100 Mortgage To Finance Your Home Purchase Fully

Writen by Philip Mould

Having a house of your own is really a great thing. Home purchasing needs a massive amount of money. So, it is not surprising that a number of people in the UK take help of a mortgage to buy a home. In order to avail a mortgage it is necessary to make a downpayment, which many people cannot afford. If you are also among these people then you can avail the option of a 100% mortgage. As indicated by the name a 100% mortgage does not require a downpayment.

It is the trend of modern mortgage market to make specially crafted mortgage available for special borrowers. A 100% mortgage is a case in point. It is specially designed for the borrowers who cannot afford the downpayment. There are people who cannot accumulate a reasonable amount of spare cash after meeting their day-to-day expenditure. They are, otherwise, capable enough to meet the monthly mortgage repayment instalment. For such people 100% mortgage can be an ideal option to become a homeowner.

A good credit record will be helpful for getting 100% mortgage in a favourable manner. It, however, does not mean that people with bad credit record cannot avail a 100% mortgage. It can be availed by the borrowers with bad credit record as well. In this case the interest rate may be high and the terms and conditions may not be favourable for the borrower.

Whatever may be the individual circumstances, a suitable 100% mortgage package can be availed through extensive market research. You can explore the market quickly and find out a suitable mortgage package easily by using the Internet.

About The Author :The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Adverse-Credit-First-Time-Buyer as a Mortgage specialist.

For more information please visit: http://www.adverse-credit-first-time-buyer.co.uk

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Home Equity Loan Rate

Writen by Jason Gluckman

Frightened of high interest rates on loans? Often, one does require additional funds for some purpose or other, but is caught in a dilemma due to the high rates of interest charged on many loans. To help, home equity loans have been established. Such loans fix a constant rate of interest and ease tensions.

A home equity loan refers to the credit which can be borrowed against the equity of your home, keeping the home as collateral. These loans are provided as a one-time lump sum and repaid over a specific time with a fixed interest rate. Such loans are used for purchasing new car, down payment on a house, or consolidating debts, besides other things.

Interest rates are always fixed, which means that there are no fluctuations in the monthly installments. Such rates may seem slightly higher than other rates from the beginning of the loan payment, but are actually affordable and reasonable when viewed later on.

Financial institutions also consider and look into our ability to pay, by researching our incomes, debts, and credit history, besides other things. Bureaus compile essential information on our name, social security number, credit history, public records, and even a list of all financial inquiries made. All this information is then boiled down to a credit score, or FICO score.

Interest rates depend on your credit rating, loan term, estimated property balance, outstanding mortgage, property type, and many other factors. Hence, with loans extending to 5 years, 10 years, and even 15 years, someone with a good credit history can borrow up to 100% of the equity value of a home at low fixed interest rates.

Leading Tree, Lower my Bills, Home Loan Center, E-loan, Liberty Bank, Net Bank, and many more are some examples of financial institutions providing good interest rates, such as 5.50% and above, for home equity loans.

Home equity loan rates are cheaper, more convenient, and highly stable. Without the unpredictability of changing payments, such loan rates are the best among all available interest rates of different loans.

Home Equity Loan Rates provides detailed information on Home Equity Loan Rates, Lowest Home Equity Loan Rates, Best Home Equity Loan Rates, Fixed Rate Home Equity Loans and more. Home Equity Loan Rates is affiliated with Fixed Rate Home Equity Loans.

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40 Year Mortgage Options

Writen by Louie Latour

Mortgage lenders are always on the lookout for new ways to take money from homeowners. The 40 year mortgage is a perfect example of this. Here is what you need to know about this expensive mortgage option.

The 40 year mortgage is very similar to a traditional 30 year mortgage; the main difference is that the loan is amortized over 40 years. Because there is more risk for the lender interest rates are higher and you will pay significantly more in finance charges for that extra ten years. Depending on you needs you will be able to choose fixed or adjustable interest rates.

The advantage of a 40 year mortgage is the lower payment amount. The problem with this loan is that you pay most of the interest up front; while your payment will be lower you will build equity at a snails pace. Most of your money in the beginning goes into the lender's pocket as interest.

Is a 40 Year Mortgage Right For You?

If you are considering a 40 year mortgage to purchase your home and need the lowest payment possible, a 40 year mortgage could be used as a stop-gap measure until your income will support better financing. If you plan on refinancing or moving in the next five years this is not the mortgage for you. Most homeowners will find traditional 15 or 30 year mortgages are the most cost-effective ways of financing their home purchases.

You can learn more about your mortgage options including how to avoid common mistakes, by registering for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free guidebook today at: http://www.refiadvisor.com

40 Year Mortgage

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Second Mortgage Loan

Writen by Dennis Estrada

The second mortgage loan is a fixed rate subordinate loan of the first mortgage. The first mortgage must be paid off first before the Second Mortgage. The lenders usually lend up to seventy five percent to ninety five percent of the home equity. The home equity is the difference between current value and amount owe.

Most of the time, the homeowners use the second mortgage loan to pay for debt consolidation, home improvement, college education, or other expenses. And, homeowners pay both the mortgage at the same time. Since the second mortgage is higher risk than first mortgage, the lenders take extra measure to analyze the risk. Understandably, the second mortgage has higher interest rate than the first mortgage. Even though the homeowner pays higher interest rate, the interest rate is still lower than most credit cards.

The interest rates vary on each mortgage lender. The lowest interest rate does not necessarily mean the best deal. They are cost involve in any mortgage. And, the costs are different for each mortgage lender. Always ask for the Annual Percentage Rate (APR) which tells the true cost of borrowing. The mortgage lenders must disclose the APR by law.

Mortgage Lenders calculate second mortgage payment same as any regular mortgage monthly payment. Actually, the homeowners are able to pay monthly, bi-weekly, and extra payment like any other mortgage. The interest rate and payment period remains the same on the life of the loan. A newer type of second mortgage, which is called Home Equity Line of Credit (HELOC), allows more flexibility. The homeowner can even pay interest only on earlier periods. Then, the homeowner pays the regular payment on later periods. Some mortgage lenders allow lump sum payment at the maturity to extinguish the debt. This is called balloon payment. A default of second mortgage payment risks the title of the home, because the title of the home serves as the collateral of the second mortgage.

The life of second mortgage can be as short as five years. Some second mortgage goes as long as fifteen years. And, some second mortgage goes as far as thirty years. Naturally, it takes longer to pay off bigger second mortgage. And, the homeowner opts for a longer maturity date.

The mortgage lenders offer a powerful tool called second mortgage. In a difficult debt crisis, the second mortgage can consolidate all debts with a lower interest rate than most credit cards. In emergency, the second mortgage can also pay home improvements, home renovations, college education, or other expenses. However, a misuse of second mortgage leads to repossess of the home by mortgage lenders. It is advisable to know how much you can afford to pay before you take second mortgage. Mortgage Lenders also offer different interest rate. Lowest interest rate may not be the best offer. It is important to know the Annual Percentage Rate (APR) which tells the true cost of borrowing. Legally, the mortgage lender will disclose the APR to the homeowner.

Dennis Estrada is a webmaster of mortgage calculators website which calculate the monthly payment, bi-weekly payment, affordability, refinance, annual percentage rate, discount points, and more.

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Fha Loans Look Strong

Writen by Peter Miller

We take long-term mortgages for granted today, but it wasn't always that way. Long ago it was likely that if you financed a home you borrowed money with a five-year "term" mortgage -- and even then you needed 50 percent down. When the five years was up, you went and got a replacement loan.

But term loans have a built-in problem: They're not always available, especially if people lose jobs or if home values decline. That was a common situation after the Great Depression, but in 1934 the newly-formed Federal Housing Administration (FHA) began offering long-term mortgage loans insured by the federal government. The result was that millions of people could get long-term mortgages with little down that would allow them to ride-out tough times.

Today the FHA mortgage program remains an important option -- more than 555,000 FHA loans were originated in 2005. That's a big number, but it's a lot less that the 827,000 FHA loans started in 2004 or the 1.53 million originated in 2003.

Whatever the numbers, if you're a first-time buyer or someone looking for liberal qualification standards, the FHA program is worth considering. And given coming changes in the lending industry, it's likely that we'll see a lot more FHA loans in 2006 and beyond.

Under the FHA program you can buy with as little as 3 percent down. That's 97-percent financing, a good deal by traditional standards though it's fair to point out that 100-percent financing is now widely available. However, the 3-percent downpayment can be in the form of a gift or grant -- in fact for the past decade the FHA has even allowed couples to establish a "bridal registry" where friends and relatives can contribute to a downpayment fund.

In addition, the FHA program also allows owners to kick-in a "seller contribution" of 1 percent to as much as 6 percent of the sale amount. While you can bet that most sellers will not joyously give up money to help purchasers, in a buyer's market a seller's contribution might be the difference between "sold" and stilled listed.

To qualify for a mortgage lenders look at your monthly income and expenses. For a conventional loan the guidelines might allow you to spend 28 percent of your gross monthly income on housing costs such as mortgage interest, principal, property taxes and home insurance (PITI). In addition, loan guidelines might allow you to spend 36 percent on PITI plus other monthly debts such as credit card bills and auto loan payments.

With FHA fixed-rate financing the usual ratios are 31/43 -- liberal standards that will allow borrowers to get more financing than with conventional loans. FHA also offers an "energy efficient mortgage" or EEM. If you have an energy-efficient home the FHA believes you'll have lower utility costs so there's more money in the till each month for mortgage payments. The FHA guidelines allow for 33/45 ratios with EEM financing.

There are, however, some complications with FHA mortgage financing. Under the FHA program you're buying with little down. This is possible because FHA insures the loan and you pay an insurance premium. The premium is equal to 1.5 percent of the sale price at closing (an amount which can be financed) and .5 percent per year for the outstanding loan balance. In other words, if you can buy with 20 percent down or with 80-10-10 financing you may want to skip the FHA program and avoid the insurance fees.

FHA also has a complex set of loans limits which means there may not be enough loan money to buy a property.

For instance, this year the conventional loan limit for single-family homes in the continental U.S. is $417,000. By law, the maximum FHA mortgage is 87 percent of the conventional loan limit, or $362,790 in 2006. However, this upper loan figure is only available in high-cost areas -- and in many high-costs areas FHA loans are simply insufficient to acquire typical homes.

If you live in a community with less expensive housing it's likely that the amount you can borrow under the FHA program will be lower. Larger FHA loans are available for two-, three- and four-unit properties, providing at least one unit is owner-occupied. Your mortgage lender can explain the amount of FHA financing available in your community for the type of property you want to purchase.

For the past few years there has been another factor which has made FHA loans less attractive than some other forms of financing, a factor which may go far to explain the loan's declining popularity.

Beginning in 1998, the FHA started something called the Homebuyer Protection Plan. The idea was to have appraisers examine homes for physical defects -- not a bad thought except that appraisers are qualified as not professional home inspectors.

Many homeowners thought they might save money because an FHA appraisal under the so-called protection plan sure sounded like a home inspection. It wasn't, but as a result many buyers decided not to get their property checked by a professional inspector.

HUD said that FHA appraisers who did not meet its requirements could be prosecuted under the federal False Claims Act. The appraisers then did what sensible people do: They raised their rates because of the new requirements or refused to appraise homes for FHA borrowers. Lenders, in turn, began advising borrowers to try other programs if only because it was easier to find an appraiser.

The HUD effort was not adopted by conventional lenders or the Department of Veterans Affairs. And one home approved for FHA financing in Detroit was found to have 181 building code violations -- perhaps not a world record but so embarrassing that HUD bought back the property from the owners.

On December 19th last year, HUD announced that appraisers would no longer be responsible for reporting "cosmetic defects, minor defects or normal wear and tear" including such things as leaky faucets, soiled carpeting, poor workmanship or trash in the crawl space.

What the new HUD appraisal standards really mean is this: If you want to buy a home with FHA financing, that's great -- just make sure you get both an appraisal and a professional home inspection. The appraiser can establish the value of the property and the inspector will check the property to determine its current physical condition.

This is as it should be for all homes and all forms of financing. An appraisal is simply not a home inspection and buyers are well-served getting both.

As to FHA loans, without needless and sticky appraisal standards you'll see more of them in 2006. An inherently good loan is once-again available to borrowers on increasingly-competitive terms.

---------------------------------------------------------------

Peter G. Miller is a syndicated real estate and personal finance columnist who appears 70 newspapers.

Search local mortgage lenders now!

Go here for online refinancing and second mortgage loans.

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Refinancing Revolving Home Equity Credit Lines With A Fixed Interest Second Mortgage

Writen by Rita Cook

A revolving credit line can mean paying off large debts and finally having the money you need to tackle those home improvement projects that have been pending. However, there are many options when it comes to a revolving credit line, a fixed interested second mortgage often being the best choice since a fixed mortgage rate is not as risky as some of the other options.

Second mortgages are often secure loans whereas many existing credit lines that you might have obtained in the past aren't. These second mortgages also offer crucial tax advantages and in many cases provide you with a fixed amount of money that is also repayable over a fixed period of time. In fact, depending on how you structure your repayment, the schedule usually calls for you to pay the loan off in equal payments so you never have to guess what will be expected down the road.

Several articles at Ask Jeeves discuss in more detail the highlights of the fixed rate second mortgage, which is "just like a regular mortgage loan, it is a secured loan guaranteed by the same asset as the first mortgage and holds an interest rate that can be fixed or variable."

Whether you are paying on credit card debt or opting for home improvement projects many people advise the fixed interest second mortgage as opposed to the home equity loan. The most important thing is lower payments, but this is often determined by interest rates - simple interest is the easiest way to go.

To refinance your revolving credit line with a second mortgage versus for example, a home equity line of credit means you are given the chance to select a fixed interest rate instead of risking the possibility of paying higher interest rates in the future. With a second mortgage you can borrow the amount of money needed or a bit more and not worry about the market conditions as the interest rates fluctuate from time to time.

Rita is an experienced free-lance writer who has produced many interesting articles related to mortgage financing. To learn more about fixed rate second mortgages and refinance options, please visit the Nationwide Second Mortgage & Equity Loans. If you need current Second Mortgage Rates please visit the loan quote center online.

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Easy Home Equity Loan Is A Home Equity Loan Online Easy

Writen by L. Sampson

Today, online services make applying for home loans easy and convenient. One particular loan that is widely offered on the internet is home equity loans. Owning a home makes it easier to get your hand on extra cash. If the home as gained equity, owners may tap into this equity in the form of a home equity loan. Here are a few tips for applying online for a home equity loan.

Benefits of Applying for Online Home Equity Loans

The major advantage of using the internet to apply for an online loan is speed and convenience. Ordinarily, homeowners would have to visit their local bank branch, complete an application, and wait up to a week for a response.

With online home equity loans, the process is much shorter. Homeowners can apply for a loan within the comforts of their home, and receive a response through email.

Choosing an Online Home Equity Lender

There are multitudes of home equity lenders that operate online. For this matter, choosing the right lender may be a difficult task. Nonetheless, there is help available. When selecting a good lender, it helps to choose a lender with a good reputation. Often times, your bank, credit union, or current mortgage lender may offer online home equity loans. Applying with these lenders may help you avoid shady lenders who take advantage of homeowners.

Comparing Online Home Equity Quotes

Although many homeowners opt to obtain home equity loans from their current mortgage lender, you have the option of choosing an entirely new lender. As a matter of fact, many mortgage experts encourage homeowners to obtain a home equity quote from both their current lender and one or two new lenders. This is the only way to ensure that you are receiving the best deal possible.

Using an Online Mortgage Broker

Because comparison-shopping for mortgages is important, several borrowers take advantage of online mortgage brokers. Using a broker makes comparing loan offers easy. After obtaining a borrower's information, brokers will locate suitable lenders. On average, brokers can find at least four home equity lenders to service a single loan request.

Go to http://www.homeequitywise.com to find an Easy Home Equity Loan.

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An Introduction To Home Equity Loans

Writen by Michael Press

Whether you need money for medical bills, college, or home repairs, a home equity loan might be the right choice for you. A home equity loan is a loan in which the borrower uses the equity in his or her home as collateral. There are two types of home equity loans; closed-end home equity loans, and open-end home equity loans.

The closed end home equtiy loan is like a traditional loan, and is commonly called a "second mortgage". With the closed end home equity loan, the borrower recieves the full loan amount at the time of the loan's closing. The loan is then to be paid back by the borrower in monthly payments. The monthly payments are fixed, and the loan has to be paid in full during a specific period of time, usually 10-15 years.

An open end home equity loan is a lot more flexible compared to a closed end home equity loan. But instead of getting a lump-sum amount like the closed end loan, the borrower gets a line of credit. With an open end home equity loan, the borrower can choose how much money to borrow against the home's equity. The borrower can also choose when to borrow the money. Open end home equity loans usually have a variable interest rate.

When shopping around for a home equity loan, be very carefull of the scams that exist. Some lenders try to take advantage of borrowers with bad credit or little income. They may lend you a loan that you can't possiblly afford. It is important to pick a reputable lender by doing your research. Just because a lender has the lowest closing costs does not make that lender the best choice.

For more information about Home Equity Loans, visit http://www.equityloanadvice.com

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The Abc Of Getting A Home Loan In Australia

Writen by Maya Pavlovski

If you are a new to the lending game and have never taken out a home loan before – here are some issues that you should consider before choosing your loan.

1. Check your credit rating

Before approaching a lender for a home loan make sure that you have a clear understanding of what is on your credit report. There's nothing worse than being refused a loan because of a small debt that you fixed up years ago, or an error which was not your fault or responsibility.

Get a copy of your credit history on www.mycreditfile.com.au. If you do find something, take immediate action. If the report contains any mistakes these have to be removed by writing to the credit provider. In the event that your credit history is very unhealthy you may need to approach a lender who specialises in Bad Credit Home Loans. Traditional lenders such as the major banks will generally not consider such loans. Applicants with a history of bad credit also must have a deposit. While some lenders do offer No Deposit Home loans – these are only available to applicants with a clean credit history.

2. Know your entitlements

If you qualify, you will receive the federal government's $7000 First Home Owner's Grant (FHOG). To find out if you are eligible check www.firsthome.gov.au. There are also state bonuses which you can find out about by checking with your office of state revenue.

3. 100-point check

If you're approaching a lender for the first time — ie. you have no existing relationship with them — you'll need to be "identified". When you apply for a home loan you have to show identification up to the value of 100 points. A driver's licence earns 40 points, a credit card can earn 25 points and a birth certificate 70 points.

4. What Type of Home Loan should you consider?

What sort of a borrower are you? Should you look at a Low Doc or a No Doc Loan? Are you a Non-conforming borrower? This will depend on the following. Your

- employment status;

- income position;

- available deposit;

- residency;

- age;

- availability of financials;

- credit history

5. What will the lenders need to know about you?

It's not unusual for a home loan application form to take up to 10 pages. There are four main points lenders look for:

o Your capacity to repay.

o Your security property .

o Your existing assets.

o Your existing liabilities.

Some of the questions you can expect to be asked are:

o Your dependent children.

o How long have you lived at your current address?

o What do you owe and own?

o Your accountant's details.

o Your personal insurance.

o Your credit cards.

6. Supporting Documentation for Your Loan Application

When it comes to the documents you need to support your application, most lenders are likely to ask for the same information. And yes, it is harder if you're self-employed.

A PAYG applicant is expected to provide the following with their application:

o At least the two most recent pay slips, and group certificates for the past two years.

o A letter(s) from your employer(s) detailing income (for the past two years) and length of employment,

A self-employed applicant will need to submit:

o Past two years' tax returns and your accountant's details, or past two years' financial statements and your accountant's details. Some institutions may even ask for a profit and loss statement certified by a registered accountant.

Saving details:

o Bank statements including transaction, saving or passbook accounts.

o Investment papers including managed funds or term deposits.

o What you owe and own.

o Details of personal loans, credit cards or charge cards. Up to six months of statements should be produced to support these loans.

o Tax liability (if self-employed).

Life insurance policy details.

o Superannuation details.

o Approximate value of other assets such as furniture and jewellery.

If you do not have the necessary documentation – do not despair. You may be able to borrow under you lender's Low Doc or a NO Doc program. While your LVR will be slightly lower than with the Full Doc loans(65% – 90%), the loan application process will be far more straight forward.

7. How much can you borrow?

The amount you can borrow depends on what you're buying and how much money you have left when you take out all your fixed commitments from your net income. All lenders have their own affordability calculator which they will use to qualify your application.

If you're buying a home, most lenders will let you borrow up to 80 percent of the purchase price, or 95 percent if you are willing to take on mortgage insurance. Mortgage insurance is designed to protect the lender. A number of online calculators can help you determine how much you can borrow.

Some lenders even offer 100% or more of the purchase price. However these loans are quite difficult to qualify for and require a perfect credit history as well as strong financials.

8. Don't Forget the Loan and Purchase Fees.

You should be aware of all the fees and charges that come part and parcel with a new home as well as with a new home loan. There's much more to it than just a deposit. To avoid any last-minute surprises you need to ensure that you have enough to cover the cost of conveyancing, applicable stamp duty on purchase as well as stamp duty on mortgage. There are also various application fees, lender valuation fees and even possible mortgage insurance fees (depending on your Loan to Value Ratio – LVR).

Maya Pavlovski holds a Bachelor of Commerce Degree from Melbourne University and is a qualified CPA

If you would like to learn more about the your Home Loan Options please visit www.webdeal.com.au or

www.honeyloans.com.au

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Credit Tips Home Refinance For Cash Out Or Home Equity Loan

Writen by Maria Ny

"Sub-prime [bad credit] mortgage lending rose 60% last year," said SMR vice president George Yacik, "to $516 billion." One of the most common reasons for this: debt consolidation. With the new, more complicated and expensive bankruptcy laws in effect and credit card companies doubling their minimum monthly payments, people are looking for other ways to get out from under high-interest debts.

Tapping into your home equity is an effective way for you to pay off debt (including credit card debts and high-interest loans) and raise your FICO score. With low credit scores, you will probably be better off getting a home equity loan (second mortgage) rather than refinancing into a bad credit mortgage, especially if you've been paying on the mortgage for five years or more, because the interest rates on the new loan will probably be much higher than your current mortgage rates. While the rates you pay on a bad credit 2nd mortgage will be higher than what you pay on your existing mortgage and higher than what a person with good credit would pay, it will probably still be less than your credit card rates. According to Paul Banister, author of 25 Fascinating Facts About Personal Debt, a typical American family today pays about $1,200 annually in credit card interest. And, the average interest rate on credit cards is 18.9 percent.

How much equity do you have to cash out on? For a refinance, lenders base how much equity you have on your home's loan to value (loan to value)--the relationship between the unpaid principal value of your existing mortgage and the property's appraised value or sales price, whichever is lower. For a 2nd mortgage, it's based on your home's combined loan to value (CLTV)--the relationship between the unpaid principal balances of all the mortgages on your property (typically a 1st and 2nd mortgage) and the property's appraised value or sales price, whichever is lower.

Home Equity Installment Loan or Home Equity Line of Credit? A home equity installment loan (HEIL) is generally the best choice for debt consolidation because you'll be to lock in as low an interest rate as possible and that rate won't change during the life of the loan. Your payments will also stay the same through the life of the loan. Home equity lines of credit (HELOCs) are typically variable rate loans and are generally better for shorter-term borrowing, or to cover emergencies.

Maria Ny is an acclaimed free-lance writer from San Diego. She has published many articles that covered a broad range of subjects ranging from Debt Consolidation, Bankruptcy Reform, Credit Repair to Subordinate Financing. Check out her helpful articles online at BD Second Mortgage Loans. You can learn more about financing credit card debt and get additional loan parameters for debt consolidation loans. Get a free loan quote for a home equity loans. We suggest you get more information and learn more about the guidelines for fixed rate second mortgages that could help lower your monthly payments by reducing the high interest rates of your credit card debt.

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What You Need To Know Before Refinancing Your Mortgage

Writen by Joseph Kenny

Today it is becoming more and more popular to refinance your original mortgage. But, is this right for you? How do you know whether you're taking advantage of a great deal or letting yourself in for financial problems? Read on for tips to help you make an educated decision.

First, understand that refinancing your mortgage means you take out a new loan on the amount of money you owe on the existing mortgage based on new terms and pay off the old loan with the proceeds from the new loan.

Depending on the terms you obtain for your refinanced mortgage you may be able to obtain a lower interest rate than your original loan. This can be advantageous in a number of ways. First, it means you may be able to lower your monthly mortgage payments, which can be handy if you need to lower your monthly debt obligations. If you wish to keep your monthly mortgage payments the same, you could also pay off your home sooner with a lower interest rate. Over the course of your loan this could translate to major savings.

In addition, with a lower interest rate you may also be eligible to receive cash back. This money can be used to make repairs on your home or consolidate higher interest credit cards.

Before you refinance your mortgage you should understand there will typically be closings costs involved in the process. Depending on the lender you go with you may be either required to pay for the costs up front or include them in your loan and pay them off in your new payments. Costs that may be included in these fees are an application fee, cost of a new survey and title search in addition to fees for an inspection and appraisal. In addition, if you have less than 20% equity in your home you may also be required to pay private mortgage insurance just as you would if this was your first mortgage.

Given these costs, at least in the beginning, you may actually end up paying more for your refinanced loan than you paid for your old mortgage. This is why it is important to do a comparison between the two loans and make sure you will really be coming out ahead with a refinanced loan. When you do the comparison make sure you figure in how long you think you'll remain in the home because this can have a tremendous impact on your overall savings. This is important to help you determine where you will break even and begin to actually save money on your mortgage with the new refinanced mortgage loan. If you do not think you are going to be in your home for the length of time it will take to break even, it may not be worth it to refinance your mortgage.

Finally, don't forget to check the terms of your first mortgage and make sure you won't be penalized for paying off your loan early. In some cases, this can amount to as much as $1,500; which can seriously impact your break even point.

Joe Kenny writes for the UK Loans Store where you will find information and reviews of the latest loans and offer more information on secured loans and other loan topics available on site.
Visit Today: http://www.ukpersonalloanstore.co.uk

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Mortgage Documentation Checklist

Writen by Louie Latour

Organizing your documentation when refinancing or applying for a home equity loan will make the process much easier for you. Here is a checklist to ensure you have dotted all the "i's" and crossed all of your "t's" before applying.

1. If you are renting and are applying for a mortgage to purchase your home, you will need the names and address of your landlords for the past two years.

2. You will need proof of income for the past two years in the form of tax returns, pay stubs, or bank statements. If you are not self-employed you will need your w-2 forms for at least two years and a copy of your most recent pay stub with the year to date income.

3. Documenting your assets is important; you need statements from your checking and savings accounts, retirement and investment accounts, including your IRA or 401k plan.

4. If you receive income from Social Security, Workman's Compensation, private pension, or child support, request a benefit letter showing how much your receive.

5. If you purchased your home with a real estate contract and want to refinance, you will need a copy of the sales contract, the survey of your home, and the most recent appraisal.

6. Organize your current account statements for any loans you have. This includes student loans, car loans, and your present mortgage. You will need the payoff balances and lender information for each of these loans. You will also need the most recent statements for your credit card accounts and home equity loans.

7. If you are self-employed you need your last two Federal tax returns and any schedules you filed. You need your current year profit and loss statement and your balance sheet. If you file a corporate tax return you will need two years plus any schedules used.

8. If you filed bankruptcy within seven years, you need all of your documents including the petition and discharge, a written explanation as to why you filed bankruptcy, and your current credit reports from the three credit agencies: Experian, Trans Union, and Equifax.

You can learn more about applying for a mortgage or home equity loan, including how to avoid common mistakes, by registering for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free guidebook today at: http://www.refiadvisor.com

no doc refinancing

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Your Pot Of Gold Home Equity

Writen by L. Sampson

Having equity in your home is a good way to make sure you always have a cushion for that rainy day that may lie ahead. The equity in your home is greatly dependant upon the area in which you live and the other homes that reside around you but there are still elements that you can control to increase your homes value.

It takes a lot of careful consideration and planning to make improvements to your home that will make a difference. The number one mistake people make when trying to build equity in their homes is to add on immaculate details without taking into account the type of home they have, and the location of where they live. If you live in an area filled with modest sized homes, average sized rooms and a decent lot sizes, it would not benefit you in any way to add extravagant fixtures, large add-ons and a huge below ground pool in the backyard. No matter what the additions, if they don't flow with your neighborhood or if they exceed the other homes around you to a large degree, you aren't going to get back your investment.

Safe additions to consider are good flooring such as hardwoods, quality carpet, or other natural options such as jute or bamboo. The wall coverings you choose should also be up to par. A fresh paint job, wood paneling, or natural fibers on the walls are great additions and can be inexpensive. Updated kitchens and bathrooms are always a good idea but be careful not to go overboard on extravagant extras that may not fit the area in which you live or the style of home you have. In cases where you desire to do additions to your home, like extra rooms or extensions to existing rooms, it is always wise to consult a contractor.

Keeping these tips in mind will help you reap the maximum equity potential in your home.

Go to http://www.homeequitywise.com for more information on how to access the equity in your home with a Home Equity Loan.

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Negative Amortization Loans And Their Risks

Writen by Igor Buces

The MTA (monthly treasure average) loans have become a very common type of loan in the mortgage industry. It has become very popular because it provides people the chance to afford a more expensive house. At the same time, it gives the home owner the flexibility to choose among four payment options every month.

In this article, we'll take a look at what this type of loan is all about, AND the main risks associated with it. The MTA loans are based on the monthly treasuries average index; one of the most stable indexes in the market. By using this index, your payments won't change much during the first five years. Payment rates usually range from 1% to 2.95% for the MTA ARMS.

Please keep in mind that since the rates are so low, your monthly payment may not cover the interest charges causing the loan to create deferred interests (also called negative amortization.)

All MTA mortgage loans have a 5 year payment recast. A payment recast is a recalculation that is performed to figure out the payment necessary to repay the loan over the remaining 25 years. This is done by adding any deferred interest to the remaining loan balance and amortizing the payment over the remaining 25 years.

For example, A MTA loan of $400,000. After 5 years there has been $30,000 in deferred interest, your new loan will be $430,000 at the then current rate, amortized over the remaining 25 years. So, if your payment started at 1% or $1,286, in year one and rates were at 6.75% or higher, after year five, your new payment would be $2,970, or higher.

When you choose an MTA loan, you have four choices for your monthly payments each and every month:

1. Minimum payment option – The minimum payment accepted by the bank. Most of the time, it will cause deferred interests to be accumulated.

2. Interest only payment option – With this option, you only pay interests and you don't reduce the balance of the loan.

3. Full principle and interest – The same payment you would pay in a 30 year fully amortized loan.

4. 15 year amortization payment option – This is the highest of all payments but it's the one that reduces the balance of the loan the fastest.

Keep in mind that the MTA loan has several drawbacks:

1. It's an adjustable rate loan – No matter which one of the MTA's available you choose, these loans still have an adjustable rate. If you plan to live in your house for the next 30 years, you may be better off with a 30 year fixed mortgage.

2. MTAs usually require a minimum of a 5% - If you require 100% financing and wish for a low payment, you should consider 1, 3, 5 year interest only ARMS.

3. If you are tight with money, you may have to refinance the loan every five years (just before the loan is recasted and the monthly payments jump up.)

4. Also, if you choose this type of loan to afford a more expensive house, you may be in trouble when the payment goes up.

Please, take some time before deciding on choosing this type of loan. The most important advice I could give you is to talk to a certified mortgage broker who can study your financial situation and goals, and choose a mortgage that is suited to your needs.

In the next article, we'll take a look at how you can use MTA's in creative ways to fund your retirement, your children's education or the purchase of additional assets.

Igor Buces is a certified mortgage broker in South Florida. For more information, please visit http://www.miamimortgagehome.com

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For Your Instant Needs With Short Term Property Loan

Writen by Aldrich Chappel

Many of your property deals just end up just because you don't have enough funds when you need them. A thought comes in your mind to sell the property which you are having with you to buy the new one from sale proceeds. As everybody knows it takes lot of time to sell a property. It is very much possible that till the time you get the money, the property you have chosen is taken by some other buyer. So what will you do now, yes you can do nothing at that time. So to save yourself from such position you can take Short term property loans or bridging loans.

This is a loan that is usually taken out to solve a temporary cash shortfall that may arise when buying a property. Its like when you want to buy the second property before the sale of first one. These loans are secured by the property going to be sold as collateral. Following can be used as collateral:

• Residential properties
• Commercial & semi-commercial properties
• Auction properties
• Development sites
• Buy to let properties
• Retail shops
• Land with planning permission etc.

Like any other short term loans these loans also comes with a higher rate of interest.

Lender will allow you to borrow up to 65% of the property offered. But with increasing competition in the market there are certain lenders which offer you even higher percentages of the value of collateral. As a standard amount you can borrow amount between ₤25000 to ₤500000. But larger the amount, more the time required for approval. However, the overall time needed is much faster than other loans.

Repayment is made once you get the sale proceeds of your property. You are charged with interest till that date. These loans can be repaid in a period lying within one month to 12 months. There is also an option to extend the repayment term depending upon the circumstances.

Applying for a short term property loan is not a difficult job. As internet has become the primary source of communication these days, loan lenders also have their own interactive websites. These sites are equipped with tools for comparison of different loan quotes, loan calculator etc making life easy for you. You can simply log on to these websites to get benefited. The application form requires you to fill simple details like:

• Name of the borrower
• Address
• Mobile no.
• Email address
• Value of the collateral
• Amount you are looking for
• And certain small details varying from lender to lender

Short term property loans can help you get your new property and pay for it afterwards. So don't wait for somebody else to take what you have chosen to buy. Get a short term property loan to get the property of your dreams.

Aldrich Chappel has been associated with securedpropertyloan, since its Inception. Having completed his Masters in Finance from Lancaster University Management School, he undertook to provide useful advice through his articles that have been found very useful by the residents of the UK. To Find Short term property loans, UK Property Loan, Personal Property Loan, Secured Property Loan visit http://www.securedpropertyloan.co.uk

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100 Mortgage Loan With Bad Credit

Writen by Louie Latour

If you are a homeowner with poor credit and are looking for 100% mortgage financing, you might be surprised to discover it is almost as easy to get approved with a poor credit rating as if you had good credit.

Subprime mortgage lenders offer many 100% mortgage packages for homebuyers; in many cases you can find 103% mortgage loans to include your closing costs. How do these loans work? You have several options when it comes to this type of financing; here is what you need to know in order to get started.

Pros and Cons of 100% Mortgage Loans

The main advantage of a 100% mortgage loan, especially if you have poor credit, is that you can get into a home with little or no cash down. Instead of throwing your money away on rent, you can build equity in your own home. The disadvantage of 100% financing is that you will pay much more for financing; higher interest rates, closing costs, and lender fees all accompany loans of this type. There is also increased risk for the homeowner because you are purchasing your home with zero equity. If the economy takes a nosedive and the value of your home declines, you could end up owning more than your home is worth.

Another advantage to this type of financing is that you generally will not be required to pay for private mortgage insurance; private mortgage insurance can add hundreds of dollars to your mortgage payment and does nothing to protect the homeowner, only the lender.

There are several options for 100% mortgage loans. If you can find a mortgage lender willing to finance the entire amount with one mortgage, that would be the least expensive option. The other option is to finance your home using an 80 20 mortgage. Your first mortgage is for 80 percent of the purchase price, and you will use a second "piggy back" mortgage for the remaining 20 percent.

You can learn more about your mortgage financing options, including common mortgage mistakes to avoid, by registering for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free guidebook today at: http://www.refiadvisor.com

100% mortgage loan

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Everything You Always Wanted To Know About A Home Equity Line Of Credit But Were Afraid To Ask

Writen by Maya Pavlovski

What is a home equity line of credit?

A Home equity line of credit is a revolving line of credit secured by a real-estate asset. A Line of Credit can represent your whole home loan if at the time of application your property is unencumbered, or it may form a part of your overall mortgage. The interest rate on a Home Equity Loan and payments on such a facility must remain variable because the borrower is allowed to draw moneys out and pay moneys into the line of credit as often as they wish.

A line of credit is like a credit card secured by your home or investment property. Most people use their credit lines only for major expenses such to finance home improvements, or pay off major debts. With a home equity line, you will be given access to a set amount of credit, but you only pay interest on the amount you access.

How Do I know How Much Equity I have in my Home?

This really quite simple. Your available equity is the difference between your current home value and your outstanding mortgage. If you have had your current home loan for a number of years without revaluing your property, you may find that you have a lot more free equity than you think. Some lenders in Australia are offering home loans at 100% and even 106% of the value of your home. These loans are offered on home purchases. For a mortgage refinance, most lenders will be happy to lend you up to 95% of the value of your home. To qualify for such a high LVR (Loan to Value Ratio) you must have a clean credit history and have adequate financials to support your loan application. You will still be able to obtain a Line of Credit against your home even if your financials are not up-to-date or if you have had some defaults in your history - however the LVR available to you will be slightly lower (perhaps 80% - 90%) and the interest rate charged on the loan may be slightly higher.

Lets assume that your home is worth $400,000 and your outstanding mortgage is $200,000. If this is the case, your current mortgage is up to 50% LVR of your home value. You should be able to obtain a Line of Credit to the value of $ 120,000, taking the total loan to $320,000 – ie. to 80% of the value of your home.

Why Should I Consider A Line of Credit?

The main advantage of a Line of Credit is that you decide when and how much you spend. You are only charged a home loan interest rate on the money you draw out. You are free to repay the moneys drawn at any point in time. While a Line of Credit can be used for anything from a car loan to an overseas holiday or home renovations, education expenses, further investment etc., one of the best uses for this facility is Debt Consolidation. By using some of your line of credit to repay all your other unsecured debts, you will see yourself paying around 7% interest on these debts instead of 15-20%. Therein lies a major saving allowing you to reduce your monthly obligations and pay off your mortgage faster.

What are the main advantages of a home equity line of credit?

The primary advantages from a home equity line of credit are lower monthly payments, because you only need to cover the interest expense on the money drawn out. The other benefit with an equity line of credit, is that the interest rate is lower in most cases than the credit card rate. Your financial position may change between the time that you apply for your initial home loan and some years down the track. By incorporating a Line of Credit into your Mortgage you may find that this line of credit will help you to make your mortgage repayments if you:

-loose your job;

- suddenly get sick and are unable to work for some months;

- need to take maternity/paternity leave and your income drops;

- have any other unexpected changes in personal circumstances.

In effect your Line of Credit acts as your 'emergency insurance'.

Are there any Disadvantages to a Home Equity Line of Credit?

There are no real disadvantages. However you do need to be disciplined to ensure that you do not go on a spending spree with your line of credit. As you are in effect using your home as security to pay your other debts, you must take extra care in ensuring that you do not 'overspend'. The risk of spending beyond your means is that you may lose your home. However this risk like all financial risks can be managed and should not prevent responsible adults from taking control of their financial future.

What if I wish to make principal payments?

You may make additional principal payments on your line of credit whenever you wish.

Will I need to Pay Penalties for early repayment?

In general terms your line of credit can be drawn and repaid at will without any penalties. You will however need to consult your chosen lender to determine what fees and charges will apply with your loan.

For more information on a Line of Credit or Home Equity Loan please visit

www.webdeal.com.au or

www.honeyloans.com.au

Maya Pavlovski holds a Bachelor of Commerce Degree from the University of Melbourne and is a qualified CPA

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Mortgage Crm 101

Writen by James Hasson

CRM, or Customer Relationship Management, has always been an essential part of the mortgage industry, as the customers are the primary source of earnings. A good relationship with each individual customer is the beating heart of any mortgage company. Offering the best, useable programs available to them and finding other ways of fulfilling their needs is the basis for retaining current customers while being referred to new ones.

Lead management is one of the toughest, time-consuming, but highly important parts of any company, as it is crucial to obtaining new customers. Mortgage leads within the lending industry are especially significant, for if managed properly and efficiently, an agent or broker can turn the information obtained into a loyal (and profitable) customer. Good mortgage lead management software is a shortcut to improving CRM within the firm.

For starters, the right mortgage lead management system mediums, like software and websites, will offer pre-sorted mortgage leads to the lending industry, including any prospects who are more likely to buy a home, have an adjustable rate mortgage that is about to expire, etc. Through a number of ways, genuine leads from credible sources can easily increase a lender's closings by 20% or more, as employees of the mortgage industry will spend less time searching for leads and referrals and more time on customer service. With the focus on customer service, more available programs will be found to meet the customer's needs. In addition to newly delighted customers, you will gain referrals from them.

Secondly, with a good lead management system in place, not only will you be able to act upon only 'hot' current leads, but they can be generated into specific categories such as credit history, zip and/or area codes, type or size of mortgage needed, etc. Now a company's agents and brokers can prepare ahead of time for such leads, creating a new level of CRM while making your customers feel at ease.

Next, a proven track record with a faster response time will help win the customers before they can even think about finding another company to do business with. Potential customers typically do not enjoy the mortgage process. A quick start followed by a smooth finish is the best way to retain your customers' mortgage needs for life.

Security is the final check for proper lead management. By granting access of company files and potential customer's valuable information to only well-qualified employees, your security risk will decrease.

As you can easily see, lead management is crucial to the success of any business in the lending industry. Mortgage CRM follows closely behind. By implementing the right lead management program, a healthy bottom line and a returning client base will ensure your company's success for years to come.

James Hasson recommends Leads360 for mortgage CRM.

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Why Internet Mortgage Loan Leads Are Better Than Telemarketing Leads

Writen by Maria Ny

Seasoned mortgage brokers and lenders know they must always be working with up-to-date, accurate and qualified home purchase leads, refinance leads, debt consolidation leads, second mortgage leads, home equity leads, and other loan prospects to generate a constant stream of new clients and remain successful. However, in today's volatile mortgage lead generation market, lenders today are concerned with the quality of their leads.

Here are some factors to consider when evaluating mortgage leads:

• Age and Accuracy of Leads

Common complaints among lenders are that leads they purchase are outdated or inaccurate, including such things as outdated addresses, phone numbers, borrower credit ratings and whether or not the borrower still owns the home. Internet leads are generated by loan shoppers themselves, so the information will more accurately depict each borrower's most current status, address, phone numbers and other contact information, making it much easier for the lender to follow up and close the loan.

• Lead Exclusivity

Many times, telemarketing leads are non-exclusive, meaning that a large number of brokers are buying the same leads. With more and more people avoiding telemarketers, it's hard for them to generate fresh, exclusive leads. ExplainPlease.com states that people are joining "Do Not Call" registries and using caller ID and privacy managers to avoid telemarketers. On the other hand, borrowers themselves constantly generate online leads by filling out forms at mortgage loan websites at all hours of the day and night. With fresh leads always being generated, it's easier for lenders to get exclusive leads. While exclusive leads cost more, the probability of closing is greatly increased due to the lack of competition for the lead.

• Lead Delivery Time

If a lead is not delivered within a 24-48 hour time period, the lead loses value and the closing percentage drops dramatically. Internet leads are typically real-time mortgage leads. For example, LeadPlanet.com delivers its leads instantly. Lenders work with LeadPlanet.com lead representatives to set up custom filters in LeadPlanet.com's database. The lead is e-mailed to the lender immediately when a borrower that meets the lender's criteria fills out the online application.

• Lead Source

It is best if the mortgage lead makes the initial contact. For example, on the LendingTree.com site, buyers initiate contact by completing a simple form. Then, they get up to four competitive loan offers from major, national, regional, and local lenders across the U.S.

The Internet is gaining popularity as a way to shop for mortgage loan products, as people are getting more wary of telemarketers. Lenders are also enjoying cost effective online leads that are constantly delivered to them in real time right after they are generated.

Maria Ny, a respected free-lance writer who has many published articles that cover a broad range of subjects ranging from Home Equity, Debt Consolidation, Bankruptcy Reform, Credit Repair to Internet Marketing. Check out her helpful articles online at Mortgage Lead Planet.com.

You can learn more about cost-effective mortgage leads and buying mortgage leads online & get specific loan filters that meet your specific loan programs. Get a free marketing quote for a Internet Mortgage Loan Leads that can help you increase your monthly funding colume. If you need more details about home loan programs, check out the mortgage refinance center on the web.

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Mortgage Refinancing Dangers

Writen by L. Sampson

Mortgage refinancing can be a great decision for some people, but it can have a dark side if consumers don't look before they leap. It's a great idea for homeowners looking to lower interest rates, especially for people who took on adjustable rate mortgages during the ridiculously low rates a few years ago. Their once-low rates are climbing, and it's time to lock in something steadier.

Using a refinance to roll all debt into one loan may seem like a fantastic way to streamline personal finances, but this can prove disastrous if there isn't a serious change in spending behavior. Sure, the credit cards are all technically paid off, but the balance still exists and it's attached to the roof over your head. Not being able to make payments on credit cards results in annoying phone calls from creditors, but not being able to make mortgage payments results in foreclosure. Even worse, if the temptation to use credit cards proves irresistible then a person can wind up right back where there started, with maxed out credit card debt and an even bigger mortgage payment.

Beware the cash-out refinance. It may seem like a brilliant idea to take a little extra cash out on home equity, but it is important to realize that home values can go up or down. If a home is worth $200k during a real estate boom it may eventually be worth something more like $150k when the bubble bursts, and this leads some people to discover they owe more than their home is worth. Woe, fleeting equity.

Don't forget that a refinance is a whole new loan, and therefore that means all new paperwork and closing costs. Those closing fees that were so annoying in the original purchase will again rear their ugly head and although a reputable company will not charge junk fees, some fees are unavoidable. All financial decisions need to be approached with caution, but when dealing with a home a person needs to be doubly cautious. Equity should be thought of less as a cash-cow and more as an emergency safety net.

Go to http://www.refinancesmarts.com for more information on avoiding the dangers of a Mortgage Refinance Loan.

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Refinancing What Is It

Writen by Barry Davis

Need some cash? Having trouble paying your mortgage? Want to pay off that mortgage quicker? Refinancing may be what you need to do to reach your goals. You can refinance your mortgage and bring the mortgage loan from 20 years down to something like 10 years. What you are doing is paying off your current mortgage and taking out a new mortgage loan. In the previous example, the second mortgage loan would be for a lesser term. You could also use that mortgage loan to get some additional funds that you might need now for a down payment on a car.

So when should you refinance your mortgage loan? Well there are a few things to consider. First, consider how long you are going to reside in your current home. If you are going to live there for at least a few more years, you might want to look into giving up points which will take your current interest rate down. So let's say your current mortgage loan is $200,000. One point is equal to 1%. In this case, one point amounts to $2,000. Usually, each point you pay brings down your interest rate by roughly 1/8th percent. Depending on the situation and your lender, they might finance the points. This means you don't have to have the cash up front to pay them. The end result is getting the lowest interest rate possible, reducing the overall payment.

Next, you may want to look at the length of your loan. The longer your mortgage loan is, the more interest you pay to the lender. Another way to save some money would be to refinance your mortgage loan and decrease the total amount of time to pay it off. Your monthly payments would increase, but you aren't paying all that extra interest as you're putting more money towards the principal amount. Most people would do this is they can afford higher payments and want to pay off the house quicker. This could also be beneficial if you're looking to sell the house in the future. You're paying more on the loan now, paying less interest, and when you get the check from selling your house you have more left over to go into your bank rather than the lender's pocket.

Lastly, make sure you shop around if you plan to refinance a mortgage loan. When it comes to getting someone's money, there's plenty of competition out there. You might be surprised to see that plenty of lenders are eager to get your business. They typically will waive certain fees if you tell them they are possible roadblocks for you choosing them as your lender. There are application fees and legal fees, as well as others, that they might waive just so you will go with them as a lender. There are other lenders that will not make you pay hardly any of the up front fees involved in refinancing, but instead they will add these fees to the total amount of the mortgage you want.

Never make a decision until you have thoroughly looked at all your options. Making an educated decision on refinancing your mortgage loan can be the difference of thousands of dollars in interest over the life of the loan. There's also tons of information on the internet, so when in doubt, research! Good luck and happy hunting!

Please visit the author's website for more information on how to Refinance Mortgage Loan.

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Loan Prequalification A Potential Trap

Writen by Sergio Haros

As with much of the real estate industry, the mortgage industry uses terms that sound great, but really are not what they sound like. The loan prequalification is such a phrase.

If you have shopped for a home, you know all the interesting terms people use to describe their property. A cozy home can be translated to mean the home is essentially a closet with a bathroom. A rustic home often means the place is so decrepit, scientist study it to see if it is breaking the laws of physics by remaining upright. I am sure you have more than a few examples of your own.

In the mortgage world, loan prequalification is an activity and phrase that is interesting. The basic idea is a buyer goes to a lender prior to shopping for a home and attempts to determine what they can borrow. The lender does a cursory interview and maybe looks a paycheck stub. The lender representative then declares that buyer is prequalified for a certain amount. With letter in hand, the buyer heads out to find that unique property that is just right.

While this all may sound great, there is a serious problem. A prequalification determination by a lender is not worth the paper it is written on. Anyone can get prequalifed. The lender has really made no determination. All they have done is give you a piece of paper that they hope will get you to come back and actually apply for a loan with them. The bank hasn't actually run though any of the criteria it uses to write a loan, so there is no value to it. The dollar figure quoted in the letter might as well be for a bazillion dollars for all it is worth. The prequalification letter is not binding on the bank.

As you can imagine, this scenario represents a trap from some buyers. When given the prequalification letter, they assume they will get a loan for the amount in question. They then make a purchase based on the figure. Imagine their surprise when the bank subsequently rejects their application or approves them for a lower amount. The trap has closed on them and they will lose their earnest money deposit on the real estate transaction. This happens every day.

Loan prequalification letters are useless, but pre-approval letters are another matter. A loan pre-approval works the same way as a prequalification letter. The difference is that you actually go through the entire loan application process. The bank then makes a final determination and pre-approves you for a loan amount. The pre-approval is binding on the bank, but usually for a short period of time such as 30 days or so. If you obtain a pre-approval letter, sellers will be very receptive to your offers.

In mortgage, you should keep in mind that it is pre-approval, not qualification, that is the magic ticket.

Sergio Haros is with Great Western Mortgage - San Diego mortgage brokers providing San Diego home loans. Great Western Mortgage is a San Diego Mortgage Company providing San Diego mortgages, San Diego home equity loan and other solutions.

How To Negotiate The Best Mortgage Using One Piece Of Paper

Writen by Kevin Blasi

Choosing your home mortgage is a negotiation. The mortgage broker is trying to negotiate the best deal for his client that will still be profitable for him. Meanwhile, the consumer is negotiating the lowest possible rates and costs that he or she can get the mortgage broker to agree with. It’s very similar to the tug-of-war involved with buying a car from a local dealer.

It has been said that “knowledge is power” and this is most true when it comes to negotiation. When buying a car, the best negotiators do plenty of homework to find out how much it costs for the dealership to purchase this car. If you do this, you have the power to negotiate all the way down to this price. You’ll be in a privileged position of knowing when it pays the dealer to sell and when it doesn’t.

In a similar way, you have the most complete information spelled out in front of you on the Good Faith Estimate. This shows how all parties of your mortgage team will be paid through the closing costs of your mortgage. This is every bit of knowledge that you could use; all on one piece of paper! It’s like cheating!

There are many mortgage brokers that are interested in only creating a quick buck and taking advantage of their clients, rather than actually servicing and educating them. Scouring over the Good Faith Estimate gives you the ultimate power. The knowledge of how your costs are calculated. It is impossible for someone to pull the wool over your eyes when you are staring at every last detail of your loan.

The Good Faith Estimate can also be a weapon for the honest mortgage brokers. Mortgage shoppers come to me all the time that say they have found a great deal online or in a local paper. They say that the offer seems too good to be true. By sitting down and examining the “GFE” we can often determine whether it is or isn’t "too good to be true" and we uncover surprises and obstacles the other broker would be sure to run into. This gives the “good brokers” power to overcome a “too good to be true” offer.

My suggestion to homebuyers is to be very careful of the outrageous offers and make sure you get a detailed explanation of your loan first. Then, make sure your broker supplies you with a Good Faith Estimate. Visit him again and have him explain each and every line item to you. Some of the figures on the GFE are estimates while others are solid. Find out which are which. This will ensure that your broker stays true to his fees.

Kevin Blasi manages Mortgages Explained! at: http://explaintome.blogspot.com

This is a free resource to educate consumers about the mortgage process and explain exactly what mortgage brokers do.

Kevin has been in the mortgage loan industry for 5 years. Currently, he specializes in securing mortgage loans for first-time home buyers in Northeast Pennsylvania.

Mortgage Refinancing How To Lower Your Payment With Rising Interest Rates

Writen by Louie Latour

Are the rising costs of energy, taxes, and insurance strangling your budget? If it is becoming increasingly difficult for you to make ends meet each month, there are steps you can take to improve your cash flow by refinancing your mortgage. Many people will tell you not to refinance your mortgage when interest rates are rising; however, if you need to lower your monthly payment or have an adjustable rate mortgage and want to stop your payments from going up, refinancing may be your only option. Rising interest rates does not mean you should not refinance, just that you need to refinance smartly.

Lowering your monthly mortgage payment is not without risk. When you pay less each month the mortgage lender is still going to collect their interest on the loan; the lower monthly payment comes from paying less principal back. Lowering your monthly payment means you will pay more to finance your home, a necessary trade off for many homeowners feeling the pinch of a declining economy.

There are three ways to lower your monthly mortgage payment. To accomplish this you can refinance to mortgage with a lower interest rate than you are currently paying, choose a mortgage with a longer term length, or downsize your home. To learn more about your mortgage refinancing options, including common mortgage mistakes to avoid, register for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free guidebook today at: http://www.refiadvisor.com

Mortgage Refinance

Florida Mortgage Rate Refinance

Writen by Marcus Peterson

Florida offers some of the lowest refinancing rates on the market. So if you wish to refinance your home mortgage, a Florida lender is the best option. You can also research on the Internet to get the best rates.

Refinancing a mortgage has several benefits. A decision to refinance a mortgage comes only when you can save two or more percentage points on interest. But it is another burden that you have to carry for so many years. So it's better to clear all your doubts regarding the rates before you finalize on one. Or you may be thinking of getting a fixed-rate mortgage with attractive terms instead of your current adjustable-rate mortgage.

You can also consolidate your first and second mortgages into a single mortgage by refinancing. The benefits are many, but the difficult part is to get the best mortgage refinance rate.

Currently, the rates in Florida have touched a 20-year low. So it's easy for you to get a mortgage even if you have bad credit. You can improve your credit by paying installments on time. Some lenders check your job security and income sources before they agree to refinance. So it's easy to get refinance options in Florida even if you have bad credit.

There are two types of mortgages: fixed-rate and adjustable-rate. Cashing out is another type of refinancing that allows borrowers to borrow money against their own home for paying off the loans. Refinancing is available in Florida for all types of loans like conventional loans, VA loans and bad credit loans.

Florida Mortgage Rates provides detailed information on Florida Mortgage Rates, Florida Mortgage Rate Refinance, Florida Mortgage Interest Rates, Best Mortgage Rates In Florida and more. Florida Mortgage Rates is affiliated with Florida Interest Only Mortgages .

You Can Escape The Mortgage Refinancing Mess

Writen by Matthew Keegan

If you purchased or refinanced a home in 2002 or 2003, then likely you are in for a rude awakening today: higher mortgage payments as the new rate kicks in. If you were fortunate enough to lock in a low, fixed rate then good for you. However, many consumers sprung for cheap, low cost adjustable rate mortgages thinking that they could refinance at a later date. Some consumers are now successfully refinancing while others are learning that cannot get a new loan. If you are in this latter group of homeowners, then you understand what is at stake: foreclosure of your residence. Let's take a look at how you can avoid foreclosure and get out of what has become a mortgage refinancing mess for so many consumers.

Run A Credit Report – Before you take the all-important step of seeking refinancing get a copy of your credit report to find out if there is anything on the report that could be used against you. Congress has authorized that the Big 3 credit reporting bureaus offer to American consumers one free copy of their credit report annually. This service is available through only one site – www.annualcreditreport.com – whereas other sites may charge you a fee. You'll need your credit score too, but that isn't included with the offer. For a nominal fee, typically ranging from about $4 to $7, you can obtain your credit score. You need this information as the higher your credit score is, the lower your mortgage interest rate will be.

If you notice errors on your credit report, get them fixed before refinancing. In some cases the credit reporting bureau may have to slip a note in your file explaining the mistake while in other cases you will have to write letters to get the mistakes removed. This can take time, 2 to 3 months even longer. So, if you still are many months away from when your mortgage is due to adjust, run a copy of your free credit report today and pay the fee to get your credit score.

Talk to Your Current Mortgage Company – If you are seeking to convert your adjustable rate mortgage to a fixed rate mortgage, contact your current mortgage provider and ask them about switching. Since they are already familiar with you, they likely will want to keep your business and come up with a refinancing plan that is favorable to you. Ask them about streamlined refinancing as it could save you on fees and closing costs and make refinancing as easy as signing a few pieces of paper.

One more thing to consider about your mortgage provider: they may have sold your loan to a third party. In that case, you have a different lender to deal with, one who may or may not be familiar with your situation. So, in order to deal with the original company, you will have to apply all over again as you did the first time.

Shop Around – Beyond your original mortgage provider there are hundreds, even thousands of mortgage companies who want to do business with you. The better your credit score, the more likely you'll snag a fixed rate mortgage. If you have credit problems you'll pay more if you are even eligible in the first place. Check out Lending Tree, Quicken, and Bankrate for a list of lenders.

If your credit is a wreck, then your options are very limited. Paying several hundred dollars per month more on a mortgage could put you into a financial bind, perhaps even forcing you to foreclose. Just so you know most lenders would prefer to make other arrangements with you instead of seeing you default on a loan. From a business perspective your foreclosed home becomes a burden to them as long as it is in their portfolio. Bankers are in the business of lending money, not managing property and court costs and related expenses can cost them dearly.

In all cases, if you are in a bind, contact your mortgage provider as soon as possible and come clean with them. To delay could ultimately prove to be detrimental and force your lender to take action you don't want them to take. Be proactive; it is your home until the courts rule otherwise.

Copyright 2006 – For additional information regarding Matt Keegan, The Article Writer, please visit his blog for wit, quips, and freelance writing tips.

Mortgage Refinancing In A Declining Economy

Writen by Louie Latour

The Federal Reserve keeps raising interest rates hoping to offset inflation. Does this mean you should offset refinancing your mortgage? Not necessarily, there are still good reasons to refinance, and if you do you homework you can still find a great deal on your new mortgage. Here are several good reasons to refinance your mortgage in a declining economy.

Cash out Equity

You can save yourself a lot of money by consolidating your high interest debt using a home equity loan. Mortgage interest rates have gone up; however, they are still lower than most credit cards. If your credit card debt is nearly out of control there is no better time then the present to tame it. Remember that consolidating does not eliminate your debts; it simply levels the playing field when it comes to high finance charges and makes it easier for you to pay it off. Once you consolidate your credit card debt consider cutting up your cards so you don't land yourself in double debt.

Lower Your Monthly Payment

You can still lower your monthly payment when interest rates are rising by choosing a mortgage with a longer term length. If your budget is already stretched to the limit consider refinancing to lower your mortgage payment. If your current mortgage has a high interest rate you could still find a better deal by shopping and doing your homework.

You can learn more about refinancing your mortgage and avoiding common mortgage mistakes by registering for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free guidebook today at: http://www.refiadvisor.com

Mortgage Refinance

Home Equity Loan Line Of Credit

Writen by Kevin Stith

A convenient and easy means of borrowing, home equity loans have gained enormous popularity in recent years. Since their conception, people in need of constant credit have increasingly preferred them.

Home equity loans refer to the credit people borrow against the equity of their home, keeping the home as collateral. Such credit helps to turn our equity into cash, enabling us to spend on home improvements, college education, medical expenses, or to consolidate debts.

Interest rates are variable, changing every month in tune with the prime rate or the index. The prime rate refers to the interest rate published in some major newspapers or a US Treasury Bill rate, which is the base rate for all companies in the country. With this base rate, companies charge a margin which is different for all companies, making interest rates differ from one company to the other.

Equity varies, as it indicates the difference between the estimated value of a home and the outstanding mortgage against it. Hence, depending on the home value and outstanding loans, lenders or credit institutions grant a credit line.

Besides this, other factors come into play. In determining our actual credit line, lenders also consider our ability to pay, by researching our incomes, debts, and credit history, besides other things.

Bureaus compile essential information on our name, social security number, credit history, public records, and even a list of all financial inquiries made. All this information is then boiled down to a credit score, or FICO score.

The costs for establishing and maintaining a home equity loan line of credit amounts to around 2% to 5% of the loan. It includes fees for property appraisal, title search, attorney or title agent, and preparation of the document, besides other things. Additional costs include transaction fees levied by some companies, annual maintenance fees, and others. Access to credit is possible by checks, credit card, or electronic transfer.

Available for different time periods such as 5 years, 10 years, or 15 years, with easy access and revolving credit, a home equity line of credit is an extremely useful and convenient means of borrowing for any need.

Home Equity Line provides detailed information on Home Equity Line Of Credit, Home Equity Loan Line Of Credit, Home Equity Line Of Credit Rates, Home Equity Line Of Credit Calculator and more. Home Equity Line is affiliated with Home Equity Line Of Credit Rates.

Home Equity Lines Of Credit Not Just Another Credit Card

Writen by L. Sampson

A home equity line of credit (HELOC) and a credit card have many commonalities. Both enable you to draw and payback amounts as you wish while working under a predetermined limit, both have variable rates but taking out a HELOC has its pluses. Because it takes more time to get a HELOC, many choose to go the faster route and get a credit card not realizing the benefits that a HELOC can provide.

Unless your credit is outstanding, a credit card often attaches a very high amount of interest to your balance per month. A HELOC is a great way to get the money you need to use at your disposal without paying an outrageous interest rate. As an added extra the interest that you do pay on the HELOC within each year is deductible when you file your taxes. No credit card can give you that.

The amount of equity you have in your home is also not dependant on your credit score where the limit on your credit card is. This means you usually get a higher amount available to you when you take out the HELOC vs. a standard credit card. So with all the benefits on the table what could be the drawback to taking out a HELOC? Well the fact that the HELOC is secured by your home is a big one to some. Many people don't like to have such a big price to pay if the loan goes into default so they shy away from such a big commitment.

Home equity lines of credit can be a great tool to get the things you need and they can be the added security net for things unexpected. So if you have equity in your home that you want to use take a look at home equity lines of credit.

Go to http://www.homeequitywise.com for more information about the advantages of a HELOC Loan.

Home Equity Loans Which Type Is Best For You

Writen by Louie Latour

There are several ways to borrow against equity in your home. You can refinance your mortgage and take cash back, take out a second mortgage loan, or open a home equity line of credit. Each method has its advantages; carefully evaluating the costs associated with home equity loans will help you choose the loan that will cost you the least. Here are tips to help you avoid overpaying for the home equity financing.

The most common methods of borrowing against home equity are second mortgages and home equity lines of credit. Equity in your home is simply the difference between what you owe and what your home is worth. Second mortgages and home equity lines of credit are secured by your home just like your primary mortgage; if you fall behind on any of the payments the lender could take your home.

Home Equity Lines of Credit

A home equity line of credit works much like a credit card. The lender will issue you a debit card and a check book you can use against a predetermined limit secured by your home. The main advantage of a home equity line of credit is that it is an extremely convenient way to borrow against the equity in your home. One of the main disadvantages of a home equity line of credit also that it is a convenient way to borrow against the equity in your home; because of this convenience you might be tempted to overspend. Home equity lines of credit come with variable interest rates and many of the same fees you paid when applying for your mortgage. If you only need a small amount of equity and plan on paying it back quickly, a home equity loan could save you money over a second mortgage.

Second Mortgage Loans

A second mortgage differs from a home equity line of credit in that you receive the amount you are borrowing in one lump sum. Second mortgages come with fixed interest rates; a fixed interest rate can save you money and give you peace-of-mind for the long term. If you need to borrow a large sum of money, a second mortgage can save you money over a home equity line of credit.

You can learn more about your home equity options including how to avoid common homeowner mistakes by registering for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free guidebook today at: http://www.refiadvisor.com

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