Saturday, July 13, 2013

100% Financing Or No Down Payment & Bad Credit Mortgage Loans

Sub-prime lenders now offer financing packages with zero down. Interest rates are higher on these types of loans, but they make purchasing a house easier. And unlike a conventional loan, there is no private mortgage insurance required. There are two types of zero-down mortgage packages, each with their own requirements.

Types Of Zero-Down Loans

100% financing, as it names implies, offers complete financing of your property. The other option, 80/20, finances your mortgage with two loans. Both loans may be carried by your lender, but sometimes the seller or a second lender is required to carry the 20% mortgage.

100% financing is easier to deal with, but not all lenders will offer this type of home loan. 80/20 financing is more common, but takes some negotiation if the seller is involved.

Qualifications For Zero-Down

Each lender has their own criteria for determining who will qualify for a zero-down loan. Most sub-prime lenders require any bankruptcies or foreclosures to have been at least twelve months ago. A conventional loan requires these to be discharged two to four years ago.

While a credit score of 600 or higher is best, large cash reserves can also qualify you. Six to twelve month’s worth of cash reserves in the form of savings, money market, or other liquid assets are considered ideal.

If you choose 80/20 financing with the seller carrying the second mortgage, you can qualify with sub-prime lenders with a score of 560.

Zero-Down Sub-prime Lenders

You can find zero-down sub-prime mortgages with both conventional and niche sub-prime lenders. Make sure that you request quotes from as many mortgage lenders has possible to be sure you find the lowest rate and best terms.

You will also want to decide what type of mortgage you want. An ARM is easier to qualify for and has lower rates. A fixed rate mortgage offers the security of a constant interest rate over the life of your loan.

Typically an ARM will be a better deal if you plan to refinance within a couple of years. After you have improved your credit history, you can refinance for a conventional mortgage with low interest rates.

Friday, July 5, 2013

Act Now to Forgo Foreclosure

The subprime mortgage crisis has been on the tip of everyone's tongue lately, and the housing market has cooled. Rather than being discouraged by this, smart investors realize that this is the time for deals to be had. We're in a buyer's market, which is an enormous relief for buyers who have watched the market balloon over the last decade. But what if you are one of the thousands of people who got caught up in the low-interest madness, thinking you'd be making enough money to cover the difference when your rates reset?

If you are facing difficulties with your loan, remember that the ultimate goal is to maintain your credit rating. You may be able to negotiate with your lender, you may be able to refinance or you may be forced to sell your home now in order to buy one in the future, but the sooner you address the issue the more options you will have. By getting your finances in order you will be able to get on with your life sooner. Don't add to your stress by ignoring your fiscal situation; follow these steps to getting back on track:

Know the details – go over all your loan documents so that you are prepared for any upcoming resets or changes. When will your payments increase? By how much? Can you refinance? What kind of penalty would you face, if any? Cut in other areas – can you take a roommate or a second job to help make your payments? You may need to look at significant changes in your spending and lifestyle. Do not make any major purchases at this time, and look at liquidating other assets, such as cars or boats, to help meet your payments.

Contact your lender – You should take the initiative with your lender. Contact them before the problem becomes overwhelming. If you receive calls or letters from your lender respond to them as soon as possible. Do not wait to get too far behind – lenders are less likely to move quickly into foreclosure if you are proactive. You want to speak to the right people – ask for the loss mitigation or collections department. Be honest with them about your situation and don't make promises you can't keep.

Beware of foreclosure "rescue" rackets – There are a number of scam artists targeting people in neighborhoods where foreclosure rates have been high. They approach troubled homeowners with promises to help them keep their houses. These "rescues" often come with payments that are out of reach of the average homeowner and result in homeowners being defrauded of their homes, sometimes still owing the original mortgage amount. Any company that approaches you with such an offer should be checked out through the Better Business Bureau, your state real estate commission and Attorney General. Do not sign anything without reading it all, get all promises in writing and ask your attorney or a financial professional to review any paperwork before you sign it.

Call a nonprofit group offering free housing advice for more information and counseling. They may be able to help you with your options. If you took out a loan between Jan. 1 2005 and July 30, 2007, are current on your loan payments and your mortgage has not yet reset to a higher rate, you may be eligible for a five year rate freeze.

If all else fails, negotiate a short sale - if you have missed more than two payments but your home has not yet gone into foreclosure you may be able to sell it for a price that falls short of what you owe the lender. If your mortgage holder agrees to accept the price and forgive the rest of your debt, they forgo the pricey foreclosure process and you walk away with minimal damage to your credit score. You can chalk it up to experience, save up a down payment and buy low.

Sunday, June 30, 2013

Amazing Guide To Adjustable Rate Mortgage Loans

An effective tool used by home buyers, ARM or Adjustable Rate Mortgages, offers a lower interest rate at the beginning of the loan and the risk of a hike in rates is shared by the borrower and lender.

Rate Mortgage Loans

Thursday, May 16, 2013

Need Cash but Have Bad Credit: Choose Bad Credit Cash Loan

If you have a bad credit but you are in need of cash loan, you should go for Bad credit Cash Loan. Don't let your bad credit stop you from availing bad credit cash loan facility.
Earlier, getting a loan that too a cash loan with bad credit was tough, however, lenders recently, felt the need of introducing a scheme for people with bad credit but in need of cash. Hence they started bad credit cash loan. Today, there are a variety of lenders who specialize in placing a cash loan for individuals who have bad credit. These bad credit loan lenders can be accessed online as well as off line. However, the suggestion is that don't let your bad credit stop you from utilizing bad credit cash loan if you are looking for cash loan.
Purpose of Bad Credit Cash Loan
A borrower can use money borrowed through bad credit cash loan for any purpose depending upon their requirements. Whether the borrower wants to pay his kids school fee or to pay installment for his previous loan to avoid late fines, a bad credit cash loan can be used virtually for any purpose. An important issue here is that such bad credit cash loans are meant for short-term requirements and should not be treated as a solution for borrower's regular needs.
Requirements to avail bad credit cash loan
Rate of interest for bad credit cash loan vary from lender to lender. Few lenders offer discounted rates for new or returning customers. Loan amount depends upon your source of income, income level, the credit information you supplied etc. In most of the cases, there is no processing fee for bad credit cash loan.
All you need is a checking account, and a permanent source of income and you can get the cash deposited directly into your checking account. After supplying the lender with the required information, usually your name, address, employment and banking information, you can be approved in as little as one hour and the funds can often be in your checking account the very same day.
There is no credit check except the verification of the information you supplied. These lenders also do not check borrowers' credit report or contact their employer, except as necessary to verify employment. Applying and getting approved is quick and convenient. Online lenders can approve you application quickly and you'll have the cash you need as soon as the very day you are approved.
A Word of Caution & Suggestion
Repeatedly obtaining bad credit cash loan can cost you a lot of money if you extended your pay off date numerous times or if you continually borrow against your next pay check.
Searching Bad Credit Cash Loan
The best part of lending and borrowing these days is the ease with which one can make application for such loans. There is no need of visiting offices of each and every lender Borrowers can go online to search lenders and compare terms and conditions of different loan providers. Borrowers can research a bad credit cash loan online and not spend hours driving to banks and lenders only to find that they do not fulfill those lenders terms. Once you are online, you can access many lenders who specialize in cash loans to borrowers with bad credit. Once approved, you will soon have the loan you need. Don't let your bad credit stop you from applying for the cash you need now - Just remember, lenders are in the market to do business and their business is the provision of loans to borrowers, without lending, no lender can survive in the market.
To conclude, even with a bad credit an interested borrower can avail the facility of bad credit cash loan.

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Wednesday, May 8, 2013

Get Your Hands on that Refinance Home - Calculate!

You always hear them talk about it - property value is on a constant rise. This given, you are aware that your home is now more valuable than before. You are aware that it is now mortgaged under its current value. Available Options Now you want to know its estimated value. But you don't know where to go and from what you heard, an appraisal analysis is generally expensive. Now you're wondering if there is any other option left. Yes, there is. You can try a comparative market analysis. It's much cheaper than an appraisal. Now what's the difference between the two?

A Home Loan Calculator Helps You Choose The Best Mortgage Program

An individual will go in for a home loan to pay for a new house or to consolidate several debts and thereby ease his financial burden. Whatever the reason a person goes in for a home loan, he must have some basic facts in hand before taking the plunge. Set aside a budget for the home that you can be comfortable with, find a house to suit this budget, find out how much you will need to borrow in order to finance your purchase and finally, how much the purchase will cost by way of monthly payments. It is always important not to stretch your budget to the limit but be comfortable with your payments. Many unforeseen tragedies can occur in the future like an accident that can render you incapacitated or loss of a job. Use a home loan calculator that can give an accurate estimate as to how much to borrow, interest rate and monthly payments. Most leading lending institutions will have a free home loan calculator available on their websites that customers can use to calculate home loan rates. Just enter the relevant information in the boxes provided and you will get an instant result.

Saturday, January 1, 2011

ASB Loan Calculator

Grow Your Money Faster with ASB Loan?

As some of you might know, investing on loan is quite popular among Malaysians. Even some banks make a fully describing brochures to attract people. One of the main confusions is the monthly pay. There are a lot of methods to invest using loan. Use this ASB Loan calculator instead.

screenshot from ASB Loan Calculator

Download ASB Loan Calculator

Disclaimer and conditions: There is no guarantee that the answers given by the asb loan calculator are either complete or correct. It is not the author's responsibility if the user has incurred any monetary or non-monetary loss as a result of using the calculator. Please note that this is only a general estimate and borrowers should not rely on this when making a loan decision. More car loan calculator