You should never pay your contractor in full before the entire job is completed. Not that he's going to run off with your money, but you want to keep some incentive to get the job done right. You should give a deposit of 5 to 10 percent of the budget before work starts to pay for expenses like…
Diane Emailed On Monday With An Update
Diane emailed on Monday with an update: I called your show on Sunday to ask about Sunshine Mortgage company who just closed their doors. I have found a phone number of US Bank, which has taken over some of their loans. I called the number and they did have my account and was able to give me a new…
Today On The Ilyce Glink Show - January 25, 2009
New week, new president. Today on the show we talked about the inauguration and how the stock market dived about 4 percent that day -- the most on any inauguration day ever. Why? It had little to do with Barack Obama being inaugurated and a whole lot to do with the Royal Bank of Scotland's numbers.
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Our office spoke with NACA.com this week to learn more about its operations and the "no point, no cost" loans it offers. What we learned is that this isn't going to be the loan for everyone. While it does sound legitimate, and it is run by people who have worked in the affordable housing arena in…
LLC Limits Type Of Mortgage Lenders You Can Use
When you're a real estate investor you may decide you want to create a limited liability company to hold your real estate assets and to protect you. When you use an LLC to hold your properties, you're limited in what kind of mortgage lender you can work with to get a mortgage. Mortgage lenders have…
Refinancing May Allow You To Prepay Mortgage
When you're refinancing, you want it to save you money, at least on your monthly payment. Before refinancing your loan you should run the numbers to see if it's worth it to refinance. You can use an online mortgage amortization calculator, like the one at E-LOAN.com to help you decide whether to…
How To Protect Yourself Against A Bad Lender
A homeowner has a new mortgage that has already been sold to a loan service company with a terrible reputation. There is no way, unfortunately, to change loan service companies unless you refinance your mortgage. You'll want to keep a close watch on the new loan service company to keep you and your…
Credit Crisis Makes Refinancing Mortgage Loan Difficult
Refinancing mortgage loans on investment property has become more difficult since the credit crisis. Even with a good credit score you may be limited in your refinancing options. What can you do about refinancing an interest-only ARM? In many cases lenders limit mortgage loan workouts to borrowers…
Refinancing Mortgage Loan May Require Subordination Agreement
In light of the financial crisis some banks are covering their bases more carefully when they refinance mortgage loans. You may be asked to obtain a subordination agreement when you refinance a primary mortgage loan so it's clear that your mortgage lender has first rights to the collateral, your…
After Bankruptcy Discharged, Home Buyer Considered First Time Home Buyer For Mortgage Purposes
Once a bankruptcy has been discharged, a potential home owner is considered a "first time" home buyer again when applying for a mortgage. A bankruptcy free potential home buyer should check into first-time home buyer programs that might be available to help with mortgage loans. Even as a first time…
Short Sale Hurts Home Buying Ability
In a tough real estate market, it might seem as though a short sale would make sense. A short sale is when you sell your home for less than what you owe your mortgage lender. Your mortgage lender agrees to write off the difference in a short sale. But a short sale still has a negative effect on your…
Mortgage Payments Missed: Options Include Short Sale, Deed In Lieu of Foreclosure
If you've recently lost your job or find that you have less income than you used to, you may not be able to make your mortgage payments. Missing mortgage payments can damage your credit score. What can you do if you can't afford to make your mortgage payments? It may be difficult to sell your home…
Lenders Hesitate to Refinance Home That's Been on the Market
Lenders don't like to refinance a property that was just on the real estate market. They may worry that the home owner will try to sell the home again after the mortgage refinancing. Lenders prefer to refinance homes that are primary residences, as it can be expensive to underwrite and process…
Paying For Owner's Or Lender's Title Insurance
Title insurance companies offer two different types of title insurance policies: lender or mortgagee protection and owner's coverage. Owner's title insurance coverage protects the owner against a loss due to title defects not disclosed to the purchaser at or before the closing of the purchase. The…
Refinance For Lower Mortgage Rates
If you're looking to refinance for a lower mortgage rate, take a copy of your credit history and score to your mortgage lender to show them how it's improved. Mortgage Lenders will can help you refinance for a lower mortgage rate by walking you through several different options and help you raise…
Refinancing Includes How Long You'll Live In Home
When you're refinancing, you should live in your home for a reasonable amount of time to make it worth it. If you plan to live in a home for a shorter time it may make sense to pay down the interest rate on the refinance mortgage loan by paying points. A point is equal to one percent of the loan…
What Is Negotiation Process For Foreclosure?
Buying a foreclosure involves making an offer on the house to the lender. Other buyers may also make an offer on a foreclosure and so there could be a negotiation process for the house. What happens if the lender rejects the offer for the foreclosure? What if other offers are also rejected or fall…
Refinance Process Affects Mortgage Broker Too
What responsibility does a mortgage broker have to notify his clients when they can get a better interest rate on their mortgage loans? Pulling files from lenders may leave the mortgage broker with a poor broker file delivery rating. Some mortgage brokers believe that mortgage loan borrowers also…
What To Expect When Facing Foreclosure And Bankruptcy
What should you do when you've been served with foreclosure papers? What steps should you take to file for bankruptcy? The first step is talk with the mortgage lender to try to save your home and possibly avoid bankruptcy. A credit counseling agency can also help you as a homeowner before resorting…
Save Money On Mortgage Loan By Refinancing
Refinancing your mortgage loan through streamline loan modification can save you money because you are in effect getting a new home loan. Refinancing using streamline loan modification means that you contact your current lender to see if they will improve your loan terms so that you'll get a lower…
Lender Changes Mortgage Rate At Closing
A lender changes the interest rate on the closing documents for his mortgage loan. The borrower should have caught this mistake before signing the closing documents on the loan. The borrower may be able to go back to the lender and show the mistake or file a complaint with a regulator.
Refinancing Mortgage May Not Work
When interest rates are low it may seem a good time to refinance a mortgage loan, but other factors have to come together as well. If you've just lost your job or don't have enough equity in your home you may not be a good candidate for mortgage refinancing. In addition, lenders have tightened…
Understand Prepayment Penalty When Signing Mortgage Documents
Even if you're signing a big stack of mortgage loan documents, you're still responsible for what they say. If there's a prepayment penalty on your mortgage loan and you're not aware of it, you still have to pay it if you pay off your loan early. While you may expect your mortgage lender or real…
Closing Escrow Account Requirements
The first thing you need to understand about mortgage lenders and property taxes is that the lender wants to make sure that real estate taxes are always paid. it can be difficult to close an escrow account and manage your tax payments yourself. Ilyce and Sam explain why banks are protective of…
Staging Tops List of Home Seller New Year's Resolutions
If you're trying to sell your home in 2009 you may want to check out Ilyce's home seller resolutions for the new year. Ilyce's resolutions include pricing your home reasonably, get multiple comparative marketing analyses, groom your home for visitors and have some goals in mind for how soon you want…
