Credit and Loans

How a Reverse Mortgage Can Benefit Homeowners 62 or Older

How a Reverse Mortgage Can Benefit Homeowners 62 or Older

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Reverse mortgages give eligible homeowners the ability to access the money they have stored up as equity in their homes. They are designed to build seniors' personal and financial independence by providing funds without the requirement of a monthly payment for as long as they live in the home.

Homeowners age 62 or older may benefit greatly by discussing the possibilities and options a reverse mortgage can afford them with a lender or counselor. These types of loans offer a way to borrow against the equity in your home to create a stable, continuous and tax free source of usable income or a substantial source of supplemental income, all without having to change your current living conditions.

Mortgage & Refinance Tips: Debt To Income Ratios

Mortgage & Refinance Tips: Debt To Income Ratios

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Debt to Income Ratios, often referred to as “DTI’s”, are a key calculation used in the refinance, debt consolidation, and purchase mortgage application process. A debt to income ratio is arrived at by dividing your monthly debt payments by your pre-tax income. Debt to income ratios are finally used to determine how much money you can borrow, and a thorough knowledge of DTIs can help you get the most value from your refinance, debt consolidation or purchase mortgage transaction.

There are two different types of debt to income ratios which are used in refinance, debt consolidation or purchase mortgage underwriting, a Front End Ratio (or “Front Ratio”) and a Back End Ratio (or “Back Ratio”).

Are Credit Card Companies creating a Legal Liability for Inappropriately Issuing Accounts?

Are Credit Card Companies creating a Legal Liability for Inappropriately Issuing Accounts?

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Adam J. Goldstein, who works for a Chicago law firm, wrote in the recent issue of University of Illinois Law Review his beliefs that credit card companies are encouraging high levels of consumer debt because they take advantage of a "consumers' cognitive and behavioral vulnerabilities."

We all see an onslaught of credit card offers that arrive in the mail every day. Sometimes it is for a new credit card or checks for cash advances. It seems like these offers along with low interest promotional rates for transfers are luring people into further debt.

Goldstein points out that other lending activities, such as for a car, house, or other loans are all put through a credit screening process. These very same banks also offer credit cards which are loans. The credit card loans are at a higher rate. Goldstein said in this report that "people with bad credit histories, as well as those who have declared bankruptcy or who have an income level that is too low to justify the credit lines that they are given, all receive high-interest credit."

VA Foreclosures Bargain Homes

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VA foreclosures are an excellent source of bargain homes for both investors and home buyers. VA home for sale is the result of a foreclosed government guaranteed veteran loan.

There are less VA foreclosed homes on the market than HUD homes because there are less VA guaranteed veteran loans than FHA loans. Although there are fewer VA foreclosures on the market you still should consider them if you are looking for bargains.

VA home foreclosures are managed by Ocwen Loan Servicing for the Veteran Administration. It is Ocwen responsibility to prepare the VA foreclosed home for market and the marketing of the property.

Buy A House After Foreclosure – How To Get Approved

Buy A House After Foreclosure – How To Get Approved

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Purchasing a new home after a recent or past foreclosure is easier than you may think. Some previous homeowners are hesitant to apply for a mortgage. Considering their history, many assume that mortgage lenders will immediately deny their loan request. On the contrary, numerous lenders offer mortgages and loans to individuals with damaged credit. Hence, obtaining a new home loan is within your reach.

Ways to Quickly Improve Credit Score

After a foreclosure, rebuilding credit is a top concern. Obtaining a mortgage loan and maintaining consistent payments will significantly improve your score within a year. Even if you cannot negotiate a low interest rate immediately following a foreclosure, by consistently making on-time payments and proving your credit worthiness, you have the option of refinancing in a couple of years for a low rate mortgage.

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