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Latest Personal Finance Auctions

July 31, 2010

Hey, check out these auctions:

Business and Personal Finance: Building Your Personal

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Personal Finance Turning Money Into Wealth Arthur Keown

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Latest VA Mortgage Auctions

July 31, 2010

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Cool, arent they?

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Warning about forensic mortgage loan audit

July 31, 2010

Warning about forensic mortgage loan audit
RICHMOND, VA (WWBT) – Like most scams, this one involves half truths and false promises. In this case, crooks claim they can review your mortgage and provide you with an audit report that could help you avoid foreclosure, or even cancel your loan.

Read more on NBC 12 Richmond

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Important Questions to Ask Your Mortgage Lender

July 31, 2010

Most of us will only buy a few homes during the course of our life. Combine this fact, with the fact that home mortgages are often the largest single debt that most people carry, and you can see why choosing a mortgage lender can be nerve wracking. In what is often the biggest business transaction of your life, there are certain questions that you can ask that will better help you understand your loan and negotiate the best deal.

What type of loan do you advise?

There are many different types of loans, and the competent lender should help you understand each one, and explain the benefits and drawbacks of each. Adjustable rate mortgages are often touted for low interest rates, but they are not the best choice for everyone. The rate typically remains low for a year or two, but when it adjusts up, the amount of the monthly payment can increase enough that the home owner has trouble meeting their monthly obligations. Fixed rate loans have a fixed interest rate over the life of the loan. The fixed rate is often a little higher than the adjustable rate mortgage rate, but you have the advantage of knowing each month exactly how much your payment is. If rates drop substantially, you can always refinance your loan. Interest only loans are not as common. In interest only loans, the monthly payment is only the amount of interest on the mortgage. These types of loans are best suited for people who have high and steady incomes, and plan on living in a home long enough for it to substantially increase in value. At the end of the loan term, the home owner will either refinance the loan, or pay the balance of the loan in full. If the home has not appreciated during the loan term, it can be difficult to refinance.

What are interest rates and annual percentage rates?

A qualified mortgage lender should be more than willing to disclose what their interest rates are for different types of loans, as well as the annual percentage rate. They should also be willing to run the numbers for you so that you can see exactly how the different percentage rates affect the amount of your monthly payment.

How much will the loan cost?

The qualified mortgage lender should provide you with a good faith estimate. This is an estimate on the amount of money that it will cost to close your loan. This good faith estimate is not an exact amount, but should be very close, and include appraisal fees, title insurance and any other fees that the lender requires to close the loan. If the lender is unwilling to give you a good faith estimate, it is likely that there will be some surprises on closing days. Some disreputable lenders pad the closing costs with administrative fees that are unnecessary and add up quickly. Before you commit to one lender, you should see a copy of the good faith estimate that lists every fee you will be expected to pay to close on the loan.

Is there any prepayment penalty?

Although not as common as it once was, some lenders charge a fee if you pay off your mortgage early. While you may think that this does not apply to you, if the lender has a prepayment penalty it can be enacted even if you refinance your loan. It is important to confirm with your prospective lender that there are no penalties for prepayment of the mortgage.

How long will it take and what if interest rates change?

Closing can take a week or a month, or even longer. It is important to ask your mortgage lender how long they anticipate it will take from the start of the process to closing. You should also ask what happens if interest rates change during the closing process. Ideally, you will lock in your rate at the qualification phase, and if mortgage rates increase, you keep this rate, but if they drop, your lender will “float” your rate down with them.

How much of a down payment is required?

Down payments can vary greatly, depending on your credit history, the appraised value of the home and even market conditions. Never assume that you know, ask the lender what percentage of the loan amount you should have on hand for a down payment. This is often negotiable, but you need to know early in the process if you will have enough money to cover the cost.

How to qualify?

Ask the mortgage lender early in the process what the qualifications are to qualify for a loan. In addition to a solid job history, you will probably be required to have several years’ worth of income tax statements, as well as bank statements and information on any stocks, savings bonds or other investments. Even if you do not plan on cashing these to buy your home, they do count as assets and make it easier to qualify for a loan.

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How do I qualify for a loan modification?

July 31, 2010

Does anyone knew how could I qualify for a loan modification and what are the requirements needed?

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FHA mortgage and FHA home loans in Florida

July 31, 2010

FHA mortgage and FHA home loans in Florida

 Other FHA loan Advantages Include:

Minimal Down Payment and Closing Costs.

Down payment less than 3.5% of Sales Price Gift for down payment and closing costs allowed. No reserves or required. FHA regulated closing costs. Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines such as:

Minimum FICO credit score of 500. FHA will allow a home purchase 2 years after a Bankruptcy. FHA will allow a home purchase  3 years after a Foreclosure. 

Easier Debt Ratio & Job Requirement Guidelines such as:

Higher Debt Ratio’s than other home loan programs. Less than two years on the job is allowed. Self-Employed individuals o.k.

http://www.fhamortgagefhaloan.com/

Maybe you are buying your first home in Florida, or perhaps you’re relocating to Florida from another state. Then again, you may be a long-time Florida resident who is looking to either refinance your current Florida mortgage or take out a home equity loan for Florida home improvements. Regardless of your mortgage application status, it’s important that you educate yourself on Florida FHA home loans before shopping for a Florida home and/or Florida mortgage. This Summary explains the benefits and what you will need to know before seeking a FHA home loan in Florida:

The median price of a home in Florida is $249,500. Recently, homes in Florida have been appreciating at rates well above the national average. As a result, income levels in many parts of Florida are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Florida are below the national average, Florida has one of the lowest levels of home affordability in the nation.

In Florida, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Property Disclosure Statement. This disclosure, completed by the seller of the Florida home, requires the Florida home seller to list all of the property that will be included in the purchase including refrigerator, stove, fans, blinds alarm system, etc. and explain aspects and conditions of both the included property and of the Florida home itself. This document requires the seller to disclose any material defect that may affect the value of the home and potential problems that may discourage the Florida home buyer from putting an offer in on the home.

Florida Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, Florida mortgage applicants who are issued large FHA mortgage amounts are guaranteed a fixed rate mortgage. Florida law also prohibits the charging of interest more than one day prior to the recording of the FHA mortgage even if the borrower received the loan prior to that time.

In December of 2001, Florida law enacted a set of anti-predatory lending laws in order to help protect Florida homebuyers from predatory mortgage lenders. Some of the provisions of this new set of Florida mortgage laws include the prohibition of a Florida lender charging points and fees in excess of 8% of the total principal financed amount, the prohibition of the Florida FHA mortgage company issuing an FHA loan to a mortgage applicant in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance.

If you’re buying a Florida home in the state of Florida , you qualify for both federal and state FHA, USDA, and VA loans. Florida First-time home buyers qualify for Florida FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for an FHA home loan in order to cover down payment and closing, prepaid tax and insurance costs. Teachers and other Florida mortgage applicants and professionals who work in an educational capacity may qualify for Florida Extra Credit Teacher Home Purchase Program, a down payment assistance loan with low rate interest.

In addition to FHA loans, the state of Florida also offers comparable programs to persons with disabilities or Florida mortgage applicants who live with and care for people in Florida with disabilities. The state o Florida also offers several unconventional loans designed to aid Florida mortgage applicants with the costs of their monthly mortgage payment. For example, Florida’s Interest Only FHA mortgage loan provides qualified FHA mortgage appointments and other Florida homebuyers with a 100% financing 40year FHA mortgage loan that only requires payments toward the accrued interest on the FHA mortgage for the first five years of the FHA mortgage loan — Florida mortgage applicants who do not have to pay toward the principal amount borrowed until after the first five years. The criteria for each of these Florida home loans vary depending on the area and county of Florida in which you are applying for the FHA mortgage. Specific FHA home loan  requirements can be obtained through the Florida FHA Housing Finance Agency.

http://www.fhamortgagefhaloan.com/

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Love Fundings New York Office Promotes Christopher Schilling to Vice President Loan Originator

July 31, 2010

Love Fundings New York Office Promotes Christopher Schilling to Vice President Loan Originator
New York – National mortgage-banking firm Love Funding is pleased to announce that its New York office recently promoted Christopher Schilling to Vice President – Loan Originator. In this role, he will focus on originating FHA loans for multifamily and healthcare facilities.

Read more on dBusinessNews.com

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Personal Guide to Survive Credit Crunch 10 steps in 60 seconds. What to do in economic slowdown or recession keynote conference speaker and Futurist Dr Patrick Dixon

July 30, 2010

www.globalchange.com How to survive the credit crunch. 10 steps to take to control costs and juggle personal finance. Secrets of survival in slowdown of the economy, economic slump, recession or depression. Who makes profits in a downturn. Stop and think about all spending and personal finance, incoming and outgoing expenditure, household budgeting, cut utility bills, gas, electric, phone, water. Consolidation of loans. Take care before repaying mortgage early. Enjoy free leisure activities. Invest in key relationships and family. Comment by Futurist conference speaker Dr Patrick Dixon.

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VA Home Mortgage Loan and VA Refinance Loans Houston – Texas, USA

July 30, 2010

VA Loan Houston - experts to get a Houston Veterans Mortgage loans and Home Loan for Veteran Community. VA Loan Refinance is most benefit in marketplace with low interest rate for all Loans. We approve home loans and monthly mortgage loan payments. We are Houston VA Home Mortgage Loans experts and we help you to get a Houston Veterans Mortgage Home Loan. VA Home Mortgage Loans in Houston are better to provide you VA Loans and VA Mortgage Loans. We are dedicated to serving the veteran community. We handle your mortgage and real estate in house. We will serve you at any time.

VA Loans Houston offers VA Refinance Loans Programs. VA Loan Refinance is most benefit in marketplace with low interest rate. We will help you in monthly mortgage payments to meet your financial level in VA Refinance Loan. It is our pledge to provide customers with a team of highly-trained VA Mortgage Professionals, coupled with an exceptional level of service. Our dedicated loan officers are VA Specialists who work hard to ensure the process goes as smoothly as possible. Our VA Loan Houston satisfied many Veterans for Home and Mortgage Loans.

Benefits of VA Loan and VA Home Mortgage Loan Houston

* Use VA Loan to lower interest rate than conventional loan

* Purchase home with $0 down

* No Mortgage Insurance

* Easier to Qualify

Our VA Loan Professionals will work hard to meet all of your needs. All of our VA Loan Professionals are experts in VA Lending and look forward to helping you and your family. VA loans allow Veterans to qualify for loans amounts larger than traditional and conforming loans. The VA Loans is the only home mortgage program left that allows 100% financing. Conventional loan programs now require a minimum of 5% down and sometimes up to 20% down depending on your credit. VA Loans are fully guaranteed by the government. Because of this guarantee banks are able to offer loan interest rates and are not required to carry mortgage insurance on VA Loans. This equates to huge monthly savings to a VA Borrower (around 1% interest rate savings). Relaxed Qualification Process Because of the government guarantee VA Loans are much less difficult to obtain than conventional financing.

Benefits of VA Loans Houston

* We are VA Loan Specialist

* We are dedicated to Serve Veteran Community

* Handling your Mortgage and Real Estate Loans

A VA Streamline Refinance also knows as an IRRL (Interest Rate Reduction Loan), is an easy way to reduce your mortgage payment and save you a lot of money. A streamline refinance can be done without an appraisal, no income verification, and no out-of-pocket expense. Refinancing your conventional loan to a VA loan can save you money by removing your monthly mortgage insurance and lowering your interest rate. Removing your mortgage insurance is typically the equivalent of lowering your interest rate by 1%. Refinancing into a VA loan can and will save you money each and every month. On October 10th, 2008 the President signed into law the Veterans’ Benefits Improvement Act of 2008. This law allows eligible veterans to take out up to 100% of the value of their home to pay off their debt, make home improvements, or get cash back while reducing their rate. If you want loans our VA Loan Professionals waiting to help you get started with the VA Loan process.

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Latest VA Loan Auctions

July 30, 2010

Hey, check out these auctions:

Your Guide to VA Loans: How to Cut Through The Red Ta..

US $1.69 End Date: Thursday Sep-23-2010 4:39:39 PDT Buy It Now for only: US $1.69 Buy it now | Add to watch list

Your Guide to VA Loans: How to Cut Through The Red Tape

US $5.68 End Date: Thursday Sep-23-2010 22:09:47 PDT Buy It Now for only: US $5.68 Buy it now | Add to watch list

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