When seniors think of the reverse mortgage loans, the main issues are not the loans, but the needs, which seniors have. The needs should dictate, how seniors will organize their financial situations and whether these loans fit to these plans and if yes, for which purposes they will be used.1. You Can Decide, How The Lender Will Pay You. The targets of these loans are to offer help to seniors in financial issues. The money for these needs comes...more
Even if a senior wants to get cash money with the reverse mortgage loan, this loan is always a long term decision. When a senior thinks, what is reverse mortgage, he has to think issues like the interest rates, especially if his loan will have a variable rate.1. A Senior Will Use The Equity, But The Equity Continues To Grow.This is a very important feature, when you think what is reverse mortgage. Despite of the fact, that the reverse mortgage...more
Mortgage financing is the process of placing a mortgage on a house and lot or on a commercial property for the buyer of that property. The mortgage loan financing has two principal objectives.It can serve as a revenue-generating activity for the lender. It can also be used to refinance the mortgaged property to have more favorable terms of payments, or to establish a line of credit to use for running a business.Commercial mortgages are loans made for buying structures like the office buildings, health care facilities, retail outlets and apartment complexes. Regardless of the commercial property, the buyers need additional funding to complete the transaction.During such time, the lender makes money off the interest on the loan. If the borrower has failed to make payments on the commercial loan, the lender reserves the right to start foreclosure proceeding and seize the mortgaged property. Generally, the interests paid on commercial mortgages are tax deductible.If you plan to apply for a commercial mortgage, you will be given two different types of loan, namely the fixed rate loans and the variable rate loans. These types of loans are applicable for residential and commercial...more
In a bi-weekly mortgage, one half of a monthly payment is paid every two weeks. That means that in a year with 52 weeks, 26 bi-weekly installments are made. If each of those installments is one half of a monthly payment, 13 monthly payments have been made in 12 months, with that extra month being applied directly toward the principal.That is to...more
Author: Joffrey LongRefinancing to the wrong residential loan could cost you your home, ruin your credit and disrupt family. In an attempt to combat faulty lending practices, earlier this year, lawmakers passed the Secure and Fair Enforcement Mortgage Licensing Act "SAFE Act." It establishes a national standard mandating consumer...more
Author: Alvin ClavinesBankruptcy can be difficult especially the long process that comes with it. But after the bankruptcy discharge has been issued, it is important to create good credit again for future purposes. You would want to boost your chances of qualifying for a mortgage after bankruptcy, it would be better if you can correct your past mistakes first, learn from them and take necessary steps to rebuild your credit. Because your credit rating has taken a heavy blow and you will be much less an attractive prospect for potential lenders, rebuilding your credit as soon as possible is a crucial part in recovering from bankruptcy. You have to understand that the type of bankruptcy you filed will decide the amount of time it stays on your record. When you filed for Chapter 7 bankruptcy the amount of time it will stay on your record will be ten years. Chapter 13 bankruptcy will stay on your record for seven years. Although there is an amount of time that creditors will see that you have a bankruptcy discharge on your record, it does not mean that you will not qualify for credit. First thing to remember for qualifying for mortgage after bankruptcy is to not apply for another...more
Reverse mortgages have been around for a while and the Department of Housing and Urban Development (HUD) under the Federal Housing Administration (FHA) was one of the first to offer them.Before diving into the deep end of a reverse mortgage, you need...more
Just in case you have missed all of the positive press about it...the mortgage industry's quiet little secret is slowly becoming common knowledge, and a super hot subject at the water cooler.In spite of the fact that every effort has been made to...more
Two weeks ago mortgage rates hit historic lows with the 30 year falling to 4.78. The next week they fell even further to 4.71. This week they rose back up to 4.81. Although they rose a tenth of a point the mortgage rates are still near historical...more
Author: MPetroneRight now, mortgage interest rates are near all time lows. Many homeowners are refinancing and getting loan modifications to take advantage. However, I predict that interest rates will increase in 2010, and some people will no longer...more
Author: MPetroneMany homeowners are struggling to make their mortgage payments, this has lead to an all time high of foreclosures and loan defaults. However, many homeowners can prevent losing their home by getting a mortgage modification. Here is...more
Author: MPetroneHomeowners everywhere are struggling to make their payments, and many homes are at risk of being lost. However, new Government stimulus plans make refinancing a mortgage easier than ever. The “Making Home Affordable” plan from the...more