If you are one of those people who are planning to buy your dream home or are planning to refinance your existing home loan, you will definitely need a mortgage calculator. A mortgage calculator can do a lot of things for you especially if you are still on the planning stages. It would be difficult to start your home property hunting if you go blindly and do not know what are the possibilities and possible amortizations. You will never run out of places or lenders and brokers who this services.
To calculate a mortgage, you will need online mortgage calculators that can provide you with the estimated amount of monthly or annual amortizations. These calculators are designed to calculate your projected home loan and many other things that it can do for you. For instance, if you want t estimate how much you can save between renting and buying your dream home. These services are readily available on the internet which is offered by lenders and financial institutions and brokers alike. Most if not all of these sites that deals with mortgages and financial matters have these built in calculators free to use and with no obligations.
These gadgets range from your simple mortgage calculator to estimating how much you can borrow or afford. These are very excellent gadgets online that are readily available to the public to use. You can use these to input your projected scenarios and make an analogy of the outcome. You can gather as much information and estimates and then compare them. Try to compare the different lenders quotes or estimates so you can choose the right or best for your circumstances. There is no better way I can imagine to do if you are planning to purchase your dream house.
In order for you to determine how much you can afford or how much you can borrow, you need the mortgage calculator. Say you want to know mortgage how much can I afford. This will estimate for you if you can qualify or can afford certain amount of home loan. You will need to provide the desired mortgage for a new home, the length, interest, annual tax. Then it will give a total of your projected monthly payments. Then you will need to compute the monthly principal plus the interest. This will give you the total home payments which will include taxes and insurance. Now you need to ascertain if your income can meet the basic required annual gross income.
But you have bear in mind that these are estimates and mostly will not reflect that final monthly payments you will be paying. The good thing about this is it will give you the rough estimates as to how much you can afford or how much you can borrow for your home loan.
So if you are in the market for a home loan or mortgage refinancing, make sure to use a mortgage calculator
If You Are Planning To Buy Your Dream Home And Want To Calculate A Mortgage, You Will Need A Mortgage Calculator And Simply Head To JGVFinance.com For More Guide and Information on Mortgage And Financial Issues and Concerns That Matters To You. Go Now To JGVFinance.com
Sunday, January 25, 2009
Florida Reverse Mortgage
Buying a home is one of the most important investments a person can make. Most people look for a mortgage or a loan while buying a house. The Florida real estate market is currently booming with falling interest rates and easy loans, and mortgage loan lenders are offering several kinds of loans and special mortgage loans to attract customers.
A mortgage rate is the rate of interest that is charged on the loan used for buying a house or a property. Mortgage rates keep changing over a period of time. A lower mortgage rate means a lesser cost of the house and lower monthly payments. A mortgage lending company looks after all the aspects that need to be considered such as the length of the mortgage period (fifteen-years or thirty-years), the kind of interest rate (fixed or variable), and even home inspections, taxes and property appraisals. Most people do not understand the typical mortgage terminology like PMI (Private Mortgage Insurance), APR, settlement costs, points etc. In such cases, a professional mortgage company would prove to be very useful. The main factors that are considered when issuing a mortgage loan are income of the applicant and his/her credit record.
Only Florida citizens are eligible to receive Florida mortgage loans. The various kinds of mortgage loans available in Florida are: FHA (Federal Housing Administration) loans, consolidation loans, land loans, conventional loans, balloon loans and refinance mortgage loans. Mortgage loans can also be refinanced. Refinanced mortgage loans have several benefits like lower monthly payments, lower interest paid, and cash equity. There are also bad credit mortgage loans that are offered at a slightly higher rate of interest for people who have bad credit records. The most popular kind of mortgage loans in Florida is the fixed rate loans- because of their predictability. The typical term of this loan is 15 years or 30 years. The ARM (Adjustable rate mortgage) loans are also popular because the interest rate is likely to decrease sometime in the future. This is generally preferred by people who plan to sell off the home in a few years time after paying off the loan. Other kinds of special Florida Mortgage loans are: hard equity loans, interest only loans, 100% cash out refinance, construction loans, commercial mortgage loans, farmer’s home loans, no PMI (Private Mortgage Insurance) loans, vacant land and acreage mortgage loans and cross- collateralization of properties.
Florida offers very competitive mortgage rates. The best way to find a good mortgage lender in Florida is to ask friends or family members for suggestions. The Internet is a great source to find good mortgage companies who are advertising extensively about good rates and terms and also best service.
A mortgage rate is the rate of interest that is charged on the loan used for buying a house or a property. Mortgage rates keep changing over a period of time. A lower mortgage rate means a lesser cost of the house and lower monthly payments. A mortgage lending company looks after all the aspects that need to be considered such as the length of the mortgage period (fifteen-years or thirty-years), the kind of interest rate (fixed or variable), and even home inspections, taxes and property appraisals. Most people do not understand the typical mortgage terminology like PMI (Private Mortgage Insurance), APR, settlement costs, points etc. In such cases, a professional mortgage company would prove to be very useful. The main factors that are considered when issuing a mortgage loan are income of the applicant and his/her credit record.
Only Florida citizens are eligible to receive Florida mortgage loans. The various kinds of mortgage loans available in Florida are: FHA (Federal Housing Administration) loans, consolidation loans, land loans, conventional loans, balloon loans and refinance mortgage loans. Mortgage loans can also be refinanced. Refinanced mortgage loans have several benefits like lower monthly payments, lower interest paid, and cash equity. There are also bad credit mortgage loans that are offered at a slightly higher rate of interest for people who have bad credit records. The most popular kind of mortgage loans in Florida is the fixed rate loans- because of their predictability. The typical term of this loan is 15 years or 30 years. The ARM (Adjustable rate mortgage) loans are also popular because the interest rate is likely to decrease sometime in the future. This is generally preferred by people who plan to sell off the home in a few years time after paying off the loan. Other kinds of special Florida Mortgage loans are: hard equity loans, interest only loans, 100% cash out refinance, construction loans, commercial mortgage loans, farmer’s home loans, no PMI (Private Mortgage Insurance) loans, vacant land and acreage mortgage loans and cross- collateralization of properties.
Florida offers very competitive mortgage rates. The best way to find a good mortgage lender in Florida is to ask friends or family members for suggestions. The Internet is a great source to find good mortgage companies who are advertising extensively about good rates and terms and also best service.
California Reverse Mortgage
If you are over the age of 62 and live in the state of California then you know how expensive life can be. But I have some great news for you. If you own your home there is a way to get the cash you need. Consider getting a California reverse mortgage to get cash back from the equity of your home. This can be a lifesaver if you have nagging medical bills or other expenses. Read on to discover more information about a California reverse mortgage and how it can benefit you.
What exactly is a reverse mortgage? It is a way for someone 62 years of age or older to borrow against the equity of their home to get tax-free cash. There are no loan payments until you die, sell your home or move from your home. A reverse mortgage is a way of getting money from your home without having to make monthly payments.
You can receive your cash all in one lump sum or you can choose regular monthly payments for life or for as long as you live in your home. You can also opt for a monthly payment for a fixed length of time or a line of credit to use when you need it. A California reverse mortgage gives you the choice of what is the best option for you.
But how do you know if a California reverse mortgage is right for you? Consider the following list to help you make your decision.
You are over 62 years old.
You are committed to staying in your home through your retirement years.
You have no intention of leaving your home to heirs.
You own your home debt free or your first mortgage is small.
You want to enjoy your retirement by enhancing your lifestyle.
You desire to have peace of mind from nagging debts and bills.
You want a cushion to fall back on for unexpected expenses such as medical bills or home repairs.
You just need additional money to live on each month.
If you can identify with the items on the above list, then maybe a California reverse mortgage is right for you. But don't make the decision until you have researched reverse mortgages carefully.
It's true that you will not have to make any payments on the reverse mortgage loan while you are still living in your home, but carefully consider the debt you may be leaving behind. If you don't want to burden your children with debt, then you need to consider a California reverse mortgage very carefully. Involve your children in the decision making process to gain their input.
If you have no heirs and the house will go to the state when you die, then a reverse mortgage may be right for you. Upon your death, the state will sell the house and pay the debt.
A California reverse mortgage is a great way to get the extra cash needed. But it should not be entered into lightly. Do your research and make sure that it is a right step for you to take.
What exactly is a reverse mortgage? It is a way for someone 62 years of age or older to borrow against the equity of their home to get tax-free cash. There are no loan payments until you die, sell your home or move from your home. A reverse mortgage is a way of getting money from your home without having to make monthly payments.
You can receive your cash all in one lump sum or you can choose regular monthly payments for life or for as long as you live in your home. You can also opt for a monthly payment for a fixed length of time or a line of credit to use when you need it. A California reverse mortgage gives you the choice of what is the best option for you.
But how do you know if a California reverse mortgage is right for you? Consider the following list to help you make your decision.
You are over 62 years old.
You are committed to staying in your home through your retirement years.
You have no intention of leaving your home to heirs.
You own your home debt free or your first mortgage is small.
You want to enjoy your retirement by enhancing your lifestyle.
You desire to have peace of mind from nagging debts and bills.
You want a cushion to fall back on for unexpected expenses such as medical bills or home repairs.
You just need additional money to live on each month.
If you can identify with the items on the above list, then maybe a California reverse mortgage is right for you. But don't make the decision until you have researched reverse mortgages carefully.
It's true that you will not have to make any payments on the reverse mortgage loan while you are still living in your home, but carefully consider the debt you may be leaving behind. If you don't want to burden your children with debt, then you need to consider a California reverse mortgage very carefully. Involve your children in the decision making process to gain their input.
If you have no heirs and the house will go to the state when you die, then a reverse mortgage may be right for you. Upon your death, the state will sell the house and pay the debt.
A California reverse mortgage is a great way to get the extra cash needed. But it should not be entered into lightly. Do your research and make sure that it is a right step for you to take.
Thursday, January 17, 2008
Reverse Mortgage Quotes Loans Lenders
Hello, thank you for visiting my informative blog covering the basics of areverse mortgages. Feel free to browse the information and videos and when ready to obtain detailed quotes, rates, or apply click on one of our sponsors below.
In addition, if there are other financial related needs where you are simply looking for education please feel free to visit www.investrequest.com which is the world's simplest search engine targeting investing information and education.
Thank you,
Ken
www.lendrequest.com
www.insurerequest.com
In addition, if there are other financial related needs where you are simply looking for education please feel free to visit www.investrequest.com which is the world's simplest search engine targeting investing information and education.
Thank you,
Ken
www.lendrequest.com
www.insurerequest.com
Wednesday, October 17, 2007
Reverse Mortgage Fact Sheet
What is a reverse mortgage?
A reverse mortgage is a home loan that you do not have to pay back for as long as you live in your home. It can be paid to you in one lump sum, as a regular monthly income, or at the times and in the amounts you want. The loan and interest are repaid only when you sell your home, permanently move away, or die.
Eligible Homeowners
All homeowners must be at least 62 years old.
At least one owner must live in the house most of the year.
Eligible Homes
Single family, one-unit dwelling.
Two-to-four unit, owner-occupied dwelling.
Some condominiums, planned unit developments or manufactured homes.
NOTE: Cooperatives and most mobile homes are not eligible.
How do reverse mortgages work?
Most require no repayment for as long as you live in your home.
They are repaid in full when the last living borrower dies, sells the home, or permanently moves away.
Because you make no monthly payments, the amount you owe grows larger over time. By law, you can never owe more than your home's value at the time the loan is repaid.
You continue to own the home, so you must pay the property taxes, insurance, and repairs. If you fail to pay these, the lender can use the loan to make payments or require you to pay the loan in full.
How much will I get with a reverse mortgage?
Reverse mortgages can be paid to you:
- All at once in cash;
- As a monthly income;
- As a credit line that lets you decide how much you want and when;
- In any combination of the above.
The amount you get usually depends on your age, your home's value and location, and the cost of the loan. The greatest amounts typically go to the oldest owners living in the most expensive homes getting loans with the lowest costs.
Most people get the most money from the Home Equity Conversion Mortgage (HECM), a federally insured program.
Types of Reverse Mortgages
Loans offered by some states and local governments are often for specific purposes, such as paying for home repairs or property taxes. These are the lowest cost reverse mortgages.
Loans offered by some banks and mortgage companies can be used for any purpose.
Costs of Reverse Mortgages
The costs for loans from banks and mortgage companies usually include the following:
- Application fee
- Insurance
- Origination fee
- Monthly service fee
- Closing costs
- Interest
These costs are usually added to the loan balance (what you owe).
HECM loans are almost always the least expensive reverse mortgage you can get from a bank or mortgage company, and in many cases are significantly less costly than other reverse mortgages.
Reverse mortgages are most expensive in the early years of the loan and generally become less costly over time.
Before getting a reverse mortgage other than a government or HECM loan, carefully consider how much more it will cost you.
What else should I know?
The federal government requires you to see a federally-approved reverse mortgage counselor as part of getting a HECM reverse mortgage.
For More Information, visit AARP: Understanding Reverse Mortgages at www.aarp.org/revmort
"Home Made Money, "a free booklet by AARP, is available by calling 1-800-209-8085 or writing AARP Fulfillment, 601 E Street, NW, Washington, DC 20049. Ask for stock number D15601
Top Ten Things to Know if You're Interested in a Reverse Mortgage
Reverse Mortgages are becoming popular in America. The U.S. Department of Housing and Urban Development (HUD) created one of the first. HUD's Reverse Mortgage is a federally-insured private loan, and it's a safe plan that can give older Americans greater financial security. Many seniors use it to supplement social security, meet unexpected medical expenses, make home improvements, and more. You can receive free information about reverse mortgages by calling AARP at: 1-800-209-8085, toll-free. Since your home is probably your largest single investment, it's smart to know more about reverse mortgages, and decide if one is right for you!
1. What is a reverse mortgage?
A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. The equity built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. HUD's reverse mortgage provides these benefits, and it is federally-insured as well.
2. Can I qualify for a HUD reverse mortgage?
To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or older; own your home outright, or have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan; and must live in the home. You are further required to receive consumer information from HUD-approved counseling sources prior to obtaining the loan. You can contact the Housing Counseling Clearinghouse on 1-800-569-4287 to obtain the name and telephone number of a HUD-approved counseling agency and a list of FHA approved lenders within your area.
3. Can I apply if I didn't buy my present house with FHA mortgage insurance?
Yes. It doesn't matter if you didn't buy it with an FHA-insured mortgage. Your new HUD reverse mortgage will be a new FHA-insured mortgage loan.
4. What types of homes are eligible?
Your home must be a single family dwelling or a two-to-four unit property that you own and occupy. Townhouses, detached homes, units in condominiums and some manufactured homes are eligible. Condominiums must be FHA-approved. It is possible for individual condominiums units to qualify under the Spot Loan program.
5. What's the difference between a reverse mortgage and a bank home equity loan?
With a traditional second mortgage, or a home equity line of credit, you must have sufficient income versus debt ratio to qualify for the loan, and you are required to make monthly mortgage payments. The reverse mortgage is different in that it pays you, and is available regardless of your current income. The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow. You don't make payments, because the loan is not due as long as the house is your principal residence. Like all homeowners, you still are required to pay your real estate taxes and other conventional payments like utilities, but with an FHA-insured HUD Reverse Mortgage, you cannot be foreclosed or forced to vacate your house because you "missed your mortgage payment."
6. Can the lender take my home away if I outlive the loan?
No! You do not need to repay the loan as long as you or one of the borrowers continues to live in the house and keeps the taxes and insurance current. You can never owe more than your home's value.
7. Will I still have an estate that I can leave to my heirs?
When you sell your home or no longer use it for your primary residence, you or your estate will repay the cash you received from the reverse mortgage, plus interest and other fees, to the lender. The remaining equity in your home, if any, belongs to you or to your heirs. None of your other assets will be affected by HUD's reverse mortgage loan. This debt will never be passed along to the estate or heirs.
8. How much money can I get from my home?
The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.
9. Should I use an estate planning service to find a reverse mortgage?
I've been contacted by a firm that will give me the name of a lender for a "small percentage" of the loan? HUD does NOT recommend using an estate planning service, or any service that charges a fee just for referring a borrower to a lender! HUD provides this information without cost, and HUD-approved housing counseling agencies are available for free, or at minimal cost, to provide information, counseling, and free referral to a list of HUD-approved lenders. Call 1-800-569-4287, toll-free, for the name and location of a HUD-approved housing counseling agency near you.
10. How do I receive my payments?
You have five options:
Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
Term - equal monthly payments for a fixed period of months selected.
Line of Credit - unscheduled payments or in installments, at times and in amounts of borrower's choosing until the line of credit is exhausted.
Modified Tenure - combination of line of credit with monthly payments for as long as the borrower remains in the home.
Modified Term - combination of line of credit with monthly payments for a fixed period of months selected by the borrower.
1. What is a reverse mortgage?
A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. The equity built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. HUD's reverse mortgage provides these benefits, and it is federally-insured as well.
2. Can I qualify for a HUD reverse mortgage?
To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or older; own your home outright, or have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan; and must live in the home. You are further required to receive consumer information from HUD-approved counseling sources prior to obtaining the loan. You can contact the Housing Counseling Clearinghouse on 1-800-569-4287 to obtain the name and telephone number of a HUD-approved counseling agency and a list of FHA approved lenders within your area.
3. Can I apply if I didn't buy my present house with FHA mortgage insurance?
Yes. It doesn't matter if you didn't buy it with an FHA-insured mortgage. Your new HUD reverse mortgage will be a new FHA-insured mortgage loan.
4. What types of homes are eligible?
Your home must be a single family dwelling or a two-to-four unit property that you own and occupy. Townhouses, detached homes, units in condominiums and some manufactured homes are eligible. Condominiums must be FHA-approved. It is possible for individual condominiums units to qualify under the Spot Loan program.
5. What's the difference between a reverse mortgage and a bank home equity loan?
With a traditional second mortgage, or a home equity line of credit, you must have sufficient income versus debt ratio to qualify for the loan, and you are required to make monthly mortgage payments. The reverse mortgage is different in that it pays you, and is available regardless of your current income. The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow. You don't make payments, because the loan is not due as long as the house is your principal residence. Like all homeowners, you still are required to pay your real estate taxes and other conventional payments like utilities, but with an FHA-insured HUD Reverse Mortgage, you cannot be foreclosed or forced to vacate your house because you "missed your mortgage payment."
6. Can the lender take my home away if I outlive the loan?
No! You do not need to repay the loan as long as you or one of the borrowers continues to live in the house and keeps the taxes and insurance current. You can never owe more than your home's value.
7. Will I still have an estate that I can leave to my heirs?
When you sell your home or no longer use it for your primary residence, you or your estate will repay the cash you received from the reverse mortgage, plus interest and other fees, to the lender. The remaining equity in your home, if any, belongs to you or to your heirs. None of your other assets will be affected by HUD's reverse mortgage loan. This debt will never be passed along to the estate or heirs.
8. How much money can I get from my home?
The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.
9. Should I use an estate planning service to find a reverse mortgage?
I've been contacted by a firm that will give me the name of a lender for a "small percentage" of the loan? HUD does NOT recommend using an estate planning service, or any service that charges a fee just for referring a borrower to a lender! HUD provides this information without cost, and HUD-approved housing counseling agencies are available for free, or at minimal cost, to provide information, counseling, and free referral to a list of HUD-approved lenders. Call 1-800-569-4287, toll-free, for the name and location of a HUD-approved housing counseling agency near you.
10. How do I receive my payments?
You have five options:
Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
Term - equal monthly payments for a fixed period of months selected.
Line of Credit - unscheduled payments or in installments, at times and in amounts of borrower's choosing until the line of credit is exhausted.
Modified Tenure - combination of line of credit with monthly payments for as long as the borrower remains in the home.
Modified Term - combination of line of credit with monthly payments for a fixed period of months selected by the borrower.
Subscribe to:
Posts (Atom)
