Mortgage Refinance Rates
By: rateempire
* Refinancing your existing mortgages has many advantages like lowering the monthly payments or interest rates paid. The latter is in fact one of the most important reasons for opting for refinance. Thus a vital point to be considered while taking a mortgage refinance is mortgage refinance rates.

*Mortgage refinance rates depend upon various market factors as well as your personal factors as a borrower. But mortgage refinance rates mainly depend upon the interest accrued on the refinance loan. The mortgage refinance rate is expressed as the Annual Percentage Rate (APR). APR is the total amount of money repayable by the borrower to the lender on a loan, per annum.

*It will also depend on the kind of mortgage refinance loan you would choose. The different kind of mortgage refinance options available can be broadly classified on the basis of:

*-Fixed mortgage refinance rate: Various fixed rate refinance include 30 year fixed mortgage refinance, 20 year fixed mortgage refinance, 15 year fixed mortgage and 10 year mortgage refinance, etc.

*-Adjustable mortgage refinance rate: This category includes 1 year ARM (Adjustable Rate Mortgage), 3/1 ARM refinance, 3/1 interest only ARM refinance, 5/1 ARM refinance, 5/1 ARM interest only refinance, etc.

*Few ways by which you can reduce your mortgage refinance rates are: -Keep a check on your credit score: Your credit history will have a great impact on the mortgage refinance rate you will be offered. Making payments late or missing payments will decrease your credit score. Also, take care to see that you don't use your credit cards and line of credit loans to the maximum credit limit available to you. Doing so will again decrease your credit score. Having a bad credit score will not stop you from availing a mortgage refinance. But the mortgage refinance rate offered to you will be 2% to 6% higher than usual. So try to improve your credit score to get lower mortgage refinance rates.

*-Think about paying points: This is one more alternative to lower mortgage refinance rates. One point is equal to one percent of the mortgage amount. For instance, a mortgage loan of $10,000 with 3 points will incur additional $3000 as charges. Higher the points charged to the mortgage, lower will be your mortgage refinance rate. Points can either be paid upfront or financed by the amount from the loan.

*-Do your research: As in all other sectors, there is intense competition in the lending sector too. It might make sense to obtain mortgage refinance from your current lender, but they might not necessarily offer you the best mortgage refinance rates. Thus it is wise to compare rates offered by various lenders. And with World Wide Web at your finger tips this should not be a tedious task. Applying online will help you get multiple offers from various lenders. Compare the mortgage refinance rates as well as the services of the lender and then choose the best offer suiting your needs.

*To get the best mortgage refinance deal don't compare only mortgage refinance rates but also consider closing costs and redemption penalties.

*Article Source: http://keywordbeast.com


Author Resource Box
*Martin Lukac represents Rate EmpireMortgage and Refinance Loan marketplace. RateEmpire.com is a destination site of personal finance, investing and taxes. For more information please visit Mortgage Refinance Rates

A New Mortgage for Big Savings
By: Trevor Goald
*Many first-time buyers rush into home ownership without exploring all of their options. They will, for example, accept a mortgage offer without realizing the sizeable monthly obligation. Sooner or later, refinancing may be the best alternative.

*Simply put, a mortgage is a long term loan that's repaid over a period of time. Most mortgages are set on a monthly payment basis, while others are "accelerated" to allow the borrower bi-weekly or weekly payment options.

*As with all loans there is an interest rate. A lower interest rate means lower payments, so it's best to shop around for the lowest possible rate. Even if you have "locked in" with a plan at a set rate, it may be possible to refinance your mortgage to take advantage of a lower interest rate.

*Mortgages are available in fixed and floating terms. In a fixed rate mortgage, the borrower is locked in at a set rate for the duration of the mortgage term. A floating mortgage means that the borrower will pay more or less each month, depending on the current interest rates. Both types of plans have their pros and cons, and the type of mortgage you choose has a lot to do with your present situation. Mortgage refinancing is a good tool to use when homeowners wish to switch from a higher adjustable plan to a lower fixed rate mortgage.

*The prevailing market rate keeps changing all the time. So it's quite possible that you have already committed to a mortgage with interest higher than the current rate. In this case, you are wise to consider refinancing your mortgage. In mortgage refinancing, the full payment of your current loan is entered into a new mortgage agreement, but at today's lower rate. If rates drop significantly, for example by two percent points, refinancing makes good sense. Check the prevailing rates of interest and compare them to what you're paying now.

*Deciding whether or not to refinance your mortgage depends on other factors as well. Look at the remaining term of your current mortgage. If there were just a few years remaining, it wouldn't make sense to refinance and commit to another extended payment period. There are also various costs associated with mortgage refinancing that you need to consider. Prepayment costs for your current mortgage, closing costs of the new mortgage, and other borrowing fees can come into play. Some lenders will also charge a fee for closing a mortgage early, so be careful to check the fine print.

*Refinancing your mortgage can also bring extra cash when you need it. If you have built a significant amount of home equity, you can use mortgage refinancing to obtain a home equity loan. In this case, you can use your home equity to generate cash. The proceeds from mortgage refinance can be used for various purposes, like debt consolidation, home improvements, or as a college fund for your children. Many people wisely use mortgage refinancing to consolidate their debts. Choosing one monthly payment over many bills is not only easier, but it saves you a lot of money by avoiding higher interest payments from credit cards and private lenders. Your pocketbook, and your credit rating, will look a lot healthier.

*When high interest rates and unpaid debt strain your budget, mortgage refinancing can be an easy solution. You'll pay less interest and save money.

****Article Source: http://keywordbeast.com


Author Resource Box
Writer Trevor Goald pens for a variety of well-known online magazines, on new home and home owner insurance topics.
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Pros and Cons of Reverse Mortgage Payment
By: rateempire


*California Reverse Mortgage is a loan where the lender either pays you a lump sum at one go, makes regular monthly payments, extends a line of credit, or a combination of the three. You continue to own your home and pay property taxes, operating expenses and maintenance. But because you make no regular pay outs on the loan, the balance owed rises each month with the interest applied to it. In the event of your death, your heirs would be responsible for paying the total debt, which is often done by selling or refinancing the house. There are a number of pros and cons for the various California Reverse Mortgage Payment Options.

*A.Line of Credit: This is when the access funds are at your discretion. The Pros and Cons of this type of California Reverse Mortgage payment are as follows

*Pros: Flexibility - One of the Pros of this Reverse Mortgage Payment is that you can access funds anytime, whenever you need them.

*Potential - Another Pro of this Reverse Mortgage Payment is its growth feature. The unused balance grows. This does not mean you are earning interest. The growth factor takes into consideration that your home has appreciated in value over the past 12 months and that you are one year older.

*Extra Income - You can use your equity to supplement your retirement income. You can take a lump sum of cash and a monthly check. You can also take a monthly payment and have a line of credit you can write checks on as you need.

*Cons: Spending lure - One of the Cons of this Reverse Mortgage Payment is that is that the funds can be easily exhausted.

*Red tape - To access your funds, you must submit a written request to the loan servicer managing your account. It includes several rounds of official documents and meetings to get the amount approved.

*B. Term: here you receive fixed monthly payments for a set period of time. The Pros and Cons of this type of California Reverse Mortgage payment are as follows:

*Pros Instant transfer - Funds are instantly and automatically deposited to your bank account meeting your instant finance or emergency needs.

*Regular money generated - You can receive large monthly advances helping in planning out your regular expenses.

*Cons Fixed amount - The amount of funds you receive each month is fixed, so if you need additional funds, you will have to request a payment plan change which is a time consuming process.

*A major disadvantage of this Reverse Mortgage Payment is that monthly advances are not indexed for inflation.

*C. Tenure: here you receive fixed monthly payments for as long as you live in your home. The Pros and Cons of this California Reverse Mortgage Payment are as follows:

Pros

*Worth it - The monthly advances continue for as long as you live in your home, even if the total amount you receive exceeds the value of your home. Despite this, you will never owe more than what your home is worth.

*No money worry - You can keep receiving payments for as long as you live. Your spouse will keep receiving the payments if he or she is still alive. You never have to sell your home even if you outlive the equity. The income you receive is tax-free.

*Cons The amount of funds you receive each month is fixed, so if you need additional funds, you will have to request a payment plan change.

*You leave less equity for your children if you choose the wrong program.

*******Article Source: http://keywordbeast.com


Author Resource Box
1CaliforniaReverseMortgage.com provides reverse mortgage quotes in California. For more information please visit Pros and Cons of Reverse Mortgage Payment

Securing a Car Loan with a Poor Credit Rating

f you plan to purchase a new car, you would like to keep your finances ready before you go to the car dealer. Purchase of a car is a big decision and you would like the whole procedure to go smoothly without any hiccups. Before applying for a car loan check your transactions and your balance. Once you know how much you can afford with respect to your balance, you will know where your stand and how much you can spend for your car loan. If you have a secured credit rating then you will have no troubles getting your car loan approved by the bank or the car dealers. On the other hand if your credit transaction is not up to the mark then be prepared to fight for a car loan, and you may have to accept unfavorable credit terms in order to qualify.

A low balanced account does limit your options to get the car loan past but it doesn't isolate you. There are some options and procedures through which you can get your new car. The first thing that you should be sure of is that your finances are within reach before you go to your car dealer. This is for the flexibility with the dealer for his knowledge about your finances. If you can't find enough resources to finance the car then stay off from it, because then you may end up getting a high loan interest rate and may not get the best deal.

Talk to your bank about your low credit rating and see if they are willing to negotiate with you. If you already do banking with them they may be willing to give you some type of loan term since they have access to your financial records and know your spending habits. If your bank turns you down you can look on the Internet for loans that are available for people with a bad credit rating. Keep in mind that if you qualify for a bad credit loan that you’ll be paying a high interest rate since you’re considered an un-secure risk.

The situation, which is more buyer-friendly, is the one in which the buyer goes in for less percentage of loan and manages the rest on his own. Like getting 60 % financed and paying the 40 % or vice-versa. This reduces the buyer's liability and creditors insecurity. It is rightly said that there is no limit to one's desire but one gets what he or she deserves. So limit your desires or make the necessary changes to get what you want.The bottom line is to be prepared for the competition rather than brood over the system. All he best for buying the car.

Copyright 2006, Darlene Prestamo, All Rights Reserved. This article may be published on web sites or in newsletters provided this notice and the resource box is included without ammendment.

Article Source: http://keywordbeast.com

Author Resource Box
Darlene Prestamo is the webmaster of FY Loan, a web site which focuses on how to buy a car even if your credit rating is poor. For more information, go to: www.fyloan.com
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Getting Your Dream House With Suitable Mortgage

Getting your dream house is one of the satisfying events in everyone's life.

When it comes to buying a house, you should also aware that your are taking a huge burden on your shoulder in the form of debt. So it is imperative to look for a mortgage to suit your style of living and to save money.

When you decide to buy a house, you should have a careful consideration of the potential house based on your requirement. Since house is a long-term event you should give due consideration and think ahead in selecting a house. Similarly the mortgage also. It too stands before you for long term and identifying a mortgage carefully will save you time and money.

Let's put the key factors required to get your dream house:

Finalise what you want:

First and foremost thing is to decide on what you want? When it comes to house, what do you want is more important than what do you get? Decide on your requirements like location, size, structure, school etc. When you finalise your need, it is easier to locate a dream house.

Use the power of Internet:

Nowadays you can leverage the power of internet. Browse on real estate websites and search for the house based on your requirements. Real estate sites provides all the information such as nearest schools, colleges, shops, banks, emergencies etc. Once you short list the property, you can organise a time to inspect the property with real estate people.

Advantage of using a realtor:

An another alternative to the above is finding a realtor and discussing your requirement with them. They will display the houses available before you. They will also have some tie-up with the mortgage lenders, who will give the mortgage at a cheaper interest rate because of the reference. This could be a good comparison for you to select on the low interest mortgages. Have a cautious approach for the teasing offers and learn to read between lines.

Selecting a mortgage lender:

Once you finalise on the property, its now the time to search for mortgage lender. The best thing is to shop around. Since you are going to commit for huge amount of money, it is always better to do extensive comparisons. Ask quotations from banks, financial institutions, societies and online lenders. Compare the interest rates, fees (onetime and recurring fees) etc.

A few differences in interest rate or monthly fees will save a lot, since you are going to have ortgage for a long time (eg 10-20 years). Do your maths before deciding, if you are unsure ask your friends or relatives.

Know your down payments:

One of the important things when you go for a mortgage loan is the payment you make from your pocket. You have to pay registration cost, insurance, house inspection in addition to down payment. So the outflow from your pocket increases. Discuss all the relating cost before finalising the mortgage with the lender.

Do your maths and decide how much you want to borrow to avoid stress on your side.

Documentation:

Provide the basic documents to mortgage lender to decide on your application. If you can demonstrate the saving pattern with your bank statement, it will potentially reduce the mortgage insurance premium.

The final and important part is the documentation is settlement. It is always better to have solicitor for settlement of the property. Even though it cost, it will overweigh the advantage than disadvantages.

The article discussed above is some of the basic elements required in getting your dream house. But is not restricted to the above. Be a proud owner of your dream house.

Keyword Articles: http://www.keywordarticles.org

Home | Finance | Mortgage Refinance

hen you decide to buy a house, one of the first tasks is to talk to a couple lenders and choose which lender & loan is best for you. With all the loan variables, it's tough to compare one lender to another. In this article, we'll go through each of the loan variables.

1. Down Payment:
In general, the more you can put down, the better interest rate you can get. There is a point at which it does not matter how much more you put down, and that point is usually either 20% or 30%, depending on the loan program. If you are looking for the best rate possible and can put down more, ask your lender about this option.

2. Loan Life:
The longer the term, the more total interest you will pay. This is partly because you will have a better interest rate with the 15 year; for instance, today's rate from a large bank is 6.375% for a 15 year and 6.75% for a 30 year.

The other reason you pay less interest over the life of the loan with a 15 year term is because you pay down your principle faster. Instead of getting a shorter life term on the loan up front, another option to pay less total interest is to pay more into your mortgage each month to pay the loan down quicker. For example, on a 30-year $240,000 loan at 6.5%, if you pay $272 more per month, you can end up paying the loan off in 15 years instead of 30.

3. Property Taxes:
When comparing lenders, this number should not vary because your property taxes are paid to the city, county, and state, not the lender. So, this number should be constant across all lenders. But, when you look at estimated payments from different lenders, the estimated taxes will vary because it is their best guesses at what the tax bill will be at the end of the year.

The easiest way to compare the lenders is to just compare the principal plus interest and add in the same number for taxes. Essentially, you are standarizing the estimated payments between the lenders so that you can compare the actual rates. Another way of doing this comparison is to ignore the estimated payments and rather concentrate on the actual interest rate they are quoting you.

4. Insurance Rate:
Again, the insurance is an estimate that the lenders will make. They may estimate differently, so be sure to normalize this number across all the estimated payments.

5. Interest Rate:
The interest rate is variable depending on your credit score, income, and loan type. The higher the credit score, the better the rate. Lenders have cut-offs for what they consider above average, average, and low. If you can be in the above-average group, they will get the best rates. Your income comes into play when they figure your debt-to-income ratio. This is basically a way to measure how much you are bringing in and how much you are spending. At some point, a lender will not create more debt for you than they think you can handle. One thing to consider about your debt is not what the lender says you can handle but what you want to handle. The loan type also has a heavy influence on your rate. A better rate is given to those who will owner occupy the property.

6. Points:
Points are paid by the Borrower in order to buy down the interest rate. If you get some insanely low interest rate from one lender that seems completely out of whack from the other quotes, this might be because they are quoting you a rate with points. A point is equal to 1% of the loan amount, and you pay this point as part of your closing costs. So for example, with a loan for $240,000, one point would be $2,400 and that point might buy your interest rate of 6.5% down to 6.25%. Buying down your rate will lower your monthly payment.

When comparing lenders, make sure they all quote you a rate with no points. This levels the playing field so that you can determine who has the best rate without having to do all kinds of crazy calculations.

7. Closing Costs:
In addition to points, the Borrower pays 2-3% in loan-related closing costs. The majority of closing costs are lender fees. To demonstrate the price you pay for borrowing money, if you pay cash for a property, the closing costs ends up being more like $300 instead of $6,000 for a $300,000 sales price. The fees you pay include loan origination fees, appraisal fee, lawyer fees, credit score application fee, and document preperation fees.

Ok, so those are the main components of the loan to sort through and compare. Now, the toughest part is to compare lenders and weigh out all the closing costs and points paid along with the interest rates. How do you compare one lender with a 6.5% interest rate with $5,000 in closing costs to another lender who has a 6.0% rate with $8,000 in closing costs? The rate is better but you are paying more for it at closing, so is that $3,000 extra really worth it? To compare this, the lender can provide you with the Annual Percentage Rate (APR), which is the interest rate calculated with closing costs wrapped into it. As long as you are comparing two exact same loan lifes and are putting the same amount down, the APR is the easiest way to determine who has the better overall package.

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Real Estate Financing - Mortgages - Secrets Of The Trade

Don't jump into anything blindly or sign any real estate contract or home mortgage loan contract or any type of contract without giving it serious thought. This year alone, Americans are expected to borrow $1.33 trillion in acquiring 7.4 million houses, condominiums and co-ops. If you have monthly obligations like car payments, credit card payments, personal loan payments, student loan payments, etc., be sure to take these into account when you're determining your bottom-line affordability figure.

Be careful when working on your real estate financing; if you make too many loan inquiries, with applications, it may look like you're shopping for credit; this can be a glaring red flag for many lenders. If you're working with a local builder within a sub-division or housing development and just making carpeting, lighting and appliance selections for a brand new home, you'll probably be able to get a standard mortgage loan; but if you're hiring contractors, electricians, plumbers, and painters, you will probably need a construction loan, which provides funds to pay the subcontractors as the work progresses. Get an estimate of your real estate financing closing costs from the lender you've chosen; by law, the lender is required to provide his statement to you within three days of receiving your loan application.

When financing real estate it's important to know that a low FICO credit score does not mean you won't qualify for a home loan or home mortgage. Some lenders may impose limits on how much of your down payment can come from borrowing from other sources. 15-year fixed-rate mortgages mean consistent monthly payments for all 15 years that you have the mortgage; you build equity even more quickly than with a 30-year or 20-year loan, and paying less in interest, you save money in the long run.

Keep in mind that adjustable rate mortgages are best for homeowners who aren't planning on staying with a property for a long period of time. If you're buying a second home or second property, you'll need to identify the sources for your down payment, since you will not be selling your current house and using the proceeds, and you'll need to expect a larger monthly payments for housing or other expenses too. If you have a less-than-perfect or a 'bad credit' credit report it may not be a problem.

With adjustable rate mortgages the initial interest rate is usually lower than with a fixed-rate mortgage and the monthly payment would also be lower. There are plenty of options that are ideal for those who have a few bad credit marks on their credit report. The real estate financing situation for each buyer is unique.

Disadvantages of an adjustable rate mortgage include the possibility of increasing monthly payments if interest rates go up. People usually are not aware that they may be able to customize their loans; just ask the mortgage broker or lender; although lenders advertise 15-year loans and 30-year fixed rate mortgages, applicants can ask for 20 years, 25 years or any other number of years; this may allow borrowers to build up equity faster but keep monthly payments affordable. If you're having a problem getting a home mortgage and the seller still owes money on the home you can check with your lender and see if you can get a wraparound mortgage; although not legal in all states, it will allow you to pay the monthly payment on the existing mortgage and an additional payment to pay the difference; make sure that a wraparound mortgage will not trigger a due-on-sale clause.

If you've applied to other lenders, when you finally do select a good lender you may have to explain why there are other inquiries from lending institutions on your credit report. If you do borrow money for a down payment it must be disclosed to the lender or if any of your money for your down payment was a gift, provide proof for it.

Take your time, study all the resources available online and offline and get lots of advice from several mortgage and real estate brokers and professionals before you do any real estate financing or investing. You have to be careful not to assume that you can cut back on your expenses and stretch yourself into a house payment; you don't want to be cutting into healthy eating habits by eating fast food or junk food for a house that you may not be well enough to live in for a long time - consider this when you first start out searching for the best real estate financing. Remember that buying a home may be the single biggest investment you'll ever make; invest carefully.

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Convert Leads Great New Business

You know what qualified sales leads are, but if you asked your sales account managers and corporate executives, would they have the same definition of a qualified lead? Do you, as a life insurance broker, have an internet presence to grab your share of the life insurance sales leads? If not, your competitors are taking business that you, yourself, could be getting.
If you don't already have an internet presence to grab your share of life insurance leads, don't worry; it is quite easy to do and you can start now.
If qualified lead generation in a business-to-business marketing-for-leads program is to succeed, marketing, sales and corporate management must share a unified definition of qualified sales leads.
Whatever the source, you are now the proud owner of a stream of (hopefully) qualified sales leads, unfortunately our experience is that this is just the beginning and on its own it does not mean that this will automatically translate into sales
This is not a big issue if you are speaking to generate leads for a product, as the audience members will likely need to purchase the product to completely solve the problems you discuss.
Not only could you receive organic search visitors to your site but to receive more sales leads, you could advertise in the sponsored results of search engines.
It is quite easy to generate security systems leads on the internet.
The good news is that it is quite easy to generate agriculture leads via the internet.

I've created a short list of good PR keywords that get a good number of searches but, relatively, don't have as much competition for search engine positioning, making it easier to generate more PR leads.
Lead Generation Info provides detailed information about sales, mortage, MLM, business-to-business, internet, and insurance lead generation, lead generation telemarketing, and more.
Refer to this checklist of questions to guide the development or improvement of your company’s sales lead management programs and processes and you’ll have the best chance of being successful.
If you are a loan officer or mortgage broker on the market for mortgage leads, make sure the mortgage lead company you are considering has a good return policy.
If you are a loan officer or mortgage broker interested in the purchase of fresh leads, be sure you know where the lead provider is obtaining their leads from in order to assure their quality.
If a mortgage lead company is buying their leads in bulk from a third party company and selling them to loan officers at a profit, than that lead company is doing what is known as recycling leads.
If the mortgage lead company is not generating leads on their own, than they are purchasing them from a third party and recycling them
If they are not obtaining their leads through sites they own and operate on their own, than the leads are not fresh, and you need to move onto the next lead company.

If the lead company does not own and operate the sites they obtain their leads from, than keep going until you find one that does.
Also, look for lead companies that obtain their leads through sites they own and operate on their own.
If you do decide to go with a mortgage lead company, look for the mortgage lead companies that sell their leads in “real time,” this way you will be receiving fresh leads, and you will be able to count on their quality.

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Is a Structured Settlement Reverse Mortgage Right For You?

One of the ways to create a steady supply of income in selected situations is to enter into a structured settlement reverse mortgage. This is primarily an option for persons who own property that is paid off. However, if someone owns a home that has accrued a large amount of equity, there are those who will be happy to extend this type of arrangement to the homeowner. But the question remains, is this a good idea and who would benefit from this sort of arrangement?

One sector of the population that could benefit from a reverse mortgage structured settlement would be persons of retirement age that also happen to be property owners. Because this arrangement creates a steady source of income and at the same time allows the homeowners to remain in the home as long as they live, it is a great way to utilize the assets you have built up over a lifetime of working and saving. You get to use the equity in your home to live well, and maybe even take a trip of two that you have always wanted to make. From this perspective, there is a lot of value in the whole process.

Of course, this also means that at the time of death of one or more of the homeowners, the property will then be sold to pay off the reverse mortgage. Unless plans have been made that allow the surviving partner to remain financially solvent, the structured settlement reverse mortgage idea may not be the best. Also, this arrangement may not leave anything behind for loved ones to claim as an inheritance, which may also be a matter of concern.

A structured settlement reverse mortgage has the potential to be a great way for persons to enjoy the fruits of their labors during their later years. Of course, no one is in a position to determine if this is the best situation for you and your family but you. Investigate this option thoroughly before you make any type of commitment and make sure that this solution works hand in hand with any other sources of income or assets that you may have on hand. Care should be taken with the details of the settlement and how it impacts the overall estate of the persons involved, so that everyone involved is happy with the arrangements. Once you are assured that this is the right way to go, you will find that a number of reputable companies will be happy to help you handle the mechanics of making this happen.

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