Hawaii | Home Loan | Mortgage | Refinance

Archive for October, 2009

How powerful would it be if as a Realtor or mortgage professional, you could tell when someone was thinking about purchasing a new home in your city? Or if another person is questioning something about the rate they got from the broker they are currently with? All of this type of information is invaluable to any mortgage professional or Realtor. These are hot hot hot leads, people that need your help right now! Well these same people are putting this information right out there on the internet for anyone to see; you just have to know where to look.

I will be the first to admit; at first I thought Twitter was stupid. In fact, I am still not 100% sold on it. I have found ways to make it work for me for my business, but why hundreds of thousands of regular people use it every day to announce to the world what they are doing at that particular moment in time really does not make sense to me. That being said, if people want to tell the world they need the service I provide and I know how to find them telling the world that, then that is a positive thing for my business. So without much further adieu; I introduce to you Tweet Grid.

There are multiple social search engines designed to search your various social networking sites that can in some form or another yield similar results as Tweet Grid. However, Tweet Grid does not function like a normal search engine, other than the fact that you don’t need to setup any kind of an account to use it and it is free. It is (as the name suggests) a grid where you can type in multiple search phrases and the results are fed in to the grid in real time. In other words, you don’t search for one thing, see your results, and then search for another thing (refreshing the page), see your results, and so on. With Tweet Grid you can have up to 9 searches happening simultaneously and in real time. So as someone tweets (I really hate saying that word, and hate typing it worse) the question “am I being taken by my broker?”, you can be one of the very first people to see it. At the time I was writing this article I had various searches going and I have listed some of the highlights below.

At the time I was writing this article, there was:

someone thinking about buying another house as a rental – maybe they don’t have a Realtor yet.

3 people are house hunting in my home town of Atlanta – maybe they need financing.

11 days before the scheduled closing someone is getting some bad vibes from their mortgage company – maybe they could use a second opinion, you may not win the business this time since it is so close to closing, but you could use this opportunity to earn their trust, then maybe add them to your marketing campaign and be there to earn their business next time.

someone who thinks they are being taken by their broker because they were quoted a .5 higher interest rate because of the county they live in – come in with an honest quote and educate this prospect and I bet the business is yours.

And all of these examples are just from right now as I type this article. I also have a blog post on this same subject on our website. Please click on the link to my website below and then click on “Blog”. Once there do a search for Twitter and the article will come up. There you will also see a screen capture of this strategy in action. I may not be a big fan of the concept of Twitter; but as a business owner I know that if people want to talk about needing my services then I certainly need to listen.

David Orsini {Mortgage and Real Estate CRM – Closing Gifts} Top of Mind Networks http://www.topofmind.com

Article Directory: EzineArticles http://ezinearticles.com

Some homeowners might consider re-financing with a home equity line of credit as opposed to a traditional loan. There are definite advantages and disadvantages to these types of situations. The key to understanding whether or not re-financing with a home equity line of credit is worthwhile involves understanding what a home equity line of credit is, how it differs from a home loan and how it can be used. This article will briefly cover each of these topics to give the homeowner some useful information which may help them decide whether or not a home equity line of credit is ideal in their re-financing situation.

What is a Home Equity Line of Credit?

A home equity line of credit, sometimes called a HELOC, is essentially a loan in which funds are made available to the homeowner based on the existing equity in the home. However, in this case, it is not really a loan but rather a line of credit. This means a certain amount of money is made available to the homeowner and the homeowner may draw on this line of credit as funds are needed. There is a specified period in which the homeowner is able to make these withdrawals. This is known as the draw period. Additionally there is a repayment period in which the homeowner must repay all of the funds they withdrew from the account during the draw period.

How Does a Home Equity Line of Credit Differ from a Home Equity Loan?

The difference between a home equity line of credit and a home equity loan is really quite simple. While both loans are secured based on the existing equity in the home, the manner in which the funds are disbursed to the homeowner is rather quite different. In a home equity loan the homeowner is given all of the funds immediately. However in a home equity line of credit the funds are made available to the homeowner but are not immediately disbursed. The homeowner is able to draw against this line of credit as he sees fit. There are limits to the amount which can be withdrawn and there is also a limit on when funds can be withdrawn. A home equity has a draw period and a repayment period. Funds can be withdrawn during the draw period but must be repaid during the repayment period.

How Can a Home Equity Line of Credit Be Used?

One of the biggest advantages of a home equity line of credit is that the funds can be used for any purpose specified by the homeowner. While other loans such as an auto loan or even a traditional mortgage might have strict restrictions on how the money lent to the homeowner can be used, there are no such restrictions on a home equity line of credit. Common uses of a home equity line of credit include the following:

* Home renovations or improvement projects
* Opening a small business
* Taking a dream vacation
* Pursuing higher educational goals
* Opening a small business

In some cases the interest paid on a home equity line of credit may be considered tax deductible. This may apply in situations where the funds are used to make repairs or improvements to the home. However, these expenses are not always tax deductible and the homeowner should consult with a tax professional before making decisions regarding which interest payments can be deducted.

I want to tell you about Obama’s bailout plan, to set the record straight and to prompt people to seek other help. Obama’s plan to stop foreclosure is not successful! They are claiming to have helped 200,000 people up to this point (I don’t believe this is accurate, because I have yet to see anyone who has been approved, and I see 100’s of cases a day), but there are still millions of foreclosures in America and many more happening every day.

In many expert opinions, the Obama bailout plan is only going to help people who don’t actually need it. The only people who seem to be getting help are the people who would have likely saved their home either way, without the help. I think it’s insane that Obama is taking credit for these 200,000 saved homes, when percentage wise, the plan is a big disaster.

Before this plan was accepted, there was a 90 day moratorium on foreclosures, which stopped lenders from foreclosing on many properties. Everyone thought that before the moratorium ended, the bailout plan would be in effect and they would be able to keep their home. This was a cruel way to give homeowners hope, since the government bailout plan was never going to help most of them.

As the plan is currently implemented, experts believe it will help less than 20% of the people who need help. Still, nowhere near 20% have received help, because lenders are not required to participate. And even though many banks claim to be participating, they don’t really understand what to do or how to receive the benefits. The guidelines are too complicated and they don’t really understand who can apply and who can’t. They are just accepting applications and telling homeowners that they are “working” on the case, or that it’s in “processing” and they will have an answer soon.

Then, while the victim thinks they are getting help, the property is sold at auction and it’s gone forever! When they ask why the home was lost, “We’re sorry, your case was not accepted” is the only explanation they get. Well thanks for the warning and thanks for leaving me homeless with no time to find another solution!

When a homeowner is looking for help, it’s more clear than ever now, they need to find it somewhere other than the government or their servicer. Foreclosure victims don’t have the time, patience, or knowledge to stop a foreclosure, without professional assistance. There are a handful of lenders who will help a homeowner, but if you’re not getting the help you need, you need to seek help from a professional as quickly as possible to avoid losing your home forever.

To find out more about how foreclosure works, visit Nick’s website, which provides information to homeowners attempting to save their homes. Foreclosure loan, deed in lieu, mortgage modification, and short sale assistance can be found, in addition to info on avoiding a foreclosure before the sheriff sale. You can read more about how to save your home while there is still time and find the site on the web here: http://www.foreclosurefish.com/

Article Directory: Article Dashboard http://www.articledashboard.com

A lot of people are very interested to have an idea of where home mortgage interest rates will head in 2009. Even with the housing stimulus plan in full effect, the economy, and especially the housing market, are struggling. Right now, interest rates have jumped around .5% from just a few weeks ago, as I predicted they would in January.

Here is the exact quote of mine “Over all I predict that home mortgage rates for 2009 will take a temporary .5% increase followed by steady steep declines throughout 2009.” It is pretty easy to understand why I made that prediction, and how I predict mortgage rates will go in the future. For example, back in January I knew that with the super low interest rates available, homeowners would flock for refinancing or loan modification. They did, and lenders will overwhelmed with paperwork and the like. This led to a temporary (which just happened) rate increase of about .5% across the board on all mortgage interest rates. This mainly is to help ease mortgage lenders and banks workload while other refinancing applications are being reviewed and closed on.

For the rest of 2009, I predict that the current home interest rates will remain the same throughout the next 3 or 4 months. After that, I think the rates will start to go down a .25% or so, followed by another .25% drop either at the end of this year or early next year.

Always remember that only homeowners with the very best credit score will be eligible for the lowest of all interest rates, but even homeowners with bad credit should be able to get a reasonable deal on their home loan modification or refinancing. Homeowners should also know that even though rates have recently increased a little, the current rates are really low nonetheless and a refinancing or modification of a home loan can still be very beneficial for a homeowner in the right financial situation.

At my site I will teach you how to properly refinance or modify a home mortgage saving you thousands of dollars, or even your home. A lot of Greedy Mortgage Lenders will try to suck you dry if you let them. Learn the right way to refinance or modify your home loan at my site: http://www.refinancingcondo.com

Article Directory: EzineArticles http://ezinearticles.com

There’s no way around it. If you took out student loans to pay for college, you have to pay them back. That can be hard to do, whether you’re still in school, trying to start your life outside it, or even 10 years down the line. You borrowed the money, you used it, and you have to pay it back.

What happens when that means you have to choose between paying all your bills or just those? What happens when those outstanding debts get in the way of putting money together for a house, or a car, or a family? It just doesn’t make sense to walk through life incurring the debts of living while you’re still dragging around the ones from school.

Fortunately, there’s a solution. You still have to pay back what you borrowed, but with a student loan debt consolidation make monthly payments to just one lender.

Think of it as refinancing. The money you borrow from one lender pays off the money you owe to all those other lenders. No more juggling what’s due to whom and when. Not only that, the interest rate on the student loan debt consolidation is the weighted average of those other loans, making it lower overall and bringing your monthly payment down accordingly. Some student loan debt consolidations are settled at a fixed rate, so you don’t have to worry when July 1 rolls around each year that your payment will go up.

Among the student loan debt consolidation available, there are actually four different student repayment plans to research and one is bound to be just what you’re looking for.

If the idea of a fixed rate really appeals to you, consider either the Standard Repayment Plan or the Extended Repayment Plan. The Standard Repayment Plan gives you a maximum of 10 years to repay, but payments are divided within that time limit at a fixed interest rate.

Extended Repayment Plans relieve the burden of monthly payment amounts still further by stretching the time to pay off the loan to between 12 and 30 years (depending on the total amount borrowed). Again, the interest rate is fixed for that time period, and the payments are lower. Be aware that over time, you will end up paying a larger amount, but the monthly payments will be easier to bear.

The Graduated Repayment Plan also allows you to spread your monthly student load debt consolidation payments over a period of between 12 and 30 years, but in this case, the amount of your monthly payment will increase every two years.

The fourth plan appeals to a number of people because it takes into account what’s going on in your life. In the Income Contingent Repayment Plan, a reasonable monthly payment amount is determined based on your annual gross income, family size, and total direct student loan debt. Another advantage of this student loan debt consolidation repayment plan spreads the payments over 25 years.

If you’re close to the end of your student loans, consider carefully whether taking on a new loan is worth the time and effort. However, if you still have a long time to go and many payments ahead of you — and you’ve already exhausted the deferment and forbearance options on your existing loans — making a fresh start with a student loan debt consolidation may actually be to your benefit.

When something as valuable as our homes is being proffered as collateral, we suddenly balk at the notion of home equity loan. Well, it’s understandable being tentative but after reading the basics you can be sure that the pros you get on acquiring a home equity loan is more at large than the unfounded fears you have on losing your home. As long as you play by the rules, your homes are farthest in danger from home equity loans.

Starters are often filled with questions about home equity and matters pertaining to it. If it helps then browse through this most frequently asked home equity questions page.

Home Equity Loan Question 1
What is Home Equity Loan? How much can I borrow?

It is the allotted amount you have in proportion to the (existing) market value of your home minus the mortgage debt. Situation: You recently acquired a $200 house and made a down payment of $50. Over the years, the value of the house has risen to $300. Your equity loan rating would then be $150: $50 for the down payment and $100 for the current house value.

Home Equity Loan Question 2
What are the two Home Equity Loan types? Which do I need?

Fixed Rate Types are one time lump sum that is equivalent to the collateral’s value. This loan option allows the applicant to have a lump sum to be issued which is then repaid over a long time period. The payment and the interest rate remain constant over the span of the loan contract. Therefore, until the loan is repaid, no loan shall be entertained

Line of Credit Types are variable rate loan. It functions very much like a standard credit card. Loan applicants are approved of a certain credit limit that is agreeable to the value of the collateral. The duration of the time the loan should be paid is shorter but the span of the credit availability is long.

Home Equity Loan Question 3
How quickly can I get a loan approved? What documents do I need?

Getting a loan is usually tough. Even creditors are speculative in approving loans. Loans go through a considerable process that some loans get a full month to get approved. And it is very hard to apply for loans to offset particular losses. To aid your process, check every billing statement you have. Recent mortgage statements, credit card statements and tax documents. Remember, the cleaner sheet you have the easier the process will be. But don’t worry if you have minor occurrences in the past. After all, business is business.

Different lenders have different requirements. But all lenders will want to see:

1. Positive ID
2. Mortgage Statement
3. Insurance Documents
4. Billing Statements

The Michigan Basic Property Insurance Association was formed to give property insurance to qualified persons. Michigan Basic Property Insurance especially targets those qualified persons who are unable to get insurance in the regular insurance market. Persons who are qualified can get insurance through the Michigan Basic Property Insurance policy. This policy of the Michigan Basic Property Insurance Association is basically the same as an HO-2 policy used by regular insurance companies.

What qualifications do you need to get the Michigan Basic Property Insurance policy?

The Michigan Basic Property Insurance policy is available to all persons who own or live on a property that meets the specifications of the Michigan Basic Property Insurance Association. Qualified properties which are covered by the Michigan Basic Property Insurance policy are residential properties that meet the building code standards. Michigan Basic Property Insurance also offers coverage for any residential property that is not used for farm or business reasons and is not used for illegal activities.

Before you can purchase the Michigan Basic Property Insurance, a representative from the Michjgan Basic Property Insurance Association will inspect your property. The Michigan Basic Property Insurance Association representative will evaluate and assess your property to see if its meets the qualification needs. Assessment of properties is without cost to the owner since it will be the Michigan Basic Property Insurance Association that will pay for it.

If in any case, the Michigan Basic Property Insurance Association representative discovers that you do not qualify for their policy, you will be given a written explanation as to why. Included in that written explanation from the Michigan Basic Property Insurance Association is a guide outlining the steps you can take in order to qualify.

What are the Michigan Basic Property Insurance policies?

The Michigan Basic Property Insurance Association issues one-year policies. These Michigan Basic Property Insurance policies can be renewed. Renewals for Michigan Basic Property Insurance are done within the next two years without another inspection.

The Michigan Basic Property Insurance Association can also issue binders on properties that do not qualify. These binders from Michigan Basic Property Insurance Association can last up to 60 days. By issuing these binders, the Michigan Basic Property Insurance Association is in effect insuring your property for 60 days maximum. The Michigan Basic Property Insurance Association does this to protect you while you are waiting for an exception or taking the necessary steps in order to make your property qualify.

The Michigan Basic Property Insurance covers replacement costs. This policy of the Michigan Basic Property Insurance Association allows you to replace, repair, or rebuild your property to its original condition before the damage was done. In addition, the Michigan Basic Property Insurance pays for repair costs.

– 456
“Michigan Basic Property Insurance” – 26 ( 5.7%)