Hawaii | Home Loan | Mortgage | Refinance

Archive for February, 2010

So you’ve taken a good, hard look at your financial situation, and you’ve determined that bankruptcy is the only viable way out. You’re probably wondering, though, if you’ll ever be able to establish credit again. This is one of the things that keeps many people from filing bankruptcy, even when they know there’s no other good option.

The good news is, you can reestablish credit after bankruptcy… and faster than you might think. It’s often easier to rebuild credit after bankruptcy than it is by continuing to struggle to pay your debts. There are two reasons for this: First, you’ve got a clean slate to work with – you won’t be trying to divide your income among all the creditors who are hounding you every day; second, if your credit is already in the trash, bankruptcy will actually improve your credit score as soon as your debts are discharged.

The first thing you should do after a bankruptcy discharge is obtain a credit card. If you’re lucky, you might find a company willing to give you a low limit unsecured card… but if you can’t do that, at least get a secured card. Having a credit card in your name and making your payments on time will do wonders for your credit score.

After you’ve obtained a credit card, try looking for a secured line of credit. Some stores will offer lines of credit for home goods, electronics, and other items. Again, you want to make sure you make your payments on time, so the account will be reported to the credit bureaus as current.

In about a year, you will have rebuilt sufficient credit to be considered for a car loan. The interest rate might shock you, but a car loan will help your credit score considerably.

In two years, you will be eligible for an FHA home loan. If you’re thinking about buying a house, this is the time to do it. Your interest rate will be one or two percent higher than standard loan interest rates, but by keeping your mortgage payments current, you should qualify to refinance the loan after about two years.

You don’t have to wait for years after bankruptcy to begin building your credit. In fact, waiting to reestablish credit will only hurt you in the long run. Using a methodical strategy immediately after discharge will help you put the pieces back together within just a couple of years.

And by now I bet you are ready to learn more about whether bankruptcy is right for you, right? So then now I would like to invite you to claim your FREE information when you visit http://www.NewYorkBankruptcyHelp.com

You’ll get tons of free information about filing for bankruptcy, dealing with harassing bill collectors, and hitting the reset button on your financial life. You’ll also get my free book about how to fight back against abusive bill collectors.

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If your mortgage is an adjustable rate, even though it is capped at a certain amount, then you already know that the monthly payments will change. It becomes a matter of how much you can afford for the duration of the loan rather than the loan terms. Refinancing the loan to a fixed rate mortgage is the better alternative.

The fluctuation in monthly loan payments associated with ARM’s keeps most borrowers at a high state of anxiety. Here is what they do when it is time to change the terms of a capped mortgage.

Most borrowers will look around at the best rates through a broker and settle on something that is affordable, knowing that they will need to pay additional points and closing costs. That may not be the best alternative. It depends on the terms and the market conditions at the time of locking in the rate.

What you don’t want to do is eliminate the alternatives to a fixed mortgage. Check with bank, lender or mortgage company that currently holds your capped mortgage and determine what they will offer you if you refinanced current rates and terms on a fixed mortgage. The rates they offer are negotiable only by the amount of points it will cost to buy down; he more points, the lower the rate.

Check with other lenders that offer ARM’s and see what type of terms are available. Remember that each lender has different terms and conditions. Don’t try to re-negotiate your current capped mortgage directly without having a firm commitment from a competing lender. Using the banks against one another is just the smart way to get what you want rather than what the banks wants.

Being savvy about loans and mortgages is an important step in creating wealth for you retirement. The more ammunition you have going into a negotiation for a capped mortgage or even a fixed-term loan will only help in the long run.

Ms. Galbraith offers many useful tips that can help anyone in need of a capped mortgage, home equity loan or refinance home loan at her website: http://www.directmortgagesnow.com

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If you plan to take out a mortgage or refinance anytime soon, you might want to hear this blunt message from federal officials: Don’t fly blind. When you’re shopping among competing lenders, make sure you know which quotes come with a guarantee and …
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In a report Thursday, Reps. Darrell Issa, R-Calif. and Jim Jordan , R-Ohio., called the program a misuse of taxpayer money. Though $75 billion has been set aside for the program, so far only $15 million has been spent. They also said it distorts the …
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President Obama announces $1.5 billion in funding to help homeowners in states hardest hit by the housing crisis in a town hall meeting at Green Valley High School in Henderson, NV. February 19, 2010.
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We break down why the mortgage industry is poised for a comeback.
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A mortgage broker is a loan officer who works for you. When you make that big step towards buying a home, the broker will gather all your personal information including income, current debts and the amount of the home. The loan officer will work up a portfolio that has everything needed to qualify or disqualify you from obtaining a home mortgage.

A mortgage broker works with many different companies so they can find you a lender that will accept your loan application. This is different from going to a bank that will hold your mortgage. A bank will give you a mortgage with the bank itself where a broker will help you obtain a loan from such places as CITI Residential or another familiar mortgage company. A broker will have many different companies to choose from if one rejects your application.

The mortgage broker works with you all the way through the loan process. They will process all your information and submit it to the potential lender. They will also be present for the closing on the home. The only thing they do not do is take the payments. You will receive paperwork directing you to send your payments to the mortgage company that holds the title to the home.

The mortgage broker will help you find an appraiser. They can recommend an insurance company and any other parties needed to complete the sale. You will work with the broker the entire time. You might not even meet a representative of the mortgage holder. The down side of using a mortgage broker is that you do not have a face to face with the company holding the mortgage. The upside is that the broker does have more resources than going to a bank, which helps more people receive mortgage loans for a home.

Get all the Mortgage Information you need and learn about the best ways to Refinance Home Mortgages and what Mortgage Rates are tied to.

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