08 Apr

when is it okay to refinance your home loan?

Author: admin  //  Category: Refinance Mortgage  //  Comments (5)  //  Add Comment

we just bought our house a month ago and were approached by a company that said b/c my DH is a veteran we could get a lower interest rate. Is it okay to refinance this early?

First you did not mention what your rate is right now – on a VA loan – the rates are very good. But since you just got your loan, you should have gotten a good rate? Did you? You will have closing cost again associated with your loan – that will be rolled into your new loan – and you will be financing that amount, which will not save your much money unless you get a interest rate at a fixed for 30 years and 1 point lower….than what your rate is now. You can always ask the person, what rate they are offering you, get it in a approval letter…. What is your payment now ? Add 4,000 to your loan amount now for closing cost – That is just an estimate ok. Go to any web site out here, or go to mine, and put in the loan amount, 360 months (or 30 years) put in a 6 rate and see if you are saving any money…

VA Loan Information: Visit the home page of the VA. http://www.va.gov/

http://www.vamortgagecenter.com/

The VA has increased their loan limits! The maximum loan amount in most cases is $417,000. The VA also offers some advantages over conventional loans:
Other benefits of a VA Loan:
1. No Down Payment required at closing
2. Lower closing costs than conventional loans
3. No prepayment penalty if you pay off your VA loan early
4. No monthly Private Mortgage Insurance payment
5. The lender is willing to negotiate your interest rate

GOING TO THIS SITE, IS A MUST: http://www.homeloans.va.gov/veteran.htm


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08 Apr

interested in debt consolidation but dont know where to start?

Author: admin  //  Category: Debt Consolidation  //  Comments (3)  //  Add Comment

i am interested in having my monthly credit card payments put into one payment per month. i was very close to trying this but backed out at the last minute out of fear of being screwed over by a debt consolidation company. can someone explain how these companies work? has anyone ever used one? is it helpful?
do u pay the debt consolidation company a seperate fee? or do they include that within ur consolidated payment?

My husband and I are having money issues and are in way over our head in cc bills thanks to a wedding and buying a house.. We looked into debt consolidation but found out that you have to pay them a lot of money to consolidate your debt, and its worse on your credit than filing bankruptcy. Besides it always on your record where if you file Bankrupt you only have to have it on your credit for 7 years.. My SIL filed bankruptcy about 4 years ago and bought a house last year and has no problems getting loans because she found simple ways to get her credit back up after filing bankruptcy.. Not rooting for bankruptcy here but don’t be fooled by the way it sounds.. Debt consolidation companies literally screw you financially (which is why you are there in the first place so it doesn’t help but only make things worse) and its worse on your overall credit. best of luck!


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07 Apr

Loop’s Reynolds Discusses Prospects for Interest Rates: Video

Author: admin  //  Category: Interest Rates  //  Comments (0)  //  Add Comment

April 7 (Bloomberg) — James Reynolds, chief executive officer of Loop Capital Markets LLC, talks with Bloomberg’s Betty Liu about the financial crisis and prospects for interest rates. (This is an excerpt of the full interview. (Source: Bloomberg)

Duration : 0:1:52

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07 Apr

7 Steps to a 720 Credit Score: Part I

Author: admin  //  Category: Overseas Residents Loans  //  Comments (11)  //  Add Comment

The 7 STEPS TO A 720® CREDIT SCORE program was created when mortgage broker Philip X. Tirone noticed that good people with good intentions were consistently turned down for home loans. Those who did qualify often paid unnecessarily high interest rates. On a $300,000 home loan, a person with a poor credit score could pay as much as $212,040 extra over the course of 30 years.

This is simply unacceptable. 7 STEPS TO A 720® CREDIT SCORE exposes the rules of the credit game, allowing countless Americans to increase their credit scores and save hundreds, sometimes thousands of dollars in interest payments. 7 STEPS TO A 720® CREDIT SCORE is a credit-improvement strategy based on patterns of change identified by studying tens of thousands of credit reports. Available to the public, the system is also used by real estate agents, mortgage brokers, investment advisors, and accountants across the nation to help borrowers save money, qualify for the best loans, and reduce interest payments.
An expert in residential home financing, Philip X. Tirone has a unique background in difficult-to-obtain loans, having started his career working with borrowers with stated incomes and/or poor credit scores. With this foundation, he became a specialist in the credit-scoring process, authoring the book, 7 STEPS TO A 720® CREDIT SCORE, as well as the bestselling workbook, APPLYING THE 7 STEPS TO A 720® CREDIT SCORE.

Philip is the founder of the Mortgage Equity Group (the MEG) and specializes in educating borrowers and helping them increase their credit scores so they qualify for the best loan programs available. The MEG is a non-traditional mortgage company composed primarily of team members committed to providing each homebuyer with specialized time and services unique to his or her needs, complementing traditional mortgage services with innovative programs aimed at reducing mortgage payments and maximizing buying power.

Philip’s commitment to educating homebuyers prompted him to create the 7 STEPS TO 720® LICENSING PROGRAM FOR PROFESSIONALS in which he trains other mortgage planners and industry professionals on consistently outperforming the market by helping clients improve their credit scores. As well, he established the 7 STEPS FOUNDATION, a charitable fund that allocates resources to help low-income and underserved Americans increase their credit scores. Philip has an uncanny ability to develop innovative strategies to simplify the mortgage process. As a frequent guest lecturer at the University of California Los Angeles, Philip has authored and delivered numerous speeches about avoiding the “Mortgage Lifestyle Dilemma,” a phrase he coined to describe an emotional buying decision that results in overextension and a life that revolves around high mortgage payments.

Philip and his programs have been featured in the Los Angeles Times, New York Times.com, Wall Street Journal, Newsday, Woman’s World Magazine, San Francisco Chronicle, Bottom Line Magazine, and Bankrate.com, among others. He was recently featured in the New York Times bestseller, Secrets of the Young & Successful. In 2008, he will be featured in Dan Sullivan’s forthcoming book, Industry Transformers, which identifies eight individuals who are having a profound impact on their industry by creating meaningful ways for their clients to bypass the bureaucracy and the red tape most consumers face.

Duration : 0:9:49

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07 Apr

Smal Business Loan – No Doc Commercial Loan

Author: admin  //  Category: Commercial and Business Loans  //  Comments (0)  //  Add Comment

http://www.CommercialMortgageTips.com Are you opening or expanding your business? Need the money to get the job done? Try a true No Doc Commercial Loan. Yes, a true No Doc Loan! Call 561-208-6469 NOW!

Duration : 0:1:14

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07 Apr

Q38 Rights for Investment Property loan

Author: admin  //  Category: Investment Loans  //  Comments (0)  //  Add Comment

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07 Apr

Strategies to Refinance Housing Loan (Part 3)

Author: admin  //  Category: Refinance Mortgage  //  Comments (0)  //  Add Comment

HousingLoanSGhttp://gdata.youtube.com/feeds/api/users/housingloansgEducationhousing loan sg, Housing Loan, Housing Loan Refinancing, Home Loan, Home Loan Refinancing, Housing Loan ExpertStrategies to Refinance Housing Loan (Part 3)

Duration : 0:9:42

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07 Apr

Credit Card Debt Consolidation 1

Author: admin  //  Category: Debt Consolidation  //  Comments (0)  //  Add Comment

http://www.cpa-financial-debt-strategy.com – This free, debt free strategy helped million’s of people achieve debt freedom. It may help you as well? I really suggest you visit,
http://www.cpa-financial-debt-strategy.com, it helped me achieve credit card debt freedom, sooner than I thought possible. We know that it’s good to consolidate credit card debt (at least that’s what we keep hearing from everyone). In fact, the first step to solving your credit card debt is to consolidate. So how do you consolidate debt? The First thing, is to keep your eyes open, as there are a number of offers available to choose from. The Second thing, as I mentioned this really helped me, and maybe it will help you too? is to visit,
http://www.cpa-financial-debt-strategy.com, then down load, a free copy of the strategy, to achieve credit card debt freedom, sooner than you think possible.

Duration : 0:4:13

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07 Apr

How do lenders come up with the interest rates for mortgages?

Author: admin  //  Category: Interest Rates  //  Comments (3)  //  Add Comment

I want to know how banks set the interest rates for mortgages. All I know is that they move up and down with the fed funds rate and discount rate (Correct me if I am wrong). Does anyone know all factors that play into the rates that lenders come with? Is there a way to calculate or give more or less weight to any one of them? Thank you.

That is not to say that when the fed lowers rates the mortgage rates don’t tend to fall slightly but not in unison.

The question i think you want to know is why the rate quotes differ so much does. The fact is all mortgage professionals are finding rates from the same pond so to speak.
lenders and brokers have rate sheets it shows the rates that would be available to you what most people don’t know….simply put it shows the rate with the borrower paying no points to get a lower rate and then the other which is it shows the lender or broker your rate that would pay him a yield spread! 1/2% of loan amount to as much as 3% of your loan amount

And in some cases the borrower has no idea of this! Or it is explained away when you see a high APR by saying the reason is because of the closing costs. Closing costs do move the apr higher but considering the apr is factored over the life of the loan 30 years or whatever your term is.

The term is yield spread or back end money. most brokers and lenders even banks split the amount they want to make between the lender fee and yield spread so if a lender wants to make 3% then they show half in the front of 1 1/2 % lender fee.
Borrowers should always focus on the rate. It is unfortunate that so many brokers use the raising of rates to make more money and that doing this can cost the borrowers tens if not hundreds of thousands of dollars in added interest.

The simple fact is you need to use a loan comparison calculator to show the differences in loan offers. 1/2 % higher rate on a 30 yr fixed with a 250k home loan is 48,750 in additional interest!
Remember that the majority of the first 10 years of mortgage payments go toward the interest you owe!

HERE IS A CALCULATOR TO SEETHE BIG PICTURE


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07 Apr

Banking industry: commercial credit: will these aftershocks collapse the American economy?

Author: admin  //  Category: Commercial and Business Loans  //  Comment (1)  //  Add Comment

In the easy credit days of 2005 and 2006 business loans were typically made on five, seven and thirty year notes.

The 5 yr. notes created in 2005, come due in 2010 – but typically they will not be able to refinance and are presently at risk of foreclosure if they cannot sell the property to pay of the note.

The 5 yr. notes created in 2006, come due in 2011 – but it is unlikely they will be able to refinance and will be at risk of foreclosure if they cannot sell the property to pay of the note.

The 7 yr. notes created in 2005, come due in 2012 – but, unless a dramatic economic recovery occurs in 2010 and 2011, they will not be able to refinance or sell either.

The 7 yr. notes created in 2006, come due in 2013 – but, unless a dramatic economic recovery occurs in 2010 and 2011 and 2012, they will not be able to refinance or sell either.

Nor do I believe that the US gov’t can keep funding bail-outs,

Yes this is a HUGE problem.

The banks were also offering ARMs and liar loans in ’05/’06 that are resetting. Heck, FHA is still selling nearly zero down loans.

Last year banks closed down thousands of open business credit lines for no reason, payments were being made.

This year they have been told by the FDIC to CUT business loans even more.

Those loans and businesses are EMPLOYERS.

We are no where near the "bottom" of this mess.

Pray it doesn’t end in anarchy.


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