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How to Arrange Yourself for Saving on Your Cash Real Estate Mortgage Loan? - If you are investing on buying a home or other real estate property to build assets, it better to be prepared for real estate mortgage loans checklist. This would save considerable amount of money involved on loans. Besides the credit score and other qualifications an individual must produce certain documents in order to speed up the process. But remember some of the documents may not be necessary to get real estate mortgage loan, however certain documents would assist in getting better loan rate.

Cash Real Estate, Mortgage Loan, Mortgage

Below is a list of documents that you need to organize and to make financing process easier.
  • Income proof: It is better to include at least two copies of pay stubs alongside other related documents pertaining to employment. In case if you are getting fixed income then it would be better to include a beneficiary letter that states total income earned.
  • Tax returns: Provide at least previous two years tax returns. Suppose if you are self employed, the mortgage company would demand business and personal tax returns for a time period of two years. If you own a business you need to get business statement prepared by a chartered accountant.
  • Records related to Bank account: Gather account number, address of your branch and get saving bank account statement for a period of 2 - 12 months. In some cases the mortgage company needs only last 2 months branch statements, but most of the lenders would need 12 months bank statement.
  • Housing payments proof: Housing payment proof involves copy of lease agreement and 12 months cheques that represent timely rental payments.
  • Major Asset's list: This list should include individual stocks like automobiles, real estate property, antiques, stock and insurance policy.
  • Debts List: Prepare a list of debts that you are aware of like furniture loans, car loans, credit cards and student loans.
In addition some of the mortgage lending companies may seek credit report, purchase agreement, divorce settlement paper, copy of driver's license, social security card, irrevocable gift letter and bankruptcy filing if any.

By Kathy Mercado

Choosing The Best Mortgage Now - NEW YORK (CNN/Money) – Mortgage rates have been on the rise for the past month, but they're still at fairly low levels historically speaking.

If you're in the market for a new home, you figure it must be less expensive to buy now than when rates go up even further, assuming housing prices stay strong in the near term, something economists expect will happen. That may be the only thing you can be sure about.

Mortgage, Best Home Loan, Home Loan

But finding the best type of mortgage for your situation can feel a little like finding the perfect ecru in a sea of beige.
It doesn't have to be that way. If you ask yourself the right questions, you at least can narrow your search to the best category of mortgage for which you need to comparison shop.

15-year versus 30-year debate

The first question you should ask is, "How much can I afford to pay on a monthly basis?" Keep in mind, your mortgage payment is only part of what you'll pay to live in your home. You also should budget for furniture, your house's upkeep and the general expenses of life (like, say, food).

A 30-year mortgage will have a lower monthly payment and a higher interest rate than a 15-year mortgage. So you'll have a smaller monthly obligation but you'll pay more for your house over time because you're paying it off with interest for a longer period.

Conversely, a 15-year mortgage will have a higher monthly payment and a lower interest rate so you'll pay less for your house because you're paying it off in a shorter period.

"For most home buyers, especially first-time buyers, taking a 15-year (or 20-year) mortgage is out of the question," said Keith Gumbinger, vice president for mortgage tracker HSH Associates. The higher monthly payments are often too much to handle for these types of buyers.

But for home buyers with sufficient income and a desire to be mortgage-free in a short time, a 15-year loan might be a good bet.
  • Fixed versus adjustable-rate conundrum
  • The second question you should ask is, "How long will you be in the house?" You probably can't answer with absolute certainty, but you can play the odds.
  • Say, for example, you're single and buying a small condo but you can easily envision yourself married; or you've just started a family and plan to expand it at some point. 

Chances are good you'll want to trade up to a new home in five to seven years. On the other hand, maybe you've had your family and want to settle into a place with a good school system, which your kids will be using for the next 12 years.

Whatever the answer, it will help you decide whether it makes sense to get a fixed-rate or an adjustable-rate mortgage (ARM).

A fixed-rate mortgage locks in a rate for the length of your loan.

ARMs, meanwhile, are short-term fixed-rate loans: After the fixed rate term is up, the rate adjusts at regular intervals in accordance with current interest rate conditions at that time. A 5/1 ARM, for example, has a fixed rate for five years and then adjusts every year for the next 25 years. (ARMs typically run on a 30-year schedule.)

By Jeanne Sahadi

Refinancing your mortgage? - Fine, but time it right - When you refinance your mortgage with another lender, you almost always pay at least a day or two of overlapping interest on both loans. No one is cheating you; it's simply the way the system works. Lenders try to shorten the period that you pay overlapping interest. They boil their policy down to one phrase: Don't fund on Fridays. There's more to it than that, though.

"This is a relatively simple issue," says Dick Lepre, a loan officer at RPM Mortgage in San Francisco. Then he digs into a complex explanation about why you should make sure your refinancing transaction is funded early in the week and not just before a holiday.

"You have to look at it from the point of view of your old lender and your new lender," Lepre says: Both lenders are entitled to earn interest from the day they lend the money until the day they receive final payment.

In a refinancing transaction, the new lender funds the loan by wiring money to the bank of the escrow agent or attorney who is responsible for disbursing the money. As soon as the new lender sends that money, the clock starts ticking and you pay interest.
The old lender doesn't get the payoff money immediately. Some states, including 

California, have "good funds" laws that require the escrow agent to sit on the money overnight. There might be paperwork to fill out at the title company and at the county recorder's office.

And, customarily, the escrow agent pays off the old loan by sending a cashier's check by overnight courier. The courier is cheaper and less of a hassle than wiring the money.
All the while, you're paying interest on both loans.

Days upon days

In an optimistic scenario, your new lender wires the money to the bank of the escrow agent on Monday. The escrow agent FedExes a cashier's check that day to the old lender, which receives it on Tuesday and stops charging interest. You paid overlapping interest only on Monday. Add another day if your state requires the money to sit in the bank overnight.

What if your loan is funded on a Friday? Perhaps the old lender gets the check on Monday, and you have paid overlapping interest on Friday, Saturday and Sunday.
Whether those two extra days are a big deal depends upon your perspective. If you borrowed $150,000 two years ago at 8.5 percent, you're paying about $33 a day in interest.

By Holden Lewis

Mortgage Loan 101 - How Much Mortgage Loan Debt is Right For You? - For generations investing in real estate, whether a home or commercial property has been a fairly safe investment. Most properties have held and even enjoyed small increases in value from one year to the next. An investment in real estate sometimes offered big financial returns, sometime small but usually always "safe" returns compared to other investments.
After the financial crisis of 2008, the world of real estate and mortgage lending has changed for the near future. Some property values have decreased up to double digits. Increased unemployment has spurred record numbers of foreclosures. There are still many people looking to buy new homes though. Whether downsizing, upgrading, relocating for jobs or just hoping to take advantage of lower interest rates, there are many people wondering, "What kind of mortgage loan debt would I qualify for?" Some potential homebuyers have their sights set on a home before they've been through a loan qualification process and this can sometimes lead to less than ideal financial decisions. It's fun to ride around and look, research and dream but it is important to take a look at what kind of mortgage you can pre-qualify for and even then to determine is that's really a number that you can live with comfortably. How Lenders Determine Mortgage Loan Affordability: Well there is the standard that has been used by most lenders for years which is called the 28/36 rule. This is still a very helpful tool as long as applicants keep in mind that under this new real estate and banking culture, things have changed a bit. Lenders may tweak these numbers a few points for added security. They may also ask to see a portfolio for collateral and many are requiring more money down. Of course all of this usually stands on an applicant having an average or above credit rating. What is the 28/36 rule? Mortgage payments as well as property taxes and insurance shouldn't total more than 28% of your gross pay. Yes, that's gross pay, as opposed to net pay. That's the first number. Monthly outflow including mortgage payments, property taxes, insurance and installment debt such as credit cards, student loans, personal loans or car loans the cannot equal more that 36% of your gross pay. That's the second number. Here's an example for a household with an income of $84,000. If a household making $84,000 a year also had $500.00 worth of monthly installment payments, they could qualify for a mortgage of around $1,960.00 bases on the 28/36 rule. Is the maximum mortgage loan best for you? Most applicants are ecstatic to find that they qualify for the loan amount desired but before you sign on the dotted line, ask yourself a few important questions. If I take on this mortgage loan will I still have money left over for... -- Paying off other debts? -- Saving for retirement? -- Saving for college tuition? -- Travel or vacations? Remember, a higher mortgage payment also means: -- Higher taxes -- Higher monthly maintenance -- High homeowner's insurance It's important to understand how a mortgage debt loan number is estimated but even if you qualify, you may not want to take advantage of the maximum amount of debt that you qualify for. Leaving some room for emergencies as well as pleasures can help you enjoy any home more. By Jonathan Kraft

Mortgage Help For Real Estate Investing - Help for real estate investing has arrived with the news from Fannie Mae changing the number of financed properties allowed. Previously, the maximum was 4 properties with mortgage financing allowed per borrower, and as of March 1st 2009, the maximum can be up to 10 properties with mortgages. The updated policy applies to individual or joint ownership of one to four unit residential properties.

Mortgage Financing, Mortgage, Real Estate, Investing Requirements, IRS

Real estate investors could play a key part in the housing recovery. The new opportunity to buy investment homes using conventional financing should help expedite the sale of foreclosure inventory that has been stymied by the requirement for investors to pay cash.

This new source of mortgage financing removes a large barrier to real estate investing, however, it does come with some conservative qualifying guidelines. Fannie Mae is primarily looking for experienced investors with high quality credit, and cash reserves.

Investing guideline requirements include the following:

o Purchase of a one unit investment property requires a 25% minimum down payment.
o Buying a two to four unit property requires a minimum down payment of 30%.
o A real estate investor must have a minimum credit score of 720 in order to qualify.
o The investor cannot have any mortgage delinquencies within the last 12 months.
o There cannot be any history of bankruptcy or foreclosure within the last seven years.
o Rental income documentation with two years of tax returns showing all rental property.
o 6 months reserves of principle, interest, taxes, insurance is needed for each property.
o A limited cash out refinance is available with a maximum of 70% loan to value.

Investors must complete and sign a 4506 form granting the mortgage lender permission to request copies of federal tax returns directly from the IRS. Prior to the loan closing, the lender must obtain the IRS copies of the tax returns or the transcript and validate the accuracy.

The policy change creates a positive move for the economy, although, stringent guidelines will narrow the field of qualified real estate investors, and leave many potential investors on the sideline. However, this situation may lead to a growth opportunity of real estate investing partnerships, groups, and clubs, which are designed to pool financial and credit resources to leverage the buying power of individual investors.

Potential investors with good credit and stable income could partner with others who have the necessary funds available. The details can be worked out to specify the level of involvement for each partner, distribution of money, and the process of handling the real estate transactions.

By R A Smith

Getting A Mortgage: 5 Steps For Ease And Success - Whether you are a potential home buyer, looking to find a home, of your own, or an existing homeowner, who seeks better terms, and/ or rate on your mortgage, it's important, to know a little more about the process of getting the best one, at the best terms, which fits your needs, priorities and situation. Since the vast majority of individuals, use a Mortgage loan, to pay for their house, I felt it might be helpful, to review, some things to consider, from the onset. With that in mind, this article will attempt to briefly examine and consider, 5 steps, you might wish to consider following, to ensure this often - tense, stressful process and period, becomes somewhat easier, and more successful.
Mortgage Loan, Mortgage, Home Buyer

1. Check, and fully review, your Credit Report: Especially in today's atmosphere and environment, where there is so much Identity Theft, it's smart to begin, by doing this. First, review the report for accuracy, etc. Then, look at the items, and report, the way the lending institution might. Begin, by looking at your debt - to - income ratio. The desirable maximum for this changes, periodically, but if you keep it to about one - third (maximum), you'll probably be somewhat safe. Prepare about 3 months, or more, before you begin the process, and pay - down, your debt. Do not wait to the last - minute to do so. If you can do this, a year or more before, ir's even better! Look at the report, and consider, whether, if you were the lender, would you consider you, to be a good risk?

2. Repair: One of the primary reasons to begin Step One, as far in advance, as possible, is to give you the opportunity, to make any necessary repairs, and to enhance your credit rating, as much as possible. Be careful to avoid requesting or taking out any new credit during this period, because doing so, might harm or reduce your credit score!

3. Patiently wait after steps one and two: Optimally, waiting a year, will get you the best results, but you should always wait, at least 3 or more months, after you've made your repairs and/ or fixes, and/ or paid - it - down, to best position yourself.

4. Stay away from any credit offers, etc, during this period: That offer you get in a retail store, which will give you, immediately, an extra discount on your purchase, is not harmless, but, rather, might negatively impact your overall credit. Keep your eyes on the target!

5. Be prepared for the down - payment: Most lenders will want to know where your down - payment, and other funds, come from. At least 3 or more months in advance, place your probable down - payment, in an account, you can clearly provide statements for, demonstrating your ownership, etc. Also, realize, most lenders seek borrowers, with a significant amount of other assets, etc.

A little bit of preparation, and paying attention to some relevant details, will generally make the process, go smoother and easier, and more successfully, If you really want and/ or need that mortgage, do, all you can to be prepared!

By Richard Brody

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