Apr
5
New Non Resident Mortgage in Turkey
Filed Under Mortgage | Leave a Comment
John Domanic asked:
Now almost all nationality should apply to mortgage in Turkey with the new mortgage system in Turkey. So now you know that you can get mortgage in Turkey with better ofers now. But let us guess what you curious more about Turkish mortgages. Now we will take a look at them under two main healines.
A)FAQ About Mortgage in Turkey:
B)How to Apply Non Resident Mortgage
FAQ ABOUT MORTGAGE IN TURKEY
•What is the amount of minimum loan i can borrow ?
The minimum amount of loan you can borrow from Turkish Banks is : 40.000 Euros
•What is the amount of maximum loan i can borrow ?
The maximum amount of loan you can borrow from Turkish Banks is : 280.000 Euros
• What are the avaliable the currencies for mortgage in Turkey ?
Turkish mortgages are available in TRY, EUR, USD, GBP and CHF currencies
•What is the minimum length of turkish loans ?
The minimum length of turkish loan you can borrow is 6 months.
•What is the maximum length of turkish loans ?
The The maximum length of turkish loan you can borrow is 240 months.
•What is the maximum loan-to-value ratio of Turkish mortgages for EU countries?
The maximum loa-to-value ratio of Turkish mortgages for EU countries is 65%.
•What is the maximum loan-to-value ratio of Turkish mortgages for other nationals?
The maximum loa-to-value ratio of Turkish mortgages for all other nationals is 50%.
•Do I need any Insurance on the property ?
Yes. You need a insurance on property which will be asked by mortgage lender.
•Do Turkish Mortgages need any decleration of income to qualify for loan ?
Yes. Turkish mortgage system need decleration of any income to qualify you for loan.
How to Apply Non Resident Mortgage
There are minimum requirements that any bank or mortgage lender should ask you for applying a non resident mortgage in Turkey. Now note the list above as your check list before getting in contact with a bank or a mortgage lender.
• Tax ID Number given by Turkey.
• Appraisal review report of the property.
• Non- Resident submission form which is provided by the branch.
• Copy of the passport.
• Credit Bureau record from your home country.
• Utility bill which will show your full address.
• Security check obtained from military authorities in Turkey.
• Report of previous three month’s bank account, credit card, overdraft statements.
Sources : Garanti Bank, Mortgage Turkey ( http://www.mortgageturkey.net/mortgage-in-turkey.html )
ADOLPH
Now almost all nationality should apply to mortgage in Turkey with the new mortgage system in Turkey. So now you know that you can get mortgage in Turkey with better ofers now. But let us guess what you curious more about Turkish mortgages. Now we will take a look at them under two main healines.
A)FAQ About Mortgage in Turkey:
B)How to Apply Non Resident Mortgage
FAQ ABOUT MORTGAGE IN TURKEY
•What is the amount of minimum loan i can borrow ?
The minimum amount of loan you can borrow from Turkish Banks is : 40.000 Euros
•What is the amount of maximum loan i can borrow ?
The maximum amount of loan you can borrow from Turkish Banks is : 280.000 Euros
• What are the avaliable the currencies for mortgage in Turkey ?
Turkish mortgages are available in TRY, EUR, USD, GBP and CHF currencies
•What is the minimum length of turkish loans ?
The minimum length of turkish loan you can borrow is 6 months.
•What is the maximum length of turkish loans ?
The The maximum length of turkish loan you can borrow is 240 months.
•What is the maximum loan-to-value ratio of Turkish mortgages for EU countries?
The maximum loa-to-value ratio of Turkish mortgages for EU countries is 65%.
•What is the maximum loan-to-value ratio of Turkish mortgages for other nationals?
The maximum loa-to-value ratio of Turkish mortgages for all other nationals is 50%.
•Do I need any Insurance on the property ?
Yes. You need a insurance on property which will be asked by mortgage lender.
•Do Turkish Mortgages need any decleration of income to qualify for loan ?
Yes. Turkish mortgage system need decleration of any income to qualify you for loan.
How to Apply Non Resident Mortgage
There are minimum requirements that any bank or mortgage lender should ask you for applying a non resident mortgage in Turkey. Now note the list above as your check list before getting in contact with a bank or a mortgage lender.
• Tax ID Number given by Turkey.
• Appraisal review report of the property.
• Non- Resident submission form which is provided by the branch.
• Copy of the passport.
• Credit Bureau record from your home country.
• Utility bill which will show your full address.
• Security check obtained from military authorities in Turkey.
• Report of previous three month’s bank account, credit card, overdraft statements.
Sources : Garanti Bank, Mortgage Turkey ( http://www.mortgageturkey.net/mortgage-in-turkey.html )
ADOLPH
Apr
3
M Petrone asked:
Most people use refinancing to take advantage of lower interest rates that may be available now but were not available when they took out a mortgage on their condo. More to the point, it is going through the procedure of taking out a second mortgage, and turning around and using that cash to close, or pay off a current mortgage.
If you are lucky enough to refinance your condo with a lower interest rate then when your first got the mortgage then your monthly payments should be lower, even if your new mortgage on your condo is for the same amount than your old one. Before you start the refinancing process, you need to weigh the savings of a lower monthly payment with the costs associated with refinancing.
Usually, the rule on refinancing a condo is that the interest rate of the new mortgage should be -2% (about two percent lower) than your current mortgage. These days there are tons of no cost refinancing options available. Overall it is probably likely that should you decide to refinance your condo, you will be saving money (by obtaining a better interest rate)
Condo refinancing is a good opportunity to gather a quick large sum of cash. You can use this cash to upgrade your condo and increase its future value even more. Probably, your condo has also risen in value, that will be taken into account in the second mortgage. That means good news for your with the new refinancing!
Things to know before starting the refinancing process:
Know YOUR reasons to Refinance
1. Most likely a condo mortgage rate is lower now than it was when you bought. Refinancing will put cash in your pocket, with a lower interest rate your monthly condo mortgage payment is smaller.
2. Obtain a Fixed rate mortgage instead of the A.R.M. (adjustable rate mortgage) you have now.
3. Obtain a A.R.M. for your condo with better terms than the one you are in now.
4. Fast way to grow equity. Just by refinancing your condo
5. Turn equity into cash. With the new smaller interest rate you receive through refinancing on your condo you will most likely have a good sum of built up cash coming to you!
-M. Petrone
Condominium Refinancing Expert
DARIUS
Most people use refinancing to take advantage of lower interest rates that may be available now but were not available when they took out a mortgage on their condo. More to the point, it is going through the procedure of taking out a second mortgage, and turning around and using that cash to close, or pay off a current mortgage.
If you are lucky enough to refinance your condo with a lower interest rate then when your first got the mortgage then your monthly payments should be lower, even if your new mortgage on your condo is for the same amount than your old one. Before you start the refinancing process, you need to weigh the savings of a lower monthly payment with the costs associated with refinancing.
Usually, the rule on refinancing a condo is that the interest rate of the new mortgage should be -2% (about two percent lower) than your current mortgage. These days there are tons of no cost refinancing options available. Overall it is probably likely that should you decide to refinance your condo, you will be saving money (by obtaining a better interest rate)
Condo refinancing is a good opportunity to gather a quick large sum of cash. You can use this cash to upgrade your condo and increase its future value even more. Probably, your condo has also risen in value, that will be taken into account in the second mortgage. That means good news for your with the new refinancing!
Things to know before starting the refinancing process:
Know YOUR reasons to Refinance
1. Most likely a condo mortgage rate is lower now than it was when you bought. Refinancing will put cash in your pocket, with a lower interest rate your monthly condo mortgage payment is smaller.
2. Obtain a Fixed rate mortgage instead of the A.R.M. (adjustable rate mortgage) you have now.
3. Obtain a A.R.M. for your condo with better terms than the one you are in now.
4. Fast way to grow equity. Just by refinancing your condo
5. Turn equity into cash. With the new smaller interest rate you receive through refinancing on your condo you will most likely have a good sum of built up cash coming to you!
-M. Petrone
Condominium Refinancing Expert
DARIUS
Mar
27
Mr Hanna asked:
MIAS, the Mortgage and Insurance Advisory Services (http://www.mias-ltd.co.uk ), is concerned that, despite the recent publicity and various campaigns in the press, borrowers are still being stung by punitive exit fees.
Lenders charge exit fees when customers redeem their mortgage in full, for example, by switching their mortgage to a rival lender. Exit fees can also be termed administration charges, sealing fees or deeds-release fees and are raised to cover the cost of taking property deeds out of storage, sending them to a solicitor and producing a final account statement. Borrowers are warned when they sign up that if they switch lenders, they’ll have to pay a fee – but the size of that fee is not guaranteed to stay the same.
Within the last few years, lenders have increased their exit penalties steeply, with some now topping the £300 mark (http://www.mias-ltd.co.uk/news-index.htm ). Firms have claimed that these hikes are necessary because of their increased costs and extra work, yet this justification appears hollow when one considers that property deeds are now held electronically at the Land Registry.
Alistair Good, Managing Director of MIAS said: “One client, whose penalty had increased from £85 to £195 compared it with entering a car park where the prices were clearly displayed, only to find that they had more than doubled when it was time to pay.
He added: “While we appreciate that lenders need to recoup the costs incurred when a mortgage is redeemed, borrowers need to be informed about these costs at the outset. If the fee is excessive, then the client can look elsewhere.”
Although exit fees make up a tiny percentage of overall mortgage costs, it is unfair to hit a customer with an unexpected charge, which can reach £300. MIAS would like to see lenders state their exit fees clearly – and fix them at the outset of deals. In this way, the client is treated fairly, in line with FSA guidelines.
One example is Northern Rock. Although they charge the relatively high fee of £250, they do commit to charge the fee stated when the client signs up for the mortgage. MIAS would like to see more lenders adopt this approach.
Commenting, Roger Milbourn, Director of MIAS, said: “Exit fees, though unpopular with customers, are here to stay. But if lenders are to lose the tag of “back door charging” and reduce the flow of complaints to the Financial Ombudsman Service, they must be more transparent about these fees.
“We see no good reason why the exit fee cannot be fixed for the life of a mortgage, so that the client would be aware of the charge from the start. Under the current system, exit fees can increase by more than 350% by the time the client comes to redeem his or her mortgage. This makes a mockery of the FSA’s requirement to treat customers fairly despite their claims that they are not a pricing regulator.”
In the absence of fixed exit fees, it is imperative for mortgage brokers to go through closing charges carefully with the client. The adviser should explain that the borrower may incur a punitive charge if they switch lenders or pay off their mortgage early (http://www.mias-ltd.co.uk/faqs.htm ) and in this way, broker and client can compare products fairly.
For further information, please contact:
MIAS Ltd
0845 833 0878
Managing Director: Alistair Good
alistair@mias-ltd.co.uk
Director: Roger Milbourn
roger@mias-ltd.co.uk
Notes to Editor:
The Mortgage and Insurance Advisory Service (MIAS Ltd) is a firm of impartial mortgage advisers, offering a comprehensive service to clients seeking residential and commercial mortgages and mortgage protection.
Founded in 2002, MIAS has quickly gained a reputation for providing straightforward, impartial mortgage advice, matching clients up with some of the most competitive deals around. MIAS’s experienced brokers have expertise in all sectors of the mortgage market and look after the whole transaction from beginning to end, making the process as smooth and as headache-free as possible.
For further information on the services MIAS offers, please visit http://www.mias-ltd.co.uk
WILBURN
MIAS, the Mortgage and Insurance Advisory Services (http://www.mias-ltd.co.uk ), is concerned that, despite the recent publicity and various campaigns in the press, borrowers are still being stung by punitive exit fees.
Lenders charge exit fees when customers redeem their mortgage in full, for example, by switching their mortgage to a rival lender. Exit fees can also be termed administration charges, sealing fees or deeds-release fees and are raised to cover the cost of taking property deeds out of storage, sending them to a solicitor and producing a final account statement. Borrowers are warned when they sign up that if they switch lenders, they’ll have to pay a fee – but the size of that fee is not guaranteed to stay the same.
Within the last few years, lenders have increased their exit penalties steeply, with some now topping the £300 mark (http://www.mias-ltd.co.uk/news-index.htm ). Firms have claimed that these hikes are necessary because of their increased costs and extra work, yet this justification appears hollow when one considers that property deeds are now held electronically at the Land Registry.
Alistair Good, Managing Director of MIAS said: “One client, whose penalty had increased from £85 to £195 compared it with entering a car park where the prices were clearly displayed, only to find that they had more than doubled when it was time to pay.
He added: “While we appreciate that lenders need to recoup the costs incurred when a mortgage is redeemed, borrowers need to be informed about these costs at the outset. If the fee is excessive, then the client can look elsewhere.”
Although exit fees make up a tiny percentage of overall mortgage costs, it is unfair to hit a customer with an unexpected charge, which can reach £300. MIAS would like to see lenders state their exit fees clearly – and fix them at the outset of deals. In this way, the client is treated fairly, in line with FSA guidelines.
One example is Northern Rock. Although they charge the relatively high fee of £250, they do commit to charge the fee stated when the client signs up for the mortgage. MIAS would like to see more lenders adopt this approach.
Commenting, Roger Milbourn, Director of MIAS, said: “Exit fees, though unpopular with customers, are here to stay. But if lenders are to lose the tag of “back door charging” and reduce the flow of complaints to the Financial Ombudsman Service, they must be more transparent about these fees.
“We see no good reason why the exit fee cannot be fixed for the life of a mortgage, so that the client would be aware of the charge from the start. Under the current system, exit fees can increase by more than 350% by the time the client comes to redeem his or her mortgage. This makes a mockery of the FSA’s requirement to treat customers fairly despite their claims that they are not a pricing regulator.”
In the absence of fixed exit fees, it is imperative for mortgage brokers to go through closing charges carefully with the client. The adviser should explain that the borrower may incur a punitive charge if they switch lenders or pay off their mortgage early (http://www.mias-ltd.co.uk/faqs.htm ) and in this way, broker and client can compare products fairly.
For further information, please contact:
MIAS Ltd
0845 833 0878
Managing Director: Alistair Good
alistair@mias-ltd.co.uk
Director: Roger Milbourn
roger@mias-ltd.co.uk
Notes to Editor:
The Mortgage and Insurance Advisory Service (MIAS Ltd) is a firm of impartial mortgage advisers, offering a comprehensive service to clients seeking residential and commercial mortgages and mortgage protection.
Founded in 2002, MIAS has quickly gained a reputation for providing straightforward, impartial mortgage advice, matching clients up with some of the most competitive deals around. MIAS’s experienced brokers have expertise in all sectors of the mortgage market and look after the whole transaction from beginning to end, making the process as smooth and as headache-free as possible.
For further information on the services MIAS offers, please visit http://www.mias-ltd.co.uk
WILBURN
Mar
22
Refinancing a Home or Condo Mortgage
Filed Under Mortgage | Leave a Comment
M Petrone asked:
Typically when applying for a mortgage loan, you quickly find out how many types of information you will need to provide. To begin with, you will need proof of income, checking or savings account information that goes back as much as 3 months to verify someone did not borrow you the down payment just for the looks, you will also need to provide tax returns. Also, you will need to bring a copy of the deposit that you gave to your realtor when you decide you found the perfect condo or home to finance. Almost all the time, the bank will send an appraiser out to the property your looking to finance, they also send an inspector out to make sure there is no significant costly damage that will need to be repaired within the first few months/years of your mortgage. You will also need to provide proof of home owner or condo owners insurance once the loan is approved.
Meanwhile, in the time between applying for either financing or refinancing you should not use any credit sources. Do not get anything financed or refinanced while the loan is awaiting approval. Refinancing loans are pretty strict and may take a few weeks to months depending on your personal financial situation. To receive refinancing in some instances you must pay off an old debt or two in order to turn that corner so the bank will refinance.
When your refinancing approval goes through it is all down hill from there. Meeting the bank and the realtor one more time is needed before closing on the house or condo. Make sure to bring your downpayment with you and anything else your realtor or banker asked you to bring in. Remember after the closing goes through the property taxes are now in your name, including any back taxes that were due on that property. You now will be the official condo or home owner!
-M Petrone
BOBBIE
Typically when applying for a mortgage loan, you quickly find out how many types of information you will need to provide. To begin with, you will need proof of income, checking or savings account information that goes back as much as 3 months to verify someone did not borrow you the down payment just for the looks, you will also need to provide tax returns. Also, you will need to bring a copy of the deposit that you gave to your realtor when you decide you found the perfect condo or home to finance. Almost all the time, the bank will send an appraiser out to the property your looking to finance, they also send an inspector out to make sure there is no significant costly damage that will need to be repaired within the first few months/years of your mortgage. You will also need to provide proof of home owner or condo owners insurance once the loan is approved.
Meanwhile, in the time between applying for either financing or refinancing you should not use any credit sources. Do not get anything financed or refinanced while the loan is awaiting approval. Refinancing loans are pretty strict and may take a few weeks to months depending on your personal financial situation. To receive refinancing in some instances you must pay off an old debt or two in order to turn that corner so the bank will refinance.
When your refinancing approval goes through it is all down hill from there. Meeting the bank and the realtor one more time is needed before closing on the house or condo. Make sure to bring your downpayment with you and anything else your realtor or banker asked you to bring in. Remember after the closing goes through the property taxes are now in your name, including any back taxes that were due on that property. You now will be the official condo or home owner!
-M Petrone
BOBBIE
Mar
8
You Can Get A Mortgage After Bankruptcy
Filed Under Mortgage | Leave a Comment
Ken Charnly asked:
It is possible to obtain a mortgage after bankruptcy. In fact, it may be easier to get a mortgage after bankruptcy than other forms of credit. Many prospective homeowners who have a bankruptcy on their credit jump onto a high rate home loan. However, if you can wait 24 months after you case has closed you can usually qualify for an FHA loan.
When you get a mortgage after bankruptcy, you should be very careful about the cost of the house you are purchasing. A house payment that is too big may be just a recipe for another bankruptcy. If you have already been through a bankruptcy you know how hard it is to try to make ends meet when they don’t.
A mortgage payment that leaves you overextended may mean you will not have money for other things, such as retirement, college funds, vacations and emergency purchases. It can also leave you vulnerable to another bankruptcy and foreclosure. You should not rely upon your mortgage loan officer or real estate agent to guide you into an affordable purchase.
Getting a mortgage is your decision and the right decision will help keep you away from a second bankruptcy. Do not be pushed into buying more of a house than you can really afford, it is your finances and it is you who will be obligated to make the payments.
When you are obtaining a mortgage after a bankruptcy, you should keep three things in mind: the lending industry, inflation and the two income couples.
* The lending industry of our parent’s generation is gone. Years ago it was hard to get a mortgage. Today, most anyone can obtain a mortgage and lenders will give you a loan even if they know it will trash your finances.
* Inflation is on the rise and income is not.
* You should not base the price of the house you are purchasing on two incomes. If one of the breadwinners in the family became ill, what would you do? Purchase a house that is affordable if only one of the individuals in a couple were working.
MARION
It is possible to obtain a mortgage after bankruptcy. In fact, it may be easier to get a mortgage after bankruptcy than other forms of credit. Many prospective homeowners who have a bankruptcy on their credit jump onto a high rate home loan. However, if you can wait 24 months after you case has closed you can usually qualify for an FHA loan.
When you get a mortgage after bankruptcy, you should be very careful about the cost of the house you are purchasing. A house payment that is too big may be just a recipe for another bankruptcy. If you have already been through a bankruptcy you know how hard it is to try to make ends meet when they don’t.
A mortgage payment that leaves you overextended may mean you will not have money for other things, such as retirement, college funds, vacations and emergency purchases. It can also leave you vulnerable to another bankruptcy and foreclosure. You should not rely upon your mortgage loan officer or real estate agent to guide you into an affordable purchase.
Getting a mortgage is your decision and the right decision will help keep you away from a second bankruptcy. Do not be pushed into buying more of a house than you can really afford, it is your finances and it is you who will be obligated to make the payments.
When you are obtaining a mortgage after a bankruptcy, you should keep three things in mind: the lending industry, inflation and the two income couples.
* The lending industry of our parent’s generation is gone. Years ago it was hard to get a mortgage. Today, most anyone can obtain a mortgage and lenders will give you a loan even if they know it will trash your finances.
* Inflation is on the rise and income is not.
* You should not base the price of the house you are purchasing on two incomes. If one of the breadwinners in the family became ill, what would you do? Purchase a house that is affordable if only one of the individuals in a couple were working.
MARION
Mar
2
Cash Back Mortgage Refinancing
Filed Under Mortgage | Leave a Comment
M Petrone asked:
Are you thinking of getting a home equity loan but have less then favorable mortgage terms, a cash out refinance might be a good solution. This method, allows you to utilize the cash value of your homes equity, while receiving the added bonus of having a lower monthly payment.
The mortgage you have been paying on is a source of instantly available cash that can be used by you in exchange for some of the equity you have built up (lets you get some cash from the increasing home value of your current home, without having to sell it). As far as the easiest way to acquire a sizable amount of instant cash, a cash out refinance is often a great low cost, solution of using your homes equity. The advantages of a cash back refinance are often greater then other options such as a home equity loan, second mortgage, or extended lines of credit.
The Basics Of A Cash Out Mortgage Refinance
All refinancing is, is taking a new loan with better rates, and for an amount greater than your currently owe. For example. If you owe $50,000 on a $75,000 home and refinance into a $65,000 loan, you can use that $15,000 difference for whatever you want. This is better due to the fact that you still only have 1 mortgage on your home. Also, theres a good chance your credit has improved since owning a home, therefore you will qualify for better rates.
How much can I borrow with a cash out mortgage refinance?
Typically, you can borrow up to 100% of your homes value. There are even some lenders in the market who will give you more than that. This, however is not recommended. You are risking losing your house for some quick cash, You need to weigh all the risks before refinancing with a cash back option.
Make sure to shop around for the best mortgage rates and terms.
If you decided a cash back refinance on your mortgage is right for you, it is verysmart to shop your mortgage terms around to a variety of lenders. Often you will find a much better rate or terms with one lender over another. Internet ads for refinancing are a good way to start this process. Shopping for quotes is easy these days.
-M Petrone
-Refinancing FAQ Advice
ROBERTO
Are you thinking of getting a home equity loan but have less then favorable mortgage terms, a cash out refinance might be a good solution. This method, allows you to utilize the cash value of your homes equity, while receiving the added bonus of having a lower monthly payment.
The mortgage you have been paying on is a source of instantly available cash that can be used by you in exchange for some of the equity you have built up (lets you get some cash from the increasing home value of your current home, without having to sell it). As far as the easiest way to acquire a sizable amount of instant cash, a cash out refinance is often a great low cost, solution of using your homes equity. The advantages of a cash back refinance are often greater then other options such as a home equity loan, second mortgage, or extended lines of credit.
The Basics Of A Cash Out Mortgage Refinance
All refinancing is, is taking a new loan with better rates, and for an amount greater than your currently owe. For example. If you owe $50,000 on a $75,000 home and refinance into a $65,000 loan, you can use that $15,000 difference for whatever you want. This is better due to the fact that you still only have 1 mortgage on your home. Also, theres a good chance your credit has improved since owning a home, therefore you will qualify for better rates.
How much can I borrow with a cash out mortgage refinance?
Typically, you can borrow up to 100% of your homes value. There are even some lenders in the market who will give you more than that. This, however is not recommended. You are risking losing your house for some quick cash, You need to weigh all the risks before refinancing with a cash back option.
Make sure to shop around for the best mortgage rates and terms.
If you decided a cash back refinance on your mortgage is right for you, it is verysmart to shop your mortgage terms around to a variety of lenders. Often you will find a much better rate or terms with one lender over another. Internet ads for refinancing are a good way to start this process. Shopping for quotes is easy these days.
-M Petrone
-Refinancing FAQ Advice
ROBERTO
Feb
26
Karen Benjamin asked:
So rates are declining and you want to refinance your home loan. What are the easiest and least costly ways to get a great refinance quote, refinance your home fast, find a trusted mortgage company, and start saving some money? One of the easiest ways is to get an online home loan quote. It simple, takes about 5 minutes of your time, and you can get a quick response usually within 5 minutes at some place, to 24 hours or less.
There are dozens of places online offering quotes though, and how do you choose the best one for you. My preferred choice is to go with a company that is registered with the BBB, and had an A- or better rating. Now a lot of companies that have been in business a long time usually register; since this shows an understanding of customer service, and they want to be consumer friendly. If a home loan website/company does not registry with the BBB, you might want to consider not doing business with them.
Also, you should do a background check on the company itself. It’s simple to do, Google their website address and see what customers are saying about their company. Most reputable mortgage companies post customer testimonials on their website, check it out, and read each one carefully. Usually you can tell the fakes ones, and if you have any doubts; go with your gut instinct. When doing a Google check on a refinance company make sure you go through the major sites that talk about the company, not just the mortgage company’s main page. Get 3rd party investigations on the website and their services.
Another Tip on getting a good home loan rate is to view the way the website is presented. Are there major spelling mistakes? If so, why didn’t the home loan company take time to spell check their website, is this a place you want to get your mortgage quote from? Is the layout nice, and simple to use? If not, why didn’t the company get a professional web design to do a site? The website’s presentation says a lot about a place whether you are getting a mortgage quote or just browsing. Is the mortgage quote hacker safe? Will your information be securely transferred and stored. These are major concerns many consumer have when giving out their information online.
Another tip to evaluating whether you want to get a refinance quote from the particular mortgage website, is do they have an information library, or FAQ section? You can browser through it to learn all the different mortgage terminology, mortgage articles, and other key information that is going to empower you to get the best quote, before even talking to a mortgage broker.
Once you find a couple of online mortgage quote websites that you possibly want to go with, you will soon start to see more advantages. First you’ve done all your research on whether the companies is reputable, and trustworthy. That’s half the battle.
Now once you fill out your information and start getting quotes, you have the ability to easily drop the ones who has high rates, and high fess, and then have the remaining mortgage companies negotiation with you to get your home loan business.
Here is the easiest way to get a low quote.
First get a quote from mortgage company A, lets say 5.75%. Then tell mortgage company B, “hey mortgage company A is quoting me 5.75%, can you beat that?” If there is a 3rd mortgage company tell them, “I don’t know, truthfully I am currently working with two mortgage companies, one is offering 5.75% and the other one is attempting to get it lower, can you get me a better quote? Now you’re being courted, and you can choose the best suitor. Once you get a low quote, or in the case that two of the companies tie each other, check out to see what the closing cost will be. The secret that a lot of mortgage companies won’t tell you, is that closing costs are always negotiable, so get the lowest closing cost possible should not get a problem.
Let me tell you a little about me. I work at A2ZLoanquotes.com. We have an A Rating with the BBB, our websites are hacker safe, use SSL connections to store you personal data, have Zero complaints with the BBB. We offer web visitors a library of mortgage knowledge and information that the consumer can use to their advantage, and have an excellent closing ratio, with the lowest fees in the nation. We are back by a direct lender so you are not dealing with the middle man, so no middle name fees. Come check us out, if you don’t go with us, by all means tell your friends about our services, and come back and use our knowledge library to your advantage.
BYRON
So rates are declining and you want to refinance your home loan. What are the easiest and least costly ways to get a great refinance quote, refinance your home fast, find a trusted mortgage company, and start saving some money? One of the easiest ways is to get an online home loan quote. It simple, takes about 5 minutes of your time, and you can get a quick response usually within 5 minutes at some place, to 24 hours or less.
There are dozens of places online offering quotes though, and how do you choose the best one for you. My preferred choice is to go with a company that is registered with the BBB, and had an A- or better rating. Now a lot of companies that have been in business a long time usually register; since this shows an understanding of customer service, and they want to be consumer friendly. If a home loan website/company does not registry with the BBB, you might want to consider not doing business with them.
Also, you should do a background check on the company itself. It’s simple to do, Google their website address and see what customers are saying about their company. Most reputable mortgage companies post customer testimonials on their website, check it out, and read each one carefully. Usually you can tell the fakes ones, and if you have any doubts; go with your gut instinct. When doing a Google check on a refinance company make sure you go through the major sites that talk about the company, not just the mortgage company’s main page. Get 3rd party investigations on the website and their services.
Another Tip on getting a good home loan rate is to view the way the website is presented. Are there major spelling mistakes? If so, why didn’t the home loan company take time to spell check their website, is this a place you want to get your mortgage quote from? Is the layout nice, and simple to use? If not, why didn’t the company get a professional web design to do a site? The website’s presentation says a lot about a place whether you are getting a mortgage quote or just browsing. Is the mortgage quote hacker safe? Will your information be securely transferred and stored. These are major concerns many consumer have when giving out their information online.
Another tip to evaluating whether you want to get a refinance quote from the particular mortgage website, is do they have an information library, or FAQ section? You can browser through it to learn all the different mortgage terminology, mortgage articles, and other key information that is going to empower you to get the best quote, before even talking to a mortgage broker.
Once you find a couple of online mortgage quote websites that you possibly want to go with, you will soon start to see more advantages. First you’ve done all your research on whether the companies is reputable, and trustworthy. That’s half the battle.
Now once you fill out your information and start getting quotes, you have the ability to easily drop the ones who has high rates, and high fess, and then have the remaining mortgage companies negotiation with you to get your home loan business.
Here is the easiest way to get a low quote.
First get a quote from mortgage company A, lets say 5.75%. Then tell mortgage company B, “hey mortgage company A is quoting me 5.75%, can you beat that?” If there is a 3rd mortgage company tell them, “I don’t know, truthfully I am currently working with two mortgage companies, one is offering 5.75% and the other one is attempting to get it lower, can you get me a better quote? Now you’re being courted, and you can choose the best suitor. Once you get a low quote, or in the case that two of the companies tie each other, check out to see what the closing cost will be. The secret that a lot of mortgage companies won’t tell you, is that closing costs are always negotiable, so get the lowest closing cost possible should not get a problem.
Let me tell you a little about me. I work at A2ZLoanquotes.com. We have an A Rating with the BBB, our websites are hacker safe, use SSL connections to store you personal data, have Zero complaints with the BBB. We offer web visitors a library of mortgage knowledge and information that the consumer can use to their advantage, and have an excellent closing ratio, with the lowest fees in the nation. We are back by a direct lender so you are not dealing with the middle man, so no middle name fees. Come check us out, if you don’t go with us, by all means tell your friends about our services, and come back and use our knowledge library to your advantage.
BYRON
Feb
26
Great Tips for Great Mortgage Quotes
Filed Under Mortgage | Leave a Comment
M Petrone asked:
Today, with almost everyone able to connect to the internet, the luxury exists of being able to check your refinance quotes, directly through the lenders website. With so many options available to the person interested in refinancing, this method of searching for the lowest possible quote is by far the easiest, most efficient way to do this. The lenders are also aware of this, and many times they will have a quote that is a little less online than it would be in person.
There are too many lenders available to quote online so do not just pick any of them. Pick 8 ( I know it sounds like a lot but it is online remember? Its fast and easy.) Instead google, mortgage lenders, from the vast list you get in return, pick your 8, first choose four you have heard of through tv and radio commercials, have seen at pro sporting games, etc. You may think you don’t know 4 but you will easily recognize them once you see their names. Then, pick 4 lesser known mortgage lenders, but make sure they are on the first three pages within google, they are often reputable and competitive.
Apply to all the sites you have selected, wait for your quotes and then do some more research online about company. Look at their financial status, their history, the rate they offered you, and other related information. Weigh those things against how you feel, how much you will save, but dont forget to look up what other people have said either. You can easily search for “[companys name] review” and often get great results from people who have already used the lender you are looking into.
Learn to use a online calculator.
Most of the lenders websites have a calculator built in, that is a great source of information concerning your mortgage. All you have to do is enter some quick details about your loan, how much you need/owe, length of remaining loan and a few other things. You will instantly get great details and a pretty close quote to the terms that you will actually get.
Time for the negotiation
After you have picked out a lender, you can try to negotiate down the rate they quote you, you can use your research you did previously, and use the lowest quoted rate you asaw and try to leverage that against them. More often than not, this works, and worst case scenario is nothing changes at all. Your rate wont go up.
A Few final notes
Do not forget that the quoted rate you see online is not the final amount. There are costs associated with refinancing, both short and long term that need to be considered. Do as much research as you can and be prepared.
-M Petrone
Refinancing FAQ & Advice
SAM
Today, with almost everyone able to connect to the internet, the luxury exists of being able to check your refinance quotes, directly through the lenders website. With so many options available to the person interested in refinancing, this method of searching for the lowest possible quote is by far the easiest, most efficient way to do this. The lenders are also aware of this, and many times they will have a quote that is a little less online than it would be in person.
There are too many lenders available to quote online so do not just pick any of them. Pick 8 ( I know it sounds like a lot but it is online remember? Its fast and easy.) Instead google, mortgage lenders, from the vast list you get in return, pick your 8, first choose four you have heard of through tv and radio commercials, have seen at pro sporting games, etc. You may think you don’t know 4 but you will easily recognize them once you see their names. Then, pick 4 lesser known mortgage lenders, but make sure they are on the first three pages within google, they are often reputable and competitive.
Apply to all the sites you have selected, wait for your quotes and then do some more research online about company. Look at their financial status, their history, the rate they offered you, and other related information. Weigh those things against how you feel, how much you will save, but dont forget to look up what other people have said either. You can easily search for “[companys name] review” and often get great results from people who have already used the lender you are looking into.
Learn to use a online calculator.
Most of the lenders websites have a calculator built in, that is a great source of information concerning your mortgage. All you have to do is enter some quick details about your loan, how much you need/owe, length of remaining loan and a few other things. You will instantly get great details and a pretty close quote to the terms that you will actually get.
Time for the negotiation
After you have picked out a lender, you can try to negotiate down the rate they quote you, you can use your research you did previously, and use the lowest quoted rate you asaw and try to leverage that against them. More often than not, this works, and worst case scenario is nothing changes at all. Your rate wont go up.
A Few final notes
Do not forget that the quoted rate you see online is not the final amount. There are costs associated with refinancing, both short and long term that need to be considered. Do as much research as you can and be prepared.
-M Petrone
Refinancing FAQ & Advice
SAM
Feb
21
M Petrone asked:
It may be a good idea to refinance your current mortgage in search of a better mortgage loan rate. Just make sure you dont fall for the common mortgage loan refinancing mistakes many others have. The following article contains 9 common refinancing mistakes that are pretty commonplace, and how to avoid them when refinancing a mortgage.
Mistake #1
Not doing thorough research on lenders.
Most people are comfortable with their current bank or mortgage lender. This is a bad practice to become comfortable with. You should always shop around for the best rates. If you have a current mortgage lender you prefer you should still shop around and show them your offers and see if they will match, or better yet, beat it. Just like a big purchase, it pays to shop around. You will guarantee this way that you did get the best available mortgage refinancing rate you can. Also make sure to be aware that when you apply for the mortgage refinancing, even if its the same lender you currently use, you will need to re qualify for the loan.
Mistake #2
Know when you will start to break even after you refinance
When you decide its time to refinance your mortgage, I can almost promise you will have to pay closing costs. These costs could negate any or all savings you received through the refinancing, at least initially. Calculate the costs of the closing fees and your new refinanced mortgage rate and see when your break in period is. This is when you are done paying any closing costs that have been added in due to the refinancing.
Mistake #3
You have not received a Good Faith Estimate from your lender
Any potential mortgage lender should be able to provide you with something called a Good Faith Estimate. This is a estimate that covers the closing costs, any “hidden” fees, and any other fees associated with getting a mortgage refinance. This should be given to you within 3 business days but there is no reason your lender cant give you one earlier if you ask for it.
Mistake #4
The Assessed Value of Property should not be considered
The assessed value of property is determined by the local county tax assessor. Your loan amount will not be based on this assessors value. Your property will be valued using another approach called the, sales comparison approach, also known as the cost approach.
Mistake #5
Getting an appraisal for a home with low value
If you know that your home is not that valuable, you should not pay to have its value assessed. You should ask your mortgage lender to appraise your house for you using the AVM model (automated valuation model) this method uses other houses in the neighborhood to find a good average house price in any given area.
Mistake #6
Do not sign anything without properly reviewing it
Make sure to check, and double check all the loan documents before you sign them. Carefully, read all the terms and conditions of your possible loan before signing. If you can, ask for a copy of the loan documents a few days before the official signing so you can review them on your own time.
Mistake #7
Not providing the necessary documents in a timely manner.
Stop unnecessary delays in the closing process by having all the proper documents ready to submit when the lender asks you too. If you delay too long with this, the rates on your loan may go up by the time you are ready to sign.
Mistake #8
Not getting it in writing
Sure, there are trustworthy people in the mortgage lending industry, but surely when it comes to this much money, make sure everything is in writing. Often, your lender will give you an initial verbal agreement about your rates. Get him to put those on paper. If its not on paper, its not official.
Mistake #9
Using your heloc prior to refinancing
If you have taken out any kind of home equity loan of credit, for anything but home improvements or repairs, do not immediately apply for refinancing. You should wait at the minimum 6 months before approaching a mortgage lender about refinancing. This is the same as taking out more credit, and will be viewed as such when applying for the refinancing.
Making a mistake during the long refinancing process can cost you thousands of dollars, let alone time wasted. Make sure you do all the research you can before entering the mortgage refinancing world.
-M Petrone
http://www.refinancingcondo.com
RANDAL
It may be a good idea to refinance your current mortgage in search of a better mortgage loan rate. Just make sure you dont fall for the common mortgage loan refinancing mistakes many others have. The following article contains 9 common refinancing mistakes that are pretty commonplace, and how to avoid them when refinancing a mortgage.
Mistake #1
Not doing thorough research on lenders.
Most people are comfortable with their current bank or mortgage lender. This is a bad practice to become comfortable with. You should always shop around for the best rates. If you have a current mortgage lender you prefer you should still shop around and show them your offers and see if they will match, or better yet, beat it. Just like a big purchase, it pays to shop around. You will guarantee this way that you did get the best available mortgage refinancing rate you can. Also make sure to be aware that when you apply for the mortgage refinancing, even if its the same lender you currently use, you will need to re qualify for the loan.
Mistake #2
Know when you will start to break even after you refinance
When you decide its time to refinance your mortgage, I can almost promise you will have to pay closing costs. These costs could negate any or all savings you received through the refinancing, at least initially. Calculate the costs of the closing fees and your new refinanced mortgage rate and see when your break in period is. This is when you are done paying any closing costs that have been added in due to the refinancing.
Mistake #3
You have not received a Good Faith Estimate from your lender
Any potential mortgage lender should be able to provide you with something called a Good Faith Estimate. This is a estimate that covers the closing costs, any “hidden” fees, and any other fees associated with getting a mortgage refinance. This should be given to you within 3 business days but there is no reason your lender cant give you one earlier if you ask for it.
Mistake #4
The Assessed Value of Property should not be considered
The assessed value of property is determined by the local county tax assessor. Your loan amount will not be based on this assessors value. Your property will be valued using another approach called the, sales comparison approach, also known as the cost approach.
Mistake #5
Getting an appraisal for a home with low value
If you know that your home is not that valuable, you should not pay to have its value assessed. You should ask your mortgage lender to appraise your house for you using the AVM model (automated valuation model) this method uses other houses in the neighborhood to find a good average house price in any given area.
Mistake #6
Do not sign anything without properly reviewing it
Make sure to check, and double check all the loan documents before you sign them. Carefully, read all the terms and conditions of your possible loan before signing. If you can, ask for a copy of the loan documents a few days before the official signing so you can review them on your own time.
Mistake #7
Not providing the necessary documents in a timely manner.
Stop unnecessary delays in the closing process by having all the proper documents ready to submit when the lender asks you too. If you delay too long with this, the rates on your loan may go up by the time you are ready to sign.
Mistake #8
Not getting it in writing
Sure, there are trustworthy people in the mortgage lending industry, but surely when it comes to this much money, make sure everything is in writing. Often, your lender will give you an initial verbal agreement about your rates. Get him to put those on paper. If its not on paper, its not official.
Mistake #9
Using your heloc prior to refinancing
If you have taken out any kind of home equity loan of credit, for anything but home improvements or repairs, do not immediately apply for refinancing. You should wait at the minimum 6 months before approaching a mortgage lender about refinancing. This is the same as taking out more credit, and will be viewed as such when applying for the refinancing.
Making a mistake during the long refinancing process can cost you thousands of dollars, let alone time wasted. Make sure you do all the research you can before entering the mortgage refinancing world.
-M Petrone
http://www.refinancingcondo.com
RANDAL
Feb
9
Getting a Home Mortgage After Bankruptcy
Filed Under Mortgage | Leave a Comment
M Petrone asked:
If you have recently filed for bankruptcy there is ways to get a mortgage. The best way to do this, is to make extra efforts to increase your down payment (bigger = better) and make sure you are prepared for income verification by the lender.
Typically, lenders require a 24 month wait from the moment the bankruptcy was official until you will be considered for a home loan. However, when that 2 year wait is over, you most likely will be able to receive 100% financing for your mortgage. Keep in mind your credit score will still need to be decent. Keep up to date with payments, even minimum payments at all costs, especially after bankruptcy.
However, if you are seeking a home loan within 24 months after bankruptcy, your credit will need to be perfect since the bankruptcy. Then, you will often still need at least a 5% down payment. The more that you have for a down payment the better chance you have of getting approved.
Here are some great ways to get some down payment money to help your mortgage approval with the lender.
Ask a good friend or a relative for a loan, pay it back in a few years after you have reestablished your credit and can refinance your mortgage for a better rate and walk out with cash. The lenders require that you tell them about any loans from relatives or friends to assist in the down payment. So maybe get it in a card for a holiday instead of 1 lump sum
Mortgage lenders have strict requirements (so they say) about where the down payment money is coming from do not get caught lying/defrauding a mortgage lender.
Search the internet for down payment assistance programs. Theres even government grants available to first time mortgage seekers. Google down payment assistance and you should have a good start.3. You could cash out a 401K or another investment and like in the first example, repay yourself with a 2nd or 3rd mortgage after the loan has closed.
Cash out old bonds, sell some stock, cash out some of your 401k. If you keep up with your credit rating after the mortgage, you can refinance for a way better rate and put the cash back into where you got it out from. Kind of like a loan to yourself.
-Refinancing FAQ & Advice
-M Petrone
CRAIG
If you have recently filed for bankruptcy there is ways to get a mortgage. The best way to do this, is to make extra efforts to increase your down payment (bigger = better) and make sure you are prepared for income verification by the lender.
Typically, lenders require a 24 month wait from the moment the bankruptcy was official until you will be considered for a home loan. However, when that 2 year wait is over, you most likely will be able to receive 100% financing for your mortgage. Keep in mind your credit score will still need to be decent. Keep up to date with payments, even minimum payments at all costs, especially after bankruptcy.
However, if you are seeking a home loan within 24 months after bankruptcy, your credit will need to be perfect since the bankruptcy. Then, you will often still need at least a 5% down payment. The more that you have for a down payment the better chance you have of getting approved.
Here are some great ways to get some down payment money to help your mortgage approval with the lender.
Ask a good friend or a relative for a loan, pay it back in a few years after you have reestablished your credit and can refinance your mortgage for a better rate and walk out with cash. The lenders require that you tell them about any loans from relatives or friends to assist in the down payment. So maybe get it in a card for a holiday instead of 1 lump sum
Mortgage lenders have strict requirements (so they say) about where the down payment money is coming from do not get caught lying/defrauding a mortgage lender.Search the internet for down payment assistance programs. Theres even government grants available to first time mortgage seekers. Google down payment assistance and you should have a good start.3. You could cash out a 401K or another investment and like in the first example, repay yourself with a 2nd or 3rd mortgage after the loan has closed.
Cash out old bonds, sell some stock, cash out some of your 401k. If you keep up with your credit rating after the mortgage, you can refinance for a way better rate and put the cash back into where you got it out from. Kind of like a loan to yourself.
-Refinancing FAQ & Advice
-M Petrone
CRAIG