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Friday, January 23, 2009

Locking a Mortgage Rate in a Volatile Market

By Mortgage Wizard

Your mortgage is most likely your largest debt you will have in your life. Securing your mortgage interest rate is one of the most important factors.

In a volatile mortgage market like the one we are in right now it is hard to be an average citizen/homeowner and be able to gauge what the market is doing and when a good time would be to get into a new loan.

You could practically drive yourself crazy if you try and follow some of the standard rate indicators of the past in this environment. What is the 10 year treasury doing? What is happening on the stock market? These indicators just dont apply like they used to today.

Over the past two years over 300 mortgage banks (particularly wholesale mortgage banks) have gone out of business because of a lack of liquidity or inability to sell off their loan portfolios or a host of other reasons. The ones that have weathered the storm or are weathering the storm have had to reduce their workforce dramatically to cut costs and operate leaner operations.

Right now mortgage rates are at an all time low. This is causing a huge increase in new mortgage applications. The banks are still running with the reduced support staff and are unable to handle the work load. With virtually no other choice many of them are being forced to increase their rates to slow down or temporarily stop new applications.

As a result we are experiencing a fluctuation of rates that is artificially caused by the inability of the banks to process loans as fast as they are coming in.

The best way to ensure that you are not gambling with your mortgage rate that you will have for years is to make sure you align yourself with a solid mortgage company that can collect your qualifying information upfront and watch the market for you. That way they can capitalize on the sudden drops in rates when the banks have caught up on their loan pipelines for you.

About the Author:
Start your process by watching real time mortgage rates online. If your current rate is higher than today's rateit is time to partner with a trustworthy company to ensure you are getting a great deal.

posted by Credit Counseling at 9:51 PM 0 Comments

Credit Card Debt Settlement - Strapped Consumers Seek Relief

By Carina McMullen

Credit card debt settlement is a highly effective way of sidestepping bankruptcy and removing the debt load from one's credit in a relatively short time. If done right, it can take less than 36 months depending on a debtor's specific situation. With these types of services available, it is easy to achieve credit card debt settlement and it is not hard to understand all the facts so credit card holders can choose the proper debt relief strategy for themselves. With so many individuals suffering from credit card debt, it is easy to see that this form of debt relief is a suitable option for avoiding bankruptcy that uses experienced professionals in order to negotiate with creditors directly and remove or reduce the money owed to credit card companies and other associated debt.

These different types of credit card debt settlement services and professionals can assist greatly in tremendously reducing the amount of credit card debt that a person owes. With all this help, it is far easier to get out of debt and beat out the credit card debt that one owes. Quite often, these credit card debt settlement companies can end harassment from credit card company phone calls and minimize the contact that credit card holders must have with these annoying individuals. Credit card debt settlement companies and services generally work closely with credit card companies in order to assist debtors in removing the level of credit collectors that continue to contact and harass them. Debt settlement professionals work to minimize the stress and difficulty of dealing with credit card collectors oneself, so that debtors can relax and enjoy peace of mind in knowing that the debt settlement company that they have selected is doing all the work for them and is busy reducing the amount of credit card debt that they owe.

Credit card debt settlement companies make perfect sense for anyone who is deeply and seriously in debt and might need assistance getting up-to-date on their payments. In many cases the strategy will include withholding credit card payments altogether until a savings program can generate 40% to 60% of the overall credit card debt and then offering this amount in a lump sum. Naturally, the idea is to get the credit card debt settlement wiped out completely with this lesser payment. While there are all manner of credit card debt settlement strategies, some are more effective than others. There are two elements to a credit score - the total amount of one's debt and the timeliness of one's payments. Although a credit score can sometimes be lowered by the payments not being made on time, the overall balance of one's debt will eventually be eliminated. This is a positive element for a debtor's credit score. A good debt settlement company will also offer credit repair services to help build their customers' credit score back up after the debt is settled.

One major draw for credit card debt settlement is its help in protecting credit card holders from going bankrupt. Bankruptcy has a devastatingly negative impact on a person's credit score, which is virtually impossible to recover from. Debt settlement only has a minor effect on a credit score, and it is quite possible to raise the score again. Credit card debt settlement gives credit card holders hope in this time of economic hardship, and makes it possible for anyone in debt to seek the help they need.

About the Author:
credit card debt settlement is a great strategy that can save credit card holders a tremendous amount of money. Professional debt settlement companies can help you to reduce your credit card debt, and make it possible to get out of debt and avoid bankruptcy.

posted by Credit Counseling at 8:27 PM 0 Comments

TrustedID Review: Affordable Credit Fraud Protection

By Harvey Warmuth

Because of the rapid growing crime of identity theft, several companies have been created to help you fight back. By essentially locking down your credit bureau report, these identity theft protection companies cause financial institutions to contact you before opening up new accounts in your name. They also monitor many sources to make sure your personal data is not being traded amongst thieves.

TrustedID is the leader in identity theft protection, so if your identity needs protecting, they are the company to choose. For just $10 per month, TrustedID gives you the best personal identity protection available today.

When you use TrustedID, you get fraud alerts posted on all of the major credit reporting agencies, which means you are notified before any new financial accounts can be opened using your personal information. This means you are the only one who has the authority to open up new credit in your name.

TrustedID also gives you with yearly credit reports from all three major credit bureaus, so that you can check to see that your credit reports are showing the correct information. Making sure your credit reports reflect accurate information is an important step in keeping your good credit.

TrustedID is truly a full service identity theft protection service with their constant monitoring of the Internet and black market to make sure thieves are not selling your information. If anything is detected, you will be quickly notified, allowing you to know what is going on with your personal information.

TrustedID has a household plan costing under $16 per month that protects your entire family, and they offer 24 hour customer support, which all adds up to an excellent identity theft prevention solution. They offer a 30-day free trial so that you can see if TrustedID is the right identity theft protection service for you.

Most people will be well served by TrustedID, but they are not the only game in town. When shopping for identity theft protection, compare features and you will notice that TrustedID is an industry leader.

You need to make sure your identity is protected by using an identity theft prevention solution. For a nominal monthly fee, you will have great piece of mind in knowing your identity is protected. Don't become identity theft's next victim - protect your identity today!

About the Author:
Harvey Warmuth believes in fighting identity theft and is an avid supporter of online credit report identity theft services. Start your free 30-day trial of TrustedID by visiting his website: TrustedID

posted by Credit Counseling at 6:41 PM 0 Comments

Credit Repair via Credit Counseling

By Rob Kosberg

If you considered repairing your credit yourself, but decided that this was not for you, a credit counseling agency may be your choice. Sometimes you may be feeling so guilty and emotional about your debt and poor money management that you have to get help from someone else.

When you explore outside agencies, you will immediately notice that there is a plethora of credit repair companies promising you the moon and the stars. Sure, credit repair in 24 hours sounds great, but you can be sure that it's not going to happen. This kind of claim can be easily dismissed. Also, the internet will offer to have several agencies contact you. They will (in 5 months) and/ or they will make some possibly nasty phone calls to you. Avoid these offers.

When you first read the claims of some of the agencies, you should be able to tell that the claims are ridiculous, such as: repair credit overnight. While those kinds of claims are fairly obvious, others are not. The internet will have ads for you to have several agencies contact you for help. You provide some information. What you might end up with are some annoying and possible nasty phone calls.

There will still be more research needed before you will be ready to choose your agency. You will need to know what is "must have" information. You should get information from more than one agency. Comparison shopping is definitely in order.

Any agency that you contact should be more than willing to explain how they operate, the services they provide, cost structure, any other available help without knowing any of your personal information.

When you find an agency that responds to your satisfaction during a first contact you can then ask further questions. You're going to want to find out how the process may affect your credit report, debt management services, additional money management help. You also need to know how the agency will keep you informed about their activities.

One of the most important questions to be answered is: what are the agency fees? Some will ask for large amounts of money upfront and large monthly fees. If you can't afford all your debt payments, how will you afford agency fees? Be careful that you don't get into a long, drawn out repayment situation because of charged fees even if the agency claims to be nonprofit.

It is apparent that finding the right credit repair agency will take some work from you, the payoff will be finding the right match for you.

About the Author:
With never before seen challenges in the credit markets it?s more important than ever to have excellent credit. For more information check out Rob Kosbergs' Detailed FREE Guide on Maintaining and Repairing your Credit Score by going to Bad Credit Repair for your FREE information.

posted by Credit Counseling at 4:59 PM 0 Comments

Stated Income Credit Lines

By Pat Johnson

People who get most of their income from commissioned sales or own their own business often have a very difficult time being approved for credit. When they go to apply for a mortgage or line of credit, they are met with resistance by the bank, because they can not provide supporting documentation of their annual income. Lenders have recently addressed this problem, by introducing stated income credit products.

A stated income HELOC doesn't require that you supply the usual paperwork that states how much money you make a year. You advise him or her what your annual income is and they use that number at face value. Then when you are approved you can access the equity you have in your home via a lone of credit.

Accountants work to keep business owners' incomes as low as possible to minimize the amount of tax payable. This causes problems with banks, because what is left over is often not enough to justify the amount of credit that could realistically be carried. Stated income loans attempt to find a happy middle.

The banker does not request traditional documentation proving income. In its place they insist upon strong credit worthiness. The higher the FICO score the better. They put this criteria in place to offset the greater risk they are undertaking by not verifying income.

You may find that the interest rates on these types of loans tend to be higher than on their traditional counterparts. The usual fee schedule can be higher as well. Again to offset the additional risk.

Some lenders will have unique criteria for these loans such as how long the applicant needs to have been in business. Additionally some banks may impose limits on how much greater the new monthly payment may be compared to how it was before. The lender simply wants to make sure that all the areas they can verify, are as solid as possible.

So there are options out there if you are self employed for getting home equity lines of credit. Be sure to contact your local mortgage lender and see if they offer stated income products. If not you can search online for one who does are consult with a mortgage broker. Regardless of your choice, just be aware there are options.

About the Author:
If you are self employed, learn more about the stated income home equity credit line at Pat's mortgage website.

posted by Credit Counseling at 1:32 PM 0 Comments

?Foreclosure Auctions: A Bargain Hunter's Dream

By Michael Geoffrey

Buying a home at a foreclosure auction could be perfect for you if you are interested in purchasing a home for the lowest price possible. The courts will determine the price of foreclosure homes, which is most commonly below the market valued price of the home. If the lending agency that forecloses on the home requests that they do so, the court can use three different appraisals to determine the value of foreclosed property. These appraisals can be appealed by the lender, however.

For several weeks before the foreclosure auction is held, advertisements will be published. Remember that in the majority of states the house must sell for at least two thirds of the appraised value it was given. You should also keep in mind that there are not usually a lot of people trying to find inexpensive homes at foreclosure auctions.

Foreclosure auctions tend to be very simple events and the only people in attendance are often the lender who started the foreclosure process and one or two people who are thinking about buying the property. A foreclosure auction where lots of people attend and more than two or three separate bids are made would be a rare occurrence.

Be Prepared To Buy The House

The person who wins the bid on a foreclosure home is expected to present 10% of the price that was bid when the auction is over with. That payment can be made by cash, money order, or a certified cashier's check.

Most auctions will not accept these payments by credit card or personal check. The house will be resold immediately if the winning bidder is unable to make the 10% payment in an accepted form at the end of the auction.

The winning bidder will need to get a loan to cover the rest of the price of the foreclosure home they purchased at the auction within a predetermined period of time, usually thirty days. If they cannot get a loan to pay for the balance of the home price they will lose the right to purchase the home. They will also lose the 10% payment they made on the day of the auction. In order to prevent such unpleasant occurrences, most people set up the financing they will need before they bid on a home.

If a home is auctioned a second time due to the winner's inability to secure funding, if it sells for less than the first auction, the first auction winner may be responsible for the difference, as well as losing their 10 percent deposit. It is important to remember that sales through foreclosure auctions are final and the winning bid is considered a contract, promising to make the purchase.

About the Author:
Know how credit card reduction services can affect your credit score? There are some things you need to know before using these debt reduction services. Learn what you need to know on the Debt Smackdown website at http://www.debtsmackdown.com

posted by Credit Counseling at 8:43 AM 0 Comments

Buying Columbus Home

By Won Kim

With the way the real estate market is currently because of the financial situation it has become somewhat of a buyer's market. However, although buying a Columbus home or a home anywhere else has become easier how you do know what is the right price to offer on it.

There are a number of things that you need to take into consideration in order to determine what price you wish to offer on a home that you are considering buying. In this article we take a look at what some of these considerations are and which will in turn help you to come up with a fair offer price for the seller of the property.

Step 1 - It is a good idea to do some research to find out what houses of similar style have currently been sold for. Today there are numerous places online that you can glean this information from. But don't just look at the price that the house sold for but also what other things would have contributed to the sale.

Certainly a home that is in good condition and where improvements have been made is going to sell for more than one that hasn't. Also take into consideration the location of the property before you then put in your offer.

Step 2 - Next you need to look at what price the properties of a similar condition and style are being marketed at. Again you shouldn't just go on the figure stated but look at what other features they offer which may increase or reduce the properties sale price.

Step 3 - Another thing to do before putting in an offer on a home that you are considering purchasing is to arrange to have it inspected. This way you will be able to identify any problems that once the property is yours will need to be rectified. Knowing such things gives you more of a bargaining tool when you put in your initial offer which is lower than the asking price.

Step 4 - Look carefully at how long the property has been on the market for. Certainly with the current financial situation house sales have dropped dramatically. So you may find that when it comes to buying a Columbus home or a home anywhere else that the seller is more willing to negotiate on the sales price. This will especially be true if they have been trying to sell the property for quite some considerable time or if they need to sell quickly because of financial problems.

About the Author:
When buying Columbus Home, please check out Columbus Home, and Columbus Home

posted by Credit Counseling at 6:04 AM 0 Comments

How to Set up a Business Entity to Obtain Corporate Credit

By Susan Carter

As you begin a new business venture, you have probably already decided what kind of business you are going to run, and even what you are going to name it, but you still have one more important issue to decide. You need to know what type of business structure will be the easiest and most beneficial for your company. Have you heard of the terms LLC, C-Corp, and S-Corp? If your answer is yes, but you dont really understand the difference, then read on.

You can use a number of business structures when creating your company. Each one comes with different benefits and liabilities. Here's an overview:

Sole Proprietorship " This is a one-person show in which the person running the business keeps all the profits, but also carries all the responsibility and liability. This is the least desirable form of business structure because of the huge personal risk that is involved for the business owner. Partnership " In a partnership, two or more people are the owners of the business. They usually put similar amounts of money and time into the business and they are all responsible for running the business. They also incur debt for the company and can be held personally liable if the company were to fail or be sued for debts. Limited Partnership " In a limited partnership there are at least two partners involved in the business, but they do not necessarily have the same level of responsibility or authority in the company. One or more of the partners will take part in decision making and the others are silent partners. Limited Liability Company (LLC) " This is the most flexible business structure and one of the easiest to set up. It is a good entity for a small or large business because it provides personal asset protection and offers an easy format for distribution of profits and losses. With this entity structure the liabilities of the company are only taken from business assets, not the personal assets of those who own the LLC. C-Corporation - There are two ways to file as a corporation: C-Corporation or S-Corporation. The C-Corp is the most structured form and the profits are taxed at both the corporate level and the stockholder level. There is no limit to the number of stockholders. This structure is taxed as a separate entity, unlike the S-Corp. The S-Corp is also a corporation but is limited by the number of stockholders it can have, which is 75. One of the advantages of this business structure is that the profits are not double taxed like they are in a C-Corp. This structure is a flow through entity, which means the profits and losses flow through to the personal tax return of the stockholders and are taxed on their individual tax return.

Financial institutions generally view the LLC and corporation structures as higher rated business entities. By choosing one of these structures for your business, you are presenting a more professional image to the financial institutions and they are more likely to offer business credit and trade credit to the business.

About the Author:
Learn more about setting up your business structure correctly and know the pros and cons of each type of entity. Learn the secrets of how to show your company as an established business so that you can get lines of credit from lending institutions and start obtaining vendor credit without risking your personal FICO scores.

posted by Credit Counseling at 3:06 AM 0 Comments

Commercial Real Estate Mortgage Refinance

By Madeline Zidan

Below I have mentioned few terms to become familiar with to help increase your knowledge and help become prepared and learn what to expect as you approach a Mortgage Refinance for a commercial property.

Without some familiarity pertaining to a Mortgage Refinance it could be difficult to understand where to start. Without some experience in financing, whether it's on an initial loan or a Residential Loan, these terms may seem like foreign language or somewhat silly for such a serious matter. A few examples would be: Arm, Balloon, Bridge Loans, Mezzanine Loans, Conduit or CMBS Loans etc.

If you think back to when you applied for your original Commercial Mortgage Finance, you will remember specific terminology slightly different than that of Mortgage Refinance. You had to think about the price of the commercial property, the time it will take to secure a loan this size, it is possible for the amount of time specified on the contract to run out before you get funded, protection from default on such a big loan, not to mention collateral, down payment, closing costs and so on, not too unlike a mortgage on a house.

If you think back to when you applied for your original Commercial Mortgage Finance, you will remember thinking with a slightly different approach than you would with Mortgage Refinance. You had to think about the price of the commercial property, the time it will take to secure a loan this size, it is possible for the amount of time specified on the contract to run out before you get funded, protection from default on such a large loan, not to mention collateral, closing costs and so on. Things can become very complicated on a loan this size for a commercial property.

Before we move on to Mortgage Refinance terms let's recap what terms you had to learn before, such as 1031 Tax Exchange, Environmental Reports, what type of commercial property qualifies for what type of loan, which is a lot for one to learn, the difference between Conduit and Mezzanine Loans, and so on.

Do a simple break even analysis to compare costs of other lenders versus your existing bank. If they know you are looking for a Mortgage Refinance, your current bank may offer to reset the loan.

You will find out some things are a little different when it comes to Mortgage Refinance. The terminology is a little bit different. You start looking at possible Cash Out Proceeds, and maybe you want to inject the money you cash out into another property or use it to remodel the current property, what is the Discounted Cash Flow, Current vs. Proposed, will you have prepayment penalties?

Successful Brokerage firms will want to share information with you. Remember, knowledge is power, stay informed by reading and researching your topic. When looking for a Broker don't hesitate to ask how long they have been in business and their approval vs. denial ratio.

About the Author:
This article is brought to you by the experts at EFD Commercial Investments Inc. For more free information about loan refinance, visit their Mortgage Refinance page.

posted by Credit Counseling at 12:28 AM 0 Comments