Get Rid of Your Mortgage

Get rid of your mortgage the easy way. Most households hate seeing the cash going out each month to pay for the roof over their head. What would we do with the money if we could get rid of your mortgage ?

Many lenders are not aware of a strategy that can show MOST homeowners how to pay off their mortgage 10-15 years sooner..without refinancing or using bi-weekly plans. Just keep your monthly budget the same.

Several months ago, a very prominent attorney came up with a program called H.E.A.P.
This stands for HOME EQUITY ACCELERATION PLAN. It shows the homeowner by using the right type of home equity line and running all your monthly cash flow through it to pay off all your bills..including your mortgage payments. By the way, you must have some minimal equity in your home as well as some surplus of monthly income for this plan to work.

Obviously, the more current home equity you have and the more surplus monthly income..the faster you will get rid of your existing mortgage. Just get a line of credit equal to about 3-4 months of your income. Immediately send in about two thirds of it to the lender.

Then run all your cash flow through the line of credit each pay period. Rather than using conventional checking accounts make sure your line of credit allows you enough checks to pay your monthly expenses. Depending on how much surplus dollars you have each month( after all bills are paid) you can easily pay off the line of credit in 4-6 months. Once this is done, you can opt to repeat the exercise.

For anyone interested in getting more information just go to :
http://www.heaplan.com/getridofyourmortgage/

robb soria.

the first official hispanic financial consultant in USA ! His practice started in 1973 and is founder and CEO of S.A.F.E. Money Concepts ..located in Schaumburg,Illinois. It is comprised of about 100 of some of the leading advisors in the country. Many who advocate the contrarian view of why one SHOULD NOT contribute to tax deductible plans or invest directly or indirectly in the stock market ( mutual funds,ETFs,). These advisors show you why you should pay the tax on the income immediately and then accumualate your funds into a unique ( US Government sanctioned plan) program called the Section 7702 plan( often called the "family bank method" )

He can be reached at 630-289-9495 and : [http://www.robbsoria.com] You can also e-mail : soriarobblion@aol.com

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Mortgage Rescission - What It Means To You

With all the talk of fraudulent mortgage loans these days, the right of rescission has become quite a hot button topic. Unfortunately, most of what people hear, either from so-called internet "experts" or even from misinformed attorneys, tends not to be entirely accurate. The most common misperception is that if you are able to successfully litigate a loan rescission case, you get to cancel the note (true) and keep the property free and clear (not true). Here's how it actually works, and the practical effect of mortgage rescission on the borrower.

What is the Right of Rescission and when does it apply?

The right of rescission is the right to void the lender's security interest in your home, thereby taking away their lien, foreclosure interest, and their leverage. This powerful right arises from the Truth in Lending Act (TILA), which was designed to provide consumers with accurate information about loan transactions in order to facilitate informed decisions. Certain TILA violations on the part of the lender may give the homeowner the right to rescind the loan.

This right, however, does not extend to all home loans. If the credit was used for the purchase of a home (a "purchase money mortgage"), the right of rescission does not apply. Common examples of rescindable transactions include: home equity loans, transactions that refinance purchase money mortgages, and home improvement loans or credit sales.

Is there a time limit imposed on asserting the right of rescission for TILA violations?

Yes. Borrowers have an absolute rescission right for three days following the transaction. This period may be extended for up to three years if certain "material" TIL disclosures were not provided correctly at the time of the credit transaction, or a proper notice of the right to cancel was not given.

What does a rescission mean to the borrower?

When the homeowner has successfully rescinded a mortgage transaction, he is obligated to tender the loan proceeds, or the fair market value of any property received. The tender obligation is the net amount owed after voiding all finance charges, interest, and other charges, and after crediting all prior payments directly to principal. These reductions can dramatically lower the principal amount, especially if the interest rate or fees were high, or if substantial payments have been made. However, it should be noted that the homeowner may have to come up with a large amount of money to fulfill his tender obligation. The homeowner must present a realistic tender plan to the Court if he wants to prevail in his rescission action. Some tender options include refinancing with a more affordable lender, obtaining a reverse mortgage (only for elderly homeowners), or selling the home.

Conclusion

Though mortgage rescission is certainly a valuable tool in certain circumstances, it is by no means a "free ride" or a one-size fits-all remedy. Keep in mind that litigation is expensive and there are no guarantees that you will prevail. Even if you do, you must be financially prepared to fulfill your tender obligation to the lender. In many cases, having your attorney negotiate a substantial loan modification with the lender (instead of exercising your right of rescission) may turn out to be in your best financial interests.

The author of this article, Lisa Torelli McCue of the McCue Law Firm, PA, has been a Consumer Advocate Attorney since 1995. She practices law in Fort Lauderdale, Florida, in partnership with her husband, Christian. They focus their Florida practice on consumer bankruptcy, credit defense, foreclosure defense, and personal injury law (http://www.mccuelaw.com). In addition, they represent clients nationwide for loan modification and workout agreement negotiations under their subsidiary, http://www.homesaverplans.com

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Mortgage Rates Down For Fourth Straight Week

For the month of October we saw rates bouncing up and down pretty wildly. For the month of November we have not seen any large one week changes but a steady trend downward. The 30 year mortgage rate has moved down for the last 4 weeks. For the most part the other three major mortgage products have moved down as well the last four week. With the 30 year moving down to 5.97 this marks the first time the 30 year rate has moved below 6 since October 9th. As far as the other mortgage products the 15 year fixed and the 5 year arm remained relatively stable while we saw a decent drop in the 1 year arm with it moving from 5.29 to 5.18. Here are mortgage rates for the major mortgage products for the last few weeks.

November 26, 2008
30-yr 5.97 15-yr 5.74 5-yr ARM 5.86 1-yr ARM 5.18

November 20, 2008
30-yr 6.04 15-yr 5.73 5-yr ARM 5.87 1-yr ARM 5.29

November 13, 2008
30-yr 6.14 15-yr 5.81 5-yr ARM 5.98 1-yr ARM 5.33

November 6, 2008
30-yr 6.20 15-yr 5.88 5-yr ARM 6.19 1-yr ARM 5.25

October 30, 2008
30-yr 6.46 15-yr 6.19 5-yr ARM 6.36 1-yr ARM 5.38

So let's see what this week's rates translate into for a mortgage. We used our free mortgage calculator to translate today's rates into a payment on a 200k mortgage loan. For good measure we ran the calculator on last week's rates and rates from a month ago (October 30th).

November 26th
30-yr $1195.24
15-yr $1659.74
5-yr ARM $1181.15
1-yr ARM $1095.75

November 20th
30-yr $1204.24
15-yr $1658.67
5-yr ARM $1182.43
1-yr ARM $1109.36

October 30th
30-yr 1258.87
15-yr 1708.31
5-yr ARM 1245.77
1-yr ARM 1120.56

Looking at a 30 year loan we can see the changes from a week don't amount to much ($9 a month) but one would see pretty substantial savings compared to a month ago ($63.63 a month). With rates near a two month low now might be a decent time to looking at refinancing especially if you have a 30 year rate of 6.5 or higher. 1 year rates are pretty low but I would probably avoid them unless you are quite sure you are going to sale the home in one year. And with the market moving pretty slowly I would not want to bet on selling the house very quickly. The 5 year rate is a pretty pointless option at these rates. With the 30 year rate at 5.97 and the 5 year arm at 5.86 the same rate difference is hardly worth the much shorter rate lock (and remember with a 30 year if rates go down you can always refinance).

So what are rates going to do for the rest of the year? It's hard to tell. Unless something dramatic happens I don't see 30 year mortgage rates going under 5.5. There is the potential for more upward movement at this point simply because rates are low and banks don't seem terribly interested in lending.

Ki lives in Austin Texas. His site has a search of the Austin MLS. It also has updated information on mortgage rates along with a free mortgage calculator.

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Mortgage Protection Insurance and What You Need to Know

Mortgage insurance fills the gap between the standard requirement of 20% down and an amount the borrower can more easily afford to put down on a purchase. Mortgage insurance is only needed if any one loan you have is for more than 80% of the value of your home. In This case you will be required by the bank to have PMI which will be discuss in further later. If a borrower has less than the 20% down payment needed to avoid a mortgage insurance requirement, they might be able to make use of a second mortgage (sometimes referred to as a "piggy-back loan") to make up the difference. Mortgage Protection Insurance is now considered a tax deduction.

Mortgage

Mortgage protection insurance is essentially a life insurance policy designed to pay off your mortgage in case something happens to you or your spouse. It is insurance to offset losses in the case where a mortgagor is not able to repay the loan and the lender is not able to recover its costs after foreclosure and sale of the mortgaged property. The average costs of mortgage insurance premiums vary, but typically they fall between one-half and one percent of the loan amount, depending on the size of the down payment and loan specifics. PMI plays an important role in the mortgage industry by protecting a lender against loss if a borrower defaults on a loan and by enabling borrowers with less cash to have greater access to homeownership. For non-conforming mortgages, the lender may designate mortgage loans as "high risk.

PMI

A new federal law, The Homeowner's Protection Act (HPA) of 1998, requires lenders or servicers to provide certain disclosures concerning PMI for loans secured by the consumer's primary residence obtained on or after July 29, 1999. PMI allows borrowers to obtain a mortgage without having to provide 20% down payment, by covering the lender for the added risk of a high loan-to-value (LTV) mortgage. PMI protects the lender if you default on the loan. The annual cost of PMI varies and is expressed in terms of the total loan value in most cases, depending on the loan term, loan type, proportion of the total home value that is financed, the coverage amount, and the frequency of premium payments (monthly, annual, or single).

There are Government loan products that also include a Mortgage Insurance Premium (MIP), essentially the government equivalent of PMI. If you are a homeowner, you will want to be aware of a new law that establishes rights for homeowners and rules for lenders regarding private mortgage insurance (PMI) cancellation. So, you don't like the idea of making those extra mortgage insurance payments. Without a doubt, private mortgage insurance has proven invaluable for families trying to attain the American dream of homeownership.

Alan provides information about Mortgage Protection Insurance through his website on Mortgage Disability Insurance

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Mortgage Interest Rate Predictions For 2009 - 2010

Even a small percentage difference makes a huge difference when is comes to mortgage rates. Homeowners looking to save the most money through refinancing or mortgage modification would benefit from having a good idea of what to expect from mortgage rates in 2009 and 2010. Here are my home mortgage rate predictions for the rest of this year through 2010, and how I made them:

4.69% was the average rate for a typical 30 year fixed rate home loan earlier in 2009. However, since these rates were so extremely low, homeowners rushed to mortgage lenders and banks to refinance or get a home loan modification. This quickly led to a record number of applications, and the mortgage lenders and banks got backed up with application from homeowners looking to save money. In order to slow down the amount of requests for refinancing or modification, the lenders needed to raise interest rates, in this case they did so by .5%. Right now a 30 year fixed rate mortgage can be had for around 5.19%. While theses rates are still very good, it made homeowners who just wanted to save money pause on applying, while homeowners who were truly facing financial hardships could still save their home. However, I think all homeowners will be happy with my mortgage rate predictions for the rest of 2009 and into 2010.

I predict that mortgage rates will drop to their prior lows of 4.69%, and this rate will last all the into 2010. Sometime around October 2009, I think the home interest rates will be lowered to this 4.69% rate in order to attract new customers, and help more homeowners who are facing foreclosure or other financial problems. I also think that this mortgage rate will last through April 2010 or so. Then will again be increased by at least .75%. So be sure to get a home mortgage refinancing or modification when the rates are, at least predicted by me, this low.

Homeowners facing financial hardships or losing their home should take action and do something about while interest rates are so low. Homeowners who are looking to save money and can wait, should.

At my site I will teach you how to properly refinance or modify a home mortgage saving you thousands of dollars, or even your home. A lot of Greedy Mortgage Lenders will try to suck you dry if you let them. Learn the right way to refinance or modify your home loan at my site: http://www.refinancingcondo.com

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7 Ways To Renegotiate Your Mortgage Terms When You Can't Pay

If your mortgage due date comes and goes and you're unable to make your mortgage payment due to a job loss or another situation beyond your control, don't pretend there isn't a problem by ignoring it.

Pick up the phone and call your lender because they can probably help protect your credit and keep you in your home.

Whether you're late because of an unanticipated illness or because you've been laid off from your job, one late payment isn't the end of the world, but communication with your lender is vitally important because it demonstrates to them that you care about your credit and making your payment.

When you call them, they'll probably ask you if you just have a temporary stoppage of income or if your financial situation has changed. If you've lost your job, and future payments are in jeopardy, let them know right away because there are some steps you can immediately take to reduce or prevent the possibility of foreclosure.

Depending upon what kind of loan product you're in will determine what steps your lender may or may not be able to take. If you have a conventional conforming loan, some lenders may be able to begin analyzing your financial situation and working out a solution that is beneficial both to you and the lender. If your loan is in some way government backed or insured, government rules may require you to be 90 days in arrears before your lender will be allowed to discuss alternative options with you. Either way, you need to communicate with your lender.

Here are 7 examples of what your lender may be able to do to help you:

1. Waive late payment fees

2. Give you an extended period of time (perhaps as much in 12 to 24 months) to get caught up on your payment by adding a fraction of your outstanding loan payment balance to your payment each month until you can catch up

3. Accepting a partial payment

4. Moving your current payment to the end f your loan, allowing you time to get your financial house in order

5. Granting you a separate interest-free or low interest personal loan for the amount of your missed payment

6. Interest or principal reduction

7. Loan refinancing or re-amortization

Your lender doesn't want your house ' they want your payment. While they would prefer that your payment come in each month like clockwork, lenders are very well aware of many of the financial difficulties borrowers are having in making their mortgage payments.

Your lender probably won't volunteer their assistance, especially if they don't know you're experiencing problems making your payments.

All lenders don't offer borrowers all of these options, but your lender most likely has some of these available to help you out. You do have to qualify for this help from your lender. You may be required to provide proof of job loss, as well as a detailed financial statement, but if it helps keep you in your house I think it's one of the smartest things you can do.

What do you think? Would you rather make a phone call or risk your house?

Darrin Roseborsky is a Refinance Specialist with OMAC Mortgages, seminar speaker and president of the Roseborsky Group and HomeRefinanceCoach.com. Darrin can help you MAXIMIZE your equity PROPERLY and help you choose options that make the MOST SENSE for your situation! Learn more about how it works at: http://www.homerefinancecoach.com

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Mortgage Protection Insurance Leads - The Great Secret to Annuity Sales

I have used this for years to find annuity prospects. For just a moment think about annuity sales and what comes to mind is the financial planner/estate planner/ certified senior advisor/ it just keeps going.

All those charts and new ways to explain how indexed annuities work and how much we all need to buy them. After awhile it becomes such a chore to compete with them and soon you will be looking for a simpler method to sell annuities. It seems to me the simpler method the better and I think most prospects feel the way I do…just show me the benefits and if it makes sense to me then I will buy the annuity.

I have a very simple method for making things simpler and to provide myself with virtually unlimited people to see….That method is the back door approach and here it is.

Mortgage protection insurance leads! You heard me right; they are a wonderful way to back door into an annuity sale. Just think about it for a minute. A new mortgage should be protected for the family in the event of death or disability. If the man is the bread winner and the stay at home spouse needs to be there for the sake of the family then what would happen if he died? How would she exist and keep the family together? Maybe she could return to work and maybe she couldn’t. Either way it is a perceived need and almost everyone wants to be protected. Mortgage protection insurance is a simple sale and if you are smart…can lead to an annuity sale.

Here is how I do it. After my needs presentation I always ask a few questions such as:
• How long have you been at your current job? (potential 401 k rollover)

• Do you own life insurance? (potential conversion or possible combination with the mortgage protection policy)

• Do you own an IRA? (possible annuity sale)

• Do you own an annuity? (possible rollover, 1035)

• Do you own mutual funds? (possible annuity sales)

The list can go on and on. There is a secret about mortgage protection insurance and it is this….most people do not think of it as life insurance!. It is considered a need for family survival because we all need a house that is ours and nothing feels better than not having a mortgage….it is the basic safe harbor instinct.

Use direct mail and cover an area for leads. A return of 1-2% is successful, make the appointment and do the mortgage protection pitch and then turn the process into a fact finder and a two call close. No other mortgage protection insurance salespeople are doing it and it makes you stand out. Plus you will be accumulating clients instead of policies. It is how you build a business and a profession instead of always needing the next sale.

Be a professional and not an amateur by doing something everyone else will not do. Plus regardless of how you are currently selling nothing makes you sharper or helps you think on your feet more than 5-6 appointments a day.

It is a very easy sale and it is one that no one is doing.

Bill Broich is thirty year annuity salesman who helps agents generate leads and sales. To discover more visit his website: Annuity Leads

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Seniors Reverse Mortgage - Benefits and Drawbacks

Senior reverse mortgages are different from traditional home loans in several ways. Before you decide to get a reverse mortgage, it's a good idea to learn as much as you can about them; learn such things as how they work, their benefits and even their drawbacks.

With a reverse mortgage, you never have to make monthly repayments for as long as you live in your home. As a matter of fact, the opposite occurs: the lender pays you money. You can get money from a bank when you have a reverse mortgage in one of three different ways: a lump sum, a line of credit or monthly payments.

Because you are getting money from the bank, you increase your home's debt as time goes on. At the same time, the equity in the home decreases.

Whenever the time comes to pay back your reverse mortgage - you move out of the home or you die -, the debt may be large and you may have little equity left in the house. However, no matter how much money you owe, it can never be more than the value of the home.

Since you don't need to make any monthly repayments, you don't need any type of income to qualify. You could have no income and still qualify for a reverse mortgage. Also, your credit history is of no concern.

The only requirements are that you are at least 62 years old, and that there is enough equity in the home.

The amount of money you can borrow depends on three factors:

- Your age

- The current market interest rate

- Your home estimated value or the FHA's mortgage limit for the area where you live

As a general rule, the older you are, the more expensive your home is and the lower the interest rates are, the more money you can borrow with a seniors reverse mortgage.

Also, remember that since you will still be the owner of the home, you are still required to pay real estate taxes, insurance, and maintenance costs.

Senior Reverse Mortgage Benefits

A reverse mortgage has many benefits associated with it. These are some of its most important ones:

- You don't need to leave your home. You can stay in your home for as long as you want.

- You won't need any income to qualify. The lender is the making the payments.

- You won't need to make any payments on a reverse home loan.

- You can't loose your house because you can't make mortgage payments

- You can never be evicted your home for as long as you live in it. However, you still need to make real estate, insurance and maintenance payments.

- You can use the money from the reverse mortgage for any thing you want.

- The funds from a reverse mortgage are usually tax deductible

- Most senior reverse mortgages have no income limitations

- Your Social Security and Medicare payments are for most people not affected

Reverse Mortgage Cons

As with any type of mortgage, a senior reverse mortgage has some drawbacks. Many of them are only potential and depend on your individual situation. Nevertheless, it's a good for you to know about these drawbacks before choosing to apply for a reverse mortgage.

These are some of the facts you need to consider before choosing a reverse mortgage:

- Most all reverse mortgages have variable interest rates. Your rates will vary as the market changes.

- Since reverse mortgages work by decreasing your home equity, you can use up most of your home equity, leaving little money left from the sale of the house for you and your heirs. However, a "non-recourse" clause found in most reverse home loans prevents either you or your heirs from owing more money than your home is worth.

- Since you keep ownership of the home, you are still responsible for real estate taxes, insurance and maintenance costs.

- Most lenders charge origination fees and other closing costs for a reverse mortgage. Lenders also may charge servicing fees during the duration of the home mortgage. These fees are already included in the mortgage.

- The interest paid on a reverse mortgage is not deductible in your income tax returns until the home mortgage is paid off (in part or whole.)

- There is usually a cheaper solution to your problems (credit line, refinancing your existing mortgage, etc.)

To make sure you get a good deal, get a reverse mortgage using a trusted lender and a mortgage broker specializing in reverse mortgages. A good reverse mortgage broker will educate you throughout the process.

Before you get a Reverse Mortgage [http://www.seniorsreversemortgage.us], make sure you learn all about them. You can read many different educational articles at Senior Reverse Mortgage [http://www.seniorsreversemortgage.us].

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Mortgage Advice For Borrowers Unsure About Recent Market Changes

Mortgage Takeover of Fannie/Freddie: Good For Borrowers?

Government officials dropped a bombshell last week when they announced the seizure of mortgage giants Fannie Mae and Freddie Mac. Wall Street rallied, interest rates dropped and the politicians and pundits are claiming this will mark the end of the suffering brought on by the mortgage mess.

This is good news, right?

In the short term yes but everyone should stop and consider what the long term implications are of the government running the mortgage industry.

What's Really Going On?

In a nutshell - Uncle Sam just co-signed for all of our loans.

Officials announced the move would involve placing these mortgage operations into a "government conservatorship" in hopes of stabilizing the housing / credit markets. In a conservatorship, like bankruptcy, common stockholders are expected to lose their investments.

Essentially this is the equivalent of a giant "bail out." Investors have been scared to death of a worsening "meltdown" and this move basically puts the governments money (your and my money) behind the mortgage industry to make sure it doesn't fall down.

With the housing and credit markets continuing to slump and with fears of the "meltdown" getting worse this move was the governments best bet to shore up markets.

Impact For Borrowers:

Good News:

1. Lower interest rates in the short haul. Who doesn't like lower rates?
2. Investors get a shot of confidence. Now that Uncle Sam is the co-signer investors feel more confident that the mortgage backed debts will remain solvent.
3. The government owns your loan. How bad can that be?

Bad News:

1. The government owns our loan - uh, oh. Ever tried negotiating with the IRS? While the government has had FHA, VA and other programs it does not have experience managing the type of operations that Fannie and Freddie run.
2. Future uncertainty about management / guidelines. Our inside sources are telling us that the future of guidelines......
3. Long term implications.....

What Should Borrowers Do?

Borrowers should be looking to capitalize on the temporary drop in rates and stabilization of credit markets. In the week since the announcements rates have steadily declines as investors are feeling the relief of the government bailout.

Our suggestions:

1. Make sure your mortgage in process can drop down to the new rates
2. Make sure your loan officer is fully educated about the changes and how it might impact your loan.
3. Check your Good Faith Estimate (GFE) and Truth in Lending (TIL) to make sure your mortgage company is not "up selling" your loan to take advantage of the lower rates to make a higher commission.

What Does the Future Hold?

We believe that the housing market recovery will probably determine when the credit markets regain their health. Why? Because decreasing home values resulted in the inability of homeowners to sell or refinance their house to get out of financial trouble - which is how this mortgage issue all got started.

Here are some recent facts:

Maybe the housing marketing isn't so bad in many areas. The Office of Federal Housing Enterprise Oversight's (OFHEO) House Price Index (HPI) reported in May that 35 states saw a positive home value price change in the first quarter of 2008. In addition, 164 MSAs showed positive first quarter appreciation when compared to the same quarter of 2007.

California, Florida, Nevada, and Arizona are still the largest statistical problem areas for home prices. Industry experts acknowledge that these markets were the most speculative during the 2000 - 2005 mortgage mayhem. And because the values in these areas are very high relative to the rest of the country it has a larger impact on the overall numbers.

Just because four states are still falling, and 11 other states continue to try and stabilize doesn't mean the entire market will continue to take the plunge. According to PMI Mortgage Insurance Company's "Economic & Real Estate Trends" recent report, almost 68% of the nation's 322 remaining MSAs experienced positive appreciation everywhere other than California, Florida, Nevada, and Arizona.

So while no one has a crystal ball it appears things are not quite as bad as the media would have us believe. If the credit markets can begin to stabilize and home prices hold steady we may yet see the end of this "mortgage crisis."

Andre Savoie. A Professional Internet Marketing Firm and Writer. A WSI SEO Expert Providing information with regards to Marketing loans. Trusted Mortgage Advice a perfect site that give Mortgage Advice for your Peace of Mind

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Mortgage Loan Modification Can Help You

A mortgage loan modification is simply an arrangement through which you get to 'change' you mortgage loan repayment terms. The terms in question here include the size of repayments, the regularity of the repayments and hence the total mortgage loan repayment period. It is usually done in the face of new emerging circumstances that make is impossible for you to keep up with the previous terms that you had initially entered into with the mortgage lender.

The mortgage loan medication is not very much unlike a mortgage refinancing arrangement. The difference between the two, however, lies in the fact that mortgage refinancing involves taking up a new loan, whereas in a mortgage loan modification, you keep the original loan, and only modify your repayments for it.

There are a number of ways through which a mortgage loan modification can help you. For one, through the mortgage loan modification, you have a way of protecting yourself from an embarrassing foreclosure: which would inevitably be the end result of your not keeping up with mortgage payments, if you decided to do nothing about it. Therefore if the financial problem you are facing is temporary, and you are already doing something about it, you can use the mortgage loan modification strategy (like where your month repayments are reduced a bit, with the total mortgage loan repayment period extended) as a way of shoring yourself through the transition period. Indeed, there are even some mortgage lenders who are willing to let you stop paying them for a while (typically a predefined period of time), and then start repaying them at the end of that period. The period in question could be the grace period between your starting a business and your starting to earn profits out of it. The period in question could also be the period between your losing your job and getting another. Upon the end of the period in question, and hopefully the improvement of your financial situation, you can start repaying your mortgage in larger installments or have the mortgage repayment period extended, so as to make up for the 'lost time' in either case.

Of course, the mortgage-loan modification also offers you a way of saving your credit score from ruin. In the event of your getting into situations where you cannot keep up with your mortgage obligations, and your deciding to do absolutely nothing about it, you could end up with a very huge blot on your credit record. This could translate to a very difficult financial future, where you can't find any credit facilities. Thankfully, this is something you can save yourself, through the use of mortgage loan modification.

It is worth noting, of course, that not every mortgage provider will find the idea of mortgage modification agreeable. Yet it doesn't help for you to jump into conclusions before even trying out something. There is no harm, in the event of your finding yourself unable to keep up with your mortgage obligations, to ask your mortgage provider whether a mortgage modification is something they would consider. Chances are that as long as it not totally against their policy, and you can show them how it is in their best interests to modify your mortgage, they will buy your request.

Having trouble with your mortgage? Get mortgage loan modification help from mortgage loan modification experts. Visit our site now!

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New Mortgage Loan Limits Mean New Sales Opportunities For Loan Officers And Mortgage Brokers

With every year, come new opportunities. And astute loan officers are quick to capitalize on what the new year brings, raising their commission levels and catapulting to top producer status in no time.

I ask you one simple question, "Are you doing everything you can to maximize your income?"

Anyone who has been in the mortgage industry for at least a year, knows that as home prices increase, so do the conforming loan limits from both Fannie Mae and Freddie Mac. January is a great time to go through your existing customer base, and drill for hidden opportunities. It's "found" money. And it's waiting for you.

Here's a quick and easy way you can start your new year off with a bang.

Go through your entire past customer base, and pull-out all the "JUMBO" loans you closed last year and before. As you know, the interest rates on these loans are typically half a percentage point or more above standard conforming loans.

With the yearly increase in loan limits, this is a great chance to refinance an existing customer from a JUMBO loan, into a regular conforming loan and cut their interest rate! Even a small percentage decrease can save a customer hundreds of dollar in their monthly cash flow as well as thousands of dollars in interest over the life of their loan. It's simple math and the savings are black and white.

Refinancing JUMBO loans into conforming loans is easy money and your customers will love you for it! How many loan officers do you know that are proactive and actually look for ways to save their customers money? Not many, I'm sure!

And the ones who do, do this, certainly aren't going to share their secrets with you. But, I will. This will be the easiest sales call you've ever made! Not to mention the referrals you'll get in return. It's a win-win situation. Don't miss the boat.

Your past customers are your greatest asset. They know you, they have a relationship with you, and they trust you. Waste no more time!!! I beg you! Go through your customer database now and mine for the gold that awaits you. What are you waiting for?

Using the same old thinking and doing the same old things the same old way will get you nowhere. Think different. Be proactive. Add value to your relationship with your customers whenever you can. Uncover the opportunities that lie hidden all around you. Do this and you'll quickly vault to top producer status in no time. Not to mention your income and lifestyle will increase as a result.

In closing, always remember that each new year brings higher loan limits--and with it-a chance to pull in some quick, easy refinance loans. Whether or not you take full advantage and raise your commission level, is entirely up to.

The gold is there waiting for you, ready to be claimed. But, will you reach out and take it?

Rob Lawrence is ranked one of top national trainers in the mortgage industry. He is the currently the CEO of Battlecall.com, coaching, tools and resources to turn mortgage professionals into mortgage warriors. Visit http://www.battlecall.com for his free "Sink Or Swim" weekly newsletter, mortgage training, marketing advice and more! Jumpstart your career in the mortgage business, starting today.

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Chapter 13 Refinance Mortgage Loan

The Chapter 13 bankruptcy loan is a changing but still available product offering from many wholesale lenders. Since August 2007 the secondary mortgage markets have been extremely volitile pushing many lenders to cut cut off funding for debtors with spotty payment history. Two or more 30 day lates on a mortgage or trustee report since your Chapter 13 file date has procluded many debtors from seeking relief from many so called "subprime" lenders.These subprime lenders that are still in business as of this article are funding Chapter 13 loans with the same/similar guidelines as FHA, but charging much higher interest rates than the FHA product.

The only good reason at this point to use a "subprime" lender to buyout a chapter 13 is if your loan amount is non-conforming to FHA loan limits* Please note that the FHA loan limits are to be raised pending the implementation of the FHA secure program. Check the HUD.gov site for loan limits in your county/State*. Many mortgage brokers are trying to steer customers into harms way because of their own ignorance or lack of a license to do FHA loans. Always ask your broker if they are an FHA approved lender/broker. FHA was designed to help the subprime borrower. The only limitation on FHA is you cant lie about your income, and you cant borrow over the median sales price of house in your county. LTV restriction almost save the borrowers from themselves naver on a BK buyout will the LTV be over 85% which preserves equity.

The FHA loan has taken the place of the predatory practices that were common from many subprime lenders. Many brokers have misconception about bankruptcy refinancing and FHA loans I.E. The debtor must have been in an FHA mortgage prior to bankruptcy, to refinance with FHA out of the bankruptcy. This is completely untrue! The debtor can even leave a bankruptcy open with FHA with the appropriate motion from the court! Many people dont realize the power of FHA lending. Work with an FHA lender and an obvious expert.

Please visit http://www.bankruptcyhomeloan.org for more info! See why Mr. Peck is funding loans while other loan officers are funding career changes. Work with a chapter 13 mortgage specialist and get it done right the first time!

Shawn M Peck

Branch Manager

Nationwide Equities Corporation
811 Church Road Suite 160
Cherry Hill NJ 08002

856-773-0226 Ph
201-299-2556 F
856-796-0920 C
http://www.bankruptcyhomeloan.org

Equal Housing Lender. Nationwide Equities Corporation. Nationwide Equities Corporation is a Licensed Mortgage Banker in CT, CO, DE, FL, IO, MA, MD, NJ, NY, PA, & SC. Registered Mortgage Broker in CT, DE, FL, IA, MA, MD, MS, NJ, NY, & PA.Some products may not be available in all states.

Shawn M Peck is branch manager for Nationwide Equities Corporation in Cherry Hill. As a loan officer Mr. Peck writes business exclusive to bankruptcy and foreclosure.

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Southern California Mortgage Lenders

In the United States, most people are dependant on a mortgage to buy a house. This is a customer-friendly process, wherein a financial institution offers a home loan to finance a real estate purchase. However, a customer has to secure this loan against the proposed house. Southern California mortgage lenders are banking establishments that assist customers in buying and refinancing their homes.

Real estate is a profitable and competitive business. For this reason, Southern California mortgage lenders are eager to discuss mortgage rates with potential customers. This competitiveness amongst lenders has paved the way for affordable and economic interest rates. Most Southern California mortgage lenders are keen to negotiate on rates in order to attract new customers.

A large number of Southern California mortgage lenders offer easy-to-access and quick-response online assistance. These lenders’ sites provide affordability and mortgage calculators. Potential loan seekers can key in a number of variables and compare available loan rates. A number of independent mortgage sites are also available. Information submitted in these allows various Southern California mortgage lenders to compete for and attract clients.

Most Southern California mortgage lenders are important financial institutions that may not have enough time to concentrate on mortgage customers. To increase their exposure and profitability these lenders work through a mortgage broker. This is an effective practice for all who are involved. In these practices, lenders offer brokers wholesale and economic rates. This in turn increases the number of customers, since these mortgage rates are almost always more affordable.

Southern California mortgage lenders offer different types of loans. These include first-time home loans, refinancing on existing loans, and home equity loans. A number of these lenders also propose different payment options. These include bi-weekly payments instead of monthly payments; this helps a borrower save a considerable amount of interest during the mortgage tenure. Most of these lenders offer personalized customer care services. This helps lenders understand the individual needs of customers, and cater to them accordingly.

California Mortgage Lenders provides detailed information on California Mortgage Lenders, Northern California Mortgage Lenders, California Mobile Home Mortgage Lenders, Southern California Mortgage Lenders and more. California Mortgage Lenders is affiliated with California Mortgage Interest Rates.

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Pay Off Mortgage - Mortgage Amortization Secrets

We all know that putting extra payments down is going to pay off your mortgage faster and save you money. But what not everyone knows are the little insider tips that allow you to know to the penny, EXACTLY, when to use them to pay off your mortgage, how much to make them in, and exactly what you'll save as a result.

See, it's really NOT about how many you make, or how often, or even how much you make them in. When you're trying to pay off your mortgage faster their is only one thing that matters.

Timing.

You see mortgages are structured pretty creatively. Mortgage companies tell you that you're only paying the 5-7% rate, but they never explain what that really means. Our mortgage payments are almost completely wasted on interest at the beginning of our mortgage. This is what makes it so difficult to pay off your mortgage.

What it means is that a $4000 payment may only $250 of principle. The entire rest of that payment goes to PURE INTEREST. It's basically burning a hole in your pocket when it should go to pay your mortgage off.

Now, here's how to beat it. If you make a $250 principle payment on its own... right before you make the $4000 payment then guess what? You just completed that entire payment without wasting $3750 on interest. You moves you amortization down the line to pay off your mortgage. Sure, you'll still have to make a $4000 payment, but you pay your mortgage off $3750 earlier and it only cost you $250! That's how banks think.

If you could get $3750 for every $250 you put in, how many times would you do it? As many as you good and you wouldn't just pay your mortgage off, it'd evaporate.

If this doesn't quite make sense yet then grab a copy of your amortization schedule or The Mortgage Loophole Report and analyze how they'll pay off your mortgage. You'll see.

So...

Catch #1 - If you make a small prepayment at the beginning of the term, you'd pay off your mortgage MUCH earlier than you would by making a bigger principle payment at the end of your mortgage.

When you put the money in at the end you don't even pay your mortgage off as fast or save near the amount of interest because most of your payment is going to principle anyway. As you pay off your mortgage they weaken. Your mortgage pay off time literally depends on this.

So, the secret to pay off your mortgage is to understand the way a mortgage amortization has been structures to accommodate certain methods to pay off your mortgage.

Catch #2 - Although you probably realize that this information is important to pay off your mortgage you probably won't be able to apply it the the extent that you wish you could. Honestly, if you had all the extra cash to pay off your mortgage with, then you'd have made a bigger down payment on your home. It's not until most of us have already been trying to pay off our mortgage that we start to get the extra cash to put towards the pay off.

You can read more mortgage wisdom and secret techniques your bank doesn't want you to know about at the blog: http://payoffmortgageearlyandsaveinterest.blogspot.com

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Mortgage Assistance Programs - Will You Get Help? See the Shocking Truth

A new program designed to assist homeowners facing pre-foreclosure has been created in the latter part of November. This program, as with many mortgage assistance programs is supposed to improve the foreclosure crisis through Fannie Mae and Freddie Mac by purchasing bad mortgage loans, and then refinancing those homes to homeowners.

President Bush signed a similar program earlier this year. This one was supposed to assist many homeowners facing foreclosure, to stay in their homes.

In the past few weeks, I have received numerous emails from subscribers enquiring about mortgage assistance programs. The housing rescue law program especially, because they are not familiar with this new program. This new program claims to help homeowners who may not meet the qualifications for assistance in other programs. Is there anything in the small print they need to know?

Like other mortgage assistance programs, this bill supposedly alleviates the struggling housing market; but the truth is that this bill is aimed to boost the mortgage finance giants, Fannie Mae and Freddie Mac before they required to be bailing out by the Government and not for the homeowners who need it the most.

In addition, if by chance, you happen to qualify, and pass the rigorous scrutiny, and are approved for an FHA backed home mortgage loan, there are numerous things you should be aware of, so bone up on your reading, because it is very likely that they will disclose all the information pertaining to this agreement in the small prints.

In many cases, people would be better off letting their homes foreclose, renting for a couple of years, and then starting over with a fresh property when the prices of homes begin to fall. This is the primary reason many mortgage assistance programs are ineffective, among other things.

On another note, lenders will not sign off on a workout, if they suspect they will loose more money on that, than they would by permitting a home to go through the expensive process of foreclosure, which is the same scenario with many other mortgage assistance programs.

An FHA lender will underwrite each loan separately. This means that the banks will have to investigate and verify income, bank accounts, employment histories, and credit ratings. It will be as if you are applying for a new mortgage loan, and will have to meet all the credit requirements in order to qualify.

This is a volunteer program for lenders, so if the lender of origin agrees to the write-down, a new lender will buy the old loan, and take possession of the re-written mortgage. How does it work? How much does it cost? What is the catch? Let me elaborate.

Due to space limitations, I cannot finish this article here, because the second half contains much more information about these mortgage assistance programs. Go to my website, and scroll to the bottom of the page, there will be the second half of this article.

But keep in mind, no matter how much money you earn, or what your current situation is, or which phase of foreclosure you are facing, it is still possible to avoid foreclosure for over two years, and remain in your home without making a single mortgage payment.

The best part is that you will not have to retain the services of an attorney to do this, once you know how to do it yourself.

For more detailed information about this subject and for tips and strategies to avoid foreclosure and stay in your home for over two years without making any monthly mortgage payments, go to my Website: How-To-AvoidForeclosure.info Click Here: Mortgage Assistance Programs Remember, you can do this without paying for Lawyers, Agencies or for any service at all. Just click the link To Stop Foreclosure

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Stop Foreclosure by Restructuring Your Mortgage

Stop this by restructuring your mortgage is one of many options that you may want to explore to stop foreclosure on your home. If you’re looking for creative ways to stop foreclosure by restructuring your mortgage you need to know how to increase your chances of success. What matters when stop foreclosure by restructuring your mortgage? Will it affect your credit score? Will your repayments be the same?

Do You Qualify To Stop Foreclosure by Restructuring Your Mortgage?

How long has it been since you contacted them actually spoke with them last? A month? Two months? More? If you haven’t discussed you’re the problems you’re having in meeting your mortgage repayments you should do so. Don’t “try to”, but actually do so as soon as you can. No matter what’s happening to you right now, no matter what may be going on, you can still pull through and stop foreclosure by restructuring your mortgage.

#1 Mistake People Make When Facing Foreclosure

Possibly the #1 mistake people make when facing foreclosure is not recognize the cost of inaction. If you do procrastinate, it will affect you in the long term. Sadly, it’s not everyone that can actually catch up with their monthly repayments. This is particularly true if you have fallen behind by several months. For most middle-class Americans, their mortgage repayment is a big chunk out of their monthly income. The possibility of doubling that payment in order to make up for a missed payment simply just isn’t practical. Take a closer look at your mortgage if you’re facing foreclosure.

What Happens When You restructure Your Loan?

When you restructure your loan, a number of things may happen that could ultimately benefit you. If you’re absolutely confident that you’ll be in a position to make your current mortgage payments again, once you are caught up, your lender may, on this basis, agree to add your existing past due amounts to the end of your existing mortgage term. This does mean though that you’ll have to pay more interest on it at the end of the day and over the time of your loan.

If for any reason you still can’t make the same payments don’t lose hope. Don’t give up. Not all is lost. A smart move would be to call your lender and establish if it’s possible for them to refinance your home. The beauty of this is that if they can re-extend the terms of your loan to longer terms (or the original terms), your monthly payment can be greatly reduced. This will of course depend on the amount you still owe on the loan. It’s a good and practical way to stop foreclosure on your home. Just make sure you approach your lender before you get into financial difficulties.

How Can I Increase Your Chances Of Success?

To increase your chances of success when it comes to ways to stop foreclosure on your home you must speak with and work with your lender that holds your mortgage or your bank. They don’t want to take your home from you and would rather you stayed in it and they got their money on a regular basis. They are best placed to provide feasible solutions to stop foreclosure fast. Always remember, they don’t gain if they take your home through foreclosure because it means that they’ll most likely end up losing money in the process.

So What Can You Do Right Now?

To learn more about how to stop foreclosure by restructuring your mortgage and other options available you should download and read a free report from http://www.StopForeclosureHandbook.com

You can stop foreclosure lgally in nine days or less using options lenders don't want you to know about.

http://www.StopForeclosureHandbook.com is an online resource that helps people facing foreclosure. It was founded by 'Bayo Akinola-Odusola, a recognized business and personal development consultant who helps businesses and individuals improve performance. He is also a seasoned business development specialist, niche information marketer and founder of a number of businesses dedicated to business and personal improvement

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How to Pay Off Your Mortgage Early

Imagine paying off your mortgage 5 or 10 years earlier than the 30 year arrangement you originally set up. Many people are doing just that by paying a little more towards their principal each month.

As an example, consider the following loan terms and house value:
Value of home: $200,000
Term of loan: 30 years
Loan amount: $150,000
Interest rate: 6%
Monthly payment: $899.00*

*This amount is principal and interest only, and does not include insurance, taxes, association dues, fees, or assessments.

If you were able to pay an additional $100 per month towards the principal of your mortgage, you would reduce the number of months from 360 months (30 years) to 279 months (about 24 years). This is a 6 year savings!

Additionally, consider that you will be paying 30 years of interest on this loan totaling $176,757. At the end of the loan, you end up paying $326,757 for the $150,000 loan you agreed to pay. By making the extra $100 payment per month, your total interest is reduced to $128,470. A savings of $48,287 for the same exact house! In order to find the extra $100 per month in your budget can be difficult sometimes. It may mean cutting back on eating out, doing your own housework, taking on a part-time job, or finding other unique cost-cutting measures.

If you bought your home with less than a 20% down payment, your bank is most likely charging you private mortgage insurance (PMI). The instant that you own 20% of your home, be sure you contact your bank to have them remove the fee for this hefty insurance. Mortgage companies require that you pay PMI if you don't have 20% or more as a down payment -- this is to protect the lender in case you default on the loan.

What if you don't have an extra $100 per month to apply to the principle? Many banks now offer a service where they will automatically remove half of your mortgage payment from your checking account every other week. In our above example, it would mean paying $449.66 every other week instead of the $899 monthly mortgage payment. Because some months are longer than others, you end up paying an additional mortgage payment over the course of the year. For example, when you enter in the every other week schedule of paying roughly $449.66 into the Mortgage Saver calculator found at www.MortgageSaver.com, it will show a savings of $36,211.03 over the course of the loan as well as 6 years and 3 months. Check to see if your bank will arrange this service for you free before paying a third party company such as Equity Accelerator or Mortgage Saver. The third party companies will charge a start up fee along with transaction fees every other week. If your bank cannot arrange for every other week payments, a third party company is still a viable option.

You may choose to send an additional $100 extra each month ($50 per payment) towards your loan to accelerate the process even more. If you manually send in an extra payment via a check, be sure to indicate that the extra money should be applied to the principle on your loan. If you are shopping for a new home, consider a 15 year or even a 20 year loan instead of a 30 year loan. Although the monthly payments average about 30% more per month depending on your interest rate, you own your home in half the time!

The prepayments on your mortgage provide a great return on investment! Whatever extra payments you pay can shorten the life of your mortgage. You will be pleased with the savings you see with the prepayment strategy and the speed in which you build equity in your home.

The author, Kimberly A. Griffiths, has been through the vicious cycle of debt herself, and provides a no-nonsense system to managing your money paycheck to paycheck. Visit the One Paycheck at a Time Web site for articles and tools to budget your household: http://www.OnePaycheckataTime.com

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Mortgage Insurance Explained

Getting a mortgage is bad enough – what with terms like fixed rate, discount, variable etc – so mention mortgage insurance and naturally your eyes will start to glaze over.

However, mortgage insurance is an extremely important insurance to have – in fact, it can the difference between keeping a roof over your head or ending up having your home repossessed.

If you recently took out a mortgage, you may remember the lender asking you whether you wanted mortgage payment protection insurance. It probably sounded expensive and unnecessary. And while, in some cases, there are companies who like to charge you too much for the product, it doesn’t have to be that way.

As for it being unnecessary – get the right policy and at the right price and it will be an invaluable safety net for you. So, what is mortgage insurance? It is a product whereby should you be unable to meet your mortgage repayments due to being made involuntarily redundant or due to being able to work because of sickness or maybe an accident – then it will cover your mortgage repayments.

Your mortgage repayments (and sometimes other mortgage related outgoings too) will be covered for up to a set period of time (typically 12 months but this can vary from provider to provider) to give you enough time to find another job, or get well etc.

Many people may think that mortgage payment protection insurance is a waste of money, using the old adage “It’ll never happen to me”. However, this is not true. Being unable to work – and therefore having to struggle on state benefits – due to involuntary redundancy, accident or sickness can happen to anyone. It does not discriminate and can strike anyone at any time.

Therefore, if you are in full time employment for more than 16 hours a week and you have a mortgage, then taking out insurance against the financial ramifications makes sound sense.

Despite what the press says, it doesn’t have to be expensive to take out this kind of insurance, and nor do you have to take out a policy with your current mortgage lender. This means you are free to shop around to get a policy that offers you comprehensive protection without a high price tag!

If you are looking for mortgage protection insurance, then do not automatically accept the first quotation you get – premiums can vary wildly, as can the terms of the policy and the benefits.

Do your research – the internet is a quick and easy way to compare policies – and then make a decision from there.

Jason Hulott is Business Development Director of Protection Insurance. Protection Insurance is an internet based insurance business dedicated to getting consumers the very best insurance rates and the best products. Our product portfolio includes Mortgage Insurance

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High Risk Home Mortgage Lenders Online

Online high risk home mortgage lenders specialize in offering loans to people with adverse credit due to bankruptcy or other financial problems. By analyzing online quotes, you can find a reasonable mortgage loan even with poor credit. Loan approval is then just a matter of filling out your online application and reviewing some final paperwork.

High Risk Home Mortgage Lenders

High risk home mortgage lenders, also called sub prime lenders, provide a service for people with poor credit. Through slightly higher mortgage rates and fees, lenders are able to offer mortgage loans to high risk lenders. There are predatory lenders who charge extremely high rates and fees, but you can avoid them with comparison shopping.

Finding Lenders

The internet makes finding high risk home mortgage lenders easy. Through mortgage comparison websites, you can request quotes from several lenders by answering a few basic questions. You commit to no obligations when you requests quotes online.

These generic quotes will help you narrow down your list of possible mortgage lenders. Once you have picked a few possible mortgage lenders, you will need to request a detailed quote from them to make real comparisons.

Comparing Financing

Many factors besides your credit score are used to determine a mortgage rate. You will need to fill out an application with detailed information in order to receive a real mortgage quote. These applications can be filled out online for speedy processing.

Once you receive your mortgage quote, compare both rates and fees. Fees often hide the true cost of a loan. The easiest way to compare mortgage loan costs is to add up fees and the interest you will pay over the course of the loan.

Online Application

After you pick the best mortgage financing offer, you can quickly finish the application process online. After your application has been reviewed by your mortgage lender, you will receive final paperwork in the mail for your approval.

Think About The Future

With a high risk mortgage loan, consider refinancing after establishing good credit history for three years. Making regular payments, building cash reserves, and lowering your debt will allow you to qualify for lower interest rates in the future.

To view our list of recommended high risk mortgage lenders online. Visit this page:
Recommended High Risk Mortgage
Lenders Online.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.

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Mortgage Rates - Mobile Home Loans - In a Slow Economy, Mobile Homes Are Looking Good

There was a time when experts said that a mobile home was a bad investment. In years past, a home built on a foundation was considered to be the best place to put your money. Foundation homes, for many years, grew in value (appreciated) over time. Mobile homes go down in value (depreciate) over time. That was then. This is now. Things have changed.

Our economy is in a downward turn and is not expected to recover for awhile. Anyone who bought a house three to five years ago and tries to sell that house now will probably have to take less than they paid for it. In the past, those people could have expected to make a healthy profit. Now, they do well just to break even on the sale.

Mobile homes are gaining in popularity because for some people, it is the better alternative to renting. There are two ways to own a mobile home.

#1 Buy land and put a mobile home on it. As my dad used to say about land, "It's a great investment. After all, they aren't making any more of it." That is true. Land is a non-renewable resource. That simply means, that there is a fixed amount of land, and once it's gone, it's gone. There is only so much land to go around, right? Because of the fact that land is a non-renewable resource, it will most likely appreciate in value over time. The house that is built on that land may not appreciate. So, the safest way to invest in real estate and do it with the least amount of investment is to buy land and then put a mobile home on it. Lenders will loan money to purchase the land and the mobile home just like they lend to people who are buying a home on a foundation. You can get one loan to pay for both land and mobile home, or you can get two separate loans. One to pay for the land and another to pay for the mobile home.

#2 Buy just the mobile home . If you can't afford land, you can still do better than renting by purchasing a mobile home and putting it in a mobile home community or park. If you buy the mobile home, you have to have a place to put it, right? When you live in a mobile home community, you pay rent on the lot. Lot rental is usually pretty cheap. Even added to the payment on the mobile home, it is still usually way cheaper than renting a house or apartment. And, if you live there long enough, the mobile home will eventually be all yours.

You may be wondering, "What if I don't live in it long enough to pay it off?" You can sell the mobile home even if you haven't paid it off yet, and can sometimes make money on the sale depending on how long you have owned it. I would suggest trying to rent it out, though. That way, someone else is paying your mobile home payment for you, and you are reaping the benefits of paying down the loan.

Read simple, to-the-point articles about such topics as mortgage rates mobile home loans at http://www.e-home-mortgage-loans.com/index.html

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Mortgage Rates Predictions As Forecast

For many homebuyers they always look at the mortgage rates predictions so that they will know when to purchase their dream home. But buying your dream house is not going to be based on what the mortgage rates predictions are. It is better for you to know how much can I borrow for a mortgage. Using mortgage calculators or home loan calculators can give more information and quotes that may be more useful in your search for a house or home loan.

Mortgage rates predictions are just a mere forecast as to where to rates are going and how they can affect your variable mortgage rates. It is very difficult to accurately predict where the interest rates are going especially when the main factors affecting rates are going in opposite directions. The US is reeling from economic difficulty and these major factors that control mortgage rates are pulling in unrelated directions.

Accurately determining where the mortgage rates are going can be extremely difficult with the opposing directions of the major indicators. The ever slowing US economy plus the subprime mortgage fiasco, it is putting too much pressure on mortgage rates to go down. With too many home foreclosures and the oversupply of homes for sale and buyers, the pressure is on to lower rates. But there are the pressures of inflation to contend with.

The price of fuel or gas and food is increasing by the day and it seems that there is no end in sight. Rising prices of commodities, fuel or gas and food are indicators of inflation. And when there is inflation, there is pressure for mortgage rates to go up. But you cannot just move the rates higher when there is too much of homes for sale and no buyers. It just not going to work that way. The main culprit in inflation is the Federal Reserve or central banks printing too much money and nothing to back it up.

There are other factors that determine how home mortgage rates go. Stocks and bonds an also play a role in the determining or predicting where the mortgage rates are going. But unless the central banks stop printing too much money and put into circulation, inflation will stick its ugly head.

With the economic crisis, the ever increasing inflation will force financial institutions and lenders alike to move interest rates higher. Accurately determining which of the factors will stood up will mean the difference between a correct mortgage rates predictions and one that is way out of estimates. But these are not the sole determinant in your search for how much you can borrow for a mortgage.

If You Are Shopping For A Home Loan, You Need A Mortgage Rates Predictions and For All Your Life Insurance Needs, Go to jfvfinance.com

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Low FICO Score Mortgage Loan Approvals

With the tightening of underwriting guidelines many borrowers are getting turned down because their FICO scores are not high enough to meet the threshold requirements to be underwritten. Foreclosures are at an all time high and every week it seems the tightening is getting worse. Those with low FICO scores are often left out in the cold.

Lenders are using FICO scores to grade applicants to determine credit risk. A borrower may have a more delinquencies or collections or items on their public record that will reduce their score below many lender's threshold FICO scores. Other factors that may reduce FICO scores can be the proportion of balances to limits on revolving or installment accounts. Some borrowers think that they can raise their scores by closing accounts. Many times this will lower their credit score. A borrower that has more than one name reporting on their credit may see a score hit. The same holds true with multiple addresses.

Some threshold scores are being raised with many lenders for underwriting purposes and as a result more borrowers are being turned down.

The key to getting the borrower approved is having programs where the threshold score is lower. Once that happens, the mortgage originator can at least look at the file and start verifying information and building a case for approval. Sometimes it's a lot of work but many items can be explained to the underwriters if the borrower's FICO score meets the minimum threshold level. This will work the same whether the borrower is trying to get refinanced or purchase a home.

For information on getting approved for a mortgage loan for low fico scores or for any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business.

Bill Burress is now approving real estate mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming.

Copyright © 2008 Bill Burress, Nationwide Mortgage Originator. All rights reserved.

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Mortgage Loans - The Basics

A mortgage may be the largest investment of your entire life.

Deciding whether or not a mortgage is right for you may also be the single most important financial decision you ever make.

Getting down to basics, a mortgage is a loan you take out to purchase a home. With a mortgage loan the amount of money you're borrowing, not including a down payment on your new home, is known as the principal.

Over the life of the mortgage you'll pay interest, which is the percentage of the loan amount you'll pay to acquire a mortgage. Interest payments are spread out, or amortized over the life of the loan. With a traditional 15- or 30-year fixed-rate mortgage your interest payment is at its highest rate starting with your first payment, and then slowly decreases with each successive payment.

For most consumers, acquiring a mortgage is the only path to home ownership. With median level homes ranging anywhere from $150,000 - $250,000 and more in some cities, very few people can purchase a home outright.

If you're like most of us and want to own your own home, you need to know how large a home you can afford. This will be influenced most directly by the price of the home and indirectly, by several other factors including the age of the home, size, condition, available land and location within the city you choose to live. If the home needs renovations you need to make sure that the costs of renovation will not exceed the resale value of the home.

Before you begin shopping around for the mortgage that is right for you, you can use the resources of many potential lenders to help you determine what you can afford. Once you know how much home you can afford you'll be ready to begin searching for a mortgage.

Local mortgage companies, banks, credit unions and even online mortgage brokers should all be scrutinized in your search for a loan.

A broker typically represents a number of different lenders with a variety of loans available to consumers. If a broker charges fees for brokerage services you need to determine the qualifications of the broker. Will the extra fees you pay help you get a better deal on a mortgage? The best brokers should be able to provide several loan options and be willing to provide comparisons of all available loan options. Some brokers may also be willing to assist if any disputes should arise between you and your lender of choice.

If you can find an upfront mortgage broker you'll eliminate any guesswork as to the true costs of a mortgage loan, with all fees disclosed in writing before the loan application is even submitted.

Before you submit a loan application you should get pre-qualified for a mortgage. This will establish in writing how large a loan you may qualify for. Once you pre-qualify make sure the lender will provide you with a free, no obligation pre-approved commitment letter.

Once you're pre-approved for a mortgage you'll have cleared one major obstacle in the sometimes long and winding road to home ownership.

John Campbell is the writer and editor of CashBuzz, A financial portal with the latest articles on money management and links to online shopping credit cards for people with bad credit. As well as other loan products for the under-served credit market. This article may be reprinted on your Web site if the copyright, author information and active link are included.

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Current FHA Mortgage Rates

From the beginning in 1934, FHA has helped almost 35 million homeowners, making it the biggest insurer of mortgages in the world. The 109th Congress introduced the Expanding American Homeownership Act in June 2006 which would enable FHA mortgage loans to be a safe option for more underserved low-and moderate-income, and minority families so they can achieve the American Dream of homeownership. President Bush also urged Congress to quickly pass the Administration's FHA modernization proposal to help more families in need. The Current FHA mortgage rate has dropped to 5.500% - APR 5.830%. This is great news for those seeking a mortgage from FHA.

The FHA home loans have been helping many borrowers seeking a low down payment mortgage program, and also for those that need a bad credit mortgage. FHA mortgages can help a 1st time home buyer or 2nd time home buyer. You're able to use the FHA loan as many times as you move to a new home.

FHA home refinancing has also been helping those borrowers in 2/28 ARMs, and someone who is just looking for a low FHA mortgage rate. FHA cash out refinances may go up to 95% of the loan to value, and FHA rate/term refinances may go up to 97.75% of the loan to value.

The (HUD) Department of Housing & Urban Development is the federal agency responsible for national policy, and mortgage programs that address the housing needs of United States. The (FHA) Federal Housing Authority which is under HUD plays a major role in helping homeownership by evaluation homeownership for lower-and moderate-income homeowners. FHA helps first-time home buyers, and others who might not be able to meet down payment guidelines for conventional/conforming mortgage loans by providing mortgage insurance (MIP) to private mortgage lenders.

FHA New Risk Premium
FHA Home Mortgages

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Mortgage Problems - Do a Short Sell and Have Debt Relief

Are you in a bad financial situation with your home loan? Has your house fallen in price and now you owe more money than the house is even worth? Then the answer for you is a short sell, it allows you to sell your house for below market value but keeps you from a foreclosure which can hurt your credit rating and your financial situation.

A lot of us have felt this downturn in the housing market. If you have bought a house recently within the last 2 years, then you are feeling the pinch with your houses value dropping more and more each day. It is time to understand what your options are, do not panic.

A short sale is a nice option for you to get out from possible foreclosure and sell your house. Let's say you try the traditional method of selling a house that you are upside down in. You have a house that has a $200,000 mortgage on it and now it is worth $150,000, when you sell the house at closing you are going to be required to come up with the additional $50K or the deal will not go through. Most people don't have extra cash like that laying around.

When you do a short sell you need to contact the lender and get their approval, each state has different laws. They will allow you to sell the house at whatever the market is at and you can negotiate with the lender to relieve you from the loss that is taken on the property. A lot of times the lender will agree to this because they know their other option is foreclosure. When they have to sell a foreclosure they usually will only get 50 to 60% of the market value of the house.

The important thing to remember is this can be a good option for you to get out form a upside loan burden and more on with your life.

For more information on Mortgage Problems and the benefits of a House Short Sell go to:

http://www.bigloanguide.com

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What is a Forbearance Agreement?

Many people get a mortgage modification confused with a forbearance agreement. Here is the basic kind of forbearance agreement definition (as you can see its vague). A forbearance agreement is when a lender allows a homeowner to miss monthly mortgage payments or pay adjust monthly mortgage payments for a short period of time. Any unpaid interest or late penalties are normally added to the principal of the loan. The lender agrees to stop all foreclosure proceeding during this period. This allows the homeowner time to recover from a temporary financial setback while keeping their home. Most mortgage lenders will require homeowners to complete a forbearance form. These forbearance forms are somewhat tricky to fill out however...

Forbearance Agreement Variations & The Forbearance Form

Forbearance agreements vary between lenders. Some lenders require the homeowner to make small monthly payments to cover missed payments in addition to the normal payment due.
For example: If your mortgage payment is $1800/month and you missed three months of payments, your lender may require you to begin making an additional $200/month payment along with your normal $1800/month payment. This additional amount is then applied towards the missed payments until the account has been brought current.

Other forbearance agreements allow the homeowner to stop making monthly mortgage payments all together for a fixed period of time. This allows the homeowner to get back on his/her feet. Any missed mortgage payments and interest are added to the loan principal. The normal terms of the mortgage are back in effect once the monthly mortgage payments start again. Many people get a mortgage modification confused with a forbearance agreement. Here is the basic kind of forbearance agreement definition (as you can see its vague). A forbearance agreement is when a lender allows a homeowner to miss monthly mortgage payments or pay adjust monthly mortgage payments for a short period of time. Any unpaid interest or late penalties are normally added to the principal of the loan. The lender agrees to stop all foreclosure proceeding during this period. This allows the homeowner time to recover from a temporary financial setback while keeping their home. Most mortgage lenders will require homeowners to complete a forbearance form. These forbearance forms are somewhat tricky to fill out however...

Forbearance Agreement Variations & The Forbearance Form

Forbearance agreements vary between lenders. Some lenders require the homeowner to make small monthly payments to cover missed payments in addition to the normal payment due.
For example: If your mortgage payment is $1800/month and you missed three months of payments, your lender may require you to begin making an additional $200/month payment along with your normal $1800/month payment. This additional amount is then applied towards the missed payments until the account has been brought current.

Other forbearance agreements allow the homeowner to stop making monthly mortgage payments all together for a fixed period of time. This allows the homeowner to get back on his/her feet. Any missed mortgage payments and interest are added to the loan principal. The normal terms of the mortgage are back in effect once the monthly mortgage payments start again. Learn how to complete a forbearance form the right way, and you will be on your way to saving your home! Download this free do it yourself loan modification kit today.

Get your Free Do It Yourself Loan Modification Kit. This DIY Loan Mod Kit includes everything you need to complete a loan modification on your own. It will teach you how to negotiate with your lender and most importantly what NOT to say to your lender. The secret to a successful loan modification is how you present your case to the lender. This DIY loan mod kit will explain the loan modification negotiation process in explicit detail.

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