Nov
24
Has your bank frozen your Home Equity Line Of Credit?
More and more banks are re-calculating the estimated value of your home because of the declining property values hitting our entire country. Let’s face it…..they’re scared.
November 24, 2008
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Nov
24
Equity release is the process by which people who are over 55 years of age are able to unlock equity in their home, subject to meeting the lender’s criteria. This can be done either through a lifetime mortgage, where you receive a lump sum or a regular income while interest ‘rolls up’ or through a home reversion scheme, where a company buys all or part of your home and you receive the proceeds as a lump sum, regular income or a combination of both. Both schemes come with ‘no negative equity guarantees’ and the monies are repayable upon the death of the owner, or second owner if there are two.
November 24, 2008
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Nov
24
Many people don’t even realize that the USDA (United States Department of Agriculture) Rural Development Branch offers low-interest home loans to low-income families. Because I am a single mother with a lot of children, I qualified for a subsidized loan. I am only paying a measly 1 (percents) interest on this loan! You will only qualify for this low of an interest rate if you are very low income. For people with higher incomes you can still get a low rate.
November 24, 2008
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Nov
24
If you’ve read widely about early mortgage payoff scenarios, you’ve probably heard of using a HELOC (home equity line of credit) to pay down your mortgage’s principal faster. It’s an ingenious concept really, because you don’t have to come up with the money all at once to make a lump sum payment on your mortgage.
November 24, 2008
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Nov
24
More and more homeowners in Massachusetts are now realizing the benefits of a loan modification agreement as being one of the best options to foreclosure. With a loan modification agreement, a reliable tool against foreclosure which offers a long-term solution, more and more Massachusetts homeowners are able to keep their homes and reduce their worries.
November 24, 2008
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Nov
24
If you are an American senior citizen, undoubtedly you still have a lot of things in mind that you want to accomplish but are limited by the amount of cash you have. If you are physically healthy and active, you still want to travel and go to that vacation spot you always wanted if you had that extra cash. On the other hand, if you are the less active type, you need funds to spend on bills, home improvement and health care. Do you need that extra cash but don’t know how to get it? If you are a homeowner, then there is a solution in sight.
November 24, 2008
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Nov
24
Before the days of internet access worldwide, a home loan with bad credit was much harder to find and to obtain just because of the bad credit information on one’s credit report. However, with the global exposure, thanks to the internet, means that such loans are much easier to locate. Doing a search engine query with terms such as the ones above will result in thousands of listing that respond to the parameters. Using the internet to look for and obtain home loans is a smart move when you have bad credit records. With proper safeguards, an online loan can be the optimum answer for borrowers with poor credit records.
November 24, 2008
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Nov
24
Bad credit has been known to hold many people back from getting the loan approval that they were looking for, in many different situations. Many homeowners find themselves falling behind in payments, and getting a lower credit score than they would like. Or maybe worse, you have already missed a payment or two and have already developed bad credit.
November 24, 2008
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Nov
24
I was at a BBQ on the weekend and a borrower friend was telling me about this terrific home loan finance he had just arranged through a mortgage broker. Another mate said that he didn’t see the need to use a mortgage broker because he simply applied directly to a lender who was advertising a cheap home loan deal. Well, that was 6 months ago and when I bumped into him recently he was seething. He felt he had been duped by his bank when taking that cheap home loan. Why? The cheap home loan gave him no flexibility and because it was on a variable rate basis the lender had increased the interest rate only 4 months after he had settled the so-called cheap home loan. The guy was furious. He had believed the banks when they told consumers that the global credit crunch would only have a limited if any impact on their lending. I remembered the huge advertising dollars being spent on this message at the time and wondering how any financial institution could be immune from the global credit crisis. Anyway, I was able to explain to him that I had followed the recommendation of the friend at the bbq and used the services of a mortgage broker to find the best home loan for me.
November 24, 2008
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Nov
24
For many of us we look forward to the American Dream…owning our own house. Unfortunately in the past year more Americans are discovering they are living more of a nightmare than the dream! Remember, Home ownership isn’t truly realized until you have made that final payment and your deed carries no liens. Only then do you truly OWN your house.
November 24, 2008
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