With so much lender advertising focusing just on rates, you may not be aware of the importance in choosing an experienced, reliable loan professional who can match you with the appropriate loan program. Good loan officers and mortgage brokers may quote today’s rate when asked, but they will quickly add they need to know more about you to determine the best program for your individual situation. So rather than asking questions, you should be prepared for, in fact looking for, a loan officer who asks you questions about your credit history, employment, income, down payment, and future plans.

With the ever-changing variety of loan programs, there’s a lot to learn about what’s available and which program could suit you best. Here are a few loan options: Fixed rate. 15 year, 20 year, 30 year. Adjustable rate. Adjusts after 6 months, 1 year, 3 years, 5 years, 7 years or 2-step. Low down payment. No down payment. 80% first/20% equity. Over 100% LTV. Interest only. Buy-down. Reverse. Convertible. Balloon payment. Bi-weekly payments. Conforming. Non-conforming. Conventional. FHA. VA. First-time home buyer. Special government programs. Self-employed. Full documents. Low documents. No documents. Credit-challenges. Bankruptcy. Unique property. Whew! And there’s more, which is why finding a knowledgeable, trustworthy loan professional should be your first consideration.

Also, rates are time sensitive. The eye-catching ad you see in the newspaper was probably prepared at least five days ago. Rates may change several times a day as well, and, without a lock-in, a quote doesn’t mean a thing. And don’t you wonder how every lender claims to have the best rate? Retired mortgage banker George Chaney said, “A buyer who rate shops may be getting quoted today’s rate from one company, tomorrow’s rate from another, and a bet on next week’s rates from a third. It’s like comparing apples to oranges to pears, and the clients will never know what they’re getting. In reality, the number one priority for the average home buyer should and must be the quality of the counsel they get, how the products meet their needs, then the rate, then the costs to close.”

According to Brian Sacks, Branch Manager of Integrity Home Funding, in Owen Mills, Maryland, and expert on assisting borrowers nationwide with credit challenges and bankruptcies, “Consumers don’t usually shop for the cheapest attorney or physician when they need help in those areas, but they’ll shop strictly by rate when they need a mortgage. That’s mostly because they don’t understand the loan options available to them. They’re thinking plain vanilla 30-year fixed rate. They don’t realize a mortgage broker will find them the best loan program first, then find them the best rate. Plus there’s the strange one-upsmanship caused by family and friends comparing rates and bragging if they have a rate that’s one-eighth less. It’s natural for everyone to want the lowest rate, but the most important consideration is getting the right loan program with the best rate possible for that particular borrower’s circumstances.”

Tom Ward, CEO/Founder, Majestic Mortgage Corporation, headquartered in Vernon Hills, Illinois, agrees: “It’s almost universal that the first question on first contact with a consumer seeking a mortgage is: ‘What’s your rate?’ It’s no different in Florida than in Washington state. Consumers are conditioned by advertising, and not just by online lenders like Lending Tree, that price is their only concern.”

Comparing Internet rates to traditional lenders, Tom adds, “Our own comparison of note rate to note rate and APR to APR shows Internet ‘best price’ claims proved hollow. The Wall Street Journal has also reported on the fallacy of ‘best price’ on the Internet.”

“If it sounds too good to be true, it is,” says Brian Yampolsky, Owner of Orion Mortgage, in Phoenix, Arizona. “Listen to that voice inside your head that tells you when to be skeptical. It’s there for a reason. Often times, lenders put their best foot forward… They’ll make assumptions on certain factors that can affect the rate, such as the size of the loan, the amount of down payment, if a primary residence will secure the loan, if the credit scores are high enough, etc., etc. If you don’t fall into that box of assumptions, then it’s unlikely you would be able to get that rate.

“So, whether you’re buying a new home or trying to decide if it’s worth refinancing, do yourself a favor. Forget the allure of artificially low rate ads and ask someone you know and trust for the name of a trusted mortgage broker. He or she should be able to educate and advise you on how to save your money and time and prevent you from making costly mistakes when choosing your next mortgage.”

These days, there’s another consideration that’s more important than rate: Competence. Whether or not you’re able to buy the home you want may well depend on how reliable your loan officer is. In hot real estate markets, sellers are taking backup offers with higher sales prices. As a result, they may hope the first transaction falls through. Under normal circumstances, if your lender doesn’t comply with a specific contract condition, the seller would let it slide. In a hot market, where more lucrative backup contracts are common, if your lender misses a deadline in the contract, it could cost you your dream home. The best rate in the world is worthless if incompetence means your transaction doesn’t close.

So how do you find a loan professional you can trust? Start with referrals from people you know: family, friends, real estate agents, escrow officers, attorneys, accountants… A referral is unquestionably your best bet at finding a loan officer with a proven history who knows how to close a loan.

Good luck with your search for the loan officer and loan program that are right for you. Obtaining a home loan can be stressful, but working with an expert will lower the anxiety and better ensure a positive result.

About the Author:
Sharon Hassler was a successful loan officer and real estate agent in Southern California, then served as Communications Manager for First American Title-Arizona for 11 years. She is President of Go Get Experts, owner and operator of GoGetLoan.com, a web page directory for mortgage brokers and loan officers, along with GoGetEscrow.com, GoGetNotary.com and GoGetHome.com.

Copyright © 2005, Go Get Experts, for GoGetLoan.com. All Rights Reserved. Permission to reprint this article is granted if the article is reproduced in its entirety, without editing, including author’s information. When using this article in magazines or newsletters or online publications, please include the full URL or a hyperlink to http://www.GoGetLoan.com

‘Flexible mortgage’ is a term that’s used a lot, but what exactly does it mean? A flexible mortgage allows the borrower to make extra repayments when they have the extra money and even reduce or skip payments should the need arise.

A flexible mortgage allows you to make extra payments to reduce the amount outstanding on your mortgage thereby reducing the interest you’re paying or pay off your mortgage earlier than planned.

Imagine being able to save money in mortgage interest, or borrowing enough money pay off your credit cards or personal loans, or buy a new car at a low rate of interest. That’s exactly what flexible mortgages enable you to do.

Flexible mortgages allow you to save money by cutting the length of your mortgage term. You can also buy yourself more time when money is tight by reducing your monthly repayments or increase you mortgage if you need to borrow money.

‘Flexible mortgages’, also known as ‘Australian mortgages’ are fast becoming the most popular way of taking out a new mortgage.

Flexible mortgages are designed for people who want the option to vary their mortgage payments to match changes in their cash flow. To varying degrees, they let you underpay, overpay, take payment holidays, pay off lump sums and borrow back overpayments.

Flexible mortgages come in various guises but they mainly allow you to make extra lump sum payments, borrow back money, allow you to take repayment holidays and also allow you to make underpayments. Some flexible mortgages will double up as a current account, where your salary is paid in monthly and so you are in effect paying off a huge overdraft.

Unlike some traditional loans that still charge mortgage interest on an annual basis, fully flexible mortgages calculate interest daily, which means that any overpayments you make are immediately credited against your loan, thus reducing your interest costs. This gives you the flexibility to manage your mortgage payments to suit your cash flow needs as your circumstances change.

A Flexible Mortgage allows you to repay capital early, take back some cash you have paid in and postpone payments. Some are run as substitutes for current and savings accounts, so all your money is working to minimise interest on the mortgage.

If you are looking for flexibility in the current mortgage market, there are two important facts to bear in mind. First, the majority of flexible mortgages tend to charge higher rates than those available on more conventional mortgage deals.

Secondly, there is little difference between mortgages marketed as fully flexible and conventional mortgages which are offering an increasing number of flexible features. So unless you want to use the full range of features offered by a flexible mortgage, you may find the level of flexibility you are after on a conventional deal at a much better rate.

Generally you can choose to have a variable or discounted rate or sometimes a combination a variable and fixed rate. By choosing to take part of your mortgage at the fixed rate allows you the flexibility to make overpayments to the variable rate option during the fixed rate period without any penalties.

A truly flexible mortgage should have all of the following options:

Interest is calculated at least monthly, preferably daily.

Overpayments are allowed penalty free.

You can take payment holidays.

You can make underpayments.

You can draw down any unused facility.

You may freely reprint this article provided the author’s biography remains intact:

About The Author

John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.

Whether you are just moving out on your own for the first time, or you’ve moved ten times before, there is always a big choice to make. Do you rent or buy your home? There are valid arguments on both sides, and in different scenarios either one could be the right choice. When you start looking into your next, and possibly final living space, there are a number of things you should consider.

When deciding whether to rent or to buy you might first look at how long you plan to stay before moving again. If you thrive on frequent change and the freedom of spontaneity, buying might not be the best choice. Renting a house is often considerably easier than selling one.

Another more obvious consideration is your financial picture. Do you have enough for a down payment of 10 percent, or is one month’s rent more in your budget? Credit worthiness is a significant factor. In order to secure a loan you will need to demonstrate capacity to repay, strong credit history and collateral to secure the loan. Although your credit union can help you explore some viable lending options if you have a few credit blemishes, very poor credit may eliminate all funding options. You may choose to rent while you rebuild your credit score and save some money.
Some advantages of renting

1. You have to pay a deposit to move in, but can get it back at the end of your lease, assuming there is no damage to the property.

2. Repairs to the property are generally covered by the owner.

3. You do not have to pay property taxes or insurance (although you should consider renters insurance) on the rental property.

4. You do not have to worry about marketing it yourself if you chose to move.

These can be powerful advantages for people without strong community ties or in temporary circumstances or with financial concerns.

Some disadvantages of renting

1. You have no equity in your payments, and when you move, the money you paid to rent is gone.

2. You have to abide by the rules of the property owner, and many times the rent does not reflect on your credit unless you have a negative experience, such as an eviction.

3. You are limited in terms of creating a space “uniquely yours” (i.e. limited possibilities for remodeling).

A few thoughts on buying

Buying a home requires a good deal of thought and investment, but it can be an excellent option for those with the credit, money, and desire to remain in one place for an extended period.

The upside of buying a house is that it is yours, and you can do what you wish with it (within reason of course, or you will have neighbors/associations to answer to!). Many homeowners appreciate opportunities to personalize their homes and painting, remodeling, and adding on become exciting options.

Making house payments and improvements on your home also helps build equity, making the house worth more with time. Owning a home also offers advantages at tax time and can be an important resource if you ever need to borrow a large sum of money.

There are some downsides to buying. If it breaks, you get to fix it. There is no maintenance man or deductions on rent for self-repair. You also have to pay all taxes and insurance on your home, causing more of an expense than renting somewhere comparable. Issues regarding value are also in play. Purchasing a home should be an investment. If your home loses value because of changes in the neighborhood or the market you may end up losing money.

What’s most important for making the best decision for your situation is research and a careful review of your short and long term financial goals. The choice is yours.

Nicole Soltau is the President and Founder of
http://CreditUnionRate.com - The Leading Credit Union Directory
Search, Find, Join.

Manhattan is the lifeblood of New York City and has become one and the same with the city as a whole. Manhattan itself is home to Times Square, as well as a number of artistic and cultural centers. The Island of Manhattan can be roughly divided into Downtown, Midtown and Uptown areas, each of which feature a number of world-class attractions.

Found to the south of 14th Street, Downtown Manhattan is the setting of the Financial District which runs along Wall Street, including the rebuilt World Trade Center and Battery Park, from which you can get to the Statue of Liberty by ferry. Quite a few well liked cultural areas downtown, including Greenwich Village Tribeca and Soho feature old architecture, chic eats and plenty of shopping. Another popular destination downtown is Manhattan, which runs along Canal Street.

Midtown is located between 14th Street and Central Park, and is home to a outstanding artistic scene. The center|core|axis|hub|heart} of arts life in the city is the Theater District which is home to Broadway, Times Square and Hell’s Kitchen, as well as the Madame Tussaud’s. The Midtown area is a accessible spot for out of towners to stay as there are a lot of hotels in New York in the section. Other admired sections consist of Gramercy Flat Iron, a hip residential area, as well as the fashion-centric Chelsea District.

Made up in large part by Central Park, Upper Manhattan the location of the Tisch Children’s Zoo, the Solomon R. Guggenheim Museum and quite a few museums all over the Upper East and West side. As well, the section is thehome to Columbia University in Morningside Heights, the old Harlem area and Washington Heights.

Every one of Manhattan’s one of a kind sections hold their own sense of history, as well as admired points of interest from outstanding arts to cuisine. A vacation to New York is not whole without a complete tour of Manhattan’s excellent spots. There is a good reason that Manhattan has come to classify the public face of New York city. Manhattan is one of the world’s greatest cultural capitals and continues to set the standard in commercial and cultural trends.

In other words, the benefit of the loan must outlast the loan period. Taking a loan for financing that elusive vacation is a strict no-no. Moreover, home equity loans must also never be taken for day-to-day expenditures. This option should be saved for emergency needs only.

When applying for a home loan, all credentials of the lender must be keenly checked. The local consumer protection agency could be contacted for providing a list of lenders with an honest repute. All fine print must be carefully scrutinized, and one must avoid signing documents without having read them or which have blank spaces in them. Moreover, it is also advisable to keep a copy of all documents for future references.

Avoid the temptation of applying for a home equity loan wherein your monthly income is inadequate to finance your debt obligations. In such an eventuality, the lender can foreclose on your home because of a default. Hence never let your greed overtake sound common sense when applying for that home equity loan.

A home equity loan is normally a second mortgage. Hence one must carefully take stock of one’s financial conditions and analyze whether one can afford extra debt. This is because once a home equity loan is undertaken, loan repayments must be made a top priority, as it is your home that could be taken away from you in the event of a default.

Moreover, one needs to maintain a good credit record, as banks that have advanced you credit can freeze your credit limits in case your credit record takes a turn for the worse.

Having said this, it does not in any case deny the fact that home equity loan products are indeed very attractive.

Home Equity Loans - Rates, in depth articles and professional second mortgage advice. Find the lowest home equity loans rates and lenders.

Real estate prices are rising across the country, and Americans are tapping into their home equity like never before. Americans took out $431 billion in home equity loans in 2004, and that amount may increase in 2005. The reasons vary; some are using the money for home improvement, others are using the money to buy real estate, and some are taking reverse mortgages in order to enjoy a better retirement. With interest rates still near historic lows and the bull real estate market continuing, more and more predatory lenders are entering the lending profession.

Most lenders are honest, and prospective borrowers will probably not have any problems resulting from taking out a loan with a national bank. On the other hand, newer, smaller, and less honest lenders are advertising aggressively and may grab your attention by offering terms that seem more favorable than those offered by the larger banks. Sometimes, these terms sound too good to be true, and they often are. Here are a few things to watch out for when taking out a home loan:

A promised low interest rate “disappears”, only to be replaced with a higher figure on the contract at closing time. The borrowers, who expected to close right then and there, feel pressured to sign and often accept the higher interest rate.

Previously unmentioned fees turn up on the application at closing. Again, by presenting these previously undisclosed fees at closing time, the borrower is pressured to sign.

Blanks on the application form. It’s hard to believe that a lender would present a blank form and assure the borrower that the blanks will be filled in later, but this actually happens, and borrowers actually sign such deals. Remember, your signature on the form constitutes your agreement to the terms, even if the terms are filled in later.

These problems can be avoided by taking a few simple precautionary steps. Ask about the total fees and interest rates ahead of time. Inform your lender that you fully expect to see those same figures on the documents at closing, and make it clear that you will not sign documents that state otherwise. Make certain that you have provided honest information to the lender. Refuse to sign any blank documents. These things may seem obvious, but when closing approaches, borrowers tend to get in a hurry, as they are eager to get the closing out of the way. Borrowing against your home is not something to take lightly; you can lose your home if you unknowingly sign a predatory document. Take your time.

©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation information and HomeEquityHelp.net, a site devoted to information on home equity loans.

Private mortgage insurance is an excellent method for homebuyers who have trouble saving money, are short on money, or have bad credit, to get into a home now. Private mortgage insurance is provided by a third party to protect the lender in the mortgage contract. This allows you to purchase a home with a much smaller down payment and if you have bad credit. You should note that this service does not protect you as the buyer; it protects the lenders such as a mortgage broker or a bank.

Private mortgage insurance is of a great value to those people who can afford the payments on a home but have not been able to save up the usual ten to twenty percent for a down payment. But, using private mortgage insurance you can lower your down payment amount to anywhere between three and five percent. This allows home buyers to move into a home much sooner and save money.

Private mortgage insurance is also very beneficial for people with bad credit who would otherwise be unable to obtain a mortgage. People with bad credit can now obtain mortgages by getting a third party to provide them with private mortgage insurance. By paying a small monthly fee for private mortgage insurance, approximately forty five dollars on a standard $100.000 home, people with bad credit could obtain a mortgage and begin repairing their credit.

After your home equity has been paid down to eighty percent or the appraise value of the home was obtained you are no longer required to keep the private mortgage insurance. You should make sure you cancel your private mortgage insurance as soon as possible; many people do not cancel their private mortgage insurance as soon as they are eligible and end up paying hundred of dollars a year more than they need to be.

To view our list of recommended mortgage lenders visit this page: Recommended
Mortgage Lenders

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans. The site has informative articles and the latest finance news.

Commercial mortgages are similar to residential mortgages. Usually taken by businesses, commercial mortgages are secured against business property.

Businesses have to make an important decision regarding the premises where the operations are to be carried. It is a buy or rent decision. By acquiring a property on rent, one is required to make a small monthly or quarterly payment. However, even after paying the rental for innumerable months you are not able to make inroads into the property ladder.

Buying property, on the other hand, will be intricately difficult for a newly set up business. This will require a bigger investment. Obviously, the share of production in the capital lessens. Commercial mortgages provide a solution to this paradoxical situation.

Businesses where real estate holds an important place will benefit most from commercial mortgages. Running hotels and resorts from rented properties is a cheaper short-term solution. However if you plan to stay longer, it will be necessary to learn the drawbacks. The property owner may raise the rental or does not renew the lease. Moving operations to a new place will be more inconvenient for these businesses.

Commercial mortgage creates an asset in the form of real estate. The organization can fall back on the premises for help in times of recession. Because of the higher risk involved the rate of interest is usually higher in commercial mortgages, as compared to the residential mortgages.

Specialist lenders are the best place to look for commercial mortgages. They understand the specific needs of every particular industry. Thus, they are able to provide better solutions. However, the borrowers will have to decide the specialist lenders out of the many lenders available. Brokers can save borrowers this effort by finding best lenders and best deals in commercial mortgages. These brokers charge a commission for their services. Few brokers charge commission directly from the lenders.

Apart from the interest and principal amount of commercial mortgage, there are certain fees that the borrower will have to bear. Some lenders charge about
0.5-1.5% of the mortgage as a processing fee. The amount varies with lenders. Some lenders do not even charge the processing fees. The borrower is also charged for the valuation of the property and preparation of legal documents. Some lenders also charge early redemption penalties. It will be necessary to read well between the lines to be aware of such clauses.

Available with variable and fixed rate options, commercial mortgages are repaid in a variety of methods. The borrowers can choose from paying fixed monthly payments of both interest and principal as in a repayment mortgage, or only the interest as in interest only mortgage. The manner in which the final payment is made classifies the methods into endowment mortgage, individual savings account mortgage, and pension mortgage.

The owner or the proprietor of the organization taking the commercial mortgage must have a good credit standing. Since the owner plays an important role in the management of the organization, the lenders would study the policies framed by the owner. The organization as a whole must be well run and managed, and must have a good credit history. Lenders generally demand audited accounts and bank statement showing the dealings of the business. A copy of the balance sheet will accompany these documents. If demanded, future projections for the company will have to be furnished.

Lenders usually charge a deposit of 20-30% of the amount of mortgage. Once the organization decides to take up the commercial mortgage, it must start preparing for the deposit. All the documents must be updated to make the approval process easier.

Andrew baker has done his masters in finance from CPIT. He is engaged in providing free, professional, and independent advice to the residents of the UK.He works for the personal loan web site http://www.ukfinanceworld.co.uk for any type of uk secured loans and unsecured loan please visit http://www.ukfinanceworld.co.uk

It is surprising that this should happen, but the country’s second largest supermarket, Sainsbury’s, is going to be pulling out of the online DVD rental market because they feel that this type of business is not in their long-term internet plans.Fortunately, their loss is going to be LoveFilm’s gain, as all members will be transferred over to them. In actual fact, there will not be too much difference as LoveFilm have been running the Sainsbury’s online DVD rental service since it started back in 2004.However, those members who do not wish to keep their membership with LoveFilm can cancel if they wish. LoveFilm have announced a price freeze for Sainsbury’s customers for at least six months though. A Sainsbury’s spokesperson said, “We carried out a review of our online entertainment offer, and whilst the service has been successful, we didn’t feel it fitted into our long term strategy for online growth” “We still want to grow our online entertainment presence, but we feel at this stage we need to concentrate on sales of DVDs, games, books and CDs as opposed to rentals. We want to focus our efforts and get the range in these categories right for our customers.” This decision leaves the way open for Tesco’s to become the only supermarket retailer to provide an online DVD rental service.

Regardless the fact that Property Index may be considered a newcomer firm, they were incorporated in March 2007, they have quick attained to expert status. They’re a fairly unceremonious firm exclusively focused on looking after any person planning to let, sell etc. real estate across the world. Their guarantee is to help you pinpoint exactly what’s needed swiftly and, naturally, in a trouble-free manner.

Real estate can easily be found in many parts of the world at present, one of the fanciest areas being real estate for sale in Spain. It should be simply to tally the great real property you can purchase in Spain, the reason for investigating properties here is a combination of the houses and apartments you can purchase and the wonderful possibility to live surrounded by such a optimistic population. It is one of the truly well-liked regions at present, and with the scenic splendor and agreeable sunshine surrounding you, how could you ever go wrong? Real estate in Spain is rich in history, this part of the world is home to quite a few sophisticated cultures.

PropertyIndex.com make it easy to find property in Spain, whether you are looking for a villa or an apartment, they can help you find the right property.

Just thirty years back you would find just a small number of UK citizens looking for real property in Spain. Just ask everyone who has relocated to Spain and they’ll substantiate it. Many would term it a fashion and others term it a as something approaching a compulsion… Buyers who will actually repair to this region will range from young urban professionals keen on an exciting challenge in life to the retired planning to have a fun retirement. Note that you may likely encounter a few setbacks when acquiring real property in a foreign market - expectably there are dozens of procedures when working out a plan, popping in or buying. If you only miss but a single minor action it is certain to definitely escalate impassable setbacks not to forget, most importantly, money loss.

Obviously, as can be presumed with this well-liked destination, real property could be high-priced in this destination and that is absolutely on account of the expanding buyer demand. Yet, the client is truly spoilt in such a region so wonderful in terms of splendid countryside. It really has almost all a property buyer might really itch for and more.