Mortgage Paid Off Sooner With Just a Little Extra Cash

Author: Charles Essmeier

Buying a house is the most expensive thing most people will ever do. Almost 70% of Americans now own their own homes, and that is an all time high. But the commitment to buying a home is a great one; the payment schedule can run as long as forty years, the interest charges will exceed the cost of the house itself and the payments need to be made each and every month. It is no wonder that people who finally pay off their mortgages often throw parties to celebrate.

And while this commitment is a long one, it doesn't have to be as long as you think. The mortgage document may say that the term of the loan is thirty or forty years, but there is nothing to prevent you or any other homeowner from paying it off sooner. True, most Americans are already paying as much as they can for their houses, but it really isn't all that hard to cut several years off of the life of the home loan. All it takes is a little bit extra each month.

The typical amortization schedule for a home loan provides for an even number of payments that consist of an identical sum of money each month. But the size of the payment is misleading. Each payment consists partly of mortgage principal, partly of interest, and partly of taxes. In the early years of the mortgage, most of the payment is interest, with only a small portion being applied to the principal. In later years, when most of the interest has been already paid, a larger portion of the payment will apply to the principal.

By adding just a little bit to your payment each month, such as $20 or $50, the term of the mortgage can be reduced quite a bit. As the principal is reduced, so is the interest that is due on the remaining balance. This compounds over time, reducing the overall time of repayment. An extra $50 each month on a $200,000 mortgage at 6.5%, for example, will cut more than three years off of the repayment schedule. Even an extra $20 on the same loan would cut 16 months off of the loan and save more than $14,000 in interest.

Don't think that you cannot pay off your mortgage sooner just because you don't have a lot of extra money. It only takes a little bit to make a difference.

About the author: ©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including HomeEquityHelp.com, a site devoted to information regarding mortgages and home equity loans .

Want to Lower Your Monthly Payment? Look to Mortgage Refinance

Author: Gregrey Pashby

If your home has two mortgages against it, refinancing both loans into one lump loan can save you lots of money on interest fees, for it creates a single low monthly payment. Combining both mortgages enables you to qualify for lower rates than if you refinance each loan separately.

There are a few options available to a borrower seeking to lower his/her mortgage payment. It is up to the individual to do the required research so that the most beneficial option is chosen. First, you can attempt to find a low mortgage rate so that even if the duration of the loan remains constant, each monthly bill will generate a little savings. Also, you could extend the term of your loan, extending your payment period and decreasing the monthly charges.

Once you have chosen a suitable loan option, you should also shop around for the right lender, since lenders vary in operation fees, closing costs, and interest rates. You can compare loans using the APR, or even better, ask the lender for a quote based upon your personal information.

About the author: Gregrey Pashby is a writer and contributor for Bad Credit Lender who specialize in bad credit loans and hard money loan information. Bad Credit Lender provides

bad credit mortgage refinance loans , bad credit home loans, and hard money loans.

Mortgage Report - Mortgage Rates Stable In 2006

Author: Rick Hendershot

In previous decades people with high risk mortgage loans often left financial companies holding the keys when rates started to go up.

But according to a recent study by First American Real Estate Solutions, even if rates do start to climb this year, the number of defaults this time around is not likely to go much higher than $110 billion.

The study estimated 1.4 million of 7.7 million adjustable rate mortgages sold in 2004 and 2005 would be at risk of default. But even if that many households were to default, the financial fallout would be limited.

The reason: the US economy is so strong this time around, and so diversified that this amount represents only about one percent of total national homeowners' equity, and it would be spread out over two or three years. So the economy would be more than able to absorb the losses.

**Factors driving continued Real Estate boom

While many real estate experts predict a slight slowdown in real estate and mortgage activity during 2006, most also see steady gains, with continued economic growth and well-balanced supply/demand ratio in the housing market.

Some of the factors driving the real estate market:

+ Continued low interest rates - Although rates climbed slightly in 2005, they are still at historic lows. Homes that were purchased over the last few years with interest-only and adjustable-rate mortgages will enter the refinancing market. Homeowners will refinance to take advantage of increased equity values, and to convert to fixed-rate mortgages as rates start to climb.

+ Internet Effect - The internet gives buyers the opportunity to search MLS listings without going through an agent or broker. Not only have consumers become better informed and better educated about opportunities, but the entire home-buying process now takes less time than just four or five years ago. This trend will continue to accelerate.

+ Healthy economy leads to more relocation - A vibrant economy and strong residential real estate activity drives commercial activity as well. And that usually leads to corporate relocations as people follow business and employment opportunities. That means increased real estate activity.

+ Generation X effect - As baby boomers begin retiring and moving out of the real estate buy and sell cycle, Generation Xers have taken their place with a vengeance. The incomes of Gen Xers are generally higher than the previous generation, and financing is easier to get, so they have been able to buy more expensive homes sooner than boomers did. Gen Xers now make up 47% of the total homeownership segment in the U.S., and have an especially large impact on downtown and suburban communities.

**Many UK mortgages not covered by life insurance

A recent report by Sainsbury's Bank estimates that as many as 4.2 million people in the UK have mortgages that are not covered by life insurance. That means that as much as GBP217 billion worth of mortgages are open to be passed on to loved ones. This number has grown significantly over the last few years as the number of new mortgage approvals has grown.

Of course inheriting the debt associated with a property would be accompanied by ownership of the property itself. And with current prices on the rise, most people, even if forced to sell a property because they could not pay the mortgage, would not be as badly off as the report might suggest.

**UK borrowers opt for 2 year fixed mortgages

According to a recent survey of mortgage purchases in the UK, there was a significant shift in January towards 2 year fixed mortgages. In January 39 percent of borrowers chose this option compared to 27 per cent in December.

Interestingly enough, only 9 percent of buyers opted for a longer term fixed mortgage in January, compared to 16 percent in December. This was in spite of longer term mortgages (up to 10 years fixed rate) at less than 5 percent.

The popularity of a 2 year fixed mortgages suggests that buyers assume rates have bottomed out, at least in the medium term, but are not convinced they may not go down further two or three years from now.

About the author: Mortgage Marketing, How To be A Loan Officer | Commercial Mortgages using Stated Income | Linknet Finance News

Reverse Mortgage Simplified

Author: Gay Redmile

A Reverse Mortgage, also known as 'equity release' is a financial process that allows seniors to convert the equity in their homes into cash. The main reason to do this would be because monthly retirement income is not sufficient to survive.

To qualify you need to be a homeowner; be over 62 years of age own your home outright - or have a low mortgage; you must live in that home; and the property must meet minimum property standards. The money can be used for whatever you like - home renovations, vacation, pay medical expenses, new vehicle, paying off debts, or simply, to supplement income.

The loan is not taxable as it is considered to be a loan advance, not income, and no repayments are required whilst residing in the home, therefore an income stream is not required. The equity can be paid in three different ways: a lump sum; monthly for a fixed term; or as a line of credit. The loan can be restructured during the course of the loan.

The loan is usually structured so that it is collected, including accrued interest and other charges when the house is sold or after death. It differs from a second mortgage or a home equity line of credit - as no income is required - because no repayments are required. You therefore cannot be foreclosed or forced to leave your home because you missed a payment.

The size of the reverse mortgage is determined by the type of reverse mortgage selected, the person's age, the current interest rate, the home's location and the home's value. The older the borrower - the larger the percentage of the equity that can be borrowed. The owner retains the title to the property.

The property must be the borrower's primary residence - usually a single family, one-unit home. However some programs accept two-to-four-unit buildings that are owner-occupied. Some will grant reverse mortgages on condominiums and manufactured homes - provided they were built after June 1976. Mobile homes and cooperatives are generally not eligible for a reverse mortgage.

The loan will need to be repaid when: the last surviving borrower passes away or sells the property; all borrowers permanently move out of the house; the last surviving borrower does not live in the home for 12 consecutive months - due to physical or mental illness; the borrower fails to pay property taxes or insurance; or the borrower lets the property deteriorate beyond reasonable wear and tear.

The heir, or the last surviving borrower, does not have to sell the property to repay the reverse mortgage - they can refinance the reverse mortgage with a traditional mortgage loan -or through the use of other assets.

Sounds great - but - do be aware of the possible down side.

Interest payments, which are not tax deductable, are added to the loan - with no repayments required - this can eat into the equity - as the interest compounds - diminishing the equity and leaving less asset for the owner or heirs.

The cost - interest rates, originating fee, closing fee and service fee - all apply and can vary.

Good news: you cannot outlive the loan agreement and you cannot be forced to sell your home to pay off the mortgage loan!

Although Reverse Mortgages have been around for some time - they have not been fully understood. However, it is expected that as the baby boomers enter their retirement years they will have greater understanding and therefore less aversion to this way of self funding their retirement.

About the author: Gay Redmile is the webmaster of several finance and investment sites. Having recently assisted her father in taking out a Reverse Mortgage - she realises how important it is to undertake research and fully understand this process. For further important information visit her site at http://bestreversemortgagesite.com

Mortgage Leads for New Loan Officers

Author: Jay Conners

Mortgage Leads for New Loan Officers

If you are a loan officer and you are new to the business, one thing you may be short on is leads.

Leads can be obtained in many ways. Through customer referrals, networking groups, family members, friends, etc.

However, for a new loan officer, you may need to jump start your business, and investing with a mortgage lead company may be the way to go.

You probably haven't heard many good things about mortgage lead companies. However, there are some good ones out there. And if you take your time and do your research, you may just find the right one for you.

Here are a few things to avoid:

Avoid the mortgage lead companies that recycle their leads. Recycling means they sell them over and over again.

So, most likely these leads have gone through the hands of dozens of loan officers before reaching your desk, so steer clear.

Stay away from lead companies that buy their leads from third party companies than sell them to loan officers at a profit.

You never know how many times those third party companies sold those leads to other mortgage lead companies.

In the beginning, your budget may be a little bit tight, so look for lead companies that allow for a low minimum deposit.

Also, look for lead companies that obtain their leads through sites they own and operate on their own. This is always a good indication that the lead is of good quality.

And look for lead companies that sell real time mortgage leads, and/or sell them exclusively. When you buy your leads exclusively you can cut out your competition.

Real time leads are also known as fresh leads, so they are hot off the press once you receive them. With real time leads your closure ratio will be much higher and the return on your investment will be that much better. And why shouldn't it be? You work hard for your money.

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.

Subprime Mortgage Loans - Which Lenders Should You Avoid?

Author: Carrie Reeder

If you have bad credit, your options for a mortgage lender may be limited. For the most part, traditional mortgage lenders prefer applicants with a high credit score. If you do not match their criteria, you will likely have to obtain a mortgage from a subprime lender.

Subprime lenders provide a valuable service. Their goal is help those with bad credit and no credit get approved for a home loan. While most subprime lenders are eager to help, it is important to discern lenders that are trying to take advantage of your situation.

What are Subprime Lenders?

In a nutshell, subprime lenders approve mortgage loans to people whom traditional mortgage companies consider undesirable candidates. To get a loan through a mortgage company, bank, or credit union, applicants must have a good credit score, down payment, and the ability to pay closing costs. Whereas many traditional lenders have begun to offer subprime loans, a home buyer may obtain more loan options by using a lender that specializes in subprime loans.

How to Locate a Subprime Lender?

Subprime lenders can be found in any area. For your convenience, you may locate a subprime lender online. Many online home loan companies offer bad credit mortgages to all types of people. Moreover, the application process is simple. Usually, responses are received within a few minutes.

Tricks and Schemes Used by Some Subprime Lenders

Individuals purchasing their first home should proceed with caution. If using a subprime lender, beware of shady lenders. Lender tricks are common. Unfortunately, many unsuspecting buyers fall prey to these schemes. Typical schemes involve lenders advertising unrealistic lowball offers to get clients in the door. If it sounds too good to be true, it probably is.

Additionally, some lenders fail to mention certain fees until closing. Hence, homebuyers must pay unexpected out-of-pocket expenses. Furthermore, some lenders take advantage of fluctuating interest rates. If mortgage rates decline before your loan rate is locked, the lender should decrease your quoted rate. However, some lenders keep rates the same. To avoid this, homebuyers should study the market.

How to Avoid Lender Scams

The best way to avoid a lender's scam is not to accept the first offer you obtain, and request quotes from several lenders. If possible, work with a reputable mortgage broker. Brokers have dealings with various trustworthy subprime lenders. The objective is to provide homebuyers will numerous offers from prospective lenders. Once receiving quotes, you have the power to choose the most attractive subprime loan.

About the author: View our recommended su bprime mortgage lenders online.

Mortgage Refinancing For People With Bad Credit - Ways To Reduce Refinancing Costs

Author: Carrie Reeder

Because of declining home mortgage rates, many people are eager to refinance their existing home loan and take advantage of a lower payment or a fixed rate. In fact, homeowners with bad credit may also benefit and obtain comparable low rates. Although refinancing is very common, homeowners must be prepared to pay closing costs and other fees. Fortunately, there are ways the financially strapped can save money on a refinancing.

Understanding Refinancing Costs and Fees

Applying for a refinancing is similar to obtaining your initial mortgage. A refinancing creates a new mortgage. Thus, homebuyers are obligated to pay certain costs and fees at closing. Typical fees include broker fees, appraisal, title search, inspections, etc.

For the most part, these fees are paid at closing. If purchasing a new home, the buyer may negotiate and have the seller pay the closing fees. However, if you are the original owner, you may have to employ effective techniques to reduce your closing costs.

Tips to Reduce Refinancing Closing Cost

When refinancing your home, it may be wise to apply for a new home loan with your existing lender. In some instances, the lender may be willing to waive some fees. If a good credit history has been established, the lender will want to keep you as a customer. Hence, you have negotiation power.

Because of low mortgage rates, homeowners may also take advantage of ""no or low closing cost"" refinancing. With this option, the lender agrees to waive the application fee. Moreover, these lenders will pay the appraisal and title fee for the homeowner.

The downside is that these loans entail a slightly higher interest rate. Nonetheless, ""no or low closing cost"" loans are beneficial. Because these loans consist of a higher interest rate, this option is more practical for homeowners who plan on moving within three years.

Another common approach for homeowners refinancing involves including all closing fees into the home loan. This will increase the final loan amount. While this approach will not necessarily reduce closing costs, homeowners are not obligated to pay for their closing fees out-of-pocket. This method is perfect for homeowners with little available cash.

About the author: Visit www.abcloanguide.com to find a list of reputable online lenders for a bad credit mortgage refinance loan. Also, view all of our recommended lenders for property finance .

Mortgage Marketing 101: A Crash Course In Mortgage Loan Marketing

Author: Ameen Kamadia

There are a zillion ways to do mortgage marketing. Obviously we cannot cover even a small percentage of them here. But what we will cover is a few basic mortgage marketing advertising tips that can help you succeed in your mortgage marketing.

Mortgage Marketing - Lesson #1

All your marketing should be held accountable for itself. This means that all your mortgage marketing advertising should be bringing in more money than it is costing you. And you find this out by tracking all your advertising. The easiest way to track is to ask people when they call or come in. ""Where did you hear about us?""

If you do a lot of different mortgage marketing advertising, then you need to add tracking numbers to your ads. For example, add coupons to your ads that people can tear out and bring in for a free gift. The coupon should have a tracking number on it so you can tell where the customer got the coupon.

Mortgage Marketing - Lesson #2

You should focus on getting the prospect's contact information in all your advertising. Get them to give you their name, address, phone, and email. This will allow you to follow up with them. Build up your database as fast as possible. Your database is your greatest and most valuable business asset if used properly.

Mortgage Marketing - Lesson #3

Stay in constant communication with your database. At least once a month, they should hear from you, about you, or read about you. The best way to do this is newsletter mortgage marketing. By using this great tool, you can have something in their hands every month. Newsletter mortgage marketing is a must for every loan officer. If you do no other mortgage loan marketing, you must do this. And you must do it every month.

The trick is to outsource the newsletter to a newsletter mortgage marketing company. These companies will write, design, print, and mail your newsletter for you to whomever you want. All you have to do is give them a photo of yourself and pay them every month. They do the rest.

To get the names of some great newsletter mortgage-marketing companies, visit: http://www.mortgagebrokertraining.com/Links/a+-recommended-vendor s.html

By just using newsletter mortgage marketing I have seen some of our coaching clients go from zero referrals a month to 2-3 referrals a month. Just by using a simple newsletter.

Mortgage Marketing - Lesson #4

Ask everyone you know for referrals. Contact all your friends, relatives, past customers, and keep asking for referrals. You won't get unless you ask. We have a great program that can help you generate more referrals than you can handle. It's called Referrals on Demand and you can get more info at http://www.mortgagebrokertraining.com/referrals.html

Referrals are the easiest loans to get, and close. You also make more money on a referral loan than a regular loan. And they treat you with more respect. Once you build up your database to a few hundred, you should focus more on them, and on generating referrals. It is the cheapest form of mortgage loan marketing out there today.

About the author: Ameen Kamadia, ""The Millionaire Loan Officer"" has taught over 4,583 loan officers to get more loans and make more money. For 100's more FREE tips and strategies that will skyrocket your business, visit http://www.mortgagebrokertraining.com

Mortgage Tips for First Time Buyers

Author: Charles Essmeier

A home is the single most expensive thing most people will ever purchase. In addition, paying off a home loan can take as long as forty years and will involve paying an amount of interest that exceeds the cost of the house itself. In short, buying a house is not something to be done without a lot of forethought. With the average American living in their homes for seven years or less, most mortgages are probably offered to people who have purchased a home before. But there are always people who are buying for the first time, and for them, knowing how the process works is important.

Here are some useful tips for first-time homebuyers:

Know how much you can afford to pay. This includes not only the total price of the house, but the monthly payments, as well. Do not be fooled by the monthly amount the lender tells you that you can afford; that number is usually high enough to be well beyond most buyers' comfort zones. If the lender suggests that you can pay as much as $2000 per month but you only feel comfortable paying $1500 per month, then that is your limit. You should buy a house that will allow you to pay that amount, and no more.

Check your credit ahead of time. No one wants to be denied a home loan because of errors on your credit report. You can check it for free at annualcreditreport.com. Get a copy and make sure the information is accurate.

Shop around for a good lender. The interest rates and terms will vary from lender to lender, so you should seek out the best terms. Additionally, you should try to find a lender with whom you feel comfortable. You will be paying on your mortgage for decades to come, so find a lender and terms with which you are comfortable.

Be aware of closing costs. The amount of money that a buyer is expected to bring to closing can be astonishing. Don't be caught off guard when it come time to close and the lender asks you to bring a certified check for $15,000 that you do not have. Find out ahead of time exactly how much it will cost you to close on the loan and have those funds ready.

Most of these items will seem like common sense, especially to those who have financed a house before. But anyone who is buying a home for the first time should be prepared for the process. By being prepared, the process should go smoothly.

About the author: ©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including HomeEquityHelp.com, a site devoted to information regarding mortgages and home equity loans .

Consider Different Reverse Mortgage Options

Author: Charles Kirkendall

There are many different reverse mortgage options: single purpose reverse mortgages, federally insured reverse mortgages, and proprietary (private sector) reverse mortgages. Each option has different pros and cons that need to be considered when looking into taken out a reverse mortgage.

Single-Purpose Reverse Mortgages

A single purpose reverse mortgage is the lowest-cost type of reverse mortgages to obtain, but as the name indicates it can only be used for one specified purpose. They are typically offered by state or local government agencies. These loans a great for individuals who need cash for a specific purpose like paying property taxes or fixing up there homes. Here are descriptions for several different types of single purpose reverse mortgages:

Property tax deferral (PTD) mortgages are reverse mortgages that provide loan advances for paying property taxes.

Deferred payment loans (DPLs) are reverse mortgages providing lump sum disbursements for repairing or improving homes.

Federally Insured Reverse Mortgages

A federally insured reverse mortgage is the only reverse mortgage insured by the Federal Housing Administration (FHA). These reverse mortgage are one of the lowest-cost multipurpose reverse mortgages currently available. Overall they typically provide the largest total cash benefits of all the reverse mortgage options. The proceeds from a federally insured reverse mortgage can be used for any purpose. These loans are also known as Home Equity Conversion Mortgages (HECMs).

Proprietary Reverse Mortgages

A proprietary reverse mortgage is a mortgage product owned by a private company. These type of loans are more expensive then the other reverse mortgage types and should be approached with caution. Anyone looking into these type loans should get a comparison with a similiar HECM. One benefit of proprietary reverse mortgages are the higher home value limits. So, if you live in a home that is worth a lot more than the average home value in your county, a proprietary loan may give you greater loan advances than a Home Equity Conversion Mortgage (HECM).

As with any financial decision, you should get professional help to help you decide which option is best for your situation. Reverse mortgage counselors can help you evaluate each of your options and help you make an informed decision.

About the author: Charles Kirkendall writes about reverse mortgages and other senior financial issues. Visit Reverse Mortgage Guide or Reverse Mortage Blog for more information and resources.

How a Reverse Mortgage Can Benefit Homeowners 62 or Older

Author: Mike Andrews

Reverse mortgages give eligible homeowners the ability to access the money they have stored up as equity in their homes. They are designed to build seniors' personal and financial independence by providing funds without the requirement of a monthly payment for as long as they live in the home.

Homeowners age 62 or older may benefit greatly by discussing the possibilities and options a reverse mortgage can afford them with a lender or counselor. These types of loans offer a way to borrow against the equity in your home to create a stable, continuous and tax free source of usable income or a substantial source of supplemental income, all without having to change your current living conditions.

The best part of this type of loan is that you aren't required to repay any part of the loan as long as you live in your house and don't breach any of the terms and conditions of the reverse mortgage. However it is important that you are diligent in researching this unique loan product as it may not be right for every situation. This is why we encourage any potential borrower interested in a reverse mortgage to investigate their options first with a HUD certified counselor or lender.

Other great sources of information include family and friends who have experience dealing with reverse mortgages before, nonprofit organizations offering help to seniors', the AARP, American Society on Aging, and authority sites such as http://mortgagesecrets.info which provide helpful articles and resources concerning the reverse mortgage industry.

While simple to understand in theory, it is important to know how reverse mortgages work. The reverse mortgage loan product got its name due to the fact that instead of making mortgage payments, the lender actually pays the borrower creating a kind of inverse relationship compared to the traditional mortgage product. The source of funds for the money received is the equity stored in your home. The unique feature of this loan is that unlike conventional mortgages where the loan balance becomes smaller each moth you make a payment, the loan balance of a reverse mortgage grows larger over time.

The principal on the loan increases with each payment received, this includes interest and other charges accrued each month on the total funds advanced to you. You retain ownership of your home in all reverse mortgages, and many do not require repayment for as long as you occupy your home, pay your property taxes and hazard insurance charges, and continue to maintain the property.

When you leave your home permanently your loan balance becomes due. It is also important to note that your legal obligation to repay the loan cannot be more than the market value of your house at the time you leave the property. This means that your lender can never require repayment of the loan from your heirs or from any asset other than the property itself.

Today the 2 major reverse mortgage loan types provided by the Fannie Mae (Federal National Mortgage Association) are the HECM and Home Keeper. These loans assure the borrower that he or she will never owe more than the loan balance or the value of the property, whichever is less, and no assets other than the home must be used to repay the debt.

Also unlike conventional mortgages these loan types have neither a fixed maturity date nor a fixed mortgage amount. Many borrowers familiar with the home equity loan are often times skeptical about reverse mortgages and simply see it as a different type of home equity loan and sometimes even think it's a scam.

For this reason it is important to understand the difference between home equity loans and reverse mortgages. With a HELOC (Home Equity Line of Credit) you must make regular monthly payments to the lender in order to repay the loan, in fact, your repayments begin as soon as your loan is made. If you fail to make the monthly payments on a traditional home equity loan, a mortgage lender can foreclose on your home, putting you in a position where you either have to sell your home to repay the loan or lose it to the lender.

Another notable difference is the fact that some home equity loans also require you to re-qualify for the loan each year, and if you fail to re-qualify, the lender may require you to pay the loan in full immediately. In addition, in order to qualify for a traditional home equity loan, you must have sufficient funds and debt-to-income ratio in order to be approved on the loan.

Reverse mortgages however, such as the HECM and the Home Keeper Mortgage, do not require monthly repayments, saving you from the need to qualify through the traditional and often times difficult loan process. In fact, repayment of these loans is not required as long as your property remains your primary residence and you stay current in paying your property taxes and hazard insurance charges. Another stipulation that makes the reverse mortgage so special is the fact that your income does not become a factor in qualifying for these loans, nor are you required to re-qualify each year.

About the author: This article is brought to you by http://MortgageSecrets.info where you'll find helpful and informative articles about reverse mortgage loans.

Bad Credit Home Loan Mortgage Services - Selecting A Good Mortgage Broker

Author: Carrie Reeder

If attempting to get a bad credit mortgage, using a mortgage broker is wise. Some people contact traditional lenders when applying for a home loan. However, if your credit is less than perfect, these lenders may be unable to assist you. On the other hand, some traditional mortgage lenders have begun offering bad credit mortgages. Still, for a wide selection of lenders, a mortgage broker is the way to go.

Who Are Mortgage Brokers?

When choosing a good mortgage, brokers operate as the middleman. It is important to compare lender offers before accepting a mortgage. Unfortunately, many homebuyers skip this step. Comparing lenders is tedious and time consuming. Thus, those in a rush to purchase a home make the mistake of submitting one loan application and accepting the first offer.

Smart homebuyers realize that comparing lenders may save them thousands of dollars. If using a broker, you do not have to contact each individual mortgage lender. Rather, the mortgage broker will do this for you. Moreover, brokers manage much of the paperwork, which makes the process easier.

Reasons to Use a Mortgage Broker for a Bad Credit Mortgage

Each homebuyer has a different situation. Hence, there are different loan programs to accommodate each borrower. For example, some lenders specialize in loans for people with poor credit, no credit, foreclosure, bankruptcy, and so forth. Additionally, there are loan programs designed to offer down payment or closing costs assistance.

Mortgage brokers have access to various lenders and loan programs. Therefore, they are able to locate the best loan package. Because brokers work with many lenders, they obtain multiple quotes for you. By doing so, you are able to easily compare a lender's offer and terms.

Choosing a Good Mortgage Broker

It is important to choose a mortgage broker with a good reputation. Although some brokerage companies advertise heavily, this does not necessarily guarantee good service. Instead, get referrals from family, friends, acquaintances, etc.

If using a local broker, contact the Better Business Bureau to make sure a particular broker does not have any complaints. Similarly, if using an online mortgage broker, search online rip off reports for complaints. Another way to find a good broker is to consult a listing of recommended mortgage brokers.

About the author: View our recommended lenders for mo rtgages for people with credit problems , or view all of our recommended mortgage lenders online.

Buy to Let Mortgage Tips from the Professionals!

Author: Elizabeth Grant

Buy to Let investment can yield a significant profit if undertaken in the right way at the right time and this is one of the reasons that Buy to Let investment has become increasingly popular in recent years. Low interest rates have made Buy to Let mortgages more affordable, and rental income has seemed more attractive than possible earnings on other investments. If you are thinking of investing in Buy to Let then why not have a look at some of our Buy to Let tips found below. Buy to Let Mortgage Tips

*The Application - One of the main differences you will come across when applying for a Buy to Let mortgage is that the mortgage lender will take into account the rental income you will receive as a result of the letting as well as your normal income. Some lenders will consider the rent money on its own whilst others will consider both the rental money and your salary. *Interest Rates - A Buy to Let mortgage may be more expensive than a standard mortgage. Generally Buy to Let mortgage rates have decreased as the amount of Buy to Let mortgages on the market have increased but on the whole the Buy to Let mortgage rates are still higher than the standard mortgage. *Deposit - Generally the amount of money required for the deposit on a Buy to Let mortgage is higher than with a standard residential one. On the whole the lenders will require a minimum of a 15% deposit. It is also worth noting that the more deposit you put down, the more competitive the proposed Buy to Let mortgage deal will be. *Rental Income - Many buy to Let mortgage lenders require that the projected rental income exceeds the mortgage payment by a minimum of 125%. This amount can sometimes go up as high as 150%. *Equity - If you already have a mortgage on the property that you are living in, and are considering taking out a Buy to Let mortgage on another property then it is worth bearing in mind that you may be able to free up some of the equity in your home to put down as a deposit on the property you are planning to let. It could be worth raising this with the mortgage broker you visit. *Profit - The biggest tip we can give you on how to ensure that you make the profit you require on your Buy to Let property is to regard the Buy to Let adventure as a long-term investment. If you are looking to make a quick buck then the Buy to Let market is not the one for you. *Tax Relief - Although there is no direct tax relief on a Buy to Let mortgage, you can offset interest payments on your mortgage against tax on rental income, along with other expenses such as agents' fees and maintenance costs.

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

First Time Home Buyer Loans - How To Apply For A Mortgage Loan

Author: Carrie Reeder

For a first time home buyer, applying online for a mortgage loan makes the experience easy. You have plenty of time to compare rates and terms to find the best financing for your situation. With just a few steps, you can secure financing for your home with the lowest possible rates.

1. Select Your Terms

Mortgage terms affect both your interest rate and payment. With a large amount of flexibility, lenders allow you to tailor your loan to fit your budget needs. So if your goal is to purchase the most with your income, look into an adjustable rate mortgage with initially low payments.

For security, fixed rates can also have reasonable rates. For even lower rates, you can purchase reductions by paying points at closing. One point equals one percent of the principle. Paying points is affective if you keep your mortgage for at least seven years in order to recoup the cost of buying the rate reduction.

The length of the loan will also affect your rates and payments. 15 year mortgage provides you with a cheaper loan, but payments are about a third higher than a 30 year mortgage.

2. Research Your Lender

Even a difference of an eighth of a point in rates can save you thousands of dollars. The easiest way to save money on your home's purchase is by finding the lowest costing loan.

With online mortgage companies, in just a few minutes you can request loan quotes without hurting your credit report. Every time a potential creditor accesses your report, it temporarily hurts your score.

Rates are one way to evaluate loans. But closing costs can also add up to thousands. That's why the APR number is important. It gives you the total cost of the loan. But if you plan to move or refinance, focus on low closing costs rather than low rates.

3. Apply Online

When you have found the right lender, you can start your home loan application online. Even if you haven't found the right house, you can still get pre-approved and lock in your rates.

With online financing companies, your paperwork is expressed mailed to you. You complete the forms with a notary's seal. Working with your real estate agent, escrow company, and seller, the date of sale can then be finalized.

About the author: View our list of recommended lenders for first time home buyer mortgage loans online. Also, view our recommended sources for a cheap credit report online.

What Is A Mortgage Calculator?

Author: Maksim Fisher

A mortgage calculator is a wonderful tool that you should use anytime you are considering the purchase of a home. Because a home is likely to be the largest and most costly of investments that you make, it is ideal for you to insure that you get the best outcome for your home loan. You should carefully compare many of the things that you will find offered from the lenders out there. You should do this with the use of these tools as it will help you to see the wide range of benefits you can have. Why pay a home loan lender more for the same product that another is offering at a much lower rate?

How Does It Work?

How does this tool work for you then? A mortgage calculator will provide you with a wide range of information. First, you will be inputting some information about the loan that you are looking at. It will take the terms of the potential loan, the interest rate of it, as well as the fees that are involved and will spit out all sorts of valuable information for you. Now, one thing that is important to remember here is that it does not collect any of your personal information. That means that you will not have to worry about being trapped into a loan or that there will be endless people calling you.

What Will It Tell You?

The mortgage calculator will tell you many things, actually. First, it will tell you what you will pay for the entire home if you do not pay it off early. This number can be very big and frightening. Next, it will tell you what the monthly payment for your home loan will be. This is a great tool to use to compare how much of a home you can afford by this number too. It will then give you what is called an amortization schedule. This will provide you with an idea of where your monthly payment will go. In most home loans, the first several years a larger percentage of your monthly payment will go towards interest than it will the principal. Looking at this can tell you how much interest you will pay as well.

Now, there are many benefits to using this tool. First off, you can easily see if you can afford a loan that large, or perhaps even look for a little more. You can see what the interest charges will be as well as the total cost of the loan. Take this information and use it to compare several different types of loans as well. In fact, you can easily use the mortgage calculator to compare the various loans offered by various companies as well.

All in all, this is a tool that is ideal to use. There is no charge for using it. You should never have to pay to use it and there is no obligation to use the company that is providing the tool either. Finally, you can find a mortgage calculator offered on many of the websites of lenders.

About the author: Maksim Fisher is a freelance writer, specialising in finance subjects such as loans, banking, mortgage calculator , etc. He recommends use of a mortgage calculator for calculations at http://www.mortgage calculatorplus.com .

Factors That Affect Mortgage Premiums

Author: Graeme Notega

Several factors can affect your mortgage premiums such as the amount of the loan, the length of the loan, adjustable rates, the size of the down payment, discount points, closing costs, credit quality, income level, and lock-in period. . An adjustable rate mortgage may get you started with a lower interest rate than a fixed rate mortgage, but your payments could get higher when the interest rate changes.

A larger down payment such as one that is greater than 20% of your loan, will give you the best possible rate. A down payment of 5% or less will result in a higher rate as you are starting with less equity as collateral. Basically in exchange for more money upfront, lenders are willing to lower the interest rate that they charge, which ultimately lowers the payments of the borrower.

Credit quality and debt-to-income-ratio also affect the terms of your loan. The better credit you have, the lower payments you have. Likewise, the higher your income is in relation to the debt you owe, the lower the interest rate you receive on your loan. However, if your monthly income barely covers your minimum debt obligations, you will not receive the lowest available interest rate even if you have great credit.

Your credit report provides information to current and prospective creditors to help you make purchases, secure loans, pay for college educations and manage your personal finances.

Credit reporting makes it possible for stores to accept your checks, banks to offer credit and debit cards, businesses to market products, and corporations.Your credit report is only compiled when you or a lender makes an inquiry. Information supplied by lenders, you and court records is gathered from the credit reporting agency's file and presented in report format for the requester.

Another important factor in this process of determining credit ""worthiness""is the ubiquitous credit score. A credit score is a value assigned to several criteria used in making lending decisions. Criteria chosen in this process include the amount you owe on non-mortgage-related accounts such as credit cards, your payment history and credit history.

Based upon this number,lenders calculate a value representing the amount of risk you pose to a lender. That value takes into account the track record of other consumers with similar credit profiles. By looking at this value, lenders are able to ascertain whether it's a good idea to extend you credit. FICO credit scores range generally from 300-850, with anything above 660 considered good. Yet other factors such as heavy debt or lower income,can affect credit decisions made by lenders for two clients with the same credit score but different incomes or debts.

Mortgage companies use ratios to determine what kind of loan and mortgage to offer clients. They consider ratios such as debt -to-income as well as the ""front ratio"" or housing payment ratio, which compares your total mortgage payment to your monthly income. Generally, this ratio is 30%. Another ratio they use is the ""back ratio"" or total debt expense ratio, compares your total monthly obligations including your total mortgage payment to your monthly income. This ratio is generally 36%.

About the author: Graeme Notega is the owner of ABL Mortgages which tackles all mortgage issues.For more information, go to: http://www.ablmortgage.com

Using Mortgage Interest as an Itemized Deduction

Author: Keith Hoyng

What is mortgage interest? It is any interest you pay on a secured loan when you bought your first or second home. The loans include the mortgage to buy your home, a second mortgage, a line of credit or a home equity loan. The loan must be secured debt or it will be considered a personal loan and the interest is not deductible.

For the average consumer who has managed to acquire credit card debt, car loans, and various other small debts, is the mortgage interest, especially with an interest only loan an answer to mortgage interest deductions and the elimination of non-deductible interest?

What options does the average consumer have in accommodating the tax need in relation to the housing need? What about the interest only loan option on a new house mortgage? Today's housing and mortgage market has seen a tremendous growth in mortgage packages, variety and amount. The mortgage interest deductible on the interest only loan option, once thought to have gone the way of the Edsel automobile, is back today and in use by the masses. The mortgage market has seen an unbelievable increase in the interest only loans from just a mere sliver of the market a few years ago, to around 25% of the market share today. That's huge growth, especially when you talk less than five years to experience that growth.

What benefit does the mortgage interest (especially the interest only loan) bring to the table, and does this benefit the homeowner as a taxpayer? This is one question the mortgage lender probably won't be able to answer for you, and one you probably won't think to ask. But you should, because it's one question that can make a difference to you and to your federal tax return and the amount of the mortgage interest that will actually provide you with a federal income tax deduction. A mortgage interest deduction is one of the best financial reasons to purchase a home. Who gets the deduction? You do, if you are the primary borrower, legally obligated to pay the debt and actually make the payments. If you are married and both of you signed the loan then both of you are the primary borrowers.

The interest only loan and the amount of interest you can deduct on your income tax return are one and the same if your income levels are low enough; the concern for the average consumer is the total dollar value they get to take off their tax return. Quite often, the deductions for the consumer aren't enough to contribute to the bottom line, because the income level the percentage of deductible interest is calculated on is simply too high. Higher dollar amounts in interest will usually mean a greater possibility of a greater deduction. There can be limits to the tax deduction. Your tax deduction is limited if all mortgages on your home are either more than the fair market value of your home or more than one million dollars ($500,000 if married and filing separately)

The greater deduction would be the only advantage to the interest only loan as far as the taxpayer is concerned, unless of course, they use the money saved from the interest only loan to fund a 401k, an IRA, or an MSA (that's a topic for a completely different paper). The mortgage interest and especially the interest only loan is sold to the consumer as a way to afford more house, pay off credit card debt, or provide a means to fund a savings of some kind, and if that's true, it can be used for that purpose. And if you're considering paying off those high interest credit cards, the mortgage interest you're charged on the interest only loan is fully tax deductible, while the credit cards are not; a word of caution, however, make sure you don't turn around and use those credit cards again, putting yourself right back where you started from, just with a bigger interest payment and less house equity.

Why has the market experienced such growth? It's not totally related to the income tax benefit; the home mortgages of today satisfy a common desire for the consumer: instant gratification of bigger and better. Such is the case when it's time to make those needed repairs, or house expansion. A second mortgage makes it possible to retain the same monthly mortgage payment, and still pull a lot of equity out of your home. This may sound like the ultimate solution, but is it really? It also adds to the amount of interest an individual can deduct at the end of the year; and if income levels are growing, the interest expense must grow in order to keep up. Now, this is a somewhat skewed way of looking at the benefit of a mortgage, but it figures right into the same scheme as the elimination of credit card debt and saving for 401(k) s as a valid reason to borrow money against your home. Remember that your home mortgage must be a secured loan from your main home or second home. No deduction can be made for a mortgage from a third home, fourth home and so on. The mortgage and the resulting interest are great tools, when used by the right people, in the right situation. For the average consumer and long-term homeowner, unless you think a better deduction on your tax return is worth the forfeiture of equity in your home, you'd better think twice before re-financing with a second mortgage that generates more interest, but less equity.

About the author: Keith Hoyng is the web master and operator of http://www.quickcash2u.com which is a good source of financial, travel, remodeling, and much more information. Visit us at http://www.quickcash2u.com/TaxHelp.html

Bad Credit Mortgage Refinancing - Refinance And Improve Credit

Author: Carrie Reeder

Many homeowners have a goal of improving their credit. Despite efforts to maintain a good credit rating, situations arise that can have a damaging affect on our credit. A common problem involves acquiring too much debt. In this case, some homeowners are unable to keep up with minimum monthly payments. Skipping or submitting payments late will reduce your overall credit rating. Fortunately, there are options for improving credit.

Benefits of Refinancing a Mortgage with Bad Credit

Today, many homeowners take advantage of refinancing to help improve their credit. Refinancing can serve a two-fold purpose. For starters, applying for a new mortgage may help you obtain a lower interest rate or convert your adjustable rate mortgage to a fixed rate. Additionally, those who refinance have the option of borrowing some of their home's equity. This money is dispersed into a lump sum, and the amount wrapped into the new mortgage

How Does a Refinancing Improve Credit?

Many factors contribute to bad credit. If you are unable to pay creditors, have excessive debts, and several collection accounts, this will reflect on your credit report.

When a potential lender reviews your loan or credit request, negative credit report information may result in credit denial.

Because mortgages are collateral-based loans, it is easy to get approved for a refinancing with bad credit. Furthermore, because of low mortgage interest rates, it is possible to obtain an acceptable interest rate with a bad credit refinancing. If you purchased your home before rates began to fall, you may still obtain a lower refi rate.

To benefit from a refinancing, you must cash-out at closing. The money can be used for a variety of purposes. Make necessary home improvements, plan your retirement, or begin a college fund for your children. However, if you are hoping to improve your credit, the money should be used to payoff or reduce credit card balances.

Bad Credit Refinancing Lenders

If refinancing your mortgage with bad credit, select a bad credit lender. These lenders are devoted to finding the perfect loan program for you. For the lowest possible rates, consult several bad credit lenders. Explain your situation and needs. Next, request quotes from these lenders. Quotes will consist of interest rates, estimated monthly payments, and fees due at closing. The final task involves picking a lender to handle your refinancing.

About the author: Visit ht tp://www.abcloanguide.com for a list of bad credit mortgage refinance lenders online. View our recommended ba d credit home mortgage refinance lenders.

Poor Credit Mortgage Refinance - Getting Approved

Author: Carrie Reeder

Because of low interest rates, many homeowners are opting to refinance their homes and cash-out at closing. The refinance process is similar to the procedure of obtaining the original mortgage. Homeowners must be approved by a lender and pay fees associated with acquiring a new loan - closing cost, title search, settlement fee, etc. Yet, there are benefits to refinancing a home. Homeowners may obtain a lower interest rate, which equals lower monthly payments. Moreover, refinancing a home for a shorter term allows the property to build equity quicker.

Benefits of Refinancing with Poor Credit

Refinancing a home with good or fair credit is less complicated. Persons with a good credit rating are qualified candidates, thus some lenders are more willing to compete for their business. Some homeowners with bad credit may hesitate to refinance. However, it is possible to refinance a home with poor credit. In fact, refinancing and receiving a lump sum of money at closing may help improve credit. Once funds are received, the homeowners could use money to pay off high interest credit cards and other consumer debt, which will boost credit ratings.

How to Get Approved?

Getting approved for a refinance with poor credit requires work and patience. There are ""high risk"" lenders willing to loan money. Nonetheless, before applying for a mortgage, homeowners should try and correct any blemishes on their credit report. This may include paying down the balance on credit cards or maintaining a current account standing with creditors.

Mortgage Brokers: Negotiating the Deal

Submitting a loan application to several different lenders is the key. These include local lenders and online lenders. It is recommended that homeowners receive at least three quotes. Mortgage brokers are highly effective because they have access to various lenders that specialize in granting loans to individuals with a poor credit rating. Brokers negotiate with these lenders to help an applicant obtain a loan that meets their needs. After a loan application is submitted to a mortgage broker, within 24 hours homeowners will receive multiple quotes from several different lenders who offer mortgages for poor credit. Multiple offers afford the opportunity to compare rates, and select the best offer.

About the author: View our recommended

Bad Credit Mortgage Refinance lenders.

Mortgage Scams; Did You Fall For One?

Author: Henk Helde

A home is the most expensive investment most people will ever own. For cash-strapped homeowners a home equity loan is a temptingly easy way to get cash. However, some home equity lenders are dishonest, and gullible consumers are at risk of losing their biggest asset. Borrowers should be wary of unscrupulous lenders and their scams to avoid losing their homes.

Financially unsophisticated homeowners, such as the elderly, members of minority groups and people with poor credit ratings, are often targeted by unscrupulous lenders using unethical lending practices.

One tactic used is called ""equity stripping"". In this instance, cash-strapped prospective borrowers who the lender knows cannot met the monthly payments are encouraged to exaggerate their income on the application form to help get the loan approved. As soon as the borrower fails to meet the monthly payment, the lender forecloses, stripping the borrower of all the equity in the home. Low-income homeowners should beware of lenders who encourage them to accept loans which they cannot afford to repay.

Another tactic is the balloon payment. A borrower who is falling behind in mortgage payments is offered mortgage refinancing at a lower monthly payment. However, the payments are lower because they cover only the loan interest. At the end of the loan term, the principal -that is, the entire amount of the loan -is due in one lump sum called a balloon payment. If the borrowers cannot make the balloon payment or refinance, the home is foreclosed.

Loan flipping is another deceptive practice. The company holding a homeowner's mortgage offers to refinance in order to give the homeowner extra cash, but charges high points and fees for doing so. The extra cash received may be less than the additional costs and fees charged for the refinancing; moreover, interest must be paid on the extra charges.

Home improvement scams are very common. A contractor offers to install a new roof or remodel a kitchen at a price that sounds reasonable, and offers financing through a lender he knows. Sometimes the contractor even attempts to get the homeowner to sign blank contract forms with the promise they will be filled in later when the contractor is ""less busy"". Often, the rates offered are not competitive, and as soon as the contractor has been paid by the lender, he has no interest in completing the job to the homeowner's satisfaction. The homeowner is left with unfinished or shoddy work and a large loan to pay off.

Credit Insurance Packing is the charging of extra fees at the closing of a mortgage. A homeowner and a lender come to an agreement on a mortgage, but at closing, the lender tacks on charges for credit insurance or other ""benefits"" that the borrower did not ask for and did not discuss. The lender hopes the borrower won't notice this, and just sign the loan papers with the extra charges included. If the borrower questions the last minute charges, the lender may state that the charges are standard policy for all loans, and if objections continue, the lender will claim that it will take several days to draw up a new contract, or that the bank manager may reconsider the loan altogether. Due to these last-minute pressure tactics, the loan may wind up costing considerably more than initially stated. Borrowers who agree to buy the insurance are paying extra for a product they may not want or need.

Mortgage Servicing Abuses occur after the mortgage has been closed. Borrowers get bills from mortgage companies for payments such as escrow for taxes and insurance even though the homeowner agreed beforehand with the lender to pay those items themselves. Bills arrive for late fees, even though payments were made on time. Or a message may arrive saying that the homeowner failed to maintain required property insurance and the lender is buying more costly insurance at the homeowner's expense. Other unexplained charges such as legal fees are added to the amount owing, increasing the monthly payments or the amount owing at the end of the loan term. The lender does not provide an accurate or complete account of these charges. When homeowners get tired of these tactics and ask for a payoff statement in order to refinance with another lender, they receive inaccurate or incomplete statements. The lender makes it almost impossible to determine how much has been paid and how much is still owing on the loan.

Homeowners should avoid signing over the deed to their properties to lenders under any circumstances. If a borrower is in danger of foreclosure, a second ""lender"" may offer to help prevent the loss of the home, if only the homeowner will sign over the property as a ""temporary"" measure. The promised refinancing never arrives, and the lender now owns the property. Once the lender has the deed to your property, he can treat it as his own. He may borrow against it or even sell it to someone else. The borrower no longer owns the home, and will receive no money when it is sold. The lender can treat the borrower as a tenant and the mortgage payments as rent. If the ""rent"" payments are late, the borrower can be evicted.

To protect against unethical lending practices, homeowners should never agree to loans beyond the means of their monthly income; sign any documents before reading the fine print; or let any lender pressure them into signing immediately. Never allow the promise of extra cash or lower monthly payments get in the way of good financial judgment. If a loan sounds too good to be true, it probably is.

Always ask specifically if credit insurance is required as a condition of the loan. If the added security of credit insurance is desired, shop around for the best rates. Keep careful records of all payments, including billing statements and canceled checks. Challenge any inaccurate charges; many companies hope that borrowers will simply not be bothered.

Hire contractors only after checking their references, and get more than one estimate for any job. Borrowers who are financially inexperienced should consider consulting with an accountant or an attorney before signing a loan.

About the author: H Helde likes to write articles http://www.fha-fha-home-loan-gold-medal-mortgage.info http://www.long-beach-home-equity-loans.info http://www.credit-score.info

How to Find the Best California Mortgage

Author: Dana E. Smith

Compared to other homeowners, Californians pay one of the highest premiums in the country for their warm, sunny climate. According to the National Association of Realtors, the median price for a single-family home in California topped out at an eye-popping $542,000 in fourth-quarter 2005. While finding the best possible mortgage loan rate is important wherever you live, prices like these underscore the importance of doing your mortgage homework if you live in California.

According to ""Looking for the Best Mortgage"", an article published by the Federal Reserve, getting a good rate on your California mortgage is basically a three-step process. The Fed's strategy, which it calls ""Shop, Compare and Negotiate"", says a mortgage is essentially a product like a car. Just like the price of a new Caddy, the price and terms for a home loan are often negotiable. So, says the Fed, it pays to shop, compare and negotiate.

The first step in the process -- shopping for the best home purchase loan, home equity loan or refinance loan -- is easier than ever. That's because of the dramatic increase in the number and popularity of online lenders. Nationally recognized lenders like Home 123 or Ameriquest now offer a wide variety of mortgage products in many states, including California. Besides offering mortgage products that combine convenience and flexibility, online lenders are also available 24/7 to give you a free mortgage quote -- something that can't be said of traditional brick-and-mortar lenders like banks or credit unions.

Shopping around for your California mortgage is just the first step. After that, you'll want to compare the offers you've received. Make a checklist that contains all the key information about rates, points, fees, the down payment, and the cost of private mortgage insurance. Set up the worksheet in a spreadsheet program like Microsoft Excel and give each lender a column of its own. That way it's easy to compare lenders -- and the bottom line -- side-by-side.

Finally, says the Federal Reserve, don't assume a lender's offer is the last word in your search for the best California mortgage. That's because mortgage lenders frequently offer different terms and rates to different customers, even if those customers are equally qualified for a mortgage loan. It pays to negotiate, so now is the time to show a prospective lender that you're a savvy consumer shopping for the best possible deal. Don't be afraid to ask for lower fees, a lower rate or fewer points!

In conclusion, when buying a home or negotiating a home equity loan or refinance loan, don't forget to shop around, compare offers and flex your negotiating muscles. That way you'll get the best possible deal on your California mortgage!

About the author: Dana E. Smith is a free-lance writer whose wide-ranging interest in consumer topics also includes the phenomenon of online mortgage lending. Get a free California Mortgage quote and learn more about

California Mortgages here.

Internet Mortgage Leads: 3 Hidden Sources of Good Quality Mortgage Leads

Author: Hartley Pinn

Have you ever purchased internet mortgage leads? If so, you know how challenging it can be to find quality internet mortgage leads.

If you are a mortgage loan officer looking for internet mortgage leads just keep reading. I'm about to show you how to tap into three ""hidden"", super-abundant sources of good quality internet mortgage leads (as many as several hundred to thousands)

And that's not all. Two of the three sources listed below can generate internet mortgage leads at no cost.

Yes, even if you're dead broke you can use these techniques to create a flood of qualified internet mortgage leads and produce an avalanche of new sales.

So let's get started:

Internet Mortgage Lead Source #1: Articles

Write articles about your mortgage related niche and submit them to article directories.

Here are a few sites for your article submissions:

About:

http://sbinformation.about.com/library/blsubmission.htm

ezinearticles.com

goarticles.com

articledashboard.com

searchwarp.com

contentdesk.com

isnare.com

buzzle.com

ideamarketers.com

businessknowhow.com

articlesphere.com

amazines.com

web-source.net/syndicator_submit.htm

Try to include the following elements in your articles:

1) Useful information - a must!

2) A text link to your site

3) A lead generating offer relating to the subject mater in your article

Provide a link to a web page on your site where the reader can get a complementary special report or something else of value.

If you're not a writer, hire someone to write your article for you. Just search Google.com for the term ""freelance writer"".

If you submit just two articles a week to the sites listed above, after one year you would have 100 articles all over the internet. If you publish useful information, these 100 articles could easily generate hundreds if not thousands of pre-qualified visitors to your site daily.

Internet Mortgage Lead Source #2: Joint Ventures

Here are a few easy steps to follow in order to generate internet mortgage leads using joint ventures:

First, you will need to create a bribe. Let' say you decide to offer a complementary special report titled ""10 quick and easy ways to finance your home improvements"".

Next, you will need to find home improvement list owners who publish ezines (electronic magazines) and newsletters online to give away your special report.

To find home improvement list owners just go to Google.com and search ""home improvement ezine""or ""home improvement newsletter"". Then sign up for the publications.

When you receive the ezines and newsletters, click ""REPLY"" and send the publisher an email asking them to give your special report to their readers as a gift.

You can also offer to pay the publisher through an affiliate program as an added incentive for giving away your special report.

Internet Mortgage Lead Source #3: Pay Per Click (PPC) Advertising

If you've tried to market your mortgage website on pay per click search engines, you already know how competitive it is on the net for mortgage related key words.

You can expect to pay $15 or more per click for the popular mortgage key words on the major pay per click search engines.

Here is a much less expensive way to get tons of PPC traffic to your site: quigo.com

This site gives you PPC ads on local and national news paper and magazine publication websites at a fraction of the cost of advertising on Google adwords and Overture.

Certainly, these lead generation strategies can be a great source of internet mortgage leads for your business. But to insure your long lasting success in the mortgage business, you will need to create and follow a complete ""attack plan"".

Especially if you're currently relying on only 1-2 sources for generating your mortgage leads - because they can change and dry up overnight (they often do).

For a complementary mortgage lead generation e-course that will show you multiple strategies for generating mortgage leads, please visit:

http://Mortgage-Marketing.Mortgage-Leads-Generator.com

Please feel free to reprint this article as long as the resource box is left intact and all links are hyperlinked.

Hartley Pinn has recently created the ""Mortgage Leads Generator"" Training Course to teach mortgage loan officers 10 proven strategies for generating more than 71 mortgage leads per day.

About the author: As a top producing mortgage loan officer, Hartley Pinn has been actively testing, researching, and evaluating lead generation strategies since 1995.

Mr. Pinn has written several articles on the subject and has recently created the ""Mortgage Leads Generator"" Training Course to teach new and experienced mortgage loan officers how to generate a five to six figure monthly income while cutting their work schedule down to only 10 hours a week.

5 Ways to prepare to qualify for a mortgage loan when refinancing or buying a new home.

Author: Notary Near You

You are thinking about buying a property or refinancing your current mortgage. There are several things you can do to get the best interest rate and prepare for this process. Follow the steps below to get the most for your money!

1. Ask your friends and family what loan officer they have worked with. Refererals are the best way to find a qualified loan officer that will work hard for you.

2. Contact the loan officer and request a copy of your credit to prepare for your transaction. You may find there are things you can do to better your scores if you are thinking ahead of the game.

3. Write down you previous address' for the last 10 years. This will be something that your loan officer and escrow officer will ask for!

4. Employment - make sure to have the address' of your last 2-10 years employer's names and address'. If you are self employed, you must provide a copy of your business license or a letter from your accountant stating you have atleast 2 years in your industry)

5. Save Money! The more money you have to put down on your purchase, the better interest rate you will get which inturn lowers your monthly payment.

After you have signed your loan documents and your new loan has funded, keep in mind that it is very important to continue to make all payments, mortgage and credit on time. You credit scores are critical to qualifying for a loan with a good interest rate!

About the author:

Notary Near You Inc. is your prompt, precise, and professional network of mobile notaries that saves you time by coming to you for signing. Backed by nine years of experience and over 10,000 sets of completed loan documents for lenders, banks, loan officers, real estate agents, escrow firms, and title companies, we'll work with you when and where you need us!

Sub-Prime Mortgage Loan - How Sub-Prime Loans Differ From Conventional Loans

Author: Carrie Reeder

Sub-prime mortgage loans offer more flexibility than their conventional mortgage loan cousins. With terms determined by Freddie Mac and Fannie Mae, conventional loans have strict guidelines on loan amounts, terms, and PMI requirements. With sub-prime mortgages, lenders can provide more choices with an increase in rates.

The Limits Of A Conventional Loan

Conventional loans are often sought for their low rates. But those low rates come with limitations. Freddie Mac and Fannie Mae buy mortgages after they have been processed by a financial company. This frees up money for the lender to make more loans. However, Freddie Mac and Fannie Mae have tight guidelines on what types of loans they will purchase.

Among these limitations are caps on loan amounts. In 2006 the limits were set at $417,000 for a single family house. Every year these caps are reevaluated. Conventional home loans also require you to carry private mortgage insurance if you borrow more than 80% of the home's value.

To qualify for a conventional mortgage, you must have good credit, cash assets, and steady employment history.

The Options Of A Sub-Prime Loan

Sub-prime home loans provides financing for those with poor credit or unusual application terms. This can include jumbo loans, exceeding the limits of a conventional loan. People with unusual or unpredictable jobs may also find an easier time getting financing with a sub-prime lender.

Sub-prime mortgage terms are determined by the individual lender. So you can get a zero down loan with a poor credit score. You can also find near market rates by placing a large down payment at closing. Private mortgage insurance is not required with a sub-prime mortgage, potentially saving you hundreds a year in premium costs.

Getting The Right Mortgage For You

Most financing companies handle both types of loans, so you can easily get quotes for both types. To find the right mortgage, you have to take the time to crutch the numbers.

Look at the APR to determine the total cost of the loan. But also factor in any plans to move or refinance in the future. By turning over your home loan in a few years, you don't want to pay out large application fees for low rates that don't have time to save you money

About the author: Visit ht tp://www.abcloanguide.com for a list of recommended sub-prime mortgage lenders online. View our recommended su bprime mortgage lenders online .

Buy A House With Poor Credit - 3 Tips On Getting Approved For A Bad Credit Mortgage

Author: Carrie Reeder

Buying a house is in reach for those with poor credit histories. Even with bad credit, you can secure a mortgage with reasonable rates and terms. Before you assume you have a low credit score, check your credit report. If you do have adverse credit, plan on getting the best rates possible by following these three tips.

1. Up Your Down Payment

Besides your credit report, your down payment will greatly affect the rates you qualify for. In some cases, it's possible to qualify for conventional rates with a large enough down payment.

If you have an especially low score due to a recent bankruptcy or foreclosure in the last year, you may be required to put down 50% of the home's value. It is possible to get a mortgage with no cash down, but your rates will be much higher.

2. Be Flexible With Your Terms

Your loan's terms can also vary rates within a point or two. Adjustable rate mortgages will start out about a point less than fixed rate mortgages. This will also help you qualify for a larger mortgage. But you may find your rates and payments increase in the future with an ARM.

The shorter your home loan, the lower your rates. You will also save thousands in interest cost simply by having a shorter loan.

Some lenders have additional discounts for automatic payments. You also have the option of buying down rates, which can be a real savings if you keep your loan for several years.

3. Take Time To Compare Lending Offers

Taking the time to compare lending offers is the surest way to save money on your mortgage. A difference as little as an eighth of a point will save you thousands on interest. So just like you spend hours searching for just the right house, so you should spend time researching lenders.

With online financing companies, you can quickly gather information to make your mortgage decision. Mortgage broker sites can get you multiple loan estimates in minutes. You can also get loan quotes through individual lender sites without hurting your credit score.

About the author: Visit ht tp://www.abcloanguide.com/ for a list of bad credit mortgage companies. View our recommended lenders to bu y a home with poor credit .

Cash-Out Mortgage Refinancing

Author: LendingTree Editorial Staff

Your house is a potentially large source of ready money if you are willing to sacrifice some of your equity in return for liquidity. Cash-out mortgage refinancing is one way to access this cash.

What is cash-out mortgage refinancing?

Cash-out refinancing involves refinancing your mortgage for more than you currently owe and pocketing the difference. If you have been paying down your mortgage for some time, then the principal on your mortgage is likely to be substantially lower than what it was when you first took out your mortgage. That build-up of equity will allow you to take out a loan that covers what you currently owe -- and then some.

For example, say you owe $90,000 on a $180,000 house and want $30,000 to add a family room. You could refinance your mortgage for $120,000, and the bank will then hand over a check for the difference of $30,000.

You can take the difference and use it for home renovations, second-property purchases, tuition, debt repayment or anything else that needs a significant amount of cash. What's more, you may be able to get a more favorable interest rate for your refinanced mortgage.

However, if the interest rate offered for your refinanced mortgage is higher than your current rate, this probably isn't a sensible choice. A home equity loan or line of credit (HELOC) might be a better idea.

Typically, homeowners are allowed to refinance up to 100 percent of their property's value. However, if you borrow more than 80 percent of your home's value, you may have to pay private mortgage insurance, or pay a higher interest rate.

To learn more about cash-out refinancing, visit

http://www.lendingtree.com/cec/yourhom e/yourmortgage/cash-out-mortgage-refinancing.asp

About the author: The editorial staff at LendingTree is committed to helping consumers become smarter borrowers. Visit http://www.lendingtree.com/cec for more information and tips on buying, selling, and financing a home. Copyright 1998-2006, LendingTree, LLC.

How to Get Your Home Loan Mortgage approved fast

Author: Anish Sapra

Ever noticed how some people get their loans approved in a jiffy while others struggle to get one in despair. So, what is it that makes them differ? How does a lender evaluate us?

In reality, getting your home loan mortgage approved and that too at a good speed depends on whether your background matches the list of criteria set forth by the lender or not. Even though these rules are not so hard and fast, your loan officer will not stray too far away from the guidelines he has been relegated with.

If you are a novice to the property market who is applying for a

FIRST TIME HOME BUYER MORTGAGE , then you must acquaint yourself with these guidelines.

Loan officers have a scoring strategy for aspects on your background that they are evaluating us for. Any borrower will be scrutinized on the following:

* Employment History An individual should have been in employment for not less than two consecutive years inside the same industry. Creditors look for stability and consistency as best they can and your employment history is a good criterion for them to evaluate your capability to generate income to finance your mortgage.

* Credit History Credit scores are the most important aspect that determines your financial future. Carrying a good credit score is an asset and paves your future towards greener pastures. On the other hand a negative marking on your credit report can be ruinous for your future dreams. Therefore, it would be best to clean up your credit score before applying for a loan.

* Outstanding Liabilities Your income states the amount of liabilities you can support. Thus, in order to qualify for a home loan mortgage, you should reduce your outstanding liabilities to the point which is acceptable by the lender.

* Assets Another plus where you can prove to the lender as to if you can afford the mortgage is by showing the lender the amount of cash and liquid assets you possess.

* Existing Payments If you have an existing housing rental payment, there should not have been any late payments made, especially in the last 12 months. This shows your ethics and is a proof that you are responsible and would pay your payments too on time.

Other forms of payments receipt like utility bills, insurance payments and even car insurance could help you in proving you are creditworthy.

About the author: The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting First-Mortgage-From-C4f For more information please visit at:http://www.first-mortgage-from-c4f.co.uk

The 40-Year Mortgage Powers Home Buying

Author: Mark Walters

It's no secret that home values have been climbing in many areas. In a few cities home prices haven't just gone up, they have been launched into the stratosphere.

If you own property you just can't stop smiling. The size of your home's equity may be matched only by the latest Power Ball total. But what about the first time home buyer or those who have a burning need for more space - the move up buyer?

Wages gains have not matched the increased real estate prices and that is putting new buyers in a tight spot. The law of market forces indicates that with fewer people able to buy a home there will be less demand and home prices will begin coming down, right? Wrong!

The building industry and booming home equity growth are about the only things driving the fragile U.S. economy. The government must keep the housing market healthy or risk being booted out of office. Bush is keeping the ball rolling just as Clinton did before him. Keep the voters passive in their snug new homes.

Enter the 40 year mortgage.

An ad in the financial section of a major city's newspaper shouts ""Ask About Our 40 Year SmartChoice Mortgage!"" The advertisement goes on to say you have your choice of an adjustable rate of 1%, or a fixed rate of 1.75% for 5 years.

Look what that means. You can stroll in and borrow $400,000 for a monthly payment of just $1,012 with zero closing costs! Hurray, everyone can again afford to buy a home. Yeow, this ad even says they will loan you 107% of your new home's value.

Shouldn't we get a little nervous when we see that kind of ad? Won't the 40 year loan allow people who really can't afford a home to shoulder that financial burden? And if we may be a real estate bubble as some claim, doesn't this make buying highly leveraged real estate down right dangerous?

Until now forty-year mortgages have been rare because lenders couldn't sell the darn things to investors through the government-sponsored enterprises Fannie Mae and Freddie Mac. Those 40 year loans had to be held by the lenders, tying up their money for a long time. Now that's changed.

Both Fannie and Freddie are passing out cash for those babies like they are running their own money printing presses. Wait a minute, the government IS running the presses. Some would say, just like Parker Brothers prints Monopoly money. It's easy to see that the primary advantage of a 40-year fixed-rate mortgage is to make monthly loan payments more affordable and avoid the risk of an adjustable rate mortgage. The 40-year fixed rate also appeals to buyers with small down payments.

Now stop and look at the numbers. You will see that the difference in payments may not be that significant. Take a $200,000 mortgage financed for 30 years at a fixed rate of 5.75%. It would have a monthly payment of $1,167.15. Stretching the loan term by an additional 10 years (40-year mortgage) only reduces the monthly payment by a little over $100 to $1,065.78.

There's more: Some of benefit of those lower monthly payments is offset by the higher interest rate that comes with the 40-year loan. Rates on a 40-year fixed are often one quarter to one half of a percentage point higher than a traditional 30-year fixed-rate mortgage. Loans with longer terms carry higher rates because of the added time frame where a default may occur and because lenders require compensation when their money is locked up for the longer time.

One of the benefits of the recent increase in homes values is that homeowners turned much of their equity into cash through refinancing. Homeowners spend that cash and that money keeps our economy going. With 40-year loans real estate equity grows at a snail's pace a home's value appreciates at a normal rate of 3% to 5% yearly. For the first-time home buyer who plans to eventually move up to a larger home, this slow pace of equity accumulation is a liability.

Now add zero closing costs to the mix. In most areas, closing would run about $2,000 in fees to refinance a $200,000 mortgage. Appraisal - $300. Settlement Fee - $300. County recording fees - $400. Underwriting fee - $300. Processing fee - $200. Title Insurance - $750. The list goes on.

Without zero closing cost programs, the home buyer would have to wait until interest rates reached a level low enough to justify the closing costs. Remember that closing costs must be low enough to allow the buyer will recoup those costs in a reasonable period of time. If he plans on being in the home for five years and it takes seven years to recapture the closing costs it's a bad deal. We must admit homeowners don't see to be very concerned about such things.

No body gets something for nothing, especially with mortgage lenders. A zero cost loan program is financed by a loan with a slightly higher interest rate. You can juggle the numbers all you want, but the borrower always pays and the lender always earns. The 40-year mortgage will allow our economy to keep rumbling along this bumpy road for at least a short trip. Let's hope we don't wind up at a dead end.

About the author: Author Mark Walters recommends that you learn more about Credit Cards and Loans, Here

Bad credit can not stop you from availing a home mortgage loan

Author: Pranav Pratyush Das

Purchasing a home is no longer a difficult task for most of us. There are a number of creditors in the market who provide cheap mortgage loans for the purpose of buying a house. But, the difficulty occurs when you are facing the problem of bad credit record. Lenders hesitate to provide mortgages to people with bad credit history.

Bad credit record essentially means that you have been unable to pay back your loans, you might have credit card dues on you, you might have arrears dues, you might have faced Country Court Judgements (CCJs) or you might have declared bankrupt. In such cases it becomes very difficult to get a mortgage loan. But you do not need to lose your heart despite of all this because there are still many creditors who provide mortgage to bad credit borrowers.

Since a BAD CREDIT MORTGAGE is a kind of secured loan, the rate of interest charged on such a loan is comparatively low. Rather the rates of interest are competitive and the monthly installments are small. It depends a lot on the creditor as to what plan he has offered you. Some creditors have flexible repayment options for bad credit borrowers also.

Even in a bad credit mortgage you have two options available before you. You can either choose a fixed rate mortgage or a variable rate mortgage. The difference between the two is that in the fixed rate mortgage the interest rate once fixed is permanent for the whole life span of the loan. On the other hand in a variable rate mortgage the rate of interest fluctuates with the variations in the base rate of Bank of England.

So, if you are facing a bad credit problem and planning to buy a house, just find a suitable deal on the Internet. By filling an online loan application form you can start the process of procuring the mortgage loan. These days lenders are quite fast in providing loans as some of them give you the loan amount in less than a week's time.

For further reference visit: http://www.first-mortgage-from-c4f.co.uk

About the author: The author is a business writer specialising in finance and credit products and has written authoritative articles on the finance industry.

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Author: Seek

Types of Mortgages

If you are a mortgage aspirant, then you need to do a bit of information digging so as to help you decide which mortgage deal is going to suit you. With the competition between mortgage lenders really heating up, there are a myriad of mortgage options available that you can choose from. This makes it even more important for you to be in the know of the kind of mortgages available in the market.

Mortgages are essentially loans drawn against some collateral. In other words you can use the money from a mortgage to buy a property and the lender can stake legal claim on that property until you pay back the loan. Also, if you fail to pay back your mortgage, the lender can repossess your property.

Mortgages usually differ on two points namely pay back capital and the interest you pay. On the basis of the way you pay back your loan, mortgages can be of three types: More info at: http://seek.uk.com/mortgages/mortgages.html

Repayment Mortgage: In a repayment mortgage you pay off some amount each month, which goes towards the payment of interest and the principal amount. At the end of the term the mortgage is cleared.

Individual Saving Account: This mode uses an ISA to pay back the loan; but if your investment performs badly, you may find it difficult to pay back the loan.

Pension Mortgages: At the end of the mortgage term, you can use the tax-free cash from your pension to pay off the loan. On the basis of interest rates, mortgages may be any of the following:

Variable rate mortgages: In case of a variable rate mortgage, the interest rate on your mortgage varies in accordance to the varying base rate of the bank of England.

Fixed rate mortgages: The interest rate on a mortgage remains fixed throughout the term of the mortgage.

Capped rate mortgages: The interest rate on such a mortgage is fixed but lowers if the base rate falls.

Discounted rate mortgages: In case of a discount rate mortgage, the lender offers the borrower some discount off the variable rate. Now that you are aware of the different options available in the market with regards to mortgages, you can easily select the mortgage type that befits your situation.

Come & discuss all mortgage related topics at: http://forum.seek.uk.com

About the author: http://forum.seek.uk.com Get the best advice on finance forums, finance message boards, online finance advice, finance discussion board, business & finance forums, online finance advice and investment tips in UK.

Mortgage Basics in the Current Australian Market

Author: Tracey Anderson

Copyright 2006 Tracey Anderson

Homeownership in Australia is at an all-time high. The Mortgage Industry Association of Australia reports that Australia's homeownership rate of 70 percent is among the highest in the world. It's clear that more Australians are buying homes, in part due to the nation's economic strength and prosperity, as well as the affordable housing market. According to the Australian Bureau of Statistics, the average value of a recently purchased home was $200,000 for first-time homebuyers, and $280,000 for changeover buyers. And if you're a first-time home-buyer, you may be eligible for a non-means-tested, First Home Owner Grant.

Several other resources are available, including the Defence HomeOwner Scheme, which offers interest subsidies for members and ex-members of the Australian Defence Force wishing to purchase their own home. There are several steps involved in getting a mortgage, and it starts before you even have your new home picked out. Selecting a mortgage lender is the earliest, and perhaps the most important step of all. It will ultimately determine both the price range you will be focusing on, the features of a home you will be looking for as well as the all-important location factor. By doing extra research in the preliminary stage, you are more likely to find a home in your desired location (especially in cities with competitive real-estate markets like Sydney) because having a definite price in mind will focus your house-hunting efforts.

Choosing a lender that will work with you, and provide you with the best rates and fees possible will help you determine how much you can afford to spend on your new home. Often, this step is best done with the help of online research tools and leading independent mortgage resources.

Once you have selected a lender, they will work with you to pre-qualify you for a loan, and determine how much you can afford to spend. The pre-qualification is not the same thing as approval, but rather, a guideline that gives you a dollar amount that you should qualify for given the information you provided. Only after these two steps is it time to go out and start house-hunting.

When you have found the home of your dreams, your lender or broker will be able to give you advice on the next steps. After making your offer, the process of actually obtaining your loan should be straightforward and speedy, especially if you have already been pre-qualified. By doing some extra research in the preliminary stage of property searching and by taking advantage of current developments in today's booming market (such as the First Home Owner Grant), you can move into your home sooner, with less hassle and with a better mortgage.

About the author: Tracey Anderson is a mortgage broker with 16 years experience in the Australian mortgage industry. She currently works with a number of broker networks, including, Mortgage Mall as an expert industry analyst. For more resources and information about the Australian mortgage industry, visit http://www.mortgagemall.com.au