Mighty Mortgages

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…)

When buying and selling real estate, so much is affected by your personal credit score. Everything from how much you can borrow, to the best interest rate you can get, is determined by your credit rating. While there are many factors that influence your credit score, you can start to repair poor credit today. (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 need to borrow money for a child’s college tuition, home renovations or any other purpose, a second mortgage is a quick way to tap into your home equity. A second mortgage no longer carries the shame or negative stigma it once did. In fact today it is quite the contrary with the second mortgage being valued as legitimate borrowing strategy. (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…)

A series of reality-based real estate games called Fantasy Real Estate games are being produced by Realius. They are providing an early player sign up link on their blog. The idea is to provide an opportunity to understand the market before spending money.

I wonder if my tips for getting the lowest mortgage rate possible are effective with a virtual lender.

The Mortgage Insider has an interesting article called The 13 Biggest Mortgage Lies - After Yield Spread Premium. The article cautions mortgage consumers on a number of unscrupulous practices the author has witnessed by mortgage providers in his experience. While there is some sound advice offered, you need to take in the content with the same trepidation the author advises be taken with the mortgage financing industry as a whole.

The author warns of the “N0 Closing Cost” lie, and contends that these fees will often find themselves added back in by means of a higher interest rate. I completely agree. It is for this very reason that you must compare mortgage offers by their Annual Percentage Rate (APR). The federal government requires that lenders quote the APR as mortgages are offered on different terms. This allows consumers to compare the true cost of borrowing or in effect compare apples to apples.

The author also cautions against (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…)