Entries Tagged 'Home Mortgages' ↓

What your bank does not want you to know…

Special to jongriffin.com

We appear to be starting a period of uncertainty, with four key factors negatively affecting the economy;  increasing interest rates and depressed home values, higher credit card minimum payments, swiftly increasing fuel costs and the recent Wall Street crisis. The results of these could spell financial ruin for many families already struggling on the edge of bankruptcy.

The current credit crisis was fueled by Government home loans being given to low-income families for over-valued homes and now the storm has hit many people find themselves with ‘negative equity’ – their home is worth less than their mortgage!

Special to jongriffin.com

If your credit risk rating is poor - you can ask that your bank reduce the credit limits on your credit cards, credit lines, and other debts. You should do this if:

1) You can pay off at least 50% of your debt loads as they are readjusted. For example, if you have a credit limit of $5000 on your credit card and get it reduced to $2500, you should make sure that you can leave a balance of $1250 or less. If you owe $4000 and have no way of repaying it, getting your credit limit reduced can actually hurt you.

2) You have lots of credit.

Special to jongriffin.com

Not everyone is lucky enough to own their own home. In fact, a large number of people pay rent for their accommodations. Often in these circumstances, it can be difficult to get a good loan rate as there is nothing to offer the lender as security, something in which home owners would normally have considerable collateral. However, in situations like this, there is a solution with the tenant loan.

Tenant loans are designed especially for anyone who pays rent for the property they live in.

Many people who don’t own a home but would like to can find a broker with a lot of knowledge and experience to help them.  A broker is one of the most experienced people when it comes to mortgage loans.  To find a California home loan mortgage broker, look in the local yellow pages or look on the internet for them.  A great way to find a broker is to talk to friends that live in the neighborhood that the new people want to move to.  They can be very helpful in finding the right broker who can walk the people through the steps of home ownership.  A California home loan mortgage broker isn’t necessary but for the best service, a broker can do things that other people don’t even know about.