How to Find the Right Bad Credit Mobile Home Loans
If you are looking for bad credit mobile home loans, you want to make sure that you make the best choice possible for your loan. You want to know that you are getting as much as you can from the loan, and that you are getting the best deal possible. Each and every lender will approach your bad credit differently; you need to make sure that you are getting the best loan possible.
If you want to make sure that you are going to find the right bad credit mobile home loans for you to choose from, you need to follow a few simple steps. These four steps will help you to better understand the loan process and will help you to find the exact loan that you need.
Click here to read the whole article.
Monday, April 12, 2010
Sunday, December 7, 2008
2% Guideline, Not A Rule
You've probably heard from one source or another, usually your drunk ex-college roommate, that you don't refinace unless you can save 2% on your existing mortgage rate.
The old 2 percent rule is just a quick way to judge the financuil sense of refinancing, not a carved in stone law, like don't bite off more than you can chew.
If you can get a 2% reduction in your mortgage rate, that's great, most likely you can pay for the cost of the new loan with the saviings in under 2 years.
But, what if you have noj plans of selling in the next 2 years? Suppose your wife has 5 years left on a contractual obligation. We can never know the future and the best laid plans can get tossed to the wind pretty quickly in this crazy world.
Use the best information you can obtain, ponder the possible problems and make an informed decision on that new low interest mortgage.
The old 2 percent rule is just a quick way to judge the financuil sense of refinancing, not a carved in stone law, like don't bite off more than you can chew.
If you can get a 2% reduction in your mortgage rate, that's great, most likely you can pay for the cost of the new loan with the saviings in under 2 years.
But, what if you have noj plans of selling in the next 2 years? Suppose your wife has 5 years left on a contractual obligation. We can never know the future and the best laid plans can get tossed to the wind pretty quickly in this crazy world.
Use the best information you can obtain, ponder the possible problems and make an informed decision on that new low interest mortgage.
Thursday, December 4, 2008
Mortgage Closing Costs
Mortgae Closing Costs for Pennsylvania average $3,411 for a $200,000 mortgage according to Bankrate.com. You can check other states here.
Closing xosts vary by lender and type of mortgage so be sure to shop asggresively for the best deal. For more information on mortgage closing costs read more articles at PaMortgageFinance.com
Many closing costs can be rolled into the mortgage, some can't. Arm yourself with the best information and you will ensure you get the best deal possible.
If you have the need for bad credit mobile home financing click on the link for more information.
Closing xosts vary by lender and type of mortgage so be sure to shop asggresively for the best deal. For more information on mortgage closing costs read more articles at PaMortgageFinance.com
Many closing costs can be rolled into the mortgage, some can't. Arm yourself with the best information and you will ensure you get the best deal possible.
If you have the need for bad credit mobile home financing click on the link for more information.
Tuesday, December 2, 2008
Mortgage Fraud Worsens
The Mortgage Asset Research Institute reported mortgage fraud activity was up over 45% during the second quarter of 2008 as compared to the second quarter of 2007.
General application misrepresentation accounted for nearly two thirds of all mortgage fraud activity. According to the Institute. Income exaggeration was slated at 36% of all mortgage fraud.
This entire mortgage meltdown has plenty of blame to go around... but let's not forget that outright fraud was the fuse that lit the ticking time bomb.
General application misrepresentation accounted for nearly two thirds of all mortgage fraud activity. According to the Institute. Income exaggeration was slated at 36% of all mortgage fraud.
This entire mortgage meltdown has plenty of blame to go around... but let's not forget that outright fraud was the fuse that lit the ticking time bomb.
Monday, December 1, 2008
Getting Prequalified is not enough
Getting prequalified is not enough.
There are two different options to look at for an opinion of you’re ability to get a mortgage. One can get you to where you want to go. The other can be a waste off time and effort.
Prequalification in a mortgage situation usually means nothing more than you’ve talked to a mortgage lender and discussed your income and expenses. You spill your guts about your financial situation, your expenses and present income, how much cash you have save for the down payment and then the mortgage lender does some quick calculations and tells you a guesstimate of approximately how large of a mortgage loan you can get, based on today’s mortgage rates, assuming the accuracy of everything you’ve told them
In the book mortgage for dummies, Eric Tyson and Ray Brown said “Most lenders graciously provide a prequalification letter suitable for framing or swatting mosquitoes”.
Since nothing you’ve told the lender has been verified, the lender isn’t bound by the prequalification process to supply you with a home mortgage. Why try to find a house to purchase if you don’t know that you can borrow?.
During the underwriting portion of your mortgage application, the lender will verify all of your financial information. They will look closely at all sources of income as well as expenses.
Guidelines change frequently, but few lenders like to see a housing expense greater than 28% of your gross monthly income, with no more than 32% as your total monthly debt payments.
There are two different options to look at for an opinion of you’re ability to get a mortgage. One can get you to where you want to go. The other can be a waste off time and effort.
Prequalification in a mortgage situation usually means nothing more than you’ve talked to a mortgage lender and discussed your income and expenses. You spill your guts about your financial situation, your expenses and present income, how much cash you have save for the down payment and then the mortgage lender does some quick calculations and tells you a guesstimate of approximately how large of a mortgage loan you can get, based on today’s mortgage rates, assuming the accuracy of everything you’ve told them
In the book mortgage for dummies, Eric Tyson and Ray Brown said “Most lenders graciously provide a prequalification letter suitable for framing or swatting mosquitoes”.
Since nothing you’ve told the lender has been verified, the lender isn’t bound by the prequalification process to supply you with a home mortgage. Why try to find a house to purchase if you don’t know that you can borrow?.
During the underwriting portion of your mortgage application, the lender will verify all of your financial information. They will look closely at all sources of income as well as expenses.
Guidelines change frequently, but few lenders like to see a housing expense greater than 28% of your gross monthly income, with no more than 32% as your total monthly debt payments.
Wednesday, November 26, 2008
Pennsylvania Mortgage Lender Down Payments
Pennsylvania Mortgage Lender down payment evaluations
Want to know the simple reason why most people borrow money, because they can’t afford to pay cash for something they want. Think about it how many parents have the cash laying around to pay for their 18-year-old's college education. How many homeowners have the cash lying around to pay the full price of their new home. People borrow money so that they can have a better lifestyle.
This can help you move ahead, and achieve your financial goals when used properly. I was in the home selling business for many years and most mortgage borrowers were scraping to come up with a down payment and closing costs.
If you’re one of the minority that has more than is required for a down payment. You need to do an evaluation to see what is in your best financial interest.
Mortgage lenders in Pennsylvania generally have their best rates and programs for borrowers who put down at least 20%. If you have additional funds and are wondering whether you should invest them in your home or into another type of Investment. You will need to do some financial analysis of your current situation.
you need to figure out the internal rate of return of at own any alternative investment. whether or not make a larger down payment rests with this critical factor.
If making a larger down payment is going to deplete all your mock emergency financial cushion and you probably don’t want to do it.
The only thing that should affect your financial decision about making a larger down payment is the rate of interest are paying on your mortgage versus the rate of return are hoping to get a possible investment. Come out financially ahead, your investments need to produce an average annual rate of return, before taxes, that exceeds the Interest rate your pain on the mortgage.
When making this calculation taxes must be considered. The interest you pay on your mortgage will be tax-deductible, increasing your income, while the interest you pay any alternative investments will be an expense decreasing your income.
Tax laws are always changing and you need to consult with professionals to stay up to date. In 2008 if you’re adjusted gross income exceeded the hundred $59,950. You started to lose some of the deductibility of your mortgage interest. If everything is just happened recently regarding the mortgage industry, I’m sure there’s going to be some tax changes coming very soon.
You can find more information on mortgages at PaMortgageFinance.com
Want to know the simple reason why most people borrow money, because they can’t afford to pay cash for something they want. Think about it how many parents have the cash laying around to pay for their 18-year-old's college education. How many homeowners have the cash lying around to pay the full price of their new home. People borrow money so that they can have a better lifestyle.
This can help you move ahead, and achieve your financial goals when used properly. I was in the home selling business for many years and most mortgage borrowers were scraping to come up with a down payment and closing costs.
If you’re one of the minority that has more than is required for a down payment. You need to do an evaluation to see what is in your best financial interest.
Mortgage lenders in Pennsylvania generally have their best rates and programs for borrowers who put down at least 20%. If you have additional funds and are wondering whether you should invest them in your home or into another type of Investment. You will need to do some financial analysis of your current situation.
you need to figure out the internal rate of return of at own any alternative investment. whether or not make a larger down payment rests with this critical factor.
If making a larger down payment is going to deplete all your mock emergency financial cushion and you probably don’t want to do it.
The only thing that should affect your financial decision about making a larger down payment is the rate of interest are paying on your mortgage versus the rate of return are hoping to get a possible investment. Come out financially ahead, your investments need to produce an average annual rate of return, before taxes, that exceeds the Interest rate your pain on the mortgage.
When making this calculation taxes must be considered. The interest you pay on your mortgage will be tax-deductible, increasing your income, while the interest you pay any alternative investments will be an expense decreasing your income.
Tax laws are always changing and you need to consult with professionals to stay up to date. In 2008 if you’re adjusted gross income exceeded the hundred $59,950. You started to lose some of the deductibility of your mortgage interest. If everything is just happened recently regarding the mortgage industry, I’m sure there’s going to be some tax changes coming very soon.
You can find more information on mortgages at PaMortgageFinance.com
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