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Reverse Mortgage vs. Forward Mortgage

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Mortgage:  In the past several years, reverse mortgage loan has become one the most useful product in terms of providing financial security to the senior US citizens. What is a reverse mortgage? As it name tells, it is merely the "reverse" of regular mortgage loans. Simply put, in a regular mortgage you make monthly payments to the lender but in a reverse mortgage the lender pays you without you having to pay it back for as long as you live in your home. The loan is reimbursed when you die, sell your home, or permanently move out of your home. "Why shouldn't a senior just pull out on a regular mortgage ...

Banks Expert on January 26, 2010 0

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How do Construction Loans Work

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Mortgage:  Construction loan, as the name suggests is provided for the construction of a residential or a commercial property. An individual or a company can avail a construction loan in case they lack the necessary resources to fund the construction. Construction loans can be broadly classified into the following categories: Residential and Commercial. Residential Construction Loans Residential construction loans, unlike mortgages are short term loans. During the construction period, the builder (borrower) is expected to pay only the interest on the loan. The interest is variable and ...

Banks Expert on December 17, 2009 0

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Mortgage Loan Underwriting

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Mortgage:  he entire financial condition of the applicant is reviewed during the mortgage loan underwriting process. The applicant provides the lender with the documents that support his credibility and the mortgage loan underwriter, on behalf of the lender, analyzes the prospect of the applicant in being a suitable risk. The process may take any time duration ranging between a few hours to a few weeks. Though the processes like electronic underwriting and credit scoring are available to ease the underwriting process, the final decision lies in the hands of the mortgage loan underwriter. All so...

Banks Expert on December 17, 2009 0

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Mortgage Loans After Bankruptcy

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Mortgage:  Filing bankruptcy is a consequence of the debtor being unable to discharge debt obligations. The eligible consumer/debtor has the option of filing a Chapter 7 or a Chapter 13 bankruptcy. The former is preferred since it absolves the petitioner of discharging debt obligations that cannot be repaid. The latter, on the other hand, results in the consumer having to discharge his/her dues within a period of 5 years. Mortgage Loans After Bankruptcy The desire to buy a home after a few years of bankruptcy discharge is but natural. However, one must remember that credit scores may t...

Banks Expert on December 17, 2009 0

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When and Why Should I Refinance a Mortgage?

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Mortgage:  Mortgage refinancing can save a homeowner a lot of money over the course of the loan. However, this is only a good thing to do if it is done properly, and at the right time. Here is some basic advice as to when to get a refinance, and how to ensure you do not get ripped off. Deciding When to Refinance a Mortgage When deciding if a refinancing is the right thing for you, take the following things into consideration: 1)How long do you plan on living in the home? If you are not planning on living there for much longer, a refinance may be too costly to see any benefit from. Alwa...

Banks Expert on November 25, 2009 0

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Home, the mother of all tax shelters

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Mortgage:  You've heard me talk about how owning a home is the world's greatest tax shelter. You can deduct mortgage interest and property taxes. And almost always, you can keep the gains when you sell your home. In the past few years, Congress and the Internal Revenue Service have made your home into a potentially even greater tax shelter than it has ever been, especially if you use your home for your business. How long these breaks will stay in place is a question mark. Many experts say they believe the tax breaks that Congress gave homeowners were big reasons home prices shot up so much in many mark...

Banks Expert on November 17, 2009 0

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Closing day processes

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Mortgage:  Once your loan has been approved, the clock starts ticking to closing day. Much remains to be done during those few weeks, and most of it occurs behind the scenes. You can help speed the process by: 1. Providing complete documentation with your application. 2. Responding promptly to your lender's request for more information. 3. Calling your lender and real estate agent to check on your loan application status. 4. Helping contact employers and others who may need to provide documentation. 5. Keeping records of your conversations with your lender. Here's what's happening while you wait: ...

Banks Expert on November 16, 2009 0

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The Risks and Rewards of Reverse Mortgages

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Mortgage:  Such loans can be a nice tool for seniors who grasp their features and drawbacks. As the worst financial crisis since the Great Depression guts real estate values, hammers 401(k)'s, and drives job losses higher, a disconcerting number of older Americans are facing a threat they never expected to encounter during their golden years: home foreclosure. In a first-of-its-kind study released last fall, AARP reported that Americans ages 50 and older accounted for more than a quarter of all home foreclosures and mortgage delinquencies in the second half of 2007. "The impact of a for...

Banks Expert on November 6, 2009 0

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5 Mortgage Costs to Watch Out For

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Mortgage:  This article comes from Smartmoney.com Faced with plunging property values and rising defaults, lenders are charging borrowers higher mortgage rates and adding fees. Not all of these added costs are set in stone, however. If you're looking for a loan, vigilant shopping and a little haggling can go a long way toward landing a better deal. Here are five fees to watch out for and how to avoid paying them: Application fees Just because an ad says "no application fee" doesn't mean there's no fee at the time you ...

BanksGuru on October 26, 2009 0

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Let Lenders Compete for Your Business

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Mortgage:  Your financial future depends on selecting a mortgage for your home. For many years you assume this obligation, so a small difference in any part of the negotiation can greatly change your monthly payments. Don’t be afraid to negotiate, because it’s your business and mortgage lenders want it. Do your homework and shop around for the best deal. If you want to have the best position in this business – learn more about it. Fight for your money, because even a quarter point better interest rate obtained will help you to save hundreds or even thousand dollars in the long terms. Ob...

Banks Expert on August 11, 2009 0

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