Refinance Mortgage Tips: Down Payment From Savings Once you've figured out how much of a down payment you can make on your home mortgage, it's time to determine how to document the source of your funds for the down payment and closing costs Now you might be saying, "Why do they care where I get the money?" Lenders need to verify the source of funds to both assess the underlying risk in you as a borrower as well as to prevent loan fraud This makes it ...

Mortgage Refinance Tips: Determining Your Income When you apply for a refinance, debt consolidation or purchase mortgage, one of the most important factors in qualifying for the loan is your income That may not seem like much of a surprise, but you may be surprised at all of the different ways your income can be calculated based on how well you can document it, and how much this can affect your loan process Get a leg up on the loan officer and learn how to determine ...

Mortgage Refinance Tips: Debt To Income Ratios Debt to Income Ratios, often referred to as "DTI's", are a key calculation used in the refinance, debt consolidation, and purchase mortgage application process A debt to income ratio is arrived at by dividing your monthly debt payments by your pre-tax income Debt to income ratios are finally used to determine how much money you can borrow, and a thorough knowledge of DTIs can help you get the most value from your refinance, debt consolidation or purchase mortgage transaction There are ...

To Pay Or Not To Pay Off Your Mortgages: Part Ii In Part I of this article, I mentioned that we've all been taught by our parents, grandparents and conventional wisdom that we should pay off our home mortgage in order to own our home free and clear so that the bank can never take our home from us I explained why that thinking is outdated In this article, I'm going to present some ideas on using mortgages as a tool to increase wealth I want to ...

Adverse Credit - We've All Heard Of It, But What Does It Mean? If you're one of those lucky people who have never missed a single credit card or loan repayment, then you don't need to worry about the term 'adverse credit' In this article, we are discussing the ins and outs of the term 'adverse credit', something that describes people who have defaulted on credit repayments to a significant extent The terms 'sub-prime and 'poor credit' are also used to describe the same situation What we ...

Types Of Home Equity Loans Types of Home Equity Loans Fundamentally, there are two types of home equity loans 1Home Equity Line: When you get a home equity line, you obtain the right to draw money, whenever you want, over a certain period of time You only pay interest on the amount you borrow You may borrow, pay off and borrow again against the line of credit You typically access the line with a check or credit card 2 Second Mortgage (home equity loan): When you get ...

Adverse Credit Rating - When Exactly Can The Term Be Used? If you have a history of unsatisfactory credit transactions, then you can be described as someone who has an adverse credit history The situation is also commonly called 'sub-prime' and 'poor credit' by all types of lenders The following questions are therefore raised: what information do they use and where do they get it from, and at what point does an 'unsatisfactory' credit rating become 'adverse'? Experian and Equifax, the main credit reference agencies, are continuously collating ...

1099s What is a 1099 and who gets one? Well, here of late, this term is used more and more frequently as many employers are opting to use contract labor versus hiring employees, who can turn out to be quite expensive when you factor in the insurance, payroll taxes, and other possible liability This article will take a look at the 1099, its purpose, who can receive one, and why The 1099 forms, if you are the recipient, should be furnished to you by January 31, 2006, ...

Consider Different Reverse Mortgage Options There are many different reverse mortgage options: single purpose reverse mortgages, federally insured reverse mortgages, and proprietary (private sector) reverse mortgages Each option has different pros and cons that need to be considered when looking into taken out a reverse mortgage Single-Purpose Reverse Mortgages A single purpose reverse mortgage is the lowest-cost type of reverse mortgages to obtain, but as the name indicates it can only be used for one specified purpose They are typically offered by state or local government agencies These loans ...

Debt Consolidation Refi Loans - Cash Out And Reduce Debts Debt consolidation refi loans reduce your debt sooner by lowering the interest rate on your principal So for the same amount you are paying now, you can trim years off your payment schedule At the same time, you can further reduce your mortgage costs by finding low rate refinancing Cashing Out Equity Can Save You Money By securing your debt consolidation loan with your home's equity, you qualify for some of the cheapest financing available to you So ...