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July 05, 2011
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.
August 09, 2010
Real estate buying bank owned refers to purchasing properties that have been repossessed by mortgage lenders. Bank owned properties consist of foreclosure real estate that did not sell through public auctions or were held by lenders until market conditions improved and could be sold at a higher price.
Real estate buying bank owned has become a popular strategy amongst real estate investors, home buyers, and business owners looking for cheap commercial properties. Bank owned foreclosures are often priced upwards of 20- to 30-percent below appraised value. Properties are sold directly through each bank's loss mitigation division or their assigned realtors
July 27, 2010
REO properties refer to real estate which is owned by the bank. Often referenced as real estate owned, bank owned, and bank foreclosures, these properties were once foreclosure homes that did not sell through public auction.
REO properties have become a preferred choice amongst real estate investors. Although real estate owned homes generally have a higher price tag than houses sold through foreclosure auctions, they are sold with a clean title. The bank removes any tax or creditor liens which may have been attached and evicts foreclosed homeowners if they refuse to vacate the premises.
July 12, 2010
The number of homes in foreclosure is expected to reach 4 million by the end of 2010. According to Bloomberg Business Week, more than 7 million homeowners have already fallen victim to America's real estate epidemic which has led to declining property values and lack of new home sales across the nation.
Homes in foreclosure affect more than those who lose their house. Entire communities pay the price. Real estate prices drop dramatically in areas hit hard by foreclosure. Homeowner's association fees rise to compensate for evicted property owners. Communities lose funds normally acquired through property taxes. Local governments are forced to make budget cuts to public services and education.
July 07, 2010
Property owners in the Sunshine State are turning to Florida refi in order to reduce mortgage payments or obtain cash for home improvements, college tuition, or to pay off high interest loans and credit card debt.
When borrowers enter into Florida refi they are taking out a new home mortgage loan. Therefore, borrowers should be prepared to provide financial records to exhibit they are credit worthy. Borrowers must also be financially prepared for upfront mortgage refinancing fees.
June 24, 2010
Homeowners in the Sunshine State often turn to Florida mortgage refinance in order to reduce monthly payments. Although refinance rates can range between 2- and 5-percent of the loan value, obtaining a reduction of 2-percent can substantially reduce the overall cost of home mortgages.
By entering into Florida mortgage refinance, borrowers can sometimes obtain cash back which can be used to pay off credit cards, make home improvements, or pay for college tuition. Florida refi is also a good option for homeowners who own investment properties used for seasonal or long term rentals.
June 18, 2010
Many Arizona property owners are turning to AZ refinance to obtain a reduced interest rate on their home mortgage loan. While refinancing mortgages can result in lower monthly payments, many homeowners fail to realize the costs associated with obtaining a new loan.
Before entering into AZ refinance, borrowers should take time to review their current mortgage contract. Many banks offer borrowers reduced interest if they agree to a prepayment clause. In most cases, prepayment penalties are assessed if borrowers refinance or sell the property within the first five years. Others reduce the penalty by 1-percent each year
May 21, 2010
Most people choose to consolidate loans in order to eliminate multiple payments and reduce overall interest. By combining two or more loans, borrowers can lower monthly expenses and potentially improve personal credit scores. In order to consolidate loans, borrowers must possess a good credit score and a history of consistently paying debts on time.
Before making a final decision to consolidate loans, borrowers should take time to conduct research and compare loan consolidation lenders and applicable rates. Additionally, borrowers should obtain credit reports from each of the credit reporting bureaus. Banks have tightened lending criteria and rarely allow borrowers enter into loan consolidation if they have low FICO scores or attached liens or judgments.
May 18, 2010
The Remax Real Estate buying bank owned foreclosure list is an excellent resource for locating properties priced below market value. When banks repossess foreclosure houses they often assign Remax realtors to list properties and handle all facets of the sale.
The Remax Real Estate buying banked owned foreclosure list consists of all types of real estate making it a good resource for first time home buyers and real estate investors. Discounted properties range from residential homes to commercial real estate, as well as industrial parks, retail outlets, golf courses, and raw land.
May 13, 2010
Homeowners who obtain a home equity loan or line of credit use the accrued equity as collateral to secure the loan. When the housing crisis occurred, millions of homeowners lost a substantial amount of home equity because of the dramatic reduction in real estate prices.
To determine the amount of available home equity, lenders calculate the outstanding balance owed on first and second mortgages and subtract it from the appraised property value. The difference between the two amounts will determine how much money borrowers qualify for when obtaining a home equity loan.