New twist on reverse mortgages Lehigh Acres Citizen
Reverse mortgages have become an increasingly popular way for seniors to keep pace with rising expenses. Typically, people borrow against their home equity and continue to live in the home with no monthly mortgage payment until they move out permanently, sell the property or die.
Recognizing that many seniors would prefer to downsize homes after retirement or relocate to another area, however, the government issued new guidelines that now allow reverse mortgages to be used to purchase a new home, provided proceeds from the sale of the old home (combined with other cash reserves, if necessary) cover the sales price, plus closing costs.
The advantage for these folks is that they don't have to tap as much of their savings or be tied to monthly repayments in order to purchase a new home as with a traditional mortgage or home equity loan/line of credit.
Reverse mortgages can be very complicated and expensive, so for many they aren't the best borrowing option. In fact, you are required to consult a U.S. Department of Housing and Urban Development (HUD)-approved counselor before being allowed to apply.
Refinance Help. Fill this form and get help!
What is the Best Mortgage Calculator for Home Equity Loans and Home Refinancing?
I am searching for the best mortgage calculators. Interest Only calculators and simple home mortgage calculators and loan calculators. I used the ones at http://www.1mortgagecalculator.net/index2.php and they seem pretty good. Just looking for comparisons.
You may want to download free OpenOffice, which includes spreadsheet totally compatible with Microsoft Excel.
http://www.openoffice.org/ (version for Windows and version for Linux both are available to download).
There is a plenty of formulas and even macros suitable for any needs. Some macro could be downloaded from web sites of sharks.
The best solution could be also to not taking any loan at all. Saving account with 4.5% per annum, monthly payments and compound interest is your friend!!! In this way, bank gonna pay you, not vice versa. You cannot get loan with 4.5% interest, right?
So, it can get you your home in not so long time and sets you free. Your heart will be filled with joy and your kids will be grateful to you for not having any debts and financial obligations.
Also you can check the yahoo directory at http://dir.yahoo.com/Business_and_Economy/Shopping_and_Services/Real_Estate/Financing/Mortgage_Resources/Calculators/?o=a
What is a better rental investment plan 15 or 30 yr loan?
Putting 20% down should I either get a 15yr loan or a 30 yr loan. The property would cost about 170K and would rent for conservatively $1000 a month. Putting the #'s into the calculator below http://www.finance.cch.com/sohoApplets/MortgageRentvsBuy.asp
On the 30yr loan my value of investment goes into negative even though the rent would carry my mortgage costs. However, when I do the 15yr my value of investment is really high but, I would have to bleed a few hundred dollars each month. (which i can afford)
I preface this with I don't really understand home equity loans but, at 24 I would like to maximize my money for the long-term in the best way possible.
You should get a 30 year loan, positive amortization, no pre-payment penalty, fixed rate mortgage.
At the time you go to closing or settlement you ask for or its automatically given to you:
an amortization schedule - tailor made specifically for your mortgage.
Simply by taking the total monthly payment of principlal and interest THEN adding the following month's principlal to that amount, you'll save the interest on the second month.
Paying the principal does not mean you can skip the next month.
It means you're saving the second month's interest.
When month 2 comes, you pay the same amount of principal and opayment for month 3 AND ADD the principal for month 4.
Repeat this throughout the life of the loan. You'll save THOUSANDS - tens of thousands of dollars.
With EACH payment, you enclose a note:
IDENTIFY THE PROPERTY: ADDRESS & LOAN NUMBER - AS WELL AS ALL BORROWERS.
Then you simply type a small note. The body is the same. Only the dates and amounts change:
Date: ____________, 2008
To Whom It May Concern;
Please be informed, enclosed is check no. ___ in the amount of $___. This payment represents
this month, ____, 20___ principal & interest, as well as the principal payment fior next month, ____. 20____
Please appl;y that additional amount to the balance of the mortgage.
According to the amortization shedule, the balance on the loan is $____
Very Truly Yours,
Signed
IF you have ANY Qs, speak with the loan officer. They may have the letter already prepared.
Thanks for asking your Q! I enjoyed answering it!
VTY,
Ron Berue
Yes, that is my real last name!
Should I apply for a fixed rate loan to pay off credit cards?
I have $25,000 in total credit card debt (3 cards). Interest rates are 4.99, 5.99 and 11.74. The card with the highest balance is also the highest interest rate. According to a debt calculator I used, I can pay them off in 42 months with my income. I have been offered a fixed rate personal loan of $30,000 at 7.74%. I would pay off the credit cards and use the rest for legal fees (personal situation). Using the same debt calculator, I can pay the loan off in 48 months easily and probably sooner.
Is it worth it to apply for the loan? Will it hurt or help my credit? I do need the extra cash and do not want to take it from my home equity or put more on credit cards. Thank you for your responses.
Why would you take 2 credit cards that interest rate is LESS than the fixed rate loan and transfer them to a higher rate?
Use the loan to pay off the highest interest card......pay the minimum on the 2 lower cards but take the payment you were making on the 11% card and send it to the fixed rate. This should help bring that balance down faster. When the fixed rate loan is paid, take that payment and add it to next higher interest card until paid off and then take THOSE payments and send them to the lowest card. Make sense? OR...see if you can do a balance transfer of all 3 cards onto a 0% credit card and go from there. It would only make sense to transfer all 3 if you can.
CUT YOUR CREDIT CARD INTEREST. Cutting your credit card interest rate is really just a matter of doing one of two things: reducing the rates on your curorent cards or transferring your balanaces to cheaper cards.
* Start by laying all your cards out on the table and listing the APR you're paying on each. Note whether those rates are fixed or variable.
* Next, ready your ammunition. Gather all the preapproed offers you've received in the mail. (When you call your companies to ask for a break, you need to be able to tell them who's offering you a better deal and how much better it is.)
* And have a rough idea of how valuable a customer you've been: how long you have had the card, how much you charge a month or year, how much interest they're earning each year on your business, and whether you pay on time. When you've got it together, you can proceed.
Call the toll-free customer service number and ask or a lower rate... calling and asking for a lower rate results in a reduction 56^ of the time -- and a substantial reduction (1/3 of their current rate) at that. Here's a script to follow when you call.
Begin with: "I have [name of card] with you and my interest rate is [X] percent. I received another offer in the mail from [other bank's name] for [X] percent, but before I take it, I want to see if you can lower my interest rate instead."
If the representative says they're not authorized to do that, you say: "Look, you and I both know that if I transfer my balance today, next week your bank is going to send me an offer to come back at an even lower rate. Why don't you just save the bank the cost of that effort by giving me several points today?"
If the rep says it's not possible because your credit card is at a fixed interest rate, you say: "Actually, that doesn't have anything to do with whether or not you have the ability to lower my interest rate. A fixed interest rate only means that my rate doesn't very with fluctuations in the prime rate. In fact, the bank can raise it on my account at any time by just giving me 15 days' written notice. And the bank can -- if it chooses -- lower the rate today."
If the rep still says they're not authorized to do that, you say: "I'd like to speak to your supervisor."
Speak to a supervisor and ask again. Even if you get a substantial cut in the interest rate from the first person, it's worth speaking to a superisor to see if you can do any better. The person on the front line of customer service will be authorized only to cut your rate by a preset amount (if at all). The customer service representative may also insist that the supervisor doesn't have the power to cut your rate either, or -- if you've already gotten a break -- to cut it further. That may not be true, so insist on speaking to the supervisor anyway.
Threaten to close your account. Let me be clear here: You don't WANT to close your account. It won't do good things to your credit score. However, if the bank believes that you're willing to close your account -- and you've been a profitable customer -- then you stand a better chance of getting what you want.
Keep a record of whom you spoke to and what was said. If your promised rate cut -- or fee waiver -- doesn't materialize, then you're going to need a paper trail to back up your story. Knowing to whom you spoke, when the call was placed and what was promised is key.
Transfer your balance. If you're not successful in reducing your interest rate over the phone, it's time to transfer your balance. There are two places to find good balance transfer offers: your mailbox (the average person gets five credit card solicitations a month) and at websites, including bankrate.com and cardweb.com.
I hope this helps!
You want to rob peter to pay paul, and it doesn't always work out good this way.
Why does yahoo pirate its way into my companies domain name "aapexmrtg" to advertise its website "answer.yahoo
I pay-for-click with yahoo, as if that is not enough, yahoo is using my domain search to advertise its websites, and aloud others to do so as well.
Proof of keyword search, "aapexmrtg" and result is listed bellow.
Yahoo! Answers - what is a REVERSE MORTGAGE and how does it work?
... Aapex Mortgage - No money down... www.aapexmrtg.com ...answers.yahoo.com/question/?qid=1006060124154 - 32k - Cached - More from this site - Save
Find Today's Rates on Mortgages, Refinance Loans, Home Equity Loans, and Mortgage Calculators on Yahoo! Real Estate
... No money down and 100% financing for first and second homes. www.aapexmrtg.com. Mortgage Loans Information Center ...realestate.yahoo.com/loans/?sc=va&full=Virginia - 28k - Cached - More from this site - Save
Yahoo! Answers - is rajarhat in calcutta a good place to invest in property ?
... Aapex Mortgage - No money down... www.aapexmrtg.com ...answers.yahoo.com/question/?qid=1006050601108 - 28k - Cached - More from this site -
What a bunch of crap. Anyone giving Overture/Yahoo pay per clikc money is throwing it out the window. It is so out of control over there. My account is offline since I learned of these kinds of practices. I am MAD and I am feeling ripped off.
If I buy a product I expect to know what I am getting. If you are not careful with Overture/Yahoo you get promoted in these ways. I recommend you go back to a system of exact matching and NEVER let Yahoo! blanket match or content match for you, it's insane!
To go a step further, Yahoo! has forsaken its roots as a search engine. I love their software but their core was search engine. I have many entries in the directory, it used to be this was a good thing. They cost me 300/yr. Noe for this about one would expect some value in the search results of their web results especially when their web results have no good answers. You value as a URL in their directory buys you NOTHING. It is completely outragious because it used to hailed as the best hand editied reference and now is blown away with web results in its place that are often POOR results.
If you're listening NEO (YAHOO!) your network is crashing and you need to stop bleeding the pay-per-click world for you mistakes. Go back to your roots, learn from your mistakes. Oh yeah, continue to make the software, I like the messenger but not the widget engine.
I better get best response for this!
Wells Fargo - the hyena's of the banking game?
Heard of Bait and Switch? Here's an example. Joe at Wells Fargo Financial calls and says - "Come in to our office, we can refinance your auto loan, give you $750 cash back and lower your payments!" Of course we went in to check out what they could do. We get there and the guy is ALL about our MORTGAGE, which we have with a different bank. After explaining that we are NOT interested in home equity loans or refinancing the mortgage through Wells Fargo, suddenly he CAN'T do anything for us on the auto loan. He actually started arguing with us about how it doesn't make any sense to him that we wouldn't take him up on his fabulous offer!! WHOA NELLY! What the hell just happened here? You don't get your grubby f-ing hands on my house, and the deal is off? Well, all I can say is, that guy is damn lucky my 8 yr old daughter was sitting there with my husband and I because if not, I think he may have found his little calculator crammed down his goddamn throat. Better Business Bureau, here I come
I must say I am amazed. Wells Fargo is my best lender and to hear that one of their employees would do this is distressing.
By all means report the loan office to the BBB and to his boss as well.
It sounds like this guy is a commission-only sales guy who was desperate to get your business. You can file a complaint with the BBB, but it isn't going to hurt a company as big as WF. It's really just going to be a waste of your time.
Question about searching in search engines?
My question is related to searching in search engines
I need to copy paste website addresses by searching in google
suppose I search mortgages in google
The results are
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Mortgage - Wikipedia, the free encyclopedia
For loans secured by mortgages, such as residential housing loans, and lending practices or requirements, see Mortgage loan. ...
en.wikipedia.org/wiki/Mortgage - 65k - Cached - Similar pages
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Mortgage loan - Wikipedia, the free encyclopedia
A mortgage loan is a loan secured by real property through the use of a mortgage (a legal instrument). However, the word mortgage alone, in everyday usage, ...
en.wikipedia.org/wiki/Mortgage_loan - 108k - Cached - Similar pages
More results from en.wikipedia.org »
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Nationwide Building Society - Mortgages
Additional mortgage borrowing paid to you as one lump sum. Flexible advance. Additional mortgage borrowing that allows you to draw on the money as and when ...
www.nationwide.co.uk/mortgage/default.htm - 17k - Cached - Similar pages
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Mortgages | compare thousands of mortgage and remortgage rates and ...
Compare thousands of UK mortgage and remortgage rates and deals, including mortgages from high street and specialist lenders. Help and advice available...
www.moneysupermarket.com/mortgages/ - 231k - Cached - Similar pages
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Mortgage advice & news - compare mortgages & mortgage rates in the ...
Mortgages & mortgage news - compare mortgages & get expert advice from brokers tailored to your needs. Use our free mortgage calculators or find out how ...
www.yourmortgage.co.uk/ - 65k - Cached - Similar pages
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Mortgages, Home Equity Loans, Refinance, Rates, Mortgage ...
Provides information about mortgages, mortgage rates, home refinancing, home equity loans and many other mortgage related topics. Try our free mortgage ...
www.mortgage.com/ - 33k - Cached - Similar pages
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Loans | Car Loans, Secured Loans, Homeowner Loans & Personal Loans
Mortgages with a range of over 4000 products. This includes products for First time buyers & re-mortgages. Enter Mortgages · Life Insurance ...
www.rainbowgrp.co.uk/ - 16k - Cached - Similar pages
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Mortgage | LII / Legal Information Institute
A mortgage involves the transfer of an interest in land as security for a loan or other obligation. It is the most common method of financing real estate ...
topics.law.cornell.edu/wex/mortgage - 16k - Cached - Similar pages
Instead of this is there a way to make serach results appear in listed form with only website addresses like this so I can copy paste ?
en.wikipedia.org/wiki/Mortgage
en.wikipedia.org/wiki/Mortgage_loan
www.nationwide.co.uk/mortgage/default.htm
www.moneysupermarket.com/mortgages
www.yourmortgage.co.uk
www.mortgage.com
www.rainbowgrp.co.uk
anybody can help /?
Should I refinance my house in this situation?
We bought the house a year ago and the APR is currently 6.75 (30 year, fixed). We owe around $172000 (not counting the home equity line, 21K). I was just looking at Quicken loans and saw tone of ways to save money using their calculator. Stuff like "Smart Choice 5-year" and ARMs. Should I bite?
We won't be in the house more than 5 years from now.
The house is worth about $220k and there shouldn't be a problem reselling. It's in a good, new area.
Stay away from the arm! That is why we are having this bog forclosure crises. The arm sounds great but this is no gurantee that you will for sure be out of your home.
My husbadn and I got lucky for the first time in our lives and we purchased a home on a 30 year mortgage at 5%. MOST of the people in out neighborhood did 1 year and five year arms because they were in the 3-4% range at the time and now they are regretting it big time. I live in Raleigh NC and we supposedly have the best real estate market at the moment, yet this houses have been sitting on the market for 1 year plus. There are tons of houses in my neighborhood for sale b/c the rate went sky high on them and they cant afford. Three homes have been forclosed.
In the end it is your descion, but I would steer clear.
Good Luck Robert!
If you don't have to refi, don't! Stay where you are at.
BTW, don't think about short sale or foreclosure is an option. It's not an option to homeowner and you never want to go through one in your life.
1. Sell the sizzle not the steak is what a lot of sales agent try to do and in mortgages the rate is the sizzle and the monthly payment is the steak. You should focus on how much it is going to cost you to refinance your mortgage then you should compare how much you will be saving monthly. If you get a descent return on your investment (which is the cost of refinance then go ahead and do it IF and only IF you are willing to take the on the risk factor.) Just to give you an idea..if you currently have a 6.75% int rate and are being offered a 5.5 5yr ARM ( not a bad rate in the current market it will prob be higher than that) then the difference in monthly payments would be $111.19. That is a total of $1,134.28, $6,671.40 in 5yrs. I dont know much about your particular scenario to calculate total closing costs but they should roughly be around $5,500 in order to get a rate like 5.5. If that is the case you have refinance to save approximatley $1,100 if you sell in 5 yrs. It would make more sense to refinance if the 5.5 were a fix 30yr program and you were going to stay for much longer. You would also have to consider the amount of int you would be saving during the 5yrs on the $111.19 a month but it is not going to be significant during the first 5yrs.
2. Consider the risk factor...There is NEVER a guarantee that market conditions in any are of real estate will stay stable or net a profit. It is all specualtion and one can only guess. Besides that who knows what your financial condition will be in 5yrs. There is obviously a level of risk and you would have to consider if it makes sense to risk it all to save $1,100 in 5yrs. If you get in to this 5yr arm and decide not to sell or cant sell you could potentially loose your home or loose a lot i mean a lot more money than $1,100.
Hope this helps...good luck!
Check out Loan-Com. info and do a search for refinance loans. They have dozens of loan programs available at reasonable rates and affordable terms.
home expansion financing question?
My wife and I purchased our primary residence in Florida in 2005. At the time, we had a significant down payment.
Now, our family is growing, and we need to add on to the property. We want to add square footage and value (a couple of bedrooms, a bathroom, and potentially more). We make significantly more than when we purchased the house, and we can afford a bigger payment (even looking at calculators). Unfortunately, our equity has reduced, and I've heard Florida is a tricky market for lenders.
Is there any way to get a remodel loan, or some other type, to do this project? Hopefully, the assessed value will be more at the end of the project, and we can refinance. We have excellent credit, and other liquid assets that could be used as collateral.
Note: we would rather not move. We have a great lot and location, and it would take a long time or sacrifice to move.
Speak with your present lien holder or apply for a home improvement loan at your bank.
You sound like a solid risk for a line of credit to accomplish this.
Mortgage Refinance?
I have a 1.25% negative am loan that i need to get out of, i currently owe 673,000.00 for both my first and my second, my question is can i get a loan that is not a negative am loan and have my payments at 2,500.00 including my taxes? Even if i have to get myself into an interest only loan for the first 3-5 years or so, by then my wife and i would be off better financially and can refinance into something fixed. My home is worth about 750,000 so i still have some equity in it and have had this negative am loan for about 2 1/2 years now. I was on lending tree and put my info in the mortgage calculator and it brought out different scenarios and one did have a payment of 2,400.00 is this realistic? i pay 8,000.00 in real estate taxes a year.
I realize i cannot get an interest only loan plus get my taxes paid for $2500.00 So can i get a payment of $2500 without the taxes? for 673,000?
If you really can't make the payments for a 5yr ARM Interest Only of about $3,365 + taxes and insurance. Then you'll need to sell the home and get into something affordable, or refinance into another Option ARM with a 5yr fixed margin, I think your currently Option ARM is rising at a monthly rate. If you really need more time before your credit is damaged, I think the best bet will be another Option ARM but with a FIXED MARGIN.
mortgage refinance right for us?
I have a 1.30% negative am loan that i need to get out of, i currently owe 650,000.00 for both my first and my second, my question is can i get a loan that is not a negative am loan and have my payments at 2,450.00 including my taxes? Even if i have to get myself into an interest only loan for the first 3-5 years or so, by then my wife and i would be off better financially and can refinance into something fixed. My home is worth about 750,000 so i still have some equity in it and have had this negative am loan for about 2 1/2 years now. I was on lending tree and put my info in the mortgage calculator and it brought out different scenarios and one did have a payment of 2,450.00 is this realistic? i pay 8,200.00 in real estate taxes a year.
If you really can't make the payments for a 5yr ARM Interest Only of about $3,365 + net wages and toy. Then you'll need to sell the home and get into something affordable, or refinance into another Option ARM with a 5yr fixed margin, I credit your currently Option ARM is rising at a monthly rate. If you really need more time before say nothing credit is damaged, I think the winner bet will be another Option ARM but enamored a FIXED MARGIN..
home equity loan calculator - News
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Reverse mortgage pays you for life: But high costs require caution Newsday Reverse mortgage pays you - for life: But high costs require cautionNewsday, NYWith a reverse mortgage, you also borrow a portion of your home equity, either as a lump sum or in the form of monthly payments that are guaranteed to last for your lifetime. Some or all of the loan can be made through a line of credit that you draw |
When NOT to refinance your home ABC Action News
Business GazetteWhen NOT to refinance your homeABC Action News, FLBut some homeowners also appreciate the ability to extend the loan back out to 30 years, reducing the monthly payment. Debt consolidation is another goal of refinancing. If you have both a first mortgage and a home equity mortgage, combining the two Housing Crisis: You Asked, She Answered
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Making the grade: Loans are tougher to get in recession New Haven Register (subscription) Making the grade: Loans are tougher to get in recessionNew Haven Register (subscription), CTThe American Institute of Certified Public Accountants maintains a Web site with calculators that can be used to figure out mortgage loan payment scenarios at www.360financialliteracy.org. Click on "Home Ownership" to access the calculators. |
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Could you afford to buy your home now? MSN Money UK Could you afford to buy your home now?MSN Money UK, UKThe monthly repayments on a £218400 home loan would be £1034. So, I'm quids in. But what if I had put down a deposit of 5% back in 2007? Today, I would struggle to get a mortgage with such a small deposit. Even if I could scrape together a 10% deposit, |
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Auto Loans Get Approved Online All Credit Types Welcome Блик онлайн Auto Loans - Get Approved Online - All Credit Types WelcomeБлик - онлайн, Ukraine we believe it will do better. car loan interest calculator Indiana car title loan locations.Who doesn want your customers said they do go to school.Usaa bank car loan rates.Fewer existing home mortgage and home equity lending industry that should |
