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Thursday, January 15, 2009

New Rules for Reverse Mortgage Interest Rate Pricing

By Matt Vanrock

Fannie Mae and the powers behind her, last week, changed the manner in which us little reverse mortgage companies can price our loans to consumers. This is a big change.

If someone were to contact me under the former pricing policy, I could instantly quote and be almost 100% sure I could stand by my numbers.

Furthermore, my quote was relatively etched in stone for up to 4 months.

The 120 lock period is no longer available. Rather, the new pricing structure has much shorter interest rate lock periods. This likens itself to the forward mortgage market.

A high percentage of borrowers are looking to the reverse mortgage as a savior to pay off their current forward mortgage. Some of these folks are in for a rude awakening.

These folks need extra money and eliminating that payment associated with the mortgage is just the ticket.

Where I can see a problem is that interest rates play a major role in how much money a borrower can receive for the reverse mortgage. Too often the reverse mortgage is just enough to pay off the forward mortgage.

The amount of money a borrower receives is inversely associated with the interest rate. For instance, when rates are low, the borrower gets more money. Conversely when they go up, the borrower gets less.

Since some buyers are right on the cusp, they will be quoted one day. The lender will say, "good news, looks like you'll be able to pay off your mortgage".

Two weeks later, after the market sends the rate up a point or so, when they go to lock they may no longer be able to pay that mortgage off.

Now the borrower is stuck either waiting for rates to come down or is left with the choice of coming in with cash to pay off the mortgage.

This is the down side. The up side for the borrower is it will force lenders to be competitive in their pricing.

The new pricing should offer a better experience for customers such that it should, because of its complexity, sift out some of the weak reverse mortgage loan officers.

The reverse mortgage loan officers with knowledge and experience would understand how to properly present this to customers. My guess is they will win more customers.

Orchard Bank Credit Card

By Daniel Moskel

The Orchard Bank credit card is issued by HSBC Bank. This is a sub prime credit card.

They have a unique application process. They will match your credit score with one of four cards they offer.

These cards include three unsecured cards and one secured card. Your score depends upon what card is offered to you. However you have a very high likely hood of being approved for a new line of credit.

If you have many negative items on your credit report you will likely be issued the secured card. With this card you must make a deposit and then your card will have a credit limit equal to the amount of your deposit.

This card is just like an unsecured card because you will still have to make monthly payments and have due dates. You will have an APR between 8.9% and 14.9%, which is low compared to the other bad credit cards.

If you have only made a couple of mistakes with your credit then you will likely be approved for an unsecured card. However if you prefer the secured card you can be issued that instead.

The unsecured cards will have some fees like a 19$ account set up fee with one of the cards. These cards also carry an APR between 8.9% and 18.9%.

However the fees associated with the Orchard Bank cards are dramatically lower than any other sub prime credit cards. In addition they have very reasonable interest rates compared to other bad credit cards.

All four of these cards do report monthly to the major credit bureaus. By using your card responsibly you can create a positive payment history.

This is an important factor when your score is being calculated. It makes up approximately 30% of your score.

In addition these cards will improve your ratio of available credit to debt. This factor weighs roughly 30% of your credit score. It is how the bureaus judge if you can financially handle another credit line.

You should know that once a bad credit item on your report ages four years it will have much less influence on your score. However we do still encourage you to remove bad credit items from your report.

In sum we do suggest the Orchard Bank cards to those with a low credit score. This card can be a very valuable tool to rebuild your credit.

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How To Get Cheap Car Insurace Quotes

By Susan Tanner

If you have never shopped for car insurance before, this can be a big hassle. This article will give you the right methods so you can get the best insurance for your money and hopefully with a lot more benefits.

Plan your method of attack. Contact several different auto insurance companies by calling them and asking for a quote. You can easily find the contact details for the various companies from business directories or online telephone directories. Make sure you know what kind of insurance you need before you call, though!

Instant car insurance quotes can also be gathered by submitting your data online and also mentioned the kind of policies and plans you are looking for. There are numerous companies who offer these services online and after getting your data send you quotes on your Email ID an some of them send you by post as well.

The companies will give you quotes based on what information you give them. Compare the quotes you receive decide which one fits your needs best. Keep in mind that you have a limited budget to work with and ensure that these companies understand as much.

Follow up with the companies that you think are offering you the best quote, as they will frequently give better and lower rates to more persistent and serious customers. Conduct yourself business like and politely and the companies should respond favorably.

Auto insurance companies will mold their plans around your needs so that you find them attractive and beneficial compared to competitors' quotes. Good policies and low rates will attract and keep loyal customers. You should have a few quotes to choose from by now, so keep in mind your income and expenses before you make any further decisions.

After you choose the quote that fits your needs best, let the company know. However, make them feel that you are considering other offers as well, and they will try to entice you further by either lowering the rate or better fitting the policy plan to you.

Make sure you can get all the discounts possible before you finalize your decision. Be patient - this might take awhile, and you can lose valuable opportunities if you rush. Following these steps can get you the best bang for your buck in car insurance!

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Getting Secured Personal Loans

By Trinity Davidson

Secured Personal Loans can help you reach your financial needs. Whether you are looking to remodel your home, pay for your daughters wedding, or go on the vacation youve always dreamed of, a secured personal loan can help finance your desires. You can meet your immediate needs for only a monthly payment.

Since you know exactly how much your monthly payments will be with this type of loan, it's much easier to figure out how much you can afford to borrow. Since you will be providing collateral for this type of loan, you should be able to get an interest rate that's quite low.

Obviously, not everyone is able to qualify for this kind of loan since it does require collateral. A true candidate for approval of this loan will have something of large value to back up the loan and lessen the risk to the lender. Some banks will allow you to offer a mobile or manufactured home as security for repayment.

The amount that you can borrow with this type of loan varies and is determined primarily by the size of your asset. If your home is paid off, you may be able to get a loan for as much as $250,000, sometimes more. If you still owe a lot on your home your available loan size will be much smaller.

That way, you are able to pay off the loan sooner when possible saving yourself money. The term of the loan may be up to ten years long. In some cases, the term may be even longer for certain purchases like boats or RVs.

The application process will typically require you to gather some information. Since the loan amounts can be quite large, the bank will most likely require specific information to guarantee your collateral. You will most likely need to provide a copy of your drivers license and social security card. They will also want to see your W2 information, current utility bills to verify your address and if you are purchasing a boat or RV, the purchase order may be required.

Once you qualify for the loan, you will not only receive the entire amount up front, but youll usually receive the money in as few as three business days. So if you have an immediate financial need or desire, and you can qualify, a secured personal loan is one of the least expensive ways to finance your expense.

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?Retirement Calculators - What Can They Tell You?

By William Blake

Most people are interested in what situation they will be in when they retire. Everyone has an idea of how they would like their life to be. If you input what you are currently putting away for your retirement into a retirement calculator it can tell you what you can expect to have at the time of retirement. This can help you make any needed adjustments to be sure you can have the retirement life you want. This valuable information is at your fingertips. Just surf the internet to find a retirement calculator and start inputting the numbers.

Many people do not understand what a basic retirement calculator is telling them and they do not understand how it gets the numbers it spews back out at them. A basic retirement calculator is a guessing machine that takes current conditions, puts a huge guess for future trends on the current conditions, and then it tells you that there is no way you will be able to retire.

What the calculator does is determine what your standard of living is costing you now and tries to predict what that same standard of living will cost you at the time you are ready to retire.

Most financial consultants use a retirement calculator to stress the need to save as much as possible for your retirement. The calculator compares cost of living expenses now with what they will be in the future, maybe 15 to 20 years down the road, or whenever it is that you will be ready to retire. Those numbers can be a bit overwhelming. But remember it is just a shot in the dark estimate.

When you look at history and the facts you may want to keep your money and live for now.

Can We Predict the Future?

There was a major stock market crash that affected millions of people in the 1920's, the 1970's, the 1980's, and the 2000's. Millions of people lost their life savings and the first generation that tried the "saving for retirement" game lost everything in early 2000. To put the rise of the cost of living in real life terms a new car in 1940 cost between $600 and $700.

Today, only 60 years later, that price has gone up over 2,700% to over $16,000 for a new car. So when you put an inflation percentage of 4% or 5% a year you are really not being honest with yourself. Between 1979 and 2000 the average American salary only went up by 11.5 cents per hour per year. A basic retirement calculator doesn't take that into account either.

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Consider This Before Using Online Loans

By Trinity Tomlinson

If you could use some quick funds, online loans can be a great way to go. However, if you're going to go this route you will want to make sure that you understand the risks. If you do, you will save yourself a lot of heart ache.

Online loans are loans that are applied for and given online. You will usually fill out an application on a website and the lender will take a look to find out of you are eligible for a loan. You normally have to be at least 18 years old to qualify for a loan.

Once you apply for the loan, finding out if you qualify usually only takes a few hours depending on the lending institution. If you do qualify, most companies will directly deposit the loan amount into your checking or savings account within one day. All of this can happen without you ever having to leave your home to go to the lending institution.

If you are considering applying for a loan online, there are a few things youll want to be aware of to make sure you find the best lending source for you. First, youll want to check to see that the personal information they are asking for is the typical information. If its not, you might want to proceed with caution.

For most online loans, lenders will need quite a bit of information, including your social security number. In order to run your credit and verify that you are who you say you are, they will need this information. This is normal and as long as they are a lender you can trust, you shouldn't be worried.

Since your personal information will be sent online, you will want to make sure that your lender is running a secure site. They should have security certificates that show that the site runs on a secure server and uses ample encryption.

The company that will provide you with the loan should be doing anything in their power to provide you with the security you need. If the site looks shady, don't trust it. If you feel something funny, there's probably a reason.

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What is in a Credit Report?

By Rob Kosberg

All of us have probably been informed that our credit report is a very important document. Its importance will increase if we have been denied credit and realize that we must repair poor credit.

The three major credit reporting agencies are Experian, Equifax, and TransUnion. The reports from all three agencies are needed because creditors and lenders may not all report to the same agency and the reports may be different. If you go to you can find out the procedure for obtaining your reports. You can get a free report from all yearly.

There will be several sections in each of the reports. The first section will include basic information such as name, social security number and other identifying factors. No information about race, salary, or assets will be in the reports.

There will be a section related to any credit lines. These credit lines will include loans, mortgages, credit cards, gas and department store cards. It will give the date each credit line was opened, credit limits, payment history (including late payments), balances, overdrawn bank accounts, and unpaid child support.

In addition, there will be a section for bankruptcies, liens, judgments, divorce which are records submitted by the court system.

Any time that you fill out a credit application ( credit card, loan ) there will be a credit inquiry to one of the bureaus. If you inquire for yourself, it will be on the report. These inquiries will remain for 2 years.

It is to your benefit if your credit report is positive. However, any negative information will remain on the report for 7 years. A bankruptcy is on your credit report for 10 years.

It is our personal responsibility to monitor our own credit profile, have errors changed and work to repair our credit. Definitely request your credit reports from all 3 agencies, find discrepancies and mistakes and get them fixed.

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Asking For financial Help Is Not As Tough As It Seems

By Steve Collins

If you are like a lot of people these days, you may be overextended in your monthly budget. It is very easy to be lured in by the offers of fast, pre-approved credit cards flooding the mailbox. Cashiers at almost every store tempt you by asking, Would you like to apply for a store credit card and save 15% on all your purchases today? Online financial counseling is a step towards improved finances. If you have never considered it as an option, there are a number of reasons to consider online financial counseling.

Although you are far from alone in your concern over financial matters, it is sometimes tough to admit your mistakes and even harder to admit that you need help. Online financial counseling allows you to seek help in a confidential manner. One help is that by filling out the initial appeal for help through the Internet, you can be calmer and more collected than if you had to speak directly to a stranger. It provides you with a professional counselor sympathetic to your situation who will help get your budget back in line with your income.

Online financial counseling helps you regain your financial footing by coming up with a shrewd budget based on your particular situation. Sometimes, it is just easier for someone on the outside to see your finances in a clearer light and to help you distinguish your needs from wants.

Often, it is a matter of making yourself face the choice of brown-bagging your lunch and saying No to your daily $3.00 latte or deciding to hold off on buying that new sofa until you can pay cash for it. Financial counseling can get you moving back in the proper direction by teaching you how to make sensible choices. Also, renegotiating some of your credit may even be a possibility.

If you want to learn to live within your means and be financially free, you would do well to check into online financial counseling. You will not know what it can do for you unless you set the mouse in motion and log on. What are you waiting for?

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No Fax Payday Loans-But Are They Hard To Get?

By Jacob Williams

Often there is a circumstance in which you will run into an unpredicted expense. This could be a medical emergency or an unforeseen bill. Unless you have savings put away for such expenses you may not have the money to pay for it. These are the times when a payday loan can be of great benefit to you. A payday loan will provide borrowing up to fifteen hundred dollars for a short period of time, normally until your next paycheck.

The advisable way to find a payday loan company is to search the net for one. It it better to make for certain you do plenty of research in order that you get the best possible deal. Payday loans are not all the same. Some of them come with far higher interest rates then others. Also there are varied repayment time periods and repayment methods as well. If you prefer not to use the internet to apply for a loan, then you will be able to find a payday loan agency in your area.

To qualify for a payday loan you will have to supply the loan company with information about your bank account, employment, income, and some identification. Another requisite is you must be over 18 years old. When your loan is authorized, then it will be transferred in to your bank account within twenty-four to forty-eight hours, at the most.

Previously if you required money for a unforeseen expense or an emergency, you would have had to fill out numerous forms and applications. Then you would have had to wait while they were being verified before you could get a loan. This was a frustrating process when dealing with a financial or medical emergency. But today there is no longer need for this, because you can now apply for a no fax payday loan.

If an emergency does arise and you require the funds to cover the cost of it, a no fax payday loan is the advisable alternative for you. This type of payday loan is really easy and fast to get. When looking for such a company all you have to do is search online for one offering a no fax payday loan and then fill out their application. No fax payday loans will just ask you for basic information such as your name, address, bank information, and your employers details. A lot of companies do net even bother to do a credit check. So, this means even if you do have a bad credit rating or have been made bankrupt you can still get a no fax payday loan.

There are some drawbacks to no fax payday loans. You will have to pay the loan company back with your next paycheck with the interest included. Due to the fact that you are getting out a short term loan it is essential to go over all the terms before taking one out. A lot of people think that these types of loans are traps set for working class borrowers. For this reason make sure that you need the loan and are able to pay it back before taking out a payday loan.

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Getting Personal Loans With Bad Credit

By Trinity Taylor

If your credit score is on the floor, it's going to be pretty tough to find loans. Frankly, you're a risk to lenders and this means some of them won't want to take a risk on you. The further in debt you get, the more your credit score will worsen and that will make it harder to get loans.

Personal loans can often help people that are stuck with bad credit. Any loan will help your credit score, as long as you make on time payments and the lender reports to credit bureaus. To qualify for great loan rates in the future, you will probably want to start working on your credit score now, and that means you need to use credit.

These loans can allow you to borrow small amounts of money that will be repaid fairly quickly. Alternatively, you can get a credit card and pay it off every month. Make sure you stay in a realistic position where you can pay your bills each month.

By making your payments on time, lenders will start to trust you more and more. They will lend to you with better rates and will also approve you more frequently. Once you have paid a few loans off in full, it will become a lot easier to get loans.

You will want to understand that the loans are most often loaned out on a short-term schedule. You will want to only borrow what you can pay back on time so you dont make your credit even worse. Since you are considered high risk to the lenders, they will probably only issue the loan with a really high interest rate. But, since the loan duration is so short, it wont be as expensive to take out the loan as it would be on a longer termed loan.

Some short term loans are great for improving your credit score, because the loan is paid off quickly. People with poor credit can often get these loans by providing some kind of collateral, or by getting a cosigner. Use credit now and you'll have an easier time qualifying for it later.

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Does Consolidation Loan Helpful?

By Mike Carbeck

Misusing credit cards is the main reason people run into uncontrollable spending and find themselves facing large payments combined with interest and penalties. Because it is so easy to use a credit card many people do not realize that every little penny adds up.

It is very easy to pull out a credit card and spend, spend, spend. For people who have a credit card with no preset spending limit, there is no amount of money limiting to what they can charge up on their credit cards. With no limit set, people spend money dangerously and do this without taking the time to think about the bigger picture, what happens down the road can be an ugly outcome.

Not only do you have to pay the monthly minimum, you are also charged with what can be a very high interest rate. If you find yourself in the horrible situation of out-of-control credit debt, there are several agencies that can help you out. These agencies will assist you in getting your spending under control and may even help you get a consolidation loan to pay off business or personal debts.

You apply for a consolidation loan in the same way as you do for credit cards, however this is where the similarities end. These loans will roll all of your credit card debt into one lump loan and will eliminate the individual interest rates that some credit card companies charge.

A consolidation loan allows you to make one lump sum payment per month, to one company. You take control over your credit card debt, lower your interest payments per month and can possibly preserve your credit rating. A consolidation loan can take the place of making many payments, to many companies, and by only paying the minimum monthly payment on your credit cards, you will continue being eaten alive by debt. These loans are a step in the right direction for some people.

It does not matter if you have perfect credit, the credit agency you choose can put you in touch with lenders who will still enable you to secure a loan. Your agency will negotiate with your creditors to get lower interest rates and may even be able to get them to waive possible penalties, thus saving you even more money.

There are two types of consolidation loans for consumers in trouble, one is a secured and the other is an unsecured loan. A secured loan requires collateral be guaranteed before this loan is approved. An unsecured loan requires no collateral before it can be approved.

These are just two of the many options available to you when facing mounting credit card debt and the results of reckless spending. The end result is that as a credit card holder it is up to you to make sound financial decisions, and if you find yourself knee deep in debt there are alternatives out there to help you get rid of the debt. This will allow you to rebuild your good credit and get out of the bottomless pit of credit card debt.

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Cleveland Home

By Won Kim

Selling your home is a very stressful period in one's life. You will constantly have people coming round to view it and looking closely at the kind of life you have led in it. In order to sell your home more quickly it is crucial that you stage it properly. Certainly the more one learns about how to show their home the much more quickly the property is going to sell whether it is in Pittsburgh, Cleveland or Memphis. In this article we offer a few tips that should help you to prepare your Cleveland home for selling.

Tip 1 - It is important that you make your home look as spacious as possible for the potential buyers. The best way of making your home look bigger is to get rid of clutter or any items that are not used on a regular basis. It is a good idea to place these items into storage as this will help you in the future as well. The more you get out of the house the less you will have to move once it has been sold.

Tip 2 - Just before any potential buyers arrive to view the house turn on all lights on both inside and out. It is a good idea then to spend some time cleaning all lighting fittings in the house and replace the current bulbs with higher wattage ones. Not only does this make the rooms look brighter but will help to create the illusion of more space in them.

Tip 3 - It is a good idea to arrange to have all carpets in your home thoroughly cleaned before you even decide to put your Cleveland home up for sale. You can either hire the carpet cleaning machine yourself or arrange for a professional team to do it for you. As well as improving the rooms looks it will help to remove odors that have permeated them. If you can also arrange to get your furniture cleaned as well.

If you find that after cleaning the carpet still looks bad it would be worthwhile considering getting it replaced. Small details like this could actually prevent a sale from going ahead as the potential buyer may wonder what other problems there are with the property that you have taken care of.

Above we have looked at some of the things you should be doing to get your Cleveland home ready for selling. Along with these there are plenty of other things one can do such as making sure that the house is kept clean and tidy whilst the house is on the market. It would not harm you to get all family members involved and ask them to carry out specific tasks before any viewings happen.

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