Archive for the ‘Mortgages’ Category

Lease to Purchase Explained

July 1st, 2008

Hans's-house-header-at440-by-G.E.Sattler
Creative Commons License photo credit: G & A Sattler

Have you ever considered a lease to purchase agreement. These home purchase deals can sometimes be a great boon to both the seller and the buyer but before you leap its best to know what you’re getting into. Lease options, options to purchase and lease purchase agreements all sound sort of the same but they’re actually three distinct purchase agreements. Each state has its own laws and regulations on these purchases and you should check your state’s particular version as they all vary slightly. (more…)

How to Qualify for a Mortgage

June 10th, 2008

Joe Approves
Creative Commons License photo credit: Jofus | JoeTheDough

Qualifying to receive a home mortgage loan has never been a particularly easy thing and it’s an experience which has only gotten more difficult in recent years. With the sub-prime mortgage bust and the increase in home foreclosures that has taken place, banks are more hesitant than ever before to offer a home mortgage to someone. Many people who once owned homes now rent because they can’t get approved for a mortgage loan. But that doesn’t mean that getting a home mortgage is impossible. It just means that you need to know what you have to do (and prove) so that the lender sees you as a responsible bill-paying home owner who deserves a home mortgage loan. (more…)

Basic Mortgage Questions

June 8th, 2008

House
Creative Commons License photo credit: Brandie!

Many people feel silly asking really basic questions about mortgages. They feel like this is something that they should already know since almost everyone they know has a home mortgage. However, you shouldn’t be afraid to ask the questions that you need to ask in order to make sure that you understand what you’re getting in to with a home mortgage. You can’t expect to know this information if you’re too afraid to find it out to begin with. And failing to ask those important questions can make the mortgage process far more confusing (and financially stressful!) than it should be. (more…)

Reverse Mortgage Do’s and Don’ts

May 18th, 2008

the magic numbers:don't give up the fight
Creative Commons License photo credit: visualpanic

The reverse home mortgage is a home equity loan available to seniors as a means of obtaining income from their homes. In positive situations, it can be a way for an older person to stay in his or her home despite a loss of income caused by retirement. It can even be used to invest in the home, create a profit, pay off additional rental property mortgages and establish financial security. However, bad choices (including using bad lenders and accepting bad terms) can make the reverse mortgage a negative situation instead of a positive one. (more…)

FBI Cracks Down on Mortgage Fraud

April 26th, 2008


Creative Commons License credit: Amy March

If you’re in the business of buying real estate then you probably pay close attention to the mortgage fraud cases that happen around the country. You want to make sure that the loans you get are legitimate loans that won’t turn nasty on you in a few years. It turns out that you’re not the only one who is paying attention to this issue; the FBI has reported that they’re seriously stepping up their efforts to stop mortgage fraud in its tracks. (more…)

Life Insurance as a Method of Decreasing Reverse Mortgage Risks

April 3rd, 2008


Creative Commons License credit: Leonid Mamchenkov

The reverse mortgage is a home equity loan available to senior citizens. It essentially takes the home equity that the individual has already invested in his or her real estate and gives it back to the home owner. It is primarily used by seniors who are at risk of losing their homes as a result of the high cost of living that they experience after retirement.

(more…)

Florida Guilty of Mortgage Fraud

March 18th, 2008

Florida has been ranked the number one state for the problem of mortgage fraud for the second year in a row. Mortgage fraud is of great concern these days because the downturn of the real estate market has made some people desperate to get a housing loan. That kind of desperation breeds financial problems and fraudsters are taking advantage of that fact by targeting this population.

(more…)

Questions to Ask Before Getting a Reverse Mortgage

March 17th, 2008


Creative Commons License credit: FoxgirlThe reverse mortgage loan is one of very few mortgages in the country that is actually on the rise. That’s because this loan is entirely different from the standard mortgage and serves a need in the community that exists today. Rather than being a loan that you take out and have to pay back each month, this is a loan that is paid out to you from the lender. The reason that the bank does this is because you are accessing the money through your home equity.

(more…)

Property Managers Should Take Note of Foreclosure Rates

December 20th, 2007

RealtyTrac, a leading web site for foreclosure properties, releases lists documenting the foreclosure rates for 100 metropolitan areas. Listed below are cities with the highest and the lowest foreclosure rates in November. The number listed to the right of the city shows the number of households per foreclosure filing. For example, in Stockton one in every 31 households has a foreclosure filing. (more…)

What Does the Mortgage Crunch Mean For Property Owners

August 17th, 2007

I’ve been trying to buy a new house in the last couple of weeks, and all I keep hearing about from the lenders I’ve been working with is how there are fewer options for loans because lenders are pulling some of their programs. I also hear that this probably won’t impact buyers with good credit who have some money saved for a down payment. (more…)