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Month: January 2018

How a Short Sale Can Set You Free If You Are Drowning in Your Mortgage

Whether you live in Phoenix, Scottsdale, Mesa or Glendale, you may find that you just can not afford your mortgage any longer. In fact, you may owe more on your home than what it is worth, and it seems you are getting farther and farther behind. A short sale is a viable option for those who see no way out of their dilemma, and fear they are facing foreclosure. An experienced Arizona realtor can help you understand the process, and also assist you in all negotiations should you decide the short sale route is right for you. Are you already months behind in your mortgage payments? Foreclosure may be just a few weeks away, and is something you really want to avoid. While you may hear bad things about a short sale, most of that is due to the fact that it can be a lengthy process – but if you have a reputable real estate agent, it can be much simpler and completed in far less time. One thing many people find attractive about the short sale is that they can honestly tell friends and family they sold their home and avoid embarrassment often associated with foreclosure. You can also avoid having your credit completely destroyed, which can be devastating for some people. When your credit is demolished, you are looking at about 7 years of not being...

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California Jumbo Mortgage Loans

California jumbo mortgage loans are very large commercial or residential mortgage loans offered by many financial institutions in California. Typically, they are issued for an amount in excess of $ 200,000. Also called a non-conforming mortgage, a jumbo mortgage does not obey the rules set by Fannie Mae (Federal National Mortgage Association) or Freddie Mac (Federal Home Loan Mortgage Corporation). Like a conventional mortgage loan, California jumbo mortgage loans are available as fixed rate mortgages (FRM) and adjustable rate mortgages (ARM). The formalities followed for obtaining California jumbo mortgage loans are similar to those of traditional mortgage loans. To get details about the loans, such as application forms, loan terms and interest rates, you can seek the help of a licensed mortgage broker. Since jumbo mortgage loans do not conform to Fannie Mae or Freddie Mac terms, you can expect several associated risks. A California jumbo mortgage typically has a higher interest rate than conforming fixed rate mortgages do. To solve the problem of high interest rate, the lenders usually divide a jumbo mortgage into two separate mortgages. The new California conforming mortgage limits are determined in the month of January of every year. The amounts for California jumbo loan are calculated based on these limits. The procedure for securing a jumbo loan online is similar to getting approved for a traditional mortgage when you use a mortgage broker....

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What You Need to Know About Fixed Rate Mortgages

There has been a lot of press lately about the different types of loans and you may have heard of a fixed rate loan. These loans are actually pretty simple to understand and preferable to many consumers. Before you accept one of the adjustable rate mortgages that are out there and really appealing at first, you should consider what a fixed rate mortgage will bring to your life and if it is something that will work for you. The Fixed Rate Mortgage A fixed rate mortgage is a mortgage loan that offers the same interest rate through the duration of the term of the loan. It seems like this would be the way that all loans are, but today there are many different types of loans, many of which feature interest rates that will adjust, float, or change over time. A fixed rate mortgage should also not be confused with an interest only mortgage, a graduated payment mortgage, and adjustable rate mortgage, negative amortization mortgages, or balloon payment mortgages. Some of these other mortgages may have periods of fixed interest but then they all change and fluctuate. When you take on a fixed rate mortgage you should be aware that your payments will stay about the same but there may be some things that will change the amount of your monthly payment from year to year. While your home...

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New Jersey Mortgage Rates

Mortgage reiter a way to secure a loan using real estate property as security. It is the most popular way of purchasing real estate. Mortgage payments are of two types- Fixed Rates Mortgage (FRM) and ARM (Adjustment Rate Mortgage). In FRM, monthly interest repayments are fixed for the lifetime of the loan. In ARM, interest is fixed for a particular period of time after which it will be adjusted to some market index like Prime Rate or LIBOR. New Jersey mortgages rates change with interest rates; also several rates like Prime rate and Treasury rate affect mortgage rates. Mortgage rates are one among many factors that affect your loan. To obtain a competitive mortgage in New Jersey several factors affect the rate and points you receive. The factors affecting rates and points are: 1) Credit Score-It is a statistical method to calculate your credit worthiness. (Debt outstanding, credit card usage, bankruptcies etc.) 2) Income- this gives an idea of ​​how much the debtor earns through his tax returns. 3) Current Equity- Value of your current assets. 4) Current Debt- Value of the amount you owe to others 5) Loan amount- the amount you want to borrow. There are certain limits specified by the FHA (Federal Housing Administration) on amount of Home Mortgage in New Jersey. It ranges from the least amount of $ 172,632 in County of Cumberland and...

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Surprise your Loved Ones with a Birthday Gift Basket

Age does not matter – whether you are turning five, fifteen or fifty, your birthday is always a good excuse to go out and have a good time. Throughout the year, you would surely know someone who will celebrate his or her birthday. Deciding on what gift to buy can be tough – especially if you do not really know the person well. For example, if you knew that a neighbor – who thoughtfully looks after your pet while you are out of the house – is about to celebrate his birthday, you may not have an idea of ​​what gift to give as a token of appreciation for his kindness. If you have a co-worker who could use some cheering up on her birthday, what gift should you give and how much should you spend? It is pretty easy to think of a present for a close friend or a relative because you would basically have an idea of ​​the items that they would like to receive. If you are having a hard time thinking of gifts for a person who is about to celebrate his birthday, what better way is there to surprise him than by giving out a personalized gift basket? 'Birthday Gift Baskets for Him and for Her' Gift baskets make great gift items. If you were invited to a party and you do not...

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