Category Archives: Mortgage

Find an award winning broker to work with you’

Anything that is award winning is hard to find. Any award giving body will have their own criteria when it comes to the level of quality before announcing the winner. This is also true if you want to discover a good mortgage broker. This will surely take a lot of effort and time. The search is not that easy especially if want the best mortgage broker san Francisco by your side. The award is definitely an honor but it is also a great help to average person want to have the ideal mortgage loan for your circumstances. No matter what method you use or what criteria you have, the broker should be the right one. mortgage-broker

Do your homework before meeting up with a potential broker. This is a way to know if the broker can provide the best deals. There are various types of loans out there and this can change. To make life simpler, pick one kind of loan then compare. After shortlisting a few, start calling them to get quotes. Set good criteria for comparison. The potential winner is someone who can offer less than what you have found. Know the amount that the broker will be getting. If it is more than what you can get, then go straight to the lender.

Once you have potential candidates, set criteria. This is the time to know if they are a good match. Remember to follow your heart and judge based on your instinct. You can also check out how fast they can reply to your emails or calls. This is crucial if you want to know something right away. You don’t want them to unreachable. During your meeting, notice some points like patience, knowledge, experience, among others. Take note that they are bound to get the best deals for themselves and not really for your advantage. By setting up qualifications, you can guarantee of an award winning broker that can bring about your dream home.

Lowest mortgage rates

Negotiating anything comes down to having greater knowledge and a stronger will than the person you’re negotiating with. When it comes to negotiating a mortgage, the internet is your best friend.low-mortgage-rates

Knowledge Is Power

Before speaking with a specific lending institution such as your bank or credit union, always find the lowest mortgage rates online. Get a list of the best rates for every possible type of mortgage you’re considering, including fixed vs. variable rates, different loan terms, and different amortization periods.

This will not only give you a better sense of what the options are, but it will also help you when you start negotiating.

Your Bank Doesn’t Care About You

Never assume that a long history with your bank will get you preferential treatment. While credit unions and smaller lending institutions have greater flexibility when it comes to loans, most of the bigger banks are locked into their computer algorithms that make it difficult for them to negotiate one-on-one.

This doesn’t mean you can’t do it, just that you’ll need a very good reason for them to listen.

That’s where sites like http://mortgagerates.ca/ come into play.

Check Mortgage Terms And Conditions

Your mortgage isn’t just a payment schedule and an interest rate. There are also options such as pre-payment options, (lump-sum or monthly), the ability to raise or lower your monthly payments, skip-a-payment plans, etc.

Even a 5 year term is a long time in terms of your financial forecast, and anything from a job-loss to a medical expense to a sudden need to move could make some of these options very important to you.

Decide what options you need and which you’d like to have.

Negotiate From A Position Of Power

If you have a bank or specific institution that you would prefer to get your mortgage from, go speak to a mortgage representative there. Check online first to find out what their default rates and terms are and compare them with what you’ve found online.

Remember the golden rule about negotiating: If you’re not prepared to walk away, don’t let them call your bluff. If you know going in that you’re only going to get a mortgage from your bank, it’s pretty tough to play hard-ball and convince them you have other options.

At the same time, don’t be a jerk about it. You want to show your representative that you really do want them to work with you to find an option you can all be happy with.

You have to state your case clearly and show them that you have better options. Some of the lists you found online will help with this.

Tell them which parts of their terms you’re happy with, and where you need them to move.

See what they say and don’t be afraid to leave and think about it.

If you’re not used to negotiating, don’t worry. Be polite and constructive, and remember that this negotiating is going to find a solution that’s beneficial for both of you.

Reverse Mortgage Gives a Source of Tax-Free Income

reverse mortgage

reverse mortgage

These days the cost of living as increased like anything may it be the food that we consume daily basis, or the medical expense and it is especially problematic in these circumstances when the country is facing economic problems. Well even in this crisis people aged 60 or above can take reverse mortgage to maintain the equity in their home. The reverse mortgage loan is 100% approved by the government insured through the FHA which means Federal Housing Administration. However the property or the home is evaluated by FHA through strict fair means, which is approved by the federal law to take reverse mortgage and charges a 2 to 3% MIP (Mortgage Insurance Premium)

The requirement of FHA is that the borrowers have to go through counseling before applying for a reverse mortgage loan to the lenders. It is also necessary for the borrowers to reside in the same place where the property is being reversed mortgage apart from this there is no income or credit required.

The capital is tax free which is obtained from a reverse mortgage and can be used as combination of credit line or say monthly income. In spite of this the borrowers of home owning are bind to pay taxes and insurance for their homes.

Social security and Medicare benefits are also included in reverse mortgage loan. The foremost thing completely depends on certain factors, say for instance age of borrower, value of property, and interest rates for reverse mortgage. Value on reverse mortgage has been recently raised to $625,500. Huge sum of money will be received if the person is much more experience or senior. The FHA makes sure that the reverse mortgage programs are secured in order to protect the senior if in any case home values are deteriorating.

reverse-mortgage

reverse-mortgage

To protect the foreclosure one can use the reverse mortgage to eliminate the present mortgage. However the tax-free cash can be used in different ways according to the seniors comfort such as it can be spent on vacation, home re-modeling, travelling or purchasing new car.

The money is not required to pay back, as long as the senior makes stay in the same house. If the senior has deceased or the house is being sold in that case the mortgage debt money has to be paid and the remaining amount can be transferred on to the estate.

Recently there has been a change in law so that the elderly people can purchase the house with the money from a reverse mortgage.

Is Your Mortgage Loan Illegal? Sue Your Lender

Home refinance loans

home-loan-refinance

home-loan-refinance

Most of the people happen to be so excited when they get their first mortgage. First time home buyers often fail to understand the entire picture when they got their mortgage loan. It’s only after getting the loan they realize that their monthly payments are too high and they cannot afford paying back. This often leads to foreclosure of a home which can be devastating to credit rating. To save people from such situations, home refinance loan comes into picture.

Home refinance loan is designed for those people who cannot afford to pay back their mortgage loan and need urgent relief. Refinance loan can be a good alternative to foreclosure and bankruptcy and you can regain some ground in your financial situation.

Home refinance loan can help you paying the first mortgage loan. You can pay it at a reduced interest rate and a new mortgage is drawn up. You can get this home mortgage refinance loan at a much decent interest rate that is affordable in your situation.

If you have already done some payments on your first mortgage and are now having difficulties in paying rest of the amount, you can get a home mortgage refinance loan for the amount of money owed plus the equity that is currently built up.

Talk with your lender about the best offers in home refinance loans so that you are able to save more money in interest payments.