Monthly Archives: June 2012

Considering Mortgage Rates On 30/15 Mortgage Loans

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“30/15,” or a thirty year mortgage payable in 15 years, is a type of balloon mortgage, meaning that the loan is amortized over a longer period of time than the actual term of the loan, but at the end of the term of the loan, the borrower is required to pay the remaining balance of the loan in a single “balloon” payment. In the case of a 30/15 mortgage, the loan is amortized as if it were a 30 year mortgage, however the actual term of the loan is only 15 years. After making payments for 15 years, the borrower must pay the remaining principal as a single balloon payment.

This type of loan can benefit some consumers for several reasons. First, interest rates on 30/15 loans tend to be slightly less than standard 30 year loans, making monthly payments a little lower. Also, if you are able to save enough money to pay off the balloon payment when it comes due, you can save a lot in interest, as you are only required to pay off the unpaid principal. Many businesses choose balloon loans when purchasing property, as the increased cash flow as the business grows allows then to pay the balloon payment when it comes due. The low payment provides flexibility while the business is growing, with the balloon coming due after the business has had time to grow. Another possible advantage of balloon loans is that if prevailing interest rates are lower when the fixed term ends, borrowers may be able to refinance their loans at a lower interest rate.

Unfortunately, predicting interest rates 15 years in the future is almost impossible, so the interest rates are just as likely to have increased as to have decreased when the balloon payment comes due.

If you are purchasing a new home, most financial advisors recommend a 30 year fixed loan over a 30/15. Since most consumers will not be able to pay off the balloon payment when it comes due, they will be forced to refinance their loan. It is frequently better to lock in a rate and a payment that will stay the same rather than gambling on interest rates being lower when your 15 year fixed term ends on a 30/15. In most cases, the difference in interest rates offered on the two types of loans is not significant enough to have a major impact on the amount of your monthly payments.

You can apply with Bills.com’s lender network.

If you would like to learn more about mortgages, and the various types of loans available, I invite you to explore the Bills.com mortgage page.

I hope that you are able to find an option than meets your needs.

I hope this information helps you Find. Learn. Save.

Mortgage Modification Tips For Anyone Looking To Refinance

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Here are some easy to use mortgage modification tips for those of you who are looking to modify your mortgage. First we will talk about your homes value and how to prove that value. Then we will talk about writing a hard ship letter effectively and what to include. Finally Money,this after all is the reason for everything going on in your life right now. These tips are to help make a few things easier in this time of uncertainty for your family.

It’s likely your current mortgage says your home is worth one amount but its really worth less, a lot less. These “upside-down” mortgages are happening a lot in today’s economy. So what do you do when your home isn’t worth as much as your paying and the economy no longer allows you the ability to pay? First you use the online resources you have, eater at home or a local library, to show the lenders your house is worth less then whats reflected on your mortgage balance. You can do this by comparing the price of similar sized houses in the same neighborhood as your house. You can also have an experienced mortgage attorney examine your loan documents to make sure everything is in order.

Writing a hardship letter is one of the hardest things to do in this process,but its also very important. If you need help with this you can use one of the mortgage modifications inexpensive services or research this before hand. It’s important that your hardship letter has a number of details that are essential to getting your mortgage modification approved. The home owner needs to include a completed life of loan history to see all the charges and fees you’ve attempted to or failed to pay. Also include inflation and/or loss of property values.

You’ll want to show them all your income and expenses. Your mortgage payment should not exceed 31% of your yearly income. If your spending more then that a mortgage modification is a good idea. Your expenses should be itemized and detailed. This list should include: your current mortgage payment, utility’s, food, if you are making payments on a car, your insurance, a 2nd mortgage, if you have one, and anything else you are currently paying on.

These Mortgage modification tips should help you understand some of the things you need to know when getting all your documentation together. Remember to do your research and find a mortgage modification company that’s right for you. This company will be able to help you better understand everything and make the process easier on you. You’ll also want to make sure you are as organized as possible be careful when itemizing your expenses and get accurate data on your income. Take into consideration how hard the hardship letter will be for you to right. Try to be in a place where you can be away from all the distractions in your life and think clearly when your writing.

VA Loan Austin & VA Home Mortgage Loans & VA Refinance Loans Austin

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VA Loan Austin - We are Austin VA Home Mortgage Loans experts. We help you to get an Austin Veterans Mortgage Home Loan. VA Home Mortgage Loans in Austin are better to provide you VA Loans and VA Mortgage Loans. We will serve you at any time. Getting approve home loans and monthly mortgage loan payments. If you have any doubts call us today. VA Loans Austin offers VA Refinance Loans Programs. VA Loan Refinance is most benefit in marketplace with low interest rate. We will help you in monthly mortgage payments. Benefits of VA Loan and VA Home Mortgage Loan Austin are very good because VA Loans are fully guaranteed by the government. Get VA Loan with low interest rate than any other conventional loans and Purchase homes with $0 down and VA Loans are easier to qualify. We are VA Loan Specialist and we are local and we are dedicated to serving the veteran community and we handle your mortgage and real estate in house at any time in Austin.

VA Loans Checks only the persons are eligible to get VA Loans and at right time they make best financing options available for first time home buyers. The American Recovery and Reinvestment Act of 2009 authorize a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The VA Loan is the only home mortgage program left that allows 100% financing. Conventional loan programs now require a minimum of 5% down and sometimes up to 20% down depending on your credit. VA Loans are much less difficult to obtain than conventional financing and the process are very easy and good.

A VA Streamline Refinance, also know as an IRRL (Interest Rate Reduction Loan), is an easy way to reduce your mortgage payment and save you a lot of money. A streamline refinance can be done WITHOUT an appraisal, NO income verification, and NO out-of-pocket expense. We also refinance your conventional loan to a VA loan and save your money by REMOVING your monthly MORTGAGE INSURANCE and LOWERING your interest rate. Removing your mortgage insurance is typically the equivalent of lowering your interest rate by 1%. Refinancing into a VA loan CAN and WILL save you money each and every month. On October 10th, 2008 the President signed into law the Veterans’ Benefits Improvement Act of 2008. This law now allows eligible veterans to take out up to 100% of the value of their home to pay off their debt, make home improvements, or get cash back while reducing their rate.

Benefits of VA Home Loans Austin:

  1. Equal opportunity.
  2. No down payment (unless required by the lender or the purchase price is more than the reasonable value of the property).
  3. Buyer informed of reasonable value.
  4. Negotiable interest rate.
  5. Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation).
  6. Closing costs are comparable with other financing types (and may be lower).
  7. No mortgage insurance premiums.
  8. An assumable mortgage.
  9. Right to prepay without penalty.
  10. For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  11. VA assistance to veteran borrowers in default due to temporary financial difficulty.

Type of Loan and Percentage for Veteran by VA Loans Austin

1. Interest Rate Reduction Refinancing Loans = .50%

2. Manufactured Home Loans = 1.00%

3. Loan Assumptions = .50%

Call VA Loan Austin at anytime and we have VA Loan Professionals waiting to help you get started with the VA Loan process. We are available from 8am to 7pm (central time) Monday thru Friday. If it is outside these hours, please use this form to get in touch with us. We look forward to working with you!

Car Insurance Quotes For Female Drivers

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It would be surprising for many people to know that women drivers pay less than half of their male counterparts when it comes to shelling out money for their car insurance. While many women feel that this is chiefly because of the fact that women control wheels better than men, there are several other reasons that are regarded as main factors behind such a trend.

Insurance companies determine the car insurance quotes on the basis of actual tangible reasons and trends. One of the most visible and crucial trends for companies offering car insurance quotes is the fact that women drivers generally make less expensive car insurance claims when compared to the male drivers. In addition, statistics have proven that women drivers are more cautious while driving and take better care of their vehicles. Significantly, road accidents have a history of occurring more frequently whenever a male driver is involved. Although this may sound a little bizarre, the fact is that this has been confirmed on the basis of official facts and figures obtained from reputed sources. It has been seen that women pay lesser speeding fines and similar penalties, which makes it viable for insurance companies to keep the car insurance quotes for women drivers lower.

Mileage, a key determinant in fixing car insurance premium also has a crucial role to play while deciding the actual car insurance quotes for women drivers. Statistics reveal that the mileage in a woman driver’s case is markedly lower than a male driver.

Due to the factors mentioned above, it is sometimes seen that male drivers try to use the prevailing trend in car insurance quotes to their advantage. Considering that female drivers pay a lesser insurance premium amount to their respective insurance company, some men tend to piggyback on their female partner’s insurance policy and take advantage of the low car insurance quotes. It is therefore not very rare to find a man becoming the named driver on a female driver’s insurance policy and reap benefits from the low premium amounts. On other occasions, it has been seen that men include their female partner to their respective insurance cover and considerably lower the size of their premium amounts as well.

Although women drivers are in a win-win situation at present, many insurance experts, particularly those specialising in car insurance quotes opine that the smooth sailing may not continue for a very long time. This would be mainly due to the prevalence of rash driving in women. In recent times, road accidents involving women drivers have gone up considerably and the trend is not common to any particular age group. Instances of drunken driving are also on a steady rise. Moreover, with an increasing number of women buying cars for everyday uses, their mileage is also increasing at a swift pace. This is prompting many insurance experts to project a bleak outlook for low car insurance quotes for women in the coming days. However, as long as women drive safely and have official figures to substantiate insurance companies will continue to offer car insurance quotes at low levels.