MORTAGE ADVICE

Participants in Mortgage

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The creditor, who is better known as the mortgage lender and the borrower of the mortgage are the main participants in mortgage. Sometimes the mortgage broker acts as the middle man between the mortgage borrower and the mortgage lender.

The borrower of the mortgage is the person who borrows liquid cash against a security pledged for repayment of a loan. The security in case of home mortgage is house of the borrower, sometimes land may also be used as the collateral. The borrower is exclusively responsible to conform to the terms and conditions of the mortgage and the other
In the event the borrower fails to pay off the mortgage amount, the usual procedure followed to recover the loan amount involves foreclosure of the mortgage by the mortgage lender. The participants in mortgage, under the group of borrowers, mainly include landlords, small and medium scale business owners, who usually use their offices or manufacturing units as security for the repayment of loan, however, the most prominent mortgage borrowers are the house owners.
Mortgage fraud are common now a days which necessitate the entry of legal advisors for legal representations, to sort out complications arising out of the mortgage. The legal advisors are mainly required for dealing with cases of foreclosure of the mortgage by the lender of the mortgage. Foreclosure is the judicial procedure wherein the financial institution like the bank, cooperative societies or the secured creditors etc. who have acted as the respective mortgage lender seizes, sells or even take away the ownership of the collateral from the borrower. Foreclose are mainly are classified into two kinds, the first kind is known as foreclosure by judicial sale and the second kind is known as foreclosure by power of sale. Other kinds of foreclosure have also been incorporated but they are rarely used for legal proceedings, strict foreclosure is one such foreclosure procedure.

The participants in mortgage, mortgage broker help the borrowers of mortgage with all kind of information regarding the kinds of mortgage available in the market, names of the financial institutions as well as secured creditors, who act as mortgage lenders, rates of interest prevailing in the market, tenure of mortgages available, other terms and condition of the mortgages and the different repayment procedures. The mortgage brokers are solely responsible for their suggestions regarding the suitability of the mortgage plan to the borrower and in case any mismatch arises later the mortgage borrower will be answerable to the borrower and have to face serious financial consequences. The mortgage borrower has to secure the mortgage lenders approval for the specific mortgage, collect information of the credit history and document of the client etc. are the other functions of the mortgage broker4.

The other participant in mortgage is the mortgage lender who are mainly financial institutions like banks in the public sector and in the private sector, involved in providing loans against the property of the borrower. In India the prominent financial institutions that have gained prominence as mortgage lenders are the State government of India, Citibank, HDFC, HSBC and ICICI and so on.

Mortgage Fraud

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Mortgage Fraud has become a common issue now a days and the clear evidences of mortgage fraud can be identified with the help of certain discrepancies between the actual terms offered by the mortgage lender and the ones provided by the mortgage broker such as inflated closing costs.

The mortgage fraud is often referred to as real estate fraud and to save the general public from such frauds the need of the hour is to coach them on the basic components of mortgage frauds, and the way such frauds occur will guide the general masses to identify them and nip them at the bud. Mortgage fraud can be classified into several types, to start with mortgage fraud can happen by misrepresentation of the actual information as well as data to gain the more and more mortgage contracts injudiciously. There are evidences of mortgage fraud in which the specific property for which the mortgage loan has been applied for, is acquired by any friend, family member or confederate of the mortgage broker at an economic rate and then both the mortgage broker and his confederate forge the price proofs of that particular property and inflate the prices and submit it to mortgage lender to gain more money out of mortgage scheme. After the accomplishment of the task the stock broker as well as his confederate vanish with the extra money and the mortgagee is not able to recover the complete loan amount even from the sale proceeds of the collateral. Such mortgage fraud is harmful to the mortgage lenders.

The other form of mortgage fraud concerns the mortgagor, people with good credit scores are first searched out by going through their credit history and then the documents of the that person that required for securing the mortgage loan is forged, and the collateral used here is the property of the same person. Thus the actual property owner has to suffer from heavy loses as a consequence.

Certain fraud control measures should be taken to fight with this ever increasing problem of mortgage fraud and the most essential step would be examine the telephone directory to match the phone number of the mortgagor given in the mortgage application. This step is useful to in finding out that the phone number belongs to the same person. The next step in this regard would be to use the softwares especially prepared to identify frauds of all kinds, such softwares assist in substantiating the information provided by the borrower and identifies any misrepresentations that has occurred in the application form. These softwares presently have been over simplified to facilitate its operation by even the general masses.

It is always helpful to compare the balances given in the two consecutive statements and the sum on the pay check should also be compared with the sum of money deposited in the bank. Another way is to examine that the first as well as the last name of the borrower can be traced out from the signature of the borrower and in case of any mismatch the mortgage lender will be assured of mortgage fraud.

Reputed Mortgage Companies of the World

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The reputed mortgage companies of the world are known for the superb service they provide to the customers and offer some of the best mortgage loan products to customers.

The mortgage market all over the world is experiencing a huge growth. The mortgage market in the world is growing due to the increased development and construction based activities. The reputed mortgage companies of the world are playing a very important role in the developing the infrastructure and in turn improving the growth rate of the economy. The reputed mortgage companies of the world consist of the several financial corporations and commercial banks. The mortgage loans are used for different purposes. The characteristics of the mortgages are different for mortgage loans of different companies. The mortgage loans come with several options to help the customers.
There are 2 major components of a mortgage loan under the reputed mortgage companies of the world. These components are principal amount and the interest charged on the principal amount. Most of the mortgage loan-providing companies offer 2 different kinds of interest rates - fixed rate of interest and fluctuating or adjusted rate of interest. In the fixed interest rate, the interest is charged on a fixed rate which is decided in the contract of the mortgage loan and the rate is not affected by the fluctuations of the financial markets. The fluctuating or adjustable rate of interest, however, alters with the changes in the financial market. The rate increases and decreases depending on the condition of the financial market.

The mortgage products offered reputed mortgage companies of the world:

Budget loan
Foreign national mortgage
Negative amortization loan
Balloon mortgage
Repayment mortgage
Bridge loan
Assumed mortgage
Buy down mortgage
Participation mortgage
Blanket loan
Commercial loan
Graduated payment mortgage loan
Hard money loan
Term loan or interest-only loan
Jumbo mortgages
Package loan
Non-conforming mortgage
Reverse mortgage
Wraparound mortgage
Seasoned mortgage
Equity loan

Important Concepts Regarding Mortgage

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Understanding the important concepts regarding mortgage is one of the major factors for customers who opt to take out loans against mortgage.

Mortgage against loans is gaining popularity in India with the development of the economic conditions and the increased activity on construction and related ventures. The Indian mortgage market is experiencing a quick growth but the contribution factor of the mortgage industry i.e., the mortgage to gross domestic product (GDP) ratio is very low in India in comparison with the other developed countries.

The major components of the concepts regarding mortgage are the principal, which is the loan borrowed against a mortgage and the interest on the principal which is the money charged as interest on the loan borrowed. The rate of interest is not stable and it is altered with the changes in the financial market. Before taking out a mortgage, the customer should go through the important concepts regarding mortgage in order to compare the schemes of the different financial institutions providing mortgage loan facilities. This way the customer can opt for the scheme which suits best suits his/her requirements.

The important concepts regarding mortgage:

Competitive interest rate: The option of getting the interest rate lowered at the cost of number of options in the mortgage scheme
Payment options: These are special features such as payment of principal, skip and double up offered by some financial corporations once a year pertaining to the date of the mortgage
Rate guarantee: This scheme actually allows a fixed rate of interest for the customers

Other important concepts regarding mortgage in India:

New concepts on home loans
Consolidation of debt
Concept of home equity loans
Concept on lending to real estates
Concept of mortgage refinancing

Refinancing under important concepts regarding mortgage:

Refinancing is a very important concept pertaining to the mortgage against loan schemes. This scheme emphasizes on the option of taking out another loan against mortgage is case there is insufficient funds to pay off the first one. The refinancing concepts also have an advantage which is the interest rates are lowered in case a customer takes out a refinance on mortgage. There are other advantages of refinancing concept of mortgages, such as:

The total sum of monthly payments by the customer gets reduced
The total sum of interest paid by the customer during the term period of the loan is reduced
The loan term period is reduced so as to enable the customer to repay the loan quickly

Mortgage Brokers

2010-02-05T22:54:00.000-08:00

In the past few years, growth in the mortgage finance market is witnessed due to the increasing demand for loans against the conditional conveyance of property as security for the repayment of a loan. This growth has increased the number of mortgage brokers on account of the high lucrative opportunities.

Functions of Mortgage Broker:

The function of a mortgage broker varies widely with the regulations of the different countries, like in the United kingdom the mortgage broker is required to guide the mortgagor to acquire the mortgage of the company that is offering the appropriate rate of interest which the mortgagor will be able to pay regularly. The mortgage broker is also required to assess the suitability of the specific mortgage scheme to fulfill the purpose for which the mortgage loan is taken. In most other countries the mortgage broker is required to suggest only the name of the mortgage lender, who has proved his competency in catering to the requirements of similar mortgage loans.

Services Offered by Mortgage Brokers:

The mortgage broker are engaged in offering a number of services that are integral to the complete mortgage procurement procedure. The mortgage broker initially applies for the pre-approval of the mortgagee, the pre-approval is nothing but the lender agreement. He assists the mortgagor in filling the application form of the concerned mortgage lender and serves to inform the borrower regarding the required documents for the loan to be sanctioned. The mortgage broker then collects those documents and tries to examine the capability of the mortgagor to repay the loan with the aid of the bank statements, pay stubs and other income proofs. However, the most important service offered by the mortgage broker is providing information to the mortgagor about all the legalities involved in the specific mortgage loan scheme and the mortgage broker also serves to submit the application form and the other document to the mortgagee on behalf of the mortgagor.

Popularity of Mortgage Brokers:

The mortgage borrowers have been recently allowed to work in the wholesale capital markets on account of their increasing importance in the mortgage section. The mortgage brokers have achieved an edge the other financial institutions as the operating cost of running a small establishment of a single broker is much less than the operating costs of running a huge financial institution. Therefore, a mortgage broker is in a position to offer lower rates for the accomplishment of the mortgage procedure for the mortgagor, than the huge financial institutions.

Method of Work of Mortgage Broker:

Usually the huge financial institutions employ personal mortgage brokers for their institutions, and such mortgage brokers are required to hand over loan approval of the financial institution to the respective mortgagor. The mortgage broker then searches through the list of a number of mortgage bankers and allocates the most preferable mortgage banker with the duty of providing the loan to the mortgage applicant. The mortgage broker before allocation has to examine the mortgage loan rates of different mortgage lenders and takes into account the approximate time required by each of them to provide the loan.

Mortgage Banks

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Mortgage Banks are special banking institutions established or licensed by the central government or at times by the state governments to provide loans to loan applicants or mortgagors against the conditional conveyance of property as security for the repayment of a loan.,

Facts about Mortgage Banks:

Mortgage banks are special institutions that fulfill their personal need for funds through the aid of the secondary markets as these banks are engaged solely in providing loans and do not have the facility to collect funds through different forms of deposits like fixed deposits or recurring deposits like commercial banks. Mortgage banks have lately expanded their scope of activity and they are now involved in efficiently delivering certain services related to the mortgage loans such as, identifying frauds, real time resolutions, and so on. Mortgage banks have the option to originate the as well as service those mortgage loans or simply originate the mortgage loan and make other agencies service the loans. The loan originating companies are entitled to receive an origination fees whereas those engaged in servicing loans gain a loan servicing fees.

Mortgage Banks in India:

The mortgage industry is a relatively novel component of the Indian financial sector and is popularly known as the housing finance industry. The latest reports have estimated the value of this industry as approximately US$ 18 billion. In India, the commercial banks and the other non-banking financial institutions act as mortgage banks, as they are engaged in providing mortgage loans and other mortgage related services on account of the absence of separate mortgage banks. However, the importance of the commercial banks in the mortgage industry has left the other financial institutions like the cooperative banks and a number of non-banking financial companies behind. This phenomenon can be proved from the ever-increasing share of the commercial banks in the direct housing finance industry from 27 % in the fiscal year to 57 % in the fiscal year 2003. A large number of Indian banks as well as foreign banks that have branches in India, are engaged in providing mortgage loans like the State Bank of India, the Citibank, the Housing Development Finance Corporation, the Industrial Credit and Investment Corporation of India, ABN Amro, and HSBC.

Advantage of Mortgage Banks:

The mortgage banks have grown in importance due to the simple loan repayment procedures. The most commonly available repayment option is the repayment of the principal amount together with the interest. The other variant to this plan is the repayment where neither the principal nor the interest amount is required to be paid. The third plan requires only the payment of interest, whereas the fourth plan requires the repayment of the total interest but partial payment of the principal amount. Mortgage banks have especially proved useful for the elderly with loans such as reverse mortgage loans. The most significant advantage of this loan is that the spouse of the mortgagor will continue to enjoy the mortgaged property till the time of death of the said person. After the death of the said person, the bank takes over the property to recover the loan.

Types of Mortgages provided by Mortgage Banks:

The mortgage banks are engaged in providing various kinds of mortgage loans like:

Participation Mortgage
Bridge Loan
Assumed Mortgage
Blanket loans
Non-Conforming Mortgage
Commercial Loan
Fixed rate mortgage loan
Adjustable rate mortgage loans
Seasoned Mortgage
Budget Loan
Blanket loans
Budget Loan Jumbo Mortgages
Budget Loan

Mortgage Banking

2010-02-05T22:52:00.000-08:00

Mortgage Banking is better known as the housing finance sector and according to the latest reports the present worth of the mortgage banking sector is nearly US $ 18 billion. Mortgage banking in India is done with the help of the private sector as well as the public sector.

The significant aspect of mortgage banking in India has been the initiation and attraction of investments from the private sector in order to carry on the process of social up gradation. The concept of mortgage banking is comparatively novel in India but has been able to grab the attention of the Indian citizens.

Facts about Mortgage Banking:

The public sector has been able to grab only 25 % of the share of investment made towards housing finance. The importance of commercial banks have been grown immensely now a days, on account of its increased participation in the direct housing finance sector.

The percentage of participation in the direct housing finance sector has jumped from approximately 27 % in the financial year 2000 to nearly 57 % in the financial year 2003. Mortgage banking is presently being done by a large number of cooperative banks, private companies dealing with housing finance, non-banking financial companies and so on. The companies providing housing finance have gained immensely from the mortgage banking sector.

Foreign Banks in Mortgage Banking:

The phenomenon of economic liberalization and globalization have aided the foreign banks to enter the banking sector in India and presently various foreign banks have started their mortgage finance segments in India. The most prominent banks dealing with mortgage banking in India are:

Standard Chartered Bank
The Hong Kong and Shanghai Banking Corporation
ABN Amro Bank

Some of the significant financial companies of the United States have also entered into the banking sector in India and are involved in asset securitization.

Indian Banks Mortgage Banking:

According to the recent survey the commercial banks are going to further push back the other financial institutions in the race for grabbing more housing finance investments. The prominent commercial banks dealing with mortgage banking in India includes:

The Industrial Credit and Investment Corporation of India (ICICI) Bank
Housing Development Finance Corporation (HDFC)
Life Insurance Corporation (LIC) Housing Finance Limited
State Bank of India (SBI)

Latest developments in Mortgage banking:

The main cause behind the rise in investments in housing finance, that has grown rapidly at a compound rate of growth of 78 % per annum from the previous figure of 45.6 %, is the increase in the quantity of loan takeovers. The major development in the mortgage banking sector is the financing package of $ 200 million which is granted by the International Finance Corporation to Housing Development Finance Corporation. This loan has been granted to upgrade the financial sector in India like supplying funds to people who fall within the middle class income segment of India.

Kinds of Mortgage Banking:

Mortgage Banking can be of several kinds, though it is new in India, yet it is the best option to finance private projects the world over. To understand the mortgage banking schemes thorough research about the schemes is essential. The list of common mortgage banking kinds include:

Participation Mortgage
Assumed Mortgage
Bridge Loan
Blanket loans
Commercial Loan
Non-Conforming Mortgage
Fixed rate mortgage loan
Reverse Mortgage
Adjustable rate mortgage loans
Budget Loan
Seasoned Mortgage
Blanket loans
Equity Loan
Jumbo Mortgages

These loans are generally stretched over a period of 15 years and in special cases they might stretch to even 30 years and there are two accomplished ways to calculate the rate of interest like the fixed rate interest and adjustable rate interest. The repayment of the mortgage loans has been classified into a number of types, the first type is the procedure in which the capital amount and the amount of interest has to be paid off completely, the second procedure involves the repayment of the amount of interest only, the third liberates the borrower from the payment of the principal amount or the interest amount. The fourth one necessitates the partial payment of the principal amount and the complete payment of the interest amount, the fifth type occurs when the borrower fails to repay the loan then the mortgage lender seizes the collateral and sells it to recover the loan amount from the sale proceeds.

Mortgage Backed Securities

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Mortgage Backed Securities can be referred to as asset backed securities, where the flow of funds is supported by the regular payments towards the principal amount and payments of interests for a number of mortgage loans.

Advantages of Mortgage Backed Securities:

The need of mortgage backed securities has been felt in the past few years by the mortgage originators to refill their investments. The mortgage backed securities aid in the development of new instruments to collect funds from the market, as the mortgage backed securities are usually very economic and more effective than the other financing instruments offered by the banks and the other forms of financing issued by the central government. The mortgage backed securities mainly aid the companies dealing in these securities, to posses a better alternative than the assets owned by them. The financing companies will now be relieved of the costs of maintenance of the assets and other costs related to assets, which will reduce their overheads immensely and increase the profit ratio.

Special Feature of Mortgage Backed Securities:

The commercial mortgage-backed securities are bought in exchange of offices, manufacturing units, land, multi-story buildings, and hotels, which means that they are gained against the personal or commercial holdings. The loans provided in lieu of the above mentioned collaterals can be extended beyond 5 years at fixed interest rates and may not provide the facility of paying off the loans before the specified tenure. These loans are also stretched over shorter periods like a maximum of 3 years with the facility of payment before time and are mostly accompanied by adjustable interest rates.

Exceptions to Mortgage Backed Securities:

The mortgage-backed securities can, however, prove problematic in case of the home mortgage lenders of the United States of America, as home loan applicants there are provided with the facility to make the loan payment before time to cover up a part of the next month's interest amount. Such activities have a deep impact on the loan amount and the inconsistencies in payment make it difficult to have an idea about the exact amount of funds to be obtained at every month from the mortgage-backed securities.

Kinds of Mortgage Backed Securities:

The mortgage backed securities can be divided into various kinds, but the most prominent mortgage backed securities are:

Commercial mortgage backed securities
Collateralized mortgage obligation
Stripped mortgage backed securities
Residential mortgage backed securities

The residential mortgage backed securities (RMBS) are special bonds found in the security market in the US and are the kind of securities which are supported by private property especially the house of the mortgagor, this private property here serves as the collateral. The stripped mortgage backed securities (SBMS) can be further classified into two kinds- the interest only stripped mortgage backed securities and the principal only stripped mortgage backed securities. The interest only stripped mortgage backed securities are supported by the interest payments towards the collateral of the mortgagor, whereas the amount that is paid towards the principal amount of the collateral of the mortgagor supports the principal only stripped mortgage backed securities. The commercial mortgage backed securities are supported by the properties used for business purposes.

LIC Housing Finance

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Corporate Details :

This site provides comprehensive information on LIC Housing Finance, one of the premier and largest Housing Finance companies in India. LIC Housing Finance was incorporated on 19th June 1989.

LIC Housing Finance was promoted by LIC of India and went public in the year 1994. The Authorized Capital of the Company is Rs.1000 Million (Rs.100 Crores) and the Company is recognized by National Housing Bank and listed in the NSE & BSE and its shares are traded only in Demat format. There are over 8,00,000 prudent house owners who have enjoyed the Company's financial assistance.

LIC Housing Finance has many awards and accolades to its name for its excellent performance and one noteworthy being - AAA' credit rating from CRISIL, indicating the highest level of safety, 2005-06, for the fifth year in a row.

Activities:

The main activity of LIC Housing Finance Company is providing long term finance to -

Individuals for purchase / construction / repair and renovation of new / existing flats / houses.

Existing property for business / personal needs and gives loans to professionals for purchase / construction of Clinics / Nursing Homes / Diagnostic Centers / Office Space.

Corporate Bodies and Companies under different schemes for purchase / construction of office premises for their own use, construction of staff quarters and also for onward lending to meet the requirements of employees, and also to Builders and Developers for residential and commercial projects.

LIC Housing Finance has one of the most extensive marketing network in India. It has -

6 regional offices and 115 area offices backed by chain of camp offices nationwide.

16 Back Offices spread across the country conduct the credit appraisal and administrative functions.

One international office in Dubai.

Performance:

LIC Housing Finance has registered a turnover (disbursements) of Rs 9697 crore for the year ended 31st March 2006-07. LIC Housing Finance has posted Net Profit to the tune of Rs 278.55 crore for the year ended 31st March 2006-07.

Organization:

LIC Housing Finance is headed by Mr. T. S. Vijayan, Chairman. LIC Housing Finance employs around 875 personnel into its operational services and has over 5500 Direct Sales Agents and Home Loan Agents. LIC Housing Finance Registered & Corporate offices is located at:

Home Loans in India

2010-02-05T22:50:00.001-08:00

Home Loans in India implies ownership of a house on payment of monthly installments with an interest rate, in fixed or floating rate. Factors like the salary of the client, the desired loan term and other related parameters of the customers profile determine the home loans in India.

The home loan rates in India varies with the nature of the loan, with the choice of fixed rate loan or a floating rate loan. From April 2007, Home Loans in India vary widely from 13% to 14% (fixed) and 10.75% to 12% (floating) depending on the profile of the customer. There is no standard rate which can be applicable to all, hence the most convenient way to get a better loan rate is to either negotiate for it or to apply at an online marketplace like the APNALOAN. Home loans in India are also available for renovation or extension against the existing house.

There are many nationalized banks as well as housing companies who offer finance at affordable interest rates. Some of the leading sources of Home Loans in India are:

Citibank

Dewan Housing Finance

GIC Housing Fin.

HDFC

Hudco

HSBC

ICICI

IDBI

Kotak Bank

LIC Housing Finance Ltd.

PNB Home Loans

SBI Home Loans

Standard Chartered Bank

Tata Housing Finance

India Mortgage Rates

2010-02-05T22:48:00.000-08:00

The mortgage industry, also known as the housing finance industry is one of the most promising sectors of India of the past decade. Before viewing India Mortgage Rates , it would be worthwhile to have a brief introduction to the word “ mortgage ”.

Mortgage is a conditional conveyance of property as security for repayment of loan. Such a property is put up as a collateral security which is liable to confiscation in the event of failure of repayment of the loan and the mortgage rate associated with it.

Hence, Mortgage Rate is a rate of

Indian Mortgage Rates can be classified into two types:

Fixed Mortgage Rate

Flexible Mortgage Rate

Fixed Mortgage Rate is one in which the rate of interest remains fixed throughout the period for which the loan is taken irrespective of the other parameters like the principle paid, actual rate of interest and the time allotted for repayment. Interest rate is fixed to a previously notified rate which usually comes in increments of 12.5 % or 25 %.

On the contrary, flexible mortgage rate is one in which the interest rate may “adjust” or “float” in coarse of time in accordance with the above mentioned parameters. For this reason, flexible mortgage rate is also known as “ adjustable mortgage rate ” or “ floating mortgage rate ”. Interest rate is not tied to any index.

A basic understanding of the mortgage rates in India and th economic influences that determine the future course of mortgage rates can help consumers in making financially sound mortgage decisions. Such decision may be whether to choose fixed or flexible mortgage rate or to refinance out of the latter.

India Mortgage

2010-02-05T22:43:00.000-08:00

India Mortgage industry until recently was an unorganized sector. But today organized mortgage sector is witnessing steady growth. It is estimated to be US $ 18 billion industry. Huge real estate requirements and its subsequent development has fueled its growth.

The predominant market leaders in organized 'India Mortgage' sector are housing finance companies like LIC Housing Finance, HDFC, ICICI Home Finance etc. Although, size of organized sector account only for 25% of the total housing investment in India (Source: LIC Housing finance). But commercial banks both National and Foreign Banks along with Cooperative banks and other non-banking financial companies (NBFCs) are also catching them up at a very fast pace. Mortgage rates in India industry is consistently registering 20-50 % growth (YoY) from the year 2000 onwards. Low income groups communities are still ignorant and skeptical of about it, the bottlenecks are -

Affordability and

Accessibility.

'India Mortgage' industry is heating up and there is a mad rush for credit. The 'Mortgage India' market is estimated to grow at a lightening pace in few years to come. Although, investment in housing has grown steadily over the past years as the proportion of outstanding housing loans as percentage of GDP increased from 3.4 per cent in 2001 to 7.25 per cent by 2005. Housing finance gives a measure of the socio–economic status of people. It is regarded as a critical sector in terms of policy initiatives and interventions. Financial allocations in the 5 Year Plans and fiscal measures related to housing has been taken and implemented successfully.

To help it grow and fulfill its huge requirements India Mortgage industry needs indirect government participation, as a guardian and facilitator. Private funds and even FDI should be encouraged to see 'India Mortgage' industry grow further. Overall revamping of land laws, rental laws, fast mutation and registration process along with setting up of credit rating organization and mortgage insurance will only help India in realizing its housing dreams. This will accelerate organized growth of 'India Mortgage' market and at the same time will help reach all sections of Indian society.

how to buy a mortage

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How to Buy a Mortgage

NOTE: Carve out some time to call all of these brokers on the same day.
Steps:
1. Ask friend near your home or office if they know a decent mortgage broker. Get 3 names.
2. Call broker.
3. Be pleasant and professional. These are generally nice hardworking people and deserve respect.
4. Tell him/her the amount of the mortgage, downpayment if purchase, estimated value of home and term you want (1, 3, 5, 7, 10, 15, 20, 30, 40 years) . Be prepared to give him/her recent credit scores for the borrower/co-borrower.
5. Once that information has been delivered simply ask “From all of your wholesale sources please tell me the lowest par rate you can lock my loan at today?” Also mention that you want to be fair and let them know you are calling 2 other brokers but you are asking the same question.
(At this point they may feel compelled to ask you what rates you have so far and may attempt to sell against the others – cut them off and tell them you are keeping all rates confidential and will do the same with their rate.)

6. Ask broker if there are any discount points priced into the rate.
If answer is yes then go back to Step 5 and stress PAR RATE.
If answer is no then ask to confirm the wholesaler lender’s name. Write it down and the rate quoted next to the broker’s name.

Step 7. Go back to Step 2 and repeat until you have 3 par rates.

Step 8. When you are done you should have 3 VERY similar rates. Wholesale loan rates reflect a commodity – the time value of money on a certain day. If 2 of the rates are close and 1 is much higher – throw that rate out.

Step 9. Now take the lowest 2 rates and call each back to confirm the rate. Also ask them to email or fax you the rate and the wholesale lender name confirming this is “the lowest par rate you can lock my loan at today”. If they refuse to do this then scratch them from the list.

Step 10. Once you have a winner (lowest rate or person you prefer if rates are same) then call them tell them you would like to buy a mortgage for ___ rate for a term of _____ and there will not be any origination fees or junk fees but you would be willing to pay them a flat fee of $1,500 for their time and expertise. Also promise them you will not further shop the loan and you will not respond to all the phone solicitations you will receive once they run your credit (these phone calls are from unethical loan officers that buy trigger leads from the unethical credit bureaus that sell them – you become a trigger lead when you have your credit pulled by a mortgage broker or bank. (Make sure your loan officer DOES NOT provide your email or phone number when they pull your credit.)

If they agree then you buy the mortgage if not go back to Step 1. They won’t like this method as mortgage brokers love to control the information flow. Some may even tell you this is not legal. Hogwash. Again move on you will eventually find someone honest enough that would rather make $1,500 for performing a service than play games in an attempt to make $4,500.

Cure Autism Now with a Silver Charm

2009-09-15T04:23:00.000-07:00

by: Kaitlin Carruth

Purchasing a silver charm is just one of the ways that you can help support autism research. Autism is a brain disorder that affects one’s ability to communicate and associate with others normally. Symptoms are usually detected in the first three years of life. Autism affects about 1 out of every 166 people in the United States; however, there is currently very little information about autism. Cure Autism Now (CAN) is a non-profit organization that is dedicated to increasing the quantity and quality of autism research in order to find better treatments. If you are searching for a way to help, there are several different ways, including: purchasing one of the organization’s silver charm bracelets, participating in a WALK NOW event, becoming a corporate partner, starting your own fundraiser, or making a monetary donation.

Silver charm bracelets are now available through the CAN website to raise more money for autism research. Each silver charm bracelet comes with a silver charm heart. For an extra donation, you may also receive five additional silver charms with different designs (a boy, a girl, a cross, a peace sign, and a Star of David). This silver charm bracelet was designed by actress Rene Russo, an honorary board member of CAN. The charm bracelet is also available in gold along with other accessories that will help benefit CAN with your purchase.

In addition to the silver charm bracelet, one can support CAN by participating in a WALK NOW event. WALK NOW is a 5 K (just over 3 miles) walk to raise money and provide awareness for autism. At each WALK NOW event there is an information center where parents and others can learn more about autism and what the current research has found. There are also arts, crafts and other activities to keep the children entertained. There are several WALK NOW events every year in different locations to give a chance for everyone to participate.

Another way to help CAN is to become a corporate partner. CAN is always looking for corporate sponsorship. Some of CAN’s current corporate partners include Johnson and Johnson, RBC Mortgage, and MBNA America. If you have a company that would like to become a corporate partner, CAN would truly appreciate any help you can offer.

You can also help out CAN by creating your own fundraising event or campaign. This method takes a great deal of planning and organization, however, it is a way that you can let your imagination run wild. One of the more creative fundraising events for CAN was the “Express Your Love” Motorcycle Ride in Chicago. However, there are some guidelines and procedures from CAN that must be followed if you want to create your own charity event.

Lastly, if you would like to make a cash donation but are not interested in a silver charm bracelet, there are several other ways to make a monetary donation. You can do it online, by mail, or through United Way. You also have the option to donate appreciated stocks and mutual funds or you can even include CAN in your will. CAN will appreciate any way that you can possibly help them out financially so they can continue to provide quality autism research.

Purchasing a silver charm bracelet, participating in a WALK NOW event, becoming a corporate partner, creating your own fundraising event, making a donation are all ways that you can help support CAN in the goal to find suitable treatments for autism. With this research, there is hope for tens of thousands of people to find decent treatment or possibly even a cure for autism. CAN works to bring hope.

Financial Back-to-School Basic for Mom and Dad

2009-09-14T20:13:00.002-07:00

by: ARA

(ARA) - Each fall, millions of moms and dads spend countless hours purchasing back-to-school necessities for their children. While some parents equip their child with the latest gizmo -- a personal digital assistant (PDA) or cell phone, for example -- most know that “the basics” like paper, pencils and folders are essential learning tools to secure their children’s future.

Unfortunately, many parents ignore a simple financial back-to-school basic. They often buy the latest gadget for their kids but then fail to carry a critical component for their family’s future and their children’s education -- namely, adequate life insurance coverage.

“If a parent is worried about his or her child’s education, he or she should also worry about having the financial protection underpinning those plans that life insurance can offer,” says Todd Gillingham, JD, CLU, ChFC, a partner with Thrivent Financial for Lutherans. “Without adequate insurance protection, every parent’s best laid education plans will fall apart under the financial burden left on their surviving children.”

Regardless of your income or assets, life insurance is the key to protecting the financial future of your loved ones and “should be the foundation on which other goals are built,” says Gillingham.

Surveys show that roughly one-third of American adults have no life insurance protection and, of those with coverage, nearly one-third have coverage that is less than one time their annual income -- not nearly enough for long-term family protection. Four in 10 single parents have no life insurance coverage of any kind. Perhaps this is why the Life and Health Insurance Foundation for Education found that nearly half of Americans (48 percent) say they are worried that if they die tomorrow their loved ones would not be financially secure.

“Various funding vehicles such as 529 plans and Coverdell education accounts can often grab the headlines,” says Gillingham. “While these are important ways of saving, they can lead parents to mistakenly ignore their life insurance needs. Such an oversight can be financially devastating.”

Without the protection life insurance offers, financial security is often illusory. In the case of premature death, life insurance helps families pay for living expenses -- including mortgage and education payments -- when the income of a loved one is lost. Without this protection, the resulting financial stress frequently undermines all other goals.

Beyond daily expenses, life insurance protects against sharp reductions in future pension and social security payments by replacing assets cut short by premature death. For example, anticipated assets in an individual’s retirement plan may be reduced by 50 percent or more simply because the individual’s death interrupts the long-term growth of the assets within the individual’s plan. Business owners and those with significant assets also use life insurance to pass those assets to their children in a tax-efficient manner or as a vehicle for charitable gifts to nonprofit organizations. Without life insurance’s special tax privileges, many families would lose the family business or not be able to leave a lasting legacy to the cause or organization of their choosing.

“These benefits aside, the fundamental reason for life insurance remains the protection of your family and your financial programs,” says Thrivent Financial’s Gillingham. “Death often strikes when we don’t expect it, so goals that require continuing funding such as a child’s education are especially vulnerable to death’s effects.”

While shopping for school supplies this fall, remember this back-to-school lesson -- the essentials come first. Says Gillingham, “adequate life insurance is one back-to-school basic parents should simply not live without.”

How Much Credit can you Afford?

2009-09-14T20:13:00.001-07:00

by: Cindy Morus

Before making the decision to add more debt, you need to make sure that you:

*Allocate sufficient money for your essentials.

*Borrow only for items that you need and can afford.

*Borrow only if you're spending less each month than you take home.

1. Start with your monthly take-home pay.

This is the amount you have left after taxes and other deductions have been made.

2. Subtract the amount you need for necessities and fixed expenses.

This includes savings, your mortgage or rent payment, utilities, food, transportation, child care, medical care, clothing, and recreation. Include payments made on a quarterly, semi-annual, or annual basis, such insurance and taxes.

3. Subtract monthly payments for existing loans and credit cards.

4. The balance is the amount you can safely apply to debt repayment.

Avoid thinking you can spend all this amount, since emergencies do occur, and you may not wish to use your regular savings account to cover small, unexpected expenses.

Monthly Take Home $ _______________
Fixed Expenses ---- $ _______________
Loans/Credit Cards ---- $ _______________
Amount Available For Additional Debt $ _______________

Moral of the Story: If you’re planning to buy a new house or car, pretend you have already done so and start “making the payment” but to yourself. Within a few months, you’ll know whether or not you can really afford it and you’ll have some money set aside for repairs, etc. when you actually do make the purchase. If you can’t make the pretend payment, you certainly won’t be able to make the real one consistently. Time to go back to the drawing board and figure out what else you’re willing to give up in order to have the new debt.

HOW TO MANAGE CREDIT CARD USE
Many people find themselves with credit problems because they don't keep track of purchases they make with their credit cards. A simple method of keeping track of monthly credit card charges is to:

1. Determine the total amount you can responsibly charge on all your credit card accounts during that month.

2. Keep track of your credit spending in the same way you maintain a running balance of your checking account.

3. Subtract each amount charged from the monthly charge limit you set.

4. Stop using your credit cards if you draw this balance down to zero.

How Christmas shopping online better your Christmas!

2009-09-14T20:11:00.002-07:00

by: Ebe Heng

Christmas shopping online is not for you? If you are one of those that share this thought, you probably like to enjoy the atmosphere of physical shopping. Doing your Christmas shopping online despite all its convenience, lack the festive mood. The convenience of online shopping has reduced the shopping experience to a browse and click mode, no mood and very little atmosphere.

So, you might think that despite the staggering numbers that shows how many people are actually doing their Christmas shopping online, they are just a minority out of the entire Christmas shopping population. Well, while I do not have the statistics to back this up –this thinking is likely to be true

To ascertain the fact that the Christmas shopping online folks are really a sub-set of the Christmas shopping crowd, just visit Marcy’s, Barnes and Noble or one of the large departmental stores during the pre-Christmas period, and the crowd you see would highlight the fact that a very large proportion of shoppers are still doing their shopping offline.

And of course, it is this crowd that give rise to the Christmassy feelings. Never mind that you have to wait an hour to find a parking lot or half an hour to pay for your purchases, this feeling enhanced by the jingles that flood the stores is something that doing your Christmas shopping online would never be able to offer.

Having said so much about the value of shopping physically, are there any merits to doing your Christmas shopping online? Yes, from my own experience there are at least two major contributions that doing your Christmas shopping online can provide.

First, Christmas shopping online eliminates the hassle of browsing and deciding at absolutely ground zero on the spot. Imagine you are doing shopping with only a vague idea of what to buy for whom and your only reference is some scribbling on a post-it note.

Enter online Christmas shopping, and you are able to browse online and zero in on the category of items that you would like to get for your love ones. One of the biggest value of Internet is it allows you to conduct your research and craft a comprehensive list of items that you would like to get for your love ones. So that, when you are doing it physically, all you have to do is to choose from the different brands and decide on the ones that have the best value. Thus, saving time and allowing you to buy for more people in lesser trips.

The other contribution of online Christmas shopping is that it is able to take care of your ‘bulk purchases’. What I mean is during this festive season of giving and sharing, there would be lots of gifts exchange, and gifts giving to acquaintances.

So, for this group of people, you would probably be getting something that is nice but would not invest too much thought into it, and then you would buy plenty of it to last through the season. Doing your Christmas shopping for these folks online frees out more time for you to choose something special for your love ones. It also takes care of the inconvenience of bringing a lot of stuff home (online shopping would have the purchase deliver right to your door steps).

There you have it! Online Christmas shopping allows you to do a thorough research on the gifts to get for your love ones and it also gives you more time in physically shopping for those gifts by allowing you to buy the generic stuff online. So, using technology allows you to enjoy the magic feeling of shopping under the thick Christmas atmosphere provides by shopping malls with lesser things on your mind to worry about.

Having said all these, I hope you folks would integrate (what a word!) online shopping to brighten your overall Christmas shopping experience and enhances the joy and magic buying for those special ones…

Life insurance: why there’s no need to be a desperate housewife

2009-09-14T20:11:00.001-07:00

by: Rachel Lane

Contemplating what may happen to your wife (or husband) and children if you die is not likely to be a thought you wish to contemplate. However, avoiding the issue may make life more difficult for your family after your death.

Life insurance looks set to make a comeback in the UK, after a period of neglect by consumers who were simply occupied with affording a home. The stabilising of the UK house market has made many consumers take a broader view to their personal finances.

LifeSearch (a life insurance broker), in the September issue of Money Observer, highlighted a few common mistakes people make when buying life insurance:

* Believing life insurance is relevant to everyone
Life insurance is only relevant to people who have financial dependents. If you have no financial dependents, it might be more appropriate to consider income protection or critical illness insurance.

* Paying too much for life insurance
According to Money Observer, research for Sainsbury’s Bank Life Insurance revealed that many people take life insurance policies from their mortgage providers and as a result could be paying too much.

* Opting to buy joint life insurance policies instead of single life insurance policies
The advice to married couples is to avoid taking out joint life insurance policies which pay out when the first spouse dies over the term of the policy, but not on the second. Single policies could provide additional cover by paying just an extra £3-4 a month.

* Missing out on a trust
The Tax Man can claim up to 40% of your life insurance payout as inheritance tax. According to Money Observer, those with assets totalling £275,000 or more (including a house) are especially prone to tax inspection. Writing your policy in trust is a way to avoid this and as a trust does not have to go through probate, beneficiaries of the policy will receive the payment without delay.

* Only insuring the main earner
Whilst it is important to cover the main breadwinner, by neglecting to additionally insure the housewife or househusband may result in extra child care costs. Family income benefit (FIB) may be an appropriate policy to put in place.

* Opting for a lump sum over income
If your dependents are likely to require an income, then buying a policy that pays out a lump sum is a mistake. Many people invest lump sums for an income, but when they invest it, they have to pay tax. Family income benefit provides a larger payout – tax free, though the majority of banks and building societies do not offer FIB, so ask an Independent Financial Advisor for recommendations.

* Not proving full medical records or detailing comprehensive medical history
Failure to disclose a complete picture of your health, no matter how trivial, could invalidate a claim later on.

There’s no excuse for not conducting your own homework, as there is an abundance of information available online. Sites such as moneynet, provide not only price comparison research on difference life insurance products, they also offer downloadable consumer product guides. Lowermybills.com proffers a similar service stateside.

Is There Any Such Thing As Affordable Life Insurance?

2009-09-14T20:10:00.001-07:00

by: Peter Crump

Do you need affordable term life insurance? This seems to be the million-dollar question. When you want to purchase life insurance you often do not know how much you need or if there is such a thing as having too much life insurance. What constitutes affordable life insurance and how much you need is totally dependant upon your own situation.

Don't be fooled into determining the amount of insurance you should have to what your best friend or neighbour has. Remember, every situation is unique and your needs will be unique. Your need will be determined by what you wish to see happen in the event of your death. You do have to look at the life insurance cost of the premiums and decide how much you can afford from your monthly budget. There is affordable life insurance available at very low premiums and that will help your family out in the event of your death.

When considering what affordable life insurance is needed in a family situation, you need to do a life insurance comparison. This will help you get the most affordable rates and there are countless life insurance companies able to help you in this regard.

In order to determine how much life insurance you should have, a number of factors need to be considered. For a person with family needs, these may include such things as:
· Do you have dependants? If so, how long will they be dependant upon you?
· Do you have children? If so, how old are they?
· Do you want to insure your children have a post secondary education?
· Will your household income be greatly reduced upon your death? If so, how much income do you need to replace so your family maintains their standard of living?
· How long will you need to replace your household income?
· What taxes may be incurred upon your death?
· Do you need to cover debt obligations such as loans or a mortgage?

When you try to determine whether or not you can afford life insurance, think about whether or not your family can afford to be without affordable life insurance.

You can find affordable term life insurance, but you need to establish exactly what you need first.

Mortgage after Bankruptcy - Bankruptcy Discharged Yesterday? Purchase a Home Today!

2009-09-14T20:09:00.002-07:00

by: Nathan Dawson

So you have been through a bankruptcy and surely have been told to wait at least two years before applying for a home loan. Waiting two long years without any guarantee of being approved for a mortgage after bankruptcy can be disheartening. Fortunately, this advice no longer holds true.

Today, there is a growing realization of the need to offer home loan products that are specifically designed for borrowers with an imperfect credit or financial history. Mortgage programs have been created especially for borrowers who have gone through a bankruptcy. In fact, those with a bankruptcy discharged for even one day may apply for a home loan. That's right, if your bankruptcy was discharged yesterday, you can qualify for a mortgage today!

Now you are probably thinking that although you are eligible, it will be difficult to qualify. The truth is that qualifying is much easier than you think. The fact that you have been through bankruptcy is not even considered in the evaluation of your credit. Any liens, collections or judgments that appear on your credit report will also not be used in the evaluation of credit and will not need to be paid off.

What is important and what will be looked at is your credit score. Now here is the good news: with a minimum FICO score of 500, you are qualified to purchase a home with a 20% down payment. Having a credit score between 550 and 579 will allow you to borrow up to 95% of the purchase price; and with any score above 580, you are qualified for 100% financing.

With the competitive rates that are available on mortgage after bankruptcy programs, you are able to realize the dream of homeownership with a mortgage payment that is affordable and fits easily within your budget. Along with the traditional benefits of owning a home, such as equity building and tax benefits, you will most importantly be rebuilding your credit profile. Additionally, you may also benefit from the current strong housing market and its appreciating home values.

So now you know the following: that you can qualify for a home loan today, what the credit requirements for a mortgage are, and that you can rebuild your credit and financial life through homeownership. Gone forever are the days of waiting two years and living with the dim prospect of obtaining a mortgage after bankruptcy. You have worked hard to discharge your bankruptcy and have the fresh start that you were looking for.

There is empowerment that comes with the knowledge that you can purchase a home today even if your bankruptcy was discharged yesterday. So get qualified for a home loan, start searching for a home and begin packing those boxes!

Life insurance – wise investment in personal finance or excessive caution?

2009-09-14T20:09:00.001-07:00

by: Rachel Lane

Life insurance is typically taken out to offer valuable financial protection for your family in the event of your death, upon which a payment is made to your financial beneficiaries, heirs or family members. The extent of this payment will depend on your insured sum and earnings. Life insurance and life assurance may be interlinked in advertisements, though bear in mind the two policies are different. Life assurance is a form of financial protection which is also an investment, as you should always get a pay-out at the end of the term of the policy. Life insurance on the other hand is simply financial protection for your family, avoiding the issue of debt in the event of your death.

According to an article by the Fair Investment Company, the British life insurance industry shrank to almost half the size of the pensions industry last year and according to the Association of British Insurers, less than 50% of UK households hold a life insurance policy.

In their most recent newsletter about this issue, the Association of British Insurers found that 25% of mortgage holders had insufficient life insurance to cover their debt. The ratio of new life insurance policies to new mortgage loans was apparently 68% in 1994, but by 2004 this had dropped by half to 33%.

The absence of mortgage life coverage poses a serious risk for the dependants of homeowners. If banks were to embark on wide scale repossessions as a result of this absence of life insurance, this would impose a risk on their loan books and reputations. The Association of British Insurers also state that one of the main reasons behind the increased gap between mortgage loans and insurance is the emergence of people remortgaging their property to take advantage of equity release through a rise in value, without insuring their borrowing. In their report it was stated that around 63% of new mortgage loans were remortgages or further advances, compared to 34% in 1994. Egg reported at around the same time, that three out of four of these new loan homeowners had no intention of insuring this additional debt. This is particularly worrying if couples are remortgaging their property later in life – towards retirement, given that should anything happen to the breadwinner, the partner would be left with significant debts without the capability of paying the loan back.

Reasons for the downward trend in life insurance take-up include:

* Relaxation in lending policy – increased competition in the mortgage market means that lenders are not forcing life insurance policies on their customers

* High house prices have stretched homebuyers, in particular first time home-buyers, in terms of their mortgage repayments, that the additional costs of a life insurance policy are deemed too expensive

* There are more households with no dependents

If you’re interested in researching a life insurance policy, make sure you shop around. UK websites such as moneynet ( http://www.moneynet.co.uk ) provide life insurance and life assurance information guides, as well as providing price comparison research for the different products. In the states, the website LowerMyBills.com also offers a similar service.

Because of the various factors listed above, people have also become less familiar with the term life insurance and without the awareness there is little recognition of the importance of this type of insurance. However as speculation increases that UK households are not coping with their debt, so should the awareness of life insurance as an essential product in the personal finance portfolio.

* * * * * * * * * * * *

Mortgage Tips from Me to You

2009-09-14T20:08:00.001-07:00

by: Seymore Hennigan

At some point in your adult life, you are likely to purchase a house of your own. Whether you are sick of renting, or you have decided to settle down and start a family, purchasing your first home can be an exhilarating and nerve-wracking adventure. In researching the best practices for new home buying, we decided to give you three of the most important tips.

Our first suggestion is to save, save, and save some more. The idea behind this is to enable you to make the largest initial down payment on your new home as possible. We know how difficult it can be to save, but this could save you thousands of dollars in the long run. Wouldn’t it be great to be able to save thousands of dollars to use for your own ends, instead of paying it to some faceless bank in interest payments?

Secondly, try to educate yourself about the types of financing available. Shop around, or speak with a mortgage broker who can act on your behalf. In my opinion, your best bet is to lock into a fixed rate mortgage. A new home is very expensive, and you are likely to be short of cash for the first couple years. A fixed rate mortgage will provide you with the peace of mind that comes with knowing exactly what your mortgage payments will be each month. Remember, you can always renegotiate the terms of your mortgage at a later date. Ensure you have the stability you need to get off on the right start.

Lastly, be sure you have a proper home inspection done before you complete the transaction. If you feel the price of the house you are about to purchase is too good to pass up, it is probably is too good to be true. It is worth taking the time to ensure things are done properly. If you have to move fast for fear of missing out, make an offer, but ensure that your offer is conditional on upon a successful home inspection. Far too many first time home buyers have gone broke fixing repairs that should have taken care of by the previous owner. And, please, do yourself a favor and find an independent home inspector that doesn’t have a relationship with the real estate agent!

Mortgage Refinance: 4 Ways To Know Its Time to Refinance Your House.

2009-09-14T20:07:00.002-07:00

by: Nathan Dawson

You may want to refinance your home for several reasons.

1)Mortgage Rates might be lower now. The biggest reason that people refinance their mortgages is to save money. No matter what has happened to you, there is always a good reason to start saving money. A lower rate on your mortgage can help you stretch out the payments so that every month you are paying less to live in your house than the previous month. When interest rates are low and you had previously locked your mortgage into a higher price, it might be a good idea to shop your rate around to see how low you can get it. The early 2000's have been an environment of very low mortgage rates which make it a good idea to shop around to see if you can refinance your mortgage.

2)You need money and need to stretch out your payments. Maybe you've recently filed for bankruptcy and therefore need more money to get back on your feet. Maybe you've switched jobs and therefore need to refinance your mortgage in order to make your monthly payments lower. No matter what people say, it's always a good idea to have more money in your pocket than less, isn't it? Refinancing your mortgage might be a good idea in this situation.

3)There may be better deals out there than you think there are. Finding a new mortgage company or bank to refinance your mortgage might be a good idea just to kick the tires of the industry and see if you could get a better deal. If you've been spending a lot of money and paying off the balances on your credit card on a monthly basis there is a significant chance that your credit score has increase recently. An overall better credit score is better for everyone including your lenders. If a new lender sees that your credit score has increased recently, she might be in a much better position to give you a better deal on your mortgage than you think. She could refinance your mortgage by shopping the deal around at more banks and finding the best one for you. Shop your refinancing around, it can't hurt.

4)Mortgage refinancing as a sound business decision. If you own a small business of any sort and need a capital infusion, then investigating mortgage refinancing might be a very smart thing to do. If your business is truly small and you run it out of your house, then the line between your personal and business expenses might be thinner than you are reasonably comfortable with. Clearing up a little extra capital, through refinancing your home, every month might be the difference between investing in some new small equipment and not investing. Everything that is an expense should be lowered if possible. Refinancing a mortgage might be a fantastic idea to increase capital reserves and to plan for future investments. Many business owners who work out of their homes constantly try to decrease their monthly payments so that when it comes time to pay their business bills, they have a little extra capital. Always check with a CPA or attorney to determine what is deductible and what isn't. But, more money is more money, even if you are lending it from yourself to your business

Organize Your Move With A Moving Checklist

2009-09-14T20:07:00.001-07:00

by: Lee Dobbins

Moving is a chaotic and stressful time. There’s so many things to arrange, having utilities switched, signing up the kids for a new school, scheduling the movers, packing the house. With all the other things you do it’s not easy to find the time to get everything done!

Using a checklist of tasks, can help keep you organized and make sure you don’t leave out an important moving task. I suggest that you start the list well in advance – a month or more before the move. Just jot a few things down and then leave the list on the kitchen counter or fridge where everyone can see it. As you think of new things to add, write them down right away or it might be too late when you think of them again!

As the time for the move grows closer, you may want to transfer the list to a calendar format. Some of the items like notifying the phone company, will be things you can do in advance so you can assign those a date and then each day check the calendar to see what tasks need to be done. Cross off those that you have accomplished and you can easily see what is left to do. This method also works well if you are delegating some of the items on the list – you can add the name of the person responsible next to the task and this will avoid any last minute “but I though you were going to do that….” problems.

When the day of the move comes, you’ll probably still have plenty left on your to do list so make sure that it’s the last thing you pack up on your way out and the first thing you unpack at your new home. You’ll probably need to add tasks that are specific to your situation, but some common items on your to do list might include:

o Rent crates, buy boxes and get packing material – this can be done in advance

o Pack unnecessary items like knick knacks and anything you can do without until after the move – getting this stuff out of the way ahead of time will make moving day easier
o Get your new house inspected
o Put your pay stubs, bank statements and other documentation in a folder for your loan officer
o Arrange for utility shut off / reconnect for phones, lights and gas
o Notify business associates, friends and family of change of address and new phone number
o Put your new address and phone on checks and business cards
o Schedule a final walk through to inspect your new house
o Fix any items that came up in final walk through for your old house
o Get a certified check to bring to your closing (most banks require this and you’ll really screw up the works if you show up with a personal check)
o Rent a moving truck (and movers unless you are moving yourself)
o Schedule move out cleaning so your house is clean for the new owners
o Schedule your pets to go to a friend or kennel on the day of the move
o
Having a moving checklist won't magically make everything happen right but it can help to make things run a little more smoothly!

Not Every Debt Negotiation Company Is Right For You - And That's The Truth

2009-09-14T20:06:00.002-07:00

by: Jon Butt

For those outside of the ‘wide breadth of consumer and credit card debt knowledge’ inner circle, the debt negotiation truth is this: not even the best debt negotiation companies may be right for you.

For starters, debtors have differing situations – one may be falling behind on his monthly mortgage payments, while another debtor is teetering on the edge of bankruptcy after seven renters moved out of his eight-unit rental property. Deciding on fine debt negotiation companies depends on your situation.

Have Debt Negotiation Companies Meet Your Own Criteria

Selecting a proven debt negotiation company is a part of the selecting a debt negotiation company truth. Notice their track record and verify their credentials by phone and in person regarding the number of negotiation clients they´ve served, rather than through the Internet chockful of potential debtor related scams.

In addition to a solid debt negotiation plan, the Grade A debt negotiation companies also throw valuable literature at you educating you about the intricacies of the game. The true companies should also offer credit counseling as well – planting you on the right pivot foot presenting you with a myriad of ways to control and manage your finances by exploring ways to negotiate debt.

The most bona fide way to pinpoint a debt negotiation company´s effectiveness is by finding out its reputation. If the company has been featured in a host of debt publications and newschannels, that is a plus.

Servicing a wide range of debtors nationwide (not limited to a couple of states) is also a criteria of the best companies. Find out the in & outs of all of the debt negotiation companies – and the truth shall come separating the scams from the real.