"Always keep an open mind and a compassionate heart."Phil Jackson
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5 Principles for Debt Management
Debt Management - 5 Principles to help you get your debt under control! Introduction Debt consolidation and refinancing have become thriving industries in America these days. American personal debt is at the highest rate we've seen. Creditors are more ...
How To Qualify For A Home Mortgage Loan
Are you considering applying for a mortgage loan to purchase your first home? If so, you should read the following tips below that will make the process easier!If You Have a Good Credit History It Is Easier To Qualify For a MortgageBy far the easiest way ...
Investment properties 101
Late night TV is convinced that investing in real estate is the best way to make a million. Many investors are looking at big returns with no money down. While that is unlikely, it is possible to make money in real estate. But you have to know that this ...
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1. Watch out for the 'Deal Of A Lifetime', the deal that seems too good to be true. The company may be saving money by cutting back on their level of service.
2. When getting a fixed rate: get a written statement which details the interest rate, how long the rate is fixed for, and the conditions attached.
3. When interest rates fall: try and leave your repayments as they are. You will therefore be paying more than the minimum each month. You'll repay your loan much earlier. When rates rise again you may not have to change your payment.
4. Consider a fifteen or twenty year term. Try to pay off your mortgage quickly. Use a mortgage calculator with an amortization function, and see what's possible.
5. Keep your mortgage as small as possible. Aim for *comfortable* affordability.
6. Try not to 'churn' your mortgage. Each time you refinance you'll probably incur completion costs and non-refundable fees.
7. Beware of prepayment penalties. Many 'no fee' credit lines have a pre-payment penalty. This can be very expensive if you are planning to refinance or sell your house in a few years time.
You don't need to sign a mortgage agreement which contains any significant prepayment penalty, if you have good credit. One of the smartest things you can do with a mortgage is to prepay it.
8. Don't look for a home without being pre-approved. You will have much more negotiating power with the vendor, and may be able to save thousands of pounds.
9. Get a full, professional survey. Human beings can be perverse; happy to spend £150,000 on a house after a half-hour viewing, but be-grudge spending £500 finding out whether it's worth buying in the first place!
10. Find out the true value of your home-to-be. Get more than one independent appraisal. Compare it with the prices of similar-sized houses for sale in the same area.
11. Start gathering documents. Provide your mortgage company with documents in good time; don't let your rate lock expire!
12. Verbal (oral) agreements are worthless. When buying or selling property, always get it in writing.
A mortgage is the biggest financial committment most of us will ever make; worth spending a little time on, to get it right!
About The Author
T. O' Donnell (www.tigertom.com/mortgages-uk.shtml) offers mortgage quotes, advice, an ebook and a mortgage calculator, in London, UK.
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WASHINGTON, Nov 14 (Reuters) - The White House on Friday said it was carefully reviewing a plan by the Federal Deposit Insurance Corp to prevent foreclosures by sharing any losses with mortgage companies that agree to refinance certain home loans ...
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