The Costs Of The Reverse Mortgage Loans
Among the most popular reverse mortgage loans are the FHA insured HECM, home equity conversion mortgages, which have the following costs. 1. The mortgage insurance is 2 % of the appraised value. 2. The origination fee, the cap is 2 % of the first $ 200.000 and after that 1 %, with overall cap of $ 6000. 3. The insurance of the title. 4. The title, county recording and attorney fees. 5. The real estate appraisal $ 300 – $ 500. 6. The survey, in some cases, $ 300-$ 500 and 6. The monthly service fee, between $ 25 and $ 35. [More...]
What you need to know about mortgages and the type of financial services available
A mortgage is generally defined as a loan used to finance the purchase of real estate or a home. These loans come in different types, rates and terms. The specifications of these loans are important, for they along with the initial down payment determine the monthly payment amounts due throughout the life of these loans. The right type of loan may depend on individual circumstances. For those seeking to finance or live in a home for only a few years, an ARM loan, or adjustable rate loan could be best. Those who are looking to stay in a home long term, a fixed rate loan may be best. Those lucky enough to be buying property for the first time may receive the best terms with a first time buyer mortgage. To determine which loan is best, the key concepts of all types of mortgages should be examined. [More...]
Writing a Persuasive Loan Modification Hardship Letter
It is a very probable reality that in these times of economic uncertainty, your financial capability is strong enough to face the many pressures of daily life. One of those pressures is the likely chance of losing your house. This is where a compelling loan modification hardship letter comes into play. It is a legal letter in which you describe your current financial hardships to your lender and state the steps that you have are taking in order to solve your financial problems. [More...]
Will I Save Money Without a Mortgage Broker?
The simple answer is neither yes or no but “maybe!” [More...]
Mortgage Bailout Plan – New Mortgage Refinancing Options
With the financial problems that millions of homeowners are facing, foreclosure and mortgage default are at all time highs. To counteract this, the Obama administration has enabled a $75 billion stimulus program to bailout homeowners, and stop homes from being lost. Millions of homeowners can now use these programs and get a mortgage refinance or modification for themselves. Here is how it works. [More...]
Obama and Wells Fargo Offer New Mortgage Refinance Options to Homeowners
Wells Fargo and President Obamas mortgage stimulus plan will be able to help millions of homeowners. Now, getting a more affordable monthly home loan is easier than ever, regardless of your financial situation. Here are some things you should know about mortgage refinancing with Wells Fargo and Obamas stimulus plan. [More...]
The Governments Mortgage Bailout Plan
With the financial problems that millions of homeowners are facing, foreclosure and mortgage default are at all time highs. To counteract this, the Obama administration has enabled a $75 billion stimulus program to bailout homeowners, and stop homes from being lost. Millions of homeowners can now use these programs and get a mortgage refinance or modification for themselves. Here is how it works. [More...]
Obama Stimulus Plan has Mortgage Refinance and Modification Benefits
Do you owe more than your home is worth? Have financial problems and want to refinance into a lower monthly mortgage payment? Been denied a refinance in the past? Do not panic. New Government stimulus programs are in place to help. This stimulus program has over $75 billion in funding and can help over 8 million homeowners. Here are some things you should know. [More...]
How to Make a Compelling Hardship Letter for your Loan Modification
The most important document you will need in your loan modification application is the Loan Mod Letter or better known as the Hardship Letter. The hardship letter basically tells the lender why you had gotten into difficulty paying your monthly dues so it should clearly paint your current financial picture. This is your opportunity to tell your lender the circumstances of your difficulties and the steps you have been taking to deal with your dilemma. Make sure your reasons fall within the “acceptable hardship” list and will guarantee the lender that if given the chance to adjust your monthly dues, the home loan payments will be made on time from then on. [More...]
Chase Mortgage Modification Fraud, Scams, and Dirty Tactics
Many homeowners are reporting problems with getting a Chase mortgage modification. In fact, a lot of people are saying that Chase has charged them over $700 in fees, with no real intent of delivering on any promises of a mortgage modification. People are complaining and we are listening. Here are some of the common problems Chase is giving homeowners who are applying for a home loan modification. [More...]
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