Used During the Mortgage Process

APR – This stands for Annual Percentage Rate. It enables you to compare the full cost of the mortgage. Rather than just being an interest rate, it includes up front and ongoing costs More »

Exclusive Mortgage Lead Info Guide

Before understanding all about exclusive mortgage leads we will first try to define mortgage leads and then we will proceed further. This article will provide you with all the basics that you More »

Mortgage Refinancing Questions

Mortgage Refinancing is way to replace the existing mortgage with another mortgage. The replacement can happen with the current mortgage lender or a different mortgage lender. Mortgage Lenders created numerous mortgage options More »

Using A Reverse Mortgage

Alternatives to Long Term Care Insurance: Using a Reverse Mortgage and Other Methods to Pay for Long-term Care Costs Because long-term care insurance requires you to be in good health, this planning More »

Second Mortgage

Opting for a second mortgage is a decision which warrants a great deal of consideration. Before entering into a second mortgage, homeowners should carefully weigh the advantages and disadvantages of taking on More »

Using A Reverse Mortgage

Alternatives to Long Term Care Insurance: Using a Reverse Mortgage and Other Methods to Pay for Long-term Care Costs

Because long-term care insurance requires you to be in good health, this planning option is not available to everyone, especially older applicants for whom the premiums may also be prohibitive. If you are at least 62 years of age and you own your home, you could use a reverse mortgage to pay for care at home or for a long-term care insurance policy that otherwise may be unaffordable.

A reverse mortgage is a means of borrowing money from the amount you have already paid for your house. You are freeing up money that would otherwise only be available to you if you sold the house. You can stay in the house until you die, without making monthly payments. The loan is repaid when the borrower dies or sells the home. The balance of the equity in the home will go to the homeowner’s estate.

Payments can be received monthly, in a lump sum or the money can be used as a line of credit. The funds received from

Second Mortgage

Opting for a second mortgage is a decision which warrants a great deal of consideration. Before entering into a second mortgage, homeowners should carefully weigh the advantages and disadvantages of taking on a second mortgage and should also carefully review the different options available. A second mortgage is often enticing because these closed-end loans can be used for any purpose and may even be tax deductible but caution should be exercised because defaulting on these loans can put the home under which the second mortgage was secured in jeopardy.

The Benefits of a Second Mortgage

We have already stressed the importance of carefully weighing the available options in deciding whether or not to take on a second mortgage. In this section we will outline the benefits of a second mortgage. Although a second mortgage may increase the amount the homeowner pays in the long run, there are other worthwhile benefits to this type of mortgage. Some of these benefits include:

· Debt consolidation

· Tax advantages

· Home improvement possibilities

· Favorable interest rates

Debt consolidation is just one of the many advantages

Mortgage Licensing Update

The activity in the states continues to rise. Numerous states are considering legislation to curb the foreclosure crisis. Nothing of course can stop it at this point, but the states seem to feel that increased regulation of mortgage companies will at least help the situation. Mortgage Licensing is one of the hotly debated topics in the states. Consumer groups feel that there should be increased licensing, education, and bonding requirements for the mortgage companies and their employees. Many people think that too many requirements may increase the difficulty of a borrower to find the right loan for the right price as mortgage companies have to spend more money to comply with these requirements. Let’s take a look at the recent regulatory activity as it relates to mortgage licensing.

Washington Mortgage Lender Licensing

Washington has changed their requirements for mortgage lenders. Many will now need to be licensed under the Consumer Loan License. What activities can a licensed mortgage broker engage in under the Mortgage Broker Practices Act (MBPA) without triggering the license requirements of the Consumer Loan Act (CLA)? As

Used During the Mortgage Process

APR – This stands for Annual Percentage Rate. It enables you to compare the full cost of the mortgage. Rather than just being an interest rate, it includes up front and ongoing costs of taking out a mortgage. The formula for calculating APR is set by Government Regulations and therefore enables direct comparison of the cost of mortgages.

Capital and Interest Mortgage – This is when part of your monthly payment contributes to paying off the outstanding mortgage in addition to paying the interest on the mortgage. The payments are structured so that at the end of the term, your mortgage will have been completely paid off. For this reason this type of mortgage is also called a Repayment Mortgage.

Capped Rate – This is a mortgage where the lender agrees that the interest charged will never exceed a specific percentage. This deal lasts for a set period of years. After the set period, the rate usually reverts to the lenders standard variable rate. During the capped period, the interest charges can move up and down with the lenders interest rate – but cannot exceed the capped rate.

Cashback – An amount, either fixed or a percentage of a

Exclusive Mortgage Lead Info Guide

Before understanding all about exclusive mortgage leads we will first try to define mortgage leads and then we will proceed further. This article will provide you with all the basics that you need to know about exclusive mortgage leads with its advantages and will help you identify the differences between exclusive mortgage leads and Non-exclusive mortgage leads.

Mortgage is generally defined as a method of using property as security for the payment of a debt. Many mortgage lead generators are available in the market either online or offline to help mortgage consumers to pay their debt. So, the mortgage consumer will browse through the net for internet mortgage lead generators using search engines. By filling up a normal mortgage form, the mortgage consumer’s details will be passed on to the mortgage lenders who are willing to lend loans. The mortgage lenders will then sort those leads and get in touch with the mortgage consumers for loans. Among the various mortgage lead generators available nowadays finding the right place really would be tiring. But it is advisable to go through many companies offering mortgage leads and then settle on one reputed mortgage lead generator and mortgage lender.

Mortgage Refinancing Questions

Mortgage Refinancing is way to replace the existing mortgage with another mortgage. The replacement can happen with the current mortgage lender or a different mortgage lender. Mortgage Lenders created numerous mortgage options which add to the complexities of mortgage. Here are a collection of common questions and answers about mortgage refinancing.

What are the steps to mortgage refinancing?

First, you analyze your current financial situation. This tells how well your financial situation. After, you shop for the best mortgage. Most mortgage lenders have a website. Borrowers can research on the internet. Once the borrower found an advantageous mortgage, the borrower applies for the mortgage refinancing.

How to choose the right mortgage lender, or mortgage broker for mortgage refinancing?

The mortgage lenders differ in mortgage options such as interest rates, mortgage terms, down payment, closing costs, and more. To choose the right mortgage lender requires many mortgage refinance calculations and considerations.

What do I need to complete mortgage refinancing application?

Borrowers need to supply the full names, current addresses, previous addresses, social security numbers, employers information, gross monthly income, property information, asset information, and liabilities information.

When should you do mortgage refinancing?

How to Choose your UK Mortgage

This quick guide shows you potential mortgage choices for each type of borrower. Please note that this is a general guide and we should stress that you are always better off talking to a specialist mortgage adviser

General

One thing that applies to almost all types of mortgage is the choice of a fixed rate mortgage or one with a variable interest rate.

The best choice depends on your own circumstances and to an extent on interest rate levels at the time, but things to consider are:

* Can you afford to have your payments go up each month? This could happen with a variable rate mortgage.

* Are rates generally low at the moment? It could be a good time to get tied into a fixed rate mortgage.

* Do you want the security of a fixed monthly payment for several years? Fixed rate periods from 1 to 10 years are available.

* Are you having difficulty borrowing enough money? An interest only mortgage can mean lower monthly repayments ie you can borrow more against your salary. But there are drawbacks.

To understand which option will suit your circumstances, discuss your options

Mortgage Debt Consolidation Loan

A mortgage debt consolidation loan may be a solution to your high interest debts. Credit Card debt is most likely what borrowers will choose to consolidate first since interest rates and monthly payments are so high. By performing a cash-out refinance of a first or second mortgage you can consolidate your non-mortgage debt, mortgage debt, or both. Mortgage debt includes first mortgages and second mortgages such as a home equity line of credit or home equity loans. Non-mortgage debt would be credit cards, medical bills, student loans, auto loans, other consolidation loans, and personal loans. A cash-out refinance is a typical mortgage refinance method that can reduce your monthly payments, change your rate from variable to fixed, or change the term of your loan.

You have at least four popular techniques to consider when creating a mortgage debt consolidation loan. You can consolidate non-mortgage debt in a first mortgage. You may consolidate a second mortgage into a first. Another option is to consolidate non-mortgage debt and a second mortgage into your first. And finally you may wish to consolidate non-mortgage debt in a second mortgage.

Defaulting on your mortgages can lead to foreclosure and losing your

Mortgages and Remortgages

If you’re using a mortgage to buy your home but are not sure which one will suit your needs best, read this handy guide to mortgage types in the UK. Taking out a mortgage has never been easier.

Fixed Rate Mortgages – the lender will set the APR (Annual Percentage Rate) for the mortgage over a given period of time, usually 2, 3, 5, or 10 years as an example. The APR for the mortgage may be higher than with a variable rate mortgage but will remain at this ‘fixed mortgage rate’ level, even if the Bank of England raises interest rates during the term of the mortgage agreement. Effectively, you could be said to be gambling that interest rates are going to go up, above the level of your fixed rate mortgage interest rate. If this happens, your mortgage repayments will be less than with a variable rate mortgage.

Variable Rate Mortgages – the lender’s mortgage interest rate may go up or down during the life of the mortgage. This usually happens (though not exclusively) soon after a Bank of England interest rate change. Most people consider that opting for a variable interest rate mortgage

Texas Mortgage Loans

Did you know that if you are searching for a mortgage online you are one of the most valuable commodities on the internet today? Why?

Because you may be money in the bank if you APPLY ONLINE! Many who search online for anything from mortgages to socks go to a search engine, type in their request and are happily led down a path of ease and convenience right into the arms of an advertiser (usually on the first search page) claiming they have just what they need. In the mortgage business there are three types of advertisers: mortgage lead generators, mortgage lenders and mortgage brokers. They spend millions of dollars every year just to have a chance to sell you their products and services. Two of the above advertisers are not always the best option and could end up costing you serious money, time and a few headaches. We’ll explain below:

The Mortgage Lead Generator – This company’s primary function is to make money by enticing you to apply online. Then they sell your information (lead) to mortgage lenders and mortgage brokers. Keep in mind this is how they make money! They advertise convenience and the fact that you will be in control

What Type Of Mortgage Loan

Homebuyers and homeowners need to decide which home Mortgage loan is right for them. Then, the next step in getting a mortgage loan is to submit an application ( Uniform Residential Loan Application ). Although we try to make the loan simple and easy for you, getting a mortgage loan is not an insignificant process.

Below is a short synopsis of some loan types that are currently available.

CONVENTIONAL OR CONFORMING MORTGAGE Loans are the most common types of mortgages. These include a fixed rate mortgage loan which is the most commonly sought of the various loan programs. If your mortgage loan is conforming, you will likely have an easier time finding a lender than if the loan is non-conforming. For conforming mortgage loans, it does not matter whether the mortgage loan is an adjustable rate mortgage or a fixed-rate loan. We find that more borrowers are choosing fixed mortgage rate than other loan products.

Conventional mortgage loans come with several lives. The most common life or term of a
mortgage loan is 30 years. The one major benefit of a 30 year home mortgage loan is that one pays lower monthly payments over its life.

Different Types of Mortgages

A guide to 15 different types of mortgages on offer in the UK. From Standard Variable Rate mortgages to more unconventional mortgages such as Current account and self certification mortgages

1. Standard Variable Mortgage

The most common type of mortgage. Mortgage payments depend on the lenders SVR. This is usually influenced by the Bank of England Base Rate.

2. Fixed Rate Mortgage

A mortgage with a period of 2-4 years where the interest rate on mortgage payments is fixed. There may be a slight premium for security, but it avoids interest payments becoming un affordable.

3. Capped Mortgage

This is like a fixed rate mortgage. It states a maximum interest rate but it can fall under some circumstances.

4. Self Certification Mortgage

A mortgage where there is not any need to prove your income through published accounts. Often taken by self employed.

5. Repayment Mortgage

A mortgage where you pay both, interest on the loan and capital repayments. Most mortgages are repayment mortgages. It means at the end of your mortgage term you will have paid off your mortgage debt.

6. Interest Only Mortgage

Mortgage where

Types Of Mortgages Available

In Canada there are two types of mortgages available to residential borrowers, one being a conventional mortgage and the other is a high-ratio mortgage. Within both types of mortgages there are two sub-types, which are either open or closed mortgages.

To clarify the various options one can be presented with when shopping for a mortgage this article is divided into two parts;

Part one deals with the difference between a conventional mortgage and a high-ratio mortgage and part two deals with the different sub-types of mortgages available within the two types. However, these are fairly generic explanations – just as there are many different lending institutions, so there are almost as many different varieties of mortgages available. This is another good reason to consult a mortgage broker. Depending on your situation, one type of mortgage may be better for your circumstance than another.

CONVENTIONAL MORTGAGE:

If you have at least 20% of the purchase price (or appraised value if this is lower than the purchase price) as a down payment, you can apply for a conventional mortgage.
Some lenders may require either CMHC, Genworth or AIG insurance as well because of the property’s location

Finding the Right Mortgage

In each state there are thousands of mortgage brokers. How do you know which one to choose so that you will end up at the closing table on time with the interest rate, loan terms and fees promised to you? Here are some tips and data that hopefully will give you the information and tools needed to find the right mortgage broker, how to work with them and to help minimize the risks before you get to the closing table.

First let’s eliminate some of the ways borrowers typically choose a mortgage broker. This may just remove most of the problems before they occur.

How Not to Shop for a Mortgage

As a lot of people do, you could go to the Internet and call the first few mortgage brokers that pop up, check the local Sunday Real Estate Section to see who has the best rate, or call someone from out of the Yellow Pages. However these should be defined as ways NOT to shop for a mortgage:

Searching On-Line

Most every mortgage broker is listed on the Internet. While it is a great resource, it is not the best way to

Mortgage Licensing Update

States are finally starting to finish off their attempts to legislate the housing problem. There are still many proposed foreclosure rescue plans in the state and federal legislatures, but most state licensing bills have been either passed or voted against. There is still some talk of a federal licensing requirement for mortgage companies if the state has not complied with the federal governments minimum requirements. There is also a lot of discussion about FHA Reform, which could affect FHA Licensing, and RESPA and GSE Reform. Be ready for some major changes. Their still appears to be more to happen before the end of this congressional session.

NMLS Transition Deadlines (Nationwide Mortgage Licensing System) Very important! See transition deadlines for NMLS transitions starting July 1.

HUD Reminds Lenders of FHA Rules for Dealing with Mortgage Brokers HUD recently issued a mortgagee letter reminding lenders of various payment and service restrictions when dealing with non-FHA-approved mortgage brokers for forward mortgage. The letter states that although a borrower may engage a non FHA-approved mortgage broker for counseling services, loan origination services may not be performed by the broker and the FHA-approved mortgagee may not compensate the broker for the counseling services.

The Benefits of Using an Independent Mortgage

Types of mortgage advice

So what are the different types of mortgage advice and where would you expect to find them?

Non-advice

This type of mortgage broker offers the least consumer protection, they will simply ask a set of questions to narrow the customers requirements and thus filtering the number of mortgages available. They then present the customer with a small list of possible mortgages for the consumer to choose one appropriate. The consumer protection here is based on the script of questions the broker asks. The script is a process determined prior to the consumer appointment, and is impersonal. Therefore specific personal circumstances are unlikely to be assessed. It also assumes that the customers answers are factually correct and the final choice is made solely by the consumer. Although no advice is offered these brokers do handle the arranging of the mortgage on the consumers behalf, and therefore dealing with all the chasing and removing stress from the process.

Where would you expect non-advised brokers to exist?

Well believe it or not many non-advised brokers are within the high street banks and building societies.

Advice-only

This type of services is

A Review For SC Criminal Attorneys, Lawyers & Law Firms

Mortgage fraud is problem that has reached epidemic proportions in the United States (US) in general and in South Carolina (SC) in particular. The white collar practitioner should be aware that mortgage fraud is generally investigated by the United States Federal Bureau of Investigation (FBI), although other agencies routinely assist the FBI and/or take the lead in investigating a case. Some of the other federal agencies which investigate mortgage fraud crimes for criminal prosecution include, but are not limited to, the Internal Revenue Service-Criminal Investigative Division (IRS-CID), United States Postal Inspection Service (USPIS), U.S. Secret Service (USSS), U.S. Immigration and Customs Enforcement (ICE), U.S. Department of Housing and Urban Development-Office of the Inspector General (HUD-OIG), Federal Deposit Insurance Corporation-Office of the Inspector General (FDIC-OIG), the Department of Veterans Affairs-Office of the Inspector General (DVA-OIG) and U.S. Bankruptcy Trustees.

The FBI works extensively with the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the United States Department of the Treasury, created in 1990, that collects and analyzes information about financial transactions in order to fight financial crimes, including mortgage fraud, money laundering and terrorist financing. The FinCEN network is a means of bringing people and information

Tips For Locking in the Best Home Mortgage

Tip #1: Always Shop For Home Mortgage Rates

Don’t blindly accept a Realtor or Builder referral to apply for a Home Mortgage through their preferred lender. Many times they will say, “We work closely with this guy and he gets the job done”. Translation: “We play golf together and he buys the beer”. Remember, the Realtor won’t be paying the bill each month for the next 30 years, you will.

Mortgage Loan Officers that work off of a referral network of Realtors and Builders don’t have to have competitive Home Mortgage Rates because they have a steady stream of “Drones” (people who are referred to them and don’t shop) calling them. Shop around, get the lowest cost Home Mortgage Rate, then if you are inclined, approach the “preferred” Loan Officer you were referred to and ask him to match the quote.

If you apply for a Home Mortgage through a preferred lender without shopping, you will pay hundreds or even thousands of dollars in additional costs.

Tip #2: Call For Home Mortgage Quotes After 11:00 a.m. Eastern Time

Mortgage Rates change each day and sometimes midday. The previous day’s rates typically expire by

The Facts About the Mortgage Market in Canada

The facts about the mortgage market in Canada is that in the last forty years, it has undergone substantial changes. Depository institutions account for the majority of the market holding 69 percent of outstanding Canadian residential mortgage debt by the end of-2007. By the end of 2008, CAD 566 billion or 62 percent of the CAD 906 billion outstanding residential mortgage debt in Canada was held by depository institutions. The main reason for the growth in the bank share was due to the 1992 Bank Act changes, which permitted banks to own trust and loan companies that had been dominant players in the market. Prior to 1954, banks were not permitted to make mortgage loans. However gradually from the 1954 Bank Act amendments and thereafter, laws allowed banks an expanding share in the market over time. Yet, until 1992 conventional mortgages value could only be below 10 percent of bank deposits. Mortgage brokers have played a growing role in the market.

A mortgage consumer survey conducted by the Canada Mortgage and Housing Corporation in 2009 revealed that between June of 2008 and June of 2009, a quarter of all mortgage transactions were arranged through mortgage brokers. According

Renewing and Renegotiating

When you bought your property, you almost certainly signed a mortgage agreement that continues to be in consequence for a specific period, referred to as term. Whenever your mortgage name comes to an end, you need to either pay off your mortgage loan or renew it for the next term. This is a good opportunity in order to reassess what you require in a home loan and to find mortgage choices that greater fit the needs you have today. You might also think concerning breaking a person’s mortgage contract before the concept of an ends, possibly because your own financial predicament has evolved or to use advantage of changes inside the interest prices that are offered from mortgage lenders. This is named renegotiating a person’s mortgage. Knowing what questions to ask can aid the very best mortgage available for you.

If ones mortgage understanding is that has a federally governed financial establishment such being a bank, the lender must supply you with a renewal declaration at very least 21 days before the finish of the existing term. This specific statement have to contain identical type of data that is in your current mortgage arrangement, such as the