Second Mortgage

You can now get your Jumbo Mortgage Loan online!

Getting approved for a jumbo mortgage loan online is similar to getting approved for a traditional mortgage when you use a mortgage broker. However, you can expect to find lower interest rates online with better terms.

Jumbo mortgage loans offer as many financing options as a conventional mortgage loan. You can pick from a fixed-term loan to an ARM with one to ten years until rates lock in. You can also put zero down, have unverified income and assets, or no ratio test. Read the rest of this entry »

This may sound new type of (second) mortgage to you, but it has been around for  a while now.

Jumbo mortgage loans provide financing to those who need a loan above conventional loan limits. Fannie Mae (FNMA) and Freddie Mac (FHLMC), two large agencies that purchase the bulk of residential mortgages in the United States, establish these limits.

This limit signifies the maximum dollar amount that they will purchase from an individual lender. Those who need a first mortgage above the limit must look beyond the traditional lending market and search for lenders who offer jumbo mortgage loans. Read the rest of this entry »

Everybody is talking about it. So is a Reverse Mortgage for you?

Those that are considering the reverse mortgage have to make a very important decision. Most of the time, those that are considering them are doing so because they need the funds for some main purpose.

For example, they may not be bringing in enough from social security, pensions or savings to maintain their living expenses. They may have a large purchase that is necessary such as a new vehicle. Or, they may need the funds for home improvements. Some individuals use the funds that they get from a reverse mortgage to fund a second home or a recreational vehicle. Read the rest of this entry »

So how can you turn disadvantages of a Reverse Mortgage to your advantage?

When it comes to a reverse mortgage, wise consumers weigh the advantages and disadvantages prior to signing on the dotted line.

Let’s start on a positive note, you could do what most borrowers do and opt for the reverse mortgage line of credit. Just think about how you would then be able to draw on the loan whenever money is required for daily living expenses, medical bills, prescription costs, home repairs, et Read the rest of this entry »

So what do you choose once you have reached a stage where you cannot earn, maybe after you retire?

If you are at least age 62 and are looking to supplement your income, a reverse mortgage could be your answer. Here is what you need to know in order to decide if a reverse mortgage is the right choice.

Reverse mortgages are an often misunderstood method of borrowing against equity in your home. Think of this type of loan as a regular mortgage turned upside down; instead of you paying the lender every month, the mortgage lender pays you. Read the rest of this entry »

Reverse Mortgage is the better and fresh approach to income from Real Estate

If you owe 40 percent or less of your original mortgage, there is a great program that is available to you that will generate extra monthly income. It’s called a reverse mortgage.

The reverse mortgage is similar to a home equity loan, only in the fact that it pays you the equity you have in your house. The differences, though, are many. If you have a large amount of equity in your home, you’ll want to consider a reverse mortgage. Read the rest of this entry »

So you want to part of the new trend where FSBOs list homes on MLS system?

The flat fee mortgage allows the broker to be paid a flat fee for their time and expertise.
According to Stephen Frater, recently wrote in HeraldTribune, that Bravo Real Estate of Sarasota has launched a $199 “Flat Fee MLS Service.”

The service is specifically targeted toward the FSBO or “For Sale By Owner” home seller. For $199, Bravo will list the property on the local MLS system for up to one year. Read the rest of this entry »

You can be your own broker! How about that?

The flat fee mortgage is an attempt to remove agency problems, reduce the tension between broker and borrower and eliminate the risk of a borrower overpaying for their interest rate and closing costs. Read the rest of this entry »

The interest in flat fee mortgages is growing every by leaps and bounds as Washington DC has began to focus on the abuses in the mortgage industry.

So remember, when you apply for a mortgage you should receive a written “Good Faith Estimate” within three days. There are usually many different fees listed on the good faith estimate. If the good faith estimate is missing a bunch of these fees there is a good chance it is a “lowball” offer that has artificially lowered closing costs by ignoring them.

Mortgage closing costs can include title insurance, escrow fees, lender fees, taxes, broker fees, processing fees, hazard insurance, appraisal fee, and many other types of costs.This is because a typical refinance or purchase requires the work of many different parties. Read the rest of this entry »

You can see offers for “flat fee Second mortgages” on TV or in the papers. They usually offer a flat, low sounding fee.

The flat fee mortgage allows the consumer to pay a flat rate commission to a loan officer or mortgage broker rather than paying on a % (percentage) basis. These loans may seem like a tempting offer – who doesn’t want to save? Loans that offer low fees upfront just have the expenses included in the loan. Read the rest of this entry »