Posts Tagged ‘mortgages’

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Do You Have a Heat Pump?

Tuesday, January 17th, 2012

In these tough economic times, everyone is looking to save some money wherever they can. Additionally, most people are looking for ways to go green as well. Fortunately there are plenty of ways to go green and save some green as well. One of the biggest ways to do so is to make some environmental changes to your home. Here are a few.

In the right climate a heat pump is a great way to save money. Rather than use an expensive furnace or A/C, a heat pump transfers energy between the inside and outside. So on a cold day it takes energy from outside (heat) and pumps it inside and vice versa on warm days. If you live in the cold north or hot south, forget about it, but many parts of the country can really benefit from this energy efficient device.

Do you know about tankless water heaters? They are another great way to save money on energy bills. A standard water heater takes constant energy to keep its surplus water hot whereas as a tankless system only heats water as it is needed, that way it is not constantly using energy.

Natural daylight is is one of the best ways to save on energy and lighting. Natural sunlight is free but sadly many homes don’t take advantage of it. Installing skylights is a great way to go. Large, bay windows let in a lot of light and can look very cosmetically pleasing as well. North or South facing windows are the best for sunlight as east or west facing windows only catch a little sun.

Most everyone uses energy efficient light bulbs. Do you know that lighting alone can cost you about 10% of you electric bill, and the older bulbs can eat away electricity. Energy efficient bulbs can reduce this use by 50%-70%! They may cost a little more upfront but they save money and electricity in the end. They tend to last longer than normal bulbs as well. For a great home loan try FHA home loans today.

Water conservation is a huge issue, especially in the Southwest. Not only is saving water wise, but it will also save you money on lowered utilities. Design your yard with regional plants and greenery that will thrive in your climate. Don’t plant grass that requires a lot of water if you live in a dry climate. While it may not seem as pretty at first, a well-kept garden of cactus, wild grasses and scrub brushes can really add a rustic, native feel to your home.

Most lawnmowers are being switched to mulching blades. Rather than have the clippings be bagged and thrown away, mulching blades cut the thee grass clippings into tiny particles that get deposited back onto the lawn. This acts as a fertilizer to renew your growth. It also acts as a barrier to keep moisture from escaping and drying out your lawn, thus reducing the need for more water. It will save time on bagging and raking.

It doesn’t take much to make a big difference in the environment and you your wallet. You will be glad you did.

Take advantage of historic low rates at mortgage rates while they last.

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Motley Fool: Who Or What Is It?

Monday, December 19th, 2011

The Motley Fool is the name of a financial website that started in 1993, although it is now a lot more. From its early origin as the idea of two brothers in Virginia, the Motley Fool has developed into a multimedia financial services company which gets its point out via its web sites in the USA, the UK and Australia; books, newspaper articles, TV appearances and newsletters.

The publicity on their website says that the firm took its name from Shakespeare, who said that the king’s fools were allowed to tell him anything without fear of being beheaded, as long as it was in an amusing manner. The Motley Fool may have lost its head.

For while their personal investing advice is as helpful as anything else you will perhaps read anywhere, the comedy can become a bit tortured.

However, the advice is sound and the structure of the site with its discussion boards leads to many exciting, topical debates by knowledgeable (and much less well-informed) investors all keen to put in their two penn’orth.

There is info on most aspects of personal finance on the web site, ranging from loans to investments like stocks, shares, bonds and savings funds.

The web site is full of with hints and tips on how to make and invest money. You will find recommendations on things like finance software, dividends, stocks, and how much you should become saving from your monthly salary.

There are regular features on other aspects as well like which is the best electric or gas company, getting out of debt and credit repair. Another feature is their interest in stocks, shares and mutual funds.

The team at Motley Fool are managing a ‘million dollar portfolio’ of their own real money on line and members of the website are permitted to watch, discuss and duplicate each transaction.

Just a limited number of individuals are permitted in at any one time, so you may find this feature closed to you, but you can put your name down to be told if a space comes up.

In the meanwhile, you could become a member of one of the CAPS Contests which mock up gambling on the stock exchange with imaginary money in mock portfolios. That is, you play with make-believe money, but the prizes are real enough.

These contests are immense fun and the best fashion of being able to learn about the stock exchange and market movements without it ruining you.

All in all, it worth adding the Motley Fool to your list of Financial Favourites because there is such a lot of free financial knowledge there which seems to come from the heart of the managing, owner brothers and their colleagues. Sure, they get commissions on everything and attempt to sell a pro version of the web site, but there is still loads of free info there too.

One word of warning though: whilst the financial advice and suggested links are fairly good, do not go there expecting to have a belly laugh, because the comedy wears rather thin after around five minutes.

Owen Jones, the writer of this article, writes on a variety of subjects, but is now involved with Motley Fool. If you would like to know more, please go to our website at Mutual Funds

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Obtaining Cash Through Non-Traditional Lenders When Banks Will Not Lend

Friday, December 2nd, 2011

In this day of economic upheaval where traditional commercial and lending institutions have tightened their lending requirements, and now take longer to come to a decision on whether they are going to supply money for a particular project, there is till a possibility to receive funds for investment purpose from people involved in hard money lending.

These people have been around for a very long time and generally focus on supporting real estate transactions in the area where they reside. They can supply funds to help someone obtain a piece of property that the traditional banking companies now steer away from, because they may be worried about the credit worthiness of the person asking for money, or they do not feel comfortable with the value or type of transaction taking place.

Other times, the sale has to be completed quickly in order to receive a good price, and normal banks simply take too long to come to a decision. The buyer knows he must move fast and will search other opportunities to get the cash he needs quickly.

When situation like these arise, some people will seek out local local investors, who specialize in putting together short term lending opportunities, and see if they would be interested in providing cash for them to complete the real estate deal. If the investors feel the opportunity, then they will often supply the funding needing.

One of the situations that occurs with great frequency now a days is the short sale transaction. Essentially, the original mortgage holder allows the person who had owned the property to sell it at below full value and less than what the mortgage amount is worth. The one seeking to buy it knows that this has to happen fast or they will lose the opportunity to gain control over the piece of real estate. The people lending the money in the new transaction places a value on the property. They will lend a certain amount and no more.

The people supplying the bulk of the money will want to get it back as quickly as possible and will charge an interest rate that makes it beneficial for the new owner to pay it off. They will normally charge anywhere from 10 percent up to 15 percent, and they often only allow terms of repayment to last for only six years at most.

Another factor that helps the one needing funds is that their credit worthiness is not a consideration when deciding to lend the funds. The lenders will focus strictly on the value of the property and supply funds to cover only a certain percentage of the value. This way if the person defaults, then they have a built in margin to recover their investment if they have to foreclose on the property and sell it. Usually they will only supply up to 70 percent of the value.

These types of non-traditional lending sources means that people can still find funds in a tight financial market to complete real estate deals. Without hard money lending, this might not happen otherwise.

A lot more information can be discovered on the subject of commercial loans by going to the author’s blog.

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Ways Alternate Loans Can Help Individuals Secure Loans

Monday, November 28th, 2011

Corporate borrowers generally need to have liquidity but may well not meet the criteria for regular real-estate loans. Loans that are collateralized by home collateral are called hard money loans. A money lender is and person or business that grants these loans They’re happy to write a cheque immediately to the borrower once she or he is examined for credit risk.

Because the chance of default is much higher, hard money lenders charge higher rates of interest, and they’re the last collateralized lenders to get their money in a bankruptcy filing. Hard money loans are usually provided for just two thirds of the property’s appraised value in repaired condition. The borrowed funds contracts are written for short durations (sometimes called called bridge loans) while the property owner works out a more permanent financing situation or resolves the financial distress that prevents them from securing other financing. So more of these types of loan agreements end up in court to be contested if the borrower does not pay.

The high interest rate charged is to provide protection against the higher risk of default and the associated court costs with a default on a loan. Sometimes the interest rate can be high enough that certain localities enact usury laws which can effectively ban hard money lenders from operating.

Thus the lenders in the industry are highly local, highly segregated and small organizations due to local regulatory practices. Some oversight is provided to this unusual market by regulatory organizations which are few and mostly just known by professional real-estate financiers.

Loan sharks sometimes abuse the legitimate lending process by charging exorbitant rates of interest and pretending to be genuine hard money lenders. The victims of these kinds of lenders tend to be desperately in require of quick cash, and unsophisticated consumers who may not have the time to research the lenders or the technical understanding to know that they’ve signed their property as collateral to a 30% loan, perhaps with a quoted ARV lower than market, no prepayment allowed, or even worse lending terms.

Legitimate hard money lenders tend to charge rather high interest rates, however, the prime rate plus fifteen is common with five points on the borrowed funds. The rate a specific hard money lender will quote depends on the credit rating of the individual or company, the local real estate market for the type of property secured, local usury and bankruptcy laws, as well as the general availability of credit in the marketplace. Real-estate industry insiders usually know quite a few local hard money lenders and know how to shop around. Others with less experience should do a lot of research and fully understand what they’re getting into so they can find the best terms and get the best deal for their hard money loan.

To find out more concerning mortgages view Stephen Von’s internet site.

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This Old Castle

Tuesday, November 15th, 2011

The idea of England probably brings up many images. Literature, tea, Big Ben, cool accents, fish and chips and of course, castles. Every little kid has dreamed of living in a castle or palace someday. We see them everywhere. We romanticize them, put them in cartoons like Cinderella, jigsaw puzzles, and Disney even uses one for a logo. Often photographed and always iconic, England has some very famous ones.

The Tower of London – This is arguably the most famous castle in the world. Soon after his invasion of England in 1066, William the Conqueror began building the Tower of London. Originally just a wooden Motte (moat) and Bailey along the Thames River, he then expanded it into the rock walled central fortress and keep known as the “White Tower,” completed in 1097.

Over the hundreds of years of English history it was continuously expanded. Now it covers over 18 acres, boasts 21 towers, is home to the crown jewels, is guarded by the famous Beef Eater (who got their names because they were paid in beef) and is sometimes used as a Royal residence. It also has an infamous history as a prison and place of trials and executions. The most famous of which is the execution of Anne Bolin. The castle also is home to the famous “Traitor’s Gate” through which many prisoners entered, but never exit.

Windsor Castle – Windsor is the oldest and largest castle that can boast continuous occupation for over 900 years. Built upon the ancient royal grounds of the Saxon Kings of the dark ages, this fortress and palace was also originally constructed by William the Conqueror as a wooden Motte and Bailey used to guard London’s western approaches. It was soon converted into a stone structure. Despite numerous additions and changes the current wall and central mound stand over the exact ones built by William.

King Edward 1st built the stone fortress in 1283 but old Roman, Welsh and even Norman forts existed in the area long before. Caernarvon is what is known as a concentric castle, which features a round inner keep and a series of circle walls, each lower than the one before, expanding outward. The castle was strategically important in helping England keep control of Wales.

Caernarvon Castle – Caernarvon is a castle steeped in mythology and lore. The castle is said to be the original home of the Druid Merlin from the King Arthur legends. The castle is in Wales and lies upon the traditional road to Ireland.

During the long course of English history it was continuously expanded. Now it covers over 18 acres, boasts 21 towers, is home to the crown jewels, is guarded by the famous Beef Eaters (who got their names because they were paid in beef) and is sometimes used as a Royal residence. It also has an infamous history as a prison and place of trials and executions. The most famous of which is the execution of Anne Bolin. The castle also is home to the famous “Traitor’s Gate” through which many prisoners entered, but never exit. These three are just a few of the many historic and beautiful castles and this is just in England alone, there are tons more to read about and maybe someday even visit!

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Common Dream Homes

Sunday, November 13th, 2011

What would your ideal home be? Everybody has their idea of what would be the perfect place to live. Here are some common ones.

- The beach house- Drive down Malibu and you see the envy of many home owners. A house, right on the beach. Blue water, clear skies (okay maybe not in L.A.) the smell of salt water. Who needs AC when you have the ocean breeze? And you will sleep great as the peaceful sounds of the ocean lull you to rest, I am getting sleepy just thinking about. You step into your front yard and it’s sand and ocean, get your surf board and have some fun. Afterwards go back home, grab a Corona, take a seat and watch the day pass you by. This could be a town home type building or if you are feeling a little more iconic you could go for a Bungalow on the beach. Wooden frames, screens and netting with a near 360′of the water, crystal clear blue waters of the South Pacific. Either way, when they day is done you can head down the beach to a beachside barbeque. If you need a jumbo loans then we have great rates for you.

- Mountain Home – Maybe you aren’t a beach bum, maybe you are a mountain man. If so, get a lodge up in the Rockies or even Alaska if you are game enough, and settle in for a peaceful scenic life. Towering peaks, fresh mountain air, clear cold streams that run into a pond in the valley that your home up high has a brilliant overlook of. Oh it is filled with fresh Salmon as well. Don’t forget the wildlife you see every day. Elk, moose, beavers, eagles, bears and maybe even mountain lions. During the winter you can step outside and snowboard. When you are done, come home, drink some coco and cozy up by a fire in the fireplace. The nearest town is thirty minutes away and you go in once a week to get supplies. Sure, the snow might seem like a hassle, but deep down inside you know you wouldn’t trade it for the world.

- So Green Acres doesn’t suit your’ needs, you want Park Avenue. You crave the lights, the energy, the sounds, the city scene. If so a flat or a high rise is right up your alley. Contemporary furniture and design are your style. The view from your flat is over an artist square and music wafts with gentle in with the night sounds. Or your high rise has an amazing view of the city around you. Either way, when it is time to go out you won’t need your car. Just walk down the street or hail a cab and you are off for the evening checking out the hottest new venue or trying a new restaurant. Seen and be seen is your motto while you hang out at a cool roof top lounge. If you live in the Carlsbad or San Diego are come see San Diego new homes for sale for gorgeous new home.

These are just a few options that we can dream about. Of course, you could also live in a hacienda, English estate, cottage or RV. Heck, you could even live in a giant tree house or transform an old missile silo in your new pad. The possibilities are endless, as well the locations, so shoot for the moon, you might reach the stars.

If you live in the Carlsbad or San Diego are come see New Home for Sales San Diego for gorgeous new home.

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Go Away HOA!

Wednesday, November 9th, 2011

If you own a home at some point you will probably have to deal with the HOA. Some HOA’s are almost purely symbolic while others would wield their authority with iron rod. That being said, there are some ways not to draw their ire.

Nothing says “fine me” like a bad lawn. Keeping your lawn nice seems like such an easy thing yet so many people fail to do so. It should be mowed regularly and sure to edge as well. If you have any thin spots in the grass then sow some seeds or plant some sod. In the fall rake or mulch the leaves. Make sure you water the lawn regularly to keep it green and healthy and throw in fertilizer as needed. All of these things will help appease the powers of the HOA.

We have all seen the flower beds filled with dirt or dandelions and the HOA sees it too. By way of extension, this naturally goes with the lawn, but keeping your flower beds neat is crucial. If you don’t have a green thumb, try planting bushes or shrubbery. Rose bushes look great but do require some care. Another option is to fill it with rocks, lava rocks are cheap, but there are all types and the best part about rocks is they don’t need watering. Depending on where you live you might consider planting cactus or some other low maintenance plants.

Exposure to extreme elements works horrors on your paint and trim. Keep an eye out for spots that have peeled off or blistered in the heat. You might have to do some sanding to make it look even. Yes, painting is a chore, but so are fines, so a touch up here and there is at least a good idea. You might want to look into aluminum siding if your temperatures are extreme.

Trees can get you into trouble as well. Low branches that overhang sidewalks need to be cut clear. Dead branches also need to be cut away since they look bad. Web worms are a huge eye soar and look like something out of a horror movie. Spray for web worms and insects that might be eating away your trees.

Your home might be your keep, but it can also cause problems. Many HOA’s won’t let you put carpet on your garage floor. Others won’t let you install window air conditioning units either. This is usually done to keep people from living in the garage.

So there you go, a few basic ideas of how to stay in good standing with your neighbors. Basically try to fly under the raider and you will fine.

If you are in the market for a new home try Jumbo Loans for a great rate.

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Hard Money Lending Is Providing New Opportunities To Low Credit Score Consumers

Friday, October 28th, 2011

Since the beginning of the economic collapse and financial meltdown of 2008 standard banking and lending have been hit hard. As many of these people didn’t understand what exactly was coming they have endured the consequences of a depressed economic system, probable foreclosures on loans, loss of their job, or unreliable income. For credit seekers in this kind of situation, financial institutions are not conducive to assisting folks in obtaining financial loans. The rules are usually overly stringent to permit such consumers to meet the criteria for the loans they desire.

One option to low income or low credit prospective borrowers who own property is hard money loans. Private money lenders (or “hard money lenders”) can grant these loans. Hard money lenders provide bridge loans, which are short term loans based on a percentage of the total value of the borrowers property or real estate holdings. The borrower uses property or real estate holdings such as undeveloped land, business and/or commercial property, a personal residence or multi-family property as collateral for the loan. Should the borrower default on the loan payments, the hard money lender could become owner of the property used as collateral.

There is variable called the loan to value ratio which hard money lenders base the amount of the loan on. This LTV ratio allows the lender to determine the size of the loan based on a percentage of the total commercial value of the property being used as collateral. Frequently hard money lenders will offer only 65% or less of the total property value. If a borrower requires more money than that they can sometimes put up additional property for collateral.

More options can be offered by hard money lenders because they focus only on lending out money rather than storing or managing money as banks do. With hard money lending you can get around some of the onerous regulations involved with typical lending. For a borrower, this can be an advantage but regulations for hard money lenders vary state by state as well as by whether or not the borrower is an individual or a business.

There is always a price to paid for a premium service like that which you can receive with a hard money loan. Since the regulations applying to hard money lending are typically less strict that with conventional banking, many borrowers may get a loan where they were denied before. Of course the rate of default will be higher with less stringent application requirements and that higher rate is typical of the hard money lending industry. To compensate for that high rate of default, hard money lenders will charge a higher interest rate in addition to using collateral. But even with the higher expense, hard money loans are a very good option for many borrowers, including real estate investors.

Locating a an excellent hard money lending expert can definitely make a huge difference during your search for the best loan service.

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Even Without Using Banks Property Investors Can Easily Earn Money Using Unconventional Loan Providers

Friday, September 23rd, 2011

Real estate investors have found brand new business opportunities, since the economic depression began, for flipping family homes as well as other real estate to make money. Yet, not all have the funds sitting around to invest, hence they choose hard money loan merchants. Hard money financing can be provided by hard money lenders for these real estate purchasers. This loan provides the investor with the money needed to secure the property and flip it for more money. Hard money lenders are unlike typical banks and have a different procedure.

A hard money loan is a short term loan that is financed by private companies or individuals. The requirements of this kind of loan are quite a bit different than a real estate loan given by a bank. The guidelines are less strict and the interest rate is always quite a lot higher. A hard money loan can be indispensable for providing a large income to real estate purchasers after the loan is paid off. The repayment terms also vary depending on the loaner.

You should, before obtaining a hard money loan, do some research on hard money lenders. The internet, local advertisements or word of mouth are all ways in which you can find hard money lenders. Once a hard money lender is selected, the process can begin. Less attention is paid to the credit of borrowers but nevertheless lenders need to protect their cash. There are a variety of documents that they may ask you to be submit, including a credit application, tax returns, W-2′s, bank statements, check stubs, or others at their discretion. But the loan will usually be given more expediently than a bank loan.

There are some disadvantages of using hard money lenders instead of banks. The interest rate that a hard money lender can charge varies. Typically one can expect an annual rate of 10% to 20%. From a few months to a couple of years is usually how long the loan term will be. Most buyers like to flip their property in under a year, the sooner they pay the loan, the more money they make. In addition to the interest rate, there may be upfront fees or closing costs that must be paid to the investor, this varies by lender.

One can borrow varying amounts of money. This amount depends on the value of the property for which the loan is for. Factors that are looked at are the cost to purchase the property, the amount of money it will cost to repair the property, and the value of the finished house. The amount a hard money lender is willing to loan depends upon the final value of the home. As an investor you want to make sure the final selling price minus all the expenses of the house, and after all payments to the lender have been made that you still will be making a profit.

If a real estate investor decides a hard money lender is the best route for the property, they need to do their research, make sure the hard money lender is reputable, and it also helps to check with their state regulations. You will want to make sure you’re not violating any state laws, as different states have different regulations regarding hard money lending.

More about hard money lenders as well as details about hard money lending can be learned at Stephen Von’s highly informative website.

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What To Do Concerning Bad Home Mortgages

Wednesday, July 27th, 2011

Buying a home is part of the American dream. This is made possible by borrowing funds in the form of a mortgage. Sadly, many folks have gotten in trouble in relation to their mortgage, especially over the past five years. Because of a large rise in homeowners buying homes with adjustable rate mortgages, many people are unable to pay the monthly bills. We will speak about how homeowners could get a fresh start on paying their mortgage in this article.

There were lots of home mortgages written that were adjustable rate mortgages between 2000 and 2008. What that implies is the fact that although the interest rate on the loan was great to start with, after a specific amount of time they adjust. When they adjust they make the payment more than what the homeowner is able to afford.

It should also be known that many of these mortgages were for individuals with bad credit as they were subprime. So the interest rates began more than the average on most occasions. There was no opportunity for the homeowners to make the payments once they adjusted. Also, related to this were the high default rates observed in the real estate crisis.

Many mortgages in the last several years were written in excess of the value of the home, which is one other issue with the mortgages. Many property owners essentially owed more on the homes than they were worth. When the values fell and the real estate market failed, this difficulty became even worse. Faced with over leveraged houses and large payments, there was no solution for folks to turn to.

In 2009, the government introduced the Making Homes Affordable Act. This offered homeowners the chance to basically rebuild their mortgages. This was very valuable to homeowners as it permitted some people to save their properties. Both of these issues with home mortgages were tackled by the Making Homes Affordable Act.

First, homeowners could get a lower payment if their payments were too high and they met a few of the qualifications. A low enough level of personal debt to take care of the payments in addition to a secure income were a couple of the requirements.

The Making Homes Affordable Act also caused it to be possible for homeowners to lessen the principal amount owed on their mortgages. In some cases homeowners were supplied with quick relief and permitted to save their homes as they were permitted to do both of these things.

If you are facing a distressed situation with your house you will want to see if you qualify for the Making Homes Affordable Act. Many banks are prepared to assist homeowners since the current recession though it may be determined by your particular bank. They do not want to foreclose on properties, and they are more prepared to determine an agreement. However, it is unfortunate that not every person will meet the requirements. In order to qualify, you have got to have a stable income and be employed. It will also help if your credit score is not awful. However, this isn’t a requirement. If you are struggling, you’ll want to look into this program today.

Relating to the making homes affordable act you will need facts about Freddie Mac loan lookup. It will be here you’ll be able to check if you qualify as well as get some of your questions clarified with the Making Home Affordable faq.

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