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Innovative new mortgage program
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Remortgage Tips
Remortgage Tips
Most of us have all experienced hard times at some stage in our lives and received letters from banks telling us that they are going to charge us £27 for bouncing a cheque or non payment of a direct debit or standing order. Would you like to hit back? Would you like some remortgage tips?
Now is the time to hit back and take some of that money back from them ... Read mortgage refinance article
Magnetic Mortgage
One of the best decisions you can make if you're originating mortgages is to invest in a quality set of magnetic car signs. Now...I know what you're thinking...you're not sure you'll like the look. Well, if that's true, you need to shop around a little bit and have a real professional, design and create your signs.
Before you click the "back" button or the big red "X" to close this subj... Read mortgage refinance article
Innovative new mortgage program
An innovative new mortgage program has hit the market touting phenomenally low interest rates and even lower monthly payments. The "Equity Advantage Program" contains a quarter-percent loan that promises to rid borrowers of high interest rates and gigantic payments.
This loan gives the borrower a specified fixed interest rate and a payment option of .25% for the first five years. The borrower can pay the interest only for their monthly minimum payment for these first 60 months. This ground-breaking loan helps borrowers decrease their monthly payment by hundreds of thousands of dollars.
If a person buys a $500,000 home and finances in the Equity Advantage Program, they could expect their monthly payments to be around $104.17 for the first five years. This astonishingly low payment for such a high-valued property can free up an unprecedented amount of cash for the borrower.
It is a hybrid adjustable-rate mortgage, or ARM, designed for people who want to use the equity in their home to increase their cash flow. The minimum payment of the loan will be the fixed-interest only amount for the first five years of the loan, and then the borrower will pay the interest only payment based on the interest rate of the outstanding balance. This interest only period will last for the first 10 years of the loan. The equity advantage program gives the borrower access to cash that they would not have in an ordinary loan. This is basically an interest only 5/1 ARM with the option of paying a minimum of .25% interest only. The difference between the two will cause deferred interest.
"This is essentially unheard of in the mortgage world. During a time when the Federal Reserve raised interest rates 17 times in a row, consumers are finding it harder than ever to deal with the rate hikes. The quarter-percent loan gives consumers their buying power back once again," said Ward Shandoff, LEI banking analyst.
Traditional loans such as the option-ARM or the negative amortization loan do not give the borrower the cash flow of the quarter-percent loan. Borrowers who use this program effectively will have access to the equity in their home that would not be available to them in other mortgage products.
This system allows homeowners to take a lot more cash out, and use more of their money for something other than paying towards the principal. Credit card debt or any other large balances can be tackled and paid-off with this loan. You can actually use the money you have freed up to compound itself and generate more wealth.
This all goes back to the essential concepts taught by LEI Financial's "Velocity of Money Program," which uses investment strategies to generate more wealth in a client's financial portfolio. Your home should be used as a tool to generate wealth, and this is made easier than ever with the quarter-percent loan.
Using this loan, you can take the money you are saving with each monthly payment and put it into an investment that will generate a return. Investment properties and cash-value life insurance policies are great ways to keep your money working for you.
The quarter-percent loan is a great option for those who will use their monthly savings to invest the money or pay off debt. This loan is not a viable option for people who can make the monthly payment only because that is all they can afford in a given month. A person who elects to make a minimum payment must be aware of the fact that there will be deferred interest as a result.
The Equity Advantage Program gives you the right rates and payment options that allow you to free up cash to be used for investment and wealth building opportunities. If a customer cannot qualify for The Equity Advantage Program we promote our Equity Management Program.
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Refinance Mortgage Loan
If you are in the process of taking out a mortgage to purchase your home or refinancing your existing mortgage it is important to understand you rights under the Real Estate Settlement and Procedures Act (RESPA). Here are the basics of the protection RESPA provides homeowners to help you avoid predatory lenders that want to take advantage of you.
The Real Estate Settlement and Procedures Act protects homeowners in the United States from unfair lending practices. RESPA outlines rules for disclosure mortgage lenders are required to follow. Under RESPA you have the following rights:
- You have the right to disclosure about the fees and total cost of your loan, including the interest rate, lender fees, points, and closing costs.
- You have the right to request the lender's Good Faith Estimate outlining all mortgage fees and settlement charges before agreeing to pay the fees.
- You have the right to know which application and lender fees are not refundable if you decide to cancel your loan application.
- If you are working with a Mortgage Broker you have the right to know exactly what the broker will do for you and how the Mortgage Broker will be compensated for their services.
- You have the right to ask questions about any fees or terms you do not understand on your loan contact or supporting documentation.
- You are protected against lending discrimination based on your race, color religion, sex, marital status, age, national origin, or if you receive income assistance from public funds.
- You have the right to know why your mortgage application is declined and to receive the HUD settlement booklet entitled "Buying Your Home."
You can learn more about your mortgage options, including common mistakes to avoid by registering for a free mortgage guidebook.
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Innovative new mortgage program
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