April 2018

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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


1. Is it the right move?

When conditions are right, financially and economically, you might be considering a refinance of your mortgage. Before you jump into what seems like a good idea, it's best to know exactly what the refinancing process is, and just what it entails. You should know that when you are going to refinance, it involves starting the loan application process right from the start, as if you are buying a new home. Will you be taking the loan with a new lender, setting up a new deal, or should you shop around and see what's on offer from other loan providers? The best person to lead you through what is now a veritable minefield of lenders, is your mortgage broker. They are far more up to date with what's on offer than if you spent hours scouring the internet looking for the best deals.

Mortgage, Mortgage refinance home, Mortgage Refinance

2. Why Refinance?

What are your reasons for refinancing? There could be a variety of reasons. Lower interest rates on offer? A difference of a point or two in the rate may seem small when you look at it, but that couple of points can save you thousands over the years because your repayments will go on for 15 to 30 years for a typical mortgage.

Another reason some may decide to refinance is to get a shorter term, which also saves thousands of dollars. For example, things have never looked rosier personally, and both you and your partner are working, and your income is higher. So, a change in your financial situation can be used to save money on higher monthly payments. Conversely, you might be after a lower monthly payment or have that fixed rate changed to a variable rate, or vice versa.

3. Refinancing Costs

There are some obvious things to look at when considering refinancing. One of the first things is the actual cost of refinancing. Look at the fees you will be paying and divide it by the months of your mortgage and see whether there is a saving as a result of the refinancing. Sometimes you are ahead straight away, other times you might have to work out when you will hit the break-even point.

4. Penalties

Are there any penalties in your mortgage terms and conditions that apply if you pay out the mortgage early? Lenders do NOT like mortgages paid out early. Remember, when you refinance, you are paying off one loan and applying for another completely new loan. Add any penalties to your total costs for refinancing and calculate that break-even point again. Be certain that you are not losing money overall when you refinance.

5. Your Equity

An important factor in this whole process is to work out the equity you have in your home. A negative equity is when you owe more on the home than what the house is worth. If you have been in your home for a number of years, the annual increase in your home's value will stand you in good stead. But if this is a refinance taken out after only a short time into your mortgage, price fluctuations may have worked against you. If your lender is offering less than the equity, you will not be able to get the refinance, unless, of course, you have the money to pay the difference. Current markets indicate an overall rise in prices, but there have been some downward movements as well over the year and that may have had a negative effect on your home's value.

See your Mortgage Advisor

With so many variables to look at with a refinance, you can get some quick answers by putting it into the lap of your Mortgage Choice advisor who probably got you the initial loan. With up to date calculators and current interest rates available from many lenders, you can get a fast answer to any refinance query.



By Lisa S

The FUMAH Options For Financing A Home - Most homeowners, need to rely on some sort of financial assistance, and/ or financing, in order to be able, to secure, the home, of their dreams, and needs. Since, for many, one's house, represents, their single - biggest, financial asset, it is important, to discuss, and evaluate, some of the relevant possibilities, in order to maintain all you options and alternatives. Especially, with the escalating prices of most real estate, few are able, to proceed, with, an all - cash, deal, so, we will attempt, in this article, to briefly examine, discuss, and consider, using the mnemonic approach, the FUMAH options for financing one's home.

Homeowners, Home Loan, Mortgage, Home Buyers, Adjustable Mortgage

1. Friends/ family: Depending on one's connections, and relationships, some home buyers, utilize the financial support, of friends, and/ or family members. This may be, in order to have the necessary funds, for the down - payment, etc, required by a lender, or, at times, may be the entire funding source.

2. Usual: The most usual form of financing used, is referred to as a Conventional Mortgage. This is, generally, a fixed - rate, combined with a term of the loan, of 30 - 40 years. Generally, one must put down, a down - payment, of 20%, plus certain other requirements of the lending institution. The advantage is, for the entire period of time of the loan, the homeowner knows, his monthly financial commitment, in terms of interest, and principal, repayment.

3. Modified: This form of financing, generally, is modified, in some ways, from the usual, or fixed - rate mortgages! Most often, the modification, is related to, the term of the loan, and, rather than 30 - 40 years, length, the length is shortened to 15 or 20 years. The advantage is, generally, a lower interest rate, paid, combined, with the total payments, significantly reduced. The challenge is, often, because there is a larger monthly payment, it is more difficult to qualify, for the same amount of the loan, while the advantage is, it gets paid off, more quickly!

4. Adjustable: Many use an adjustable mortgage, because, often, for the initial period (anywhere, usually, from one, to 7 - 10 years), the interest rate, is lower, and, thus, somewhat easier, to qualify for! For those, expecting to reside, in a specific home, for a shorter - period of time, this may be a great solution, also! Obviously, the disadvantage is, the unpredictability of the rate, after the initial period, expires!

5. Hybrid: Some combination of the components, of the types of financing, listed above, create, what might be referred to, as a hybrid form! This may, include, some modification of the length, term, etc.
Wise buyers understand and know, the best course of action, and alternatives/ options, involved, in financing one's home. Will you prepare, and proceed, in whatever manner, best serves your personal needs, and scenario?


By Richard Brody

How to Calculate Amortization - Amortization refers to a reduction in current debt by paying the same amount in each period (usually monthly). With amortization, debt payments consist of principal payments and interest payments. The principal is the outstanding loan balance. As more and more principal is paid, interest payments are reduced.

Home Loan Calculator Amortization, Home Loan, Calculator Amortization

Over time, the portion of interest payments per month will decrease and portion payments will increase. Amortization is usually encountered when making a mortgage or car loan, but, in amortization accounting also refers to the reduction of the value of intangible assets over time periodically.
Calculating Interest and Principal Loans in the First Month 

1. Collect information to calculate the amortization of the loan. You need the principal amount of the loan and the interest rate. To calculate the amortization, you need the terms of the loan and the amount of the payment per period. In this case, you will calculate the monthly amortization.
  • The principal amount of the loan is the outstanding balance of the current loan (Rp1,000,000,000).
  • Interest rate (6%) on the loan is the annual interest rate. You need to convert it into monthly interest rate.
  • Term of the loan is 360 months (30 years). Since the amortization is a monthly calculation, the unit year is changed to month.
  • The monthly payment amount is Rp5.999.500. The monthly payment amount remains the same, but the portion of principal and interest payments will change monthly.

2. Prepare a spreadsheet. This calculation will involve some moving parts and should be done on the paperwork as you need to include all relevant info in the title account column, for example: Principal, Interest Payment, Basic Payment, and Final Balance.
  •  The total number of lines under titles is 360 to record monthly payments.
  •  Working paper will make the calculation can be done quickly because if done correctly, the equation is only entered once (or twice, because you used the calculation of the previous month to complete all the next calculation).
  • If properly entered, simply pull the equation down and fill in the remaining cells to calculate the amortization throughout the loan term.
  • It might be better if you set aside a separate set of columns and include key loan variables (eg monthly payments, interest rates) because you will be able to see the impact of changes on all variables throughout the loan term.

3. Calculate the interest portion of the monthly payment in the first month. This calculation involves several steps. You will need to change your annual or quarterly annual rate to monthly. Monthly interest rate is used to calculate the interest per month.
  • An amortized loan, such as a mortgage or car, has a monthly payment terms. Therefore, you need to calculate the interest and principal portion of each payment each month.
  • Look for monthly interest rates. From the previous example, (annual interest rate of 6% divided by 12 = monthly interest rate of 0.005).
  •  Multiply principal with monthly interest rate: (Rp1,000,000,000 principal multiplied 0.005 = first month interest Rp5,000,000).

4. Calculate the portion of the principal payment in the first month. Subtract with the monthly payment amount with the corresponding month interest to calculate the portion of the principal payment.
  • Subtract the related monthly interest payments from monthly payments to receive principal payments: (payment Rp5.995.500 - interest Rp5,000,000 = principal payment of Rp995,500).
  • Since some principal has been paid, the interest on the principal will be reduced. Each month, the portion of the principal payments from monthly payments will increase.

5. Use the new principal at the end of the first month to calculate the amortization in the second month. Each time you calculate an amortization, you subtract the principal amount paid in the previous month.
  • Calculate the principal amount in the second month: (Principal Rp1,000,000,000 - principal payment of Rp995,500 = Rp99,904,500).
  • Calculate interest on the second month: (Principal Rp99.904.500 x 0.005 = Rp4.995.000).

6. Determine the basic payment in the second month. As calculated in the first month, interest in the related month is deducted from the total monthly payments. The remaining amount is the principal payment for the related month.
  • Calculate the basic payment in the second month: (Rp5.995.500.55 - Rp4.995.000 = Rp1.000.500).
  • The payment of principal in the second month (Rp1.000500) is larger than the first month (Rp995.500). Because the total principal balance is reduced monthly, the interest paid every month is also reduced so that the portion of interest payments on monthly payments is also reduced. In the first month the interest paid is $ 500. In the second month, the interest paid is only Rp4.995.000.
  • As the required interest payments are reduced, the portion of monthly payments increases.

                                                                           Helpful Hints

When Considering Refinancing:
  • Conduct some research. Learn what the trends are in your area (they differ from metro area to metro area) . Research some lenders and brokers and decide which might be best for you.
  • Do a "break even analysis": compare how much your expenses will be with the amount of money you will save due to lower monthly payments and a lower interest rate. If you stay in your house after the "break even period", or however long it takes for you to recoup your losses, then you will save money refinancing. There are many calculators on the web nowadays that will help you weigh all the factors involved, including time, taxes, insurance, and all the applicable fees.
  • Learn how to use an APR (annual percentage rate). It is designed to help you figure out what the true cost of the loan is so that the lender cannot, either intentionally or unintentionally, hide fees from you.
Helpful Hints, ARM program, Morgage, Home Loan

During the Loan Application Process :
  • Avoid any program that tacks on a penalty for advance monthly payments.
  • If choosing an ARM program, it might not be advantageous to pay discount points to buy down the interest rate. Instead, use the points to buy down the margin, that way you'll save money over the entire loan term.
  • Remember that due to the Federal Truth in Lending Law, the lender must disclose all fees to you. Be sure and get the fees up front and in writing, in a Good Faith Estimate. This will clarify all closing costs, as well as lock down your interest rate- make sure to specify the time period of the lock.
  • Be prompt with paperwork, as this will help your officer to process your documents faster.

For Closing:
  • Read everything thoroughly. Do not rush through the process- ask questions, be aware, and keep in contact with your loan officer.
  • Know the exact amount of money you will need to cover all the closing costs, as well as any extra information you might need.
  • Be aware of how much money is in your escrow account.
  • Remember that a lot of the closing fees are negotiable.

For other thoughts on closing, be sure to check out the FAQ's and the Closing sections.

                                                                    Avoidable Mistakes

When refinancing:
  • Not comparison shopping! You don't want to assume that your current mortgage lender has the best rates. They already have your business- where is the incentive to provide you with competitive prices?
  • Not completing a break-even analysis. This is a major tool to help you decide whether the benefits will outweigh the costs.
  • Not getting a Good Faith Estimate. This estimate is vitally important-not only will it tell you exactly what your rate is and what your closing costs are, but it will make sure the lender abides by them. Know that your lender is, by law, required to provide the estimate within three days of your completed loan application.
  • Not reading all documentation carefully before you sign. Please never sign a document without reading through it thoroughly; and if you don' t understand something- ask! Chances are, you will not get another opportunity, and you don't want any surprises concerning your mortgage payments.
  • Assuming that your lender will disclose all pertinent information to you. Under the Truth in Lending law, lenders are required to disclose certain things, but not others, such as whether or not your mortgage comes with a pre-payment penalty. Be sure and ask: if your mortgage does come with a penalty then try to get as low a fee as possible. Also, your GFE is just that- an estimate. Make sure to get the total lender fees and closing costs in writing, and have your lender sign it. This is protection against out of control fees at closing.
  • Not locking down the interest rate, or failing to get the locked rate in writing. Until you “lock” your interest rate with your lender, it will be “floating” and that means it can increase during your negotiations and during the application process. It can also decrease, but the important thing is to lock the rate when you feel it is the right time, and make sure to get it in writing. If you have an ARM, get the margin in writing as well.
Avoidable Mistakes, Current Mortgage Lender, Mortgage, Home Loans
When Buying a Home:
  • Not getting pre-approved first. Don't confuse pre-qualification with pre-approval. Pre-qualification is a much shorter process, where the loan officer uses certain underwriting tactics to analyze how much of a mortgage you can afford to pay. Generally, there is no fee for pre-qualification. Pre-approval is a much more in-depth process, where the lender does at least a cursory check of your credit, income, assets, and occupation. Most realtors will not work with a buyer unless they are pre-approved, or at least pre-qualified, and it gives the buyer leverage when negotiating with the seller.
  • Choosing a lender based on someone else's recommendations, especially your Realtor. Unless the person is a financial expert and works in the field, do not pick a lender completely based upon someone else's opinion. Do your own fieldwork.
  • Not getting agreements in writing. This cannot be emphasized enough: any verbal agreements are overridden by those within the contract. The basic rule of thumb is that if it's not in writing, it doesn't exist.
  • Buying a home without having independent inspections done. Would you buy a used car without having a mechanic inspect it first? Offer to pay for a series of independent inspections, including termite, roof, heating ducts, plumbing, and gas.

Make sure to read up on what questions to ask the seller when considering a New Home Purchase, and how to make the most of your home's equity with a Home Equity Loan.

                                                                            FAQ's Cont'd
  • What is mortgage insurance and how do I get it?
Mortgage insurance is a safety precaution lenders use to insure against default. Normally, you need only worry about this type of insurance if your down payment is less than 20% of the value of your home. If the borrower cannot pay back the loan amount then the lender has the option to foreclose and then file a claim with the insurance company to recoup its losses. It should not be confused with mortgage life or hazard insurance.

FAQ's Cont'd, Closing, FAQs Mortgage, Home Equity Loans, Real Estate Settlement Procedures Act, Refinancing, RESPA

Private mortgage insurance, or PMI as it is often called, is paid by the customer in annual installments or monthly or single premiums. The customer chooses the PMI company with information either supplied by the lender or by independent research, with the first insurance premium is collected upon closing.

The benefits are: increased buying power, less money down, and a shorter time wait for perhaps a more expensive house. NOTE: please be careful when buying PMI. Some of the agents selling this type of insurance are inexperienced or just plain unknowledgeable when it comes to finding out if you qualify for the plan. Some plans have very specific stipulations attached- just make sure you are aware of all of them.
  • When buying a new home, what is the best way to time it so that I'm not carrying two mortgages?
The best way to accomplish this would be to have your home sold before you buy your new one, but to arrange the closing dates so that your closing date on your old home is after the closing date of the new home. This gives you a place to stay during proceedings.

Your new lender will want to see your Sale of Purchase for your old home- this is the guarantee that the old mortgage will be paid off. For some more great advice, visit our Helpful Hints page or our Helpful Information page.

                                                                             FAQ ’ s
  • What is the difference between a refinance and a second mortgage? Which one should I choose?
A home equity loan, often called a second mortgage, is borrowing against the equity in your home with a new loan, on top of the mortgage loan you already have. Refinancing is when you renegotiate the term or type of mortgage plan you currently have by trading in your old loan for a new one. You can also refinance your first and second mortgages in order to combine your monthly payments.

FAQs Mortgage, Home Equity Loans, Refinancing, Closing, Real Estate Settlement Procedures Act

Refinancing is useful if interest rates have dropped below your current rate and if you plan on staying in your house for longer than 3-5 years. If you switch the loan term, from say a 30 year to a 15 year, you would save thousands of dollars in interest, and would build the equity in your home faster. Home Equity loans on the other hand, are a good choice if you only plan on being in the home for less than three years, or you are trying to finance a home improvement project and need a large amount of cash for it.
  •  What can I expect at Closing? What are all the costs involved?
During closing you should expect to pay processing fees, a loan origination fee, underwriting, property taxes, insurance (title, hazard, and/or mortgage), prepaid interest or discount points, an escrow account deposit, and administration costs (recording fees, notary fees, etc.). The average range of closing cost fees can run anywhere from $800-$3,000. One trick is to look for the plans that come with the fees bundled together. Not many companies offer this option, but some realize that it is a great selling point.

Your protection under RESPA, or the Real Estate Settlement Procedures Act, requires the lender to provide you with an itemized statement of all closing costs. So you should be prepared for every cost, no matter how small, before the closing date. And you in turn should receive: a mortgage note, deed of trust, a truth-in-lending statement, a settlement statement, and a binding sales contract reviewed in advance by your lawyer (if buying a new home).


                                                                 MORE FAQ'S

Closing - Whether refinancing a current loan or obtaining a new loan, there are a substantial amount of fees involved, including: processing fees, attorney fees, appraisal fees, title and closing costs, and certain kinds of taxes. One thing the borrower should definitely be aware of is that most closing fees are negotiable in some manner. The most important tips to avoid paying these costs are: question every fee and pay attention to your Good Faith Estimate.

Refinancing, type of application fee, Mortgage Lenders, Closing,  Closing Costs Attached, Closing Cost of Mortgages, Mortgage Closing Statement

For example, most mortgage lenders charge some type of application fee. This is typically to cover cost of the appraisal and to obtain a mortgage credit report. Remember that, by law, you are entitled to copies of both. Make sure that your application fee is being applied towards these two costs, and question anything else, especially if it seems excessive.

Fees to refuse paying for:

Underwriting fees, wire transfer fees, funding fees, or processing fees are all types of fees that you should consider not paying. These represent costs for the lender masquerading as closing costs for the borrower. Be especially careful with Mortgage Brokers and don't let them pass their overhead fees off onto you.

Points:

There is another way to avoid paying an exceeding amount upon closing, and that has to do with points. Points are a fee equal to 1% of the total borrowed amount. Points can be added or subtracted to your loan, so if you decide you do not want to pay any closing fees, you can have the closing costs attached to your new loan in the way of points. This is called a limited cash out mortgage. If you have reduced your interest rate, reduced your loan amount, and shortened your loan term, than you could choose this option and still come out ahead.

On the other hand, you could choose to pay discount points in order to lower the overall amount of the loan, and in doing so, lower the monthly payment. Discount points are actually pre-paid payments, with each point reducing your interest rate. For example, a 30 year loan would be reduced by 0.125% by each discount point. This option works well if you have some extra cash upon closing. Points are also tax deductible.

Your Escrow Account:

Your escrow account is in place to ensure payment for such things as insurance and taxes, and your lender will normally require a deposit during closing. Most escrow accounts should have a "cushion" or an amount of money over the amount that is really needed, but according to HUD, it should never exceed two months worth of payments at the account's lowest point during the year. In order to figure this out, know your taxes and insurance premium payments. This way, you'll know as well if there have been any erroneous transactions (late payments, overcharging, etc.)

To find out exactly what costs are included in closing, visit our FAQ's page.

Credit - Your lender uses many tactics to assess credit: your credit report, credit score, credit grade, credit inquiries, credit profile, and other factors such as savings account balances, or monthly debt compared to your combined monthly income.

Credit Report, Credit Inquiries, Credit Score, Credit Profile, Credit Grade, Home Loan, Mortgage

Credit Report: This is a detailed report of your credit history that is designed to provide potential lenders with information, helping you to use checks, obtain debit and credit cards, and to secure loans. There are many credit reporting agencies across the country, and personal inquiries are usually free. And by the Fair Credit Reporting Act, if you are turned down for a loan, you are entitled to a free copy. Added protection is afforded the borrower under the Equal Credit Opportunity Act, which says that a lender cannot discriminate by matter of sex, race, nationality, or gender. In cases of a rejection, they must provide a detailed account of the reason or reasons.

Credit Inquiries: Keep in mind that every time you or potential lenders make an inquiry into your credit history, it is recorded on your credit report and can possibly make it harder to obtain a loan or credit in the future.

Credit Score: Creditors score your credit based upon a complex scoring model that varies from lender to lender. By far the most popular is the FICO system, developed by Fair, Isaac and Co. This credit evaluating system was created to give uniformity to the evaluations of creditors, and has been accepted by the Federal Trade Commission. It considers numerous factors when evaluating a potential borrower ’ s credit: the length of established credit, the amount and frequency of late payments, history of employment, negative credit (bankruptcy, collections, etc.), length of residence, and the amount of credit used versus the amount of credit available. There are scores assigned to the different bits of information, which when inputted into mathematical tables, allow the creditor to analyze the inherent credit risk involved. The average FICO score is usually between 620 and 660.

Credit Profile: A detailed compilation of all the creditors that have extended credit to you, it records when and how long your accounts were opened, tracks your late payments, and inquiries to obtain new credit. It is a basic record of how you have handled your financial responsibilities and whether you have paid back other loans in a timely fashion.

Credit Grade: Lenders grade potential borrowers based on a number of specific factors. Credit is obviously a big factor and it is divided into three sections: consumer credit, mortgage credit, and public record. Consumer credit has to do with bills and credit cards, while mortgage credit weighs your past and current mortgage payments. Serious credit problems such as foreclosures or bankruptcy fall under the public record section; with every serious credit problem, the credit grade drops accordingly. Next, they consider debt ratio, which is computed by dividing the total monthly debts by the monthly income. The credit grade will be higher if the debt ratio is low.

Next, they look at the loan-to-value ratio, or the LTV. This is the ratio of the borrowed amount compared to the market value of the home. Generally speaking, the higher the credit grade, the less stringent lenders are about the LTV ratio, which is how much you can borrow compared with how much your house is worth. Finally, the credit score (such as the FICO score) is factored in, and then the customer is given a grade. The highest grades (A or A+) are given the best interest rates.

In order to find out exactly what documentation you need for the loan application, please visit the Loan Process page.

                                                              Mortgage Companies

There are a few mortgage companies that are well known across the country for dealing honestly with their customers, as well as providing resources that offer the borrower individualized help. Some of these companies include:

Mortgage Companies, Mortgage, Home Loans


JP Morgan Chase & Co.: Though this company is large, individual branches such as the Chase Manhattan branch offer custom mortgage plans as well providing valuable information about buying real estate. With clients numbering over 30 million in the United States alone, the Morgan and Chase Co. has climbed to the pinnacle of success by helping their clients to formulate mortgage plans specifically tailored to their needs. To learn more, visit: www.Chase.com.

Countrywide Home Loans, Inc: As the country's leader in the home loan industry, Countrywide offers a variety of loans, up to 2 million dollars for qualified customers. The company is also the greatest independent residential mortgage lender, and so will be of great assistance if you are a first time buyer, helping you navigate the pitfalls of the real estate market. To browse through some average rates and payment plans, please visit the Countrywide Home Loans, Inc. website at: www.countrywide.com

National City Mortgage: The quality service of this once-small mortgage company has ensured its growth since its founding in 1955. By the year 2002, it was ranked the 7th largest mortgage originator in the nation. Representing clients with mortgages totaling in the area of 1,122, 46, National City Mortgage has over 300 offices throughout the United States. For more information on plans that might be right for you, visit www.NationalCityMortgage.com.

GMAC Mortgage: This is one of the subsidiaries of General Motors Acceptance Corporation, or GMAC, one of the largest companies for financial services in the world. They offer a wide variety of home loan options for every type of borrower, from the experienced to the first time home buyer. To discover what GMAC Mortgage has to offer, please visit: www.gmacmortgage.com

Ameriquest Mortgage: Ameriquest began as Long Beach Savings and Loan in 1980, and has served their clients with all of their mortgage and refinancing needs for more than 20 years. In this relatively short amount of time, Ameriquest has leant home owners billions of dollars in mortgage home loans and is a non-supervised mortgagor of the U.S. Department of Housing and Urban Development. With over 250 offices throughout the country, they have highly competitive rates and their loans are easier to qualify for than most. For more information, please visit www.ameriquestmortgage.com.


Buying a home, securing a first home loan, or refinancing your current loan can be daunting, especially because you have to be on your guard at all times or someone will take advantage of you. There are a lot of predators out there who solely look to prey on the unsuspecting and the inexperienced, so arm yourself appropriately. For example, when dealing with brokers, you would be wise to choose an Upfront Broker (UMB) because all of their fees are disclosed at the very beginning in a commitment that establishes services and charges up front.

Helpful Information, Home loan, Mortgage, Buying A Home

If your broker is not a UMB, then he or she can be converted to one for the duration of your transaction. Draw up a letter specifying the parameters of your partnership and then have the UMB sign and date it. Most UMB's will be fine dealing with you in such a manner, and if they are not, that tells you more than enough in and of itself.

Your letter should include:
  • A statement that the broker will be the customer's agent, and work on their behalf to try and obtain the best possible mortgage plan and interest rate to fit the customer' s needs.
  • Fees delineated up front, including how the UMB's fee will be paid (percent of loan, hourly charge, fixed dollar amount, etc.) The price should include loan processing and should cover all of the UMB's fees.
  • Known payments to third parties, with any credit due given directly to the customer.
  • A confirmation that the UMB will lock the rate when specified by the customer and will provide them with a copy of the commitment letter from the lender.
  • A statement concerning the disclosure of the lender's wholesale prices to the borrower.

For more helpful information, see Avoidable Mistakes and Helpful Hints.

                                                          Direct Lenders vs. Brokers

Direct lenders are financial institutions that will control the entire loan process, from the initial appointment to the application process, to closing. They will directly provide you with the borrowed funds. Brokers, on the other hand, are independent parties who will shop to mortgage companies and other lenders for you. There are distinct advantages and disadvantages of both.

Direct Lenders vs. Brokers, Home Loans, Mortgage

Advantages of dealing with a broker:
  • Brokers may seem like a more expensive option, but they do most of the loan paperwork themselves and so in return they get discounted prices from the mortgage companies. This wholesale rate is passed directly onto you in the form of an interest rate that can typically be from 3-8% lower then the standard rate offered by direct lenders.
  • Brokers are in constant contact with a list of lenders that the average home buyer would not know about, including out-of-state lenders licensed in other states. They might be able to connect you with a company that otherwise you would never have known about. The variety of lenders ensures a wide variety of mortgage loans as well.
  • They are highly knowledgeable as specialists in their field, and as your agent, they are usually highly motivated to see your loan approved.

Disadvantages:
  • Brokers charge fees that can be quite pricey, and during the initial interview might tell you of an “ implicit ” service fee which they are not beholden to. They can later drum up added charges in a hundred different ways. Protect yourself and get the fee and other terms in writing in a mortgage broker commitment. Common information to include is the type of loan, the amount, the term, the lock period of your interest rate, a detailed account of all fees (including the broker fee, the origination fee, the application fee, etc.), the points, and the dollar amount of the appraisal and the credit report. This will turn the broker into your agent and cut out the markup that they would normally tack onto the wholesale prices from the lender. The previously agreed upon broker fee, as well as a separate processing fee, should be outlined in the agreement.
  • One risk in employing a mortgage broker is that any mistakes they make are mistakes that you have to live with. A mistake made by a loan officer of a direct lender will often be resolved or corrected, but not so with a broker, who is an independent party.

Direct lenders might quote higher interest rates to you, but you don't have to pay the broker' s fee. The savings then for the borrower is the difference of wholesale prices to retail prices plus the savings from better market shopping by the broker. If your broker fee is less than your savings, then you would save money by dealing with a broker. A smart decision would be to go to an Upfront Mortgage Broker (UMB), instead of the traditional mortgage broker.

Loan Application - Whichever lender you have decided to go with, the application form will likely be very similar: a detailed report of your personal finances, your debts, your assets, and your credit. All of this information is to help the lender determine what the amount of risk involved in giving you the loan.

Loan Application, Mortgage Loan Process, Loan Process, Home Loan, Mortgage

The two most crucial factors in this decision are: 
1. your willingness to pay, and 
2. your ability to pay. Your ability to pay back the loan is calculated by factoring length of employment, salary amount, and any outstanding debts. The loan officer determines your willingness to pay by asking you very specific questions, such as what you are planning to do with the property (if buying a new home), and by looking at your bill payment history. Basically, the longer your current employment, the better it will look to the lender, along with steady, punctual utility and credit card payments.

Most lenders use what is called the Uniform Residential Loan Application Form, which is divided into six sections: personal information, income, assets, credit information, property information, and debts.

Personal information may include a social security number, marital status, number of dependents, extent of education, current and previous addresses, occupation, and detailed employment information. Your income verification will include all sources of monthly income, including: bonuses, overtime, commission, retirement, interest, dividends, and any other outside sources. Assets include any paid automobiles, rental properties, homes, bank accounts, stocks, bonds, life insurance policies, etc.

Credit is perhaps the single most complicated and potentially damaging aspect of an assessment. One of the big mistakes that people make is not checking your credit before you apply for the loan. That way, if there are any mistakes or any outstanding debts you were not aware of, you can take care of them beforehand. Be realistic about your credit history. If you have a poor track record for paying bills on time and no balancing factors such as timely car or mortgage payments, then you might want to consider what is commonly called a “bad credit mortgage ” . Other high-risk borrowers, according to the lenders, are those who are self-employed (who cannot provide documented, auditable accounts) or who have moved repeatedly within the last five years.

Your verifiable property information should include (if applicable), the type of property, a copy of the purchase contract, the address of the property, and perhaps a copy of the down payment made to the seller. Debts include expenses such as child support or alimony, or outstanding loans or bills, including any liens, mortgages, car loans, credit card bills, school loans, etc.

For more information on understanding credit, visit our credit page.

The Mortgage Loan Process - The process for applying for a mortgage loan can be broken down into distinct steps.

Mortgage Loan Process, Loan Process, Mortgage Loan Programs, Mortgage Loan Programs Cont'd, Home Loan
  • Conduct research. Comparison shopping is the most important groundwork you can do. Find out which mortgage loan program would be the best for you, what the average interest rates are in your area (they differ from place to place), how much of a mortgage you can afford (should not be more than 29% of your gross monthly income), and what your mortgage payments are likely to be. With every scenario and every different lender, obtain a Good Faith Estimate. Make sure that you try all different types of financial institutions, such as credit unions, mortgage banks, independent lenders, and so on.
  • Pre-qualification/ Pre-approval. This step is crucial for those looking to buy a new home. Most good brokers will not work with a buyer unless they are pre-approved, and being pre-approved works in the buyer's favor because they are usually given precedence over other buyers. Pre-qualification is the small step before pre-approval, is usually free, and most times can be done over the internet. It is a quick assessment done by general underwriting methods, but without a credit inquiry. The pre-approval is a more in-depth assessment, where most of the application is completed and all that is left is the appraisal (if buying a house) and the final approval.
  • Completion of Application. The application itself involves a huge amount of paperwork. Be prepared to bring all of the documents required of you, including but not limited to: pay stubs, tax forms including W-2's and tax returns, social security checks or proof of any other type of income, bank account numbers, account statements for the past 4 months, bank branch information, lists of stocks, bonds, and other investments, titles of vehicles that are free and clear, all and every type of bill or debt incurred (including credit cards, automobile loans, furniture loans, student loans, etc.), plus copies of any current mortgages and the purchase contract of your new home if buying.
  • Approval. The approval can take anywhere from two weeks to a month and a half, depending on how timely you are in providing your loan officer with the correct documentation, and how motivated they are to see your case go through (they have many, many such cases). If you are a buyer, the appraisal for your new home is set and the house inspected. Then the loan is approved and the documents are signed, and you receive your funds usually within a week. After three days, your lender is required by law to send you an estimate of your mortgage payments, your interest rate, and your closing costs. During the whole process, make sure to keep in close contact with your loan officer.

For more information on the application form it self, please visit our loan application page.

Useful Tips To Help You Shop for a Home Loan To Save MoneyMost consumers want to know which housing loan is the best in town. Unfortunately, that is the wrong question to ask.

There are more than 100 housing loan packages in the market and what is best for one person might not necessarily be the best for you. Each package has different features that are suitable for different needs.

Home Loan, Mortgage, Mortgage Broker

Thus, a more appropriate question to ask is what are the factors that you should consider in choosing a housing loan? Here are some things you should note before signing on the dotted line for a home loan.

Pre-approval: Before you close a deal to buy a property, it is advisable for you to first get pre-approved for a bank loan.

With the setting up of the Credit Bureau in 2002, banks can now check your repayment history of loans and credit cards taken up with other banks. Were you late in paying instalments? Have you ever been sued? If the answer is yes, banks may not approve your loan application or they might approve a lower loan quantum. This could jeopardise your purchase of a property, and you might even have to forfeit the option money you paid.

Loan duration: A minimum loan duration is five years and the maximum 30 or 35 years, or till you are 65 or 70 years old, whichever is lower.

One way to decide on loan duration is to time the loan duration to match your intended retirement age. So, if you plan to retire by age 60, you should ensure the loan is fully paid up before you reach 60, rather than stretch it till you're 65.

Floating or fixed: If you think interest rates have peaked and are likely to go down, you might want a floating rather than a fixed rate package.

However, if you're worried about the possibility of banks revising interest rates upwards, you might want a package which fixes the interest rate for the next one to three years instead. It might not make sense to fix rates for more than three years since the lock-in period for most packages ends after three years. You can always shop around for a better package after that.

Flexibility of repayments: If you intend to make a lump sum repayment within the next one to three years, you should look for a package that offers you the flexibility to make such repayments without penalty. Some packages impose a penalty fee of up to 1.5 per cent of any lump sum repayment you make.

Transparency of rates: If you want to know the exact basis for the interest rates charged on the housing loan, you can consider loans pegged to interest rates that are publicly available, such as the three-month Singapore Inter-bank Offer rate (Sibor) or Swap Offer Rate (SOR) which move according to market conditions.

Basically, a home buyer pays an agreed percentage above the variable SOR for a specified period. You might want to consider such a package if transparency is a key issue for you and you are of the view that Sibor or SOR rates are falling rather than rising.

Penalties: Ask if any penalty will be imposed if you make a full redemption of your loan and how long the penalty period is. Currently, there are some housing loan packages with zero penalty period, while most loans typically have a penalty period of one to three years.

Interest-only: If you are a high income earner and in high tax bracket, choosing an interest-only mortgage might make sense. You benefit through savings in income tax as the interest portion of loan instalments for investment properties is tax-deductible.

This package also works well for short-term investors. By paying back only the interest, investors would benefit from lower cash outflow until they sell the property. As a result, they may be able to invest in two properties instead of one.

Interest-offset: If you have substantial cash you might want to consider an interest-offset mortgage instead. This basically links your current account to your home loan. The interest earned in your current account is the same rate as that charged on your home loan. By offsetting the interest earned on your current account against your home loan interest, you can enjoy big savings - in time and money.

Every dollar you put into this current account would have same effect as making a partial repayment of your loan, but give you the added flexibility of drawing down the cash in the current account if you need to. Whereas if you do a lump sum prepayment, the cash is 'locked' in the property and you lose liquidity. Thus, an interest offset package enables you to pay a lower effective rate of interest on your housing loan so that a bigger portion of your monthly instalment goes toward reducing the principal. This allows you to pay off your loan sooner and pay less in interest.

Promotions: Sometimes, banks might offer special promotional packages. If you engage the services of a mortgage broker, he would be able to provide you updated information on such promotions which could translate to additional interest savings for you.

Why better to apply loan through a Competent Mortgage Broker? In the past, when consumers shopped for home loans, they had to contact each bank individually to gather information. This a tedious process that takes up a lot of time. In the last few years, with the emergence of independent mortgage brokers in Singapore, home loan shopping and comparison have been made easier.

Basically, an independent mortgage broker who knows your requirements can help you zoom in on the most attractive home loan packages. You typically do not have to pay for the service of a mortgage broker as banks pay them a fee as they also help banks save on staff costs and resources.

In more advanced countries such as the US and Australia, people usually apply for home loans through a mortgage broker rather than go to the bank directly. In Singapore, many people are still unaware of the services and benefits of engaging a mortgage broker, but things are likely to change with public education and increasing awareness.


By Dennis K W Ng


Charleston, SC -- Home Improvement Loan Pros, a renowned firm for home improvement loans and financing, is now providing home improvement loans at the most attractive interest rates. Since its inception, the company has been actively helping people obtain hassle-free loans within the minimum time frame. They provide excellent home loan programs to clients even if they have a bad credit score. They combine their helpful tools; credit and loan based resources, advanced processing software and secure automated underwriting systems to make the process as effective as possible. The company provides home improvement loans for gutter helmets, gutter covers, handyman services, hard wood floors, heating & air conditioning, heat pumps, historic restoration, screened porch, siding and many others.

Home Loan Improvement, Loan Zone

Home Improvement Loan Pros is a renowned home improvement loans and financing company for providing home improvement loans at the best interest rates. They have a team of experts who can assist their customers in choosing the best option available. To meet the varied home renovation needs of their customers, they have designed a variety of home loans programs. Meeting the highest quality standards, availing loans from Home Improvement Loan Pros is advisable for those who want to upgrade their existing home.

Talking more about the home improvement loans, one of the representatives of the company stated, "We use the most advanced technology available to help find you the best loan option in the market. We combine the use of the our helpful tools, credit and loan based resources , advanced processing software and secure automated underwriting systems to make the process as efficient as possible. You won't find a more comprehensive solution anywhere else."

About Home Improvement Loan ProsLocated in Charleston, SC, AMS Financial Solutions specializes in home improvement financing and assists their clients in procuring the best loan for their project. With over 50 combined years of home improvement experience, the company has helped over 100,000 customers obtain financing for their home projects. The company has also served as a trusted partner to over 50,000 home improvement contractors and helps their clients with home improvement financing.

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