Home Loan | Mortgage | Refinance

Archive for September, 2009

A number of free cash grants are available especially if you are a senior citizen. These free cash grants are part of government’s drive to give quality service to its constituents that need them.

Free cash grants for housing help for seniors are available. The government’s free cash grants incentives for seniors are for those who are able and want to live independently and do not reside in nursing homes. Senior citizens sometime meet financial problems and this is where free cash grants for seniors come in. Some of these difficulties faced y the senior citizens include : financial problems, conflict with building owners, disputes with utility companies.

The Senior Citizen Rent Increase Exemption (SCRIE) dord not reduce the rent for seniors. But they do prevent any future rent increases. SCRIE will pay exemptible increases in rent on the senior’s behalf. To be eligible for this free cash grants by SCRIE you must be 62 years old or older. You should be head of the household, live in aren’t-controlled apartment, and have a previous tax year’s household income not exceeding $20,000. And must pay more than one-third of the total income for rent. Recertification application must be applied every two years. To receive these free cash grants benefits, apply to Department of Aging.

The Home Energy Assistance Program (HEAP) gives free ash grants to pay hating bills for low-income individuals and families. Age requirements for the applicants must be 60 years or over. Free cash grants are given on a first-come-first-serve basis and starts in November. If you have an emergency such as unpaid utility resulting in a shut-off, you can apply for emergency HEAP free cash grants. The Emergency Assistance for Adults (EAA) is one source for free cash grants. Under this program, free cash grants are given to senior citizens who receive Supplemental Security Income (SSI) and need emergency free cash grants to pay threatened utility shutoffs, home repair and other emergencies.

Free cash grant of $375 to homeowners for part of the previous year’s rent or real property taxes, provided as a cash credit or cash payment. To qualify for this one of the free cash grants you must be a resident of New York for one year, own or rent the same house for 6 months, current market value of the place must be $85,000 or less, pay rent or real property tax, average monthly earning is $450 or less excluding gas heat or electricity and should not be claimed as dependent on any one else’s tax return. Free cash grants can be availed if filed for 3 years retroactively.

NEW YORK (Reuters) – U.S. mortgage applications fell last week despite the lowest loan rates in four months, the Mortgage Bankers Association said on Wednesday, in another sign that housing will likely recover slowly from its three-year plunge. Home …
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LONDON: Britain’s economy shrank less than previously estimated in the second quarter of this year, due to better than expected construction industry performance, the Office for National Statistics said on Tuesday. British mortgage approvals for …
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While Frank, Mac, and Dennis try their hand at real estate, Dee arranges to be a surrogate mother to a wealthy couple with a sweet house. All the while, Charlie faces off with a lawyer on the intricacies of the judicial system.
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While Frank, Mac, and Dennis try their hand at real estate, Dee arranges to be a surrogate mother to a wealthy couple with a sweet house.
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A homeowner doesn’t necessarily have to schedule an appointment and drive down to visit their bank or a mortgage lender simply to find out the daily home loan mortgage rates. That’s the archaic way of doing things or so 1990. The wiser and quicker way is getting the information on the internet, which makes getting mortgage rates a whole lot faster and easier. The task can be accomplished in under five minutes in the convenience of your home or even on mobile phone if you have internet access on the phone.

Getting a mortgage loan rate from an online mortgage website can have many benefits to borrowers, sellers, and people in the biz like real estate agents due to the reasons that follow:

Some of the Positives:

1. You receive a quick response from reputable mortgage lenders and brokers as compared to your typical bank which have limited loan programs inside of 24 to 48 hours. 2. Online consumers get the advantage of receiving multiple interest rate quotes which permit you to review, compare rates, fees, and the pros and cons offered by each company. This becomes extremely helpful and lets you know the mortgage loan amount you are qualified to get based on your salary or self-employed earnings as well as other credit and financial criteria.

For borrowers, it is strongly suggested to learn and understand mortgages better so that you can negotiate with the lender or broker for better rates and terms. Getting your home mortgage loan rate quote is just the beginning stage in the process. Here are a few quick terms in case you don’t have your financial glossary handy. These terms pertain to mortgages you should know firsthand if you are in the market ot buy or sell a home:

Good faith estimate: This is the standardized form listing all the costs, taxes and associated fees with your home refinance or purchase itemized so you will have a very close indication of what it will cost you to obtain said loan. Moreover, some fees are negotiable so it is wise to review then check back with your loan officer of what can may be reduced if applicable.

There are basically two kinds of interest rates

Fixed interest rates: The interest rates are fixed for the life-period of the mortgage loan. Your monthly mortgage payments will be fixed as well. Variable interest rate: The interest rate is not fixed during the whole term but may be fixed for the first year or up to ten years fixed. After that, the rate may vary on a monthly basis related to the market rate fluctuations.

Ray Heinson is an investor in real estate and suggest these resources to find Low Mortgage Rates from trusted lenders in your area or Jumbo Home Mortgages for High Cost Areas.

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Sub-prime lenders now offer financing packages with zero down. Interest rates are higher on these types of loans, but they make purchasing a house easier. And unlike a conventional loan, there is no private mortgage insurance required. There are two types of zero-down mortgage packages, each with their own requirements.

Types Of Zero-Down Loans

100% financing, as it names implies, offers complete financing of your property. The other option, 80/20, finances your mortgage with two loans. Both loans may be carried by your lender, but sometimes the seller or a second lender is required to carry the 20% mortgage.

100% financing is easier to deal with, but not all lenders will offer this type of home loan. 80/20 financing is more common, but takes some negotiation if the seller is involved.

Qualifications For Zero-Down

Each lender has their own criteria for determining who will qualify for a zero-down loan. Most sub-prime lenders require any bankruptcies or foreclosures to have been at least twelve months ago. A conventional loan requires these to be discharged two to four years ago.

While a credit score of 600 or higher is best, large cash reserves can also qualify you. Six to twelve month’s worth of cash reserves in the form of savings, money market, or other liquid assets are considered ideal.

If you choose 80/20 financing with the seller carrying the second mortgage, you can qualify with sub-prime lenders with a score of 560.

Zero-Down Sub-prime Lenders

You can find zero-down sub-prime mortgages with both conventional and niche sub-prime lenders. Make sure that you request quotes from as many mortgage lenders has possible to be sure you find the lowest rate and best terms.

You will also want to decide what type of mortgage you want. An ARM is easier to qualify for and has lower rates. A fixed rate mortgage offers the security of a constant interest rate over the life of your loan.

Typically an ARM will be a better deal if you plan to refinance within a couple of years. After you have improved your credit history, you can refinance for a conventional mortgage with low interest rates.

See my recommended companies for Bad Credit Mortgage Loans. Carrie Reeder is the owner of ABC Loan Guide, which offers help with loans for people with bad credit.

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