Real Estate Expert Tony Joe and Mortgage Broker Specialist Sharon Mitchell demonstrate how you can take equity from your home to purchase investment property, using a real-life example based on a property Tony sold to a client in 2003. www.tonyjoe.ca
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Home Equity Lines of Credit

Filed Under Home Equity | Comments Off on Home Equity Lines of Credit

home equity
by Scottish Government

Alright, you’ve been a homeowner for some 10 years now, and you’ve decided it’s time for improvement and expansion. What is the best way to obtain the funding for home improvement projects? A home equity line of credit is often the most feasible and profitable way to access extra cash for home improvement.

How do you obtain home equity credit? What lenders provide home-equity credit? And who qualifies for home-equity created? All these questions will be answered in the following paragraphs, and hopefully from the information below, you’ll be at a more educated consumer.

All the equity lines of credit are obtained based on the amount of equity you have built into your column. If you had your mortgage for over 10 years you have established a considerable amount of equity and should be able to draw on that equity to improve and make repairs on your home.

Fixed rate mortgages or adjustable rate mortgages provide a consumer with the greatest opportunity for building equity in their home while paying for their home interest-only loans, 125 loans, and balloon notes do not help the consumer build equity over a very short time.

Quite often as we shop for mortgage products we don’t stop to think about the “down the road” needs we might experience as a homeowner. That’s why today’s market of interest-only loans and 125 loans do not seem to operate in the consumer’s favour. As you make your mortgage payment each month a portion of the payment is diverted to the interest, and the remaining amount is applied to principal; it is through this process that we build ‘equity’ in our home.

Over the course of the life of the home, say 10 years from now, we manage to outgrow our homes, we manage to overuse our homes and we manage to create a situation that is in need of repair. If you have a fixed rate mortgage or an adjustable rate mortgage you have managed to build the equity in your home and you high on the opportunity to open a home-equity line of credit, provided you have also taken care to protect your credit rating.

The amount of equity of establishing your home and your credit rating will determine the credit limit you receive on a home-equity line of credit. Your lending institution, your local bank, or for whom ever holds your mortgage will be the entity you approach for a home-equity line of credit.

So long as your payments are up-to-date, your credit is good, and you have a substantial amount of equity in your home you will qualify for a home-equity loan that is comparable to an open line of credit. You withdraw from your line of credit as necessary.

If your loan limit is say $ 10,000, and you need $ 4000 for plumbing repairs, you simply write a check drawn on your line of credit account to cover the expense and you would begin to pay interest on the loan amount of $ 4000. Seems to be a very simple way to operate wouldn’t you say?

Many of the leading institutions think so thus they created a home-equity line of credit; it’s a benefit for the consumer and it’s a benefit for the lending institution. The consumer has a quick way to draw on the equity in their home, and the late institution has a great way to make a profit. So what would be the downside of a home-equity line of credit? There doesn’t seem to be one.

The only downside we’ve been able to find, with that of the consent of the purchases the interest only loan, the 125 loan, or any of the many variations from these bases that does not allow for the building of equity as the mortgage is paid. Quite often the consumer does not realize the potential danger when purchasing interest-only and 125s.

But the mortgage lender does, or should. It was for this very reason during the 1920s at the interest only loan was shelved and taken from the market. We seem to have forgotten the lessons learned. For the consumer a home without equity, is a home without protection. A home without equity is not a benefit for the consumer.

Uchenna Ani-Okoye is an internet marketing advisor and co founder of Free Affiliate Programs

For more information and resource links on mortgages visit: Best Mortgage Rate Finder

Learning About Arizona Home Mortgage Loan Rates

Filed Under Consumer Loan Rates | Comments Off on Learning About Arizona Home Mortgage Loan Rates

consumer loan rates
by denisbin

If you’re planning on moving to another state, the first thing you should consider is the state’s system. This applies to the Arizona state, and more so if want to find out about housing, loans and Arizona home mortgage loan rates.

Figures and establishments that may aid you in mortgage loans:

– The Department of Financial Institutions – The best place to inquire about Arizona home mortgage loan rates the best place to start is the AZDFI. The AZDFI is a government establishment responsible for the support of consumers as well as the maintenance of economic growth through regulation and supervision of financial organizations in Arizona. Its website provides a list of licensed mortgage bankers and brokers.

– The Arizona State Banking Department – These people regulate and supervise licensed mortgage brokers in Arizona.

– The Mortgage Fraud Task Force – The Superintendent of Arizona is continuously working to deal with mortgage fraud in the state, where a Mortgage Fraud Task Force was established in 2006. This targets common fraud schemes like equity skimming and property flipping.

How to find the best Arizona home mortgage loan rates:

– Identify the rate that you want – If you want the best rates find a mortgage broker. Mortgage brokers can have higher fees but are known to find better interest rates. If you want to save time look for a mortgage banker who can provide you direct approval.

– Learn more about your loan – Before signing any legal document, make sure you fully comprehend the loan explained to you. In Arizona, you have a right to cancel your contract within 3 days.

– Do some research – Look around for the best mortgage banker or broker. You will want to speak to somebody who is professional, patient with your questions and whom you are comfortable with.

– Ask for license – Specifically look for licensed mortgage bankers or brokers. These mortgage specialists are informed and updated about lending issues, consumer affairs, regulations and examination procedures. Arizona licenses mortgage brokers and mortgage bankers, so you can rely on their services.

– The calculator – Mortgage calculators determines your monthly mortgage payments and total amount of interest at the end of your term.

– Ask for recommendations – Ask people you trust and who are already experienced with mortgage loans about the processes involved while consulting a mortgage loan professional.

Precautions:

A decent company does not charge application, rate lock or upfront fees. It is often a licensed real estate appraiser that charges fees. Remember to compare both interest rates and closing costs.

What Arizona lending services can offer:

The latest lending rates in Arizona can easily be found online. Online information can give you details about 5-year, 15-year and 30-year fixed rate monthly averages and more. You can also search for a list of licensed Arizona lenders via the Internet. Many Arizona lending websites offer free quotes and investors’ price ratings. They also offer zero down payments, interest only and poor credit programs that can cater to distinctive circumstances. The mortgage industry in Arizona is well established, so it is not hard to find mortgage firms that could help you with your loans.

Get more about Arizona home mortgage loan rates. Know more about home mortgage online.

Consumer Loan (Loan for Consumer Durables)

The solution to buy your day to day consumer goods.
For More info – http://bit.ly/CCLinfo

Features of the Easy Consumer Loan –

Loan Amount – Minimum loan amount is Rs. 10,000 and the maximum loan amount is Rs. 1,00,000. However, this 1 Lakh is the limit per loan and not the maximum a customer can get.
Loan Tenor – 12-36 months
Interest rate – 11% flat.
100% finance
Loan can be closed at any time after paying all the EMIs without any pre-closure penalty. In addition, rebate is allowed on early closure.
24% interest charged on EMI for the period of delay in case there is a late payment on an EMI.

How to Get Equity from Your Home

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If you have paid off a good portion of your house and its value has appreciated, and you find yourself in need of some extra cash, you may consider taking out a home equity loan.

Step 1: Assess your risk
Assess your risk. Borrowing against your home equity depletes your investment, and reduces the cash you can take out in an emergency.

Step 2: Learn the tax rules
Familiarize yourself with the tax rules governing home equity borrowing. To deduct interest you have to itemize, which cannot be done if you have too few deductions.

Step 3: Consider your borrowing options
Consider your borrowing options. A home equity loan is secured by house to the extent the fair market value exceeds the debt incurred when you purchased it. A home equity line of credit is a form of revolving credit in which your equity in your home serves as collateral.

Tip
Consider applying for a reverse mortgage loan if you are at least 62 years of age and occupy the home as a principal residence. A reverse mortgage is a loan against your home that you do not have to pay back as long as you live there.

Step 4: Decide on a loan type
Decide whether a loan or line of credit will best meet your needs. In general, a loan is best for short-term borrowing or when you need the money in an emergency. A line of credit is best if you want to lock in a low interest rate.

Step 5: Apply
Apply for the loan or line of credit. Be careful about signing up for application or appraisal fees. If you have good credit, you should not have to pay these fees to borrow against your home. With the appropriate steps, you’ll secure some cash — and maybe even use it to increase your home’s value.

Did You Know?
Some experts estimate that less than a third of home equity borrowing is used for investments, with the rest being used for debt consolidation, vacations, or purchases that depreciate quickly.
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Transcript

What are the advantages and disadvantages of having a home equity line of credit? First, a home equity line of credit offers a lot of flexibility. One, it has a very low payment, an interest only payment. That can also be a disadvantage depending on how you treat it. If things were to get tight at the end of each month and a surprise came about, what you’re required to make is going to be substantially lower than what a typical mortgage is. But keep in mind, if you make that minimum payment, you’re on a treadmill. You’re not going to get anywhere.

Also, it’s open-ended with simple interest. It allows you to deposit 100% of your income with confidence that you can get that money back out to pay your bills. What’s left over is sitting in there driving down the average daily principle balance, which drives down the amount of interest that you pay, and ultimately gets it paid off much, much faster than a mortgage.

A huge advantage with a home equity line of credit is no closing costs. Typically banks don’t charge any type of lender fees and they will even compensate you for your title fees. Now, it depends on what state you’re in and how large your loan is but if you’re around the 0,000 to 0,000 loan amount, you can expect the bank to pay all of your fees and not include them in loan like typical mortgage lenders do. We’re talking actually pay it on your behalf. A lot of banks don’t even require an appraisal. There’s never mortgage insurance with a home equity line of credit. It doesn’t matter if you’re borrowing 85, 90, or 100% of the value of your home. A home equity line of credit never has mortgage insurance.

In some of the disadvantages of having a home equity line of credit is really not the product itself. It’s really the person using the product is a disadvantage. What I’m talking about there is discipline. What are you doing with your money now? You’re putting all of your money into a checking account. All we’re asking you to do is to replace your checking account with your home equity line of credit and you’ll be just fine. It’s discipline. That is the disadvantage of having a home equity line of credit. It’s folks not actually following through on that. If you don’t follow through on it, it’s no better than having a mortgage. It’s not worse, but it’s no better.

Another disadvantage is if you actually do perform the strategy, you’re going to find that you’re going to have access to a large amount of equity pretty fast. What are you going to do with that equity? Are you going to leave it in there and continue to pay off your debts or are you going to cash out to go buy an S-Class Mercedes? You’re buying a liability, not an asset. I am an advocate of pulling money out of your home equity line of credit to buy things that are assets. In fact, very specific assets. Dividend paying assets.

Those are the disadvantages of having a home equity line of credit. There is a perceived disadvantage of having a home equity line of credit because the rates typically are variable meaning they can change at anytime and go up or down. The reason why I say that’s perceived, it depends on how you treat the home equity line of credit. If you treat it like it’s your checking and savings account, and your cash flow positive, you’re interest rate immune. What that means is, you’re actually reducing the principle much faster than the rise of interest rates. There are quite a few banks that offer fixed rate home equity lines of credit so you don’t even have to worry about that if you didn’t want to.

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You guys are still here? Awesome. Click somewhere on this screen. I’m not really sure where but I’ve picked out two more videos that I believe you’ll find a lot of value from. Take care. God bless.
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Where to obtain re-financing home loan fundings online

Filed Under Mortgage Refinance | Comments Off on Where to obtain re-financing home loan fundings online

mortgage refinance
by

stirwise Re-financing a mortgage could be a really advantageous way of making the rate of interest of that home mortgage you has actually become reduced and also much more convenient. This suggests that you can actually tackle minimizing your monthly payments on your existing house mortgage. This, of training course is mosting likely to suggest that you will certainly have to no longer make yet an additional significant monetary choice since it’s everything about securing one more funding. You are going to also need to study your choices carefully as well as obtain details on exactly how as well as why you should be getting a re-finance. In addition to all of that, you are mosting likely to need to recognize when the ideal time is for an economical refinancing home mortgage program.Now, the genuine

reason that you are mosting likely to require to obtain some details on these refinancing mortgage is that you need to be aiming to get the very best rates that are possible. With the economic situation the manner in which it presently as it is, you are mosting likely to have to make specific that you could get a mortgage refinance loan that has a set mortgage price while also aiming to the offers that will certainly be able to help you minimize your monthly settlements. You can also look right into lowering the amount of time that it considers settling your refinancing mortgage loan.You can likewise go about acquiring a mortgage refinance funding from different types of monetary lending institutions including thrift institutions, commercial banks, mortgage firms, or even lending institution. These kinds of loans could also be arranged via using home mortgage brokers. They will certainly have the ability to assist with mediating you and the economic loan provider rather of taking care of directly lending you finances. One advantage of getting a home mortgage refinance financing via a broker is that the broker has access to a bigger selection of financial loan providers and can schedule financing products with much better terms as well as conditions.Usually, you can merely check out a monetary advisor who you could depend assist you find the most effective possible offers in addition to rate of interest. Just make definitely particular that they are mosting likely to be assisting you correctly and that they will offer you with every one of the sources that you are mosting likely to require in order to make that decision to go into an inexpensive refinancing mortgage program on your home mortgage. It is specifically advisable for you to seek a bargain on a home refinance if you are presently having some trouble with conference your current home loan refinance car loan settlements. Alicia Pinder specializes in revealing home owners how you can prevent costly home loan errors and also predative lending institutions. For a free duplicate of”< a rel="nofollow