Feb
28
Modifying your Wells Fargo Mortgage through Obama’s Stimulus Package
Filed Under wells fargo mortgage | Leave a Comment
go is one of the most well known American banks. It is no surprise then that they are participating in the federal stimulus package and helping homeowners stay out of foreclosure and possible bankruptcy. You can now apply to Wells Fargo for a loan modification.
If your mortgage currently exceeds your home market value by at least 105% or if you have fallen behind on your loan payments you may qualify for federal assistance. This is what you need to know:
Depending on your unique situations, Wells Fargo offers a variety of programs through the federal stimulus package. These include: loan modification, extending the loan terms, short sale, obtaining a FHA loan claim or transferring your deed to Wells Fargo instead of losing your home in a foreclosure.
One key component of your application to Wells Fargo is a hardship letter. Your letter must explain fully why you are in financial hardship and what your plan is to maintain your new lower monthly loan payments after a loan modification. This letter is crucial and do not overlook it because you only get one chance to apply to the program.
Things you will need to submit with your application: why you are having financial hardship, your current loan terms and conditions, a detailed list of your current income and expenses, and a debt-to-income ratio.
It is also important to do your own research ahead of time and to be familiar with the different programs and options. This can show the bank that you are serious about getting back on the financial track.
Finanlly, you will only qualify if your mortgage value is 105% of your current home’s market value and it must be owned by Fannie Mae or Freddie Mac. After a loan modifciation, your monthly loan payments will not exceed 31% of your gross monthly income.
Feb
26
We know that London is one of the largest cities in the world in the aspect of economic development. It is one of the world business and economic centers where many financial transactions done everyday. The great developed city certainly has many success businesses that run smoothly in their each aspect of business. So it will be a great idea to build a new business or expanding it by having one and more business office branches there. The great center of international business will certainly give you huge chance for success.
To have an office and business branches in London; you certainly have to choose a right location as a space where you run the business. As a new comer you definitely have to find qualified information about the best area for business and find the best space to purchase or rent. Pearl-coutts.co.uk is a site that can be visited for the information. It is a site of property specialist; especially for offices and commercials. You can find kinds of office space London information for rent or sold. By accessing the information; you can get some options for the property and choose a location that suits the business kind. All properties offered here are designed professionally and built in high quality. So you will not only get a space but also more advantages from the nice design of the commercial property London.
The location as well as the design of a commercial property is something important for a business. By visiting the site; you will find the information about qualified business space; office, storage space, commercial space and many more. The properties are business spaces and offices to let London. A success business can start from the right space chosen for the business. So just get the site to find all qualified spaces for your business.
Feb
15
The 5 People You Should Never Talk to About a Mortgage
Filed Under wells fargo mortgage | Leave a Comment
When you are out shopping for a mortgage, where do you get your information? Who do you listen to? These are the 5 people you should never listen to when shopping for a mortgage.
Co workers
You know all about the water cooler talk. In addition to gabbing about the latest TV show or presidential candidate, the water cooler is also a place to brag about the latest “accomplishment”. The new car, the fantasy football team, the best mortgage rate ever!
Looking good at the water cooler means a co worker may have to embellish on that mortgage rate. They would never admit they got taken. You head out thinking you can have that rate too and get sucked into the oldest scam in the mortgage industry which is the bait and switch.
A mortgage company quotes a crazy low rate but then turns into a much higher rate at closing. Now, that exact same thing happened to your co worker too. But they are not going to admit it to you and their water cooler story is safe knowing you will never see the actual mortgage note.
Friends
I actually heard someone at a party tell another guest, “Why are you paying so much interest? I have an option ARM and I only pay 1.9%. You are paying way too much at 5.75%.” For those of you not familiar with an interest only option ARM, it adjusts every month and the 1.9% does not cover the interest for the month. The additional interest gets tacked onto the loan balance. They had absolutely no idea what they were talking about.
Friends can be tricky. They may be trying to help and you may trust them more than a co worker but do they really have your best interest at heart? I would say, No! Even though they are a friend, they could have a little of the co worker competitiveness in them. And if not, they are still completely uneducated giving insane and harmful information just like the party comment above.
Family
Now your family probably has your best interest at heart but they also have horrible advice and information to give you too. They are as uneducated as you are and by trying to help you, it turns into a nightmare.
Sometimes it is hard to tell a family member you are going it alone in your mortgage shopping endeavor. They can get angry you are not totally dependant on them. Stand your ground and remember…if your family member is not actively in the mortgage business, it is best to get your information elsewhere and make the decision on your own.
Real Estate Agents
Never get advice from a real estate agent for 2 reasons. One, they can be involved in a kick back relationship with a loan officer. A kick back is when they send you to a certain loan officer because that loan officer pays them for your referral. It is totally illegal but it happens all the time.
Two, real estate agents know almost nothing about mortgages. Of course it does not stop them telling you what to do. We have had to undo many blunders by real estate agents and their “advice”. They can stick to the real estate transaction and let a mortgage professional handle the mortgage advice.
Commercial on TV
I love watching TV when a mortgage ad comes on. They throw out a really low rate and tons of small print. They take a dangerous loan and give it a snazzy name like “magic” or “smart”. And then they train their phone banks to hard sell on only that loan. You do not get real options or information. You get what the company wants you to get.
The only way you get real information when mortgage shopping is to discover it yourself. You have to get educated. Mortgage selection is not easy but there is real information out there. Get educated on your own and keep your mortgage shopping on the down low. That way you do not get the unwanted and wrong “advice” from everyone.