Home Lender Depot

Looking to Relocate? Let’s Look at Property Taxes

joek — Mon, 07 May 2012 14:21:42 +0000

Many people who are looking to purchase property are also considering relocation. When people think about taking on a mortgage, they often look at things like interest rates, points and where they can buy the largest home for their money. Sometimes considerations are tied to where jobs are or where family lives. But occasionally people with flexibility in their lifestyles are simply looking for a change of scenery. If you fall into this latter category and are considering a change of pace, you may want to consider property taxes when you think about where you might go.Within a state property tax might vary by degrees dependent upon which town you live in, but for the most part a state with a high (or low) property tax rate will be more or less uniform, all things considered.

So taking that into consideration, looking at what an average per capita property tax is we’ve found the five highest and the five lowest property tax states across the country. In order to figure out a general average, we took the general population and divided that into the total amount of property tax collected. These amounts are not exact, but they will give a buyer a really good glimpse into what they can expect to pay each year if they take out a mortgage in these areas.

The states with the highest property taxes are:

New Jersey: $2,640
Connecticut: $2,400
New Hampshire: $2,320
Wyoming: $2,180
New York: $2,124

The states with the lowest property taxes are:

Alabama: $480
Arkansas: $530
New Mexico: $540
Oklahoma: $560
Kentucky:$ 620

The break-down of these taxes seem pretty clear – with the exception of Wyoming, the higher taxed states are all in the New England area. Whereas the lower taxed states are in the southern region of the US.

30 Days to a Higher Credit Score

joek — Wed, 18 Apr 2012 22:36:53 +0000

Top things that help your credit score:

Remove discrepancies from your credit report
Pay your bills on time
Pay off credit cards in full
Have low debt to limit ratios
Increase your credit limits
NOT cancelling unused credit cards

Things that hurt your score:

High credit card balances
Low credit limits
Late payment history
Too many “Hard” inquires
Bankruptcy in the last 10 years
Judgments against you

We all wish we could fix our credit score overnight, but we all know that is just not possible. Fortunately by following some basic principles, over time you can improve your credit score to that all important “620″ threshold that allows banks to lend you money for a home. If you plan on buying a home or car in the near future, you will need to work on getting your credit cleaned up to get qualified for a lower interest loan. Here are a few tips for you to consider.

Do your research:
Before you start your credit repair process, be sure to check all of your credit reports and determine what needs to be addressed. You can get a free credit report once a year from FreeCreditReport.com.

Once you receive the report look it over carefully and make sure the information is accurate and up to date. Credit bureaus don’t take the time to verify the information they receive from creditors, so it’s up to you to stay on top of your credit history.

Verify your credit card companies are reporting your credit limits, balances and account status correctly. Make sure loans that have been paid in full (cars, boats, planes, homes) have been properly noted. If you find any discrepancies you should immediately submit a “dispute” by contacting the credit bureau in writing, providing details and documents supporting why certain information is inaccurate (the credit report will provide contact information regarding how to dispute an item). This process can take 3- 6 weeks and in some cases longer before your credit report will be updated.

Create a plan of action:
Create a budget that will allow you to pay down as much revolving debt as possible in the shortest amount of time. If possible try to pay off your credit cards in full or get them down to less than 10% of their limit. You may want to consider spreading out your total debt over several cards to lower your “debt to limit” ratios.

Did you know?:
Using almost all of your available credit regardless of the limit can have a huge negative impact on your credit score (up to 40 points or more) even if you pay the card off in full each month. It greatly depends on what time of the month the agencies updates your credit score. For example if you max out your card to get airline miles or rewards points each month and during the time before you submit your payment the credit agencies gathers your data it will only see your current balance and base its credit score calculations on that number.

*Tip – organize your payment schedule to coincide with when the agencies gather their data about your accounts to reflect the lowest possible balance.

Avoid “Hard Inquires”:
Avoid applying for any new credit card or installment loan as each time you apply a “Hard Inquiry” is added to your profile which has a negative impact on your credit score and must remain on your report for 2 years (by law)!

Stick to the Basics:
Pay your bills before the due date each month. Building a record of continuous, on-time payments is one way to raise your credit score. Even if you can only make the minimum payment it’s much better than having a late payments listed on your credit report.

Increase your credit limits:
You can ask your current credit card company to increase your limit without adding a “Hard Inquiry” to your report. Having higher limits helps your overall credit rating as other banks will use that information in part to determine your “borrowing potential”.

Becoming an “authorized user” is another way to indirectly increase your credit limit. Ask your family or friends to add you to one of their older credit cards as an authorized user. Remember, the older your credit history, the better. If the person adding you has had a card for over 20 years that will help you increase faster.

Bonus tip:
If you have been a overall good customer for years, but missed a payment, you may be able to ask your creditor to “erase” a negative listing. You may do this with a goodwill letter. There are no guarantees, but some have had success with this method.

Again, trying these methods is not a guarantee that you will get fast results, but overall you will see positive changes in your credit score history usually within 30-60 days.

Do you have any helpful Credit tips? Leave your suggestions in the comment section below

note

artem — Thu, 26 Jan 2012 22:43:24 +0000

* Lowest rate guarantee is based on quotes received from any other bank within the same day.

Why Choose Home Lender Depot?

artem — Thu, 26 Jan 2012 21:50:18 +0000

Home Lender Depot combines the highest customer service standards with the lowest interest rates available in the market today Guaranteed! We work with only FDIC insured lenders in all 50 states and have over 120 lending channels to make sure our customers get the loan that meets their financial goals.

We offer only Wholesale Lending Rates.
Single point of contact for the life of the loan process.
We can have you pre-approved in 15 minutes.
Underwriting average closing is half the time (3 weeks)
Home loans of up to 125% value are available.

home page

artem — Thu, 26 Jan 2012 13:56:03 +0000

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Bad Credit? Steps to Owning a Home in Today’s Market

joek — Sun, 23 May 2010 06:15:22 +0000

Conventional wisdom today is all over the map when it comes to finding a lender to finance your home purchase. Some experts say it is difficult to get financed if you have a bad credit history because banks are not lending money today. But some customers with bad credit are successfully getting financed today. It requires working with a creative lender, who understands today’s market, and can effectively navigate the convoluted lending system to secure credit for those individuals with bad credit.

Understanding Today’s Market

The experts on the Home Lender Depot team have kept up with the changing lending practices of banks, credit unions, and other sources of financing. And our team understands that many potential homeowners have bruised credit scores as a result of the economic instability in our country over the last couple of years. Our proactive effort to adjust our processes to the new economic realities puts us in the unique position of being able to help people with bad credit successfully purchase a home.

Our loan experts work closely with our customers to assess their financial situation, and to find the right loan that gets them in a home. Lenders are still willing to provide sub-prime loans, and will assess the risk of that loan and establish an interest rate that properly reflects the risk. What this means to the subprime borrower is that they may have to pay a higher interest rate to reflect the higher risk that the lender is taking by lending to them. Most homebuyers recognize these market realities and are prepared to pay a premium to reestablish a good credit history and become a homeowner. The economic realities of the last several years have caused many people to have to reset their financial profile and although bruised, work to reestablish a good credit history and secure the status of homeowner again.

Negotiating the Deal

Some first-time buyers do not have a credit history, or have a bad credit history as a result of poor financial decisions made when they were younger. We specialize in helping these bad loan buyers secure a loan and set them on the path to building a responsible and respectable credit profile.

In today’s market, many houses are undervalued, so Home Lender Depot is able to negotiate a stronger position for our bad credit buyers with lenders, making the argument that the home is a strong collateral asset because the assumption is that housing prices are at record rock bottom prices in today’s market. The bank, in assessing risk, will look at not only your credit history, and current income and expenses, but also recognize the house serves as a strong piece of collateral that can tip the decision in your favor.

We encourage you to contact us. One approach is to get pre-approved through our lending service. The pre-approval process can put you in a stronger negotiating position with potential sellers, particularly if they have had other deals fall though when people have not been able to secure financing.

We will help broker the agreement between you and the lender. In most cases, we can process the paperwork within a week, and have you well on your way to securing that most traditional of American dreams, of home ownership.

Bad credit mortgage loans are still possible in today’s market. If you fall in to any of the following categories, we encourage you to contact Home Lender Depot.

Excellent credit history, that has been bruised by economic realities of last few years
Younger first time buyers, with a credit history that reflects bad credit choices made, chalked up to youthful indiscretions.
Families who have a bad credit history, as a result of always playing catch up on bills and expenses.

We have successfully worked with many people with compromised credit and successfully helped them secure a loan.

Home Loan Realities in Today’s Market

joek — Sun, 23 May 2010 05:49:26 +0000

So, you’re thinking about buying a home? As you’ve discussed options, you’ve probably heard lots of stories. And gotten lots of advice from friends, family and co-workers about how you should arrange financing. While other people’s war stories may have nuggets of good information in them, your financial decision should ultimately be based on today’s market conditions and your own personal situation.

Timely Advice?

If you’re listening to your parents (or even grandparents), they are probably of the mindset that a 30 year mortgage is your best option. And probably in their day, when they purchased their home, that was the right decision, for them, at the time. Younger friends and family may advise you that an adjustable rate mortgage is the best thing, because with historically low interest rates, you can save money in the early years of your loan. And then there is the group of people who have purchased homes in the last 5 years, who have their own horror stories about interest only loans, home prices imploding, and how their home purchase was the worst decision they ever made. And the difficult thing, is that all of these people are right, given their own personal situation, and when they made the decisions that they did.

Today’s Home Buying Market

But today, everyone is operating in a different market. Interest rates are low. Home prices are lower today than they have been in years. In many markets, people think they have hit bottom. These market conditions can make it a great time to buy a home. On the other hand, getting loan approval is not as easy as it was a few years ago. And many people have bruised credit ratings, based on high job losses and challenging economic conditions of the last few years.

In today’s market, the best approach is for you to work with a professional, someone who has kept up with the changing market conditions, and changing mortgage instruments, and who can properly advise you on the best mortgage option for your personal situation and current market.

Prequalifying Can Put You In the Driver’s Seat

Many people start their search for a home, find the perfect house or the perfect deal, and then start working on getting approved for a mortgage. A better approach is to get your mortgage approval in place before you start looking for a home. This has several advantages. You have a clear understanding of how much you can afford to spend. Home sellers perceive you as a serious buyer, which can improve your negotiating position. Additionally, it puts you in a position of being able to act quickly. When you find the right deal, or the right house, you can “seal the deal” ahead of any other potential buyers. This first step of pre-approval, can be one of the most important steps you take.

Home Lender Depot – The Right Information for Today’s Market

One other thing to consider is that the financing landscape has dramatically changed in the last several years. Your parents and grandparents probably secured loans through their bank or savings and loan in their neighborhood.

The Internet has opened a whole new range of options to home buyers when it comes to securing a loan. Information, advice, and loan approval is literally at your fingertips. We would encourage you to visit our website, HomeLenderDepot.com, and work with us in getting the best information and securing the best mortgage that meets your individual needs. All of this can be done from the comfort of your home. Our loan process is quick and easy, and our loan experts are standing by, waiting to help you.

Finding the Right Mortgage Loan for You

joek — Tue, 18 May 2010 02:13:30 +0000

With hundreds of types of mortgages, and thousands of lenders, how does the average consumer make sense of all of the choice and numbers? Much of it comes down to working with the right mortgage expert and asking the right questions. These two tactics can put you on the road to getting the most affordable mortgage aligned with your specific needs and financial profile.

In the mortgage loan business, there is no “one size fits all” when it comes to securing a loan. Each prospective home owner has their own unique financial profile that will impact what loan is right for them. There are fixed rate mortgages, 15 and 30 year mortgages; adjustable rate mortgages (ARMs), interest only loans, pay option ARM loans, loans with balloon payments, FHA loans, extendable balloons, Jumbo Loans, VA loans and many other options. How does the typical consumer make sense of all the choices?

Factors to consider when sizing up your current situation include:

Considering current income.
Estimating future income for the next year, three years from now and five years from now.
Is your income fixed or variable from month to month or seasonal?
Calculating realistic monthly expenses. Do you expect these to increase or decrease in the coming years? Are the expenses set or do you have some control in managing the expenses?
Do you have outstanding debt in the form or credit cards, or car payments, or student loans? How long before this debt can realistically be paid in full?
How long do you expect to stay in your home? Will it meet your family’s needs for the next 5 to 10 years? Do you expect the size of your family to increase or decrease in the coming years?
Do you expect to stay in the local area for the foreseeable future? Is you job location stable, so you can assess commuting requirements?
Property taxes and insurance have become more unpredictable in some markets. Do you expect these expenses to remain consistent over time? Are you concerned that local factors may cause these costs to increase?

A fixed rate loan provides the most stable, predictable payment structure for homeowners. 15 and 30 year fixed rate loans offer a consistency and predictability that many people prefer. For other people, who are comfortable with more uncertainty, and can benefit from lower initial monthly payments, an ARM can be an attractive option for them. ARMs provide lower initial payments, which are attractive to many people, but can be more expensive when interest rates are reset, typically after 2, 3 or 5 years. Interest only loans can be a helpful financial instrument, and is particularly attractive to real-estate investors. These loans should be secured only by people who fully understand the terms of the loan, and are prepared to meet the requirements of this type of loan.

Pay Option ARM loans are an important tool when a large percentage of income comes from commission payment. These loans are also appealing to self-employed people. Again, because of the sophisticated structure of these loans, and the possibility of negative amortization, these types of loans should be fully understood before electing this type of loan. FHA loans can help first time buyers or buyers who have trouble securing more conventional loans.

Your best bet is working with a mortgage professional who can guide your decision making process and help you in assessing your current situation and selecting the mortgage best suited for your individual situation.

Click here for a free no obligation quote or call 800.470.0099 to speak with a loan expert now.

The 1-2-3 of Homeowner Loans

joek — Tue, 18 May 2010 01:49:57 +0000

As a homeowner, if you have equity in your home, you are well positioned to get a loan, secured by your position of home ownership. Your equity position is based on how much you owe on your current mortgage, subtracted from how much your home is worth. The balance is the equity you have built up in your home (EQUITY = HOME VALUE – HOME MORTGAGE ).

A lender will be much more willing to provide a secured loan, in this case, the loan is secured by the equity you have accrued in your home vs. an unsecured loan. This puts homeowners in a much better position when it comes to borrowing money. Many homeowners elect to leverage the equity in their home, freeing up cash that gives them the flexibility to meet other financial obligations, such as college expenses, major home improvements, a new car loan, starting a new business, or consolidating high interest loans, such as credit card payments.

Even if you do not have equity built up in your home, some lenders value the stability reflected by owning a home, and will lend based on a 120% valuation of your home. In other words, if your home is worth $100,000 and you have no equity built up, a lender may calculate loan eligibility based on $100,000 x 120% = $120,000, and allow you to borrow up to $20,000. Secured loans, based on home equity, or home ownership, tends to have a lower interest rate than unsecured loans.

1. Consider Terms of Loan

There is a wide range in the repayment terms when securing a second loan, or home equity loan on your house. Length of the loan can vary from 3 to 25 years, depending on the size of the loan, and monthly payments that you can afford. Interest rates will vary, based on your credit history, equity in your home, and your monthly expenses and income. The lender will make a judgment on your ability to repay the loan, and the risk they are taking by lending to you and will set an interest rate based on these many factors.

2. Run the Numbers

Financial calculations can be confusing and convoluted. Make sure you have a clear understanding of the numbers when comparing one loan to another. At first glance, a low monthly payment can be enticing, but make sure you understand all the terms of the loan. Compared to monthly payment amounts, the annual percentage rate (APR) is a better indicator of your total financial obligation when securing a loan. Other things to look for include: hidden fees, miscellaneous charges, and penalties for late payments. Early repayment penalties can also make a difference, depending on your individual situation.

3. Compare Online

Be sure to take advantage of the convenience of online shopping. It has never been easier to shop for a loan. Home Lender Depot offers the convenience of online shopping, a one stop shop that can provide a broad range of loan options. Use our handy online calculator tools, research online and apply online. Everything is available at your fingertips.

At the end of the day, your home can be your best option for bridging short term financial obligations when cash flow is a problem. And, as with all major financial decisions, make sure you clearly understand the financial commitment you are making when securing a home equity loan and that you have considered both your immediate situation and your longer term ability to repay the loan.

When a Second Mortgage Makes Sense for Your Family

joek — Mon, 17 May 2010 01:21:31 +0000

Any major financial decision should be thoughtfully considered and analyzed. The last few years have felt like a financial roller coaster for many homeowners. None of the old rules seem to apply in today’s market.

For homeowners being squeezed by today’s economic uncertainties, second mortgages on their home have provided a much needed lifeline as they navigate the new realities. A second mortgage is a loan made to a homeowner, secured by the equity they have built up in their home. This loan provides up front cash, which is paid back in monthly installments, over an agreed upon period of time. So when does a second mortgage make sense for a homeowner and how are they most commonly used?

Common uses of second mortgages include:

College expense payments
Consolidating other outstanding higher interest rate debt.
Converting high interest credit card repayments to more affordable interest rates, that are tax deductible.
Major household repairs or renovations
Kitchen and bathroom upgrades, bedroom or bathroom additions, backyard decks and pools.

Household renovations are many times seen as a good investment for second mortgages, as they will many times pay for themselves. Homeowners are re-investing in their biggest asset and increasing the overall value of the property.

Be prepared for the steps required to secure a second mortgage. Paperwork, home appraisals, income verification, and credit applications are all part of the process in securing a second mortgage. And because it is an important financial decision, we encourage all of our customers to carefully evaluate different loan offers to ensure you are securing a loan that best meets your individual requirements, and is structured in such a way to allow you to meet the terms of the new financial agreement. Pay close attention to the total loan amount, length of the loan, annual percentage rate (APR), and specific terms, such as late penalties or prepayment penalties. We try to make it as painless as possible for you, and in most cases, can have an approval to you in one week.