Know Where You Stand With a 2nd Mortgage Foreclosure

December 9th, 2008 by mikegoh
Many people misunderstand the 2nd mortgage foreclosure and how it works in reference to the 1st mortgage foreclosure. Any time there are two mortgages on your home, the first mortgage always takes precedence over the second mortgage. The same is true with a 1st and 2nd mortgage foreclosure. Some people misunderstand what this means. They feel that since their first mortgage takes precedence over their second mortgage, they don’t have to worry about staying current with their second mortgage as much as their first. They couldn’t be more wrong with their thinking. If you become delinquent on your second mortgage, the lender can initiate 2nd mortgage foreclosure proceedings against your home. You can lose your home even if you’re current on the first mortgage. When a home becomes foreclosed, it is repossessed and usually sold at auction to the highest bidder. If your second mortgage is in default and you lose your home to a 2nd mortgage foreclosure, the first mortgage will still take precedence. When your home is sold as a result of the foreclosure, the proceeds will go to the lender of the first mortgage to cover the balance that is due to them. Whatever

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How to Use a Mortgage Payment Calculator?

December 5th, 2008 by mikegoh
You can enter mortgage payment calculator into your search engine and come up with many websites that have an online calculator. To determine how much money you will need to ask the lending company for you will enter in the list price of a home that you are interested in; you will also enter all the data the form asks for, such as the length of the contract and the interest rate, and any outstanding debt that you

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Obtaining Your Colorado Mortgage Broker License

August 20th, 2008 by mikegoh
Whether you live in Colorado, Missouri, or Florida, mortgage brokers are in high demand. In fact, over sixty percent of people get their mortgages through brokers rather than lending companies. This is just how popular they really are. Since they are in such high demand, it is a good idea to go in this field, although not everyone is suited for it. If you live in Colorado and are thinking of becoming a broker, there are certain steps that you must take in order to get your Colorado Mortgage Broker

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Banks Invest Your IRA Money in Home Mortgages, Shouldn’t You?

March 13th, 2007 by admin
Info! Allow children to pursue their interests within reason, but never put all your eggs in one basket. Meaning: don't invest money that you don't have or push your child too hard in a direction that has value in your mind.

You can pump high yielding, tax free profits secured by real estate directly into your IRA!

I don't care what your banker or stockbroker told you, the IRS says you can. (http://www.irs.gov/publications/p590/index.html)

You can earn up to 25% on your mortgage loan investment in a couple of months on short term deals. Long term loans can triple your investment while generating a cool, passive income stream over 15 years or more.

You are probably aware that for every $100,000, in mortgage money you borrow you are going to repay nearly $300,000 by the time its paid off in 30 years, right? Wouldn't it be nice to receive returns like that, instead of paying them?

You can!

The risks are extremely low on this type of investment. Banks will loan over 100% of the purchase price if the loan is secured by 1-4 family residential real estate.

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Understand Credit Report’s Relevance In Mortgage

January 23rd, 2007 by admin
Mortgage Secrets Exposed. How Anyone, with Any Credit can get Any Mortgage Fast & Easy. Get any loan with bad credit: Mortgages, Home Loans and more.
One might be wondering why some lenders turn down a mortgage application while some others might consider it fit for approval. The answer may well lie in the credit report and the credit score to be precise which plays a crucial role in loan sanctioning. Credit history is an important factor affecting loan granting decisions by the lender or mortgagee. As part of the pre-approval process a detailed investigation is carried out into your financial history whereby the lender assesses your finances, your credit history and your investments. Your debt ratios are compared with the lender's standard while deciding on the loan approval. Your level of debt or credit history is taken as a parameter for judging your ability to make the monthly repayments. The credit history as represented by your credit report plays a very crucial role since some lending institutions may even turn you down because of incompatibility with their lending standards. Too much debt and poor credit rating

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Mortgage Banking: Is It for You?

January 21st, 2007 by admin
How To Get A Mortgage. Mortgage eBook with easy to understand basic steps to getting a mortgage.
Are you quick with calculations and always ready to help people? If you're good with numbers and have great organizational skills, a career in mortgage banking may be a great idea. Most people who work in the mortgage banking field are residential or commercial loan officers. A mortgage loan officer helps people get loans to buy houses or re-finance property they already own. A commercial loan officer may also handle mortgages, but for businesses and companies. Depending on the type of company the loan officer works for, hours can vary from a standard 40 hour week to more. Many mortgage banking professionals work on commission, so they may want to put in more hours, book more loans and earn more commission. Other mortgage loan officers work standard hours at a bank or credit union. In the current job market, new mortgage banking professionals are usually required to have a college degree in finance or business, or some training or experience specific to the field. Computer training is essential to the job, as

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Three Quick Steps To Getting A Mortgage After Bankruptcy

January 19th, 2007 by admin
Mortgage Secrets Exposed. How Anyone, with Any Credit can get Any Mortgage Fast & Easy. Get any loan with bad credit: Mortgages, Home Loans and more.
Finding a mortgage after bankruptcy is much easier today than it used to be. After you have declared bankruptcy and cleaned up your credit, you can easily qualify for a mortgage with a reasonable rate. To get the best rate possible you will want to have your finances in order and be able to pay a large down payment. Step One: Give Yourself Enough Time Most lenders prefer that it has been at least two years since bankruptcy has been filed. If you have paid all your payments on time since filing bankruptcy and have waited the two years, you will most likely be able to get complete financing for your home. If you want to get a mortgage before the end of the two years it is a little harder, but can be done. You will need to have a great payment history since filing for bankruptcy, and will need to have a down payment that is between three and five percent

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What Is Bad Credit? Can You Still Apply For A Loan Or Mortgage With A Bad Credit History?

January 18th, 2007 by admin
Tip: The left over money from the mortgage loan refinance is used to pay off your other debts.
An adverse or bad credit history can include arrears and defaults on your existing mortgage loan or rent, C.C.J's (County Court Judgements), I.V.A's (Individual Voluntary Arrangements), bankruptcy, repossession order, and any one of these will result in your having a bad credit record which can lead to difficulties when trying to re-mortgage through the usual High Street lenders.
How To Get A Mortgage. Mortgage eBook with easy to understand basic steps to getting a mortgage.
You may well have found yourself with bad credit due to circumstances. It can happen to anyone - there is so much credit being offered nowadays it is easy to over borrow, or your personal circumstances may have simply changed. Whatever the reasons for having a bad credit history there are ways that you can help yourself and sometimes lower your monthly payments in the process. For instance, you may decide that you want to consolidate all of your borrowing so that you can pay

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Life after Bankruptcy – How to Restore Your Credit after a Bankruptcy and Obtain a Mortgage

January 15th, 2007 by admin
Tip: Fourth step is optional; you can apply for a mortgage after bankruptcy even with bankruptcy discharged yesterday and just about any time you want.
It is unfortunate that many bankruptcy attorneys do not give their clients more direction with regard to restoring themselves after their bankruptcy. There are some simple steps that anyone who files a bankruptcy needs to take in order to restore themselves financially. Using these steps below, you can restore your credit and prepare yourself to become a home owner. 1. Get a copy of your credit report. Many times (most times) the credit accounts that are absolved with your bankruptcy are not removed from your credit report immediately. 2. Have derogatory credit items removed from your credit report. For the items charged off in your bankruptcy, you will need to send a copy (not the original) of your bankruptcy discharge papers to all 3 of the credit bureaus asking them to remove these inaccuracies.
Mortgage Secrets Exposed. How Anyone, with Any Credit can get Any Mortgage Fast & Easy. Get any loan with bad

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125% Home Equity: No Equity Second Mortgage Loans for First Time Home Buyers

January 14th, 2007 by admin
Tip: Start the process early ? Get pre-approved for your mortgage before starting your search for a home, in the current market in Florida many property sellers will not take an offer seriously if the potential buyer has not been pre-approved.
A 125% home equity loan (also known as no equity loans, 125 home equity loans and 125 loans) is a second mortgage that requires no equity but the loan allows you to borrow up to 125% more than the current combined loan to value (CLTV) ratio of your home. The CLTV is the proportion of more than one loan secured by your home in relation to its value. This is different than loan to value (LTV), which only involves the proportion of a single loan in relation to its value. Wikipedia provides these examples to help people understand the difference between LTV and CLTV: Loan To Value: Property valued at $200,000.00 1st mortgage = $180,000.00 LTV = 90% Combined Loan To Value: Property valued at $200,000.00 1st mortgage = $180,000.00 2nd mortgage = $45,000.00 $225,000 Total mortgage

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