Home Buying: I am looking for the best mortgage program for teachers #prime #interest #rate

#mortgages for teachers


Home Buying in Kensington & Parkville Question Details

I am looking for the best mortgage program for teachers. Would anyone have a recommendation?

I value your feedback. Please hit the thumbs up tab if my reply was helpful. All the best.

2 votes Thank Flag Link Mon Mar 11, 2013


Hello, I found a few teacher programs, simply click on the direct link below that will take you to the page you need to read about the loan programs.

United Federation of Teachers (they list many discount mortgage programs for teachers)

I hope this information helped you.

1 vote Thank Flag Link Tue Mar 12, 2013


Teachers who belong to unions (all 50 states) are provided member benefits from their unions and their union partners with 1 or more lenders who will provide discounts and/or additional services for union members. Most mortgage lenders don t know about this and can t compete because they did not partner with the union.

Married to a teacher.

0 votes Thank Flag Link Wed Dec 2, 2015

I didn’t indicate the USDA program was “specifically” reserved only for teachers. I just said it continues to be a popular option for Teachers seeking 100% financing.

Flag Mon Jan 11, 2016

Prospect Mortgage – Options for Buying Fannie Mae Foreclosed Properties #mortgage #reduction #program

#homepath mortgage financing


Great Loan Options for Buying Fannie Mae Foreclosed Properties

Buying a foreclosure from Fannie Mae can be a great way to get the house you want at an affordable price. Prospect Mortgage has many loan programs that are perfect for purchasing your foreclosure. We can even provide funds to upgrade the home with no additional down payment!

  • Get a great price on a bank-owned home
  • Use an FHA loan and buy with as little as 3.5% down on a primary residence
  • Get up to $35,000 (or more) to upgrade or renovate your home
  • VA loans require no down and no mortgage insurance for veterans on a primary residence

Who Qualifies?

  • Buyers with a minimum down payment of 3.5% for their primary residence using an FHA loan
  • Minimum credit score 580 for some programs; 640 for others
  • Buyers planning to use their property as primary residence, second home or investment
  • Buyers must be able to document their income

Loan Programs

There are many reasons why a Prospect Mortgage foreclosure loan might be right for you. Learn more

Renovation Loans

Once you find a house, turn it into the perfect home with a Prospect Mortgage Renovation loan. A renovation loan allows you to completely change the floor plan of a house or make smaller upgrades to appliances, flooring or windows. Learn more

Discontinued Fannie Mae HomePath Financing Program

Fannie Mae will stop offering their HomePath suite of mortgage products on October 7, 2014. Prospect will continue to accept new loan applications until October 6, 2014 for the HomePath Mortgage provided:

  • The signed, fully executed HomePath purchase contract includes a Real Estate Purchase Addendum dated on or before October 6, 2014, and the addendum indicates that the borrower intends to use HomePath Mortgage financing.
  • The HomePath loan must be funded on or before December 31, 2014.

The HomePath suite includes: HomePath Mortgage, HomePath Renovation Mortgage, HomePath Non-Owner Occupied. If you have clients who are considering buying with a HomePath Mortgage, please let them know that they have a limited time to secure their financing.

Even though Fannie Mae is ending HomePath Renovation Financing, Prospect has additional renovation programs that can help move listings that are outdated or in need of repairs.

Existing Customers

Contact customer service or manage your closed loan online at Cenlar’s website: Loan Servicing Portal

2016 Prospect Mortgage, LLC.

Mortgage loans are available in the United States only, not available in OH or UT and currently not available in Canada, Guam, Puerto Rico or Virgin Islands.

Loan inquiries and applications will be referred to a Loan Officer who is licensed in the property state. Equal Housing Lender. Prospect Mortgage is located at 15301 Ventura Blvd. Suite D300, Sherman Oaks, CA 91403, 800-464-2484. Prospect Mortgage, LLC, NMLS ID #3296, (www.nmlsconsumeraccess.org ) is a Delaware limited liability company licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act and operates with the following licenses: AZ Mortgage Banker License #BK0903027; Georgia Residential Mortgage Licensee #16984; Illinois Residential Mortgage Licensee; MA Mortgage Lender/Broker License #MC3296; MS Licensed Mortgage Co.; Licensed by the NJ Dept. of Banking and Insurance; Licensed Mortgage Banker – NYS Department of Financial Services, 711 Westchester Avenue, Suite 304, White Plains, NY 10604; RI Licensed Lender, RI Licensed Loan Broker; In Texas, located at 8650 Freeport Parkway, Suite 130, Irving, TX 75063. This is not an offer for extension of credit or a commitment to lend. Loans are currently being closed and committed at the expressed rates, however these rates may change or may not be available at the time of your loan lock-in, commitment or closing. All loans must satisfy company underwriting guidelines, interest rates and APRs are based on recent market rates, are for informational purposes only, are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan-to-value ratio, credit score and other variables. Terms and conditions apply. Additional loan programs may be available. This is not an offer to enter into a rate lock agreement under MN law, or any other applicable law. Call for details. 08/2016. Our Loan Officers are dedicated to helping you with your home financing needs.

TX Complaint & Recovery Fund Notice

HomeStyle is a registered trademark of Fannie Mae.

Disclosure last updated August 24, 2016

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Estimate your overall cost of buying a house and moving – Money Advice Service #mortgage

#mortgage costs


Estimate your overall cost of buying a house and moving

This is the amount you put towards the cost of the property when you buy your home.
On average, you need at least 5% to 20% of the purchase price (for example: £10,000 to £ 40,000 when buying a £200,000 home). Help to Buy and other housing schemes only require a 5% deposit.
Generally, the bigger the deposit, the more likely you are to be given a mortgage, and the lower your interest rate is likely to be.

This is a government tax paid on homes costing £125,001 or more. From April 2016, there is a 3% increase on top of current rates for purchases of additional residential properties above £40,000 such as second homes and buy-to-let properties.
Everything you need to know about Stamp Duty
Stamp duty calculator

The mortgage lender will assess the value of the property to establish how much they are prepared to lend you. The cost can be £150-£1,500 based on the property’s value.
Some lenders may not charge you for this, depending on the type of mortgage product you select. The lender’s valuation is not an extensive survey and will not necessarily identify all the repairs or maintenance that might be needed.
Choosing a mortgage
Mortgage fees and costs

Before you buy a house you should have it checked out by a surveyor. This is vital so that you understand if there are any issues with the property before you buy.
Surveys range from a basic home condition survey costing around £250 to a full structural survey from £600 or more. Paying for a good survey could save you money on repairs further down the line.
Types of survey

You will need a solicitor or licenced conveyancer to carry out all the legal work when buying and selling your home. They will also do local searches, which will cost you £250-£300. to check whether there are any local plans or issues.
On top of this the legal fees are typically £500-£1,500 including VAT at 20%.
Finding a solicitor

Electronic transfer fee

Typically costing £40-£50. this covers the lender’s cost of transferring the mortgage money from the lender to the solicitor.

This is only paid by sellers, not buyers, for the estate agent’s services and is negotiated when they put the property on the market and is usually 1% to 3% of the sale price plus 20% VAT.
How to buy and sell a home through estate agents

Typically £300-£600 though you could do it yourself. Removal firms charge more at weekends and at the end of the month.

Mortgage costs

Understand the costs that may have to be paid along the way from the time you make an offer until you move in.

There are hundreds of different mortgage products available and several different types of mortgage for differing circumstances.

Look beyond the interest rate and make sure to also take the fees and charges into account when selecting a mortgage.

These may include a booking fee of £99-£250. an arrangement fee of up to £2,000 and a mortgage valuation fee (typically £150 or possibly more ).
It’s best to pay these upfront rather than adding them to your mortgage, otherwise you’ll be paying interest on them for the life of the mortgage.
Read more about mortgage fees .
Use our Mortgage payments calculator to see how much your repayments will be.
Use our Affordability calculator to see how much you can afford to borrow.

Ongoing costs

Remember once you buy your own home you’re responsible for looking after it.

Maintenance and repairs

The average repair bill for new homeowners is £5,750. Your survey should have highlighted any problems that need fixing straight away.
Avoid costly mistakes

The lender will require that you take out buildings insurance to protect your new home against damage from fire, floods, subsidence and anything else.
It’s also a good idea to have contents insurance for all your possessions, and life insurance to pay off your mortgage should you die before you’ve repaid the entire amount.
There are other protection policies you may want to consider. Find out more: Protect yourself and your home .

The amount you pay is based on where you live and the valuation band the property is in (apart from in Northern Ireland where rates are set individually). Find out more about council tax in Everything you need to know about Council Tax .

Ask the sellers how much they spend on utilities – gas, electricity and water – every year. Don’t forget charges for a landline, TV packages and broadband.
Planning for the cost of moving day

Leaseholders’ costs

Do you have the maths skills to get the most out of your money? Visit the National Numeracy Challenge for help.

Property owners with a leasehold property will have to pay ground rent (around £50-£100 a year) and service charges to the person who owns the freehold. Service charges and admin fees differ between properties. This is an important cost of running a property so it’s vital you know more about these charges.

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  • Auto Insurance Tips: How Does Auto Insurance Work #how #car #insurance #claims #work, #auto #insurance


    Auto Insurance Buying Guide

    Understand why you need auto insurance

    In short, you need car insurance to protect your car, yourself and your passengers. You also protect any assets, like your home and savings, as well as comply with state law.

    Auto insurance tip #2

    Know your current coverages-but be willing to adjust

    Use your current coverages and limits as a starting point; you can refer to your declarations page for this information. Then, adjust your coverages as necessary to match your lifestyle-which might be different than it was when you first bought the policy.

    For example, if your teenager starts driving next month, you might consider adding him or her to your policy now. Or, if you just bought a new car, you might choose loan/lease payoff coverage. so that if your car is stolen or declared a total loss, you’ll have help paying off your loan or lease.

    Auto insurance tip #3

    Decide what you want to protect, then choose your coverages

    Here are some of the auto insurance coverages that might be available in your state:

    Coverage to buy

    Protect your car against damage caused by a collision with another car

    Protect your car against damage caused by hitting an animal or other events, like theft or a fire

    Cover repair/medical bills for an accident that’s caused by a driver who has no insurance or doesn’t have enough

    Uninsured/underinsured property and bodily injury

    Cover medical bills if you or your passengers are seriously hurt in an accident

    Medical payment/personal injury protection

    Protect your assets in case of a lawsuit

    Bodily injury and property damage liability

    Cover the cost of a rental car if you have a claim

    Pay off your loan/lease if your vehicle is declared a total loss or is stolen and not recovered

    Auto insurance tip #4

    Use deductibles to your advantage

    Your deductible is what you agree to pay out of pocket when you use your car insurance. In general, the higher you set your deductible, the less you’ll pay for your policy. And conversely, if you set your deductible low, you’ll pay more for your policy, but less when you have a claim.

    Auto insurance tip #5

    Know that certain things affect your rate

    Insurance companies evaluate a variety of things when they calculate your rate, from your driving record to where you live and how many miles you drive on average. Keep this in mind when you see your rate.

    Also, remember that to help you get your best rate, Progressive factors in any auto insurance discounts that apply to you. Plus, with Snapshot . you can turn your good driving into additional savings.

    Ready to choose your coverage? Start a free Progressive auto insurance quote .

    Two ways to quote. Tons of ways to save.

    10 Best Towing Vehicles That Aren t Trucks #crossovers #buyers #guide,crossovers #buying #guide


    10 Best Towing Vehicles That Aren’t Trucks

    Not everyone needs to haul a mountain from point A to point B – no matter what pickup advertisements might have you believe. Outside the world of trucks exists a huge group of drivers who regularly pull utility trailers, small campers, and the occasional U-Haul behind a vast range of cars, crossovers. and SUVs. Occasional towing is the reason that a lot of people make the vehicle choices that they do, and a few thousand pounds difference between one automobile’s rating and another’s often weighs heavily when deciding what to buy. Let’s take a quick look at 10 of the best towing vehicles that aren’t trucks.

    2016 Chevrolet Traverse — 5,200 lbs.

    The 2016 Chevrolet Traverse is about as close as you can get in size to a big SUV without going over completely to a truck-based platform. That being said, despite its large size and its exceptional passenger capacity (up to 8), the Chevrolet Traverse conducts itself far more like a car than one would think from behind the wheel. This is true even when taking into account the Traverse’s 5,200 lbs. tow rating, which is made possible not only by its long wheelbase but also the 288 horsepower (with optional dual exhaust), 3.6-liter V6 engine under its hood that is also rated to produce 270 lb-ft of torque.

    2016 Audi Q5 — 4,400 lbs.

    The 2016 Audi Q5 isn’t nearly as large as the Traverse, and the premium crossover isn’t exactly the first vehicle that comes to mind when one thinks about towing – so prepare to be surprised. The Audi Q5 boasts a total towing capacity of 4,400 lbs. when equipped with its available supercharged 3.0-liter V6. 272 horsepower and 295 lb-ft of torque are a potent combination for this entry-level SUV, and given that Europeans are more accustomed to towing without the need for a truck, it only makes sense that Audi would make sure its volume people mover was up to the challenge.

    2016 Subaru Outback — 3,000 lbs.

    The 2016 Subaru Outback is typically known as a tall wagon with decent off-road capability. The Subaru Outback’s extra ride height and permanent all-wheel drive system make it the crossover of choice for families who make regular runs into cottage country during the muddy off-season, or for those who live in more rural areas where snow removal is occasionally delayed after a blizzard. The Outback’s available 3.6-liter, 6-cylinder engine also introduces 3,000 lbs. of towing capacity to help make the Subaru a legitimate utility trailer option. 256 horsepower and 247 lb-ft of torque come standard with the 3.6-liter mill.

    2016 Porsche Panamera — 4,850 lbs.

    The 2016 Porsche Panamera is definitely not on anyone’s tow vehicle short list on this side of the Atlantic, but as we pointed out earlier, Germans demand multi-role capability from most of their vehicles – including this fullsize luxury sedan. The 2016 Porsche Panamera comes with a variety of drivetrains, ranging from a hybrid setup to a fire-breathing, 570-horsepower Turbo S edition, but for your towing needs we recommend the GTS model and its 440-horsepower, 4.8-liter V8. This particular engine offers an excellent soundtrack to accompany the car’s 4,850 lbs. of towing capacity.

    2016 Cadillac SRX — 2,500 lbs.

    The 2016 Cadillac SRX has long been a favorite luxury crossover for families who need good day-to-day practicality along with the added security of available all-wheel drive. Comfortable and relatively nimble compared to many of its midsize competitors, the Cadillac SRX also shines when it comes to towing thanks to the fact that it features the very same 3.6-liter V6 that is offered in the bigger Chevrolet Traverse. The SRX’s 308 horsepower and 265 lb-ft of torque conspire to give the Cadillac a tow rating of 2,500 lbs. which compares well even against some 8-cylinder crossovers of roughly the same size.

    2016 Volkswagen Tiguan — 2,200 lbs.

    The 2016 Volkswagen Tiguan is a compact crossover that displays a decent amount of skill in transporting a trailer. The Volkswagen Tiguan’s tow rating checks in at 2,200 lbs. which isn’t going to shatter any records, but it’s still quite practical when hauling brush to a transfer station or transporting a motorcycle or a jet-ski to your summer hideaway. The Tiguan also offers better than average handling as well as a 2.0-liter turbocharged 4-cylinder engine that is good for 200 horses and 207 lb-ft of torque – figures that complement the relative frugality of the Volkswagen at the fuel pump without crippling its acceleration.

    2016 Dodge Journey — 2,500 lbs.

    The 2016 Dodge Journey straddles the line between crossover and minivan, providing up to 7-passenger seating as well as available all-wheel drive and a smaller form factor that places it firmly in the midsize segment. The Dodge Journey is also blessed with the brand’s Pentastar V6 as an engine option, and the 3.6-liter unit puts out a healthy 283 horsepower and 260 lb-ft of torque. Both are paired with a new 8-speed automatic gearbox. It s in this configuration that the Journey can be counted on to tow 2,500 lbs. – just like the larger Cadillac SRX – which elevates it well past the minivans it competes against in terms of trailer practicality.

    2016 Volvo S60 — 3,500 lbs.

    The 2016 Volvo S60 continues a proud Volvo tradition of producing premium sedans that can also hold their own when asked to take the family camping with a small pop-up trailer. Sweden has a long history of its citizens retiring to a secluded cottage during the summer months, and often times this means a single-axle trailer tagging along with the needed supplies.The Volvo S60 turns in its best towing performance when matched with its available 3.0-liter, turbocharged inline-6 engine, a unit that churns out 325 horses and 354 lb-ft of torque and which is matched with a standard all-wheel drive system. This gives the S60 the ability to haul up to 3,500 lbs.

    2016 Subaru Legacy — 2,700 lbs.

    The 2016 Subaru Legacy is based on essentially the same platform as the Outback crossover, but the midsize sedan does away with its sibling’s body cladding and off-road ground clearance in order to present a cleaner, more urban image. It does maintain the Outback’s all-wheel drive capability, as well as its 3.6-liter, 256-horsepower 6-cylinder engine. Also capable of generating 247 lb-ft of torque, the power is there but the Legacy’s somewhat less robust chassis sees its towing capacity knocked down to a still-useful 2,700 lbs. – a figure that opens up a realm of possibility when it comes to small trailer options.

    2016 BMW 5 Series Gran Turismo — 4,630 lbs.

    The 2016 BMW 5 Series Gran Turismo is a vehicle that few have celebrated during its brief time on the market, largely due to its not-insubstantial sticker price and its somewhat awkward looks. The car’s hatchback profile conceals a substantial amount of cargo capacity, however, and that ability to swallow additional gear is compounded by the BMW 5 Series GT’s inflated tow rating of 4,630 lbs. This places the car in the same neighborhood as the Porsche Panamera, and given that buyers can choose between either a 300-horsepower, turbocharged 6-cylinder engine or a 445-horsepower, twin-turbo V8 it’s perhaps to be expected that the luxury model is so gifted in the trailering department.

    More Articles Like This

    10 Luxury SUVs That Can Tow a Ton – Or Even Two

  • The Best Truck For Towing: 10 Options

    5 Best Cars for Towing for 2015

  • SUVs With The Highest Towing Capacity for 2016

  • 10 Small SUVs for Towing 2,000 lbs+ Without Breaking the Bank

  • 10 Best Large Crossovers for Towing

    10 Best Large Crossovers for Towing

    1. Chevrolet Traverse — 5,200 lbs.
    2. Audi Q5 — 4,400 lbs.
    3. Subaru Outback — 3,000 lbs.
    4. Porsche Panamera — 4,850 lbs.
    5. Cadillac SRX — 2,500 lbs.
    6. Volkswagen Tiguan — 2,200 lbs.
    7. Dodge Journey — 2,500 lbs.
    8. Volvo S60 — 3,500 lbs.
    9. Subaru Legacy — 2,700 lbs.
    10. BMW 5 Series Gran Turismo — 4,630 lbs.

  • Used Car Warranties, Extended Car Mechanical Breakdown Warranty, buying an extended warranty for a used


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    washer motor

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  • Buying an extended warranty for a used car

    Ultimate Warranty

    • Engine
    • Manual and Auto Gearbox
    • Front Wheel Drive
    • Four Wheel Drive
    • Rear Wheel Drive
    • Engine Cooling system
    • Steering
    • Brakes
    • Clutch
    • Front Rear Suspension
    • Coil springs
    • Torque Converter
    • Casings
    • Propshaft
    • Differential
    • Fuel System

    (Diesel Petrol)

  • Turbo charger
  • Anti-lock Brake System

    (Factory Fitted)

  • Wheel bearings
  • Starter Motor
  • Wheel cylinders
  • Brake calliper seals
    • Electrical System
    • Front Rear Windscreen Wiper Motor
    • Electronic Ignition Amplifier
    • Window Sunroof Motors
    • Electric Window Switches
    • Radiator Fan Motor
    • Fuel Injection System
    • Heater Fan Motor
    • Distributor
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    • Central Locking Motors
    • Engine Management (ECU)
    • Horn
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    • Air Conditioning

    (Factory Fitted)

  • Alternator
  • Indicator Flasher Relay
  • Radiator Fan
  • Working materials
  • Buying an extended warranty for a used car

    UltimatePlus Warranty

    • All the benefits of the Ultimate Warranty with Wear and Tear included on the parts listed

    Buying an extended warranty for a used car

    Buying an extended warranty for a used car

    Used Car Warranty

    A used car warranty can protect your investment and save you money if your car fails, so buying the right one is essential.

    GO Car Warranty have produced a car warranty guide, to help you to understand the essential facts to look out for to fully protect your car.

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    Buying an extended warranty for a used car

    All Products FCA Regulated

    Rest assured all products sold by GO Car Warranty are fully insured and regulated by the FCA.

    Key Facts about our insurance services can be found in our initial disclosure document.

    Car Warranties

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    Buying an extended warranty for a used car

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    Can I Buy a House After Chapter 7? #buying #a #house #after #chapter # #bankruptcy


    Can I Buy a House After Chapter 7?

    It can take about two years to qualify for a mortgage after a Chapter 7 bankruptcy.

    The ability to buy a home after your Chapter 7 bankruptcy has been discharged depends on a number of factors. In some cases, it may actually be possible to do so almost immediately after Chapter 7, though that’s very rare. It’s more common that a minimum of two years will need to pass before you can obtain a loan from a mortgage lender. You’ll also need to have an excellent credit history since you declared bankruptcy.

    Bankruptcy Types

    There are two types of bankruptcy that address negative financial situations. The first is Chapter 13, which is a reorganization and gradual repayment of debt. To qualify, debtors must possess a predictable, steady income. They also need sufficient amounts of it to pay down their debts. Chapter 7 is a liquidation action. A court-appointed trustee oversees the process. Certain debtor assets are liquidated, with creditors receiving the proceeds. The second type is considered a more serious action.


    Though a Chapter 7 will wipe your debt slate clean, it doesn’t erase your credit history. In fact, the bankruptcy entry on your report will remain there for 10 years. Also, some pain will result from the drop to your credit score. In many cases, the decline will range from 75 to 150 points or more. At that point, the cost of buying just about anything on credit becomes relatively more expensive.


    The benefit to maintaining excellent credit after bankruptcy is that your chances of obtaining a home loan greatly improve over time. FHA-insured loans are available in two years, with down payments as low as 3.5 percent, for one. You’ll need at least FICO 580 to be eligible for this down; otherwise expect to put down at least 10 percent. They also feature very competitive interest rates. And the more you can improve your credit score, the lower will be any mortgage program’s interest rate. This can result in hundreds of dollars per month less in home loan payments.

    Building Credit

    If you want to purchase a home after Chapter 7 you need to get to work on rebuilding credit immediately after it’s been discharged. Pay all bills (even utility payments) on time, for one. And look at trying to obtain one or two secured credit or gas cards to start establishing a new credit history. Also, lenders normally like to see at least 12 months of on-time payments before they’ll consider underwriting any home loan.


    Until the recent credit crunch hit in late 2008, it used to be much easier to qualify for a home loan immediately after Chapter 7. These days, borrowers not wishing to pay very high rates along with equally high down payments are having a harder time of it. In non-federally backed mortgage programs, down payments in excess of 20 percent aren’t uncommon. Also, interest rates are subprime, meaning they’re higher than interest rates for people with excellent credit.

    Commercial Auto Insurance Overview #buying #auto #insurance


    Commercial Auto Insurance

    Whether you’re a commercial driver or a business owner who uses commercial vehicles, you need to know about commercial auto insurance.

    Use the information in this section to educate yourself about possible federal and state insurance requirements. Learn about the types of commercial insurance available. See what kinds of insurance filings apply to your situation. And, discover how to obtain cost-effective insurance protection.

    Quotes, State Information and Requirements

    Comparing commercial auto insurance quotes is a proven way to get a fair premium. Learn more about commercial auto insurance quotes.

    Learn how commercial auto insurance discounts can help you save on your insurance policy.

    These pages include information on commercial car insurance, including state-specific & federal requirements.

    Find out about the various insurance coverages you can add to your commercial car insurance policy.

    Commercial Car Insurance Guides and Information

    This is our commercial auto insurance articles archive. Learn more about managing, buying, & saving money on commercial car insurance coverage.

    Learn about commercial auto insurance filings on the state (intrastate) and federal (interstate) levels.

    Find commercial auto insurance details for pickup trucks, vans, box trucks, dump trucks and tow trucks.

    What to know before buying mortgage notes – The Washington Post #morgages

    #mortgage notes


    What to know before buying mortgage notes

    By Harvey S. Jacobs April 19, 2013

    Last of three parts

    Buying mortgage notes can provide the savvy investor with secure returns without the hassles and risks of buying and flipping a fixer-upper, locating tenants for a rental condo or unclogging toilets.

    When most folks think about mortgage notes they think about industry giants such as Bank of America or Wells Fargo. According to Mortgage Bankers Association estimates, these institutions will originate $1.3 trillion in residential mortgages this year.

    But there is a subset of the mortgage market called private mortgages, which come in several forms.

    A common one is “seller financing” — that’s when the seller agrees to lend his buyer all or a portion of the home’s purchase price. Often the principal and interest payments are structured to amortize over a 30-year period like traditional loans, but require a balloon payment — meaning the borrower must remit the entire outstanding principal — after five years.

    The expectation is that the borrower will, during this five-year period, refinance into a conventional-type loan from an institutional lender. If the borrower is unable to pay the full amount after five years, the noteholder can foreclose and take back the home. The main risk to the note investor is that the net sale proceeds of the foreclosure sale are insufficient to cover the note balance.

    These seller-financed loans are generally used by borrowers who are unable to qualify for conventional institutional financing. This may not necessarily be a reflection of the borrower’s creditworthiness. For example, under existing institutional guidelines, many self-employed borrowers with high incomes and top credit scores still do not qualify for many institutional conventional loans.

    Retirees face similar hurdles.

    For these reasons, private mortgage loans generally carry a higher-than-market interest rate. It is this high interest rate that makes them attractive to real estate investors.

    Private mortgages are also originated by private lenders who are willing to lend money to home buyers at above-market rates provided that the loan is secured by the borrower’s property as collateral. These investors will want to conduct due diligence not only on the borrower’s ability to repay, but also on the property’s market value and condition, should the investor have to foreclose.

    Private mortgage notes are readily saleable in a robust secondary market. Although their higher-than-market interest rates make them attractive as buy and hold investments, private mortgage notes can be sold and thus converted into cash. The amount they sell for is based on the principal balance, the number of payments that have been made (referred to as “seasoning”), the number of remaining payments, the home’s appraised value and the borrower’s creditworthiness.

    The concept of “time value of money” also controls how much you should be willing to pay for a private mortgage note. This concept dictates that receiving a dollar today is worth more than receiving a dollar in the future. Tools available online will calculate the present value of a future stream of income. What this means is that the seller of a private mortgage note cannot expect to sell his note for the outstanding principal balance of that note. Rather, he can sell it only for the discounted “present value” of the sum of the future payments.

    To illustrate this concept, assume a seller sells his home on June 1 for $500,000; he insists on a 20 percent down payment of $100,000 and agrees to lend the buyer the remaining $400,000. He agrees to amortize the loan over a 30-year period with a balloon payment after five years.

    The note bears interest at 5 percent annually. To “season” the note, he holds it for six months and receives six monthly payments of principal and interest. After the sixth payment, the outstanding principal balance of the note is $396,593. By using the present value calculator, we see that the present value of this note on Jan. 1, 2014, is $391,443. This value is then a baseline for the note’s purchase price. Depending on the other factors, such as property condition, market interest rates and the borrower’s creditworthiness, the price a note buyer would be willing to pay may be adjusted up or down accordingly.

    How can a potential note investor protect himself? If possible, only buy or sell notes to people you can deal with locally. Check the local Better Business Bureau, the Federal Trade Commission and the Consumer Financial Protection Bureau Web sites.

    Buying Medigap, Medicare’s Supplement Insurance #buying #home #insurance


    Buying Medigap, Medicare’s Supplement Insurance

    Plans E, H, I, and J are no longer for sale, but you can keep these plans if you already have one.

    *Plan F also offers a high-deductible plan. If you choose this option, this means you must pay for Medicare-covered costs up to the deductible amount of $2,110 in 2013 before your Medigap plan pays anything.

    **For Plans K and L, after you meet your out-of-pocket yearly limit ($4,800 for K and $2,400 for L) and your yearly Part B deductible ($147 in 2013), the Medigap plan pays 100% of covered services for the rest of the calendar year.

    ***Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to a $50 copayment for emergency room visits that don t result in an inpatient admission.

    (Chart and information courtesy of the 2013 Choosing a Medigap Policy: A Guide to Health Insurance for People with Medicare. )


    The cost of your Medigap policy (the average monthly premium in 2010 was $178) depends on a number of factors such as where you live, your gender and whether the company offers discounts. Examples of discounts include being a non-smoker, buying a joint policy with your spouse, paying the premium yearly and paying electronically (EFT).

    In addition, Medigap policies are rated to determine price. These are the three ratings:

    1) Community-rated (or no-age-rated) plans are the same no matter how old you are. Example: Mr. Jones is 65. Mr. Copeland is 73. Both pay the same premium amount regardless of age.

    2) Issue-age-rated plans are priced based on your age at the time of purchase so younger buyers will likely pay lower premiums. Example: Mrs. Rico is 65 and buys a policy for $140 a month. Mr. Green is 71 and buys a policy for $181 a month.

    3) Attained-age-rated plans cost less to begin with but will increase automatically with age. Example: Mr. Newlin, who is 67, buys a policy for $126 a month. At age 69, his premium goes up to $137. At age 70, his premium goes up to $145. Mrs. Price, who is 72, buys a policy for $143 a month. At age 73, her policy goes up to $151. At age 75, her policy goes up to $162.

    Keep in mind that all three of these plans can be affected by inflation. And there can be huge differences in premiums for the same plan between different insurance carriers.

    A high-deductible plan is another factor that will affect your premium. These are sold under Plan F and require you to pay the first $2,070 before Medicare pays anything. The deductible amount can change every change.

    The advantage of a high-deductible plan is that your premium will be significantly lower.

    As you begin searching for a Medigap policy, you may run into a Medicare Select policy. This is a type of policy sold in some states that requires you to use hospitals and doctors that are within a network. These are generally cheaper than other Medigap policies. But if you choose to use doctors out of the network, you may pay some or all what Medicare doesn t pay.


    Guaranteed issue rights are when insurance companies must offer you certain Medigap policies even if you have pre-existing conditions. In these circumstances, an insurance company must:

    • Sell you a Medigap policy
    • Cover all your pre-existing conditions
    • Not charge you more for a Medigap policy regardless of current or past health issues

    According to Medicare, in many cases, you have a guaranteed issue right when you have other health coverage that changes in some way, such as when you lose or drop the other health care coverage. In other cases you have a trial right to try a Medicare Advantage Plan and still buy a Medigap policy if you change your mind.

    To find out more about guaranteed issue rights and to see example situations, go to medicare.gov .


    The insurance carriers will vary depending on your location and the plan you choose. These are some examples I found for my zip code in the state of Colorado.

    • Aetna Life Insurance
    • Humana Insurance Company
    • Liberty National Life Insurance
    • AARP Healthcare Options
    • Anthem Blue Cross Blue Shield
    • Colonial Penn Life Insurance
    • Mutual of Omaha


    Some Medigap polices sold in the past covered prescription drugs, but as of January 1, 2006, Medigap can no longer include prescription drug coverage.


    One feature of Medigap Plans C, D, E, F, G, H, I, J, M, and N is travel insurance. These plans pay 80% of billed charges for emergency care outside the U.S. after a $250 yearly deductible is met. The lifetime coverage limit is $50,000.


    Long-term care such as nursing homes and assisted living, dental care, vision, hearing aids, glasses or private duty nursing.


    The open enrollment period begins the first day of the month in which you are 65 or older AND enrolled in Medicare Part B. You also should buy coverage during this period because insurance companies can t use medical underwriters to evaluate your health. This means that even if you have a pre-existing condition, the insurer can t refuse to sell you coverage or charge you more than someone with no health problems.*

    *Note that a pre-existing condition, as defined by Medicare, is a health problem you have before the date a new insurance policy starts. Some Medigap policies can refuse to cover your out-of-pocket costs for these pre-existing health problems for up to 6 months.

    This is called a pre-existing condition waiting period. After 6 months, the Medigap policy will cover the pre-existing condition.

    If you are already covered through you or your spouse s employer, you may decide to wait to enroll in Part B.

    However, don t miss the open enrollment period or don t drop Part B and decide to get it later. It will hurt financially. The late enrollment penalty is an extra 10% for each 12-month period.


    Trying to understand all the health insurance options with Medicare, Medicare Advantage, and Medigap can leave your head spinning. Fortunately, there are people who can help.

    The State Health Insurance Assistance Program (SHIP) was set up to offer counseling on the phone or in person to those who need assistance with all aspects of Medicare. Find a SHIP counselor in your area.

    You can also call 1-800-MEDICARE.


    • Are you licensed in my state to sell Medigap?
    • Do you sell Medigap Plan (whichever plan letter you re interested in)?
    • Do you use a medical underwriter for this particular policy?
    • Do you have a waiting period for pre-existing conditions? If yes, how long?
    • How do you price this policy? Community rating? Issue-age rating? Attained-age rating?
    • What would my premium be for my age?
    • Has the premium increased over the last five years? If so, by how much?
    • Do you offer any discounts? (e.g. non-smoker, paying for the entire year)


    To find Medigap policies in your area, go to Medicare s Medigap Policy Search .

    Give Us Your Comments About This Page. This area is not for asking for help .


    Jim Madre On May 15, 2017
    Can I cancel my Medigap Insurance? They don’t pay 20% on hardly any of my claims and charge outrageous premiums. I’m sick of them and feel like I’m wasting money. Am I the only senior that feels this way?