NOMS Mortgage Information

Mouli Cohen’s effect on the World

admin — Tue, 09 Mar 2010 15:58:44 +0000

It isnt enough just to be successful; Mouli Cohen is a prime example of this fact. While he has spent so much of his life creating so many business successes, he has also spent so much time creating a better world. Cohen, the founder of Voltage Capital is a success story in so many different ways.

Much of Cohens time and efforts are spent towards the battle of childhood disease. Cohen believes that, as with business, it is important to set a goal that you feel is beyond your reach and work to achieve it. It is my philanthropic goal to reduce the incidence of childhood blindness in third world countries, and expand the number and reach of cancer detection and treatment programs for children.

It has been said that A man never stands as tall as when he kneels to help a child. Mouli Cohen lives to such a standard and stands taller than ever with his efforts to fight childhood blindness and cancer. There is no question that Cohen has taken huge steps to help the less fortunate with the wealth he has obtained. If more businessmen and women had a similar stand on issues, could you imagine the change that could take place in the world?

First time home buyer

editor — Sun, 07 Mar 2010 21:52:05 +0000

For the first time home buyer, applying for a mortgage can be as scary as going to the dentist! You have found the home you want and now you are faced with the prospect of going to the bank you have chosen, where they will determine if you are ‘credit worthy’ of a loan. Have all your financial records in order. Be able to verify your income. The bank will request a copy of your credit report to check your credit history. If you have always maintained a good payment history and no complaints were filed against you, you won’t have anything to worry about in that area. Your mortgage will be for a certain period of years, in which you will pay back monthly an amount determined by the bank, depending on the number of years (usually 30, but sometimes 15 or 20). The length of time will determine the amount of the payments. Interest rates play a very important factor, also. Decide whether you want a “fixed” rate (where the rate of interest stays the same for the length of the loan), or a” variable” rate ( you will usually start out with a lower rate for the first year or two), but subject to market change this rate could either go up, or down. Your loan officer will advise you as to which way to go.Yoy will also be required to have home owners insurance with your loan. If you decide to have an “escrow” account, you will pay the bank a certain amount that will include your mortgage payment, your insurance, and your property taxes. The bank will then disburse the funds to the different places. Make sure you shop around to different financial institutions to get the best rate.

ARM Mortgages

editor — Fri, 05 Mar 2010 05:19:54 +0000

No longer are the days of simply the 30 year fixed rate mortgage. Now there are various types of mortgages available, but the most popular is the ARM Adjustable Rate Mortgage. This type of mortgage allows you not only to qualify for a mortgage but pay low mortgage costs, thus allowing consumers who would not normally qualify for a fixed rate mortgage. The way it works is you get a really low interest rate for a certain amount of time, say 5.5% for the first 3 years, making your mortgage payment minimal. After the 3 years is up then your mortgage adjusts to whatever the current market rate is. In one month your mortgage can go from $1400 to $1800.

Once your rate adjusts you then have to refinance your mortgage for a fixed rate or you continue making the payments according to the market. However your rate will adjust every year, not every month. Even though you still dont want the worry of every year your rate going up. For those consumers who are in a financial situation and can ride out the up’s and down’s of an ARM great, but for those consumers who live on a moderate income that doesn’t go up every year it could be a problem. The true sign of a disaster to come is when your mortgage goes up every year and your income isn’t. If you do decide to go with the ARM, make sure your credit is in good shape so that you can refinance when you need to with out any hassles..Good Luck!

Mortgage Basics

editor — Tue, 02 Mar 2010 18:13:34 +0000

A mortgage is a loan taken out to buy a house. It is kind of funny that the term mortgage actually comes from two French terms; mort, meaning death and gage meaning pledge. It was originally used to instill the seriousness of such a loan. The person taking out the loan makes a pledge to pay it back. If they fail to pay it back, the property is dead to them, they no longer have it, and if they do pay it all back, then the pledge is dead to them. It was usually assumed that the debt would not be paid back in full. Getting a mortgage is a big deal. You are signing papers for a large amount of money, that will be paid back over a long period of time. You really have no way of knowing for sure what will happen to your financial status over the length of the mortgage. When looking for a house to buy, you should also start looking around at different mortgage options. You want to check your credit rating, and fix anything you can before applying for a mortgage. The better your credit, the lower an interest rate you can qualify for. There are different programs for different groups of people available that can help get a mortgage or will guarantee the loan to the loaner. If you served in any of the armed forces, you may be able to get a VA Loan. With this, the federal government guarantees that it will refund the loaner any money that does not get paid back. This is a great help to someone buying a home, and usually will let them borrow the full price of the house, with no money down.

Mortgage Basics

editor — Sat, 27 Feb 2010 22:58:59 +0000

Getting a mortgage is a scary thing to do. But with the right fixed rate mortgage it can be a breeze. So, you find a house you love. Okay, you talk to the listing agent, and make an offer. Most likely you will have to counter back and forth until both seller and you agree on a price. next step? Go to a bank and see if you can get pre-approved for the amount you need. This doesn’t mean that you have the money yet, just that the bank will say that you can have the money depending on whether or not they think the property you want is worth it. Yes the bank gets to decide if the loan is worth it. So, the bank will send an appraiser out to see what the property is like and if it is worth the asking price. Again..it’s all up to the bank. They hold all the cards at this point. It’s all a breath-holding game at this time. For both you and the seller, who wants to sell as bad as you want to buy! The bank will usually want a “comp” of similar houses that have sold lately. This means they want to compare the house you want with others that have sold to see if the asking price is within a reasonable range. Another wait. Finally, finally, you will get a letter stating that such and such bank will be happy to lend you the money. Be sure that you review the terms of the loan detail by detail to ensure that you will be able to meet the terms of the loan. So move in, settle down, and make your mortgage payment on time each and every month. Oh..and pay your taxes and home owners insurance because banks don’t like it if you don’t. Smile..it’s only time and money!

Motgage Basics

editor — Fri, 12 Feb 2010 19:21:26 +0000

Fixed Rate Mortgage Loans are Ideal Right now

admin — Tue, 09 Feb 2010 19:59:26 +0000

If you want to purchase a home there are a few things you will need to do first. Check your credit report and see what it looks like and if there is anything that can be corrected. Also make a note of what your credit score is. Next make sure you have a down payment saved up for the purchase of your new home. Most loan companies will require the down payment so they are protected if you default on the mortgage loan. After you have both of these things completed youre then ready to proceed. Check with the different financial loan companies to see what they can offer you in loans with a fixed rate mortgage. Take your time and shop around in order to make sure you are getting the best deal being offered. Its always better if you can get prequalified for the fixed rate mortgage loan. By getting prequalified you will know exactly how much you can afford and what price range of home you are looking for. A fixed mortgage rate will lock in the amount you will be charged for the loan. So even if the rates go up or come down youll still be locked in at the agreed rate. If your credit is outstanding then you could get a fixed mortgage rate loan and not have to give a down payment. By lining everything up and getting preapproved for a loan you will actually be a step closer to getting the home you are wanting. Theres a lot of paperwork involved with purchasing a home and the more you can get taken care of in advance the less stressing youll be doing at the end. Its a buyers market and theres no time better than today to get a fixed rate mortgage loan.

Second Mortgages

editor — Wed, 03 Feb 2010 02:35:21 +0000

A second mortgage is a second loan against your property. People will do this sometimes when they need money. Depending on the state of your first mortgage it can allow you to have access to a large amount of money but, like with all things there are risks involved. These risks can be in the APR rate or the default penalties for being late. There can be balloon payments and a wide variety of issues you could face by accepting the second mortgage. Money has a way of making one gloss over the finer points of issues that could come back and bite you like a rabid raccoon. There are points, closing costs to consider and a wide variety of issues. Educate yourself beyond the expectations of having a hand full of money by going through with the second mortgage. There are many things to be considered. People take second mortgages for a variety of reasons. Dont let my concern scare you away from it. People do it for home improvements, purchasing more homes, creating home equity lines of credit and avoiding private mortgage insurance. Not all uses of the second mortgage are wise so like with anything, you want to study and have all of your ducks in a row. Know exactly what you are doing and the second mortgage can turn out to be a blessing instead of a curse. Know that you can be risking your home by taking one and if you cant pay the money back you could find yourself in a serious situation. You can also come out with an interest rate higher or lower than the first loan or mortgage you placed on the property. Second mortgages are not a bad thing. The key is to be money wise and educated about what you are doing.

Ready for a Mortgage?

editor — Mon, 25 Jan 2010 18:18:52 +0000

Getting a mortgage is a scary thing to do. Just think, with a mortgage you are going to owe the bank for the next 15 to 30 years! YEARS! So, you find a house you love. Okay, you talk to the listing agent, and make an offer. Most likely you will have to counter back and forth until both seller and you agree on a price. next step? Go to a bank and see if you can get pre-approved for the amount you need. This doesn’t mean that you have the money yet, just that the bank will say that you can have the money depending on whether or not they think the property you want is worth it. Yep..it’s up to the bank. So, the bank will send their little appraisal guy around to see what the property is like and if it is worth the asking price. Again..it’s all up to the bank. They hold all the cards at this point. Depending on the mood of the appraisal person at that time, you may get the go ahead. It’s all a breath-holding game at this time. For both you and the seller, who wants to sell as bad as you want to buy! The bank will usually want a “comp” of similar houses that have sold lately. This means they want to compare the house you want with others that have sold to see if the asking price is within a reasonable range. Another wait. Finally, finally, you will get a letter stating that such and such bank will be happy to lend you the money.That’s your mortgage. So move in, settle down, and make your mortgage payment on time each and every month. Oh..and pay your taxes and home owners insurance because banks don’t like it if you don’t. Smile..it’s only time and money!

Applying for a Fixed Mortgage Rate

admin — Tue, 12 Jan 2010 16:53:25 +0000

Applying for a Fixed Mortgage Rate

If you are interested in buying a home your best option may be to search the Internet for the lowest fixed mortgage rate lenders have advertised on their web pages. Interest rates are low now, so if you are interested in taking out a mortgage loan, now is the time to do it. Borrowers often apply to dozens of lenders online over the few months that they are house hunting to get a feel for what the lenders are willing to offer. Prequalifying with lending companies online will give you some bargaining power when it comes time to lock into a fixed mortgage rate. You have room to negotiate your interest rate if you have the financial stability to do so. Just like you can house hunt on the Internet you can also hunt for the best fixed mortgage rate. Once you establish your financial and credit information you will have lending companies fighting for your business. Always be sure that your credit history is spotless before applying for a loan to get the best deal. Nothing is worse than applying for a loan and the credit check reveals a less than ideal credit rating. It is important to have all your financial affairs in order, and not have any unpaid bills in collection where they can be reported to the credit bureau. Finding the lowest fixed mortgage rate and knowing what you can afford ahead of time saves a lot of time and anxiety. It can become rather tedious trying to find that perfect home. To make sure you can stay within your financial means use an online mortgage calculator to narrow down your search. The calculator will show you how much interest you will pay over the term of the loan and it will give you the approximate monthly payment based on the interest rate you enter into the calculator. Another thing to consider before applying for a loan is the down payment. Do you have a sizeable down payment? A 20 percent down payment is a good rule of thumb to go by. This amount is used by the lender to protect them against default. If you dont have a down payment yet, the best thing to do is to start saving toward that down. You might want to invest in a 401K for this purpose. It is possible to get a loan with a fixed mortgage rate without a down payment, but they are harder to get and the fixed mortgage rate may be higher. Once you have your down payment, and you are sure of a good credit standing, and you have narrowed your search to terms that you can live with it is time to start shopping for loans. With a good down and good credit you shouldnt have any trouble finding the lowest fixed mortgage rate your lender can offer you.

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