A Guide to Getting Your First Mortgage #reverse #mortgage


#getting a mortgage

#

A Guide to Getting Your First Mortgage

Before committing to a mortgage, make sure you meet with several lenders or brokers and weigh your loan options. (iStockPhoto)

To buy your first home. you likely will need a mortgage. In fact, before you even start looking at houses, you should look into your mortgage prospects.

If you have good credit, a healthy income and money in the bank, you’ll be able to secure mortgage preapproval quickly and proceed straight to the homebuying process. But if you have less-than-stellar credit, are self-employed or have little cash to bring to the table, you’ll want to start the process way before you look at houses – maybe more than a year before.

“You have to get a copy of your credit report,” says Don Frommeyer, chief executive officer of the National Association of Mortgage Professionals and a mortgage broker in Indianapolis. “You have to know what’s in there.”

The free credit report you can get annually, while it helps you identify problems, won’t show you the same credit score your mortgage officer will see. “The score is invariably higher than what you get when someone in the mortgage company runs it,” says Casey Fleming, author of “The Loan Guide: How to Get the Best Possible Mortgage” and a mortgage broker in the San Francisco Bay Area.

That makes meeting with a mortgage officer (or two or three) at the start of the process crucial. In competitive markets, agents won’t even show homes to buyers without mortgage preapproval.

Be prepared to produce documents, and lots of them, starting with several years of tax returns and many months of bank statements. Lenders will want proof of your income, and they will want to know about all your debts. They also will want to know the source of any big deposits. If your parents give you money for a down payment, they will need to write a letter documenting that.

The other thing you’ll need, besides documents, is money – and lots of it. You’ll need money for your down payment, closing costs and more than a year’s worth of taxes and insurance payments, for a start. Lenders will also want to see that you have adequate reserves in case you lose your job or the furnace breaks down.

“What happens if you have to buy a new furnace?” Frommeyer says. “There are always added costs when you buy a house.”

Financial experts disagree over how much money you need for a down payment. While 20 percent is often considered a rule of thumb. you can buy a house with as little as 3.5 percent down with a Federal Housing Administration mortgage, 5 percent with a conventional mortgage or nothing down with a VA loan available to military veterans.

But the less you pay down, the bigger your monthly payment will be. Plus, if our down payment is less than 20 percent of the purchase price, you’ll have to pay private mortgage insurance or the FHA equivalent, known as mortgage insurance premium.

The PMI can add about $92 a month, for example, to $475 principal and interest payments on a $96,500 loan to buy a $100,000 house. With 20 percent down, the principal and interest payment on that house is only $373 a month, at 4.25 percent. FHA mortgages also require an upfront MIP payment equal to 1.75 percent of the purchase price.

You may also get a lower interest rate with a higher down payment. “The less you put down, the more expensive the mortgage insurance is and the higher the interest rate,” Fleming says.

Here are 12 things to know before getting your first mortgage:

Meet with a mortgage officer before looking at homes. This will help you determine whether you have credit problems that need to be solved first. It will also let you know how much house you can afford before you begin your search.

Pay off as much debt as you can first. This will help keep what’s known as your debt-to-income ratio down. Lenders look at your income and all your debts – student loans, car payments, credit card debt – to determine how much you can afford to borrow. If your total debt, with the new house payment, would be more than 43 percent of your income, you’re unlikely to get the loan. Some lenders may want a lower ratio.

Develop good credit habits way before you plan to buy. Missing payments on student loans or habitually paying your bills late will lower your credit score and make borrowing for a home impossible or more expensive. Once a bill goes into collections, it can take months or years to recover from the damage.

Consider consolidating or refinancing student loans. If you can’t pay off student loans before you buy a home, investigate whether you can lower your payments. You’ll have to decide whether it makes sense to stretch student loan payments over more years to buy a home sooner.

Show a solid work history. If you’ve just finished graduate school in engineering and gotten your first engineering job, a lender may not care that you don’t have two years of work history. But if you’ve just left graduate school and gone to work at Starbucks, you’ll have a hard time getting a mortgage until you’ve had that job for two years. That goes for part-time jobs, too. However, taking a part-time job on the side and using the money to pay down debt or add to your cash reserves may be helpful even if the lender isn’t willing to consider that income.

Be prepared to document everything. You’ll need tax returns, bank statements, brokerage statements and documents to verify the source of any money you plan to use. The lender will also verify your employment and income, once at the beginning of the process and again a day or two before closing.

Don’t buy anything on credit or apply for any credit while your loan is pending. You may be tempted to buy new furniture for your new home and put it on a credit card. Or, perhaps you realize you’ll have enough cash left for a down payment on a new car. “Once we start this process, don’t spend a dime that you don’t have, don’t put anything on credit cards, don’t apply for any credit,” Fleming warns. Otherwise, you may jeopardize the deal.

Talk to several lenders or mortgage brokers. Not all lenders offer the same loans, so it makes sense to shop around. Be careful that you’re comparing apples to apples. All lenders let you choose whether you’d like to pay more upfront, in the form of “points,” to get a lower interest rate. If a lender offers you a “no closing costs” loan, find out where you’re being charged extra to compensate for that.

Shop for closing agents. The actual closing costs, such as document preparation, legal fees and title insurance, vary considerably. In a state where those costs are high, you can save several thousand dollars on the transaction by choosing a different closing agent. Ask both your real estate agent and mortgage officer for recommendations, as well as friends and family.

Make sure you have enough cash to cover all your costs . In addition to closing costs charged by the lender and the closing agent, you’ll need to pay for a home inspection, an appraisal, a survey and city, county or state transfer taxes. Not only that, most lenders ask for at least a year’s worth of homeowners insurance and property taxes upfront.

If you’re self-employed, prepare to jump through more hoops. People who own small businesses often can’t qualify for a mortgage until they’ve been in business two years, though exceptions are likely for professionals, such as doctors, who leave a staff position and become self-employed in the same field. Most self-employed professionals write off enough expenses on their taxes to make their adjusted gross income much lower than their actual income. The lender will consider that lower number your income.

The house may also have to qualify. If you’re getting an FHA mortgage, the house has to meet certain standards. Lenders may also set standards for home conditions for conventional mortgages. Plus, the house has to be insurable.


A Guide to Mortgage Interest Calculations in Canada #mortgage #questions


#calculate mortgage interest

#

A Guide to Mortgage Interest Calculations in Canada

Many Canadians are mystified by the mortgage calculations. They will often find that they can figure out loan interest and payments, but mortgages baffle them. The simple explanation of this is that loans are usually very simple to deal with, since the interest is compounded with every payment. Therefore, a loan at 6%, with monthly payments and compounding simply requires using a rate of 0.5% per month (6%/12 = 0.5%).

Unfortunately, mortgages are not as simple. With the exception of variable rate mortgages, all mortgages are compounded semi-annually, by law. Therefore, if you are quoted a rate of 6% on a mortgage, the mortgage will actually have an effective annual rate of 6.09%, based on 3% semi-annually. However, you make your interest payments monthly, so your mortgage lender needs to use a monthly rate based on an annual rate that is less than 6%. Why? Because this rate will get compounded monthly. Therefore, we need to find the rate that compounded monthly, results in an effective annual rate of 6.09%. Mathematically, this would be:

Notice, that the annual equivalent of his rate is slightly less than 6%, at 5.926% (0.493862 x 12 = 5.926%). In other words, 5.926% compounded monthly is 6.09% annually. By the way, I recommend to my students learning this for my university courses that they use 8 decimals in their interest rate to assure that they can be accurate to the penny.

(Now if you are starting to feel nauseated, and would like a simpler approach, skip to the bottom of his page and download the one of the simple mortgage calculator spreadsheets I have written.)

On the other hand, if you want another more conceptual explanation, you can follow the following link. This file requires a PDF reader, such as Adobe Reader.

If you are comfortable using the formula to calculate the present value of an annuity, this is the rate you will use, and the number of months in the amortization (300 for 25 years, 240 for 20 years, etc.) is the number of payments. For a 25-year mortgage at this monthly rate, the present value factor is 156.297225�.

Let do an example. Let’s assume a mortgage of $100,000 at a quoted rate of 6%. The principal of the mortgage is the present value. So we know:

Principal = (PV Factor)x(Payment)

Payment = (Principal)/(PV Factor)

You can do this quite easily on a financial calculator. Assuming that you have the calculator properly cleared, you can enter:

Pushing [COMP][PMT] will return -639.81.

You can get more information about using two of the more popular financal calculators here:

These files require a PDF reader, such as Adobe Reader.

Remember, these calculations are for the mortgage itself, and do not include any life insurance premiums added to the payment or property taxes that may get added. Also, some lenders will round up the payment to the next dollar. This simply means that the mortgage gets paid down slightly faster, since those extra pennies are applied to principal.

Some Mortgage Calculators – Excel files

Monthly Payment Mortgage Calculator – No Amortization Table This spreadsheet file allows you to compare up to five mortgages – different rates, principals, amortization terms, etc.

Monthly Payment Mortgage Calculator – With Amortization Table This spreadsheet file calculates the payment given the principal, amortization term and nominal or quoted rate and computes the amortiztion table for five years. You can get a longer amortization table by simply copying the last line as many times as necessary. You can also study the impact of making extra payments on any monthly payment date.

Weekly Payment Mortgage Calculator – With Amortization Table This spreadsheet file calculates the payment given the principal, amortization term and nominal or quoted rate and computes the amortiztion table for 261 weeks (five years). You can get a longer amortization table by simply copying the last line as many times as necessary. You can also study the impact of making extra payments on any weekly payment date. Note that the assumption is that this is the typical weekly-pay mortgage with the payment based on one-quarter the monthly payment on the nominal amortization. The actual amortiztion term is provided as well.

Extra Payments

What is the impact of an extra, lump-sum payment? Every penny of an extra payment will reduce your principal outstanding and start saving you interest immediately. The spreadsheets above that have amortization tables allow you you determine the impact of lump-sum extra payments made on any payment date.

Let’s extend the example that we used above. Suppose one year after taking out the $100,000, 6%, 5-year mortgage, you received an unexpected $2000 windfall and decided to apply half of this to your mortgage. Without the extra payment, you would be owing $89,836.47 at renewal after five years. With the extra payment this is reduced by $1,266.76 to $88,569.71. It should not surprise to you to learn that this is a 6.09% compound annual return on your $1000, since that is the effective annual rate on the mortgage. This 6.09% is tax-free, which is roughly equivalent to a 9.5-10% rate of return on a pre-tax basis for people earning interest outside an RRSP or other tax-sheilding vehicle. That is excellent, considering that it is close to a risk-free return.

Feedback and Comments


Our guide to the different types of mortgages available today #ing #mortgage


#mortgage types

#

Different types of mortgages

Not only do you have to work out which mortgage will be the cheapest for you, which means looking at interest rates and fees, but there are also different types of product available.

So should you go for a fixed or variable rate deal? And what about offsets?

Here we explain the differences in order to help you work out which is the right type of mortgage for you.

Fixed rate mortgage

The interest rate remains the same throughout the period of the deal – typically one to five years, though it is possible to get ten year fixed rates. If you opt for a fixed-rate, you’ll have the security of knowing exactly how much your mortgage will cost you for a set period of time.

Advantages

Your mortgage payments will remain the same, even if interest rates changed. This makes it great for budgeting.

Disadvantages

You are tied in for the length of the deal, so if interest rates fall you can’t take advantage of them. For example, if you opt for a five year fixed-rate deal, you will be tied in until the fixed term ends. If you want to get out of the mortgage before then, you’ll be charged a hefty penalty – often thousands of pounds.

So before you apply for a fixed rate mortgage, think about how long you are happy to be locked in for.

Tracker mortgage

You can monitor how base rate changes will affect your mortgage repayments by using our base rate calculator .

The interest rate on a tracker mortgage is linked to the Bank of England base rate. So if the base rate changes, your mortgage rate will change.

If the base rate was 0.50%, and you took a tracker mortgage with a rate that is 2% above the base rate you’d pay an interest rate of 2.50%. If the Bank of England put the base rate up to 1%, your mortgage rate would increase to 3.00%. This would add about £25 a month to the repayments on a £100,000 mortgage.

As with fixed rate mortgages, trackers are available over different terms: most commonly two or five years. With these deals, you’ll be charged a penalty if you want to get out of the mortgage during the term.

You can also get lifetime, or term, trackers and these are often completely penalty free so they are very flexible and can be a great option if you don’t want to be tied into your mortgage.

Advantages

The rates on the leading tracker mortgages tend to be lower than on fixed rate deals.

Although trackers are variable rate mortgages, it’s easy to understand what rate you’ll be paying because they are directly linked to the base rate. Therefore, the rate, and your monthly payments, will only change if the Bank of England changes the base rate.

Disadvantages

You don’t have the same security with a tracker that you get with a fixed mortgage because the rate is variable. This means you have to be prepared for the fact that your monthly repayments could go up – and it’s really important to make sure you’ll be able to still afford your mortgage if this happens. If money is tight and you need to budget carefully, a fixed rate mortgage will probably be a better option.

Discount mortgage

Trackers aren’t the only type of variable mortgage. Discounts are another. However, unlike trackers the interest rate isn’t linked to the Bank of England base rate. Instead, it’s linked to the lender’s standard variable rate (SVR) and this is a significant difference because lenders can change their SVR even if there has been no change in the base rate.

Discount mortgages are available over different terms – typically one to five years – and as with trackers and fixed rate deals you will probably be charged a penalty if you want to get out of the deal during the term.

Find this helpful? You can share this article

  • Share this article on Facebook
  • Share this article on Twitter
  • Share this article on Google +
  • Share this article on LinkedIn
  • Send this article via Email

Contact moneysupermarket.com at Moneysupermarket House, St David’s Park, Ewloe, Flintshire, CH5 3UZ. © Moneysupermarket.com Ltd 2013

Moneysupermarket.com Limited is an appointed representative of Moneysupermarket.com Financial Group Limited, which is authorised and regulated by the Financial Conduct Authority (FCA FRN 303190).
Moneysupermarket.com Financial Group Limited, registered in England No. 3157344. Registered Office: Moneysupermarket House, St. David’s Park, Ewloe, CH5 3UZ. Telephone 01244 665700

Here’s some important information about the services MoneySupermarket provides. Please read and retain for your own records. About our service

We use cookies to give you the best experience. By using our website you agree to our use of cookies in accordance with our Cookie Policy


Our guide to the different types of mortgages available today #amortization #loan #calculator


#mortgage types

#

Different types of mortgages

Not only do you have to work out which mortgage will be the cheapest for you, which means looking at interest rates and fees, but there are also different types of product available.

So should you go for a fixed or variable rate deal? And what about offsets?

Here we explain the differences in order to help you work out which is the right type of mortgage for you.

Fixed rate mortgage

The interest rate remains the same throughout the period of the deal – typically one to five years, though it is possible to get ten year fixed rates. If you opt for a fixed-rate, you’ll have the security of knowing exactly how much your mortgage will cost you for a set period of time.

Advantages

Your mortgage payments will remain the same, even if interest rates changed. This makes it great for budgeting.

Disadvantages

You are tied in for the length of the deal, so if interest rates fall you can’t take advantage of them. For example, if you opt for a five year fixed-rate deal, you will be tied in until the fixed term ends. If you want to get out of the mortgage before then, you’ll be charged a hefty penalty – often thousands of pounds.

So before you apply for a fixed rate mortgage, think about how long you are happy to be locked in for.

Tracker mortgage

You can monitor how base rate changes will affect your mortgage repayments by using our base rate calculator .

The interest rate on a tracker mortgage is linked to the Bank of England base rate. So if the base rate changes, your mortgage rate will change.

If the base rate was 0.50%, and you took a tracker mortgage with a rate that is 2% above the base rate you’d pay an interest rate of 2.50%. If the Bank of England put the base rate up to 1%, your mortgage rate would increase to 3.00%. This would add about £25 a month to the repayments on a £100,000 mortgage.

As with fixed rate mortgages, trackers are available over different terms: most commonly two or five years. With these deals, you’ll be charged a penalty if you want to get out of the mortgage during the term.

You can also get lifetime, or term, trackers and these are often completely penalty free so they are very flexible and can be a great option if you don’t want to be tied into your mortgage.

Advantages

The rates on the leading tracker mortgages tend to be lower than on fixed rate deals.

Although trackers are variable rate mortgages, it’s easy to understand what rate you’ll be paying because they are directly linked to the base rate. Therefore, the rate, and your monthly payments, will only change if the Bank of England changes the base rate.

Disadvantages

You don’t have the same security with a tracker that you get with a fixed mortgage because the rate is variable. This means you have to be prepared for the fact that your monthly repayments could go up – and it’s really important to make sure you’ll be able to still afford your mortgage if this happens. If money is tight and you need to budget carefully, a fixed rate mortgage will probably be a better option.

Discount mortgage

Trackers aren’t the only type of variable mortgage. Discounts are another. However, unlike trackers the interest rate isn’t linked to the Bank of England base rate. Instead, it’s linked to the lender’s standard variable rate (SVR) and this is a significant difference because lenders can change their SVR even if there has been no change in the base rate.

Discount mortgages are available over different terms – typically one to five years – and as with trackers and fixed rate deals you will probably be charged a penalty if you want to get out of the deal during the term.

Find this helpful? You can share this article

  • Share this article on Facebook
  • Share this article on Twitter
  • Share this article on Google +
  • Share this article on LinkedIn
  • Send this article via Email

Contact moneysupermarket.com at Moneysupermarket House, St David’s Park, Ewloe, Flintshire, CH5 3UZ. © Moneysupermarket.com Ltd 2013

Moneysupermarket.com Limited is an appointed representative of Moneysupermarket.com Financial Group Limited, which is authorised and regulated by the Financial Conduct Authority (FCA FRN 303190).
Moneysupermarket.com Financial Group Limited, registered in England No. 3157344. Registered Office: Moneysupermarket House, St. David’s Park, Ewloe, CH5 3UZ. Telephone 01244 665700

Here’s some important information about the services MoneySupermarket provides. Please read and retain for your own records. About our service

We use cookies to give you the best experience. By using our website you agree to our use of cookies in accordance with our Cookie Policy


Home Buyer s Guide: Mortgage Loan Application Process #mortgage #refinance #rates #today


#mortgage application

#

Once you have decided to go with a certain lender and signed a purchase contract, it is time for an actual credit approval verifying income, liabilities and your ability to repay the loan.

Most loan applicants go to their loan interview with a signed copy of purchase contract. A purchase contract for the house will specify the amount of your down payment, the price you will pay for your house, and your proposed closing date. When you go to apply for a mortgage, the lender will use all these data to calculate whether the house you want to buy can serve as collateral for the amount of money you wish to borrow.

Your ability to obtain a mortgage to a great extent depends on the information contained in your Credit Report. So, it’s a good idea to get your credit report, before you apply for a mortgage, and correct errors.

To ensure that your mortgage application will be processed as quickly as possible, it�s important to bring all the proper information to your loan application interview. Click on the Loan Application Checklist for a list of documents most lenders will require in order to process your mortgage application.

Typically, you will complete the Uniform Residential Loan Application, that is widely used in the mortgage industry, during the initial interview. Keep in mind that probably you will be required to pay an application fee. credit report fee and the appraisal fee when you submit the mortgage application.

After you apply the lender will begin the work of verifying all the information you’ve provided. This loan approval process, described in the next step. can take anywhere from one to eight weeks, depending on the type of mortgage your choose and other factors.

Credit Report
Loan Application Checklist A list of documents most lenders will require in order to process your mortgage application.

Home Buyer’s Guide Loan Approval
It is important to understand what and how lenders verify when considering to extend loan. Discover steps a lender follows to process and approve your application.


Compare mortgage loans: a how-to guide #home #mortgage #interest #rates


#compare mortgage loans

#

Compare Mortgage Loan Offers Free

Comparing mortgage loans is one of the smartest things you can do. Buying a home is a major expense, and getting the best deal on your home loan could save you a lot of money. In this article, LendingTree will walk you through the process of comparing loans, and help you understand how to get the best deal when you go to buy your home.

Getting Multiple Loan Offers

The first step in making a loan comparison is to get multiple loan offers. This can be done in a variety of ways, the easiest being through LendingTree. At LendingTree, we ll provide you with up to 5 loan offers from multiple lenders for free, so you can comparison shop and make sure you re getting the best deal.

Other ways to shop home loans include talking to multiple lenders and getting quotes from each of them. You may also choose to work with a mortgage broker. A mortgage broker has relationships with multiple lenders, and can often get you a good deal on your mortgage by doing the comparison shopping for you. Just remember, the mortgage broker expects to make money too, so they re service isn t going to come free.

Compare Offers

Once you ve gotten several loan offers, you ll want to compare them. Unfortunately, lenders don t make it easy. Comparing two loan offers is like comparing apples to oranges. You ll likely see that one lender has a lower rate, but perhaps has more fees. This is where the hard work comes in. It s your job to look at the rates, points, and fees associated with each loan, and determine which is the best.

To compare mortgage loans, consider interest rates, terms, characteristics and costs, and other factors that might apply to your individual situation, like if you get along with a particular lender, or have friends who ve had positive dealings with a lender. In the end, your association with a lender is a relationship, and as such, you want to make sure you re working with someone you trust and feel comfortable with.

Compare Interest Rates

An interest rate is a percentage applied to a loan balance to determine how much the borrower will pay each month to borrow that sum of money.

A lower rate results in a lower payment for the same loan amount. For example, the monthly principal and interest payment for a $250,000 loan with a 4.5 percent interest rate is $1,267. The monthly payment for the same loan with a 5.0 percent interest rate is $1,342.

In addition to the stated rate, which is used to calculate your monthly payment, you ll want to carefully compare the annual percentage rate . or APR. The APR is a better indication of the true cost of borrowing. For example, if both the 4.5 percent loan and the 5.0 percent loan came with identical costs, the 4.5 percent loan is obviously the better deal. But what if the 5.0 percent loan costs nothing, while the 4.5 percent loan costs $15,000? In this case, the APR for the 5.0 percent loan is 5.0 percent. The APR for the 4.5 percent loan? It s 5.004 percent. APR allows you to compare loans with different rates and pricing.

You can compare current mortgage rates without having to provide any personal information using LendingTree s LoanExplorer. Just keep in mind that these rates will change based on your personal credit score and history. And, the interest rate isn t the whole picture when comparing mortgage loans. It s also important to compare other factors that might make a lower rate less attractive or a higher rate more appealing.

Compare Loan Terms

In addition to the mortgage rate. borrowers should compare home mortgage rate lock periods, repayment periods, mortgage insurance costs, prepayment penalties, discount points and other characteristics.

Rate Lock: A rate lock period refers to how much time the borrower has to close the loan and receive that rate after it has been locked. A longer lock period is more valuable than a shorter one because the longer lock allows the borrower more time to complete the loan process. A lock that expires can sometimes be extended (usually for a fee).

Term: The repayment period (or term) is the number of years over which the loan must be repaid. A longer term comes with a lower payment but higher total interest costs over the life of the loan. A shorter term for the same loan involves a higher payment, but a faster payoff means less interest is paid. Most home loans have a 30-year or 15-year term.

Prepayment Penalty: A prepayment penalty is an extra sum a borrower could be charged to pay off a loan early. Hard prepayment penalties are assessed if the loan is repaid ahead of time for any reason — for instance, selling the home. Soft prepayment penalties are assessed only if the loan is paid early by a refinance. A loan with a prepayment penalty almost always has a lower interest rate than the same loan without a penalty.

Mortgage Insurance: Mortgage insurance, or MI, is a policy borrowers pay for each month to reduce the lender s risk. If the borrower defaults (doesn t pay the mortgage), the insurer reimburses the lender. Mortgage insurance is required for most loans exceeding 80 percent of the purchase price (or property value, for a refinance). Without MI, many people would need a much larger down payment to buy a home.

Adjustments: Fixed rate mortgages (FRMs) have rates that do not change during the life of the loan. They make budgeting easier and are considered safer by many experts. If you plan to keep your loan for many years, an FRM may be less expensive. Adjustable rate mortgages (ARMs) come with lower interest rates upfront, but eventually, they adjust up or down, depending on the economy, at predetermined intervals. ARMs can be much cheaper, though, for those who don t plan to keep their mortgages for many years.

Compare Loan Costs

Lenders are required by federal law to disclose most loan costs to the borrower on what s known as a Good Faith Estimate (GFE). This standardized form shows the estimated loan costs and explains which can change at closing and which can t.

Borrowers can use the GFE not only to compare mortgage loans and costs, but also to reconcile the estimated costs to the final costs, which are disclosed on another form known as the HUD-1 Settlement Statement. HUD refers to the U.S. Department of Housing and Urban Development, which designed the closing document.

The bottom line for you is that to compare mortgage loans, you should consider each loan s interest rate, characteristics and costs.

Negotiate!

In order to get the best deal on your loan, you must negotiate. Negotiate a better interest rate. as well as closing costs .

Don t be afraid to ask your lender or broker to waive or reduce fees, or agree to a lower interest rate or fewer points. Make sure the lender or broker isn t agreeing to lower one fee while raising another, or lowers your rate by increasing your points. You have nothing to lose by asking lenders or brokers if they will provide you with better terms than the original terms they quoted, or to compete with terms you found through other lenders or brokers.

To give you an idea of what you can negotiate, items on the Good Faith Estimate (GFE) you may negotiate include:

You should get a new GFE any time there s a material change to your loan application if you switch programs, for example, or when you lock in your mortgage rate .

Charges that cannot be negotiated include:

Obtain The Best Deal

Once you have several offers in hand, and can intelligently look at each one, it s time to pick the best deal you can. Keep in mind that mortgage rates change daily, and so will the cost of your loan. Once you ve negotiated a deal you re happy with, you may want to obtain a written lock-in from the lender or broker. Make sure the lock-in includes:

  • The interest rate
  • The lock-in period
  • Points to be paid

Find out if a fee is charged for locking in your rate. In some cases, this fee may be refundable at closing, so find out. Lock-ins can protect you from rate increases while your loan is being processed, However, if rates go down before you close, you ll pay more for your mortgage.

What To Do About Bad Credit

If you suffer from bad credit, there s really two choices: Wait to buy a house and try to improve your credit score, or pay more for your mortgage. Your credit history and credit score are indicators to lenders and brokers of your worthiness to obtain credit. It s an indication to people who loan you money on whether or not you re likely to pay it back. Therefore, if you have poor credit, loaning you money for a mortgage is a riskier proposal than if you had good credit. In order to account for this risk, you may expect to pay a higher interest rate on the money you borrow.

Additional Resources


First-Time Home Buyer Guide #bankruptcy #mortgage #lenders


#first home mortgage

#

First-Time Home Buyer Help

As a first-time homebuyer, you have an exciting journey ahead. We know applying for your first mortgage loan and navigating a complex housing market can be daunting. At U.S. Bank, we want your first home purchase to be a rewarding experience and we’re here to help first-time home buyers any way we can.

Your mortgage loan originator can answer any questions you may have along the way. In the meantime, here’s some practical advice to get you started on the right path to buying your first home.

It’s not uncommon to “qualify” for more mortgage than you can comfortably afford – so it pays to borrow cautiously. Here’s some simple advice with links to mortgage rates and easy-to-use mortgage calculators.

There’s a right time to rent and a right time to buy. Find out whether you’re ready for the journey to homeownership and your first mortgage with these clear pros and cons for renting vs. buying.

Fixed-rate loans. ARMs. FHA loans. VA loans. jumbo loans – the list may seem long, but it may be in your best interest to become a knowledgeable first-time home buyer and understand your loan options.

Some homebuyers get lower payments by paying a percentage of interest up front. This option, called “buying points,” can lower your interest rate and monthly payments – but it may not be right for everyone.

The Annual Percentage Rate helps you compare payments and total cost between mortgage offers -it’s just one of the many factors to consider when shopping for a mortgage loan.

Good payment habits and a low debt/income ratio can mean a lower mortgage rate – and if your credit score isn’t what you want it to be, you can improve it over time.

Both prequalification and pre-approval show you’re a serious buyer – one gets you started and the other makes it official. It’s important to understand when to do which.

Making an offer on a house is a formal process, which is why it may be helpful to have a competent, experienced real estate agent on your side. Here are some tactics to discuss with your real estate agent.

A down payment demonstrates your commitment and a larger down payment can help you secure a better interest rate – which means you’ll have lower monthly mortgage payments.

Now is the time to get organized. As a home buyer you’ll be required to prove things like how much you earn, where you’ve lived, monthly debts and account balances.

“Closing” is the last step in the home-buying process. It’s where all the parties get together to finalize the transaction by exchanging signatures, checks – and ultimately, house keys.


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.


Siem Reap City – Cambodia Travel Guides #siem #reap, #siem #reap #travel #guide, #siem #reap


#

Siem Reap Travel Guides

Siem Reap province is located in northwest Cambodia. It is the major tourist hub in Cambodia, as it is the closest city to the world famous temples of Angkor (the Angkor temple complex is north of the city). The provincial capital is also called Siem Reap and is located in the South of the province on the shores of the Tonle Sap Lake, the greatest sweet water reserve in whole Southeast Asia. The name of the city literally means Siamese defeated, referring to the victory of the Khmer Empire over the army of the Thai kingdom in the 17th century.

At the turn of the millennium Siem Reap was a Cambodian provincial town with few facilities, minor surfaced roads and little in the way of nightlife. Tourism industry catered largely to hardy backpackers willing to brave the tortuous road from the Thai border on the tailgate of a local pick-up truck. There were a couple of large hotels and a handful of budget guesthouses. Tuk-tuks and taxis were non-existent and the trusty motodup was the chosen means of touring the temples of Angkor.

The proximity of the Angkorian ruins turned Siem Reap into a boomtown in less than half a decade. Huge, expensive hotels have sprung up everywhere and budget hotels have mushroomed. Property values have soared to European levels and tourism has become a vast, lucrative industry. The Siem Reap of today is barely recognizable from the Siem Reap of the year 2000.

Though some of the town’s previous ramshackle charm may have been lost the developments of the last few years have brought livelihoods, if not significant wealth, to a good number of its citizens. This has been at a cost to the underprivileged people living within and beyond the town’s limits that now pay inflated prices at the central markets and continue to survive on poorly paid subsistence farming and fishing. If Cambodia is a country of contrasts Siem Reap is the embodiment of those contrasts. Despite the massive shift in its economic fortunes, Siem Reap remains a safe, friendly and pleasant town. There is an endless choice of places to stay or dine and a host of possible activities awaiting the visitor.

Trip to Siem Reap Angkor in Cambodia

Geography

Siem Reap province is 10,299 square kilometres big and definitely one of the most famous ones in Cambodia. It’s located in the Northwest of the country bordering to the North with Oddor Meanchey, to the East with Preah Vihear and Kampong Thom, to the West with Banteay Meanchey and to the South with the biggest sweet water reserve in Southeast Asia, the huge Tonle Sap Lake.

The province in general, especially in the Southern part consists of the typical plain wet area for Cambodia, covering lots of rice fields and other agricultural plantations. The northern part is turning into an undulating area covered with some deeper, green forests. A quite distinguished mark of Siem Reap Province is the smaller, but important Siem Reap River. It rises from Phnom Kulen, meanders through the northern part of Siem Reap Province and eventually into the Tonle Sap Lake.

Population

The current population in this province is about 903,030 people or 6.3% of the country’s total population (14,363,519 person in Cambodia, 2007, provincial government data), with 440,395 male and 462,635 female. The population density is therefore 87,7 people per square kilometre.

Climate

The country has a tropical climate – warm and humid. In the monsoon season, abundant rain allows for the cultivation of a wide variety of crops. This year-round tropical climate makes Cambodia ideal for developing tourism. Travellers need not to fear natural disasters such as erupting volcanoes or earthquakes, and the country is not directly affected by tropical storms.

Climate: Cambodia can be visited throughout the year. However, those plans to travel extensively by road should be avoided the last two months of the rainy season when some countryside roads may be impassable. The average temperature is about 27 degrees Celsius; the minimum temperature is about 16 degrees. December and January are the coolest months, whereas the hottest is April. General information about the provincial climate:- Cool season: November- March (23-29c)
– Hot season: March- May (27c -37c)
– Rainy season: May – October (24-33c, with humidity up to 90%.)

Economy

Generally spoken Siem Reap Province is all in all economically focusing on the foreign tourism due to the famous Angkor Temples. Since of the year 2000 the economical growth rate is gaining double-digits. It’s all sub-sectors such as hotels, restaurants, bars, entertainment places and transportation to profit from the annual influx of tourists, which was in 2007 more than 1,000,000 people.

Except the tourism sector the provincial economy was and still is growing due to the enforced fishery. Thousands of tons are annually exported to other provinces within the country or outside Cambodia. Farming and fruit cropping has probably become a minor profitable sector, but is still done by the vast poor rural population, who are the underdogs regarding the annual provincial revenue.

ARE YOU LOOKING FOR BUS TICKETS, HERE YOU CAN BOOK IN ADVANCE


Sample Patient Registration Form #patient #registration #form,sample #patient #registration #form,free #patient #registration #form,download #patient #registration


#

Sample Patient Registration Form

Introduction to Patient Registration Form:

In the field of medical patient registration refers to two different options. One option is related to collection of data pertaining to new patients and involves generation of patient record. The other option is related to collection of information that is used in computer assisted surgery which covers the accurate and detailed studies of medical imaging which are necessary to guide the computer safely and accurately in surgery.

Use of Sample Patient Registration Form:

Patient registration form is used when patients enter a new clinic, treatment center or hospital. It is most of the times mandatory for patients to fill out a form known as admission form that contains very basic information about the patients and medical history if any. This information includes the contact information of the patients, and also the payment guarantees, the designation of the party that is responsible for payment. This registration form also included information regarding insurance billing, particularly if a patient is entitled to insurance cover for health care expenses.

Implementation of Patient Registration Form in terms of verifying official record

During the process of patient registration. patients will have to provide information about insurance cards. The patient registration form has to be complete and detailed in every aspect and the patients should always ensure to update the information about medical history or contact details, if there is any change at any time. In case of emergency, sometimes a patient can undergo any required treatment without providing registration information, and any friend or family can fill the patient registration form and later the patient himself can verify the information and approve it. Just in case the patient is alone and has no assistance and has no identity at the time of admission, the hospital or clinic can temporarily set up registration.

Here is a preview of sample patient registration form along with download options.