South Carolina | Home Loan | Mortgage | Refinance

Archive for March, 2010

Do I need mortgage disability insurance? This article will help you to answer this question, but only you can ultimately determine this for yourself.

The answer to this question depends on your personal financial status. If you are a person with considerable wealth or have savings that can cover the cost of your mortgage, then maybe this insurance is not necessary.

If you come from a wealth family that has enough disposable income to cover your mortgage then you may also not need mortgage disability insurance. If you do not care if you and your family lose your home if you become disabled then once again the answer is no. If you do not fit into one of the above categories then an investment into mortgage disability insurance is a wise choice.

With the odds of becoming either permanently or temporarily disabled hovering around 10%, there is a good chance that even if you have not been the one injured, you know someone that has. Look at how they coped with the sudden loss of income. For many without this essential insurance the loss of income is not the only thing to go, just the first. The added strain of the loss of income breaks apart many relationships. Whether it is a marriage or just living together, the lack of funds and the piling up of bills puts a great strain on all relationships.

For most, the small cost of mortgage disability insurance is worth the price to ensure not only your family but way of life is maintained even if you are not able to provide any more.

Having said all that, I find that if someone is asking this question, then their financial situation probably is such that they will benefit from mortgage disability insurance.

For a complete guide to this insurance, check out my mortgage disability insurance guide. You can also find more information on determining whether you need this insurance at my article on why you need mortgage disability insurance.

Article Directory: EzineArticles http://ezinearticles.com

… an effective handoff occurring between the Fed and industry buyers such as banks and pension funds,” said Christopher Sebald, chief investment officer for Advantus Capital Management … supply in the $5.4 trillion market. A recovering U.
Go to Source

Kamau Herndon, 38, admitted he submitted three false applications for homes in Milwaukie, Portland and Edmonds, Wash. The loans, which totalled … Herndon, a former loan officer at Lighthouse Financial Group in Vancouver, Wash., is the son of Ron …
Go to Source

Health Care Opposition Gets Threatening, Banks and the Battle for the Middle Class, Healing the Mental Wounds of War
Go to Source

## Shot 10/15/2009. ## Crack down on a mortgage fraud ring spanning four states, resulting in the arrest of dozens of people working for three mortgage brokers.31 people arrested and 41 charges with engaging in mortgage fraud scams worth more than $64 million. ## QC: ken
Go to Source

With mortgage interests at historic lows, it is not a surprise that the housing market continues to stall. This is not the case with the mortgage industry as refinancing is stronger than ever. With everybody trying to refinance to a lower payment, there is a growing segment of the population having difficultly. These borrowers are asking the question, how can I negotiate a refinance if I have lost my job?

It is a great question and one that has not been fully addressed yet by the government. In the past two years, most of the aggressive lending programs have disappeared making it harder for many consumers to refinance. Additional things like credit issues and unemployment have made the problem worse.

It is not possible to refinance if you do not have a job (or regular income each month from another source such as Social Security). Furthermore, if the length of unemployment is protracted, it could affect your chances of getting a loan in the future. When applying for a mortgage, a lender will look at your credit, assets and equity in your home. Assuming all of this checks out, the next thing that is evaluated is your employment. Just being employed is not a reason for an approval. Your lender will evaluate many things including how long you are with your employer, spaces or gaps between jobs and if your current position is similar to the last one. Frequently, the best loan application might be turned down because the underwriter does not like the history of employment.

The best, and really only solution, for a person who has lost his job and looking to negotiate a lower mortgage rate, would be a loan modification. A loan modification can provide many of the same benefits that refinancing can. In addition, a loan modification is free. There are no upfront charges or closing costs involved, unless you decide to hire a professional service. With recent changes in the laws, many homeowners have simply elected to do it themselves. Since banks are very agreeable to loan modifications, it’s only a matter of falling within the banks qualifying parameters to get an approval.

The guidelines used for qualifying for a loan modification are completely different than that used for a refinance. Credit, income, equity in your home and employment are not scrutinized in the way they are for a refinance. (A do it yourself loan modification guide can provide additional help). This does not mean that it will always be possible to obtain a permanent loan modification while currently being unemployed. It does, however provide a good temporary solution while you were trying to get back on your feet and looking for a job. Many lending institutions will offer you a temporary forbearance. This is usually a reduction or complete elimination of your mortgage payments for a period of about three months. After that time, the lender will look at turning your forbearance into a modification, provided you have found a job.

So, if you are looking for way to negotiate a mortgage refinance if you’ve lost your job, a loan modification or forbearance will your best solution in the short term and eventually in the long run too.

J. Pisicchio is a professional mortgage consultant with over 20 years experience in lending and modification. As a formally trained credit analyst, he has helped many consumers reduce their mortgage payments through education. For more information about the Do It Yourself Loan Modification guide visit http://www.mortgageloanmodificationsecrets.com

Article Directory: Article Dashboard http://www.articledashboard.com

It is possible to get a mortgage after bankruptcy, and there are lenders who specialise in providing mortgages for people who have either gone bankrupt or have bad credit. However most lenders will want you to wait for around two years following your bankruptcy discharge before you apply to them for a mortgage. It may be possible to get a mortgage sooner, depending on your circumstances, but generally it is not worth starting the application process for a least 18 months.

Any kind of credit that is offered to someone in a high-risk category is going to be on less favourable terms than regular finance that can be found on the high street. The same goes for mortgages following bankruptcy. The lending criteria are more in depth and you can expect to be asked to prove regular employment, regular income and access to liquid assets. You will find that a larger down payment will be required, and the interest rates will be higher than average. These kind of terms, while not great for the borrower, give the lender security on their outlay and minimise their exposure to risk. Asking for a large down payment means that you have made a substantial commitment to the property you are buying, and indicates to the lender that you are less likely to default on any payments, not only because you risk losing your property, but also because you risk losing a significant amount of money. It may well be the case that you don’t have the type of down payment that is being asked for, and while this may be disappointing it also has a plus side. It means you will have to wait longer while you save more money, which in turn means you are getting further away from your bankruptcy discharge date. It could well be the case that by the time you have saved enough to meet the deposit required by a bad credit lending specialist, you are actually able to apply for a regular mortgage. This would mean saving money on interest payments, and either having a much larger down payment than is normally asked for, meaning you are borrowing less therefore your repayments are smaller, or having some money left over to use for re-decorating or furnishing your new home.

It is during the waiting period between your bankruptcy discharge date and the time you can apply for a mortgage that you can do some good work on repairing your credit rating. Making sure you are prompt with any payments you need to make and perhaps applying for a low-limit credit card that you can use to build up a good payment history, will help bring your credit rating up, making you a much more attractive prospect to potential future creditors.

I write regularly about personal finance and tips on getting a mortgage after bankruptcy is one of my specialist subjects, with a particular focus on getting a mortgage after bankruptcy.

Article Directory: EzineArticles http://ezinearticles.com