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Reverse Mortgage vs. Forward Mortgage

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Mortgage & Refinance:  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 ...

on January 26, 2010 0

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New Bank of America Mortgage Refinance Programs

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Bank Insider:  Bank of America has new mortgage refinancing options available thanks to President Obamas stimulus plan. This plan is designed to help struggling homeowners get a better mortgage, save money, save their home from being lost, or all of the above. Bank of America is one of the only mortgage lenders or banks who can offer this plan to homeowners. Here are some things you should know. Bank of America has a proven track record and is one of the largest, most well known, and used, banks in the mortgage industry. They are one of only a select few who can offer the stimulus plan options to homeowners...

on January 18, 2010 0

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Six Money Dilemmas

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Money Saver:  As you invest your money, shop for a home or tackle any one of the many financial decisions you have to make over your lifetime, do you sometimes wish you'd paid more attention in math class? Do you find yourself having to "run the numbers" and wondering how? To help, we've taken six common financial quandaries and done the math for you. As you'll see, the solution isn't always black and white, and the "right" answer may depend on things that you can never know for sure, like your tax bracket in 2020 or how much your investments will grow. Plus, at times emotional considerations may tip the ...

on December 7, 2009 0

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When and Why Should I Refinance a Mortgage?

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Mortgage & Refinance:  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...

on November 25, 2009 0

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The Risks and Rewards of Reverse Mortgages

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Mortgage & Refinance:  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...

on November 6, 2009 0

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5 Mortgage Costs to Watch Out For

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Mortgage & Refinance:  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 ...

on October 26, 2009 0

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Protect Your Money Now

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Money Saver:  To minimize the damage in modern financial circumstances you need a game plan 1. Your bank accounts should be federally insured The Federal Deposit Insurance Corp. (FDIC) protects your deposits up to 100,000 per person. Spread it across multiple banks If you have more money to hold.Use this insurance, because you are paying for it as a taxpayer. 2. Insure your brokerage accounts federally too. ...

on August 21, 2009 0

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Let Lenders Compete for Your Business

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Mortgage & Refinance:  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...

on August 11, 2009 0

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Are You Ready For a Home Loan?

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Mortgage & Refinance:  The first home is the most important purchasing for many people. You will want to consider some questions before becoming an ownership. Such points usually don’t come to mind until the process of purchasing your house has begun. The first and the main thing you should think about- can you afford buying a home. You can meet some expenses not assumed earlier. Homeowners must pay taxes on their properties annually, besides don’t forget about homeowners insurance. In some places where home will be located you will pay city and country taxes annually. In most cases cost of homeowne...

on August 8, 2009 0

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How to Protect your Credit Score

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Money Saver:  Due to economics down turns peoples’ credit score went down. You can protect your credit score by knowing what impacts, actions affect it and how: 1. Your card issuer reducing your credit limit A FICO study of 11 million credit files from April 2008 to October 2008 found little to no negative impact on most scores, including those of people whose credit limits had been cut. Majority of people had no risk trigger (late payments,...

on August 6, 2009 0

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What Affects Your Mortgage Approval

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Mortgage & Refinance:  When you are applying for a mortgage, the lender you have selected will take many factors into consideration for approving you for a mortgage. The factors lender look into not only influence what type of loans you can qualify for but also what your monthly payments will be, and how many years it will take you to pay the loan off in full. It’s very important to know what factors affect your mortgage determination so you can improve them. Here are some examples: Credit Score- You need to...

on July 28, 2009 0

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Adjustable-rate mortgages

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Mortgage & Refinance:  As everybody knows, there are differences between adjustable-rate mortgages (ARMs) and fixed-rate mortgages. The interest rate and monthly payment in ARMs could move up and down as market interest rates fluctuate. During initial fixed-rate period the changes couldn’t be done in borrower's rate, then begins much longer period. At preset intervals of this period the rate changes. Low start of adjustable rates When we compare fixed-rate mortgages and rates charged during the initial period we’ll see that adjustable ra...

on July 10, 2009 0

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Buy or rent house?

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Mortgage & Refinance:  Almost everyone wants to have his own home. But are you able to afford the house and all of the expenses associated with it? A house is the most expensive purchase in our life. In this article, we'll see the positive and negative sides of homeownership. We’ll show you exactly how you should calculate how much you can afford to spend on a house. Should you buy or rent a house? Having your own home is a base of the American dream, but there are pros and cons to it. We help you decide should you buy or rent a home. Emotions, family and personal reaso...

on July 9, 2009 0

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Mortgage Rates Up = Refinancing Down

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Mortgage & Refinance:  Mortgage rates rose nearly a 3rd of a percent last week, according to figures released by the Mortgage Bankers Association (MBA), further dampening interest in mortgage refinancing, which had flourished in the weeks after rates hit record lows in March. Last week's 30-year fixed mortgage rate averaged 5.57 percent in the MBA survey, up from 5.25 percent the previous week and nearly a full percent higher than the all-time low of 4.61 percent the survey reported for the week ending March 20. Mortga...

on June 11, 2009 0

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