The Zero Down 80/20 Mortgage
This is an excellent loan for those that are lacking the down payment required for other types of mortgages. The 80 20 mortgage is simply two loans for 100% of the purchase price. It is a first mortgage at 80% of the purchase price with a 20% second mortgage. If you are a conforming borrower, doing your loan in this manner will save you from having to pay mortgage insurance. Mortgage insurance is almost always required when you have less than 20% down.
But with the 80 20 loan you avoid this necessary evil. If you are a sub-prime borrower, doing you loan in this manner will typically keep your interest rates ?% to 2.5% lower than doing a 100% one loan.
A 100% one loan is simply one loan for the entire purchase price. Many times you will have two choices when it comes to the second mortgage portion of the 80 20 mortgage. The second mortgage can either be a fixed second mortgage or it can be a line of credit.
If it is a fixed second mortgage. The interest rate is fixed for the entire length of the mortgage. Most fixed second mortgages are a 30 due in 15. Meaning that the second mortgage is amortized over 30 years, but is due in 15 years. Basically it is a balloon payment.
Don't let this scare you. Statistically people refinance or sell their home every 7 to 9 years any ways.If it is a line of credit as the second mortgage. The interest rate will fluctuate as the Federal Reserve adjusts the prime interest rate up or down. The benefit of going with the line of credit as the second mortgage is that the interest rate is normally much lower than the fixed second mortgages rate. It can be 2% to 5% lower.
If you are considering doing the 80 20 loan have your loan officer compare the two different options if you have both available to you.You may also want to consider an 80 20 interest only loan. The interest only loan could save you hundreds of dollars in mortgage payments every month. This can help you purchase a more expensive home or keep the payments down on the home you want to buy.
Matthew Allen is a mortgage consutlant with Action Brokerage Services, Inc. in Medford Oregon. He is also the author of "How To Buy A Home With Zero Down, Even If You Have Damaged Or No Credit" You can visit his website at http://www.realmortgageadvice.com.EBIA Allows Public Access to Employee Benefits Tax Savings Calculator
Seattle, WA (ContentDesk) July 23, 2004 -- Employee Benefits Institute of America Inc. (EBIA).
EBIA is now allowing free access to their powerful tax savings calculator.
This calculator shows employees how much money they will save in federal taxes by making pre-tax contributions to their benefit plans. And for employees with dependent care expenses, the calculator also shows the relative tax benefits from participating in an employer-sponsored dependent care assistance plan (DCAP) versus claiming the dependent care tax credit (DCTC).Hundreds of attorney and programmer hours were spent developing EBIA's comprehensive, easy-to-use calculator that takes into account several factors often overlooked.
To try out the calculator, simply visit: http://www.ebia.com/publications/calculator.html "You'd be hard-pressed to find a better benefits tax savings calculator," says Thomas McCormick...
EBIA Allows Public Access to Employee Benefits Tax Savings Calculator
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RealMarCom Provides Mortgage Marketing Professionals Free Resources for Effective Mortgage Marketing Communications in Latest Issue of "Mortgage Origination Marketing"
Aptos, CA (ContentDesk) May 18, 2006 -- RealMarCom (http://www.realmarcom.com) released today its latest issue of "Mortgage Origination Marketing", including the following feature articles: Understanding the Cycle of Communication for More Effective Mortgage Marketing; Tips for More Effective Communication for Mortgage Marketing Professionals; Is Your Mortgage Marketing Strategic of Tactical?; Mortgage Originators Can Swell Pipelines 400% with Advanced Mortgage Call Capture Technology Available Through RealMarCom.Following are key excerpts of the current issue of this free online magazine for mortgage marketing professionals.Tutorial: Understanding the Cycle of Communication for Greater Success as a Mortgage Marketing ProfessionalCommunication is vital to the survival and success of mortgage marketing professionals. In spite of this, few understand what communication...
RealMarCom Provides Mortgage Marketing Professionals Free Resources for Effective Mortgage Marketing Communications in Latest Issue of "Mortgage Origination Marketing"
Mortgage calculator > RealMarCom Provides Mortgage Marketing Professionals Free Resources for Effective Mortgage Marketing Communications in Latest Issue of "Mortgage Origination Marketing"
Commercial Mortgage Lending
Business owners looking for office space, factories or stores to expand their business can go for commercial mortgage lending companies to realize their plan. Only commercial mortgage lending companies will help them purchase commercial property. However, the commercial mortgage lending plans are available with different interest rates, terms and amounts. As a business owner, you have to be careful while opting for a particular commercial mortgage lending service. Buying commercial property has become a craze among the business owners.
After purchasing commercial property in a good location, they lease out the additional space. Thus they recover advertising or equipment expenses.
However, some business owners don't want to go for commercial mortgage lending. To avail oneself of commercial mortgage lending, one has to declare his or her financial information. Qualifying for a commercial mortgage is also quite difficult. But if you remain watchful during the selection...
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Mortgage Originators are Gravitating Towards MortgageDirectMail.com for Resources on Direct Mail Marketing for the Mortgage Industry
MortgageDirectMail.com announces it will make The Greatest Mortgage Direct Mail Campaign in the World available to all mortgage professionals who wish to use the best mortgage direct mail piece of all time! Although the best mortgage mailer of all time has been around for several years, until now the mortgage industry was unaware that such a mailer even existed. The mail piece started receiving some publicity from the Mortgage Originator Magazine when it published an article about it. Based on the success of the article it is now being released for the first time ever to the rest of the mortgage industry. In fact there is a complete mortgage direct mail system that has been developed for mortgage professionals. This complete system is a step-by-step how to system that has everything needed to begin a successful mortgage direct mail campaign.One mortgage loan originator is closing over 30 loans per month every month solely from using this mortgage direct mail campaign.
He finally...
Mortgage Originators are Gravitating Towards MortgageDirectMail.com for Resources on Direct Mail Marketing for the Mortgage Industry
Mortgage calculator > Mortgage Originators are Gravitating Towards MortgageDirectMail.com for Resources on Direct Mail Marketing for the Mortgage Industry