Mortgage Insurance explained

Author: Jason Hulott

Getting a mortgage is bad enough - what with terms like fixed rate, discount, variable etc - so mention mortgage insurance and naturally your eyes will start to glaze over.

However, mortgage insurance is an extremely important insurance to have - in fact, it can the difference between keeping a roof over your head or ending up having your home repossessed.

If you recently took out a mortgage, you may remember the lender asking you whether you wanted mortgage payment protection insurance. It probably sounded expensive and unnecessary. And while, in some cases, there are companies who like to charge you too much for the product, it doesn't have to be that way.

As for it being unnecessary - get the right policy and at the right price and it will be an invaluable safety net for you. So, what is mortgage insurance? It is a product whereby should you be unable to meet your mortgage repayments due to being made involuntarily redundant or due to being able to work because of sickness or maybe an accident - then it will cover your mortgage repayments.

Your mortgage repayments (and sometimes other mortgage related outgoings too) will be covered for up to a set period of time (typically 12 months but this can vary from provider to provider) to give you enough time to find another job, or get well etc.

Many people may think that mortgage payment protection insurance is a waste of money, using the old adage ""It'll never happen to me"". However, this is not true. Being unable to work - and therefore having to struggle on state benefits - due to involuntary redundancy, accident or sickness can happen to anyone. It does not discriminate and can strike anyone at any time.

Therefore, if you are in full time employment for more than 16 hours a week and you have a mortgage, then taking out insurance against the financial ramifications makes sound sense.

Despite what the press says, it doesn't have to be expensive to take out this kind of insurance, and nor do you have to take out a policy with your current mortgage lender. This means you are free to shop around to get a policy that offers you comprehensive protection without a high price tag!

If you are looking for mortgage protection insurance, then do not automatically accept the first quotation you get - premiums can vary wildly, as can the terms of the policy and the benefits.

Do your research - the internet is a quick and easy way to compare policies - and then make a decision from there.

About the author: Jason Hulott is Business Development Director of Protection Insurance. Protection Insurance is an internet based insurance business dedicated to getting consumers the very best insurance rates and the best products. Our product portfolio includes Mortgage Insurance

Second Mortgage Loans

Author: Rebecca Game

Second Mortgage Loans

While business loans may be beneficial for some businesses, there are other options available. If you are a home owner as well as a business owner, and find the need for a loan for business purchases or expansion is in your horizon, consider a second mortgage loan

Advantages of Second Mortgage Loans for Business

- The interest rate on a second mortgage loan may be tax deductible. Often, the interest from a second mortgage loan can be deducted each year through itemization on federal income tax forms, and this may also carry over onto state income taxes, depending on the state in which you reside. Consult with your financial institution and tax preparation person or agency to verify.

- The money may be readily available with a second mortgage loan. Especially if your credit rating is good, and even if it's not, the money is certain to be there to borrow provided you have equity in the home. Since home and property values continue to increase annually, it would be a rare instance for equity not to be available, especially if you have not recently borrowed against the home.

Secured loans, such as a second mortgage loan, are generally easier to obtain than a signature loan or a business loan, both of which can also offer a higher interest rate. Borrowing money against your home assures the financial institution that if the loan is not paid, they will have something to fall back on, namely, your house.

Disadvantages of Second Mortgage Loans for Business

- The interest rate on a second mortgage loan is generally higher than on a first mortgage. Interest rates may vary, so consult with your financial institution to learn about current rates for a second mortgage loan. Rates will also vary according to your credit rating. If credit scores are high, interest rates will be lower. Lower credit scores will mean that a higher interest rate will be effective for your second mortgage loan.

- Closing on a second mortgage loan may be a time-consuming process. It's safe to estimate that obtaining money from a second mortgage loan can take one to two months, even if your credit rating is good. In order to get a second mortgage loan, there are a few steps involved that must be completed before the check can be cut.

First, preapproval must be completed to get a second mortgage loan. A second mortgage loan requires a full home loan application, which is generally several pages long. Upon receiving the second mortgage application, the financial institution will issue preapproval for the second mortgage loan, and will require the home be appraised by a certified home appraiser.

An appointment with an appraiser will be set, and the appraiser will visit your home, take measurements of rooms, the property, and the outside of the home, and may also take photographs. The appraisal may take an estimated five to ten business days to compile, and will include detailed information about the home in an appraisal report. It is then submitted to the financial institution. At that point, the loan can be approved for the amount of equity in the home, or if less money is needed, the loan will be written for the amount you've requested. Loan papers can then be generated, which can take several more days, and closing on the second mortgage loan will be completed when all has been completed.

A second mortgage loan, depending on credit scores, can be written for up to 100 percent of the current value of the home, with consideration for the first mortgage as well. In some instances, a second mortgage loan can be issued for more than 100 percent of the home's value.

The most important thing to remember with a second mortgage loan is to stay current on payments. Like a first mortgage, credit ratings are deeply affected if payments are not made in a timely manner. This can affect your ability to obtain credit in the future, and can jeopardize your home ownership. All factors need to be carefully weighed prior to signing for a second mortgage loan or any other type of loan.

About the author: Rebecca Game is the founder of Digital Women ®, an online community for women in business. A 30 year entrepreneur and dedicated to helping other women. Visit her site: Loans for Women

http://loans.digital-women.com

Mortgage Agreement Participants

Author: Jeremy Maddock

As with any other financial deal, the main participants in a mortgage contract are the two parties that the agreement is between.

In the case of morgages , one party that is always involved is the buyer of a piece of property. This is generally an individual, business, or corporation, which wants to buy a property, but doesn't have the means to completely pay for it right away.

The other major participant is the creditor, or the party who lends money to the property buyer. In most cases, the creditor is a bank or financial institution, although private mortgages certainly aren't unheard of.

Morgage rates must be agreed upon by both the creditor and the debitor (buyer). They can vary on a case-by-case basis, but usually follow a common market average or benchmark.

Other parties in a mortgage contract could include lawyers, mortgage brokers, and financial advisors. These additional parties help to establish morgage quotes prior to the signing of a contract, and then ensure that the entire transaction is handled smoothly and fairly.

About the author: Jeremy Maddock is the webmaster of FinanceFacts.info, a useful source of finance articles .

Pricing Mortgage Leads

Author: Jay Conners

Pricing Mortgage Leads

If you are a loan officer or mortgage broker on the market for internet mortgage leads, than many things will be of importance to you, including the cost of the lead.

When researching mortgage lead companies, a clear indication of the quality of the lead you will be receiving should be in the pricing.

For instance, if you take $100.00 and invest it in a lead company in order to receive 50 leads, you can safely assume that the leads you receive will be very old and recycled time and time again to other lead companies and countless loan officers.

On the other hand, if you take that same $100.00 and invest it in a lead company in order to receive anywhere from three to six leads, you can than safely assume that the quality of these leads are very good. These types of leads are known as ""real time,"" or ""fresh leads.""

When it comes to pricing and quality of leads, make sure you do your research. Be sure to speak with someone in the customer service department and find out the details of the type of leads they sell, and where they are obtaining these leads from.

If you decide to buy your leads in real time, and you are paying a good price for them, there really should be no reason as to why the lead would be any older than one day. In fact, if the lead is more than an hour old, it cannot be considered real time.

Remember, you work hard for your money, so the lead company you invest in should be delivering good quality leads if that is what they are claiming to sell.

If you choose to buy your leads cheap and in bulk, than you can expect the quality of the lead to be poor. You can also count on hearing things such as ""I did that weeks ago,"" or ""I just closed on that loan last week.""

Keep in mind, when researching lead companies, do your home work, speak with someone in the customer service department. If the answers to your questions don't meet your satisfaction, than the response to any future issues you may have, such as a refund, may not live up to your expectations either, so be careful.

Jay Conners has more than fifteen years of experience in the banking and Mortgage Industry, He is the owner of http://www.jconners.com, a mortgage resource site, he is also the owner of http://www.callprospect.com, a mortgage lead company.

About the author: If you are a loan officer or mortgage broker on the market for internet mortgage leads, than many things will be of importance to you, including the cost of the lead.

Mortgage lead generation

Author: Jay Conners

If you are a loan officer or a mortgage broker looking for a good lead source, one of the first things you will want to do when considering a mortgage lead company is find out how they go about generating their leads.

How a mortgage lead company generates their leads is very important because it has a lot to do with the quality of the leads you will be receiving.

If a lead company is buying their leads from another source, than what they are doing is recycling leads. And who knows how many times that third party company has sold the leads to other companies.

Your chances of closing a loan on a lead that has gone through the hands of fifteen other loan officers before it reached your desk are slim to none. So steer clear of recycled leads.

Some lead companies have one data base with thousands of leads that they continue to sell over and over again. They will sell them cheap, but most times you are required to buy in bulk. These leads are usually six months to a year old and sometimes more. This is also known as recycling. An even better way to describe this is ""selling junk.""

Look for the lead companies that obtain their leads from web sites that they own and operate them selves. These types of companies receive fresh leads on a daily basis and will sell them in ""real time."" So, by the time you receive the lead, it is only a few seconds old.

The best way for you to determine where a mortgage lead company generates their leads is to call and speak with someone in customer service.

Ask them the direct question, ""how do you obtain your leads?"" If you are not satisfied with the answer they give you, than chances are, you will not be happy with the leads they send you.

About the author: Jay Conners has more than fifteen years of experience in the banking and Mortgage Industry, He is the owner of http://www.jconners.com, a mortgage resource site, he is also the owner of http://www.callprospect.com, a mortgage lead company.

Mobile Home Mortgage Loans

Author: Al Falaq Arsendatama

A large number of prospective homeowners are interested in acquiring mobile or manufactured homes. Should these homeowners require financial assistance, they will need to take the assistance of approved lenders who make the money available from their own resources as FHA does not lend money for this purpose.

Since these loans are not government funded, they are not low interest loans. The interest rate is fixed based on prevailing market rates. However, since the loan is privately funded, you can take this to mean that mobile home loans are also available to persons with poor credit, albeit at a higher interest rate to compensate for the greater risk involved.

Regardless of the source of funding, lending institutions place certain conditions on the loan advanced for mobile homes. The home being financed has to be used as the principal residence by the person taking the loan. The maximum loan amount and tenure depend on the location and can vary with in designated high cost areas. Tenures vary between 15 to 25 years.

Manufactured or mobile homes are usually sold through dealers or retailers. These dealers themselves can give you names of lenders who specialize in financing these types of homes. They will have the necessary certification to prove that the home in question complies with the construction and safety standards. They will also help you to complete the documentation required to complete your loan application.

Essentially, the prospective homeowner needs to demonstrate that he has the financial stability to service the loan, he should be able to pay 5% down payment at the very least and have a suitable site - leased or owned where the home can be placed. The home itself must meet the required safety criteria and standards and carry a one year warranty. It must be erected on a site that meets the standards for sewage disposal and supply of water, electricity etc.

The law also prohibits the use of the loan to purchase furniture etc. However, it can be used to finance anything that is built in to the house. This could include various appliances such as air conditioners and wall to wall carpeting.

It is amply evident therefore that the mere fact that you have chosen a mobile home or a manufactured home is no excuse for a lender not to lend you money- so far as the home meets the required criteria in terms of site, manufacturing standards and owners contribution. In fact, the 'Fair Housing Act' gives you specific protection to ensure that you are not forced to accept higher interest rates etc simply because you are from a minority community etc.

Please visit our site to find more useful articles on mortgage: http://www.mortgage-lounge.com/tricks-lower-mortgage-interest.htm l and credit card: http://www.creditcardlounge.com

About the author: Al Falaq Arsendatama has written a number of useful articles on home loan and credit card. Visit our site http://www.mortgage-lounge.com for more information.

Balloon Or Reset Mortgage Loans - Understanding The Basics

Author: Carrie Reeder

A balloon mortgage, also called a reset mortgage, offers lower interest rates with the option in 5 or 7 years to pay off the balance or resent the loan. Considered more risky than an ARM since interest rates can jump significantly, it is a valid option for those expecting to move or interest rates to drop.

Balloon Mortgage Features

Balloon mortgages are based on a 30 year amortization schedule, but you only pay those payments for 5 or 7 years depending on your loan's terms. At the end of that period, you are required to make a balloon payment for the rest of the principal or resent the mortgage at current interest rates. Some financing companies also offer the option of refinancing the home loan.

With its unique interest rate structure, you can qualify to borrow more than a with a fixed rate mortgage. Balloon mortgages also have interest rates lower than a traditional home loan.

Balloon Mortgage Numbers

Balloon mortgages, like ARMs, use numbers to describe terms. The first number is the number of years until you reset the loan or make the balloon payment. The second number equals the rest of the loan term. Together both numbers equal the loan's amortization schedule.

So a 7/23 mortgage means that you have 7 years until the balloon payment is due, 23 year's worth of principal. Adding the two numbers together, your loan is amortized for 30 years.

Reset Requirements

In order to reset your loan, you have to qualify by still occupying the home, having no liens against the property, and having made on time monthly payments for the last year. If you don't qualify to reset the mortgage, you may be able to still refinance the loan.

Balloon Mortgage Considerations

Balloon mortgages don't have the fluctuating interest rates of an ARM, but they don't have the caps to safeguard against extremely high future rates. You may also find that due to a reverse in your financial situation you many not qualify to reset or refinance your home, and have to sell it to meet the balloon payment. In the end you are trading security of a fixed rate for lower interest payments.

About the author: See my recommended Home Mortgage Lenders online. Carrie Reeder is the owner of ABC Loan Guide, which offers help finding the best home mortgage loans .

Repaying a Mortgage

Author: Jeremy Maddock

The process of repaying a morgage is usually quite a long-term affair, often taking several decades, but its terms are tentatively decided from the time that the initial agreement is signed.

Of course, most morgages do offer some flexibility. Morgage rates do gradually change over time, and rates that might seem fair at one time could be utterly ridiculous a decade later.

This is why the whole concept of morgage refinancing came about. This makes it possible for debitors to get new morgage quotes, and establish new terms every few years, if they so desire.

About the author: Jeremy Maddock is the webmaster of FinanceFacts.info, a useful source of finance articles .

Adjustable Rate Mortgage Loans - Understanding The Basics

Author: Carrie Reeder

Adjustable rate mortgages (ARM), developed when mortgage interest rates were high, can help you finance the purchase of a home with low interest rates. An ideal choice for those who expect their income to rise or move in a couple of years, an ARM also increases your risk for higher payments. Fortunately, lenders also offer safeguards to limit some of your risk to excessively high interest rates.

ARM Features

An ARM starts with a low interest rate, up to 3% lower than a fixed rate mortgage. With lower rates, you usually qualify to borrow more than with a fixed rate home loan.

ARMs usually start with a fixed rate period and end with fluctuating yearly interest rates, increasing or decreasing your monthly payment. So a 3/1 ARM means 3 years of fixed rates with interest rates changing every year after that. Interest rates are based on an index, usually the rate on the T-bill or LIBOR, and the margin the lender adds to the index.

ARM Safeguards

In order to protect borrowers from sky-rocketing monthly payments, mortgage lenders put in place safeguards. For example, a point cap limits how much interest rates can rise monthly and over the life of the loan. There are also ceiling limits on how low rates can go, protecting the lender.

Another safeguard is a dollar cap on monthly payments. However, if interest rates rise higher than the dollar cap allows, you may end up with a longer loan. Many financing companies also allow you to convert your ARM to a fixed rate mortgage after a predetermined period.

ARM Considerations

While an ARM has many benefits, there are other considerations to look at. For instance, interest rates can rise 4% or more over the course of your home loan. If you plan to stay in your home for several years, a fixed rate may offer lower interest costs in the long term. ARMs are also unpredictable, which makes planning long term financing goals difficult.

Before you apply for an ARM, make sure you are comfortable with the level of risk involve. However, if you expect your income to rise in the future or to move, then you may be saving yourself a lot of money in interest payments with an ARM.

About the author: See my recommended Home Mortgage Lenders online. Carrie Reeder is the owner of ABC Loan Guide, which offers help finding the best home mortgage loans .

How do you Find the Best Home Mortgage Loan?

Author: Derek Gardner

Take a good look first. When it comes to finding a home mortgage for your first home, your second home or maybe you are just looking to refinance. Whatever the cause may be, it is important to shop around first, before you decide on a specific home mortgage.

Which company to choose? Luckily home mortgage companies are very competitive, and they want to do business with you and they do not mind competing for it, let them. On the internet there is a lot of companies represented, and it is fairly easy to track down a home mortgage.

No down payment for your home mortgage? If you are on the market looking for a new home, you might want to consider buying a home with no down payment, known as 100% financing. The advantage of purchasing a home with no down payment is that you will be able to use the cash you usually would use for a down payment for other things. For example: closing costs, a kitchen, furniture's or anything else you like.

How about my credit and home mortgage? One of the requests for purchasing a home with no down payment is having superb credit, or at least, next to superb credit. When borrowing up to 100% of the value of a house, the lender may charge a higher interest rate. The lender does this because they are taking on more of a risk.

Can anyone help you with a home mortgage? Mortgage brokers are not real lenders. Their job is to shop around, finding a home mortgage for you. A mortgage broker has access to hundreds of wholesale lenders who lend to people with credit issues or a unique situation. So if your consider yourself to be in that category, a broker may be perfect for you. Allow for up to four brokers or loan officers to consider your situation, and then wait for them to come back to you with an offer. The broker that finds you the most excellent deal within reason should be the one you give most of your attention.

Final word about home mortgage. With a bit of effort you will find the home mortgage that is just right for you; with or without a mortgage broker to help you.

About the author: Huge amount of Home Mortgage information on this website. Go visit. http://www.homemortgage.infostairs.com

Refinance Your Fha Home Mortgage Loan - Refinancing With The Streamline Process

Author: Carrie Reeder

You can now refinance your FHA loan with their streamlined process. With reduced paperwork, your lender can process your mortgage much quicker. There are some unique requirements to refinance your FHA loan, but you continued to be backed by the FHA through this process.

Basic Requirements

In addition to having a good credit record to refinance your home, the FHA also requires you to already be FHA insured and be current on your mortgage. Refinancing also has to lower the borrower's monthly payment, and no equity can be withdrawn.

Refinancing Packages

Financing companies offer a couple of different refinancing packages for FHA mortgages. A common package offers no up front payment to refinance. Often these types of mortgages are touted as ""no cost"", but you pay higher interest rates for this option.

Another type of refinancing package allows closing costs to be included as part of the mortgage amount. This option is only available if there is enough equity in the property, which is determined by a FHA appraiser.

You can also choose a traditional refinancing package where you pay loan fees and points up front. This option will give you the best rates.

Mortgage Terms

In addition to low interest rates, you can save money and build up your equity faster by choosing a short term loan rate. By converting from a 30 to 15 year mortgage, you qualify for a lower rate and reduce you overall interest payments by at least half.

If you have an adjustable rate mortgage, you can also save on interest rates in the long term by locking into a fixed rate mortgage. However, if you think interest rates will fall in the future, stick with an ARM.

FHA Lenders

Only HUD approved lenders can refinance FHA loans. Fortunately, most lending companies are HUD approved. You should also compare rates and fees of these lenders to be sure that you find the lowest rates and fees.

To save time, use an online mortgage broker to request quotes. Within a matter minutes you can have a list of lenders with their rates to compare. From this list you can request more information from lenders or apply online for speedy processing. Online lenders will also offer discounts since they have less overhead costs than traditional financing companies.

About the author: See my recommended Home Mortgage Refinance Lenders for the lowest rates online. Carrie Reeder is the owner of ABC Loan Guide, which offers help finding low rate home mortgage loans .

Refinancing Your Home Mortgage Loan - Refinance Your Adjustable Rate Mortgage

Author: Carrie Reeder

Refinancing an adjustable rate mortgage (ARM) is a common practice for borrowers. However, it may not always be the best option. Depending on how high interest rates climb, there are cases when you could end up spending more on converting your mortgage than you would save with a locked in interest rate.

Adding Up Costs

Before you jump on a refinancing offer, consider the upfront costs. To refinance a $100,000 loan, you can expect loan fees to range from $1000 to $3000. That is not including points for lower rates.

In order to recoup these origination costs, you need to be planning to spend several years in your home. Also, if you only have a couple of years left on your mortgage, you may be better off with your original mortgage.

Benefits Of Refinancing

Locking in a low rate is the most common benefit to refinancing an ARM. By converting to a fixed rate mortgage, you are guaranteed a low interest without worrying about yearly interest rate fluxes.

You can also build up your equity sooner by converting to a biweekly mortgage or short term loan. With larger monthly payments, you can potentially save thousands on interest payments.

When Not To Refinance

With an ARM there is always some risk involved, but there are cases when keeping your ARM makes financial sense. For instance, unless interest rates will rise more than a couple of percentage points over the course of your loan, you will probably pay more in loan fees than you will save. You should also keep your ARM if current rates are only 1% or lower than your ARM's rate.

You may also want to keep your ARM if you are planning to move soon. With homeowners moving within seven years of buying a home, it doesn't make sense to refinance when you won't recoup the costs.

Picking A Lender

Just like with any mortgage, you want to be sure that you have researched several lenders before choosing one. Request quotes on both rates and fees. You will need to add up total costs to find the best financing package. You can also use the internet to find online mortgage lenders. Many times these lenders will offer lower interest rates or low closing costs to remain competitive.

About the author: See my recommended Home Mortgage Refinance Lenders for the lowest rates online. Carrie Reeder is the owner of ABC Loan Guide, which offers help finding low rate home mortgage loans .

Fixed Rate Mortgage Loans - Understanding The Basics

Author: Carrie Reeder

Fixed rate mortgages are the most common type of mortgage loan for home buyers. With predictable payments, long term homeowners can plan their budgets and guard against rising interest rates. But a fixed rate mortgage is not for everyone with its higher interest rates and a reduction in your buying power.

Fixed Rate Mortgage Features

A fixed rate mortgage features set rates, long term low monthly payments, and low risk. Interest rates are determined during your loan application process. Rates are set by the market. You can also lower your interest rate by paying points up front. This option only makes sense if you stay in your home for several years.

Long term low monthly payments are another benefit of this type of home loan. Over time, inflation will raise the price of everything except your mortgage payment. As your salary increases, your mortgage costs will also take a smaller percent of your income.

The low risk of fixed interest rates also appeals to borrowers. You don't have to worry about rising interest rates or a balloon payment. You can also repay your loan early, saving money on interest payments.

Mortgage Terms

Traditionally, fixed rate mortgages were 30 or 15 year terms. Now lenders offer a couple of additional options. 30 year loans are still the most popular with their low monthly payments. A 30 year loan also enables you to qualify for more than shorter loans.

15, 20, and 40 year mortgages are also options. 15 and 20 year loans qualify for lower interest rates, but you will have higher monthly payments between 10% and 15% compared to a 30 year mortgage. Shorter loans also save you interest costs, appealing to those who want their loan paid off before retirement or their children go to college. 40 year mortgages are less common, but offer low monthly payments with higher interest costs.

Biweekly mortgage, as the name implies, requires half your mortgage payment every other week. At the end of the year, you have made an extra mortgage payment. You can have your mortgage repaid in 18 to 19 years. Most lenders also allow you to roll over to a 30 year term with no penalties.

Fixed Rate Drawbacks

Even with their benefits, fixed rate mortgages aren't for everyone. Alternative mortgages enable you to borrow more than with a fixed rate mortgage. If you move in less than 7 years, you will also probably pay more in interest payments than if you went with an adjustable rate mortgage. Most homeowners move within the fist 7 years of living in a house. You are also locked into an interest rate that could drop in the future.

About the author: See my recommended Home Mortgage Lenders online. Carrie Reeder is the owner of ABC Loan Guide, which offers help finding the best home mortgage loans .

What One Needs to Plan on Buy to Let Mortgage

Author: Agnes Powel

Property acquisition plans can go haywire if buy to let mortgage is not planned well. Buy to let mortgage, unlike other forms of property investments, contribute a major share towards the acquisition. The desire to have easy money in the form of house rentals may lead many people to take the dip. However, how many of them achieve the desired goals through the mortgage is debatable. Buy to let mortgage will be used to acquire second homes for being let on hire. The process of collecting rentals is time and again a long-drawn process. Often the projected rentals cannot be collected. Repayment of buy to let mortgage becomes difficult in such situations.

Planning involves the borrower asking himself questions on several issues related to buy to let mortgage. The very first question that the borrower needs to ask himself is the purpose for which the mortgage is intended. It is true that the buy to let mortgage will be employed in the purchase or construction of a second house. However, 'is the borrower prepared to let the house on rent' will be important to decide. An answer in positive will be a direction to move ahead on the mortgage proposal. If not, then the idea of financing new home may better be shelved. Otherwise, alternative methods of financing new home need to be searched.

Buy to let mortgage comes in a variety of forms in the UK. Depending on the features that they let borrowers enjoy, they may take up different names. Fixed rate, discounted rate, and base rate trackers are just a few of the mortgages available. Mortgage decision includes the type of mortgage that will best suffice ones needs. Borrowers need to make the product decision on the basis of their individual priorities. Fixed rate buy to let mortgages, for instance, keep the rate percentage stable at a certain point for a period or the entire term. This will suit borrowers who want to escape the vicissitudes in interest rate.

No mortgage decision is taken in individuality. Every decision influences directly or indirectly, certain other decisions. The decision to fix rate of interest on buy to let mortgage, for instance, results in an increase in fees. Normally, loan providers will charge 2% as brokerage fees. This is the compensation for the service that they are providing, i.e. searching best deal buy to let mortgages. The brokerage fees may go upwards if clauses such as fixed rate are included. The astuteness of the decision to fix rate of interest will be judged by the times it outweighs an increase in brokerage fees.

Lender decision constitutes an important part of the planning process. The most appropriate lender chosen need to possess the following three essentials. Firstly, the lender must be reputable and have contacts with other prominent banks and financial institutions. Secondly, the lender must be capable of satisfying demands of diverse groups of mortgagors. Finally, the quality of deals available with the lender must be incontestable. It will be unwise to compromise on any of these essentials during search for appropriate lender. Reputation of the lender influences the quality of deals offered. Lenders who have associated with several banks and financial institutions will be able to arrange best deals. The larger the variety of deals available with lender, greater are the chances of drawing deals that fully satisfy the desired purpose.

Borrowing amount needs to be decided in close conjunction with the amount of rental that one hopes to collect. Rent has a very important role in the buy to let mortgage. It is through the rent received that the borrower repays the mortgage. Rentals differ by place, type of building and the house itself. Survey of the area and checking with brokers based in the area will give important information about the rental in the area. Borrowers will get to know about ways in which the house be designed, and areas where property be purchased to optimise the rental.

Normally, 85% of the house value will be cleared as buy to let mortgage. The remaining 15% need to be introduced by the borrower himself as deposit. Mortgage amount increases in direct proportion to the amount of deposit offered. Deposit demonstrates the borrower's commitment towards the housing project.

Borrowers who cannot afford to lose on work will find online applications very helpful. Powered by the technological innovations in communication, borrowers can now submit their personal as well as mortgage details through online application. Online application contributes largely towards transferring borrower details immediately and thus resulting into a fast buy to let mortgage approval.

While the process of application has been made convenient, planning still needs borrowers to themselves conduct calculations and comparison. Borrower may opt for advice through experts. However, the final decision on buy to let mortgage will be theirs, because they are the ones who best know their finance.

About the author: Agnes Powel is a financial analyst by profession. The academic qualification of MBA (Finance) from University of Central England matches his credentials. Years of experience in has given the field of lending him an insight into the various intricacies of the loans market. Through his articles, he tries to share this knowledge with the prospective borrowers.To find Mortgage,first time buyer mortgage,but to let mortgage that best suits your

Mortgage loan with PMI or a piggyback loan

Author: Lance Williams

Private mortgage insurance is required when you purchase a home with a down payment of less than 20% of the sale price or the appraised home value, whichever is less. Your lender in this case will expect you to purchase a private mortgage insurance policy so that even if you default, he can compensate for the loss. So when you make low down payment on your home purchase, you pay for the insurance premiums on a monthly basis till you can build up sufficient equity in your home. You can avoid PMI premiums if you are approved for a piggyback mortgage loan. These loans involve 2 mortgages combined in the ratio of 80/20, 80/15/5 or 80/10/10. This implies that you take a first mortgage against 80% of your home value and second mortgage against the remaining 20% the property value.

Otherwise, you can opt for a first mortgage against 80% of the property value with a second mortgage worth 15% and make a down payment of 5% on the sale price. The third option is that you make a 10% down payment on the sale price and then go for a first mortgage of 80% along with a second mortgage loan against 10% property value.

But the question remains as to which is the best option - whether you go for a home loan with a PMI or you look for a piggyback mortgage.

With a mortgage loan requiring PMI premiums, you don't get the advantage of tax deduction, as these premiums are not deductible. But for a piggyback loan, the interest payments on both the mortgages are tax deductible. Thus, you get the opportunity to make savings. But then with this kind of a mortgage, you are required to pay off the second loan at a higher rate of interest compared to the first. This is because if you default, the second mortgage has to be paid back after you repay the first. So lenders consider it a big risk to offer a second mortgage in such situations.

But in case you go for a mortgage with a PMI and home values go higher, you can build up equity faster and this will help you to get rid off insurance premiums in a shorter time than when the home prices are stable. Moreover, the monthly premiums decline when you are closer to building up 80% of your home equity. Even if these do not work in your favor, you can go for a lender-paid mortgage insurance or LPMI policy which allows for a rollover of the PMI costs into the mortgage itself. But most experts don't approve of this policy as the payments are amortized throughout the loan term .

On the other hand, if you go for piggyback mortgage, it will help you to avail a larger loan amount and at the same time give you the opportunity to keep the primary mortgage below the conforming loan limit. You can avail the difference in the loan amount and the conforming limit from the second mortgage and this will prevent you from paying higher interest on the primary mortgage which is well below the conforming limit.

Apart from this, you can avail the second mortgage as a home equity line of credit. Once you pay off the line of credit, you can again withdraw cash from it till the loan period is over. But after taking 2 mortgages, most lenders will not approve you for an additional loan against your home equity. In addition, it is easier to qualify for a traditional mortgage with a PMI rather than with a piggyback loan. Lenders often demand a FICO score of 680 for the second loan and about 620 for the first mortgage and most borrowers fail to build up such scores.

Furthermore, some lenders may accept interest only payments on the second loan for a period of 10 to 15 years and then require you to pay the dues with balloon payments. Borrowers accepting such options often fail to make huge payments and end up refinancing the second loan, that too when market rates are high. But a loan with a PMI can help avoid such situations.

Considering the pros and cons of a piggyback mortgage, it is advisable that you choose a traditional mortgage loan along with the payments for private mortgage insurance. The premiums may not be tax deductible but it is better to pay those premiums rather than make interest payments on 2 mortgages and that too when the rate charged on the second loan is quite higher. The second loan in a piggyback mortgage is usually a variable rate loan; so in order to avoid higher interest rates, borrowers should preferably opt for a mortgage loan that requires PMI instead of a piggyback loan.

About the author: About The Author:

Lance Williams is an accomplished writer specializing in mortgage and real estate field and currently contributing for: http://www.mortgagefit.com

The Facts About Getting A Bad Credit Second Mortgage!

Author: Elizabeth Grant

A bad credit second mortgage is a specialist area and it pays to know the facts before you begin looking for advice.

What is a Bad Credit Second Mortgage?

A bad credit second mortgage, also known as an adverse second mortgage, is a loan that is taken out on a property you already have a mortgage on. The reason for undertaking a second mortgage is usually to release some of the equity, in order to help pay other debts, or to raise finance for a particular project. An bad credit second mortgage is the name given to a second mortgage product that is specifically designed for people with an adverse credit history.

Is an adverse credit second mortgage my only choice?

Your choice of finance will depend on your current circumstances and what you need to achieve. If you have a property with an existing mortgage and you only need to raise a certain amount of capital, then you should consider a second mortgage. You can specify the amount you would like the mortgage to be for; it doesn't have to be for the full value of your property. If you have applied for other loans or mortgages and been rejected because of your credit history, then you should investigate an adverse credit second mortgage to see if it meets your needs.

How will I know if I have an adverse credit history?

The first sign of an adverse credit history is when your application for a loan, credit card, store card or mortgage is rejected. This is usually because the lender has checked your credit rating and decided you are a bad risk for their standard products. If this is the case, you should check your credit report to see if it is accurate and so that you know exactly what position you are in. If you run several credit and store cards and have defaulted on any loan or other payments, then your credit history and rating could be affected. If this is the case, you will need to use specialist products such as a bad credit second mortgage to help resolve your financial problems.

Will it increase my debt?

A bad credit second mortgage should help you to manage your debt, provided you use the loan money to reduce your existing debts and you meet the repayment requirements on your other debts, such as your existing mortgage and your new second mortgage. This loan requires a proportion of your home as security, so it is important that you make the payments.

How can I find out more about adverse credit second mortgages?

Taking out an adverse credit second mortgage is something you should do when you have serious debt problems. For this reason, it is important that you talk to an independent professional adviser, such as a mortgage broker. With expertise in the market, they will be able to assess your current circumstances and recommend a product that will help you to manage your current finances whilst keeping monthly payments to a minimum. They will impress upon you the need to be sensible about your debts and serious about clearing them, but will also be able to help you plan properly so that you can use the capital raised by the bad credit second mortgage to improve your chances of eliminating your adverse history.

About the author: Elizabeth Grant writes exclusively for The Mortgage Broker specialist websites. To read more of Elizabeth's articles on Adverse Credit Mortgages please visit the Adverse Mortgage Centre .

The Cost Of Refinancing - What Costs To Expect When You Refinance Your Home Mortgage Loan

Author: Carrie Reeder

Refinancing can save you thousands, especially if you have several years left on your mortgage. However, you can also choose to refinance simply to tap into your home's equity or reduce your monthly payments.

""How much will it cost?"" is a common question for homeowners considering refinancing their mortgage. While costs vary between lenders and loan amounts, the following will give you some guidelines to help you compare financing companies and their offers.

New Home Loan Fees

When you refinance, you are getting a new loan and paying for all those fees again. Fees, including application fee, appraisal fee, survey costs, attorney review fee, title search, and home inspection, will usually add up to around $1000 and $2000. That is in addition to the loan origination fee, usually 1%, and any additional points.

Some lenders offer zero point loans and low refinancing costs but with higher interest rates. These types of financing packages make sense if you are concerned about initial costs and are willing to spend more over the course of your loan.

Loan Points

Each point equals 1% of the loan, which is due at the loan's signing. So a point on a $100,000 loan would be $1,000. Besides the loan's origination fee of 1% or more, you can also purchase lower interest rates with points. If you plan to stay in your home for over seven years, then you can probably save money with lower interest payments.

Locate Lower Costs

You can also sometimes locate a lower cost for your mortgage by comparing companies. The easiest way to do this is to request quotes online to compare interest rates and fees.

You can also sometimes negotiate a lower interest rate or closing cost with your original mortgage company. It helps if you can tell them that you have found a better offer with another lender. But sometimes other lenders will have the better deal.

Different Loan Terms

A shorter loan term or a fixed rate mortgage can also save on long term interest costs. By picking a 15 year term loan, you can nearly cut your interest costs in half. You can also protect yourself from rising interest rates with an adjustable rate mortgage by converting to a fixed rate mortgage.

About the author: See my recommended Home Mortgage Refinance Lenders for the lowest rates online. Carrie Reeder is the owner of ABC Loan Guide, which offers help finding low rate home mortgage loans .

Home Mortgage Loan Refinance - Refinancing A Fixed Rate Mortgage

Author: Carrie Reeder

Refinancing a fixed rate mortgage is usually only suggested when interest rates fall, but you can also save money by changing your loan terms. You can also pull out part of your equity to pay bills or renovate.

Lower Interest Rates

In general when interest rates are at least 1% lower than your current mortgage rate, it pays to refinance. But you need to consider other factors, such as the length of your mortgage, loan costs, and how long you plan to stay in your home.

An adjustable rate mortgage (ARM) should also be considered if you plan to move soon. With rates lower than a fixed, you will see lower monthly payments. But you have the risk that your rates and payments will increase over time.

To help decide if refinancing makes sense for you, calculate the difference in interest payments over the course of your loan. Online mortgage calculators can help you find both total interest costs and monthly payments.

Better Loan Terms

Besides lower interest rates, you can save money by converting to a better loan term. A shorter loan, such as a 15 year term, can save you thousands on interest payments, even if you don't have a lower interest rate. However, your monthly payments will be 10% to 15% higher.

You can also reduce your monthly payments by refinancing for a longer term. You trade lower payments for higher interest costs.

Access Your Equity

Whether you want to pay off credit cards or pay for your child's education, you can pull out your equity by refinancing. One of the advantages of using your equity is that your interest is tax deductible.

However, if you just want to tap into your equity, a better option is a home equity loan. You can pull out your equity, write off your interest on your taxes, and avoid loan fees.

Online Lenders

Online financing companies allow you to research terms and fees from your home. You can receive quotes within minutes online, so you can compare finance packages. You can also apply online and qualify for discounts on closing cost with some lenders.

About the author: See my recommended Home Mortgage Refinance Lenders for the lowest rates online. Carrie Reeder is the owner of ABC Loan Guide, which offers help finding low rate home mortgage loans .

Exclusive Mortgage Leads

Author: Jay Conners

If you are a loan officer or mortgage broker on the market for exclusive mortgage leads, how do you know if that lead is really exclusive or not?

The true definition of an exclusive mortgage lead is defined as one that is sold in real time and sold to you only.

This sounds really good, but there is a small problem with that. Who is to say that this potential customer hasn't taken it upon themselves to contact other loan officers.

Unfortunately, this is the chance you take when you buy leads exclusively.

Typically, a potential customer who fills out an on-line form over the internet is using the internet to find a mortgage and a loan officer because they feel as though they have no other place to go, and the internet is their best resource to find their product and someone to help them with it

Also, it is against the norm to jump from web site to web site filling out on-line forms. The majority of consumers like to keep their personal information very limited on the internet, so the chances of them filling out many forms is highly unlikely.

So your chances of receiving the lead exclusively may be better than you think.

Another problem, how can you be sure that the lead company selling you the exclusive mortgage lead is doing just that?

The best defense against receiving anything less than exclusive mortgage leads is to research the company you are considering investing in.

Call the company, speak with someone in customer service, find out how they obtain their leads and what exactly makes them exclusive.

Remember, you buy your exclusive mortgage leads with money that you have worked hard for, so if you can't get answers to your questions, move onto the next lead company.

Customer service, as in any industry, is very important in the lead industry. The way you are treated when researching lead companies should be an indication as to how you will be treated when something goes wrong, or if you think you should get your money back. Best of luck.

About the author: Jay Conners has more than fifteen years of experience in the banking and Mortgage Industry, He is the owner of http://www.jconners.com, a mortgage resource site, he is also the owner of http://www.callprospect.com, a mortgage lead company.

Good Mortgage Broker vs. Bad Mortgage Broker

Author: Brian Daniel

According to the NAMB (National Association of Mortgage Brokers), two out of three Americans work with a mortgage broker to purchase a home because of the broker's expertise and wide selection of loan products and lenders. However, with so many so called ""experts"" out there, how does one separate the wheat from the chaff? How do you know if a broker is honest? And how do you know they're an ""expert"" or not?

The NAMB says that over 70 percent of brokers are legitimate, that is they have safeguards and policies in place to make sure that they stay on the straight and narrow. So what about the other 30 percent? Well, the whole 30 percent isn't bad, but just as in any classroom, you're going to have those at the top, some in the middle, a few at the bottom, and others who simply don't show for class. Obviously, those at the bottom and the no shows would not be your first choice if you were going into surgery and they were holding the scapel, nor should they be handling your loan when you purchase a home or refinance.

Because of the surge in numbers of mortgage brokers in the past few years, there are plenty of incompetent and dishonest brokers out there. In order to avoid the 30 percentile, I offer the following tips to help you find a mortgage broker that is not only an expert but honest and reputable as well:

Don't believe everything you hear. Asking friends or family to recommend a mortgage professional is usually the first place people start. However, how do they know the broker is reputable and trustworthy? Check with your state regulatory offices and licensing bureau once you have some referrals. Better to be safe than sorry.

Use an NAMB certified mortgage broker. Brokers certified by the NAMB practice the highest ethical and professional standards in the industry. There is a ""Find a Broker"" link on the NAMB's website at www.namb.org.

Use an Upfront Mortgage Broker (UMB). These brokers disclose their fees to customers in writing in advance at the customer's request. They also disclose the wholesale prices they receive from lenders. For a list of UMBs visit www.mtgprofessor.com.

Honesty is the best policy. If a mortgage broker suggests that you lie on your loan application in any way, he/she is most likely in the 30 percentile. Walk away.

They need to show you the money. If a mortgage broker doesn't disclose your closing costs in three business days, it's probably best to take your business elsewhere.

If you're not bleeding, they shouldn't be applying pressure. A mortgage broker who pressures you into anything you are not comfortable with probably failed ethics. No reputable broker will pressure you into anything you don't feel comfortable with.

There are no stupid questions. Does the mortgage broker answer all your questions to your satisfaction? Are his/her answers straightforward, honest, and respectful?

Do you have a reservation? If you feel comfortable with whom you're working with and feel like they have answered all your questions and put all your reservations to ease, you've probably found a good mortgage broker.

About the author: Brian Daniel is a loan officer for Bend Mortgage Group Ltd. a mortgage company in Bend, Oregon. He is also the company's marketing coordinator. For more information or help with an Oregon home loan visit

www.bendmortgagegroup.com .

Interest Only Mortgage? Consider A Graduated Payment Mortgage

Author: Carrie Reeder

Graduated payment mortgages (GPM) offer financing solutions for those who expect their income to rise in the future. A hybrid of an adjustable rate mortgage and fixed-rate mortgage, a GPM with its fixed interest rate starts with low payments that increase yearly based on the loan's terms. If you have considered an interest only mortgage loan in the past, you might want to consider the benefits of a graduated payment mortgage instead.

GPM Features

A GPM offers low monthly payments by increasing payments for the rest of the loan's term. At the beginning your mortgage will not completely cover your interest charges (negatively amortizing), but larger payments will be made later on to cover both interest and principal.

Generally, a GPM's beginning payments will be a couple of hundred dollars less than a comparable fixed-rate mortgage. However, in later years you can expect to pay at least a hundred dollars more in monthly payments than a fixed rate mortgage payment.

Lenders also offer several different types of payment plans. The most common is to graduate payments annually for the first seven years, after which payments remain the same. Longer graduated periods or a greater rate of increase can lower your initial payments even more.

GPM Benefits

A GPM allows a borrower to enjoy low monthly payments with the security of a fixed-rate. Most homebuyers expect their income to increase if only due to inflation. A GPM takes advantage of this situation by increase payments as your income should increase.

A GPM also allows you more buying power based on the lower monthly payments and expectation of increased income. With initial reduced payments, you can pay for moving expenses and home furnishings.

GPM Drawbacks

Like with any type of mortgage loan, you need to weigh all the factors before choosing a GPM. One of the risks with a GPM is that you may not be able to afford the higher monthly mortgage payments, which could threaten your financial situation.

You may also find that if you have to move within a couple of years that you may owe on the loan after selling due to negative amortization. Even if you don't owe interest, you will have very little equity in the home until several years into your mortgage.

Consider your financial goals with different financing packages to find the best fit.

About the author: See my recommended Home Mortgage Lenders online for the lowest rates possible. Carrie Reeder is the owner of ABC Loan Guide, which offers help finding the best home mortgage loans .

Reverse Annuity Mortgage - Tapping Into Your Equity

Author: Carrie Reeder

Reverse annuity mortgages (RAM) were created to allow older Americans to tap into the equity of their paid for or nearly paid for home. Homeowners receive a tax-free payment each month, and the mortgage is paid when the home is sold. Before you choose a RAM, make sure you have evaluated the risks since this option can limit future housing plans.

Types Of Reverse Mortgages

One of the first RAM programs was developed by HUD and is still in existence. To qualify you must be 62 or older, live in the home, and have paid off your mortgage. The government will then insure your mortgage.

You can also work directly with private lenders. You will want to review their terms carefully to be sure that you are getting the full value of your home and not paying thousands in fees.

With both types of RAM you will never owe more than what your home is worth. When you decide to move, the loan's principal, interest, and fees will be due. Any equity remaining from the sale of your home will be yours or can be based onto heirs.

Difference Between A Reverse Mortgage and A Home Equity Loan

The major difference between a RAM and a home equity loan is when the loan balance is due. With a RAM, the mortgage balance is due when you stop living in the residence. You don't have the monthly payments of an equity loan. With a RAM it is easier to qualify for the mortgage since you don't have to have income to make monthly payments.

Payouts Options

There are several payout options that you can choose from. A tenure policy provides equal monthly payments as long as the borrower lives on the property. A term policy gives equal monthly payments for a fixed period of months. With a line of credit the borrower to withdrawal funds when needed. A modified tenure combines a line of credit with life long monthly payments. And finally, a modified term provides a line of credit with fixed monthly payments.

Beware Of Scams

There are several scams related to reverse mortgages that you should be aware of. You should not pay thousands for information about a RAM. This information is available freely through HUD and legitimate mortgage lenders. You should also avoid any terms that require payments before you sell or that sell your house within so many years. To avoid scammers, research terms and rates with several lenders and ask questions.

About the author: See my recommended Home Mortgage Lenders online for the lowest rates possible. Carrie Reeder is the owner of ABC Loan Guide, which offers help finding the best home mortgage loans .

Buy More House With A Buy Down Mortgage

Author: Carrie Reeder

A buy down mortgage allows you to buy more house with your income and enjoy low monthly payments for a couple of years. With reduced payments, you can pay for move in costs and furnishings. You also qualify for a larger mortgage due to lower monthly payments.

Buy Down Mortgage Terms

Buy Down mortgages come in three packages. A temporary buydown loan, the most common, starts with a discounted interest rate for one to three years that increases to a fixed rate in yearly increments. You pay the difference in interest payment in an initial payout to the lender at the start of your home loan. Some lenders will pay this lump sum, but then charge a higher interest rate for the loan.

For example, you can have a mortgage with a 6% interest rate that is reduced to 4% the first year, then raised to 5% the second year, and finally reach 6% on the third year. The difference in the mortgage payments for the first two years will need to be paid to the lender at the time of settlement.

A compressed buydown mortgage works like a temporary buy down loan, but interest rates rise every six months. A permanent buydown loan has a low interest rate for the life of the loan, but that difference still has to be prepaid to the financing company.

Buy Down Mortgage Benefits

The chief benefit of a buydown mortgage is that you can qualify for a larger loan amount based on your income. This can be especially helpful if you expect your income to increase in the near future.

In addition, initial low monthly payments allow you to pay for the many expenses associated with buying a home. The cost of moving expenses, home furnishings, and landscaping can quickly add up those first couple of years.

Buy Down Mortgage Considerations

Buy Down mortgages should be considered along with other types of mortgages. In some cases if the large initial payment was used as part of a down payment, you may find better terms with a fixed rate or ARM. You may also find that if you are planning to move within seven years, an ARM can give you the same low monthly payments without the upfront cost.

No matter what type of home loan you choose, research lenders and loan terms beforehand. Compare interest payments and base your decisions on your financial goals.

About the author: See my recommended Home Mortgage Lenders online for the lowest rates possible. Carrie Reeder is the owner of ABC Loan Guide, which offers help finding the best home mortgage loans .

Ameriquest Mortgage Company Tips, Tricks, And Offers For Refinancing Loans For Your Home

Author: Christopher M. Luck

Ameriquest's loans are easy to qualify for, and they are willing to work with you to custom design a loan that fits your needs. An Ameriquest mortgage can mean that you can lower your current monthly payments, have cash back, and take a thirty day break from all of your current payments. A refinancing package from Ameriquest could be just what might help you out for several reasons.

Ameriquest offers loans that can help you consolidate high interest debt like credit cards. The balance on your credit cards can take you years to pay off. As a result, plodding along making minimum monthly payments can be costing you a fortune. Obtaining a loan from Ameriquest can pay off those high interest debts and save your hundreds of dollars in minimum payments every month. With credit card monthly minimum payments set to increase because of the passage of a new law, you could be in real financial trouble if you don't consolidate your debt today.

Though the company specializes in Ameriquest mortgages, it also offers loans to give you the extra cash you need for any purpose. Perhaps you have always dreamed of owning your own business. Maybe junior is getting ready to head off to college. Maybe you have several upcoming expenses you know you will not have the cash for. Whatever the purpose, Ameriquest can help with a cash-out refinancing plan.

More than just cash for any purpose, Ameriquest can offer you cash for home improvement projects. Every home has a few things the home owner would like to improve upon. Ameriquest is here to help homeowners by financing those projects that you are ready to tackle. Whether you need a new roof, new siding, new windows, or you really want to add a playroom for junior and a sun room for yourself, Ameriquest Mortgage Company can help you with all of your home improvement needs.

Not only does Ameriquest provide the best cash loans for you, they also have a host of customer service options that most mortgage companies simply cannot provide. When you apply for an Ameriquest mortgage, you get a personal home loan specialist to walk you through every step of the process. Ameriquest understands that a home loan can be a challenge. That's why they give you someone to hold your hand through each step. Your personal mortgage specialist is on call for you. That means that whenever you have a question about any step in the process, he or she will be available to answer it in a timely manner. Ameriquest also offers the speed that most lending institutions cannot. Ameriquest Mortgage Company close most of their loans in a matter of days. Other banks take months to finalize loans like this. Moreover, they will let you know if you qualify for a loan within twenty-four hours, which means you will no longer have to spend weeks wondering if this is even the lending institution you should be dealing with.

Ameriquest mortgage has over one hundred and fifty locations staffed with more than three thousand mortgage specialists to take care of your loan needs. That means there is probably an Ameriquest loan specialist right in your neighborhood. A loan with Ameriquest also means that you get to take thirty days off from those payments. Thirty days without credit card bills, home loan bills, or your bill from Ameriquest

http://www.aemriquestmortgageloans.info/amerique st_mortgage_baker_nevada.htm . That kind of extra cash can mean a lot to families who need a little something extra in their budget. Because your Ameriquest mortgage payments will not start for thirty days after you have signed your loan paperwork, you could be spending extra paychecks you've never had on things you would not ordinarily be able to buy without the help of Ameriquest.

About the author: I have an extensive background of dealing with Mortgage Loans and am now offering my free professional fre e mortgage advice to the public.

Fannie Mae And Freddie Mac Mortgage Loans - Conforming Loans Provide Low Interest Rates

Author: Carrie Reeder

Conforming loans provide low interest rates since they are almost guaranteed to be purchased by Fannie Mae or Freddie Mac, which allows more funds to be available for borrowers. However, these corporations have terms, such as maximum loan, that limit how much you can borrow. If you don't meet their terms, you will need to apply for a non-conventional loan with slightly higher interest rates.

Loan Purchasers

Fannie Mae and Freddie Mac are stockholder owned companies that purchase mortgages, package them into securities, and then resells them to investors. This allows banks and other financing companies to lend to more customers since their capital is not tied up in long-term loans.

Fannie Mae and Freddie Mac have strict requirements for purchasing loans. Basically, they want to reduce their risk level so they put a cap on loan amounts, credit score, income level, and down payment.

Conforming Loan Amounts

Each year Fannie Mae and Freddie Mac create new guidelines for loan amounts. In 2005, a mortgage limit for a single-family dwelling is $359,650. Limits for multiple family dwelling are significantly higher, roughly an additional $100,000 per family. Maximum loan amounts are also 50% higher in Alaska, Guam, Hawaii, and the Virgin Islands since property prices are higher.

Second mortgages also have their limit. In 2005 the limit was $179,825, but the total mortgaged amount of both loans could not exceed $359,650. As with first mortgages, second mortgages can also be 50% higher in designated areas.

Non-Conforming Loans

There are other loan options if you don't qualify for a conforming loan. If you need to borrow more than the maximum conforming loan amount, then you will want to apply for a jumbo loan. Because these types of loans are handled on a smaller scale, their rates are slightly higher than a conforming loan.

If you have poor credit or little down payment, you can use a subprime lender who specialized in lending to B/C type loans. You can expect to pay higher rates with these lenders, but many offer favorable terms. To find the best deal and to avoid scams, you must research your lender. Compare rates and terms until you find a favorable financing package.

About the author: See my recommended Home Mortgage Lenders online for the lowest rates possible. Carrie Reeder is the owner of ABC Loan Guide, which offers help finding the best home mortgage loans .

Things To Remember Before Selecting Mortgage Loans

Author: Al Falaq Arsendatama

Mortgage loans are the easiest way to own your house or property. New low down payment and longer mortgage terms allows people with low income or low cash to purchase their home by taking home mortgage loans. The mortgage amount is the amount of money you borrow from a lender to pay for your house.

Home mortgage loans are offered against collateral security of the property you purchase. However, you possess the house you purchase and have its ownership as well; the lender also has an ""ownership interest"" on it until the loan has been paid.

The mortgage loan rates have come down, which makes the mortgage loans attractive for borrowers. Mortgage loan rate varies according to loan plans. Fixed interest loans have an interest that is fixed for the entire loan tenure. Here the mortgage loan rate never changes.

Another type of mortgage loans is flexible-interest mortgage loans. The interest rate of flexible interest mortgage loans increase or decrease depending on the market condition and the national economy. Consequently, your mortgage loan's term may go up or down but the monthly mortgage payment will remain same.

Mortgage Loan Application Process

Mortgage loan application is filled in after deciding the mortgage loan plan. This application for mortgage loans has columns related to your personal details, income details, credit history and the details of the property that you propose to buy. You may be asked to submit documents as proof of information you provided along with your mortgage loan application form.

On receiving the mortgage loan application, a mortgage loan advisor will contact you for verification of the details. After verifying your details and your income source, a surveyor will survey the property and evaluate it. On successful verification, you will be granted the mortgage loan amount to purchase your home.

Things To Remember Before Selecting Mortgage Loans

Your home mortgage loans will be amortized in regular monthly instalments. The most popular term for home mortgage loans is 30 years. The choice of mortgage loan term depends on your repaying capacity. A long-term mortgage loan plan has low monthly repayments. However, you end up paying more interest on your loan.

A short-term mortgage loan such as 10 or 15 years has high monthly payment. However, the total interest that you pay on that mortgage loan is lesser. Before you apply for a home mortgage loan, calculate your current and future income and then decide the period for which you need the mortgage loans.

We suggest you to choose a term for mortgage loans that has comfortable payment plan to let you own the house and still have sufficient funds to enjoy your life.

Please visit our site for tips to lower mortgage interest rates and

zero interest home loans for first time buyers . Check out also useful guide for instant response credit card application here.

About the author: Al Falaq Arsendatama is web entrepreneur specializing in finance and health. For Please visit our site for tips to lower mortgage interest rates .

Refinance Mortgage Lenders - Prime Lenders Vs Sub Prime Lenders

Author: Carrie Reeder

Refinancing your mortgage can save you money through lower interest rates and smaller monthly payments. You can also choose to cash out all or part of your equity to pay off bills or to remodel your home. But which lender is best for you really depends on your credit.

For those with near perfect credit, a prime lender is your best choice for finding a low rate. But for those with some credit problems or who want flexible loan terms, then check out a sub prime lender for competitive financing.

Benefits Of Prime Lenders

Prime lenders usually offer the lowest rates with the lowest fees, but only to those with excellent credit. That means no late payments on mortgages or other loans in the last 24 months. You should also have a debt ration of 36 or less, meaning your monthly debt payments should equal 36% or less of your monthly income.

With a few late payments, you may still get approved with a prime lender. But your rates will probably be a percent or more over the conventional rate. You may offset this with a large equity base or large cash assets.

Benefits Of Sub Prime Lenders

Getting approved with a sub prime lender is much easier than with a prime lender. Even if you have had a bankruptcy or foreclosure in the last few months, you can get a refi mortgage.

You can also avoid the cost of private mortgage insurance premiums with a sub prime mortgage. Prime lenders require insurance if you have less than 20% of equity in your home. Sub prime lenders also offer a wider variety of terms and loan options.

Finding The Best Refinance Mortgage For You

Even within each category of lender, there is a great range of rates. In order to find the lowest costing refinance package, you really need to request mortgage quotes from several lenders before making a decision.

There is also the trend for financial companies to deal with both types of lending. So don't rule out conventional lenders if you are looking for a sub prime mortgage.

About the author: View our recommended

Bad Credit Mortgage Refinance lenders or view all of our

Recommended Refinance Lenders .

100% Financing Or No Down Payment & Bad Credit Mortgage Loans

Author: Carrie Reeder

Sub-prime lenders now offer financing packages with zero down. Interest rates are higher on these types of loans, but they make purchasing a house easier. And unlike a conventional loan, there is no private mortgage insurance required. There are two types of zero-down mortgage packages, each with their own requirements.

Types Of Zero-Down Loans

100% financing, as it names implies, offers complete financing of your property. The other option, 80/20, finances your mortgage with two loans. Both loans may be carried by your lender, but sometimes the seller or a second lender is required to carry the 20% mortgage.

100% financing is easier to deal with, but not all lenders will offer this type of home loan. 80/20 financing is more common, but takes some negotiation if the seller is involved.

Qualifications For Zero-Down

Each lender has their own criteria for determining who will qualify for a zero-down loan. Most sub-prime lenders require any bankruptcies or foreclosures to have been at least twelve months ago. A conventional loan requires these to be discharged two to four years ago.

While a credit score of 600 or higher is best, large cash reserves can also qualify you. Six to twelve month's worth of cash reserves in the form of savings, money market, or other liquid assets are considered ideal.

If you choose 80/20 financing with the seller carrying the second mortgage, you can qualify with sub-prime lenders with a score of 560.

Zero-Down Sub-prime Lenders

You can find zero-down sub-prime mortgages with both conventional and niche sub-prime lenders. Make sure that you request quotes from as many mortgage lenders has possible to be sure you find the lowest rate and best terms.

You will also want to decide what type of mortgage you want. An ARM is easier to qualify for and has lower rates. A fixed rate mortgage offers the security of a constant interest rate over the life of your loan.

Typically an ARM will be a better deal if you plan to refinance within a couple of years. After you have improved your credit history, you can refinance for a conventional mortgage with low interest rates.

About the author: See my recommended companies for

Bad Credit Mortgage Loans . Carrie Reeder is the owner of ABC Loan Guide, which offers help with loans for people with bad credit .

A Guide to Getting a Mortgage

Author: John Mussi

Buying a new house is a major step in your life... and it can also be a major debt that shouldn't be taken lightly. To save yourself both time and money, it's important to keep your need for a mortgage in mind during the entire process of finding and buying a new home.

Careful consideration of potential houses and shopping around for a mortgage lender can not only help you to find the right house for you and your family but can also help make sure that you're not paying more in interest and fees than you absolutely have to.

Here are some helpful hints to assist you in finding the house that you want and getting the money that you need so you can pay for it.

Advantages of Using a Realtor

In order to buy a new home, you need to find a house to buy. While there are a variety of ways that you can go about searching for a house, one of the best ways is to locate a realtor and let them assist you with the process. While there may be some additional fees associated with using a realtor, the benefits more than outweigh the drawbacks.

Not only will they be able to walk you through their entire catalog of homes (and often the homes that other realtors in the area have for sale as well), but realtors can often recommend mortgage lenders that they work with regularly (and who may offer reduced rates because of the reference) in addition to assisting you with getting utilities connected and recommending businesses and services if you're new to the area.

Finding a Mortgage Lender

Once you've found the house that you want to buy (either with a realtor or by yourself), you need to decide where you're going to get the money to pay for it. The best way for you to find a mortgage loan with good interest rates is for you to shop around and compare lenders before making your decision.

Request loan quotes from a variety of lenders, not just banks... after all, mortgage and finance companies exist to provide loans, as do online lenders.

By taking the time to compare interest rates and loan terms from several different types of lenders, you might end up finding a much better deal on your mortgage than you would have from the lender whom you originally planned on using.

Down Payments, Closing Costs, and Other Fees

In most cases, you won't be borrowing a house's total cost with a mortgage loan... you'll be expected to pay a portion of the cost up front and borrow the rest. Unfortunately, the amount that you pay up front isn't all that you're going to have to pay once the deal is closed... other fees, such as closing costs, lender fees, and realtor fees, must also be paid.

In order to make sure that you have enough money to pay for all of this, you should inquire as to what fees will be associated with your mortgage loan and with purchasing the house you want before you request a quote from a lender. Subtract this amount from the money that you have available, and then use the amended total as your down payment when requesting loan quotes.

Ideally, you'll be able to submit a down payment of at least ten percent of the total cost of the home... this is the percentage that many lenders prefer, though most will accept a lower down payment or no down payment though closing costs and fees still apply.

You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:

About the author: John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans. co.uk website.

Interest Only Home Mortgage Loans - Good Or Bad Idea?

Author: Gary Gresham

Is an interest only home mortgage loan a good or bad idea for financing a home? These loans have become very popular and are one of the many different kinds of financing available for property.

Opinions vary as to whether an interest only home mortgage loan is a good idea for the average home owner, with valid points being made on both sides. If you are in the market for a home you need to consider all the finance options available to you, together with your ability to repay them.

Here are some interest only mortgage loan pro and cons to look at both sides of this kind of financing.

If you are employed full time, single and making a good salary then an interest only home mortgage loan may not be the best financing for you. That's because you could pay off your loan at a lower rate of interest and in less time with a different kind of loan program.

On the other hand, you could save a lot of money by only paying the interest. It is possible that if you invested this in a safe investment you would not only have enough to pay off the principle on the mortgage, but would also gain a little capital for yourself at the same time.

This of course is a gamble, because how many people will actually invest the savings? However, if you have no other financial responsibilities, it's one you might find attractive.

If you work in seasonal employment, like in the tourist industry, you may find that paying an interest only monthly mortgage payment allows you the freedom to pay a minimum amount when you are in ""off season"".

But during the time you are working, you can make accelerated payments off the principle in addition to the interest.

The risk of paying an interest only mortgage loan repayment is that the principle is not being repaid. Unless the price of homes in your area rises, you don't build up any equity in your home.

Paying the monthly mortgage payment on an interest only mortgage can become like paying rent. You don't have the safety net of being able to sell your home to raise cash if you are faced with some emergency in your life.

As a young professional just starting out on your own, this might not be an issue you need to consider. But if you are married and have a family, you should seriously consider the implications of not having the kind of mortgage that allows you to build a financial safety net.

Home equity gives you a form of financial security that can come in handy if you really need to use it. This should be a consideration when deciding which home loan to choose.

A lower monthly mortgage payment will always look attractive on paper, but consider all the implications carefully before taking the option of an interest only mortgage loan as a way of financing your home.

Copyright © 2005 Credit-Repair-Facts.com All Rights Reserved.

About the author: This article is supplied by http://www.credit-repair-facts.com where you will find credit information, debt elimination programs and informative articles that give you the knowledge to correct your own credit and credit report. For more credit related articles like these go to: http://www.credit-repair-facts.com/articles_1.html

Commercial Mortgage Broker

Author: Adam Smith

What can your commercial mortgage broker do for you? If you have not ever met with your commercial mortgage broker now is a good time too. A commercial mortgage broker can offer you a wide variety of products and services - such as a commercial mortgage or a commercial bridge loan - to fit the needs of your company, whether you are rapidly growing or just chugging along slowly but surely.

The following are examples of some of the products and services a commercial mortgage broker might be able to offer your business:

Commercial Mortgage

Like you might imagine, any commercial mortgage broker will be able to extend you a commercial mortgage. A commercial mortgage is essentially a mortgage on the building and land that your business occupies. If you are looking to refinance your commercial mortgage you would be wise to talk with your commercial mortgage broker and see what kind of rates he can get you. Currently rates are at or near all time lows so now would be an excellent time to refinance your commercial mortgage and lock in those rates for the future.

If your business has just experienced a jump in growth then now might be a good time to build your office space and get out from under those lease payments. Again your commercial mortgage broker can help you by drawing up a contract for a mortgage that meets your needs.

Commercial Loan

Perhaps your business has experienced strong growth and you want to continue to push for more growth but your company is lacking the capital to do so. Your commercial mortgage broker can help you in this scenario as well by offering you a commercial loan. A commercial loan will give you the cash you need now and as your business grows and you are able to improve your profitability margins you can pay down the commercial loan. The size of the commercial loan your commercial mortgage broker is willing to extend to you will of course depend on the credibility of your business plan, the experience of your management team, and the risk involved, just to name a few of the factors that go into the lending decision.

The only surefire way to know what your commercial mortgage broker requires is to visit their office and find out what it will take to get their financial support.

Commercial Bridge Loan

Your commercial mortgage broker should also be experienced in issuing a commercial bridge loan. A commercial bridge loan is a financial instrument that helps companies acquire financing for mortgages in a relatively short period time. Likewise, a commercial bridge loan is typically only issued for a short period of time.

You might need a commercial bridge loan if your primary mortgage is coming due and you do not have time to refinance. In this case you can work with your commerci al mortgage broker to push through a commercial bridge loan rather quickly so that you are able to cover the mortgage that has come due. Then you can work with your broker to roll the bridge loan into a more long term form of financing, such as a commercial mortgage.

Adam Smith is an informational author for 10X Marketing.com To learn about an

investment property , visit SNCLoans.com

About the author: None

Mortgage Brokering as a Freelance Business Opportunity

Author: Guy.T

In the mortgage business there are two foundational areas of involvement. One is the position of ""loan officer,"" the other is working as a ""broker."" The loan officer for the most part earns from what is called ""personal production,"" which means you are earning from what you are able to personally produce by bringing mortgage business into your employer's office. In some cases you may be paid a base salary and/or draw, but then you will be paid less in commissions by the company (broker) you are working for.

The second - and most potentially lucrative for you - area of involvement is the broker. Most people start out in the mortgage business by working as a loan officer, gaining experience and expertise, and later they consider opening their own shop by becoming a broker. This can be frustrating for the broker who is training loan officers, because they are continually losing their best loan officers and creating their own future competition.

The broker hires, spoon feeds and trains their loan officers and pays them a commission out of the profits they receive from the lenders with whom they work. As the loan officer begins to learn the business they obviously start thinking about leveraging themselves through the efforts of others so that they can earn from the production of others as the broker does.

~ The mortgage business is currently experiencing re-definition by new leaders in the industry who are breaking old traditional earning models. ~

Within the last few years new leaders in the mortgage industry have been breaking the old traditional earning models, and have created revolutionary new approaches which allow just about anyone to build a business in the mortgage industry with very little knowledge or experience. Beginners are now able to make more money - in less time - with less effort!

In the past you would have started out as a loan officer - generally with a bachelor's degree in finance, economics, or a related field, and earned $30,000 to $50,000 a year. You then worked locally where the broker who hired you was licensed to do business. For the most part your income level would have been limited until you gained enough experience to open your own shop.

The downside of this was that even when you advanced to becoming a broker yourself, you also took on the financial liability of running a business. Opening a local mortgage brokerage can often be very costly, along with the many additional liabilities that go along with hiring, training and running payroll.

New approaches to the mortgage business now allow you to build a mortgage business of your own where you call the shots and your income is not solely dependent on your own personal production.

Here are just a few of the new advantages...

* You can now earn on mortgage business on a national level. These new business models now allow you to operate under a ""branch license"" so you can do business just about anywhere.

* You have the ability to immediately leverage yourself. You can earn commission overrides just like a traditional Mortgage broker can. This means that you can build a national team throughout the United States and earn from their activity.

* No major investment - Instead of investing thousands of dollars in franchise fees you can get started typically for around $200.

* You are able to tap into proven business models that will help you teach and train your unexperienced loan officer recruits.

How much money can you make?

Let's compare the traditional model of earning only from your personal production with the model of introducing this concept to others and being able to leverage yourself:

The following will give you an example of what you would earn If you based your earning level on personal production at three different commission earning levels. The following are based on a hypothetical $200,000 mortgage.

One House per month Commission paid out 30% $1,050.00 Earned 64% $2.240.00 Earned 70% $2,660.00 Earned

Two Houses per month 30% $2,100.00 Earned 64% $4,480.00 Earned 70% $5,320.00 Earned

Let's look at this a different way that shows the power of leverage where you are not depending entirely on your own personal production. The following example assumes that you are earning 64% from two personal loans a month and are earning from the personal production of five others who are doing just one loan each per month.

Personal Production 64% Earning Level Your personal earnings - $4,480.00 Loans From 5 Others Who Are At The 30% Level Your earnings from their production - $5,950.00

Total Earnings For Month - $10,430.00

As you can see, it really is to your advantage to immediately involve others in the business. Your personal efforts along with the combined efforts of others can really produce some exciting numbers, in this example over $125,000 a year in income! The exciting thing about this is that you are not limited to just five people, you have the ability to grow a very large income very quickly.

Positive Points

1) You don't have to wait until you're experienced, you can start right away.

2) You are not limited to earning from the efforts of just five people, your earnings can come from as many personal recruits that join your business.

3) You can earn from the personal efforts of those you recruit as well as the people they themselves introduce to the mortgage business!

4) Your earnings can be generated from other team members throughout the United States representing every conceivable city you can think of or have never heard of.

Am I beginning to get your attention yet?

By now your mind might be flooded with additional questions. One prevailing question might be...

""There are already many people in the Mortgage business, how can we compete?""

To be perfectly honest, many people who are approaching the mortgage business with old worn out models are finding it difficult to survive, while companies and individuals who are embracing these revolutionary new concepts are exploding in growth.

In the USA, the housing market has been booming, but now it is leveling out or even shrinking in many areas. Most of those homeowners would love to save on their mortgages now, and their need is likely to increase if the market keeps going down. There are some very creative mortgage services available online, with some research you can make a very good offer to your customers.

If you want a real, tangible business that you can run from home, using the Internet, this is a good one to consider. Spend some time searching the web and reading up on this and I think you will find the information you need, and some good groups who will be happy to help you launch yourself into this business.

It's a win/win. You will be helping others at the same time that you build a long-term income and a business to be proud of, for yourself. www.worlddomainhosting.com/

About the author: specializes in helping new, aspiring and existing businesses around the globe. As an Entrepreneurial Consultant that has lived and worked in various countries around the world he has been able to assist many companies and entrepreneurs that were seeking to start, change or expand their business. Currently, he is focusing his efforts on his family and the upcoming birth of 'the twins' while still assisting entrepreneurs world wide.