Tag Archive | “condition”

Mortgage Scams

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Getting a loan to build or renovate your house has become a normal practice. A large number of lending companies have come up that offer the loans at varying rates. Many of these companies are doing the business with good intent but the increasing market has attracted some frauds too. These fraudulent companies often misguide the buyers and the result is one landing in trouble.

Therefore, one must know the scams related to the mortgage market so as to avoid landing into legal complications.

Target Of Mortgage Scams

In most of the cases the scams are for the people that are trying to get a refinance of their mortgages. Mostly, such a case results in higher interest rates and other stricter conditions. However the fraud companies try to fool the desperate people by offering unbelievably attractive packages. There are scams for the first buyer too and hence a buyer should thoroughly investigate about the lending company before he lands himself into their debt.

Types Of Scams

Few of the common scams that the lending agents use are discussed below.

Bait And Switch Fraud

This is a common practice at the retail stores as well. This fraud means that you offer a product at very attractive price. When a buyer walks in to buy that product, you state that it is no longer available or is out of stock. Then you offer another product to buyer.

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Property Value: Inspection for Mold in House

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Mold is a problem inside household premises when moisture appears on the walls and ceilings. Inspection of Home for Mold may be a time consuming task, however many do-it-yourself kits are available to assist individuals in resolving this situation. Mold may create little plants sprouting out or may lead to the development of algae and fungus.

It is best to start research for Mold as quickly as possible and inspect the entire house for this problem.

Mold Inspection for Household – How to Check?

People who feel that the atmosphere inside the house is humid must immediately make a visual check. The search must start by the toilets, washing sinks and wash basins anywhere in the house. All air ducts in the house must also be checked carefully. Some tool kits provide with a Moisture Reader which individuals may use to check for moisture level in the air. These amateur tool kits may provide temporary relief and final solution may only lie in contacting an expert.

Call a Mold Management Expert – Black Mold Check

Professionals who have knowledge regarding Mold problem may do a Black Mold checking. These professionals will insist on checking the entire building for unhealthy living conditions which may be the root cause of this problem. Checking for Mold is not expensive and it can protect members of a family from getting sickness or any disease.

How Mold Management Experts Remove Mold?

Some Mold detecting specialists use Thermal Vision to detect mold. Thermal vision captures the image according to heat level. This level of accuracy cannot be achieved by a human eye.

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Mortgage Refinance Loans for Business

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Business Loans are hard to get approved and consumers/business owners may find it difficult to refinance their mortgage without professional help. The process of getting a Commercial Mortgage Refinanced is quite long and stressful to most people. There are many different aspects which must be fulfilled by the individual to get his/her loan approved. Loan granting companies want minimal risk and thus, they only come in contract with worthy borrowers.

It is essential for consumers to seek all possible options before finalizing agreement with one firm.

Commercial Mortgage Refinance Loans

First time applicants may find the paperwork very complicated to complete. It must be kept in mind by all applicants that all personal information which is provided must be genuine. People who apply for the first time must get help from a professional broker/agent. A professional broker is likely to have a long list of contacts. These contacts may be used to send a Mortgage Refinance application to many prospect lenders.

Submitting an Application for Mortgage Refinance Loan

When an applicant submits his/her application to a professional broker, the application is forwarded to several different lenders. The same application is reproduced and sent to several lenders for getting the best deal. After this phase, the application may be accepted by more than one lender, which enables the application to choose the company with the best and most lenient terms and conditions.

No Fee for Professional Mortgage Broker

People who are applying for a Commercial Mortgage Refinance Loan do not need to pay to the professional broker. The professional broker may even act as the negotiator of terms for the borrower. In this way, the professional broker can get the best deal to the applicant with little effort.

Mortgage Company Pays Professional Brokers

Consumers who choose to work with a good professional broker will never face problem in finding a good Mortgage Refinance Loan.

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Quick Cash Service:Instant Approval Loans

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Consumers who need immediate funding for personal or commercial needs can get Instant Approval Loans to fulfill this requirement. There is no limit on the people who may qualify on this type of a loan. Instant Approval Loans get approved easily and they are readily available for consumers. Interested people may research on the internet regarding the best Instant Approval Loan deal and lenders.

Instant Approval Loans – Quick Cash Options

Instant Approval Loans are unique in a way that consumers file-in their data on the internet/form, and the money is soon transferred to their bank account electronically. “Quick Cash” is the term attached to Instant Approval Loans and all consumers must be aware regarding terms and conditions of their quick loan. It must be kept in mind that all Instant Approval Loan companies operate differently and will have different terms and conditions.

Work With a Reputable Company – Choose Wisely

Borrowers must act with intelligence and enquire from the company of an agent regarding time frame of repayment and the interest rates charged on the loan.

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Importance of Mortgage Appraisals in Lending Process

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It is very important for borrower who is applying for any loan to estimate his property present value and for the lender who is lending loan. This estimation is very important because in considering this estimation a borrower will come to know that whether his loan will be accepted by bank or not and for the lender as well. Mortgage appraisals can be used for this purpose.

They guide lenders by estimating the value of borrower’s property that whether lending loan to that borrower is a risk or not. So now day’s most of the banks are hiring mortgage appraisals to guide the bank about the present value of borrower’s property such as house. So now day’s a large number of banks are offering mortgage appraisals jobs so anyone who is expert in this field can join these banks in order to guide these lending companies.

Appraisal

Appraisal

An appraisal is a comprehensive report that determines the value of borrower’s property. This report depends on various factors including age, area, neighboring area and condition of the property so if a property is in good condition so that means lenders will have no issue while lending loan to a borrower. If property is in a very bad shape then lending companies will never lend loan to borrower so in other words mortgage appraisals secures lending company’s from any kind of loss.

Advisor Help

A borrower should contact any advisor before applying for any loan to estimate his property’s value in order to borrow loan against that property. This will save time of a borrower because an expert will guide borrower about the value of borrower’s property. Read the full story

Reverse Loan Rates

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If you as a senior is willing to refinance your home with the reverse home loan than you should know about the two different interest rates on that loan. The only available loan variant at the current time is the HECM reverse home loan. You may already be aware that usually the HECM loans are supported by the Federal Housing Administration. This feature of HECM loan provides great protection to seniors. There are certain facts about reverse mortgage loans, which you should be aware of and some of these facts are given below.

First Reverse Loan Rate

First Reverse Loan Rate

These rates are also referred to as the Current or Initial Rate. The HECM loan requires its senior borrowers to the buy the mortgage coverage. This insurance has its cost that is eventually added to the senior’s account. A senior has to select between a monthly and annually interest rate adjustment period for his/her loan. This adjustment period is non-variable and borrower cannot request to change it later.

Expected Interest Rate

In the reverse mortgage loan, expected rates are used in the event when the maximum amount of the loan that is being borrowed is calculated. The expected rate is inversely proportional to the borrowing amount. In other words, lower expected means that there will be bigger borrowing amount available for the borrower. The expected are equally to the ten years US Treasury Rate that are added by the lenders margin.

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What is Home Mortgage Interest Deductions?

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The main benefit of mortgage finance, at very first instance is the tax benefit which you can draw by deducting the amount of interest being an admissible deduction. The interest may be on the finance you acquired to buy your home, the successive mortgage or the home equity finance. The following criteria must be fulfilled to avail tax benefit:

  • There is solid collateral against the mortgage debt normally the home you purchase against the mortgage finance.
  • You acquired the finance being an eligible fiancée.
  • The association of between the lender and the debtor exists.

Admissible Tax Deductions for Mortgage Debt

Tax Deductions for Mortgage Debt

All the mortgage interest charges are deductible commonly but the amount of deduction depends on three factors namely the date of mortgage, the total amount of mortgage and the way the mortgage amount is utilized. If the mortgage falls in any of the given below groups, the whole interest amount is tax deductible:

  1. The date of mortgage is 13 October 1987 or earlier than this date. The complete interest cost on such mortgages is deductible.
  2. The mortgage was acquired after 13 October 1987 to buy, build or renovate the home (refer to acquisition debt by the IRS) and in entire year 2010 the mortgage amount and grandfathered debt amounted not more than $ 1,000,000 ( the limit is reduced to $ 500,000 or less if you are married and filing separate)
  3. The mortgage was acquired after 13 October 1987 and not to purchase, construct or renovate the home (refer to home equity loans) and in the entire year 2010 the debt amounted not more than $ 100,000 (the limit is not more than $ 50,000 if married and filing separate) and the total is less than fair market value (FMV) minus the amount calculated in above points 1 & 2.

The entire amount of mortgage interest is deductible if the aggregate mortgage amount for major and the next home remains within the limits defined above in points 2 & 3.

Admissible Tax Deductions for Home Equity Loans

The home equity is calculated by deducting mortgage amount from the fair market value (FMV) of home. The owners tend to use the equity to settle higher interest loans like automobile loans and personal or credit card loans. The practice benefits the owners with respect to tax deductions. The interest paid on mortgage is tax deductible while the interest paid on credit cards, personal loans or automobile loans are not deductible.

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Pre-paid Credit Cards And Secured Credit Cards

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Consumers having bad credit history often look to rebuilding their credit score or they try to avoid monthly credit cards bills and for this reason they consider taking out prepaid credit cards or secured credit cards.  In such condition, consumers must be aware of the fact that prepaid credit cards and secured credit cards cannot be interchanged. They have to understand the basic difference between these two cards before applying for either of these cards.

Facts about Prepaid Credit Cards

Prepaid Credit Card

 

A prepaid credit card is actually a debit card. To get it, you have to open an account in a bank and request them to issue you a debit ATM card. Many banks issue debit cards automatically when the customer opens an account. Prepaid credit cards are very much similar to the typical credit cards. These cards can be used for any purpose where credit cards are used, as these prepaid cards either spots Visa or the MasterCard logo.

Benefits of Prepaid Credit Cards

The plus point of prepaid credit card is that it does not require users to show up their credit history. Another benefit of prepaid credit card is that there is no fee for annual membership. There are no monthly bills and interest charges on prepaid credit cards.

Lost/Stolen Policy of a Prepaid Credit Card

Customers should it immediately to the bank when the prepaid credit card is lost or stolen. It will save customers from paying off any fraudulent charges.

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How to Negotiate Credit Card Debt Settlement Yourself?

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Each of us is now practically surviving on electronic money rather than paper money. The reason for this is the number of credit card one individual holds. This allows people to spend money where ever they wish to. This is an inappropriate method of going about things in daily life as it would only add up to our previous debt.

Considering Settling Your Debt?

Credit Card  Debt

If we go onto assume that we owe more money than we can pay, we lose our job, have no way of paying out debt, even the business fails and there is nothing left we can do to do pay off your credit card debt. In such a situation, the answer to your problem would be that you don’t really have to pay the whole debt. This does not mean that you are claiming bankruptcy but it means that you are opting for debt settlement.

When you consider opting for debt settlement, credit card companies know that they would have to cooperate with you because if you opt for bankruptcy then all their money is lost. Therefore, to keep the hopes alive that you would pay, they tend to revise the terms and conditions of the amount which is owed by you.

Approach of Credit Card Companies

The reason for this is that if bankruptcy is claimed then credit card companies are last in the line and would receive no payment at all. Therefore, the strategy of something is better than nothing is considered to be better by the companies. The revised terms could be that if you owe a dollar then they could settle for fifty cents or less. With this, eventually over a period of time, your debt would start disappearing.

Process of Debt Settlement

The process of debt settlement may sound as an easy process but this is not the case in real. For debt settlement, you need to have really good negotiating skills. The reason for this is that you might have to negotiate the terms of your contract over the phone and be persistent about what you are arguing about.

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What to Look for in Prepaid Credit Cards?

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Fundamentally, a prepaid credit card is synonymous to that of a debit card. For both these cards, owner of card loads the finances prior to making any buying. He/she deposits the cash in the account from where the money could be pulled out by the prepaid card. There are certain pros and cons of making use of a prepaid card:

 Prepaid credit card

Prepaid Cards Benefits

The foremost benefit of using prepaid credit card is that the candidate who applies for card does not have to go through a credit evaluation. Everybody who owns an account can be befitted with the prepaid credit card. There are no monthly or yearly charges and it is without any rate of interest. Besides that, individuals will also not receive any credit card bill.

When you make buying of merchandise on internet and personally at various retail shops, the use of prepaid credit card is very convenient and practical. Though the prepaid card is akin to a conventional credit card in many aspects, but there is a major divergence; the owner of card is not able to spend more than loaded amount in card. Hence, it keeps one within his budget constraints.

Cons of Using Prepaid Credit Cards

These cannot really do anything in perking up the credit position of the owner of card. In view of the fact that use of prepaid credit card details are not advised to credit referencing agencies, hence those people who aspire to revamp their credit followed by liquidation must look for other options.

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