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What to do before getting a home purchase mortgage

April 14, 2011 By Leave a Comment

Article by Ask Bill

You have found your dream home and you want to make it yours so it is time that you think about mortgage. What should you do before you jump right in with your home purchase and mortgage application? Well, when you purchase a house, it is a very big investment. It could probably be your biggest investment yet. So, you may need to be thorough and careful when you go seeking for a home purchase mortgage. After all, you will probably be stuck with the mortgage for a very long time. It is crucial that you check out all the mortgage products being offered by financial institutions and banks before making your decision. You may need to seek a product that suit your needs and get all your mortgage questions answered. It probably is especially important that you get one with a very low interest rate as even a tiny difference in interest rates could mean a larger amount of monthly payment you may have to make.

To make it easier for you to make a decision on getting the right home loan, here are some tips:1. Do some budgeting – Before you jump right in to make a bid for your dream home, check your financial situation. How much do you have in your bank? How much is available to you? How much are you able to spend for your new home? Most importantly, do you have enough to cover at least six months of loan repayments and other expenses on top of using part of as downpayment for the property? You may need to have savings on hand because you never know what could happen a few months down the road. You could suddenly be incapable of servicing the loan (due to illness, job loss or reduction in income) and this could probably result in you losing your home when your creditor decide to foreclose on your property.2. Decide how much you can afford to pay each month – Whatever you do, it is best that you do not let the lender decide how much loan you can afford to take up. While they may give you assurances that you will be able to afford the monthly payment, they may be wrong. Nobody but you know how much you can or cannot afford. 3. Your downpayment amount – You may need to consider how much you are able to put in for the downpayment of your home. The higher the downpayment, the lesser you may need to borrow. 4. Your credit rating – this is by far one of the most important factors when a financier consider your loan application. You may find out about your credit rating by getting copies of your credit rating from either one of the three main Credit Reporting Bureaus, Experian, Equifax and TransUnion. Do remember that your credit rating is probably very important and if there is an error in your credit report, you may end up with a bad credit score, higher interest rate and higher fees for the loan. 5. The type of mortgage – you may need to know about the many different loan programs available. Do not be ashamed to ask questions and find out more details about each program. Choose programs that suit your budget and your needs.

Finally, after getting your mortgage, do remember that if you need a large sum of money for other purposes or if you are unhappy with your mortgage, you may always check out mortgage refinancing. By refinancing, you could possibly get a lower interest rate on top of getting a lump sum of money to cover unexpected expenditures like medical bills.

About the Author

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How to Generate Purchase Mortgage Leads Using Free Reports

April 14, 2011 By Leave a Comment

Article by Tom Domin

How to Generate Purchase Mortgage Leads Using Free Reports

Over the last few months, one question I’m often asked is…”How can I attract purchase money prospects without involving local Realtors/Agents in the referrals process.” Let’s face it, as mortgage rates move around and the refinance applications continue to decline, a solid system for generating purchase leads is a must to ensure your survival.

The following system can generate a huge number of qualified mortgage leads for you. There’s no begging for leads involved plus, delivering donuts and rate sheets are not a requirement. What is required to implement the system is some initiative on your part, coupled with a little today’s technology.

The technology you’ll need is called a “call capture” system. In case you’re unfamiliar with “call capture,” it’s simply a toll-free number and system that you dedicate to your personal mortgage advertising. The toll-free number captures every single phone number that dials your toll-free number. This includes unlisted, blocked, and cell phone numbers. Plus, if the number is listed in a directory you’ll also receive the name and address of the caller. A great by-product of this system is that even if your prospect hangs up before finishing his/her request…their phone number is still captured giving you the capability of following-up.

Usually, “call capture” companies and marketing programs recommend that you give the toll-free number to a Realtor/Agent and allow them use the system to capture leads via their property listings. Since you are the mortgage person of choice…you have full access to the leads as well. The problem with using the “call capture” in this manner is that it doesn’t work if you’re new to the business or haven’t established a good working relationship with a Realtor/Agent.

Using “call capture” to distribute free reports is different and…It cuts the Realtor/Agent out of the equation. The best part is that all of the leads you generate are exclusively yours.

Here’s how it works…

Incorporate and offer targeted “free reports” into all of your marketing materials, advertising, fliers, brochures, door hangers, business cards, and everything else that promotes your mortgage business.

While your competition is offering the traditional “low mortgage rates,” or “a free appraisal or pre-qualification,” you’ll be offering free information using targeted “free reports” instead. Here’s just a few examples of “free reports” you can offer:

1. 5 Mortgage Secrets Every Homeowner MUST Know, but Lenders Don’t Tell2. Tips Your Banker Doesn’t Want You to Know About When Shopping For a Mortgage3. 5 Reasons Why You Should Refinance4. How to Secure a Mortgage with Damaged Credit5. Why Owning Your Own Home Is Better Than Renting6. Free Report Reveals Home Inspection Tips That You Need To Know Before Purchasing

By promoting simple targeted “free reports” like these, you can generate hundreds of calls, all from potential clients that want and need this valuable information. Once your caller requests the report, simply send it to them and then follow-up with a phone call. This accomplishes two very important things:

1. You have identified a potential client, and2. This gives you a unique opportunity to present yourself as a trusted advisor and expert, not just another salesperson.

You’ll notice that I use the phase “targeted free reports.” By promoting a specific group of reports you can target the types of customers you prefer to work with. You may target home buyers, first-time buyers, refinance prospects, FSBOs or, the credit challenged. The choice is yours…and the huge number of leads that you generate using this system…are also yours.

About the Author

Tom Domin is the author of “101 Ways to Originate Mortgages” and publisher of “Tom’s Mortgage Tips” a twice monthly Mortgage Newsletter geared for Mortgage Professionals. Put your mortgage career on the fast track and sign-up for FREE at http://www.MortgageMarketingToolKit.com/

Visit www.reversesecure.com for more information. Find out how much of a home you could purchase with this calculator using a government insured Reverse Mortgage or HECM. A Reverse Mortgage can now be used to purchase a new home.
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What Is The Best Type of Purchasing Mortgage Life Insurance

April 14, 2011 By Leave a Comment

Article by youhan

Are you a fan of life insurance or not, one thing should always be for help in a life insurance. This thing is a life insurance on your mortgage. Regardless of your home is your best asset managers. You need to protect your most important asset of a possible financial burden. Let me emphasize the benefits of mortgage insurance and what is the best type of purchase.

Mortgage life insuranceis exactly what you think it is. He repay your mortgage in the event of his death, and sometimes when you are permanently disabled. Mortgage insurance benefits are also to be seen very easily. The insurance pays the rest of your mortgage and is generally very favorable. In addition, because of the nature and how it is offered, it is usually very easy to qualify.

Mortgage life insurance can be purchased in several ways. In most cases, if an insurance agent and this may be the best way to do it. When you buy from a broker, you can either level or decreasing term insurance to cover the mortgage and see how little difference. Usually it is better to buy a level term insurance to cover their mortgage through an agent a few reasons. The first is that the insurance paid directly to you and not the mortgage company if you need money for other expenses. It also means the amount of insurance that you receive the full amount of the mortgage rather than decrease the amount of assistance to other bills.

The other form of purchase mortgages directly from mortgage companies. This is cheaper, easier and more convenient to purchase an insurance policy, but also the most restrictive. The insurance payment was made in which there is no need for separate payment. But the insurance only covers the amount of the mortgage and paid directly to the company. You should always make your house, this is the biggest concern of all.

In short, to buy mortgage life insurance is the key to sound financial planning. There are several ways to purchase an insurance policy, so it really depends on your personal feelings about how you want. Buy insurance level when you can benefit from this system is your best bet, but one has to do ultimately, what is best for you.

About the Author

I am blogger of theseinsurance.com,It provides insurance informations and resources.

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