|Mortgage Refinance Information|
A Simple Way to Save Thousands on Your Mortgage Charges
How many times do you check you restaurant bill? If not often, I would advise you to do it more, especially when dining on your overseas vacations. Still, much more Americans check their restaurants bill, than the number of homebuyers, who check the charges for their mortgages.
There are two popular misconceptions about the mortgage surcharges. First ? the charges are all the same because of the competition. Second ? there is nothing we can do about it, so why bother?
They are both wrong. The charges vary, sometimes within the same company depending on who their customer is. And yes, you can reduce those charges substantially just by asking about them.
There us an old story about a waiter, who presents unreasonably high bill at the end of a meal. His customer asks very politely to see the itemization of the charges. He goes over the items with the waiter one by one. Salad, yes, we had salad. Steak, yes, we had it. What is 'successful' for $95? I don't remember ordering it. Shrugging his shoulders the waiter crosses the item out from the bill: "Most of the time I am successful with that one, but sometimes I am not".
You will be surprised how often this old joke is played on the unsuspecting customers at the mortgage closings. You can say: "But I always check the charges myself. There was nothing like that on my list".
Yeah, you think they would be stupid enough to put the charges in the open where you can check them? No, the charges are buried in the computations of the interest and principal payments. Those computations formulas are among the most closely guarded secrets of the lenders.
The lenders even have a special abbreviation for such charges, P.O.C., which stands for Paid Outside of Closing. Those charges can be for anything, from a finder's fee to your broker (or whoever referred you to them) to different sorts of mortgage insurance, which you are required to pay for, but it benefits the lender.
They will fight you tooth and nail, if you ask them to disclose that. Their most common answer to you would be: "Oh, we don't know the details ourselves. Our computer does the computations. It is our company's private information."
The only way for you to know exactly what the lenders are charging you is to compute the monthly payments independently. They are trying to make this task as difficult as possible for you. They use complicated allocations, where they often change the amounts that go to the interest and to the principal. Why? Because they don't want you to know.
So you might be thinking that after a few years your monthly payments have reduced your mortgage principal, when in reality the principal changed little and all the money went to cover interest payments and a lot of other funny charges, about which you never have been told.
How can you get this information? It can be yours for the asking. Of course you can start getting answers like: "It is not in our computer. We need to order an additional report for that. I don't have this information."
You can continue to deal with this people, if you wish. Just know that they are lying. And if they are lying to you now, what will prevent them to do the same later, when you are at their mercy as their customer.
Home Mortgage Refinancing ? What?s in Your Contract?
Are you one of the millions of Americans who will be refinancing their home mortgage loan this year? When you sign your contract and the other papers for your refinance, will you know what your signing?
7 Credit Improving Steps You Must Take Before Applying For A Mortgage
If you think you have good credit, think again. Chances are there is something on your credit report that can effect your credit rating; this type of news is particularly alarming if you are shopping for a loan or applying for credit. You can save yourself headaches as well as thousands of dollars by implementing the following seven credit improving steps.
Homeowner Loans ? Drawing Lessons of the Past
Loans are not of a recent origin. People used to take help from others even at times when money was unseen and barter was the mode of trade prevalent. However, the form of loans has changed over time. In those days the loans used to be offered in kind. Now, they are offered in money or in terms of money.
6 Things to Consider Before Refinancing
Perhaps you're a homeowner in need of some quick cash.
Is It Time To Buy A House?
At some point as you're writing out your rent check, you get to the point where you look at the amount and think to yourself - at this rate, I could BUY a house. If you're fed up with paying rent every month that's high enough to finance a mortgage, it may be time to take a serious look at what it would take for you to get a mortgage loan and buy a home of your own. How do you know if it's time to stop renting and time to start investing your monthly payment in a house of your own?
Mortgage Cycling May Be Your Best Bet For Equity Buildup and Investment Real Estate
Mortgage cycling is a system that relies on solid budgeting, equity lines of credit and use of an open credit card. Whether you use this on investment real estate or your own home, it can work for wealth building. If you are short on equity in your home and/or don't have an open credit card, a decent-sized savings account or money market will get your mortgage cycling started just as easily.
Outlined below is a useful remortgages guide. Remortgaging has become increasingly popular due to the relatively simple and flexible process.
Poor Credit? Get a Sub-Prime Mortgage Now, and Refinance to a Conventional Mortgage Later
There are great mortgage loans for people with poor credit, and yes, you can still save thousands of dollars. In order to receive preferential treatment for mortgage professionals, you'll need a credit score of 680 or better (this is considered A credit). If you have a score that is less than 600, you'll fall into a sub-prime loan category. Now, you'll need to get creative, in order to get your mortgage and not lose a fortune.
Bridging Loan Basics
A Bridging Loan is a short-term loan used as a way to provide funding for the purchase of a new property while the borrower awaits the sale of an existing property. Unless all the stars are in perfect alignment, it's tricky to coordinate the sale of one property and the purchase of another property in such a way that the transactions occur simultaneously.
Securing the Best International Mortgage for Your Home in Spain
Are you one of a growing number of people planning on buying a holiday home in Spain?
Poor Credit Home Mortgage Loans - The Role of the FICO Score
If you have bad credit history and are looking to get a home mortgage loan, then chances are you are going to need to know all about how the FICO credit scoring system works.
Save Money on Your Mortgage
You should say goodbye to PMI. You may not notice it in the crush of your monthly mortgage statement, but many Americans pay for a line item called PMI. PMI stands for "personal mortgage insurance," and lenders impose it on customers who have less than twenty percent equity in their homes.
What is a Tracker Mortgage?
A tracker mortgage 'tracks' the Bank of England base rate, meaning your mortgage stays in line with interest rates and the market in general. The result on your monthly mortgage interest payments is that they go up when the base rate goes up and go down when the base rate goes down.
Selling Your Business Note
Before I go further, let me ask a question- if you won the lottery tomorrow, would you take the payout in a lump sum or in monthly payments?
Interest Only Home Loan ? Is It Right For You?
There are many benefits to interest-only mortgage loans. There are many situations where an interest-only mortgage loan could be best for you.
A Guide to Selecting a Mortgage Broker in Australia
Once you have made the decision to buy a home you will need to obtain mortgage financing for your purchase. Until about fifteen years ago buyers had to go directly to banks to obtain loans and shopping around for the right fit was a long process. Mortgage Brokers are experts in home loans who will consider your financial situation and financing requirements and then shop around for various lenders to find the best possible deal on financing for your purchase.
Refinance Your Home Mortgage Online
The largest financial obligation most people ever take on couldn't escape the reach of the Internet. Home mortgage loans originated online comprise an integral part of one of the largest and most profitable aspects of the banking industry. Unlike many shifts in big business recently, this change actually seems to greatly benefit consumers by increasing competition and placing more financial control in the hands of homeowners.
Home Mortgages: Does a No-closing-cost Loan Make Sense for You?
I have heard a number of radio ads and have seen many newspaper ads offering "no closing cost" home mortgages. These ads will tell you that you can get a new mortgage or refinance your existing mortgage at absolutely with absolutely no closing costs.. There are no points, no charges for an appraisal, no charge for title insurance, no costs, period.
Home Mortgage Loan Information - Which Type of Home Loan is Best For You?
If you are considering buying a home, then you may be more than a little confused by all of the terms you hear about home loans. After all, lenders throw around words like fixed rate, balloon mortgages and adjustable rate mortgages without a thought. But if you aren't at least familiar with the basics-those terms can be pretty confusing!
Why Refinance Back into a 30-Year Loan?
One of the biggest reasons homeowners refinance their mortgage is to obtain a lower interest rate and lower monthly payments. By refinancing, the borrower pays off their existing mortgage and replaces it with a new one. This can often be accomplished with a no-points no-fees loan program, which essentially means at "no cost" to the borrower.
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