I dedicate this blog to my best friend Paul a great guy.
For all your lending needs call my friend Paul Scarlata at his office (570) 775-0111. or fax him at (570) 775 0131 or by email pscarlata18428@yahoo.com and dont forget to tell him where you heard about him.
Mortgage Loans: Choosing the Right Mortgage Loan
There are many options for your mortgage loan. Deciding which mortgage is right for you will depend on your financial goals. Here are questions to help you decide which type of mortgage is right for you.
Question #1: How Long Do You Plan on Keeping Your Home?
The length of time you plan of living in your home will influence the type of mortgage loan you should consider.
If you plan on staying in your home for:
One to Three Years: Consider using an Adjustable Rate Mortgage with a term length of 1-3 years.
Four to Six Years: Consider using a seven year Balloon Mortgage or an Adjustable Rate Mortgage with a term length of five to seven years.
Seven to Ten Years: Consider an Adjustable Rate or Fixed Rate Mortgage with a term length of fifteen or thirty years.
Question #2: Do you need the lowest monthly payment possible or is your goal to build equity in your home as quickly as possible?
To build equity in your home quickly, choose a mortgage with a shorter term length such as fifteen or twenty years. If your budget requires the lowest payment possible choose a mortgage with the longest term length such as thirty or forty years with an adjustable interest rate.
Question #3: What is Your Tolerance for Financial Risk?
If you have a low tolerance for risk in your finances you should stick to traditional mortgages with fixed interest rates. If you have the stomach for moderate financial risk you could save yourself some money with Adjustable Rate Mortgages including interest only or option loans. To learn more about your mortgage options and how to avoid common homeowner mistakes, register for a free mortgage guidebook using the links below.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
Claim your free guidebook today at: http://www.refiadvisor.com/
Baltimore Mortgage Refinance
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Remortgages - Worth The Switch?
It’s becoming more popular to remortgage your house these days – all this means is switching to a different mortgage and sometimes a different lender to take advantage of a better deal.
If your circumstances have changed since you first took out your mortgage, you may find you want to switch to a new mortgage that better suits you. Likewise, if you chose a mortgage with a special rate for the first few years, once it reverts you’re paying more than other mortgages. So it can save money to remortgage, but there are a few things to consider first:
Charges
Are there early repayment penalty charges attached to your current mortgage? In some cases it can still be worth changing – the difference in interest paid in the long run could more than cover the cost of any penalties incurred.
Fees
You will have to anticipate all the associated costs of taking out a new mortgage, including a valuation fee for a surveyor, solicitors fees and any charges for arranging your new mortgage. Some deals offer cash to help cover costs, or ‘fee-free’ deals; you should balance the total cost against what you would save in interest to see if it really is worth switching.
Features
Many people are choosing to switch to one of the new generation of mortgages – either a flexible one that allows them more control over their payments; a current account mortgage that effectively allows you to merge all debts, savings and your current account to gain the best interest rates and save money. Offset mortgages are similar, but accounts are still held separately. This means you can move money between different accounts, but you won’t have a terrifyingly large overdraft showing on your current account!
Equity Release
If the value of your home has risen since you took out your mortgage, you can remortgage to the higher amount, and thus release the equity as a cash sum. There will be limits on how much you can borrow, depending on your income and the value of the property. Another area of ‘equity release’ are the schemes for retired people to access cash or a regular income through the value of their home. This means, effectively, that they buy your home from you while granting you the right to live in it for the rest of your life, rent free. ‘Home reversion’, ‘roll-up’ schemes and ‘home income plans’ all fall into this category. Be aware that any scheme you sign up to should be a member of Safe Home Income Plans (SHIP
Joseph Kenny writes for the Personal Loans Store which offers information on loansand other loan types including home loans, secured loans and others.
Visit Today http://www.ukpersonalloanstore.co.uk
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Bad Credit Home Loans and How To Get Loans
Bad credit home loans are a specific type of loan which depends upon your past credit score and your past credit history. Past credit history is important for both borrower and lender, as it contains all your documents such as financial transactions, repayments of previous loans and county court judgments.
If you have a bad remark or late repayment in your past credit history then your application for loan may take time to be approved because your application will be marked as home loans with bad credit history.
In spite of these bad remarks in your credit history, some banks and financial institutions are ready to provide you with a home loan. Here I want to make it clear that these financial institutions will surely charge higher interest rate from you. How much higher depends on your credit history.
The biggest problem in home loan approval is “how to convince a lender to approve your loan application?” Here are some tips, which can be used as guidelines to get the best deal on bad credit refinancing.
Try for the best available in market – conduct a market research on your own. Visit banks and financial institutions of your local area to know their norms, terms and rate of interest for home loans with bad credit history. You should also check if there is someone you know in the bank. A personal contact is very good to have.
Most of the banks have an official website, thus don’t forget to browse official websites of banks providing bad credit home loans. Ask for online quotes. Compare online quotes and quotes from your local market. Choose the best option for you, with the lowest interest rate.
Improve your credit score – Improving your credit score will surely help you in home loan approval. Follow these simple tips to get a better credit score.
If you have any dispute regarding incorrect entries in your account, please visit the official website of your bank and ask them to clear the dispute. Check your entries after each and every money transaction made by you.
Next, keep your credit enquiries down. I am sure that on time payment of current loans will be helpful to improve your credit score. Avoid any late payment. While improving your credit score don’t apply for any credit card, auto loan, education loan or any other type of loan. The interest for these loans are generally higher than a loan on your home.
Save for a down payment – Some financial institutions may be ready to offer you 100% financing even with low interest rates but they can ask you for a down payment up to 10%. Hence, it is in your best interest to cut your daily budget to save as much as possible for a down payment.
Keith George always writes about valuable news & reviews. A related resource is http://badcredit-home-loans.info/ More information can be found at http://info2you.info/
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I hope you find the articles here helpful and come back soon we will update this page asap on subjects on all other loan types. If you need a loan for anything please email my friend Paul Scarlata at pscarlata18428@yahoo.com or call him at 570-775-0111 make sure you tell him how you heard about him.
