Posts Tagged ‘Home’

WI FHA Home Equity Conversion Mortgage Information

Doug MacLeod is a Reverse Mortgage Consultant serving the state of WI. Learn what a reverse mortgage is and the facts behind these great mortgage programs at www.ReverseMortgageWI.com 5 of 5

An FHA loan is a government backed loan the allows a client to get into a property with as little as 3 percent money down. Find out what factors affect FHA loan qualification, including income and credit history, withhelp from a financial specialist in this free video on home loans and money management. Expert: Matthew McKillen Contact: www.innovativefg.com Bio: Matthew McKillen has more than 21 years of industry experience in arranging loans for his clients. Filmmaker: Christopher Rokosz

Nice Bankruptcy Home Refinance photos

Some cool bankruptcy home refinance images:

Plant A Man .. Got My Mojo Working (Muddy Waters) …


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Recorded at the Newport Jazz Festival 1960. This is the full lengh version of Muddy waters Got My Mojo Working

…..item 1)…..youtube video…..Got My Mojo Working Muddy Waters full version newport jazz….7:01 minutes….lewisldurham

www.youtube.com/watch?v=FhTCYqJsfqs

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Music

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Newport Jazz Fesitival Got My Mojo Working 1960 Muddy Waters Blues Chicargo

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First Person: Am I Headed for Financial Ruin? Signs that you are headed for financial ruin are as obvious as signs on the highway, but many people get distracted when it comes to paying attention to them.

…..item 2)…..Yahoo! Finance….First Person: Am I Headed for Financial Ruin?

Laura Cone, On Friday June 10, 2011, 6:32 am EDT

finance.yahoo.com/news/First-Person-Am-I-Headed-ac-592735…

*Note: This was written by a Yahoo! contributor. Do you have a personal finance story that you’d like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.

Signs that you are headed for financial ruin are as obvious as signs on the highway, but many people get distracted when it comes to paying attention to them.

When I was in my early 20s, I made an impulsive cross-country move that left me without a steady income for about six months. I tried to ignore the signs that we were headed for financial ruin, but eventually the bills became impossible to ignore.

I have friends who have declared bankruptcy and others who have simply walked away from their bills until the debt disappeared from their credit records. It’s possible to go from being thousands of dollars in debt to having wealth, but it takes daily discipline and willingness to take financial responsibility. Here are some of the telltale signs that you are headed down the road of financial ruin, as well as some ways to make a major U-turn and prevent bankruptcy:

Buying groceries on credit

If you don’t have enough money in your checking account to purchase food and have to use credit, then you are in financial trouble. If you just use a credit card because it’s convenient, and then pay it off, that’s a different situation. I knew I had trouble when I used credit cards for pizza delivery instead of being able to pull out a . To avoid bankruptcy, start working on a cash-only basis for a while. Make a special envelope for food money. Clip coupons as well, or share extreme couponing tips with friends.

Making less income than housing expenses

If you don’t have enough income coming in to pay your rent or mortgage and utilities, consider that a sign of financial desperation. Find other ways to make extra income. Mow lawns for neighbors if you have to. Consider renting a less expensive apartment. If you own a home, refinance or opt for a short sale so that you can downsize to a more affordable living situation. Otherwise, you will face foreclosure.

Not being able to pay credit card minimum

When your minimum payment becomes so high that you can’t afford to pay it, you need to consider your options. Credit cards are unsecured debt, which means some people have no problem walking away from the bills. It’s better to take responsibility and pay off your credit cards with the debt snowball plan. To avoid bankruptcy, you need to find a way to pay the minimum payments, or call the credit card companies to work out a temporary solution.

Being overdrawn on your checking account

Some banks will allow you to be overdrawn on your checking account up to a certain amount. But being overdrawn is always a red flag that you are not living within your means. Make a commitment to have at least 0 in your checking account as a cushion. Start making sacrifices each day to save money. It’s fine to think about your monthly bills and budget, but I had to start looking at my finances daily to really reach my final, debt-free destination.

To avoid bankruptcy and prevent foreclosure on your home, make financial sacrifices early and often. Don’t wait until you see the signs of financial desperation. I have a friend who is renting out a room to ease her financial burdens. A relative is renting out his Florida winter home. There’s no shame in becoming a multigenerational household to save money on living expenses. It’s easier to navigate around financial potholes than to get out once you’re stuck.

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Six Financial Crimes We Commit Against Ourselves

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Overcoming My Poverty Mentality

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6 Sneaky Ways To Save 0,000 In 10 Years

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Bad Credit Home Loan Resources Mortgages,refinance,Car Loans, Auto Loans,Car Finance, Credit Cards,Payday Loans All Kind Of Loans Visit Us Now And Get 60 Second Guaranteed Approval

Bad Credit Home Loan Resources Mortgages,refinance,Car Loans, Auto Loans,Car Finance, Credit Cards,Payday Loans All Kind Of Loans Visit Us Now And Get 60 Second Guaranteed Approval Funding Way specializes in bad credit car loans, auto loans, consumer auto financing, bankruptcy auto loans…

Can someone give me a general idea of how much home closing costs are?

by seier+seier

Question by DaniJohnson: Can someone give me a general idea of how much home closing costs are?
I know closing costs vary, but can you give me a general idea of how much it is? Like, is it in the hundreds or thousands?

I’m still in high school, but i’m trying to gather some information about buying a home.

Best answer:

Answer by Othniel
A good faith estimate is given by the lender but for your purposes a phone call to a title agency that does real estate closings in your area will give you all the information you need.

Give your answer to this question below!

Home equity loans

Simple example of borrowing from equity to fuel consumption

Do I refinance or get a HELOC (Home Ewuity Line of Credit)… That is the question. Watch this short video to learn which one is best for you. Presented by Craig Turner and Chris Courtland with First Priority Financial – The mortgage loan esperts you refer your friends to! Your Colorado Springs mortgage experts
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Personal Finance : How to Refinance a Home After Bankruptcy

In order to refinance a home after bankruptcy, most lenders want to see a minimum of 24 months since the discharge of the bankruptcy. Find out how the rest of the financing process is no different than before the bankruptcy with help from a financial services manager in this free video on refinancing a home after bankruptcy. Expert: Matthew McKillen Contact: www.excelmortgage.com/ Bio: Matthew McKillen brings 21 years of industry experience in arranging loans for his clients. Filmmaker: Christopher Rokosz
Video Rating: 5 / 5

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Why Home Closing Costs are Necessary?

by wallyg

Home sweet home, is it just a dream? You might feel this way when you are in the final stages of closing and discover the home closing costs. This is an area where many go into sticker shock. So let’s take a look at those costs in purchasing a new home.

Don’t worry I will clear up your doubts. Everyone’s basic need is to have a nice home to live in. While we are waiting for the transactions to be completed, there are miscellaneous expenses that occur in finalizing your purchase known as home closing costs. These include things such as:

deed recording fees
surveys
property taxes
loan origination fees
discount
appraisal
title fees

As you can see from the list, these are necessary items to complete the transaction of buying your new home. Home closing costs are also called settlement costs. When you have a transaction that includes a lender, a borrower, and real estate, then you will have a real estate settlement document to itemize these costs. Many of these cannot be avoided. Although there are some that are negotiable. An example of one is the loan origination fee.

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These costs are paid to the lender for the fees that have accumulated to complete the transaction. The mortgage makes it possible for you to make such a large purchase as a home. Thus the lender can establish the principles for you to obtain this large debt from the bank which provides the loan. Any kind of assets can be categorized to assure your ability to pay back this debt. So there are fees involved to qualify you as a good risk. These are part of the mortgage closing costs.

On an average 3% -5% of the purchase price is what you can estimate the home closing costs for buying a home will be. Never oblige yourself for the payment of a mortgage that goes beyond your earnings. I had one young girl ask me about a mortgage she qualified for that was for 0,000. She loved the home but only had a total earnings between her and her fianc? of ,000 per year. They did not have the earnings to afford this mortgage. They would have found it too much to handle and would soon find themselves loosing the home. So don’t commit yourself to a mortgage that you cannot afford. Read the documents carefully before signing.

Within three days of their loan application, a lender should provide you, the buyer, a good faith estimate document, which is the hypothetical rule of the amounts that are to be estimated. But the original regular prices may go beyond this estimation at the final closing. Bring the good faith estimate document with you so you can compare. Also, ask for an updated good faith estimate document just prior to closing.

Normally, the time factor for clearing out these settlements is prior to the closing. Home closing costs are a necessary part of buying a home. Hopefully all your doubts have been cleared and you can proceed with the closing. Enjoy that beautiful home you are about to buy!

Apply For Home Affordable Refinance Program and Make Your Home Free From Foreclosure

The making home affordable program was designed to help homeowners from losing their homes to foreclosure due to inability to afford monthly mortgage loan repayment. Financial crisis can strike any time and it is up to the homeowners to decide which path they want to go even before any sort of tragedy strikes them. Resorting to home affordable modification program or home affordable refinance program that are two branches of the federal making home affordable program even before the homeowner starts facing problems with the monthly payments can lead to prevention of a situation wherein they might have to face foreclosure.

Prevention is always better than cure and by taking the help of federal making home affordable program the homeowner can resolve his crisis way ahead of time. Out of the two parts of the federal making home affordable program the home affordable refinance program was applicable only to those homeowners who had their mortgage loan guaranteed by Fannie Mae or Freddie Mac. Mortgage loans which were not guaranteed by the two insurers could not qualify for the home affordable refinance program. Other criterion’s that need to be met to qualify for the home affordable refinance program following the making home affordable program guidelines are as follows:

The mortgage loan should be guaranteed by Fannie Mae or Freddie Mac. Out of the two Fannie Mae has greater market share than Freddie Mac but both the insurers have online look up services.
The homeowner should be able to maintain a perfect and on time mortgage repayment history across the previous 12 months. A case of late payment even once can lead to disqualification from the home affordable refinance program as per the making home affordable program guidelines. Being 30 days late on ones payment means the homeowner cannot qualify any how whereas being 20 days late will enable one to qualify if the late payment fees have been discharged.
The outstanding balance on the mortgage should not exceed the value of your home that is it should not be more than 5% of the home’s value. The formula for calculating the balance is by dividing mortgage balance with the home value. After division if the quotient turns out to be greater than 1.05 then it means that the loan to home value has exceeded 105% and the homeowner cannot qualify for the home affordable refinance program.

However, if the person meets all the eligibility criteria as stated in the making home affordable program guidelines then few points need to be kept in mind before applying for the refinance program. They are:

Mortgage insurance need not be paid after refinancing if prior to refinancing the homeowner did not pay for mortgage insurance. This will be applicable even if your home value and mortgage balance ratio increases by 80%.
Show valid proof of income as all home affordable refinance program applications carry out verification of income before approving the refinancing program. Mortgage refinancing is only applicable to first mortgages and not second mortgages.
The making home affordable program guidelines does not require minimum credit score, mortgage insurance, offers up to 105% LTV and re-subordination of all current subordinate financing without resorting to new subordinate financing.

The home affordable refinance program which is a sub part of the making home affordable program is a beneficial tool for homeowners to save their homes from foreclosure. With the help of the making home modification program and the making home refinance program homeowners can pay off their mortgage loans and at the same time reap the benefit of staying in one’s home.

Using an Online Mortgage Loan Calculator?.”How Much Home Can I afford?”

Many sites offer a variety of mortgage loan calculators for use by web surfers and visitors.  There are monthly payment calculators, rent versus buy calculators, refinance calculators and on and on.  I am taking aim in this series of articles to help you to use these calculators in a more effective way. Today we are going to examine the most widely used calculator, How Much Home Can I Afford Mortgage Calculator.  More specifically, we are going to break down how to accurately estimate the qualifying income the mortgage company will consider when you apply so that you can enter that into a mortgage calculator. 

The design of this Calculator is to allow you to put in some basic income figures and have the calculator determine what payment your income will support and determine what loan amount that translates to and, by adding a down payment to that figure ….how much home you can afford.

The pathway to answers using this calculator is full of many pot holes. Let us start with the first – income determination.  In my two decades of loan origination I have found that there is often a huge difference in what a potential borrower thinks they make versus what an underwriter is going to allow for qualifying.  These differences are largest among the self employed crowd predictably. 

If you are self employed and file a schedule C: 

Your qualifying income is going to be determined by taking your verified schedule C gross income and subtracting all expenses (not including depreciation or depletion – both are paper losses) for the last two years and averaging that into a monthly amount.   There is an exception to the 24 month average rule and it is not good…. The exception is if your income is lower in the most recent year versus the previous year it is being averaged with, the lower year will be taken on its own and averaged over 12 months.  An explanation for the decrease will be required most likely and if it is significant, evidence that the “bleeding has stopped” might be required as well.  

Example: 

2009      Gross Self Employment Income 0,000 – ,000 of expenses (not including depreciation) is ,000 

2010      Gross Self Employment Income ,000 – ,000 of expenses (not including depreciation) is ,000 net, taxable and qualifying income 

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Ordinarily underwriting would take the 80,000 and the 70,000 net figures and average them. In this case, since the 70,000 is the more current figure 2010, it will also be the qualifying income figure.   

If you are Self Employed and Own a Corporation. 

Whether you are a C Corp or an S Corp, the business tax returns will be required and the corporation will need to be profitable. A loss (not including depreciation) will bring doubt as to whether or not the company can sustain the salary income you might be deriving from it.  S Corp losses and gains will appear on your personal tax returns but the corporate returns will still be required and should be reviewed as you work with a mortgage calculator. 

If you are W-2 Employee Earning Bonus or Commission or Overtime Income. 

You should first determine your base income. This would be your regular hourly rate x 40 hours a week or your regular monthly salary if that applies. Perhaps you are a nurse and work three 12 hour shifts in which case your base income would be your regular hourly rate x 36 hours. Do not use the over time rate in this case for calculating your base income.  In summary your base income is going to be established by using your current regular hourly rate or salary figure…no overtime, stipends, bonuses etc. Raises can be taken into consideration immediately when it concerns base income but will need to be evidenced with a paystub prior to closing.   

Underwriting will determine your qualifying overtime using a verification of employment but you can simply take your last 24 months of overtime and average it to a monthly figure. Keep in mind that you employer is going to have to verify that the overtime is likely to continue in order to use it and if the overtime is declining it may not be considered. If you have doubts don’t include it in your mortgage calculator.  

Please also keep in mind that it is common to claim unreimbursed expenses when you file your taxes. Many people do not even understand these expenses or where they are claimed.  If you itemize expenses on your personal Federal Tax  returns, it is possible that you are claiming expenses for your job that are not reimbursed by your employer. In the industry we call these 2106 expenses because they are broken out on form 2106 but listed in total on your Schedule A.  Typically these expenses will be averaged over 24 months and subtracted from the average gross income figure base pay plus overtime.

The following are general rules in determining income for the online Mortgage Calculator. 

Rule One: Monthly Base Income equals:

Current Salary (even if recent raise) evidenced by a recent pay stub.
Regular Hourly Rate x up to 40 hours a week. 

Rule Two: Bonus, Commission, Overtime  equals:

24 month average if increasing or steady.
Must subtract all unreimbursed job expenses claimed on tax returns 

Rule Three: Self Employed Income equals:

Sole Proprietor – Gross Income minus expenses (excluding depreciation and depletion) for the past two years evidenced by tax returns.  Must have a minimum of two years in business to count.
Corporate Owner – Salary or wage income plus review of two years of Corporate returns indicating the company’s ability to continue paying your income. Business losses (excluding depreciation) indicate that the company may be unable to sustain your income and underwriting will take this into consideration. 

Rule Four: Second Jobs

Must demonstrate a minimum of two years history of holding two jobs continuously in order to have this income accepted.
Income will be averaged over 24 months.      

For questions or comments on this article or about using a Mortgage Calculator or Mortgage Qualifying Calculator please feel welcome to contact us  hugh@themortgagecity.com

What is the Difference between a Home Loan Modification and a FHA Loan Refinance?

If you are one of so many Americans who has fallen victim to the economic recession and is finding it harder and harder to pay your monthly mortgage? If you are, you should make an appointment with a financial advisor who can go over the pros and cons of home loan modification versus FHA refinancing.

There are two options available for homeowners who cannot pay their mortgage loans. They are a loan modification and FHA refinancing. The one you choose depends mainly on who insures your loan. If you don’t know, call your lender and ask. There are three main insurers: Freddie Mac, Fannie Mae, and the Federal Housing Administration (FHA). These companies do not lend you money; they insure it. This means lenders have less of a risk and subsequently will offer you a lower interest rate.

Is there a difference between insurers? Not really. The determining factor is your specific loan and who insures it. There isn’t much difference between a mortgage insured by FHA and a loan insured by Fannie Mae or Freddie Mac. The insurer only really matters when restructuring enters the picture. Loans insured by Fannie Mae or Freddie Mac can participate in the new Making Home Affordable mortgage loan modifications. If the FHA insures the loan, refinancing is available through Hope for Homeowners plan.

With a FHA loan, the homeowner should investigate refinancing. The Hope for Homeowners initiative offers hope to homeowners who have been denied refinancing in the past. Lower property values have disqualified many people from refinancing. When a house loses value, it loses equity. If equity had dropped 20%, homeowners were not eligible for traditional refinancing.

There is a standard procedure for lowering your monthly mortgage payments through a Making Home Affordable loan modification plan. There are incentive payments for both lenders and borrowers that will help lead to favorable loan modification and encourage economic stability. If you have a FHA insured loan, you can get a home modification but not through the Making Home Affordable plan. The programs that deal with FHA loan modifications are not as straight forward, strict and they do not follow the same procedures.

It is not hard to understand the differences between loan modifications and FHA refinancing if you have the right information. Research it and talk to a financial advisor about reducing your home loan.

Nationwide Mortgage Loans offer FHA streamline refinance loans. Streamline refinancing enables FHA borrowers to refinance their present FHA mortgage for an improved interest rate or reduced years for repayment. FHA mortgages are more popular than ever after the Federal Reserve cut rates to the lowest level since the 1940′s. FHA streamline loans require less paperwork so refinancing is quick and easy. Take advantage of reduced FHA rates only available for government customers who can document consistent good loan payments for at least 12 months on their existing FHA loan. Lock in while the rates have reached historic low levels. Visit us at www.bdnationwidemortgage.com or http for more info and a no hassle consultation.

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