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 Obama administration now offers millions of people new mortgage refinancing options that were not available before. Here are some major facts and things you should know regarding refinancing a...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...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 say that, in just 12 years of paying on a loan, a homeowner will have made a years worth of extra payments, all being deducted from the principle amount. For homebuyers who can afford it, this option allows them to own their home outright much sooner and pay less in interest over the term of the loan. Existing mortgage holders must pay a fee to switch from a monthly plan to a biweekly, but the same effect can be easily achieved (as long as your lender does not charge a prepayment penalty) simply by putting half of your monthly payment, every two weeksmost likely paydayinto a special bank account from which you pay your mortgage. Then, each month, when you make your monthly payment, pay out the balance of that account. As an example, a standard 30-year mortgage fixed at 6% on $125,000 (excluding PMI and property tax), taken out on January...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...more
To enter into one of the most rewarding industry with a great license, then CeMAP is the solution. It is your trump card to enter and prosper in the industry.Right amount of training will in the right sense accentuate your worth in this industry. The market is al ready to recruit thousands of people who have the right attitude and knowledge. So, it...more
It goes without saying that the economy, including all activities in the financial sector, are rather volatile at the moment. This makes accurate predictions difficult to make. We at Krebs Financial have access to the information and analytical resources which give us some confidence in the following prediction about what mortgage interest rates will look like over the following year. Early in 2009, a standard fixed-rate 30-year mortgage carried an interest rate of about 4.69%. This stood out as one of the all-time record lows for mortgage interest rates. Such a low rate in the market was seen as an opportunity by home owners, and stimulated a wave of refinancing and loan modifications. Financial institutions quickly realized that they were losing control over the situation and began taking steps to avoid allowing the entire body of mortgage loans in execution to be renegotiated en masse to a point where it was no longer viable to operate. Even the amount of paperwork required for all of these loans was becoming a problem for operation costs. As a result, an increase of 0.5% in mortgage interest rates took effect in order to offset these costs and tendencies. The increase...more
November's unemployment numbers in the United State were recently released and the news was not optimistic. The unemployment rate is still at 10 percent, down only .2 percent from October's 26-year high of 10.2 percent. Unemployment has affected...more
So you want to be wealthy... Who doesn't? Most people dream of having millions of dollars at their disposal, having top-of-the-line cars and gadgets, or eating at first class restaurants. But not everybody can actually put those dreams to reality. At...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...more
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...more
With mortgage modifications becoming a significantly more commonplace in today's economy, the question on a lot of people's minds is: How will this affect credit scores? Up until recently, it was up to the mortgage companies how they chose to report...more
Ever experience the feeling of being defenseless in the week? Pondered on it for a time, then blew it off as barely more than a prolonged day at work talking or a late night you had last night struggling to upgrade your competency within your given...more