Mortgage Tax Credit #mortgage #lenders #columbus #ohio


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Mortgage Tax Credit

The Ohio Housing Finance Agency’s (OHFA) Mortgage Tax Credit provides homebuyers with a direct federal tax credit on a portion of the mortgage interest, lowering the tax liability by up to 40%. The tax credit cannot be larger than the owner’s annual federal income tax liability, after deductions, exemptions and other credits.

Homebuyers must have a tax liability in order to use this non-refundable credit.

The size of the tax credit a homeowner receives is based on the location, property and type of mortgage:

  • If you use the tax credit with a loan through OHFA’s First-Time Homebuyer program, you receive a tax credit of 40 percent of the home mortgage interest. The maximum annual tax credit is $2,000. The mortgage credit is in addition to the IRS home mortgage interest deduction.
  • If you use the tax credit with a different mortgage option from your lender, your credit percentage is 30 percent for the purchase of a bank owned property, 25 percent for a property located in a target area and 20 percent for all other properties.

Homebuyers coupling a mortgage tax credit with a loan through OHFA’s First-Time Homebuyer program can also receive down payment assistance equal to 2.5% or 5% of the home’s purchase price.

Am I Eligible?

You may qualify for an OHFA First-Time Homebuyer loan if the following applies:

  • You have not owned or had an ownership interest in your primary residence in the last three years.
  • You meet income and purchase price limits.
  • You meet the credit score requirements. Please note that credit score requirements may be higher for different loan types. Please check with your lender for specific requirements. The minimum credit score for borrowers using OHFA Homebuyer Programs are as follows:

For advice on improving your credit score please contact a HUD-approved counseling agency in Ohio.

An OHFA First-Time Homebuyer loan may be combined with the Mortgage Tax Credit.

Homebuyer Education

Qualified buyers are required to complete free homebuyer education. OHFA’s streamlined education program allows you to complete a course offered by any U.S. Department of Housing and Urban Development (HUD)-approved counseling agency in Ohio. Please note, OHFA homebuyer education is not completed until after homebuyer has submitted their loan application with their loan officer.

How Do I Apply?

OHFA works with lenders, credit unions and mortgage companies across the state. Find an OHFA-approved lender in your area, along with tips to help you with the application process, or call us toll-free at 888.362.6432.

As the state’s affordable housing leader, the Ohio Housing Finance Agency offers a variety of programs to help first-time homebuyers, renters, senior citizens and others find quality affordable housing that meets their needs.

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Should You Dispute Negative Items on Your Credit Report? #negative #mortgage #points


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Should You Dispute Negative Items on Your Credit Report?

by Miranda Marquit 45 comments

Credit repair services and credit monitoring services often make it a point to dispute negative items on your credit report. This is because negative information about your payment history, and inaccurate information about your credit habits, can damage your credit score. When you dispute these negative items, the creditor that reported them has 30 days to respond. If the reporting company does not, the credit bureau changes or removes the information, and you end up with a better credit score .

However, this credit tactic rarely works as planned. This is because disputing negative items is not a surefire way to have them removed from your credit report. When you dispute negative items, you are asking for a review of the item, checking it for accuracy. If the item is, in fact, accurate, then it will remain on your credit report. While the dispute will not lower your score further, it can represent wasted time and energy.

When and How to Dispute Negative Items on Your Credit Report

If your credit card company reported a late payment, and your payment was in fact late, disputing your report is likely to get you nowhere. Your creditor will simply check into it, say that your payment was late, and your report will remain the same. However, if your payment was not late, then you should dispute that information.

You should dispute negative items on your credit report when they are inaccurate. If something shows up as incorrect, whether it be your account balance, a duplicate account (this happened to me), a missed payment, or some other negative inaccuracy, you should dispute the item. Here are the steps to take when you dispute a negative item on your credit report:

  1. Gather documentation to support your claim, and make copies.
  2. Write a letter to the credit bureau, stating your name, address and Social Security Number, and explaining the reason for your dispute.
  3. Enclose your copies of your documentation with the letter. Make sure you keep a copy of the letter, and the originals of your documentation, in a safe place at home.
  4. Send the letter via registered mail so that you can be sure that the credit bureau received it.
  5. Contact your creditor directly. This can help speed things along. Let your creditor know (you can send the same letter and copies never originals of documentation via registered mail or by phone) what item you are disputing, and why. If you are right, the creditor can change the reporting on it more quickly .
  6. Double check your credit report after 30 days. Credit bureaus must make their investigation with the time frame of a month. When 30 days have passed, you should double check your credit report to see that the negative item has been removed. Remember this 30 days does not start until the bureau receives your letter, so you give it a few extra days.

It is not always worth disputing negative items on your credit report especially if they are accurate. However, if you find inaccurate information that is negatively impacting your credit score, it is in your best interest to dispute, and have the problem fixed as soon as possible.

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i disputed alot of negative items on my credit report and now I have alot of comments that say consumer disputes account or consumer disputes account information will these go away once the 30 day investigation is done or when the items are verified or will I have another set of problems to try and get off my credit report? Is this typical to have those comments on every item disputed?

Jason Reece says:

If the creditor who reported negative information is no longer doing business, there will be no way to confirm it and it will be removed from your file. I m not saying it s right or wrong dispute such items, simply making an observation. =) And I have had three negative items removed in the last eight months because the companies are no longer in business or they didn t care enough to respond to the credit bureaus within the allotted 30 day period.

The blog post isn t all that helpful when it comes to disputing credit reports It doesn t mention the easiest way to do it, the way I disputed mine many times in the past. From the free annual score (www.annualcreditreport.com), it allows you to electronically dispute any information with 2 of the credit bureaus (1 needs you to write in by hand). It s quick and easy, and makes it really worth your time to dispute any and all negative information because, frankly, it won t hurt you anymore if it comes back that it was accurate. You don t need any supporting information (though you can choose to send some in if you want), and basically fill out a very short form, picking the reason for the dispute from pull-down menus.

Best of all, it s 100% free to use direct from the particular credit agency, with no signups for any annoying services (just keep an eye out for anything that tries to sell you something and/or signup for additional garbage; you can opt out of any of the free trial anythings they offer, and you don t have to buy your credit score or whatnot. You can if you want, but you don t have to.)

You sound like a professional copywriter who is trying to push annualcreditreport.com s services. Other things I read (lawyer sites, for example) suggest that your approach isn t very effective, especially if you have to file a suit.

Hi Bob,
The simple truth is that annualcredit report is FREE! It is there as your RIGHT to use! So you CAN and SHOULD use it for disputes. It costs you NOTHING to do so!

Absolutely the best thing to do. I also had a problem of similar circumstances and did the same thing. It brought my credit up by over 40 points. Sometimes the cost is high but you don t always have an option. I fought mine even with proof and nine months later I still had the negative.

I agree, this doesn t make sense. Paying it in full will not remove the item. It only changes it from unpaid to paid . This can potentially improve one s credit rating, and it shows other lenders that you re serious about boosting your creditworthiness, but it doesn t make it disappear entirely. Also, why wouldn t you have challenged the fraudulent check at the time you first discovered it?

Without a question, you should dispute any negative items well before you ever need a loan. It s a hassle, but any mistakes could cost you thousands, if not tens of thousands of dollars potentially so fix it or pay for it.


Learn More About the Florida SHIP Program #s #h #i #p #mortgage


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Many states have programs to help residents of the state purchase a new home. In Florida this is the S.H.I.P. or State Housing Initiative Partnership, Program. The program was established by the William E. Sadowski Affordable Housing Act of 1992 which provided for a dedicated revenue source with which local governments could help make housing more affordable.

There are several criteria that must be met for one to be eligible for the Florida SHIP program. Applicants may not have owned a home in the previous three years, they must not be purchasing property that will be occupied by a tenant other than themselves, use the home that is to be purchased as a primary resident, and meet the income eligibility requirements based on family size. The program is designed to help those family with incomes ranging from very low to moderate.

As with all things associated with buying a new home there are some general guidelines as well. Ones credit history must be adequate for mortgage purposes, the mortgage must not exceed the appraisal price of the home, and the home must be in good condition.

County governments are given money each year as long as they have a local housing assistance plan. They also usually have to ensure that mortgage payments don’t exceed thirty percent of the median income of the area. The money can be used for a variety of uses including new construction, down payments, closing costs, and mortgage buy-downs. The local governments are required to use the funds for certain demographics based on what the money will be used for and where.

Another important factor to consider is that the Florida SHIP program is essentially a loan. This loan must be repaid if the property is not held for at least twenty years.

Signing up for the Florida SHIP program is relatively simple. The process begins in the county office for housing assistance. This can be located through the U.S Department of Housing and Urban Development. Most Florida banks, mortgage companies, and real estate agents are also familiar with the program and can assist home buyers in finding and filling out the appropriate applications.


Top 10 Reverse Mortgage Lenders- Find the Best One for You! #list


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Top 10 Reverse Mortgage Lenders

Since being introduced in 2001, reverse mortgages have been allowing senior citizen home owners to take advantage of the equity in their home and receive a cash payment or a line of credit. Most reverse mortgages, also known as Home Equity Conversion Loans (HECM), are insured by the U.S. Department of Housing and Urban Development (HUD). who supervises reverse mortgage terms and requirements. While HUD doesn t make the loan, it makes sure that the borrower is protected in the event that the lender is unable to make the reverse mortgage payment or if the home value has decreased so much that the loan balance cannot be paid.

If you re still asking yourself: What is a reverse mortgage? Click here!

Considering a Reverse Mortgage Lender- What to Look for

  • Types of reverse mortgages offered. There are three types of reverse mortgages. The federal-insured reverse mortgage, more commonly known as Home Equity Conversion Loan (HECM), doesn t have many requirements, but has a higher upfront cost. The single-purpose reverse mortgage, which is low-cost and geared towards people with lower incomes, can be used for specific purposes, like home improvements and repairs, or for paying property taxes. The third kind of reverse mortgage is the proprietary reverse mortgage, which is a loan offered by a private company.
  • Fees. Reverse mortgage costs, especially Home Equity Conversion Loans. can end up being very costly. Insurance premiums, origination fees, title insurance, and other fees can be as high as a few thousand dollars, so finding a reverse mortgage lender that will disclose and explain the overall cost of the loan before signing a contract is very important.
  • Interest rates. Reverse mortgage lenders usually only offer adjustable-rate loans, but some also offer fixed-rate loans. Interest rates for reverse mortgage loans are lower than the ones for conventional loans. If several lenders offer you the same interest rates, it s always best to go with the one that is the most informed and easy to work with.
  • Accreditations and ratings. While many legitimate and trustworthy lenders are not members of the National Reverse Mortgage Lenders Association (NRMLA). choosing a reverse mortgage lender that is a member will give you more peace of mind. Members of the NRMLA must conform to a strict code of lending ethics, meaning that there is a much bigger chance that they will be reliable. A good lender will also have a good rating on websites like the Better Business Bureau (BBB). where you can also learn of any complaints against the company.

Before applying for a reverse mortgage, seniors must be aware that, while this type of loan has its advantages, it also comes with some downsides. Once you understand the whole reverse financing process and decide that it is the best choice in your situation, you need to start searching for the reverse mortgage lender that will best satisfy your needs. Here are the top 10 reverse mortgage lenders that will offer you the best balance between a good deal and a hassle free experience:

Top 10 Reverse Mortgage Lenders

  1. Liberty Home Equity Solutions. Formerly known as Genworth Financial Home Equity Access (GFHEA), this company was founded in 2003, and has since helped improve the lives of over 27,000 seniors. Liberty Home Equity Solutions has more than 450 associates in the U.S. and is one of the largest reverse mortgage lenders in the country.
  2. Security One Lending. Licensed in 40 U.S. states, Security One Lending (S1L), launched its business back in 2006, and today it is recognized as one of California’s best reverse mortgage lenders. In 2011, actor Pat Boone became S1L’s celebrity spokesman.
  3. American Advisors Group. AAG (American Advisors Group) is one of the nation’s leading reverse mortgage lenders. Better Business Bureau (BBB) gave the company an A+ rating, and AAG is approved by U.S. Department of Housing and Urban Development. American Advisors Group has over 450 employees, and it is licensed in 43 U.S. states.
  4. One Reverse Mortgage. According to the 2012 U.S. Department of Housing and Urban Development (HUD) HECM Endorsement Summary Report, One Reverse Mortgage is America’s largest Home Equity Conversion Mortgage originator. A Quicken Loans company, One Reverse Mortgage was founded in 2001, and employs over 250 persons dedicated to providing quality services to senior clients.
  5. Generation Mortgage Company. This privately held company launched its business in 2002 in Atlanta, Georgia. Generation Mortgage Company is accredited by the Better Business Bureau, and is an approved Ginnie Mae issuer.
  6. Urban Financial Group. Founded in 2003 in Oklahoma, Urban Financial Group is licensed in the following states: Oklahoma, Colorado, Illinois, Indiana, Kansas, Michigan, Missouri and Wisconsin. The “Reverse it!” division of Urban Financial Group is the largest provider of wholesale reverse mortgage loans.
  7. Proficio Mortgage Ventures. Headquartered in Florida, Proficio Mortgage has been providing mortgage solutions to the elderly for the last 8 years. The company is licensed to work in 49 states, and it is a subsidiary of Proficio Bank.
  8. Reverse Mortgage USA. Since 2003, Reverse Mortgage USA has been a member of the National Reverse Mortgage Lenders Association. The company is considered the top reverse mortgage educator in the country.
  9. Cherry Creek Mortgage Co. Established in 1987, the company has over 600 employees that provide lending services to thousands of clients. Cherry Creek Mortgage Co. (CCMC) provides reverse mortgage loans through its division, 1 st Reverse Mortgage USA since 2004.
  10. NewDay Financial. NewDay Financial is one of the country’s top mortgage lenders. The company was established in 2002, and received its BBB accreditation the same year.

Moving Forward with Your Mortgage

A reverse mortgage loan is a good choice for seniors over 62 who don t plan on moving into another home in the next two to three years. While it may feature a higher cost with a few risks, under the right circumstances, with the help of professional financial counseling, and by using a good lender, a reverse mortgage loan can be an excellent option for you. For more information, contact a qualified reverse mortgage specialist before proceeding. It never hurts to get more than one quote to make sure you are getting the best deal possible!


Union First Market Bank Online Banking Information – Union First Market Bank


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Union First Market Bank Online Banking & Locations

Union First Market Bank is one of the thousands of banks licensed to do business in the United States. General and financial information for the banking operations of Union First Market Bank are provided below.

Union First Market Bank Online Banking Information

Union First Market Bank Details

  • Union First Market Bank Headquarters: Richmond, Virginia
  • Union First Market Bank U.S. Offices: 133
  • Union First Market Bank Foreign Offices: 0
  • Union First Market Bank Total Deposits: $5,649,009,000
  • Union First Market Bank Total Assets: $7,333,085,000
  • Union First Market Bank Net Income: $59,258,000 * (Bank data provided by FDIC and believed to be current as of 12/31/2014)

Union First Market Bank cards, Union First Market Bank loans, Union First Market Bank online banking, and Union First Market Bank Rewards are just some of the valuable banking services provided by Union First Market Bank.

You may also be interested in learning about other Union Bank & Trust services or information including: Union First Market Bank locations, Union First Market Bank accounts, how to get to Union Bank & Trust on line, Union First Market Bank addresses, how to get Union First Market Bank credit, Union First Market Bank mortgages, Union First Market Bank credit cards, a Union First Market Bank number, Union First Market Bank home loans, Union First Market Bank customer service, Union First Market Bank hours, Union First Market Bank 800 number, Union First Market Bank branches, Union First Market Bank checking, Union First Market Bank investing.

Click on a state to find a Union First Market Bank branch providing the banking services mentioned above and more.

Click here to view the latest bank news and blogs on Union First Market Bank.

Thank you for using USBanklist to search for information on Union First Market Bank. And, remember, in the Top Banks section of USBanklist, you can also find general bank information, bank financial information, and bank locations on other top banks like Citibank, JP Morgan Chase, 5th 3rd Bank, and more.

Union First Market Bank Locations by State

*Bank credit card rates are subject to change without notice and may vary from bank to bank. 06/08/2017

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The Western State Bank
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Boonville FSB
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Bank of Santa Clarita
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Reverse Mortgage Broker Australia – Seniors First #reverse #mortgage #senior


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Reverse mortgages have been available in Australia since the early 1990’s. The Advance Bank was the first lender to offer a true reverse mortgage loan (as opposed to a line of credit), but the product was only mildly popular due to limited demographic demand of the times.

When St George Bank took over Advance bank in 1998 it inherited their reverse mortgage product and this has since developed into the Senior’s Access Home Loan they continue to offer today. Around 2001 the Commonwealth Bank entered the reverse mortgage market with the release of what is now known as ‘Equity Unlock For Seniors’.

From 2002 there was a period of steep growth in the Australian reverse mortgage market. In 2004 the early product providers established ‘The Senior Australians Equity Release Association of Lenders’ (SEQUAL), as an industry body to represent their interests. SEQUAL established a code of conduct and an infrastructure of self-regulation which was very effective in protecting sometimes vulnerable pensioners and elderly borrowers.

Over the next few years a stream of new lenders emerged in anticipation of the retirement funding shortfall projected for the coming generation of retiring baby boomers.

By 2006 there were more than twenty banks, credit unions and non-bank lenders offering reverse mortgages including Macquarie, Bankwest, ABN Amro, Bluestone, Australian Senior’s Finance (ASF) and Over Fifty Group.

(This dizzying array of product choice had a ‘bewildering’ effect on pensioners, creating a demand for specialist reverse mortgage brokers who understand the needs of senior consumers.

Which reverse mortgage lenders are best for you?

It was during this period that brokers accounted for 50 per cent of all reverse mortgages originated in Australia, and that Seniors First grew to attain almost 5 per cent of that market share).

By 2008 some 40,000 Australian pensioners and self-funded retirees had taken a reverse mortgage, double from 20,000 just three years earlier.

Further exponential growth was predicted when the global financial crisis (GFC) struck, seizing up the capital markets that non-bank lenders in particular relied upon for funding.

Although no lenders went broker or collapsed, the GFC funding crisis was unsustainable for all but the largest of the domestic banks, and fifteen reverse mortgage lenders closed or stopped offering new reverse mortgages between 2008 and 2010. At the low point of the cycle, just four banks remained as viable reverse mortgage options to Australian seniors.

In 2011, the Federal Government under then minister Bill Shorten, officially regulated reverse mortgages as part of the ‘second phase’ of the National Consumer Credit Protection (NCCP) code. This law improved disclosure requirements by lenders and brokers, and enshrined in legislation key components of SEQUAL code of conduct such as the ‘No Negative Equity Guarantee.’

By 2014 the reverse mortgage market had begun to show signs of growth once again. Several lenders re-emerged to be active with new lending, and there are rumours other lenders will soon offer exciting new reverse mortgage loans for pensioners and retirees. In anticipation of this, Seniors First Australia’s leading reverse mortgage broker has re-launched.

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Real Estate & Personal Finance: How to Get a Mortgage on a


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Real Estate Personal Finance: How to Get a Mortgage on a Low Income

Real Estate Personal Finance: How to Get a Mortgage on a Low Income

A low income doesn’t prevent you from getting a mortgage. Ultimately, your income determines how much you can borrow instead of whether or not you can borrow. While the more you make the more you can borrow, if your other debts are manageable, you won’t need a very high income to buy a comfortable home.

“Lenders look at two numbers to determine your ability to buy a home — your credit score and your debt-to-income ratio,” explains mortgage broker Jonathan Mosca. “To calculate your DTI, they divide all of your debt payments into your monthly income.” In other words, the debt-to-income ratio looks at how much of your money is being used to pay debt that you already have. The loan-to-income ratio is similar to the debt-to-income ratio but looks only at how much of your monthly income will go to make the payments on the loan that you’re trying to get.

While DTI standards vary among lenders, the Federal Housing Administration, or FHA, has a low-down payment mortgage program with a maximum DTI ratio of 43 percent, with some wiggle room. At the same time, the agency also has a loan-to-income ratio of around 29 percent. What this means is that if you make $40,000 per year, which is roughly 80 percent of the U.S. median household income as of February 2013, the FHA will lend to you up to a total monthly debt load of $1,433 with a monthly mortgage payment of up to $967 per month.

One Secret: Owe Less

“The secret to getting a mortgage is to cap your monthly debt payments at the difference between your DTI and LTI ratio,” Mosca explains. For example, if you have the aforementioned $40,000 of income, your DTI supports $1,433 of debt, and your maximum loan payment is $967. If you have more than $466 in payments on credit cards, personal loans, vehicle loans and car debt, it’ll cut into your maximum loan amount. For instance, if you have $600 in monthly payments, your mortgage payment will be capped at $833. For comparison, the monthly payment on a $100,000 30-year mortgage at 4.5 percent with $1,400 in taxes and $2,300 in mortgage and property insurance is $831.68.

Another Secret: Make More

While it’s not always possible to make more money out of the blue, you can increase your income by buying a home with another borrower. “Adding a qualified co-borrower gives you more income to help you qualify, but make sure that they don’t come with their own debts or credit issues,” warns Mosca. Whether you have a family member, a spouse or a significant other cosign, his income gets added to yours when the lender calculates how much loan you can afford. “Remember that they’ll be responsible for the loan, too,” cautions Mosca.

If you’re starting out in home ownership with a relatively low income, you might not be able to buy as much house as you will when your income grows or when you have equity to use as a down payment. Instead of buying a brand new home, consider a less expensive used home. If you can find one that is in good shape but is a bit outdated, you’ll save some money. You will also be buying the opportunity to increase the value of your home by updating it as you live in it. Mosca points out, “This doesn’t just help you qualify for a mortgage now — it also helps you qualify for a bigger home the next time around.” If you’re not an experienced home buyer, consider skipping homes that need major rehab and focus only on homes with cosmetic problems.

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Julian Harris Independent Financial and Mortgage Adviser Network #independent #financial #adviser, #financial


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Julian Harris Financial Consultants and Julian Harris Mortgages Ltd have over 24 years of experience in providing highly competitive, professional and completely independent network adviser services, authorised and regulated by the Financial Conduct Authority.

Our Independent Adviser Network

One of our main services is providing a route for Financial and Mortgage Advisers to be authorised in giving regulated pensions, investments, mortgages and associated insurances advice. We offer a more comprehensive regulatory and consultancy service than our main competitors in this industry. With over 150 members in our network (80% increase within 2009!), this makes us by far the largest and fastest growing adviser network based in Kent.

Our qualified and authorised IFAs and Mortgage Advisers pride themselves on their experience and ability to provide independent and impartial advice upon the whole market place to clients on their investment, mortgage, general insurance and protection requirements.

Protection Comparison

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More info on joining our network More info on investments, Mortgages and Protection and General Insurance Download our brochure

Julian Harris Financial Consultants are Independent Financial Advisers. Julian Harris Mortgages Limited (Co No. 3927189) are whole of market Mortgage Advisers, both of Julian Harris House, Musgrove, Ashford, Kent. TN23 7UN.

Both firms are authorised regulated by the Financial Conduct Authority. FCA Nos. 153566 304155 respectively.

The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients . Full details of the FOS can be found on its website atwww.financial-ombudsman.org.uk .


How much you can borrow with a Mortgage in the UK #can


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How Much Can I Borrow?

1) How Much You Earn

The amount you can borrow will vary between lenders but the rule of thumb is three and a half times your annual earnings.

You may get up to four times your earnings, particularly if you have a good mortgage broker.

For a couple buying together typical variations would include:

Couple 1. two and a half times both annual incomes.

Couple 2. three to three and a half times the greater income plus one year of the second income.

You can check out our couple s mortgage calculator. to see how much you can borrow.

Here s a secret

Assuming you have a regular income and clean credit history you re likely to get a loan fairly easily.

Despite the impression you may be given that you ve got to jump through the hoops, there is strong competition between lenders to get your business.

Some lenders now use more sophisticated credit rating methods, where they examine your income and your outgoings.

The idea is that every borrower has unique circumstances. Someone with teenage children and high outgoings can t afford to borrow as much as a singleton earning the same salary.

2) Depending on How Much The Property is Worth.

Most lenders will loan up to 75% of the property s value. (This is known as the loan to value ratio).

Some lenders might lend more a mortgage broker would know who but you would probably have to pay over the odds eg a higher interest rate.

Depending on the area you want to buy in, the lender may refuse a loan. for example if they feel the property isn t expensive enough for the area.

More often, it s the opposite case where a property is seen as too expensive.

Some mortgage lenders will put a limit on the amount they ll allow on certain types of property. For example, thatch-roofed, timber framed . and houseboats? Well that s a whole different deal.

3) Depending On How Much The Mortgage Lender Thinks You Can Afford

You may be able to get a mortgage which stretches your budget to the limit but leaves you in trouble when you have to pay the other costs involved in buying your home and its future running costs

Some lenders will want to estimate this by checking your average outgoings eg your household bills, any debts etc. Some will get you to fill in a detailed questionnaire either by hand or on the phone or online etc.

Note that how much you can borrow is not necessarily what you can afford

If you re a first time buyer it will always help if you can show you ve been paying regular rent for a similar amount to what your intended mortgage payments will be.

Read On / Mortgage Basics

Now that you’ve read this are you interested in talking to a mortgage adviser? Fill out the quick form below and you’ll be contacted soon by an independent. regulated mortgage specialist for a free no obligation quote.

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Sign Up for Refinance Leads, Mortgage Refinance Lead Offers #refinance #leads,mortgage #refinance


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We offer Free Marketing Quotes. Talk to our Knowledgeable Account Reps Now!

Sign Up for Refinance Leads

The Lead Planet offers hot refinance mortgage leads as millions of homeowners go online to shop for refinancing loans online. Many borrowers are looking for refinance lenders to help them convert their adjustable rate as their payments have been rising. It seems like every other month we extend mortgage refinance lead offers and promotions to help brokers and net branches maximize their marketing budgets. Borrowers will always have a need to refinance their home mortgages. Many homeowners have first and second mortgage loans that they would like to combine. In most cases our conversion rates on refinance leads is very high. Most of our clients have been closing the most loans each month with our refinance leads. Discuss your lending niches and sales goals with one of our sales reps today and get started with the best mortgage refinance leads online today. We pride ourselves in delivering refinance mortgage leads from homeowners that want to work with competitive lenders.

The hot mortgage refinance leads right now seem to be the borrowers who have first mortgages that just converted to adjustable rate and their payments have been rising. Their motivation to refinance into a fixed rate loan is high, so get your spot locked with the Lead Planet. When the interest rates rise, they would rather not have to refinance their low rate 1st loan. The other popular inquiries from homeowners are in regards to the HARP 3.0 because this program requires no equity as lenders completely disregard the “loan to value” when underwriting these applications. We have seen a significant rise in HARP refinance leads. Let’s face it, with interest rates this low the market remains hot for home refinancing. Why not maximize your efforts buying marketing in a profitable market. For over fifteen years, we have been delivering qualified refinance leads that convert successfully for lenders and brokers across the nation.

Whether your niche is conventional, VA or FHA refinancing, our company understands the dynamics of loan origination and our marketing plans are centered on your niches. The reality is that the mortgage refinancing market will not be hot forever, so take advantage of our high converting refinancing leads that will drive your origination numbers higher each month.

Get signed up now before the lead prices increase. These refinance mortgage leads come directly from interested consumers online. Ask your sales representative about bulk discounts on semi and exclusive refinance leads for sale.

Target Homeowners that want to Refinance their home while interest rates are low.

Lead Planet Custom Filters that We Set Up Around Your Company’s Niches!

FHA Mortgage Leads – After the housing market imploded a few years ago, FHA leads became the most popular refinance lead over the last few years. Many applicants are looking for the FHA streamline program. We generate a high volume of FHA refinance leads.

Home Equity Leads – Millions of homeowners are searching online for a refinance loan that will consolidate their credit line or 2nd mortgage. The Lead Planet provides quality key equity leads that were initiated by homeowners looking for subordinate financing. Talk to bankers and brokers that offer credit line programs now. Ask about the surging conversion rates on cash out refinance leads as well.

Credit Repair Leads – Why not supplement your mortgage income with another revenue stream that helps people out by improving their credit.

Please note that LeadPlanet.com does not offer home refinance programs. LeadPlanet.com is not a bank, credit union, broker or mortgage lender. LeadPlanet.com is a website that provides information about home financing and services that connect consumers to approved lending professionals. We do not offer refinance mortgages directly or indirectly through representatives or agents.

1999-Present, LeadPlanet.com, Lead Planet Company
All rights reserved 888-271-9581 Find out why we are considered a reliable source for refinance mortgage leads online.


Mortgage Rates #re-finance #mortgage


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Today’s Mortgage Rates

Loan Parameters

The interest rates, payment amounts, Annual Percentage Rates ( APR ), and lender fees points shown above are based upon the following parameters:

  • $260,000 loan amount (Jumbo information based upon $500,000 loan amount)
  • 80% loan-to-value ( LTV ) or less
  • 20% or greater down payment
  • No subordinate financing
  • Purchase transaction
  • Fully documented income, assets and liabilities
  • Single Family residence
  • 740 middle credit score
  • 30-day lock period
  • Property located in Massachusetts

Adjustable Rate Mortgages

Adjustable Rate Mortgage ( ARM ) products have an initial fixed rate period of 3, 5, 7, or 10 years, and a full loan term of 30 years (360 months). After the initial fixed period has expired, the interest rate will be adjusted annually based upon an index plus a margin. An interest rate cap limits how high the interest rate may rise at each adjustment. Interest rate caps differ by ARM product.

Depending on market conditions at the time you lock your Initial Interest Rate, as well as the point option you select, your Initial Interest Rate may not be based on the Index used to make later adjustments. Instead, your Initial Interest Rate may have a discount or premium. A premium occurs when the Initial Interest Rate is more than the sum of the Index plus Margin. A discount occurs when the Initial Interest Rate is less than the sum of the Index plus Margin. Your interest rate may not move in the same direction as the Index. For example, if your loan has a premium, your interest rate may decline on the First Rate Change Date even if the Index remains the same or increases. If you choose a rate lock option that provides for a floating rate, your Initial Interest Rate at closing may be different from the interest rate in effect at the time you apply for your loan. The amount of the premium or discount may change as a result.

Example: Let’s assume you have an ARM loan that is fixed for the first five years; a loan amount of $250,000; a loan term of 30 years (360 months); an initial interest rate of 3.50%; a margin of 2.25%; an initial interest rate cap of 2.00%; an annual rate cap of 2.00%; and a lifetime cap of 5.00%. Under these assumptions, your initial loan payment for principal and interest will be $1,122.62. At your first adjustment, the interest rate cannot increase above 5.50% or decrease below 2.25% (the margin). If the interest rate reached the lifetime maximum cap of 8.50%, your payment would reach an amount of $1,788.81.

State and other conditions and restrictions may apply.

For a more personalized rate quote, please complete the fields under Mortgage Rate Quotes .

Mortgage Rate Quotes
Takes 1 Minute. No Personal Info Required.

Get Approved

Mortgage Rate Alerts

Today’s Mortgage Rates

Loan Parameters

The interest rates, payment amounts, Annual Percentage Rates ( APR ), and lender fees points shown above are based upon the following parameters:

  • $260,000 loan amount (Jumbo information based upon $500,000 loan amount)
  • 80% loan-to-value ( LTV ) or less
  • 20% or greater down payment
  • No subordinate financing
  • Purchase transaction
  • Fully documented income, assets and liabilities
  • Single Family residence
  • 740 middle credit score
  • 30-day lock period
  • Property located in Massachusetts

Adjustable Rate Mortgages

Adjustable Rate Mortgage ( ARM ) products have an initial fixed rate period of 3, 5, 7, or 10 years, and a full loan term of 30 years (360 months). After the initial fixed period has expired, the interest rate will be adjusted annually based upon an index plus a margin. An interest rate cap limits how high the interest rate may rise at each adjustment. Interest rate caps differ by ARM product.

Depending on market conditions at the time you lock your Initial Interest Rate, as well as the point option you select, your Initial Interest Rate may not be based on the Index used to make later adjustments. Instead, your Initial Interest Rate may have a discount or premium. A premium occurs when the Initial Interest Rate is more than the sum of the Index plus Margin. A discount occurs when the Initial Interest Rate is less than the sum of the Index plus Margin. Your interest rate may not move in the same direction as the Index. For example, if your loan has a premium, your interest rate may decline on the First Rate Change Date even if the Index remains the same or increases. If you choose a rate lock option that provides for a floating rate, your Initial Interest Rate at closing may be different from the interest rate in effect at the time you apply for your loan. The amount of the premium or discount may change as a result.

Example: Let’s assume you have an ARM loan that is fixed for the first five years; a loan amount of $250,000; a loan term of 30 years (360 months); an initial interest rate of 3.50%; a margin of 2.25%; an initial interest rate cap of 2.00%; an annual rate cap of 2.00%; and a lifetime cap of 5.00%. Under these assumptions, your initial loan payment for principal and interest will be $1,122.62. At your first adjustment, the interest rate cannot increase above 5.50% or decrease below 2.25% (the margin). If the interest rate reached the lifetime maximum cap of 8.50%, your payment would reach an amount of $1,788.81.

State and other conditions and restrictions may apply.

For a more personalized rate quote, please complete the fields under Mortgage Rate Quotes .


Manufactured Home and Mobile Home Refinancing, Loan, mobile home mortgage loan.#Mobile #home


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mobile home mortgage loan

Mobile home mortgage loan

home loans, mobile home financing and manufactured home loan lender products specifically for

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If you have an interest in different

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FHA, VA, USDA, HARP, Interest Only, Chattel Mortgages and more!

Need Mobile Home Refinancing?

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Manufactured and Mobile Home Refinancing for Single Wide,

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Manufactured Home Mortgages

You won’t pay a high personal property

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loan is treated like a home mortgage

loan, with a low mortgage rate that will

keep your payments manageable.

Manufactured Home Refinancing

Rates are the lowest they’ve been in

close to 30 years. Refinance now to

get a lower rate, turn your adjustable

into a fixed rate and get cash out!

Mobile Home Refinancing

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loan. 5% down and you can own a

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Security 1 Lending Review – Reverse Mortgage Alert #reverse #mortgage #lending


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Reverse Mortgage Alert

Security 1 Lending Review

All About Security One Lending

Security 1 Lending, also known as S1L, is a reverse mortgage lender located in San Diego California. The company was founded in 2006, and today it consistently ranks as one of America s top originators of reverse mortgage loans. In 2009, Security One bought Omni Reverse, a lender based in Mission Viejo, California. This acquisition helped launch S1L into its leading position within the industry.

As of April 2013. Security 1 was the second largest reverse mortgage lender in the United States by origination volume. The company is licensed in 40 states and employs over 200 loan officers, many of whom specialize in reverse loans. Security 1 s reverse mortgage spokesman is Pat Boone. one of the major musical stars of the 1950s. In fact, you may have seen Mr. Boone featured in one of S1L s television commercials.

Customer Reviews

There are not many reviews of Security 1 Lending available on the Internet, which is unfortunately a trend among even the top reverse mortgage lenders. However, as of this writing the company does boast an A rating from the Better Business Bureau, one notch below the top A+ rating. According to S1L s BBB profile, there is a pending action against the company from the Department of Real Estate, but this does not seem to relate to Security One s reverse mortgage division; it is more likely to be related to its retail mortgage banking. Though we re hopeful that more reviews will surface over time, for now the BBB and a few stray reviews spread across the Internet are about all the feedback you can find.

How Do We Feel About Security 1 Lending?

The big name banks, such as MetLife and Bank of America, exited the reverse mortgage market a few years ago. Since then, Security 1 Lending has been one of the major players to step in and replace these giants. The company still lacks a well known brand, and the lack of reviews is somewhat troubling, but S1L has a solid reputation within the industry.


First Time Home Buyer – Mortgage Loan Lenders, Connecticut, connecticut mortgage lenders.#Connecticut


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Connecticut mortgage lenders

Connecticut mortgage lenders Connecticut mortgage lenders

Lender In Connecticut

Connecticut mortgage lenders

Connecticut mortgage lenders

Connecticut mortgage lenders

Connecticut mortgage lenders

Connecticut mortgage lenders

Connecticut mortgage lenders

Connecticut mortgage lenders

Connecticut mortgage lenders

Why Use First World Mortgage?

In the unpredictable home lending market, we stand out as one of the most credible mortgage lenders in Connecticut, and we are now the #1 First Time Home Buyer Lender in Connecticut. In addition to this, The Warren Group, a real estate statistics agency, recorded First World Mortgage as “One of the top lenders, and fastest-growing mortgage lenders” overall. We serve as your safeguard and offer you complete security, safety and peace of mind that only the highest-trained professionals will work with and for you. You will be in the hands of one of the most experienced Connecticut mortgage lenders, helping make the home buying experience fun, easy, and stress-free! It’s no wonder why we are the preferred Connecticut mortgage lender of individual homeowners, real estate professionals, home builders and financial advisers.

The process of obtaining a home loan in Connecticut becomes easy when you choose First World Mortgage Corporation. We are accurate, communicate transparently, and have the experience and options to meet all of your CT home mortgage needs. That is why almost 100% of our business comes from referrals!

Connecticut mortgage lenders

Connecticut mortgage lenders

We can meet all of your Connecticut home loan needs, including:


Mortgage Interest Rates Today, Home Loans, Schwab Bank, deferred interest mortgage.#Deferred #interest


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Today s Mortgage Rates

by Quicken Loans

Investor Advantage Pricing

Exclusive mortgage rate discounts for Schwab clients on eligible home loans. 1

And now, with Mortgage First offered by Schwab Bank’s home loan provider Quicken Loans , you may get preapproved on your home loan before you start shopping for your new home.*

  • Call 877-535-4021
  • Schedule a call
  • Locate a branch
  • Calculate your personalized rate

Loan types

Jumbo loans

Rates below do not include Investor Advantage Pricing discounts and are based on a $750,000 loan and 60% LTV 1 .

Deferred interest mortgage

Deferred interest mortgage

Deferred interest mortgage

Deferred interest mortgage

Interest-only payment option

Deferred interest mortgage

Interest-only payment option

Deferred interest mortgage

Conforming loans

Rates below do not include Investor Advantage Pricing discounts and are based on a $250,000 loan and 60% LTV 1 .

Deferred interest mortgage

Deferred interest mortgage

Deferred interest mortgage

Deferred interest mortgage

Interest-only payment option

Deferred interest mortgage

Interest-only payment option

Deferred interest mortgage

Mortgage Calculator – Mortgage & Loan Calculators – Mortgage 101, how to


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how to apply for mortgage loan

How to apply for mortgage loan

A mortgage payment calculator is a great tool to help home buyers estimate the cost of monthly mortgage payments. Whether you’re interested in mortgage refinancing or looking to see how much tax you can deduct, these free mortgage calculator tools are here to help you. If you’re interested in simple calculation of your mortgage use the tool calculator above. Otherwise, look through the different mortgage calculators below.

How to apply for mortgage loan

How to apply for mortgage loan

How to apply for mortgage loan

Purchase Calculators

This calculator helps you identify how much you are able to afford when you are searching for a home.

Compare your total monthly obligations including your total mortgage payment to your monthly income.

Our Buy vs Rent Calculator help you analyze the total cost of renting versus the total cost of owning.

This calculator estimates the tax benefit of buying a home.

Estimate the Annual Percentage Rate (APR) for a mortgage loan using your mortgage rate.

Compute your initial and estimate your future payments with Mortgage 101 ARM Loan Payment Calculator.

Refinance Calculators

Helps you understand if you should pay loan points during your refinance.

Figure how long before your savings equal the cost of obtaining a new consolidation loan.

Figure your principal balance after any number of payments.

Figures how long your mortgage will last depending on how much you pay monthly.

This calculator will amortize your mortgage over the loan period based on your input.

Estimate the Annual Percentage Rate for an Adjustable Rate Mortgage based on input parameters.

The Mortgage 101 Blog

How to apply for mortgage loan


Circle mortgage #circle #mortgage


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About

Mission:
The mission of Circle Mortgage Group is to obtain the best mortgage, at the lowest rate, with the least amount of stress and confusion for each and every client. The Company accomplishes this through its philosophy of simplicity, technology, efficiency, personal, unity, and professionally, giving it a STEP UP over the other mortgage firms.

The Company:
Located just north of Manhattan in Westchester County, New York, Circle Mortgage Group is a full-service mortgage brokerage company. Full-service means that all loans are processed, underwritten, and set up to close in-house. As a result, all staff members are familiar with every aspect of the loan process and attuned to each client s individual needs. Here, there are no departments or voicemail to navigate. Of course there is 24/7 email communication with surprising responses going out in the middle of the night.

Circle Mortgage Group is a boutique firm, emphasizing on personalized service and effective financing strategies. Obtaining the lowest rate for each client is not only a goal, but a given. Providing the best service to each client is an art that has been mastered. At Circle Mortgage Group, you are a name, not a number, with every staff member familiar with every aspect of every client’s loan process and transaction.

Proud to be a long standing company in a shrinking industry, Circle Mortgage Group has forged strong personal and professional relationships with the lending institutions. As a result, our lenders have come to know and respect Circle’s staff both professionally and personally. The Company’s thoroughness in completing loan applications has also won over the back office personnel at lender offices, as they have been known to go the extra mile for Circle Mortgage clients when needed. These personal and professional bonds formed with the lenders have enabled Circle Mortgage to produce results on a superior level over other mortgage companies.

Dale Robyn Siegel:
Dale Robyn Siegel, Esq. founder of the Company, graduated from law school and began her career in the real estate world in 1986. After wearing the many hats of lawyer, title closer, banker, builder, investor and wholesale mortgage representative, she founded Circle Mortgage Group in 1996.

Working every aspect of the real estate transaction, as well as being an attorney, has placed Dale above her peers. Over the past fifteen years she has grown and strengthened her business with the desire to be a small powerhouse. She is recognized for her knowledge and integrity among the lending institutions and her quest to educate consumers and her own clients across the map. Dale takes pride in the personal relationships she forms with her clients and her work ethic.

Her credentials and experience, coupled with a dynamic speaking style, have captivated audiences during her numerous speaking and public engagements. Dale is invited to speak at dozens of seminars a year at private and public venues teaching consumers about the basics of real estate transactions and finance. She is an adjunct professor at New York University and Baruch College teaching licensing classes to industry professionals. Since the creation of the new Federal licensing requirements for mortgage loan originators, Dale has written many courses and practice exams used by NMLS industry wide.

Dale has been quoted in The New York Times, Better Homes and Gardens, Wall Street Journal, BusinessWeek, The Chicago Tribune and many consumer and trade publications. She is a frequent guest on CNN, NPR and other nightly news shows. An early entry into the blogging world, Dale has been the Editor of Diaries of a Mad Mortgage Broker since 1997. Always a consumer advocate, Dale wrote the award winning book, The New Rules for Mortgages and is currently working on a graphic novel outlining the process of getting a mortgage in a simple yet detailed timeline.

In the new mortgage world, many people have exited due to lack of business or stricter requirements for entry. Dale is expanding her sphere with more state licenses and forever writing more books on real estate and personal finance.

Philosophy:
In the complex financial world, it is the service provider that makes all the difference. Circle Mortgage Group believes it is has a STEP UP on other companies based on its core philosophy:

Simplicity: Keep it simple during the loan process to accomplish the goal.

Technologically: Keep up with the latest technology in the industry to expedite the process and obtain the constant wealth of information on changes. Utilize the latest and the best innovations to communicate with the client and vendors to accomplish the goal.

Efficiency: Know the work to be done. Keep track of tasks and manage them daily to accomplish the goal.

Personally: Know your clients. Speak to them. Above all, listen to your clients. Explain the processes. Keep them informed. Be accessible and accomplish the goal.

Unity: Work with the clients. Work with the lenders. Be part of a team. And together accomplish the goal.

Professionally: Always present yourself professionally and honestly to those around you. Know the world and how it affects your clients world. Leverage this knowledge to accomplish the goal.

  • N. Rosen, Client – My rate was so low, that every time I call Dale to refinance, she tells me not to bother! Just make one extra payment a year to reduce the term of your loan almost 9. More
  • Jody Fay, Attorney’s Title – The fact that Dale is an attorney makes working with Circle Mortgage better than most mortgage brokers. Dale knows every aspect of the transaction and can save her clients money and the attorneys’. More
  • D. Douglin, Client – I bought a small commercial property in Brooklyn. Nobody would speak to me, because the loan was too small. Circle Mortgage handled my transaction as if I was Donald. More
  • S. Freedman, Attorney – There are over 1800 mortgage brokers in the State of New York. Very few can work their way through the mortgage approval system like Dale. She is a true. More

NMLS #34927 | LICENSE APPROVED IN NEW YORK, NEW JERSEY AND CONNECTICUT: ALL LOANS PROVIDED BY THIRD PARTIES. | THIS SITE IS NOT AUTHORIZED BY THE NYS DEPARTMENT OF FINANCIAL SERVICES. NO MORTGAGE LOAN APPLICATIONS FOR 1-4 RESIDENTIAL PROPERTIES LOCATED IN NEW YORK WILL BE ACCEPTED THROUGH THIS SITE. | COPYRIGHT 1998-2017 CIRCLE MORTGAGE GROUP, INC, ALL RIGHTS RESERVED


Reverse Mortgage Specialists Seniors Finance Australia, reverse mortgage specialists.#Reverse #mortgage #specialists


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reverse mortgage specialists

Reverse mortgage specialistsSeniors Finance Australia a Reverse Mortgage or Seniors Home Equity Release Loan is a “lifetime loan for people 60 years and over on the Title of the property , against the equity in your home, holiday home or investment property Australia wide.

It is your “reverse mortgage or lifetime loan” that allows you to borrow against the equity or asset value in your property for any purpose that you wish. These loans are know as Reverse Mortgages or Seniors Equity Loans.

It does not require any repayments on the life of the loan but you can make voluntary repayments if you wish to do this.

This seniors loan does not have to be repaid until you choose to sell your home or the last surviving borrower passes away.

Reverse Mortgage and Title of your home ? the Title of your home will stay in your name.

You can receive your money in a variety of ways as a Lump Sum or have your own cash reserve limit or a re-draw facility and you can then draw down as you need the money, this is sometimes called a Line of Credit , or a combination of your options to suit your situation. It is your choice. Please ask about these options in a Reverse Mortgage.

If you have a current mortgage or loan on the property this maybe able to be paid out for you. You can use your money anyway you wish – additional income to enjoy yourself, home repairs, health care, holidays, to help your family, to buy a new car or pay out existing debts, mortgage, loans or credit cards your choice.

The amount you receive will depend on the value on your property and the age of the youngest borrower.

If you feel that this “lifetime loan” reverse mortgage loan could suit you or assist you with a better retirement life style please fill out your details below and information will be sent to you – if you require further information please call 1300 881 807 or contact us.


Credit Union Mortgage Association #reverse #mortgage #seattle


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About Us

Credit Union Mortgage Association

Credit Union Mortgage is a full-service mortgage company, locally owned and headquartered in Fairfax, Virginia, and serving the entire United States. Finding a mortgage is easy with your credit union and its partner, Credit Union Mortgage. Experience the Credit Union Mortgage Advantage with reduced paperwork and hassle-free online mortgage applications. It’s really that simple: just a few questions and an online decision in minutes.

We have revolutionized the process to make it quick, easy, and more convenient for members. Apply and get approved online, in minutes!

Credit Union Mortgage has a staff of seasoned mortgage professionals to advise you on the best loan programs and most competitive interest rates. And our lender fees and rates are among the lowest in the industry. Just what you would expect from your credit union: the best service with the lowest rates and fees possible.

Member Benefits

Why use your credit union and Credit Union Mortgage? It’s as simple as ABC!

  1. Personal commitment from your credit union and Credit Union Mortgage. Our senior personnel have been trained to provide you with the most reliable and efficient service possible. Our loan officers will work with you to find the loan program best suited to your needs.
  2. Stability of your credit union and Credit Union Mortgage. For over twenty-five years, your credit union and Credit Union Mortgage have been providing mortgage financing. No matter what interest rate the market dictates, your credit union and Credit Union Mortgage will be there for you.
  3. Credit Union Mortgage is your mortgage company. Just as your credit union belongs to its members, as does its mortgage partner, Credit Union Mortgage. By utilizing our services, you’ll receive the best in personalized service while benefiting both your credit union and yourself. No other mortgage company can make that claim.

Credit Union Mortgage offers credit union members:

  • The lowest lender fees in the area
  • Competitive rates
  • A wide selection of loan products
  • Convenience
  • Unparalleled member service
  • Seminars for home buyers

While it really doesn’t matter why you need a new house, it does matter how you go about purchasing it. The first step is getting Pre-Approved. Take the worry out of financing and click here for all the details .

Homeownership Counselors or Counseling Organizations

For assistance with homeownership counseling, please contact:

A Reverse Mortgage is a unique loan that allows homeowners age 62 years and older to convert part of the equity in their home into monthly income or cash without having to sell the home, give up title, or take on additional monthly mortgage payments. Click to learn more .


The Real Cost of Leasing vs #buying #solar #panels, #leasing, #solar #electric


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The Real Cost of Leasing vs. Buying Solar Panels

Buying solar panels requires an investment and more decision-making than leasing, but over the long term the benefits of owning your system are hard to beat.

Best Ways to Pay for Your Panels

Cash
Buying your solar electric system outright is best. It usually costs $15,000 to $20,000 after tax credits and can reduce your electricity bill by 70 to 100 percent, depending on the size and orientation of your roof and local regulations. Most systems pay for themselves in five to seven years.

Home Equity Loan
If you need to finance your solar panel purchase, the most cost-effective way to do it is to use a home equity loan or a home equity line of credit. Because your house serves as collateral, these options have low interest rates (currently about 3 to 5 percent). The interest you pay is tax deductible. Equity loans range from 5 to 20 years and usually have fixed interest rates. Equity lines last 10 years and have variable rates (so the interest may increase).

Solar Loan
There are unsecured and secured solar loans. With an unsecured loan, your house doesn’t act as collateral and the interest isn’t tax deductible. Many solar installers work with lenders that offer solar loans, but you’ll probably find better rates by directly checking with banks, and credit unions. Watch out for high origination fees. Fannie Mae also offers consumers financing for solar system installations through its HomeStyle Energy Mortgage Program when they buy a new house or refinance.

Why Leasing Isn’t a Bright Idea

The steep up-front costs for a residential solar system can make a leasing company’s sales pitch sound pretty appealing: Pay little or nothing and save hundreds of dollars per year on average. (The premise is that you save because the combination of your lease payment and your electric bill is less than what you currently pay for power.) Leasing can also look seductively simple compared with buying: There’s no need to shop separately for an installer and financing; you just sign on the dotted line. So it’s not surprising that 72 percent of the people who installed residential solar systems in 2014 did so through leasing or another type of third-party arrangement. But the reality is not quite so sunny.

Your Savings Will Be Modest
People who lease their solar systems save far less than those who buy them outright or with a loan (they also miss out on federal tax benefits and any local incentives). Many leases contain an escalator clause that can further reduce savings by increasing payments 3 percent per year. So if you’re paying 12 cents per kilowatt-hour in year one, with a 3 percent escalator, you’ll be paying 18.2 cents in year 15. That means that if the cost of energy doesn’t rise as quickly as the contracted lease payments increase, your savings could evaporate.

You Lose Control of Your Roof
Leasing companies want to maximize their profit, so there’s a chance you could wind up with more panels than you want and that they could be installed in highly visible places—such as facing the street—without any regard to appearance. To avoid that, check the final system design and placement before signing the lease. It could be different from the initial mock-up.

Leases Can Scare Off Home Buyers
If you put your house on the market before the lease is up (usually 20 years), you will either have to buy out the lease or the person purchasing your home will have to assume it—which some are reluctant to do.

That’s what happened to Andrew and Nora Barber, who had to buy out the lease on the solar system on their Clovis, Calif. home after two prospective buyers were frightened away by it. “I offered the solar company $16,000, which was the total of all the payments for the remainder of the contract,” Andrew says. “But $21,000 was the buyout price in the contract, and the company wouldn’t budge.”

Some solar leasing companies may offer to relocate their systems from one house to another. That could cost $500 for an initial audit and another $500 to transfer the panels, if the leasing company determines it can be done. You would also need approval from your utility and local landmarks commission or the condo or homeowner’s association, if applicable. Plus the new house must be able to accommodate the old system.

And remember: At the end of the lease, the solar company could remove the system—and your savings along with it.

Service Plans Don’t Serve You
Though leasing companies tout their service plans, maintenance is a red herring. “Generally, there’s really no scenario where the maintenance plan is going to kick in,” says Joshua Pearce, an engineering professor and solar expert at the Michigan Tech Open Sustainability Technology Lab. Equipment problems aren’t covered by the maintenance plan, they’re covered by the warranty. And if a storm destroys your panels, the damage may be covered by your homeowners insurance.

That’s why—whether you buy or lease—it’s essential that you inform your insurer. (Roof-mounted solar is generally added as part of a standard homeowners policy at no additional cost; ground-mounted solar may require an insurance rider.)


First Time Home Buyer #best #mortgage #company #for #first #time #buyers


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MyFHA is a private company and is not a government agency.
We do not provide any loan modifications or foreclosure services, nor do we connect you with any providers of those services.

First-Time Home Buyers

Loans insured by the Federal Housing Authority (FHA) are designed to help everyone realize the dream of owning a home. And they’re ideal for first-time home buyers! Because the FHA insures these mortgages, FHA lenders can work with borrowers who’ve had credit problems, collections, past bankruptcy filings, or debt-to-income ratios that are higher than normally allowed.

Applying for an FHA loan

Getting in touch with a specialist through MyFHA is simple. We’ve combined the speed and ease of the Internet with the hands-on help our customers expect. Once you click online, we enter your information into our database and begin a preliminary review. Then, we match you with the right specialist for where you are right now .

During the phone interview, your specialist will discuss with you where you are right now and help you determine your best way forward. If you don’t pre-qualify right away, your specialist will suggest ways to improve your profile, so you may become eligible in the future. Within 10 minutes, you’ll usually know if you’re ready for a mortgage. The interview is also a great chance to get acquainted with your specialist, who will play an important role in your becoming a homeowner. Good communication with your will increase your chances of a successful and speedy process!

Processing a mortgage involves gathering documents to verify information. Forbes has an excellent article on assembling all of the documentation that you may need which may include (but is not limited to) W-2 forms, two-weeks of pay stubs, credit reports, and bank statements. After your approval, you’ll receive a pre-qualification that includes a checklist specific to your file. This checklist will itemize all of the things you must submit before receiving a commitment.

The closing is the “end of the line” in obtaining a mortgage. At the closing, you will sign all of the required mortgage documents. If it’s a new mortgage, you’ll collect your new keys and then take possession of your new home. If it’s a refinance, you’ll immediately start to enjoy the benefits of a new interest rate, cash out, or both!


Home Equity to Consolidate Debts #home #equity #canada, #debt #consolidation #advice, #refinance


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Home Equity to Consolidate Debts – Refinance Your Home or Get a Second Mortgage

What does using home equity to consolidate your debts mean? Essentially it is using the equity in your home / refinancing your home to consolidate your debts into one payment in order to pay off your debts.

A “Home Equity Loan”, “Home Equity Line”,”refinancing your mortgage / re-mortgage” and getting a “second mortgage” are all different names for the same thing and are sometimes used as a debt consolidation option. These terms refer to the bank lending you money against the portion of your home that you own. So if the bank thinks that your home is worth $300,000 and your mortgage is for $250,000, then you own $50,000 of your house. This is called your “equity”.

Increasing your mortgage is something that the bank may let you do, by taking out a second mortgage to use up some of this equity to pay off your debts. (Check out our handy mortgage and debt consolidation calculator ). You would then have two mortgages: your first mortgage and a second mortgage which could be the debt consolidation home loan . If this is something you’re interested in doing, speak with your bank or credit union to find out how it works, to get information about the mortgage rules in Canada and if this option could work for you. Sometimes if you have bad credit. it might be difficult to get a debt consolidation loan. so using home equity could be another possibility. Check with a Credit Counsellor to make sure that you choose the right option.

Selling Your House to Pay Off Debt – Talk to a Credit Counsellor About Consolidating Debts

You could also sell your house to pay off debts. though this should be a last resort and pertain to your situation, e.g. down-sizing in retirement. There are things to know before using your home equity line. so to choose the best way / option that fits your situation, especially if you’re retired and your income has changed, talk to a trusted, accredited non-profit Credit Counsellor.

Interest Rates for Second Mortgages – Can Be Higher Than First, Talk to Your Bank About Using Your Home Equity

Sometimes you can get the same interest rate on your second mortgage as you got on your first mortgage, but this isn’t always possible (talk to your lender to find out more). If you do have to pay a higher interest rate on your second mortgage, you can set up the due date / term to correspond with the due date / term for your first mortgage. This will allow you to combine them at the bank’s best interest rate when they need to be renewed.

Re-mortgaging may also be an option that your lender can explain to you. It may allow you to keep a low interest rate, only have one mortgage payment and still give you funds to pay off other debts.

History of Mortgage Rates in Canada – Declining Since 1980’s

Ever since the early 1980’s mortgage rates have been declining in Canada. They peaked at over 20% at that time but are now typically offered in the 3% – 6% range. It is wise to remain mindful of the fact that we are currently living with historically low interest rates. This means that we cannot count on them to stay this low forever. The average five year mortgage rate over the past 60 years has been 8.95%. So if you are considering refinancing your home, make sure you can afford an “average” interest rate of 9% in the long term.

Finance Companies and Sub Prime Lenders or Loan Companies Offering Mortgages – Higher Interest Rates than Banks

Finance companies and sub-prime lenders also offer mortgages. Their interest rates will almost always be higher than the bank’s and can often range between 14% – 30%. These rates are a lot higher because these companies tend to lend money / cash to people in financial situations that involve more risk than banks usually want to take on.

High interest loans like these can be used as a tool to get you from point A to point B, but you should do your best to find a better arrangement as fast as possible. It is very hard to get ahead paying really high interest rates.

Advantages of Using a Second Mortgage to Consolidate Debt

  1. The interest rates are typically low
  2. Flexible payment arrangements. You can usually extend your amortization (the length of time required to pay back the loan) to create an ideal monthly payment

Disadvantages of a Second Mortgage

  1. You must have enough equity in your home as well as income to make both mortgage payments
  2. You may be charged a number of fees for the costs involved in setting up a second mortgage
  3. Banks often don’t like to do small second mortgages. $10,000 may be the minimum that they will consider

Contact Us for More Information About How to a Use Home Equity Line to Consolidate Debts

We can give you information on how to use home equity to consolidate debts / pay off debts. Contact us by phone at 1-888-527-8999, send us an email or chat with us online right now. One of our Credit Counsellors will be happy to offer you debt consolidation advice . Our appointments are free, confidential and informative. You may have other options that are better for your situation, so before you increase your mortgage, take out a second one (at a higher interest rate) or apply for a home equity loan. give us a call.


Current Mortgage Rates in IN – Indiana FHA Mortgage #indiana, #mortgages, #in,


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Current mortgage rates in Indiana: HSH.com s FHA/VA Showcase

Choose from Refinance lenders in Indiana for FHA 30-year mortgage rates

The mortgage products on HSH.com are from companies from which QuinStreet may receive compensation. Compensation may impact where products appear on HSH.com (including the order in which they appear). QuinStreet does not include all mortgage companies or all types of products available in the marketplace.

Indiana Mortgages

FHA Loans are government insured loans from the Federal Housing Administration and are an attractive option for homebuyers who want to refinance.

For Indiana, 88 counties have an FHA loan limit at $271,050 and the remaining 4 counties at $365,700.

As of January 1, 2014, HUD approves new lower loan limits to take effect for FHA single-family loans. The current standard loan limit for areas where housing costs are relatively low will remain unchanged at $271,050. The new national-ceiling loan limit for the very highest cost areas will be reduced from $729,750 to $625,500. See the chart below for loan limits in your county.


Colorado Home Mortgage Refinance or Purchase of a Home #kc #mortgage #llc,


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Click here to check out my BBB rating!

KC Mortgage Colorado is a Castle Rock Mortgage Broker. locally ownedand operated. We are licensed, bonded and insured. Our website is the quick and easy place to get started towards qualifying and applying for a Purchase or Refinance Home Mortgage inColorado. We know that each customer has specific needs, so we strive to meet those needs with a wide array of services.

We are a Colorado Mortgage Broker that offerscompetitive mortgage rates and closing costs. The products that we offer include, FHA,VA, USDA, Conventional, Fannie Mae Homepath,Jumbo, Reverse mortgages, 203k streamlines and First Time Homebuyers.

Wewill work with you on an individual basis on the purchase ofa new home or refinancing your current home. We willexplain programs and options that you may not know about. We will let you know what loan programs you qualify for and which onesto avoid in your particular situation. We have the team that can meet your mortgage needs.

Kay Cleland is a Lending Integrity Seal Holder.*

NMLS#265374, CO#100026748, Company NMLS#37430

Regulated by theDivision of Real Estate

For Verification of State Licensing Click Here

Recent Articles

The Benefits of an FHA Loan
FHA loans are a popular home loan choice for borrowers. Qualifying standards tend to be more flexible and down-payment requirements are lower when compared to other home loan options. Read on to see what makes an FHA loan an attractive mortgage option and learn how you can take.

What Factors Are Looked At When Applying For A Mortgage?
Before you shop for your new home, prepare to qualify for a mortgage loan. Preparing will help eliminate confusion while ensuring that the process goes as smoothly as possible. These are six factors reviewed during mortgage approval process. 1. Residence.

How to Compete with an All-Cash Home Purchase Offer
The housing market goes through shifts, and currently, we are in what is commonly known as a seller s market that is, a market in which there are more buyers than there are homes for sale. As a result, competition between buyers will increase, and you may even.

Qualifying for a Mortgage on Part-Time Income?
Today, it’s more common than ever for individuals to make a living by working one or more part-time jobs instead of a traditional 9-to-5, 40-hour-a-week job. The assumption is that most people that choose part-time over full-time are either retired individuals or college students.


Dallas Criminal Lawyer #dallas #criminal #lawyer, #dallas #federal #criminal #lawyers, #dallas #criminal


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Ron Wells is a Criminal Defense Attorney specializing in Federal and State crimes, Bank Fraud, Mortgage Fraud, and White Collar Crimes. Ron Wells protects and defends the rights and freedom of individuals who have experienced unjust criminal conduct or charges, are involved in a criminal investigation, or have been indicted or convicted of a State or Federal crime. We provide legal expertise to individuals who require a confidential environment, intuitive strategies, time tested goals, and dedicated personalized representation with the best results for your case.

Mr. Wells is a Board Certified Dallas Criminal Lawyer. He has a passion for victory, a respect of the Judges and Courts, a beneficial relationship with the Justice Department, DEA, FBI, ATF, the local District Attorney’s Offices, and a highly effective and experienced network of attorneys, investigators, expert witnesses and resources. With almost three decades of experience and hundreds of trials, he is constantly evolving, improving knowledge, communication, negotiation and trial strategies. He knows this is part of the winning formula, which has provided success for his past clients and is available for our future clients. We are proud of our excellent history of results and the clients we have represented. As a Dallas Criminal Lawyer, Mr. Wells has prosecuted and defended literally thousands of criminal cases from misdemeanors to murder. Experience has developed the one attribute that can most effectively impact your future: our professional judgment, knowing what to do and when to do it.

Criminal conduct, investigation, or charges may result in significant ramifications to your current financial position and future career, reputation and liberty. It is critical that you do not talk or communicate about your case to anyone or prepare any evidence until you have the case reviewed by a Criminal Lawyer with the right mix of experience, judgment, analytical skill and knowledge. This will provide you the ability to determine your situation, what the evidence will probably prove, and identify any risks or options you have.

After reviewing your case, there is no substitute for speed, and timing and decisions in the criminal justice system to achieve the best result possible. The government will be using every possible investigative tool to assemble the case. Prosecuting a criminal case consists of gathering crime facts in the light most prejudicial to the Defendant: i.e. putting together a case. Defending a case consists of casting doubt upon � or actually disproving � the Defendant�s responsibility for either the commission of the crime or its aggravating features: i.e. taking apart a case. Knowing exactly how to utilize and examine this process may keep you out of court system altogether, failing can cripple you for life. This requires confidence, intelligence and most importantly, experience in prosecuting and defending cases similar to yours. Without this unique ability and experience of the entire process and system you can be left without the best result in your case.

In some cases, many offenses can be proven by the State (or, in federal cases, by the Government). Knowing this, to obtain the best result for your case requires a unique strategy. We have developed extensive expertise in punishment mitigation or �damage control.� If investigation establishes that your guilt can clearly be established upon a trial, we have the resources and credibility to create a plea to cut exposure to a minimum, or identify an acceptable alternative to confinement, or at a minimum, show why a lesser punishment is appropriate.

If you, a business associate, client or a member of your family is in need of assistance, please contact us at the Dallas, Texas office. Allow us to review the case, at no risk or cost. Please refer to the FAQ to receive additional information.


Annuity mortgage #annuity #mortgage


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Annuity

BREAKING DOWN ‘Annuity’

Annuities were designed to be a reliable means of securing a steady cash flow for an individual during their retirement years and to alleviate fears of longevity risk. or outliving one’s assets.

Annuities can also be created to turn a substantial lump sum into a steady cash flow, such as for winners of large cash settlements from a lawsuit or from winning the lottery.

Defined benefit pensions and Social Security are two examples of lifetime guaranteed annuities that pay retirees a steady cash flow until they pass.

Types of Annuities

Annuities can be structured according to a wide array of details and factors, such as the duration of time that payments from the annuity can be guaranteed to continue. Annuities can be created so that, upon annuitization, payments will continue so long as either the annuitant or their spouse (if survivorship benefit is elected) is alive. Alternatively, annuities can be structured to pay out funds for a fixed amount of time, such as 20 years, regardless of how long the annuitant lives. Furthermore, annuities can begin immediately upon deposit of a lump sum, or they can be structured as deferred benefits.

Annuities can be structured generally as either fixed or variable. Fixed annuities provide regular periodic payments to the annuitant. Variable annuities allow the owner to receive greater future cash flows if investments of the annuity fund do well and smaller payments if its investments do poorly. This provides for a less stable cash flow than a fixed annuity, but allows the annuitant to reap the benefits of strong returns from their fund’s investments.

One criticism of annuities is that they are illiquid. Deposits into annuity contracts are typically locked up for a period of time, known as the surrender period. where the annuitant would incur a penalty if all or part of that money were touched. These surrender periods can last anywhere from 2 to more than 10 years, depending on the particular product. Surrender fees can start out at 10% or more and the penalty typically declines annually over the surrender period.

While variable annuities carry some market risk and the potential to lose principal, riders and features can be added to annuity contracts (usually for some extra cost) which allow them to function as hybrid fixed-variable annuities. Contract owners can benefit from upside portfolio potential while enjoying the protection of a guaranteed lifetime minimum withdrawal benefit if the portfolio drops in value. Other riders may be purchased to add a death benefit to the contract or accelerate payouts if the annuity holder is diagnosed with a terminal illness. Cost of living riders are common to adjust the annual base cash flows for inflation based on changes in the CPI.

Who Sells Annuities

Life insurance companies and investment companies are the two sorts of financial institutions offering annuity products. For life insurance companies, annuities are a natural hedge for their insurance products. Life insurance is bought to deal with mortality risk – that is, the risk of dying prematurely. Policyholders pay an annual premium to the insurance company who will pay out a lump sum upon their death. If policyholders die prematurely, the insurer will pay out the death benefit at a net loss to the company. Actuarial science and claims experience allows these insurance companies to price their policies so that on average insurance purchasers will live long enough so that the insurer earns a profit. Annuities, on the other hand, deal with longevity risk, or the risk of outliving ones assets. The risk to the issuer of the annuity is that annuity holders will live outlive their initial investment. Annuity issuers may hedge longevity risk by selling annuities to customers with a higher risk of premature death.

In many cases, the cash value inside of permanent life insurance policies can be exchanged via a 1035 exchange for an annuity product without any tax implications.

Agents or brokers selling annuities need to hold a state-issued life insurance license, and also a securities license in the case of variable annuities. These agents or brokers typically earn a commission based on the notional value of the annuity contract.

Who Buys Annuities

Annuities are appropriate financial products for individuals seeking stable, guaranteed retirement income. Because the lump sum put into the annuity is illiquid and subject to withdrawal penalties. it is not recommended for younger individuals or for those with liquidity needs. Annuity holders cannot outlive their income stream, which hedges longevity risk. So long as the purchaser understands that he or she is trading a liquid lump sum for a guaranteed series of cash flows, the product is appropriate. Some purchasers hope to cash out an annuity in the future at a profit, however this is not the intended use of the product.

Immediate annuities are often purchased by people of any age who have received a large lump sum of money and who prefer to exchange it for cash flows in to the future. The lottery winner’s curse is the fact that many lottery winners who take the lump sum windfall often spend all of that money in a relatively short period of time.


FHA Refinancing Options from #fha #refinance, #fha #refinancing, #fha #mortgage #refinance, #fha


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FHA Refinancing

Changes in the housing market have given you-and thousands of other Americans-the option to refinance your current home mortgage with a FHA Refinance.

FHA Refinancing is a better option if you have a fair to good credit rating because, generally, FHA standards are less strict. Even if you likely will not qualify for conventional refinancing because of your income level, a FHA Refinance may still be an option for you.

FHA Refinance Requirements

There are some requirements that may apply when trying to refinance your current loan with the FHA. Keep in mind the following are simply guidelines-each borrower’s situation is different.

  • The mortgage that is to be refinanced must ultimately be insured through the FHA.
  • The current mortgage must be current and not delinquent.
  • The results of the refinance must lower the monthly principle and interest payments for the borrower.
  • No cash may be taken out on mortgages refinanced using the streamline refinance process.

Other Information on FHA Refinances

One Streamline Refinancing option you have is one that includes the closing costs into the new mortgage amount. This of course is only available if enough equity is in the home after it is appraised. The streamline refinance can occur without an appraisal but the new loan will not be able to exceed the original loan amount. If you are not living in the property (i.e. it is an investment property), the refinance can only occur without an appraisal.

FHA Loans by State

The FHA Home Loan Program

The FHA has been insuring loans since the 1930’s, and their refinancing department has been around since the early 1980’s. The FHA/HUD also offers the option of FHA Streamline Refinancing. The “streamline” refers to the amount of paperwork and underwriting involved and not to a monetary factor (such as being cheaper or having no cost at all).

Let FHA Mortgage Center.com be your guide to the benefits of a FHA Loan. FHA Mortgage Center.com is your one stop for all your FHA-related questions.

We update our FHA Lending articles and Help Guide frequently with new FHA information. Our FHA Blog is another great source of information from top industry experts with topics ranging from FHA Loan Limits to current changes in the FHA Program. We offer these resources because, most of all, we want to provide you with information to help you decide if a FHA Loan is the right choice for you.

FHA Mortgage Center.com Blog

Latest Articles


How Big a Mortgage Can You Afford? #can #you #assume #a #mortgage,


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5 Questions to Ask Before You Trust Someone with Your Money

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  • Find $1,230 in Your Dining Room

  • Suze Orman: The Best Financial Moves for Your 20s, 30s, 40s, 50s, 60s and Beyond

    How Big a Mortgage Can I Afford?

    When you’re buying a home or refinancing a mortgage—as record number of us are doing these days—one of your most important considerations is what size mortgage you can realistically afford. To figure out that number, just follow the steps below.

    This formula does not account for the tax savings conferred by home ownership. You will want to figure that savings into your calculations before you shop for a home. A tax advisor can help.


  • SunTrust Bank IRA Accounts, Best IRA Interest Rates at SunTrust Bank #suntrust


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    SunTrust Bank IRA Accounts

    span class= rating span class= left span class= star_rating1-0 nbsp; /span /span /span – Wbersmypaycheck

    Cons: Will cause financial hardship without any empathy

    I went into Suntrust on December 29, 2011 to open a Checking Account. AThe Teller opened the account and took my payroll check as my first deposit. The Teller was very attentive and very helpful at that time. She explained to how to setup my online banking and also told me that I would be able to see the deposit online the following day Friday December 30, 2011, but the funds would not be available until Satuday morning December 31,2011. Here s where it gets interesting! Keep in mind I deposited my paycheck. When I received the access code to setup my Online Banking on Friday morning, I was able to get into my account. However, the balance was 0 and the deposit I made the night before with my payroll check was not there. A little puzzled. I contacted the bank and spoke with the Teller that opened my account and explained to her that the deposit from the previous night was not reflected in my account. The Teller was not as attentive and helpful as she was the night before. As a matter of fact, she rushed me off the phone and told me that I would not see the deposit unitl Saturday morning, even though she told me on Thursday that I would see it on Friday. On Saturday morning I tried logging into my Online Banking and received error messages after trying to login 5 times to no avail I contacted the 1-800# for the Onlne Banking Customer Service Dept and the Customer Support person told me that my account was closed on Friday because it did not pass the verification process. I was perplexed and dismayed because I was never told by the teller that such a process existed and you would think that something like that would come up while your opening the account at the Branch, not 2 days later. Not to mention I never received a phone call or email stating that Suntrust had closed the account for whatever reason. Okay peolple. I m now LIVID and BROKE on New Years Eve! I just wanted my paycheck back. So I went back to the Branch to get my check back. However, Suntrust gave me the finger once again. I was told that they COULD not release my paycheck or give me any of my money because the quot;Department quot; that release said funds was closed until Tuesday, January 2, 2012. I wonder if they will give me back my paycheck with interest. It is now January 5th 2012 and I m still waiting on Suntrust Bank to return my paycheck from 12/29/11. I received nothing. I know one thing for certain, the 2 branches in Douglasville are in need of new management. The branch managers are incompetent.Their customer services skills are non-existing. The Arbor Place, Douglasville, Ga branch manager Andrea Woods is an absolute waste. My husband and I spent an hour in the bank pleading with the Service Rep. For help with our issue, to the point that I was in tears. She walked past us, stood next to us as she was discussing her holiday with one of the other workers. She could clearly hear everything we were saying to the Service Rep. she didn t even acknowledge our situation. Never even offered to assist us in any way. In other words she completey ignored us! Oh yeah! To this day. No letter, no phone call or an email from Suntrust telling me that they closed the account. BEWARE! THIS IS THE WORST BANK EVER!

    January 05, 2012

    SunTrust Bank Company Info


    Residential And Remortgage Deals #residential #mortgage #brokers


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    Residential Mortgages

    Residential Mortgages admin 2012-02-14T17:06:00+00:00

    Residential Mortgages and Remortgages

    At The Mortgage Broker Ltd we cater for all types of enquiry. The most frequent enquiry we receive is the residential enquiry for a new house purchase or re-mortgage. Although normally a simple and straightforward process, every purchaser or homeowner in the UK could benefit from the no obligation advice of a professional adviser.

    Residential Purchase

    Moving house – Maybe you require finance from a new lender as you are moving up the housing ladder and need new and appropriate funding as your existing lender are reluctant to provide the loan you require. It could even be that you are moving house and you want to move the mortgage (known as porting) from one house to another with additional funds to complete on the new deal.

    Call Today on 0845 603 3173

    Residential Remortgage

    Your current deal may be coming to a close with your existing lender and they are probably looking to increase your monthly payment by increasing their interest rate to a much higher standard variable rate. Your existing lender may have even offered you an alternative rate to keep your business with them.

    If your payments are going to increase and even if the deal your lender is offering you seems attractive – why not get a free, no obligation quote from us to ensure that you are getting the most suitable deal? There could be a huge potential saving to be made compared to your existing deal and with the complete application process requiring only minutes of your time you really should investigate. A £15 – £120 saving per month may not seem worthwhile bothering about but add this up over a 2 or 3 yr period and you will see why our clients come back to us time and time again.

    We provide first class services for both residential purchases and remortgages. With the majority of UK lenders competing for your business you can be sure that we will source the right deal for you from of 1000′s of schemes being offered from lenders, banks and building societies. All our professional advisers are equipped with the latest technology allowing instant access to the latest deals and offers from our whole of market panel of providers.

    Our quotes and illustrations are completely free so you have nothing to lose in contacting us to find out what we have to offer.

    Sonia Murray has been extremely efficient, but the main reason I would come back to The Mortgage Broker is Mary Chamberlain. She’s an excellent mortgage broker and her customer care is outstanding. (27/10/14)

    Service from the team at The Mortgage Broker is outstanding. This is the 3rd time I have used you to arrange my mortgage and I will continue to do so and regularly recommend you to my friends and colleagues. My expectations are surpassed every time. Thank you. (10/11/14)

    Each member of the team that I have had contact with have been very friendly and helpful. Damian Richards especially, instantly put me at ease and has answered any questions, keeping me up to date at all times. Likewise Karen has been very helpful with updates. I will most certainly recommend your company. (07/11/14)

    MR JONES & MISS BARRETT

    We have found that Nadine had provided fantastic service. She has always been prompt with updates and always comes across as happy to help. This and several other factors have helped and reassure us as first time buyers from day one. We would recommend The Mortgage Broker to our friends. (13/11/14)

    MR WESTHEAD & MISS HUGHES

    Very happy with the service I received, Jodi has been a star and massively helpful. Thanks. (17/11/14)


    TIAA Direct Borrow #mortgage, #mortgages, #mortgage #lender, #home #mortgage, #home #equity, #refinance,


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    Borrow

    Why borrow from us?

    • Low fixed rates for conventional and jumbo mortgages compare them and see today’s rates .
    • Adjustable rate mortgages let you lock in a low rate the first few years. With 5/1 ARMs, rates are fixed the first 5 years. We also offer 3-, 7- and 10- year ARMs.
    • Mortgage Loan Consultants to help you from start to finish

    * Annual Percentage Rate

    All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by TIAA-CREF Trust Company, FSB. Products may not be available in all states. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

    1 While consolidation may decrease your overall monthly payment obligations, refinancing pre-existing debt with a home equity line will require you to give us a security interest in your home and may increase the total number of monthly debt payments, as well as the aggregate amount paid over the term of the line.

    TIAA Direct is a division of TIAA-CREF Trust Company, FSB.
    Member FDIC. Equal Housing Lender FDIC Icon
    2017 TIAA-CREF Trust Company, FSB.

    Learn more about TIAA . Investment, insurance and annuity products on TIAA.org are not offered or guaranteed by TIAA-CREF Trust Company, FSB and are not insured by the FDIC.


    New Jersey Reverse Mortgage Lenders #new #jersey #reverse #mortgage


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    Find an Experienced Financial Expert

    New Jersey is in that part of New England where property taxes and the cost of living is very high. For seniors the costs could really put the squeeze on fixed and no incomes. Reverse mortgages are one of the tools senior homeowners now turn to when they d like to create an income. Home equity is a valuable asset and with a reverse mortgage can be turned into cash flow.

    Part of a successful reverse mortgage deal is an experienced and reputable lender.

    NJ FHA Lender Loan Limits

    For the average homeowner regardless of state, the most popular reverse mortgage is the federally insured HUD Home Equity Conversion Mortgage, commonly called the HECM. A key factor in determining qualifications and suitability for lenders is the local FHA mortgage limits.

    Because New Jersey has such high property values, almost every county in the state has an FHA limit well above the national average, some as much as $500,000 higher. Of course the highest limits exist in counties that cover or are near Newark and Edison.

    HUD Lenders

    The very popular HUD HECM is the primary reverse mortgage product in the country. For most senior homeowners the features provide sufficient cash equity, costs and terms. But the reverse mortgage industry is controversial for the scams and con artists that continue to find more innovative ways to dupe homeowners out of their money.

    What you need to know about finding a lender:

    • HUD and the FHA are not mortgage lenders.
    • HUD provides free of charge an approved lender list .
    • Find the lender list online at the HUD website or get one from your mortgage counselor.
    • Never pay for a list of lenders.

    State of New Jersey HECM

    The State of New Jersey Housing and Mortgage Finance Agency offers the HUD HECM to qualified New Jersey seniors. Potential borrowers may get all the information from a fact sheet and a lender list specific to New Jersey borrowers.

    Single Purpose Reverse Mortgage Lenders in New Jersey

    Twenty-five states offer senior citizens homeowners a property tax deferral, a kind of single purpose product that is similar to a reverse mortgage. In New Jersey eligible seniors and other taxpayers may qualify for Homestead exemptions and tax credits, but this is not the same as a property tax deferral. The state is still working toward providing a product like this.

    General Reverse Mortgage Providers Available to NJ Seniors

    A local retail banking company, Amboy Bank offers a wide range of financial tools and services, including reverse mortgages. The company offers a number of popular reverse mortgages plus their own called the Simply Better Reverse Mortgage.

    The mortgage division at Bank of America provides two reverse mortgage products for its customers: the HUD HECM and BOA s proprietary Senior Equity Reverse Mortgage. When the federally insured product is too restrictive borrowers may opt for the less limiting Senior Equity Reverse.

    This is an experienced regional mortgage company and a HUD-approved lender.


    How to buy a condo with confidence #condo, #mortgage #rates, #home #owners


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    How to buy a condo with confidence

    Buying a condominium is trickier than buying a house because you’ll be sharing living space and financial responsibilities with other owners.

    Not only do you have to find a good location at an affordable price, you also have to consider lots of extra costs, from association fees and special assessments to how well the building is maintained and how strictly it enforces rules on everything from noise to pets.

    These 7 smart moves can help you ask all of the right questions and be confident in the choice you make.

    Smart move 1.Look for a building or development approved by Fannie Mae.

    To get a mortgage with the lowest possible rate and fees, you’ll want a loan that can be sold to Fannie Mae, one of the big government-owned companies that provide most of the money for home loans.

    And Fannie Mae will only buy loans for condos on its list of approved buildings or developments .

    In general, that means you’ve got to buy in a building where:

    • Commercial space takes up no more than 25% of the square footage.
    • At least 10% of association dues are deposited in reserves.
    • Less than 15% of association dues are more than 60 days late.
    • At least 51% of the units in a new building will be owner-occupied.
    • The building is properly insured.
    • There’s no current litigation regarding safety, structural soundness, habitability or functional use.
    • No single entity owns more than 10% of units, except in buildings with five to 20 units, where a single entity can own two units.

    Those are all good things, which is why shopping for a Fannie Mae-approved condo is the first step toward buying with confidence.

    Smart move 2.Shop around for the best financing.

    You can expect to pay about 0.125 of a percentage point more to finance a condo than a single-family home.

    That makes it especially critical that you shop around for a loan.

    Yet a report from the Consumer Financial Protection Bureau says nearly half of Americans seriously consider only one lender or broker before applying for a mortgage. And about 75% fill out an application with only one lender.

    Failing to get the best possible deal on a mortgage can cost tens of thousands of dollars in fees and interest over the life of your mortgage.

    Not sure where to start?

    Our extensive database of current mortgage rates lets you quickly compare the lowest available rates and fees from dozens of lenders in your area.

    Smart move 3.Check for healthy financial reserves.

    In a condo development, individual unit owners are jointly responsible for common maintenance, operations and repairs.

    Owners pay monthly homeowners association (HOA) fees for these expenses.

    An association that doesn’t collect enough might be deferring maintenance and failing to build reserves for future needs.

    The result can be a special assessment, an unexpected bill sometimes in the tens of thousands of dollars.

    Insufficient monthly dues can also mean a large future increase in HOA fees.

    Buyers should carefully review the complex’s recent board minutes, replacement reserve study and financial statements for potential problems.

    The right monthly HOA fee pays for monthly operating costs and creates a reserve fund that can cover 70% to 100% of anticipated major maintenance costs, like a new roof.

    Be wary of complexes where less than 30% of the anticipated costs are funded.

    Pay attention to the building’s overall condition, too. Aging systems, worn-out amenities and deferred maintenance could signal a future special assessment.

    Smart move 4.Look for a smooth-running organization.

    While you’re reviewing the condo board’s meeting minutes for signs of financial problems, look to see if other problems are being resolved quickly and effectively.

    Taking care of maintenance issues is one of the board’s essential responsibilities.

    Any repair should show up in the notes twice: first, when the board discusses it and decides what to do, and again when the bill is paid and the issue is resolved.

    Maintenance issues reappearing month after month are a sign of an ineffective or dysfunctional board.

    Frequent disputes with residents are another red flag.

    Talk to people who live in the building. Find out if their needs are being met and if issues are being resolved in a reasonable amount of time.

    Neighbors can also provide an idea of the complex’s character.

    Smart move 5.Understand the homeowners association’s rules.

    Condo living means less control over your property and lifestyle. The homeowners association has a say.

    Make sure you’ll be happy living by its rules before you buy. HOAs typically have rules about:

    • Pets.
    • Exterior modifications and seasonal decorations.
    • Overnight guests.
    • Common area use and conduct.

    • Trash disposal.
    • Types of vehicles allowed in parking lots and garages and on-site repairs.
    • Use of private balconies.
    • Noise.
    • Repair and delivery hours.
    • Interior modifications and structural changes.
    • Unit maintenance and upkeep.
    • Window coverings.
    • The HOA’s right to enter your unit.
    • Renting out your unit.
    • Enforcement and penalties for rule violations.

    Smart move 6.Know what personal insurance you’ll need and how much it costs.

    In many cases, the building or development’s master insurance policy only covers fire and storm damage to the primary structure and common areas.

    Unit owners need a homeowners policy that replaces appliances, flooring and cabinetry, as well as personal property such as furniture and clothing.

    That insurance should also reimburse you for special assessments from lawsuits or property damage that the HOA’s insurance or reserves don’t fully cover.

    Lenders may require the owners of beach or riverfront properties to buy flood insurance, a pricey type of coverage with particularly volatile premiums.

    Use the search tool at floodsmart.gov to determine the risk for any address.

    Smart move 7.Make sure the condo meets all of your expectations.

    Don’t settle for anything less than your ideal condo .

    Make sure the level of maintenance meets your standards. You might not agree with what the condo association considers well-maintained.

    If the golf course is a big reason you want to buy there, play a round or two to see if it matches your game and is as well cared for as you would expect.

    If you’re expecting to spend a lot of time at the condo’s pool or beach, ask whether you can spend a day or two lounging by the water. Is it a relaxing retreat for other residents or a beer-and-boom-box-party kind of place?

    Condos are close quarters, so issues like blaring music, screaming kids and barking dogs can become unbearable. Spend some time in the condo itself to see how much noise comes from surrounding units.

    Do the upstairs neighbors stomp around like elephants? Can you hear the baby next door crying?

    These are nasty surprises you want to avoid.

    Glossary More Terms

    How to Get a Mortgage Pre-Approval – Buy #get #pre #approval #for


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    What Is a Mortgage Pre-Approval? Get an Edge When Home Shopping

    If you want to stand out from the sea of other home buyers in a competitive housing market, one surefire way to do that is to get pre-approved for a mortgage. That means a lender has guaranteed to give you a loan before you’ve even made an offer—or even before you’ve seen a home you like! Granted, this may seem like a whole lot of prep work, but here’s why mortgage pre-approval matters, and how it can give you an edge when shopping for a home .

    What is a mortgage pre-approval?

    Mortgage pre-approval is a commitment from a lender to provide you with home financing up to a certain loan amount—basically the stamp of approval that you have the money, credit history, and other credentials to buy a home up to that price.

    Related Articles

    “Lenders will do a full review of income, assets, and credit in order to issue a pre-approval,” says Sarah Valentini. president and co-founder of Radius Financial Group.

    How to get pre-approved: The paperwork you need

    Be prepared to offer up a pile of paperwork to earn your pre-approval. In general, the paperwork you’ll need to assemble for your lender includes the following:

    • Pay stubs from the past 30 days showing your year-to-date income
    • Two years of federal tax returns
    • Two years of W2 forms from your employer
    • 60 days or a quarterly statement of all of your asset accounts, which include your checking and savings, as well as any investment accounts such as CDs, IRAs, and other stocks or bonds
    • Any other current real estate holdings
    • Residential history for the past two years, including landlord contact information if you rented

    Pre-approval vs. pre-qualification: What’s the difference?

    Mortgage pre-qualification should not be confused with pre-approval. Pre-qualification is based solely on verbal information you tell a lender about your income and savings, says Valentini. So, it shows how much you could theoretically borrow, but it’s no guarantee—which means these buyers will have to get officially approved for a loan later on and cross their fingers it works out.

    Pre-approval, on the other hand, means the lender has already done its due diligence and is willing to loan you the money. Plus, you’ve got an official letter from your lender saying so that will speak volumes to a seller.

    How pre-approval helps you buy a home

    When sellers accept an offer, they want the deal to go through. However, if the buyer isn’t pre-approved for a loan, this can put the whole deal in jeopardy—because if the loan doesn’t get approved, the buyer will likely be unable to follow through, says Chantay Bridges with TruLine Realty in Los Angeles.

    A pre-approval provides that extra measure of security to a seller that you are both willing and able to buy the house. As a result, sellers will likely pick you as a buyer over someone without pre-approval since you’re a sure thing, and they won’t have to hold their breath that the deal might not go through.

    Bottom line: While pre-approval is a pain, you’ll have to pony up all that paperwork sooner or later anyway. Why not do it on the early side and get a head start on the competition and shop for your dream home with confidence?

    Watch: What Your Mortgage Broker Wishes You Knew


    Irvine, CA Mortgage #irvine, #ca #mortgage #


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    Bahareh B.

    Closed Purchase Loan
    I am a first time home buyer and I can t speak highly enough about clear path lending! I was given the attention and detail I needed being that I had a lot of questions as a first time home owner. The staff was efficient and thorough every step of the way. The turnaround on my loan was incredible! Truly these guys find the lowest rates out there and somehow make it happen! I have since referred all of my family to them and I will never consider going to any other mortgage company!

    Stephanie Y.

    Closed Purchase Loan
    Mike Kim with ClearPath Lending helped my dad get a refinance on his property. We tried to work with several lenders and they were very bad at communicating with us and couldn t get the job done. Mike went over all my dads options and was able to process my dads refinance. He also got us a rate that was better then all the other lenders we were working with. He made sure to keep us updated throughout the entire process. I highly recommend ClearPath Lending.

    We d love to add you to our ever-growing list of happy ClearPath Lending clients!

    Copyright 2017 | ClearPath Lending NMLS 936436 | Alabama Consumer Credit License #22237 | Arizona Mortgage Broker License, License # 0933113 | California – BRE Real Estate Corporation License Endorsement, License# 01930902 | California – DBO Finance Lenders Law License, License# 603J783 | Colorado Mortgage Company Registration, License # N/A | Connecticut Mortgage Correspondent Lender License MCL-936436 | Delaware Lender Licensed, License # 021771 | Georgia Mortgage Lender License License #42977 | Hawaii Mortgage Loan Originator Company License License #HI-936436 | Idaho Mortgage Broker/Lender License MNL-9011 | Indiana-DFI First Lien Mortgage Lending License 33704 | Kansas Mortgage Company License MC.0025475 | Louisiana Residential Mortgage Lending License, License # N/A | Maryland 1st Mortgage Broker/Lender License, License # 21840 | Michigan – 1st Mortgage Broker/Lender License, License # FL0020147 | Minnesota Residential Mortgage Originator License License #MN-MO-936436 | Montana Mortgage Lender License 936436 | Nebraska – Mortgage Banker License, License # N/A | New Mexico Mortgage Loan Company License #N/A | Nevada Mortgage Broker License 4485 | Ohio Mortgage Loan Act Certificate of Registration, License #SM.501974.000 | Pennsylvania – Mortgage Lender License, License # 50429 | Tennessee – Mortgage License, License # 119089 | Texas SML Mortgage Company License, License # N/A | Virginia Lender License, License #MC-5782 | Wisconsin Mortgage Banker License 936436BA
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    Veterans Mortgage Life Insurance – Life Insurance #va, #veterans #affairs, #insurance, #servicemembers,


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    Attention A T users. To access the menus on this page please perform the following steps. 1. Please switch auto forms mode to off. 2. Hit enter to expand a main menu option (Health, Benefits, etc). 3. To enter and activate the submenu links, hit the down arrow. You will now be able to tab or arrow up or down through the submenu options to access/activate the submenu links.

    Life Insurance

    Veterans’ Mortgage Life Insurance

    Veterans’ Mortgage Life Insurance (VMLI) is mortgage protection insurance that can help families of severely disabled Servicemembers or Veterans pay off the home mortgage in the event of their death.

    Eligibility

    VMLI is only available to Servicemembers and Veterans with severe service-connected disabilities who:

    • Received Specially Adapted Housing (SAH) grant to help build, remodel, or purchase a home, AND
    • Have the title to the home, AND
    • Have a mortgage on the home

    Veterans must apply for VMLI before their 70th birthday.

    Benefits

    VMLI provides up to $200,000 mortgage life insurance and is payable only to the mortgage holder (i.e. a bank or mortgage lender), not to a beneficiary. The amount of coverage will equal the amount of the mortgage still owed, but the maximum can never exceed $200,000. VMLI is decreasing term insurance which reduces as the mortgage balance declines. VMLI has no loan or cash values and does not pay dividends.

    Cost/Rates

    To determine your VMLI premium amount consult the VMLI Premium Calculator.

    Applying for VMLI

    Servicemembers or Veterans who receive a grant for the purchase of Specially Adapted Housing are advised by Loan Guaranty personnel at their interview of their eligibility for VMLI to cover the unpaid mortgage on their home.

    The Specially Adapted Housing Agent will help the Servicemember or Veteran complete VA Form 29-8636, Application for Veterans’ Mortgage Life Insurance. If a Servicemember or Veteran does not apply for VMLI coverage at that time, VA will send a letter informing them that they are eligible for such coverage. In addition to completing VA Form 29-8636. the Servicemember or Veteran must provide information about their current mortgage.


    Cleancredit #credit, #clean, #repair, #fix, #equifax, #experian, #transunion, #quick, #fast, #score, #raise,


    #

    Frustrated and looking for answers on “How to Fix Your Credit?

    Have you tried to buy a home / Car only to be turned away or told to wait a year and try again?

    There are laws that protect the consumer but those laws are hard to find and harder to interpret. Quick Credit Clean LLC will provide you with our knowledge and experience to make these laws work for you instead of against you .

    It’s unfortunate but major companies are aware that the average consumer cannot interpret these laws and they are more than happy to use this to their advantage.

    What makes Quick Credit Clean LLC different?

    • Our system is a collaboration between the client ourselves. Working together ensures a much greater result.
    • Every client’s file is handled personally and “in-house” – this means no Outsourcing or breakdowns in communication. Again, increasing effectiveness.
    • Our process is completed within 45 to 180 days – NOT 18 months or more.
    • Our consultation/evaluation is always free – If we cannot help we would rather give you free advice and hope you’ll send us someone that does need our services.
    • Every client is given a “credit education” guide in an understandable format.


    Can “accurate” information be removed?

    Most consumers ( and professionals ) view credit daily without the correct information to interpret what is or isn’t truly accurate; Because of this the wrong call for accuracy is made every day. Once the accounts are viewed by someone that knows the ins – outs of the credit reporting system; we find that many of those harmful account are not accurate at all. Once these errors removed you really get to see you actual credit worthiness!

    Every day someone tells us an account is accurate – every day we prove why it’s not. Having the knowledge to determine the difference between accurate and inaccurate combined with the essentials for maximum scoring are the keys to making huge score gains. They also make sure big companies can t bully you into paying too much interest.

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    Want that shiny new car?

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    Guide to Different Types of Mortgages #best #type #of #mortgage


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    Different types of mortgages

    Not only do you have to work out which mortgage will be the cheapest for you, which means looking at interest rates and fees, but there are also different types of product available.

    So should you go for a fixed or variable rate deal? And what about offsets?

    Here we explain the differences in order to help you work out which is the right type of mortgage for you.

    Fixed rate mortgage

    The interest rate remains the same throughout the period of the deal – typically one to five years, though it is possible to get ten year fixed rates. If you opt for a fixed-rate, you’ll have the security of knowing exactly how much your mortgage will cost you for a set period of time.

    Advantages

    Your mortgage payments will remain the same, even if interest rates changed. This makes it great for budgeting.

    Disadvantages

    You are tied in for the length of the deal, so if interest rates fall you can’t take advantage of them. For example, if you opt for a five year fixed-rate deal, you will be tied in until the fixed term ends. If you want to get out of the mortgage before then, you’ll be charged a hefty penalty – often thousands of pounds.

    So before you apply for a fixed rate mortgage, think about how long you are happy to be locked in for.

    Tracker mortgage

    You can monitor how base rate changes will affect your mortgage repayments by using our base rate calculator .

    The interest rate on a tracker mortgage is linked to the Bank of England base rate. So if the base rate changes, your mortgage rate will change.

    If the base rate was 0.50%, and you took a tracker mortgage with a rate that is 2% above the base rate you’d pay an interest rate of 2.50%. If the Bank of England put the base rate up to 1%, your mortgage rate would increase to 3.00%. This would add about £25 a month to the repayments on a £100,000 mortgage.

    As with fixed rate mortgages, trackers are available over different terms: most commonly two or five years. With these deals, you’ll be charged a penalty if you want to get out of the mortgage during the term.

    You can also get lifetime, or term, trackers and these are often completely penalty free so they are very flexible and can be a great option if you don’t want to be tied into your mortgage.

    Advantages

    The rates on the leading tracker mortgages tend to be lower than on fixed rate deals.

    Although trackers are variable rate mortgages, it’s easy to understand what rate you’ll be paying because they are directly linked to the base rate. Therefore, the rate, and your monthly payments, will only change if the Bank of England changes the base rate.

    Disadvantages

    You don’t have the same security with a tracker that you get with a fixed mortgage because the rate is variable. This means you have to be prepared for the fact that your monthly repayments could go up – and it’s really important to make sure you’ll be able to still afford your mortgage if this happens. If money is tight and you need to budget carefully, a fixed rate mortgage will probably be a better option.

    Discount mortgage

    Trackers aren’t the only type of variable mortgage. Discounts are another. However, unlike trackers the interest rate isn’t linked to the Bank of England base rate. Instead, it’s linked to the lender’s standard variable rate (SVR) and this is a significant difference because lenders can change their SVR even if there has been no change in the base rate.

    Discount mortgages are available over different terms – typically one to five years – and as with trackers and fixed rate deals you will probably be charged a penalty if you want to get out of the deal during the term.

    Find this helpful? You can share this article

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    Debt Consolidation #debt #consolidation, #debt #consolidation #loans, #mortgage #refinance, #compre #loans, #refinancing


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    Will consolidating my debts help?

    Key message

    Get advice about all your options before:

    • taking out a new loan to pay all your existing loans
    • taking out a loan to consolidate your debt

    For free, independent and confidential financial counselling, call MoneyHelp service on 1800 007 007.

    What is involved in consolidating debts?

    Lenders offer a range of refinancing and consolidating loans to people with debts.

    Refinancing means you get a new loan to pay out an existing loan.

    Consolidating is a type of refinancing that usually means getting a new loan to pay out a number of other loans.

    Many home loans have an option that allows the loan to be extended to consolidate other debts.

    The most common reasons people consolidate debts are to:

    • Reduce monthly debt payments,
    • Manage one debt instead of having a number of debts,
    • Save money by getting a consolidation loan with a lower interest rate to pay off debts with a high interest rate.

    Debt consolidation rarely saves you money. In most cases, debt consolidation is more expensive than keeping your loans as they are. Avoid debt consolidation companies as they usually charge exorbitant fees.

    It can put you, co-borrowers and other people who guarantee your loan, at increased financial risk.

    Should I refinance my home loan?

    If you want to include all your debts in your home loan it will probably be cheaper to extend the length of your current mortgage than to refinance.

    A new personal loan to pay out other debts will have a higher interest rate than your home loan and will likely have establishment and other start up fees.

    Will consolidation save money?

    In most cases, consolidating won’t save you money. If a new loan has a lower interest rate than the interest rate on your largest loan, then it might save you money to consolidate. But the cost of establishing the new loan, combined with early payment fees on your old loan, is usually higher than any savings you make on interest charges.

    Talk through your options with a financial counsellor before making a decision. MoneyHelp can be contacted on 1800 007 007.

    Should I use a guarantor or co-borrower?

    If you don’t own a house, a lender might offer you a consolidation loan if someone else, usually a family member or friend, signs as a guarantor or co-borrower.

    If you do not keep up with payments it can lead to the guarantor or co-borrower losing their home. Get advice about other options first.

    Can I cut years off my mortgage?

    There is no magic loan that cuts years off your mortgage or debts. For most people, the best debt reduction strategy is to:

    • Stop using more credit,
    • Continue paying your mortgage,
    • Pay as much as you can towards your non-mortgage loans,
    • When other debts are paid out, pay those extra funds towards your mortgage.

    What are my other options if I do not want to refinance or consolidate my debts?

    Your options will depend on what your main aim is and what constraints you have. If you have no assets, you may consider bankruptcy. If you have a mortgage, you may consider a Part IX Debt Agreement. Talk through your options with a financial counsellor before making a decision. MoneyHelp can be contacted on 1800 007 007.

    I want to pay off my debts off sooner

    1. Work out how much money you can allocate to your debts each month.
    2. Apply any excess funds to the most expensive debt, usually your credit card.
    3. When that debt is finalised, apply the excess to the next most expensive debt.
    4. Eventually you will probably be left with your home loan and you will be allocating all excess funds to it. This will reduce the term of your home loan.

    I hate having so many debts

    Consider easier ways of managing payments. Consider using bill payment services offered by your credit union or Australia Post that allow you to make one monthly payment.

    I cannot pay one or more of my debts

    Debt consolidation is not reversible, so always start by seeking advice from a financial counsellor about your debt problems.

    If you are having particular problems with one debt, for example threatened legal action or harassment by debt collectors, you should access free legal advice about your rights.

    Helpful links