Finding a Mortgage Refinance Advisor

Author: Jennifer Hershey

If you are looking to refinance your home for a lower rate, or you are interested in a refinance with cash out to do some home repairs, buy a new car, etc., you may want to consider finding a mortgage refinance advisor.

There are actually two ways you can go about refinancing your home. The first would be to do the shopping around for a refinance on your own. The second way would be to locate a mortgage refinance advisor.

A mortgage refinance advisor. Otherwise, known as a mortgage loan officer or mortgage broker are not at all hard to find.

The internet is perhaps the best resource for tracking down a mortgage refinance advisor. There are literally hundreds of them right in your own back yard, and the internet would be by far the best way to begin your search.

Once you have found a mortgage refinance advisor, don't stop there, shop around. By shopping around with a few different loan officers and brokers, you will give yourself the ability to compare rates and prices.

Think of it the same way you would go about purchasing a new car. Shop around, test drive a few by going to different dealerships. Once you have test driven a few cars and compared pricing, base your decision on the best and most reasonable deal.

By shopping around as opposed to committing to the first mortgage refinance advisor you come across could mean the difference of thousands of dollars in closing costs and interest fees' over the life of the loan.

By allowing no more than four loan officers or mortgage brokers to assess your situation, you are putting yourself in a much more ideal situation. Especially if your credit is challenged or your situation is unique, not only will the mortgage refinance advisors' expertise come into play, you will be in a position to compare rates and pricing.

Remember, the majority of mortgage refinance advisors are paid on commission, so it is just as important to them as it is to you to get to the closing table. Good luck.

About the author: Jennifer Hershey has more than twenty years of experience in the Mortgage Industry as a loan officer. She is the owner of http://www.explainingmortgages.com/, a mortgage resource site devoted to making mortgage terms and products easy to understand.

How to obtain a second mortgage loan?

Author: Daniel Reed

A second mortgage is a loan that is secured by the equity in your home. When you obtain a second mortgage loan the lender will place a lien on your house. This lien will be recorded in 2nd position after your primary or 1st mortgage lender's lien, hence the term second mortgage. A second mortgage is also sometimes referred to as a home equity loan. There is no difference between a home equity loan and a second mortgage. These are just two different terms for the same subject. A second mortgage can either be a fixed-rate loan or an adjustable-rate credit line. Interest rates and loan program terms will vary from lender to lender so it is important to shop around and compare before committing to any one offer.

A second mortgages are ideal when you just want to tap into your equity, plan to move soon, or are unsure about the amount you want to borrow. Another plus of a second mortgage loan is that the interest you pay back on the loan may be tax deductible. Consult your tax advisor regarding your personal situation but in most cases the interest is 100% fully deductible as long as the combined loan to value of your 1st and 2nd mortgage do not exceed the value of your home.

Loan proceeds from a second mortgage loan can be used for just about anything. Many consumers take out 2nd mortgage loans to consolidate debt, do home improvements or pay for their kids college education. Whatever you decide to do with your loan proceeds it is important to remember that if you default on your payment you can lose your home so you will want to make sure that you are taking the loan out for a worthwhile purpose.

A second mortgages aren't for everyone. You should weigh the cost of PMI and payments when choosing your financing options. Borrowing more than 80% of your home's value will subject you to private mortgage insurance. Your monthly payments should also be a factor in your decision. By taking out equity when refinancing your home, you will have a lower payment than if you had both a mortgage and 2nd mortgage payment. Also, if you refinance in the future, you will have to pay off your 2nd mortgage.

About the author: About the Author

Daniel Reed is the author of

How to obtain a second mortgage loan? . He is the chief editor for http://www.funinusa.com .

Shop Around for the Best Mortgage Interest Rate

Author: Jennifer Hershey

Shop Around for the Best Mortgage Interest Rate

If you are currently on the market for a new home, or you are looking to refinance your current mortgage, one of the most important things to you when shopping around for a home loan will be the mortgage interest rate.

Of course you will want your mortgage interest rate to be as low as possible, so take some time to shop around for the best deal.

Shopping around for the best mortgage interest rate is very important because you want to go with the best deal possible. Don't just settle for the first lender you come across and go with whatever rate they may offer you.

By shopping around you can compare rates and products. The difference in one percentage point on an interest rate can mean thousands of dollars in savings over the course of a thirty-year mortgage.

Think of shopping around for a mortgage the same as shopping around for a new car.

When you are on the market for a new car, you visit two or three car dealerships, you speak with a few different sales people, you test drive a few different cars, than make your decision on the best car at the best price.

Treat the concept of shopping for a mortgage the same as you would if you were shopping for a car.

The mortgage industry is a very competitive one, and the mortgage companies are all too happy to compete for your business. The last thing a mortgage company wants is for you to give your business to their competition.

When shopping around, let the mortgage brokers or loan officers you are dealing with know that you are shopping around. By supplying them with this knowledge, they will understand the importance of coming back at you with the best deal they have to offer to make sure they secure your business.

Once you have a handful of loan officers make you their best offer, give your consideration to the one with the best rate and to the scenario that sounds the most reasonable.

Remember, once an offer is made to you, ask to see all of the particulars in writing. A verbal offer may sound great to you, but without the paperwork to back it up, it is worthless.

About the author: Jennifer Hershey has more than twenty years of experience in the Mortgage Industry as a loan officer. She is the owner of http://www.explainingmortgages.com/, a mortgage resource site devoted to making mortgage terms and products easy to understand.

Refinance Mortgage or Not?

Author: Ken Austin

Is a refinance mortgage the right thing for you? This is a difficult topic to figure out for the average person. There are several things to consider in order to make the decision about whether or not you should get a refinance mortgage. Here are some things that you should consider before making a decision:

* You should know whether or not your interest rate is higher than that of your current mortgage. If it is lower, it may be favorable for you to take on the refinance mortgage. If not, it may not be worth it. You can find this information on your mortgage paperwork or by contacting your current lender.

* You should also know the terms of the mortgage. Consider this. If you started with a thirty year mortgage and now are at fifteen years left, you will be adding a huge amount of burden to your debt if you go back to the thirty year mortgage. But, if the mortgage refinance is only for the last fifteen years, you will in fact save yourself money.

* One of the benefits of a mortgage refinance may be that you can lower your monthly payment. This is a great opportunity but in order to do it, you are likely going to need to extend your loan back to the original term of thirty years or whatever it was.

It is important to get several quotes before making a choice on one mortgage finance company or the next. You may also want to contact your current lender to see what they can do for you as well. The combination of these things will help you to get the most for your home while allowing you to save money along the way. A mortgage refinance is a very serious thing and something that you shouldn't get into lightly.

About the author: Ken Austin is the webmaster at http://www.creditreliefonlin e.com/ and http://www.myfinanceconnection.com/

A Few Thoughts on Securing a Bad Credit Mortgage Loan

Author: Kevin Erickson

Over spending, the endless nights of partying, eating out and more or less buying everything on a whim, has most likely put a dent in your financial situation and will affect how you live your life for years to come. Clearly, the best option is to dampen your lavish lifestyle sooner than later.

Alleviating yourself from huge credit card, as well as other head-spinning debts by assessing your options now, before all those debs start blowing up in your face is one way to right your financial ship. One plausible option is a bad credit mortgage loan, and it's a good first step towards a more financially disciplined lifestyle. In other words, a financial second chance.

Unfortunately, many people have a hard time facing the reality of their current financial situation and they foolishly think they can go it alone. Fortunately, today's credit markets have geared many of their programs for people just like you and they are more than happy to assist you with your financial woes by doing anything and everything possible to assist you in securing that much needed mortgage refinance to get you back to financial solvency.

First, be honest, how bad is your current financial condition. And remember, you need to face the facts honestly and stop playing games and don't let the possible embarrassment of having other's poking through your financial records deter you. You current financial situation if water over the dam, there's nothing you can do about the past so put it behind you and start making the right decisions from this point forward.

Rest-assured the individuals you will be working with are professionals who want nothing more but help you because it's in their financial interest as well since most loan officers work on commission if they can't find a way to help you they don't get paid. The system is built around vested interest and so if it's possible to help you they'll find a way.

But before you actually take that big leap in to actually applying for a bad credit mortgage loan for yourself, try your best to actually arm your self with (more than) enough information to actually guide you through the debt restructuring process.

First, don't be intimidated by the process, it's really not that complicated. More often than not, people allow themselves to get overwhelmed, so take a deep breath, do a little research on what's available and don't be afraid to ask questions or to simply walk away from a deal that you feel isn't right and go down the street or apply online at another lender.

Bad credit mortgage loans are readily available but only if you are willing to get out there and put forth a little effort to dig around and find the right lender with the right program for you. Be will to have your financials thoroughly assessed by your creditors and lenders so they have the information they need to do their job, which is clearly to come up with a bad credit mortgage loan that is well suited to your means and capabilities.

Just remember that just because you may qualify for a bad credit mortgage loan, does not necessarily equate with you being off the hook. That's simply the beginning to changing your spending habits and approach to money so that a few years from now you can look back at your current financial situation as learning experience that propelled you to a higher level of financial responsibility. Approach this situation correctly by making the necessary changes and you should also be able to look back and realize that it was the wakeup call you needed and possibly one of the best things that's ever happened to you.

About the author: Kevin Erickson is a contributing writer to the following websites: Bad Credit Mortgage and Credit Card Debt . This article may be reproduced only in its entirety.

Mortgage - Provides you the Best Deal against your home

Author: Sandra Smith

You must have read or heard about the word ""Mortgage"", but don't know what it means or stands for and how it can help you to make the best use of your property. So keep reading.

The word ""Mortgage"" refers to a contract in which borrowers can pledge their property as a security for a loan. Each group has a different need that they desire to fulfill through mortgages. Mortgage caters to diverse group of people.

With the infinite number of mortgage options available in the finance market, you should choose the loan that is most appropriate for you because in case of mortgage your property is at stake.

A number of mortgage options are available in the market, few of them are: -

§ Council Right to buy mortgage - This mortgage is available for use by public housing tenants who wish to purchase their property under the Right To Buy Scheme. This scheme enables tenants to buy their homes at a discount price.

§ Buy-to-let mortgage - This mortgage is appropriate for people who wish to let their home on hire and gets rentals from the tenants. They are now available from plenty of mortgage lenders such as banks, building societies and specialists.

§ First time buyer - This mortgage is available to first time buyer who wishes to buy home for the first time.

§ Self cert mortgage - This mortgage requires borrower to disclose his income statement and the lender verifies for its accuracy. It help borrowers consolidate all their debts into one low monthly payment.

§ Pension mortgage - This is a tax efficient way of buying a property. It involves building up of pension fund and use of it in future to repay the debt.

§ Flexible Mortgage - This mortgage allows you to vary your monthly repayments, you can over-pay or under-pay on the mortgage without incurring charges.

§ Reverse Mortgage - This mortgage is usually taken by retired homeowners as a method to supplement their income

You can look for the lenders in the newspapers or Internet. You can derive information from Internet and can look for online lenders. What you need to do is to shop, compare and negotiate. You can browse through various websites and can also avail loan assistance and guidance from experts, thus minimizing the risk involved.

You can take a loan by mortgaging your property even if you have a poor credit history, a low credit score, no bank account, a history of payment arrears, defaults, county court judgements; mortgage arrears and even those who have been declared bankrupt. Your negative credit report can't refrain you from taking a loan.

The rate of interest charged in mortgaging your home is much lower than as in the case of taking an unsecured loan.

Mort gage works wonder. What you need to do is to look for the best deal, which you can find by shopping, comparing and negotiating among various lenders. Last but not the least the rate of interest charged in mortgaging your home is much lower than as in the case of taking an unsecured loan. So make the best out of your property.

Loan borrowing is a highly voluntary act. It is such a significant decision that without proper knowledge and understanding it would not be of much help. Sandra smith is making an honest effort in such a direction so that loan borrowing is comprehensible to lay man and thereby he can make a favourable decision that substantiates his financial status.To find Mortgage,first time buyer mortgage,buy to let mortgage that best suits your needs visit

http://www.easymortgageuk.co.uk

About the author: Loan borrowing is a highly voluntary act. It is such a significant decision that without proper knowledge and understanding it would not be of much help.To find Mortgage,first time buyer mortgage,buy to let mortgage that best suits your needs visit http://www.easymortgageuk.co.uk

The Current Mortgage Rate

Author: Jennifer Hershey

So you are looking to purchase a home or refinance the one you are currently living in. If this is the case, not only do you want to obtain the best mortgage rate out there, you want to obtain the current mortgage rate and not a percentage point higher.

Before you begin to track down a lender who can get you going with a current mortgage rate, take some time to do a little research to find out what the current mortgage rate is on your own. Don't just take the lenders word for it.

You can find out information on the current mortgage rate, and rates in general from many resources. To name a few, the internet or the business section of your local newspaper is a good place to start and will give you a very good idea of what rates are doing.

The current mortgage rate can be easily obtained if you have excellent credit, or what lenders call ""A"" credit.

However, if your credit is challenged in any way, you will still be able to get a mortgage. Except the rate you receive may not be the current mortgage rate, but a little bit higher because the lender sees you as a slight risk because of your payment history.

Wether you have excellent credit or challenged credit, or you need someone to help you out with a unique situation, shop around.

By shopping around, you allow for a few to several mortgage brokers or loan officers to assess your situation.

Once each loan officer is finished assessing your situation, they will get back to you with what they have to offer rate wise.

Once you have a number of offers, base your decision on what you believe to be the best loan scenario for you.

Remember, the mortgage industry is a very competitive one, and these lenders do not want you to take your business to their competitor, so they will do their best to get you the best deal out there.

Loan officers and mortgage brokers also get paid on commission, so getting the mortgage to the closing table is just as important to them as it is to you.

About the author: Jennifer Hershey has more than twenty years of experience in the Mortgage Industry as a loan officer. She is the owner of http://www.explainingmortgages.com/, a mortgage resource site devoted to making mortgage terms and products easy to understand.

Locking With a Mortgage Broker... What It Means

Author: Gus Skarlis

Locking with a mortgage broker isn't quite the same as locking with a lender. In most cases the broker will follow your instructions, locking with the lender when you tell him to.

Some brokers, however, will charge borrowers the lock price but won't lock with the lender. If the market doesn't change, they pocket the price difference.

Brokers rationalize this practice on the grounds that they protect the borrower themselves. The broker plans to absorb the loss if interest rates go against them. (In effect they're acting as speculators.) But what happens if interest rates spike?

Here's an example.

For example, in the two-month period of late January to early March 1980, rates on 30-year fixed-rate mortgages jumped from 12.88 percent to 15.28 percent. A broker who locked for 60 days at 12.88 percent would have to pay a lender about 15 points to accept a loan with that rate in a 15.28 percent market. The broker would either go out of business, or deny that a lock was given. (Broker locks are oral commitments.) The borrower would be left high and dry in either case.

A broker ""locks"" is an unscrupulous practice because the borrower is led to believe that the lender is providing the lock. How do you protect yourself? Easy - simply insist on receiving the rate lock commitment letter from the lender identifying you as the applicant.

In principal a lock commits the buyer as well as the lender. A borrower who wants to be protected against a rate increase during the lock period, but would like to take advantage of a rate decline, can purchase a ""float-down."" A float-down provides the same upside protection as a lock, plus an option to reduce the rate if market rates decline.

Since it carries more value to the borrower than a lock, and is more costly to the lender to provide, the borrower pays more for it. A lender who charges 1.25 points for a 60-day lock might charge 1.75 points for a 60-day float-down.

Many refinancing borrowers pay for a lock but act as if they have a float-down. If rates decline during the lock period, they demand a lower rate and if they don't get it, they start over with another loan provider. While that isn't ethic, many people do it.

Here's my best advice in regards to locking: If you're comfortable with the rate you are receiving, go ahead and lock.

If interest rates fall, you may be disappointed, but the interest you're paying is at least something you have rationally decided you're comfortable with.

If rates rise, you're protected from paying more than you might be able to afford. And once you lock, get proof of the lock in writing.

About the author: Gus Skarlis is the only person in America that can get you the best loan program, get you any vehicle at dealer cost, show you how to correct your credit, beat any speeding ticket without using a lawyer and save you money at the Gas Pump everytime... You can find his infomational site at http://www.GusSkarlis.com or you can contact him directly at 702-491-7251

Get Private Mortgage Insurance

Author: Adam Smith

Buying a house doesn't have to be as impossible as it seems. Traditionally, the criteria for buying a house has boiled down to three things: your credit rating, income, and a down payment. The common belief among most hopeful home buyers is that they have to meet all three criteria to buy a house. That is to say that the buyer must have a good credit rating, substantial income level, and have savings for a down payment on a house. This common belief is not necessarily the case anymore. For the most part, anyone that meets two of the three criteria is qualified to buy a house today.

As you might have guessed, to get the best mortgage rates, you will need to meet all three of the requirements. If you don't meet these criteria, you can still buy a house, you just won't receive as good of a mortgage rate as your neighbor down the road who has squeaky clean credit, a good job, and money for a down payment. In lending to consumers that only meet two of the three criteria, mortgage lenders are able to mitigate their risk by increasing the interest rates or by ensuring the buyer has private mortgage insurance.

Private Mortgage Insurance is an interesting new insurance instrument that helps many first time home buyers qualify for a mortgage loan. When you purchase private mortgage insurance you pay a premium, and in return the provider of the private mortgage insurance agrees to back your mortgage loan. If for some reason you are unable to meet the mortgage payments, the mortgage lender will foreclose on your house and liquidate the asset into cash. Should the sale of the house not bring in enough cash to cover the remaining balance of the mortgage loan, the private mortgage insurance provider will cover the difference.

Thus private mortgage insurance helps you get the mortgage loan you are seeking and the bank will fill more comfortable since much of the default risk on the loan is eliminated due to the private mortgage insurance. In other words, should the mortgage lender have to foreclose on the home, they will get the money due to them one way or another, whether it be entirely through the sale of the house or should it involve collecting from the private mortgage insurance provider.

As a potential home buyer, the details of a private mortgage insurance shouldn't concern you too much. The most important thing to remember is that private mortgage insurance helps you get around the requirement of having a down payment. You will of course pay a premium for having private mortgage insurance, but most view this expense as well worth it when they consider how long it would take to save up enough to make a substantial down payment.

If you are interested in buying a home and don't think you qualify, ask your lender what your options are. Besides private mortgage insurance, there are other ways to help you qualify for mortgage loan so you can finally move into a house and start building your own equity. For instance, a piggy back loan might help you meet the requirements for a mortgage. Now that you know you have more options than you thought, do some more research and figure out what will work best for your situation.

Adam Smith is an internet marketer specializing in

affiliate program management for 10Xmarketing.com . To learn more about a real estate or a

real estate attorney please checkout the Mark Hansen Houston site.

About the author: None

Commercial Mortgage Relationships

Author: Adam Smith

Building a good relationship with your commercial mortgage broker can pay huge dividends in the long run. We all understand the value of a commercial mortgage and the flexibility it can offer a growing business that needs office space to address the future growth of the company. As your company grows it will be important to minimize costs, even financing costs that come from the commercial mortgage . Developing a dynamic relationship with your commercial mortgage broker can help you obtain the terms and conditions desired in your commercial mortgage.

Tips for Building a Lasting Relationship with Your Commercial Mortgage Broker

1. Be sure to meet with your commercial mortgage broker in casual settings where you can enjoy each other's company. Don't be afraid to call up your commercial mortgage broker and ask to do lunch. If the broker is truly interested in your business and providing you with valuable services, he will jump at the chance to meet with you regardless of whether you are planning to refinance your commercial mortgage or preparing for a new commercial mortgage. As you meet with your mortgage broker, take time to really get to know him. People appreciate it when you show genuine interest in them and are more likely to help you out when the time comes. If you are in need of some help from your commercial mortgage broker, be sure to meet with him well in advance of requesting assistance. Nobody likes to feel like they are being used, so treat the broker like a true friend.

2. When you do find yourself in need of a commercial mortgage, let your broker help you as much as you can. Allowing your commerci al mortgage broker the opportunity to demonstrate their wealth of knowledge and expertise will make the broker feel good about himself. Everybody wants to feel useful and needed, so help your commercial mortgage broker feel this by asking questions regarding the commercial mortgage. Even if you already know all the answers and don't require any help in the process, it is important to make the broker feel like he is an important part of the commercial mortgage process.

3. Never appear to be too needy or helpless. There is a fine line between helping the commercial mortgage broker feel useful and overwhelming the broker and using up all his time. A commercial mortgage broker has more clients than just you, so be courteous of his time. If you become a burden on his time then the broker will likely try to politely dump you as a client. On the other hand, if you play it just right, the broker will realize you are the perfect client since you require only so much of his time and he will work to keep your business regardless of the terms.

More than anything, building a healthy relationship with a commercial mortgage broker is just common sense. Think about how you treat your friends and associates in the professional world and interact in the same way with your broker. As many businessmen have discovered, developing a great relationship with your broker can result in an ideal commercial mortgage that fits the needs and desires of your business.

Adam Smith is an informational author for 10X Marketing. For more information on a hard money commercial loan please checkout SNCLoans.com.

About the author: None

The Secret to Finding the Best Mortgage Loan

Author: Scott J. Patterson

As you apply for a home loan or look to refinance your home, it is important to understand your situation and how it will be affected by the type of loan that you will be applying for.

But first, it is important to find out why you need the loan. For instance, do you need it for a home loan.

The next step is to do your research in order to escape the headaches and hassles that plague the home loan process. During this process, you should consider two major factors: How much you can afford and how to compare the different lending companies.

Let's take a look at each...

How much you can afford:

The most important factor to getting the right kind of mortgage loan is to know how much you can fit into your budget. That way, you can ensure that you are staying within the proper budget limit. When calculating the affordability factor, it is important to take into account these three factors:

Income- The key is to know how much you make each month in relation to a mortgage payment. The rule of thumb is that the payment should not exceed 27 percent of your total income.

Debt- Obviously the less debt you have, the better your financial situation. So by having less debt, you will be in a better position to afford the house of your dreams.

Down Payment- A house that requires a large down payment will require you to spend more money upfront. In some situations, you can spend up to 20% of the selling price with 3 to 6% in addition for closing costs.

How to compare mortgage loans:

In addition to considering your finances, it is important to carefully research the various lenders that are available to consumers. Here are just a few factors to take into consideration:

Compare lenders at the same Interest rate and lock in period. That way you will be able to properly compare the different lenders

Every lender has associate fees including points and various costs. Each company is different, but it is important to factor in all these costs to fully understand how much your mortgage loan will cost

Once you have compared both of these factors, you should find the one that has the best rate

After discovering the best rate, you will be able to discover the home loan that fits your budget and your unique situation.

By understanding the home loan process and what type of loan is right for you, it will simple to get the best possible home loan.

About the author: Scott J. Patterson is the owner of First Home Mortgage Loan, for more information on how to get a top rate loan, check out his mortgage loan site

Mortgage refinancing 101

Author: Mansi gupta

Managing your finances is as important as earning them. Rather at times it is more significant to administer your resources than actually find ways to earn. Since imprudent investments might result into drainage of hard earned monetary resources. Diligent management of income enables one to enjoy maximum benefits even by incurring minimum expenses. Careful analysis of financial situation is more important when credits and mortgage of house property is involved. At the time of purchasing a house due to time limits or other inevitable circumstances one might be compelled to accept loan at higher interest rates. Also there might be situations when earlier rate of interest on loan are higher than current rate charged by banks, in such a financial scenario it is always wise to reconsider all monetary state of affairs.

As economy of finance, investments and banking gets more competitive with every passing year it is the consumer who benefits from cutthroat competition. As a result of growing financial system several schemes are introduce frequently for attracting potential patrons. It might occur that mortgage companies would be ready to waive regular charges like legal fees, appraisal and application expenses incurred during refinancing. This is an ideal situation to opt for refinancing as in such situation one can avail lower interest rates without any cost involvement. Well a catch here might be that these companies would charge interest a bit higher than the current market rate. But considering one's individual financial circumstances if one stands to profit even for that higher rate it is advisable to accept refinancing form the firm.

The time span passed after accepting your present mortgage is a vital consideration. Generally if around three years have lapsed since mortgage was done refinancing of the same might be fruitful. This is so as after loan repayment for that much time the loan actually gets condensed to a lesser amount coupled with lower prevailing interest rates one can hope to achieve reduced monthly payment liability.

By passage of time paying capacity of an individual increases this may again lead to considering refinancing of funds. One might be interested in increasing his monthly payments so that he could enjoy other capital benefits. Shortening the term of mortgage is another appealing factor as it leads to faster building of equity. A shorter mortgage term at lower interests results in bigger monthly installments but at the end one benefits by paying less overall interest on total loan amount.

One more important factor that directs to consider refinancing is want of some ready cash. At specific situations one might need some extra money to fulfill certain upcoming demands. This actually is ""cashing out"" on the home equity built up during the years. Here a person refinances for more than the balance amount left on loan. This is achievable even without increasing the amount of monthly installments due to lower interest rates. Wise use of extra income made by refinancing is always important. Utilizing this revenue to pay off certain short-term loans as for example car loan or a credit card loan is one of the best way spend that extra cash.

About the author: Mansi gupta writes about mortgage refinancing .

Get the mortgage quote your bank doesn't want you tosee

Author: Mansi gupta

Deciding to consider refinancing of mortgage for home loan is a major determination. Next key issue involved is to find ways to get profitable quotes for mortgage from banks. A thorough research of prevailing market rates is essential to obtain competitive quote from mortgage firms. Being familiar with current trends enables one stand a better chance of bargaining for lower interest charges. Mortgage rates usually increase or decrease in accordance with securities in Wall Street. A careful overview of market trends helps one save considerably on interests.

Comparing different loan schemes from a particular mortgage vendor and also form different vendors would facilitate one to choose the most profitable scheme. Among major tools available in market for evaluating dissimilar loans programs is the Annual Percentage Rate (APR). Laws of the state make it mandatory to expressively disclose APR while marketing their mortgage rates. This is for the benefit of borrower and to prevent them from falling prey to lower advertised rates, and find out if there are any hidden fees and upfront costs involved later.

Personal meeting with lenders, bank officials' and mortgage professionals' help in getting a competitive interest quote for your loan. Being well prepared with entire documentary evidence in support of your financial situation before meeting the people at bank enhances chances of receiving lower interests. Presenting documents to support your favorable credit history would tempt bank managers to provide you with lucrative mortgage quotes. Papers essential to obtain fast and lucrative loans rates include:

* Verification of employment status and proof of income sources.

* Previous paid credit card bills and other similar statements to show history of genuine payments in past.

* Purchase contract of the house if it is available.

* Bank details such as address of bank and your account numbers are important. Also previous 2-3 months statement of current and savings account are required.

* Tax returns of last two years provide excellent proof of your financial position and hence should always be carried along while visiting the mortgage professional.

* Entire information about other existing debt like car loans, student loans, retail credit cards or furniture loans, if any are required to acquire mortgage deal.

* Presenting any gift vouchers received from relatives and friends would encourage bank managers to have increased faith in your paying capabilities. Such gift letters ensure that money acquired through gifts belongs to the recipient and the recipient does not have any liability on such financial assets.

* Self-employed individuals may present their previous year's balance sheets and other tax statements.

Another good deal is about initially locking the specific rate of interest at time of proposal that would be charged. The process of loan approval might take some time and during such a time interval there might be fluctuation in rates of interest. Getting mortgage quote fixed at time of application relieves one from falling prey to chances of higher charges being imposed at time of loan approval. Interest rates charged by bank also depend upon factors as amount of loan required, time period of loan, down payment, discount points, adjustable rates, closing stocks and so on.

About the author: Mansi gupta writes about mortgage quote .

Private Mortgage Insurance (PMI)

Author: Ron Vignari

Private Mortgage Insurance (PMI)

Private Mortgage Insurance (PMI) protects lenders against loss due to foreclosure. Most lenders require PMI when the down payment is less than 20 percent. The PMI premiums are paid by the borrower and the policies are provided by private mortgage insurance companies. PMI is NOT mortgage life insurance. PMI protects the lender against loss. Mortgage life insurance protects your home and family by paying all or a portion of your mortgage in the event of your death.

Methods of paying for PMI have changed over the years. Prior to 1994, borrowers paid twelve to fifteen months' premiums at close of escrow. In 1994, borrowers could pay as few as two months' premiums at closing, and then pay a monthly premium with each mortgage payment. In 1998, a borrower could finance a single lump-sum mortgage insurance premium as part of the loan amount. In 1999, private mortgage insurance companies began borrowing Fannie Mae's new ""Lowest-Cost MI"" program. The new program allows borrowers to finance or pay up front a portion of premiums and, in return, receive a lower monthly premium rate. With each new strategy, home ownership has become more affordable for more people.

How much does PMI cost? The cost of PMI depends on the percentage of the down payment and the type of loan. Here are some sample PMI charges. These are guidelines only. Payment factors are subject to change. Please contact your lender or broker to get the cost of PMI on your loan.

LTV 30 year fixed 15 year fixed 30 year adjustable 95% 0.78% 0.72% 0.92% 90% 0.52% 0.46% 0.65% 85% 0.32% 0.26% 0.37%

Example: If you are getting a 30 year fixed loan, and are putting 10 percent down, the PMI premium is 0.52 percent. If your loan amount is $100,000, your PMI payment will be $100,000 x (.52/100)x 1/12 = $43.33 per month.

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M & M Resources Unlimited, Inc. Helping customers since 198

1577 Ridge Road West, Suite 119 Rochester, NY 14615 Office: (585) 865-0950 Fax: (585) 865-3202 Toll Free: 1-800-937-2350 www.mmresourcesunlimited.com

Licensed Mortgage Banker/NYS Banking Department

About the author: None

How to Qualify for a Home Mortgage Loan

Author: Mike Cotter

Are you considering applying for a mortgage loan to purchase your first home? If so, you should read the following tips below that will make the process easier!

If You Have a Good Credit History It Is Easier To Qualify For a Mortgage

By far the easiest way to qualify for a home mortgage loan is by establishing a good credit history. To establish a good credit history you need to be able to demonstrate responsible repayment of smaller loans, such as credit cards and car loans. The building of your credit history begins the day that you put the very first debt into your own name. For many Americans, this is at the age of eighteen.

Having a good solid credit history, shows the home mortgage lender that you take financial responsibility seriously. This makes you, what the lender terms, a low risk borrower. That is to say that you as a borrowers are a relatively low risk in comparison to other borrowers.

In return for your good credit history, the lender will approve your home mortgage loan application. In addition, he will offer you a lower interest rate on the loan than would be offered to other borrowers who are classified as higher risk.

How Is Credit History Determined

Most people do not realize how pervasive and thorough the industry that accumulates and tracks individual credit histories is. There are three major credit repositories. They are: Experian, Equifax and Transunion. Among these three, they have a history on almost every person in the United States that has ever had a credit card, car, or mortgage loan.

A mortgage lender almost always orders a history from each of these repositories. This report is call a three bureau merged credit report or a tri-merged report. The word merged means that the bureau's consolidate the individual trade items in the report and eliminate duplicate items.

The lenders always order a credit score with the tri-merged report. Each bureau has its own score and the general name for the score is called a FICO or Fair Isaac score.

Most lenders make their loan decision based on the middle of the three FICO scores. Generally lenders use the following as guidelines for credit approval.

SCORE            RATING

720+                  Excellent

680 to 719         Good

620 to 679         Average

Below 620         Subprime

Below 500         Few loans available

If your credit history is not as strong as you would like, that doesn't mean that you will have to give up on getting a home mortgage loan. There are other things that you can do to increase your chances for mortgage approval.

Save a Sizeable Down Payment

Having a substantial down payment on the home that you wish to purchase and applying for a smaller home mortgage loan is another way to increase your chances of getting mortgage approval. Again, this goes back to the risk involved to the lender for financing your loan.

Some mortgage lenders will require that you have a 20% down payment on the home, and then they will grant mortgage loan approval for the remaining 80% of the purchase cost. This helps to offset the lender risk. In the event that you are unable to keep up with monthly mortgage payments and you default on the loan, the lender will have a better chance of recovering his money through foreclosing on and selling the home if the loan is a smaller percentage of the market value of the home.

Therefore, if you can save 20% or more towards a down payment on your home, you will be lowering the risk to the lender and increasing your chances of getting mortgage approval.

Mortgage Insurance is used by lenders when you can not make a 20% down payment on your purchase. The lender is the entity that is insured and borrower pays a monthly premium of as little as .3% of the loan amount to over 1%. (i.e. $200,000 loan has month premium of $50 at a .3% rate.) The amount of the insurance premium is determined by the amount of the down payment. That is, the less the down payment, the higher the mortgage insurance premium.

Another technique to minimize your down payment is to ask the seller of the property to carry back a second mortgage in lieu of receiving all the sale price in cash. Your should talk to a Realtor or to a mortgage broker/banker about this technique as it is tricky.

You May Have To Accept a Higher Interest Rate on Your Mortgage Loan

If you wish to secure a mortgage despite your bad credit history, and you do not have a sizeable down payment saved up, you may have to agree to a mortgage at a higher interest rate than that which is being offered to low risk borrowers. This is because the lender will want to be compensated for his increased risk level.

This should not necessarily prevent you from taking the loan, though. If you secure the mortgage and are diligent about making timely payments, after paying on it for awhile you will improve your credit history. Then you may refinance the mortgage at a later date with a better rate offer.

About the author: Mike Cotter has been a professional lender for over 30 years. He began his career in the commercial banking industry in 1972 and steadily progressed to become Vice President of Retail Banking with a major Denver bank. In 1982 he opened his own commercial bank and served as President and CEO for 10 years. In 1992 he left commercial banking for the mortgage banking field. RockyMountainMortg ageRates.com

Understanding Reverse Mortgage Fears

Author: Tim Paul

Estimates indicate that there is a target population of some 8.8 million senior households that both qualify for and are good potential candidates for HUD's home equity conversion mortgage (HECM) program. (Under an HECM loan, a lender advances money to a elderly homeowner, in the form of a series of fixed monthly payments, a line of credit on which the borrower may draw, or a combination. The senior homeowner is not required to make any payments on the loan so long as he or she remains in the house. The lender collects the loan balance--which includes the accrued interest and other charges as well as the amounts paid out--when the house is sold or the owner dies.)

Yet in the most recent federal fiscal year, just 43,131 HECM loans were originated; over the sixteen year history of the program, a total of 162,268 HECMs have originated, representing only a tiny share of the potential market.

There are some obvious and tangible factors that help explain this low market penetration, most notably the high origination fees and closing costs relative to amounts that can be borrowed through the program. Less obvious are the intangible psychological fears that may prevent senior homeowners from stepping into a reverse mortgage. Being aware of these factors can help potential borrowers more clearly assess their own situation and make a more calculated decision about whether or not a reverse mortgage is right for them:

Fear of Giving-up a Hard-Earned Goal - Most elderly homeowners have spent their working lives focused on the goal of ""paying off the mortgage."" Taking out a reverse mortgage is, in essence, a decision to do a complete turnabout and initiate the process of growing a new mortgage. For some seniors, this just doesn't make sense, no matter how rational the decision to trade-in home equity for better living standards in later life may appear to a detached observer.

Fear of Being Suckered - HECMs are administered, heavily regulated and insured by federal government agencies (in particular HUD). From the standpoint of protecting innocent borrowers from ruthless lenders, HECMs are about as ""safe"" a mortgage product as can be imagined. Yet there are true horror stories from the pre-HUD reverse mortgage era about seniors being forced to sell their homes or losing them to foreclosure. Unfortunately, these stories have now become urban legends and still taint the phrase ""reverse mortgage"".

A related issue is the ongoing problem of elderly homeowners being contacted by ""home repair"" companies, annuity salespersons, and other pitch-men promoting the reverse mortgage as the ideal way to pay for their valuable product or service. The tacky nature of this type of solicitation further increase doubts and fears about whether reverse mortgages are truly legitimate.

Fear of Financial Complexity - There is no question that reverse mortgages are complex financial tools. Moreover, by their very nature they run counter to many of the golden financial management rules that senior homeowners have strived to abide by over their adult lives - i.e. ""reduce debt"", ""avoid high transaction fees"", ""grow your home equity"", etc. Largely because of the complexity, HUD requires all HECM applicants to participate in counseling sessions to ensure they have full understanding of the reverse mortgage process and the other alternatives that may be available. Yet, while necessary and well-intended, the counseling requirement itself may scare-off some potential applicants who feel that they just won't be capable of digesting all the new information presented.

Fear of Not Leaving an Inheritance - For many seniors, the desire to leave an inheritance to children or grandchildren is quite strong - even to the point of accepting a more modest than necessary lifestyle to ensure that an estate survives them. Seniors who have this goal and whose largest asset is their homestead, clearly will perceive that a reverse mortgage runs directly counter to their strong bequest motive.

Fear of Sacrificing Future Flexibility - To be a sensible financial decision, a reverse mortgage should equate to a conscious decision by the homeowner to stay put for the long term - minimally 5-7 years and, ideally, for the rest of the homeowners' lives. Obviously, this commitment is especially difficult for the elderly homeowner. Death, long-term illness or incapacity and similar issues weigh heavily on the minds of many seniors and make long-term housing commitments especially stressful.

To a large extent, further growth in the reverse mortgage area will depend on the success of efforts to educate the target population. Some observers feel that the next generation of retirees -i.e. Baby Boomers - will enter their retirement years with a far greater understanding of financial matters and with less aversion to indebtedness. This may prove true but the reverse mortgage concept is so fundamentally different from what people are used to that overcomming the fears of potential borrowers will remain a challenge.

About the author: Tim Paul is a financial management executive with more than 25 years experience. His websites focus on personal finance issues including HELOC loans , college savings and,

reverse mortgages .

Get a better mortgage refinance deal than your local bank offers

Author: Mansi gupta

Gone are the days when money could be fetched either by mere mortgaging or financing something. Now it is time to get money via an amalgam of the two i.e. Mortgage Refinance. Mortgage refinance is a smart idea to have a good credit sum and repay it in an easy fashion. In simple terms a refinanced mortgage is one where a borrower repays a previous loan by taking a new one. The main motive behind refinance mortgage is to get a lower interest rate, lowering their payments or to take cash out of their home equity. So basically in mortgage refinance refers to taking a secured loan to replace the existing loan that is secured via some assets of yours.

Let us first delve into the factors that instigate a refinanced mortgage. There are several reasons that instigate people to opt for refinance. For instance

(a) Mortgage refinance reduces the interest rate on your mortgage. It not only minimizes your EMIs or monthly installments but also brings down the total amount that you need to repay.

(b) Another wonderful feature of mortgage refinance is the reduction in the tenure of the loan, which is immensely effective in saving lot many bucks.

(c) Mortgage refinance is a smart idea to consolidate or fuse the amount you need to repay.

(d) Mortgages refinance serves you with the most essential thing i.e. cash in hand. You can draw on an equity built up in the house to acquire cash amount for several purposes such as your daughter's marriage, child education etc.

(e) If you want to have an adjustable-rate mortgage i.e. ARM and a fixed-rate loan in order to ensure you regarding the mortgage payment, mortgage refinance is a brilliant idea.

However there are other things to be taken into consideration. First and foremost mortgage refinancing can be recommended if the present rate on your mortgage is at least 2 percentage points higher than the existing market rate. Second you need to know that for how long you propose to stay in the house. Third you need to know that according to many sources given the costs of refinancing, it takes at least three years to realize completely the savings made from a relatively lower interest rate. Finally in order to go for mortgage refinance is to enlist complete expenditure of refinance and calculate your monthly installments. Knowing this will enable you to decide whether you should opt for refinance or not.

Well before going for a mortgage refinance you can also ask yourself questions ponder over questions such as- by how much will your existing monthly installment be lowered, what will be the financing cost that you will have to pay, how much will you owe in the house and for how much was the initial payment for the house made etc. Once after going through the various factors and conditions you feel it is appropriate to go for a mortgage refinance (which is true with most of the cases) then the first step is to consult a good real estate agent, mortgage lender as well as an attorney and other legal practitioners. Searching online is even an excellent option.

About the author: Mansi gupta writes about mortgage refinance .

Avoiding Private Mortgage Insurance (PMI)

Author: Ron Vignari

Avoiding PMI The easiest way to avoid PMI is to make a cash down payment of 20% or more. Potential sources of additional cash include:

Borrowing against your 401(k) retirement plan Taking a margin loan against your stock Asking relatives for a gift Refinancing your car and taking cash out Selling your car, jewelry, etc. In the event you are unable to make a 20% cash down payment, consider these options:

Piggy Back Loan: A piggy back loan usually allows you to avoid PMI even though you are making a down payment of less than 20 percent. The most common piggy back loan combinations are:

80-10-10: Eighty percent first loan, 10 percent second (piggy back) loan, 10 percent cash down payment. 80-15-5: Eighty percent first loan, 15 percent second loan, 5 percent cash down payment. 80-20: Eighty percent first loan, 20 percent second loan, no cash down payment.

Even though the second loan rate may be higher than the first loan rate, you usually come out ahead since you don't have to pay PMI. Also, the interest on the second mortgage will likely be fully tax-deductible.

Lender Paid PMI (LPMI): In this case, the lender makes your PMI payment for you, but charges you a higher rate on the loan. Since the PMI payment is not tax deductible, and the higher rate results in a higher, tax-deductible interest payment, in the short-run you may save money by choosing LPMI over the conventional PMI option. The disadvantage is you're stuck with the higher interest rate for the life of the loan. If you had paid PMI, you could cancel it when you achieved 20% equity in your property.

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M & M Resources Unlimited, Inc.

Helping customers since 1986

1577 Ridge Road West, Suite 119 - Rochester, NY 14615 Office: (585) 865-0950 Fax: (585) 865-3202 Toll Free: 1-800-937-2350

Licensed Mortgage Banker/NYS Banking Department

About the author: None

Refinance Your Mortgage - You Could Save Thousands Or More Dollars Over Time

Author: Ken Austin

There has never been a better time to refinance your mortgage. Interest rates are at all time low levels and you could potentially save tens of thousands of dollars over the life of your loan when you refinance at a lower interest rate. Keep in mind that it is not necessary for you to refinance your mortgage through the same lender who currently services your loan.

Lenders are offering refinance loans up to 125% of the value of your home. You could lower your monthly payments and have cash left over for bills, college, your dream vacation, or any purpose you wish. Compare the interest on your current mortgage with some of the special rates being offered by lenders across the country.

Each lender you contact should supply you with closing information, including costs, the interest rate in which you may qualify for, any tax implications that may be involved, and the amount of loan you qualify for. You will want to make an informed decision in choosing a lender to refinance your mortgage, so make sure you gather all the information possible.

A lender must supply you with a written statement of the costs involved in refinancing your mortgage. Make sure you understand the terms of any loan before you sign. Refinancing your mortgage could be the best decision you ever make if you choose carefully and understand the process completely.

Mortgage refinance loans are excellent ways to eliminate debts, lower your monthly payments, and get extra cash for home repairs and other projects. When you compare lenders and the loan products they offer, you can choose the loan that is right for you and your situation.

The low interest rates that are available can only serve to save you thousands of dollars over the life of your mortgage and help you build a solid financial foundation for your family.

About the author: Ken Austin is the webmaster at The Credit Resource Guide and Financial Matters

Win a Free Mortgage Payment

Author: Ron Vignari

There are few things that are free in life. Most of the time you have to work hard and save your money in order to obtain the things that you want or need.

Here at M&M Resources Unlimited, Inc. we are giving you the opportunity to have us pay for one of your mortgage payments in order to purchase that item you need.

Every month since July of 2000, a lucky winner has been awarded a mortgage payment up to $5,000. The entry is free and all you have to do is visit our web site www.mmresourcesunlimited.com and enter.

M & M Resources Unlimited, Inc. Helping customers since 1986 www.mmresourcesunlimited.com

1577 Ridge Road West, Suite 119 - Rochester, NY 14615 Office: (585) 865-0950 Fax: (585) 865-3202 Toll Free: 1-800-937-2350

Licensed Mortgage Banker/NYS Banking Department

About the author: None

Why you're probably not getting the best mortgage rate quote?

Author: Paul Lerner

A loan is basically a product and like all products, its sales pitches can be exaggerated. The end result is that you end up with a loan that may not suit your needs at all. When shopping around for the best mortgage rate that is most suitable for you, one needs to be highly discerning with exactly what is being offered.

Short-Term Adjustable Rate Many consumers make the common mistake of choosing a one-year adjustable rate mortgage due to the deceptively low rate being advertised. Deceptive, because, in the very next year, the rate shoots up.

It is most important that you keep in mind that it is not in the best interests of lenders to offer you a loan with the lowest possible interest rate. Typically they would prefer you to opt for the highest rate you could possibly afford. Doing so will ensure that in addition to their regular commission, mostly one percent of the loan amount, an overage of an extra one or two percent is earned for selling you a loan priced higher than the most favorable deal for you. To avoid this situation, insist on the daily rate card from your loan officer that lists the lowest rates of all his products.

Regulation Offers Some Protection The Real Estate Settlement Procedures Act (Respa) lays down that lenders must give an accurate estimate of closing costs at the time of submitting your application. Extra charges are in violation of the law. Nevertheless many banks often try to slip them in. Insist on a detailed list of closing costs. If you find any suspicious or unnecessary charges, you have the right to ask your loan officer for an explanation.

While it may be advisable to seek recommendations for mortgage lenders, you need to be careful if the advice comes from a real estate agent. With estate agents, it is more likely that instead of referring you to the best deal possible, they send you to the lenders who pay them a commission for doing so.

Mortgage brokers will often mislead you with pre approvals. They lead you to believe that a pre approval practically guarantees you the mortgage. However, at the actual time of getting approved for a mortgage, these pre-approvals are of no value and may as well be wastebasket approvals.

The Government has made efforts to ensure protection for the consumers with government mandated disclosure forms. However the miniscule type combined with complex financial figures can be difficult to read or comprehend easily. Even worse, it can be use to conceal the truth just as it can reveal it. Overall, make sure that when you are selecting your quotes, you keep in mind that opting for what appears to be the cheapest quote initially, or depending completely on the recommendations of the lender are not good strategies with seeking out the right mortgage for you.

About the author: Paul Lerner enjoys writing about a variety of mortgage topics, including advice on how to get the best

mortgage rate quote .

How to choose a mortgage

Author: David Skul

Mortgage lending is mechanical, neutral and competitive. Hunt for the most beneficial loan -- interest rate, points, processing rates and, on adjustable mortgages, the most favorable adjustment features. Do not pay a good deal attention to who is originating the loan or where the lender is. Do not put too a good deal esteem on your current banking relationship, either. Betting odds are your loan might be traded once or twice across its term.

The basic principles

There are two introductory fashions mortgage lenders invoice you for utilizing their finances by the interest prices you pay for every month over the lifespan of the loan, and by points. Equate mortgages by their yearly percentage rates, which include the price of points and other fees.

Bankers sell a broad mixed bag of mortgages, but when you get down to it there are just two assortments.

Fixed-rate mortgages seal in your interest rate for the lifetime of the loan. Your total monthly sum of principal and interest stays invariant, but the part of every sum allocated to principal grows.

Adjustable-rate mortgages typically start lower than their fixed-rate acquaintances but their interest rates can go up or drop in the period of the full term of the loan.

What is ideal loan for you?

Resolving which mortgage is most beneficial takes a close look at your current circumstances, future net income and fiscal goals.

Keep your needs in the forefront. Do you intend to stick for several years? Then incurring the best interest rate on a fixed-rate mortgage is in all likelihood your most dependable bet. Paying 7.5% rather than 8% on a $150,000, 30-year fixed rate mortgage may economise you a sizeable amount every month.

Then again say you plan to put the home up for sale in three to five years. Then points, closing prices, and the ability to pay for off the mortgage without penalty) are more important than getting the absolute lowest available rate.

For most home buyers, the choices are these:

Will your down payment be small or large?

Do you want a long-full term or shorter-term loan?

Do you want a fixed-rate or adjustable-rate mortgage?

Will you pay points for the lowest-rate mortgage or might you shop for a loan with few or no points and therefore a higher rate?

Visit one of the most fact filled mortgage resources on the web.

SEO Solutions and one way link publicity services provided by LinkAcquire.

About the author: David C Skul - CEO LinkAcquire.com and Relativity, Inc. can provide global market exposure and solutions.

Home mortgage quote problems? The likely culprit is your Credit.

Author: Paul Lerner

Your credit has everything to do with home mortgage rates as lenders charge more points and higher interest charges to consumers with bad credit. Poor credit always implies greater risk, so lenders are entitled to be compensated for the risk they are taking.

If you are a borrower who enjoys good credit, however, you should at all cost avoid getting into deals where the rates and points are at par with those for bad credit. There are plenty of cases of borrowers with good credit being charged the same rates as those with bad credit. Enjoying good credit requires effort and sacrifice, so you have every right to be charged much better rates than consumers with bad credit. Even if it means having to look a little harder to find them, you should pay rates that you deserve.

Explaining Risk and Loan Points Every point on a loan refers to the fee amount of one percent of the loan amount. Consumers with good credit may be charged no points at all while bad credit can earn as many as four points. However caution is necessary as unscrupulous lenders may charge up to ten points if they think they can get away with it. It is up to you to make sure that they don't, in your case.

Nevertheless there are situations where the lenders have to take risks far greater than the average. In such cases it may be justified to be charging more than the normal rates. Brokers often claim that they charge higher points as they are taking the risk of lending to those no other lenders will lend to. More often than not, this may not be true. With sufficient effort and time, a consumer will be able to find a lender willing to lend him the loan. These lenders are much more likely to treat the consumer in all fairness.

Not giving due attention to points being charged can prove costly to a consumer. Different terms may be used for points with some examples like origination fees, broker fees, discount fees and yield spread premium.

Front and Band End Points Despite these terms, there are two basic types of points. The first is the upfront fees that the consumer pays to the lender. It is a form of compensation paid to either the lender or the broker for making the loan transaction possible.

A back end point is the other type of points that the lender pays to the mortgage broker. Sometimes they act as extra incentive for a particular loan. But it is mostly for loans given at a higher rate of interest as a reward to the broker. The problem occurs when these points spur unscrupulous lenders to hike up the rates with the consumer being absolutely unaware of it.

About the author: Paul Lerner enjoys writing about a variety of mortgage topics, including advice on getting a

home mortgage quote .

Find your Loan, Mortgage, Credit Card, Credit Report, Offshore services online

Author: Alex Flyght

Actually the best offers in the financial market can be found on the internet. Have a look on the net about the best offers on loans, mortgages, credit cards, and all the financial services you need. Also students can find their solution for their needs.

There are many good websites that can help you finding what you need. I suggest you to take a look at www.theloansdirectory.com .

In this directory you can find excellent links to many financial institutions that can offer you informations about:

- loans - mortgages - credit cards - debt consolidation - credit report: let you know what financial authorities KNOW about YOU! - computer financing - banking services - insurance companies - much more

(also for students! Young people often have more difficulty to obtain something just because they have not a stable job. This is not a problem anyway, since many financial istitutions cover this ""market"".)

Moreover, this site can offer you info about offshore banking services (get your freedom! it's a good thing not to be tracked from authorities sometimes). The site also welcome companies or directories that want to affiliate and exchange link for mutual promotion. Internet = freedom. There are many things that classic istitutions DO NOT want YOU to know. Be the first to improve your life, you can find the better conditions on the net. And it's not a joke; major companies sell their financial products at better conditions when online, just because not everyone knows it.

Obviously, if you know a site that is not listed in the directory, you can submit it for everyone.

Hope that this advice will help you improve your financial life.

Have a good day, Alex Flyght

About the author: Alex Flyght is a well known webmaster and financial consultant. Copyright (C) 2005

Why a California mortgage quote is sometimes higher - and why it doesn't have to be

Author: Paul Lerner

When it comes to California mortgage quotes, the rate is important but it is also necessary to consider the overall costs involved. Factors like the APR, loan fees, discount and origination points need to be properly understood and calculated.

Counting the Points Lenders may or may not include discount and origination points in their California mortgage quote points. It is also possible that they quote discount points alone but the fact is, an additional origination point or a fraction of a point also needs to be worked in.

The way points are quoted in California Mortgage quotes can make a lot of difference to the consumer. There are lenders who will come clean with all the points but there are also those who may only reveal an extra point or a part of it, with the result that you are in for a nasty surprise later.

California mortgage rates are largely affected by supply and demand. When there is a greater number of sellers in comparison to buyers, the rates will remain low. It is during such periods that the buyer can be at advantage and therefore it is the best time for California mortgage rates with low interest rates.

Interest rate is mainly dictated by the buyer's credit history when it comes to mortgage loans. It is advisable that you first check your credit and make all the necessary corrections to ensure that your credit score is favorable. Only once you are able to do this, should you apply for a California mortgage rate loan.

Common Lending Scams It is not possible to find a lender with 7% while the majority of lenders have their rates at 7.5% for the same total coast on the very same day. The quote is primarily intended to convince you to go ahead with your application. Later, at the time of locking in rates, what you get is exactly the same as everybody else.

Basically the low rates cannot be locked until the time of approval. Then the rate is locked for a very brief duration till the time you close. The average period is around 10 days. During the time it takes for the approval to come through, the rates can change. It's easy for any lender to quote a lower rate on a short lock. On your part you need to realize that the rate risk is a very real one during the loan process.

Many lenders are also likely to charge high fees for being able to give you lower points. Such fees cannot be deducted unlike points which can. Thus the effective rate becomes even higher in such a situation.

About the author: Paul Lerner enjoys writing about a variety of mortgage topics, including advice on getting a

California mortgage quote .

Getting the Best Mortgage Rates in Florida with a Poor Credit History

Author: Paul Lerner

Florida is a lovely place to have a house in; unfortunately the real estate prices are rather forbidding for most. And for someone with a bad credit past, it gets tougher. However, if Florida real estate has is in your dreams, you can still get a mortgage loan, even with a bad credit if you know how to look for it.

Before we get into shopping for the best mortgage rates, let us understand how the credit score of a borrower determines the scope of his search. Most lenders will willingly lend to a person with 'A' credit score but someone with a 'C' or a 'D' grade won't get so lucky.

Fortunately, recent entries into the Florida lending industry have led the industry into being more liberal when approving loans. For instance, if there are more than 4 late mortgage payments in a period of 12 months, it calls for a B score, however if these delays have a plausible explanation the lender may excuse the default and consider a score of A.

There are companies who specialize in giving loans to high-risk borrowers and they are known as Sub-Prime lenders. Even though loans from the Sub-Prime source continue to dominate the high-risk borrowers segment, the government-sponsored agency, Fannie Mae too is beginning to acknowledge the potential in this category. With the availability of more options, a borrower with bad credit can afford to get choosy and not jump at the first approval he gets for the fear of not getting another chance.

The Internet is a good place to look for multiple mortgage options and even for specifically Florida Mortgage Loans, without the borrower having to reveal his credit status. One may even go to a mortgage broker in order to locate the best quotes, but they can be expensive. Ask for reference from friends and colleagues for a good mortgage lender, since a recommendation is always assuring.

Once you narrow down your choice, here is a checklist that you must go through.

1. First analyze your financial status, if you find you have come out of your past credit blues and can commit more you can consider an Adjustable Rate Mortgage (ARM). An ARM allows for a lower rate of interest in the initial years with an option to refinance at a lower, fixed rate after the first couple of years. However, if you find yourself financially burdened, a fixed rate payment would be more appropriate. Search, negotiate and settle for a rate of interest and for terms and conditions that suit your financial status.

2. Find out how much penalties are imposed for pre-payment. Heavy penalties will take away the advantage of any timely payments that you may be able to make and that may get you a refinance on better terms in the next few months.

3. Most Sub-Prime lenders exploit the vulnerability of high-risk borrowers and slap on high closing costs at the end of the loan. There are more lenders out there willing to do business than one would have you believe and a little negotiation can always add to some cost shaving.

4. Avoid paying any upfront or processing fees; the only fee acceptable should the one you pay for your credit application.

5. Ensure that everything goes on paper in writing, from the rate of interest, to the closing costs to the pre-payment penalties and that nothing comes as a surprise after you have signed the contract.

About the author: Paul Lerner enjoys writing about a variety of mortgage topics, including advice on getting a

Florida mortgage quote .

Private Mortgage

Author: Marci Crane

Private Mortgage Insurance

Private mortgage insurance can be a benefit to every borrower. However, borrowers need to be cautious when entering into agreements which include private mortgage insurance. Mostly, private mortgage insurance is actually designed to benefit the lender--like most lending practices--and may go too far if borrowers don't proceed with caution. How can private mortgage insurance be a benefit to borrowers and when does it become a burden? Some of the answers to these questions can be found in the following article.

What is Private Mortgage Insurance?

Private mortgage insurance is insurance that is required of borrowers that cannot afford to pay a 20% (or more) down payment. The insurance is designed to protect lenders from the possibility of default and costs on average about $50-80 per month. The insurance can be beneficial to borrowers--as you will notice in the next paragraph--but may become more of a burden than a benefit if borrowers do not proceed with caution.

How Will Private Mortgage Insurance Benefit the Borrower?

Private mortgage insurance allows low income borrowers--or borrowers who do not have a large amount of readily available income--the chance to purchase a home when they can only afford to put down a very small percentage on their purchase. This allows them to not only live in a home, but to build equity and enjoy the benefits that come with homeownership. These benefits are great and can be a wonderful way to purchase a home however there are some things that potential borrowers should watch out for, so that their benefits don't turn out to be their burdens?

The Downside to Private Mortgage Insurance: What You Can Do to Avoid It

The downside to private mortgage insurance is that you can get stuck paying it for much longer than you might have expected. In 1998, the Homeowners Protection Act demanded or mandated that every homeowner who paid his or her mortgage down to the 80% level would have the right to request that his or her private mortgage insurance be discontinued. The law also mandated that once the owner had paid the mortgage down to the 78% level, then the discontinuance of the private mortgage insurance must be automatic.

It seems like the Homeowners Protection Act has taken care of a lot of headaches, right? The answer to that question is that YES, it has worked to protect homeowners, although the law is only applicable to those who make a purchase of their home on or after July 29, 1999. So, what are the options for homeowners who purchased their homes before that date? And what about those homeowners who are working to pay down to the 78% level, but find that it is taking a long time (i.e. around 10 years) to do so? Some experts say that rising home prices may be the answer to some homeowners' woes.

Rising Home Prices: An Answer to Your Private Mortgage Insurance Woes?

This may not be the best solution for you and your family but many homeowners find that taking advantage of the rising costs of homes is the way that they can get rid of their private mortgage insurance. How do they do this? First they come up with a small down payment and secure a loan with private mortgage insurance. Then, after they own the home for a little while and the home rises from about 12 to 20% in value, they can refinance their home with a typical mortgage and get rid of their private mortgage insurance. This doesn't mean that the rising prices for homes are a good thing. Many homes will often be unaffordable even with mortgages offered with private mortgage insurance. However, the 'rising home price' option does exist and borrowers should always be aware of their options.

The majority of this article's content can be referenced at the following URL: http://moneycentral.msn.com/content/Banking/Homefinancing/P107763 .asp

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