse Mortgage Rates, go here: Reverse Mortgage Rates

categories: Reverse Mortgage Calculator,Reverse Mortgages Pros and Cons,Reverse Mortgage Rates

Mortgage Finance

The Free House Listing And The Wonder Of Modernity

In the past, for people to travel to another country or to another continent, it would certainly take a few months or a year. But today it takes only hours or even a day to do it. That is how intriguing and incredible modern technology is. It absolutely makes spaces smaller and time quicker. Airplanes, vehicles, cell phones and, of course, the important element to attaining virtually any endeavor one does, the internet, all of these were once unimaginable. However, they’re real and tangible these days.

When it comes to selling houses, there is no necessity to advertise the property in the newspapers, broadcast it over the radio or in television. There is already a free house listing, a known source that help home owners sell their properties and aid home buyers conveniently to get the houses they want.

This particular listing is apparent in the different sites on the internet. It is for free and it successfully helps or lends a hand to residence proprietors to close deals faster. It really is efficient in the sense that a number of home buyers are busy buddies and do not possess the luxury of time to read the newspapers, listen to the radio or watch television. More significantly, this particular free house listing assists the obvious favors to residence owners: information distribution and advertisements. It helps share information about the house by displaying the photograph of them, their information, rates as well as the location. What is much more intriguing is the point that in disseminating the data can already become an advertisement, more so, an open invitation to anybody that wants to have a home of their very own.

Also, the listing assists property customers to take advantage of their time correctly and wisely. This is mostly because all they need to perform would be to search this listing within the diverse websites on the internet. It’s pretty much simple to do. Hence, they can certainly invest their time on a lot more important things such as spending a holiday getaway with the family and finishing an essential project associated to work.

If the home purchaser possesses the financial muscle, he is privileged because he can certainly purchase the property immediately. Immediately after signing the agreement, he or she can live in his / her dream home and can experience the ‘apple pie life’ he has imagined for the longest time.

Nevertheless, it is also important for the home buyer to take precautionary measures when it comes to dealing with some online real estate companies. They should be able to know that what they are dealing with is legitimate and do exist. It is really disheartening to become a victim of an opportunistic scammer.

However, the free house listing in any perspective you look at it, if properly used, can bring favorable consequences to both house owners and house buyers.

As what is proven, time is a question of what technology is being utilized. Although it still depends on how individuals invest time, the contemporary equipment is a great factor that changes facts. It changes facts in such a way that possibilities are within reach and also the impossible goals or dreams have nearly become a myth. It is certainly amazing!

Do you need answers to your questions like free house listing? Let us help you when it comes to homes for sale advertisement. For more information, click www.listingswiz.com to contact us.

Home Loans

Miami FHA home loan, Miami FHA mortgage, Miami FHA loan,

Miami FHA home loan, Miami FHA mortgage, Miami FHA loan,

 

 

Miami FHA Mortgage Loans – Buying a Miami Home using a FHA Loan

The FHA mortgage loan program was created to help increase homeownership. The  FHA program makes buying a home easier and less expensive than other Miami FL mortgage loan programs. Just  few key advantages to FHA home loans are

Minimal Down Payment and Closing Costs.

Down payment less than 3.5% of Sales Price 100% Financing options available Gift for down payment and closing costs allowed. No reserves or required. FHA regulated closing costs. Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines such as:

Minimum FICO credit score of 530. FHA will allow a home purchase two years after a Bankruptcy. FHA will allow a home purchase  three years after a Foreclosure. 

Easier Debt Ratio & Job Requirement Guidelines such as:

Higher Debt Ratio’s than other Miami mortgage loan programs. Less than two years on the job is allowed. Self-Employed individuals o.k.

These advantages of the FHA loan program has made it one of the best options for most Miami FL first time home buyers as well as move-up home buyers.

You do not have to be a first time buyer in Miami Fl to obtain a FHA loan, anyone in Miami  may use a FHA loan to purchase a home as long as you do not have more than one FHA mortgage loan at any one time.

FHA Home Loans for Purchasing a Miami Florida Home

Although Miami Florida FHA home loans require additional paperwork, the reality is that applying for an FHA mortgage loan in Miami Florida is not much different from applying for conventional financing. In fact, for many Miami FL borrowers the small amount of extra time turns out to be an exceptional mortgage bargain because they save thousands of dollars over the life of their Miami Florida Mortgage.

We have been working with the FHA program for many years. We’re experts at assembling the proper paperwork and presenting your loan application to FHA approved Miami FL lenders diligently and professionally. It’s one of the ways that we have earned our reputation for closing FHA home loans in Miami Florida on-time.

You may be surprised at how flexible sellers are in the current market and how many programs there are that provide Down payment assistance to applicants for FHA financing to purchase Miami Florida homes, Miami condos, and Miami townhouses. The fact is, seller can pay up to 6% towards your closing costs. This means, no closing costs for you when negotiated during the purchase contract!

The FHA program offers excellent fixed rate options and never a prepayment penalty. If other Miami mortgage lenders are quoting you subprime rates, you owe it to yourself to look into Miami FHA mortgage loans to  to compare the costs of getting an FHA home loan for your home purchase.

For first time Miami home buyers and other Miami borrowers, the FHA home loans can have key advantages:

Easy Qualification – The FHA loan insures Miami FL lenders against loss for loans made to properly qualified FHA home loan borrowers. So you’re likely to find FHA mortgage loans with terms that make it easier for you to qualify.

Minimal Downpayment Requirements – FHA mortgages can work with as little as 3% down and those funds can come from a family member, charity, or your employer. Although the Miami FL FHA loan does not have a zero down mortgage option yet, you will find a local grant or other Downpayment assistance programs that work well with Miami Florida FHA home loans.

Less than A-1 Credit is Okay – The Miami Florida FHA home loan program exists to expand the pool of home buyers. Even borrowers with prior bankruptcies or mortgage lates get approved every day for Miami FL FHA mortgages to buy or Refinance homes.The FHA loan program uses credit quality, not credit score!

Lower Cost Over the Life of the Loan – The Miami Florida FHA home loan rates are extraordinarily competitive. FHA’s lower risk to the Miami FHA mortgage lender means a better rate for the Miami FL home buyer.

Safeguards for Borrowers Who Get Behind – The Miami Florida FHA loan mortgages also allow the lender more options in helping borrowers who fall behind keep their homes are get current again: special forbearance, workouts, even free Miami mortgage counseling. Further, FHA/HUD can allow the lender to take past due payments and move them to the end of the loan and in some instance will actually pay your past due payments for you. Options to save your home you’ll never get from a conventional loan! In an uncertain world, this is another excellent reason for you to get an FHA mortgage in Miami FL.

Options for Manufactured Housing – Under certain conditions, you can even finance a Miami FL Mobile Home or manufactured home using a Miami Florida FHA mortgage loan.

FHA Loans Are Fully Assumable – When you are ready to sell your Miami FL home, you can offer buyers FHA financing! All Miami FHA loans can be assumed by qualified buyers.

The FHA program has evolved since it started in 1934 and now has options for HUD insured loans that fit a variety of different Miami FL mortgage applicants and situations.

First Time Home Buyer Programs

http://www.fhamortgageprograms.com/florida/Dade-County/
http://www.fhamortgageprograms.com/florida/Miami/
http://www.fhamortgageprograms.com/faq/fha.shtml
http://www.fhamortgageprograms.com/mortgage/fha-loan-program.shtml
http://www.fhamortgageprograms.com/

Mortgage Finance

How Denver and Colorado Mortgage Lenders Can Help if You’re Looking for a Denver or Colorado

How Denver and Colorado Mortgage Lenders Can Help if You’re Looking for a Denver or Colorado

If you are in Denver or Colorado and looking for a home loan there are many options for you, thanks to technology. You can look for a loan from anywhere in the country, but that doesn’t mean you should if you are looking to buy a refinance a Denver or Colorado mortgage.

No one has the knowledge of Denver or Colorado home loans like local Denver mortgage lenders, despite the fact you can shop for a Colorado or Denver mortgage online or fill out a Colorado and Denver application with the press of a button. Those far removed from the unique housing market of the area can really give you the understanding you need for a Denver and Colorado mortgage.

Colorado and Denver Mortgage lenders and their knowledge

The real estate market in Colorado is its own animal. It’s unique and a Colorado mortgage company will know that. Denver mortgage lenders understand that you can find modest single family homes, investment properties, luxury homes and vacation

properties all in the same market. Other markets are very different, with not as many kinds of properties available, so lenders outside the market may try to fit only one type of Denver and Colorado home loans to a lender — without success. Those seeking Denver Colorado home loans and properties will be more successful if they find a Denver mortgage lender who can offer more products specifically targeted to the individual’s needs.

The unique nature of the market means you must have someone working for you with a good knowledge base of Denver and Colorado home loans and a Denver or Colorado mortgage company that can get to a variety of products.

The best Denver mortgage lenders should be able to access many different funding sources for Denver Colorado home loans, jumbo loan products for those seeking larger Denver Colorado home loan and standard Denver Colorado home loans for conforming loans under 7,000.

With these products, Denver mortgage lenders can also provide program flexibility, with the ability to access both fixed and variable rate products for Denver mortgage lenders serving short- and long-term home seekers.

Different buyers have different Denver Colorado home loan needs, including those who want to sell after a few years, those who are looking to refinance and those who want to stay in their homes for a long time and want stable Denver Colorado home loan payments (and preferred fixed rate loans from Denver mortgage lenders).

The bottom line for those looking for a loan is that the needs will differ depending on what kind of loan you want and need. Finding the best rates for your needs means finding a good Denver and Colorado mortgage company which is flexible and experienced enough to provide a good Denver and olorado home loan. Consumer watch groups like the Tom Martino mortgage referral system can help those shopping for Denver Colorado home loans. The system makes looking for a good Denver mortgage lender that much easier. Plus, the added security of a good consumer advocate can be a big boost in finding reliable Denver mortgage lenders.

First Time Home Buyer Programs

This article is written by J.B. of 1st American Mortgage and Loan, LLC, a Colorado mortgage lender who offers access to information on obtaining a Colorado mortgage loan as well as other information on loans inColorado online mortgage

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First Time Home Buyer Programs

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Mortgage Finance

Dealing With Your Bank During Foreclosure

Should you be in foreclosure and have spoken to your bank, it’s possible you’ll feel you are being neglected. This neglect comes in the form of not returning phone calls, short responses on the phone, and counsel that may not be in your best interest. The case is that the bank assumes you are usually in default because of something you did and under the terms of the mortgage, or deed of trust, it’s your difficulty. This sometimes-disdainful thought fills the banking industry and makes it complex for an easy resolution to your foreclosure. This is sometimes why householders consider that banks would like to steal their houses, in particular when there is equity in them.

Actually, the bank does prefer to have the equity from your property if there is any. In the recent real estate market declines, this is not fairly often the case. The sub-prime crisis has triggered the collapse of many banks that were disobliging with borrowers who were sold residences they couldn’t come up with the money for through the use of Adjustable Rate Mortgages (“ARM’s”). The larger issue is that the banks have to manage so lots of individuals who have numerous stories that they have become anesthetize towards homeowners’ individual circumstances. More significantly, the banks are in business to produce an income, so sadly which means helping foreclosure victims is only secondary to what is in their best interest.

The banks earn money from both interest differential on their loans, as well on the points charged at closing, or the advertising of their loans for a profit. How many individuals are you aware who have had their lender changed after they obtained their mortgage? The quantity is incredibly towering because there is a lot of money to be made in selling and repackaging these small loans into multi-billion dollar bundles.

If a bank has to acquire a property back from a foreclosure or a “deed in lieu of foreclosure”, it becomes a Real Estate Owned (“REO”) property for the bank. This is exactly a difficulty due to huge jump in the cash reserves the bank must have by Federal Reserve requirements. So generally speaking, the banks don’t want your house except they can immediately sell it and produce a profit. From the moment a home-owner is 90 days late the banks apply computer programs to work out if your house has equity plus they even send out a realtor to do a Broker’s Price Opinion (“BPO”) to work out its value. If it has equity that the bank believes considers it quickly marketable, it’s possible you’ll be handled differently. than a homeowner, that has no equity. This “equity stripping” of the home is not a predictable income for the bank, but when it becomes accessible, the bank has a “responsibility to its stockholders” to reap the benefits of the situation. While in the southeastern states and California, this was a typical practice for years when there were rapidly increasing markets.

Some banks became pro-active in trying to facilitate homeowners by sending out field reps to look at their personal situation and suggest solutions. Though, the programs we have experienced required the lender’s agent to be a licensed realtor which caused a arguments with his wanting to list the property for the higher commission versus the small fee for having the homeowner fill out a form and getting an answer from the bank that assigned the homeowner to keep his home.

In summing up, the bank has motives to mistreat the home owner. Most banking institutions are not inside the business to try and steal homes from foreclosure victims but if the chance avails itself, it’s a real prospect. Banks will not give homeowners legal counsel mainly if it is not in their best interests. Consequently, the homeowner must pay attention to what questions to ask his bank concerning what applications are available as solutions for his foreclosure problem. Not at all, sign any documents either from a bank or from someone else without obtaining the documents reviewed by an attorney.

Another great article by North Bay Waterfront Free reprint avaialable from: Dealing With Your Bank During Foreclosure.

Mortgage Finance

Getting The Most From A Reverse Mortgage Calculator

Let’s see how to get more from a reverse mortgage calculator. Using a calculator online is the best way to avoid any pressures from a salesperson, allowing you to move at your own pace. Be careful though, sometimes the calculators can give you poor results.

I am guessing that you probably already know something about reverse mortgages, or you wouldn’t be looking for a reverse mortgage calculator. Why would someone need more information on how to calculate what your reverse mortgage will get you? The answer is not complicated and neither are the calculators, but there are a few facts you need to know.

[I:https://www.topfirsttimehomebuyerprograms.com/wp-content/uploads/2010/08/DavidPrulhiere4.jpg]1. Using the reverse mortgage calculator on your own is ok, but remember there are considerations that will vary the amount of money available to you. Keep in mind that they only give you an estimate.

2. Another benefit that won’t show on most online calculators is if your loan officer waives the origination fee. On certain programs, the fee can be totally removed, saving you thousands of dollars.

3. How do you know which program to choose? With all the variations available, it can be confusing. There are multiple choices for both the fixed rate and the adjustable rate mortgages

When it is time to make an educated decision, you are going to want to speak with a knowledgeable loan officer. You may not want to be bothered by a sales person, but there comes a time when if you want to get the specific answers to your situation, and the general information available online may not suffice.

If you have more questions about how a reverse mortgage works, or you are getting closer to making your decision, you probably should contact us. We can take your specific needs and fill in the blanks that tie the program together. Most important of all, you get the benefit of an exact quote that fits your needs, rather than just a generic quote online.

Before you rely totally on your experience, when using the online reverse mortgage calculator, you may want to speak with one of our professionals. You will get the accurate details you need for your specific reverse mortgage needs. Call us at (877) 399-6633.

Housing Grants

Government Grants Aimed At Debt Relief – Housing Grants

Government Grants Aimed At Debt Relief – Housing Grants

The government grants aimed at debt relief are not only funded by the federal government but also by private foundations. After some time, you will notice that your home needs some repair, or perhaps you finally decided to renovate it. Purchasing a new house can be difficult to some families and in fact, many families lost their homes to foreclosure in the recent years.

Thanks to the administration’s efforts to revitalize the US economy, homeowners can now be assured of home security through the housing grants. The grant programs vary and you may qualify for housing grants amounting to 0 – ,000,000. The reason why a lot of people want to take advantage of the grants is that you don’t have to pay or reimburse it to the federal government.

So what are the housing grants available to US citizens? Among the programs are First Time Home Buyer, Housing and Real Estate Funding, Home Repair, Mobile Homes, Apartment Buildings, Rental Housing Projects, Commercial Property, Land Development, and New Construction. Every year, the government allocates a great amount to government grants alone.

A lot of people are still unaware of the housing grants available to them and because of they are missing out on the opportunity to own a home. With the increased publicity of these government grants, some scammers are also taking advantage of the situation. Unscrupulous individuals are asking for fees just to provide the needed information about the grants.

However, you see, you don’t have to pay for the information about government grants because it’s free. The grants are usually awarded to community projects, investors, and to ordinary citizens. Make sure that you qualify so that you can proceed with the application.

Determine the eligibility requirements for government grants aimed at debt relief. With a good proposal, you can get the housing grant. Lots of luck for you!

First Time Home Buyer Programs

***Update***

I have done a bit of research for you. These Government Grant Experts can help you get the grants you deserve by helping you get out of debt fast. You can find out if you qualify for a Government Grant for free!

Mortgage Finance

Pre-Foreclosures – Why Real Estate Gurus Prefer Them

Most people in the US are aware of the current real estate crisis and the unsettling fact that many people are losing their homes to foreclosure. Before a home is in the process of becoming foreclosed, it is in the pre-foreclosure stage. The pre-foreclosure period can last anywhere from a few weeks to a few months, and is considered by many real estate investors as the absolute best time in which to negotiate the purchase of a home.

A lot of times the banks don’t want to deal with having to foreclose a home, so they will allow the owners to sell it during the pre-foreclosure period. You can get a great bargain in buying a pre-foreclosed home.

Here are many advantages to buying a pre-foreclosed home from a homeowner rather than bidding on a foreclosed home at an auction:

– Pre-foreclosed houses are often cheaper considering as it’s being sold by a home owner that is in a hurry to sell to avoid facing foreclosure and the bad credit that goes along with it.

– Because you are working with the owner you’ll be able to ask questions about the property you wouldn’t be able to otherwise.

– There is usually less competition for a pre-foreclosed home than a auctioned foreclosed home. You won’t have to worry about placing the highest bid.

– More time to consider your finances before making the decision to purchase a home.

– Auctions can be a skill in itself and many people are not comfortable in that environment.

– You can bring an inspector along with you to inspect a pre-foreclosed home.

– You will be allowed to make a low down payment on a pre-foreclosed house. This is not the case at a foreclosure auction.

As with any house purchase make sure you check for any judgments, or liens against the estate. Bring along someone how is familiar with buying real estate and if possible have the house professional inspected. The risks are comparable to a traditional type of home purchase but with the advantages of foreclosure discounted pricing.

Getting ready to buy or sell a home in Utah? Make sure you visit Homes for Sale in Salt Lake City and get find out about all Homes for Sale Salt Lake City!

Home Loans

Loans Including Secured Loans, Remortgages, Debt Consolidation Loans And Mortgages.

In life there are so many things to buy and so many places interesting to visit, and all this costs money. it is very much those and only those who can afford to do what they want and to go where ever they want and pay for it our of their own funds. Only those with wealth handed down from one generation to the next, can afford to live like this and as such most people need to borrow off and on, that is they need to borrow.

Loans are the name for the borrowing of money.

There are several different ways of obtaining a loan such as your local bank, building society as well as different companies that advance both secured loans and unsecured ones.

People normally need several types of loans in life, and the most common of these is most likely car loans that can be obtained from the dealer offering the car that you want to buy.

These car loans are in fact a form of secured loan as the car itself forms the security for the loan.

Being secured on the car, the same car can be taken back for lack of payments.

Another loan that most people will take out a number of times is a mortgage that is a loan needed to buy a property.

Mortgages can be obtained from banks or building societies but instead of shopping about like a headless chicken yourself, and enquiring at a whole number of different lenders, you are best to ask a mortgage adviser for all your mortgage options, as he will have a world of mortgages available instead of you trying all the individual lenders

Mortgages come in many varieties and can be complicated to understand if it is not a subject with which you are overly familiar. As such the best way is to seek the services of a whole of marker broker who is fully versed on the subject of mortgages and can offer you a great choice.

There are certainly many different loans on the market

Looking to find the best deal on consolidation, then visit www.championfinance.com to find the best advice on mortgages for you.

Home Loans

Plan Your Autumn With A Secured Loan Or Remortgage And Arrange Debt Consolidation At The Same Time

It has been rather a disappointing Summer, especially when we had been advised by the powers that be that we were in for the Summer of our life with scorching weather for months on end.When this just did not happen people felt very let down yet again by those weather experts who so often get it wrong

Life in this country is very much planned round what the weather is going to be like.

Many people bought outdoor cooking equipment thinking that they could eat out in the garden every day as well as spending pleasant summer evenings eating in the garden with their friends

There were even those who spent too much money installing a conservatory or a pond for example at their property to splash put in really enjoying their outdoor living space.

The realization that they have spent more money than they should, on objects that they have not been able to use much, is now hitting home.

In general many go away on holiday in July and August, but believing that it would be nicer at home this time some opted to simply stay at home. An Autumn holiday would now be in order and at the same time something can be done to rectify the over spending of late.

Autumn is a good time in much of Europe, and it would be a good time to go on holiday

In Autumn there are the vine harvests in the major vine producing areas of France, Italy, Spain, etc. and it s wonderful to see the locals at work picking the grapes followed often in the evening by small festivals eating the local produce and wine from the previous years crop, all accompanied by music and dance.

Homeowners should take out a remortgage or a secured loan to pay for this to treat themselves after the sorry summer while at the same time taking out enough additional money to arrange debt consolidation .

Want to find out more about secured loans, then visit JChampion Finance’s site on how to choose the best mortgages for your needs.