Mortgage moving to new servicer (Cenlar) who have a mountain of bad reviews online #mortgage


#cenlar mortgage

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МОДЕРАТОРЫ

Wells Fargo to remove all Product Sales Goals for Retail Banking

169 points 64 комментария

Collections 101: You have an account in collections, what now?

13 points 11 комментариев

Landlord offered to cut $50 of rent each month for 6 months if I renew the lease and pay it all in advance, should I go for it or keep at my normal monthly rate?

9 points 14 комментариев

For about 10 years I’ve worked for and small family owned engineering firm. Under the founder everyone would get a substantial 10 year bonus. He handed the company over to his son who promptly cancelled the bonuses while I was just shy of my 10 years, is there anything at all I can do?

3 комментария

Repeatedly denied for new credit cards for ‘fair’ credit despite score improving to 690 from 600 earlier this year. Absolutely infuriating.

6 points 6 комментариев

I’m 20 and I want to buy a car getting a loan

10 points 36 комментариев

I just won $175,500 at the casino. What do I do?

25 points 44 комментария

How do I start my life? (repost)

7 points 7 комментариев

Received a job offer while on business with VP

5 points 8 комментариев

Should I close my Wells Fargo Account?


Who s Eligible For Obama s Mortgage Plan? CBS News #mortgage #calculators #with #taxes #and


#obama mortgage plan

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Who’s Eligible For Obama’s Mortgage Plan?

On Wednesday, President Obama laid out a $75 billion plan to help millions of Americans refinance their mortgages and avoid foreclosure. So who qualifies and how can you benefit?

Early Show financial adviser Ray Martin answered some questions from Early Show co-anchor Harry Smith as well as the public.

“Listening to the president yesterday, really two tiers of people they are seeking to help here. Explain who might get bailed out,” Smith said.

“There are two parts of the program — loan modification and loan refinancing. On loan modification, this is aimed at folks that are in dire straits. Their monthly mortgage payment far exceeds 31 percent of their pre-tax monthly income. It might be 50, 60, 70 percent of their income; it’s not sustainable to keep paying that. This provides government subsidies and incentives to financial institutions to chop down their interest rate, possibly lower their principal, even stretch out the mortgage to bring the monthly payment down to 31 percent of their pre-tax income,” Martin said.

“And the other group that is about to be helped are all these folks who are going under water,” Smith said.

“This is folks who are current on their payment. Their monthly payment is 31 percent or less of their pre-tax income. They’d like to refinance to take advantage of a 5 percent interest rate, but they can’t because the value of their home is at or slightly below what their mortgage is. So, the mortgage might be 105 percent of the value of the home and shrinking. They’d like to refinance, but for that obstacle, now those with underwater loans, slightly underwater or significant size loans can refinance and get that out of way,” Martin said.

“When will people be able to get a piece of paper and fill something out and be able to make this work for them?” Smith asked.

“According to the fact sheet released by the White House yesterday, the details of this program will be announced on March 4th, next month, and they’re going to be able to call their lender and say, ‘Am I eligible for a loan refinance or modification?’ In the meantime, get all the financial documents in order and get ready to call the lender,” Martin explained.

Martin also answered a few questions from the Early Show audience. To watch a video of the segment and that Q A, click the play button below:

Copyright 2009 CBS. All rights reserved.


Rural Development Loan Information: What It Is and Who Can Use It #mortgage #calculator #arm


#rural development mortgage

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Rural Development Loan Information

Who Should Use a Rural Development Loan?

There are very few ways to purchase a home these days without a typical 3.5% down payment that is required for an FHA loan. Many home buyers are surprised to find that a rural development loan offers not only a lower payment, doesn’t require a down payment. You may be wondering how that’s possible. The answer is simple, there is no mortgage insurance added into the bottom line of the loan.

Are you dreaming of purchasing your first home or maybe buying the next dream home? Do you lack the typical down payment that most banks require or maybe you’d rather keep your savings in the bank? A rural development (RD) loan may be the answer you’re searching for. These government insured loans are one of the only options in the market today that do not require a down payment.

What is a Rural Development Loan?

We are committed to helping more people achieve the American dream of homeownership. A RD loan is a government insured loan created to increase the population and strengthen the economy in rural america. A common misconception is that RD loans are only for farmers. Almost any area outside a major metropolitan city will qualify.

Rural Development Loan Facts

Don’t let someone you don’t trust handle one of the most important financial transactions in your life. Make sure you are working with an experienced rural development loan expert who will analyze your situation to determine if a USDA rural development home loan meets your needs. Many banks and lending institutions are not familiar with USDA guidelines and some are not even aware these no money down home loans exist.

Few people are aware that Rural Development Mortgages provide government guaranteed financing for 100% loan to value for home mortgages. With a Rural Development Mortgage, there is no recapture because it is not a subsidy loan.

There are many benefits to Rural Development Mortgages that include 100% LTV based on the appraised value of your home, zero down payment, and low 30 year fixed mortgage rates. USDA s Rural Development guidelines provide flexible credit guarantees and require no mortgage insurance.

More rural families and individuals are now able to become homeowners with the help of the Rural Housing Service Programs. There are various programs available to aid low-to-moderate income rural results to purchase, construct or repair a home. Rural development mortgages allow qualified homebuyers the opportunity to get loans with very minimal closing costs and no down payment.

Section 502 Rural Housing Guaranteed Loan Program states that a loan guarantee through RHS means that, should the borrower default on the loan, RHS will pay for the loan to the private financier. The rural development loan program s purpose is to enable low and moderate income rural residents to acquire modestly priced housing for use as a primary residence. There is also a program available to purchase and repair an existing or newly constructed home.

The Section 503 Single Family Housing Direct Loan Program states that individuals or families receive direct financial assistance from the Rural Housing Service in the form of an affordable interest rate home loan. Loans are typically made for 30-33 years and eligibility is based on the family s income.

Have Questions about a Rural Development Loan? Contact Us

Unsure If You Qualify for a Rural Development Loan? Check Requirements Here


Teen Car Accidents #teen #car #accidents, #crash, #teenager, #auto #accident, #articles, #photo, #teenage, #male #driver,


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Teen Car Accidents. Teenage Car Crashes.
Car Crashes are the leading cause of death for teens in the United States and accidents while driving cause 36% of all deaths in this age group according to the Centers for Disease Control. Drive Safer!

Teenage Driver Facts:
Deaths. Each Year over 5,000 teens ages 16 to 20 Die due to Fatal injuries caused Car accidents. About 400,000 drivers age 16 to 20 will be seriously injured.

Risks. The risk of being involved in a car accident the highest for drivers aged 16- to 19-year-olds than it is for any other age group. For each mile driven, teen drivers ages 16 to 19 are about four times more likely than other drivers to crash.

Stats. Teenagers are about 10 percent of the US Population but account for 12 percent all Fatal Car Crashes.

Costs. Drivers (both male and female) under age 24 account for 30% – $26 billion Dollars of the total costs of Car accidents in the US.

Male Versus Female. The car accident death rate for teen male drivers and passengers is more than one and a half times female teen driver (19.4 killed per 100,000 male drivers compared with 11.1 killed per 100,000 female drivers.

New Drivers. The risk of a Crash risk is much higher during the first year teenagers are able to drive.

Two Teenagers Killed

Warrensburg, Illinois

Teen Speeding Road Rage Crash

Atlanta, Georgia

Teen Drinking Crash

Minneapolis, MN

Why are Teenager Drivers at More Risk? According to Studies: Teenager drivers tend to underestimate hazardous driving situations and are less able than older drivers to recognize dangerous situations.

Teenager Drivers are more to speed and tailgate.

Having Male teen passengers in the car has been shown to increase the likelihood of high risk driving behaviors among teenage male drivers.

Of Male drivers killed between 15 and 20 years of age 38% were speeding and 24% had been drinking and driving .

Teens have the lowest rate of seat belt use. According to surveys about 10% of high school students report they do not wear seat belts.

Trailers Suck

Teen Encounters one

More Teen Accident Facts: About 23% of drivers ages 15 to 20 who died in car crashes had a Blood Alcohol Counts of 0.08 or higher.

About 30% of teens reported that within the previous 30 days, they had been a passenger in a car with a driver who had been drinking alcohol. One in 10 teens said that they personally had driven after drinking alcohol.

Teen drivers killed in auto crashes after drinking and driving. 74% did not wear a seat belt.

More than half of teen deaths from car crashes occurred between 3 p.m. and midnight and 54% occurred on weekends: Friday, Saturday, or Sunday.

16 Year Old Shattered Knee Cap

Florida

Junior Operator License

Utica, NY

Jaws of Life Save Teen

Pacific Heights, California

World Wide Crash Guide

Thousands of Crashes from 64 + Countries

Car Crash Videos? Send them to us.

Car-Accidents.com is being built by our millions of viewers who have sent in their experiences and shared their pictures and stories. The stories told on Car-Accidents.com range from those of tragic loss, narrow escapes, cautionary tales and routine rear enders. You are invited to share your story with the millions of visitors we receive from around the the world.

General Guidelines for Sending Your Pictures, Video and Story:

1. Please use either a jpg, bmp or gif format.

2. Tell us your story, there is no limit to what you can send us but please try include a description, date of the accident, (make model of the vehicle if known) and the accident location ( City, State, or the Country if outside US ). This makes for a more interesting page! You agree to our terms and conditions .
3. Send your photo and story to Thank you!

4. If your video is very large, please send us a link.

Car Crash Photo Gallery: Hundreds of Car Accident Photos

See Car Crashes Organized By US states Here

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Sunday Frittata #who #dat #dish


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The Pioneer Woman

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I done came home from church yesterday and done made myself a dang frittata! Marlboro Man had taken the girls to the big city to a soccer game, and since the boys had had a big breakfast, they weren t in the mood for lunch.

I, however, was most certainly in the mood for lunch. Because when am I ever not in the mood for lunch? And so, after spotting a few half-empty and leftover ingredients in my fridge, I knew I had no choice but to whip up a frittata.

A frittata, my friends, is basically a crustless quiche, and one of the glorious things about is is that you cook the filling ingredients and bake the frittata in the same skillet. Super simple, super easy.

Another huge advantage to frittatas is that you can use up a whole bunch of random leftover ingredients that might be languishing in your fridge. You ll see what I used here in a sec, but there s no limit to what you can throw in. So use this recipe only as a general guide. Change up the cheeses, veggies, add meats have some fun!

Oh! And speaking of the skillet: While you could fight with a regular skillet and try to get the frittata not to stick, having a good, ovenproof nonstick skillet really is essential with it comes to making a frittata. Being able to slide it right out of the pan and slice it up while it s still warm is the way to go!

Here s how I made mine.

Aren t you glad you have me here to explain these things to you?

Then you need some fillings! I baked a bunch of potatoes last night for a baked potato bar and had a few leftover but all I needed was one.

And I always have cheese. I mean this is me you re talking to here. This is a partially used block of Romano, but Parmesan would do just fine.

It s one of my favorite cheeses anyway.

And by the way: who s Jack?

And I had a bag of kale that looked (and smelled) like it was about to check out so I put some in my trusty rusty (literally) colander and gave it a good rinse. It ll be perfect for this!

Ingredients

  • 12 whole Large Eggs
  • Salt And Black Pepper
  • 1/4 cup Grated Parmesan Or Romano Cheese
  • 1/2 cup Grated Cheddar Or Monterey Jack Cheese (more To Taste)
  • 2 dashes Hot Sauce, Optional
  • 2 Tablespoons Butter
  • 1 whole Medium Onion, Halved And Sliced Thin
  • 1 whole Baked Potato, Cooled And Diced
  • 2 cups Torn Kale Leaves Or Whole Spinach Leaves
  • 2 whole Jarred Roasted Red Peppers, Sliced Thin
  • 1/4 cup Chopped Green Or Black Olives

Instructions

Preheat the oven to 375 F.

Beat together the eggs with the salt and pepper (do not over-beat; just mix until the eggs mostly come together.) Stir in the grated cheeses and set aside. (Stir in hot sauce if using.)

In a large oven-proof non-stick skillet, melt butter over medium-high heat. Add the onions and cook for several minutes, stirring frequently, until the onions are soft and golden brown. Add diced potato, sprinkle with salt and pepper, and stir to cook with the onion for a couple of minutes. Add the kale and stir to cook about 1 minute. Finally, add the roasted red peppers and olives and stir until everything is hot.

Make sure all the ingredients are evenly distributed across the bottom of the skillet, then pour in the egg mixture so that it evenly coats everything. Let it sit on the burner for 30-45 seconds to set the edges, then put the skillet in the oven.

Watch the frittata as it cooks. Let it cook in the oven for 10-12 minutes until the eggs are set but remove it before the eggs brown very much on top.

Slide the frittata out of the skillet and onto a cutting board. With a long serrated knife, slice it into wedges and serve warm with fresh fruit.

NOTE: Use any ingredients you want! Mushrooms, leeks, different cheeses, tomatoes, zucchini, squash, bell peppers. Have fun!

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Jonas Premier Cloud Construction Software #cloud #based #construction #software, #cloud #construction #software, #construction #cloud #based


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Remarkably powerful, beautiful and simple to use cloud
construction software for construction companies.

If you are a General Contractor/Design Build, Construction Management, Land Developer, Home Builder, Civil, Fit-Out or Specialty Contractor, then you are going to love Premier. We provide an all in one accounting, job cost, project/document/drawing management solution specifically designed to meet the needs of your business. Our customers are our experts and truly help drive our product development. We put an emphasis on even the smallest of details to ensure we deliver a quality product that is powerful and beautiful, yet simple to use. Cloud technology allows us to create a better world for construction – automation, collaboration and real-time information.

JOB COSTING & ESTIMATING

Track original and current estimates, committed and actual costs, change orders, estimate at completion. Detailed and summary reporting on job costing with up to five levels of job structure breakdown. Optional integration with excel and other 3rd party systems for estimating. Fully integrated accounting and job costing software for contractors.

Key Modules:

Progress Billing – %/AIA/Units/Amount

Time & Material Billing

Integration to AR

High Level Features:

5 Level Detailed Job Cost Breakdown

Security Control by Job & Access to Post

Copy Feature for Cost Items & Jobs

PROJECT MANAGEMENT

Easily create and track key job documents including RFIs, Submittals, Transmittals, and Punch Lists etc. Field Mobile Apps for daily job logs, time entry and photo capture. Track schedules and expiry dates. Integrated with Outlook, it makes it easy to attach and send additional documents. Fully integrated accounting and job costing software for contractors.

Key Modules:

Estimate & Estimate at Completion

Change Orders & PCOs

Job Documents – RFIs, Submittals, Transmittals, etc.

MS Project Scheduling Interface

Job Budget Control

Sub Pay Apps Connector

Mobile Field Apps

High Level Features:

3rd Party Estimating Integration

Customize Form Design in Word

Document Tracking & Approvals

Outlook Integration & Auto-Attach Docs

Favorites by User i.e. Quick Access to Safety Forms

Integration with MS Windows

MOBILE FIELD APPS

Key Modules:

High Level Features:

Geotag Time Tracking

Start & Stop Time

AP/Sub Pay App/RFI Approvals

PURCHASE ORDERS

Easily create single or blanket purchase orders, packing slips and purchase order receipts with built in approvals. Manage the various stages, add discounts, input inventory or non-inventory, track freight etc. Integrated to Accounts Payable with automated workflow approval for invoice allocation. Fully integrated accounting and job costing software for contractors.

Key Modules:

High Level Features:

Single & Blanket PO

Multiple Form Designs

Inventory & Non-Inventory Tracking

SUBCONTRACTOR

Track all information related to subcontractors and receive alerts or warnings on expired certifications and compliances. Integrated with Accounts Payable and Change Orders and Progress Billing. Generate payment proposals subcontract change orders and easily access reports on billed amount, paid to date, contract and AP balance. Fully integrated accounting and job costing software for contractors.

Key Modules:

Sub Pay Applications & Approvals

High Level Features:

Compliance & Certificate Tracking

Pay when Paid – Auto Link to Progress Billing

BILLING

Standard Job Invoicing, Progress Billing & T 2017 Jonas Construction Software Inc. All rights reserved.


13 Ways To Get Bike Grease Out Of Clothes #who #dat #dish


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13 Ways To Get Bike Grease Out Of Clothes

[RECYCLED POST] – fits in well with the recent Leg Shield theme

If you’re anything like me, it’s a rare day of bike commuting that doesn’t add a small dot of road grime or bike grease on your khaki pants, white shirt, etc. Grease is tough to remove, but not impossible. You can definitely salvage your threads without settling for a grease spot for the next 20 wash cycles. The following techniques vary wildly in both materials used and toxicity. I’ll say upfront that grease busting dishwashing liquid has worked for me, as has “Shout” brand prewash junk. Be wary of letting any stuff sit on the grease for too long, or next you’ll be dealing with a new stain or discoloration on your clothes (experience talking here). Onward.

In rough order of toxicity (and for the record, I wouldn’t touch those last three, but maybe your neck is redder than mine)

Sprinkle cornstarch on freshly greased clothes. Let it soak up the grease for a while, then shake it out, slop some dishwashing liquid on there and wash as usual

On fresh grease: a dot of laundry detergent, rub, wash as usual

On set grease: sprinkle some baby powder, let it set a while, shake out, wash as usual

Rub some Dawn dishwashing detergent into the spot, then wash

Make a paste of Ajax dish soap and baking powder, then rub into the stain using an old toothbrush. Let it sit for about 5 minutes before washing as usual

Dribble a little bit of your shampoo (brand agnostic) on the stain, rub and wash as usual

Use Simple Green on stains, wash as usual

Throw some PineSol or Simple Green in with your laundry

Use Goo-Gone on stains, wash as usual

Get the stain out with Goof-Off, then get out the Goof-Off residue with Goop hand cleaner before washing as usual

Use oven cleaner on the stain, wash as usual

Use tire cleaner on the stain, wash as usual

Use brake parts cleaner on the stain, wash as usual

BONUS SOLUTION(only works in the northern hemisphere during the winter months)

Find some doll clothes that have been discarded by a thrift store. Don’t buy them, you must find them in the trash. (I’m not sure why this is important…something about lingering sorrow).

Once you’ve got the clothes, rend them. If you don’t know how to rend clothes, re-read the Old Testament, preferably King James Version, until you receive understanding.

Got the rent clothes? Refashion these textiles into a circle than cannot be broken. In a pinch, that sideways figure eight infinity thingy will do, too. Use your imagination–this is more art than science, people. Stay with me here, the hard part is coming up.

Using the thumb and forefinger of your left hand pull your greased garment cleanly through the circle that cannot be broken. With a single motion, as you pull the garment through the circle, fling it into the washing machine, closing the door before any excess cleaning power can escape (this technique simply does not work with hand washing, sorry). Wash as usual.

This technique should remove any grease present, as well as provide a lasting preternatual shield that prevents all future stains as well. Let me know if it doesn’t work for you.

Comments

Re: 10. Get the stain out with Goof-Off, then get out the Goof-Off residue with Goop hand cleaner before washing as usual

Goof-Off is very effective but you probably needn t use Goop hand cleaner to remove it. However, since we re on the subject of Goop hand cleaner, it says right on the can that it s great for removing grease from clothes; perhaps Goop should be a first attempt.

BONUS SOLUTION (only works in the northern hemisphere during the winter months)

Hmm, sounds like you were quoting from Derailleur 28, sprocket 32, Ring James Version. -)

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Who s Eligible For Obama s Mortgage Plan? CBS News #home #mortgage #rates #today


#obama mortgage plan

#

Who’s Eligible For Obama’s Mortgage Plan?

On Wednesday, President Obama laid out a $75 billion plan to help millions of Americans refinance their mortgages and avoid foreclosure. So who qualifies and how can you benefit?

Early Show financial adviser Ray Martin answered some questions from Early Show co-anchor Harry Smith as well as the public.

“Listening to the president yesterday, really two tiers of people they are seeking to help here. Explain who might get bailed out,” Smith said.

“There are two parts of the program — loan modification and loan refinancing. On loan modification, this is aimed at folks that are in dire straits. Their monthly mortgage payment far exceeds 31 percent of their pre-tax monthly income. It might be 50, 60, 70 percent of their income; it’s not sustainable to keep paying that. This provides government subsidies and incentives to financial institutions to chop down their interest rate, possibly lower their principal, even stretch out the mortgage to bring the monthly payment down to 31 percent of their pre-tax income,” Martin said.

“And the other group that is about to be helped are all these folks who are going under water,” Smith said.

“This is folks who are current on their payment. Their monthly payment is 31 percent or less of their pre-tax income. They’d like to refinance to take advantage of a 5 percent interest rate, but they can’t because the value of their home is at or slightly below what their mortgage is. So, the mortgage might be 105 percent of the value of the home and shrinking. They’d like to refinance, but for that obstacle, now those with underwater loans, slightly underwater or significant size loans can refinance and get that out of way,” Martin said.

“When will people be able to get a piece of paper and fill something out and be able to make this work for them?” Smith asked.

“According to the fact sheet released by the White House yesterday, the details of this program will be announced on March 4th, next month, and they’re going to be able to call their lender and say, ‘Am I eligible for a loan refinance or modification?’ In the meantime, get all the financial documents in order and get ready to call the lender,” Martin explained.

Martin also answered a few questions from the Early Show audience. To watch a video of the segment and that Q A, click the play button below:

Copyright 2009 CBS. All rights reserved.


Who pays your mortgage broker? #refinance #second #mortgage


#mortgage broker fees

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Who pays your mortgage broker?

I saw your post about mortgage brokers and am considering this option. But I want to know how they get paid?

Once upon a time, everyone believed that financial advisers worked for free. A benevolent unicorn from Middle Earth paid the bills as an act of love for the universe.

Financial advisers do not work for free, and neither do mortgage brokers. Before you choose to work with one it is a good idea to understand how their compensation actually works.

Mortgage brokers paid on commission

In most cases, a mortgage broker earns a one-time commission from the lender. The amount can vary from 0.50% to about 1.20%, depending on the type of mortgage they sell and what the lender is offering. For example, a lender would pay a higher commission on a 10-year mortgage than a 5-year because it is more profitable for them, and because it means the broker would be selling one mortgage in a decade, instead of two, five-year mortgages.

If you sign a $300,000 mortgage, your broker would earn about $2,250 on the deal, based on a commission of 0.75%. This amount comes from the lender so you never actually see the bill.

Hitching on the trailer fees

Trailer fees are very common for financial advisers, but are only starting to catch on for mortgage brokers. Basically with trailers, the broker collects a lower commission when the mortgage is signed, but then earns a trailer fee of say 0.15% from the lender every year for the life of the mortgage. The advantage for brokers is two-fold: first it gives them greater financial stability, and second it gives them an ongoing revenue stream that they can sell if they decide to leave the business.

Holding on to objectivity

One of the advantages of working with a mortgage broker is that they can work with many different lenders, whereas a mortgage specialist at a bank can only offer products from their employer. But that doesn’t mean the broker’s objectivity is sacred. In addition to trailer fees, which might influence a broker’s judgment, lenders often offer other incentives like bonuses to do more deals with the firm.

Bonuses can be based on volume, or on the number of deals that avoid going into arrears. (It’s no surprise lenders value good quality borrowers.) Lenders can also offer travel, gifts and other perks, like conferences.

Ask a lot of questions

As you would do when interviewing financial advisers, ask prospective mortgage brokers how they are compensated in terms of commissions, trailer fees, bonuses and other perks. Then ask what the risks are that these would affect their ability to place your needs above the lenders.

Mortgage brokers, like mortgage specialists at a bank, deserve to get paid. But the onus falls on you, the client, to ensure that you are getting value for the services they provide.

I used aussie home loans as my mortgage broker to but my property as they told me ( and advertise) as being totally independant. Despite my request not to use any of the big four banks they arranged my loan through the commonwealth bank. I have since discovered that aussie is 85% owned by the commonwealth bank therefore all loans arranged by them are through the cba. I told aussie (david penda) that I do not want anything more to do with them and contact the bank directly when I have to. I have been subjected to ongoing harrassment by david penda and aussie laughing at me through emails for the past two years. No wonder he thinks it s funny as it turns out he is taking yearly commissions- trailers from me via my loan payments. DO NOT USE AUSSIE HOME LOANS!

Leif Taylor on June 11, 2014 at 6:13 am

hi I jusyt want to ask how much is usualy fee for mortgage broker, like fpr example my mortgage is 239,000, how much do I need to pay for my mortgage broker?

shantiniceles flores on May 5, 2016 at 10:03 pm


Who Gets Mortgage Help Under Obama s Plan? #mortgage #types


#obama mortgage plan

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Who Gets Mortgage Help Under Obama’s Plan?

By: BankingMyWay.com Staff

by M. Gwertzman, BankingMyWay

President Obama unveiled his $275 billion plan to provide mortgage relief to homeowners yesterday, but there are still many details to be announced. The full plan – called the Homeowner Affordability and Stability Plan – will be released on March 4th, but until then, homeowners who think they might benefit should examine their own finances and situation to make sure they meet the eligibility guidelines.

The two main thrusts of the program are to help homeowners modify mortgages that they cannot presently keep on top of, and to help those who are unable to refinance their mortgages because the value of their home has dropped. The plan aims to help out close to 9 million homeowners.

It’s important to note that the plan doesn’t help everyone who’s been affected by the housing mess. Speculators or investors stuck with houses they can’t sell are out of the picture; only homeowners who commit to staying in their homes will benefit.

BankingMyWay has a few tips for what homeowners should do now if they want to take advantage of the plan. Here is some more basic information about the plan and its parameters.

I’d like to refinance my mortgage: If your mortgage is owned or guaranteed by Fannie Mae (Stock Quote: FNM ) or Freddie Mac (Stock Quote: FRE ), you may able to refinance into a 30 or 15 year fixed-rate mortgage. To be eligible, your mortgage must not exceed 105% of the current market value of the property. The current price of a property will be determined once the refinance application process is underway. According to the White House, to be eligible, you must have “sufficient income to make the new payment and an acceptable mortgage payment history.” The criteria will be specified on March 4th.

Refinancing may help lower your monthly payments, but it won’t reduce the amount of money you owe. The plan aims to help homeowners refinance into a stable loan with a fixed, affordable payment. Over the life of that loan, that translates into less interest paid on the mortgage. The idea is to make a refinance available to homeowners presently “underwater” on their mortgage .

I’d like to modify my loan: Under the plan, lenders are given incentives to modify existing loans so that borrowers are better able to meet their obligations. The goal is to assist homeowners already behind on mortgage payments, or who may be facing imminent default.

To be eligible:
• You must live in your house as a primary residency
• Your monthly payment must exceeds 31% of your monthly gross income
• Your loan can’t exceed Fannie Mae or Freddie Mac loan limits (typically $417,000, but higher in some areas)

The government is providing substantial incentives to both the lenders who modify loans and borrowers who keep up with their monthly payments. Borrowers can get up to $5,000 applied against the balance of their debt if they stay current for five years. Modifying a loan under the plan is also free – so borrowers should watch out for any organizations offering fee-based assistance with loan modifications.

Last week, Citibank (Stock Quote: C ) and Bank of America (Stock Quote: BAC ) announced a moratorium on foreclosure sales, which will extend until the eligibility guidelines are announced. So from now until March 4th, when the plan kicks in, homeowners who feel they are eligible for a refinance or modification should collect all their pertinent financial information: pay stubs, tax returns, other debt and loan payments (credit cards, student loans), and any other relevant documents.

There’s plenty of information on the web from the White House and Treasury as well.