Not long ago, mortgage companies started to offer a smorgasbord of programs to make home ownership easily available to almost everyone. Some of the common terms we have become accustomed to hearing include:
Low-Doc
No-Doc
Full-Doc
100% LTV
Interest Only
ARM
Conforming
Non-ConformingThe housing market has been red-hot for many months, but we are realizing that all these short-term "solutions" have become long-term "problems". For instance, if a potential borrower had a decent credit score, they could obtain a "No-Doc" loan...which meant that...
September 8, 2012
August 10, 2012
125 Percent Mortgage Loan
So changing circumstances can adversely effect your ability to service the loan. It must also be realized that although you may wish to consolidate unsecured debt for example credit cards and loans you will be placing unsecured debt on to a secured loan.
A typical example might be where 95% of the mortgage consists of a secured loan on the property and the rest, the extra 30 % is an unsecured loan. The two amounts will normally be at the same rate which could be for example fixed or variable and both will run the same term. Some terms may...
June 16, 2012
No Cost Stimulus Plan to Revive the Real Estate store - Real Estate, Foreclosure, Jobs, Short Sale
We all know that without the revival of the real estate market the economy cannot enhance as much as we would like it to. Being a real estate and mortgage broker for the past 26 years i have come up with this clarification that benefits roughly everyone. This may be the biggest transaction of my life, without pay, but it will help the economy and the country.
In the next 5 minutes I'll show you how my stimulus box costs nothing to implement,...
May 20, 2012
Second Mortgages become interesting Cash Out Loan Alternatives
With all of the interest rate talk these days at the water cooler, it seems that everyone knows where the interest rates are going except for the Federal Reserve. Of course citizen are speculating, and if they do predict where the interest rates are headed, they legitimately could not tell you when they are rising or dropping.
As most of you have realized by now, the first mortgage rates may not go back down to the 2004 levels when the 30 year...
May 1, 2012
Obama's Harp agenda - Why Banks Aren't Lending according to the Government's Suggestions
The government decided that it was time to bonus responsible homeowners, those who make their payments on time and have never defaulted. They created the Home Affordable Refinance program; not only one version, but a new and improved version called Harp 2.0. In it, homeowners are supposed to be able to refinance regardless of their equity position, regardless of Debt to wage ratio and regardless of past credit. All You Needed was to be on time 11...
April 23, 2012
Second Mortgage Loan Basics - What They Are - How To Get approved
It is inherent to have multiple mortgages on a home. The first mortgage is the traditional mortgage. The second mortgage is subordinate. This means that if there is default in payment, the traditional mortgage is to be satisfied first and anything remains would go towards paying the secondary mortgage(s). This is absolutely why second mortgages carry a higher rate of interest. Secondly, similar to first mortgages, second mortgages also have additional...
April 14, 2012
reputation Problems? With a Subprime Mortgage Lender, Poor reputation is Not a qoute
Have you been turned down for a home loan recently because you have a bad reputation history? You may want to consider applying for home financing with a subprime mortgage lender. A subprime mortgage lender is one who specializes in providing financing for habitancy who are difficult for most mortgage companies to finances, it could be because of a low reputation score, hard-to-prove revenue or a combination of those factors with no money to put...
April 12, 2012
Harp Rules Being Revamped
In 2009, the government brought in some legislation to aid those who were being crushed by negative equity. The housing bubble burst leaving a whole slew of struggling home owners in its wake and the government realized that it had to do something. Harp (Home Affordable Refinance Program) was introduced to allow habitancy to refinance their homes on lower interest rates to give them a occasion to survive the economic downturn. With the new rules...
April 9, 2012
Current Mortgage Rates and Fannie Mae's Du Refi Plus agenda
Current 30 year fixed mortgage interest rates are seriously trying to challenge their all time lows while Current Adjustable Rate mortgage interest rates may be at their all time lows especially the 5/1 Adjustable rate mortgages maybe available in the 2% range.
Fannie Mae's Du Refi Plus
In case you haven't heard Fannie Mae's conforming mortgage program has a stock called Du Refi Plus: Fannie Mae 's Du Refi Plus conforming mortgage loan program...
April 7, 2012
The Mark Is Selected-The Fix Is In-Sting Underway
Trevor showed up at an open house party held by a local Realtor, Mary, for a new homebuyer. Any neighbors had dropped in for the welcoming event. A friend of the Title firm who had finished the loan for the new homeowner had invited Trevor to the gathering, as he was new in town and had stopped at the Title firm production inquires about time to come purchase business. Mary peeking out the window witnesses a sharply dressed middle aged man probably...
April 4, 2012
option Arms: "The Sky is Falling-The Sky Is Falling" So Say The Chicken Littles Of The World
Every investment vehicle and financial program under the sun has some sort of risk attached to it. Whether it is stocks, bonds, stock options (deep in the money/out of the money) puts, arbitrage, stock shorting, derivatives, mergers, Real Estate investment Trusts, etc. The key is managing the risks within convenient parameters while superimposing an investment template and guidelines over the investment.
Many have used the option Adjustable...
April 2, 2012
Buying A firm - The Basics
Buying a company in today's economic climate requires that you, the buyer, be on the ball, with regard to company basics. This economic climate, as far as businesses are concerned, is a sellers market.
With the corporate downsizing, economic downturn and other factors, there are a lot of very knowledgeable buyers out there looking for one of the very few good company to buy. This means that you, as a buyer have a lot of competition. Consequently,...
March 30, 2012
Poor reputation Home Mortgage Loans - The Role of the Fico Score
If you have bad reputation history and are finding to get a home mortgage loan, then chances are you are going to need to know all about how the Fico reputation scoring theory works.
Fico - Fair Isaac & firm - is the foremost reputation reporting group that lenders turn to when it comes time to reputation scoring your home loan mortgage application; so if you do have bad reputation history, these guys will know.
The method used by Fico cannot...
March 28, 2012
Negative Equity - Is Refinancing an Option?
Sometimes life can just deal you a bad hand. If you're in a situation where your house is worth less than what you owe on it, you have what is called negative equity. There are a lot of ways that you can end up in negative equity. For the most part, however, it comes from buying close to the top of a housing boom.
When a housing boom happens, house prices go up and up, giving you more and more equity. During these times, it's not uncommon for...
March 25, 2012
New Jersey Home Equity Loans - 125 Percent Home Equity Loans
Many lenders limit the number of money that you can draw from your home to 80 percent of the home's value, or at most 100 percent of the home's value. Some lenders, however, offer 125 percent home equity loans.
What are 125 Percent Home Equity Loans?
To understand how a 125 percent home equity loan works, you must first understand the Ltv ratio. Ltv stands for loan to value and represents the number that comes from dividing your loan number...
March 23, 2012
Refinancing a Bad prestige Home Loan Saves Money Monthly
The money you are paying today on your bad credit home loan reflects your credit scores at the time you took the loan. Your credit rating situation could have changed dramatically since then. Even if it has not improved much, you could still stand to save money. So, you may still want to think refinancing your bad credit home loan.
Get Monthly Relief with Bad credit Home Loan Refinancing
Lower interest rates and lower monthly payments are the...
March 20, 2012
coarse Types of Borrowing For Home renewal
You can borrow from a bank, a savings and loan, a reputation union, or a mortgage banker. You can even borrow the money online over the Internet. Here are the most base types of borrowing.
Fha Title 1. These are mortgages insured by the federal government. The biggest benefit is their high loan-to-value ratio (how much of your home's value you can borrow against).
Pros
1. Financing up to the full value (100 percent) of your home
2. Competitive...
March 18, 2012
prestige Collectors
Credit Collectors are the one who fetch bills from the person who have failed to pay their dues on proper time. Ordinarily these persons work for Bank, Institutions Providing Loans to people. Habitancy take loans from Bank and secret Institutes but many Habitancy fail to pay on time. So to recover bills from these persons Bank and secret Institutions have some persons working as prestige collectors.
Credit collectors are given a full file of...
March 15, 2012
Don't Get Mortgage advice From "Experts" on the Today Show
As I was getting ready for work Tuesday morning, The Today Show on Nbc had a segment with Barbara Corcoran, a "real estate expert", about refinancing. Being a loan officer, I watched intently, hoping Ms. Corcoran would dispense good advice about the multitude of opportunities available for refinancing. While some of her advice was accurate, she made a estimate of points in the allotted three-and-a-half little segment that were so erroneous and misleading,...
March 13, 2012
Debt Consolidation Loans: Home Equity or Unsecured Loan?
According to the Federal Reserve, Americans carry colse to ,800 in reputation card debt from month to month. Development the minimum monthly payment on that debt would take 30 years to pay off, and contain an supplementary ,000 in interest. Agreeing to the menagerial Office of the Courts, 2,078,415 bankruptcies were filed in 2005--the largest whole of bankruptcy petitions in the history of the federal courts. With the new tougher bankruptcy laws, habitancy are seeing for alternative ways of managing their debts.
Debt consolidation loans are...
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