Posts Tagged ‘finance’
With UK house prices falling in 2008, Moneywise TV’s Hannah Ricci looks at the issue of 100% Untouchable Rates
Sunday, August 22nd, 2010Every week we hear about historically low rates on home loans. Rates on 30-year fixed mortgages are well below 5% and still falling! At any other time, interest rates like these would have jump started the real estate market from a standstill to a frenzy in no time. So who is getting these super low interest home loans? Very, very few people. Why is that?
The fact that so many homeowners are upside down on their mortgage is the root of the biggest problem. Property values have fallen significantly in the last few years. Many homeowners are finding that their homes are worth less now than when they bought them. Even those who bought their homes several years ago are now under water because they took out cash when they refinanced their homes or got second mortgages.
The maximum loan amount is typicallly a percentage of a home’s current value – current value being the key word. It’s not possible for people to pay off their old loan with proceeds from a new loan with a lower balance. That’s true for a refinance or for selling one house and buying another. Unless a homeowner can come up with the cash to make up the shortfall, they’re stuck, no matter how well qualified they are.
Unemployment Rates have been very high for a very long time. There are more than a few people who have been out of work for years. There are also a lot of people who are working jobs that are far below their qualifications – and pay less – or working part time jobs. Somehow many of these people are making ends meet in spite of the challenges. They’ve cut back on spending, stay-at-home moms have gone back to work, and they’ve started their own businesses. But they can’t show sufficient income to prove to a lender that they can make a lower mortgage payment than the one they’re making now. Even for those who have sufficient income, changes in employment can make it difficult to qualify. Most lenders want to see two years of employment in the same field to consider a buyer stable. Borrowers who switched to a different field because they couldn’t find work in their chosen field, or borrowers who took a contract position won’t qualify until they have a two year history to show.
The standards for qualifying for a loan have become more stringent. The huge number of defaults can be traced back to lending practices that were too lenient. As a result, lending requirements have become much tougher. Requirements for debt ratios and credit scores are much stricter than they were even years ago. If a homeowner has been keeping it together through falling home values, employment problems and other challenges, the chances that they have near-perfect credit and lots of money in the bank is slim.
First time buyers face all of these problems, except for being upside down on their mortgages. Unfortunately potential first time buyers with sufficient verifiable income, a hefty downpayment and great credit are in short supply. Many of those that can buy a home now are worried that home prices will decline further and/or that they’ll lose their jobs. This isn’t a comfortable time for a beginner to take the plunge.
So those tantalizing interest rates that we keep hearing about in the news remain just out of reach. Something that’s technically true, but simultaneously too good to be true.
If you are one of those in a position to buy a new home in San Diego, this is the time to do it. Once the market turns around, interest rates will rise quickly. New homes San Diego are sure to appreciate in the long run.
Foreclosure Short Sale – Sell your home and Save your Credit Score – RealEstateMarketingThisweek.com
Saturday, August 21st, 2010
http://realestatemarketingthisweek.com/short-sales/avoid-a-foreclosure-on-your-credit-report-short-sale-your-home-and-save-your-credit/ – Avoid a foreclosure on your credit report, short sale your home and save your credit
Part 8 – Ok, so that is good to know, I know there are people who want to try and do that and I really dont know. I am really a full time mortgage professional, I didnt get into the loan modification business on purpose, we write mortgage loans, real estate loans for residential and commercial, so therefore I dont know your laws on the same token you dont do loan modifications and you dont write loans, youre professional realtor.
Exactly, and one more thing, bottom line is you cant be defrauding the bank. Because then youre stepping into mortgage fraud, as you know. You do have to have a hardship, you honestly do have to show, if youre going to be benefiting from staying in the home, you have to show a hardship that you cant afford the current payment. If youre making a couple hundred thousand a year and have a ½ million in the bank and owe $200,000 the bank isnt on your side in that case.
There are a lot of situations though when a homeowner wants to stay in their home, if that is the case, then we market it to investors, because there is a lot of the people who are buying these homes so we work with the investor and we work out the lease amount and the homeowners can stay in their homes in those situations. Whatever it looks like at the end of the day, the homeowner needs to picture where they are going to be in the short term midterm and long term and where this house fits into those plans, if a loan mod isnt right a short sale is a significantly better option than a foreclosure.
They need to call now, they need to take action because you do need to find a place to live and were here to help you, you dont want to get two weeks to the point of foreclosure and have no where to move your family. And the Dreamvestors Team that is your main focus right now, but people still call you for first time home buyers.
We work with buyers as well as people who are short selling. We have been in real estate several years and we didnt want just short sales, were fortunate to have a very strong clientele base and were always taking new clients. We have just adjusted our focus as the market called for it and as our clients called for it.
The other thing too when we talk about these short sales, getting out of that home before it goes to foreclosure is always the best case scenario, the bank is happier with it, the house is more saleable in most cases, people are still living there, its still there home, they still feel like the pride of ownership.
Yes, and in addition, pride of neighborhood is another point. Your neighbors are going to like you better because there is not a foreclosure in their neighborhood, it helps keep the prices up when the bank takes them back the banks price them even lower typically, well sure and then its vacant and we have the potential problem of neighborhood kids turning the house into a paintball arena.
I saw that in a fantastic two story home with an amazing backyard, this house was to die for, a million dollar home and the neighborhood kids turned this house into a paintball arena. Now I am not going to lie, that might have been fun when I was a kid, but this house was trashed, wires hanging out, I mean it was just an absolute mess. The lenders dont want that, you dont want that. They need to take action they need to call you.
Yes educate yourself and call someone today. Folks its important to point out today that I would like to see you call Kalyn and Jeri for this because I know, I have seen their track record. I know their close ratio and I know that they generally care about you and your needs first, but if you have someone who does this and youre contemplating it, if you have a sale date coming up, you need to take action. Move on with your life, put this part of your life behind you.
One of the things to and we dont want to get to deep into this, Jeri or Kalyn, but after the short sale is done its all said and done, you have an affiliation with people who can help them out in getting their credit repaired and ready to go. We do, we really pride ourselves on being a one stop shop, so we help educate them, if its going to be a loan modification or a short sale once they get through the process then we begin working with them on credit repair. We have a program that we work ourselves, and if its a really sticky issue with your credit we have people that we work very closely with that we will refer you to, we also have a team that includes a bankruptcy attorney, a real estate attorney and a real estate CPA… http://realestatemarketingthisweek.com
Duration : 0:7:2
Smart Homeowners Learn Mortgage Basics with David Bach
Saturday, August 21st, 2010
David Bach helps you understand the basics about your mortgage; how much you can afford, how to get qualified, what term is best for you and much more. You’ll learn how to find a lender of integrity to help you make these important decisions and prepare you for the homebuying process and serve you after you’ve bought your home.
Remember, homeownership is still the single most important investment you can make in your lifetime. Look for other webisodes in this series by searching for “Smart Homeowners” or visit finishrich.com
Duration : 0:5:15
Mortgage Help Tax Help Nationwide
Sunday, August 15th, 2010
Mortgage Help Tax Help Nationwide Give me a call if you need a new loan,refinance,restructure,etc. Carlyle Joseph,
Take advantage of the Nationwide Stimulus!!
[718]-675-1234 [718]374-5164ext2 http://number1loanteam.com/
Licensed loan originator :Sylvia Green
Duration : 0:0:52
Short Sale – Expert to Negotiate Loan Modification and Short Sale
Monday, August 2nd, 2010
http://realestatemarketingthisweek.com/short-sales/short-sale-and-loan-modification-make-sure-you-work-with-and-expert/ – Short Sale and Loan Modification; Make sure you Work with an Expert –
Part 2 – Were just going to go ahead if we could and just jump right into the short sale information. Jeri, again thank you so much for taking the time to be with us. What is the name of your firm?
Our group is Dream Vesting Group and our brokerage is Keller Williams Arizona Realty.
So that is great, licensed agents with Keller Williams and I know the two of you and I know of your history and we will talk a little bit more about that, but you have been working together for awhile. You and I had a chance to speak about the short sales and your success rate, very, very impressive proven results always helps. So the natural first question for those that are listening today. What is a short sale exactly?
A short sale is a property sale where the bank or lender agrees to accept less than what is owed to them. So the bank is agreeing to take a loss on the sale of your property, and I like what you said earlier about not trusting a loan modification or a short sale to just anybody, you definitely dont want to be the guinea pig and you dont want to approach the bank yourself and ask them to please take a loss because you need to sell your home.
And that is one of the things that is funny nowadays. I know people have seen them pop up all over the town, the ugly yellow bill boards all over the place. Advertising on the radio about loan modifications and they have 100% success rate, all kinds of these different things. The same thing with short sales, you actually have a process and you have a lot of experience doing it, you know the ins and the outs and this isnt a part time job this is a fulltime job.
Absolutely is a fulltime more than fulltime job, the last three Sundays I have been on the phones with lenders when they are open, one of them has a call center in India. I have been on the phone from 10 oclock at night until Midnight and again at 6am with the same lender trying to stop foreclosure.
Well that is good that you have the time, Take the time to do that. I am sorry that you have to work that many hours but you know Kalyn, is it not true that the sooner we get through all of these short sales and loan modifications the better off were all going to be anyway right?
Absolutely, a lot of people ask, what does it take? Who should be considering a short sale? If youre late on your mortgage currently, if your mortgage has adjusted, if you can no longer afford your monthly payment, if you foresee yourself not being able to afford your monthly payments, any of these instances plus several more, you should definitely be sitting down with someone and talking about your options which would be most likely a short sale or loan modification.
Yes the last thing anyone wants, and I mean anyone, is a foreclosure, that is the last resort. Nobody wants a foreclosure; you dont want it on your record, you dont want to have to deal with that. Its a very public event, a foreclosure is, the banks dont want you to foreclose and that is probably why they are so willing to work with you would you say? Absolutely the banks dont want the home back no matter what they tell you.
Exactly and on the loan modification side people try on their own to do this and its true that people can actually do a loan modification on their own but there are so many pitfalls and its just not something you want to try on your own. Surely you dont want to try a short sale on your own. So Jeri let me ask you this, what are some of the main objections?
The main objection that we hear from most of our clients is the cost to them, they already cant afford the payment on their mortgage or they wouldnt be in that particular situation 9 times out of 10 and so they are concerned about cost. Most people have already resigned themselves to the fact that they are losing their home and they dont want to spend any more money on it.
The good news is in a short sale you dont have to spend anymore money, all of the costs are absorbed by the bank. They agree to lose more money basically, so there is no realtor fees and the majority of the time we can negotiate an as is contract so if there are repairs that need to be made they dont come to you and ask you to do it, its just factored into the cost. So its very effective for homeowners.
And again it keeps them from going into foreclosure. They get to stay in the house and they get to save whatever is left of their dignity, some people take it very pride fully as well. So Kalyn, the second most common objection is?… http://realestatemarketingthisweek.com
Duration : 0:6:34
3 Minute Affiliate Marketing Video – Make Money Referring People for Mortgages – Brand New in 2010.
Saturday, July 24th, 2010
http://www.TheyPaidMe.com Get paid when you get a mortgage or refer other borrowers for mortgages. This is the only affiliate program that pays people several hundred dollars for doing what they were going to do anyway…get a mortgage. This affiliate program pays on mortgage referrals. No other affiliate program has ever paid on mortgages. We made $9,000 our first month with this affiliate program…I’ve never found it easier to sign up other affiliates…500+ our first 2 weeks.
Duration : 0:3:25
8. Debt Consolidation – savingandinvesting.com
Wednesday, July 21st, 2010
Some of the principles behind consolidating your debt explained.Pleasing Ideas Dealing With Interest Calculator
Monday, July 5th, 2010Buying a residence is really hard because obtaining authorized for a loan in this economy is so hard. You must offer all kinds of paper work and standard bank statements to show your income and debt so you also need to have a ideal credit score.
First of all, your borrowing energy may be the amount of money you can borrow from the bank. However, that quantity is generally quite low so I suggest finding the quantity you believe you are able to afford and then ask the bank if it is possible to be approved for it.
Use an attention calculator to check out the amount your home finance loan would price per month. Then use the calculator again which has a higher attention rate and see how much it increases. Every quarter of a percent matters a lot since you may or may not get authorized because of it.
The answer is yes, existing interest rates can most surely have an effect on your borrowing electrical power and here is why. Let’s say the traditional bank approves you for $200,000 and also you plug that into a home loan calculator to view a every month check of $1,135 with a 5.5% rate. That signifies your new borrowing electric power sum would be closer to $180,000 simply because at 6.5% it’s a month-to-month check of $1,137. Plug all of those numbers into an curiosity calculator to view precisely what I’m talking about.
So the present rates possess a substantial impact on your borrowing electrical power because of the amount it affects your home loan payment. Rates are negotiable too so make certain you make the banks fight for your business.
Some people use a home loan calculator to uncover out what their month to month payment could potentially be. There are several other techniques you’ll be able to use this awesome tool. You may well also want to discover out how you can change your interest rate, so you will see what the outcomes could be which has a beneficial calculator.
Some home loan calculators offer you a lot more options than others, and you need to find a single that has all of the characteristics that may give you complete facts about your recent situation. You will will need to possess some of your financial papers in order before you begin. You will want to have a fantastic idea of the amount debt you’ve accumulated, and how quite a few outstanding bills you have.
If you think the information was entertaining you should also be interested in topics about More About Compound Interest as well as Continuous Compound Interest.
Anything On The Topic Of Collier County Tax Collector
Monday, July 5th, 2010What will be the best home loan calculator to use? One that is certainly made to maintain you out of trouble by such as all the hidden fees.
Most home loan payments contain 5 parts: principal, interest, taxes, insurance (PITI), private home loan insurance (p.m.i.) Most on-line calculators only offer you estimated principal and interest payments. These other 3 can add up to hundreds of dollars. So, when calculating home payments, to obtain a genuinely accurate estimate of your respective total home payment, you should consist of all 5 parts.
You will not have to pay p.m.i in the event you put 20% down, (read that again…it can save you a ton) or if refinancing, you have no less than 20% equity as part of your home. P.M.I. averages anywhere from $50 to $250 a month based on your loan amount.
The ideal home loan calculator to use is a single that may at the very least give you a payment which include principal, interest, taxes, and p.m.i. In my region from the country, tax rates run about 1% on the home’s assessed value. The taxes on a $200,000 household are about $2000 a year.
On a great world wide web mortgage loan calculator, there is going to be a box for the tax rate to ensure that your property taxes can be figured into your payment.
Miami Airport Transportation consists of being capable to access a suitable way of leaving that port of entry utilizing any of the methods obtainable to passengers and visitors. Miami Dade Transit Buses, shuttles and rental cars are the most available implies of entry and exit. These are the Miami ports of entry transport facilities form the seven domestic and international air travel points.
The purpose on the article is to provide data on the indicates of going to and returning from these airports as 1 travels within and without having the Miami geographic location.
Most naturally, the public would choose a particular kind of airport transport depending on where that individual is situated in relation towards the airport of access. An additional criterion under consideration when determining exactly what mode of transportation to utilize acquiring to and from the area could be the final destination. Ultimately, the desired amount to spend on transportation is a major determinant.
I should recommend that you learn more additional essays to do with Collier County Property Appraiser and Collier County Tax Collector.
