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Secrets Your Banker Wont Tell You - Which Loan Is Best For You?
Recently I was driving in my Car and I heard an Ad for a Mortgage lender who claimed they would help you find the Best Loan out of over 400 Different Loan Types. 400 Different Loan Types now that has to be confusing. How do you find the Best loan for you. Clearly the Best loan for you is not the Not the best loan for your bank. Learn the Secrets your Banker doesn't want you to Know. Some Questions to ask when Choosing a Loan. How Long will you keep the Loan?How Long will you keep the House?How much profit is the Bank Making on this Loan?The Average Homeowner will get a New Loan every seven years. If you are going to move or refinance in the Next 7 Years is a 30 Year Fixed rate loan Really Best for You. A 30 Year Fixed rate loan is certainly Best for the banks. A Typical in Force 30 Year Fixed rate Loan in force today has an Interest Rate of between 5 and 6%. The Average cost of Funds for a Bank is about 1% (How much interest do they pay you own your checking account,Your Saving account). This means on a 30 Year Fixed rate Mortgage the bank Earns about 4% to 5%. If you keep your loan less then 7 Years why get a 30 Year Fixed rate Loan. Some Lenders are offering loans with Payments Fixed for 5 Years based on a 1.95% Interest rate. If you look at a standard 200,000 Loan at 5% the Monthly Payment would be $1073 the same Loan at 1.95% would have a Monthly payment of $734. $339 a Month Less. $4068 a Year Less. If you were to invest this 4068 at the end of 5 years with a 5% Return you would have over $22,700. Using Equity Indexed Annuities that Pay a 10% Bonus for all payments made in the first 5 years a 5% Return is very reasonable. Equity Indexed Annuities have another advantage in that they accumulate tax free. So now which is the best loan for you? About the Author Mike Makler is a Financial Consultant in the St Louis Missouri Area Specializing in Real Estate Loans and Annuities. To Learn More Call Mike at 314 398-5547 or Visit Mike's Web Page: http://ewguru.com/finance Get Mike's Newsletter Here http://ewguru.com/fin-news Copyright © 2005-2006 Mike Makler
Self Employed Mortgage Loans - A Survival Guide
When you're self employed you have numerous advantages. As you are a free agent, you will write off every deduction you can on your tax return. You acquire the potential to earn extra income much more so than someone who is employed by someone else. The best part is that you are the...
5 Home Buying Essentials
Purchasing a home involves certain important, even essential, steps that every buyer should take before closing on a purchase. Let's examine these "essentials" which, if properly implemented, can help you save valuable time and aggravation.1. Determine What You Can Borrow. Sure, if you know your interest rate and the length of the loan you can pretty much determine your monthly payments, right? No! You must include your property taxes, homeowners insurance, and association or maintenance fees, if applicable. These "added" costs can significantly contribute to higher monthly payments. No lender will give you a loan without figuring these costs in.2. Know Your Fees. Closing costs can add up to the tune of several thousand dollars. Title searches, realtor fees, loan applications, attorney fees, and ...
Thinking About Refinancing Your Loan?
Refinancing your home or property is a big decision that could drastically affect your financial future, for the good or the bad, depending on how smart you go about the process. Take the time to explore all of the different refinancing options you have available to you. Many loan agents offer you refinancing deals that seem too good to be true, and while most of them seem to have your best interests at heart, do try to keep in mind that they are not paid unless they approve you for a loan--and you take it. Refinancing your mortgage can lower your monthly payments, lower the amount of interest you pay on your loan, or even shorten the term of your mortgage without having to pay a penalty for early mortgage ...
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Refinance Your Home Mortgage Online
The largest financial obligation most people ever take on couldn't escape the reach of the Internet. Home mortgage loans originated online comprise an integral part of one of the largest and most profitable aspects of the banking industry. Unlike many shifts in big business recently, this change actually seems to greatly benefit consumers by increasing competition and placing more financial control in the hands of homeowners.To finance or refinance a home in the olden days (before the In... |  |
| Top 5 Methods To Manage Your Home Equity
As your home appreciates in value, you gain equity. You can look at this equity, as a portion of the value of your home, which becomes an asset that ... | |
| Mortgage Terms Explained
When you are hunting for a mortgage, you will find that there are many different types of mortgages available. I will list some of the more common ones and their uses.15 vs 30 YearsYour mortgage term can be just ... | |
| 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. Luckily you have one. A house is built on many things other than brick and mortar; it is built on hope and expectation. If being a homeowner makes you feel distraught or being homeowner has left you with nothing but piling bills, then perhaps you need to learn about secured homeowner loans. Secured homeowner loans have the effect of fulfilling the money void that crop up in... | |
| Ten Things A Mortgage Processor Must Know To Be Effective
From time to time, we hear a story about a processor gone bad. A processor that seemed so knowledgeable early on but now isn't keeping pace and can't seem to get along with anyone. Many unhappy customers, unhappy loan officers, and denied files later, Mr. Broker is forced to seek out a resolution.Replacement or continuing education will be required to address the immediate issue. Additionally, Mr. Broker will need to conduct a more in-dept... | |
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