The problem with credit and store card debts is that you’re looking at high rates of interest for personal lending. Worse, it’s easy to get caught with penalty charges if you miss a payment. Debt consolidation always looks a good idea because you can roll up all the different high interest loans into a single package secured on your home. Because you’re paying this lump sum off over many years, the instalments are a significant saving. The first time you should think about this is when you’re changing your home. Let’s say you are trading down. You have a good equity in the house being sold and the amount you’re paying for the new home will leave that equity largely untouched. Consolidating your existing personal debts into the mortgage loan can work well. You pay off all your other debts out of the sale price and free more of your income with the reduced repayments. Alternatively, you have an equity in your existing home and decide either to refinance your existing mortgage to include personal debts or you take out a second mortgage. You need to use a mortgage calculator to see whether this makes commercial sense. It depends on exactly how much interest you’re saving, the length of time you expect to stay in the house and whether you are expecting the value of the house to appreciate. Then there are the tax implications and the extent to which other costs may rise, e.g. the mortgage insurance premiums. Even more important if the calculation shows that the consolidation is favorable is what you will do with the amount saved every month. The best possible strategy would be to use every cent of the savings to accelerate repayment of the mortgage. The first worst strategy would be to treat this a free money to spend as if there’s no tomorrow. The absolute worse strategy would be to take on more personal debt. The thinking goes: house prices always go up sooner or later. When that happens, I can do another debt consolidation and write off all this new debt with another cash out. When you’re in a collapsing property bubble, this is a very bad idea.

David Mayer

I’m trying to figure out how much house I can afford. I’ve been putting numbers into mortgage calculators and was curious what exactly counts into "total monthly debt." Is it just credit cards and loans or is it also obligations such as cell phone, tv, utilities, etc.?

Don’t use a mortgage calculator and don’t listen to people on YA, go see a lender and get qualified by a professional that knows what they are doing.

Edit:
Using 3 times your income to determine your eligibility is ridiculous. It does not work. A person that makes $12,000 / year cannot qualify for a $36,000 house and a person that makes $250,000/ year can qualify for more than a $750,000 house. Someone who makes $1000 a month and has 50% of their in some used on a mortgage has $500 left and that’s unlivable. A person that makes $20,000 a month and uses 50% of their income has $10,000 a month, that’s a big difference!

As I said, speak to a loan officer who knows what they are doing.

Marketing Fruit | www.marketingfruit.com

Mortgage Calculator | Real Estate Calculator

Private Label iphone and android Apps
$997 – iphone
$997 – android
$1500 – iphone & android
unlimited employees, use, downloads, no monthly service, 100% support

email for more details: mycalculatorapp@gmail.com

Duration : 0:1:0

(more…)

Technorati Tags: business, developer, loan officer, mortgage, real estate, realtor

The problem with credit and store card debts is that you’re looking at high rates of interest for personal lending. Worse, it’s easy to get caught with penalty charges if you miss a payment. Debt consolidation always looks a good idea because you can roll up all the different high interest loans into a single package secured on your home. Because you’re paying this lump sum off over many years, the instalments are a significant saving. The first time you should think about this is when you’re changing your home. Let’s say you are trading down. You have a good equity in the house being sold and the amount you’re paying for the new home will leave that equity largely untouched. Consolidating your existing personal debts into the mortgage loan can work well. You pay off all your other debts out of the sale price and free more of your income with the reduced repayments. Alternatively, you have an equity in your existing home and decide either to refinance your existing mortgage to include personal debts or you take out a second mortgage. You need to use a mortgage calculator to see whether this makes commercial sense. It depends on exactly how much interest you’re saving, the length of time you expect to stay in the house and whether you are expecting the value of the house to appreciate. Then there are the tax implications and the extent to which other costs may rise, e.g. the mortgage insurance premiums. Even more important if the calculation shows that the consolidation is favorable is what you will do with the amount saved every month. The best possible strategy would be to use every cent of the savings to accelerate repayment of the mortgage. The first worst strategy would be to treat this a free money to spend as if there’s no tomorrow. The absolute worse strategy would be to take on more personal debt. The thinking goes: house prices always go up sooner or later. When that happens, I can do another debt consolidation and write off all this new debt with another cash out. When you’re in a collapsing property bubble, this is a very bad idea.

David Mayer

MORTGAGE LOANS Bad Credit Mortgage If you’re a first time home buyer, we offer a variety of loan programs to assist you in making your first time home purchase decision – even with bad credit problems or after bankruptcy. Bad Credit Home Equity Loan Our online application is the fastest and easiest way to apply for a home equity loan. We are dedicated to serving you with competitive rates and outstanding customer service – Regardless of Credit Problems we can get your home equity loan approved! Borrow up to 125% of your homes value and use the loan for any purpose. We offer low fixed interest rates. Bankruptcy or Bad Credit Problems, Ok! Complete our online application.Bad Credit Mortgage Refinance You can refinance your existing home mortgage to lower your interest rate, increase tax advantages, get a lower monthly payment, or simply get cash out for anything you need. Whatever your purpose, we have several mortgage refinance programs designed just for you – even with bad credit problems. Bad Credit 2nd Mortgage.Our goal is total customer satisfaction. Our business has been built through helping people with bad credit or bankruptcy get there second mortgages approved! Home Improvement Loan Whether you have bad credit or bankruptcy, we have a program to help get you’re Home Improvement Loan Approved! No Equity Required. We offer Special Home Improvement Loan Programs that are simple to get approved for. Have you been turned down form other loan companies? Completely Remodel your home or improve your Landscaping, Add a Swimming Pools & Spa, Need a New Roof? Time for a Deck, or New Carpet? You can do the work yourself or hire a contractor. Complete our online application. Manufactured Mobile Home Loans Want to buy a mobile home, but are afraid of being turned down for a loan because you have too much debt? We can help even if you have past bad credit problems or bankruptcy. With our manufactured mobile home loans, you may be able to get the money you need to buy a manufactured home and pay off debt! to learn more about this life changing offer, please visit our website at PrivateFastloans.com

loans personal loans payday loans student loans bad credit loans home loans auto loans car loans home equity loans unsecured loans fast loans countrywide home loans bad credit personal loans pay day loans cash loans small business loans fha loans mortgage loans online loans business loans debt consolidation loans private student loans direct loans loans for bad credit bad credit car loans students loans unsecured personal loans online payday loans secured loans bank loans consolidation loans no credit check loans loans for people with bad credit college loans faxless payday loans va home loans bad credit personal signature loans quick loans bad credit home loans no fax payday loans commercial loans cheap loans unsecured debt consolidation loans bad credit student loans personal loans for bad credit used car loans fha home loans bad credit auto loans loans investment mobile home loans consolidating student loans government loans compare personal loans federal student loans personal loans for people with bad credit military loans equity loans loans with bad credit car title loans countrywide loans real estate loans sallie mae student loans construction loans loans online cash advance loans title loans poor credit loans short term loans va loans astrive student loans sba loans installment loans signature loans easy to get payday loans manufactured home loans same day payday loans quicken loans fast cash loans motorcycle loans bad credit payday loans high risk personal loans stafford loans consolidate student loans chase student loans payday loans or cash advances home improvement loans bad credit installment loans instant payday loans high risk loans home settlement loans school loans instant loans used auto loans hard money loans personal loans with bad credit loans cash unsecured bad credit loans poor credit personal loans personal loans bad credit quick cash loans

Duration : 0:5:27

(more…)

Technorati Tags: bad, cheap, check, College, commercial, credit, debt, fax, faxless, for, home, loans, no, payday, people, personal, quick, signature, unsecured, va, with

I would like to know if anyone has come across a mortgage calculator that allows you to calculate the money that goes on and off an offset account linked to a mortgage.

What would you want the calculator to do? Mortgage offset account is simply a loan tied to an account at your bank such as a savings account.

You can check out some calculators here. http://www.mortgagesum.com/mortgagecalculator/