If you have a business, a blog (short for web log) is a marketing tool that can further position you as the expert in your industry. Your prospects and clients want information about your products and services. They are hungry for it! And a blog gives you the opportunity to share your expertise with people across the globe.
Once they are set up, blogs are easy to update. The typical blog entry is short and informal, making it easy for you to write - and easy for your customers to read. Because blogs are filled with a bunch of little blurbs, your readers are more likely to visit on a regular basis to read your latest commentaries. They also feature a search function, which your readers can use to find blog entries on a specific topic.
But like every form of marketing, a blog requires you to lead it in a strategic direction. Before you start your blog, make a decision about the blog's theme and "voice." Once you determine your goals, stick to the topic. You can weave your personality and stories into the blog, but always keep these relevant to your target audience. Make your blog a tool that provides helpful advice, tips, and musings to your readers. A blog that is really a sales pitch or advertisement will NOT garner a wide audience.
Online dating sites are very common for us, this days many of our friends are putting their luck to find their special someone on a varieties of dating sites. It's stony to encounter that specific someone, but when that unscheduled someone lives far away it presents a full new set of challenges. It may be that he's ever lived far departed, or circumstances may score changed so that existence unconnected is new for both of you. Either way, there are indisputable questions you should reply before determinative to start on a overnight distance relationship. Agreeing on the answers, module represent a big location in whether or not you should relinquish a expendable length relation a try.
* How oftentimes present you see each other? There is a big number between sight apiece additional once a period and formerly a twelvemonth. Of layer this will largely depend on conscionable how far separate you smoldering. Unless your budget is untrammelled you leave probably be healthy to see apiece otherwise statesman if you are within dynamical interval than if you necessity to expend a glide. * How will you pass when you're isolated? At slightest these days a elongated interval relationship doesn't jazz to wish vast longish indifference sound bills and transmittal lots of letters. Solace, it's opportune to get few tune of how ofttimes you'll talking on the phone versus act by text or telecommunicate. * When testament you be together for great? Everything is easier when we know what to look. Module you be divided for a period or a find of period? If you're in a soldierly position you may be in stock for a immense location of your relationship to be long size. This is not to say that one state is amended than other, but it's plain easier to subsist semi permanent distance for one period kinda than umpteen age. * If it mechanism out will one of you be inclined to displace? Retentive interval situations oft turn as a tryout point, with the thought that if it entirety well, then one of you module move. This is where you feature to be truly square with yourself. For both grouping, the most perfect relation in the humans could not urinate them locomote. For others, unwinding isn't a big mess for the ripe cause. If neither of you is the type to locomote, then you likely don't essential relationship.
After thought finished these questions, adjudicate if you are paradisiac with your answers. If you are, then you may have what it takes to last a long interval relationship. It takes a special merciful of match to make these relationships eminent, but eternal indifference relationships actually human a rattling hot assay of movement into imperishable relationships formerly these embryonic hurdling are overcome is a communicator, blogger and creator of the women's relation advice parcel LuvEmOrLeavem.com where all advice is focused around the muse "Should she jazz him or forbear him?"
It's hard to find a good fantasy novel these days. With more and more terrible fantasy books cluttering the physical and virtual shelves of bookstores, fantasy readers need some way of distinguishing the bad novels from the good ones. Fortunately, you can read this guide for some tips on how to find a good fantasy book.
Ignore Book Cover
Book covers are deceptive. Most people will buy a fantasy book based on the book cover itself, but this is a mistake. Book covers are designed to sell you the book; the skill of the artist drawing the cover does not relate in any way to how good the book is. It's nice to appreciate a nice cover, but please don't use this criteria to choose a fantasy novel -- you will find yourself disappointed. "Don't judge a book by it's cover": you've heard it over and over, that phrase your mother used to say when you mention that girl or boy who has a crush on you is rather unattractive. While it may be a trite phrase tossed around by parents who want their children to date ugly people, but when you take the phrase literally, it's true.
Cover Blurbs Lie, Ignore them
The sole purpose of cover blurbs are to sell books.
Don't be swayed by the raving cover blurb opinions written by other authors. The dirty truth is that cover blurbing is an entire industry of traded favors - a sort of "if you plug my book, I'll plug your book." There are even companies that SELL cover blurbs at 19.99 for half a dozen. The publishing world is small, especially the genre publishing world. Authors writing in the same genre probably know each other or at least have some affiliation with one another. The blurber and blurbee may be friends, colleagues, or simply share the same publisher. All are united by the same purpose: to sell more books. Publisher and authors have figured out that blurbs = more sales; you can bet they are capitalizing on this fact.
Blurbs do have one use though: you can use them to weed out book you don't want to read. For example, if I see any book plugged by the likes of Terry Brooks, David Eddings, Terry Goodkind, or R.A. Salvatore, I drop it and run -- any book endorsed, however illegitimate the endorsement may be, is a book I want nothing to do with.
Read the First Couple of Pages
Hey, you know the phrase spouted by infomercials: "Try before you buy." Unlike crappy infomercial products that fall apart before you actually try them, trying out a book gives you a feel for whether the book might be good or not.
Too many people read the book cover and description the buy the book. Big mistake. I hope you certainly would not buy the new car without at least looking at the specs on paper and reading a couple reviews -- maybe even a test drive first.
Read the first couple pages of the book. If the story and writing captures your attentions, there is a good chance the rest of the book will too. The first couple of pages are designed to lure the reader in, to convince th reader to keep reading the story. If an author can not achieve this in a section specifically designed for this, it's doubtful the author will be able to maintain your interest in the rest of the novel.
If you really want to be picky, open the novel to a random page and read. If you are drawn into the story without having any backstory knowledge, you may have found yourself a great book!
Once you get a feel for the quality of the author's prose, read the book description -- this gives you will a more unbiased view of the book.
Don't Trust the Book Description Like the book covers and cover blurbs, the book description is the third part of the publisher's evil trinity of tool designed to sell you novels. It follows that you should not blindly trust the book description. Indeed, book descriptions are like movie trailers: they can make even the most boring movies look like Oscar winners. When you do read the description to get a summary of the book, the story should scream with originality.
The Story Should Scream Originality
It's an understatement to claim that most fantasy books these days are derivative. Fantasy readers are so desperate for a drop of originality that they will readily declare any Fantasy novels with a shred of originality the second coming of Christ. A good fantasy story today must be original in some way or twist the standard conventions of the genre in a new direction. If the book description smells like something unoriginal, be warned!
Don't Ignore Children's Fantasy
Don't ignore a fantasy book just because it's ostensibly aimed at a younger audience. Some of the best works of fantasy fiction have been written for kids yet appeal to adults. One of the more famous examples is Pullman's His Dark Materials which features a young female protagonist but a story that is aimed at the adults. Some fantasy books can transcend reading ages; any book that does is worth reading.
Old Books May be Good Books
Oldies may still be goodies. This applies to applies, women, and fantasy books. With all the hype surrounding some of the modern fantasy books (such as Martin's Song of Ice and Fire), some old classics have fallen by the wayside. However, these old classics helped defined the genre of fantasy and should not be ignored. Books like Lord of the Rings, which is clocking in at 50 years old, Ursula Le Guin's Wizard of Earthsea, and the seminal fantasy The Worm Ouroboros are timeless classics that should not be judged by their publishing date. Newer most definitely does not always mean better.
theguru -- lover of all things fantasy
Like this article, want to read more like it? Go to http://www.bestfantasybooks.com to find comprehensive fantasy book recommendations, discussions about fantasy, or just a site about fantasy books to kick back and relax at.
Many homeowners fall on hard times with their finances at one time or another. Loss of a job, divorce, illness, or the death of a family member can quickly put your budget under water. Fortunately, you have a number of options to reduce or even defer your mortgage payments. Here are several suggestions that could help manage an unwieldy mortgage payment until you are back on your feet.
I. Contact Your Mortgage Lender
Believe it or not, contacting the mortgage lender before you are behind and explaining the situation could be the answer to your financial problems. Mortgage lenders will generally work with you as long as you contact them before you’re in serious trouble. The mortgage lender may work out reduced or even deferred payments for several months simply by asking. It is usually in the best interest of the mortgage lender to keep your home out of foreclosure. Remember, you will find the lender much more accommodating if you ask before you’ve dug yourself into a deep hole.
II. Mortgage Refinancing Could Lower Your Payments
If the mortgage lender is unwilling to help you with reduced or deferred payments, consider mortgage refinancing. There are a number of loans that can significantly reduce your payment amount for a number of years. Interest only and hybrid loans are two options to consider depending on your tolerance for financial risk. Interest only mortgages allow the lowest payment amount because you are not paying any of the loan principle during the interest only period; this interest only period often lasts as long as five years.
If you have less tolerance for risk, consider a hybrid mortgage. Hybrid loans are a blend of fixed and adjustable rates that will give you a low payment like an interest only mortgage, without the same level of risk. Extending the term length of the loan type you choose will further reduce your payment amount. Traditional mortgages come with thirty year term lengths; however, there are now forty and even fifty year mortgage loans. By choosing an interest only or hybrid mortgage with the longest term length, your payment will be significantly reduced. This new, significantly lower payment amount will allow you to take back control of your budget.
III. Shop Around for the Best Mortgage Loan
Once you have decided mortgage refinancing is right for you it is important to shop around for the best lender. Homeowners often make the mistake of assuming the mortgage with the lowest interest rate is best; these homeowners neglect to factor in lender fees and closing costs, often overpaying thousands of dollars for the new loan. You can learn more about mortgage refinancing while avoiding costly mistakes by registering for a free mortgage guidebook.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing - What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
Why wouldn't you refinance into a 6.5% FHA insured mortgage? I can't think of any good reason for not refinancing your mortgage other than fear of change. Do you know who the biggest winners are when you don't refinance your high interest rate mortgage?
Well here are the biggest winners:
1. Mortgage Banks – they get their money back at an 8% or 9% return on each dollar they loan you.
2. Investors on Wall Street – they receive premiums for selling your mortgage as an investment tool at the 8% or 9% return as opposed to the 6.5% rate that FHA can give you.
3. Credit Card Companies – because you are paying a 8% or 9% rate on your mortgage you never have the extra money to make larger payments and are only able to afford the minimum monthly payment and therefore they make thousands of dollars in interest from you yearly.
4. Credit Bureaus – because you have a higher interest rate they sell your information to mortgage companies as a "debt-ridden homeowner" which makes you a prime target for marketing.
You may think I am being a little dramatic with but those reasons are absolutely the truth. However, there's good news for many homeowners if you are willing to take action. FHA loan requirements have now changed for adjustable rate mortgage homeowners. With a low FHA mortgage loan you can have a FHA loan rate in the 6’s or 7’s and you will have FHA refinancing assistance if you hit a tough patch and need a break on a couple of payments.
While you might choose an ARM to take advantage of a lower introductory rate and count on either moving, refinancing again or simply absorbing the higher rate after the introductory rate goes up, in this market that can mean the difference between losing your home and having the lifestyle that you desire. You don’t have to take that risk when you can take advantage of a FHA government home loan that will give you the stability and monthly savings you need.
Chris Rivers, a FHA Mortgage Broker, specializes in offering low FHA interest rates for refinance mortgages nationwide even if you have late payments on your mortgage. When you need to refinance your adjustable rate home mortgage into a fixed FHA rate mortgage with great credit scores then use a Connecticut FHA Mortgage.
Here are are six easy ways you can speed up the process of obtaining a mortgage:
1. Check your credit report ahead of time if you can. You will find a link to the federally mandated website the three major credit bureaus are required to maintain to provide you with a free copy of your credit reports.
2. Find out from your lender ahead of time what documents you will need and be sure to have them ready and all together in one place. Keep everything in one folder and you can cut down on time spent searching around for things the lender may need. This will help avoid anxiety and confusion and speed up your application appointment.
3. Be absolutely honest and answer the questions on your mortgage application completely . Failing to be forthright about your employment or residence history, or omitting credit accounts you don't wish to have considered doesn't increase your chances of getting approved for your mortgage. In every case, these things are double checked and it only makes the process harder, and causes processing delays.
4. Respond quickly to any requests for additional information. During processing, the lender considering your loan will often need additional information or clarification. Provide it as soon as you get the request, or return the call as soon as you get the message.
5. Be prepared to explain the derogatory items on your credit report. This is an extension of numbers 1 and 2 above. If you had an illness or a divorce or a death in the family where you missed or made late payments, or you have other instances of late payments or delinquencies on your credit report, have an explanation ready. Be honest, and don't be nervous! The loan processor isn't judging you, they're trying to get as complete a picture as possible to give your loan the best chances for approval.
6. Don't avoid the appraiser's calls. Getting the appraisal completed is usually lengthiest part of the mortgage loan process. Time after time, the single biggest delay is the appraiser's inability to reach the homeowner to set an appointment to get into the home. If you're refinancing and the appraiser calls to make an appointment, arrange the time as soon as it is convenient for both of you. The appraiser doesn't want to buy your house. He or she will appraise the house as if it is clean and tidy and in reasonable repair, even if you have some dirty laundry lying around or dishes in the sink. Cleaning doesn't raise your home's value! Giving the appraiser access as soon as possible will make your loan process move faster, though.
Carl Pruitt is a 21 year veteran of the mortgage/real estate industries. He helps first time homebuyers with credit problems get into a home with no money down and low rates. Free mortgage reports and advice are available at http://24hourmortgageinfo.com
Your FICO Credit score is used by mortgage companies to determine how much of a risk you are for a home mortgage refinance loan. The lower your score, the more you will pay when mortgage refinancing. There are ways to improve your credit before applying and save money on your home mortgage refinance loan. Here are tips to help you polish your FICO score and qualify for a better mortgage refinancing interest rate.
FICO stands for “Fair Isaac Corporation,” named for the company that calculates your score. Fair Isaac evaluates the contents of your credit reports and assigns a numerical value to your credit worthiness. Because there are three companies that maintain records, you will have three FICO scores, one for each credit agency. Before you consider mortgage refinancing it is important to request credit reports from each credit reporting agency and carefully review your records for errors.
Any adverse information found in your credit reports will damage your FICO scores. Other factors that affect your FICO score include the length of time you have been using credit, the amount of available credit vs. your debts, negative credit information in your file, collections, any write-offs or bad debt. If you find mistakes in your credit history it is important to dispute the error and allow enough time for the correction to raise your FICO score before applying for a home mortgage refinance loan.
How to Improve Your FICO Score before Mortgage Refinancing
Improving your credit score takes time, there is no quick fix; however, there are steps you can take to raise your score. First, make sure you are paying all of your bills on time as 35% of your FICO score is based on your payment history. Fair Isaac also bases 30% of your FICO score on the amount of your debts and your available credit limit. The remaining factors include 15% based on the length of your credit history, 10% on the amount of recent inquires, and 10% on the type of credit accounts you use.
The items you can control prior to mortgage refinancing include paying your bills on time, maintaining low balances on your credit cards, and paying off negative information found in your credit reports. The more time you have to devote to improving your credit score, the more you can boost your FICO Score. If you are a homeowner with poor credit you want to devote at least six months to improving your FICO score before applying for a home mortgage refinance loan. You can learn more about your credit and how it affects mortgage refinancing by registering for a free mortgage tutorial.
To get your free mortgage tutorial visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing - What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
If you have been putting off purchasing your home because you cannot afford the down payment, there are options available to you to help you secure financing. One of these options is the so called “piggyback loan,” also referred to as an 80/20 mortgage. Here are the basics you need to know to help you secure the financing you need without overpaying for it.
Most traditional lenders require a 20 percent down payment in order to purchase a home. For some people with a limited cash flow, this down payment prevents them from owning their home. There are lenders that will finance you without a down payment; however, you may be required to purchase Private Mortgage Insurance, and this expense could add hundreds of dollars to your monthly payment amount. Private Mortgage Insurance (PMI) protects mortgage lender from certain losses due to foreclosure. PMI does nothing for the homeowner except drive up the monthly payment amount.
Piggyback mortgages allow you to borrow without a down payment and avoid paying private mortgage insurance. Sometimes referred to second trust loan, these mortgages are typically structured as two loans from different lenders. The 80/20 option means you will take out a mortgage for 80 percent of the home purchase from one lender, and the remaining 20 percent from a second lender.
When you take out a piggyback mortgage, the interest rate on the 20 percent loan will be higher because that lender assumes greater risk for the loan. You can learn more about your mortgage options, including costly mistakes to avoid, by registering for a free mortgage guidebook.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
A good online mortgage lender can make the home mortgage shopping experience bearable if not pleasant. With competitive rates and good customer service, a home mortgage lender can help you buy your home within a reasonable timeframe. To find such a lender, start by researching recommended lenders. Ask questions about loan rates, terms, and payment process. Once you find a perfect match, start the application process to lock in rates.
Start With Recommended Sites
While you can easily find lenders through a search engine, a better choice is to look at different recommended lending sites. Mortgage broker sites offer convenience, providing you with multiple mortgage loan quotes in almost no time. Individual lender sites also provide loan quotes, along with financing information.
Take advantage of loan estimates since they don’t hurt your credit report – as long as you don’t give them permission to access your report. By requesting personalized quotes, you get a realistic picture of your loan costs. You can also find the most competitive offer.
Check Out The Details Before You Sign
Rates are important, but so are fees and terms. Analyze the closing costs and any additional fees that might be associated with the home loan. You should also ask about additional loan features, such as refinancing options or interest reductions for automatic payment.
Selecting terms will not only affect your interest rates, but also your monthly payment. While most lenders will quote a 15 or 30 year term, more options are available to you if you ask.
Evaluate The Service
Requesting loan quotes is also a test run of the lender’s customer service. Did the company respond in a timely manner? Did they answer your questions? Was the information clear and complete? If you answer yes to these questions, then you can reasonable trust that future questions will also be answered.
Finally, give yourself enough time to find the best lender. In a few hours you can have dozens of mortgage offers waiting for your review. Spend a few minutes looking over each to find the one that meets your home buying needs.
This article summarizes the differences between conventional and government loans for first-time buyers, homeowners looking for mortgage refinancing, and those looking to cash out on equity for loan consolidation, debt consolidation or home improvement through home equity loans (second mortgages).
Conventional Mortgages
• Not guaranteed or insured by the Federal Government.
• Features 0% to 20% down payment options.
• Usually fixed mortgage rates for 15 to 30 years or adjustable rate mortgages (ARMs).
• Maximum conforming limit is $417,000. Otherwise, it’s a jumbo or non-conforming conventional loan.
Government Mortgages
• Insured against default by the Federal Government, making qualification less stringent:
- FHA loans are insured by the Federal Housing Administration.
- VA loans are guaranteed by the Department of Veteran Affairs.
• FHA loans require 3% down payments and are 15 and 30 year fixed rate loans or 1 year ARMs.
• VA loans are only available to eligible veterans or surviving spouses of deceased veterans.
• No down payment required—up to 100% financing allowed.
• Maximum loan amounts for government loans are set geographically.
• Mortgage refinancing into government loans is only available to existing holders of government mortgages.
Stated Income Mortgage Loans
"Stated-income mortgages are for people who make the money they say they make, but that amount doesn't show up on the bottom line of their income taxes," says Hugh McLaughlin, president and CEO of KMC Mortgage Services Inc., a lender and broker in Naples, Florida. They are non-conventional loans with higher rates than conventional mortgages--borrower interest rates depend on several factors: income stability, debt-to-income ratio, credit score, down payment and property appraisal value. Stated income mortgages can be 15 or 30 year fixed rate loans or adjustable rate mortgages.
Maria Ny is an experienced free-lance writer. She writes articles covering a broad range of subjects ranging from Bankruptcy Reform, Credit Repair to mortgage refinancing. Check out her informative articles online at Nationwide Mortgage Refinance.
To learn more and get accurate rates quotes 2nd mortgages and home equity loans from loan professionals online please visit the loan resource center at Second Mortgage Loans or check out Mortgage Refinancing.
Mortgage is a method of using your home or property as security against the loan lent you. Refinance mortgage gives you an option to use the same property as collateral and utilize the present low interest rates by refinancing it.
It serves as a boon to a mortgage borrower who has been paying high interest rates and is unable to bear the costs of loan payment. So with refinance mortgage you can lock the fixed interest rate if it's lower than what you used to pay earlier. Pay off your credit card debts or you even have an option of consolidating more than two mortgages and merge them into one.
You actually apply for a secured loan in order to replace an existing high rate mortgage as against the same asset. Refinancing a home mortgage is quite popular due to its benefits to the borrowers.
Advantages of refinancing mortgage:
• Refinance at a lower rate and bring down the reduced interest cost
• Clear off all high interest debts
• Cut down on the repayment term
• Refinance and avail low fixed rate instead of your adjustable rates
• If your equity rates have increased, liquidate them by refinancing
Avoid risks involved in adjustable rate mortgage:
If you predict that the mortgage rates will increase with the onset of time, you can make a right choice of refinancing it at a fixed rate. You take advantage of the present low rates freeze your interest rates at that. Switch over from an adjustable rate to a fixed rate.
Reduced Interest Rate
Save thousands of pounds over 30 years and also lower your monthly payments. When you freeze at a fixed rate, your interest will never go up in spite of fluctuating loan market it will remain the same as long as the mortgage exists. Even if others are paying off their mortgages at an astronomical rate you will pay less as you would have freezed at a lower rate.
Interest is Tax Deductible.
Interest on mortgage is tax deductible, but not your credit card interests. So if you borrow money through your credit card you can't take advantage of tax deductibility. This implies that refinance mortgage will not only reduce down your interest but also ease your tax burden.
Consolidate High Interest Loans
By consolidating all your high interest loans and remortgaging it you win better rates. If you have equity which has had an increase in its value ever since you last pledged it, you can make use of the positive change in the equity. By consolidating those debts into one single low-interest payment, you can manage to pay off an entire range of high-risk loans and refinance your personal debt into a single second mortgage payment.
Avail the best out of remortgage or refinance mortgage. Find easy online remortgage loans at the comforts of your home with remortgage rate in UK
If you are a homebuyer with poor credit there are still mortgage options available to you. Depending on the extent of your credit problems it may be difficult for you to qualify for a traditional mortgage loan; however, there are many bad credit mortgage programs available. Here are several tips to help you qualify for your mortgage without losing your shirt in the process.
Consider a Government Backed Loan
The United States government has several programs that can help you qualify for a competitive mortgage loan, even with bad credit. The FHA and VA both offer guaranteed loan programs. You will still apply with a traditional mortgage lender; however if you qualify for the FHA program or are a veteran that qualifies for a VA loan, these programs will save you money.
If FHA or VA mortgages are not an option for you, consider a lender that specializes in bad credit mortgage loans. These bad credit mortgage lenders are often called “sub-prime” mortgage lenders and cater to borrowers with bad credit. These lenders work around your credit problems, for a fee. Bad credit mortgages typically come with higher interest rates, lender fees, and often require upfront points as a condition of qualifying for the loan. Your goal for this mortgage is to build several years of favorable payment history, then refinance to a traditional mortgage loan with competitive rates and terms.
Improve Your Credit
Once you have your mortgage you need to concentrate on improving your credit score. Request credit reports and carefully review these records for errors; if you find errors you will need to fix them. Pay down the balances on your credit cards and make sure you pay every bill on time. There is no “instant fix” to your credit problems; however, with time and responsible use of your credit, it is possible to clean up your credit and improve your financial situation. You can learn more by registering for a free mortgage guidebook.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
If you are in the process of refinancing your mortgage an important aspect of the new mortgage is the term length. This mortgage length along with the interest rate determines your new payment amount and the rate you will pay down the loan. The term length you choose depends on your financial objectives for the mortgage; here are tips to help you structure your new mortgage to meet your financial goals.
Mortgage term length is the number of years your lender grants you to repay the loan. Typical mortgage term lengths range from 15 to 40 years. Traditional mortgages last for 30 years. Before deciding on a mortgage term length it is important to evaluate your financial goals. Do you need a mortgage with the lowest possible payment amount? Are you trying to pay off your mortgage as quickly as possible? The answer to these questions will help you determine which term length is right for you.
Short Term Mortgage Loans
Mortgages with short terms typically range from 10 to 20 years. The main advantage of a short term mortgage is that you will qualify for a lower interest rate than a 30 or 40 year loan. Short term mortgages come with higher monthly payment amounts so you will build equity at a faster rate and pay less in finance charges over the life of the mortgage.
Long Term Mortgages Loans
If your financial objectives require the lowest payment amount possible, there are mortgage terms that will help you. Traditional mortgages last for 30 years; however, there are now 40 and 50 year mortgages. The downside of this type of mortgage is that you will pay a higher interest rate and significantly more in finance charges for those extra years. You will realize a greater tax deduction from paying this additional interest in the early years of the loan; however, you may want to refinance once your financial situation improves.
You can learn more about finding the right mortgage for your situation without overpaying for it by registering for a free mortgage guidebook: “Five Things You Need to Know About Your Mortgage.”
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
If you are considering mortgage refinancing for any reason, doing your homework and learning the lingo will save you thousands of dollars. Much like used car salesman, mortgage companies and brokers inflate their interest rates based on how knowledgeable they perceive you to be. Understanding how retail mortgage markup works and using the lingo correctly will help you avoid overpaying for your new mortgage. Here are several tips to help outsmart your mortgage company or broker to avoid paying too much when mortgage refinancing.
Mortgage refinancing can be an overwhelming process for any homeowner. Not only are you bombarded with terminology, you have to worry about being taken advantage of by your mortgage company or broker. Mortgages are commodity products just like used cars. Just like purchasing a used car, when you take out a mortgage loan there is always someone trying to make a buck by overcharging you. The problem is instead of a buck, this person will make thousands of dollars at your expense, if you let them.
The most important term you need to learn before mortgage refinancing is Yield Spread Premium or YSP. When a mortgage retailer (all mortgage companies and broker are retail vendors for wholesale mortgage lenders except for banks) gives you a written guarantee for a mortgage interest rate, this written guarantee includes retail markup, or YSP. Here’s how Yield Spread Premium works.
When you apply for a mortgage loan with your retail mortgage company or broker, the wholesale lender will qualify you for a specific mortgage interest rate. The retail mortgage company will provide you a separate written guarantee with their company for a higher interest rate. The guarantee you receive is not a guarantee with the wholesale lender and the difference between your interest rate and the one you qualified is YSP or retail markup.
Why do mortgage companies inflate your interest rate? Just like used car salesman, the more they can overcharge you for the new mortgage, the higher their commission will be from the wholesale lender. Here’s an example how YSP works. Suppose the mortgage broker quoted you an interest rate of 6.5%. What you don’t know is that the wholesale mortgage lender qualified you for 6.0% and the broker marked up your interest rate .5%. For each .25% the broker overcharged you, that person receives 1 point as a bonus from the lender. One point is the equivalent of 1% of your loan amount. If you borrow $200,000 for mortgage refinancing, that broker receives your origination fees plus a $4,000 for ripping you off.
How can you avoid being ripped off when mortgage refinancing? Learn how to recognize Yield Spread Premium and you can avoid paying it. To learn advanced strategies for mortgage refinancing without paying YSP, register for a free mortgage guidebook that includes a comprehensive glossary of mortgage jargon.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing - What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
One in four Americans today has a poor credit rating. In times past these individuals would be unable to secure a mortgage; however, there are many mortgage options available today for homebuyers with poor credit. Here are the basics of Sub Prime mortgage lenders and securing a bad credit mortgage loan.
Bad credit or “Sub Prime” mortgage lenders specialize in mortgage loans for homebuyers with poor credit ratings. If you have a history of late payments, liens, judgments, or have a bankruptcy in your past, a Sub Prime mortgage lender could help you purchase a home. Bad credit mortgage lending has grown from a small cottage industry to a significant part of the mortgage economy.
Your credit score will determine the interest rate you qualify. If traditional mortgage loans are not an option for you because of your credit, you can expect to pay more in finance charges including higher rates and lender fees. You can improve the interest rate that you will qualify for by taking the time to clean up your credit reports.
Mortgage lenders use your credit score to determine how much of a financial risk you are. The lower your credit score, the higher the risk. There are a number of factors in your credit files that determine your credit score. If you have negative or inaccurate information in your credit history, your credit score will suffer. The fist thing you should do prior to shopping for a mortgage loan is request copies of your credit records from each of the major credit agencies. Once you have these records, carefully scrutinize them for errors and if you find any you will need to dispute them with each credit agency.
You can learn more about cleaning up your credit and qualifying for the best Sub Prime mortgage by registering for a free mortgage guidebook.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
Mortgage brokers are often overlooked when looking for a mortgage. Many people do not appreciate the savings that can be made by using a broker. when looking for a competitive mortgage quote. Not only can they help save you money, they can also offer you invaluable advice, and help you understand the complexities that mortgages entail. They can break things down into a simple format, which allows you to see exactly what you are getting involved, and more importantly, whether you can truthfully afford it.
Mortgage brokers are yet another type of mortgage originator. They will often represent a large variety of lenders, including mortgage banks and traditional banks and are so influenced, directly and indirectly, by the lenders that they now feel that they can strengthen their own position further at the cost of the intermediary market. There is no other way to look at what is happening, with direct deals, reduction in proc fees and the power they hold with the Gov and FSA. Mortgage brokers are knowledgeable of the laws governing taxes that are related to mortgages. Many homeowners find the tax issues related to the home loan refinance process confusing, but your mortgage broker will guide you through the process.
Mortgage brokers are well equipped to find mortgages which are tailored to many different situations, if your situation is 'non-standard' you should consider using a broker. Mortgage brokers are regulated by the Financial Services Authority (FSA) and must abide by rules designed to protect consumers. Before doing business, check that a broker is regulated by using the FSA's Firm Check Service at www.fsa.gov.uk/consumer. Mortgage brokers are looking for indicators that tell them that you can pay the loan back. Among the things they will look at are your credit history and whether you have had stable employment for the last two years.
Mortgage Brokers are paid commission by the mortgage lenders - ranging from 0.25% to 1%. This percentage can amount to a fair sum on a large mortgage. Mortgage brokers are specialists in dealing with customers looking to borrow larger amounts of money as well as often having access to deals that aren't available or advertised to the general market. Mortgage brokers are not only specialists who can help you decide what kind of mortgage is best for you, but may also be able to offer you other financial advice relevant to the purchase, such as insurance.
Mortgage brokers are responsive and have pioneered the subprime credit market, using innovative loan programs to approve borrowers with less than perfect credit histories. Many would not have been able to enjoy homeownership without the assistance and dedication of a mortgage broker. Mortgage brokers are individuals who take the guesswork out of shopping for a mortgage. They are connected with certain lenders and work hand in hand with them to offer mortgage rates at a more wholesale level. Mortgage Brokers are a tremendous resource when it's time to purchase or refinance a property. They are able to work with multiple Lenders and are unique in their ability to "shop" your loan across multiple potential financing sources, delivering a custom loan solution tailored to your unique borrower profile.
Written by Andy Black, owner of your-mortgage-quote.co.uk, which connects consumers to Mortgage Brokers, using specific criteria. He is also associated with Gem Mortgages, who are professional Mortgage Brokers In Doncaster.
I can deal with a lot, but numbers simply baffle me with their formulas and if you too are in my category, checking the latest available mortgage rate calculator is a must. A mortgage rate calculator can remove the biggest pains entailed in a mortgage deal by helping with the calculation part. Whether it be the interest rate calculations or the down payment to lender, there simply is no peace without a mortgage rate calculator.
Helping With The Changes Alternatively, if you are an algebra freak and think that you would love the calculation part and do not require the handy mortgage rate calculator, it is time that you reconsider it. A mortgage rate calculator is not just a calculator to help with the confusing numbers but is also devised to better decipher and thus help analyze the complications entailed in the ever increasing changes of a lender-borrower market.
The Solutions Provided A mortgage rate calculator can help with the below mentioned:
Compute the final payments along with principal, taxes, insurance, and interest.
The payments are enabled for all time frames.
The amortization schedules on mortgages are also enabled by the mortgage rate calculator.
Balance on the mortgage taken and the future value of a mortgage can be computed.
A few latest versions also help with the rent versus buy feature of a property.
The enlisted features certainly present a strong ground for purchasing the calculator. To go through an easy and reliable money lending process, using a mortgage rate calculator is certainly essential.
David Johanson has written many more articles about mortgages and bank loans
Term length is the amount of time your mortgage lender allows you to repay the loan. Choosing the right term length for your financial objectives is an important part of mortgage refinancing. Here are several tips to help you choose the right term length for your financial goals.
The most common reasons homeowners have for mortgage refinancing is to get a lower interest rate or cash out equity in their homes. Other homeowners refinance their mortgages to change the term length of their loans. Term length is the duration of the mortgage and directly affects the monthly payment amount. When mortgage refinancing you have the option of extending or reducing the term based on your financial objectives for the loan.
Mortgage Refinancing to Extend the Term Length
Homeowners in need to the lowest monthly payment possible have the option of extending their term length. Traditional mortgages come with term lengths of 30 years; however there are now 40 and 50 year mortgages to pick from. Choosing a mortgage of this duration has an advantage over interest only mortgages and will give you a similar payment with significantly less risk.
Mortgage Refinancing to Shorten the Term Length
If your financial goal is to pay off the mortgage as quickly as possible, you can achieve this by shortening your term length. Mortgage refinancing with a 15 year term length is a popular choice for people wanting to build equity as quickly as possible. When shortening the term length of your mortgage loan your payment amount will go up; however, you will pay less to the lender in total finance charges.
You can learn more about your mortgage refinancing options, including common homeowner mistakes to avoid by registering for a free mortgage guidebook.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing - What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
Who are you? While this may sound like a rather simple, if not dumb question, I really want to know. What I mean by asking this, is do you really know how you come across to the agents you are marketing to? Here are a few quick stories that I was reminded of today while helping out a young mortgage broker on the phone who was reconsidering his current level of skills and training. Here it is:
When I first set out to develop a core group of realtors to work with, I jumped right into it. I had no problem picking up the phone and scheduling appointments, but I couldn't help notice that my results were only mediocre. If I hammered the phones long enough, I could usually count on 2-3 appointments with realtors per week. The problem was, no matter how many agents I met with, I never seemed to get the referrals that I was promised. Oh sure, the agents would talk all day long about how we would do this together or that together, but it never seemed to come to fruition.
I heard every excuse in the book. My favorite excuse was "I don't have any deals right now." I heard this often enough to know when I was being fed a "line." After a short while of working my butt off, with nothing to show for it, I decided to do some internal investigations. You know the kind, where you look inside your business to see what is going wrong.
After a few false starts, I finally arrived at me. By this I mean my image, my approach, my appearance, everything. I took a long hard look at who I think I am versus who the agents think I am. In order to do this, I had to put "me" under the microscope. This involved a few things:
1. Tape recorder
2. Honest, trustworthy friend or associate
3. Another friend who has no affiliation with my business
The tape recorder was for my phone. Since the first impression is a lasting one as they say, I decided it was best for me to get a good idea of how I was being perceived on the phone. I made several calls to agents for a day, recorded the calls, and then played them back. As I played the calls back, I also typed the words as they flowed. (Yes this involved lots of stop and rewind) This may seem like tedious work, but it was vital to my success. What I heard blew me away!
Up to this point I had always had the mental impression that I was a rather smooth talker. I could tell you the general bullet points of my script, and it sounded great. However, when I listened to myself on the tape, and then typed out what I had said, so I could read the approach, I was almost embarrassed for myself!
Let me tell you, that the difference between what we think we sound like, and what we think we say can be night and day when reality sinks in! I urge you to do this exercise!
Remember that when you approach these agents, not only do you have to overcome the knee-jerk objections, but you also have to pass the test of the critical eye. The agent is sizing you up and judging you the entire time your mouth is open. You are being judged on everything from professionalism, demeanor and poise, to honesty and sincerity. Fair or not, these judgments are being made and they are being made quickly. Why not tip the odds in your favor by judging yourself first?
I mentioned above that I used two friends or acquaintances for this exercise as well. The idea here was to get an honest opinion from someone who was already in the business, and then another from someone who had no experience.
I was looking for both an insiders and an outsider's point of view. Could I explain things in such a way that even an outsider would understand my approach? Did I give the impression of someone professional and successful?
Ask the friends to provide constructive criticism. Do this part of the exercise separate though, as you want independent unbiased opinions. Give your presentation to the friend, and ask for feedback on:
If you do not speak with authority and confidence then no script is going to help you much. This was my problem. Once I listened to the tape of my presentations, I immediately went to work on correcting my approach to sound more confident and authoritative. I am not suggesting that you dominate the conversation merely that you have to show the agent that you are a successful and confident individual. Who wants to do business with someone who doesn't even believe his own words?
Perform these simple exercises and make the improvements needed then you will notice a difference in the way agents perceive you and your services.
AverageJoeLO.com provides truly unique, and hype-free marketing solutions, training products and training articles to mortgage brokers looking to build their realtor referral pipeline. If your goal is to close more purchase loans in a shorter period of time, then you need to visit our Mortgage Broker Training Articles today. Enjoy our free loan officer training articles and our other downloadable training resources & courses!
When mortgage lenders evaluate your application for a loan, they look at a number of different factors to determine the risk you pose for lending. Most of these factors are within your control; lowering your risk improves your ability to qualify for a competitive mortgage loan. Here are tips to help you qualify for the best mortgage.
Your ability to repay and history of debt repayment are the primary factors mortgage lenders consider when evaluation your mortgage application. The mortgage lender determines your ability to repay by verify your employment status and household income. Your willingness to repay your debts is determined by your credit history.
A large portion of your credit score is based on your history of on time debt repayment. If you make a habit of paying your bills late, your credit score will suffer and mortgage lenders will charge you a much higher interest rate if they approve your application at all.
Before you apply for a mortgage loan you should spend time evaluating and cleaning up your credit reports. Cleaning up your credit is not as hard as you think; the first step to improving your credit score is making sure your credit reports are accurate.
Credit records are extremely prone to errors. You need to request a copy of each of these records from the three credit agencies and carefully scrutinize them for errors. If you find errors it is important to dispute them and have the error corrected before applying for a mortgage. Once your credit records are accurate, concentrate on paying all of your bills on time and avoid making any large purchases before applying for your mortgage.
You can learn more about qualifying for the best mortgage loan and avoiding common homebuyer mistakes by registering for a free mortgage guidebook: “Five Things You Need to Know About Your Mortgage.”
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
If you are a homeowner in the process of refinancing your mortgage, proper comparison shopping can save you thousands of dollars. There are a number of common mistakes borrowers make when refinancing that cause them to overpay for the new mortgage. Here are several tips to help you avoid overpaying for you mortgage when comparison shopping for the best mortgage offer.
Careful comparison shopping when mortgage refinancing will save you money and many future headaches. Comparing loan offers from a variety of mortgage lenders allows you to choose the mortgage with the most competitive fees, interest rate, and closing costs. When you shop for mortgage offers it is important to request stated income, “no-obligation” quotes so the lenders do not access your credit reports until you are ready to submit the application.
The Internet makes it easy to compare loan offers from dozens of mortgage lenders in minutes. Rates will vary significantly from one mortgage lender to the next so it is important to comparison shop from a variety of mortgage lenders. Even a difference of .25% in your mortgage interest rate will save you thousands of dollars over the life of the loan. When you compare mortgage offers from different lenders it is important to compare all fees, points, closing costs and the terms associated with each loan. Make sure the mortgages you consider do not include penalties for early repayment as this penalty could cost you a lot of money down the road.
Do Your Homework before Refinancing Your Mortgage
When you do your homework and research mortgage offers you will better understand the mortgage refinancing process. Understanding mortgage terms, interest rates, and fees will enable to choose the best loan for your financial situation. To learn more about comparison shopping for the best mortgage loan when refinancing register for a free mortgage guidebook.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing - What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
Mortgage amortization is the accounting for amortized home loans. It is a process of decreasing the payment of mortgage interest and increasing the payment of mortgage principal over the period of a loan term.
For example, if you take a mortgage loan of $100,000 with 6% interest rate over 30 years; your monthly mortgage payment will be $599.55. Assuming your initial payment date starts on 1st September, your first interest payment is calculated by multiplying 1/12 of the interest rate times the loan principal; which is 1/12 x 0.06 = 0.005 x 100,000 = $500.
Therefore, on 1st September, you will be paying $500 interest; the remaining $99.55 is used to pay the loan principal; hence reduces your loan balance to $99,900.45.
This process will repeat each month until the end of your mortgage term. Each month the portion of the payment allocated to interest will gradually decrease while the portion allocated to principal will gradually increase.
For example, on 1st October, you will be paying interest of 0.005 x $99,900.45 = $499.50; and $100.05 for principal; hence reduces your loan balance to $99,800.40. On 1st November, your interest due will be 0.005 x $99,800.40 = $499; and $100.55 for principal; hence reduces your loan balance to $99,699.85.
Of course, there is mortgage calculator you can use to generate the FULL Amortization table. You just need to input your mortgage amount, interest rate and loan period.
Hope you now understand why it could be advantageous to make a larger down payment. When you put down more payment up front, you essentially reduce the loan principal and shorten the loan period; hence reducing the interest cost as well. Another way to reduce interest cost is of course to negotiate a better interest rate with your lender.
Another way some borrowers use to reduce interest cost is to increase the amount of their payment. For example, if you paid $699.55 on 1st September (instead of $599.55); you would reduce the principal to $99,800.45; which in turn would reduce the interest cost due on 1st October to $499.
If you want to do more research about home mortgage loan, home equity loan and how to save more money on your home mortgage, visit our site mortgage loans guide online. You can also also download a free report and explore various home mortgage loans topics at our site.
The mortgage disaster has just begun. There may have been thousands of homes throughout the country that would not have been built if not for risky lending practices. An unrealistic supply curve has caused the price of homes to fall dramatically. The result is a devalued real estate market financed by middle America: the group who will realize the greatest losses.
But the hurt has just begun. Recall that in 2007, Alan Greenspan said there may have been near $800 billion in bad loans originated in 2006 alone. Many loans were 2/28s, or two year ARMs, that begin adjusting starting now.
"Statistics have shown that 5 out 10 mortgage consumers have errors on their mortgage documents," says Doug C. at a mortgage loan review company in Orange County, California.
It may be that thousands of people are entitled to a refund from their mortgage lender, or some type of loan adjustment. This could include lowering the rate, extending the fixed term, eliminating the prepayment penalty, and/or a refund of some closing cost
The mortgage industry is a competitive business. Practically every marketing medium is used to generate new customers. The problem is that each marketing channel has become saturated, and therefore less effective. Mortgage companies are now facing lower conversion rates, which means lower revenue for their company. This is especially true with their online marketing strategies. That is why many mortgage companies, brokers and loan officers are now working to generate their own leads instead of buying them.
It's easy to see how you can save costs by generating your own leads, as opposed to paying for them through a third-party. In addition, not only will you save on the cost of the lead, but typically exclusive leads have higher conversion rates than purchased leads. The problem with buying leads is you are not sure of their quality. The same leads may have been sold to other mortgage companies, or the leads are not well targeted.
If you're going to be generating mortgage leads online, then the first step is obvious -- you need a mortgage website that is optimized to do this. If you already own an existing website, and you're not successfully generating leads, then it's time to make some changes. The two main problems that mortgage websites have are lack of quality content and lack of Internet marketing knowledge to drive traffic to their websites.
In order for your website to be effective and generate mortgage leads, it must be developed properly. With that in mind, we will discuss the most important mortgage website design factors.
Your website architecture, on page search engine optimization, content, navigation, calls to action and the tools and resources you offer on your website are probably the most important factors that contribute to mortgage web sites that generate high-quality leads.
These are the building blocks to a successful mortgage website. If any mortgage website lacks just one of these factors, their mortgage lead conversion rates will go down and ultimately they will be leaving revenue on the table. In any case, if you're dealing with a mortgage website design company, it's important to keep the end goal in mind, which is:
To create a website that is useful to the end user while optimized to ask for actions which will lead to the highest conversions on each and every page of your website.
Mortgage Website Design Factors - Mortgage website architecture, on-page seo, high quality mortgage related content, visitor friendly navigation, calls to action, and mortgage tools and resources are some of the elements that make up high converting mortgage websites. These are the building blocks of building successful mortgage websites and mortgage website design, but are by no means exhaustive. It is important to maintain a focus on the usefulness of the website for the end visitor while still keeping in mind the importance of implementing calls to action and conversion on each page as well.
Trace Richardson is the CEO of Ipagio.com, a Mortgage Website Design firm that builds high conversion Mortgage Lead Generation and Mortgage Marketing Websites.
If you are considering an Adjustable Rate Mortgage (ARM) to purchase your home or to refinance your existing loan, there are a number of things you need to know to avoid overpaying for the financing. When used correctly, Adjustable Rate Mortgages are an excellent financial tool that can save you money. Here are several tips to help you decide if an ARM loan is right for you.
Adjustable Rate Mortgages are an attractive loan option for many homeowners because of their lower introductory interest rates and payment options. These loans carry more risk than a fixed interest rate loan; they are often abused by homeowners that do not understand them. When abused, Adjustable Rate Mortgages have the potential to cost you thousands of dollars. Improper use of and ARM loan could even cost your home to mortgage foreclosure.
Before you decide to take out an Adjustable Rate Mortgage it is important to understand how your interest rate is set. Every Adjustable Rate Mortgage is tied to some financial index like the prime rate. When the mortgage lender adjusts or “resets” the interest rate they will use the rate from this index plus their own markup. When the index rises and falls according to your loan’s anniversary date, your mortgage payment amount will rise and fall with it. Most Adjustable Rate Mortgage loans come with a very low introductory interest rate. This low rate is only valid for the introductory period and is used to attract borrowers. At the end of the introductory period the lender will adjust your interest rate to the loan’s actual rate and the payment amount will increase significantly.
The frequency of lender adjustments varies from one ARM loan to the next. These loans are designated by two numbers. The first number the length of the introductory period, followed by the frequency of lender adjustment. An example of this designation is a 5/1 Adjustable Rate Mortgage. This “5/1” means the introductory interest rate is good for the first five years and after that the lender will adjust or “reset” the interest rate every year based on the index your loan.
Due to the inheritably risky nature of Adjustable Rate Mortgages, there is protection build into these loans when they are structured properly. Caps protect borrowers from excessive swings in the interest rate and payment amounts. Caps come in two varieties: there are interest rate caps that protect from excessive changes in the adjustable interest rate. Payment caps work the same way but protect from excessive changes in the monthly payment amount. It is important to structure your Adjustable Rate Mortgage to include both interest rate and payment caps. Loans that are not structured properly often experience negative amortization because the cap prevents the payment amount from adjusting properly to cover all the interest due in any given month.
You can learn more about your mortgage refinancing options, including costly mistakes to avoid by registering for a free mortgage guidebook.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing - What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
If you are refinancing your existing mortgage to lower your monthly payment amount, there are steps you can take to ensure you get best loan. There are two ways to lower your mortgage payment, regardless of your credit. Here are three tips to help you find the best mortgage with the lowest payment.
I. Do Your Homework and Shop Around
Bargain shopping can save you thousands of dollars if you know how to go about it. Don’t settle for the first promising mortgage offer you get; you need to compare loans from a variety of mortgage lenders to find the most competitive offer for your financial situation. When you compare loan offer it is important to compare all aspects of the loans, not just the interest rates.
II. Clean Up Your Credit
One way of lowering your mortgage payment is to qualify for a lower interest rate. The interest rate you will qualify for depends largely on the contents of your credit records and your credit score. Your credit score, also called your FICO score, is based on the sum of positive and negative information in your credit history. Any steps you take to improve your credit score will improve the interest rate you qualify on your new mortgage. You can learn more about cleaning up your credit and qualifying for the best mortgage by registering for a free mortgage guidebook.
III. Choose a Shorter Mortgage Term
Term length is the second factor determining your mortgage payment amount. Choosing a mortgage with the longest term length will give you the lowest term length possible; however, longer term lengths mean higher finances charges over the life of the loan. You can learn more about choosing the optimal term length for your mortgage by registering for a free mortgage guidebook.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
Most of the families end up paying their mortgage loans for as long as 30 years. What’s involved is an incredible amount of interest payment and significant drop in savings. Biweekly mortgage payments were seen as an effective way out of the financial mess. While there are definite benefits in biweekly mode of payments, they are not very significant.
Mortgage cycling, on the other hand, is a bold financial plan assuring definite and significant savings. Generally, a large part of your overall mortgage payments is paid as interest on the principal amount. Mortgage cycling works on the theory that lesser the principal amount, lower will be your interest payments. This simple idea is the basis of the mortgage miracle, that is mortgage cycling.
Now, mortgage cycling requires large half yearly equity payments which reduce the principal amount and consequently the interest too. If you don’t have the money in hand, you can always save the money over a period of six months given that your small savings have a cumulative effect in terms of interest savings.
A saving of around five thousand dollars for six months makes you the ideal candidate for mortgage cycling. As you pay these large installments every six months, the principal amount chargeable for interest gets progressively lower and the interest rates sink with each payment.
You can also use home equity loans to make the half-yearly equity payments. This way you make the equity payments in time and get extra time to save up for the next round of home equity loan payment too.
The best part of mortgage cycling is that it does not depend on the condition of economy. The theory of mortgage recycling is simple. The principal amount gets smaller and so does the interest rates. Thus no matter what the prevailing interests are, your savings will be higher compared to any other alternative.
Mortgage cycling is effective for all types of mortgage debts. The determining factor is: Are you eager to pay off your mortgage debt quickly? Many say that mortgage cycling is not for everyone given that it requires large payments. But the truth is that mortgage cycling promises phenomenal benefits as no other financial plan does. In exchange it requires financial prudence and well planned saving.
Craig Romero is the Author of Mortgage Cycling Revealed. To learn more about saving thousands on your mortgage visit us at http://www.mortgagecycling.com
If you are in the process of mortgage refinancing, understanding interest rate locks can save you a lot of money. Locking in your mortgage interest rate protects you from the loan originator raising your interest rate; however, you should know the mortgage rate on the guarantee you receive is almost never the one you qualified. Here are several tips to help you lock in the mortgage interest rate you were qualified and avoid overpaying for your new mortgage loan.
Mortgage interest rates change on a daily basis. To get your hands on the ideal mortgage rate you should ask your loan representative for a rate lock. The interest rate lock you receive also needs to allow enough time for you to complete all of the necessary documentation and close on the mortgage. If you are unable to close before the rate lock expires, rest assured your loan originator will raise your mortgage interest rate.
Is the interest rate your loan representative gives you the one you were actually qualified? Probably not; mortgage companies and brokers routinely markup wholesale mortgage interest rates to receive a kickback from the lender. This markup is called Yield Spread Premium and could cost you thousands of dollars in unnecessary mortgage interest each year. You can avoid paying Yield Spread Premium by learning how to recognize the markup and negotiating with your loan representative to have this markup removed.
If your loan representative agrees not to include Yield Spread Premium with your mortgage interest rate, ask to see the rate lock from the wholesale lender. Comparing this rate lock with the interest rate guarantee you receive from your Mortgage Company or broker will confirm that your loan representative is not charging you Yield Spread Premium.
You can learn more about mortgage refinancing while avoiding costly mistakes with a free, six-part video tutorial.
To get your FREE six-part Mortgage Refinancing Tutorial, visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: "Mortgage Refinancing - What You Need to Know," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.
Homeowners in the United States refinance their mortgage on average every four years. How can you decide if a home mortgage refinance loan right for you? Everyone’s financial situation is different and choosing the wrong home mortgage refinance loan could result in overpaying thousands of dollars. Here are several tips to help you decide if mortgage refinancing is right for you.
I. How Long do You Plan on Keeping Your Home?
The longer you plan on living in your home the more sense it makes for a home mortgage refinance loan. The reason you need to stay in your home is that it will take time to recoup your expenses from mortgage refinancing. You can determine if mortgage refinancing is worth your while with a simple mortgage calculator. Divide the cost of lender fees and closing costs by the amount you are saving on your monthly payment and you can calculate how long it will take you to recoup the cost of mortgage refinancing.
II. What are Your Needs for Mortgage Refinancing?
Are you considering a home mortgage refinance loan to lower your monthly payment amount due to your cash flow or are you wanting to pay less to the lender in mortgage interest? If you need the lowest mortgage payment possible but may not qualify for a lower interest rate, mortgage refinancing can still help you meet your financial goals. Qualifying for a lower interest rate combined with a shorter term length will help you pay down your mortgage loan quickly while paying less to the lender.
III. Choose The Right Term Length When Mortgage Refinancing
Term length along with your mortgage interest rate determines your payment amount. If you need the smallest payment amount possible choose a longer term length. Traditional mortgages come with thirty year terms; however, there are now forty and fifty year term lengths to choose from. If your goal is to pay off your loan as quickly as possible choosing a shorter term loan will help meet this goal. Mortgage terms of fifteen years are a popular choice for home mortgage refinance loans.
Carefully comparing loan offers from a number of lenders will help you avoid overpaying for your home mortgage refinance loan. You can learn more about mortgage refinancing, including costly mistakes to avoid by registering for a free mortgage tutorial.
To get your free mortgage tutorial visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing - What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
The 30 year fixed interest rate mortgage remains the most popular choice for mortgage loans because it allows borrowers to qualify for higher amounts and purchase more expensive homes. Recently, more homeowners have been opting for 15 year mortgages to avoid the high costs of 30 year mortgages. Here are several tips to help you decide if 15 year mortgage refinancing is right for you.
Automatically choosing a 30 year mortgage when refinancing your home could cost you thousands of dollars in unnecessary mortgage interest. You will pay a surprisingly higher amount with a 30 year mortgage compared to a 15 year mortgage loan. Choosing a 15 year mortgage will not only qualify you for a lower interest rate by half a percent, but you will only pay that interest for half as long.
Here’s an example to illustrate the savings:
Suppose you borrow $200,000 to refinance your home with a traditional 30 year mortgage at 6.5 percent. Your monthly payment for this loan will be approximately $1,260 per month. Over the 30 years you keep this mortgage you will pay a whopping $255,000 to the lender for interest on the loan.
Now suppose you refinance your $200,000 mortgage with a 15 year loan. The interest rate you qualify for with a shorter term length will be 5.9 percent. Your monthly payment for this loan will be slightly higher at $1,670; however, you will only pay $101,800 to the lender for interest with this mortgage.
Can your budget support paying an additional $410 per month? It probably can if plan and stick to a monthly budget. You can learn more about your mortgage options, including mistakes to avoid with a free mortgage refinancing tutorial.
To get your FREE six-part Mortgage Refinancing Tutorial, visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: "Mortgage Refinancing - What You Need to Know," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.
When used correctly, Adjustable Rate Mortgages have the potential to save you a lot of money. It is important to know what you are getting into before mortgage refinancing with an Adjustable Rate Mortgage. Here are several tips to help you protect yourself when choosing an Adjustable Rate Mortgage loan.
Adjustable Rate Mortgages (ARM) typically come with lower interest rates than fixed interest rate loans. These loans often come with an introductory period where the initial interest rate is significantly lower than the actual interest rate. At the end of the introductory period the lender will convert your loan to the actual interest rate and depending on the type of ARM you choose your payment amount will change.
Depending on your tolerance for risk, using an interest only or payment option Adjustable Rate Mortgage could help meet your short-term financial needs. Before choosing an Adjustable Rate loan when mortgage refinancing, find out which index your interest rate is based on. Depending on the adjustment interval of your loan, the lender will adjust your interest rate to this index plus markup. Some indexes are more volatile than others; it pays to shop around and choose the most favorable financial index.
You can minimize the risks of mortgage refinancing with an Adjustable Rate Mortgage with caps. There are two types of caps that protect borrowers with Adjustable Rate Mortgages and you need to ensure your loan has both of them. Rate caps protect your interest rate by limiting the amount the interest rate can change when the lender makes an adjustment. Periodic caps limit the amount your payment amount can change when the interest rate changes. Make sure your Adjustable Rate Mortgages has both periodic and rate caps. Adjustable Rate Mortgages that do not have properly structured caps can experience negative amortization; this results in a mortgage balance that grows over time.
You can learn more about your mortgage refinancing options including common mistakes to avoid by registering for a free mortgage tutorial.
To get your free mortgage tutorial visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing - What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
If you are a homeowner with a recent bankruptcy, refinancing your mortgage can help you rebuild your credit. Here are several tips to help you qualify for the best mortgage wile you rebuild your credit rating.
Once your bankruptcy is finalized you need to wait six months before you think about refinancing your mortgage. Qualifying for a new mortgage after bankruptcy will make rebuilding credit a much easier process. You can repair your credit after a bankruptcy in as little as two years; once this is done you can refinance again to take advantage of better interest rates and terms.
Clean Up Your Credit
Having a recent bankruptcy on your record is a financial hurdle you will need to overcome. Once your bankruptcy is finalized, focus on making all of your payments on time. Open a credit card and make small, regular purchases. Make sure you pay off the balance on a regular basis and make all of your payments on time.
Shop for the Best Mortgage Offer
Once you have established credit and are making your payments on time you can start shopping for a new mortgage. It is important to shop for the best lender as the interest rates, terms, and fees vary widely from one mortgage lender to the next. When you compare mortgage loan offer it is important to compare all aspects of the mortgage, not just the interest rates.
Choose the Best Mortgage Offer
When shopping for new mortgages, homeowners often make the mistake of comparing loan offers based on the interest rate or Annual Percentage Rate alone. This is not enough to make an informed decision as it does not include many of the fees associated with the loan such as closing costs. In order to make an informed decision as to which loan is best you need to carefully examine the Good Faith Estimate and compare all aspects of the loan. To learn more about your mortgage options, including how to comparison shopping loan offers while avoiding common mistakes, register for a free mortgage guidebook.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
One of the easiest ways of getting a mortgage that comes with the lowest rate of interest is to go with a broker and when looking for a mortgage broker in Kent then you should go online and let a local specialist find you the best deal possible with the cheapest rates of interest.
Choosing a mortgage is hard there are many factors that have to be taken into account - you have to decide if you want a fixed rate or variable rate mortgage or if you want an interest only mortgage or a repayment mortgage. The repayment mortgage allows you to repay the interest and the capital together while with the interest only you only repay the interest on the loan during the term of the mortgage. This means that at the end of the term you have to repay the capital by other means such as another loan or by selling the property.
If you live locally, then a mortgage broker in Kent can give you all the advice you need on the benefits of different types of mortgages along with finding the mortgage you are interested in taking with the lowest rates of interest. As your mortgage will be over many years just a fraction of a change in interest rates can save you thousands of pounds over the total term of the mortgage, which means you want the cheapest rates of interest you possibly can.
All mortgage brokers on Kent should make it clear that you need to read the small print and key facts of any mortgage you are interested in taking out, this is where the terms and conditions of the mortgage are outlined and also where you will find any additional costs that will be added onto the mortgage including the total cost of the mortgage, the total amount of interest you will end up paying and how much your monthly mortgage repayments will be.
Sean Horton is a Director of Enhanced Wealth, a whole of market mortgage broker in Kent and IFA specialising in the provision of mortgages, income protection, mortgage protection and property development loans.
Refinancing your mortgage loan can save money and make your budget more manageable. There are disadvantages and risks associated with refinancing your mortgage; the main disadvantage is that you are back to square one with your loan amortization. This means your payment will primarily go to interest and you will build very little equity in your home. There is a way around this; you can keep your original pay off date and reduce your finance charges.
Choose a Short Term Length
Mortgages come with a variety of term lengths ranging from ten to thirty, even forty and fifty years. By choosing a short term length you can match the payoff date of your original mortgage loan somewhat closely. By choosing a mortgage with a shorter term length you will qualify for a lower interest rate and will build equity in your home at a significantly faster rate. This will reduce the amount of finance charges you pay to the lender.
Pay Additional Principal Each Month
If choosing a shorter term length doesn’t work for you, paying extra each month towards the principle loan balance will shorten the duration of your loan and reduce your finance charges. Many people do this by making bi-weekly mortgage payments; to do this you simply divide your monthly mortgage payment by two and pay that amount every two weeks. This results in making one extra payment to your loan principle every year. Over the course of five or ten years this simple trick results in thousands of dollars in savings.
Choose the Best Mortgage When Refinancing
Of course whether or not you save any money by refinancing depends on the mortgage you choose. Many homeowners simply choose the mortgage with the lowest interest rate and overpay on the lender fees and closing costs, negating any potential savings while being none the wiser. You can learn how to avoid this by registering for a free mortgage guidebook.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
