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Is Financing Your Child’s Mortgage Right for Your Family?


Having children requires a considerable financial investment. It calls for clothes to be bought, education costs to be paid, and years of doctor’s appointments to cover, and that doesn’t even include the cost of the latest iPad or htc android camera phones. But what if your child is 30 years old, and hasn’t lived under your roof for years? And what if they come to you, asking for help buying a house?

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Tips to Generate Home Equity


Home equity is the difference between the amount you owe on your loan, and the amount your home is worth. Building equity is like saving, but without you having to do a thing. Your home increases in value without you have to do anything other than maintain it, and as long as you pay your loan on time each month, the principle amount owing will be going down.

For example, if your loan is for $200,000 and a house of the same size and style as yours sold for $300,000 around the corner then you have around $100,000 of equity in your home, which is the part of your home owned by you, not the bank, and is yours to do with as you please. With your mortgage schedule in place and property prices rising steadily on their own, you can continue to passively build equity in your home.

However, if you want to Read the rest of this entry »

What’s a No Doc Or Low Doc Home Loan?

A “Lo Doc” or sometimes called “Lo Doc Home loan” are mortgage or home loans where documentation for verification of your income is not required. However, all other documentation is.

These loans are ideally suited to self-employed, independent contractors, investors, credit rating impaired, ex-bankrupt or clients with arrears on current mortgages and borrowers who have been rejected by traditional lenders. Including people with suitable incomes but to meet bank verification takes valuable times and money.

Low Doc Home Loans (Low Document) are usually slightly more expensive than traditional loans due to the higher risk profile.

This is primarily for people who are looking to Read the rest of this entry »

Credit Scoring On Mortgage Refinancing

For years, lenders have utilized “credit scoring” to determine whether or not an individual is a good credit risk.  Credit scoring has recently become a hot topic, due in large part by the mortgage lending industry’s willingness to use the process to evaluate one’s likelihood of repaying home mortgage refinancing or second mortgage loans.  Even insurance companies use credit scoring as part of their underwriting procedure when writing automobile and home insurance coverage.

Credit scoring is a system, based on a statistical program, which awards points for certain factors that help predict who is most likely to repay a debt, such as a mortgage refinancing or second mortgage loan.  The total number of points, or score, is what lenders use to determine Read the rest of this entry »

Consumer Credit Counseling

Being in debt causes life to be more stressful and less enjoyable . By the time most people see the error of their ways, they’re already in so much debt that it will take them many years to get out of it. Fortunately, there are options  that can help you get your debts paid off more quickly. Here is some borrowing advice to help you.

Two of those options are credit counseling and getting a debt consolidation loan. With credit counseling, a third party negotiates lower payments and interest rates for you. You then start making one monthly payment to the credit counselor, and he forwards the monthly payments to your creditors on your behalf. With a debt consolidation loan, you simply take out a loan, use the proceeds to pay off your existent debts, and then repay the loan.

Either of these approaches can help you reapy your debts . Which one is best for you depends on your individual circumstances. Here are some pros and cons of credit counseling versus debt consolidation loans to consider. Read the rest of this entry »

What You Should Know When Getting a Mortgage

Mortgage lenders are usually very keen on reminding potential clients about all the conditions and terms of a home loan. However, there will still be some cases when important information are left out... Read the rest of this entry »

Loans

What you need to know about loans. Read the rest of this entry »

Vehicular Loans

A couple of years ago we needed a “new” car. We consulted Consumer Reports on the best buys for the type of vehicle and amount we could afford. We then searched the Internet for the make and model we had decided upon. We were able to find what we were looking for within a couple hours drive at a much cheaper price than we could find locally. It was definitely worth the drive. Read the rest of this entry »

Home Equity Loans

When should you consider a home equity loan? Read the rest of this entry »

The importance of Mortgage Pre-Qualification

You might want to consider getting a basic idea of your own regarding how much you can afford before you make an appointment to see a lender. One general rule of thumb states that you can afford a home that is worth twice your annual income. In some cases, this may not be entirely accurate, however... Read the rest of this entry »

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