Finance | Loans, Mortgage & Insurance » Mortgages

NALS Conference 2011 – interview with Paul Rockett, NALS Mortgages #NALSConf

gutenk — Wed, 12 Oct 2011 09:33:16 +0000

Paul Rockett of NALS Mortgages talks about the launch of a new mortgage sourcing product for NALS members. You can contact Paul at paul (at) tbmc.co.uk nalscheme.co.uk

5/20/11 The American Mortgage Conference is coming! 5/20/11 The American Mortgage Conference is coming! September 18-20th Raleigh...
Refund Home Loans and Other Benefits of Online Mortgages In case you’re looking to acquire a residence, good reasoning...
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Refund Home Loans and Other Benefits of Online Mortgages

gutenk — Thu, 28 Apr 2011 09:32:15 +0000

In case you’re looking to acquire a residence, good reasoning will tell you to look at home loans. Home loans are generally offered by a vast number of loan merchants so that you can easily buy a residence. Home loans are generally secured against the residence that you intend to choose. What that implies is when you fail to make monthly loan payments, you may well lose ownership of the particular property or home. Your bank can take the home from you and find a buyer for it it torestore the money they loaned you.

Right before deciding on just what type of house loan is actually perfect for you, you need to first give consideration to a number of available kinds of home loans. For one you may perhaps want to take into consideration online home mortgages. Online mortgages are generally comparableto traditional mortgage loans. The only difference is without a doubt the truth that attempting to obtain online house loans is without a doubt a lot more practical and a lot quicker.

Nearly all online mortgages offer refund home loans. Once again, refund home loans are actually very much the same to the standard mortgage loans. The only distinction is that buyers are entitled to a particular refund sum, which usually would likely be based on their full mortgage loan amount. Whilst not all online mortgages present refund home loans, majority most actually does because more and more mortgage loan firms in Australia are starting the refund scheme.

While browsing for the appropriate mortgage loan company, you need to know who can lend you the amount you require. Mortgage loans will probably cover distinct proportions of the property’s total amount, which will in return have an impact upon your deposit sum together with the actual amount you will need to repay. For example, in case you plan to take out approximately ninety five percent of the home’s value, then you have got but small protection just in case anything goes completely wrong. And as pointed out previously, failing to make payments could lead to you surrendering the home.

Being a client in search of the very best value for your money, you should look at both conventional and online mortgage loan institutions. For many reasons, conventional mortgage loans don’t have many of the ingenuities and uniqueness of online mortgages. However, you will probably find that conventional home loans also provide their own benefits over online mortgage loans. Your property is definitely the most significant investment decision you will ever make. That is precisely why it’s absolutely worth dong some exploring about the various kinds of home loans available along with the different banks that offer to present you the expert services as well as home mortgage sum that you desire. It is better to be well-informed.

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Refund Home Loans Calculator and Other Features of Online Mortgages

gutenk — Sat, 23 Apr 2011 09:35:17 +0000

Online mortgages are actually establishing the trend in relation to providing consumers with their house loan needs. They’re not only easier and more efficient as compared to standard home loans. They also consist of more desirable functions.

As mentioned earlier, online mortgage loans are typically superior in comparison to standard mortgages. The latter kind consists of people who make trips to the lender and bank to individually secure a mortgage. Nevertheless, clients who wish to sign up for online mortgages can do so within the conveniences of their own homes. With an internet connection, securing a mortgage is often as easy as 1-2-3.

Listed here are several of the well-known benefits of online mortgages:

Refund Home Loans

Since online mortgage lenders and brokers don’t need to cover the price of sending brokers to the field to meet with buyers, they can afford providing their potential customers certain bonuses in the form of cash back or refund. Please note however that not all online mortgage loan providers offer this. With respect to the customer’s specific amount borrowed, the broker gives a percentage of the commission they receive in an effort to say thank you to their customers for opting to work with them.

Efficiency and Mobility

Unlike applying for classic mortgage loans, online mortgage loans don’t ask buyers to see brokers. Customers simply need to have a computer and access to the net to access and submit the details they need when obtaining an online house loan. It’s generally less hassle for the consumers simply because they will no longer need to go out of their way to go to their agents.

Given that all the information can be obtained with just a couple mouse clicks, assessing home loan lenders and products is without a doubt much simpler. The Web is the most readily available source of information on the entire world. There is no need to go to offices or banks to ask for the different mortgage loan products they are offering.

Accessibility to Mortgage loan Comparison Tools and Calculators

This is probably a top notch feature of online mortgage loans. They let shoppers to determine just about everything related to the pricing of mortgage products. From refund calculators up to the true rate calculator, customers will have a better notion of how things work.

Better Management of Price Volatility

It is no secret to all people that the home loan market is very volatile. Once in a while interest levels go up and down. Financial institutions however alter the costs of their products and solutions just about every morning. Comparing home mortgages would be much easier when the information obtainable on hand is up-to-date.

Clip of Nationally Syndicated Consumer Advocate Clark Howard, Discussing Money Merge Account Equity Accelerator Mortgage Fraud.
Video Rating: 5 / 5

Varieties of home mortgages for the first home buyer

gutenk — Thu, 31 Mar 2011 09:47:14 +0000

There are numerous types of refund home loans accessible to the first home buyer. Below are the basic mortgages a first home buyer can choose from:

Basic Home loan

Occasionally, the right type of mortgage loan is the standard type. A simple home mortgage basically does not have additional features, which implies your per year payments and your mortgage loan application costs will extensively be reduced. Your rate of interest will also be reduced in contrast with interest rates of financial loans with increased features. With a basic mortgage loan, you will not be be capable of rendering extra payments; nonetheless, with reduced flexibility comes a lending product that is certainly less expensive.

Honeymoon Loan

Honeymoon Financial loans are usually popular choices for first home purchasers mainly because of the initial variable rate of interest period, which is more commonly called the discounted rate period. Within the discounted rate time period, the monthly interest of your property loan will be reduced by at least 1% for one year. The objective behind the discount is to aid you with the home loan repayments.

Split Rate Loan

If you choose a fixed rate mortgage loan, you’ll spend a percentage of your mortgage for fixed interest rate and the other portion for a variable rate of interest. By allocating these components in a different way, you can actually benefit from flexibility if the interest rates drop. Moreover, you may have pleasure knowing that part of your mortgage will continue to be fixed irrespective of virtually any surge in interest rate.

Low Document Home Loan

As the name suggests, this kind of mortgage loan needs not as much documentation from the consumer. Little proof of income is necessary to acquire an agreement for the mortgage loan, which happens to be ideal for self-employed first home buyers or people who find themselves not able to provide their newest taxation statements. Using low doc loans, you will be allowed to be lent just as much as 80% of the property’s full value. Having said that, remember that being unable to meet the 20% deposit requirement may possibly subject you to the LMI. Low document loans generally request borrowers to fund LMI.

No Deposit Mortgage Loan

No deposit home loan is difficult to acquire today. Nonetheless, they are available for first home buyers. The only real catch is this: no deposit mortgages include greater rates of interest when compared with normal lending products. Moreover, they need more docs. Once you borrow 100% of your first house’s whole cost, you still be forced to pay for stamp duty charges, mortgage application charges and legal fees among additional costs.

Line of Credit Home Loan

A line of credit home mortgage runs similar to a regular credit card. It is really an integral part of your mortgage loan. It allows you to withdraw a pre-determined amount of money that can be used for all kinds of objective you prefer: home rehabilitation along with expansion, shares investment, bills payment and a trip retreat. Utilizing a line of credit mortgage loan provides a person simple credit access with pretty below regular interest rates.

The Differences Between Mortgages And Reverse Mortgages

gutenk — Wed, 22 Dec 2010 09:35:51 +0000

There are many different types of mortgages, each with its own advantages and disadvantages, it is very important that you do your research. Understanding these differences will enable you to choose the right mortgage for your financial situation and housing goals. Now what is a mortgage? A mortgage is a loan secured by a property/house and paid in installments over a set period of time. The mortgage secures your promise that the money borrowed will be repaid. For most of us, a mortgage is the largest and most serious financial obligation we ever make.

You can get a mortgage direct from the lender like banks, building societies and specialist mortgage lenders, or you can use a mortgage broker. You can buy based on ‘information’ only or get advice and recommendation on a mortgage that suits your particular needs.

The two main ways to repay your mortgage are ‘repayment’ and ‘interest only’. With a repayment mortgage you make monthly repayments for an agreed period until you’ve paid back the loan and the interest (30 year-fixed rate being a common example). With an interest only mortgage you make monthly repayments for an agreed period but these will only cover the interest on your loan (example 5 year-fixed rate). You’ll normally also have to pay into another savings or investment plan that’ll hopefully pay off the loan at the end of the term.

Now you know what mortgage is, let’s take a moment to understand reverse mortgage. What exactly is a reverse mortgage?

Reverse mortgages are getting to be more and more common these days. Why? Reverse mortgage loan advances are not taxable, and generally don’t affect your Social Security or Medicare benefits. You retain the title to your home, and you don’t have to make monthly repayments. The loan must be repaid when the last surviving borrower dies, sells the home, or no longer lives in the home as a principal residence. Unlike a regular mortgage, the homeowner makes no payments and all interest is added to the lien on the property.

A reversed mortgage is designed specifically for homeowners who are age 62 and older. Through this product, you can receive loan money from your home in the form of a lump sum, regular monthly checks or a line of credit. The money is typically repaid with interest when you sell your house, permanently move away, or pass away.

You may be wondering how you can benefit from getting a reverse mortgage. Many people have found that the money they got from a reverse mortgage benefited them greatly. With a reverse mortgage you continue to get income, and defer repayment, for as long as you live at home – no matter how long that may be. A Reverse Mortgage maybe is exactly what you need!

There are many benefits that a reverse mortgage can give you. However, here are a few of the most significant. You will remain independent, no monthly mortgage payments are required, and you got freedom and flexibility. The money you get from a reverse mortgage is yours to use in any way you choose.

Exciting isn’t? If you don’t know exactly how much you’ll spend or how soon you’ll need it, a line of credit may make sense. Some reverse mortgage lines of credit are “growing” lines of credit meaning you may have more and more money available to you as time goes on. Reverse mortgages have helped hundreds of thousands of homeowners improve their quality of life in retirement. A Reverse Mortgage can help you retire more comfortably. It can provide you with money when you need it most. No Monthly Mortgage Payments, Easy Qualification, Tax-Free Money and No cash needed for closing costs. Can it get any better? If you’d like to find out how much money you qualify for and if you’re eligible, give us a call at (800)630-0650.

Tim Jacobs
Golden Years Mortgage Solutions
Your Money…When You Need It
www.GoldenYearsMortgageSolutions.com
(800)630-0650
tim@goldenyearsmortgagesolutions.com

Tim Jacobs @ Golden Years Mortgage Solutions www.GoldenYearsMortgageSolutions.com (800)630-0650 tim@goldenyearsmortgagesolutions.com Golden Years Mortgage Solutions is a reverse mortgage approved FHA Lender. We’ve helped thousands of senior homeowners solve their financial problems. Our agents and brokers collectively have over 60 years of experience in Reverse Mortgage Loans and general financial services, including managers who are industry pioneers with more than 12 years of reverse mortgage experience. Our dedication to providing financial solutions for seniors is evidenced by the number of referrals that come from our existing clients.

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Understanding Reverse Mortgages

gutenk — Wed, 01 Dec 2010 09:20:47 +0000

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Understanding Reverse Mortgages

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Understanding Reverse Mortgages

By: MLS Reverse Mortgage

About the Author

Mike Borba (President of MLS Reverse Mortgage) is a broker that has been in the mortgage and real estate field since 1980. Toll Free (888) 888-4834. Visit our website. Read more of our articles online. Read frequently asked reverse mortgage questions.

(ArticlesBase SC #751795)

Article Source: http://www.articlesbase.com/ – Understanding Reverse Mortgages

Seniors today often live with a great deal of financial uncertainty. The retirement they imagined may not be consistent with the reality they face.

Incomes are flat or declining, living and medical expenses are higher than ever and few income boosting alternatives exist. Even those who have heard about Reverse Mortgages may be unsure about how they work or what questions to ask. As they search for information, they often turn to their financial institution for guidance and information. By becoming familiar with the product, you can be an even more valuable resource to your clients providing them with income supplementing alternatives to drawing down assets.

What is a Reverse Mortgage?

A Reverse Mortgage is a special type of loan that allows a homeowner to convert a portion of the equity in their home into cash they can access. The funds are not taxable to the homeowner and typically don’t interfere with eligibility for Social Security or Medicare benefits. (However, in the federal Supplemental Security Income program, beneficiaries must keep their liquid resources under certain limits.) The customer retains title to the home as well as right to any appreciation in home value when the loan terminates after it is paid off. The loan remains in force until the last titleholder dies, permanently leaves the home or sells the property; the borrower can’t be forced to sell or move by the lender. The loan may be repaid at any time. But unlike a traditional home equity loan or second mortgage, no monthly payments are required. Instead of putting further pressure on an already stretched budget, a Reverse Mortgage can free a senior homeowner of monthly debt obligations.

Most Reverse Mortgages today are Home Equity Conversion Mortgages (HECMs) and are FHA-insured and guaranteed. Because HECMs are subject to FHA lending limits, proprietary products have also been developed to help homeowners with properties in excess of the FHA lending limits.

Who qualifies for a Reverse Mortgage?

All titleholders must be 62 or older and own a home with some equity. There are no income or credit qualifications. Existing mortgages or liens must be paid off, but are often paid with proceeds from the Reverse. The homeowner must also remain current on insurance and property taxes, but these can also be paid with proceeds from the Reverse.

How can a borrower use the money?

The funds can be used for any purpose from making ends meet to living retirement dreams. The top reasons for funds used given typically by borrowers are:

Paying off debts, primarily mortgage and credit cards

Home repairs and remodeling

Living expenses

Travel

Health care or long-term care

Easing the financial burden on children

Education

Hobbies

Escalating property taxes

The amount available depends on the borrower’s age, the value of the home, interest rates and local FHA lending limits. Older borrowers can receive a higher percentage of their equity than younger borrowers. Funds can be received in a lump sum, a monthly payment or a line of credit.

What are the costs?

As with most any loan product, there are origination fees and closing costs, but they can be paid from the proceeds of the Reverse Mortgage. HECM loans also have a charge for the FHA’s Mortgage Insurance Premium (MIP). There are usually no out-of-pocket costs to the borrower.

What consumer protections are in place?

Reverse Mortgages are non-recourse consumer loans – the loan payoff can never exceed the value of the home. To get a Reverse Mortgage, the customer must attend a mandatory counseling session and review their financial situation with a trained, professional Reverse Mortgage counselor. Many of the counselors are certified by the AARP. The counselor ensures that they understand the transaction, the costs and their other alternatives.

If you have questions regarding Reverse Mortgages or how they may provide life-changing benefits to your clients, contact MLS Reverse Mortgage at 1-888-888-4834 or www.mlsreversemortgage.com.

Fixed Rate Reverse Mortgage

MLS Reverse Mortgage

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Taking the Guesswork Out of Adjustable Rate Mortgages

gutenk — Sat, 30 Oct 2010 09:34:40 +0000

by clicclic

Next to critiquing the decorating taste of your home’s previous owner, playing the “adjustable mortgage game” may rank as one of the most popular (and least pleasant) pastimes of Canadian homebuyers.

Here’s how it works.

As you’re exploring your mortgage options, you review the long and steady slide of mortgage rates in Canada over the last decade and make the decision to go with an adjustable mortgage when you buy, at renewal or when refinancing. You’re now a player. Then you watch for clues about mortgage rate movement, trying to guess the perfect moment to lock in your mortgage. The objective of the game is to try to guess the bottom… and you won’t know it’s the bottom until it’s too late. In today’s low rate environment, we should acknowledge that most of the players are already winners; but it can still be a stress-inducing game.

One way to remove all of the guesswork is to consider a capped-rate adjustable mortgage, although there are only a few options available in the marketplace.

There is a unique adjustable mortgage that is not based on the Canadian Prime Rate (the usual benchmark) – but on what is known as the Banker’s Acceptance rate: a benchmark that is used for professional money managers. In effect, the BA rate, as its known, is the rate lenders charge one another.

Not surprisingly, it’s typically much lower than prime. In fact, the effective rate of this adjustable mortgage has been consistently lower than competitive variable or adjustable rate products based on Prime. A capped version is now available.

An adjustable rate mortgage with a cap offers unlimited downside rate movement, but also provides a guarantee that the rate will never rise more than a certain percentage higher than the starting base rate – no matter what happens to the lending rates.

The rate cap takes the guesswork out of the adjustable mortgage game. If rates continue to drop, your Mortgage rate also drops accordingly. But if rates begin to rise, you know that your own mortgage rate has a fixed ceiling. Imagine, no more worrying about when to lock in your mortgage, and no more second-guessing your decisions when rates go back down again. Of course, this kind of flexibility comes at a small premium over a regular adjustable-rate mortgage.

In the past several years, more and more Canadians have passed on the security of traditional fixed-rate mortgages for the savings potential of an adjustable rate. And in an environment of dropping rates, the adjustable rate choice has proven its value to homebuyers. With today’s rates among the lowest in memory, many homeowners continue to worry about whether or not they should lock in or not. After all, we don’t want to lose the flexibility of having our rate adjustable downward… but we’d also like to have it fixed upward.

If we had a crystal ball, we could make perfect decisions about our mortgage options, and we’d know how to secure the best rate. But a mortgage that passes on declining rates and has a rate cap on the upside can be the next best thing to seeing into the future. And the result is an adjustable mortgage game that the homebuyer is heavily favoured to win.

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Homeowners are Taking Out Mortgages – not to Purchase a Home – But to Boost Their Purchasing Power

gutenk — Tue, 12 Oct 2010 09:45:46 +0000

by MyNeChimKi

Real estate has been an outstanding investment in most parts of Canada in the past few years. Home valuations are continuing to rise and have broken through the peak of their 1989 “bubble” in many areas of the country. That’s good news for Canada’s 7.5 million home owners, who are enjoying an average increase of ,000 in real estate wealth since the upward trend took hold in 1998.

The hot housing market is being fuelled by mortgage rates which are the lowest they’ve been in almost 50 years. First-time home buyers are finding the rates attractive, and home buyers are lining up to purchase their first home or to upgrade to their dream homes. Housing statistics have been capturing headlines for months and the boom is noticeable on key economic indicators.

But the news isn’t just about rising valuations or Canadians moving into their new homes. Quietly in the background, there is a significant trend to refinancing. Canadians who have built up the equity in their home over the last few years are borrowing against that equity in record numbers. According to a report from a major bank, since 2001, Canadian households have taken out approximately billion in cash out of their homes through mortgage refinancing and home equity loans.

We might thank the Ontario mortgage industry for the surprising resilience of the North American economy. In the past two years, the North American economy has endured numerous economic fallouts but consumer confidence remains reasonably strong – at least partly because homeowners have seen some of their losses offset by an increase in their real estate wealth. We find that we are sitting on (and sleeping in) the best-performing investment we own. And even if they have no plans to sell, homeowners have found that the return on their investment is still as good as cash in the bank.

That cash has been a key economic stimulus both here and in the U.S., where the trend is even more pronounced. As Canadians look beyond the view of a home as primarily shelter, mortgages become a valuable resource – and homeowners aren’t necessarily waiting for renewal time to cash out some of their gains.

So where is the money going? The equity being pulled out is often being used to pay down other more expensive debt. Credit card interest rates are shockingly high and – as a nation – our credit card and other consumer debt is continuing to grow. And much of the money is being used for increased spending. There has never been a better time to borrow against home equity to build the kitchen of your dreams, add a new wing, embark on the landscaping project you’ve wanted for years, enjoy the vacation you’ve always dreamed of, or help with the high cost of post secondary education. However, as always, never let your enthusiasm for the opportunity to spend get in the way of good common sense about debt management.

Refused Credit Mortgages Set To “grow And Grow”

gutenk — Mon, 11 Oct 2010 09:21:27 +0000

by Steve Rhodes

Refused credit mortgages set to “grow and grow”
14/08/2006 16:25:00
The sub-prime and near-prime mortgage market is tipped to grow and grow following new research.

A survey commissioned by Alliance & Leicester indicates greater demand for refused credit mortgages could be forthcoming, with four in five brokers expecting the market to grow.

The top reasons for borrowers to seek out a sub-prime or near-prime market are defaulting on debts or credit cards payments or simply having a bad credit rating, the research found.

Figures indicate that Britons are increasingly struggling to manager existing debts, suggesting that the potential market for sub-prime mortgages could swell.

Around two lenders in five report that the typical sub-prime customer is likely to be struggling financially, with many on a low income.

More than 85 per cent of brokers also report that customers are now realising that a sub or near prime mortgage can help rebuild a poor credit score.

Mehrdad Yousefi, head of intermediary mortgages at Alliance & Leicester, said: This market is becoming increasingly competitive with more lenders offering these specialised mortgages.

It is encouraging to see that brokers say their clients know the value of these type of mortgages and that it is a good way of getting potential buyers on the housing ladder while enabling them to repair their credit history by maintaining regular payments on their financial commitments.

Datamonitor estimates that 9.1 million people were refused credit by mainstream lenders in 2005, further indicative of potential growth in the refused credit mortgage market.

Personal debt has already crossed the £1 trillion barrier and the rising insolvency rate suggests that borrowers are struggling to cope, indicating a growing demand for refused-credit mortgages in the future.

As traditional lenders were tightening their criteria, the refused credit market could prove ever more attractive and other high street lenders were also likely to start catering for those with a ‘slightly lower credit profile’.

As more lenders capitalise on this growing market, the increased competition could see better deals for mortgage holders.

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Forclosures Have Met Their Match? Reverse Mortgages

gutenk — Tue, 05 Oct 2010 09:22:16 +0000

by ?K

Foreclosure filings were reported on 2.3 million U.S. properties in 2008, an increase of 81 percent from 2007 and up 225 percent from 2006, according to the RealtyTrac U.S. Foreclosure Market Report released January 15, 2009. The soaring number of forclosures have sent ripples through the housing and banking industry with the affects being felt by millions.

According to RealtyTrac, California, Florida, Arizona posted the highest 2008 foreclosure totals. A total of 523,624 California properties received a foreclosure filing in 2008, the nation’s highest state total. Foreclosure activity in the state increased nearly 110 percent from 2007 and nearly 498 percent from 2006. With 385,309 properties receiving a foreclosure filing in 2008, Florida documented the second highest state total. Florida foreclosure activity increased 133 percent from 2007 and nearly 412 percent from 2006. Arizona’s 2008 total of 116,911 properties receiving a foreclosure filing was third highest among the states. Foreclosure activity in Arizona increased 203 percent from 2007 and 655 percent from 2006. Other states with Top 10 totals for 2008 were Ohio, Michigan, Illinois, Texas, Georgia, Nevada and New Jersey.

With mounting job losses and a weakening economy, forclosures and mortgage delinquencies are expected to continue to rise. The nation’s unemployment rate shot up at the end of the year, reaching 7.2 percent in December — its highest level since early 1993, according to a Labor Department report release January 9, 2009. That puts U.S. job losses at 2.6 million for 2008.

However, with all this doom and gloom in the housing market, there is a glimmer of hope for senior homeowners 62 years of age and older. That hope comes in the form of a HUD Home Equity Conversion Mortgage (HECM) or Reverse Mortgage. Those who have obtained a reverse mortgage need not be concerned with the increasing forclosure rates and whether or not they can make their mortgage payments. With a HECM reverse mortgage, there are no monthly payments required.

Borrowers remain in their homes for life and never have to worry about making a mortgage payment again. All they need to do is keep the property in good repair, pay their property taxes and keep their homeowners insurance current and paid.

For seniors who currently do not have a reverse mortgage, now may be the time to explore the option. It does not matter if a senior is currently late on their mortgage. They may still qualify for a reverse mortgage. To qualify all borrowers on title must be 62 years or older, occupy the property as their primary residence and not currently be in a bankruptcy. That’s it!

MLS Reverse Mortgage has helped save several seniors who were months away from losing their homes.

So, in these tough economic times, there is still hope for seniors looking for mortgage payment relief or cash out to enjoy life’s pleasures.

Learn more online: http://www.mlsreversemortgage.com