Mighty Mortgages

If you are willing to be a little creative and you have some flexibility, I will show you how you can sell that home now for even more money than you are currently asking.

Seller financing, or owner financing as it is sometimes called, is when the seller of a property agrees to provide the financing for all or a portion of the purchase price. Instead of cash at closing he agrees to take a promissory note (a legal term for an IOU) for this amount. This is generally done when for one reason or another, the purchaser is unable to obtain full financing from a traditional mortgage lender or financial institution. For example the bank may only be prepared to lend up to 80% of the purchase price yet the buyer only has 5% to put down. So if the vendor doesn’t need the money right away he could agree to receive the remaining 20% in the form of a note. The note would specify the terms of the repayment including the length of time and the interest rate to be paid.

So why would a seller do this? (more…)

Foreclosure rates are at an all time high. While this is unfortunate for those who have lost their homes, it is an opportunity for you to buy a home well below its market value. In fact with with patience and a little leg work you can purchase a home at a 20% to 40% discount.

Homes go into foreclosure when the owner fails to meet their financial obligations with respect to the mortgage against it. The bank or government agency is forced to repossess the home and then sell it to cover the outstanding loan. It is important to realize that these companies do not want to be in the business of owning real estate. They want to be rid of it as quickly as possible and in some cases they will even let it go for less than the amount owing on the loan. (more…)

Foreclosure is when the bank or mortgage lender repossesses your home and sells it, because you have failed to repay your mortgage as agreed. Sounds scary, huh? Well it is, but it doesn’t have to get to this point. Anyone can find themself in a dire situation that was beyond their control. Job loss, illness, death in the family, and divorce are all events that can have a huge negative impact on your ability to make your monthly payments. When it comes to your mortgage and your home, this is especially serious as the mortgage lender has the legal right to foreclose on the morgage and repossess your home. However there are things you can do along the way that can help you stop foreclosure now or avoid foreclosure altogether. (more…)

If you own a rental property for 10 years and charge $750 per month in rent, that is $9,000 a year or $90,000 in total income. Now what if you have two? The income to be earned from owning revenue properties is significant and needs to be managed diligently. If you lack the time and resources to do this yourself, professional property management can step in and do it for you. Here are seven ways hiring a rental property manager can help you make money, save money and save time. (more…)

Circumstances happen. Sometimes they are caused by things beyond your control and sometimes they are a result of bad decisions you have learned from, and no longer repeat. Regardless of how you found yourself to have a bad credit history you can still get a mortgage and own your own home. Your options are not the same as those who are fortunate enough to have a clean credit report, but it is important to remember that you still have options! (more…)

Are you feeling weighed down by monthly credit card and/or loan payments? Do you wish you could put away a little money for yourself instead of paying it all out to creditors each month? Are there home renovations you want to complete or a trip you have been putting off taking? These are all reasons why home owners will get a mortgage refinance. A mortgage refinance allows you to withdraw the difference between what your home is worth and what you owe against it (also called equity). Borrowing against the equity in your home, allows you to save money by consolidating bills or starting a savings program. It permits you to accomplish anything else that is important to you, but you have not been able to get done because of a lack of cash flow. (more…)

You are tired of living paycheck to paycheck and struggling to make ends meet. You have read my previous article and acknowledge a mortgage refinance will solve these problems. But what is the first step? What does this process entail and what should you be aware of?

A mortgage refinance is the simple process of rewriting your existing mortgage with additional funds. You can borrow up to 100% of your home’s current market value. These additional funds can then be used to consolidate debt, or any other purpose you deem appropriate, like renovations for example. The new mortgage loan can be repaid over as long as 40 years. This means that your new payments will be manageable. In fact even with the additional money borrowed, your mortgage payments may even end up being lower than they were before. (more…)

A key part of saving money with your mortgage is to get the lowest mortgage rate possible. The mortgage rate determines how much interest you will have to pay to the bank for the privilege of borrowing their money to buy your home. What many people don’t understand is that this is a controllable expense.

A mortgage loan is a product plain and simple. It is no different than your car, washing machine, or sofa. You would not consider making a large retail purchase such as these without carefully researching the different models available, shopping around and then finally dickering with the sales person to negotiate a lower price. A mortgage loan is no different. Mortgages are offered by banks, credit unions, finance companies and through mortgage brokers. The competition for your business is fierce. Each of these lenders will fight to win you over and if they have to cut (or discount) the rate to do so, they will. (more…)