Mortgages For Dummies, 2nd EditionFor many of us, the single biggest financial transaction is buying a house. Even more significant than the hefty down payment we fork over is the 15- to 30-year mortgage that needs feeding every month. If you have this much at stake, a little knowledge can go a long way, which is where Eric Tyson and Ray Brown come in. In Mortgages for Dummies, Tyson and Brown (who also wrote Home Buying for Dummies and House Selling for Dummies) provide a comprehensive introduction for anyone who is contemplating a mortgage. The book tells you how to evaluate your creditworthiness, determine your borrowing power, and shop for a lender, as well as covering the various types of loans. The authors also devote a section to refinancing and discuss what you should consider when prepaying a loan. They include amortization and remaining-balance tables, and a useful glossary. Whether you’re a first-time home buyer or are just looking to refinance, you’ll find this a valuable, easy-to-use guide. –Harry C. Edwards

Author:Eric Tyson,Ray Brown
Paperback:312 pages
Company:For Dummies(2004-08-27)
ISBN:0764571923
List Price:$16.99
Amazon Price:$6.76
Used Price:$6.79

If you are looking a purchase a home in the near future you can get free mortgage quotes online and offline. If you have an existing relationship with a bank or credit union, you can contact their customer service department or walk into a branch office and speak with a loan officer.

Once you provide some preliminary information, you will get a mortgage quote. This quote is not binding, but it is a great start when youre shopping for a home loan.

Your credit history and income is key to getting accurate quote
To give you the most accurate mortgage quote, you must provide your credit history, current income, work history for the past two years and a list of your current assets if you want them to be considered in the analysis of your financial eligibility. You can also play around with the numbers to see how changing your down payment could impact the amount of the loan that you can get.

Try at least two lenders to get a fair picture of your status
Get a mortgage quote from at least two potential lenders. This will help you to get a more accurate picture of the maximum amount that you can receive from a lender. Once you have that settled, you can start to narrow down the types of homes and neighborhoods that you can afford.

You can search for lenders online
To get started, go to any major search engine and type in mortgage quote and you will get some very good results. Sort through the listings and find a site where you enter some basic information and get quotes from multiple lenders.

If youre not sure that you want to start looking on your own, you can consult a financial planner, mortgage broker, real estate agent or any other type of Real Estate and Finance professional and they can point you in the right direction.

Once you provide some preliminary information, you will get a mortgage quote. This quote is not binding, but it is a great start when youre shopping for a home loan.

Your credit history and income is key to getting accurate quote
To give you the most accurate mortgage quote, you must provide your credit history, current income, work history for the past two years and a list of your current assets if you want them to be considered in the analysis of your financial eligibility. You can also play around with the numbers to see how changing your down payment could impact the amount of the loan that you can get.

Try at least two lenders to get a fair picture of your status
Get a mortgage quote from at least two potential lenders. This will help you to get a more accurate picture of the maximum amount that you can receive from a lender. Once you have that settled, you can start to narrow down the types of homes and neighborhoods that you can afford.

You can search for lenders online
To get started, go to any major search engine and type in mortgage quote and you will get some very good results. Sort through the listings and find a site where you enter some basic information and get quotes from multiple lenders.

If youre not sure that you want to start looking on your own, you can consult a financial planner, mortgage broker, real estate agent or any other type of Real Estate and Finance professional and they can point you in the right direction.

ABOUT THE AUTHOR

Tags: mortgage, home mortgage, mortgage online, , best credit mortgage

Real Estate Investing for Dummies“This is simply the best book on the topic.”
—Randall Bell, Author, Home Owner’s Manual

“Tyson and Griswold have truly opened the world of real estate investing to all by tackling often complex issues in this easy to understand and use book. I can’t think of a better way to get smart about building wealth through rental properties than to read their excellent Real Estate Investing For Dummies!”
—Vern Hoven, CPA

Non-prime time TV is cluttered with infomercials about how you can buy non-prime real estate for next to nothing and get rich quick. Common sense should tell you that’s an exaggeration. (If common sense doesn’t tell you, bankers will.) Nevertheless, it is possible to get rich gradually by investing in real estate. Long term, you can expect to realize an annual return of 8 to 10% a year.

Real Estate Investing for Dummies gives you the keys to successful real estate investment, whether it’s in single family homes and condos, apartments, vacation homes, commercial properties (office, industrial, and retail), raw land, or REITs (Real Estate Investment Trusts). With guidance from authors Eric Tyson, MBA, a financial counselor, and Robert S. Griswold, a veteran real estate investor, you’ll discover how to:

• Find and buy the best properties at a fair price
• Capitalize on opportunities such as foreclosures, no money down deals, auctions, tax sales, and more
• Secure financing and good mortgage terms
• Value, evaluate, and negotiate everything to do with real estate
• Work with agents and other professionals
• Project income potential and cash flow
• Handle contracts, inspections, and closings

Whether you’re interested in a fixer supper for rental, premier office space you can lease, or a vacation home you can enjoy and rent, when you become a buyer, you also become a landlord. That means you can hear from tenants any time, night or day. It means you may not hear from them when the rent is due. Real Estate Investing for Dummies also helps you:

• Find and keep good tenants
• Negotiate lease agreements
• Insure and maintain your property
• Keep good records for tax and accounting purposes

Remember, with any deal, you have to know when to hold them and know when to fold them. So Real Estate Investing for Dummies gives you guidelines on when and how to sell and how to reinvest to build wealth. It also lists 10 real estate investments you shouldn’t touch with a 10-foot pole. Especially if you’re tempted by those late-night infomercials, that warning could save you a fortune!

Author:Eric Tyson,Robert S. Griswold
Paperback:358 pages
Company:Wiley Publishing, Inc.(2007-01-07)
ISBN:0764525654
List Price:$21.99
Amazon Price:$6.36
Used Price:$3.18

Launch of New Website mortgage refinance information is a Breakthrough for the Consumer. Never has information been so readily available for the consumer than it is today. As consumers get used to and adept to using online resources more and more will rely on the internet to deliver the detail and products they need, doing away with the need for the “basic” adviser.

Mortgage Refinance Information is fast and easy to find online. The caveat to using the Internet to research mortgage refinance information is to be sure to carefully examine the source of information. Mortgage refinance information is available from many different and distinct sources, and the end user should take all precautions to ensure a safe transaction

Having said that, as long as you are familiar with the institution you should feel fairly comfortable.

Very little of today’s mortgage application needs to be conducted in a face to face enviroment, indeed with easy to follow completion of forms one would suggest that for those re-mortgaging or purchasing their second home there is no need to use an adviser. Perhaps the only need for such requirements would be for the first time buyer. This market being new to the enviroment would be best served by the advice network, be it an independent advisor or a lenders employee.

The requirement for non online processing of the application does not increase at any time after, either.

Every part of the application can be concluded on line. Most lenders and conveyancers now provide online progress facilities and using this can ensure that the form progresses to a completion. Indeed any missing information can be highlighted at this point and provided if necessary.

Apart from acceptance of the mortgage terms offered and signature of the contract there is also little need for any ancillary paperwork to be provided. I believe that paper records are no longer necessary other than for the most important aspects i.e. contracts, which are of course legally binding.

However, I would not like to bet on a timescale in which we will see most day to day applications such as this conducted in this manner. I am aware that my comments are open to debate regarding online fraud, but I would like to leave this area for a future article. Until then, thanks for reading.

Tags: low price mortgage, mortgage online, home mortgage, business mortgage,

Mortgage Ripoffs and Money Savers: An Industry Insider Explains How to Save Thousands on Your Mortgage or Re-FiMortgage Rip-offs and Money Savers reveals how the mortgage industry cheats borrowers out of billions in extra costs every year. Mortgage industry insider Carolyn Warren taps her decade of experience with lenders to expose the tricks, lies, and dirty little secrets they don’t want you to know. With her expert guidance, borrowers will save tens of thousands when they avoid the traps so many consumers fall into. Having this inside information is the only way borrowers can truly get the best possible deal. This book presents that knowledge in an interesting and easy format that anyone can understand. Readers won’t be victims of the mortgage industry with this invaluable resource in hand. Instead, they’ll get the best possible rates, avoid bogus fees, and get the great deal they deserve.

Author:Carolyn Warren
Paperback:256 pages
Company:Wiley(2007-05-04)
ISBN:0470097833
List Price:$17.95
Amazon Price:$8.90
Used Price:$11.85

Refinancing your home is a major decision that often causes some degree of anxiety for many people. But it doesn’t have to be that way. By using some simple tools like free online mortgage calculators, you can easily decide if the time is ripe for a refinance. You can also pick out the option’s that are best for you, before you visit your banker.

Thoughts of refinancing can be spurred by many factors:

• Perhaps your current term is coming to an end and you don’t have a choice.
• Maybe interest rates have dropped and your wondering if you can save some money over the long term with a new, lower rate.
• Your mailbox could be (and probably is) full of junk mail from lenders competing for your business and your wondering if switching banks is a good idea.

Regardless of the reason, it’s important to keep in mind that there are costs associated with a mortgage refinance. It’s imperative that you factor in all of these costs when you?re making a refinance decision. Leaving anything out could result in a mortgage you?re stuck with for several years that you?re not happy with.

Don’t even bother trying to figure any of this out on your own. You’ll just end up wasting time, and drive yourself nuts in the process!

The easiest way to keep everything straight is by using free tools that are easily found on the net. Do a quick google search for “refinance calculators” and you’ll get a heap of results. Most of them are very easy to use, and you can quickly compare your current terms with all the current options. Make sure you print off the ones that look good for more in depth analysis.

What you are most concerned with is the breakeven date. This is the date that your savings on the mortgage covers the cost of the refinance itself. This date is very important! For example, if the breakeven date is five years down the road and you’re selling in four, then it doesn’t matter how good the interest rates are. You’ll still lose money. On the other hand, if you’re expecting to stick around more than five years, now is the time to go for it. Determining this date with a free calculator is easy and quick. Doing it by hand however, is like pulling teeth.

Play with the different interest rates and different terms (number of years to repay) available to see where the breakeven point and the terms line up with what you can afford. This way you?re sure to get the best deal available in the brokers office.

Once you’ve decided if a refinance makes sense, found the best options, and you’ve double-checked everything, gather up your documents and information and head to your mortgage brokers office. You?re now sitting in the driver’s seat because you took the time to do your homework!

Tags: , low price mortgage, mortgage, business mortgage, home mortgage

The procedure of buying a home can be a scary experience. There are a lot of people to deal with, from realtors to attorneys to bankers. There’s tons of paperwork with terms and vocabulary that read like a foreign language. In this new book you will find vital information and great strategies that will allow you to find your dream home faster and feel confident about the purchase. You will learn to avoid some of the most prevalent—and potentially dangerous and expensive—mistakes made by first-time home buyers.

According to Money Magazine, “Over the past five years, home values nationally have risen 65 percent while the stock market has fallen.” Now is the time to get into the real estate marketplace. With the help of this comprehensive new guide, you will learn how to find the best opportunities, negotiating, financing, budgets, needs and wants, credit reports, home-buying timeline, the process of building a house, manufactured homes, real estate and mortgage glossaries, setting values, home warranties, homeowners insurance, creative financing, buying with little or no money down, closing, moving plans, walk-throughs, closing and settlement inspections, legal contracts, mortgages, what you can afford, deciding which neighborhood to choose, hiring a realtor, which government agencies can help, considerations for veterans, IRA use, hiring an attorney, the offer, calculating monthly payments, and escrow.

This comprehensive resource contains a wealth of modern tips and strategies for financing and closing on a property. The author shows readers how to find out how much they’re really worth, how to uncover unknown assets, and how to enhance credit ratings within six months, provides information and suggestions on everything from no-down-payment mortgages to finding the right agent. It leads you down the path to home ownership, one step at a time. Though you may be relatively cash-poor or have a less-than-perfect credit rating, you can acquire a mortgage and find the house you’ve always wanted.

Paperback:288 pages
Company:Atlantic Publishing Company(2006-09-12)
ISBN:0910627703
List Price:$21.95
Amazon Price:$12.98
Used Price:$14.06
The First-Time Homeowner’s Handbook: A Complete Guide and Workbook for the First-Time Home Buyer (Book & CD-ROM)

Requesting an online mortgage price quote is one of the simplest ways to compare different loan programs. However, before you submit a request with a mortgage broker or lender, it’s crucial that you know what information to look for on a price quote.

1. Mortgage Interest Rate

The interest is the rate charged to the borrower. Mortgage lenders and brokers offer a variety of products with different types of interest rates. For example, the price quote may include a quote for an adjustable rate mortgage, in which the rate changes periodically, or a quote for a fixed rate mortgage. If the rate is adjustable, the price quote may also include information such as the initial rate period and frequency of the adjustment period.

2. Mortgage Term

The term is the time used to determine the monthly mortgage payment. The average home loan term is 30 years. However, home buyers can select other alternatives such as a 15-year mortgage, 40-year mortgage, or a balloon mortgage. Unless a shorter term is requested by the borrower, lenders always calculate mortgage payments based on the standard 30-year term.

3. Pre-Payment Penalty

The majority of bad credit home loans include a pre-payment penalty, in which the borrower is charged a fine for paying off the mortgage early. The charge is typically 3% of the loan balance. After 3 - 5 years, mortgage lenders get rid of the pre-pay penalty, which allows the homeowner to sell or refinance the property without paying a fee.

4. Origination Fee

The origination fee is an upfront fee that lenders charge borrowers. Standard origination fees are 1% of the loan amount. For example, if the home price is $165,000, the mortgage lender should charge approximately $1,650 for the loan origination. If the lender or broker charges a higher percentage, confront the loan officer.

Tags: business mortgage, home mortgage, mortgage online, low price mortgage,