Will Your Bank Give You The Best Mortgage?
Written by admin on Announcement – 6:13 pm -
Many of us tend to form a relationship with our bank even in these times of big banks. This does not mean, however, you should look to your personal bank for a mortgage.
Will Your Bank Give You The Best Mortgage?
It is a common misconception for people to assume that their bank will give them the best mortgage. It is a natural thing to assume, especially since people have often been banking with the same institution for many years and they feel comfortable with them. However, the fact is that if you limit yourself to going directly to your bank and getting a mortgage from them without looking elsewhere you are most likely shooting yourself in the foot. You are restricting the possibility of other options that might be better for you and this is never a good thing.
There is no doubt that your own bank might give you the plan you want. There is a chance that they will give you a good offer that would be tough to beat by any considerable margin elsewhere. However, this is just a chance. You will only know if it’s anything more than a chance by actually looking elsewhere. Sure, the comfortable and trust factors weigh in, and these can be major factors since you want to trust the institution that is giving you such a large amount of money for such an important thing, but there are many other trustworthy lenders out there that may have a better offer for you. Keep in mind that your bank will probably sell your mortgage to another lender within the first year.
The first place to go is to other major banks and lending companies which you know of. By going to these first, you are going to major companies which are trustworthy. Most major banks offer fairly similar rates, but it is still worth it to check around. In fact, you would be crazy not to check around. You may get yourself a quarter or half a percentage point off, which might seem small but can actually turn out to saving you thousands of dollars in interest payments. These other banks might also have other incentives or better options that you will want to consider. If you own a business, they may even offer you a better deal in an attempt to pick up that business.
There are plenty of other lending companies you can check with, both major and minor, online and offline. It is to your benefit to check as many as possible and not settle with your own bank just because they are the first place you check. Getting a mortgage is a huge thing and it is important to get the right mortgage plan for you, and this will only be done properly if you evaluate your options.
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Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown
Written by admin on August 27, 2010 – 7:04 pm -The Bush Admin and Senator mccain warned repeatedly about Fanny Mae and Freddy Mac and what thus became the 2008 financial crisis — starting in 2002 (and actually even earlier — in the Clinton and Carter White Houses. Democrats resisted and kept to their party line, extending loans to people who couldn’t afford them — just like you would expect of socialists. See our web site for more. — www.proudtobecanadian.ca http — www.proudtobecanadian.ca
Tags: Bush, Crisis, Dems, Financial, housing, McCain, Meltdown, shows, Timeline, Warning
Posted in foreclosure | 25 Comments »
Banks Money Debt Credit A Simple Explanation
Written by admin on August 27, 2010 – 4:18 pm -Credit crisis explained simply and effectively but not including contributing factors such as personal responsibility, greed, and crooked politicians.
Tags: Animation, Banks, Brokers, Credit, Crisis, debt, foreclosure, Just, Money, Mortgages, PRETEXT, prime
Posted in Sub-Prime | 20 Comments »
What happens to the second mortgage when the first mortgage forecloses?
Written by admin on August 24, 2010 – 4:00 pm -I am going through a foreclosure on my first mortgage, what are my options with dealing with the second mortgage? Any legitimate websites with guides for dealing with the aftermath of foreclosure would also be appreciated.
Tags: First, forecloses, happens, Mortgage, second
Posted in Mortgage | 5 Comments »
Foreclosure consequences
Written by admin on August 23, 2010 – 7:47 pm -This video is from the show Open House on CNN. This video briefly explains what some tax & credit consequences homeowners may face after a short sale or a foreclosure. Consult with a CPA or your attorney for specifics. More information at: sccrealestateuncensored.com/2007/shortsale-foreclosure-pt4/ micasamidinero.com/2007/shortsale-foreclosure-pt4/
Tags: Consequences, foreclosure
Posted in Mortgage | 25 Comments »
Foreclosure Alley – P1
Written by admin on August 23, 2010 – 4:05 pm -10.01.08
Tags: Alley, foreclosure
Posted in foreclosure | 25 Comments »
Who pays the real estate agent when a foreclosed home is purchased?
Written by admin on August 21, 2010 – 11:10 pm -We are looking to buy a house. We found a real estate agent before we found the house we really want. It’s a foreclosed home. How does the real estate agent get paid?
Tags: Agent, Estate, foreclosed, home, pays, purchased, Real
Posted in foreclosure | 5 Comments »
How does one get an apartment after a foreclosure?
Written by admin on April 20, 2010 – 6:02 pm -My friend is letting her house go to foreclosure & will need to rent an apartment. She is currently only 30 days delinquent. How do apartment management companies view foreclosures? Should she apply for an apartment now, knowing that she will not move in for a couple of months?
*** Please note that I am not looking for advice on how to keep the home or to get her out of the foreclosure. All options have been considered. Please give advice on how to proceed to obtaining her next housing. Thanks!
Tags: after, apartment, foreclosure
Posted in foreclosure | 4 Comments »
What caused the home mortgage rates to sky rocket, causing people being unable to pay their monthly mortgages?
Written by admin on March 7, 2010 – 7:04 pm -The recession was caused by people being unable to pay back their home mortgages because the mortgage rates were too high?
Banks were not getting their money back from home owners, causing a credit crunch, thus they were unable to lend money to big businesses.
Big businesses then had to cut back on expenses and began to lay people off the the thousands.
So what caused the mortgage rates to go up so high that started this financial mess in the first place?
Tags: being, caused, causing, home, monthly, Mortgage, Mortgages, people, Rates, rocket, Their, unable
Posted in Mortgage | 11 Comments »
Liens: What’s the Big Deal About Them?
Written by admin on March 7, 2010 – 7:04 pm -
Lien, in its simplest definition, is the term used to denote any charge or duty imposed against an item or property as security for payment of a debt or some other obligation.
There are certain liens that can complicate your asset protection planning. This is one of the ways that creditors can have a take on your assets. In order to know how a certain lien can affect your asset or property, it is crucial that you have a thorough understanding of the different types of liens available out there.
Liens can either be consensual, statutory or judicial liens.
Consensual liens are those types of liens that are substantiated by a contract between the creditor and the debtor. These are the liens in which you voluntarily consent to whenever you take out a loan or any other advance of credit that you require.
A homebuyer will agree to a bank taking a security interest in a home before a mortgage can be obtained. A consensual lien is also created when a cart buyer opts for car financing available at the car dealer. The car purchased secures the car buyer’s obligation to pay for the property.
Failing to do so may mean that the purchased property will be taken away from him. Examples of consensual liens are mortgages, car loans, and security interests in banks.
Statutory liens meanwhile are those that are ideally occurring in lieu of established statutes or as stated by common law. Non-consensual liens give the creditor the right to repayment security of a debt by imposing a lien on a property or an item once there is a determined relationship between the debtor and the creditor.
Sometimes, creditors make use statutory liens to get at your assets to satisfy a debt by the operation of state or federal laws. Examples of this type of lien include tax liens and mechanic’s liens.
A tax lien is placed upon properties by local, state or federal government as stated in established statutes as security for delinquent taxes, including property and estate taxes.
A mechanic’s lien will arise when a party fails to pay a contractor or mechanic for services rendered or work performed on a certain property or car. This usually occurs when a contractor installs a furnace on a home or a mechanic does some repairs on a car.
Failure of payment for the services rendered will give the contractor or the mechanic a security interest on the property. If the owner decides to sell the property, the contractor or mechanic will have a share on the proceeds of the sale to pay for the debt incurred.
Of the three type of liens, those imposed by a judicial ruling is the most dangerous for the asset or property owner but is also one in which an informed owner may be able to eliminate.
This type of lien is created when a judicial court grants a creditor an interest on the debtor’s property after a judicial ruling. This lien can arise in several circumstances.
An example would be if a negligent driver injures someone in an accident, it will follow that the injured party would likely sue the driver for damages.
In some instances that the driver’s insurance would not cover for the damages, a judicial lien may be placed upon the negligent driver’s property as a claim for payment to the injured person. The judgment on the lawsuit filed will provide for the basis of the lien.
If the debt is not paid, the injured party or the judgment creditor can seek the enforcement of the judgment. This can be done by garnishing wages, seizing a bank account or placing a lien on the negligent driver’s property.
This lien is the first step in the process that will consummately end in the sale of the property in order to pay for the damages.
A judicial lien cannot be imposed on a ruling or judgment based upon a pre-existing ruling as in the case of a judgment on a mortgage foreclosure. This understanding will greatly help the property owner in exempting his property from possible acquisition by the creditor.
James Monahan is the owner and Senior Editor of
www.LienCentral.com and writes expert
articles about liens.
Tags: About, deal, Liens, Them, What's
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