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Harbor Mortgage Solutions, Inc. Expands Services to Seniors Through Association With Liberty Reverse Mortgage

admin — Wed, 13 Apr 2011 20:15:49 +0000

Harbor Mortgage Solutions, Inc. Expands Services to Seniors Through Association With Liberty Reverse Mortgage

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Home Page > Finance > Mortgage > Harbor Mortgage Solutions, Inc. Expands Services to Seniors Through Association With Liberty Reverse Mortgage

Harbor Mortgage Solutions, Inc. Expands Services to Seniors Through Association With Liberty Reverse Mortgage

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Posted: Aug 12, 2008 |Comments: 0
|

DATELINE:Â BRAINTREE, MAâ¦

Christopher Downey, President of Harbor Mortgage Solutions in Braintree, MA has announced their firmâs association with Liberty Reverse Mortgage, the fastest growing and third-largest originator of Reverse Mortgages in the nation.

Downey noted, âHarbor Mortgage Solutionsâ relationship with Liberty Reverse Mortgage will help expand our services to senior homeowners, adding a more diversified portfolio of products from which to choose. This affiliation reaffirms our commitment to provide customized solutions for senior homeowners by broadening and deepening our ability to meet their needs.â

Harbor Mortgage will act as a broker for Liberty Reverse Mortgage, adding their products to Harbor Mortgageâs existing product line. âWe chose to represent Liberty Reverse Mortgage because of a similarity in our approaches to our reverse mortgage clients, which takes into consideration what is best for each senior homeowner on an individual basis,â continued Downey. âLiberty Reverse Mortgage is a leader in the industry and has helped to institute best practice guidelines, which help all of us in the reverse mortgage industry better serve our clients.â

The Reverse of Traditional Thinking

A reverse mortgage, essentially the opposite of a traditional or âforwardâ mortgage, can enable seniors to tap into accumulated equity without having to face ongoing payments. Unlike traditional mortgages where borrowers make monthly payments, in a reverse mortgage the cash flow is reversed, and the lender makes payments to the borrower.Â This enables borrowers to use the tax free cash they receive in any way that they wish with no monthly payments due to the lender.

There are no minimum income, asset, or credit qualifications to meet and no effect on Social Security or Medicare benefits. The property must be the primary residence of the borrower and adequately insured and maintained, with real estate taxes kept current. As long as the borrower continues to live in the property the loan can never be called. Repayment is required if the home is sold, or when the last borrower permanently leaves the property, or passes away. At that time, the heirs can sell, or refinance, the property to pay off the loan.

Once the province of a few small banks and private lenders, the great majority of reverse mortgages today are provided through government-sponsored programs, namely the HUD/FHA Home Equity Conversion Mortgage (HECM) and the Fannie Mae Home Keeper (HK) programs.

Harbor Mortgage Solutions, Inc.

Specializing in conventional residential and reverse mortgages, Harbor Mortgage Solutions, Inc. is located at 100 Grandview Road, Suite 105 in Braintree, MA 02184. George A. Downey, a past chairman of the Massachusetts Mortgage Association, founded family owned and operated Harbor Mortgage Solutions in 1978. His son Christopher Downey currently serves as President of Harbor Mortgage.

Assisted by a staff of experienced mortgage professionals, Harbor Mortgage Solutions is dedicated to providing customized service, obtaining the best possible solution for each individual client every time. An equal opportunity lender licensed in Massachusetts (license #MC0041) and Rhode Island (license #20041821LB), Harbor Mortgage Solutions is a member of the Massachusetts Mortgage Association, the National Association of Mortgage Brokers, and the National Reverse Mortgage Lenders Association, strictly subscribing to their rigid code of ethics. Harbor Mortgage Solutions is also an Educational Subscriber of the Massachusetts Chapter of the National Association of Elder Law Attorneys.

For additional information on services offered by Harbor Mortgage Solutions please call 781-843-5553 or 800-599-8700, or visit www.HarborMortgage.com.

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What happens to the property when a senior sets up a reverse mortgage upon her death so her son can live in the home and then he is incarcerated for life?
With a reverse mortgage is there a limit on the withdrawl amount per month for a person with medicaid?
When a person with a reverse mortgage and medicaid dies,do both receive some of the proceeds when the house is sold?

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Advantages of a Fixed Rate Mortgage

admin — Wed, 13 Apr 2011 20:15:46 +0000

Advantages of a Fixed Rate Mortgage

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Home Page > Finance > Real Estate > Advantages of a Fixed Rate Mortgage

Advantages of a Fixed Rate Mortgage

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Posted: Oct 08, 2009 |Comments: 0
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When it comes to obtaining a first mortgage, or refinancing an existing one, it is necessary to consider whether a fixed rate or variable rate mortgage would be in your best interest. While there has been a lot of support for variable rates in recent years, there are several compelling reasons why going with a fixed rate option would be the best approach. Here are some of the benefits associated with this type of mortgage, as well as a couple of examples of what type of homebuyer is likely to find a mortgage of this kind to be the ideal choice.

One of the more obvious advantages of fixed rate mortgages is the comfort of knowing exactly what you will pay from month to month. Unlike a variable mortgage, you can easily budget that payment with no worries about the amount suddenly going up due to shifts in the economy. Your payment will remain the same for as long as the mortgage is active. For people who prefer to keep their finances simple, going with a fixed rate is the only way to manage a mortgage.

It is this built-in consistency that also makes a fixed rate mortgage attractive to people who intend to retire the mortgage early. Assuming the mortgage contract does not include provisions for the lender imposing penalties for early payoff, the savvy homebuyer who wants to double up on payments in order to retire the mortgage early will know exactly how much he or she will save from the activity. This is simply not possible to accurately project with any other type of mortgage plan.

While many people assume that fixed rate mortgages are only offered at the current prime rate of interest; that is not necessarily the case. A prospective homeowner with excellent credit stands a very good chance of being able to shop around for fixed rate that is below the current average. Depending on where the buyer lives, there is a good chance that at least a few of the fixed rates will be lower than a number of the variable rates currently available.

Should the economy remain more or less stable for ten to twenty years, there is a very good chance that buyers with spotless credit will save a great deal of money over the life of the mortgage, simply by going with the most competitive fixed rate.

There are primarily two basic options with a fixed rate plan. One is known as the thirty-year fixed rate. One of the main benefits to this type of mortgage plan is that it has been around for a number of decades now. The number of lenders who offer mortgages of this kind is plentiful. This is good news for anyone who is looking for a first time mortgage on a starter home. The provisions are generally very plain, making them easy to understand, and even people who don’t consider themselves to be particularly sophisticated with money matters will have little trouble understanding how this type of fixed rate plan works.

The second traditional approach is the fifteen-year fixed rate mortgage. While it is possible for first time homebuyers to go with this option, it is more commonly used to refinance an existing mortgage. Often, using this format for refinancing will result in a lower rate of interest applied to the balance and actually lower monthly payments. This is especially true for anyone dealing with an adjustable or variable rate mortgage during a period when rates are expected to remain high. Going with this type of fixed rate plan will still make it possible to pay off the mortgage according to your original plans, but also provide some financial respite in the interim.

Not every situation is right for a fixed rate mortgage. There are times where the use of the variable or adjusted rate approaches simply makes more sense. However, going with a fixed rate approach may still worth taking the time to consider. This is especially true during periods when the economy over the next ten to twenty years is expected to perform badly, and there is a good chance that interest rates will be significantly higher for most of that time.

Before you may any decisions about what type of mortgage structure is right for your situation, take the time to talk with a qualified lender. Ask them to help you evaluate your circumstances and make recommendations based on the state of the economy today and what analysts are projecting for the next several years. By comparing their responses and the reasons behind those responses, there is a good chance you will find that going with a fixed rate is your best option.

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Wesley Pritchard is a freelance writer who writes about the mortgage industry, often focusing on a specific topic such as mortgage rates.

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Wesley Pritchard is a freelance writer who writes about the mortgage industry, often focusing on a specific topic such as mortgage rates.

New Non Resident Mortgage in Turkey

admin — Fri, 08 Apr 2011 22:04:00 +0000

New Non Resident Mortgage in Turkey

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Home Page > Finance > Mortgage > New Non Resident Mortgage in Turkey

New Non Resident Mortgage in Turkey

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Posted: Nov 15, 2008 |Comments: 0
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Now almost all nationality should apply to mortgage in Turkey with the new mortgage system in Turkey. So now you know that you can get mortgage in Turkey with better ofers now. But let us guess what you curious more about Turkish mortgages. Now we will take a look at them under two main healines.

A)FAQ About Mortgage in Turkey:

B)How to Apply Non Resident Mortgage

FAQ ABOUT MORTGAGE IN TURKEY

•What is the amount of minimum loan i can borrow ?

The minimum amount of loan you can borrow from Turkish Banks is : 40.000 Euros

•What is the amount of maximum loan i can borrow ?

The maximum amount of loan you can borrow from Turkish Banks is : 280.000 Euros

• What are the avaliable the currencies for mortgage in Turkey ?

Turkish mortgages are available in TRY, EUR, USD, GBP and CHF currencies

•What is the minimum length of turkish loans ?

The minimum length of turkish loan you can borrow is 6 months.

•What is the maximum length of turkish loans ?

The The maximum length of turkish loan you can borrow is 240 months.

•What is the maximum loan-to-value ratio of Turkish mortgages for EU countries?

The maximum loa-to-value ratio of Turkish mortgages for EU countries is 65%.

•What is the maximum loan-to-value ratio of Turkish mortgages for other nationals?

The maximum loa-to-value ratio of Turkish mortgages for all other nationals is 50%.

•Do I need any Insurance on the property ?

Yes. You need a insurance on property which will be asked by mortgage lender.

•Do Turkish Mortgages need any decleration of income to qualify for loan ?

Yes. Turkish mortgage system need decleration of any income to qualify you for loan.

How to Apply Non Resident Mortgage

There are minimum requirements that any bank or mortgage lender should ask you for applying a non resident mortgage in Turkey. Now note the list above as your check list before getting in contact with a bank or a mortgage lender.

• Tax ID Number given by Turkey.

• Appraisal review report of the property.

• Non- Resident submission form which is provided by the branch.

• Copy of the passport.

• Credit Bureau record from your home country.

• Utility bill which will show your full address.

• Security check obtained from military authorities in Turkey.

• Report of previous three month’s bank account, credit card, overdraft statements.

Sources : Garanti Bank, Mortgage Turkey ( http://www.mortgageturkey.net/mortgage-in-turkey.html )

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I own a freehold plot of land with detailed planning permission.I am a self employed builder and want to build the proposed bungalow. My credit rating is good.Can I get a non status mortgage
What are the new canadian mortgage rules ?
How many residents in new york city?

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Heirs, Inheritance and Reverse Mortgages

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Heirs, Inheritance and Reverse Mortgages

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Heirs, Inheritance and Reverse Mortgages

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Posted: Oct 09, 2009 |Comments: 0
| Views: 186 |

Reverse mortgages are financial arrangements that make it possible for homeowners to make use of the equity in their homes while they are still alive. Often used to create a source of steady revenue during the retirement years, homeowners continue to occupy the home until they die or must enter some sort of assisted living facility. However, this arrangement does mean that some preparations must be made in advance if the home is to remain in the possession of the estate after the death of the homeowner, and ultimately pass on to an heir.

In order to explore the possible ways to ensure an heir does receive the property used in a reverse mortgage, it is important to understand the nature of the claim of the lender. When the reverse mortgage was created, the lender essentially agreed to provide the homeowner with payments on a loan, with the understanding that the loan would be repaid in one of two ways. First, the loan would be settled in full by allowing the lender to gain full ownership of the property once the homeowner no longer resided there. Second, the heirs would arrange to pay off the reverse mortgage, thus eliminating the claim of the lender on the property.

One approach that can be used is for the heirs to take out a traditional mortgage once the homeowner is deceased or is not longer residing in the home for any reason. Since the terms of the reverse mortgage only allows the lender to claim a balance due on the original loan, the new mortgage must only produce enough to pay off the reverse mortgage in order for the heir to assume control of the property. If the property is now appraised at a higher market value, there is a good chance that the heir can easily secure a new mortgage and settle the reverse mortgage quickly.

However, if the property has declined in value, the heir will have a much harder time securing a new mortgage to pay off the reverse mortgage arrangement. From a practical point of view, it may be in the best interests of the heir to simply allow the lender to lay claim to the property and sell it off in order to recover as much of the investment as possible. While this does not allow the heir to retain control of what may be property with a great deal of sentimental value, it does prevent the heir from incurring a great deal of debt.

Some homeowners do arrange their estates in a manner that will prevent an heir from incurring expense and still be able to take control of the property. This is managed by setting aside resources that either partially or completely pay off the reverse mortgage as part of the estate settlement process.

For example, if the homeowner had invested wisely in stocks or bonds, the arrangements left for the estate could specify that those financial instruments be sold and the proceeds used to retire the reverse mortgage. This would leave the property clear of any sort of claim by any creditors and allow it to pass to the heir completely debt free.

If the intent of the homeowner is to ensure that an heir gets some benefit from the property, but there is no preference for what form that benefit takes, it is possible for the estate to arrange for the sale of the property. In this scenario, the property is sold at current market value, with the proceeds used to pay off the reverse mortgage. If the home is worth more than it was at the time the reverse mortgage was arranged, any funds left after the mortgage is paid in full go to the heir.

For example, if the home was worth $100,000.00 at the time the reverse mortgage was created, but was sold for $150,000.00 after the death of the homeowner, the lender holding the reverse mortgage would receive $100,000.00 to settle the mortgage. The heir to the property would receive the remaining $50,000.00 as an inheritance.

Before entering into a reverse mortgage, it is important to consider what you want to leave behind for your children or other loved ones. When the property used to secure a reverse mortgage has been in the family for many years, there may be compelling reasons to want it to remain with a loved one. If this is the case, homeowners should speak with an estate planner about how to arrange the estate so that the commitment to the lender can be honored and the home can be passed on to the desired heir.

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With a reverse mortgage is there a limit on the withdrawl amount per month for a person with medicaid?
When a person with a reverse mortgage and medicaid dies,do both receive some of the proceeds when the house is sold?
What happens to the property when a senior sets up a reverse mortgage upon her death so her son can live in the home and then he is incarcerated for life?

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Wesley Pritchard is a freelance writer who writes about the mortgage industry, often focusing on a specific topic such as a reverse mortgage.

All About Collateralized Mortgage Obligations, Known as Cmos

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All About Collateralized Mortgage Obligations, Known as Cmos

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Home Page > Finance > All About Collateralized Mortgage Obligations, Known as Cmos

All About Collateralized Mortgage Obligations, Known as Cmos

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Posted: Nov 23, 2008 |Comments: 0
| Views: 133 |

Collateralized Mortgage Obligations (CMOs) sometimes referred to as Real Estate Mortgage Investment Conduits (REMICs), are one of few innovative investment methods available in today’s investment world. CMOs offer relative safety, regular payments and notable yield advantages over other better known fixed-income securities of comparable credit quality.

A wide variety of CMO securities with different cash flow and expected maturity characteristics have been designed to meet specific investment objectives. While CMOs offer advantages to investors, they also carry certain risks which will be further explained in this document. To determine if CMOs fit within your investment portfolio, you should first understand the distinctive features of these securities.

CMOs were first introduced in 1983. The Tax Reform Act of 1986 allowed CMOs to be issues in the form of REMICs, creating certain tax and accounting advantages for issuers and for certain large institutional and foreign investors. Today, almost all CMOs are issued in REMIC form. Remember that throughout this CMO explanation, REMICs and CMOs are interchangeable.

THE BUILDING BLOCKS OF CMOS Mortgage Loans and Mortgage Pass-Throughs When a CMO is created, it begins with a mortgage loan extended by a financial institution (such as a savings and loan, commercial bank or mortgage company) to finance a borrower’s home or other real estate. The homeowner usually pays the mortgage loan in monthly installments composed of both interest and “principal”. Over the duration of the mortgage loan, the interest component of payments in the early years gradually declines as the principal component increases. To obtain funds to generate more loans, lenders either “pool” groups of loans with similar characteristics to create securities or sell the loans to issuers of mortgage securities. The securities most commonly created from pools of mortgage loans are “mortgage pass-through securities” (MBS) or “participation certificates” (PCs). MBS represent a direct ownership interest in a pool of mortgage loans. As the homeowners whose loans are in the pool make their mortgage loan payments, the money is distributed on a pro rata basis to the holders of the securities. Several factors can affect the homeowners’ payments.

Typically, the homeowner will “prepay” the mortgage loan by selling the property, refinancing the mortgage or otherwise paying off the loan in part or whole. Most mortgage pass-through securities are based on fixed-rate mortgage loans with an original maturity of 30 years, but experience shows that most of these mortgage loans will be paid off much earlier. While the creation of MBS greatly increased the secondary market for mortgage loans by pooling them and selling interests in the pool, the structure of such securities has inherent limitations. MBSs only appeal to investors with a certain investment horizon – on average, 10-12 years.

CMOs were developed to offer investors a wider range of investment time frames and greater cash-flow certainty than had previously been available with MBS. The CMO issuer assembles a package of these MBS and uses them as collateral for a multiclass security offering. The different classes of securities in a CMO offering are known as tranches, from the French word for slice. The CMO structure enables the issuer to direct the principal and interest cash flow generated by the collateral to the different tranches in a prescribed manner, as defined in the offering’s prospectus, to meet different investment objectives.

THE HIGH CREDIT QUALITY OF CMOS The Government National Mortgage Association (GNMA, or Ginnie Mae) an agency of the U.S. government, along with U.S. government-sponsored enterprises (GSE) such as the Federal National Mortgage Association (FNMA, or Fannie Mae) or the Federal Home Loan Mortgage Corporation (FHLMC, or Freddie Mac), guarantee most MBSs. Ginnie Mae is a government-owned corporation within the Department of Housing and Urban Development. Fannie Mae and Freddie Mac have federal charters and are subject to some oversight by the federal government, but are publicly owned by stockholders.

Fannie Mae and Freddie Mac issue and guarantee pass-through securities. Ginnie Mae only adds its guarantee to privately issued pass-throughs backed by government issued (FHA and VA) mortgages. Fannie Mae and Freddie Mac have issues CMOs for quite some time; the Department of Veterans Affairs (VA) began to issue CMOs in 1992, and Ginnie Mae initiates its own CMO program which began in 1994. Securities guaranteed or guaranteed and issues by these entities are known generically as “agency” mortgage securities. The agency guarantees enhance their credit quality for investors. In addition, the mortgages backing Fannie Mae and Freddie Mac mortgage securities must meet strict quality criteria. Those backing GNMA pass-throughs are underwritten in accordance with the rules and regulations of the FHA and the VA, which insure them against default.

The extent of the agency guarantee depends on the entity making it. Ginnie Mae, for example, guarantees the timely payment of principal and interest on all of its mortgage securities, and its guarantee is backed by the “full faith and credit” of the U.S. government. Holders of Ginnie Mae mortgage securities are therefore assured of receiving payments promptly each month, regardless of whether the underlying homeowners make their payments. They are guaranteed to receive the full return of face-value principal even if the underlying borrowers default on their loans. Mortgage securities issued by the VA carry the same full faith and credit U.S. government guarantees.

Fannie Mae guarantees timely payment of both principal and interest on its mortgage securities whether or not the payments have been collected from the borrowers. Freddie Mac also guarantees timely payment of both principal and interest on its Gold PCs and CMOs. Some older series of Freddie Mac PCs guarantee timely payment of interest, but only the eventual payment of principal. Although neither Fannie Mae or Freddie Mac securities carry the additional full faith and credit U.S. government guarantee, the credit markets consider the credit on these securities to be equivalent to that of securities rated triple-A or better.

Some private institutions, such as subsidiaries of investment bank, financial institutions and home-builders, also issue mortgage securities. When issuing CMOs, they often use agency mortgage pass-through securities as collateral; however, their collateral may include different or specialized types of mortgage loans and/or pools, letters of credit and other types of credit enhancements. These private-labeled CMOs are the sole obligation of their issuer. To the extent that private-label CMOs use agency mortgage pass-through securities as collateral, their agency collateral carries the respective agency’s guarantees. Private-label CMOs are assigned credit ratings by independent credit agencies based on their structure, issuer, collateral and any guarantees or outside factors. Many carry the highest AAA credit rating.

As an additional investor protection, the CMO issuer typically segregates the CMO collateral or deposits it in the care of the trustee, who holds it for the exclusive benefit of the CMO bondholders.

A DIFFERENT SORT OF BOND Prepayment Rates and Average Lives Although CMOs entitle investors to payments of principal and interest, they differ from corporate bonds and Treasury securities in significant ways. Corporate and Treasury bonds are issued with stated maturities. The purchase of a bond from an investor is essentially a loan to the issuer in the amount of the principal, or face amount, of the bond for a prescribed period of time in return for a specified annual rate of interest. The bondholder receives interest, generally in semiannual payments, until the bond is redeemed.

When the bond matures, or is called by the issuer, the issuer returns face value of the bond to the investor in a single principal payment. With a CMO, the ultimate borrower is the homeowner who takes who takes on a mortgage loan. Because the homeowner’s monthly payments include both interest and principal, the mortgage security investor’s principal is returned over the life of the security, or amortized rather than repaid in a single lump sum at maturity.

CMOs provide monthly or quarterly payments to investors which include varying amounts of both principal and interest. As the principal is repaid (or prepaid), the interest payments become smaller because they are based on a lower amount of outstanding principal. A mortgage security “matures” when the investor receives the final principal payment. Most CMO tranches have a stated maturity based on the last date on which the principal from the collateral could be paid in full. This date is theoretical, because it assumes no prepayments on the underlying mortgage loans. Mortgage securities are more often discussed in terms of their average life rather than their stated maturity date. Technically, the average life is defined on the average time to receipt of each dollar of principal, weighted by the amount of each principal payment.

In simpler terms, the average life is the average time that the principal dollar in the pool is expected to be outstanding, based on certain assumptions about prepayment speeds.

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Have You Been Trying To Get A Canada Mortgage?

admin — Mon, 04 Apr 2011 20:25:42 +0000

Have You Been Trying To Get A Canada Mortgage?

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Have You Been Trying To Get A Canada Mortgage?

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Posted: Nov 28, 2009 |Comments: 0
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Many people who are looking for a mortgage loan may think that they can only get it at an official Canadian bank. The truth is, there are only 5 major banks in Canada while there are over 70 lenders that can provide you with many choices.

The banks want to keep this a secret. As a matter of fact, the mortgage rates that lenders offer are far more competitive than those at most major banks such as BMO, CIBC, RBC, TD and Scotia. While consumers do not enjoy the lender’s mortgage rates, the certified mortgage brokers do.

With just one touch of a button, the Canadian brokers have access to lenders themselves or the sources, allowing them the opportunity to research mortgage rates and services and products.

For a person who wants to have the best mortgage rate doing the research himself would take more than a year to visit all 70 lenders. On the other hand, a mortgage broker can do the task in just a few hours, because they have online access to such information, hence; they can save you time, money and effort.

The banks may only offer between 5 and 6 different products and rates including New to Canada, Fix rates, Closed Mortgages, Open mortgages, No Income Mortgages and Variable Rate Mortgages. To keep themselves competitive towards the major banks, the 70 lenders offer between 10 and 15 products. However, not all products and services are applicable to every client.

The problem is how can you find the ideal mortgage product and rate without researching all the lenders. As their profession, mortgage brokers glimpse hastily through the complex nature of mortgages for their clients, making it difficult for their client to differentiate the difference among 70 lender’s mortgage products and rates. Hence, it will be virtually impossible for the clients to figure out the ideal mortgage.

With software, mortgage brokers search for mortgage products that can be useful for you. This gives you quick and accurate information. Then you can decide which lender fits your financial condition and requirements.

Any bank in Canada will tell you that private mortgage lenders would love to work with people who have bad credit, because they can charge them higher fees. Most banks will not give you a loan if you have bad credit.

A private mortgage lending service works will all sorts of people. In contrast, many private mortgage lenders do not charge a fee for their services. The banks on the other hand do.

By offering all services to customers regardless of their credit score, Canadian Mortgage lenders help their customers save money, which creates good customer relations. In the end, such good service earns lenders more clients through referrals.

There are many lending opportunities that are not as expensive as what most major banks offer. Through the official Canadian banking system, people can enjoy reasonable mortgage rates. The only thing people need to do is to visit a private mortgage broker and discuss with him the available options.

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Go to http://www.syndicatemortgages.com and discover mortgage info. Fill out our application to get a quote. Checkout the articles we have that give you more mortgage loan ideas. If you want an equity loan, get started at our site. Visit Mortgage financing and use our loan quote service.

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Is a Reverse Mortgage Right for Me or Am I Throwing My Kid’s Money Away?

admin — Fri, 01 Apr 2011 20:30:33 +0000

Is a Reverse Mortgage Right for Me or Am I Throwing My Kid’s Money Away?

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Home Page > Finance > Real Estate > Is a Reverse Mortgage Right for Me or Am I Throwing My Kid’s Money Away?

Is a Reverse Mortgage Right for Me or Am I Throwing My Kid’s Money Away?

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Posted: Nov 25, 2008 |Comments: 0
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Reverse Mortgage is it right for me: The Reverse Mortgage is in fact not the right mortgage loan for every senior who owns a home; there are many things to consider when you are contemplating a Reverse Mortgage.

First the amount of time you are planning to live in the home! If a person is planning on moving from the home within the next five years then you have a decision to make. It will take about five years to recover the closing cost associated with the Reverse Mortgage. Here is a list of general closing cost that you will have to pay at closing out of the proceeds.

Mortgage Insurance Premium (to protect the value of your home, the money against mortgage company failure and other issues
Origination Fee (lenders Cost)
State Tax Stamp (Florida Only)
State Intangible (Florida Only)
Settlement Fee (Title company closing fee)
Appraisal Fee (TO establish value and inspect the home)
Title Insurance (cost of insuring the Title of your Home)
Counseling Fee (an uninterested third party to make sure you understand Mandatory)
Title Exam (To look over the title to make sure it is clear of defects)
Endorsements (To place mortgage and or any other attachments to the title)
Recording Fees (To record your note at the county court house)
Credit Report (Credit is run to make sure you are the person who is applying)
Flood Cert (To make sure that your home is not in a flood plane)
Doc Prep Fee (Cost to prepare all documents for closing)
Notary Fees (All documents must be notarized to be legal)
Courier (To deliver all documents in a timely fashion)
Wire Fee (Cost of sending your money)

These are the fees associated with a Reverse Mortgage they can add up to as much as 6-7 % of the loan amount that you are receiving. Now you do not have to pay these fees out of your pocket, they come out of the proceeds. There is however two fees that must be paid up front. These fees are the counseling session and the appraisal fee.

Disadvantages of a Reverse Mortgage If you are going to get a reverse mortgage, you first must know, and be comfortable with, the disadvantages of a reverse mortgage. With a traditional mortgage the borrower pays down the debt over a set term, usually 30 years. Conversely, with a reverse mortgage, the borrower builds up debt while they live in the home. In addition to building up debt, there can be significant up front costs when brokering a reverse mortgage. If you plan on only taking out a small portion of money or plan on living in your home for only a short time then these costs can push the effective rate on the home up considerably. The last significant disadvantage of a reverse mortgage is that you leave your heirs with a noticeably smaller legacy. It might be something you should discuss with your heirs. When you take out a reverse mortgage, you will have less equity in the home and likewise, the heirs will inherit a smaller portion of the home’s value. Also, the longer you live in the home, the more the interest builds up, which further lessens the equity you have in the home.

What are my current financial needs? Everyone, no matter the age, needs to assess their budget and the best ways to effectively manage their financial needs. The easiest way to do so is by going through last month’s (or any average month’s) bills. You should include everything you regularly spend money on. Where are the bulk of your expenses? Do you need to adjust your budget?

CAN I adjust my budget? This will vary from person to person and household to household. There are many ways to cut down your expenses such as different grocery stores, paring down unused or unnecessary things, going out to eat, having premium cable, club memberships, etc… If you are unwilling to sacrifice some of those things that you’ve become accustomed to, how much more money will you need? It would be wise to consider for how long the equity in your home can satisfy your budget.

Am I willing to move? Importantly, there are other options for increasing cash flow other than a reverse mortgage. Moving is the most common of those options. It can be very hard to think of leaving the home you worked so hard for or raised your children in, but sometimes moving is inevitable. With the proceeds, you can decide to rent a home or purchase a smaller home. Maybe a condo or townhouse is appropriate. Many seniors need to evaluate whether their current home is a suitable living environment. Getting around can be difficult as you age and a large home may not be the right choice for you. Selling your home is an excellent option if assisted living is a near-term possibility. No matter what the decision is, those interested in reverse mortgages need to gage their current home situation and decide whether moving is a better option for them.

What do I plan to gain from a Reverse Mortgage and is this realistic? This is an important question to ask yourself. You need to find your own motives for wanting a significant influx of cash. There are significant advantages and disadvantages of reverse mortgages. You have probably already decided how you would want to spend the money, whether it’s to pay bills, meet monthly expenses, or remodel the kitchen, but it is very important to realize the interest you will be accruing. When you ask yourself this question, you should find your true motives and whether other options should be examined. If you are comfortable with the disadvantages of a reverse mortgage, you should speak with a reverse mortgage lender to discuss your specific situation. Equitable Reverse Mortgage does not shy away from the disadvantages of a reverse mortgage. They are important to understand.

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Tim Robbins -
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I am a Reverse Mortgage Specialist who has spent over 20 years as a Real Estate broker and the last 10 years in the mortgage industry and 5 in Reverse Mortgages. In my years in the profession I have always felt that helping our seniors in this country is helping the back bone. Our seniors are the ones who made this country and in the time of their lives that are so suppose to be golden they are in most cases painted black. I have dedicated my life to helping them achieve some sort of Independence.Timothy Robbins from Reverse Mortgage GRP a Senior Reverse Mortgage Specialist has built a website dedicated to educating the senior on all aspects of Reverse Mortgages you can view Free Reports and see videos to find all the information on Reverse Mortgages in Florida at http://www.seniorconsumerreport.com or call 800-966-7211 ext 118

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What Does a Mortgage Lender Do?

admin — Fri, 01 Apr 2011 20:30:13 +0000

What Does a Mortgage Lender Do?

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Home Page > Finance > Mortgage > What Does a Mortgage Lender Do?

What Does a Mortgage Lender Do?

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Posted: Oct 13, 2009 |Comments: 0
| Views: 228 |

If you want to purchase a home, you will likely need a mortgage lender to help you pay for the property. Mortgages make it possible to spread the payments out over decades, instead of having to pay for the home out of pocket. When you find that home of your dreams, your mortgage lender will be your new best friend! You’ll spend thousands of dollars on closing costs to pay for your mortgage, but what is your mortgage lender actually doing to deserve that money?

Negotiating your Mortgage Contract

First, the mortgage lender will negotiate your mortgage contract with you. This can be pretty straightforward, or it could take hours, depending on the house you want to purchase, the special requirements you have, and the type of mortgage you want. If you have a simple mortgage, the process should not take more than a few hours. If your mortgage is complex, expect the process to take longer.

You do not have to be a stickler for every little detail, but keep in mind that all points are negotiable. So, for example, if your mortgage lender will not offer a lower rate, even though you think you deserve it, consider asking him to get rid of the prepayment penalty or refinancing fees. Be a savvy consumer and negotiate a great contract rather than just take what is handed to you.

Underwriting

Some mortgage lenders take care of underwriting themselves, while others pay outside companies to handle the process. Either way, it’s something your mortgage lender does that you’ll have to pay for. Underwriting is the process by which they will determine your eligibility. The underwriter will make a recommendation as to what your interest rates margin should be, as well as how much they should allow you to spend on the property in total. Most of the underwriter’s work is looking at your credit history, but all of your finances are considered. So, your monthly income, bonus potential, assets, work history, and other factors are all monitored to determine what you’re offered.

Document Preparation

At one time, document preparation took hours, since mortgage lenders had to type out multiple copies of your contract, making sure they were all the same and perfect. Today, we have computers, printers, scanners, and copiers to make our lives easier. The lender does still have to do document preparations, though they usually use a standard contract and make changes based on your specific situation. Document preparation should take long or use many resources (like ink, paper, etc), but you’ll still have to pay for it.

Title Service

Your mortgage lender will take care of all issues regarding the title to the home. The title is a document that says who owns the property. Most of the time, it is pretty straight-forward to put the title in your name, but sometimes the mortgage lender has to straighten out problems. For example, if one of the past owners put the home up as collateral against a loan, that company could have claims to it, meaning that the title is not clear to sell to you. There could also be disputes about who owns the land, going back decades or even hundreds of years. Your mortgage lender will take care of making sure that there are no title problems or any problems that could arise are resolved.

Appraisal, Inspection, and Surveying

The asking price of a home is not always the fair market value. Your mortgage lender will have the home appraised and inspected to make sure that they are not lending you more money than the home is worth. Should you default, they want to be able to recoup their losses by reselling the house. Additionally, some mortgage lenders will hire a surveyor to clarify property lines. In some cases, your mortgage lender may not handle these things and may instead require you to show proof that you took care of it. Make sure that whatever appraiser, inspector, and surveyor you use is licensed and approved by your mortgage lender if that is the case.

Answering Your Questions

Lastly, your mortgage lender’s biggest duties are to answer your questions. Being approved for a mortgage is a big step, and many Americans don’t fully understand their mortgage contracts. This has led to major financial problems and is the route of the current high foreclosure rate – people didn’t ask questions. Even if your mortgage lender is honest and ethical, you still might be agreeing to things that aren’t wise if you sign a contract you don’t understand. Be respectful of your mortgage lender’s time, but don’t ever feel bad about asking questions. It is their job to answer them.

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Can Getting a Fixed Mortgage Rate Really Save You Money?

admin — Tue, 29 Mar 2011 20:21:14 +0000

Can Getting a Fixed Mortgage Rate Really Save You Money?

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Home Page > Finance > Mortgage > Can Getting a Fixed Mortgage Rate Really Save You Money?

Can Getting a Fixed Mortgage Rate Really Save You Money?

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Posted: Nov 05, 2009 |Comments: 0
|

The foreclosure boom created by the economic downturn has left many homeowners and potential homeowners feeling as though adjustable rate mortgages are evil. However, there has been a great deal of debate on whether or not fixed rate mortgages really save you money. The big fixed rate draw is that you know how much your payments will be throughout the life of the loan, in other words there will be no surprises. Still, having peace of mind and saving money are two different aspects of fixed rate mortgages. If you are considering a fixed rate mortgage there are few things you need to consider when determining whether or not you will be saving money.

The first question to ask yourself is what rate are you looking to lock in, or what is your target rate? The rate you start off at will be the determining factor on whether or not you are able to save money with a fixed mortgage. If you are starting at a rate of 5.3% and your initial monthly payments are more than 60% of your monthly income(s) the odds are you have started off with one foot in the ground. Since, you are not leaving yourself any room to save money. Homeownership is expensive and the first year is often plagued with costly repairs, taxes, and insurance. So, the idea is to get the lowest rate upfront. Although, it is only fair to point out that fixed rates are set usually set higher than those of initial adjustable mortgage rates.

And, you may still wind up with a higher rate than the market rate.

Will there be any other fees or costs that will have a bearing on your payments? Although fixed rate mortgages are not affected by rising interest rates keeping payments constant, there is a chance that you could still end up paying more for your home. The costs of homeowner’s insurances, private mortgage insurance (PMI), and taxes are usually tied to your overall mortgage payment and the costs of insurance and taxes can and usually does rise over the time of the loan. These are aspects of fixed mortgages that are often afterthoughts when homeowners are looking to lock in a fixed rate.

How long do you plan to be in the home? Fixed rates are great long term loans. However, if you are not ready to settle in a particular area for at least 10 to 15 years, then fixed rates mortgages may do more harm than good. Homeowners with fixed rates, who decide to sell their home often, find themselves selling the home for less than what is owed on the loan when the market is down. If you are not planning to be in the home for at least 10 years odds are good you will end up loosing money in the long run.

Finally, are you really going to budget wisely? Again, the major advantage to fixed rate mortgages is the peace of mind in knowing that interest rates will not cause your monthly payments to increase. Theoretically, this feature gives homeowners the opportunity to budget wisely. However, most people don’t follow a budget until they have no other choice. And it should be noted that budgeting doesn’t necessarily lead to saving money. Knowing how much your payment will be each month will not change your income and what you are able to put aside for a rainy day. It simply shows you where the majority of your money is going.

Adjustable rate mortgages have been painted as the enemy, but in reality these mortgage rates offer a flexibility that fixed rates do not allow. There is no doubt that fixed rate mortgages offer a peace of mind that adjustable rate mortgages just cannot provide. Still, having a budget and saving money is totally different. So, you may want to really weigh all options before deciding on a fixed rate, especially if you are attempting to save money.

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Allan Young is a freelance writer who writes about mortgage rates.

Professional Advice From A Mortgage Broker

admin — Tue, 29 Mar 2011 20:20:52 +0000

Professional Advice From A Mortgage Broker

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Home Page > Finance > Professional Advice From A Mortgage Broker

Professional Advice From A Mortgage Broker

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Posted: Feb 01, 2010 |Comments: 0
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Getting sound financial advice before taking out a mortgage is certainly a wise thing to do for everyone interested in a mortgage. It can prevent an applicant from applying for a mortgage that would be wrong for them and their personal situation. With this in mind it really can pay to get professional advice before even thinking about applying for a mortgage. One excellent way to get professional advice on mortgages is to talk with a mortgage broker.

Mortgages are one of the biggest financial commitments a person or couple will ever make. A mortgage will not only secure a home for those taking out the mortgage and their dependents, it can also be an investment for the future. Due to this it is so crucial that advice is sought on the types of mortgage available and the application process. Professional advice like this can be obtained through a mortgage broker easily – and more and more people are turning to these individuals for help with their mortgages.

A mortgage broker is an individual whose role is to aid anyone who is hoping to find a mortgage to understand mortgages and apply for the right one. They will work closely with applicants and give them the help and support they need throughout the entire mortgage process. It is so easy to apply for a mortgage solely on the premise that you are sure you will be accepted for it and far too many people do this. Whilst first time buyers might be excited to secure a mortgage so they can move into their own home, it pays to be a little more cautious. This is where a mortgage broker comes in so very useful.

By talking applicants through the different mortgages around and their terms a mortgage broker can help anyone to make the most appropriate decision on which mortgage to apply for. This is all done without any pressure or sales techniques involved at all.

Another advantage to getting professional advice on your mortgage is that it is possible to ask any questions about the mortgage. More often than not the information that comes with a mortgage is filled with jargon that the majority of applicants simply do not understand. This can be very confusing and create stress for applicants, a mortgage broker can cut through this jargon and give applicants the information they need.

Using a mortgage broker is not as expensive as you might think either. The rates that are charged are very reasonable when compared with the amount of work a broker will put in for his or her clients. In fact many people are stunned when they find out just how great the rates of a mortgage broker are, especially when compared with the rates a financial advisor will charge.

As shown a mortgage broker can play a vital role in helping a couple or single person to obtain a mortgage. They provide professional advice on mortgages that is unbiased and can be trusted and this is why they are so popular.

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Your local Mortgage Broker knows which banks are jacking rates and fees. Get real help with a local Mortgage Broker.

Top 10 US companies for Mortgage Refinance

admin — Sat, 26 Mar 2011 20:45:38 +0000

Top 10 US companies for Mortgage Refinance

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Home Page > Finance > Credit > Top 10 US companies for Mortgage Refinance

Top 10 US companies for Mortgage Refinance

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Posted: Nov 11, 2009 |Comments: 0
| Views: 232 |

Top 10 US companies for Mortgage Refinance

Home mortgage refinance services have definitely picked up in the second quarter of 2009. The increase in mortgage refinance operations account for an increase of 24 percent compared to the previous quarter performance.

While the economic meltdown did wash away even some of the giants in the industry, only a few able to stand the storm and rise again. Very low interest rates and home mortgage lending and refinancing spree has given rise to the increase in the number of loan disbursements.

Are you really interested in knowing the top 10 performers during the second quarter of 2009? Well, then here is a list of US Companies that have fared well in the business of mortgage loans and refinancing.

Top 10 US companies for Mortgage Refinance

* Well Fargo – Sustaining its position as one of the countries leading mortgage lender Wells Fargo tops the list of best mortgage refinance companies in the US. Home loan originations have seen a substantial rise in the second quarter of 2009 of 28%, which means big business. The company has definitely picked up from its previous performances.

* Citigroup - After all the drama and climax, finally Citigroup started recovering with substantial business and a fairly increased production of home loans and refinances. 42% increase in business during the second quarter is a positive note.

* Bank of America – Finding a place in top 10 list of mortgage refinance lenders Bank of America a definite performer in the mortgage business. Its loan origination figures have crossed $100 billion.

* Residential Capital LLC – Residential capital is a real estate finance company offering innovative capital solutions to customers from across the world. The company is a market leader both in the US and UK.

* Met Life Inc – The Company has operations in India and most parts of Europe and Asia. Together with insurance services the company also offers financial services to its customers.

* Quicken Loans – A variety of home mortgage loans are offered by the company. It is one of the best online home mortgage loan processing company and retail mortgage lender.

* Sun Trust Bank Inc – It specializes in a number of services like banking, mortgage lending, credit card, mutual funds, insurance and asset management services. The bank has more than 1500 branches in southern United States.

* Flagstar Bank Corp – Consumer financing, mortgage financing, asset management and banking services are the products offered by Flagstar. It is the holding company for Flagstar Bank. It is a national leader in the business of mortgage lending.

* JP Morgan – One of the oldest financial services company, JP Morgan offers a number of services namely commercial banking, investment, card and retail financial services namely mortgage lending and auto finance. It has the largest market capitalization among the banks in the US.

* US Bank Home Mortgage – US bank specializes in online banking, credit card processing, loans especially mortgage loans and wealth management. Online home mortgage processing and refinancing services offers great advantage prospective borrowers looking forward to find the best of home mortgage deals.

* PHH Mortgage- PHH offers one of the leading and best of Mortgage Solutions in the country. With its process efficiency, multi channel business, customer service it offers mortgage loan and refinancing services at a different level altogether.

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I’m currently in a chapter 13 payback program. I strugglle to pay monthly bills as well as my mortgage payment each month. Would I be eligible for a bk buyout and mortgage refinance
Please tell me top 10 insurance companies as per their premium and top 10 banks as per deposits or else?
Will a mortgage company go after a cosigner, for the amount owed on a home loan mortgage, if the principal borrower defaults on the loan, without the cosigner’s knowledge? She is out of the country

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bank of america, mortgage refinance, phh mortgage, quicken loans, top 10 us companies, us bank home mortgage

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Mortgage Loans: Understanding FRM’s

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Mortgage Loans: Understanding FRMâs

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Home Page > Finance > Loans > Mortgage Loans: Understanding FRMâs

Mortgage Loans: Understanding FRMâs

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Posted: Nov 19, 2009 |Comments: 0
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With so many different types of mortgage loans available, many homeowners become confused and frustrated as they shift through mounds of paperwork trying to decide which type of home loan would be in their best interest. Some typical forms of mortgage loans include variable rate and adjustable rate mortgages (ARM), balloon mortgages, graduated payment mortgages, negative amortization mortgages, interest only mortgages, and fixed rate mortgages.

Fixed rate mortgages, known as FRM refers to mortgage loans with a fixed rate on the payable note. These types of mortgages are determined by the amount and terms of the mortgage loan, and the compounding frequency. The compounding frequency, (interest added to the principal) may differ in each location. Interest is compounded every six months in Canada and other countries.

Unlike other mortgage loans that frequently float or adjust, these mortgage payments will remain the same for the duration of the loan. Specified monthly payments are calculated in a manner, which guarantees that the lender will be fully paid off with interest when the loan reaches the end of its term.

These mortgage loans are highly desired by homeowners who would like to refinance for personal or financial reasons. In the United States, loan terms on mortgages of this type are commonly set for fifteen, or thirty years. Short term loans, as well as forty and fifty-year loans are also available.

Fixed rates outside of the United States usually have shorter loan terms. Rates in Canada can be fixed for only ten years, and Australian fixed rate loans are limited to fifteen years.

Because they usually cost more than adjustable rates, many homeowners are reluctant to choose the more expensive of the two. Variability in value, commonly known as interest rate risk, is associated with high risks that are attached to long-term mortgage loans. Short-term loans are not subjected to the rising costs of a long-term loan.

Compared to the price of adjustable rate mortgages, fixed rates may seem a bit expensive, but as adjustable rates rise, the cost of a floating loan will continue to climb, while fixed rates will not increase. Homeowners who prefer adjustable rate mortgages may save money in the long run, but they will pay considerably more than those who opt for a fixed rate.

The type of loan that you apply for should be carefully considered before you make a decision. A loan that will increase over time may benefit homeowners who are financially stable and can handle the increase without experiencing monetary difficulties. The family that is dependent on a fixed income or a set monthly salary should conduct extensive researches to find the best mortgage loans and payment plans for their financial situation.

A word of caution to homeowners who are seeking mortgage loans: Beware of predatory lenders who do not have your best interest at heart, these unethical people can turn your life into a living nightmare. Before you make final decisions or sign loan documents, a background check of the company and its employees is the best way to avoid fraudulent loans.

For more information on Fixed Rate Mortgages, visitÂ http://www.fixed-mortgages-rate.com

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I am 62 years old ,retired and a home owner with home owners insurane. Can I apply for a reverse mortgage loan or any other debt consolidation loan
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If i am employed and my husband is not . there is any possibility to get a loan modification? we are 3 months behind our mortgage

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Historic low mortgage rates may make refinancing an ideal resolution for the New Year

admin — Thu, 24 Mar 2011 20:14:10 +0000

Historic low mortgage rates may make refinancing an ideal resolution for the New Year

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Home Page > Finance > Personal Finance > Historic low mortgage rates may make refinancing an ideal resolution for the New Year

Historic low mortgage rates may make refinancing an ideal resolution for the New Year

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Posted: Dec 28, 2009 |Comments: 0
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DATELINE: NORWELL and PLYMOUTH, MA…

As a new year dawns and uncertain economic times continue, homeowners might want to start the new year off by investigating what could be the gift of a lifetime for themselves and their families by considering refinancing their mortgage.

With mortgage interest rates at historic lows, Brian Comer, President of Norwell and Plymouth based Advance Mortgage Services outlines some basic reasons to consider refinancing now:

Getting a lower mortgage rate and reducing interest costs and monthly payments. Converting an adjustable rate mortgage to a secure, fixed-rate mortgage. Consolidating first and second mortgages into a mortgage with a lower rate.

The answer to the question, “Should I refinance?” is a complex one, since every situation is different and no two homeowners are in the exact same situation. The conventional wisdom of refinancing only when you can save 2 percent on your rate is problematic. If you are refinancing to lower your monthly payments, the following calculation is more appropriate compared to the 2 percent rule:

Calculate the total cost of the refinance–example: $2,000 Calculate the monthly savings–example: $100/month Divide the result in 1 by the result in 2–in this case 2000/100 = 20 months. This shows the break-even time period. If you plan to live in the home for longer than this period of time, it likely makes sense to refinance.

If you regard refinancing costs as an investment you’ll be getting a more than solid return. If you save $100 a month in payments, you would save an additional $4,000 in payments (above and beyond the refinancing costs) even if you stayed in your home for only five years after refinancing.

Notes Comer, “Whatever you’re considering, consulting with a seasoned mortgage professional can often save you time and money. Make a few phone calls, check out a few web sites, use an online mortgage calculator, crunch a few numbers, and spend some time to understand your options.”

Advanced Mortgage Services LLC

Advanced Mortgage Services LLC was founded as a mortgage lending company in 2005 by Brian Thomas Comer, a financial services professional with more than 13 years experience in the South Shore real estate market. Advanced Mortgage Services is a full service mortgage company that values and nurtures long-term customer relationships, providing options and solutions with maximum benefit and genuine concern for their customer’s interests.

Advanced Mortgage Services team of loan officers maintains rigorous licensing requirements set by the Massachusetts Mortgage Bankers Association and is committed to upholding the highest standards in the mortgage industry. With a combined expertise of more than 50 years, Advanced Mortgage Services offers customers the best possible solution for any mortgage-related issue.

Advanced Mortgage Services, which is an active participant in many community events and organizations throughout the South Shore, is located at 335 Washington Street in Norwell, MA 02061 and has an additional office at 25 Main Street in Plymouth, MA 02360.

For additional information on services offered by Advanced Mortgage Services please call 781-659-6555, 508-747-9520, or 888-665-6345, or visit www.ams-loan.com. Advanced Mortgage Services is fully licensed and insured in Massachusetts and Florida, and is an FHA, VA, Equal Opportunity, and MHFA lender.

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Bad Mortgage FAQ

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Bad Mortgage FAQ

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Home Page > Finance > Mortgage > Bad Mortgage FAQ

Bad Mortgage FAQ

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Posted: May 05, 2010 |Comments: 0
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More Bad Mortgage questions please visit : QEOK.com

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How fruitless is it if i cant energy to reward mortgage and credit card anymore?
I don’t know. How bad is your situation? If you lost your job and can’t find a topical one, it might be really bad. If your bills went up somewhat and you can’t quite afford to pay them…

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Advice On Your Adverse Credit Commercial Mortgage

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Advice On Your Adverse Credit Commercial Mortgage

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Home Page > Finance > Personal Finance > Advice On Your Adverse Credit Commercial Mortgage

Advice On Your Adverse Credit Commercial Mortgage

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Posted: Jan 14, 2010 |Comments: 0
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If you are considering purchasing a new business or constructing a new building then a commercial mortgage is certainly at the top of the list of things to research. Below we take a closer look at commercial remortgage, examining what a commercial mortgage is, why you would want one and how you go about obtaining an adverse credit commercial mortgage.

Commercial Mortgage Basics.
A commercial mortgage is a specialist mortgage which is suitable for the finance of a variety of commercial undertakings including:
Construction of a new building
Purchase of new premises or land
Modification or expansion of existing premises
Debt consolidation
It is worth noting that commercial mortgages are specialized in that the lender has a legal claim over the property until the loan has been repaid in full. If you fail to make your repayments the property can be repossessed and sold as a means of repaying the outstanding mortgage balance.

There are a variety of commercial mortgages available on the market, ranging from a mortgage used with the specific aim of buying a new property or a mortgage taken out to finance commercial buy-to-let purposes. You will need to discuss your individual business need with your mortgage broker before applying for a commercial mortgage. The current range of commercial mortgages available means that there will almost definitely be a commercial mortgage available to suit your personal commercial needs.

Adverse Credit Commercial Mortgage Advice
Commercial mortgages have proved to be popular over the last few years as they provide a flexible and practical solution to aiding the financial needs of a business. As with a domestic mortgage, commercial mortgages are an efficient way of borrowing money to finance your commercial needs and involve a repayment of the capital borrowed over a fixed period of time and to an agreed interest rate. If you are considering taking out a commercial mortgage it is important that you find the appropriate interest rate and fixed repayment schedule which best suit your needs. However, this may prove to be more difficult that anticipated if you are in an adverse credit situation. This is due to the fact that, as with any mortgage application, the commercial mortgage lender will take into account your previous credit history. This means that if you are in an adverse credit situation, such as having experience of county court judgements, mortgage arrears or defaults, you will need to take invaluable advice from a specialist adverse credit commercial mortgage broker. This type of mortgage broker will have close contact with all the adverse credit commercial mortgage lenders and will know which lender will be most suited to your personal needs. If you are in an adverse credit situation and are currently applying for a commercial mortgage, the specialist mortgage broker will aide you in considering the effects of the mortgage repayment on your cash flow and business assets. They will know a specific lender who will provide you with a mortgage repayment schedule which minimises the strain on your cash flow according to the line of business you are in.

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What is the best way to break into the commercial mortgage broker business?
What are the current commercial mortgage rates?
I have a mortgage with abbey i cant afford/ id like to transfer the mortgage to another cheaper property to keep the cost down only i went to a debt company for my credit cards and now on a debt plan

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Real Estate Loans: Wrap Around Mortgages

admin — Tue, 22 Mar 2011 20:29:51 +0000

Real Estate Loans: Wrap Around Mortgages

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Home Page > Finance > Real Estate > Real Estate Loans: Wrap Around Mortgages

Real Estate Loans: Wrap Around Mortgages

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Posted: May 06, 2010 |Comments: 0
| Views: 132 |

A wrap-around mortgage is something that borrowers may want to consider when trying to obtain a loan. This works by giving the borrower a great interest rate for the first mortgage and then a second is taken out. These two are combined into the one with the lower interest rate.

Defining the Wrap-Around Mortgage

n simple terms, a wrap-around mortgage is one where the lender takes on the responsibility for an already existing mortgage. One example of this is Brian who has a $70,000 mortgage but manages to sell his house to James for $100,000. James makes a down payment of $5,000 and has to borrow $95,000. This one essentially “wraps-around” the old one because the new lender makes payments on the old mortgage.

Lenders like this type of mortgage because they can get a better deal for themselves. The older mortgage of $70,000 can have an interest rate of 6%. The new one has 8%. He has a difference of $25,000 between the two where he earns 8% now. He will also get the difference between the two rates on the old mortgage. The $25,000 difference essentially has a total interest rate of 13.5% now which he can’t charge to borrowers obviously so he gets it through this method instead.

The lender for this is usually the seller due to the profit obtained. It’s one way that a seller finances a mortgage for a buyer. Another is a second mortgage. Like in the previous example, James might get $70,000 from a bank while getting the remaining $25,000 from Brian, the seller. The wrap-around mortgage doesn’t repay the original while a second mortgage does.

The only loans that can be wrapped are assumable. This means the loan can be transferred to people who qualify to buy the home. The only two types that can do this without lender permission are VA and FHA. Most fixed-rate loans require that the mortgage must be paid in full if the house is sold. These terms and conditions make it impossible for the home owner to have a second mortgage for the seller unless the lender permits, and this will be at the current market rate.

Explaining Wrap-Around Mortgages

Wrap-Around Mortgages are a way for the seller and borrower to agree on how much the home is going to be sold for and then the buyer pays the difference of the current mortgage and equity to the home seller. The buyer then repays the original mortgage.

Negotiations with the Wrap-Around Mortgage

The negotiations with these loans occur by the new party getting added to the loan. The contract is modified with some new terms and the interest rate is applied while the loan continues under the new buyer. The seller is no longer required to pay the balance since the buyer now does and it makes buying and selling easier for both parties.

Approving the Wrap-Around Mortgage

The wrap around mortgages requires an agreement to be made between seller and buyer and approval ultimately from the lender. The seller benefits by getting out of his loan agreement and the buyer likes them because it reduces the costs that are incurred from obtaining a new mortgage because they are cheaper. The buyer needs to be able to give the seller the right amount that was agreed to beforehand.

Availability of Wrap-Around mortgages

Some states do not allow wrap-around mortgages to occur. If you’re considering this, check with the seller to be sure that it is possible and take a look at the current terms that are on the mortgage currently. These terms should be evaluated by both buyer and seller. These help to determine if the wrap-around mortgage is the best financial decision.

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Florida Mortgage, $8000 Tax Credit

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Florida Mortgage, $8000 Tax Credit

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Home Page > Finance > Mortgage > Florida Mortgage, $8000 Tax Credit

Florida Mortgage, $8000 Tax Credit

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Posted: Jun 20, 2009 |Comments: 0
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FIRST-TIME HOMEBUYER TAX CREDIT INFORMATION for Florida Mortgage applicants

Frequently Asked Questions
In 2008, Congress enacted a $7500 tax credit designed to be an incentive for first-time homebuyers to purchase a home. The credit was designed as a mechanism to decrease the over-supply of homes for sale.

For 2009, Congress has increased the credit to $8000 and made several additional improvements. This revised $8000 tax credit applies to purchases on or after January 1, 2009 and before December 1, 2009.

Tax Credits — The Basics

1.       What’s this new homebuyer tax incentive for 2009?

The 2008 $7500, repayable credit is increased to $8000 and the repayment feature is eliminated for 2009 purchasers. Any home that is purchased for $80,000 or more qualifies for the full $8000 amount. If the house costs less than $80,000, the credit will be 10% of the cost. Thus, if an individual purchased a home for $75,000, the credit would be $7500.    It is available for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.

2.       Who is eligible?

Only first-time homebuyers are eligible. A person is considered a first-time buyer if he/she has not had any ownership interest in a home in the three years previous to the day of the 2009 purchase.

3.       How does a tax credit work?

Every dollar of a tax credit reduces income taxes by a dollar. Credits are claimed on an individual’s income tax return. Thus, a qualified purchaser would figure out all the income items and exemptions and make all the calculations required to figure out his/her total tax due. Then, once the total tax owed has been computed, tax credits are applied to reduce the total tax bill. So, if before taking any credits on a tax return a person has total tax liability of $9500, an $8000 credit would wipe out all but $1500 of the tax due.    ($9,500 – $8000 = $1500)

4.       So what happens if the purchaser is eligible for an $8000 credit but their entire income tax liability for the year is only $6000?

This tax credit is what’s called “refundable” credit. Thus, if the eligible purchaser’s total tax liability was $6000, the IRS would send the purchaser a check for $2000. The refundable amount is the difference between $8000 credit amount and the amount of tax liability. ($8000 – $6000 = $2000) Most taxpayers determine their tax liability by referring to tables that the IRS prepares each year.

5.       How does withholding affect my tax credit and my refund?

A few examples are provided at the end of this document. There are several steps in this calculation, but most income tax software programs are equipped to make that determination.

6.      Is there an income restriction?

Yes. The income restriction is based on the tax filing status the purchaser claims when filing his/her income tax return. Individuals filing Form 1040 as Single (or Head of Household) are eligible for the credit if their income is no more than $75,000. Married couples who file a Joint return may have income of no more than $150,000.

7.       How is my “income” determined?

For most individuals, income is defined and calculated in the same manner as their Adjusted Gross Income (AGI) on their 1040 income tax return. AGI includes items like wages, salaries, interest and dividends, pension and retirement earnings, rental income and a host of other elements. AGI is the final number that appears on the bottom line of the front page of an IRS Form 1040.

8.       What if I worked abroad for part of the year?

Some individuals have earned income and/or receive housing allowances while working outside the US. Their income will be adjusted to reflect those items to measure Modified Adjusted Gross Income (MAGI). Their eligibility for the credit will be based on their MAGI.

9.       Do individuals with incomes higher than the $75,000 or $150,000 limits lose all the benefit of the credit?

Not always. The credit phases-out between $75,000 – $95,000 for singles and $150,000 – $170,000 for married filing joint. The closer a buyer comes to the maximum phase-out amount, the smaller the credit will be. The law provides a formula to gradually withdraw the credit. Thus, the credit will disappear after an individual’s income reaches $95,000 (single return) or $170,000 (joint return).

For example, if a married couple had income of $165,000, their credit would be reduced by 75% as shown:

Couple’s income    $165,000
Income limit          150,000
Excess income                     $15,000

The excess income amount ($15,000 in this example) is used to form a fraction. The numerator of the fraction is the excess income amount ($15,000).   The denominator is $20,000 (specified by the statute).

In this example, the disallowed portion of the credit is 75% of $8000, or $6000
($15,000/$20,000 = 75% x $8000 = $6000)

Stated another way, only 25% of the credit amount would be allowed.
In this example, the allowable credit would be $2000 (25% x $8000 = $2000)

10.   What’s the definition of “principal residence?”
Generally, a principal residence is the home where an individual spends most of his/her time (generally defined as more than 50%). It is also defined as “owner-occupied” housing. The term includes single-family detached housing, condos or co-ops, townhouses or any similar type of new or existing dwelling. Even some houseboats or manufactured homes count as principal residences.

11.    Are there restrictions on the location of the property?

Yes. The home must be located in the United States.   Property located outside the US is not eligible for the credit.

12.   Are there restrictions related to the financing for the mortgage on the property?

In 2009, most financing arrangements are acceptable and will not affect eligibility for the credit. Congress eliminated the financing restriction that applied in 2008. (In 2008, purchasers were ineligible for the $7500 credit if the financing was obtained by means of mortgage revenue bonds.) Now, mortgage-revenue bond financing will not disqualify an otherwise-eligible purchaser. (Mortgage revenue bonds are tax-exempt bonds issued by a state housing agency. Proceeds from the bonds must be used for below market loans to qualified buyers.)

13.   Do I have to repay the 2009 tax credit?

NO.   There is no repayment for 2009 tax credits.

14.   Do 2008 purchasers still have to repay their tax credit?

YES. The $7500 credit in 2008 was more like an interest-free loan. All eligible purchasers who claimed the 2008 credit will still be required to repay it over 15 years, starting with their 2010 tax return.

Some Practical Questions

15.   How do I apply for the credit?

There is no pre-purchase authorization, application or similar approval process.   All eligible purchasers simply claim the credit on their IRS Form 1040 tax return. The credit will be reflected on a new Form 5405 that will be attached to the 1040. Form 5405 can be found at www.irs.gov.

16. So I can’t use the credit amount as part of my downpayment?

No. Congress tried hard to devise a mechanism that would make the funds available for closing costs, but found that pre-funding would require cumbersome processes that would, in effect, bring the IRS into the purchase and settlement phase of the transaction.

17. So there’s no way to get any cash flow benefits before I file my tax return?

Yes, there is. Any first-time homebuyers who believe they are eligible for all or part of the credit can modify their income tax withholding (through their employers) or adjust their quarterly estimated tax payments. Individuals subject to income tax withholding would get an IRS Form W-4 from their employer, follow the instructions on the schedules provided and give the completed Form W-4 back to the employer. In many cases their withholding would decrease and their take-home pay would increase. Those who make estimated tax payments would make similar adjustments.

Some “Real World” Examples

18. What if I purchase later this year but can’t get to settlement before December 1?

The credit is available for purchases before December 1, 2009. A home is considered as “purchased” when all events have occurred that transfer the title from the seller to the new purchaser. Thus, closings must occur before December 1, 2009 for purchases to be eligible for the credit.

19.   I haven’t even filed my 2008 tax return yet. If I buy in 2009, do I have to wait until next year to get the benefit of the credit?

You’ll have a helpful choice that might speed up the process. Eligible homebuyers who make their purchase between January 1, 2009 and December 1, 2009 can treat the purchase as if it had occurred on December 31, 2008. Thus, they can claim the credit on their 2008 tax return that is due on April 15, 2009. They actually have three filing options.

·         If they purchase between January 1, 2009 and April 15, 2009, they can claim the $8000 credit on the 2008 return due on April 15.
·         They can extend their 2008 income-tax filing until as late as October 15, 2009. (The IRS grants automatic extensions, but the taxpayer must file for the extension. See www.irs.gov for instructions on how to obtain an extension.)
·          If they have filed their 2008 return before they purchase the home, they may file an amended 2008 tax return on Form 1040X. (Form 1040X is available at www.irs.gov)

Of course, 2009 purchasers will always have the option of claiming the credit for the 2009 purchase on their 2009 return. Their 2009 tax return is due on April 15, 2010.

20.   I purchased my home in early 2009 before the stimulus bill was enacted. I claimed a $7500 tax credit on my 2008 return as prior law had permitted. Am I restricted to just a $7500 credit?

No, you would qualify for the $8000 credit. Eligible purchasers who have already claimed the $7500 credit on a 2008 return for a 2009 purchase may file an amended return (IRS Form 1040X) for the 2008 tax year.   This amended return will enable them to obtain the additional $500 credit amount.

21.   If I claim my 2009 $8000 credit on my 2008 tax return, will I have to repay the credit just as the 2008 credits are repaid?

No. Congress anticipated this confusion and has made specific provision so that there would be no repayment of 2009 credits that are claimed on 2008 returns.

22.   I made an eligible purchase of a principal residence in May 2008 and claimed the $7500 credit on my 2008 tax return. My brother, who has never owned a home, wishes to purchase a partial interest in the home this spring and move in.   Will he qualify for the $8000 credit, as well?

No. Any purchase of a principal residence (or interest in a principal residence) from a related party such as a sibling, parent, grandparent, aunt or uncle is ineligible for the tax credit. Since you and your brother are related in this way, he cannot qualify for the credit on any portion of the home that he purchases from you, even if he is a first-time homebuyer.

23.   I live in the District of Columbia.   If I qualify as a first-time homebuyer, can I use both the $5000 DC credit and the $8000 credit?

No; double dipping is not allowed. You would be eligible for only the $8000 credit. This will be an advantage because of the higher credit amount, plus the eligibility requirements for the $8000 credit are somewhat more easily satisfied than the DC credit.

24.   I know there is no repayment requirement for the $8000 credit. Will I ever have to repay any of the credit back to the government?

One situation does require a recapture payment back to the government. If you claim the credit but then sell the property within 3 years of the date of purchase, you are required to pay back the full amount of any credit, including any refund you received from it. A few exceptions apply.   (See below, #24). Note that this same 3-year recapture rule applies, as well, to the $7500 credit available for 2008. This provision is designed as an anti-flipping rule.

25. What if I die or get divorced or my property is ruined in a natural disaster within the 3 years?

The repayment rules are eased for many circumstances. If the homeowner who used the credit dies within the first three years of ownership, there is no recapture. Special rules make adjustments for people who sell homes as part of a divorce settlement, as well. Similarly, adjustments are made in the case of a home that is part of an involuntary conversion (property is destroyed in a natural disaster or subject to condemnation by eminent domain by an authorized agency) within the first three years.

26.   I have a home under construction. Am I eligible for the credit?

Yes, so long as you actually occupy the home before December 1, 2009.

WITHHOLDING EXAMPLES:
Note: The impact of estimated tax payments would be the same.

Situation 1: Sally plans her withholding so that her withholding is as close as possible to what she anticipates as her income tax liability for the year. When she fills out her 1040, her liability is $6000. She has had $6000 withheld from her paycheck. She also qualifies for the $8000 homebuyer credit.

Result: Sally’s withholding satisfies her tax liability and reduces it to zero. She will receive a refund of the full $8000.

Situation 2: Nick and Nora file a joint return. Nick is self-employed and makes estimated payments; Nora has taxes withheld from her salary. When they compute their taxes, their combined withholding and estimated tax payments are $11,000. Their income tax liability is $9800. They also qualified as first-time homebuyers and are eligible for the $8000 refundable tax credit.

Result: Ordinarily, their combined estimated tax payments and withholding would make them eligible for a refund of $1200 ($11,000 – $9800 = $1200). Because they are eligible for the refundable tax credit as well, they will receive a refund of $9200 ($1200 income tax refund + $8000 refundable tax credit = $9200)

Situation 3: Cesar and LuzMaria both have income taxes withheld from their salaries and file a joint return. When they file their income tax return, their combined withholding is $5000. However, their total tax liability is $7200, generating an additional income tax liability of $2200 ($7200 – $5000). They also qualify for the $8000 first-time homebuyer tax credit.

Result: Cesar and LuzMaria have been under-withheld by $2200. Ordinarily, they would be required to pay the additional $2200 they owe (plus any applicable interest and penalties). Because they are eligible for the refundable homebuyer tax credit, the credit will cover the $2200 additional liability. In addition, they will receive an income tax refund of $5800 ($8000 – $2200 = $5800). If they owed penalties and/or interest, that amount would reduce the refund.

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Hi there, i am recently separated and receive family tax credits, my kids are at boarding school which ex pays for and he thinks he should get half of the family tax credits, should he?

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Instant Mortgage

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Home Page > Finance > Loans > Instant Mortgage

Instant Mortgage

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Posted: Oct 18, 2010 |Comments: 0
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Instant mortgages are being made available by mortgage lenders who do not care much for the paper work; rather, consider the instant requirement of the borrower first. Getting instant mortgage is made simple by online mortgage companies which are dealing with borrowers via internet and offer speedy execution of mortgage process. Notwithstanding, borrowers are expected to know about the mortgage deal, the company and procedure involved for swift mortgage deal conclusion.

Information available in internet helps borrowers decide on attractive deals in offer by mortgage lenders; and, potential borrowers more than often do online search for mortgage deals for low interest rates. In order to avoid any discrepancy on mortgage deal or interest rate, online search of mortgage rates, procedure involved, amortization period, etc. is suggested.

Online loans can save you a lot of time and money and give you fast access to our top lending companies on the market. There are a number of different loan calculator products available but they generally fall into the category of secured loans and unsecured loans. Instant mortgage can also be considered a kind of online payday loan.

A major advantage of the online payday loan is that borrowers can strike out the inappropriate loan providers with the help of internet as most of the lenders furnish essential information about their credibility, interest rate, down payments, etc. amongst others. Moreover, borrowers can ask for an online loan quote from lenders to know about various terms and conditions involved in it.

The USP of instant mortgages is that these are easy, hurried and wage a borrower a wider arrange and meliorate options. Moreover, instant mortgages have mostly been proved to be helpful to the people are in dire need of assistance instantly. A time consuming mortgage process may not be a solution for those borrowers who are in instant need of funds, and for such section of consumers mortgage lenders offer instant mortgage loans.

Interesting feature of instant mortgage is that it may not necessarily be a high interest loan as there are several mortgage lenders who offer low interest rate mortgages to potential borrowers. While availing instant mortgage may be easy from a customer’s standpoint, getting a good deal is no easier as mortgage lenders are generally averse to low interest rate long term mortgages.

Despite the fact that instant mortgage is popular among borrowers for it suffices specific requirement in swift manner, various terms and conditions are like any other ordinary mortgage wherein it is secured by real property through the use of a mortgage note. The mortgage note in such a situation is considered an evidence of the existence of the loan and the encumbrance of the realty that the property is mortgaged.

Notwithstanding, borrower through the granting of a mortgage secures the loan and when he pays back the amount the mortgage is redeemed. Requirement for mortgage for a home buyer or builder can come for various reasons which may even include financing a loan, purchase a home, etc. amongst others. Instant mortgage either can be got through mortgage brokers or directly through banking agencies.

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A company by the name of instant loan call stating i owe money they had all my info but i truly don’t remember taking out a loan and not paying it back now they talking about the police is coming
I am 62 years old ,retired and a home owner with home owners insurane. Can I apply for a reverse mortgage loan or any other debt consolidation loan
Will a mortgage company go after a cosigner, for the amount owed on a home loan mortgage, if the principal borrower defaults on the loan, without the cosigner’s knowledge? She is out of the country

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Mortgage Modification Chicago

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Mortgage Modification Chicago

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Home Page > Finance > Real Estate > Mortgage Modification Chicago

Mortgage Modification Chicago

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Posted: Sep 07, 2009 |Comments: 0
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Loan Modification Chicago – This term is drawing a lot of notice this year and rightfully so. With so many of property owners stuck with poisonous adjustable rate mortgages and practically no alternatives to free themselves from them, loan modification/mortgage modification might be the lone option for in trouble borrowers. This phrase is referring to when the bank modifies your current loan (the mortgage you have, only changes are made to the note) in order to work with you and make your existing loan easier to manage. An alteration to the interest %, balance of the mortgage, past due fees owed, term of the mortgage etc. can be acceptable to the Lender. Previously loan modifications were only used when a debtor was delinquent but currently it is being used in advance of when a property owner is past due. Loan Modification will continue to be a common term and the easiest method to assist people fend off foreclosure.

A Loan Modification will change the existing loan note and give the debtor a brand new start in managing their home. Accounts will be added back to the end of the loan immediately.

With a loan modification you take the loan you currently have and change the rate and payment requirements in order to achieve a fixed rate. A change in interest rates and payment does not require a new closing, legal fees, survey, appraisal, or taxes. In contrast, if you refinance a mortgage you’ll be required to go through a closing and be forced to pay a variety of fees and taxes.

Banks are willing to negotiate when property owners are having tough financial times and can’t obtain other financing alternatives. We show the lender why it would be in the lender’s best interest to work something out with the homeowner. In turn, the creditor will reduce the loan rate, decrease monthly payment amounts or change various loan terms to allow for an affordable loan to allow the property owners to avoid foreclosure.

We bring the lender and borrower of problem loans together to sensibly work together to a deal that creates revamped and better loan terms which are cheaper and realistic. The goal is that the modified loan will help the property owners to meet their commitments. Along with our specialized and customized budgetary analysis, this goal can be possible. Our property owners acknowledge the modified loan that is within their means, and don’t ever have the need to worry about foreclosure again.

Details to consider before considering a loan modification:

Debtor must have experienced a financial hardship resulting in a reduction in income that reduces ability to meet monthly loan payments.

Debtor must have a source of consistent monthly earnings.

Debtor must wish to retain ownership of property.

Debtor must occupy the home as sole residence.

Modifying your loan is a useful option for most consumers who may be dealing with the current tough economic climate.

For more information, please visit: Loan Modification Chicago.

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What should you not do when seeking a mortage modification and do they have to grant it?
I had first mortgage modification and we also applied for second mortgage modification but they turned me down and we have not paid for a year …. what can i do about it
My credit score is 4 something due to my mortgage modification being stalled. Can i still get credit?

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Article Tags:
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Reverse Mortgages – A Tax Free Income For Senior Citizens

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Reverse Mortgages â A Tax Free Income For Senior Citizens

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Home Page > Finance > Reverse Mortgages â A Tax Free Income For Senior Citizens

Reverse Mortgages â A Tax Free Income For Senior Citizens

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Posted: Nov 01, 2010 |Comments: 0
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I fully realize if it sounds too good to be true, it probably is and There Ain’t No Such Thing As A Free Lunch (TANSTAAFL) immediately jumped into your head when you read the title of this article. However, if you are 62 or over, you may have just found the goose that laid the golden egg. A reverse mortgage is exactly what the name implies. Rather than you paying a monthly sum of money to a mortgage company, a mortgage company pays you. There are three types of reverse mortgages and all have the same eligibility requirements. You must be at least 62, live in, and own, your home and sign a contract. You must also have equity in your home and the inherent interest rate is based on what the lender is currently charging (more about this later) on non-reverse mortgages. The lender, by the way, will also have your property appraised for which you may or may not be charged. There are no income restrictions such as those imposed by Social Security and most are tax free since they do not involve additional features such as an attached annuity. They also do not affect your social security benefits nor your Medicare entitlements. This article discusses only those mortgages without additional features. Should you wish to know more about reverse mortgages with additional features, consult with a competent tax professional to reduce the chances of running afoul of tax laws. The FTC’s website, http://www.ftc.gov/bcp/online/pubs/homes/rms.htm has an excellent article on reverse mortgages but it also does not discuss mortgages with additional features. Another reason to consult with a tax professional. This tool called reverse mortgage is actually a loan, hence an interest rate, which allows senior citizens, or as some say, the elderly, to convert part of their equity into cash without having to sell their home. Because it is a loan “in reverse” you are receiving a monthly sum and not paying a monthly amount while you live in your home. However, this loan must be repaid and repaid with interest should you sell, die, no longer live their as your principal residence or reach the end of the pre-selected loan period. You remain responsible to pay real estate taxes, insurance and all attendant maintenance expenses which, of course, you would have to pay with, or without, a reverse mortgage. With this explanation, the picture becomes more focused, right? You enjoy a monthly sum, tax free and non-repayable until a date sometime in the future, while remaining in your home. As close to a win-win situation as one can get in this day and age. It doesn’t take a rocket scientist to realize anyone who is cash poor but house rich should at least investigate this tool. However, like any other instrument involving your signature on the dotted line involving financial obligation, you must have some preliminary information. I mentioned there are three types of reverse mortgages. The first is the single purpose reverse mortgage. These are offered by some sate and local government agencies and nonprofit organizations. They may not be available in your area. Call your county’s Department of Senior Services. Their phone number is in the white pages under the listing for your county. Single purpose means exactly that. The proceeds may be used for only the purpose specified by the lender and generally are only made to people with low or moderate incomes. If you call your county, be sure to ask if their reverse mortgage is a single purpose and what are the limits. The second type of reverse mortgage is called a Home Equity Conversion Mortgage (HECM). The federal government insures these mortgages and they are backed by the Department of Housing and Urban Development (HUD). The up front costs are generally high especially if you plan on staying in your home for a short period of time but they carry no income or medical restrictions and can be used for any purpose. HECMs also require all applicants to meet with a counselor from an independent government approved housing counseling agency. The FTC says, “The counselor must explain the loan’s costs, financial implications, and alternatives. For example, counselors should tell you about government or nonprofit programs for which you may qualify, and any single-purpose or proprietary reverse mortgages available in your area.” An additional benefit of an HECM mortgage is the nursing home clause. Should a borrower have to move out of her home and into a nursing home or other medical facility, she has up to 12 months before the loan becomes due. This enhances financial planning. The third type is called a proprietary reverse mortgage. These are private loans backed by the companies offering them. In other words, they are NOT government insured. Like HECMs, the upfront cost could be high for a proprietary reverse mortgage. A reverse mortgage, cost wise, is like a non-reverse mortgage. The lender usually charges loan origination fees, closing costs, insurance premiums (for insured loans) and service fees which are all set by the lender. Fortunately, like non-reverse mortgages, the federal Truth In Lending Act (TILA) applies to reverse mortgages. This means the lender MUST disclose the costs and terms of the reverse mortgage you are considering. The annual percentage rate (APR) and payment terms must be prominently displayed and not in the fine print. If you choose a credit line as your loan, lenders must tell you the charges related to not only opening but using this credit account. Another word about the interest rate since it too mirrors the non-reverse mortgage. Just as with a non-reverse mortgage, an interest rate can be fixed or variable with variable rates tied to a financial index. This means the rate will change as the index changes. TILA forces the lender to disclose this information. TILA does not force the lender to tell you the reverse mortgage may, or may not, use up all of your equity. If a “non-recourse” clause is included in the contract, and most have them, you must be told you will not owe more than the value of your home when the loan is repaid. This is a good thing. Of the three, the HECM is the most flexible. It lets you select the way you receive your money. For example, you can receive fixed monthly cash advances for a specified period or for as long as you live in your home. Or, if you choose, you can receive a line of credit. A line of credit allows you to draw on the loan proceeds when you want and how much you want. The HECM allows a combination of the two choices. You can receive a monthly payment plus a line of credit. The key is to read and understand every clause in the contract before signing and do not be afraid to ask questions about what you don’t understand. Don’t let a huge monthly payment cloud your judgment and decision making ability.

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Options Used by Banks to Modify a Mortgage Loan

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Options Used by Banks to Modify a Mortgage Loan

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Home Page > Finance > Loans > Options Used by Banks to Modify a Mortgage Loan

Options Used by Banks to Modify a Mortgage Loan

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Posted: Sep 20, 2010 |Comments: 0
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Struggling homeowners could get relief from loan modification. Fortunately, the government has a program for homeowners. This is the federal Home Affordable Modification Program for troubled homeowners.

For several decades, private modification plans helped millions of homeowners. These plans are offered by private lenders and banks. Recently however, getting a private loan modification became much more difficult. That is why the demand for government’s HAMP or home loan modification program is increasing.

You probably heard already about HAMP on radio shows, TV programs, billboards, and from your neighbor. This program could help reduce your mortgage loan in half. It will enable you to save money each month during the entire lifetime of your loan.

Like most government programs, HAMP is being delivered through private lenders or commercial banks. But how these banks reduce monthly mortgage is a big question for most homeowners. Technically, lenders will give you three options to reduce your debts or interest payments. Here is a quick overview to better understand the intricacies of the program.

Interest Rate Reduction

Reduction of interest rate is the most common option adopted by lenders. By reducing the interest rate, lenders hope that struggling homeowners could meet their monthly payments. As much as 2 percent can be deducted from your interest rate.

If you have obtained a modification plan that reduced your interest rate by 2 to 3 percent, then the term usually last for five years. After the specified 5-year period, the rate will start to increase by one percent until you reach the cap. The cap is the current note rate specified in the modified terms of your mortgage loan. You and the mortgage lender will have to agree mutually on the note rate.

This is the standard framework mandated by HAMP on interest rate reduction. However, each case is reviewed thoroughly by the lender and some variations could be implemented.
Term Extension of the Loan

Another option available for you is extension of the terms of your loan. Typically, the mortgage loan will be extended up to 40 years. This kind of modification is somewhat self explanatory. So instead of having a 30-year mortgage loan, you can now have a 40-year mortgage with lower monthly payments.

Reduction of Principle

Another beneficial option provided for borrowers is principle write downs. This is the most ideal loan modification plan for borrowers who are already upside down. If you have purchased your home at the peak of appraisals, you probably do not have any equity left because of the decreasing value of homes. With principle write downs, a portion of the principle will be forgiven by the lender. This will enable you to apply for refinancing with lower monthly payments. Although very helpful for distressed homeowners, a reduction of principle is not normally offered for borrowers.

It is always best to know your various options when applying for loan modification. This will give you a greater chance of success. So you need to educate yourself by getting more information from loan modification experts.

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Rob K. Blake, home loan expert and author, educates mortgage shoppers on finding local providers by state like Montana Mortgage Brokers and Lenders and provides reviews of national companies like Bank of America Mortgage.

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Understanding The Different Types of Mortgages

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Understanding The Different Types of Mortgages

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Home Page > Finance > Understanding The Different Types of Mortgages

Understanding The Different Types of Mortgages

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Posted: Nov 01, 2010 |Comments: 0
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Buying a home is one of the biggest commitments you will ever undertake. So choosing your mortgage does take thought. Take some time to consider what mortgage is right for you. After all it’s your money you will be spending so, I would recommend utilizing it in the best way possible. The kinds of mortgage available to you There are thousands of different mortgages on the market at the moment, all offering something different, something similar but essentially offering one of two types: • Repayment and Interest, with a repayment and interest mortgage you (the lender) you will have to payback the specified mortgage amount plus the interest in a specified time. For example if you borrowed £100,000 over 25 years, the total plus interest is £190,000 over 25 years, this is what you will repay. You will see the balance becoming increasingly smaller over the term of the loan. • Interest only, with an interest only mortgage you only pay the interest on you mortgage, however when the term of your mortgage is over you are still left with the initial buying fee of your house. Using the above example this would be £100,000 still left to pay. When you take an interest only mortgage you will need to take out an alternate savings plan, in the form of a pension, I.S.A, or an endowment. These alternate plans run alongside your mortgage to accumulate the final sum to zero your balance after the term is over. Advantages of a repayment and interest mortgage • It is possible for you to pay off lump sums of your mortgage to minimize the balance and make term shorter. However do be careful as some lenders do charge for a early settlement. If you do decide to repay early it is better to do upon the changing period of your mortgage i.e. when you are eligible to start another discounted term with another lender. • You do not always have to take out life insurance with a repayment mortgage. Some pension plans that are in place do cover for unfortunate events such as death. • You know the full balance of your mortgage and also the term of the repayment, so you always know when your mortgage will be paid in full. Disadvantages of a repayment and interest mortgage • In the early years of a repaying your mortgage the majority of the monthly repayment is interest rather than capital. For lenders who move house regularly, this can mean that little of the capital is paid off. • If no life insurance, pensions or assets are in place to cover the repayment of the house. In the unfortunate event of a death the house will still have to be repaid. If payments are not kept up to date then the house will be sold. • There may be financial penalties for making additional payment into your mortgage account. Interest only mortgage With this type of mortgage, only the interest is paid off with each mortgage payment. After the term of the mortgage elapses e.g. 25 year period, the lender is left with the full balance for the initial purchase of the house. To combat this problem (if you do not have the money to repay after the term is over) you the lender can take out another policy to run along side the mortgage payment? These policies are an ISA, pension plan or endowment policy. When you find a policy to suit you? The policy will grow along with your mortgage to accumulate the balance of you initial payment over the same term as your current mortgage. So at the end of the specified lending term you have the correct amount of funds to pay your balance. Pension Plan Using a pension plan to accumulate the balance of your mortgage is a tax free saving scheme. The balance of your house will be saved over a period of time until you can pay your final balance. If you do intend to use a pension fund to save for the balance of your house, consideration should be taken into account to open another pension fund for retirement purposes too. ISA Plan With an ISA plan you invest in stocks and shares via an Individual Savings Account (ISA) – which is a tax-free method of saving. This method of saving may not be suitable for most borrowers. Before considering this option you should consult with an independent financial adviser. Endowment An endowment is still the most common type of interest only mortgage which also provides life assurance cover and a fixed payment for investment. The endowment policy along with the interest only mortgage should in effect end at the same time, leaving you with the ownership of your home and nothing to pay. Endowments have undergone much criticism; this is due to investors being promised high returns from their investments. However lately this has not been the case, borrowers have found their investments have been as good as expected and a shortfall in the end amount of invested cash will not match the amount owed on the current property. Taking into account the recent problems that have arisen regarding endowment policies it is worth remembering that returns on endowment policies have been pretty good, however you do need to see the term out in full. Also endowments do provide life assurance as part of the actual policy, so in the unfortunate event of a death the mortgage balance is paid in full. Advantages of an interest only mortgage • Your investments and savings could accumulate more than the required amount to cover the final payment; this could leave you more cash for your own personal use. • Some plans have good tax benefits and help reach the required amount it a quicker and cheaper rate. Disadvantages of an interest only mortgage • In the unfortunate event of your investments not acquiring the designated amount of cash to cover the loan repayment, the investor could face a shortfall which they will then need to pay. If you are worried about a shortfall on your investment, you should keep in touch with your investor and request regular updates on the situation of your endowment. If the worst comes to the worst, you can increase payments to compensate for the loss of investment. • Cashing in your endowment, ISA or pension could have adverse effects on the amount of money you have saved over the past however many years. If you do decide to cash in any existing policies you may be subjected to a penalty, this could be a cash amount specified by the investment company/lender. Please seek professional advice if you are worried about the end results of your finances, don’t be too hasty as most policies accumulate more of the cash in the final year.

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How Do Adjustable Rate Mortgages Adjust?

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How Do Adjustable Rate Mortgages Adjust?

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How Do Adjustable Rate Mortgages Adjust?

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Posted: Oct 18, 2010 |Comments: 0
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If you are considering purchasing a property or refinancing your existing home loan and you only plan on being in your residence for less than seven to ten years, then it may make sense to consider an adjustable rate mortgage. Commonly known as ARMs, adjustable rate mortgages have introductory rates which are in place for a set number of years before then adjusting up or down based upon the movements of an interest rate index which the loans are tied too. Common indexes which adjustable rate mortgages use include the 1 Year Treasury Rate and the 1 Year LIBOR (aka the London Interbank Offered Rate).

When shopping for adjustable rate loans, home buyers and home owners should make sure that they have a solid understanding of the loans’ margins, associated indexes, adjustable intervals, and the caps for the adjustments. Consumers should also be aware that the first adjustment (after the introductory period ends) may be greater than that of future adjustments.

For example:

A loan officer quotes a 3/1 LIBOR ARM with a start rate of 3.250% and a 2.500% margin and a initial rate cap of 3% and then annual rate caps of 2% for every year thereafter. In this scenario the intro note rate would be set at 3.250% for the first three years of the loan. On the 37th month, the loan would adjust by adding the loan’s margin (2.500%) to the current index rate (say 1.000%). The result would be the “fully indexed rate” of 3.500%. In this scenario a person would actually see their note rate go up only .250% (3.250% to 3.500%) for the first adjustment.

Should One Consider an ARM?

ARMs do carry added layers of risk and it is up to consumers to determine whether the rewards outweigh the potential risks. The initial step is to examine how much lower current adjustable mortgage rates are than fixed interest rates and determine how much savings there may be in the introductory rate period. Unless the ARM rates and savings are extremely attractive, the consumer may want to play it safe with a fixed rate mortgage program. Adjustable rate mortgage borrowers should also feel confident in their ability to refinance before their loan’s first adjustment and that the real estate values in their communities are in a stable or appreciating environment. The last thing a home owner wants is to be upside down on their home loan and stuck in an ARM without the ability to refinance.

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Contractor Mortgages To Get Relief

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Contractor Mortgages To Get Relief

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Home Page > Business > Business Opportunities > Contractor Mortgages To Get Relief

Contractor Mortgages To Get Relief

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Posted: Nov 05, 2010 |Comments: 0
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A mortgage is a loan against property, which lends to the borrower to meet their specific requirements. The borrower has to pay this mortgage during the given period assigned by the lender. There are several types of mortgages and in this article our focus will be on contractor mortgages.

There are many conditions in a mortgage that some people are limited to certain rights. There are many contractors who are not eligible to obtain a sufficient amount of the mortgage, because their employment status. For example self-employed contractors may be more difficult to obtain a mortgage, since a company such as employees working for some companies does not directly employ them.

Contractor mortgages are a recently introduced option for these contractors to acquire the necessary amount of the mortgage. There is a particular category of persons eligible for a mortgage contractor, such as contractors and freelancers. There are many lenders and mortgage brokers that have helped self-employed or freelance individuals who are making there mortgage options easier.

Now many companies provide contractors contractor giving mortgages these companies have appeared on the market for providing. These contractors are judged by the positive qualities of their work situation and are in turn mortgages offered on the basis of an annual contract rate.

Now we know about focus on the mortgage options that is available to the contractor. The fundamental characteristic allows a contractor to enjoy the benefits of a mortgage easily of the contractor mortgage. Many financial offer the contractor mortgages institutions are in the form of self-certification mortgages. The type of mortgage with the individual contractor has to pay a higher interest rate. Thus this can be an effective way to get a mortgage.

Self-certification mortgages have given the contractors a way to enjoy the benefits of the mortgages in the independent sector. Today there are many reputable companies that offer mortgages contractor which given the competition in the market. This is a way to give contractors an exposure to a greater availability of resources.

The contractor mortgages have reduced the burden on contractors and freelancers. Because in the past it has been observed that independent journalists and contractors had to struggle hard to acquire a mortgage. This was due to the fact that were used individually and do not fit the criteria for identifying financial institutions. However, It is now possible for them to get mortgages contractor.

It will always prove to be a wise option to do research before getting contractor mortgages. If you are a contractor or freelancer looking for a contractor mortgage then you need to look for the companies that are able to cater to your specific requirements in the most appropriate way.

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Mortgage Meltdown: How to Avoid Foreclosure

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Mortgage Meltdown: How to Avoid Foreclosure

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Home Page > Finance > Mortgage > Mortgage Meltdown: How to Avoid Foreclosure

Mortgage Meltdown: How to Avoid Foreclosure

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Posted: Oct 26, 2010 |Comments: 0
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The foreclosure boom is hitting all cities hard. With thousands of homes in crisis, there seems no end to this national problem. If your home is facing foreclosure, then take note of the following solutions.

First, notify your mortgage lender of your financial crisis immediately. Believe it or not, your lender doesn’t want you home. They rather you keep your home instead of foreclosing on it. This is because the foreclosure process is way more costly than a modification.

On that note, consider a mortgage modification. Be aware, however, that this process can take from 90 days to a year to finalize. During this time frame, just be sure to keep track of everything: all paperwork and a documentation of all conversations, including the person’s name who assists you, their phone and fax numbers; employee id, and email address. Prior to this, state in writing what caused your income to change as well as details of all your monthly expenses. This should be given to your mortgage lender.

Another option is to ask your lender to lower your monthly payments by changing the terms of your loan. This could mean a lower interest rate. Don’t despair if they say no, for you have other options such as forbearance.

Forbearance is a written agreement that allows you to make reduced payments during a short time period. You’re not expected to make regular payments during the forbearance. At the end of this period, a new repayment plan begins.

Mortgage extension is another option that can help you avoid foreclosure. This is best in the worst case you’ve taken a pay cut or lost your job. A mortgage extension is intended for short term delinquencies. Contact a HUD housing counselor at www.hud.gov for assistance.

There’s additional government help available. Government programs such as the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP) can aid you when your lender has denied you. And best, getting assistance from one of these programs can stop the foreclosure process – given that payments are being made.

Finally, think about a short sale. A short sale deals with selling your property at a moderate loss. It altogether avoids the hefty fees and poor credit ratings associated with foreclosure. However, you may still bear the burden of paying the loan’s remaining balance. So, this should be your very last option.

Don’t let your mortgage lender take action on you. You act first. Even in the face of this adversity, never stop fighting for your number one investment: your home.

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I’m in the process of a foreclosure, and I have a 1st & 2nd loan with the same bank. I know the 1st loan qualifies for the mortgage forgiveness act? What about the 2nd loan? I live in California
I am in the process of lising my home and a foreclosure my loan has been closed for 5 years. the interest rate on my loan is very high. is it possible for the bank to cosidr giving me a new mortgage
With regard to renter’s rights, what should I prepare for if my rental property is in foreclosure and for 5 to 8 months the landlord has been receiving our monthly rent but not paying mortgage?

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Article Tags:
mortgage, mortgage lender, foreclosure, avoid foreclosure

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