Sep
27
No More Mortgage | Credit Score
Filed Under Denver Mortgages: More Than The Best Rate | Leave a Comment
Tom Bates
No More Mortgage finds that lenders have been known to raise credit card interest rates, simply because a borrower makes no more than the minimum monthly payment. These lenders feel that this is occurring because the borrower may be over extended, thus a higher credit risk. However this is exactly where the credit card company makes their money. The interest you pay.
Your credit score and the percent of inerest you pay is a direct reflection of what is sitting on your credit profile. In most cases “about 78%” of all credit reports have errors that hurt your score. No More Mortgage wants to help you stop, then prevent this from happening in the future.
One sure fire way to avoide bad information from reaching your credit file is to be debt free. No MORE Mortgage and its team of expert staff have found a way to become and live a debt free life.
An estimated 90 million American’s don’t pay their monthly credit card balances, in full. Credit card companies love this because billions of dollars of their profit is credit card interest. Top interest rates are higher than ever before. (Many say higher than typical ‘loan shark’ rates.) Some lenders are charging 35% interest, in certain cases. Borrowers that are being charged these exorbitant rates are facing a financial disaster. Simply missing one payment, late fees can lead to over limit fees, should the account be close to the limit, in the first place.
NO MORE mortgage has a viable option that can give you both a piece of mind and money in the bank.
No More Mortgage finds that lenders have been known to raise credit card interest rates, simply because a borrower makes no more than the minimum monthly payment. These lenders feel that this is occurring because the borrower may be over extended, thus a higher credit risk. However this is exactly where the credit card company makes their money. The interest you pay.
Your credit score and the percent of inerest you pay is a direct reflection of what is sitting on your credit profile. In most cases “about 78%” of all credit reports have errors that hurt your score. No More Mortgage wants to help you stop, then prevent this from happening in the future.
One sure fire way to avoide bad information from reaching your credit file is to be debt free. No MORE Mortgage and its team of expert staff have found a way to become and live a debt free life.
An estimated 90 million American’s don’t pay their monthly credit card balances, in full. Credit card companies love this because billions of dollars of their profit is credit card interest. Top interest rates are higher than ever before. (Many say higher than typical ‘loan shark’ rates.) Some lenders are charging 35% interest, in certain cases. Borrowers that are being charged these exorbitant rates are facing a financial disaster. Simply missing one payment, late fees can lead to over limit fees, should the account be close to the limit, in the first place.
NO MORE mortgage has a viable option that can give you both a piece of mind and money in the bank.
Sep
26
PrimeConcern
Given all the worries about credit in this country, and subprime mortgages, I was curious as to what the entire amount of home mortgage debt is. There are about 110 million households in the country, with 70% of them owned residences. Let’s say there are 75 million owned homes. Not all have mortgages, but if 70 million do, and the average mortgage amount on such homes is $200,000, that comes out to a scary $14 TRILLION of mortgage debt in the USA. If just 2% default, the amount of bad home loans is $280 billion. It could obviously be much higher.
Given all the worries about credit in this country, and subprime mortgages, I was curious as to what the entire amount of home mortgage debt is. There are about 110 million households in the country, with 70% of them owned residences. Let’s say there are 75 million owned homes. Not all have mortgages, but if 70 million do, and the average mortgage amount on such homes is $200,000, that comes out to a scary $14 TRILLION of mortgage debt in the USA. If just 2% default, the amount of bad home loans is $280 billion. It could obviously be much higher.
Does anyone know what total mortgage debt is per household and in total? This is a real problem that could damage the economy.
Sep
23
Can a first mortgage be refinanced to a lower rate if there is also an existing second mortgage?
Filed Under Renting & Real Estate | 4 Comments
cookingmomma
If a homeowner has a first mortgage and a second mortgage, and would like to refinance the first mortgage at different terms, can this be accomplished – does the existing second mortgage put a monkey-wrench in refinancing the first?
If a homeowner has a first mortgage and a second mortgage, and would like to refinance the first mortgage at different terms, can this be accomplished – does the existing second mortgage put a monkey-wrench in refinancing the first?
Sep
21
Whats the Minimum Credit Score For Getting a Home Mortgage?
Filed Under Real Estate | Leave a Comment
Michael Petrone
Just a few years ago getting a home mortgage was easy, regardless of credit rating or income. It seemed like anyone could be a homeowner which is what triggered the mortgage crisis we are all currently going through. The greed of the mortgage lenders and banks led them to approve anyone they could, and just a few years later, the floor fell out. So, a question that is often asked today is “What is the minimum credit score I need to get a home mortgage?”
Typically, if you have a credit rating below 650, you will face more obstacles when attempting to get approved for a mortgage with half way decent terms, conditions, and interest rates. However, do not let this deter you from pursuing a home mortgage approval. Improving your credit score, even slightly, can equal big savings when applying for a home loan. Every single percentage point of interest you can save equals hundreds of dollars in savings, so it adds up very quickly. Try to pay off any smaller lingering debts that you can first, then attempt to pay down your other debts. Truth be told, a lot of people actually can pay off a large portion of their debts, but choose to make minimum payments and keep the cash in their pockets instead. This is a bad financial decision to make and is usually bad on your credit score. While making the minimum payments is technically OK, it shows no extra effort to pay down your debts. Try to pay down your credit cards to within 25% of their maximum limit, if not more. This proves you will not overextend yourself or credit and can be a responsible, mortgage paying, home owner.
So, to sum it up, getting a home mortgage, regardless of credit score, can vary greatly from person to person and place to place, but a score over 650 will help a lot and make things easier. Keep in mind though that obtaining a home mortgage with a credit rating lower than 650 is not at all impossible, it just takes a little more time and some research that can be easily done on the internet.
Just a few years ago getting a home mortgage was easy, regardless of credit rating or income. It seemed like anyone could be a homeowner which is what triggered the mortgage crisis we are all currently going through. The greed of the mortgage lenders and banks led them to approve anyone they could, and just a few years later, the floor fell out. So, a question that is often asked today is “What is the minimum credit score I need to get a home mortgage?”
Typically, if you have a credit rating below 650, you will face more obstacles when attempting to get approved for a mortgage with half way decent terms, conditions, and interest rates. However, do not let this deter you from pursuing a home mortgage approval. Improving your credit score, even slightly, can equal big savings when applying for a home loan. Every single percentage point of interest you can save equals hundreds of dollars in savings, so it adds up very quickly. Try to pay off any smaller lingering debts that you can first, then attempt to pay down your other debts. Truth be told, a lot of people actually can pay off a large portion of their debts, but choose to make minimum payments and keep the cash in their pockets instead. This is a bad financial decision to make and is usually bad on your credit score. While making the minimum payments is technically OK, it shows no extra effort to pay down your debts. Try to pay down your credit cards to within 25% of their maximum limit, if not more. This proves you will not overextend yourself or credit and can be a responsible, mortgage paying, home owner.
So, to sum it up, getting a home mortgage, regardless of credit score, can vary greatly from person to person and place to place, but a score over 650 will help a lot and make things easier. Keep in mind though that obtaining a home mortgage with a credit rating lower than 650 is not at all impossible, it just takes a little more time and some research that can be easily done on the internet.
Sep
21
How do I calculate mortgage payments when buying a home from a family member?
Filed Under Renting & Real Estate | 3 Comments
Y?
We are thinking of purchasing a house from my father. Instead of using a mortgage broker or bank, he suggested using a lawyer to set up monthly mortgage payments directly to him. We would still buy the house, and it would be in our names, not renting. How are payments like this calculated? Also, it seems this gives us flexibility and saves us money, but isn’t as secure. What are the specific down-sides to this?
We are thinking of purchasing a house from my father. Instead of using a mortgage broker or bank, he suggested using a lawyer to set up monthly mortgage payments directly to him. We would still buy the house, and it would be in our names, not renting. How are payments like this calculated? Also, it seems this gives us flexibility and saves us money, but isn’t as secure. What are the specific down-sides to this?
Sep
21
California Jumbo Mortgage Loans
Filed Under Real Estate | Leave a Comment
J. Hale
A jumbo loan is a loan that is higher than the conforming loan limit. In California, the conforming loan limit in 2006 is $417,000. However, because the price of homes in California has been skyrocketing over the last decade, some members of Congress are trying to raise California’s conforming loan limit. Because of the high cost of homes in the state of California, jumbo loans are not so uncommon. This article explains what you need to know when obtaining a California jumbo mortgage loan:
Location Matters
If you live in an area of California where the average price of a home is above the conforming loan limit, chances are many more lenders will offer jumbo mortgage loans. These high-cost cities will have a higher number of lenders that offer jumbo mortgage loans. However, if you live in a part of California where the average home price does not exceed the conforming loan limit, you may have to shop outside of your local area in order to find a lender willing to finance your jumbo loan.
Expect a Higher Interest Rate
Conventional loans are funded by government sponsored entities, such as Fannie Mae and Freddie Mac. Jumbo loans, however, are not sponsored by these government agencies. Therefore, when you apply for a jumbo loan, you will receive a higher interest rate than you would have on a conforming loan because a jumbo loan represents more risk to your lender.
Refinancing Will Be Difficult
The conforming loan limit on a refinance mortgage in California in 2006 is $208,500. This means that you’ll have to pay your mortgage more than halfway off before you can refinance into a conventional loan. Borrowers should keep this in mind when deciding whether or not a jumbo loan is right for their needs.
A jumbo loan is a loan that is higher than the conforming loan limit. In California, the conforming loan limit in 2006 is $417,000. However, because the price of homes in California has been skyrocketing over the last decade, some members of Congress are trying to raise California’s conforming loan limit. Because of the high cost of homes in the state of California, jumbo loans are not so uncommon. This article explains what you need to know when obtaining a California jumbo mortgage loan:
Location Matters
If you live in an area of California where the average price of a home is above the conforming loan limit, chances are many more lenders will offer jumbo mortgage loans. These high-cost cities will have a higher number of lenders that offer jumbo mortgage loans. However, if you live in a part of California where the average home price does not exceed the conforming loan limit, you may have to shop outside of your local area in order to find a lender willing to finance your jumbo loan.
Expect a Higher Interest Rate
Conventional loans are funded by government sponsored entities, such as Fannie Mae and Freddie Mac. Jumbo loans, however, are not sponsored by these government agencies. Therefore, when you apply for a jumbo loan, you will receive a higher interest rate than you would have on a conforming loan because a jumbo loan represents more risk to your lender.
Refinancing Will Be Difficult
The conforming loan limit on a refinance mortgage in California in 2006 is $208,500. This means that you’ll have to pay your mortgage more than halfway off before you can refinance into a conventional loan. Borrowers should keep this in mind when deciding whether or not a jumbo loan is right for their needs.
Sep
18
When asked what my mortgage payment is, should it include escrow or just principal and interest?
Filed Under Renting & Real Estate | 2 Comments
John
I am planning on refinancing my car loan but I think my current mortgage payment will affect the banks decision. So my question is, when they ask what my mortgage is, should I include escrow or just principal and interest?
I am planning on refinancing my car loan but I think my current mortgage payment will affect the banks decision. So my question is, when they ask what my mortgage is, should I include escrow or just principal and interest?
Sep
15
What happens to your mortgage if you sell your home for less than you owe?
Filed Under Renting & Real Estate | 5 Comments
Rikki Suzi
We would like to move into a bigger home. We live in a small condo that we paid a lot for. We will never get as much for it as we owe for our loan, but we have out grown it. We are not in a foreclosure situation because we are making the payments on time without a problem. If we sell our home for less than it is worth, can we add the balance of our mortgage onto the mortgage of a new home, or will we owe the bank the balance right then and there?
We would like to move into a bigger home. We live in a small condo that we paid a lot for. We will never get as much for it as we owe for our loan, but we have out grown it. We are not in a foreclosure situation because we are making the payments on time without a problem. If we sell our home for less than it is worth, can we add the balance of our mortgage onto the mortgage of a new home, or will we owe the bank the balance right then and there?
Sep
15
How to deal with a 2nd mortgage that has been sent to collections?
Filed Under Renting & Real Estate | 1 Comment
Chochi
I’m currently on a repayment plan on a rental property for the 1st mortgage. The 2nd has been charged off by EMC mortgage and sent to an outsourced collection company called LCS. Does anyone have any experience on how to deal with LCS and what rights I have to settle this 2nd mortgage. Can they freeze my assets? Will they seek a Judgment?
I’m currently on a repayment plan on a rental property for the 1st mortgage. The 2nd has been charged off by EMC mortgage and sent to an outsourced collection company called LCS. Does anyone have any experience on how to deal with LCS and what rights I have to settle this 2nd mortgage. Can they freeze my assets? Will they seek a Judgment?
Sep
15
Jumbo Mortgage Refinance
Filed Under Mortgage Rates Online | Leave a Comment
Aishani
About Jumbo Mortgage Refinance:
Jumbo Mortgage Refinancing is one of the sound financial solutions to get rid of existing mortgages, loans and debts. An existing mortgage loan can be replaced by refinancing. A Jumbo Mortgage loan is that amount of sum that exceeds the standard sum set by Fannie Mae and Freddie Mac.
Generally the Super Jumbo Refinance loans exceed the amount of $650,000. Since both Jumbo Mortgage loans and Super Jumbo Mortgage loans are also known as non-conforming loans. The Jumbo Mortgage Refinancing agents issue this kind of loan to a person when he seeks to repay any or all of his already existing loans.
When you already have a mortgage for your property or home, it is the best option to apply for a refinancing. Jumbo Mortgage Refinancing is nothing but applying for a second loan amount.
Things to be Taken Care of Before Applying for a Jumbo Mortgage Refinance:
* The company from which the refinancing is applied for should have expertise in this field
* The company should be able to provide suitable financial solutions to clients seeking Jumbo Mortgage Refinance or Super Jumbo Refinance.
* The fees to be paid during refinancing should be balanced with the sum saved on interests
Advantages of Jumbo Mortgage Refinance:
Jumbo Mortgage Refinance has several benefits associated with it.
* A Super Jumbo Refinancing will help you to save certain amount of money every month
* It also allows you to get access to an extra sum of money (it is when a larger amount of sum than the existing mortgage is applied, known as cash-out refinancing)
* It helps you to repay the prevalent loan amounts
* The interest rates are lower than the usual mortgage loans
* Refinancing is easy and secured
* Favorable interest rate
* A refinance loan can be applied as many times as required
* The term of the mortgage can be shortened
About California Jumbo Refinance:
Clients can apply for California Jumbo Refinance or California Super Jumbo Refinance from the different mortgage lenders. Getting California Jumbo Refinance will help you to repay the previous mortgage or loans. Refinancing ensures applying for a second loan at comparatively less interest rates than the existing loan amount.
California Jumbo Mortgage Loans are designed as non-conforming loans. These loans are designed keeping in mind the convenience of the residents of California. The California Jumbo Mortgages can be categorized as Adjustable Rate Mortgages and Fixed Rate Mortgages.
But make sure to compare prices with the mortgage refinancing lenders to get the best rate. A good comparison-shopping or reviewing California rates would help to choose the right lender or company for you. Jumbo Mortgage Refinancing is more preferred as second mortgages have higher rates than refinancing loans.
About Jumbo Mortgage Refinance:
Jumbo Mortgage Refinancing is one of the sound financial solutions to get rid of existing mortgages, loans and debts. An existing mortgage loan can be replaced by refinancing. A Jumbo Mortgage loan is that amount of sum that exceeds the standard sum set by Fannie Mae and Freddie Mac.
Generally the Super Jumbo Refinance loans exceed the amount of $650,000. Since both Jumbo Mortgage loans and Super Jumbo Mortgage loans are also known as non-conforming loans. The Jumbo Mortgage Refinancing agents issue this kind of loan to a person when he seeks to repay any or all of his already existing loans.
When you already have a mortgage for your property or home, it is the best option to apply for a refinancing. Jumbo Mortgage Refinancing is nothing but applying for a second loan amount.
Things to be Taken Care of Before Applying for a Jumbo Mortgage Refinance:
* The company from which the refinancing is applied for should have expertise in this field
* The company should be able to provide suitable financial solutions to clients seeking Jumbo Mortgage Refinance or Super Jumbo Refinance.
* The fees to be paid during refinancing should be balanced with the sum saved on interests
Advantages of Jumbo Mortgage Refinance:
Jumbo Mortgage Refinance has several benefits associated with it.
* A Super Jumbo Refinancing will help you to save certain amount of money every month
* It also allows you to get access to an extra sum of money (it is when a larger amount of sum than the existing mortgage is applied, known as cash-out refinancing)
* It helps you to repay the prevalent loan amounts
* The interest rates are lower than the usual mortgage loans
* Refinancing is easy and secured
* Favorable interest rate
* A refinance loan can be applied as many times as required
* The term of the mortgage can be shortened
About California Jumbo Refinance:
Clients can apply for California Jumbo Refinance or California Super Jumbo Refinance from the different mortgage lenders. Getting California Jumbo Refinance will help you to repay the previous mortgage or loans. Refinancing ensures applying for a second loan at comparatively less interest rates than the existing loan amount.
California Jumbo Mortgage Loans are designed as non-conforming loans. These loans are designed keeping in mind the convenience of the residents of California. The California Jumbo Mortgages can be categorized as Adjustable Rate Mortgages and Fixed Rate Mortgages.
But make sure to compare prices with the mortgage refinancing lenders to get the best rate. A good comparison-shopping or reviewing California rates would help to choose the right lender or company for you. Jumbo Mortgage Refinancing is more preferred as second mortgages have higher rates than refinancing loans.