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free mortgage information: USING YOUR HOME AS AN ATM - 12/30/07 04:39 PM
Hello again and thank you for stopping by!
Today, I wanted to share my views on using your home as an Automated Teller Machine. Over the past decade, more and more families have been pulling equity out of their home in order to make purchases and investments. While there are many view points on this subject, I thought that I would take the time to add mine to the debate.
There are good reasons and poor reasons to pull money out of your home. Let's start with a few of the poor reasons:
POOR REASONS TO PULL MONEY OUT OF YOUR HOME
The purchase of a … (2 comments)
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free mortgage information: INTRODUCING AARON RENO - 10/27/07 03:39 PM
Aaron Reno Aaron Reno has been working directly and indirectly with computer technologies and real estate throughout his career. Most recently, Aaron utilized his computer skills to develop company-wide systems at a multi-million dollar literacy company for children ages K-12. After completing his undertaking in the field of education, Aaron then turned 100% of his attention to real estate. Although there are many products available to loan officers and real estate agents, most are incomplete in their design or simply not "user-friendly." It has become Aaron's next mission to systemize the way in which all real estate transactions are handled, thus … (2 comments)
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free mortgage information: REAL ESTATE DISCLOSURES - 10/27/07 02:58 PM
How Much Should the Seller Reveal?Sellers should always respond honestly to buyers' direct questions about the condition of the home. Real estate studies have shown that disclosing defects rarely compel an interested buyer to turn away from the deal. In fact, in most situations the defect becomes a negotiating point when determining the final sale price.
Sellers Should Volunteer Information About:
Malfunctions in the major systems of the home, such as the foundation, plumbing, electrical system, heating and air conditioning, siding, windows, doors, walls and ceilings. Damage to property due to fire, floods, hurricanes, sink holes, etc. Environmental hazards such as … (2 comments)
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free mortgage information: PRIVATE MORTGAGE INSURANCE - 10/27/07 02:58 PM
What is Private Mortgage Insurance?Private mortgage insurance, or PMI, is the safety net of the lender. PMI benefits lenders because it guarantees payment on the balance of loans not covered by the sale of foreclosed properties.
If a borrower makes a down payment of 20% of the cost of the home, the lender can generally trust that he will make his mortgage payments faithfully to protect a large investment. In this case, the lender comes out ahead if the borrower is forced to foreclose on his house, because the lender loans 80% of the cost of the house, but will probably … (0 comments)
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free mortgage information: CREDIT SUICIDE - 10/27/07 02:56 PM
By: Chris Brown
Credit Suicide?Few things influence the home buying process more than your credit. I like how Clark Howard refers to the three credit repositories as, "the three screw-ups". There is some validity to that, and hopefully recent legislation will help clean up many of the inaccuracies. Regardless, lenders need a source to determine levels of risk for lending money...and the Fair Isaac Company is where it lies. (Note: Fair was one of their last names... doesn't necessarily denote fairness.) There are close to 50 different things that influence your credit; some good, some bad. Within those 50, there is … (0 comments)
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free mortgage information: CAN YOU AFFORD A HOUSE? - 10/27/07 02:56 PM
Can You Really Afford a House on Your Salary?Although buying a new home may seem like an American Dream or romantic venture, the reality is that the house you can afford depends on your current income and debt obligations. You must be able to pay your mortgage, satisfy all your current debt, and still have money left over each month to put in the bank. When you consider all these issues, you may find you will actually be shopping for a lower-priced house than the anticipated dream home.
If after careful financial evaluation, you realize you cannot afford the house of your … (0 comments)
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free mortgage information: BANKRUPTCY VS. FORECLOSURE - 10/27/07 02:55 PM
About ForeclosuresAlthough it is preferable to avoid bankruptcy, it is even better to avoid foreclosure. Foreclosure is the legal process whereby property is repossessed and sold at auction to cover the costs of an unpaid debt. This is usually the result of a homeowner defaulting on mortgage or loan repayments. The most common causes of foreclosure are divorce, loss of employment or a death in the family.
Every year, around one million homes across the US are sold as foreclosures by banks and private mortgage institutions. Some government departments can also repossess property to cover the costs of outstanding taxes and … (0 comments)
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free mortgage information: CREDIT SCORE TRUTHS AND MYTHS - 10/27/07 02:54 PM
There are several very important truths about your credit score.
Truth #1: Your credit score is the single most important factor in determining whether you will get approved for a mortgage, car loan, refinance loan, or credit card.
Truth #2: Your credit score affects your APR. If your score is low, you will pay very high interest rates, up to 23%.
Truth #3: Your credit score may affect how much you pay for car insurance, since insurance companies usually run a credit check before selling you insurance.
Truth #4: Your credit score may even affect whether or not you are hired for a job, especially … (0 comments)
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free mortgage information: EVERYTHING IS NEGOTIABLE - 10/27/07 02:53 PM
Introduction to NegotiatingIn the United States, we are not used to negotiating a price for our everyday purchases. However, when you are buying a home, not negotiating the sellers' asking price may mean paying more than the home's fair market value. To avoid feeling that you paid too much, you must learn the art of give and take for a successful purchase price.
For example, you may find your dream house with an asking price of $112,000. Your real estate agent tells you that comparable homes in the area sold in the last six months for $100,000 to $110,000, so you make … (2 comments)
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Aaron Reno
Santa Clarita,
CA
More about me…
Intuitive Loans
Office Phone: (888) 662-3842
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