Simon Burgess asked:


If you were to lose you income due to suffering from an illness, if you were to have an accident or should be made unemployed by no fault of your own by such as being made redundant, then you could be left seriously struggling to find the money to carry on paying your essential outgoings. However there is a safety net which, providing you have checked the exclusion, could give you a replacement income – income protection.

It is imperative that you check the exclusions before buying income protection cover because the products do have exclusions which stop you from being eligible to make a claim. Some typical ones include if you are in part time employment, are of retirement age, suffer a pre-existing medical condition or are self-employed. Providers can put other exclusions in the small print so it is essential that you do check to make sure a policy would be suitable for your circumstances.

Providing it is, then income protection can be bought much cheaper with a standalone specialist provider, the insurance does vary greatly from lender to lender so you have to get several quotes and compare them. When looking for protection you need to not only compare the quotes but also look for the best cover that offers the least exclusions. Also check to make sure that cover will backdate to the first day you come out of work and that you will not have to pay any excess when you claim. If possible you should also check to make sure the provider is qualified to sell the cover and has had experience in selling payment protection products.

A good quality income protection policy will begin to payout from between day 31 and 90 and would then continue to payout between 12 and 24 months. The payout will be tax free and will give you the money so that you can continue living your lifestyle without many changes being made and would continue to pay your essential outgoings. The premium for income cover will depend on how much cover you want, you can usually cover up to a certain amount of your monthly income and this is stated at the outset. It will also depend on your age at the time of taking out the cover.

Income protection can benefit anyone who is not covered for health benefits by their workplace or who fear their savings would quickly dwindle if they were to rely on them in the event of becoming unable to work. But you do have to check to make sure you would be eligible to claim. Luckily an independent standalone provider should give you access to the exclusions which means that you would be able to make an informed decision after reading the exclusions and so have peace of mind that you be able to make a claim. Along with offering the key facts all ethical specialists should give free advice regarding the products they sell and provide a FAQs page which answers a variety of general questions.



RANDALL

buad0118 asked:


I am going to bid on a house at foreclosure and it has a 1st mortgage of $280K and a second of $70K. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at foreclosure that I will own additional money to the second mortgage or just the first mortgage and back taxes?

GERARDO

realestatebase asked:


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GUY

PrimeConcern asked:


Given all the worries about credit in this country, and subprime mortgages, I was curious as to what the entire amount of home mortgage debt is. There are about 110 million households in the country, with 70% of them owned residences. Let’s say there are 75 million owned homes. Not all have mortgages, but if 70 million do, and the average mortgage amount on such homes is $200,000, that comes out to a scary $14 TRILLION of mortgage debt in the USA. If just 2% default, the amount of bad home loans is $280 billion. It could obviously be much higher.

Does anyone know what total mortgage debt is per household and in total? This is a real problem that could damage the economy.

PABLO

Dennis S asked:


I simply cannot seem to find legitimate information on becoming a mortgage broker in California. Many of the web sites that purport to have information really share very little of anything and some are just plain frauds. I’d like to find information on mortgage broker training and possibly information on finding a school (preferably Los Angeles) where I can get training on becoming a mortgage broker.

ALBERTO

Walter Sigmore asked:


$75 billion has been established to assist American homeowners struggling to make their monthly mortgage payments under the Homeowner Affordability and Stability Plan created by President Obama. Qualified buyers must meet certain eligibility requirements in order to take advantage of loan modification options. Below are answers to the ten most frequently asked questions.

1. Does my mortgage have to be delinquent in order for me to qualify? No. You can apply proactively if you sense that you will soon be unable to meet your financial obligations and you can show that an extenuating circumstance has caused hardship. Extenuating circumstances might include job loss, interest rate increase, medical bills, or illness.

2. I’m already facing foreclosure, can I qualify? Loan modifications are intended to provide assistance to homeowners unable to make their monthly mortgage payments by lowering the monthly payment. This solution is a win-win for both homeowner and lender and a favored option over foreclosure.

3. What are the qualifications for the Homeowner Affordability and Stability Plan? The loan must be a first mortgage on the homeowner’s primary residence, the loan must be insured by Fannie Mae or Freddie Mac and the current monthly mortgage payment must exceed 31% of your gross monthly income.

4. Is there a charge for the loan modification plan cost? No, there is no fee or charge for the program, it is free.

5. Does my modification application have to be with my current lender? No, there are a number of mortgage lenders voluntarily participating in the loan modification program with whom you may apply.

6. What if I’ve already applied for loan modification with my local bank? If your application is already pending, ask your lender about considering it under the guidelines of the Homeowner Affordability and Stability Plan.

7. What if my house is worth less than I owe on it? At your bank’s discretion, the program has provisions for principal balance reduction.

8. How do I know if Fannie Mae or Freddie Mac is on my loan? You bank can tell you.

9. What information does my bank need? They need a hardship letter and a financial statement.

10. How do I apply for loan modification? Contact your local bank.

Federal guidelines must be met in order to get bank approval for loan modification. Take a moment to find out which of your local banks are participating in the program and apply now.

RICARDO

Jodi Suguitan asked:


First, Determine exactly how much you can afford. Sit down and evaluate your monthly budget. It is important to know what amount of money you are comfortable spending every month on housing. Consider how much money you can apply towards a down payment, the more the better.

Second, speak with a lender. You may already know someone who is a lender, however I strongly encourage you to “shop rates” and programs. Talk to several lenders and compare what rates and terms they can offer that put you within your predetermined monthly payment range. A realtor can put you in contact with their personal preferred lenders who are able to search multiple mortgage products. Any reputable lender who shops rates for you will not only provide you your estimated monthly loan payment amount but should also attempt to accurately include monthly costs such as taxes and housing association fees, if those apply. You want a complete picture of what you will be paying monthly for housing. In addition lenders should search rates for you free of charge and obligation. Once you make a decision on a lender, request a pre-qualification letter.

Third, find your home. You will need to weigh criteria such as type of home, commute times, school districts, amenities, price, and so much more. Keep in mind that the asking price of a home is almost always negotiable. You have probably already done some searching on the internet which is a great way to get a feel for the market. If a picture is worth a thousand words than actually seeing the home in person is worth so much more. Contact a realtor if you have not done so. An agent who is very familiar with your area can quickly identify homes which fit your criteria. You both will set up a time and place to meet and view as many homes as it takes.

Fourth, negotiate. Your agent should perform a market analysis on the home of interest. Based on that analysis, together you will form a negotiation strategy. During negotiations typically both the seller and buyer counter offer at least once. Negotiations not only include price, but such details as repairs the property may need, closing date, closing costs, and can even cover the appliances. An experienced, assertive, proactive realtor can be invaluable during this step.

Fifth, inspection. You are now considered “under contract”. You have limited time to perform a home inspection. This is vital whenever buying a home. A home is most likely the largest single purchase you will make in your life, you want to be sure there aren’t any surprises awaiting you. A home inspector has knowledge of virtually every facet of the “nuts and bolts” of a house. The inspector will identify any potential problems with your future home. While under contract you have a window of opportunity to make changes to the contract and negotiate with the seller to fix any problems.

Sixth, paperwork. Your agent will be responsible for many documents. However there will be some that you have to fill out and others to review. They will assist you through much of this and by the end you will be familiar with names such as “mortgage application”, “home owners insurance”, “settlement statement”, and others.

Seventh, closing. Once all the “i”s are dotted and “t”s are crossed the sellers, buyers, agents, and occasionally lender will meet at the attorney’s office. During the closing ,and many signatures later, a legal transfer of the property will take place. Congratulations, you are now a home owner!

Jodi Suguitan is a licensed realtor of Solid Source Realty in Atlanta Georgia. Visit her at http://www.atlanta-home-sale.com



DOMINICK

Shane Lee asked:


This article is about questons like: the credit score and mortgage, credit score and loan, whats my credit score, credit score and credit limit, etc.

1. How many credit cards should I have?

The number of your credit cards has no impact on your credit score. You can still keep those credit cards that you don’t want to use. If you cancel these credit cards, the length of your credit card history will be affected. This will have a negative impact on your credit score.

2. Is the credit limit the higher the better (for the credit score)?

Generally, if a credit card have a high credit limit, its “use of credit” will be low. This will have a positive impact on your credit score. Another good thing about the high credit limit is that you can get a better credit limit if your average credit limit (from your credit report) is high when applying for a new credit card. In the old days, the banks did not like loan applicants with a high credit limit, especially when you applied for the housing mortgage. But they do not care about this issue now.

3. How to raise my credit limit?

(1). You can call your bank or credit card company to ask for an increase on your credit limit every 6 months. (you will have a better chance to get an increase if you just returned a big amount of money recently)

(2). You can ask for an credit limit increase if you are planning to buy big stuffs (like computer, DC, DV, etc).

(3). Use the credit cards from MBNA, AMEX, CHASE or PROVIDIAN. These credit card companies are generous with their credit limit.(you can get more “whats my credit score” info from our site)

4. Do I get a inquiry in my credit report if I ask for a credit limit increase?

You can ask your credit card companies’ customer representatives about this issue. Generally, If it is a pre-approved application, there will be no inquiry to your credit report. If you will need to fill out lots of forms, this credit limit increase application will probably put a inquiry to your credit report.

5. I don’t spend a lot of money with my credit cards. How to produce some balance in my credit cards’ bills?

(1). You can help your friends to buy big stuffs. (with your credit cards)

(2). Pay your tents with the balance transfer checks (from the credit cards with no transaction fee).

(3). Do some balance transfer (BT) if there is no transaction fee for your credit cards’ BT service.

(4). Pay minimum during the “0% APR on purchase” period. (you can get more “whats my credit score” info from our site)

6. What is the best rate for “balance / credit limit” ?

Actually, what matters for your credit score is the “total balance / total credit limit”. 1-2% is the best rate for you to improve your credit score. If you use more than 50% of one credit card’s credit limit, this will have a negative impact on your credit score. If you are planning to apply for the housing loan or car loan recently, you can increase your credit score by decrease your balance of your credit cards. Your credit score can be improved significantly by controlling this “total balance / total credit limit” rate. (you can get more “whats my credit score” info from our site)In my point of view, the credit score is not that import for you, especially when you are not planning to apply for the housing loan or car loan. You don’t need to care about this too much when making purchases. 

By Shane Lee. Date: 05/27/2009.

Copyright belongs to Whats My Credit Score Dot Travel2ChinaInfo Dot COM .  You can find more information about whats my credit score, loan credit score, credit score mortgage from our web site.

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RUFUS

holder_account asked:


How does a mortgage work when dealing with tax returns?

Do we get back all the interest that we pay off or a certain percentage?

Please provide backup in your answer.

MERVIN

Joe Samson asked:


Many people, in an effort to avoid paying commissions to a Realtor, go the for sale by owner route. While this may seem like an exciting challenge to homeowners, the reality can be a little bit darker. True, real estate is an exciting market to be in, but it is also one fraught with legal complications. Buying and selling can be quite stressful, especially if you don’t know exactly what you are doing.

First of all, a Realtor is trained in all legal matters involved in the sale of real estate. Sometimes, these sales go smoothly, but sometimes, clauses, liens, and contingency contracts can make them very complicated. I recently heard about a couple who sold their own home. They entered into a contract with a couple who ended up having serious trouble getting financing. They ended up missing the opportunity for a quick sale while they waited in vain for the couple who made the original offer to get a mortgage loan. Once the potential buyers finally admitted defeat the couple were exhausted, and still had to deal with selling their home. It is hard to know when life is going to through you curve-balls. The best thing to do is be prepared, and a Realtor comes not only trained in theoretical real estate cases, but, ideally, with a whole history of experiences from which to draw from. This makes them extremely helpful when negotiating the legal aspects of buying or selling.

Even if your home sale goes off without a hitch, all the paperwork involved can be overwhelming. What are you signing? Sometimes it’s hard to tell when the language is full of legal and industry terms that the average person just isn’t familiar with. A Realtor can translate these forms, helping you understand what each step in the transaction is all about.

A Realtor is connected to a whole network of other Realtors. This means that weather you are buying or selling, a Realtor can help. They have a network of other professionals to market your home to. They have clients waiting to buy homes, and colleagues with more clients, waiting to buy more homes. Some homes barely need to be marketed because there are buyers already waiting to purchase just that type of home.

When it does come time to market, a savvy Realtor has numerous tools at their disposal that the average citizen does not. Sure, there are a lot of web sites out there where real estate can be advertised, however only a Realtor can post a home on the Multiple Listing Service. Once a home is posted there, buyers from all over the world can see it, as can even more of those Realtors with clients waiting to buy.

Many people think that they can only find what they need themselves, but a good Realtor will be able to listen to your needs. A good Realtor knows the market, and knows the area, and may be able to suggest places you didn’t even know existed. They are also familiar with local services, and can recommend lawyers, notaries, inspectors or even contractors that they personally know do good work.

Overall, an experienced Realtor may cost a little bit in commission, but the service they provide is worth while. If someone can help you not lose money, or save you a lot of time, aren’t they worth what you paid them?



WILEY