|
|
Dan Lewis Profile and Articles
|
Display by:
Popularity |
Title |
1). Down Payment Scams – The IRS is Hunting
Coming up with the down payment for a home purchase can be a big hurdle. If you are straining to get the money together, be careful because the IRS is targeting down payment scams.
Down Payment Scams – The IRS is Hunting
Charitable organizations do not pay taxes. This occurs when an organization is qualified by the IRS as an exempt charity under section 501c3 of the tax revenue code.
2). Benefits to Homeownership Outweigh Mortgage Risks
For people considering buying a home for the first time, things can be a bit intimidating. You just have to keep in mind the benefits far outweigh the risks.
Benefits to Homeownership Outweigh Risks
There are many benefits to owning a home. Sure, there are the usual obstacles to get over. First, people don’t want to put that much money into it, they’d rather just rent.
3). Zero Down Payment Mortgage Loans
The days of most home owners putting ten percent down on a 30 year mortgage are long gone. One new option is zero down payment mortgage loans.
Zero Down Payment Mortgage Loans
Whenever you are looking for a loan, there are some good principles to remember. First of all, the more money you can put down on a home, the less your interest rate will be and the better deal you will get.
4). The Decision to Rent or Buy A Home
The pace of life can be so quick that we have a tendency to blow by important decisions. One such decision is the decision to rent or buy a home.
The Decision to Rent or Buy A Home
One of the biggest decisions people come to is the issue of renting versus buying. Really, it is an extremely tough choice to choose between the two. However, I once had an economics teacher who put it extremely well and puts the whole thing in perspective.
5). Home Equity Lines of Credit – Be Careful
Appreciation rates for real estate have been phenomenal in many parts of the country for the last five years. This creation of massive amounts of equity has lead to interest in home equity loans.
Home Equity Lines of Credit – Be Careful
A home equity line of credit provides a homeowner with the liquid equivalent of a hard asset. Real estate has returned excellent rates of appreciation recently.
6). Figuring Out Whether To Go With A Fixed or Adjustable Mortgage
Traditionally, the 30 year fixed mortgage was the staple of the home loan industry. Now you have tons of choices with the fixed or adjustable mortgage being the biggest.
Figuring Out Whether To Go With A Fixed or Adjustable Mortgage
Almost every person, at one point or another, will be looking into the possibility of pulling out a mortgage on a home purchase or refinance.
7). Understanding Loan to Value Calculations as Part of Your Mortgage
When most people think about mortgages, they focus on credit scores, points, term and interest rates. The loan to value ratio offered by your lender, however, should not be overlooked.
Understanding Loan to Value Calculations as Part of Your Mortgage
Lenders are odds makers when you get to the heart of things. Why? With every loan application, they calculate the odds on various outcomes.
8). Down Payment Gifts
One of the biggest hurdles to getting into your first home is the down payment. Down payment gifts represent one way of dealing with this issue.
Down Payment Gifts
Down payments can be one of the hardest things to overcome for first time homebuyers. Down payments can be extremely expensive, but the problem is they are extremely important. Although no down payment mortgage loans can be sought out, those loans are tricky and generally carry high interest rates meaning many avoid them.
9). Home Loans – Factors Used To Determine Your Credit Score
Credit scores are a major issue when it comes to getting a home loan. Following is a discussion of how said credit scores are determined.
Home Loans – Factors Used To Determine Your Credit Score
If you want to borrow hundreds of thousands of dollars for the purchase of a home, you are going to have to put up with some scrutiny. Your credit history, blemishes and all, is going to be front and center.
10). Advantages of VA Loans over Conventional Loans
Obtaining a home loan for the purchase of property can be stressful and a massive experiment in red tape. Military veterans can avoid much of this with VA loans.
Advantages of VA Loans over Conventional Loans
If you have not served in the military, getting a home loan can be maddening. The amount of documentation you have to supply can be shocking.
11). Build Equity By Choosing The Right Mortgage
Homeownership is the key to building wealth for most people because it is an involuntary savings account. As you pay down your mortgage each month, the value of your interest in the home rises.
Build Equity By Choosing The Right Mortgage
Equity is a beautiful word as every homeowner knows. Once you get used to making your mortgage payments, you can rest assured that you are creating a nest egg every month.
12). Understanding the Credit Score and Mortgage Relationship
If you are considering buying a home or refinancing, the subject of credit scores has undoubtedly come up. So, what is a credit score and how does it impact you?
Understanding the Credit Score and Mortgage Relationship
In the 1960s, the concept of credit scores came to fruition. A company by the name of Fair Isaac Corp developed a system whereby credit reports could be summarized as a score.
13). Issues To Consider When Refinancing a Mortgage
People looking to have some extra money often look to refinancing their mortgages. Doing such a thing can lead to a lower interest rate and cash in your own pocket. However, there are some things to know prior to considering this.
Issues To Consider When Refinancing a Mortgage
First of all, it is important to know that most of the payments you have made against your first mortgage are interest.
14). When To Start Seeking A Mortgage For A New Purchase
You have made the decision to buy a home and start looking at properties. Before you get rolling, you should start trying to find the best mortgage option for your situation.
When To Start Seeking A Mortgage For A New Purchase
Most people begin shopping for a mortgage at the last minute and settle for the first offer they get. This is an absolutely terrible thing to do.
15). Home Loans and Government Websites
One of the keys to maintaining the middle class in America is homeownership. In fact, the government takes an active role in promoting ownership through incentives.
Home Loans and Government Websites
The government is famous for influencing the behavior of all of us. Despite the draconian conspiracy theories one hears or reads about, the government usually does this in a passive way.
16). Factors Considered By A Lender When Evaluating Your Loan
The mortgage process can be a bit mystifying for borrowers when they undertake it for the first time. There are a lot of factors a lender considers, as shown here.
Factors Considered By A Lender When Evaluating Your Loan
Many first time homebuyers make incorrect assumptions about the mortgage process. They tend to get stressed out about things such as credit scores without understanding how they are really used.
17). Does Using A Mortgage Broker Cost You Money?
Most real estate investors use mortgage brokers to find and facilitate the best property loans. As an individual borrower, you should do the same, but what will it cost?
Does Using A Mortgage Broker Cost You Money?
One of the insider secrets of real estate investors is the mortgage broker. Real estate investors do not have time to deal with banks and lenders, so they use mortgage brokers to do it for them.
18). The Basics of VA Loans
While the G.I. Bill educated millions of military veterans, VA loans give them a step up on homeownership. Here are the basics of VA loans.
The Basics of VA Loans
Much like a HUD, the VA does not actually issue home loans to veterans. Instead, it makes home loans easier to get by guaranteeing that lenders will be repaid the full amount issued. This protects lenders from the risk of default on the loan.
19). Tips For Saving Money on Your Home Loan
The application process for a home loan can be complex and hectic. When borrowers get caught up in the moment, they often forget to angle for better deals.
Tips For Saving Money on Your Home Loan
The best way to save money on your home loan is to get the interest rate reduced. Cutting the interest rate by even a quarter point can save tens of thousands of dollars in interest payments over the life of the loan.
20). Locking In The Interest Rate On Your Mortgage
Many people purchasing homes are surprised to learn how quickly interest rates can change. This brings up the subject of locking in the interest rate on your loan.
Locking In The Interest Rate On Your Mortgage
Contrary to popular opinion, interest rates for mortgage loans are not set by the Federal Reserve Bank. This assumption, however, is understandable given the uproar one tends to see in the media every time the Chairman of the Federal Reserve makes any mention whatsoever about raising or lower rates.
21). Getting A Mortgage – From Beginning to End
Purchasing a home is incredibly exciting and stressful. Knowing as much as possible before you purchase is the key to reducing stress.
Getting A Mortgage – From Beginning to End
The mortgage process can often be a confusing one. Most homebuyers are interested in their dream home, not their lender. Throw in endless forms and document requests, and the mortgage process can quickly become miserable.
22). Second Homes and Mortgages
Some people looking to buy a second home for either their own leisure or to possibly resell in the future will look into mortgaging that home as well. Many wonder if this is even possible, can you pull out a new mortgage for another home? The answer is yes, you can. However, there are a few things to understand.
Second Homes and Mortgages
When getting any loan, including a mortgage, the lender will calculate your credit score and will also look at your debt.
23). Getting a Mortgage for Your Dream Home
Owning a home is the American Dream. Of course, this requires you to first get a mortgage unless you have won the lottery or have a very wealthy uncle!
Getting a Mortgage for Your Dream Home
Once your mind has been made up that you want to buy a house and you will need a mortgage for that house, the next thing is to follow the steps of obtaining a mortgage.
24). Housing Down Payment Assistance – HUD
As home prices continue to appreciate throughout the nation, down payments become harder to make. Housing down payment from HUD may be the answer.
Housing Down Payment Assistance – HUD
One of the biggest financial hurdles to the American Dream of owning a home is the down payment. The magic number with down payments is twenty percent of the value of the home.
25). American Dream Down Payment Initiative
It is no secret that one of the things that keep the middle class going in our country is home ownership. One program is making the dream come true for more and more people.
American Dream Down Payment Initiative
On December 16th, 2003, the American Dream Down Payment Initiative was signed into law. After years of debating and rewriting, the initiative finally became a practical, useful program for Americans.
26). Prepaying Your Mortgage – The Pros and Cons
If you have looked into wealth building strategies, you have undoubtedly stumbled upon the raging debate over prepaying one’s mortgage. Here is the objective scoop.
Prepaying Your Mortgage – The Pros and Cons
When paying a mortgage, one is in the unique and unfortunate position of having to pay a lot of interest over a long period of time. Depending on the value of your home, you can easily expect to pay hundreds of thousands of dollars over the life of a 30 year loan.
27). How The Mortgage Process Can Go Bad
Buying a home should be one of the momentous events of your life. If you do not approach it in the right way, however, the mortgage process can foil your efforts.
How The Mortgage Process Can Go Bad
At first, house hunting is something you will be enthusiastic about. After all, you are looking for that magical home, a part of the American Dream. As a few weekends of driving around pass, however, enthusiasm starts to turn into frustration.
28). Will Your Bank Give You The Best Mortgage?
Many of us tend to form a relationship with our bank even in these times of big banks. This does not mean, however, you should look to your personal bank for a mortgage.
Will Your Bank Give You The Best Mortgage?
It is a common misconception for people to assume that their bank will give them the best mortgage. It is a natural thing to assume, especially since people have often been banking with the same institution for many years and they feel comfortable with them.
29). What Is A Down Payment For A House
Listen to advertisements for mortgages and you will hear everything under the sun regarding terms. So, what exactly is a down payment for a house?
What Is A Down Payment For A House
Considering today’s market prices for homes and how they have drastically risen, mortgages have become a necessity when purchasing a home. With home prices well over half a million for standard homes in many areas, almost nobody can afford to buy a home out of pocket.
30). First Time Buyers Program - Down Payment
Homeownership is one of the pillars of the American economy. To keep it propped up, there are many programs to help first time buyers make down payments.
First Time Buyers Program - Down Payment
Are you a home buyer looking to buy your very first home? Do you believe you can make the mortgage payments on the home but just don’t have enough cash on hand to make the down payments? Are you not able to buy the home because of this mortgage down payment problem? If this defines you, then don’t be worried.
31). When Is A Great Mortgage Offer Not So Great?
When evaluating mortgages, the first things people look for are the best terms on rates, payment flexibility and points. This is logical, but not always wise.
When Is A Great Mortgage Offer Not So Great?
When evaluating mortgage options, most people focus on terms because the terms directly relate to the amount they will have to pay out each month and over the term of the loan.
32). What Is A Home Loan Broker?
If you have shopped for a mortgage or are considering doing so, it can be difficult given the amount of advertising information floating around. This is where home loan brokers come in.
What Is A Home Loan Broker?
If you are considering the purchase of a property, refinancing your current loan or even getting a home equity line of credit, you have to work your way through the morass of mortgage advertising material.
33). Choosing A Mortgage Broker
If you are going to apply for financing for a property, a mortgage broker is definitely the way to go. That being said, how do you choose a mortgage broker?
Choosing A Mortgage Broker
When possible, you should use mortgage brokers when shopping for home loans or financing for properties. Brokers are not affiliated with any lending institution, so they are able to shop across the full spectrum of lenders and find the best terms for loans.
34). The Down Payment and Mortgage Relationship
Most people automatically look for the lowest down payment option on mortgages. This knee jerk reaction is not always the best way to go.
The Down Payment and Mortgage Relationship
A down payment is usually required when obtaining a mortgage. Although there are some down payment free mortgages available, these can generally tend to carry higher interest rates as well.
35). Mortgage Debt Has Advantages – Tax Advantages
The first time you buy a home, you may break into a cold sweat when you go to sign the loan documents and realize you are committing to paying back hundreds of thousands of dollars.
Mortgage Debt Has Advantages – Tax Advantages
Although having a mortgage is not what any homeowner wants, no one wants to be in debt, there are certain advantages of having a mortgage.
36). Loan Prequalification – A Potential Trap
As with much of the real estate industry, the mortgage industry uses terms that sound great, but really are not what they sound like. The loan prequalification is such a phrase.
Loan Prequalification – A Potential Trap
If you have shopped for a home, you know all the interesting terms people use to describe their property. A cozy home can be translated to mean the home is essentially a closet with a bathroom.
|
|
|
