What is a fixed rate mortgage loan? A fixed rate mortgage means the borrower has the same monthly payments on the mortgage every month. Fixed rate mortgages are repaid within a specific time frame (10, 15, 20 or 30 years). Watch this Expert Real Estate Tips segment for all you need to know about fixed rate mortgages.
Duration : 0:0:51
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
TheCatalinas123http://gdata.youtube.com/feeds/api/users/thecatalinas123PeopleMortgage, calculator, evaluate, accurate, interest, rate, and, exact, repayment, amount, with, onlineMortgage calculator evaluate accurate mortgage interest rate and exact repayment amount with online mortgage calculator
Duration : 0:1:35
Daily analysis of the US forex market trading session with DailyFX Currency Strategist John Kicklighter and Terri Belkas. Includes coverage of economic and financial market news, as well as an outlook for the day ahead and trading ideas.
Duration : 0:5:30
http://www.banksmartnow.com
800.792.3155 ext. 3789
Do you and your lender have the same goals in mind? No! Learn “must know” strategies for Financial success.
What your lender isn’t telling you.
Duration : 0:3:47
I have this idea, and I think it CAN work! But I’m just an ordinary guy, and I don’t have a clue how to get the word out! I need someone’s help!
Duration : 0:5:1
Learn about what it means to Dis-ARM your mortgage from Bob Walters, Quicken Loans Chief Economist. Quicken Loans is America’s #1 Online Mortgage Lender, and one of the largest home mortgage loan lenders nationwide! At Quicken Loans, We have more than 3,500 home mortgage experts dedicated to getting you into the home of your dreams, and finding the right mortgage to save you thousands each year on your mortgage! We’re recognized by FORTUNE Magazine as one of the “100 Best Companies to Work For” in America. We offer a fixed mortgage, a 15y fixed mortgage, an interest only mortgage, a home equity mortgage, an ARM mortgage, a smart choice mortgage, and other mortgage options. The Michigan Business & Professional Association named us one of its “Top Ten Companies to Work For” in Metro Detroit. In 2005, closed $16 billion in home mortgage loans. Quicken Loans Arena is home to the NBA’s Cleveland Cavaliers. We have more than 20 years of mortgage lending experience. We close mortgages in all 50 states. We can process your mortgage in as few as 15 days. We have more than 150 mortgage programs, making it easy to choose the best fit for your situation. 9 out of 10 clients say they’d recommend Quicken Loans to others. We are the preferred mortgage lender for several of America’s top companies, including AT&T, Google, Yahoo!, Compuware, EDS, & Penske!
http://www.quickenloans.com
Duration : 0:2:0
Tax on 1099C, Cancellation of Debt Income; Short Sale, Loan Modification & Foreclosure. Exception; Mortgage Forgiveness Debt Relief Act, Bankruptcy & Insolvency. Go To http://RealEstateMarketingThisWeek.com
Part 4 (Excerpt)
1099 C is for Cancellation of Debt Income Only, not for Interest Rate and Payment Reduction
So for people who find themselves in a very difficult situation considering these options whether it’s a loan modification or a short sale, whatever they need to do to relieve themselves of this particular burden of a mortgage, that for whatever reason they’re no longer able to maintain, they are not always considering the tax ramifications associated with taking a specific course of action, like this example the short sale option.
Right there is actually two pieces of tax component here, you have the forgiveness of debt income that we talked about, they still have the fact that you sold your house and you have to see if there was a gain on that. Over and above the cost basis of the home.
We talked about the 1099Cs a few moments ago, did you say that the lender sends a copy of the 1099C to the IRS? Absolutely.
Now I’m the guy for a few minutes ago who bailed on $400,000 and sold it for $300,000 am I going to get a copy of the 1099C if I haven’t given my lender my new address. Well that could be a problem, they will send it to the last address they have on record for you. And as a homeowner it’s my problem.
The IRS will get a copy, so they will look for it on your return, if you forget to put it on then you’re going to get a friendly notice from the IRS.
If somebody is going to do a short sale, its a fairly civil transaction and when I say civil I mean going for a short sale is horrible for them and their family, but it beats the alternative which is foreclosure, and I think the real problem is when there’s a foreclosure and the guy just walks away and moves off to El Centro California, he’s the one who’s really getting hurt.
So in the event that somebody takes a course of action, and I know that Velocity financial and Michael Barnes, youre not necessarily advocates for that short sale approach. It’s not normally the best course of action, we’ve been talking about loan modifications and it would help me when I talk to clients, or people who call from radio broadcasts who asked questions about loan modification process as part of a financial strategy, help me with some of the tax ramifications. Let’s say that I have a loan and I know the best thing for me is a loan modification, am I going to be faced with a 1099? A tax bill at the end of a loan modification?
Yes, the first of the two tax implications will apply which will be the debt forgiveness part.
I didn’t mean to interrupt you Mike, well I said there are several different types of loan modifications, I believe are you asking about when the loan modification is where they actually do forgive some of the debt?
Thats a point, I know there’s been a lot of discussion on the use of the TARP funds especially from the federal government regarding these banks that qualify for some of these funds, they have to do principle reductions for their mortgages. So let’s say there isn’t a principal reduction involved, from that aspect, its not a taxable event that could take place, since I’m not reducing my principal, I’m simply getting a reduction in my term or my rate.
That’s right, the only time that taxes would come into play is when the principal gets reduced because thats forgiveness of debt.
So let’s take that one step further, whatever mortgage interest I’m able to deduct on my taxes may be impacted if it’s a lower percentage, right because youll be paying less interest, but there’ll be no surprise 1099 coming your way if its just an interest modification.
One of the things that I like to make thing clear is that were trying to do the best for you the homeowner so you can stay in your home. The situation I’m talking about, the $400,000, the lender is more likely than not is not going to forgive $100,000, however the same lender is more than willing to reduce your interest rate so that your payment would be the same if they have done the principal reduction, because it’s not a permanent loss for the bank. If there is someone out there who’s telling you that they can have your mortgage reduced by tens of thousands or hundreds of thousands of dollars, it’s not going to happen and I doubt it’s going to happen anytime soon.
Duration : 0:5:58
http://mortgagelocator.ca/blog/?p=750
Many buyers ask me for a line of credit as part of their mortgage package, but they only put 5% down. This video explains whether or not this is possible, and under what circumstances it can be considered.
Hey everybody, Rowan Smith with The Mortgage Centre. I want to talk today about lines of credit. More specifically, mortgage lines of credit. A lot of times people will come to me and they’ll want to get a line of credit, along with their financing for their purchase, for renovations and whatnot.
Now, generally, if it’s going to be a mortgage, you’re going to have to have 20% down payment or 20% equity in the property before you can start getting a line of credit. Because CMHC, who governs less than 20 percent down purchases, doesn’t not allow an interest only product at this time; they do, but no lenders really support it.
So you’ve got to have 20 percent down if you want to start getting the ability to have a line of credit. Now what I mean by that is if you have 20% down and you pay it down so that you now have 30% equity in the property, you could borrow that 30% to 20%, that 10%, you could get that in the form of a line of credit assuming that your income and credit qualify for it.
So, if you’ve just bought something with five percent down and want renovation funds, a line credit with the mortgage is not part of the option. What you can do is get an unsecured line of credit through your financial institution you bank with. They can supply that to you, you can use that. Now you will not get mortgage rates on that line of credit, but it’s really the only option.
Alternatively, there’s a Purchase Plus Improvements Program if you want money for renovations. I’ve covered it in detail in the prior blogs, please do a search and you can watch it. It’s a good three or four minutes and it explains how the Purchase Plus Improvements Program works, or Refinance Plus Improvements.
If you’re applying for a line of credit increase – maybe you already own your property, you’ve got a substantial equity position at home and you simply want to increase that line of credit, come and talk to me. There’s many institutions which we can stick a line of credit behind any other mortgage.
So if you’ve a RB Royal Bank first mortgage, we can stick a line of credit behind that and get you mortgage rates on that line of credit. You don’t have to go to your bank if that’s the case. It’s only the unsecured lines of credit which you need to speak with your bank about.
If you’d like any clarification on this or need a line of credit, please give me a call. It’s Rowan Smith from The Mortgage Centre.
Duration : 0:2:8
When should you lock a mortgage rate? Bob Walters, Chief Economist at Quicken Loans, discusses strategies for locking rates when applying for a loan. Quicken Loans is America’s #1 Online Mortgage Lender, and one of the largest home loan lenders nationwide! For more information, visit http://www.quickenloans.com
Duration : 0:2:5
