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marti reeder, john l scott, PMI, private mortgage insurance, title insurance, real estate lawyers, property owner protection, marti-realtor.com, heir, current homeowner, property liens, property claims, claims on the property

Business Loan And Business Finance – What You Need To Know

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Business finance for commercial real estate and businesses varies from residential financing in more than 25 different and critical ways. It is clear that residential real estate investors are evaluating business financing and commercial real estate opportunities. This commercial mortgage and business opportunity financing report should be helpful to new commercial investors in educating them about important commercial loan and commercial real estate loan factors. SBA Loan Financing The availability of SBA loan programs is an important and useful aspect of many business financing strategies. There are also critical limitations and potential problems with Small Business Administration business finance programs. Some commercial borrowers will benefit significantly from SBA loan financing, and it is equally likely that many business borrowers will either not qualify or should avoid such business loan programs. Business Opportunity Financing – Business Finance Strategies Because it involves the financing of a business without real estate, a business opportunity business loan can be difficult to arrange. Traditional business finance approaches are not workable. Several terms such as down payment requirements will be different in comparison to a commercial mortgage with commercial property as collateral and there will be fewer qualified lenders. Balloon Payment Business Finance Requirements Balloon payments are used by some commercial lenders as a replacement for a valid long …

Question of the Day – Why Do Home Buyers Need to Know This Information?

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Avoid Foreclosure: Know Your Options

What to Know About 30 Year Mortgage Rates

Sat, 12 Feb 2011 19:05:15 +0000

What to Know About 30 Year Mortgage Rates

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Home Page > Business > What to Know About 30 Year Mortgage Rates

What to Know About 30 Year Mortgage Rates

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Posted: Aug 24, 2009 |Comments: 0
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The variety of choices in choosing a mortgage can make the process seem overwhelming. A mortgage is the single largest investment most people will make in their lives. The wrong decision can be costly and have long term affects on other financial decisions.

For many people, a 30 year mortgage is the option that makes the most sense. While 30 years seems like a long time, the 30 year mortgage has many benefits over an interest only loan. Choosing between a 15 and 30 year loan will require more careful considerations. Before making those comparisons, it is important to understand why either a 15 year or 30 year loan is a better financial choice for most people than an interest only loan.

In an interest only loan, the borrower is only repaying the interest that was borrowed. The principal of the loan remains untouched. At the end of the loan term, the homeowner has several choices. They may refinance, either with another interest only loan or a conventional loan that will pay off the principal, or they may sell the property.

Since the homeowner has not paid down the principal of the loan at all, it can be difficult to make any money on a resale. In fact, it is not uncommon to lose money on such a transaction. In contrast, for a homeowner in a conventional mortgage, even living in a home for ten years is often long enough to have substantial equity built up in the home if they wish to sell.

Many people who choose interest only loans have done so to afford a home that they would not be able to afford with a conventional loan. Since they are only paying interest on the loan, the monthly payments are lower than a loan where the bowered repays interest and principal.

The choice between a 15 and 30 year mortgage can be more complicated. The term of the loan is longer in a 30 year mortgage, so the monthly payment is lower. However, the overall cost of the 15 year loan is substantially less. How to decide which one is best for you?

Consider your overall spending habits. Are you in a place financially where you have a comfortable amount of income left over at the end of each month? If not, are there spending habits you can change to free up same cash? If you can afford the higher monthly payments, a 15 year mortgage does make more financial sense. How much are your other loans? Most lending institutions want to see your total monthly obligations at around 36% of your monthly gross income. If a 15 year loan will push you over this limit, when combined with credit card debt and auto loans, the lower payments of a 30 year loan makes more sense. Know how much owning a home really costs. Adding in the cost of your mortgage is not enough. When considering how much you can afford, remember that you will have homeowner’s insurance and possibly mortgage insurance to pay, as well as property taxes and sometimes miscellaneous fees such as homeowner’s association fees. Once all of these are added into your budget, it is easy to see where a 30 year mortgage will free up some essential money in your budget. Look at the interest rate spread. The interest rate spread is a term used for the difference between the interest rate of a 15 year loan and a 30 year loan. Sometimes the spread is relatively small, even less than 1%. Other times the spread is greater. The smaller the interest rate spread, the greater the advantage of a 30 year loan. What is your monthly income? Most lenders consider 30% the maximum monthly amount someone should pay of their income toward a mortgage. Greater than that, and it becomes difficult to meet other obligations or handle problems in the case of an emergency. If the monthly payment on a 30 year mortgage drops you below 30% of your income, this option would make sense.

There are a variety of reasons why a 30 year mortgage may be a more attractive choice than a shorter term. While the overall cost is greater, the lower monthly payments allow for a greater amount of financial freedom. If you believe that you can financially handle the higher payments of a 15 year mortgage but the numbers are close, talk to your lender.

Many lenders will allow you to make payments to the principal of your loan without paying a prepayment penalty. By doing this you can take extra money and use it to lower the principal of your loan, which, in turn, reduces the amount of interest you pay over the life of the loan. If, however, your finances tighten up, you are not obligated to make this additional payment.

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What First Time Home Buyers Need to Know About the Mortgage Process

Fri, 24 Dec 2010 19:06:10 +0000

What First Time Home Buyers Need to Know About the Mortgage Process

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Home Page > Finance > Mortgage > What First Time Home Buyers Need to Know About the Mortgage Process

What First Time Home Buyers Need to Know About the Mortgage Process

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Buying a home for the first time can be confusing. There are so many things to consider and so many things that must be done the right way before you sign your name on the dotted line. Understanding the steps of the mortgage and home buying process can make it much easier to navigate. Here’s a brief guide to what first time home buyers need to know about the mortgage process.

Before you look for a home:

Decide if you’re financially ready to buy a home. When you compare rents side by side with mortgage payments, buying a home may seem like a great bargain, but it’s important to consider all the costs that come along with owning a home.
Learn about the different mortgages available and figure out which is best for you. T
Get your financial information together. In order to be approved for a mortgage, you’ll need to document your income, your assets, your employment, your residence and your existing debt.
Get pre-approved. A pre-approval letter will give you a firm idea of your prospective price range for a new home, and it will tell your real estate agent and home sellers that you are serious about buying a home and financially capable of managing it. Pre-approval is a more formal and in-depth process than pre-qualification. A pre-approval letter is a formal certificate from a lender saying that you are qualified for a mortgage up to a certain amount. While it is not an agreement to give you a mortgage, it is one step closer to having the cash in hand to buy a house.
Find a real estate agent. Your real estate agent will work in your best interest and help guide you through the rest of the process.

Once you find your house:

Work with your agent to determine a fair offer price. A written offer will include the price you’ll pay, any conditions that must be met, amount of earnest money, complete legal description of the house, down payment and financing details.

Earnest money is included with your offer to show the seller that you are serious. If your offer is accepted, the earnest money becomes part of the down payment. If your offer is rejected, the earnest money is returned to you. If you pull out of the agreement for reasons other than those stated in the offer, you’ll forfeit the earnest money.
Once your offer is accepted, make a formal application for a mortgage. At this point, you will usually have to pay a mortgage application fee. If your mortgage is approved, it generally locks in the mortgage rate you are offered for 30 to 90 days.
Your lender will arrange for a home appraisal to determine that the house is worth the amount you are asking to borrow in order to purchase it.
You or the lender will order a home inspection, which is not the same as a home appraisal. A home inspection will point up any problems with the home that may have been missed by a casual inspection.

Insurance Policies that You Will Need

Get home owners insurance and provide proof of coverage to your lender.
Private mortgage insurance is a policy that will pay off your mortgage if you should default on the loan under specific circumstances. Most lenders require that you carry PMI if you make a down payment of less than 20%. Generally, the cost of PMI is added to the amount financed.
Title insurance is a policy that guarantees a clear title to the house. When you purchase title insurance, the insurance company will do their own title search. If any issues of ownership related to title arise after you have taken over the house, the insurance company will pay all legal and other costs related to the title issue.

Closing on Your New Home

Your lender will let you know in advance how much the closing cost will be. This is generally a “good faith estimate”, and may vary slightly from the actual amount when all costs are totaled.
You will be expected to bring valid identification and certified funds or a cashier’s check for the amount of the closing costs.
The closing costs will include any loan fees, prepayment of interest (points), copying fees and administrative fees charged by the lender.
You will have a chance to read over all the documents concerning your mortgage and your home. The closing attorney will give you concise explanations of each document that you are asked to sign, but you have the right to read each one over yourself as well.
Once all the papers are signed, you will endorse the check to the closing attorney, and receive the documents that make the home yours. The closing attorney will see to the disbursement of funds – paying off any remaining mortgage, payment to the current owners, and any other associated costs.

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Mortgage Protection Insurance: What you need to know

Mon, 29 Nov 2010 19:04:21 +0000

Mortgage Protection Insurance: What you need to know

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Mortgage Protection Insurance: What you need to know

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Mortgage Protection Insurance: What you need to know

By: Allan Young

About the Author

Allan Young is a freelance writer who writes about mortgages and home ownership, offering tips such as how to find the lowest mortgage rates .

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Article Source: http://www.articlesbase.com/ – Mortgage Protection Insurance: What you need to know

In today’s fragile economy, mortgage protection insurance makes more sense than ever. Not to be confused with private mortgage insurance, often simply abbreviated to PMI, mortgage protection insurance is designed to pay off your mortgage, or make payments toward your mortgage for a specified period of time, if certain specific events make it impossible for you to make your mortgage payments. As with any kind of financial product, it is very important to assess your needs, and carefully examine the insurance policies available to you before you make a decision to buy mortgage protection insurance. Below are things you need to know about mortgage protection insurance before you buy.

What is mortgage protection insurance?

There are two kinds of mortgage protection insurance, commonly called mortgage protection life insurance and mortgage protection payment insurance. Mortgage protection life insurance is designed to pay off the remainder of your mortgage if you should die before the mortgage is completely paid off. Mortgage protection payment insurance is designed to pay your monthly mortgage for a period of time if you should become disabled or lose your job before your mortgage is paid off.

How is mortgage protection insurance different from private mortgage insurance?

Private mortgage insurance, or PMI, is designed to protect the bank if you should default on the mortgage. Most lenders require that the buyer purchase private mortgage insurance if they finance more than eighty percent of the home’s value through a mortgage. Unlike mortgage protection insurance, which is meant to benefit the homeowner, private mortgage insurance guarantees that the lender gets their money back even if a foreclosure auction does not recover the full value of the house.

Private mortgage insurance, on the other hand, is designed to prevent foreclosure by paying a benefit to the homeowner.

What is mortgage protection life insurance?

Mortgage protection life insurance is term life insurance in the amount of the mortgage on a home. In many cases, policies that are labeled “mortgage protection life insurance” are priced higher than other term policies even though they do not provide any additional benefits. Since there is no standard for these policies, it is important that you read through each policy and understand exactly what benefits you are being offered. Certain policies, for instance, will reduce the amount of the benefit as your mortgage is paid off. Some policies may also reduce the premium, while others have level premiums that are calculated over the life of the policy.

What is mortgage payment protection insurance?

In most cases, mortgage payment protection insurance is an accidental death and disability policy which pays you or your beneficiary a specific amount each month, if you should be disabled or killed during the time that the policy is in force. Many mortgage payment protection policies will also pay benefits if you are laid off from your job during the time that the policy is in force.

Is mortgage protection insurance necessary?

Mortgage protection insurance is not extremely necessary, but it may be an excellent investment especially during this fragile economy. While no one wants to imagine their own death or disability, it makes sense to protect your family against losing their home in the event that you are killed or disabled. Protection similar to this is not always called “mortgage protection insurance.” In certain situations, it may be less expensive to take out a term life insurance policy for the length of your mortgage term. For example, if you have a 30 year mortgage for $150,000, it would make sense to take out a term life policy for $150,000, and keep it in force for 30 years. If you die before your mortgage is paid off, the insurance company will pay out $150,000 to your surviving spouse or children so that they can pay off the mortgage and not have to deal with the loss of their home.

How long will mortgage payment protection insurance pay my mortgage?

The number of payments that your mortgage payment insurance will cover is dependent on the policy that you choose. The most common policies will pay out for up to twelve months if you are unemployed due to illness or accident. A policy that also includes coverage if you are laid off will generally require that you establish that the job loss was not your fault before they make payments on the policy.

How much does it cost to have mortgage protection insurance?

The amount that you pay for mortgage protection insurance will depend on the amount of the benefit. In other words, if the policy pays $150,000 you will pay a higher premium than someone who has a policy that pays $100,000. Likewise, the premiums on a disability policy will vary according to the amount of the benefit paid out.

Like any other insurance, premiums and cost will vary widely based on many different factors. Be sure to shop around and compare prices and coverage to make sure that you get the best policy for your needs.

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Allan Young is a freelance writer who writes about mortgages and home ownership, offering tips such as how to find the lowest mortgage rates .

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Allan Young is a freelance writer who writes about mortgages and home ownership, offering tips such as how to find the lowest mortgage rates .

3 Changes To FHA Home Loans Santa Clarita Home Buyers Need To Know – Episode 23

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There are 3 new changes going on in the world of FHA home loans that have been passed down by HUD. Robert, of The Robert and Brian Team @ Realty Executives shares with you exactly what these 3 changes are. One of them goes into effect Feb 1, 2010. These 3 changes have to due with the 90 day flip rule, mortgage insurance premiums, and minimum FICO scores. All things that could possibly affect you, if you’re planning on utilizing FHA financing in your next Santa Clarita real estate transaction.