| |
| |
|
Mortgage & Refinancing Information |
|
|
|
Save This Page Links 
allspectrum.info Link exchange submission form: Sorting through mortgage elimination programs
Mortgage elimination programs are all the rage these days. In the event that you don't know what they are, it's a really basic concept. You apply more money to the principal balance on your loan or you make payments at times other than once per month, and ultimately you lower you balance and pay your mortgage off sooner than the original term. It sounds great, but be careful what you read, because there are a lot of these mortgage elimination programs that either don't make sense or just plain scams. I clicked on a website gloating that it had a program that would eliminate your mortgage in under a year. Wow! A 30-year home loan eliminated in one year. Sounds great; you're in, right? Not so fast. When I subscribed to a mailer to get more information, I received a very cryptic message that said the program was currently put on hold because the US patriot act makes it impossible to proceed with the necessary offshore banking transactions, which were necessary to make the process a success. Now, I'm not sure what all this means, but I do know I don't want someone sending my mortgage payments to some offshore bank account. This sounds like something straight from a John Grisham novel. I've already written about the inverse mortgage, which holds that paying one's mortgage every three weeks instead of every four will help eliminate your mortgage in five years or less. Although the jury is still out on this program, I've done the math, and it simply doesn't add up. Finally, I'm still investigating a program called, Mortgage Cycling. Although I don't know all the detail on this one, I do know that it involves taking a home equity loan and adding this money to your principal mortgage. Again, I'm not getting it. Why take more money out against your real estate, so you can pay it back on the same house. Isn't this sort of borrowing from Peter to pay Paul? At any rate, I'll keep investigating. Meanwhile, beware of any mortgage elimination program. If you want a safe way to eliminate your mortgage more quickly, please refer to the wealth-building program, Winning the Mortgage Game. Mark Barnes is an investment real estate and real estate finance expert. Get his free mortgage finance course at http://www.winningthemortgagegame.com and learn more about his wealth-building system. Mark is also the author of the new novel, The League, a shocking, sports-related conspiracy. Learn more about his suspense thriller at http://www.sportsnovels.com
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
Refinance Benefits - Refinancing Could Save You Money The most common reason most people refinance is to save money, but many people refinance for various other reasons.1. Remortgage Debt Consolidation - The New Recourse For Credit Crunch Shakespeare once said about human nature 'with nothing shall be pleased, till he be eased with being nothing'. It is human nature to not be satisfied with anything for long. Do Your Homework - Find the Mortgage That Fits Your Lifestyle and Your Budget You've been looking at houses for months, and finally you've found it--the house that's just right. So now, all you have to do is to purchase your new home, move in, and get settled, right? Not quite. Secured Homeowner Loans to Reiterate that a Home Provides More than a Roof Over Your Head "The ache for home lives in all of us, the safe place where we can go as we are and not be questioned."It is a challenge to find a place like that. Home Equity Loans - Research Your Lender Carefully Real estate prices are rising across the country, and Americans are tapping into their home equity like never before. Americans took out $431 billion in home equity loans in 2004, and that amount may increase in 2005. An Infinity Mortgage? Here in Spain the concept of a mortgage period of 20 or 25 years is something new. The general feeling by the banks is that want their money back more quickly than banks in countries in which they are accustomed to longer periods. Adjustable vs Fixed Rate Mortgages Mortgage rates can either be fixed for the duration of your loan or can be adjustable. An adjustable rate mortgage is a loan that is set up with an interest rate that changes based on pre-determined criteria, primarily tied to the federal interest rate. Interest Only Home Loan - Is It Right For You? There are many benefits to interest-only mortgage loans. There are many situations where an interest-only mortgage loan could be best for you. Reasons To Get A Home Equity Loan Using a home equity loan really depends on what your needs, wants and desires are that prompt you to take the home equity loan in the first place.The most common reason people obtain the loan is for debt consolidation however other uses include home improvements, educational expenses, unexpected family emergencies, medical expenses and in some cases for big ticket purchases. How to Find a Direct Homeowner Loan If you've been thinking about applying for a direct homeowner loan, you might want to take a little bit of time to make sure that you understand exactly how these loans work and to shop around for the best deal in a direct homeowner loan.What is a direct homeowner loan?So what is a direct homeowner loan? Basically, a direct homeowner loan is a loan that is made between a lender and a borrower directly (in other words, without a middle-man), using the equity in the borrower's home as collateral for the loan. Be Prepared With Your Home Equity Loan Checklist A home equity loan can be an excellent way to obtain money in order to pay off high interest bills or consolidate your current debt into one monthly payment. A home equity line of credit is a form of revolving credit in which your home serves as collateral. Home Equity Loan - With a Reverse Mortgage, Your Home Pays You! The home equity loan has become quite popular in the last five years, and Americans have tapped into the equity of their homes in record numbers. The reasons vary, although home improvement and debt consolidation are the most common reasons for borrowing against a home's equity. Home Loans Buying a home remains the great American dream. Home ownership rates have been exploding in recent years, spurred on by the historically low interest rates in the home mortgage market. Option ARM Mortgage Loan - Is This Really for You? What happened to the days of a 15 or 30 year fixed rate mortgage loan? Ultimately this is the safest and most popular mortgage loan product in our industry, but new mortgage products are hitting the market, and we in the mortgage business are using them to our advantage; ever heard the radio advertisement saying, "buy a $200K home for $643.28 per month; call XYZ Mortgage Company to apply"? The product used in this ad is called an Option ARM, and I feel it's my duty as a mortgage professional to tell you what this product is in case you happen to meet up with that loan officer whose only concern is to make a fee, and not have your best interest in mind. Home Loans For People With Poor Credit - Understanding The Requirements For a Subprime Mortgage Home loans for people with poor credit demand that you understand the requirements for a subprime mortgage loan to get the best rates and terms. By satisfying the requirements, you can be assured of securing a subprime mortgage to buy a home. Home Equity Loans 101 A secured home loan differs from an unsecured loan in that the secured loan borrows against one's home as collateral, thereby reducing the risk to the lender.As such, secured home loans often offer better interest rates than unsecured loans, but offer higher risk to the borrower, as defaulting on these loans can have greater consequences, such as fines, or even possible repossession of the home originally put up as the secured collateral (subject to the amount of the loan, of course). Online Mortgages in 5 Easy Steps! We're all entitled to the opportunities and benefits of home ownership. But because most of us aren't loaded with cash, we must find banks and lenders to assist us with finance. How To Find A Mortgage With Bad Credit Shopping online for mortgages ought to be trouble free, even should you have poor credit or no credit score. You can nonetheless find a bad credit lender that can facilitate you. Home Equity Can Create a Never-ending Money Cycle What could you do with $10,000? Well, you can have it, now in a new home equity loan! Did you know that if you have been in your home for just one full year, you may already have the opportunity to take out huge dollars in equity from your home -- tens of thousands, even! Did you also know that you can get this money with no closing costs, use it any way you like, and, best of all, it will cost you as little as the price of your cable bill each month, and you can create an amazing money cycle that will give you an endless supply of cash.Unlike conventional mortgages, home equity loans are paid back with interest-only payments, and have no taxes or insurance added, which make for extremely low payments. Home Equity Line of Credit - Great for Remodeling Projects Many homeowners are lucky enough to find a house that represents exactly what they want in a home. They buy it, make the payments on it, and live more or less happily ever after.
|
