Finance, Loan, Debt and Credit.

November 24, 2017

Debt Consolidation – What You Need to Know!

Filed under: Debt — Tags: , , , , , — admin @ 12:47 am


The first step to dealing with your debts is admitting that you have got a problem. Only then can consolidating debt be the solution to your debt problems.Debt Consolidation can happen in a number of ways, the most common are through either a debt consolidation loan or through a no loan consolidation.Lets looks at the two ways for consolidating debt in more detail:1: Debt Consolidation Loan – Allows you to consolidate your existing unsecured debt into one single loan. Choosing a debt consolidation loan for consolidating your debt can reduce your monthly payments, lower your interest rate and make it easier for you to manage your debt.Debt Consolidation Loans are usually secured against your home, but this will offer you a number of additional debt consolidation terms which you just could not get with unsecured consolidation.2: No Loans Consolidation – A secured loan is not suitable for everybody, but there ways to consolidate debt without the need for any further loans. These are otherwise known as Debt Management Plans and allow you to make just one reduced payment to your debts, no matter how many unsecured creditors you have.Remember, you can consolidate a number of debts choosing the above methods, such as credit cards, store cards, unsecured loans and overdrafts.Discover more about what YOU need to know about debt consolidation, see the following recommended reading:

Advantages and Disadvantages of Debt Consolidation. The only way for you to understand debt consolidation is to be aware of both the advantages and disadvantages of consolidating debt.

Struggling with debt consolidation? We can offer you free advice to find the perfect way for you to consolidate your debt so you can manage your fiances with ease. Discover the advantages and disadvantages of debt consolidation.

October 27, 2017

Everything You Should Know About Cash Back Mortgages In Canada

Filed under: Mortgage — Tags: , , , , , , , — admin @ 12:46 pm


We’re all fully aware of the crisis in the world housing market, especially in the United States, it’s practically impossible to have missed it with all of the coverage on the news.  Unfortunately, this situation has affected Canadians as well.  It’s more difficult than ever for a person with no down payment to get a mortgage in Canada.  With the cancellation of the zero down mortgage programs, many people now believe that if they don’t have 5% down payment to buy a house they won’t be approved for a mortgage. Although it’s a little more stringent, it’s still possible to get zero down mortgages, however it’s in the form of what the banks call cash back mortgages.

Cash back mortgages are a great alternative for someone who wants to take advantage of the low price of housing in Canada right now but doesn’t have 5% down payment to purchase a home.  Alternatively, some people have saved for their down payment but don’t quite have enough.  A cash back mortgage would be a good option for this situation as well.  You’re probably wondering what’s the difference between a cash back mortgage and the zero down mortgage programs?  The banks would like you to believe that there is essentially no difference between these two mortgage products, but that is not the case. Although cash back mortgages are a fantastic alternative to the zero down mortgage products, there are significant differences.

The first and most important difference is the interest rate.  When the banks were offering zero down mortgages the interest rates were the exact same as if you had 5% down, with a cash back mortgage, the interest rates are usually about 1% higher than a traditional mortgage product.  However, this is offset by the fact that the bank is giving you your down payment.  That means if you have a cash back mortgage for $100,000 the bank will give you 5% down, and you only have to pay back $95,000. Banks would like you to believe that they are giving you the 5% out of the goodness of their hearts, but the fact is the interest rate is higher on this product so they can recoup that 5%. The good news is, at the end of your 5-year term with that bank, you are free to shop around again for the best rates. The second difference between cash back mortgages and the zero down mortgage programs is the penalty if you break the mortgage before the 5-year term is up.  On a traditional mortgage at 100% financing, if you break the mortgage the penalty is the same as any other mortgage, the standard 3-month interest penalty would apply.  With a cash back mortgage they also charge a 3-month interest penalty, in addition to that you have to pay back a portion of the cash the bank “gave” you.

I know it seems like I am trying to deter you from a cash back mortgage but that isn’t the case, I just think it is important to enter into cash back mortgages fully aware of the product.  It is important to weigh your options carefully.  If you decide to wait and save up a down payment for your house because you don’t want to pay a higher interest rate, one very important point to consider is. Every year on average houses increase in value by approximately 5%, so,  if you were to purchase a house for $100 000 today that same house would cost you $110 000 in two years. 

If you consider waiting because the interest rate seems a little high you should know that a cash back works out to about a quarter of a percent higher than a traditional mortgage, when you consider that you are not paying back the cash back portion.  On a $100 000 mortgage over five years you will pay approximately $4,800 more in a cash back mortgage than if the zero down mortgage program was still available.  However, if you consider that waiting two years to save would cost you $10 000, the cash back mortgage would cost less than waiting and would be an excellent option to get into the housing market.  Cash back mortgages are excellent options for homebuyers, but you should make certain that you are fully aware of the conditions in your mortgage. 

Penny-Ann Lupton is a mortgage agent with Real Mortgage Associates, she is devoted to helping first time homebuyers through the process of purchasing a home.

She will also provide information to anyone interested in learning about the Cash Back Mortgages.

August 18, 2017

Bad Credit Home Mortgage Refinance Loans – Things to Know

Filed under: Loan — Tags: , , , , , , , , — admin @ 12:47 am

The number one reason people seek out a home mortgage refinance loan is to obtain a loan with a lower interest rate. Doing this with a good credit history is no problem for a homeowner but for someone with a bad credit history, it is a whole different story all together. This however, doesn’t mean that it is impossible to achieve. Rather; it only means that some homework is required to successfully obtain a bad credit home refinance loan with a lower interest rate.

Get Copies of Your Credit Reports

Step number one should be to obtain free copies of your credit report from all three major credit reporting agencies in the U.S. They are obligated by law to provide you with one every year upon request. The number one most common mistake found on a credit report, is showing negative information that has passed its time limitation.

A Seven Year Time Limit

The longest time that negative information, other then a bankruptcy can appear on your credit report is seven years after the last action that was taken on the account. This means that seven years after you made your last payment on any account that is shown on your credit report, it can  no longer appear on your credit report.

Don’t Fall for Bad Credit Scams

Never waste even a dime on any come-on that promises to erase bad credit. They are all scams and even the most reputable services of this type merely do what is described in the above paragraph. The worst of these con scams are the ones that promise to erase a bankruptcy from your credit report. There is only one way to get legitimate negative information off your credit report and that is “time”.

A Home Loan Mediator for a Bad Credit Loan

After you have done your best to “dust off” your credit reports, the next best move you can make in obtaining a bad credit home refinance loan, is to procure the services of a home loan mediator. With bad credit, you are at an extreme disadvantage trying to search out a quality loan on your own. A home loan mediator can quickly and expediently present you with far more home refinance loan options for you to compare and will also assist you in “deciphering” terms and clauses in their contracts.

Article written by Cassandra Hepletin. Here you will get all the details you need on Bad Credit Mortgage Loans and you can also find the best info on Free Online Home Appraisal

July 19, 2017

6 Factors to Know if a Borrower is Qualified for a FHA Secure Refinance Loan

Filed under: Loan — Tags: , , , , , , , , , — admin @ 12:47 pm

The FHA Secure Refinance program was created in an effort to provide greater help for people who weren’t able to obtain FHA-approved loans. As mortgage provider, it’s your job to let homeowner clients know when they’re better off with a FHA Secure loan.


Current Non-FHA Loans

Clients with current adjustable rate loans that hadn’t been provided by an FHA-approved mortgage lender can apply for FHA Secure refinancing. The best way to approach such clients is to draw out their life stories first. Listen to what they’ve gone through just by taking out a non-FHA loan.


Now, highlight to them the various benefits they can enjoy if they take out a FHA-approved mortgage. Let them know that while they may have made a mistake in the past, FHA Secure Refinance gives them the chance to rectify the mistake.


Delinquent Non-FHA Loans

Don’t have clients dismiss their prospects just because they’re delinquent on their payments. Even if they’re not able to pay off their current loan in time, the FHA Secure Refinance program isn’t ready to turn their backs on them yet and neither are you!


Dependable Income

Of course, having a current non-FHA loan, whether of good standing or not, isn’t the only qualification that the FHA Secure Refinance program will be concerned with. Your client must also have a dependable source of income. The FHA isn’t fussy as to what kind of income it is. It may be from full or part-time work. It may come from regular payments from a trust fund, retirement pension, alimony, or some other source. What’s important is that your client will be able to prove its consistency.


Ability to Pay

Naturally, having a reliable source of income isn’t always synonymous to being able to pay off your debts and many are quick to prove this true. You must also ascertain that your client’s source of income is adequate to cover not just the costs of living but his monthly mortgage payment as well. If he’s not qualified to do so then he may not be qualified for a FHA Secure refinance loan.


In this instance, you’ll need to have a heart to heart talk with your client. You might even have to work with them closely and help them determine the actual total of their monthly expenses. You have to determine whether they’re truly unable to afford their mortgages or they’re just guilty of financial mismanagement.


The important thing to remember is not to give up on your client until you’ve exhausted all your options or you’ve realized that another option may be better for him.


Reason for Delinquent Payments

Earlier on, we’ve established that delinquent borrowers won’t be dismissed right away. That’s true. What could get their applications for a FHA Secure refinance loan, however, is if they’re unable to prove that their delinquency is due to higher interest rates or mortgage payments. Again, you might have to work with your client closely to determine whether this is truly the case or not.


More Options for Qualified FHA Secure Refinance Loan Applicants

Now that you’ve guided your client all the way to the finish line, your final job is to ascertain that he makes the right choices till the end. Let him know, for instance, that he has the option to take out a fixed or adjustable refinance loan. When you take care of your clients with a FHA Secure Refinance loan, they’ll take care of you as well with their continued loyalty.

Scott Tucker tells you more on his free audio CD, free e-book, free faxed report, & free telephone seminar, all available for the asking, at www.MortgageMarketingGenius.com/newsletter

July 10, 2017

Bad Credit Mortgage Refinance Loan- Things That You Should Know And Do

Filed under: Loan — Tags: , , , , , , , , — admin @ 12:47 am

If you have a bad credit rating, the best way to get out off the rut is by applying for a bad credit mortgage refinance loan. However, before you finalize on a lender, there are a few steps that you should follow. This will ensure that you choose the right lender.

Check Interest Rates

It is beneficial that before signing on the dotted line, you make a comprehensive search on which mortgage refinance deal suits your situation. Make a list of all the lenders and their interest rates. Also make sure that added charges are at minimum. With the vital information on hand, you will estimate your monthly interest rates and how much you will save after the payment. If you want to have a higher saving, you should look for a lower interest rate where you can borrow the desired amount for cheap.

Clean Up Your Credit Rating As Much As You Can

Checking for inaccuracies and mistakes on your credit report will help you make sure that there is no undue reason for your credit standing to suffer. This will also keep you informed about your own credit report. Check if there are any small debts that you can pay off. This can help you out a lot and will ensure that your credit rating also improves a bit. It is advisable that your debt is among a few accounts rather than reaching the maximum limit on all of your accounts.

Check For Options

Most often than not, lenders will offer you a particular refinance option since they could be specialist in that particular loan type. It is therefore best that you check with your lenders on the various options in bad credit mortgage refinance loan. You might just find an option that is most suitable to you and the interest rates could also be lower.

May 31, 2017

Need to Know What is Refinance Loans

Filed under: Loan — Tags: , , , , , , , , — admin @ 12:47 am

Refinancing is usually done to capitalize on lower interest rates. Lower interest rates translate into lower mortgage loan rates and by refinancing at the time when prevailing interest rates are lower, you can substantially lower your monthly payments. Refinancing loans offer an excellent opportunity to pay off existing debts and reduce periodic payment obligations. You may even liquidate equity that has accumulated in real property over the period of tenure by refinancing.

Extending the tenure of a refinancing loan is another effective way of lowering monthly payments. This is a widely accepted tactic of saving, and using the saved amount to pay off the principal of the loan. Therefore, extending a loan works as a two-way process, it lowers your monthly payment and reduces the payment burden since you use the amount saved to payback the principal amount.

Cash refinancing is another important technique to save. Using cash refinancing, you can capitalize on the equity that has been accumulated in your house over the years, and use the ready cash to utilize on projects that are more important.

You can even lessen out your risks by opting for refinance loans. However, this is applicable only in case of adjustable-rate mortgages (ARMs)…in markets characterized by fluctuating interest rates. You can even refinance to convert an existing ARM into fixed rate.

People across America are increasingly using a refinancing loan to pay off high-interest debts such as credit card debts, with lower-interest debts such as that of a fixed-rate home mortgage and other debts down the line. You can also save substantially on taxes by refinancing. Interestingly, non-tax deductible debts such as credit card debts can be easily transformed into tax-deductible debts such as home mortgage debts. This substantially lowers tax liability, and helps in putting the owner into a lower tax bracket.

Check out castlemortgagegroup.com for to know about refinancing loans in Georgia, and Florida. We are a leading supplier of refinancing mortgages and do offer a variety of refinance loans in Florida, Georgia and other types of home mortgages for these two states.

Myself webmaster of http://www.castlemortgagegroup.com dealing in Georgia mortgage loans, Florida mortgage loans, Alabama mortgage loans, Florida home loans, Georgia home loans, Alabama home loans.

May 23, 2017

Do You Know All About The Debt Consolidation Loan That You Are Taking

Filed under: Loan — Tags: , , , , , , , , , — admin @ 12:46 am

I heard a friend saying that he no more feared debts because of
the ease with which he can repay them through a debt
consolidation loan. Is it so easy to counter debts through a
debt consolidation loan? Are there any issues attached to this
method of debt settlement that needs appropriate consideration?
The following article is a guide to debt consolidation loans in
the UK and discusses important issues that linger in the mind of
borrowers related to it.

It is really easy to avail of debt consolidation loans. Almost
every lender in the UK would willingly offer you the necessary
finance to eliminate your debts. This is even when there is no
collateral to back the loan amount. Gone are the days when the
persons in debts were considered pariah. Debt is an accepted
fact, which with the present materialistic lifestyle crops up
because of increasing expenses. Thus, debtors are able to get
finance easily to settle their debts.

However, there is a limit to the times that one can push his
finances to the edges. Accumulating a huge mound of debts every
time to be cleared through a debt consolidation loan will be
unwise. When the debt consolidation loan has been secured on
ones home or certain moveable or immoveable assets, the stake is
directly on the asset pledged. Incapability to repay loan
instalments will result into repossession of the asset. Even
when the debt consolidation loan is unsecured, lender has the
right to recover the amount unpaid through court proceedings.

Another argument for a judicious use of Debt consolidation loan is
that the equity in home so consumed could have been used for
other important purposes. Equity in the home makes the borrower
eligible for better deals in whatever loan that he approaches
for. Having consumed the whole equity will force the borrower to
accept deals at par with the non-homeowners or at comparatively
higher rates of interest.

Doesn’t that make up a good case against the misuse of debt
consolidation loans? The first step in preventing the misuse of
debt consolidation loans is deciding when to allow the
interference of a debt management agency. This step will involve
gauging ones capability in relation to the debt amount. An
accurate measure of the capability must be reached to avoid
future repercussions. Engaging the services of a debt management
agency when the debts can be easily eliminated through ones own
resources will amount to a misuse of debt consolidation
opportunities. On the other hand, not involving a debt
management agency knowing that the debts are beyond reach will
only give debts a greener pasture to grow without bounds. Thus,
a proper appraisal of ones capability must precede any decision
to draw debt consolidation loans.

Having accepted the intervention of the debt management agency,
the next important task will be to decide the amount to be drawn
as debt consolidation loan. No, you are not to quote an amount
randomly. The best measure of the appropriate amount of debt
consolidation loan can be had by consolidating or clustering the
various debts. Debts include debts on account of credit cards,
store bills, bank overdrafts, etc. While listing the debts for
settlement, debtors must ensure that no debt is left unattended,
whether big or small. The amount drawn under debt consolidation
may exceed the amount of debts. Cheaper finance available for
debt settlement can be saved for use in other purposes.

What distinguishes a debt consolidation loan from the other
loans is the guidance provided by the lender in eliminating
debts. This facility is purely optional and borrowers can
themselves conduct the repayment. However, the facility that is
being talked of is for individuals for whom it is difficult to
take time out of their busy schedules. Moreover, they would
willingly engage the services of the debt management agency to
avoid confrontation with the creditors. Lastly, and the most
important of all, debt management agencies have better faculties
to deal with these situations. They are good negotiators and can
bargain a deal that can save several pounds for the borrowers.

Like in any financial matter, the structure of the debt
consolidation loan should be decided with prudence. By the
structure of the loan is meant the terms on which the loan is
taken. This includes the rate of interest, amount of monthly
instalment, prepayment facility, etc. Do not hesitate in
questioning the terms that you find unjustifiable. Take
independent advice if necessary from independent financial
advisors. This would be helpful because they have a specialised
knowledge of the field. The independent financial advisors
provide guidance on important matters related to the loan. Many
easy to use softwares like debt consolidation loan calculator
have also come up to help borrowers in the decision making
process.

These steps, though being time consuming will ensure that the
debt consolidation loan eliminates a burden and does not turn
into one. A strict adherence of the steps ensures but not
guarantees against the bad effects of the debt consolidation
loan. However, there is the assurance that you took sufficient
steps though the debt consolidation loan turned bad because of
certain unavoidable factors.

Andrew baker has done his masters in finance from CPIT.He is
engaged in providing free,professional,and independent advice to
the residents of the UK.He works for the Secured loan web site
loans fiesta for any type of loans in uk,secured loans,unsecured
loans,debt consolidation loans please visit http://www.loansfiesta.co.uk

Andrew baker has done his masters in finance from CPIT.He is
engaged in providing free,professional,and independent advice to
the residents of the UK.He works for the Secured loan web site
loans fiesta for any type of loans in uk,secured loans,unsecured
loans,debt consolidation loans please visit
http://www.loansfiesta.co.uk

October 23, 2016

3 Loan Modification Tips – Everything You Need To Know

Filed under: Loan — Tags: , , , , , — admin @ 12:48 am

Thousands of Americans today are being squeezed under the demonic weight of mortgage, but there’s still one last way that could save you- Loan Modification.

A loan modification is a reworking of your home loan which adjusts the interest rate, the duration of the loan and other variables to make it low enough for anyone to afford it each month

Loan modification programs earlier have often simply delayed the onslaught and homeowners soon found themselves in trouble again. This might get resolved by the initiative taken by the Obama administration with its Making Home Affordable modification program, which focuses on home modifications and refinances.

1. Start early:Previously loan modification was an option given only to homeowners who were in default. This was after their lender filed a motion to start with the foreclosure process, which was usually after 3months, or 90 days of late payments. With the present system, homeowners get help even. Though some services could require a period of 30 days to lapse after payment date which depends on your mortgage servicer and sometimes the negotiator you have been assigned.”However the new federal assistance does not make it imperative that homeowners be in default before they seek help.

2. Decide if you need professional help

You will have to decide whether you at all want to take professional help or not. Sometimes taking professional help might save you a lot of hassle. You could go for an attorney or even a n agency. A HUD- approved counseling service does not even charge for its services hence you might just decide to save on both time and money. In some states attorneys could charge up to $ 2500 which is reasonable given the services they offer.

There have also been many cases of loan modification scams hence it is advisable to be careful while making payments. Do not disclose sensitive information to anyone other than your loan servicer or bank.

3. Know who is your lender

These days the lender is usually not a single bank. It could also be broken down into parts and turned into a mortgage-backed security to be owned by many banks. The easiest way to find out who owns your loan is to approach your mortgage servicer and inquire as to who owns your loan. Given the new policies of the Obama administration project, servicers will be more than eager to help as they get incentives for such services from the government.

October 3, 2016

California Refinance Home Improvement Mortgage Loans- Things you Must Know

Filed under: Loan — Tags: , , , , , , , , — admin @ 12:47 pm

IBut things can fasten up as well, if the right documents are provided on time and nothing is delayed. Since you are curious to get one for renovating your house, the following advantages and disadvantages of refinanced mortgage loan will definitely be of great help to you.

 

Advantages of Refinance mortgage loans:

 

If you want to refinance your mortgage loan, then you can reap the following benefits from it.

 

 

There are several other benefits of refinancing such a loan, which you will definitely enrich once you have opted for it.

 

Disadvantages of Refinance mortgage loans:

 

While applying for such refinancing, you must keep your eyes and mind open. Banks, many a times try to fool people by adding clauses in the agreement without even disclosing it to the buyer. So, it is advised that you read the agreement papers properly for avoiding any sort of problems later. You must not trust them completely and do give importance to your benefits. Their chief motive is to receive maximum profit from the deal and they can go to any extent for making it possible.

 

The procedure of refinancing is a bit lengthy and usually takes a month or so. If you want to get a refinance home improvement mortgage loan, then you have two options- either asks the same lender who issued you a mortgage loan or get in touch with a new bank or lender. You may even have to pay a certain amount as appraisal fee, attorney fees and similar fees for finally getting a refinance.

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