You are not alone if you are seeking ways to reduce your home loan payment and stay in your home. Many Americans need assistance to avoid defaulting and eventual foreclosure. You may qualify for a home loan modification through a program offered by the US government. The initiative came into fruition from the Obama administration attempts to offer borrowers with owner-occupied properties with modifications to their mortgages over the next few...more
Getting a home mortgage for borrowers who are 1099'd independent contractors is based on the businesses net profit from their federal taxes. There are new rules and laws that stipulate lenders to confirm a borrower's ability to repay the loan by this method. Who Fits Into The Category of Being Self Employed? If you own greater than 25% of a business, the mortgage underwriter will consider you to be self employed. The underwriter will...more
Finding the best mortgage rate thats available for your new home loan is an important step in turning your dream of being a homeowner into reality. It isnt always easy to find the rate that you want, however; it can take quite a bit of searching and comparing the rates offered by a number of different mortgage lenders. By researching mortgage rates online, the time that it takes to find the best loan rate available to you can be drastically reduced. Consider the following benefits to researching mortgage rates online to see if online research might useful while youre searching for a new home loan.ConvenienceOne of the most obvious benefits of researching mortgage rates online is the convenience of being able to conduct your research at any time and from the comfort of your own home. When researching mortgage rates in your local area you have to collect quotes and talk to lenders during business hours; this can be difficult if you have a job where you have to be at work during most of the hours that the lenders you need to speak to are open. By researching mortgage rates online you can find information about numerous lenders and send them messages asking for their latest rates...more
The foreclosure boom created by the economic downturn has left many homeowners and potential homeowners feeling as though adjustable rate mortgages are evil. However, there has been a great deal of debate on whether or not fixed rate mortgages really save you money. The big fixed rate draw is that you know how much your payments will be...more
After the global economic crisis, the American peoples financial condition collapsed. People, who had taken loan for their home, were bankrupted and hence unable to return the loan. Their incomes went down much lower than the monthly installment. Consequently, the interest rate also increased. Condition became critical and homeowners reached on the...more
With the advent of the Home Equity Conversion Mortgage (HECM), or reverse mortgages, seniors have had an opportunity to take advantage of the equity in their homes. In many ways, this can be very beneficial. Seniors can use the money to pay off debt, make home repairs and renovations, help family members or take a trip of a lifetime.In order to be eligible for this FHA (Federal Housing Administration) program in the United States, borrowers must:* Be 62 years of age or older* Own the property outright or have a small mortgage balance* Occupy the property as their principal residence* Not be delinquent on any federal debt* Participate in a consumer information session given by an approved HECM counselorFinancial Requirements and Benefits:* No income or credit qualifications are required of the borrower* Closing costs may be financed in the mortgageAn FHA reverse mortgage does not require repayment as long as the home is the clients principal residence. Lenders recover their principal, plus interest, when the home is sold, unlike ordinary home equity loans. Any excess profit realized from the sale goes to the customers or family heirs.Expanding options:In this era of distressed...more
We all tend to be prone to overreaction. All you need to do is turn on the news to find out the latest apocalypse du jour. Of course, the vast majority of these expected calamities that we get ourselves worked up about never in fact...more
Have you ever wanted to get rich quick? Well apart from winning the lottery, I hate to be the bearer of bad news but there is no get rich scheme. However, if you do want to have a fixed income then one option would be to invest in property.There are...more
Buying a new home is a big deal because of the expense involved. Fortunately the financial world recognizes this and has developed a wide variety of sophisticated means for normal people to get the funding to buy a home through loaning. If you know...more
One of the biggest expenses that we can have in our lifetime is that of a home mortgage. For many that means a nerve-wracking time while they're going through the process. It would be so much better if we understood the whole thing a lot better and...more
For many home owners the past year has kept them awake at nights wondering about their future in their current homes. Home owners with underwater mortgages are in a tough place these days; with a long climb back out of the recession and...more
Reverse mortgages have become a popular lending option for seniors who are looking to increase their level of financial freedom. As with all loan products, though, it can sometimes be difficult to find a reverse mortgage lender that you feel that...more