Reverse Mortgage Industry Struggling - Nope!

By Tupania Vanrock

It seems I don't even need to check the morning paper anymore, because I already know what it will say.... "Credit & mortgage Crisis worse than expected, recession deepens, and basically the sky is falling".

I know mortgage loan officers all over the country. Each one tells a similar story. All their businesses have nose dived, and some have lost as much as three quarters of their business.

One common denominator of those crying the blues is that they are all in the forward mortgage segment of mortgage lending. On the contrary, reverse mortgages are booming.

The question is why? First, since banks on the forward end are so hesitant to lend out money one can see how a reverse mortgage, which does not require monthly interest or principal payments, might be a healthier investment for a bank or the banks investors.

The reverse mortgage company simply needs to lend such that it creates enough cushion between the value of the home and the cash it allows a borrower to pull out. As long as enough cushion exists here its a fairly safe deal for the lender.

Adding to the recipe, the over 62 market is growing like a weed. Many demographers believe the over 62 population will double by the year 2030.

Furthermore, with the ever increasing cost of living and this group's propensity to save less than its parents, the need for additional income will persist.

I haven't looked at the exact numbers of how much the stock market is down, but many seniors are running scared because of it. Many of my new reverse mortgage applications have been predicated on this.

This group must be feeling like they just got punched in the stomach. The safety net, which they've been building over the years, just had a bunch of holed cut out of it. These folks are looking for patches.

There is a ton of uncertainty in the marketplace, and this will remain so for the indefinate future. Home value are taking a beating and we really don't know how bad it will get.

The reverse mortgage industry could take a hit if house valuations take a deep plunge. However, with a softer landing the reverse industry will continue its upward curve.

About the Author:

If you are looking for a great resource discussing the workings of the California reverse mortgage go here. For a great Q&A site for the reverse mortgage in California questions, you click here.

What You Should and Shouldn't Do When Remortgaging

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When the interest rates are low, you are going to feel pressure to remortgage your house or other property that you own, and you might ask yourself whether it is the right thing to do. If you do make the decision to remortgage, you can follow these tips of what you should and shouldn't do, which is going to make remortgaging a whole lot easier.

Should: Window shop. When you remortgage, you are taking your current mortgage with your bank and moving it to an entirely new bank. It doesn't count as a remortgage if you don't change banks or mortgage companies. If you want to get a great deal on your remortgage you are going to have to window shop. You are not going to be able to talk to just one bank, you are going to have to go to many different banks and see what each one has to offer.

Should: Figure out your finances before committing. A lot of times people will remortgage their house thinking that they are going to save a lot of money, only to figure out that in the long run they didn't save much money at all. Think of how much the bank fees and mortgage company fees are going to be first and then see whether or not you are going to get a better deal if you just put that money toward your current mortgage and make an extra payment. You may find that that extra payment will save you almost the same amount of money as remortgaging does in the long run. You have to think about the whole picture and not just about short term money saving.

Shouldn't: Don't do what your neighbor does. If your neighbor recently remortgaged his house, it doesn't mean that it is time to do yours too. Just because it was a smart move for them, doesn't mean that you should do the same thing without doing a lot of research and making an independent decision.

Shouldn't: Another thing you shouldn't do is to fall for any gimmicks. Just because a mortgage company says that they will give you a certain rate, doesn't mean that the offer is going to last forever, so you want to make sure to read the fine print. Anything that is too good to be true probably is too good to be true.

Shouldn't: Don't hurry the process too much. Don't forget, if you don't remortgage today, you will still have the option today, tomorrow, in a year, and in five years. You definitely shouldn't sign a mortgage contract even if the special deal that you were offered expires tomorrow. Remortgaging is a big hassle and the mortgage that you get is going to be with you for a long time (unless you want to go through the paperwork and fees again), so do it right the first time.

There are things that you should and shouldn't do when taking the leap and remortgaging your home. The most important advice is to make sure that you understand what you are doing and how it will affect the future of your mortgage. Remortgaging is going to be an individual thing, so make sure that you look at your situation only.

About the Author:

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Credit Cards For People With Bad Credit

By Gray Rollins

When you have had financial difficulties in the past, particularly credit card debt, it can be nearly impossible to get a credit card. It's a difficult position; there are many things which you can't do without a credit card.

In fact, you cannot reserve a hotel room, buy anything online, or even rent a car without a credit card. It's getting harder every day to get by without having a credit card. There are entire portions of the economy which are closed to people without credit cards - not having one can make you feel like you are less valued as a member of society.

There is hope for people with bad credit, however. Even if your credit is far less than spotless, you still might be able to get a credit card. There are a few choices which are open to people with even unsatisfactory credit histories. There are some more arduous conditions and fees which are attached to these cards, but having a credit card is almost a necessity in today's world and one of these non-traditional credit cards can help you to reestablish your credit rating.

People with poor credit histories can try cards such as the ones offered by many credit card companies to those who would not otherwise qualify; these card have annual fees and APRs which are higher than other offerings, but for many, the chance to rebuild their credit and have the convenience of a credit card make these a worthwhile cost.

If your credit is in especially poor shape, another way to get a credit card and start rebuilding your credit is to get a secured credit card. There are some limitations on these cards (a low spending limit, basically) as well as a deposit which you'll need to make in order to receive the card. This deposit is generally pretty low - a few hundred dollars, typically. These are one of the best options for people who cannot get a traditional credit card.

Yet another idea for those who cannot qualify for a traditional credit card is a prepaid credit card. These work like any other credit card in that they can be used anywhere that credit cards are accepted, but they are linked to an account into which you must make deposits before the card can be used. These offer the benefit that you cannot get yourself into debt - you cannot spend more than you have deposited in the account.

These prepaid credit cards do not have all of the advantages of traditional credit cards, but they do allow you to have access to those transactions which can only be done by credit card. These cards are a good tool for those rebuilding their credit and trying to keep a handle on their spending as they do so.

When you find yourself with bad credit, it can be a difficult situation. Don't despair though - these credit cards for bad credit can help you to reestablish your good credit and demonstrate your trustworthiness to lenders again. Just remember to use them with care!

About the Author:

Get our top recommended credit cards for bad credit at CreditCard4BadCredit.org.

Do The Best Credit Repair Services Improve Your Credit Score?

By Leona Allen

The best credit repair services won't create false hope for a "miracle cure", but they definitely do help with the sometimes overwhelming task of improving your credit score. These companies aren't a panacea for financial mismanagement, however the best credit repair usually can help significantly to improve your credit score.

Hundreds of companies offer credit repair services today, but according to the Federal Trade Commission, most of them are scams. If they claim that they can erase bad credit, or guarantee to raise your credit score, you should be very wary.

According to the FTC, "No one can legally remove accurate and timely negative information from a credit report." Many of these companies will advise you to dispute all negative entries on your credit report. In most cases, this is illegal, just as following illegal advice is.

The best credit repair services won't ask you to pay in order to get your credit reports. Under federal law, anyone can get their credit report from each of the three credit-reporting agencies (TransUnion, Experian, and Equifax) once every twelve months for free.

You can do a lot of what these companies do yourself, however for those who aren't aware of all their options, it can be very helpful. You might be able to lower the fees a company charges by doing some of the "work" yourself, or you can opt to do everything yourself.

One thing to keep in mind is the difference between credit repair services and "debt consolidators". A debt consolidators will help to get your arms around your outstanding debt; they don't try to fix your credit. In many cases, this might be a preferable alternative, particularly as a first step in improving your credit standing.

Debt consolidators do this by contacting your creditors on your behalf. They will negotiate a 'settlement' agreement, usually just a fraction of the actual amount owed. The debt consolidator will combine these settlements into a single amount. They will give you an amount within your budget to send them each month, and in turn they send a portion to each creditor.

Even the best credit repair services can't help those who aren't willing to help themselves. They won't offer you the same sort of "bailout" that erases bad debt like a bankruptcy filing does. What they can accomplish, however is to help set you on the right path towards improving your credit score, which in turn will improve your financial future.

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Private Money Lenders Can Be a More Flexible Option for You

By Tomasheus Privetsky

In fact, a lot of people can potentially become very successful investors in real estate, but very few people actually try. Most do not try to get rich this way because they think they can't; they don't have the money to invest in properties and they believe they cannot get financing by going to a bank for a loan. However, there is a better and easier way for you to finance your properties if you want to become a real estate investor. You do this through what are called private money lenders.

What Are Private Money Lenders?

A private money loan is one that is financed through an individual who has spare money to lend and who wants to make a small profit off of that money. This is the most flexible financing option for real estate investors because you get to borrow money from a regular individual, just like you and me, instead of a bank or other lending institution - which can be very impersonal and formal. Banks and lending institutions have rules and regulations that they must follow when deciding who to lend money to, but private money lenders do not.

Why Are Private Money Loans a Better Way to Finance Properties?

Banks and other traditional lending institutions are bound by strict rules and regulations. They have to follow these regulations exactly. However, private money lenders can choose who they want to lend to, regardless of the investors' credit rating, financial statements, and other financial benchmarks.

Benefits of Using a Private Money Lender

As a real estate investor, you can approach a private money lender and make your case with them individually. You can explain to the private money lender why you are someone they should invest in, and after you've done so, they can make their own decisions. However, there's more to it than that and the benefits go even further. If the private money lender is interested in what you have to offer, you both can sit down and work out financing and repayment arrangements that are of benefit to both of you. You can both state what you want out of the arrangement and agree on a payment schedule and interest rate that satisfies both of you.

What's more, since a private money loan is a short-term loan, the lender may even be willing to wait until after you flip the property to receive any repayment at all. This allows you to focus on fixing and selling the property, without the anxiety that can be associated with payments on a property that hasn't brought in any money.

The Downside of Traditional Hard Money Loans

While private money loans can be of benefit to both the borrower and lender, bank loans usually only benefit the lender. That's because the banks get to set the standards and are the ones who set the interest-rate and other fees as necessary. You also can't negotiate payment arrangements or other adjustments with them. That means that even if your credit history is perfect, and even if you're pretty sure you can get financing from a traditional lender, going through a private money lender will likely still be of greater benefit to you.

Private Money Loan Benefits Recap

Private Lender can lend freely and does not have to abide by tough rules and restrictions. Allows real estate investors with problematic personal credit histories to secure financing for their properties.

Provides for more open-minded communication between the borrower and private money lender. The borrower can negotiate a flat fee or interest-rate that is certainly a better deal for the borrower than that of a traditional loan.

Both the borrower and private money lender can negotiate payment arrangements that will benefit both of them. The lender may even be willing to forgo payments until the borrower has sold the property.

There is no formal application process required. Instead, borrowers can negotiate directly with private money lenders and convince them to work with them in the purchase of the property or properties in question.

Unlike institutional bank loans, working with a private money lender will help him see you as an individual with established goals instead of just as a paper application that has to pass specific guidelines.

All of these benefits make private money loans the most flexible funding option for real estate investors. A private money loan allows you a variety of options and opens the door for many real estate investors who would otherwise be turned down by a traditional lender.

About the Author:

Stop worrying about qualifying for loans and take the first step to becoming a successful real estate investor. Learn more about getting funding from Private Money Lenders.

Make Loads Of Money In Options Trading With Thinkorswim

By Walter Fox

With ever-improving Internet penetrations and governments globally opening up their economies, many people from various social and economical strata have found a means of investing in the stock exchanges. Financial institutions and banks now provide solutions to users to invest in these stock markets. Most of these solutions have very favorable clauses.

With the activities in stock markets becoming more common, several new entrants have entered this playing ground. Due to these developments, stock trading has become very demanding. As trading increases in complexity, the stocks and their prices get more fickle making it a dicey business. For a novice with no previous experience this may not be the right place to gain experience without being ready to take some financial loss.

With the advent of online trading, the job of trading on the exchanges has become more tricky. Hence many traders are now looking up to experts to get guidance in between the trading sessions. This has fueled the growth of many broking agencies. These firms try to cash in on the investors dilemma by churning out tips on trading successfully online.

One such firm is the Thinkorswim brokerage from the US. They have an excellent suite of online programs to instruct people on trading. What's more these are live programs to give you real time assistance. Boasting of over seventy thousand institutional and individual customers, Thinkorswim is a dominant player in the futures and options trading domain.

The results from the past few years show that online trading tips that you get at Thinkorswim brokerage are generally reliable. These tips address a wide range of sections under online investments like bonds, equities, exchange traded funds, futures as well as a host of mutual funds. Their customers have had very successful investments in the stock markets. Besides, their valuable tips are highly sought after in the investment circles. These have propelled Thinkorswim to a leading position at NASDAQ and other important bourses worldwide.

In any growing market especially option trading market and forex trading market, one should be equipped with additional knowledge to face the challenges which are arising during trading sessions. The easiest way of acquiring additional knowledge is through a broking agency. You can select a best agency which suits your requirements.

To make profit from the market, broker tricks, techniques, professional advisors are some of the additional resources which we can be utilized for a successful trade. And for an immature in the market, getting advice from a reputed agency like Thinkorswim is a best option.

The silver lining in this high profile cruel and merciless market in the form of trading friend is Thinkorswim who can guide in any difficult situation. With the restricted margin accounts of Thinkorswim, you can trade any complex option strategy. You can treat Thinkorswim as your friend in need.

About the Author:

TheScienceOfTrading.com provides 90 free minutes of videos on option trading systems and provides a complete and detailed learning to trade options for beginners to experts.

Simple Tips On Refinance Mortgage Loan

By John Bear

Comparing lenders would certainly help you find the best deal on refinancing, but those numbers can get pretty confusing, especially when you are to investigate rates, fees, and points. Remember though that just because a mortgage company has the lowest rates, it doesn't necessarily mean that it offers the best deal for you.

Many of the financing companies these days will post their rates online. But always have a look at the fine print, as a lower interest on an ARM or fixed-rate mortgage can be really tempting. Now, what fees or points are usually required for the rate? Actually, mortgage lenders lure consumers with their low initial numbers, only to have high closing costs, so the better number to look at is the APR.

The federal law requires the annual percentage rate, or the APR, to be disclosed to consumers before signing any contract. The APR would include the interest rate of the mortgage and closing costs and this will give you an accurate idea of the total cost of the refinance mortgage loan.

Yes, your refinanced mortgage may also have closing costs, just like your original mortgage. The standard fees would include origination, appraisal, and closing fees, and points may be required to secure a low rate. Just by looking at the APR, you can then figure which lenders will be offering the best fees in relation to the rates.

When researching for a mortgage, do ask about penalty fees because early payment or late payment fees can get really pricey. So there are some instances that you can waive part of these fees, such as an early payment, by paying a point at closing.

However, depending on your current situation, the lowest rate refinance mortgage loan may not be the best deal all the time. Take for an example, if you plan to move in a couple of years, paying points for low rates may not be able to save you more money.

Before refinancing, decide on how long you plan to keep the mortgage. Then, compare the costs of mortgages for how long you will have them, even if you take out a 30 year mortgage that you plan to have for only a couple of years. Mortgage calculators can always help with the math.

Lastly, to find the best options regarding your refinance mortgage loan, request quotes for refinancing your mortgages together and separately. Also look at the other lenders to make sure you will get the best deal that is being offered. With proper research, you will surely end up with the best refinancing deal for your situation.

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