Getting a mortgage pre-approval is the first steps to securing a mortgage and owning a home. Buying a home will be one of the biggest purchases in your lifetime, and it is essential that you play by the rules and get it right the first time around to expedite the process. Two words sum it up: documentation documentation.
The sooner the better as the $8,000 tax credit expires on November 30, 2009 for first time home buyers.
http://www.zillow.com/blog/mortgage/2009/07/07/mortgage-pre-approval/
The luxury home market faces the same mortgage crisis as everyone else. Homes priced over a million dollars could sit on the market for months without bids as securing a jumbo loan is even harder because of the higher risk that lender have to take as it must remain on the company books, and thus tack on a higher interest rate. A 30 year jumbo loan carries a 6.91% compared to the 5.7% on a regular 30 year home loan.
If you ever in the market for a free Mercedes Benz with a home, simply pony up $800,000.
http://www.usatoday.com/money/economy/housing/2009-07-07-luxury-homes_N.htm
Kiplinger offers a detailed look into reverse mortgages. Seems like a fair deal except the heavy upfront cost of securing the reverse mortgage for your home. A reverse mortgage loan for $200,000 can cost as much as $20,000 and more. When you are 62 years or older, and if you need money immediately, this may be the best option to help you maintain your luxurious lifestyle.
http://www.kiplinger.com/magazine/archives/2009/08/reverse_mortgage_rescue.html
When you need help with mortgage payments and are worried sick about losing your home, then you are among 7-9 million struggling homeowners who may qualify for the government program – Making Home Affordable. The two options include refinancing your existing mortgage or a complete loan modification for worst case scenarios.
When homeowners are face tough times and choices, it is easy for unscrupulous firms to take advantage of honest working people. These firms work under the guise of companies who are suppose to help patrons from losing their homes to foreclosure, and renegotiate with mortgage companies. Instead, clients end up losing their homes and become financially worse then before.
http://www.kansascity.com/news/breaking_news/story/1311458.html
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