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"Taking you from Debt to Prosperity"

Author: Terry J. Rigg

A loss of a job,death in family, medical expenses and other life-altering situations can happen to anyone, causing us to fall behind in our mortgage loan payments. If we neglect paying our

credit cards it hurts our credit rating; if we neglect our home loan payments the lender will foreclose, and repossess our home.
We are often embarrassed to talk about our money problems, but that approach doesn’t solve anything. Put your pride on hold and get serious about avoiding
foreclosure.Contact your lender as soon as you know your payments will be late. Never ignore the lender’s letters and do not assume you are in a hopeless situation. Lenders do not want to foreclose, and will usually work with you to get your account back on track.

Below are Solutions for Temporary Problems

1.Reinstatement
When you are behind in your payments but can promise a lump sum to bring payments current by a specific date.

2.Forbearance
You are allowed to delay payments for a short period, with the understanding that another option will be used afterwards to bring the account current.
Lenders sometimes combine Forbearance with Reinstatement if you know you’ll have the funds to bring your account current by a specific date.
3.A Repayment Plan
If your account is past due, but you can now make payments, the lender may agree to let you catch up by adding a portion of the past due amount to each currentmonthly payment until your account is current.

Solutions for Longer-Term Problems

1.Mortgage Modification
If you can make your regular payment now, but cannot catch-up the past due amount, the lender may agree to modify your mortgage. One solution is to add the past due amount into your existing loan, financing it over a long term.
Modification might also be possible if you no longer have the ability to make payments at the former level. The lender might modify your mortgage to extend the length of your loan, or take other steps to reduce your payments.

2.Selling Your Home
If catching up is not a possibility, the lender may agree to put foreclosure on hold, giving you some extra time to attempt to sell your home. www.wesellhomesdfw.com can help by purchasing your home.

3.Deed in Lieu of Foreclosure
The lender may allow you to give-back your property, in turn forgiving the debt. This does negatively affect your credit record, but not as much as a foreclosure. The lender may require that you attempt to sell the house for a specific time period before allowing this option; the option may not be possible if there are other liens
against the home.

http://www.wesellhomesdfw.com

Filed under Mortgage by on #

Author: Louie Latour

Refinancing your mortgage can be a major step to improving your financial well-being, if done correctly. Many homeowners are intimidated by mortgages because there are a number of mistakes that can cost you thousands of dollars. Here are several tips to help you find the best mortgage for your financial situation and avoid costly refinancing mistakes.

There are dozens of options available to homeowners refinancing their mortgage loans. These mortgage options include FHA loans, VA loans, traditional fixed rate loans, interest only and option adjustable rate mortgages. Different types of mortgages are not right for every financial situation. It is up to you to research mortgage loans and choose the right mortgage for your financial situation.

Shop for the Best Mortgage Online

Shopping for the best mortgage from a variety of quotes will help you find the most competitive offer for your loan. When you compare offers it is important to compare all aspects of the loans you consider, not just the interest rate. Many homeowners that make the mistake of only comparing interest rates overpay for their lender fees and closing costs.

When you compare loan offers it is not enough to base your decision on the Annual Percentage Rate or APR. To make an informed decision you should request a copy of the Good Faith Estimate from each lender. The Good Faith Estimate is a standardized form that outlines all of the expenses associated with the loan and who the costs are paid to. Mortgage lenders are required by law in the United States to provide this document to you upon receipt of your application; however, most will give it to you simply if you ask.

Do Your Homework First

Doing your homework means researching mortgage lenders and their offers; however, it also means gather together your documentation prior to applying. Before you apply for a new mortgage you should gather up your financial paperwork including pay stubs, bank statements, and tax returns. You will also need to review your credit reports for errors, find your existing mortgage contract and a recent mortgage statement. Having your documents ready before hand will make the entire mortgage process go smoothly.

You can learn more about refinancing your mortgage by registering for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of “Mortgage Refinancing: What You Need to Know,” which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free guidebook today at: www.refiadvisor.com

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Author: Louie Latour

If you are struggling to find a traditional mortgage loan because you cannot document enough of your income to qualify, you could benefit from a no doc or low doc mortgage loan. Here is what you need to know about this unconventional type of mortgage loan.

Traditional mortgage lenders require documentation of income when applying for a loan. This documentation typically comes in the form of pay stubs from your employer and bank statements showing your assets. Documenting income is difficult for some individuals who or self employed or are paid on a commission basis; these individuals could benefit from no doc mortgage loans.

No doc mortgage loans differ from traditional mortgages in that they require much less documentation of income and assets to qualify. The lender assumes a higher risk in lending; this risk is passed on to the borrower in the form of higher interest rates and lender fees. The no doc mortgage lender may require a higher down payment or points paid to qualify for this loan. No doc mortgages fall into three categories: No Income/Asset loans, No Ratio loans, and Stated Income loans.

Income/Asset loans do not require information about your income, assets, or employment status. The mortgage lender will rely on your credit score and the appraised value of the home to make a decision on your loan application. If your application is approved you can expect your interest rate to be as much as 3% higher. These loans are ideal for individuals with superb credit.

Ratio loans do not require you to state your income; because of this the lender does not look at your debt to income ratio. The lender will require documentation of your assets, debts, and employment status to approve this loan. The interest rate you receive for a no ratio loan is higher than a traditional mortgage, but not as high as a income/asset no doc mortgage loan.

Stated income mortgages enable you to declare your income without providing documentation. The only requirement for this loan is that you document your employment history and state a reasonable income for the type of work you do. The lender will use your assets and debt-to-income ratio to qualify you for the loan; because of this the interest rate you can expect to pay is typically only half of point higher than traditional mortgage financing. You will need excellent credit and a sizeable down payment or up front points to qualify. This type of mortgage is ideal for the self-employed.

To learn more about your mortgage financing options and how to avoid common mortgage mistakes, register for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of “Mortgage Refinancing – What You Need to Know,” which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free guidebook today at: http://www.refiadvisor.com

Filed under Mortgage by on #

Author: Louie Latour

Term length is the amount of time your mortgage lender allows you to repay the loan. Choosing the right term length for your financial objectives is an important part of mortgage refinancing. Here are several tips to help you choose the right term length for your financial goals.

The most common reasons homeowners have for mortgage refinancing is to get a lower interest rate or cash out equity in their homes. Other homeowners refinance their mortgages to change the term length of their loans. Term length is the duration of the mortgage and directly affects the monthly payment amount. When mortgage refinancing you have the option of extending or reducing the term based on your financial objectives for the loan.

Mortgage Refinancing to Extend the Term Length

Homeowners in need to the lowest monthly payment possible have the option of extending their term length. Traditional mortgages come with term lengths of 30 years; however there are now 40 and 50 year mortgages to pick from. Choosing a mortgage of this duration has an advantage over interest only mortgages and will give you a similar payment with significantly less risk.

Mortgage Refinancing to Shorten the Term Length

If your financial goal is to pay off the mortgage as quickly as possible, you can achieve this by shortening your term length. Mortgage refinancing with a 15 year term length is a popular choice for people wanting to build equity as quickly as possible. When shortening the term length of your mortgage loan your payment amount will go up; however, you will pay less to the lender in total finance charges.

You can learn more about your mortgage refinancing options, including common homeowner mistakes to avoid by registering for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of “Mortgage Refinancing – What You Need to Know,” which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free mortgage refinance information guide today at: http://www.refiadvisor.com

Filed under Mortgage by on #

Author: Louie Latour

Homeowners in the United States refinance their mortgage on average every four years. How can you decide if a home mortgage refinance loan right for you? Everyone’s financial situation is different and choosing the wrong home mortgage refinance loan could result in overpaying thousands of dollars. Here are several tips to help you decide if mortgage refinancing is right for you.

I. How Long do You Plan on Keeping Your Home?

The longer you plan on living in your home the more sense it makes for a home mortgage refinance loan. The reason you need to stay in your home is that it will take time to recoup your expenses from mortgage refinancing. You can determine if mortgage refinancing is worth your while with a simple mortgage calculator. Divide the cost of lender fees and closing costs by the amount you are saving on your monthly payment and you can calculate how long it will take you to recoup the cost of mortgage refinancing.

II. What are Your Needs for Mortgage Refinancing?

Are you considering a home mortgage refinance loan to lower your monthly payment amount due to your cash flow or are you wanting to pay less to the lender in mortgage interest? If you need the lowest mortgage payment possible but may not qualify for a lower interest rate, mortgage refinancing can still help you meet your financial goals. Qualifying for a lower interest rate combined with a shorter term length will help you pay down your mortgage loan quickly while paying less to the lender.

III. Choose The Right Term Length When Mortgage Refinancing

Term length along with your mortgage interest rate determines your payment amount. If you need the smallest payment amount possible choose a longer term length. Traditional mortgages come with thirty year terms; however, there are now forty and fifty year term lengths to choose from. If your goal is to pay off your loan as quickly as possible choosing a shorter term loan will help meet this goal. Mortgage terms of fifteen years are a popular choice for home mortgage refinance loans.

Carefully comparing loan offers from a number of lenders will help you avoid overpaying for your home mortgage refinance loan. You can learn more about mortgage refinancing, including costly mistakes to avoid by registering for a free mortgage tutorial.

To get your free mortgage tutorial visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of “Mortgage Refinancing – What You Need to Know,” which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free mortgage refinance information guide today at: http://www.refiadvisor.com

Is Mortgage Refinancing Right For You?

Filed under Mortgage by on #

Job interviews can be very stressful, especially if you are unprepared. But things can be made a lot easier, when you have some idea of the questions the interviewer is likely to ask. Each day thousands of individuals attend interviews, and more often than not, the questions asked are very similar, wherever in the world you happen to be. Knowing the questions is one thing, but knowing how to answer them is another. This article examines some of the most common job interview questions, and answers.

1. Tell me about yourself? When an interviewer asks this question, they are really looking for some specifics that would give an indication that you are suited for the job. Be sure to focus on positive traits that would recommend you as a good candidate.
2. Why did you leave your last job? A new employer is always curious about the reason you left your last job, of course there is no best answer, as it all depends on the particular circumstances. Possible answers include:
I was laid off due to a restructuring exercise, which resulted in my department being cut.
I recently upgraded my skills, so I am now looking for a job that is more suited to my qualifications.
Having been at my current job for a number of years, I am now searching for a job that will provide greater challenges, and move my career forward.
3. What was it like working with your previous supervisor? Never use this as an opportunity to speak ill of your previous boss, as this will be taken as an indication that you will probably do the same of a new supervisor. Instead, choose to highlight the positives, and downplay any negatives. A good response would be:
My supervisor was a very dedicated worker, and this made it easier for me to carry out my responsibilities.
4. What was your biggest accomplishment at your previous job? Make sure to give a specific example in answering this question. Also, try to highlight some of the skills you utilized in achieving that success, which would be pertinent to your new job.
5. Tell us what you know about our company? It is always recommended that you do some research about the company you are hoping to work with. This will indicate that you are very interested in getting the job.
6. How well do you work under pressure? Be positive when answering this one. A good response would be: When faced with several tasks that require my attention, I tend to prioritize them, so as to complete all tasks as quickly as possible.
7. What would you consider your best asset? This is the opportunity to highlight qualities that would make you an asset to the organization, perhaps you work well as a team member, or have the ability to motivate co-workers.
8. What would you consider your greatest weakness? Try to put a positive spin on this one. Usually the interviewer wants to be sure that you can answer difficult questions honestly, you can mention things you are not very good at, but are working to improve.
9. What salary are you expecting? This is never an easy question to respond to, so do some research beforehand that will give you an idea of the approximate salary for the position. Having done that, you would then be able to give the interviewer the salary range you expect.
10. Why would you be the right person for this job? Emphasize the assets you have, that would appeal to the interviewer, mention skills, experience, and adaptability, that are relevant to the job.
11. Do you work well as the member of a team? Always answer yes to this one, and if possible give an example of previous successes you have had as a team member, or team leader.
12. Are there any questions you wish to ask? Make sure to prepare some questions. This will impress the interviewer, and indicate that you are interested in the position, and are keen to take the initiative. This is the time to ask relevant questions based on the research you have done on the company.

Filed under Jobs by on #

1

Building an ownership society in a tax competitive world.
Like many fellow citizens of this great country, I listened to the President’s Inaugural Address on January 20th. It was interesting, but it just flowed over me with nothing really sticking out in my mind until I heard the words, “building an ownership society.” As my life pressed forward, those words stuck with me as great sounding but with nothing to connect them to anything until I read Glenn R. Simpson’s article, “As Europe Cuts Corporate Tax, Pressure Rises on U.S. to Follow” in the January 28th edition of the Wall Street Journal online. Those words came back to mind and I promptly went on line to find that section of the Presidents speech and offer it below:

“In America’s ideal of freedom, citizens find the dignity and security of economic independence, instead of laboring on the edge of subsistence. This is the broader definition of liberty that motivated the Homestead Act, the Social Security Act, and the G.I. Bill of Rights. And now we will extend this vision by reforming great institutions to serve the needs of our time. To give every American a stake in the promise and future of our country, we will bring the highest standards to our schools, and build an ownership society. We will widen the ownership of homes and businesses, retirement savings and health insurance – preparing our people for the challenges of life in a free society. By making every citizen an agent of his or her own destiny, we will give our fellow Americans greater freedom from want and fear, and make our society more prosperous and just and equal.”

I love the sound of the words, “ownership society,” but having recently written about how overhead burdens in this country are driving businesses overseas, I didn’t understand how this could happen until I read the Journal article and now my hope is soaring.

Simpson begins the Journal article with, “European countries have been steadily slashing corporate-tax rates as they vie for foreign investment, potentially adding to pressure on the U.S. for similar cuts as it weighs a tax overhaul.” Examples of what is happening in Europe can be seen in the following table:
Tax Rate Changes in the last few years.
BeforeAfterReduction
Ireland24.0%12.5%11.5%
Netherlands34.5%31.5%3.0%
Portugal37.0%27.0%10.0%
Austria34.0%25.0%9.0%
Germany56.0%38.3%17.7%
Poland27.0%19.0%8.0%
U.S.40.0%

The article points out that while many large U.S. businesses use loopholes and shelters to pay far less than the national rate suggested, even the effective rate is still as much as 10% above Europe’s average. The result is that Europe is addressing the overhead issue via tax reductions to woo U.S. companies to expand in Europe rather than at home. This potentially moves jobs and revenue offshore.

We truly are in a global economy and must compete in that global economy not only for customers and revenue, but now governments are competing for business and jobs in their countries. It’s a beautiful thing.

The last major rate reduction in the U.S. corporate rate came in 1986. Since then deductions and shelters have proliferated and businesses have become more adept at creating profits offshore rather than at home to avoid the high tax rates. For example, in 1999 U.S. Companies reported $13.3 billion in profits in Ireland. With the tax reduction in Ireland, profits in that country have jumped to $26.8 billion in 2002.

Europe is becoming much more business friendly and if the U.S. wants to increase jobs and tax revenues, they are going to have to become much more competitive from a tax standpoint.

The words “ownership society,” the journal article and my article, “The Overhead is Killing US” all merged together in my mind to paint a very different picture of a potential future for the U.S. and the World. If governments are awakening to the idea that businesses create profits and jobs (without which there are no tax revenues), then maybe there is hope that the world is changing and the resulting competition by governments will make the possibility of an “Ownership Society” a very real possibility.

? Copyright Bob Cannon/The Cannon Advantage, 2005. All rights reserved.

This article courtesy of http://www.cannonadvantage.com. You may freely reprint this article on your website or in your newsletter provided this courtesy notice and the author name and URL remain intact.

 

About the Author

Bob Cannon helps visionary leaders make decisions that gain a competitive advantage. Check out other interesting articles available in the Taking Aim newsletter available at www.cannonadvantage.com . Bob can be reached at (216) 408-9495 or mailto: bob@cannonadvantage.com

 

Filed under Tax by on . 1 Comment#

4

Author: Louie Latour

Homeowners in the United States refinance their mortgage on average every four years. How can you decide if a home mortgage refinance loan right for you? Everyone’s financial situation is different and choosing the wrong home mortgage refinance loan could result in overpaying thousands of dollars. Here are several tips to help you decide if mortgage refinancing is right for you.

I. How Long do You Plan on Keeping Your Home?

The longer you plan on living in your home the more sense it makes for a home mortgage refinance loan. The reason you need to stay in your home is that it will take time to recoup your expenses from mortgage refinancing. You can determine if mortgage refinancing is worth your while with a simple mortgage calculator. Divide the cost of lender fees and closing costs by the amount you are saving on your monthly payment and you can calculate how long it will take you to recoup the cost of mortgage refinancing.

II. What are Your Needs for Mortgage Refinancing?

Are you considering a home mortgage refinance loan to lower your monthly payment amount due to your cash flow or are you wanting to pay less to the lender in mortgage interest? If you need the lowest mortgage payment possible but may not qualify for a lower interest rate, mortgage refinancing can still help you meet your financial goals. Qualifying for a lower interest rate combined with a shorter term length will help you pay down your mortgage loan quickly while paying less to the lender.

III. Choose The Right Term Length When Mortgage Refinancing

Term length along with your mortgage interest rate determines your payment amount. If you need the smallest payment amount possible choose a longer term length. Traditional mortgages come with thirty year terms; however, there are now forty and fifty year term lengths to choose from. If your goal is to pay off your loan as quickly as possible choosing a shorter term loan will help meet this goal. Mortgage terms of fifteen years are a popular choice for home mortgage refinance loans.

Carefully comparing loan offers from a number of lenders will help you avoid overpaying for your home mortgage refinance loan. You can learn more about mortgage refinancing, including costly mistakes to avoid by registering for a free mortgage tutorial.

To get your free mortgage tutorial visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of “Mortgage Refinancing – What You Need to Know,” which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free mortgage refinance information guide today at: http://www.refiadvisor.com

Is Mortgage Refinancing Right For You?

Filed under Mortgage by on . 4 Comments#