Mortgage Leads - American Internet Mortgage

TAMPA, FL If youre thinking about taking out a home improvement loan, there are several options to consider. First and foremost, your mortgage consultant needs to know why you want a home improvement loan. Here are some factors to take into consideration.

How long have you been in the home?
Will the improvements increase the property value?
Are you making improvements to increase energy efficiency?
Will improvements be made in one fell swoop, or in stages?
What is the current outstanding balance on your mortgage?
What is the appraised value of the home?
How much will the improvements cost?
What improvements will be tax deductible?
Do you have other revolving debt that you would like to pay off at the same time?
Are you making improvements because you plan to sell the property?

The New Tract Home Blues

Buyers of newly-built homes are often tapped out after making the initial down payment and closing costs, including upgrades to amenities and the inevitable need for new furniture. Shortly thereafter, they realize theyd like to make additional improvements to really have the home of their dreams.

If youre planning on putting down roots (pardon the pun), landscaping may be in order. The developer may have been kind enough to make the front yard a perky green, but if the back yard is a disturbing brown color sparse with weeds, you may be entertaining the vision of a pool or deck.

Look into the option of a Home Improvement Loan with a fixed interest rate as a 2nd Trust Deed. This type of loan does not require you to have equity built up in the existing mortgage. The maximum loan amount could go as high as 125% of the current appraised value of the home, and you can make the improvements yourself or go the extra mile and hire a contractor if the job requires architectural design, permits and inspections.


The Major Overhaul

If you have built up equity in your home and are geared up for some major renovation, the Home Equity Line of Credit (HELOC) is probably your best bet. This adjustable loan allows you to use your equity as a line of credit, so if you have improvements that are phased in over time you can simply write a check when you need to pay a bill.

Its like a having a credit card with a much lower financing rate. In fact, the HELOC can be used for any reason at all even paying off that credit card debt. In most cases, this action turns that revolving debt payment into a tax deductible payment with a lower interest rate. The HELOC is generally a 2nd Trust Deed, unless it is used to pay off and replace the 1st Trust Deed.

A construction loan is an alternative to the HELOC for borrowers who dont want to use or dont have equity, and this type of financing can be used for construction on an existing dwelling. The lender will ask a lot more questions about what the borrower wants to do with the money, and the home owner will need architectural designs, permits and a licensed general contractor on board.

Construction loans are short-term loans that usually require interest-only payments until completion of construction, but the balance is due when construction is done. Most often, that is managed up front by setting up construction-to-perm financing. In this scenario, the loan is automatically rolled over into permanent financing at a fixed rate when construction is complete, and a rate-lock agreement can be purchased to carry the borrower through that period of construction.

Another option depending on the value of your home and local loan amount limitations is the FHA 203(k) Program. This financing is designed for the purchase or refinance and rehabilitation of properties that meet FHA guidelines. This is worth looking into if you need to bring a property up to compliance standards, finance eligible energy efficient improvements, or turn a single-family owner occupied dwelling into a duplex to accommodate Mom or Dad!

Just a Facelift, Please!

If you want to sell your home and you simply want to improve the curb appeal, it makes sense to go with a HELOC. Make sure you are aware of the current market value of homes in your area to make sure youre not going over the limit on the fair market value of your home. Youll want to get a return on your investment!

If youve had your home on the market too long and have not been able to sell, you might want to make some changes to give it a fresh new look and bring back the passion you once had for your home. Your mortgage consultant will help you weigh out your options for financing based on your outstanding mortgage balance, income and credit score.

Regardless of your reason for home improvement, make sure you share your goals with your mortgage consultant. He or she can walk you through the various loan options and confer with your tax advisor to make sure youre getting the best deal possible.

Leah Ross is affiliated with AmeriFirst Home Mortgage, a Licensed Mortgage Lender, State of Florida, Office of Financial Regulation. For free consultation and more information about mortgage loan programs, call Leah Ross at 813-643-8430 or vist http://www.amerifirstflorida.com.Exclusive Mortgage Leads
Live Mortgage Leads
Mortgage Lead Programs
Live Mortgage Leads
Live Mortgage Leads

On one weekend, a Saturday in particular, I decided to attend a seminar on home remodelling. I Usually prefer to call it home renovation. It was basically for the elderly people.

Am not in the elderly bracket but I decided to attend anyway because I was feeling a bit lonely and wanted to be occupied. On looking around the room, I saw that most people were in my age group.

Think it is because they have to meet most of the cost for refinancing the renovation of the home of their old ones.

This seminar turned out to be good to me and at the end I was convinced it was a good take.

In this seminar, it was revealed that research so far shows this:

It will probably cost anywhere from $100,000 to $150,000 to do a good renovation of a house for the elderly. This seems a staggering amount, until you consider that it would cost them from $3,000 to $5,000 per month if they were to rent a unit in a retirement facility in a location where they might not be as happy. Looking at it from that point of view, in four years or less, they would have spent the money anyway, and at least making home improvements allows them to continue to live in the same location and keep their asset.

The biggest challenge many older adults face when renovating their homes is how to pay for them. Many are on fixed incomes with few resources. Their property may have increased in value, but they are cash-poor.

During this seminar, a flyer was distributed that provided a telephone number for the city and county Elderly Affairs Division Rehabilitation Loan Program. Many cities have similar funds available as a means to assist individuals to stay in their own homes, rather than move to more costly facilities.

I learnt that the loan program was available to a person or family requiring home modifications, based on a health or safety need. The home loan program required that an application be submitted with information about the number of persons living in the household and their combined annual income. This information was then used to determine the interest rate for the loan. For example, for combined incomes of less than $41,000 or so, the interest rate was 2 percent; for less than $52,000, 4 percent; and so on.

Another thing I learnt is that you can also have an option, which is that of 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 own home into cash. The equity built up over years of home mortgage payments can be paid to the owner, but unlike traditional home equity loans or second mortgages, no repayment is required until the borrower no longer uses the home as the principal residence.

Reverse mortgages are available through different lenders, as well as HUD. There are some property restrictions, but single-family homes, two-to-four-unit properties, condominium units, townhouses, and some manufactured homes are eligible. Generally, the greater the value of the home, the older the owners, the lower the interest rates, and the more one can borrow. This is good news right now, with interest rates so low, and it is an opportunity for your patients who have a higher annual income that disqualifies them from other programs. And if they live in an area of the country where land or home values are traditionally higher, such as Hawaii or New York, it may be the best option available for refinancing.

Given the sheer amount you have to invest or borrow, here is a checklist before you decide on any renovation project.

Consider the following before you decide how to finance your home improvement project:

-Talk to lenders about your options.

- Know that lenders are concerned about income, debts, credit history and property value.

-Consider a secured loan when you want to borrow more money, get a lower interest rate or reduce taxes.

-Refinance an existing loan if you have enough equity and if the rates are two points lower now than when you initially borrowed the money.

-Use a home equity line of credit that is secured by your home so youre your interest is tax deductible.

-Take out a home equity loan to get fixed rates and payments.

-Consider a homeowner loan that is secured by your property. Use a value added loan when the improvement you make will have a substantial impact on the market value of your home.

-Do your research before using contractor financing.

Good Luck

Get more information on home loans and home remodelling by Lubowa.M.Planet. Visit Home Loans and mortagewebsite.

Get more information on home loans and home remodelling by Lubowa.M.Planet. Visit http://www.softerdreams.org OR http://www.softerdreams.org/how_To_shop_for_low_interest_only_mortgages.htm.Mortgage Lead Transfers
Mortgage Lead Programs
Exclusive Mortgage Leads
Exclusive Mortgage Leads
Mortgage Leads

The scenario is all too familiar: soon-to-be homeowners secure financing, lock in a 30-day rate, and wait for their closing date. They have no control over the closing process, and can't get a straight answer from their Realtor, their mortgage broker, or their title company. Feeling helpless, they watch as their scheduled closing date passes by and their locked-in interest rate expires, increasing by a half-point. "On a $500,000 mortgage, that half-point means they will pay an additional $60,000 over the life of their loan," says Samuel Ingram, President of MyClosingSpace.com (www.MyClosingSpace.com), an innovative service that allows homeowners to gain control of the real estate closing process. "A real estate 'closing' is not a date," says Ingram. "It's a process. When the homeowners aren't in control of that process, they're at the mercy of their Realtor, attorney, mortgage broker, and title company. And they can end up paying a hefty price."

MyClosingSpace.com was designed to give consumers the control that's missing from the traditional real estate transaction process. The company facilitates real estate transactions while giving those who are buying or refinancing a home access to the critical information that ensures an on-time closing. "We become the homeowner's partner every step of the way, through title search, escrow, settlement, and closing," says Ingram.

The control begins with the company's leading edge technology, which generates an online real-time quote for title insurance and closing costs. "A homebuyer or homeowner simply has to enter the property's zip code, the price of the house, and the mortgage amount, and they will receive an online quote instantly," says Ingram. "That gives them the information they need to make their own decision."

Further, MyClosingSpace.com has a team of experts that communicates with real estate professionals on the homeowner's behalf. "Our clients don't have to go from one company to another with a thick folder of papers in hand," says Ingram. "Plus, they only have to make one phone call to get the answers they need from our exceptional customer service team."

MyClosingSpace.com takes the mystery out of closing costs, which are often inflated by various parties in a real estate transaction. Consumers can use MyClosingSpace.com's free online quote tool for any number of properties. "With MyClosingSpace, homeowners know upfront exactly how much their closing costs will be," says Ingram. Because MyClosingSpace.com doesn't engage in revenue sharing arrangements with lenders, attorneys, or Realtors, consumers save an average of 30 percent on closing costs.

Concludes Ingram, "With our real-time quote tools and online ordering, we can ensure that homeowners close on time, every time, and avoid penalties and interest rate increases that can cost tens of thousands of dollars." That's money homeowners can put to good use in furnishing their new home.

Press Direct International (http://www.pressdirectinternational.org) is a global information website providing reliable information tailored for professionals in financial, media and corporate markets. Senior Editor: Kris Nickerson.Mortgage Lead Transfers
Mortgage Lead Transfers
Live Mortgage Leads
Live Mortgage Leads
Mortgage Leads