The document provides information about reverse mortgages, including who qualifies, how they work, the options available such as lump sums or lines of credit, the application and closing process, frequently asked questions, and case studies of potential reverse mortgage situations. It is authored by Greg Lenz, a former loan officer who now answers questions about reverse mortgages on his website.
An adjustable rate mortgage offers an initial low fixed rate for a period of time, then the rate adjusts periodically according to the market. It is worth considering if you do not plan to stay in the home indefinitely. A low down payment loan allows buyers to purchase a home with as little as 3% down through conventional or FHA loans. VA loans provide benefits like no down payment or mortgage insurance for active military, veterans, and surviving spouses. USDA loans have lower rates but are only available in areas with populations under 10,000. A fixed rate mortgage locks in the interest rate so monthly payments remain the same for the full loan term.
This document compares the safety and advantages of 30-year fixed rate mortgages versus VA hybrid loans. It argues that VA hybrid loans are actually safer for long-term homeownership because they have much lower initial payments, allowing homeowners to pay down their principal faster and save more for unexpected expenses. Even as interest rates rise on a hybrid loan over time, payments will remain lower than the fixed 30-year rate. This makes the hybrid safer for retirees or those on a fixed income, as payments are more predictable and affordable throughout ownership. The document aims to dispel myths that fixed rates are inherently safer, when hybrid loans can result in being debt free sooner with greater financial flexibility.
Why right now might be the best time(finished)RandyBett
This document outlines reasons why now may be a good time to buy a home. Interest rates remain low, while home prices have dropped when adjusted for inflation. Banking regulations are expected to tighten, making it harder to qualify for a mortgage in the future. Rental rates have been rising and are expected to continue to do so, while special programs currently offer incentives to purchase foreclosures.
Celebrate International Plain Language Day by taking the Toronto Plain Language Challenge. Presentation with Sally McBeth, Clear Language and Design. Find out more.
The document promotes Mortgage Managers LLC, which claims it can help homeowners slash their mortgage payments by as much as 80% using a legal method. It says the company's consultants can teach clients how to manage their mortgage to build equity faster and pay off their home sooner. It also argues that traditional mortgages result in homeowners paying over 100% of the original loan amount in interest due to compounding rates over many years.
At Rick Young Insurance we go far beyond being simple Michigan insurance agents—we strive to be the insurance leaders you trust to protect your most important commodity—your life.
http://www.rickyounginsurance.com/personal-insurance/life-insurance/
This document discusses effective communication and listening skills. It provides 10 steps to better listening: 1) stop talking, 2) put the other person at ease, 3) show you want to hear them, 4) remove distractions, 5) learn to empathize, 6) don't assume you can finish their sentence, 7) watch your own emotions, 8) be slow to disagree or argue, 9) ask lots of questions, and 10) stop talking. It also discusses different levels of listening from hearing to feeling what is being said.
The document provides information about reverse mortgages, including who qualifies, how they work, the options available such as lump sums or lines of credit, the application and closing process, frequently asked questions, and case studies of potential reverse mortgage situations. It is authored by Greg Lenz, a former loan officer who now answers questions about reverse mortgages on his website.
An adjustable rate mortgage offers an initial low fixed rate for a period of time, then the rate adjusts periodically according to the market. It is worth considering if you do not plan to stay in the home indefinitely. A low down payment loan allows buyers to purchase a home with as little as 3% down through conventional or FHA loans. VA loans provide benefits like no down payment or mortgage insurance for active military, veterans, and surviving spouses. USDA loans have lower rates but are only available in areas with populations under 10,000. A fixed rate mortgage locks in the interest rate so monthly payments remain the same for the full loan term.
This document compares the safety and advantages of 30-year fixed rate mortgages versus VA hybrid loans. It argues that VA hybrid loans are actually safer for long-term homeownership because they have much lower initial payments, allowing homeowners to pay down their principal faster and save more for unexpected expenses. Even as interest rates rise on a hybrid loan over time, payments will remain lower than the fixed 30-year rate. This makes the hybrid safer for retirees or those on a fixed income, as payments are more predictable and affordable throughout ownership. The document aims to dispel myths that fixed rates are inherently safer, when hybrid loans can result in being debt free sooner with greater financial flexibility.
Why right now might be the best time(finished)RandyBett
This document outlines reasons why now may be a good time to buy a home. Interest rates remain low, while home prices have dropped when adjusted for inflation. Banking regulations are expected to tighten, making it harder to qualify for a mortgage in the future. Rental rates have been rising and are expected to continue to do so, while special programs currently offer incentives to purchase foreclosures.
Celebrate International Plain Language Day by taking the Toronto Plain Language Challenge. Presentation with Sally McBeth, Clear Language and Design. Find out more.
The document promotes Mortgage Managers LLC, which claims it can help homeowners slash their mortgage payments by as much as 80% using a legal method. It says the company's consultants can teach clients how to manage their mortgage to build equity faster and pay off their home sooner. It also argues that traditional mortgages result in homeowners paying over 100% of the original loan amount in interest due to compounding rates over many years.
At Rick Young Insurance we go far beyond being simple Michigan insurance agents—we strive to be the insurance leaders you trust to protect your most important commodity—your life.
http://www.rickyounginsurance.com/personal-insurance/life-insurance/
This document discusses effective communication and listening skills. It provides 10 steps to better listening: 1) stop talking, 2) put the other person at ease, 3) show you want to hear them, 4) remove distractions, 5) learn to empathize, 6) don't assume you can finish their sentence, 7) watch your own emotions, 8) be slow to disagree or argue, 9) ask lots of questions, and 10) stop talking. It also discusses different levels of listening from hearing to feeling what is being said.
The document provides a daily report on international forex markets, including:
- Analysis of movements in the GBP/USD and EUR/USD currency pairs due to comments from the Bank of England governor and US-China trade tensions.
- Daily economic data and intraday outlook/recommendations for GBP/USD and EUR/USD trades.
- Disclaimer information about Epic Research, a financial advisory firm providing the market analysis.
This financial report was prepared for Annette and David Morales by Michael Brieske and Stephen Good to assist them in purchasing a new home in Palm Springs, CA. It includes details of two home options that fit their budget and needs. Home A at 2318 Acacia Rd E has 4 bedrooms and 3 bathrooms for $168,900, with estimated monthly costs of $1,185.21. Home B at 475 Village Square West has 3 bedrooms and 3 bathrooms for $169,500, with estimated monthly costs of $1,187.03. The report also provides the Morales' financial details and calculations for mortgage amounts.
Private mortgage insurance, or PMI, can be written in two ways - monthly or upfront - that affect a buyer's purchasing power. For a $200,000 loan at 95% LTV, the monthly PMI option would be $86 per month but have no upfront cost, while the upfront PMI option would have a one-time cost of $3,515 but $0 monthly. Choosing the upfront option could allow buyers $17,000 more in purchasing power and the ability to buy a home priced up to $217,000. Inlanta Mortgage prides itself on disclosing all loan options to help buyers get the best possible mortgage.
Unknotted Divorce Insurance Company provides "divorce insurance" to help married couples financially in the event of an unexpected divorce. The insurance can be purchased individually or together, with premiums decreasing the longer the marriage lasts. Policies pay out cash benefits if the marriage ends before the term period through either maturity after a set number of years or an earlier cash value if the marriage survives half the term. The company aims to ease the emotional and financial burdens of divorce for couples.
Term insurance vs Non-Term insurance: Which is Better?Reginald Alleyne
Term Insurance has been likened to renting and non-Term insurance to purchasing a home. Which would you prefer to have? It all depends on your needs and circumstance. Let's explore the possibilities
The document summarizes the key events that led to the 2008 global financial crisis and warns of a potential upcoming meltdown. It describes how American homeownership became unsustainable as people took on loans they couldn't repay, leading to a housing market crash. This was exacerbated by many citizens living in debt through credit cards. Continued interest rate hikes by the Federal Reserve mean people have to pay more for money they've already borrowed, risking an infinite debt loop. If wage growth does not keep up as the cost of living increases, this could trigger another global financial crisis similar to 2008.
This document discusses the pros and cons of lending money to relatives. It notes that with the right circumstances, lending to relatives can be a positive experience for both parties. However, there are also risks like taking advantage of each other or not getting repaid. To avoid problems, the document recommends formalizing the loan in writing, being aware of tax implications of interest rates, and not making emotional decisions. Following these rules can help create a win-win loan situation and avoid damaging relationships over money issues. Seek tax advice before arranging a family loan.
The document provides a daily report on international forex markets and currency pairs. It includes analysis of the British pound and euro currencies relative to the US dollar. The GBP/USD retreated below the 1.30 handle due to US dollar demand from ongoing US-China trade tensions. The EUR/USD fell to session lows below 1.16 as eurozone inflation came in below expectations, weighing on the euro. Technical analysis and trading recommendations are given for intraday GBP/USD and EUR/USD moves.
This document provides an overview of various mortgage features including:
- Interest rate options like variable rates that rise/fall with central bank policy and fixed rates that are calculated as expected future variable rates plus a buffer. It also discusses split rates that are part variable and part fixed.
- Repayment terms discussing maximum 30 year terms but shorter terms meaning higher compulsory repayments and less interest paid overall. Longer terms mean lower compulsory repayments but more interest paid.
- Other useful features like mortgage offset accounts that reduce interest costs and redraw facilities to access extra repayments.
- New product features such as zero deposit loans using family guarantees and reverse mortgages allowing seniors to borrow against their home equity.
The pound fell against the dollar and euro after British foreign minister Boris Johnson resigned in opposition to Prime Minister Theresa May's Brexit plan. The euro pulled back from earlier gains against the dollar as momentum stalled around the 1.1800 level. Analysts provide daily support and resistance levels and trading recommendations for the GBP/USD and EUR/USD currency pairs. The report also includes economic data and a disclaimer about the information provided.
This document discusses the benefits of homeownership over renting. It notes that nearly 1/3 of households rent currently. It argues that as long as the local job market remains strong, home prices will continue to appreciate moderately at a rate of 4-7% annually rather than declining. It then shows that over a 5-year period, the total cost of renting would be nearly $100,000, while owning a $300,000 home with a modest down payment could yield a net worth increase of over $100,000 due to paying down the mortgage and home appreciation. It encourages potential buyers to take advantage of tax breaks that come with homeownership to lower their monthly costs compared to renting.
Carol Houst is a commercial real estate finance expert with over 30 years of experience. She can provide loans for retail, office, industrial, and multi-family properties nationwide starting at $2 million with rates as low as 3.75% for 10 years. The George Elkins Mortgage Banking Company has been in business since 1922 and acts as a correspondent for various institutional lenders to offer long-term fixed rate loans for purchase or refinancing of commercial properties.
This document discusses factors to consider when determining how much mortgage you can afford. Key factors include the actual costs of your home like down payment amount, monthly housing costs like principal, interest, taxes and insurance, and total monthly expenses including other debts. Housing costs are generally recommended to be less than 28% of gross monthly income, while total monthly expenses including housing should be less than 36%. Additional future costs like maintenance should also be planned for to ensure your mortgage fits within your overall income and budget. Getting pre-approved will help you determine what price range to consider.
This document provides information from the Niles Team mortgage website. It introduces the team members and provides links to pages on their mortgage process, loan types, documents needed for a loan application, disclosure forms, maintaining good credit, understanding credit scores, checking your credit report, mortgage insurance, homeowners insurance, and closing. It emphasizes contacting the team with any other questions.
This document provides information about the home mortgage process. It discusses different loan types, documents needed for a loan application, important disclosure forms, factors that affect credit scores, mortgage insurance, homeowners insurance, what to bring to closing, and customer reviews of the lending team. The goal is to simplify and explain each step of getting a home loan.
1) A credit score is a number representing a person's creditworthiness and likelihood of repaying debts. The largest component (35%) relates to payment history.
2) 30% of the credit score represents the total amount owed. Keeping debt levels and credit utilization low is important.
3) Protecting private information like social security numbers is crucial to avoid identity theft, which can seriously damage a credit score.
The document discusses a government plan to help homeowners lower their mortgages that will have limited impact due to rigid eligibility criteria. To qualify, homeowners must have loans through Fannie Mae or Freddie Mac, owe less than 105% of the home's value, use the home as their primary residence, have any second mortgages subordinate to the first, and have a debt ratio below 31%. These strict rules exclude many homeowners in the greatest need of assistance. The document recommends homeowners hire a licensed mortgage broker or debt specialist to negotiate directly with lenders to avoid foreclosure.
The document provides information on creating advertisements on LinkedIn. Key points include:
- Advertisements on LinkedIn can include text headlines and descriptions within character limits as well as a 50x50 pixel image
- Advertisements can target audiences based on up to three categories including company size, job function, industry, and other filters
- Advertisements appear with clickable links allowing users to visit the advertiser's website or view their LinkedIn profile
- Advertisers can choose between paying per click (CPC) or per thousand impressions (CPM) with minimum daily budgets and bid amounts provided.
The document provides a daily report on international forex markets, including:
- Analysis of movements in the GBP/USD and EUR/USD currency pairs due to comments from the Bank of England governor and US-China trade tensions.
- Daily economic data and intraday outlook/recommendations for GBP/USD and EUR/USD trades.
- Disclaimer information about Epic Research, a financial advisory firm providing the market analysis.
This financial report was prepared for Annette and David Morales by Michael Brieske and Stephen Good to assist them in purchasing a new home in Palm Springs, CA. It includes details of two home options that fit their budget and needs. Home A at 2318 Acacia Rd E has 4 bedrooms and 3 bathrooms for $168,900, with estimated monthly costs of $1,185.21. Home B at 475 Village Square West has 3 bedrooms and 3 bathrooms for $169,500, with estimated monthly costs of $1,187.03. The report also provides the Morales' financial details and calculations for mortgage amounts.
Private mortgage insurance, or PMI, can be written in two ways - monthly or upfront - that affect a buyer's purchasing power. For a $200,000 loan at 95% LTV, the monthly PMI option would be $86 per month but have no upfront cost, while the upfront PMI option would have a one-time cost of $3,515 but $0 monthly. Choosing the upfront option could allow buyers $17,000 more in purchasing power and the ability to buy a home priced up to $217,000. Inlanta Mortgage prides itself on disclosing all loan options to help buyers get the best possible mortgage.
Unknotted Divorce Insurance Company provides "divorce insurance" to help married couples financially in the event of an unexpected divorce. The insurance can be purchased individually or together, with premiums decreasing the longer the marriage lasts. Policies pay out cash benefits if the marriage ends before the term period through either maturity after a set number of years or an earlier cash value if the marriage survives half the term. The company aims to ease the emotional and financial burdens of divorce for couples.
Term insurance vs Non-Term insurance: Which is Better?Reginald Alleyne
Term Insurance has been likened to renting and non-Term insurance to purchasing a home. Which would you prefer to have? It all depends on your needs and circumstance. Let's explore the possibilities
The document summarizes the key events that led to the 2008 global financial crisis and warns of a potential upcoming meltdown. It describes how American homeownership became unsustainable as people took on loans they couldn't repay, leading to a housing market crash. This was exacerbated by many citizens living in debt through credit cards. Continued interest rate hikes by the Federal Reserve mean people have to pay more for money they've already borrowed, risking an infinite debt loop. If wage growth does not keep up as the cost of living increases, this could trigger another global financial crisis similar to 2008.
This document discusses the pros and cons of lending money to relatives. It notes that with the right circumstances, lending to relatives can be a positive experience for both parties. However, there are also risks like taking advantage of each other or not getting repaid. To avoid problems, the document recommends formalizing the loan in writing, being aware of tax implications of interest rates, and not making emotional decisions. Following these rules can help create a win-win loan situation and avoid damaging relationships over money issues. Seek tax advice before arranging a family loan.
The document provides a daily report on international forex markets and currency pairs. It includes analysis of the British pound and euro currencies relative to the US dollar. The GBP/USD retreated below the 1.30 handle due to US dollar demand from ongoing US-China trade tensions. The EUR/USD fell to session lows below 1.16 as eurozone inflation came in below expectations, weighing on the euro. Technical analysis and trading recommendations are given for intraday GBP/USD and EUR/USD moves.
This document provides an overview of various mortgage features including:
- Interest rate options like variable rates that rise/fall with central bank policy and fixed rates that are calculated as expected future variable rates plus a buffer. It also discusses split rates that are part variable and part fixed.
- Repayment terms discussing maximum 30 year terms but shorter terms meaning higher compulsory repayments and less interest paid overall. Longer terms mean lower compulsory repayments but more interest paid.
- Other useful features like mortgage offset accounts that reduce interest costs and redraw facilities to access extra repayments.
- New product features such as zero deposit loans using family guarantees and reverse mortgages allowing seniors to borrow against their home equity.
The pound fell against the dollar and euro after British foreign minister Boris Johnson resigned in opposition to Prime Minister Theresa May's Brexit plan. The euro pulled back from earlier gains against the dollar as momentum stalled around the 1.1800 level. Analysts provide daily support and resistance levels and trading recommendations for the GBP/USD and EUR/USD currency pairs. The report also includes economic data and a disclaimer about the information provided.
This document discusses the benefits of homeownership over renting. It notes that nearly 1/3 of households rent currently. It argues that as long as the local job market remains strong, home prices will continue to appreciate moderately at a rate of 4-7% annually rather than declining. It then shows that over a 5-year period, the total cost of renting would be nearly $100,000, while owning a $300,000 home with a modest down payment could yield a net worth increase of over $100,000 due to paying down the mortgage and home appreciation. It encourages potential buyers to take advantage of tax breaks that come with homeownership to lower their monthly costs compared to renting.
Carol Houst is a commercial real estate finance expert with over 30 years of experience. She can provide loans for retail, office, industrial, and multi-family properties nationwide starting at $2 million with rates as low as 3.75% for 10 years. The George Elkins Mortgage Banking Company has been in business since 1922 and acts as a correspondent for various institutional lenders to offer long-term fixed rate loans for purchase or refinancing of commercial properties.
This document discusses factors to consider when determining how much mortgage you can afford. Key factors include the actual costs of your home like down payment amount, monthly housing costs like principal, interest, taxes and insurance, and total monthly expenses including other debts. Housing costs are generally recommended to be less than 28% of gross monthly income, while total monthly expenses including housing should be less than 36%. Additional future costs like maintenance should also be planned for to ensure your mortgage fits within your overall income and budget. Getting pre-approved will help you determine what price range to consider.
This document provides information from the Niles Team mortgage website. It introduces the team members and provides links to pages on their mortgage process, loan types, documents needed for a loan application, disclosure forms, maintaining good credit, understanding credit scores, checking your credit report, mortgage insurance, homeowners insurance, and closing. It emphasizes contacting the team with any other questions.
This document provides information about the home mortgage process. It discusses different loan types, documents needed for a loan application, important disclosure forms, factors that affect credit scores, mortgage insurance, homeowners insurance, what to bring to closing, and customer reviews of the lending team. The goal is to simplify and explain each step of getting a home loan.
1) A credit score is a number representing a person's creditworthiness and likelihood of repaying debts. The largest component (35%) relates to payment history.
2) 30% of the credit score represents the total amount owed. Keeping debt levels and credit utilization low is important.
3) Protecting private information like social security numbers is crucial to avoid identity theft, which can seriously damage a credit score.
The document discusses a government plan to help homeowners lower their mortgages that will have limited impact due to rigid eligibility criteria. To qualify, homeowners must have loans through Fannie Mae or Freddie Mac, owe less than 105% of the home's value, use the home as their primary residence, have any second mortgages subordinate to the first, and have a debt ratio below 31%. These strict rules exclude many homeowners in the greatest need of assistance. The document recommends homeowners hire a licensed mortgage broker or debt specialist to negotiate directly with lenders to avoid foreclosure.
The document provides information on creating advertisements on LinkedIn. Key points include:
- Advertisements on LinkedIn can include text headlines and descriptions within character limits as well as a 50x50 pixel image
- Advertisements can target audiences based on up to three categories including company size, job function, industry, and other filters
- Advertisements appear with clickable links allowing users to visit the advertiser's website or view their LinkedIn profile
- Advertisers can choose between paying per click (CPC) or per thousand impressions (CPM) with minimum daily budgets and bid amounts provided.
The document discusses several topics related to sustainability and our environment:
- It notes that all ecosystems are interdependent and that environmental problems stem from a lack of balance and harmony with nature's cycles.
- It provides a brief history of garbage, noting that historically resources were reused more while today excessive consumption harms the environment.
- It discusses the importance of respecting nature, establishing resource use standards, and conducting lifecycle analyses to reduce waste and promote ecological practices.
- Achieving a balance in life's cycles and harmony with the environment is key to a sustainable future for humanity.
The document describes the characteristics and goals of implementing networked learning communities in three school districts. Key aspects include grassroots development with shared responsibility among participants, and a shift to a model where students direct their own learning with support from teachers, mentors, and other resources. The goals are to raise reading scores and motivate low readers through using online literature circles to discuss and analyze books.
The document provides instructions for creating a new service name for an Oracle database. It describes modifying the service_names parameter to add the new service name, either through an ALTER SYSTEM command if using a server parameter file or modifying the init.ora file. It also notes to then use an ALTER SYSTEM REGISTER command to re-register the database with the listener using the new service name. The entire document was prepared by Ravi Kumar Lanke over 7 pages.
Higher education and copyright: fair use vital for the Australian policy agenda
This document discusses several key issues in higher education relating to copyright including the needs of 21st century academics, massive open online courses (MOOCs), digital humanities and data recreation. It notes that copyright law has not kept pace with changes in how research and teaching is conducted. It highlights challenges for open educational resources around discoverability, quality control, distribution and acquisition. The document advocates for open access policies and reforming copyright legislation to better support open sharing of knowledge and data in higher education.
The document summarizes an upcoming lacrosse event called LXM PRO Orange County that will take place on June 2nd at Orange Coast College. It will feature a game between 40 of the top professional lacrosse players, as well as clinics, music, and a vendor village. Sponsorship packages ranging from $1,000 to $5,000 are available and provide various marketing benefits and access to the players and afterparty.
Fixed interest rates are currently around 0.5% lower than variable rates, an uncommon situation. Most economists expect further interest rate cuts by the end of 2013 and into 2014 as the economy needs stimulus. Rate cuts are meant to stimulate a slowing economy and put more money back into consumers' pockets. Whether to fix rates or stay variable depends on individual circumstances and plans for the future. Fixing provides certainty but risks higher costs if rates fall further, while variable rates could rise. Both options carry pros and cons.
The document discusses the process of purchasing a home through a mortgage lender called Fairway. It begins by outlining the benefits of owning a home over renting, as owning allows individuals to build equity over time instead of their monthly payments disappearing as rent. It then walks through the steps involved in the home buying process, including getting pre-qualified, processing the loan, underwriting, pre-closing, and closing. Key aspects of mortgages like principal, interest, taxes, insurance, points, and amortization are also defined.
Mortgage rates a beginner's guide - dec 6steven milner
This document provides an overview of mortgages and mortgage rates for beginners. It discusses what a mortgage is, different types of mortgages and mortgage rates. It also covers how to find the best mortgage rates, the process of locking in rates, and how changing rates can affect homeowners. The key topics covered are types of fixed and adjustable rate mortgages, factors that influence mortgage rates like credit scores, and the importance of shopping around and locking in rates when getting a mortgage.
Mortgage rates beginner's_guide-maria arruaMaria A. Arrua
The document provides an overview of mortgages, including what a mortgage is, different types of mortgages and mortgage rates, how to find the best mortgage rates, what mortgage rate lock-in is, and how changing mortgage rates can affect homeowners. It serves as a beginner's guide to understanding mortgages and making informed decisions when taking out a home loan.
The document discusses various types of real estate financing options. It covers primary and secondary financing, conforming loans, jumbo loans, and seller carryback financing. It also describes fixed rate loans, adjustable rate mortgage (ARM) loans, government loans like FHA and VA, and the loan qualifying and approval process.
The document discusses strategies for building wealth through home equity. It presents the story of two brothers, Brother A who believes in paying off his mortgage quickly, and Brother B who takes a long-term mortgage and invests the difference. After 5, 15, and 30 years, Brother B has significantly more savings and wealth due to tax savings, equity growth, and investment returns on the money not spent on extra mortgage payments. The document advocates taking out a large mortgage and investing the equity rather than paying extra to pay off the loan early.
This document provides a guide to navigating the mortgage process in 6 steps. It aims to demystify the process and make it less stressful. The guide discusses how to shop for the best mortgage by finding a product that meets your needs, has the lowest price, and is provided by a credible company. It explains factors to consider like loan terms and interest rates. It emphasizes the importance of the borrower's credit score in determining the mortgage rate. The guide offers tips for researching mortgage companies and narrowing options. The overall goal is to empower readers with knowledge to make the process of obtaining a home loan easier to understand.
This guide helps consumers navigate the mortgage process in 8 steps: 1) defining what is affordable, 2) understanding your credit, 3) choosing between fixed and adjustable rates, 4) selecting a down payment amount, 5) understanding how points affect interest rates, 6) shopping with multiple lenders, 7) choosing a mortgage, and 8) avoiding pitfalls. The goal is to find the best mortgage to fit the consumer's financial situation through informed decision making at each step.
This document provides a step-by-step guide to help consumers choose the best mortgage. It discusses:
1. Defining what is affordable, understanding your credit, choosing between fixed and adjustable rates, selecting the right down payment, and understanding how points affect interest rates.
2. The importance of understanding your credit report and score to qualify for the best rate. Correcting any errors can improve your score.
3. Different types of mortgages and their tradeoffs (fixed vs adjustable rates), avoiding risky features like balloons payments or prepayment penalties.
4. Factors that determine the right down payment amount depending on the borrower's situation and goals.
The overall document aims
This document provides a step-by-step guide to help consumers choose the best mortgage. It discusses:
1. Defining what is affordable, understanding your credit, choosing between fixed and adjustable rates, selecting the right down payment, and understanding how points affect interest rates.
2. The importance of understanding your credit report and score to qualify for the best rate. Correcting any errors can improve your score.
3. Different types of mortgages and their tradeoffs (fixed vs adjustable rates), the importance of understanding prepayment options, and being wary of risky loan features like balloons payments or prepayment penalties.
4. Steps to take like getting estimates of total monthly costs, calculating the
On January 24, members of Freestar Financial attended a Mortgage Mixer Event. The Vice President of Lending, Jennifer Martines and Realtor, Peter Toering presented the importance of having a good credit score and the documentation you will need in order to start a mortgage application.
The document provides information about credit scores and credit reports. It discusses the top 10 credit mistakes people make, how credit scores are calculated, factors that affect credit scores both positively and negatively, myths about credit repair, and tips for improving one's credit score over time such as making on-time payments, keeping credit utilization low, and maintaining a mix of different credit types.
This document provides a guide to navigating the mortgage process from Guaranteed Rate, a mortgage company. It discusses six key steps to getting a mortgage: 1) How to shop for the best mortgage by considering your needs, the lowest price, and a credible lender. 2) Understanding how credit scores are calculated and their importance in qualifying for a mortgage. 3) What documents are required in the mortgage application process. 4) Dos and don'ts before applying for a mortgage. 5) The timeline and steps to get a mortgage and buy a home. 6) Specialty loans like VA and FHA loans that may offer benefits. The guide aims to make the process easier to understand and less stressful.
Why Should I Use A Mortgage Adviser Take 6alanwynne
The document discusses the benefits of using an independent mortgage adviser. It outlines several factors that determine mortgage eligibility, including income, outgoings, deposit, credit rating, and employment situation. It notes that an adviser can help identify suitable lenders based on an individual's specific circumstances. The document also discusses different mortgage interest rates, repayment options, and fees. It argues that an adviser can guide a person through the application process, find the best mortgage deal, and advocate on their behalf to help secure financing.
This document summarizes the risks of specialty mortgages that allow home buyers to qualify for larger loans. Specialty mortgages often have low introductory rates but payments are likely to increase significantly in the future by as much as 50%. These include interest-only, negative amortization, and option payment ARM mortgages. The document cautions that specialty mortgages pose greater risks of being unable to afford payments long-term and the loan balance increasing instead of decreasing each month. It advises buyers to understand how much payments can rise, if their income will increase to cover future costs, and ensure goals align with risks before choosing a specialty mortgage.
Everything you wanted to know about reverse mortgages (but were afraid to ask)Joe Heale
The document provides information about reverse mortgages offered by HomEquity Bank. It discusses what a reverse mortgage is, debunking common myths, eligible uses of funds, product options including CHIP and Income Advantage, and how qualification amounts are determined. Key details include that no mortgage payments are required, homeowners retain ownership of their home, funds are tax-free, and homeowners can expect to have equity remaining when the loan is repaid.
A credit score predicts the statistical likelihood of a consumer becoming over 90 days late on a loan. Scores range from 300 to 850, with higher scores indicating lower risk of default. The five main factors that determine a credit score are: payment history (35%), amount of debt used (30%), length of credit history (15%), variety of credit types (10%), and number of credit inquiries (10%). Maintaining good payment history, low credit utilization, an established credit history, a mix of account types, and limiting inquiries can help improve a credit score over time.
This document provides a summary of the mortgage process in 6 steps. It aims to demystify the process and make it easy to understand without industry jargon. The summary highlights obtaining the best mortgage product and lowest price, and working with a credible lender. It emphasizes that a borrower's credit score is the most important factor in qualifying for the lowest rate. The document then outlines each of the 6 steps in the mortgage process.
Changing jobs too frequently in the months leading up to your mortgage application may raise red flags for lenders. Here are a few tips:
- Wait at least 6 months after changing jobs before applying. This shows stability.
- Have a strong explanation for any job changes prepared. Lenders want to see a career progression, not frequent lateral moves.
- Consider delaying a job change if a home purchase is imminent. Lenders look more favorably on applicants who have been with their current employer for at least 2 years.
- Provide extra documentation if needed, like a written job offer letter, to reassure lenders of your new position's stability.
The key is demonstrating steady, long-term employment.
Similar to Common Myths and Misconceptions About the VA Hybrid Loan (20)
What Really Caused the Housing Collapse of 2008Eric Kandell
The housing collapse and mortgage meltdown were caused by loose lending standards that allowed people to take out loans without verifying income, employment, or creditworthiness. Low interest rates fueled demand and further inflated home prices. Both borrowers and lenders were greedy, as many took out loans they couldn't repay in order to speculate on further home price appreciation. Risky subprime and option ARM loans, in particular, caused the most problems due to their volatile terms. In contrast, VA hybrid loans maintained stable underwriting standards and did not contribute to the crash.
This document discusses the components that make up a VA hybrid adjustable rate mortgage (ARM) loan, including the start rate, margin, index, caps, and fully indexed rate. It emphasizes that the margin and index are the most important parts, as a lower margin and more stable index will result in lower rates once the loan begins adjusting and less fluctuation over time. An example is provided comparing two loans, showing that the one with the lower margin will always have a lower rate after the fixed period ends.
How to Shop for and Get the Best Home Loan Rates in 2014Eric Kandell
This document provides tips for shopping for the best loan by comparing offers from different lenders. It instructs the reader to only compare offers that have matching interest rates, loan terms, and whether the rate is locked or floating. It also offers $250 if the reader brings an offer that the company cannot beat and the reader closes on that other loan. There are two potential outcomes: the company finds issues with competitors' offers and the reader chooses them, or the company cannot beat the other offer and pays $250 after closing.
The document discusses reasons a customer may want to cancel a loan with Low VA Rates, including finding a better deal elsewhere, issues with customer service or costs. It also outlines Low VA Rates' $250 lowest APR challenge process and encourages the customer to contact management to address any concerns before cancelling, as they may be able to offer alternative loan options to meet the customer's needs.
Guantanamo Bay Cuba has been used by the U.S. Military for a variety of purposes since it's start. This slideshow overviews those uses and gives a detailed history of the U.S. Military base in Cuba.
This document provides information about Memorial Day, including when it is celebrated, how it originated, traditions associated with it, and some statistics. It discusses that Memorial Day falls on the last Monday in May, was established to honor US soldiers who died in military service, and is traditionally celebrated by visiting cemeteries and memorials or attending parades and ceremonies. It also lists some Memorial Day facts and statistics from recent years.
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Money saved when moving from a 5% to a 4.75% interest rateEric Kandell
This document outlines how refinancing a $250,000 VA loan from 5% to 4.75% can save between $75-200 per month in payments and build equity faster. Specific examples show that after 10 years the balance would be $6083 lower by refinancing. Refinancing can be done at no closing costs since the bank will provide a $4500 credit. Calling the provided number can provide a customized analysis of potential savings from refinancing a VA loan to a lower rate.
Did hybrid arm loans cause the housing crash?Eric Kandell
The housing crash was caused by loose lending standards, not by hybrid arm loans. Standards became too loose, allowing people to buy homes without verifying income, employment, assets, or credit scores. This led to inflated home prices and many buyers taking on loans they could not afford. The worst offenders were subprime loans and option ARM loans, which had minimal lending standards and payment structures that increased borrowers' debt over time. In contrast, VA hybrid loans still required strict verification of buyers' credit, income, employment, and did not allow buying beyond means. They also paid down principal faster than 30-year fixed loans.
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June 2024 Lancaster County Sales Meeting for Berkshire Hathaway HomeServices Homesale Realty covering the following topics: 1. VA Suspends Buyer Agent Payment Plan (article), 2. Frequently Used Terms in title, 3. Zillow Showcase Overview, 4. QuickBuy commission promotion, 5. Documenting Cooperative Compensation, 6. NAR's Code of Ethics - Mass Media Solicitations, 7. Is it really cheaper to rent? 8. Do's and Don't's when Terminating the Agreement of Sale, 9. Living in an UBER World
Kumar Codename Fireworks at Hadapsar Link Road, Pune - PDF.pdfmonikasharma630
Codename Fireworks developed by Kumar Properties is a new residential development that offers 2/3 BHK premium residences with easy access to proposed ring road, airport, metro station.
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Anilesh Ahuja Pioneering a Paradigm Shift in Real Estate Success.pptxneilahuja668
Anilesh Ahuja journey is a testament to the power of vision, resilience, and unwavering determination. As a visionary leader, he continues to inspire and empower others to dream big and challenge the status quo. His legacy extends far beyond the realm of real estate, leaving an indelible mark on the industry and the world at large.
Andhra Pradesh, known for its strategic location on the southeastern coast of India, has emerged as a key player in India’s industrial landscape. Over the decades, the state has witnessed significant growth across various sectors,
Listing Turkey - Piyalepasa Istanbul CatalogListing Turkey
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“Piyalepaşa İstanbul” is a “mixed-use” concept containing all the elements for a vibrant social life with houses, residences, offices, hotels and high street shopping.
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Dubai, a global hub of innovation and luxury, is renowned for its dynamic real estate market, offering a blend of iconic skyscrapers, lavish residential communities, and state-of-the-art commercial spaces. HJ Real Estates is your gateway to navigating this vibrant landscape, providing expert guidance and comprehensive services to help you find the perfect property. Whether you are seeking a high-end apartment in the heart of the city, a serene villa in a tranquil neighborhood, or a prime location for your business, HJ Real Estates ensures a seamless experience tailored to your unique needs. Discover the unparalleled opportunities in Dubai real estate with us.
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The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
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At Stark Builders our vision is to redefine the renovation experience by combining both stunning design and high quality construction skills. We believe that by delivering both these key aspects together we are able to achieve incredible results for our clients and ensure every project reflects their vision and enhances their lifestyle.
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2. Lies and Misconceptions
• My payment will go up when my rate starts to go up. This is a
LIE, it can go down! We will go over real life examples
• My rate will for sure go up. Another lie. Again, statistics and
history prove that rates will go down too. I will show you.
• If I want to pay my house off faster then I should use a fixed rate
loan or shorter term like a 15 yr. Not even close to the truth.
• A 30 yr fixed rate is safer and better for someone to forecast
or plan for the future. This is the biggest of all lies
perpetrated by the US banking and mortgage industry
3. Lie #1 - My payment will go up
when my rate starts to go up
• A $250,000 30 yr fixed rate at 4.5. Monthly payment is
$1174 (PI only)
• A $250,000 hybrid loan at 2.25% has a payment of
$955 (PI only) for the first 36 months
• Assume at the end of 3 yrs the rate goes to 3.25%
• Next 12 payments will still only be $1009
• Still saving over $165 a month over your original
payments
4. Lie #1 - Continued
Possible scenario for the next 3 yrs
Year 3 3.25% $1075 per month $99 less
Year 4 3.5% $1106 per month $68 less
Year 5 4% $1166 per month $8 less
Balance owing will be $220,500 on the Hybrid Arm
Balance on the same $250,000 loan at the 4.5% rate has a balance of $227,900
5. Lie #2 – My Rate Will For Sure Go Up
• The index for the VA hybrid loan is the 1 yr CMT
• From 2001-2011 the following occurred:
• Over that 10 yr period
• down, down, down, up, up, up, down, down, down, down
• Remember what we learned in lie #1- even if rates go up
that does not mean your payment will
• We will cover some protections at the end
6. Lie #3 – You Can Pay Your Loan Off
Faster With a 30 yr Rate
• Go back to Lie #1 example of a 4.5% 30 yr fixed
rate loan and your balance pays down like this:
• We make the following assumptions with interest rates: up 1%, up .25%, up
.5%, up .75%, up .25%, up .5%, up .25%
7. Lie #3 in More Detail
• You can now see that a VA hybrid arm loan can allow you to pay
your home loan down faster if done correctly
• Why can it pay your home down faster? It is re-amortized every
year at the lower balance. 30 yr fixed rates calculate your
payment one time on day one at the original balance
• For those that save the money from the lower interest rates/lower
payments and apply that savings to their balance, they COULD
PAY down an additional $25,000 in the first 10 yrs
• A 30 yr fixed rate is safer and better for someone to forecast
or plan for the future. This is the biggest of all lies
perpetrated by the US banking and mortgage industry
8. Lie #4 – A 30 yr Loan is Safer and
Better
• One of the largest lies orchestrated by Wall Street and the
money hungry bankers who want our money
• USA is one of the only industrialized or developed nations
that feeds its people this junk. We were the worst hit by
the financial crisis and mortgage meltdown too
• Why would you want to borrow money for 30 yrs? Not a
single person watching this video will pay on their
mortgage for the next 30 yrs, let alone 10
• Time to wake up America. What do the bankers and
developers use?
9. Lie #4 – Facts and Protection
• VA has both 3 yr and 5 yr hybrid arms that are fixed for 3-5 years. Fannie and
Freddie data prove we change loans every 4-6 yrs
• Rate can never increase more than 1% per year. THIS PROTECTS YOU from
wild rate movements
• Rate can never go up more than 5% from the start. Now you can forecast a
worse case scenario
• Time to wake up America. What do the bankers and developers use?
• We do not cover this in today’s video, but you can take the
THOUSANDS in saved interest and attack your high interest rate credit
cards and literally save hundreds of thousands in interest by paying off
your revolving credit card debt
10. “Great customer service and follow through! I
would highly recommend them to handle your
mortgage needs.”
– George G.