Mortgage loans for people with a part-time income?

Getting the mortgage loan is very important for everyone who wants to become a home owner – this is because of the fact that the interest rates are very low and the prices of the houses have also become less.So this will be the best time for people to get a new home.

But is a mortgage loan possible with a part time income?

Many people are wondering about this question.The answer is probably NO.Remember that the income might not be enough to manage a mortgage – instead of saying that the answer is NO,i would say that the lender would look at the current income – if the mortgage payments does not cross 30 percent of the gross income then getting the mortgage loan will be much more easier and you have higher chances of getting approved for the mortgage loans.

Length / history of employment is important too:

Besides the amount of income,lenders would only be interested in issuing a mortgage loan if you have been employed for a long time – if you could show that your employment has lasted for about two years then there are higher chances of approval.

One more thing you need to remember while getting a mortgage loan is that by allowing too many lender to pull your credit,there are higher chances of lowering the credit scores.So you need to be aware of it.If you have a copy of the credit report,it is better to share rather than letting the lenders to pull credit.

Mortgage Refinance – FAQ and Tips about refinancing home loans

Mortgage refinance is one of the best ways to reduce your monthly mortgage payments – the interest rates have been reduce to an unbelievably lower rate because of the housing crisis.Obama’s Making home affordable plan has been introduce and this is helping people who have less equity on their homes to get a mortgage refinance.

Upside down mortgages and the mortgage refinance:

Mortgage refinance an easily be obtained by people who are undergoing problems because of the upside down mortgages.Earlier the home owners were required to have at least 20 percent equity to get a lowest interest mortgage refinance but now this requirement has been eliminated and thus this is the right time to approach the lender and ask him if you would qualify for the approval.

Things to remember about the Mortgage Refinance:

=>If you have lost your job,getting the refinancing is going to be almost impossible – i am sorry to say this but that is the truth,

=>I have seen people who had lost their jobs three months ago – but they had been paying the mortgage payments promptly but still the lenders were not ready to give them a mortgage refinance.The borrower told me that the he got a call from the lender and although they talked about everything,ultimately he was rejected.

=>So the only way to refinance the mortgage would be to get employed and then ask the lenders for a refinance.If your spouse is employed and making decent amount of money then mortgage refinance is possible.But your spouse must making enough to manage the monthly payments.

Does your credit score get lower when you apply for multiple credit cards in a single day?

Are you wondering if the credit score gets lowered when you apply for lot of credit cards?The answer is “Yes it would affect your credit rating !!”.Every time someone pulls your credit score,the credit is going to drop down.Although the score is going to decrease only by a small amount,when several cards are applied and lenders start pulling credit,you are going to see a good drop in your credit rating.

Things to remember about getting new credit cards:

=>Do not get be new credit cards and close them after a few months – remember that getting a credit card and then maintaining a long history with them [with regular payments of course] is going to do you a lot more good than closing it.

=>Getting a credit card by 18 year olds will be easier if you have a employment.Being employed is always preferred by the banks despite the no credit history,

=>If you have a bad credit score,then get a new credit card from the credit card companies who have a good history of accepting people with a poor credit.This would save you a lot of energy and efforts – talk to someone who had a bad credit and recently got a credit card,

=>Remember that the companies will closely the open credit accounts but with zero account activity,

=>So to establish a good credit history,you need to open a credit account and also use the credit card regularly – just use it for small things and do not get anything which seems unaffordable to you.

=>Getting the credit cards after chapter 13 bankruptcy is also a better way to rebuilt credit.

Credit cards for 18 year old with no credit history but employed – Apply Now

If you are a 18 year old,i am sure that you would not have build a credit history.Almost a larger percentage of people who are 18 years of age would not have build a credit history yet.So you are not alone – so that means there are options for you to get a new credit card from the bank.

Getting credit cards with no credit history depends on the employment:

=>If you have a job already then getting the credit card for the very first time is going to be easy despite no credit history.So you have nothing to worry at all,

=>If you are employed,i am sure you are going to have a bank account too. So the best way would be to approach the finance manager and know your options.getting the credit card from the same bank would be the best solution for you,

=>The bank would be ready to give you a credit card with a low limit and also with a high interest rate.

=>Once you pay the payments every month,your credit history would be slowly established.After you develop a credit history,you may get a new credit card with a higher limit and better interest rates.You can shop around,do comparison shopping and find the best deals.

Things to remember about getting new credit cards:

=>Managing the credit cards is very vital for a young person like you.so do not buy anything which is out of your reach.Debt management and personal finance are the two things which are required for a young person like you,

=>You must aim to establish a great credit history by means of having the old credit accounts.Do not close the credit card accounts – instead do regular activity and keep them open.This would establish the credit.

Good secured credit cards to build your credit after a chapter 13 bankruptcy?

After bankruptcy ….. ? ? ?

People will be confused about what has to be done to avoid all the disadvantages associated with a bankruptcy discharge – there is nothing to worry about the credit repair.The best way through which you can improve the credit score is getting a new credit card.Credit cards after bankruptcy are not impossible at all.

But,will the credit card companies give me credit card after a chapter 13 bankruptcy?

It is difficult to get a credit card from the companies since your credit score has gone down by hundreds of points and is now very less – but there is a solution.You can get the secured credit cards since these are much easier to obtain.

Recommend me good secured credit cards to build my credit after chap 13 bankruptcy?

Since you have undergone the bankruptcy discharge,approaching the lenders who really give credit cards to people with bad credit score is much more sensible than asking every company.

Here are some i recommend:

Capital One,First Premier, Orchard Bank and the H.S.B.C .And remember that it is always best to keep the old credit card accounts – these would mean that you have a very good reputation in managing finances and a very good reliable borrower.Make sure that you are making the payments in full.

When is my credit score going to increase after paying off credit cards?

People who have gone through the bankruptcy filing may be heart broken and would be looking for ways to rebuild their credit score.If so,the secured credit cards would be the best solution for such people to improve the credit scores and rebuild the repayment abilities again – once your score starts looking good again,there are high chances of getting another loan – even a new mortgage can be obtained after bankruptcy discharge.

When will my credit score go up after paying off credit cards?

If you are wondering about how long it would take to see increase in the credit rating,here is the answer to your question:

The credit score will go up once the credit agencies are informed about the credit card payments by the credit card company.So that means you are sure to see the increase in credit score in 30 days – that would be a great relief for people who have recently undergone the bankruptcy.

Should i close the credit card accounts after paying the credit card debt?

Many people wonder if they should close the credit card account once they pay off all the debts – but remember that the length of the credit card is very very important in the FICO score – so always have old cards and these are going to prove your repaying abilities to other lenders.

What can i do after paying the credit card debts?

A simple thing can bring about massive results – the similar thing is involved with the old credit cards.Once you pay the debt,do not close the account – use it regularly and get small amount from it.Since it is a small affordable amount,you are not going to have any difficulty in paying it back.By doing this way,you are going to build a very strong credit.Simple isn’t it?And remember that if you just keep the account open and do not do anything with it,the creditor will close it for inactivity.So do like i said earlier and you will get more benefits.

What is the best credit cards to apply for after bankruptcy to reestablish credit?

Life After bankruptcy is not terrible…Kick start life with a new credit card !

If you have filed for the bankruptcy recently,the next step to start a fresh chapter in your life is to begin searching for the credit cards.This is one of the best steps followed by almost all the borrowers to reestablish their credits.Remember that increasing the credit score is not going to happen in just a month.So have patience – bankruptcy is a major problem which would affect your loan  approval chances severely.You need to have a complete strategy on doing the credit repair.

Have you checked what is on your credit report?

Many people would not even have checked about what is on their credit report.If so ,do it now.You can get the credit report from all the three credit agencies.If you do not want to purchase it,get your free annual credit report – you will not be required to pay at all.Now carefully go through the credit report and see if there any errors.Many people find errors in their credit reports – there are definite chances that you will find one.If you find any errors,start disputing with the credit agency.Clearing all the errors in the credit report must be the first step towards regaining the credit score.

What are the best credit cards to apply for after bankruptcy?

These are the three options for best credit cards after bankruptcy:

H.S.B.C ,

First Premier and

Orchard Bank.

But remember that getting a secured credit card is always the best option since your credit is already damaged and the unsecured credit cards might not be easily given to you.Getting a pre-paid credit/debit card will also be the best option.

You must not just stop with getting the credit cards,but should regularly pay the payments to the lender – this will slowly increase the credit and would be very useful once you plan to get a mortgage after the bankruptcy.It is possible to buy a home after bankruptcy – but a little time is required to bring back the decent credits.

Get home mortgage loans immediately after chapter 7 or 13 bankruptcy with help from cosigners?

I have seen some people ask questions like – “can i get a new mortgage immediately after the bankruptcy.I have a cosigner!!” – i can understand that the borrower has gone through a bad patch in life and had to file a bankruptcy.But even though you are ready to present a cosigner,the lenders are going to consider as heavy risks and so they will not be willing to give you the mortgage.

What is the best way to get home mortgage loans after chapter 7 or 13 bankruptcy?

 

=>Like i said earlier,getting the mortgage immediately is not possible.So you need to wait.But waiting does not mean just sitting or working while living on a rented house…there is heavy work for you on doing the credit repair,

=>Doing the credit repair is very vital after the bankruptcy.Improving the bad credit score is not hard at all.Never miss this period to rebuild the credit score.Remember that you are going to lose more than hundred credit points because of the bankruptcy and so you need to do everything possible so as to make your credit normal.Remember that credit repair hard but easy if you are patient enough to research more through the internet.

=>Although you try hard to do the credit repair,the credit score would not increase in just a month – so you have to work more and be patient.You may also look at the option of getting a bad credit mortgage loans with a 20 percent down payment

=>If you are not ready to pay a 20% down payment,the PMI will be needed.Getting a low interest mortgage loan will be possible if you are ready with the cash for down payments.

California Bad Credit Mortgage Loans – this is the right time to become a home owner

Recession is the right time to become a home owner – this is because the house prices are going down and the mortgages are also available at lowest mortgage rates.So all borrowers who have had the dream of becoming a home owner must now act sooner and get their home loans.If you have a bad credit,the bad credit mortgage loans will be the best solution for you to buy the home.

Foreclosures are high in California:

Due to the housing crisis,the foreclosures are happening everyday and so buying a foreclosed home might also be a better option.You can buy these homes at much reduce priced.Make sure to do extensive search in the available homes and prices or at least get a agent to help you with everything.

The tax credits and the home owners:

=>Besides the reduction of the prices and the mortgage rate,remember that the tax credits are also available,

=>The tax credits are issued by both the state government and the federal government so as to stimulate the housing market.This is a great move by the government.we need to wait a little more and see the results brought by these tax credits,

=>The mortgage loans will be issued to people with bad credit but remember that a down payment is also needed.If you do not make at least 20 percent down payment,the PMI is required,

=>But do not worry since there are ways of canceling the private mortgage insurance.After you have built enough equity,you can cancel the PMI,

=>There are lot of lenders offering the mortgage loans – so get quotes and do comparison shopping so as to get the best available offers,

=>Mortgage loans can be obtained through the FHA and the USDA – these are the best mortgage loans since they require less down payment.In fact the USDA mortgage loan does not require any down payments at all.The FHA loans also require very less down payment.There are lot of articles on the topic of adjustable rate mortgages types and the interest only mortgages – you can read them to get more information.

Law School Loan Forgiveness – are you eligible to receive it every year?

Expenses for the Law schools are higher and so people usually take loans to manage their expenses.After finishing their education,there is a huge task for them – they need to pay back the law school loans.If you do not have money to pay the loan back,the only other option for you is to opt for a law school loan forgiveness.But remember that there are requirements to get qualified.Unless you meet all the requirements,you are not going to get the forgiveness assistance from the government.Here are the eligibility requirements for the law school loan forgiveness:

1. you must have a income as stated by the guidelines – people who have lesser income are always going to get qualified for these law school loan forgiveness programs.But if you are in a profitable business,never expect to receive the forgiveness,
2. People should be working for a federal, state or local government facility that qualifies for non-profit organization status – this is one of the most vital requirements to become eligible,

Apply each year to get loan forgiveness:

=>You must also remember to apply for the forgiveness program every year – if you do not apply,you are not going to receive.

=>Paying the loan fully would take some years – so apply each year.

=>Since the income requirements are going to play a vital role for the approval process,income projections from your employer has to be submitted,

=>Besides these things,you must also submit earning statements (tax returns and W-2s)and a debt statement so as to get qualified.

Consolidation of defaulted student loans – Is Bankruptcy the only way?

Student loans can be very useful to people who want money for their education expenses – but if you default on these loans,debts can pile up fast.Moreover the situation is worsened if you had taken several loans for your education.So you are needed to pay several payments to various lenders each month.Getting the federal loans is always much better since the consolidation will also be easy – remember that getting the student loan consolidation during the grace period is always better.

Opting for the student loan consolidation after the grace period is only going to give you a high interest rate – but getting the consolidation during the grace period will give you a low interest loan – all the loans you took for you education expenses will now be bundled into a single loan and would result in a less monthly payments.Since the term will be larger now because of the consolidation,the monthly payments will now be affordable and thus there are lesser chances of defaulting.

consolidation for Defaulted student loans ?

Recovering from a student loan debt is not impossible at all.The loan collectors might ask you for a one-time payment – but this would be impossible for many people.So the best way would be to get the services of a loan consolidation company who would take care of the debts and give you a low interest,affordable monthly payments.

Bringing your defaulted student loan to current is possible and most vital for your future.Remember that the credit report is going to look bad after you leave unpaid defaulted student loan.

Getting the Federal Government Student Loan Consolidation after grace period?

Federal Student loans are issued to people so as to provide help for managing the finances for tuition and also to the room/board.But sometimes people will feel that managing the monthly payment is going to be really hard after the studies are complete.At such situations,Federal Government Student Loan Consolidation will be the best solution.

Getting loan consolidation after the grace period?

As you might be knowing,you are required to pay for the student loan after the grace period is over – but if you feel that the student loans cannot be repaid easily,you need to opt for the federal government student loan consolidation.Remember that opting for these loan consolidation programs would be great if you do it in the grace period itself.This is because this would lead to lesser interest rates than you would been getting after the grace period.SO act sooner – being pro-active plays the key role in avoiding debt and also in the debt consolidation.This is the same case in all sort of debts.People need to be pro-active so as to get the debt consolidation and manage the mounting debts.

How would a Federal Government Student Loan Consolidation help me?

• the repayment term of the student loan will be increased,
• since the term is increased,the monthly payments are going to get more manageable,
• all the loans obtained by you for your education would be brought in to a single loan – so this means that you are required to pay a single payment,
• some loan consolidators would be able to reduce the monthly payment to about 50% of the original payments.

How can i get a school loan with really bad credit?

Getting a school loan with really bad credit score is going to be hard – so the only way would be to get a cosigner who has a good source of income and has also been employed for a longer time – because some lenders tend to reject the loan application if the cosigner has an unreliable income or just a temporary job.Moreover remember that the stafford loans do no require the credit requirements.So these are the perfect no credit requirement student loans but with flaws !! – yes,the flaw associate with these loans is that you may not be able to fund everything with these loans.Expenses for tuition,room etc,. – all these cannot be met with just a stafford loan.You would require something else to supplement it.

Other options for people with really bad credit score:

Here are some more options for you to finance your education:

1.federal grants,

2.private student loans,

3.private grants,

4.scholarships,

5.FAFSA.

6.Pell grants would be a great solution for you.

Private student loans:

Getting the private student loans would be the best option since many major lenders are not giving approval for the student loans at a fast rate.But remember that these loans wouldn’t have a low rate like the federal loans.You are sure to get these loans at high rate.

private student loans without cosigner?:

Finding the student loans without cosigner will be easy for graduate students but for others,it is going to be tough.The credit has to be good if you want to qualify.Else you can ask your parent to cosign along with you.Whoever cosigns for you,would be expected to have a good reliable income – sometimes chances exist that borrowers would be rejected because of unreliable income of the cosigner.

k-12 student loans – The School education loans you can trust from Sallie Mae

Getting the finance for your child’s education expenses is going to be a little hard at these economic times.But do not worry since sallie mae has a great offer called the K-12 Family Education Loan.These loans have many advantages – some of them include the no prepayment penalties,reduced interest rates for credit worthy people.Even if you have a good credit score,you can still get a cosigner and get reduced rates.

Cosigner Release ?

Ah yes,i forgot to tell you that the cosigner release is also available after you make regular payments for 24 months.So this seem to be the best education loan for your child.Online application is available ,so there is no need to think about delays anymore.

Other financial aid for the students – private lenders lending help to students:

Private student loan lenders are becoming more useful nowadays since many major lenders are not issuing the student loans at the high approval rate – the process has slowed a bit and so opting for the private student loans is one of the best solution.

Do not leave the grants !

Besides the loans,you need to keep in mind that grants are always issued to student who have good merit.So remember to get details about these grants.Scholarships are also issued now and then.You need to be aware of all possible financial solutions so as to supplement the student loans.The private money loans are much easier to get than getting loans from major lenders.

Private Student loans check sent to you will be the best option combined with Federal loans

Students would be desperately looking for the finance they need for their education.There are three options for you to manage your education expenses:

1.federal loans,

2.private student loans and the

3.grants.

Most people will be looking for the federal loans for help – but remember that the private student loans can be very useful.They can be used as the main source of financing or can be used a supplement along with the federal loans.

Private student loans - high approval private loans for students:

=>Remember that the private student loans have a high approval rate and so there is absolutely no need to worry about your approval.

=>Instead you must make sure that you are getting the best offer from the lender.Since there are so many options to you,pick the best private lender who gives the lowest interest rate offer,

=>If you need the private loan from an individual person,remember that you are sure  to get these loans at the highest interest rate.But this is the best and fast solution at these tough economic times.Some of the major lenders do not wish to provide the student loans and so tough times are ahead of students.But do not worry since the federal government is taking all vital steps to bring the economy back to normal state.

Besides the student loans,personal loans ,this website also give information about the bad credit mortgage loans – so you may have a look at those pages too.

Private Student loans sent directly to the borrowers – lenders that will help you!

I know how hard it would be for students to manage their finances – especially the tuition fees is going to cost a lot and getting the federal loans is not going to be enough most of the times.Remember that the federal loans are the best and never miss these loans at any costs.You may also have a look at the options for grants.These grants issued to help people and you can get a couple hundred dollars.If the money obtained through the federal loans is not enough,the private student loans is the only option.But these loans might be given at higher interest rates and getting cosigner would also be a great option for you to get approval easily.

But..are the private student loans sent directly to the borrower or school?

Do not worry about the private student loan reaching the school.These loans are sent directly to the borrower and there is absolutely nothing to worry.Moreover,to get these private student loans,your financial need has to be certified by an eligible post-secondary institution.This is very vital in the approval process.So the money received by you will be less than the cost of attendance if you have received any other financial help through the school.

Getting the private student loans / educations loans has become harder:

But..I am sorry to say that getting these student loans has got harder because of the recession and the bad economy currently.Some of the major lenders have reduce the approval rate recently  -so the private student loans will be the best option for you.

non credit based private student loans:

If you have a good credit score,getting these loans would be a lot more easier than if you do not.But getting a cosigner who has a good credit and employment would be the perfect flawless solution for people with zero credit or bad credit score.

Private money loans – getting the loans from private lenders is dead simple

People who have not managed to maintain a good credit score will find that it is very hard to get loans from major lenders.Some people even quit looking for the financial help after so many lenders reject their application – you were disappointed because you had not looked for the right solution or the right type of lender for your financial and credit situation.Remember that people with a very poor credit history have higher chances of getting declined by the major lenders.So you need to resort to other solutions instead – the PRIVATE MONEY LOANS AND LENDERS !!

Private money loans – are they really beneficial?:

Some people would not want to make use of the private lenders as they would not be comfortable on dealing with the individual lenders- but there is absolutely nothing about these private money loans that requires a second thought.These lenders are there for people who are getting rejected by the major lenders and you are sure to get approved if you show signs of repaying back – Yes,there are some requirements varying from lender to lender.

Compare private money loans and lenders:

You are going to lose the best offers without shopping around and doing the comparison shopping.So make sure that you are getting a lot of quotes from the lenders and pick the best one out of them.Besides all these advantages,there is a big disadvantage of the private money loans – high interest rates.The interest rates would be sky rocketing and so it is always better to get the best deal or opt for a secured loan.Remember that the secured loan requires a collateral and hence interests would definitely be low.

Private lenders for personal loans with no cosigner:

If you do not have a job,getting the private loans is going to be harder.But remember getting private money loan approval is much more than just having a income – if you feel that you will be able to pay,you must tell the lender about how you think you are going to pay him despite the unemployment.getting the loans depends on what your plans are for repaying the loan back.getting without a cosigner will be hard when you do not have a job and also have a bad credit score.

Besides the private loans and personal loans,I also talk about poor credit and mortgages in this website.Check out my other posts for more information.Hope you like them and get valuable information.I have covered more info on Refinancing private student loans – you may look at it too.Remember that the credit unions is also the best way to get loans – this is another option rather than getting the payday loans.

No job and no credit requirement personal loans – getting $5000 to $10000 loans is easy with no job?

I know that the worst can happen to anyone – people may lose a job and also have a very bad credit history.The main disadvantage of such a financial situation is that lenders are not going to accept you as a borrower easily.It will be almost impossible to get the loans without a job and a poor credit score.But wait …here are two solutions i recommend:

1.Use a private lender or

2.Get a secured personal loan from the private lenders.

Also remember that the credit unions will be much more lenient than the major lenders.Every time i hear some one say that they have a bad credit rating and are also in the need of a personal loan,i tell them to see other option than the bank loans.Bad credit bank loans are available but lenders wouldn’t be willing to lend you the loans when you have lost the job.

Secured loans for the unemployed people?

Getting the secured loans is always going to be the best way for people to get a solution for their financial hardships.Although people might think too much about placing their property as a collateral,there is no harm and there is nothing to fear unless you think that your situation is going to improve only after a long time.Placing a collateral is the best way to get a no job personal loan.But if you feel that the payments to the lender would be affordable to you,there is no need for you to give a second thought regarding the secured personal loans.

Private lenders:

Like i said earlier,the private lenders are going to be of maximum benefit to you since the requirements will be much lesser.Moreover you will also be able to find a lot of them giving much better offers because of heavy competition – so wait and search patiently until you find some lender who provides a reasonable rate and also has good credibility.

Negotiating the loan modification with your lender is simple – Free loan modification assistance

I am hearing more cases of foreclosure in California.I came through a report and it says that there are three states which are most affected and these record the most number of foreclosures – they are California,Florida and Nevada.Hope these states see bright times again.So if you are foreseeing a default,make sure that you are contacting the lender as soon as possible.Do not wait till you see the lender issue a notice of default.Contacting the lender earlier and telling that the monthly mortgage payments have become unaffordable is a sensible move.What i am finding is that many people are finding it difficult to call the lender and tell him that payments are difficult.But there is no harm in telling the lenders.

Lenders want to avoid the Foreclosures – that is the truth !

Yes.Every lender would only want to avoid the foreclosures – this is because of the costs associated with the foreclosure proceeding and moreover remember that they are going to wait for a long time until the foreclosure is over.So ultimately the lenders are going to lose a lot of money and hence all lenders would want to hear your hardships and provide a solution rather than carrying on with the foreclosure proceedings.

The process of loan modification:

Loan modification is the process of modifying the mortgage terms so as to make the mortgage payments affordable to the borrowers.There are many plans introduced for the borrowers so as to help them get a loan modification.One of them is the making home affordable plan.People who had got the bad credit mortgages have been very much affected by the upside down mortgages.But there is still lot of time and the good news is that there are lot of plans introduced by the government so as to stimulate the housing market.

After you find that you are about to default,follow these stages:

1.contact the lender and tell him about your current mortgage non-affordability,

2.Prepare the hardship letter and send it to the lender through mail,

3.Now having good communication with the loss mitigation department.This is very vital step.

4.Wait till you hear that you are approved for a mortgage mod.

Loan Mod can be done yourself or you can get services of a loan mod professional.

Tax credits given by state and federal government are going to be a medication to the damaged housing market?

I hope that you are aware of the two tax credits available now to people who are trying to buy a new home this year.If not,here are they:

1.the federal first time home-buyer tax credit and the ,

2.California tax credit.

The California tax credit will only be issued if you are planning to buy the home in California and are also planning to use it as your primary residence.If it is a vacation home,then you are rejected.

People who buy home in California will save 18000 dollars !!!

Because of the tax credits introduced for stimulating the housing market,people who are going to buy the home in California will be able to save 18000 dollars.But remember that the federal first time home buyer $8000 tax credit is available only until December 1,2009.

Similarly the California state tax credit will only be issued until March 1,2010.So act soon and get your new home.Remember this is the right time to become a home owner because :

1.the mortgage rates are down,

2.home prices are less and

3.the tax credits are available.

What more can you ask for ?

If you are trying to get the bad credit mortgage loans,remember to get the fixed rate mortgage and it is better to stay away from the adjustable rate mortgages – i know that they could be tempting but think again and decide.

90 day loans – learn how to get the lowest interest 90 day loans

The payday loans may be the quick solutions for people but there are several disadvantages in getting these loans.The disadvantage of these payday loans is that there are chances that a borrower would default and end in a debt trap – this would happen after you miss payments even after several paydays and the interest escalates to a sky high value.So how about a quick loan but with longer terms – they are nothing but the 90 DAY LOANS !

Features and advantages of the 90 day loans:

The major advantage of getting the 90 day loans is that these financial solutions have a very high approval rate.Moreover another advantage is the speed of availability – they are mostly given within a day.So as you might see these loans have the same benefits as the payday loans but with longer terms.So chances of defaulting are minimal and you are going to be very happy with the affordable payments.

Interests of the 90 day loans:

The interest for these loans would usually be in the range of 10 to 30 dollars per 1000 dollars – yes ,they are high.But you have got no other option.Since these are short term solutions and are given at lightning speeds when you need a fast cash solution,the interest rates are definitely going to be high.

Requirements and Guidelines:

1.You need to be employed and must be making at least 500 dollars per month so as to get qualified,

2.you need to have a valid checking account ,

3.if you do not have a checking account,you must at least provide a savings account.

Remember that getting approval for these loans is not going to be a problem if you have a decent income every month – so wait a little more and search extensively to get best offers.

I lost my job ,will i get loan modification or a refinance?

If you have lost your job because of the recession then chances are slim that your mortgage will be modified by the lender.But Wait….Read on to know more.

Is it impossible to get loan modifications for the unemployed ?

=>People who have a long employment history and have just lost their jobs because of the recession will definitely have higher chances of approval than the people who have been unemployed since a long time,

=>If you feel that you cannot pay the payments even after the mortgage gets modified then the lender would also identify the same thing and reject the application.simple detection , isn’t it? So just before applying for the mortgage modification,ask yourself the following question :::

“Will i able to manage the monthly payments after the loan modification?”

If YES ===> You have very high chances of approval.

If NO ====> lenders are surely going to reject your loan mod application.

Hope you are now clear about the answer to your question.

Things to remember about the loan modification:

1. Home owners have a huge advantage – lenders are always willing to provide a solution to you rather than allow the foreclosure to happen,
2. Both the application and the hardship letter is vital if you want approval for the loan modification,
3. It is very very very important to write a proper,precise and clear hardship letter – i am stressing this point because this letter is going to inform the lenders about steps you are going to take to come out of the mortgage trap – you need to convince them that you are very serious in paying the mortgage back and show them what you are thinking about the solutions to avoid foreclosure,
4. If the lender feels that you are going to manage the mortgage after a mortgage mod,you are sure to get the loan mod.
5. The debt to income ratio is a very important factor and if you are unemployed,this factor might help you very much.You will have an edge over other unemployed people[who are applying for a mortgage mod] because of the debt to income ratio.

Should i get a loan modification attorney or do it myself?

Loan modification , Foreclosures ,Refinance ,Obama mortgage stimulus plan – these are buzzing everywhere.People are stressed because of the housing crisis and the job losses.its sad to hear that California has been experiencing more foreclosures.I came to know about a report that three states account for most of the foreclosures.Anyway the best solution i suggest is that home owners should act as soon as possible.Remember that if you are employed and have a fair amount of income every month,there is still great chances of saving your home.Faith is the most important thing needed at these situations.

Getting a loan modification attorney or doing it myself – which is better?

I know that many home owners will have a confusion on whether they need to get a attorney or do it themselves.There are many websites that give information on how to do the mortgage modification yourself.But still since your home is involved here,it is always better to get the services of an attorney.

Why is it necessary to get an attorney?

1.An attorney will have vast experience in dealing with the foreclosure cases and the loan modifications.So his expertise and knowledge would do you more good,

2.The attorneys would have many connections and a good networking with the lenders ; so you are sure to get a mortgage modified with best terms,

3.An attorney would make sure that all required documents are submitted;remember that it is not just your communication but also the proper documentation which is going to win you a loan mod.

Negotiating the loan modification with your lender is simple – Free loan modification assistance

I am hearing more cases of foreclosure in California.I came through a report and it says that there are three states which are most affected and these record the most number of foreclosures – they are California,Florida and Nevada.Hope these states see bright times again.So if you are foreseeing a default,make sure that you are contacting the lender as soon as possible.Do not wait till you see the lender issue a notice of default.Contacting the lender earlier and telling that the monthly mortgage payments have become unaffordable is a sensible move.What i am finding is that many people are finding it difficult to call the lender and tell him that payments are difficult.But there is no harm in telling the lenders.

Lenders want to avoid the Foreclosures – that is the truth !

Yes.Every lender would only want to avoid the foreclosures – this is because of the costs associated with the foreclosure proceeding and moreover remember that they are going to wait for a long time until the foreclosure is over.So ultimately the lenders are going to lose a lot of money and hence all lenders would want to hear your hardships and provide a solution rather than carrying on with the foreclosure proceedings.

The process of loan modification:

Loan modification is the process of modifying the mortgage terms so as to make the mortgage payments affordable to the borrowers.There are many plans introduced for the borrowers so as to help them get a loan modification.One of them is the mortgage stimulus plan.People who had got the bad credit mortgages have been very much affected by the upside down mortgages.But there is still lot of time and the good news is that there are lot of plans introduced by the government so as to stimulate the housing crisis.

After you find that you are about to default,follow these stages:

1.contact the lender and tell him about your current mortgage non-affordability,

2.Prepare the hardship letter and send it to the lender through mail,

3.Now having good communication with the loss mitigation department.This is very vital step.

4.Wait till you hear that you are approved for a mortgage mod.

Loan Mod can be done yourself or you can get services of a loan mod professional.

How to Refinance the private student loans easily

Refinancing is always the best way to convert the high interest loan to a much affordable low interest loan.This might be useful especially for people who have improved the credit score recently because of several credit repair and regular loan payment.This is similar in the case of a private student loan.The private student loans can be refinance to a lower interest rate once you graduate and start paying after the grace period.If you have a decent credit score,refinancing is going to be dead simple.So it is also vital to make sure that you are having a check on your credit and improve it so as to get low interest student loans later.

What happens if i default on these private student loans?

Although these student loans are beneficial to people who cannot manage the finances with just the federal student loans,they have huge pitfalls too.There are chances that you will default on the loan because the high interest rate charged by the private lenders.I personally do not encourage people getting the private loans of any type since defaulting can cause troubles.So here are some things that would happen after defaulting:

=>further financial student aid may not be issued,

=>The lenders is most probably going to sue,

=>tax refunds will be intercepted and

=>Of course the most important of everything – the credit report is going to show that you have defaulted on the student loan.This is going to affect the loan approval chances in the future.

Getting the No Job Personal Loans without hassles

Recession has taken away many people’s jobs – housing crisis has made many startups fall down.But getting the personal loans with no job is still possible if you are aware of places where they give such financial solutions.Note that i have highlighted the previous line because many people are still ignorant about the options available for a loan borrower.

Tips for people who want to get personal loans:

=>Personal loans are not just given by the major lenders – there are credit unions and the private lenders.Private lenders are coming in to this industry at a mush faster pace nowadays and this is going to be a big advantage for people who want to get the no job personal loans.

=>Besides the minimum credit requirements,people with no collateral can also get the unsecured personal loans from the private money lenders.

=>Before you select the private lender,make sure that you are checking their credibility – asking your friends and relatives about any lenders known to them would reduce your time to search for the best lenders.

=>Personal loans can be obtained more easily if you try to improve your credit score –a quick way to do credit repair would be the dispute letters – get the credit report and see if there are any mistakes in the report – if yo find any mistake ,report it immediately and remove it.This will increase the credit score slightly.

No Job Personal Loan Requirements :

=>The requirements to get qualified are :You need to have a bank account and be an American citizen.The borrower must also be over 18 years of age in order to receive the loans.

$10000 Personal loans with no credit check? – Does that exist?

Borrowers might be surprise to know that getting a $10000 personal loan with no credit check is not difficult.You are surprised because instead of choosing the right places for borrowing,you were constantly searching for these personal loans at your regular banks.This is not such a good idea.Since you need a high personal loan with NO CREDIT CHECK,you need to search at places other than the banks – but this is different for people who have a property and thinking about placing them as a collateral.Secured loans with no credit check is not hard to obtain from the major lenders.So if you need a secured personal loan,the banks would be a better options than the private money lenders.

Where can i get $10000 personal loans?

The best place to get these loans would be the lending agencies who do not give personal loans based on the credit status – so these are the best places for you to get the no credit loan.Search for these lending agencies patiently.Collecting a list of them and finding their terms and rates is going to play a pivotal role in the process of selecting a low rate personal loan.

Requirements:

1.You need to be an American citizen to borrow these loans from the lending agencies,

2.You must have a valid bank account,

3.You must be over 18 years of age.

FHA Loans with 1% Down payment – the best home loans ?

People have got so many options for getting their home loans and in turn their dream homes.These are some of the options:

1.USDA Mortgage loans- this is the no.1 option for people who do not mind living in rural areas – i like this mortgage because i love rural areas [*smile*].

2.FHA Loans – these loans are the second best [if you plan for a home in rural area] and the best for people buying a home in the urban areas,

3.The traditional fixed rate or a adjustable rate mortgage.

This is the right time for Home loans – Just 1% down payment needed !

I am very excited to tell you that you can become a home owner by giving just one percent down payment.This loan can also be called the 1% down FHA Loan and should be combined with National Stabilization Program [NSP] in order to get qualified.

Remember – this is the best time for you to get a home loan because of,

1.less down payments,

2.less interest rate,

3.reduced home values

What more could ask for to get a home loan?Get your home loan fast and get your dream home.

How to save $8000 if you are a first time home buyer

Recession has made our lives tougher – some have lost the jobs and many are getting reduced incomes.But one thing has been made easier – buying new homes!YES.The home values have gone down and this should be the right time for people to become the first time home buyers.There is another good news for these first time home buyers – wonder what?

YOU ARE GOING TO GET $8000 TAX CREDIT IF YOU ARE BUYING THE PRINCIPAL RESIDENCE FOR THE FIRST TIME

Shocked?But this is the truth.If you are going to buy the home for the first time,you will receive a tax credit of up to $8000.For details on the full conditions,read below:

1.The buyer must be doing the purchase during the period 1st January 2009 to 31st December 2009.

2.It is not just the people getting  a new home for the very first time who can get qualified – but people who have not bought any new home during the past three years are also eligible.

3.If you have got any vacation homes then there is nothing to worry at all – these are not considered as the principal residences and thus you will be definitely qualified.

Thus this is the right time for you to buy your dream home.Getting the home loans is definitely possible during these period of recession.Remember that getting a home loan is not difficult – but you must do comparison shopping and get a lowest interest home loan – getting a low rate home loan will save thousands of dollars for you in the long run.

Is it impossible to buy a home after bankruptcy?

Many people think that it is impossible to buy a home after bankruptcy.But the truth is different – it is definitely possible to buy a new home after you have undergone the bankruptcy.But yes of course you need to satisfy certain conditions so as to get approved by the lender.

There are two ways to get the mortgage after a bankruptcy:

1.You can get the mortgage after two years have passed or,

2.You can get the mortgage before two years [after bankruptcy]

The best way to get a mortgage would be to wait for a long time;reestablish your credit score and then opt for the lower rate loan offer.But many people are always in a hurry and want to buy a new home as soon as possible.Thus for such people,getting the mortgages is not going to be impossible before two years have passed.To get these loans sooner,you must be ready to pay a higher down payment and a higher interest rate.By agreeing to make the down payments,the lender would then feel confident and give you the mortgage loan.Remember that since you have a bankruptcy in your credit report,this is the only way to fetch a mortgage loan.Poor credit mortgages are not impossible like some people think they are – it is just a misconception.If you are not prepared to pay a higher down payment then you should at least agree to pay the Private mortgage insurance .

I do not have money for down payments :

I know how hard it can be for certain people to get cash for the down payments.The incapability of paying down payments is going to add fire to the bankruptcy report – this will make things complicated and can prevent the mortgage lender from offering you the loan.Thus make sure that you are somehow paying the down payments.Here are some solutions for you:

1.There are many down payment assistance programs – you can search for these programs and get accepted,

2.Apart from these programs,you can also get the government grants given to Americans – but remember that finding these grant offers is not an easy task.Ask everyone you know about these grant offers so as to get some valuable details.

DU Refi Plus Program by the Fannie Mae – here is another mortgage refinance

It is nice to see several refinance programs introduced so as to help the home owners avoid the home foreclosures.You might have heard that it is now possible to get the refinance from the lenders easily because the mortgage stimulus plan.This is the right time for people who have undergone serious problems because of bad credit mortgages to get a refinance and reduce the monthly mortgage payments.Before you apply for the mortgage refinance,make sure that you are reading all the guidelines given by the lender.

Requirements:

These are the requirements to get qualified for the refinance through the DY Refi plus program:

1.your existing mortgage must not be a interest only mortgage – these will not be accepted for approval at all,

2.Loans must be guaranteed by the Fannie Mae,

3.Apart from the interest only mortgages,the balloon mortgages are also not eligible for approval.

4.Moreover the adjustable rate mortgages whose fixed term was five years are also not eligible for approval.

Getting the refinance is easy because of the housing crisis:

Understand that the lenders are now becoming a bit lenient because of the mortgage stimulus plan – thus if you had obtained a high interest rate mortgage,this is the right time for you to convert the high mortgage rate to a very low mortgage rate.Do not lose this opportunity to refinance your mortgage loan.

House mortgage calculators

The mortgage calculators are very useful in finding the monthly mortgage payments – you just need to provide the basic information like the down payments and the total value of your home plus the interest rate,the calculator would give details on the monthly mortgage payments you need to pay to the lender.Finding the monthly mortgage before you obtain the loan would be a great idea since you would know whether you will be able to manage the payments along with the household bills or not.

Here is a mortgage calculator that i found useful and wanted to share it with you:

http://www.trulia.com/mortgage/calculator/payment/

The website is a great resource for people interested in Real estate – you can ask questions,start a blog – you must try it.

No Credit Check Motorcycle Loans

Can lenders give motorcycle loans without credit check?

There are lenders and loans for every type of person in this world.This is the real truth behind today’s financial situation.So there is no need to worry if you do not have a good credit score.Getting the No Credit Check Motorcycle Loans will get you the dream motorcycle.You can get these loans either through the internet or through your local lender.Since these are loans given to people with extremely no credit,you will find better bargains through the online lender.

Getting motorcycle loans online:

The best way to get lowest rate motorcycle loans is to shop around – there are lots of websites to choose from.So do not agree to the very first offer you get.Get quotes from various lenders and read all the terms given by them.You must also remember that some lenders would want a prepayment penalty if you pay the the lenders too soon.Make sure to know if your lender has such penalties.This is because it is always better to pay back these loans as soon as possible due to their high interest rates.

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What are the popular indices used in the adjustable rate mortgages?

There are so many terminologies in the mortgages that a beginner will be confused about them – in the case of a adjustable rate mortgage,you will be given a margin and a index.As you might be knowing,the index is going to vary periodically.There are different types of ARM – to see the list,you can read my article on ARM advice .You must decide the mortgage which best suits your finances.Here is a list of popular indices used for the rate adjustments in the case of a ARM:

1.Prime Lending Rate

2.COFI

3.LIBOR

4.T-Bills

How to find the current index rates of my mortgage?

The best way to find them is to ask the lender –all these information are volatile and this why getting informaiton directly from the lender is the best.

FHA Loan Modification Guidelines

In this article,i will give you the complete FHA Loan Modification Guidelines which would help you modify your mortgage without too many hassles.But apart from learning the guidelines,you may not get approved if you do not meet the requirement.This is the truth behind the mortgage modification and this is the reason why there are foreclosures happening every day.

Things to remember about the FHA Loan Modification Guidelines:

• You need to have a optimum debt to income ratio to get qualified – anything less and anything high than the required ratio is going to make the approval hard.Especially if the lender identified that the borrower has very less ratio but yet need the modification,you will be immediately turned down.But if you have other proper reasons to cite,you can tell the lender.Besides all these things,every borrower must remember that the loan modification is a solution for so many desperate and frustrated home owners – this is not a solution for reducing the principal or reducing the mortgage rate just to save cash for your personal needs.There are so many people in the need of saving their homes.So my suggestions is that you must never ask for a modification unless you are really experiencing the hardships.
• Contact the lender and have a short discussion – after filling the application form,submit it to the lender along with the hardship letter.This is important in the process of getting a FHA loan modification.
• Since the approval will take time,you need to remain calm – but it is better to have occasional communications with the representative.Obtaining the status of your application is very vital too.

Hardship Letter To Stop Foreclosure – DIY Tips

Stopping the foreclosure can be done by yourself – it is not a must that you need to get pro help for such a process.But yes of course you would be required to work more in reading how to prepare the application,writing best hardship letters etc,.These are not hard at all.If you sit before your computer and access the real estate and foreclosure websites for a few hours,you will get enormous details about these processes.You can also read about the personal experiences of home owners who were successful in preventing the foreclosures.

Steps for foreclosure prevention:

These are the steps you need to take for the prevention of a home loan foreclosure :

• Call the lender and let him know that you are facing hardships temporarily and would like to talk about solutions to escape out of a foreclosure,
• Many people are of the wrong misconception that the lenders would not want to hear people say “I am not able to pay the mortgage payments any more” – NO.The lenders would want to avoid the foreclosures and instead they would ready to give a solution for you,
• After the initial communication,fill the application,prepare the best hardship letter to stop foreclosure and submit them with all the documentation to the mortgage lender.

Loss mitigation department and collection departments are different:

Never refrain from communicating with the loss mitigation department – they are going to be your home savers!It is the collection department with whom you should be required to cut communication.So once the loss mitigators try to contact you,give them full details.Foreclosures arising out of the poor credit mortgages and other loans are not hard to prevent if you remain pro-active.

How does Interest Only Mortgages Work

I am sure that you will have come across the interest only mortgages.If you are thinking about how does interest only mortgages work,here is the complete information about these financial solutions:

What is meant by such a mortgage?

If a borrower gets these mortgages,he will only be required to pay the interest for a fixed period.There is no need to pay for the principal amount for a few months.Thus this means that the borrowers is going to pay a less payment every month in turn helping for his house hold bills.If you are planning to get these mortgages,you have to rethink again.You have to think whether these are perfect for you.

How do i know if these are the best solutions for me?

If you say “yes” to the following questions,the interest only mortgages are the best solutions for you:

=>Do you want to save money every month by getting a mortgage with lower mortgage payments,

=>Aren’t you getting a higher salary currently but expect to get more profits or a higher salary in the future?

=>Are you a investor and are going to get massive profits because of investments in the coming months?

Hope i clarified your doubts.And some borrowers want to avoid these options because of misconceptions.There are no hidden pitfalls in these mortgages.They are simple but effective solutions for a large group of people who dream about becoming a home owner soon.

Home Loan Foreclosure

Many people are researching a lot for avoiding the home loan foreclosure.Avoiding these things is not going to be hard at all.By researching in the internet,you will see that lots of options are waiting for you.Although people say that the lenders are not very kind in lending you solutions for the foreclosure,the truth is different.The truth is that the lenders would always want avoid the home loan foreclosures happening because of bad credit mortgages and other loans.They are rejecting the applications only after knowing that the borrower is definitely not meeting their requirements.You will also be rejected if you give false details about your hardships to the lender along with the application.Incomplate application is another reson for rejection.

Why would a lender want to avoid the home loan foreclosures?

Every lender dislikes the foreclosure because of 2 reasons:

1. The main reason is that there are so many costs associated with the foreclosure proceedings and the lender has to deal with everyone of them like the court fees and the lawyer fees,
2. The foreclosure proceeding are going to take 2 or 3 months – thus the lender has to wait for a long time until he gets the home owner rights in his hand.

Two solutions to avoid the foreclosures:

FORECLOSURE HELP can be given by two solutions which are as follows:

• refinance and
• loan modification

Another solutions is the mortgage forbearance which as the name indications,you will not be required to deal with the mortgage payment for a few months – this will be very useful to people who are just let down by temporary hardships.

Interest-only ARMs – What is it and what are its advantages?

If you are thinking about the Interest-only ARMs,here are complete details about these solutions and i will also be pointing out who should get these mortgages.

What is meant by a Interest-only ARM?

As you might be knowing,the bad credit mortgages given to the borrowers need to paid back with the interest and the principal amount.Since the mortgages are heavy cash and are long term loans,the monthly payments made by you will be higher – remember that this is not a payday loan.You are going to very patient in paying the mortgage back.

Thus you will have to make a budget once you have got the ARM – else it might get difficult to manage the finances.Things could go upside down if you are a family-man and have no idea how to manage the monthly payments.

“Isn’t it possible to reduce the mortgage payment every month?”

YES.It is possible – this is why a ARM was introduced and this is why another solution termed as the “Interest-only ARMs” are being given to the borrowers.With the help of these solutions,you need to pay ONLY THE INTEREST for a fixed amount of time.Once the specified time crosses,you will have to pay for the principal amount and the interest.Thus even if the interest rate does not increase,you will have to increased amount every month after a specified amount if time.

Adjustable rate mortgage advice

Who should get a adjustable rate mortgage?

If you are confused about all these terms about the mortgages,here is a simple advice to you:

These are the people who will get benefited by getting a ARM instead of a 30 year fixed rate mortgage:

=>People who are going to move out of the house quickly – the reason might be job transfers or any other personal reason,

=>People who are not in a good financial condition currently but expect to get more profits in the coming months or years can get the ARM.

Hope you have become clear now about which mortgage to obtain.You can also get a financial advisor so that you are not making any right decision.Making a right decision regarding mortgages will make a big difference in the future since these are long term loans.

Details about the types of ARM:

Here is the list of ARMs available currently to the home buyers:

1-Year Adjustable Rate Mortgage

3-Year Adjustable Rate Mortgage

5-Year Adjustable Rate Mortgage

10/1 ARM

7/1 ARM

5/1 ARM

3/1 Adjustable Rate Mortgage

I will explain about all these types of ARM in the future article.There are lots of article regarding the mortgages and the bad credit mortgage loans in this website.You can read them and clarify your doubts.

A single decision can cost hundreds dollars per month !

While getting the bad credit mortgages,people have more likeliness for the adjustable rate mortgages.This is understandable – who would not like a low interest rate while getting a home loan for the first time?But you need to give it a second thought – “Am i doing the right thing?”.

Ask the Experts:

Instead of falling into a debt trap later in your life,it is better to act now by following certain steps.One step that you need to take is getting advice from experts – do not worry about the fee involved with getting advice.It is totally worth.The major risk in getting the ARM is that nobody knows about the future mortgage rates – you might be ending in a EXTREMELY high rates in future – that could cost you a extra 100 dollars per month [you could have saved it by a fixed rate mortgage].

How to escape from the clutches of a ARM?:

adjustable rate mortgage refinance

Getting the refinance would be the only best way to avoid the ARM later in the future – many home owners have the practice of waiting long until they see a major increase in the mortgage rates.You can do the same way – but make sure you are not ending in missed payments.If there comes a situation when you find that you can no longer pay for the mortgage,it is better to refinance the ARM and get relief.A loan modification might also help you in such situations.

Upside down mortgages relief and help

Its very hard to see the grief of the home owners.Many people are experiencing the upside down mortgages.Are you wondering about what it means?Let me explain in detail about this term.

What is the meaning of a upside down mortgage?

It means that the borrower is paying the lender more than the market value of the house.This is due to the housing crisis which has impinged the word RECESSION every where.It is almost in all news papers and all media everyday,all around the globe.Its impact is huge and unbelievable.

Are there any solutions to prevent these mortgage foreclosures?

The major solution to get relieved off the foreclosure is to use a refinance.This has been facilitated after the introduction of the MAKING HOME AFFORDABLE plan by the government.This gives incentives to people who are going for refinance instead of losing their homes to a short sale or to a sheriff sale.It is a very good move at such a bad economic condition.Getting the bad credit mortgage loans is also one of the reasons for people experiencing the difficulties.But instead of thinking about what has happened in the past,it is better to look forward for the future.It is also better to get a fixed rate mortgage and throw the ARM.

Mortgage relief through the loan modification:

Mortgage modification has also become one of the best ways to get a mortgage modified and to prevent the foreclosures.Opting for the forbearance will also be sensible during these situations.

Is getting a Interest-Only mortgage risky?

Many people are of the wrong notion that getting the Interest-Only mortgages are risky.No.They are not.Why do people think that way.Before we go into this topic,let me say the real purpose of this loan introduction.

What are the advantage of the Interest-Only mortgages?

=>Many first time  home buyers would not know how they would be managing the mortgage payments for the first few months.Thus they would always be dreaming of getting a home loan instead of approaching the lender.

=>Managing the initial period of the mortgage is always going to be difficult.Planning a new family budget is going to take some time – so how about paying only the interest for a few months – this is going to save hundreds of dollars per month for you.

=>These mortgages were introduced to help the first time home buyers who would not be sure about how to manage their budget to suit the mortgage payments.It is such a good thing.

So the answer to your question is => NO.The interest only home loans are not risky at all.You can read more about the very bad credit mortgage loans in this website.Make sure that you are checking out our other sections on the foreclosure and loan modification.

I want to cancel the PMI – Private mortgage insurance

Private mortgage insurance is used as as security to the lender – while getting the home loans,this is going to very important.But this is to ensure that you are not letting down the lender.After you prove that you are a good borrower by building up enough equity,you can avoid paying the insurance payments

Cancel PMI by Homeowner's Protection Act of 1998:

Through the use of this act,you will be able to cancel the PMI once you build 22% equity.Cancellation of PMI will never be possible if you do not have good equity.So you need to wait until you build the required equity.Make a call to the lender and ask if you are eligible for it.

What are the required paperwork to get a home loan?

So have you decide to buy a new home for your family?It is such a bold and good idea.No more rents and no more house owners!You are the sole owner after getting the home loans.Make sure that you are getting the right mortgage rate – Whether you go for a ARM or fixed rate mortgage is very important.

These are the documents required for a home loan approval:

=>pay stubs

=>tax returns

=>bank statements

=>driver’s license

=>W2s

These are the documentation/paperwork required for the home loans.

How do i find my unpaid principal balance of the mortgage loan?

If you are a new home owner i know that you will be wondering about this question – “how to really how much remaining principal do i owe to the lender?”.Here is the answer to it:

Let us say that you have got a mortgage for about 200K usd at an interest rate of 6% annual interest rate.

Now multiply the mortgage amount and the interest rate.In our case it is going to be .05 x  200,000=12000 dollars.Thus you need to pay a monthly mortgage payment of about 1000 usd.

Now suppose say you need to pay 1100 USD at the first day of the month,so that mean 1100-1000=100USD which is the principal portion of the mortgage.So you have just paid $100 of the mortgage principal.So the remaining the amount is going to be 200k-$100.This is the unpaid principal balance to the lender.

How to get free credit reports and free FICO scores

=>Lenders are always in the need of the credit report to determine the risk of accepting you as the borrower.Thus you should make sure that you are having a look at it.If there any errors,they need to be corrected.

=>To get free credit reports,federal laws are allowing you to get them online for every 12 months.So you can get these reports through the annual credit report website.

Free FICO scores??

=>Lenders have started to use the FICO score as a main factor for accepting the borrowers.Thus make sure that you are able to manage a  good credit score.

=>Unfortunately there is no such thing as the free credit score – you need to pay a small fee to get the score.

What are Three Types of Adjustable Rate Mortgage Loans?

Handling the adjustable rate mortgages is going to be a tough task.The day you find the mortgage interest rate skyrocketing is going to be shocking – very shocking !!But this is the risk involved with the adjustable rate mortgage.Many home owners buy these loans because they would have decided that they could get a refinance soon after getting the ARM.

What are the types of Adjustable Rate Mortgage loans?

These are the types:

1. 5/1 ARM loans
2. 3/1 ARM loans
3. 2/1 ARM loans

What do they mean?

A 5/1 loan means that you would be having a fixed rate for 5 years and then be given adjustable rates for the remaining term[25 years].

What is meant by a loan modification or a mortgage modification?

It is a fact that no lenders would want to allow the foreclosure and hence the sheriff sale.Instead they would want to have a talk with you and give you another solution.Infact the borrowers need to ask the lenders if they could be given a loan modification.normally the lenders are not going to give the mortgage modification voluntarily.Having a good communication with the lenders is very vital – some people forget this.

Loan modification means that the terms of the loans are going to get modified – either there would be a reduction in the interest rate or there would be a change in the term [loan would be extended to a longer period].Thus you would see lower affordable monthly payments.

But why would the lenders give loan modifications?

The lenders want to give you loan modifications because of the following reasons:

=>If you file for the bankruptcy ,the lenders are going to experience huge losses,

=>foreclosure proceedings will need the lenders to spend a lot of cash for the court and the lawyer – this can be avoided by giving an alternative solution.

Are there any requirements for the loan modifications?

The requirements will only depend on the lender.Whether you receive a modified mortgage or not would depend on the financial situation.If the lender is not satisfied with all your documentation and the hardship letter,you are not going to get the modified mortgage loans.You need to convince the lender that loan modification is the only way to save your home from the foreclosure.Lenders want genuine reasons to give you a modified mortgage.

Can i get loan modification through Obama’s Mortgage stimulus plan?

Many home owners were relieved after Obama introduced the mortgage stimulus plan to help so many people who are about to lose their homes because of the foreclosure.Some financial experts are still not sure if the plan is really efficient or not – iam also hearing about so many cases of foreclosure.Moreover its shocking to read in one of the major websites about the increasing foreclosure cases in America.

I came to know that there are 250,000 cases of foreclosure happening everyday – are you shocked?I guess you are.But still the plan introduced by the president Obama was really good.Giving incentives to the home owners and the lender for preferring the mortgage modification instead of the short sale or the sheriff sale is a very nice move by the government.Some realtors might also be looking for the foreclosure listings at these situations.poor credit mortgage loans have been one of the reasons for the foreclosures.

If you do not know about the mortgage stimulus plan – here is a short summary about it:

By the usage of this plan,you will be able to save your home through either a refinance or a loan modification.But there are certain requirements too.It is very happy to see that the government has set aside 75 billion USD for the refinance plan.By the use of this refinance plan,you will be able to reduce the high rate mortgage to a low 4.5% refinance which is going to save hundreds of dollars every month.

The best way to delay the home foreclosure

One of ways to delay the foreclosure process would be to declare a bankruptcy.This would be termed as the “Automatic Stay” since the lenders would not be able to carry on with their proceedings.The foreclosure would be stopped immediately.Thus unless the bankruptcy is dismissed again,the lenders cannot sell the home through the sheriff sale.The borrowers can also voluntarily dismiss the bankruptcy filing – this can be done after a proper solution to pay the mortgages back is found.

filing bankruptcy to stop and delay the foreclosure

Thus filing for bankruptcy would be a idea on the mind of many home owners to temporarily stop the foreclosures – delaying the foreclosures is definitely possible.But you can also use the time you get for searching solutions that could get back your home without bankruptcy.You can either look for a refinance or another solution during this period.

Do not miss the bankruptcy plan payments:

Make sure that you are able to manage the bankruptcy plan payments- if you miss any payments then that would be result in dismissal of the bankruptcy filed by you.Thus the lender would be resuming the foreclosure.

Get your bad credit mortgage loan modification with the perfect hardship letters

Loan modifications have playing a major role in avoiding the foreclosures.Several people are getting it everyday for saving their homes.Some people might consider that getting the mortgages modified is a very difficult task.The truth is “NO!It is not hard at all”.

Why does a lender modify mortgage?

You need to understand why lenders modify your mortgages.There are 2 reasons which make the lender modify the terms so as to make the monthly payments easier for you.Here are the reasons:

=>If you end up in a foreclosure,it is going to take a lot of time [ more than 2 or 3 months].Thus the lenders are not going to get any money from the borrower.It is a big loss to them.Remember that you might not be the only one undergoing the foreclosure.There will be hundreds of them.So just imagine the loss incurred to the borrowers.

=>The other reason is the fee involved with the proceedings of the foreclosure.As you might be knowing,there would be the court fee and the lawyer fee.Thus the lender is again to lose thousands of dollars.

Is getting mortgages modified a hard procedure?

No.This is not a hard procedure.As i pointed out clearly,the lenders would be preferring a modification or a any other solution instead of letting you for a sheriff sale.Thus you need to take advantage of this situation and get your mortgage modified.

Home loan modifications can lead to these results:

=>The interest rates will be reduce to a value which you can manage,

=>the principal you owe to the lender might be reduced by a small percentage,

=>The terms of the loans will be extended.The long term mortgage will be very useful to you.

Getting a mortgage modification easily

There have been increasing foreclosures this year.It is mainly due to the recession.So if you are thinking that you are also going to end in such a case,then its time to think about a good solution.Basically there are three solutions to stop the foreclosures:

1. mortgage forbearance
2. refinance and the
3. mortgage modification.

If you are thinking about which solution will be well suited to you,read below:

=>Lenders would always be reluctant to give the loan modification easily.But this is obvious – because no lender would want to reduce the interest rate.This is going to cause a loss of cash for them.Thus they would be looking forward to give a forbearance.People who want these solutions will get them without too much trouble.But its a different case with the other two solutions,

Who should get a forbearance?

People who feel that their financial condition is going to return normal in a few weeks or a few months can get this solution.But make sure that you are making the right decision.Unless you are very sure about your situation,do not get the forbearance – opt for other solutions instead.This is because you would be required to pay the mortgage payments again after a few months – there would be no reduction in interest rate.You should also pay the missed payments during the period of forbearance.

Is a refinance and a mortgage modification easy to obtain?

No.They are not given at a faster rate and the approval process is not going to be very easy.Only people who meet all the lender’s requirements will be selected for approval.Others need to look for other solutions.

Improving bad credit score to get low interest mortgage loans

The major disadvantage of having a bad credit score is that all the bank loans would only be given at a high interest rate.Going for a bad credit mortgage loan will only make you lose a good amount of cash in the long run.Some people might even find that there are no lenders willing to give them loans.But those are rare cases.There are several poor credit lenders who are willing to give the loans to people with a bad credit score.

ways of Raising the credit score:

There are very simple ways which you can use to improve the credit score.This is a short list of ways to increase credit score:

1. Delete the errors in the credit report – many people do not observe their credit carefully.There are high chances that it would contain some errors.Thus by finding such errors and deleting them would increase the credit rating.This is the most simple way for credit repair.
2. Do not close the old accounts.This will have a very positive impact on the credits since it would show that you are a  person who has done regular payments without fail.
3. Avoid the foreclosures – this is very vital.If you allow the foreclosure to happen,the FICO score is going to get severely affected.This will make getting loans in the future very hard.There are lots of solutions available to you – you need to use them properly to avoid the foreclosures.
4. get new secured credit cards – getting these and making prompt payments to the lender would definitely have  a great impact on the credit.Remember that you need to do it regularly for a long time.
5. Never go for delayed payments.Pay the monthly mortgage payments on time.

“I cannot pay the mortgage anymore!Please help”

People who cannot pay the mortgage payments will have to find a solutions soon.This is because if you do not pay the mortgages for a long period,the foreclosure notice will be reaching you soon.This is surely going to cause you much more problems – might end in foreclosure and the sheriff sale.Thus make sure that you are acting as soon as possible.Do not delay anything until the last minute.Getting a bad credit mortgage loan is a better idea for people with bad credit score.But you must also make sure that you will not have any problems with the high interest rate in the future.

When you are not able to make the mortgage payment for a month,sit down and think for a minute.Will you be able to pay the mortgage anymore or not??If you say a definite “NO!” then it is time to get a solution from the lender.But if you think that you will be able to pay the mortgage soon then its ok.Iam giving you this piece of advice because many people act very late – this has to be avoided.What is the use of waiting for so long when you are sure that you will definitely not be able to pay the mortgage anymore?Hope you understand my idea.

What are the solutions available for mortgage missed payments?

These are the best solutions available to you for bringing back everything to normal:

1. mortgage forbearance
2. refinance or
3. loan modification.

Forbearance will be much easier to get from the lender because there is no loss for the lender to give you this solution.Where as if the lender modifies the mortgage [by reducing the interest rate or cutting  a portion of the principal],he is definitely lost a part of the cash he should have got from the borrower.Hence there is a disadvantage.But still all lenders would only want the foreclosure not to happen.

Should i get a adjustable rate mortgage loan?

Many people might wondering about the options they have – they can either get a fixed rate or a adjustable rate mortgage loan.As the name clearly indicates,the fixed rate means that the interest rates are never going to be changed.Thus they will be remaining the same for the whole mortgage term.Whereas the adjustable rate mortgage,also called ARM,is a different case.

The interest rate of the ARM will be changing according to the economy.Thus the major disadvantage of these loans would be coming out when the economy changes and the interest rates go up.People who got the ARM when the rates were low will be completely disappointed after finding the rates to be extremely high and impossible to manage.This is one of the causes of foreclosures.Hence you need to think twice before getting these mortgages.Getting sufficient advice before taking out any financial solution.Since many of these things might be new to you .you have very high chances of making mistakes.The truth is that several people have already done mistakes and are already suffering because of their wrong decision.There are many solutions for such people to avoid the home loan foreclosures – this website will discuss about these solutions later.

Which is the best mortgage plan?

So the best mortgage plan is the fixed rate mortgage.Hope you understand i say this is the best solution for people who are dreaming of getting a new home.You are safe after getting these mortgages.Make sure that you are getting quotes from various lenders and know which is the best rate for the current economic condition.By doing this way and by being aware of a good mortgage rate,you can avoid getting very high rate loans.