There are several mortgage loans available for financing investment property. One of the best mortgage loans for financing investment property is the FHA 203(k) loan, but you must live in the house for at least one year. A construction loan is another type of mortgage loan for financing investment property, but you might be required to pay higher interest in order to waive some other fees.
Ilyce reflects on how some people are making a killing on real estate investments and are very successful at selling investment property. Those who are the most successful at selling investment property seem to understand something very basic about real estate. In order to sell real estate investment property quickly, you have to have something that people want to buy at a price that gives buyers an incentive to move quickly.
The idea behind a reverse mortgage is to allow seniors age 62 and older to tap into the equity they have built up in their homes to augment their income or make necessary repairs to their home. You can either get the cash in a lump sum, or as a home equity line of credit, where you can write a check as need be, or as a stream of income.
You can get a free copy of your credit report each year. President Bush signed legislation that required each of the three major credit reporting bureaus, Experian, Equifax, and Trans-union to give you a free copy of your credit report each year. Ilyce Glink tells you how to get a free credit report and how to avoid being scammed by companies that give you a credit report copy but then charge you a fee for "credit monitoring".
If you owe back taxes to the IRS, you may be able to work out a payment plan with the IRS. You may also be able to borrow against any property you own to pay the IRS. However, if you're credit is too low to take out a conventional loan, you could also talk to the better B/C lenders (also known as sub-prime lenders) that specialize in helping people borrow against their home equity even with a poor credit score.
A homeowner is refinancing their home after a divorce without any income but with an excellent credit score. Having good credit doesn't compensate for not having enough income to make the payments on the loan. A no-doc interest-only loan will help keep her payments as low as possible and get a loan without showing her income.
What are the differences between a revocable living trust and a life estate deed. Life estates are quite different from a revocable living trust. The trust would name a beneficiary for property and the property would go into the trust. The life estate deed means you're given or sold property but allow someone the right to occupy it while she's still alive.
A homeowner wants to use the equity they have on a house to pay off a trailer home on the same investment property. Using a home equity loan to pay off one of their loans could save them a lot of money. Using a home equity loan could also shorten the life of the loan.
What can you do if you've been the victim of identity theft? It's unusual for the Social Security Administration to issue a new number, even in cases of identity theft, so you should work with the credit reporting bureaus to clean up your credit. When someone has stolen your identity you should also contact the police and your creditors.
