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Loans

February 12, 2013

Government Student Loans

Simon Volkov

Applying for government student loans is probably one of the most exasperating experiences a person will have. It's a lengthy process that involves providing financial records, filling out student aid applications, obtaining financial counseling, and entering into legal contracts.

The good news is getting government student loans can be simplified by making a visit to StudentLoans.gov. This website is supplied by the Office of the U.S. Department of Education and provides information on everything from getting financial awareness counseling to student loan consolidation.

Students need to learn about the application process, different types of loans and payment options. In order to apply for financial aid students must prepare a Free Application for Federal Student Aid (FAFSA).

Real Estate Investing article on "Government Student Loans "

January 08, 2013

Student Loans without a Cosigner

Simon Volkov

Most people find getting student loans without a cosigner to be an impossible feat. While the task can be challenging there are a few resources for students to tap into. For most, the top option is applying for government student loans. However, some people might qualify for private funding.

Qualifying for private student loans without a cosigner requires an established credit history and good FICO score. This option is generally reserved for borrowers who have consistent income either from a job, structured settlement annuity payments, or trust fund.

It's not easy to borrow college funds from a bank, so it's better to look into government student loans first. A few of the most common are Stafford loans, Perkins loans, and PLUS loans.

Real Estate Investing article on "Student Loans without a Cosigner "

July 02, 2012

Mortgagor vs Mortgagee

Simon Volkov

Mortgagor vs. mortgagee is a term that anyone planning to buy a house with bank funds needs to learn about. When people obtain home loans they mortgage the property by entering into a legal contract with the bank.

Mortgage notes identify the mortgagor vs. mortgagee, along with details of the loan including interest rates, installment amounts, and payment dates. Mortgages are secured with promissory notes that include mortgagors' signatures to verify they understand the terms of the agreement and will pay back borrowed funds.

Mortgagee refers to the individual or lending institution providing funds needed to buy real estate. The property is used as collateral and the Mortgagee places a lien against it until the note is paid in full.

Real Estate Investing article on "What is Mortgagor vs Mortgagee "

December 23, 2011

Sellercarryback

Simon Volkov

Sellercarryback is a mortgage financing option that is offered by sellers to buyers and real estate investors. While this strategy has been used for years, it has become considerably more popular since the mortgage crisis began in 2008.

Sellercarryback mortgages can be an ideal solution for buyers with less than perfect credit and those who can't afford a large down payment. It can also be beneficial to sellers. By carrying all or part of the mortgage note sellers can obtain a better price for the house.

With that said, it is imperative for both parties to engage in due diligence. A purchase agreement needs to be executed and legally recorded. It is strongly recommended to hire a real estate attorney to ensure everyone is protected and the contract is legally binding.

Real Estate Investing article on "Sellercarryback"

October 11, 2011

Fannie Mae Mortgages

Simon Volkov

Fannie Mae mortgages have helped people obtain the dream of homeownership since 1938. This entity originated at the request of President Franklin Roosevelt who wanted to make certain every U.S. citizen had the opportunity to buy affordable housing.

Fannie Mae mortgages make up about half of the real estate loans currently held in the U.S. It's important to note that Fannie Mae doesn't originate loans. Instead, they buy loans from banks in order to free up credit so banks can lend more funds.

Up until 1968, Fannie Mae was part of the U.S. government. At that time, it evolved into a shareholder-owned private company that received the status of being a government-sponsored enterprise (GSE).

Real Estate Investing article on "Fannie Mae Mortgages "

October 05, 2011 | Comments: 1

Fannie Mae Loan Mortgage Programs

Simon Volkov

Fannie Mae loan mortgage programs are available to help people buy affordable houses; alter mortgage terms through refinancing, loan modification, and other options; and avoid foreclosure through alternatives such as short sales or deed in lieu.

Several new Fannie Mae loan mortgage programs have been instituted since the mortgage crisis led to millions of foreclosure. These include: Hardest Hit Fund, Deed-For-Lease, and Fannie Mae Mortgage Help Centers where homeowners can obtain housing counseling to review and apply for mortgage programs.

Hardest Hit Fund is offered in 19 states and aimed at helping homeowners who are experiencing financial hardship due to unemployment or underemployment. Eligibility criteria varies by state, so homeowners will need to spend time learning about what is available in their state.

Real Estate Investing article on "Fannie Mae Loan Mortgage Programs "

July 05, 2011 | Comments: 2

Loan Consolidation

Simon Volkov

Loan consolidation is a strategy that can be used to eliminate high interest loans. The process involves taking out a new loan to pay off outstanding debts. Therefore, debtors must have sufficient credit scores to obtain financing.

While loan consolidation may seem like a good idea, it's important to calculate the true costs before submitting a loan application. This is especially crucial when taking out a home equity loan which requires using real estate as collateral.

Real Estate Investing article on "Loan Consolidation "

June 08, 2011

Florida Hardest Hit Fund

Simon Volkov

The Florida Hardest Hit Fund offers good news to Floridians struggling to meet mortgage obligations. This program is available through the Florida Housing Finance Corporation to help distressed homeowners facing foreclosure.

Two programs are available through Florida Hardest-Hit Fund. The Unemployment Mortgage Assistance Program (UMAP) offers financial assistance to Floridians who are unemployed, underemployed, or incurred a reduction in income.

The Mortgage Loan Reinstatement Program (MLRP) offers funds to Florida homeowners to help them cure mortgage arrears on their first mortgage

Real Estate Investing article on "Florida Hardest Hit Fund "

May 21, 2011 | Comments: 1

Mortgage Standards Reform

Simon Volkov

A mortgage standards reform proposal was recently released by the Federal Reserve as the government attempts to curb abuses that have contributed to the mortgage crisis. The rule would further tighten lending criteria to ensure borrowers are capable of repaying their housing debt. It would also require buyers to provide a minimum 20-percent down payment when buying real estate.

The mortgage standards reform redefines a qualified mortgage and includes an 8-point checklist which holds mortgage providers accountable for investment decisions. The new rule takes effect later this year and will be governed by the Consumer Financial Protection Bureau.

Real Estate Investing article on "Mortgage Standards Reform "

December 01, 2010

Mortgage Loan Modification

Simon Volkov

A mortgage loan modification can help borrowers facing temporary financial setbacks, but able to afford future home loan payments. Loan modifications do not reduce the principal amount owed on the loan. Instead, the terms are extended or the interest rate is reduced.

Applying for a mortgage loan modification can be a time-consuming process. Borrowers must first contact their lender to determine if they qualify for a loan modification. Banks require borrowers to fill out a request for modification and affidavit (RMA) form to evaluate borrowers' financial status.

Real Estate Investing article on "Mortgage Loan Modification "