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Buying A House

Renting vs. buying a home (part 2)

Factoring in appreciation and depreciation into the rent vs. buy decision.
First Time Home Buyer Programs
Video Rating: 4 / 5

Buying a house with a bad credit score can be done by finding a desperate seller who needs to get rid of the house and is willing to negotiate, and any house with a “for sale” and a “for rent” sign is a good place to start. Negotiate with the seller of a home to lay out the terms of a lease or mortgage with advice from a credit repairconsultant in this free video on personal finance. Expert: Stetson Lowe Contact: stetsonlowe.typepad.com Bio: Stetson Lowe is a credit repair expert. Known as the “mortgage insider,” Lowe assists increasing credit scores for the most challenging of clients. Filmmaker: Paul Kersey
First Time Home Buyer Programs

Buying A House

Tips For Buying a House In Your City

Tips For Buying a House In Your City

Once word circulates that you’re actively looking, it seems everyone and their cousin has tips for buying a house. You may feel adrift in unsolicited advice, brochures, business cards, and confusion. Never fear. Here are the four most common pitfalls buyers make, and how to avoid them.

Buying way too big. We’ve all seen it. Couples with vague future ideas of a child or two jumping into that five-bedroom, four-bath Victorian. The elderly couple buying a small cottage surrounded by acres of manicured lawn and plantings. Don’t let it happen to you. Buy a house to suit your needs now and for the next five years. Building on later is cheaper than paying to heat, decorate, and satisfy interest on wasted space. Your kids will not suffer emotional trauma by sharing a room, either. Honest.

Failing to investigate the neighbors. If you don’t mind your neighbors’ nude sunbathing, putrid garbage, or loud romantic interludes, then by all means view the property once and buy it. Seriously, insist on a day and night-time viewing. Drive by a few times throughout the week with your windows down and listen. Walk the property and grounds several times. What you hear, smell or see may surprise you.

Letting the bank decide what you can afford. This is perhaps one of the most astute tips for buying a house- know your comfort zone. Only you know your budget, your income expectations, and your spending habits. If you are approved for a monthly mortgage payment of nine hundred dollars, but only feel comfortable committing to six hundred, do not be swayed. You are in control. Demand, gently, to be shown only homes you feel you can afford. Be honest and forthright with your agent about this. Look out for your own financial safety and hold your ground on price range.

Viewing a house as a short-term investment. A house is worth nothing unless someone is willing to write you a check for it. In today’s slumping economy, your house could lose value in an instant. Or, even if value holds, there may be no buyers with the financial backing to make an offer. It’s worth should be shelter first. Any increase in value should be taken as a happy windfall, not a guaranteed entitlement.

For many, a home is the largest purchase you will ever make. By utilizing these four tips for buying a house, you can select one that meets your needs without causing financial strain or suffering with unsavory neighbors.

First Time Home Buyer Programs

Visite 18002SellHomes for more tips for buying a house in Oklahoma City

Article from articlesbase.com

Factoring in appreciation and depreciation into the rent vs. buy decision.
First Time Home Buyer Programs

Mortgage Finance

Reverse Mortgage Income After Retirement

Reverse Mortgage Income After Retirement

As you approach retirement age you may want to think about getting a reverse mortgage loan to supplement your retirement income. After going through a long and tiring life filled with hard work, you may look forward to retiring with a stable and steady stream of income and being able to live off it comfortably. For many Americans, this means income derived from retirement plans, Social Security and any investments they may have made during their working lives.

One of the other most popular and widespread ways of supplementing retirement income is to take out a reverse mortgage on your property. There are many banks and reverse mortgage lenders in the market today that provide reverse mortgages, and the market has become very competitive which makes the programs more beneficial for the customer.

We know we should begin planning for retirement early. To ensure you survive retirement comfortably it is best to plan as early as possible. For many, the best way to enhance your retirement plan is through a Reverse Mortgage. A reverse mortgage is quite simply a way to access the equity in your home to provide you tax free income with no monthly payments. Most importantly senior home owners age 62 or above are federally eligible to apply and qualify for reverse mortgage loans after going through a mandatory counseling process.

There are several options for receiving payout from a reverse mortgage. You can receive fixed, monthly payments for a period of time; get a lump-sum payment; open a line of credit that you can draw against; or you can receive some combination of these options. You don’t have to stick with a payment option forever. You may be able to change your payment option in the future.  The money doesn’t have to be paid back to the lender during the lifetime of the borrower. The principal and interest become payable only when the home owner passes away or moves out of the reverse mortgaged property.

The  additional or extra line of income derived from a reverse mortgage can help put seniors at financial ease and enable them to gain confidence about their social position and spending ability in retirement. The money can be used any way they see fit – be it for travel, vacation, medical expenses, education expenses of grand children, home remodeling, anything!

The additional level of available money from a reverse mortgage offers senior home-owners peace of mind and stability so they can live their pre-retirement lifestyles without any fear of cash deficiency.

Reverse mortgage income is not taxable either; for the government considers it inappropriate to tax you on property you already own .Taken in perspective, reverse mortgages are good as an additional line of income for the senior home-owners looking to improve upon their lifestyles with a more money in their pockets. The homeowner doesn’t pay a mortgage; instead he receives payment from the lender in exchange for a stake in the value of the home. Check how much you can get from your Reverse Mortgage? We’ve helped thousand of senior homeowners solve their financial questions, it’s time we help you.

For FREE reverse mortgage counseling, Give us a call. We will be more than happy to answer any questions that you may have. Or if you’d like to find out how money you qualify for and if you’re eligible, feel free to give us a call at (800)630-0650.
Tim Jacobs
Golden Years Mortgage Solutions
Your Money…When You Need It
www.GoldenYearsMortgageSolutions.com
(800)630-0650
tim@goldenyearsmortgagesolutions.com

Tim Jacobs @ Golden Years Mortgage Solutions www.GoldenYearsMortgageSolutions.com  (800)630-0650 tim@goldenyearsmortgagesolutions.com Golden Years Mortgage Solutions is a reverse mortgage approved FHA Lender. We’ve helped thousands of senior homeowners solve their financial problems. Our agents and brokers collectively have over 60 years of experience in Reverse Mortgage Loans and general financial services, including managers who are industry pioneers with more than 12 years of reverse mortgage experience. Our dedication to providing financial solutions for seniors is evidenced by the number of referrals that come from our existing clients.

First Time Home Buyer Programs

Tim Jacobs @ Golden Years Mortgage Solutions www.GoldenYearsMortgageSolutions.com  (800)630-0650 tim@goldenyearsmortgagesolutions.com Golden Years Mortgage Solutions is a reverse mortgage approved FHA Lender. We’ve helped thousands of senior homeowners solve their financial problems.

Article from articlesbase.com

Home Loans

Usda Home Loans ? 100% Financing For Rural Areas And Small Communities

Usda Home Loans ? 100% Financing For Rural Areas And Small Communities

Few people are aware that the USDA also provides home loans. Financing is available for eligible applicants who are looking to purchase a home in many small towns and rural areas. Benefits of a USDA Home Loan: • No Down Payment • No PMI (private mortgage insurance) • Low Fixed Rates • Finance your closing costs • No maximum purchase price • Perfect credit not required • Low up front closing costs • In some cases closing costs can be financed • Minor credit problems OK • No maximum loan amounts • Fixed Rates Only USDAHomeLoanApproval.com is committed to helping more people achieve the American dream of homeownership. A USDA home loan is a government insured loan created to increase the population and strengthen the economy in rural America. A common misconception is that USDA home loans are only for farmers. Almost any area outside a major metropolitan city will qualify. When you inquire with USDAHomeLoanApproval.com you will be contacted by an experienced rural development loan expert from our network of approved lenders. You will not be contacted by more than one loan consultant and we don’t require your social security number or a credit check to inquire. The loan consultant will determine your eligibility and answer all of your questions about the USDA Home loan process. Don’t let someone you don’t trust handle one of the most important financial transactions in your life. Allow one of our rural development loan experts to analyze your situation and determine if a USDA home loan meets your needs. Visit our website at USDAHomeLoanApproval.com to learn more about the USDA Home Loan process.

First Time Home Buyer Programs

Related Home Loans Articles

Mortgage Finance

Understanding Reverse Mortgage

Understanding Reverse Mortgage

When it comes to helping our aging loved one with financial decisions, we want to make sure we take time to understand all aspects of the transaction. One option for seniors that is becoming very popular is to use the equity from their home to increase their cash flow. Some seniors need to pay off old home equity loans; others have credit card debt that they would like to eliminate. Some elderly parents need additional cash flow to pay in-home caregivers, and some need the money to simply be able to afford to pay their daily living expenses. Regardless of the reason, a reverse mortgage is a big decision for seniors and their family members.

Let me offer some background, For the purpose of our discussion, a reversed mortgage is designed specifically for homeowners who are age 62 and older. Through this product, you can receive loan money from your home in the form of a lump sum, regular monthly checks or a line of credit. The money is typically repaid with interest when you sell your house, permanently move away, or pass away.

Reverse mortgages are regulated by the federal government (HUD and FHA). This is a “non-recourse loan,” which means that the heirs of the seniors are not responsible for repaying the loan. In fact, a reverse mortgage is a loan that does not have to be repaid unless both homeowners (assuming a couple) leave the home permanently, or pass away. No monthly payments are required. The senior is the one who gets paid.

The money the elderly receive from a reverse mortgage is tax free, and does not interfere with SSI or Medicare benefits. For the elderly parents that are having trouble making ends meet, this can be a life saver.

You might be wondering, what’s the difference between a reverse mortgage and a bank home equity loan. With a traditional second mortgage, or a home equity line of credit, you must have sufficient income versus debt ratio to qualify for the loan, and you are required to make monthly mortgage payments. The reverse mortgage is different in that it pays you, and is available regardless of your current income. The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA’s mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.

You don’t make payments, because the loan is not due as long as the house is your principal residence. Like all homeowners, you still are required to pay your real estate taxes, insurance and other conventional payments like utilities. With an FHA HECM you cannot be foreclosed or forced to vacate your house because you “missed your mortgage payment.”

Now that you understand the reverse mortgage you are now thinking how much money you can get from your home. The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA’s mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.

Reverse mortgages have helped hundreds of thousands of homeowners like you; improve their quality of life in retirement. A Reverse Mortgage can help you retire more comfortably. It can provide you with money when you need it most. No Monthly Mortgage Payments, Easy Qualification, Tax-Free Money and No cash needed for closing costs. Can it get any better? If you’d like to find out how much money you qualify for and if you’re eligible, give us a call at (800)630-0650.

Tim Jacobs
Golden Years Mortgage Solutions
Your Money…When You Need It
www.GoldenYearsMortgageSolutions.com
(800)630-0650
tim@goldenyearsmortgagesolutions.com

Tim Jacobs@GoldenYearsMortgage Solutions www.GoldenYearsMortgageSolutions.com (800)630-0650 tim@goldenyearsmortgagesolutions.com Golden Years Mortgage Solutions is a reverse mortgage approved FHA Lender. We’ve helped thousands of senior homeowners solve their financial problems. Our agents and brokers collectively have over 60 years of experience in Reverse Mortgage Loans and general financial services, including managers who are industry pioneers with more than 12 years of reverse mortgage experience. Our dedication to providing financial solutions for seniors is evidenced by the number of referrals that come from our existing clients.

First Time Home Buyer Programs

Tim Jacobs @ Golden Years Mortgage Solutions www.GoldenYearsMortgageSolutions.com  (800)630-0650 tim@goldenyearsmortgagesolutions.com Golden Years Mortgage Solutions is a reverse mortgage approved FHA Lender. We’ve helped thousands of senior homeowners solve their financial problems.

Article from articlesbase.com

Mortgage Finance

Understanding Reverse Mortgage

Understanding Reverse Mortgage

When it comes to helping our aging loved one with financial decisions, we want to make sure we take time to understand all aspects of the transaction. One option for seniors that is becoming very popular is to use the equity from their home to increase their cash flow. Some seniors need to pay off old home equity loans; others have credit card debt that they would like to eliminate. Some elderly parents need additional cash flow to pay in-home caregivers, and some need the money to simply be able to afford to pay their daily living expenses. Regardless of the reason, a reverse mortgage is a big decision for seniors and their family members.

Let me offer some background, For the purpose of our discussion, a reversed mortgage is designed specifically for homeowners who are age 62 and older. Through this product, you can receive loan money from your home in the form of a lump sum, regular monthly checks or a line of credit. The money is typically repaid with interest when you sell your house, permanently move away, or pass away.

Reverse mortgages are regulated by the federal government (HUD and FHA). This is a “non-recourse loan,” which means that the heirs of the seniors are not responsible for repaying the loan. In fact, a reverse mortgage is a loan that does not have to be repaid unless both homeowners (assuming a couple) leave the home permanently, or pass away. No monthly payments are required. The senior is the one who gets paid.

The money the elderly receive from a reverse mortgage is tax free, and does not interfere with SSI or Medicare benefits. For the elderly parents that are having trouble making ends meet, this can be a life saver.

You might be wondering, what’s the difference between a reverse mortgage and a bank home equity loan. With a traditional second mortgage, or a home equity line of credit, you must have sufficient income versus debt ratio to qualify for the loan, and you are required to make monthly mortgage payments. The reverse mortgage is different in that it pays you, and is available regardless of your current income. The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA’s mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.

You don’t make payments, because the loan is not due as long as the house is your principal residence. Like all homeowners, you still are required to pay your real estate taxes, insurance and other conventional payments like utilities. With an FHA HECM you cannot be foreclosed or forced to vacate your house because you “missed your mortgage payment.”

Now that you understand the reverse mortgage you are now thinking how much money you can get from your home. The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA’s mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.

Reverse mortgages have helped hundreds of thousands of homeowners like you; improve their quality of life in retirement. A Reverse Mortgage can help you retire more comfortably. It can provide you with money when you need it most. No Monthly Mortgage Payments, Easy Qualification, Tax-Free Money and No cash needed for closing costs. Can it get any better? If you’d like to find out how much money you qualify for and if you’re eligible, give us a call at (800)630-0650.

Tim Jacobs
Golden Years Mortgage Solutions
Your Money…When You Need It
www.GoldenYearsMortgageSolutions.com
(800)630-0650
tim@goldenyearsmortgagesolutions.com

Tim Jacobs@GoldenYearsMortgage Solutions www.GoldenYearsMortgageSolutions.com (800)630-0650 tim@goldenyearsmortgagesolutions.com Golden Years Mortgage Solutions is a reverse mortgage approved FHA Lender. We’ve helped thousands of senior homeowners solve their financial problems. Our agents and brokers collectively have over 60 years of experience in Reverse Mortgage Loans and general financial services, including managers who are industry pioneers with more than 12 years of reverse mortgage experience. Our dedication to providing financial solutions for seniors is evidenced by the number of referrals that come from our existing clients.

First Time Home Buyer Programs

Tim Jacobs @ Golden Years Mortgage Solutions www.GoldenYearsMortgageSolutions.com  (800)630-0650 tim@goldenyearsmortgagesolutions.com Golden Years Mortgage Solutions is a reverse mortgage approved FHA Lender. We’ve helped thousands of senior homeowners solve their financial problems.

Article from articlesbase.com

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Mortgage Finance

Mortgage Modification: Who qualifies?

(Click “More Info” to see full video script!) www.60MinuteLoanModification visit for a free CD on Mike Rockwood’s experience modifying 5 of his own home loans – and how you can too. Ask Mortgage Modification questions on our forums at http Initially, lenders strictly adhered to the seven guidelines explained below when awarding mortgage modifications. Today thats no longer true. Theyre now limiting their analysis to fewer of the original criteria as the crisis deepens and the workload increases. In fact, the range is surprising and somewhat inconsistent. This indicates to me that the rules are being written on the fly. Virtually all lenders are using cascading calculations, whereby one set of calculation results are used in the subsequent calculation. Therefore, no one criterion is final; rather, qualification depends on a combination of factors. Ability to pay: This is your ability to meet the obligations of the modified loan. Customary underwriting criteria are used, so take 55% of your gross monthly household income. That is a rough estimate of how much monthly debt payment the lender will allow. This is your target amount after modification. Debt to Income Ratio is the term that lenders use to describe this underwriting guideline. Its simply your total monthly debt payments, including cars, credit cards, student loans, and others, divided by your Gross Monthly Household Income. Type of Loan: 100% of Negative Amortizing Adjustable-Rate Mortgages (NegAM) loans will be …
First Time Home Buyer Programs

First Time Home Buyer Programs

First Time Home Buyers it’s your money on the table!

First Time Home Buyers it’s your money on the table!

Many first time home buyers are in a holding pattern, waiting for that “perfect” time to buy their first home. They’re hoping for that combination of the lowest price and the lowest interest rate before jumping in.
If that’s you, I have some advice.
1) Hope is not a strategy!
2) Take a close look at your current strategy, it’s probably costing you money.
I did a post a couple of months ago about the real cost of waiting.

 

What is the real cost of waiting for first time home buyers?

The recent run-up in interest rates has increased the monthly cost of that hypothetical 0,000 home / month or 00 over a five year period.
FHA loans are the “loan of choice” for most first time home buyers. The low down payment requirements and easier qualifying guidelines make the most attractive option among loan programs.
FHA has announced that on April 18th they will be increasing their monthly mortgage insurance premium by .25%. If you wait until after that date to start the hunt for your first home, the tab will increase by another .67/mo or 00 over five years, on that 0,000 home.
In that same period of time, home values in many markets have decreased by about 3%, so you would have gained about /mo or 20 over 5 years.
So net-net sticking with this “wait n see” strategy will cost you almost 0/mo
If you’re still paying rent in most markets it’s cheaper to own than rent, so you’re overpaying for one form of housing when there is a cheaper alternative.

Still think renting is cheaper?

Unlike some of my peers, I don’t claim to have a crystal ball to predict which way interest rates and home values will go over the next few months, but I can tell you this with absolute certainty:
Home values and interest rates will do one of three things (and not necessarily in the same direction).
They may go up, they may go down, or they may stay the same. and in only one chance in three will you get better than what you can get today (one in six if you are playing both sides of the fence)
Bottom line, “IT’S YOUR MONEY ON THE TABLE, HOW MUCH OF A GAMBLER ARE YOU?”

For more valuable first time home buyer information check out our blog:

http://firsttimehome.us

First Time Home Buyer Programs

Greg Cook is a mortgage professional with more than 30 years experience help homebuyers achieve their part of the American Dream.

His street level view allows his clients to wade through the millions of bytes of information and make the right decision for their family.

You can find more first time home buyer information on his blog: http://firsttimehome.us

Article from articlesbase.com

Mortgage Finance

Understanding Reverse Mortgage

Understanding Reverse Mortgage

When it comes to helping our aging loved one with financial decisions, we want to make sure we take time to understand all aspects of the transaction. One option for seniors that is becoming very popular is to use the equity from their home to increase their cash flow. Some seniors need to pay off old home equity loans; others have credit card debt that they would like to eliminate. Some elderly parents need additional cash flow to pay in-home caregivers, and some need the money to simply be able to afford to pay their daily living expenses. Regardless of the reason, a reverse mortgage is a big decision for seniors and their family members.

Let me offer some background, For the purpose of our discussion, a reversed mortgage is designed specifically for homeowners who are age 62 and older. Through this product, you can receive loan money from your home in the form of a lump sum, regular monthly checks or a line of credit. The money is typically repaid with interest when you sell your house, permanently move away, or pass away.

Reverse mortgages are regulated by the federal government (HUD and FHA). This is a “non-recourse loan,” which means that the heirs of the seniors are not responsible for repaying the loan. In fact, a reverse mortgage is a loan that does not have to be repaid unless both homeowners (assuming a couple) leave the home permanently, or pass away. No monthly payments are required. The senior is the one who gets paid.

The money the elderly receive from a reverse mortgage is tax free, and does not interfere with SSI or Medicare benefits. For the elderly parents that are having trouble making ends meet, this can be a life saver.

You might be wondering, what’s the difference between a reverse mortgage and a bank home equity loan. With a traditional second mortgage, or a home equity line of credit, you must have sufficient income versus debt ratio to qualify for the loan, and you are required to make monthly mortgage payments. The reverse mortgage is different in that it pays you, and is available regardless of your current income. The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA’s mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.

You don’t make payments, because the loan is not due as long as the house is your principal residence. Like all homeowners, you still are required to pay your real estate taxes, insurance and other conventional payments like utilities. With an FHA HECM you cannot be foreclosed or forced to vacate your house because you “missed your mortgage payment.”

Now that you understand the reverse mortgage you are now thinking how much money you can get from your home. The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA’s mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.

Reverse mortgages have helped hundreds of thousands of homeowners like you; improve their quality of life in retirement. A Reverse Mortgage can help you retire more comfortably. It can provide you with money when you need it most. No Monthly Mortgage Payments, Easy Qualification, Tax-Free Money and No cash needed for closing costs. Can it get any better? If you’d like to find out how much money you qualify for and if you’re eligible, give us a call at (800)630-0650.

Tim Jacobs
Golden Years Mortgage Solutions
Your Money…When You Need It
www.GoldenYearsMortgageSolutions.com
(800)630-0650
tim@goldenyearsmortgagesolutions.com

Tim Jacobs@GoldenYearsMortgage Solutions www.GoldenYearsMortgageSolutions.com (800)630-0650 tim@goldenyearsmortgagesolutions.com Golden Years Mortgage Solutions is a reverse mortgage approved FHA Lender. We’ve helped thousands of senior homeowners solve their financial problems. Our agents and brokers collectively have over 60 years of experience in Reverse Mortgage Loans and general financial services, including managers who are industry pioneers with more than 12 years of reverse mortgage experience. Our dedication to providing financial solutions for seniors is evidenced by the number of referrals that come from our existing clients.

First Time Home Buyer Programs

Tim Jacobs @ Golden Years Mortgage Solutions www.GoldenYearsMortgageSolutions.com  (800)630-0650 tim@goldenyearsmortgagesolutions.com Golden Years Mortgage Solutions is a reverse mortgage approved FHA Lender. We’ve helped thousands of senior homeowners solve their financial problems.

Article from articlesbase.com

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