The importance of a good professor: An experienced real estate agent can help guide you home

Now that you have talked with a home loan expert, it’s time to bring in another great professional: your real estate agent.

It can be exciting looking at homes that are for sale, knowing one of them might soon be yours. But looking at homes that don’t have the features you want can lead to house-hunting “burnout.”

A Real Estate Agent Can Help You Avoid Wasted Time

They keep you focused on homes that meet your specifications, in neighborhoods that are desirable to you—and in your price range.

You may have an agent who’s been referred to you by close family or friends, but take the time to “interview” a few agents before you make a commitment. Make sure you are comfortable with your choice because finding the right home takes time. Not only will you be spending a great deal of time together, but you never want to feel an agent is rushing you to close a deal—especially one that doesn’t feel right to you.

Here Are Some Questions You Might Ask Agents:

• How long have you worked in real estate?

• Is this your full-time job?

• Are you familiar with the area where I want to look?

• How many home sales did you participate in last year?

• Will you be present at the closing?

A good real estate agent will be communicating with you frequently, suggesting homes and neighborhoods for you to scout — and will definitely give you notification when a new listing that might interest you comes on the market.

Are you currently renting?

Leaving Your Rental to Buy Your Own Home Is a Big Step.

Currently your landlord has the responsibility of all repairs and upkeep. And depending on your lease, you may not even be paying for your electricity or water. But on the other hand, if your current residence is growing in value, then your landlord is building equity through your monthly payments. Home ownership can have financial benefits that renting does not. While you’ll want to consult a tax advisor, you should find that the interest you pay on your mortgage is tax deductible, as are some closing and moving costs. If you pay points on your loan to reduce the interest rate on your mortgage, that amount is also tax-deductible for that year.

Come to class prepared: Be a smart home buyer!

 

The smart way to shop: Get pre-approved for your home loan before you start your search. It’s easy! That’s a smart move in this buyer’s market because your pre-approval guarantees that you’ll have the financing to buy a home within your price range. You’ll know which homes fit your budget and what mortgage payment you’ll be approved for, so you can shop more efficiently. And once you find a home you want to place an offer on, you’re in a better position to negotiate with sellers because they know you’ll be able to back up your bid, and move fast—sellers like a buyer who can move quickly. Let’s sum it up…

A Crash Course In Buying Your First Home

Want to step into the housing market with confidence? You’re in the right place. This guide to buying your first home can help you figure out which house will be right for you as well as everything that leads up to it, like finding the right real estate agent and the perfect mortgage to fit your needs. Get excited: the next stage of your life begins now.

A guide to home loans

A home loan is usually the biggest financial transaction you’ll ever make. But loans are sometimes taken without too much tho ught. And since HDB stopped providing market rate loans to HDB flat buyers, it means an additional 20,000 novices could be introduced to the arcane world of private-sector loans this year. That’s a lot of new clients for the banks to gobble up. To ensure you don’t get chewed up by slick marketing, scan this beginner’s guide to home loans (useful for HDB or private properties).

What is an HDB market rate loan?

Regular concessionary HDB loans are subsidized and restricted to certain borrowers – for example, a first-time buyer of an HDB flat. Other buyers, such as those whose income exceed $8,000 per month, or have already benefited from a concessionary rate loan, will have to get a  "market-rate loan". The market-rate is tied to one set by POSB. But since January 1, HDB (via POSB) will no longer offer market-rate loans and borrowers will have to get loans from privatesector lenders, including the three big local banks and six foreign full banks. In a nutshell: financial institutions will provide housing loans to HDB flat buyers, just as they do to private property buyers.

ADJUSTABLE RATE HOME LOAN RATES AND TERMS

Effective March 26, 2011 and subject to change.
SAN DIEGO COUNTY CREDIT UNION ADJUSTABLE RATE HOME LOANS FEATURE:
· No risk-based pricing
· Low CAPs (CMT = 2/2/61)
· ZERO point options
· Free 60-day rate lock 2
· Free rate roll-down or re-lock
· Low closing costs
· Loans up to $1,500,000
San Diego County Credit Union offers tremendous flexibility in qualifying you for an affordable home loan in part because we do not rely on risk-based
pricing on our adjustable rate programs. Be sure to check out our 40-year 5/1 Adjustable Rate Mortgage!
ADJUSTABLE RATE MORTGAGES: CONFORMING LOANS TO $417,000 (Purchase or Refinance)

introduction about home loans

Home loans are available through many different sourc­es, including mortgage banking companies, commercial banks, community banks, credit unions, mortgage bro­kers, and other financial institutions.

To find a lender, you can:

ü Contact your bank or financial institution. Some­times lenders can offer better mortgage terms to current customers.

ü Consult a non-profit housing counseling agency in your area (see Federal Programs below).

ü Ask family members, friends, and coworkers.

ü Ask your real estate agent.

Additionally, there are many government programs that offer home loans and/or assistance to home buyers.

Home Loan Application Form

ANZ’s collection, use and disclosure of personal information. ANZ is collecting your personal information to enable it to process this application and, if it is approved, to provide you with the product or service you
are applying for. Where you are a guarantor, ANZ is collecting your personal information to enable it to assess you as a guarantor for an application for credit. Without this information ANZ may not be able to consider or approve this application. ANZ may disclose your personal information to:
You may request access to your information at any ANZ branch or by calling 13 13 14. Access will be granted in accordance with the Privacy Act 1988
for a reasonable fee. If any of your information is inaccurate, you may request it be corrected.

Download ANZ home loans Application form on here

Five Easy Steps To A VA Loan

1. Apply for a Certificate of Eligibility (COE).More information about how to apply, where to send the request and how to use the COE is available at: http://www.homeloans.va.gov.
2. Decide on a home and sign a purchase agreement.
3. Order an appraisal from VA. (this is done by the lender) Ordering an appraisal can be done via the Internet using TAS (The Appraisal System) at http://vip.vba.va.gov. This is a centralized system that allows lenders easy and quick access to order an appraisal.
4. Apply to a mortgage lender for the loan. While the appraisal is being done, the lender can be gathering credit and income information. If the lender is authorized by VA to process loans on the automatic basis (and approx. 99% of all VA loans are processed this way) the loan can be approved and closed upon receipt of the appraised value determination without waiting for a VA review of the credit application. For  loans that must be approved by VA, lenders send the credit package to VA. VA staff will then review it and notify the lender of the decision.
5. Close the loan and move in.

CALVET HOME LOAN APPLICATION PACKAGE

This package contains forms and instructions for obtaining a CalVet Home Loan. If you are planning to build a new home on property that you currently own or intend to purchase, you will also need to download the Construction Loan Supplemental Package of forms and instructions.

Before you begin:

You must have a property selected before applying for your loan. We suggest that you carefully review the material on the CalVet Home Loan Program on our web site. If you have questions feel free to e-mail us at loanserv@cdva.ca.gov or contact the nearest CalVet District Office. A list of CalVet District Offices and the areas they cover with complete contact information including direct e-mail address for each office is available on our website at cdva.ca.gov/CalVetLoans/Offices2.aspx.

DFI GUIDE TO HOME LOANS

Whether you’re buying your first home, considering a second mortgage, refinancing, or considering a reverse mortgage the loan process can be confusing and complicated. As you embark on one of the biggest financial decisions you’ll make in your lifetime, use this Guide to understand and to help navigate this process.

Washington State is a leader when it comes to passing  and regulations that protect consumers and ensure sound business practices in the mortgage industry. This booklet was updated in April 2009. Visit dfi.wa.gov/consumers/education/home.htm to verify you have the most recent information regarding the mortgage industry. Educating yourself can help you avoid common pitfalls and assist you in determining what type of home loan is best for you.

First time buyer mortgage

The benefits of home ownership, coupled with an advantageous housing market will allow many consumers to purchase their first homes and start building equity instead of paying rent to a landlord. Owning a home for the first time enables the buyer to build equity for themselves instead of paying rent and building equity for their landlord. In reality these misgivings are unfounded and many can afford a home with a first time buyer mortgage. As opposed to many traditional mortgages, a first time buyer mortgage generally requires a 3.5% down payment and it is often still possible to qualify even if your potential mortgage payment ranges as high as 50% of your gross income. For those consumers worried about liquidity, mortgage refinancing will allow them to readily access their accumulated equity in the future.

Mortgage loans come in a variety of financing forms to best suit your needs. You can choose a fixed rate loan, which is a traditional choice. Other options include an interest only loans, balloon loans, or jumbo loans. Online mortgage lenders handle all the same loans that a traditional bank would handle. Trading in an office visits for a streamlined online loan process allows you to save money on your mortgage loan. Some mortgage lenders eliminate loan fees, while others reduce their interest rates. Online mortgage lenders allow you to complete paperwork online at your convenience.

Refinance Home Mortgage Bad Credit

One way may be is Refinance Home Mortgage Bad Credit. Either you are faced with foreclosure or attempting to obtain a loan to Refinance Home Mortgage Bad Credit. One with poor credit must be prepared to pay a higher interest rate than a person that presents with a good credit history. This causes the institution to carry higher mortgage insurance on your loan. If you already have a FHA mortgage loan you may be able to refinance with a FHA Streamline Refinance Mortgage. The FHA Streamline Refinance Mortgage loan is quicker and easier to do because there is a lot less paperwork and costs. In the long run, if you get a Refinance Home Mortgage Bad Credit loan it may not only decrease your monthly mortgage payment, save your home, but it can also help you get out of debt.

CONVENTIONAL OR CONFORMING MORTGAGE Loans are the most common types of mortgages. For conforming mortgage loans, it does not matter whether the mortgage loan is an adjustable rate mortgage or a fixed-rate loan. Conventional mortgage loans come with several lives. 30 year mortgage loans are available for Conventional, Jumbo, FHA and VA Loans. 15 year mortgage loans are available for Conventional, Jumbo, FHA and VA Loans. 40 year mortgage loans are available in both Conventional and Jumbo.

 

How to Buy a Home With Bad Credit

How to buy a home with bad credit? If you are looking for a mortgage loan with poor credit history, you won't have much luck seeing out traditional lenders such as credit unions and banks. You can find many poor credit lenders online. Now, while these companies will provide poor credit loans to people, they give out these loans to risky people for a reason. Ultimately, you can get a no credit mortgage loan.

To understand the true interest rate you end up paying with a honeymoon product - look at the advertised comparison rate on such a loan. Most lenders offer a range of professional packages to clients who are prepared to pay a small monthly fee. If on top of your home loan you also have other outstanding loans such as a personal loan, credit cards, car loans etc. - by consolidating all your other outstanding loans into your mortgage you can generally significantly reduce your overall loan obligations and hence have more funds available to apply to your mortgage.
This means that instead of paying 15 to 20 per cent on your credit card or personal loan, you can transfer these debts to your home loan and pay it off at a home loan rate.

Buying a Home with Bad Credit

If you dream to own a home, home loans are the best way to finance your dream. Home loans are offered against the equity in ones home. The loan proceeds of a home loan can supplement both mortgage and secured loans. There are various benefits attached with the home loan. Home loans offer larger amount loan with a longer repayment term. Home loans offer you the opportunity to borrow a loan for any amount ranging from £3000 to £500,000. Home loans give borrowers the option to pay either fixed interest rate or adjustable rate interest rate on the money borrowed. Fixed interest rate option implies that interest rate will remain the same throughout the life of the loan. This interest rate is also known as variable rate home loan.  A borrower can also opt for interest-only loan option. Search for lenders who provide home loans. You can apply for a home loan online too. Collect loan quotes from lenders and compare them to find the best home loan. Dream to own a home can come true with a home loan.

 Here are four easy ways to buy a house with bad credit. Get a relative who has good credit to purchase the house on your behalf. A family member with a solid credit history, will get a good interest rate thereby making your monthly mortgage payments more affordable. Once you raise your credit score, you can refinance the mortgage to get a lower interest rate thereby reducing your mortgage payments. Seller Financing. Get the seller to finance your home purchase. In a wraparound mortgage, you purchase a house by assuming a subordinate mortgage to the original mortgage on the house.

Improve Your Home With Bad Credit Loans

You take home loans. Home loans are easily available and very appropriate for someone looking for home loans. With home loans you can borrow over 90% up to 125% of your home value. Home loans are wise financial way especially with low interest rates. The interest rates on home loans are either fixed rate or adjustable rate. A fixed rate home loan will have the same interest rate for the entire loan term. The adjustable rate home loans start with low interest rates. With Home loans, you can borrow from £3000-£500,000. Home loans can be used for any purpose. Home loans for home improvement purposes can add equity to your home. Home loans for debt consolidation are a financially viable plan.

You can eliminate higher interest rate debts with home loans consolidation. High rate credit cards, unsecured loan or any other loan can be consolidated and replace by debt consolidation home loans. Look for comfort level while opting for home loans.  The interest rates for bad credit loans tend to be the highest rates on the loan market. Equity is the difference between your home value and the debt that is currently secured with your home (mortgage). This exceeding value can secure another loan; this loan is called home equity loan or second mortgage. The interest rate on bad credit loans tends to be high. However, since bad credit home equity loans are secured loans, the risk is greatly reduced. Home equity loans have probably the lowest interest rate along with home loans. Bad credit only adds up a few percentage points to home equity loan's APR.

Mortgage affordability calculator

Mortgage affordability calculator. A mortgage payment calculator is the first thing most people search for when considering refinancing a mortgage, or buying a new home. Using a mortgage calculator, you can apply today's interest rate to the amount of your new mortgage, and find out what your new monthly mortgage payment will be. You can easily find a mortgage payment calculator online. For example, there are free mortgage calculators on several sites, which allow you to enter the interest rate, the term of the mortgage, and the mortgage principal amount, in order to calculate your new monthly payment. Use the mortgage calculator to make sure your new mortgage is affordable.

Here's some more detail about the 2 ratios Front Ratio: This ratio gives you an idea of what percentage of your gross monthly income goes towards the total monthly house payment including mortgage and any other housing cost. It is calculated by dividing the total payment on all your debts (including house payment and other debt obligations) by the gross monthly income. The standard ratio preferred is 36%.

An example on how to find out if you can afford a mortgage

Let's say that you need a loan amount of $100,000 for a period of 10 years. The mortgage rate = 6.5%, Annual property tax = $1500, Using How much house can I afford Calculator, you get: Monthly mortgage payment (principal + interest) = $ 1135.48

Total monthly debt payment = 5260.48

The monthly income that you require for mortgage payoff = 15029.94

The above calculation implies that if your monthly income is around $15029 or even more, only then you'll be able to afford a mortgage amount worth 100,000 for a repayment period of 10 years.

Related Post :

First time home buyers 

Mortgage calculator with taxes

Mortgage calculator with taxes

Now Information about Mortgage calculator with taxes. As the name implies an adjustable rate mortgage is a type of home loan that varies according to several indices; predicting the fluctuation of such indices is impossible. Property owners who do not plan to stay in their residence for more than a couple of years can save money on mortgage payments if they opt to get an adjustable program which often has a fixed period with a low monthly payments. Property Tax Implications. Property taxes are set by the local municipality; these taxes may increase without notice and are often calculated according to the value of the property and other factors.

Other people will look to a mortgage calculator to help them work out a potential refinancing deal, enabling them to easily calculate the cost of a renegotiated mortgage in respect of the latest interest rates. Most good mortgage calculators can search for the different mortgage rates which appertain to different parts of the UK. Fortunately a mortgage calculator can make things much clearer. Mortgage calculators will be able to provide this information. Once details of the proposed new mortgage deal are entered along with the likely interest rate, the mortgage calculator is able to tell the homeowner whether a refinancing deal is a good idea. Previous article about First time home buyers and  FHA Mortgage Calculator

FHA Mortgage Calculator

That is information about FHA Mortgage Calculator. Credit requirements for FHA Loan are comparatively less stringent as compared to Conventional Mortgage Loan, VA Mortgage Loan, USDA Home Loan. If the loan is auto approved by DU or LP and score requirements are met then other factors like lates (Not Mortgage Lates), collections, charge offs are accepted, relatively easily, by underwriters. The earlier score requirements were 620. Few FHA Home Loan lenders will accept such borrowers, if they have NO NEW lates in the last 12 months. Prospective Home Buyers should read comprehensive Lending information on FHA Loans, VA Mortgage Loans, USDA Loans, Conventional Loans.

Specifically we discussed the "how much loan do I qualify for" mortgage calculator. In the case of bonus and overtime income especially, your employer will need to verify that the continuance of the extra income is likely. So let's approach this calculation by steps. We need to calculate the approximate annual property tax rate. Mortgage insurance is paid by you but is to protect the lender against loss should you not make payments on the home. FHA mortgage insurance is calculated as 0.90% annually of the base loan amount. If the purchase price is $250,000 and the down payment is 3.5% ($8750.00) then the base loan amount will be the difference $241,250 and the monthly mortgage insurance will be $241,250 x 0.90 = $2,171.25 / 12 months or $180.94 monthly. If the loan you are seeking is a conventional loan, then the mortgage insurance rate can vary by credit score and down payment and region. The rate finder will give you a monthly mortgage insurance estimate. Assuming in this case that your pre tax household income is $6,000.00 then the housing payment you would qualify for is 33% x $6,000 or $1980.00. Pull the property tax and insurance and home owners association figures from this total housing payment number. Read previous article about Mortgage calculator amortization table.