Finding the right mortgage lender

September 16, 2013  //  Posted by: cooldude  //  Category: Real Estate & Tax

Mortgage lenderMortgage loans are compulsory whenever you plan to buy a new home today. There are a huge lot of mortgage lenders out there with diverse loan offers but not all of them will be compatible for you. The mortgage loan is a very significant aspect of your property investment and hence you have to be careful with your lender selection. The post here is a short brief that would help you in selecting the right mortgage lender.

First of all, you have to proceed with an in-depth market survey. The investment gurus suggest to pick up 3-4 potential mortgage lenders and make a thorough study on them. It’s good if you can collect lender referrals from your close acquaintances- otherwise you have to take up a self-search procedure online. Your chosen one should carry high reputation and must be backed by several positive customer testimonials. Different lenders will come up with varying loan schemes with diverse interest rates. A comparative study here will be able to reveal about the compatible interest rates for you. Apart from the rate of interest, you should study closing costs as well. It’s because in many cases, the closing costs could lead to additional 2,000 USD upfront fees.

Then, make sure that your mortgage lender is attentive enough and offers you to get all candid about your financial status, repayment affordability and mortgage needs. You must know that credible lenders often support the clients with right advice on loan selection, dep0ending on the client’s particular financial status. It is not possible without a thorough initial discussion with the client. Moreover, the trustworthy lenders even help with tips to enhance the credit score. It’s needless to remind you that better your credit scores are, lower would be the rate of mortgage interest. Follow the tips appropriately to locate a compatible mortgage lender for you.

Foreclosure- How to Stop Or Delay It?

September 07, 2013  //  Posted by: cooldude  //  Category: Foreclosures

ForeclosureA creditor forecloses your property if you are not able to pay off your mortgage loan on time. The term foreclosure is used to define the legal process by which the lender gains possession of your home or property if you do not pay the mortgage loan after the loan period has expired. Foreclosure can be stopped either by filing for insolvency or by negotiating for settlement with your creditors.

It can be a smart move on your part to talk to your lender and let him/her know about the problems you are facing. Incase the lender finds that your problems are genuine then he/she can modify the loan and give you more time to repay the mortgage loan. In certain situations you might not be qualified for forbearance then you can ask your creditor to reduce the payment that you have to pay every month.

Sell your home or property through a short sale. This short sale will still be counted as foreclosure in your credit report. However, after the short sale you will lose your property or house and will obviously not receive any cash from the short sale.

You can even surrender your home or property to the creditor. But surrender is also mentioned in your credit report as foreclosure. During the surrender you have to pay the capital gain taxes that you also have to pay during the short sale.

Bankruptcy is the other way in which you can delay the process of foreclosure but cannot stop it completely. However bankruptcy should be used in the last resort only because it is shown on your credit report for 10 years. On the other hand foreclosure appears on your credit report for 7 years.

Thus you can see that delaying or stopping foreclosure is not as difficult as people think it is.