Mortgage Confidential is an insider’s look at the mortgage process for anyone concerned with getting the best deal (and not being taken advantage of) while financing their home. The book goes beyond the basics, revealing the options lenders don’t often divulge to their clients, what they really look for before they approve a loan, which costs they have control over, little-known sources of down payment money, and whether to trust loan officers recommended by Realtors. The book tells readers everything their lender won’t, including how to:

* qualify for a larger loan
* avoid credit repair scams
* complete the loan application to maximize the chances of approval
* pay zero closing costs
* avoid origination charges
* determine whether paying “points” can save them money
* know when a loan officer is lying
* identify a “rip-off” loan program
* and more!

Whether looking into securing a mortgage for the first time or seeking to refinance, Mortgage Confidential gives readers the confidence and information they need to get through this complicated process and find the ideal loan for their needs.

Author:David Reed
Paperback:230 pages
Company:AMACOM/American Management Association(2006-11-30)
ISBN:0814473695
List Price:$16.95
Amazon Price:$10.26
Used Price:$8.47
Mortgage Confidential: What You Need to Know That Your Lender Won’t Tell You

Starting with the absolute basics, a mortgage is a loan for a house or other piece of property, financed by a bank or other financial institution. If loan is taken out against a property that already has a mortgage on it, it?s referred to as ?second charges?, with the first loan considered to be the ?first charges?. These types of loans are ?secured?, for if the property owner should fail to make the proper payments to the bank on a timely basis, the financial owners (the bank) will take the property as compensation.

While mortgages may indeed be a scary topic, one must remember that shopping for one shouldn?t be. The Internet has made the globe a much smaller place, including the world of mortgages and other secured loans. Long gone are the days of having to carry personal paperwork from the last 5 years down to the local branch of your bank. For a few clicks of the mouse, a quick chat on the telephone, and maybe the hum of a fax machine once or twice can bring the mortgage industry directly into your home.

First things first, the terms of the mortgage can vary greatly among lenders, no matter what your credit rating is or how much money you make in a year. The amount borrowed is repaid on a monthly basis for an amount of time arranged before the loan was signed. Most first and second charges will spread out payments for between 3 and 25 years.

The APR, or Annual Percentage Rate, is the amount of money charged to the borrower from the lender for granting the loan. These rates will vary greatly, depending on the borrower?s credit history, the loan amount, and the value of the property for which the loan is made. The higher the APR, the higher the monthly mortgage payment will be.

Any mortgage, whether it has been generated over the Internet or not, is subject to certain laws. For example, the Consumer Credit Act of 1974 regulates all loans written for under $25,000. Before a regulated secured loan is written, everyone involved must sign a legally binding credit agreement. The lender must give the borrower a minimum of 7 days to rescind on the loan and escape any interest and/or fees.

But the most important rule of thumb while shopping online for mortgages is that the world is at your fingertips, so settling for a mediocre program is simply unnecessary. The Internet makes is possible to get a dozen quotes for a mortgage in a small amount of time, especially when you utilize one of the sites dedicated to finding the best mortgage rates and terms for its customers.

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

Internet has changed the ways of our life for good. Be it the way of paying bills or shopping for a good coffee maker. Now the convenience of internet helps us make informed decision on a major financial decision ? finding and applying for a home mortgage. With a flurry of online lenders offering mortgages, you may wonder just how to choose a good home mortgage online. The process is simpler than you think. You have the convenience of shopping around for loans from the comforts of your home. Many flexible, readily available loan options just did not exist just six or seven years ago. You can find most, if not all, of them online.

Behind the scenes, everything is just the same ? checking your credit history, analyzing your repaying capacity and the lender taking decision whether or not to release money ? albeit a little faster. The first step you can take is to get your credit score from Equifax, TransUnion and Experion. Then compare the numerous companies offering home mortgage and identify what interest rate you would pay. An important point here ? don?t just let all of the companies check your credit score, because with each credit check by the financial company, your credit score drops a bit, which can cost you dearly if a dozen of lenders request your credit information.

The Annual Percentage Rate (APR) is the first thing you compare. Ask quotes from companies that doesn?t require checking your credit score to provide the information. Prepayment penalty, though considered negligible, can become a costly affair if your financial situations change in such a way to repay the loan in full before the term or you repay the loan with a refinance option. Drop the companies that require you to pay prepayment penalties.

Choosing a fixed rate mortgage rate can protect you from the fluctuations of the market. Variable or floating rate may, in the future drive up monthly installments to unaffordable levels. Balloon mortgage is for a short term of five to seven years, where you pay low monthly amounts, as if you are paying a 30-year mortgage. However at the end of five or seven years, you have to repay the balance in full ? by refinancing or by selling your home.

Copyright ? 2006 Joel Teo. All rights reserved.

About the Author:

Joel Teo writes on arizona estate goodyear investment real . Learn more about Property Investment by signing up for his free Property Investment Ezine.

Mortgage Encyclopedia: An Authoritative Guide to Mortgage Programs, Practices, Prices and Pitfalls

A one-stop reference for in-depth explanations of mortgage topics

With the creation of so many new, complex mortgage programs, it’s difficult for consumers –not to mention real estate agents, attorneys, closing agents, and mortgage brokers–to keep track of them all. Written by nationally syndicated real estate columnist Jack Guttentag, The Mortgage Encyclopedia helps readers understand the various mortgage terms, features, and options by offering clear, precise explanations. The alphabetical organization of terms makes it easy to quickly find information on any topic, from FHA, Investor, and No-PMI Loans to Origination Fee and Rate Float. Each entry includes not just a description of the term, but also relevant advice for consumers, such as answers to the questions “Is this loan right for me?” and “Can I negotiate this fee?”

• Guides readers through the bewildering array of new mortgage programs
• Features definitions and explanations of common mortgage, escrow, and closing fees and arcane mortgage terminology

Author:Jack Guttentag
Paperback:350 pages
Company:McGraw-Hill(2004-05-07)
ISBN:0071421653
List Price:$21.95
Amazon Price:$7.99
Used Price:$7.00

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

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:$6.45
Used Price:$3.52

Many mortgage originators debate whether to market on-line or off. But the real question should be which marketing methods and strategies work best on-line, and which work best offline? Let’s take a closer look.

Direct Mail & Telemarketing

Direct mail campaigns can be expensive with all the printing and postage costs, so use a combination on-line / offline promotion with these.

Begin by fine-tuning your postal mailing lists, then use targeted mailings to borrowers for special promotions over mass mailing everyone general reminders; smaller mailing can reduce your costs. Then for your larger mass mailing, use postcards, black/white printing or other less expensive means. While you are designing your direct mail, make sure to add your web site’s address (URL) so your prospects can go on-line for even more marketing and sales opportunities.

Then on-line, market with interactive devices like forums or blogs, asking for comments/feedback from your readers. Offer downloads: reports, ebooks, etc to build relationships with your potential mortgage customers. These can either both be free to entice visitors to your site, or carry price tag and develop additional revenue beyond the mortgage transaction.

Establish telemarketers to get more leads for your on-line and offline marketing. Don’t’ worry about “getting the application” necessarily. Just get lead information for follow up, then put the prospects in a system where they will receive regular mailings.

Websites and Email Marketing

Websites today cannot be static HTML sites. The days to set it and forget it are over for all practical purposes. Sites that are gaining readership and converting to leads are ones that are interactive and constantly changing, like blogs.

Whatever you have, make sure to set up an auto-responder form to capture leads for an on-line mailing list. (This form can do double duty and ask for postal mailing addresses, too). Then conduct regular email marketing campaigns targeting particular mortgage needs in conjunction with your offline promotions.

Benefits and Disadvantages

Benefits of on-line marketing - Get more for your marketing $! Ability to update your content instantly and change your target market overnight.

Disadvantages of on-line marketing - Email spamming is not allowed & many forget they sign up and report you as a spammer; keeping up with SEO (search engine optimization) is an art, as the search engines change their algorithms and requirements daily at times; technology - what work today may not tomorrow, so you need to keep up - not always easy time-wise or money-wise with software and learning systems.

Benefits of offline marketing - People get to “keep” something and often do, refer to it years later and showing their friends, etc.

Disadvantages of offline marketing - Higher printing and postage costs.

So the next time you are debating whether to market your origination business on-line or off, ask yourself which marketing methods and strategies would work best on-line, and which would work best offline for your particular items for sale. Then nix and match accordingly.

About the Author

Doug Frye is a Mortgage Consultant who mentors mortgage professionals to career success throughout the US. Follow Doug’s business ideas, strategies, and recommendations at Origination Club.”Marketing, Training, and Origination Solutions for Mortgage Professionals.” Click Here => http://www.OriginationClub.com .

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

Sub prime mortgage lenders process applications online everyday. Processing information over the internet speeds up the process and saves costs on offices and personal. In some cases, you can get a reduction in fees or rates by completing your application online. To get approved on your mortgage, follow these tips.

Sub Prime Mortgage Factors

Sub prime mortgage lenders each have their own criteria for assigning loan scores to lenders. The higher the score you get, the better the rate you qualify for. Credit history is important, but so are cash assets, your income, and down payments.

On average sub prime lenders like to have a down payment of 20% or more. However, they offer a variety of loan terms. You can even get a zero down mortgage, but expect to pay a couple of points higher.

Picking a fixed or adjustable rate will also determine how much you qualify to borrow. In general ARMs have lower monthly payments, so you can borrow more. Sub prime lenders also handle interest only loans and balloon payments.

Online Loan Application Forms

Online loan application forms are straight forward. Over a secure connection you provide your personal information, usually name, address, and social security number. If you have a property in mind to purchase, you will also need to include the property?s address and selling price.

If you requested a loan quote, you may not even have to fill out any additional personal information. Much of your financial information can be found in databases. The financing company will complete your application and ask for your approval before closing.

Finishing Final Paperwork

Mortgages usually take about four weeks to process. The sub prime lender has to verify the property?s value and your credit. An escrow company will also help you handle the exchange of money, primarily the closing costs and points.

As with a regular loan, your paperwork will require your approval and signature. Instead of going to a home office though, you will need a notary. Most companies schedule a notary to come to you at your convenience. After paperwork is received, funds should be processed in three days.

About the Author:

Visit http://www.abcloanguide.com/lessthanperfectcredit.shtml for a list of subprime mortgage lenders. View our recommended subprime mortgage lenders online.