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mortgage: Pay Your Mortgage Off Early - 10/02/07 10:10 PM
Bank your money in your mortgage.
With the Home Ownership Accelerator, you direct-deposit your entire paycheck into your mortgage, instead of your checking account. This immediately reduces your principal balance. Since interest is based on your daily balance, you start saving interest immediately compared to traditional loans! Access your funds just like you used to.
You pay all of your expenses out of your mortgage, just like you would with a traditional bank account -- using the unlimited checks, free ATM/Debit card, and free online bill-pay that comes with the account. Until you need the money, though, it's in your mortgage in the … (2 comments)

mortgage: For a Quick Easy Loan Approval: - 09/28/07 01:24 PM
Have These Items Ready When You Apply For a Loan
Income Items W2 forms for the last two years Most recent pay stubs covering a 30 day period Federal tax returns (1040's) for the last two years, if: you are self-employed earn regular income from capital gains earn sizable interest income, etc. earn more than 25% of your income from commissions or bonuses own rental property or are in a career where you are likely to take non-reimbursed business expenses). Year-to-Date Profit and Loss Statement (for self employed) Corporate or Partnership tax returns (if you own more than 25% of the business) … (1 comments)

mortgage: How Much House Can You Afford? - 09/28/07 01:22 PM
Debt-to-Income Ratios (DTI)
To determine your maximum mortgage amount, lenders use guidelines called debt-to-income ratios. This is simply the percentage of your monthly gross income (before taxes) that is used to pay your monthly debts. Because there are two calculations, there is a "front" ratio and a "back" ratio and they are generally written in the following format: 33/38.
The front ratio is the percentage of your monthly gross income (before taxes) that is used to pay your housing costs, including principal, interest, taxes, insurance, mortgage insurance (when applicable) and homeowners association fees (when applicable). The back ratio is the same thing, only … (0 comments)

mortgage: Understanding Adjustable Rate Mortgage (ARM) Loans - 09/05/07 11:46 PM
Adjustable rate mortgages or ARMs are chosen by about one third of all loan applicants. Unfortunately, many people do not understand the key components of an ARM or how they are calculated. It is critical to understand the four key components of adjustable rate mortgages when comparing loan offers from various lenders. In general an ARM starts at one rate of interest and then fluctuates up and down during the period of the loan based on several factors. Knowing and understanding these critical factors will help you in your decision making process when shopping for an adjustable rate mortgage. An ARM … (0 comments)

mortgage: 10 Ways To Fix Bad Credit - 09/05/07 11:17 PM
People get carried away when spending and end up with debts. If the finances are not managed well and the payment scheme not properly planned these debts can escalate. Escalating debts and a failure to make the necessary payments results in a bad credit history. This record cannot be easily wiped off. It takes a lot of efforts. There are credit bureaus which maintain a database of your credit history by taking in information from mortgage firms, banks and other creditors. These bureaus can account for accurate negative credit data for 7 years as also bankruptcy for a span of 10 … (0 comments)

 

Jayson Davis

Corona, CA

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America One Mortgage and Realty

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