Recasting of your existing mortgage is not commonly know, the idea behind recasting your mortgage is to reduce the principal and at the same time reduce your mortgage payment.For example; Imagine a person with a 30-year $300,000 fixed-rate mortgage and an interest rate of 4.75% who recasted one year into the loan by putting in $60,000 toward the principal would trim his balance to $235,371. Assuming there were 29 years left on the...more
Bank of America listings, if used properly, can give you the optimum results in foreclosure investing. The first thing that you should remember when using foreclosure lists is that you need to know how to sort through the nearly limitless amount of information contained in these lists. Knowing what information to keep and what to throw away will definitely bring you closer and faster to your goal.Determine What You WantIn any type...more
A mortgage is a kind of an agreement made to pay the money, which was loaned, to a person by keeping the house as collateral. Mortgage is a promise made to pay the debts by putting it in writing basically. Mortgages have terms and interest rates which are either adjustable or fixed. Mortgage terms:Mortgages are designed in such a way that they can be paid in installments for a certain period. The time frame which allows the person to pay back his mortgage is called the term. The term may be 10 or 15 or even 30 years. The length of the term determines the amount of money to be paid, which is actually spread in installments. Mortgage interest rate:The interest rate depends on the percentage to be paid on the mortgage loan amount. The interest rates vary according to the credit score of the person. If the credit score of the person is very high, the interest rate and the amount of monthly installments are lower. If the credit score is lower then the interest rates and the monthly installment amount are higher. Hence a good credit score will help getting lower interest rates to the debtor. Types of mortgages: Mortgages - Adjustable rate of interestUnder this type of...more
Reo Bank Owned Properties For SaleThere are bargains on most types of properties in the Prescott AZ area such as short sales and traditional property sales, but foreclosed properties can present unique value to buyers who are at the right place at the right time and are able to contruct the right offer. Reo Bank Owned Properties For...more
Equator Reo Bank Of AmericaThe application process for short sales may appear to lack rhyme or reason, and we may find ourselves in situations where we attempt to fight the process in the hopes of bypassing the bank's inefficiencies in order to get a faster approval for the short sale transaction. Criticizing the process, or...more
To understand loans and mortgages we need to understand loan limits first. If your loan amount exceeds the amount below, you will qualify for a Jumbo Loan, which carries higher interest rate. One-Family (single family homes) $417,000Two-Family(duplex) $533,850Three-Family (triplex) $645,300Four-Family(fourplex) $801,950 FIXED Loans: 30 Year Fixed Mortgage RatesThis loan program is fixed for 30 years. Your interest rate will not change for 30 years. This is ideal for people who plan to stay at their present property for a long period of time. 20 Year Fixed Mortgage RatesFixed for 20 years. Your payment will be higher than 30 year fixed loan becuase your loan term is only for 20 years. Interest rate will not change for 20 years. 15 Year Fixed Mortgage Rates15 year fixed loan has a loan term of 15 years and will not change during this period. Your monthly payment on this loan program will be much higher than 20 years fixed or 30 years fixed. Use this loan program if you plan to sell your home in 5-8 years. Interest rate will not change for 15 years. ARM (Adjustable Rate Mortgage) ARM Loans are fixed for a certain period of time, where after that period ARM loan becomes...more
List Of Broker Price OpinionWhat is a Broker Price Opinion?When a bank or asset manager obtains a new foreclosed listing to sell, they immediately need to know the home's value. Typically a bank will assign one to three agents to...more
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One West Bank Mortgage loan holders may be able to benefit from some of the One West Bank Loan Modification plans now available to struggling homeowners.Why would the bank want to lower my payment or interest rate?The answer is as...more