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3 Reasons To Utilize A Mortgage Broker When Looking For A Home Loan

Posted by on Apr 7, 2016 in Uncategorized | Comments Off on 3 Reasons To Utilize A Mortgage Broker When Looking For A Home Loan

One of the more useful services at your disposal when shopping around for a new home loan is a mortgage broker, mostly because he or she will be able to make the hunt for a desirable mortgage much easier for you. Listed below are just a few of the reasons to consider utilizing a mortgage broker. Provide Access To A Large Number Of Lenders One of the biggest reasons to use a mortgage broker is that he or she will be able to shop nationwide for a home loan for you. This is very useful for you because the mortgage broker will be able to send your information to a lot of different lenders that you may not have known about otherwise because they may not advertise as much or have a presence in your area. The fact that the mortgage broker is looking at so many different lenders means that the odds of finding one with the lowest possible rate or that are willing to approve you based on your particular financial situation will improve quite a bit. Sort Through Loan Offers Another reason to use a mortgage broker is that he or she will be able to sift through the many different loan offers that you will receive based on the criteria that you will provide when you first meet with the mortgage broker. This means that you will not have to spend a lot of time reviewing loan offers that have interest rates or monthly payments that are way too high for your comfort level. Instead, the mortgage broker will dispose of those loan offers and only pass on those ones that you would find acceptable or desirable. Set Expectations Finally, you will want to utilize a mortgage broker because he or she will be able to assist you with setting reasonable expectations when it comes to shopping for a loan. For example, a mortgage broker will be able to look at your financial information and the current housing market in order to let you know a realistic range when it comes to interest rates and how much you can expect to be loaned. This is useful because having realistic expectations set means that you can set limits on your loan criteria that are more likely to be met when your broker begins looking for potential lenders for you. Contact a mortgage broker or find a loan officer today in order to discuss the many ways in which he or she can help you find the right loan for you and your family. A mortgage broker can help you by setting realistic loan expectations, sorting through the loan offers to find the most acceptable ones, and providing you with access to a large number of lenders across the...

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How To Sell Your Gold

Posted by on Feb 19, 2016 in Uncategorized | Comments Off on How To Sell Your Gold

If you have gold jewelry or scrap jewelry in your home, you may want to sell it for a profit. It is important that you know who to sell it to and how much it is worth so you don’t get less than what you deserve. Here are some helpful tips for selling your gold. Know What the Gold is Worth Any time you are planning on selling gold, you should start by finding out its value. Don’t just go based on what that gold would be worth if it were new, but actually get an appraisal on the gold. This is important when you have a rare jewelry item, or gold that also has diamonds or gemstones included in it. Otherwise, just regular gold is going to go based on the type of gold and weight. You can determine the value by first finding out the type of gold, such as 14k or 22k. Next, you will need to weigh it with a digital scale. Compare the weight of it to current gold values to figure out what it should be worth. Decide On the Method of Selling the Gold Once you know what type of gold you have and what it is worth, you need to decide how to sell it and who you want to sell it to. You have many different options available, from local buyers to online ones. The benefit of online gold buyers is that they are plentiful and you can find a gold buyer that purchases any type of gold. However, local buyers are good to deal with since they will look at your gold upfront and provide you with a realistic quote based on their initial assessment. Either way you go, make sure you research the gold buyers thoroughly before choosing one. Also know the difference between a gold dealer and a pawn shop, as the amount you get for your gold will be much different. Avoid Taking the First Offer Unless you are sure your first offer is fair compared to the value of your gold, it is a good idea to get multiple offers and compare them. There may be a dealer who is looking for the exact type of cable necklace you have and is more than willing to pay a little more than the other dealers. Even online dealers will offer fair offers and are willing to send payment, along with easy instructions for sending the gold to them, after agreeing to the transaction. To get cash for gold, contact a company such as Executive Loan...

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What Should Mortgage Seekers Do If The Federal Reserve Raises Lending Rates?

Posted by on Jan 12, 2016 in Uncategorized | Comments Off on What Should Mortgage Seekers Do If The Federal Reserve Raises Lending Rates?

So you are in the process of buying a house, but suddenly you hear that the Federal Reserve is going to raise interest rates? What should you do? What Causes Mortgage Rates to Increase? Before panicking, look at what actually drives mortgage rate increases. The majority of mortgages are fixed-rate mortgages, for fifteen or thirty years. Adjustable rate mortgages are a different animal and fluctuate based upon the market rates, so those don’t apply as much to this discussion. The Federal Reserve adjusts the federal funds rate, which is the rate that banks charge each other when they loan money between banks. Changes to this rate have a far greater effect on short-term loans, such as auto loans, than on long-term loans. 15-year, fixed rate mortgages are actually based upon the yield of 10-year Treasury notes, not the federal funds rate. Other factors have more influence on changing mortgage rates than the federal funds rate such as: Steady job growth: this creates stability in the lending market, as lenders with good job history are expected to be able to pay their mortgages U.S. economic growth: if the economy is growing, then lenders expect more people to have jobs and be seeking to purchase houses, leading to competitive mortgage rates Economic inflation: the Federal Reserve adjusts rates to respond to an expected rise or fall in inflation. As inflation rises, mortgage rates rise. Treasury bonds: 10-year Treasury bonds are closely linked to 15-year mortgages. As Treasury bond yields increase, so do 15-year mortgage rates What Should You Do? The easiest answer is that you shouldn’t do anything you aren’t already doing while you look for a house. Mortgage interest rates are much more closely tied to larger, macro-economic forces, not the movement of the Federal Reserve. An expected rate hike should not make you hastily seek a house to buy or stop looking for a house. If you like the rates that you are seeing now, you can lock your interest rate early once you are qualified for a loan. This only works if you have decided upon a house already, since you can’t lock a rate without knowing the purchase price. The interest rate you can lock is dependent upon how many days you need to hold that interest rate. You need to determine how long it will take you to close on a house and then request a loan lock that is a bit longer than that period. There are costs associated with locking a loan rate early. To hedge risk, lenders may charge fees or offer slightly higher rates to lock the loan early. These fees and rates are higher the longer the lock period. The most important thing to do is to remain calm. Small moves in the federal funds rate have small impact on fixed year mortgage rates. Even if they do go up, you may not be looking at much more per month with the higher...

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Tips For Handling Your Mortgage

Posted by on Dec 1, 2015 in Uncategorized | Comments Off on Tips For Handling Your Mortgage

Mortgages, acquired with help from a mortgage broker, can be pretty scary beasts, especially if you are a new homeowner. However, they can be easily managed if you have the right mentality going forward. To help you get a handle on your mortgage, here are some tips that you should always keep in mind: Pay on Time The first thing that you need to do is pay your mortgage on time. This may seem difficult, but you should plan most of your expenses around your ability to make your mortgage payments. If money is feeling a bit tight, then you should stay on the safe side and not may any unnecessary purchases until you are sure that you can make your mortgage payments in the foreseeable future. If you fail to make your payments, then the penalties could build up much faster than you expected. Not only will you need to deal with the extra fees of the late payments themselves, but your credit score might also take a big hit. In the worse case scenario, you could even lose your home as a result of late payments. On the other hand, you want to be very careful about taking out loans to make your mortgage payments. In most cases, this will be a bad idea, since the new loans will likely have much higher interest rates. However, if you are able to secure a debt consolidation loan (which commonly have lower interest rates than average), then you might want to consider such a possibility. Prepare a Budget If possible, you should plan out every possible aspect of your budget before committing to a mortgage. You don’t have to stick to the budget to the letter, but it is incredibly important that you have a good idea about how much various expenditures will set you back. You want to be able to pay off your mortgage while simultaneously handling insurance, utilities, food, and entertainment expenditures. Getting blindsided by any of those can end up setting back your mortgage payments. It’s not mandatory, but you can hire a financial adviser to help get you started. They might have additional insight into how your future expenditures are likely to change and how you can most effectively budget your money and time. Spending the money on a consultation can end up costing you a lot less than the stress of trying to fix all of your financial problems without the experience and education than a professional can bring to the...

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Nontraditional Paperwork To Present For A Mortgage Approval

Posted by on Oct 21, 2015 in Uncategorized | Comments Off on Nontraditional Paperwork To Present For A Mortgage Approval

Getting a mortgage is typically the same traditional process, no matter who your lender is. You will present your proof of income in the form of tax returns or pay stubs. You will also have to bring bank account information regarding your down payment and credit information. Though you will need the traditional paperwork there are some supporting documents that may actually help you get a mortgage. Here is some nontraditional paperwork that you can present to a broker in order to get a mortgage. 401k or Roth IRA info When you will retire is up to you, as long as you have the money to cover all of your debts for life. For this reason, a 401k or a Roth IRA with a large amount of funding can be a major positive in your side when applying for a mortgage. If you are nearing retirement age, or if you have managed to squirrel away a large sum for your golden years, bringing proof of this asset to your mortgage lenders office can slide you into home base for an approval. A check and letter from the family If you are lucky enough to have family help with a mortgage, you may not know how to go about it other than using the money during the down payment phase. What a lot of new mortgage applicants may not know is that you will need to present proof of a monetary gift in order to qualify for the mortgage. If your family will be giving you money to help pay for your mortgage, gather the exact sum in a bank account and get a letter from each family member stating where the money came from and that it is a gift. Your future lender will feel better knowing that the money is not a loan, thereby taking up your debt to income ratio. Proper paper trails While the typical borrower will have standard pay from an employer, some borrowers choose to work for themselves. While tax returns may be requested, you can bring deposits and information from your bank account that show you have the money to pay your mortgage. Along with the deposits, make sure you have a paper trail, detailing exactly where each came from. Keeping a ledger book is one of the best ways to keep up with precise information on deposit. Random deposits that make up a good monthly income can help you score that stable mortgage that you always...

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3 Things You Will Need to Prove to Qualify for a Small Business Start-Up Loan

Posted by on Sep 14, 2015 in Uncategorized | Comments Off on 3 Things You Will Need to Prove to Qualify for a Small Business Start-Up Loan

Trying to get a new business up and running can be difficult, especially if you do not have enough cash to get it going. Poor cash flow is one of the top reasons small businesses fail, which is why you should make sure you start your business off right in terms of cash. If you do not have access to cash, a good option is to apply for a small business loan. In order to qualify with a lender, you will have to prove several different things, including the following three. There is a demand for your product or service Getting a loan for your new business is not always easy, primarily because your new business has no track record. Lenders are cautious about handing out money to new companies because of this, and your lender may want proof that your business will be able to repay the money you borrow. One type of proof the lender may ask for involves the demand for your product or service. You will most likely need to create a business plan before you can prove this. This plan will demonstrate a lot of things, including evidence that proves there is a high demand for the products or services your new business will be offering. You can use evidence such as recent articles about trends in this field and information from studies and polls you have completed. You can also include research that illustrates that people want you will sell, and you can explain who your target market is. You have an adequate amount of assets The second thing the lender may want to see is the total value and listing of the assets your company does own. If you need certain machines to offer your products or services and you already own these, the lender may look favorably on this. Lenders have to protect themselves when giving loans. If you already have the assets your business needs, it will look better on your application. You have a strong marketing plan in place Small businesses that do not market themselves online have a greater chance of failure, which is why your lender will ask you about your current marketing plan strategy. You might have the best idea for a business, but without the proper marketing efforts, your business may go nowhere. You will need to clearly write out your entire marketing plan to submit it to the lender when you apply for the loan. Getting a small business loan may not be easy, but you can do it with the right steps, research, and information. To learn more about getting a business loan, contact a lender in your...

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Double Dipping: Using A Home Equity Loan To Purchase A Home

Posted by on Jul 14, 2015 in Uncategorized | Comments Off on Double Dipping: Using A Home Equity Loan To Purchase A Home

Whether you made a great investment or you have paid off a large portion of your mortgage, having home equity now means that have a prized asset on hand. Once you have equity, you quality for a home equity loan, to be used in any way that you desire. One of the ways that you can use a home equity loan is to purchase another property. Here are some was that you can go about utilizing a home equity line of credit in real estate. Secure a loan approval The approval amount on your home equity line of credit will be determined by the equity that you have in your home and your current credit score. You should want for the official approval before looking for homes, as your loan amount may be more or less than you were expecting. Once you secure the loan, looking for and bidding on properties will be an easier experience. You are also likely to receive a discount, with your ability to pay off properties in cash. Decide on retirement or investment There are two main reasons that you can purchase a new home. One is as an investment and the other is for living quarters of your own. If you are looking to retirement, you may be interested in purchasing a retirement home. Even if you are a few decades away from retirement, having a home already paid for will give you peace of mind when it comes to your golden years. If you would rather create a new stream of income that will generate monthly money, purchasing a small house or condo in your town will provide you with a great start on a real estate venture. It will also help you pay off the equity loan, while providing you with a retirement house in the future.  Purchase your own home If, since the purchase of your home, your financial situation and credit score have gotten better, purchasing your own home may be a good idea. You can pay off home loans with a home equity loan. With a better credit score, you may get a better interest rate and better loan terms, which will make this loan lower in cost than your mortgage. A home equity line of credit can provide financial freedom. With the infusion of cash from the loan, you can re-invest in real estate to create a better financial future for yourself. Consider ways to create a better future with a home equity line of credit. For more information, talk to a lender like MCS...

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The Fees And Expenses Associated With An FHA Loan

Posted by on Jun 10, 2015 in Uncategorized | Comments Off on The Fees And Expenses Associated With An FHA Loan

For prospective homebuyers with a less-than-stellar credit history or limited funds, an FHA mortgage is a fantastic option. FHA loans require a credit score of at least 580 and have a higher maximum debt-to-income ratio than traditional mortgages. Though FHA mortgages are considered an affordable loan, it is still vital for prospective applicants to understand the associated fees and expenses so they can budget accordingly. The Down Payment When using an FHA mortgage, you need to have a down payment amount equal to 3.5 percent of the home’s purchase price. For a home that sells for $200,000, 3.5 percent of this amount is $7,000. Considering that conventional mortgages usually demand a down payment of 5 to 20 percent of the loan amount, this makes an FHA loan extremely affordable. Borrowers generally must use their own money to pay the down payment, but grants from approved programs and gifts from relatives may also be used. Upfront Mortgage Insurance Premium The upfront mortgage insurance premium must be paid when the borrower closes on the mortgage. It applies when borrowers have a down payment that is less than 20 percent of the home’s purchase price. Upfront mortgage insurance is 1.75 percent of the amount of the mortgage. A mortgage amount of $200,000 has an upfront mortgage insurance premium of $3,500. Borrowers are able to roll the full amount of the upfront mortgage insurance premium into their loan, or they can pay it using their own cash. The ability to finance this insurance premium is a terrific feature for individuals with limited cash assets. Annual Mortgage Insurance Premium In addition to the upfront mortgage insurance premium, FHA loans have an annual insurance premium for homes bought with a down payment under 20 percent. The annual mortgage insurance premium is variable; factors that influence the premium are the mortgage length, the mortgage’s loan-to-value ratio, and the size of the mortgage. Borrowers pay a portion of this insurance each month when they make their mortgage payment. Closing Costs Every home transaction includes closing costs. These expenses are associated with both the mortgage and with transferring ownership of the property. Closing costs when buying a home vary from 2 to 5 percent of the home’s selling price. A home that sells for $200,000 would have closing costs that vary from $4,000 to $10,000. FHA mortgage guidelines permit the seller of a home to pay the buyer’s closing costs as a part of the terms for selling the home. FHA mortgages help make home ownership possible for individuals who otherwise would not be approved for a loan or would not be able to afford the expenses of a traditional mortgage. Researching the costs associated with an FHA loan is an excellent way for prospective homeowners to understand the financial resources needed to purchase a home. You can get more information about FHA loans by contacting a company like Western Ohio...

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5 Ways You Can Benefit From Quick Loans

Posted by on Jun 4, 2015 in Uncategorized | Comments Off on 5 Ways You Can Benefit From Quick Loans

In a perfect world, money wouldn’t be an issue; but there comes a time in everyone’s life where things can get a bit tough financially. Thankfully, there are plenty of services out there to help lighten your financial burdens. Getting cash now with quick loans is an easy process that won’t take up too much of your time and will help you get your back on your feet. So, keep reading below to find out about the benefits of choosing a cash advance loan over other services. Apply Online – Thanks to the wonderful invention that is the internet, applying for quick loans can be done all online. All you have to do is find the loan that will work best for you, give your personal information, fill out your current employment history, and you’ll be ready to submit and get paid. Instant Qualification Based On Income – Keeping with the fast times, getting qualified is instant as well. The greatest strength of these types of loans is the fact that you’ll only be limited to borrowing money based on your verifiable income. This means you can’t dig yourself into a hole by borrowing more money than you can afford to safely pay back. Convenient Hours – Not everyone is comfortable sharing private information online, and that’s totally fine. Most institutions are open past the typical banking business hours so you’ll be safe stopping by after work or even in the case of emergencies. Customer Protected Interests – If you need to extend the length of your loan, you don’t have to worry about paying exorbitant interest fees. Thanks to state legislation, most states now have caps on the amount of interest loan companies are allowed to charge you. It’s Your Money, Use It How You Want – In case you haven’t figured it out yet, the strongest argument for quick loans is convenience. Unlike most loans, you’re able to use the cash you’re loaned immediately and on anything you want, whether it’s for emergencies, impending deadlines, or anything else. If you ever find yourself in the need for some fast cash then there isn’t any reason to hesitate calling a reputable company and inquiring about how they can help you out. It doesn’t matter if it’s to buy some groceries to hold over until next payday or if you’re trying to deflect any late fees you might incur from late payments. Cash advance loans are quick and easy. If you need cash now, contact a local quick loan...

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