Welcome to VanishMyMortgage.com--Your Mortgage Information Resource
A mortgage is one of the most significant financial decisions you'll ever make in your life. Paying it off once obtained is becoming a major hurdle for millions of Americans. In fact, 95% of American homeowners die still owing money on their primary mortgage.
This Mortgage Information Resources Squidoo lens has been created to help you, the American homeowner, to both find a mortgage and pay it off in the least amount of time.
Have you been taking a look at some of the headlines concerning the 2007 Mortgage Meltdown?
11/1/2007: Foreclosures: Moving on up: "NEW YORK (CNNMoney.com) -- Foreclosure filings climbed during the third quarter of 2007 with no relief in sight, according to a report released Thursday.
"The report by RealtyTrac, an online marketer of foreclosure properties, showed the number of filings rose 30 percent from the previous quarter and nearly doubled from a year earlier." -- From an article by Keisha Lamothe, CNNMoney.com staff writer
Loans are tougher to get, interest rates on adjustable mortgages are rising and as we just read foreclosures are increasing a record rate--a bad combination. Moreover, people are finding that the real estate deals they thought they had aren't really deals at all but rather financial nightmares. Check below on this page to see what I'm talking about.
It's tough times for many homeowners across the USA as the market adjusts.
Welcome to Vanish My Mortgage.
This Squidoo lens is a free information resource that will answer all your questions about mortgages.
Each year, more than ten million American homebuyers, homeowners, and realty investors enter the mortgage arena to finance or refinance their homes and rental properties. And each year, millions of borrowers pay more than they need.
Please take a moment and explore this lens as well as my other Squidoo pages that pertain to the revolutionary Money Merge Account from United First Financial.
And take a moment to check out my website by clicking on the banner below.
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Applying for a Loan?--Start by Ordering Your Credit Report
If you are considering applying for a loan, ordering a copy of your credit report may well be the best place to start. Why? Because it's also the first thing a potential creditor will be looking at, and even if you pay your bills on time, you will want to ensure that all the information in your credit file is up-to-date and accurate.Studies have shown that many credit files contain inaccuracies that could affect your credit rating, and even lead to the rejection of a loan application. That's why reviewing your credit report beforehand may be a good idea, giving you time to dispute any items that may be the result of simple human error or a technical glitch.
And depending on whether you are applying for an auto loan, a mortgage loan, or a loan for business or personal use, different lenders may apply different standards in rating your credit worthiness. For this reason, reading your credit report and understanding how your credit data might be interpreted may give you a chance to improve your credit worthiness from the point of view of a lender.
Before you begin the application process, check your credit report for the following items:
Clerical Inaccuracies
Sometimes credit reports contain inaccuracies that are the result of a computer glitch or a clerical error. These may include payments not credited, late payments, or data mixed in from a credit file of someone with a name similar to yours. Ordering your credit report will quickly show you what the lender will see--then it's up to you to dispute any information that you consider inaccurate.
Excess Unused Credit
To make your credit more attractive to a potential lender, you may wish to consider reducing the number of revolving charge accounts that are listed as active on your credit report. Lenders will sometimes view too much revolving debt as a negative when considering a loan application.
In situations where you have stopped using a credit account, it is often a good idea to close the account if you don't plan to use it anymore. Make sure your creditor notates the account "closed at consumer's request"--otherwise, a prospective lender might assume the creditor closed the account for other reasons.
A few credit cards managed well may improve your chances for a loan--particularly a mortgage loan, where lenders use stricter qualifying guidelines. Another rule of thumb is to keep balances on credit cards around 75% of the available credit limit.
Applying for a Loan?--Start by Ordering Your Credit Report (cont'd)
Ironically, credit cards that have lots of room on them may be viewed as potential debt, while maxed-out cards make you a less desirable credit risk--both of these situations could compromise your ability to obtain a loan.30-day and 60-day Late Payments
Even if your credit report contains a couple of 30-day late payment entries that are accurate, many lenders will overlook the occasional late payment if you explain the situation and your credit is otherwise good. Try to avoid any payment being 60 days late however, as this may be a red flag for some lenders--even if they do grant you the loan, it may come at a higher rate of interest and with less favorable terms.
The primary period lenders are interested in on a credit report is the last two years, so try to maintain on time payments, and verify that the payments are being credited properly by checking your credit report regularly.
Avoid Unnecessary Inquiries
Each time a prospective creditor looks at your credit report, an inquiry notation is added to your file, and most inquiries stay on your credit report for up to two years. Inquiries you make yourself, inquiries made during screening for a pre-approved offer of credit, or an inquiry that is part of a background check for employment purposes are not reported to potential credit grantors.)
It is best to avoid over-applying for credit and running up excessive inquiries, for the simple reason that lenders of creditors may think you're trying to get credit due to financial difficulty, or taking on more debt than you can repay.
Lenders do of course realize that some inquiries are a result of shopping around for the best rates on a loan, and so they will often overlook a block of inquiries within a very recent period. It may help if you explain the inquiries in the application process.
Understanding how your credit report affects your financial future is the key to smart credit management. Incorporating a review of your credit report into your financial planning is also one of the best ways to make sure you meet your goals--especially when those goals involve major purchases, and you're shopping for a loan with the most favorable terms possible.
Is There A Painless Way To Pay Off Your Mortgage?
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In case you didn't know, the origin of the word mortgage is rather interesting. The mort- in the word mortgage is from the Latin word mori (via old french mort) for death and -gage is from the sense of that word meaning a pledge to forfeit something of value if a debt is not repaid. So mortgage is literally a death pledge.Most homeowners realize they will pay about twice the purchase price of their home on a traditional mortgage--a mortgage that will take about 30 years to pay off. I don't know about you, but that bothers me quite a bit.
The good news in all this is that a mortgage-free future is closer than you imagine. It's time to acquaint yourself with United First Financial and how this company can work for you.
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Getting Out Of Financial Crisis With A Bad Credit Mortgage Loan
Author: Jenny Lane
There is only one way of getting out of a financial crisis if you have a bad credit history. Get a bad credit mortgage loan.When you apply for a loan, the first question every lender asks is: "How's your credit report?" If the answer is in any way viewed as negative, your application is rejected. With a bad credit mortgage loan though, that would never happen.
Bad credit mortgage loans allow the borrower to get their loans even with a bad credit report. So how does bad credit mortgage loans work?
>>>Read on
Mortgage Basics
Adjustable Rate--An interest rate that changes periodically in relation to an index. Payments may increase or decrease accordingly.Amortization--A repayment method in which the amount you borrow is repaid gradually through regular monthly payments of principal and interest. During the first few years, most of each payment is applied toward the interest owed. During the final years of the loan, payment amounts are applied almost exclusively to the remaining principal.
Annual Membership--An amount that may be charged annually for having a line of credit available. Often charged regardless of whether or not
you use the line. Also referred to as a "participation fee."
Annual Percentage Rate (APR)--The cost of credit on a yearly basis, expressd as a percentage. Required to be disclosed by the lender under the federal Truth in Lending Act, Regulation Z. Includes up-front costs paid to obtain the loan, and is, therefore, usually a higher amount than the interest rate stipulated in the mortgage note. Does not include title insurance, appraisal, and credit report.
Appraisal--A fee charged by an appraiser to render an opinion of market value as of a specific date. Required by most lenders to obtain a loan.
Balloon Payment--A lump sum payment for the unpaid balance of the loan.
Credit Limit--The maximum amount that you can borrow under a home equity plan.
Mortgage Poll -- Your Votes Please!
What Percentage Did You Pay On Your Down Payment?
Why Some People Almost Always Get The Lowest Interest Rate On Their Mortgage - For The Least Points!
Mortgage Loan Tips
If you want a mortgage with the lowest rate...
for the lowest points and fees...
here's exactly how you do it!
This information is excellent for first time buyers, move-up buyers or refinancing.
MortgageDaily.com
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Real Estate Finance & Investments (Real Estate Finance and Investments)
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More on Mortgages from Wikipedia
A mortgage is the pledging of a property to a lender as a security for a mortgage loan. While a mortgage in itself is not a debt, it is evidence of a debt. It is a transfer of an interest in land, from the owner to the mortgage lender, on the condition that this interest will be returned to the owner of the real estate when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.
The term comes from the Old French "dead pledge," apparently meaning that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure.
In most jurisdictions mortgages are strongly associated with loans secured on real estate rather than other property (such as ships) and in some cases only land may be mortgaged. Arranging a mortgage is seen as the standard method by which individuals and businesses can purchase residential and commercial real estate without the need to pay the full value immediately. See mortgage loan for residential mortgage lending, and commercial mortgage for lending against commercial property.
In many countries it is normal for home purchases to be funded by a mortgage. In countries where the demand for home ownership is highest, strong domestic markets have developed, notably in Spain, the United Kingdom, the Commonwealth of Australia and the United States.
News Posts from Google on Subprime Mortgages
- An Essential Guide to Subprime Mortgage Credit Derivatives
- Written by an expert author team of UBS practitioners-Laurie Goodman, Shumin Li, Douglas Lucas, and Thomas Zimmerman-along with Frank Fabozzi of Yale University, Subprime Mortgage Credit Derivatives covers state-of-the-art instruments ...
- BEAR STEARNS AND COUNTRYWIDE; SUBPRIME PRINCES THAT FAILED BASIC ...
- Countrywide, once the largest home lender in America, saw that there were huge profits to be made in subprime mortgages and other mortgages that could not qualify as "A" Paper". Bear Stearns, and other Wall Street banks, ...
- A Top Obama Fund-Raiser Had Ties to Failed Bank
- "Superior was at the forefront of the securitizing of subprime mortgages," says Timothy Anderson, a retired bank consultant who has studied Superior and other failed thrifts. Ms. Pritzker said her "main role" as chairman was to help ...
- Investors sue CIBC for downplaying exposure to US subprime mortgages
- Investors launched a multibillion dollar class action lawsuit Wednesday against the Canadian Imperial Bank of Commerce, alleging it downplayed its exposure to the US subprime mortgage meltdown. ...
Information on HELOC from Wikipedia
A home equity line of credit (often called HELOC and pronounced HEE-lock) is a loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower's equity in his/her house.
Poor Credit Home Mortgage Loans - The Role of the FICO Score
Author: Carrie Reeder
If you have bad credit history and are looking to get a home mortgage loan, then chances are you are going to need to know all about how the FICO credit scoring system works.FICO - Fair ISAAC & Company - is the leading credit reporting agency that lenders turn to when it comes time to credit scoring your home loan mortgage application; so if you do have bad credit history, these guys will know.
The formula used by FICO cannot be disclosed because of a decision made by U.S. Congress.
To read the rest of the story, please go here.
