Posts tagged Mortgage Companies
Real Estate Financing – Creative Financing Tips
Jun 26th
This year, Americans are expected to borrow $1.33 trillion in acquiring 7.4 million houses, condominiums and co-ops. Before you do any real estate financing, if you have bad credit because of consumer debt like credit cards or personal loans, you’ll want to try to eliminate or reduce this debt since it will affect your ability to qualify for a commercial or home mortgage and make the estimated monthly payment. If you have monthly obligations like car payments, credit card payments, personal loan payments, student loan payments, etc., be sure to take these into account when you are determining your bottom-line affordability figure.
If rates in the current market are high, you’ll probably get a better price with an adjustable-rate loan. A fixed-rate mortgage means that the interest rate and principal payments remain the same for the life of the loan but the taxes may change. Loan programs for down payments of 20% or less require that you purchase Private Mortgage Insurance (PMI).
Interest rates may go up if a rosy picture is painted that the economy is flourishing – like more jobs being available; this can lead to inflation which will send the rates up. You’ll also need to consider closing costs and the escrow account for your taxes and insurance. Also keep in mind when you’re financing or refinancing that most people move or refinance within seven years.
U.s. Gov?t, Architects of Hedge Funds Cause Collapse of America?s Real Estate Economy
Jun 19th
U.S. Gov’t, Architects of Hedge Funds Cause Collapse of America’s Real Estate Economy
By: Robert W. Hand
Designated Broker/Owner
Equity Alliance Properties
www.equityallianceproperties.com
Subprime Crisis? Heavens no, this is a complete collapse of the national real estate business sector of the U.S. economy, with the mortgage companies and the federal government right at the heart of the matter. The effects of the national real estate business enterprise breakdown with the subprime debacle well underway can be felt throughout every economic sector, including Wall Street.
Of course, there are still those on Wall Street profiteering on the broken back of the real estate business economy. These investors originated, and still draw huge amounts of interest on “interest only” loans, and are the beneficiaries of the federal government’s deliberately slow actions to remedy this fundamentally simple matter.
Cleaning Water Damage To Make Your Home Or Business As Good As New
Mar 15th
Anytime there is a flood, cleaning water damage will become priority one. This can become a very labor intensive chore and if not done correctly, can lead to dangerous mold and permanent damage to your home or business. Flooding can occur from many different sources. Inclement weather, home appliances and leaking roofs are the most common. They can come quickly or be a slow leak that is difficult to notice. You have several things to take into consideration when there is water damage.
The Benefits of Having an REO Home in Freehold
Mar 1st
As the name implies, real estate owned properties are homes owned by banks, mortgage companies, and credit unions. These houses have already undergone the foreclosure process but failed to receive bids at a foreclosure auction. Because of this, lenders list them as “non-performing assets” in their books.
There are many advantages of buying a lender owned home in the New Jerseyite township. The following are some of them:
Purchasing an REO home is easier and cheaper than building a new house from scratch. With such a property, all you have to do is buy the house of your choice, pack your things, and move in.
If you are a first-time home buyer, you can take advantage of a tax credit of up to $8,000 that is being provided by the government through the “First-Time Home Buyers Tax Credit” program. However, you need to purchase a real estate owned house in Ocean County as soon as possible as the program is set to expire on December 1 this year.
You can receive free furniture as most of the time, home appliances are included in the lender owned properties that are being sold.
You don’t have to pay additional taxes and other expenses because all liens against a property are removed once it becomes an REO.
Buyers can inspect real estate owned homes before buying them, unlike ordinary foreclosures.
By having a real estate owned home in Freehold Township, you don’t have to drive miles just to go to one of the largest shopping centers in the state. The township is home to the Freehold Raceway Mall, the third-biggest shopping mall in New Jersey.
Can You Buy A Home With Bad Credit In 2010
Feb 28th
The housing market is much different in 2010 than it was years ago. After working in the real estate industry for the past nine years, one of the most common questions I’m asked on a daily basis is if it’s still possible to buy a home if you have bad credit.
In this 10-part series, I will be discussing 10 ways to purchase a home if you have credit-related issues.
First, its important for you to know that due to the tighter restrictions mortgage companies and banks have in place these days, traditional types of lending are out. If you’ve got issues on your credit report, don’t expect to be able to walk into your local bank branch and qualify. It probably won’t happen.
Method # 1 of 10: Seller Financing
Seller financing (also called “owner financing”) can be a very useful tool for those wishing to purchase a home but have credit issues preventing them from utilizing a traditional lender.
In this type of transaction, a buyer negotiates the terms of the sale directly with the owner and then makes monthly payments as agreed. The parties can negotiate the interest rate, the repayment schedule, and several other conditions of the loan. The buyer can also request special conditions of the purchase, such as the inclusion of appliances, furniture, or even vehicles.