Wells Fargo is now able to offer nearly any homeowner, in any financial situation, a mortgage refinancing that will save them a lot of money, their home from being lost, or both. This is possible because of President Obamas $75 billion housing stimulus plan. Wells Fargo is taking part in this stimulus plan and offering new mortgage refinancing options to almost any homeowner. Here is what people need to know about refinancing a home loan with Wells Fargo and Obamas stimulus plan.
This stimulus plan was designed to help struggling homeowners save money, their home from being lost to foreclosure, or both. Now, because of this stimulus plan, Wells Fargo can approve nearly any homeowner, with any financial problems, for a no cost, low interest rate mortgage refinancing. In the past, homeowners needed to have a good financial situation, equity in their home, a stable job, and good credit to get approved for mortgage refinancing. Now though, things have changed, and millions of struggling homeowners have new, easy to get approved for, mortgage refinancing options.
Wells Fargo will get a cash incentive from the stimulus plan for every struggling homeowner they help. These cash incentives are only being given out though if a lender or bank follows the Obama stimulus plan rules, and offers a homeowner a mortgage refinancing option. This plan was designed to make it easy for any homeowner to get approved for a no cost, low interest rate mortgage refinancing. Wells Fargo and other lenders and banks are actually looking for struggling homeowners to help because of the cash incentives.
Millions of homeowners are eligible to get a mortgage refinancing from Obamas stimulus plan. Wells Fargo mortgage refinancing is easier than ever to get approved for. Homeowners are being encouraged to take action and take advantage of this housing stimulus plan. Many people have already used it to their benefit, but millions more can. People should contact Wells Fargo to see what new home loan refinancing options exist for them from this $75 billion housing stimulus plan.
The Cons of a Reverse Mortgage:
1. (PMI) Mortgage Insurance – Any time you do an FHA loan, you will have mortgage insurance. This insurance is there to protect you in the unlikely event that your home is worth less than what you owe on it. The only time this realistically happens, is when we go though a recession in real estate and property values drop. The good news is that you can never be kicked out of your home or forced to move, regardless of the balance. This is all thanks to the mortgage insurance.
2. Interest that Compounds – This is good if you earn it, but most people don’t like paying it. One definition is; interest which is calculated not only on the initial principal but also the accumulated interest of prior periods. You have probably earned it if you have had a savings or retirement account.It is the trade off on a reverse mortgage for not needing to make payments.
3. Using Your Children Inheritance – Say what? Who does the money belong to? If you need the money to make your retirement better, why shouldn’t you spend it? Use what you need and then pass on the rest to your heirs. Don’t blow the money (unless you want to), but use some of it if you need to. It is your money.
The Pros of a Reverse Mortgage:
1. Ability to Maintain Your Independence – Having to ask you children for financial help to cover you expenses could be the most embarrassing thing to do. What if you needed to move in with your kids for financial reasons? With a reverse mortgage, you can use your home’s equity and keep your dignity.
2. Keep your home – Have you recently thought of moving? How painful of an idea is that? A reverse mortgage will allow you the financial edge to be able to keep your home while affording the retirement you deserve.
3. Affordable Living – So many seniors are broke and live in an impoverished state. Most aren’t even aware anymore because they have been living that way for so long. You can use the equity in your home and create a lifetime income stream by taking a reverse mortgage on your home.
4. No More Mortgage Payments – A reverse mortgage requires no monthly payments, and you won’t need to pay back the loan as long as you live in the home as your primary residence. That extra “income” can be pretty useful in tough times.
Since fees are not a consideration for getting a loan, they weren’t mentioned above. The new programs available will allow you to (usually) waive any origination frees and possibly get a substantial credit towards your mortgage insurance. The reduction in fees is in the neighborhood of 50%, saving you thousands of dollars.
I have a confession to make. I am a reverse mortgage loan officer, but I truly believe that a reverse mortgage is the best tool out there to help a senior. While I agree they are not for everyone, there are a lot of folks that could benefit from one. It makes me cringe to hear someone say that a reverse mortgage is bad. They are neither bad nor good. It just depends on your need and how you use them.
It’s your turn to decide. Could this tool help you? Will it enhance your life? If you need more reverse mortgage information that is free and no obligation, visit our web site and read up.
1. Using a Reverse Mortgage Loan for a Short Term Fix.
While there are definitely times where a short term fix is needed, the cost of a reverse mortgage usually makes it more beneficial if you are going to keep it for several years. If foreclosure is imminent or there are repairs that need to be made to your home that can’t wait, then it makes sense short term. Knowing the actual fees associated with your new loan will help you determine if it makes sense for you. A trusted loan officer will be able to guide you, but ultimately the decision should be yours.
2. A Reverse Mortgage Can Affect Your Government Benefits.
The most common benefit we are talking about is Medicaid. There is a restriction on how much cash and assets you can have when being on this program. This can happen when a senior takes a reverse mortgage and gets a lump sum of money to do some repairs around the house. They get $20,000 to do a new roof and some much needed deferred maintenance, and put it in their bank account. While the repairs are being done, the money sits there and when the new month comes around, Medicaid disqualifies you for “having too much money”. Another example is; if you are short on money each month, say $200.00, and you opt to get a monthly income of $400.00. If you make the mistake of saving the extra money, you could, after several months, disqualify yourself when your savings gets “too large”.
3. Doing Your Reverse Mortgage Loan Through a New or Inexperienced Loan Officer.
Can you believe that a loan officer at a bank doesn’t need to be licensed? There is no state licensing or education required on the proper way to handle loans. Just about anyone can qualify to be a loan officer in a bank. If you just walk in and say, “I would like to be a loan officer”, you will probably get a desk and a name badge. Call it biased if you like, but I prefer the idea of talking to a trained professional and would like to see a license showing that they can be held responsible. Because the commission is usually pretty good, a loan officer new to the business will sometimes try to make as much money as possible on your loan. Since the terms are all pretty much the same wherever you go, you should really interview your loan officer and test their knowledge. Make sure that you are comfortable with them, as you are trusting your future finances to them.
4. Avoiding a Reverse Mortgage Loan Because of Fear of the Unknown.
Not knowing who to trust can be a cause of fear when searching for a reverse mortgage. You should never use someone you don’t feel you can trust completely. You are not required to use anyone just because you met with them for a short period of time. Make sure when you get your advice, that you get it from a source that knows what they are talking about. There is an article titled “Bad Advice From Good People about Reverse Mortgages” you should read. It will help you identify who to listen to. Basically, it talks about making sure the person giving the advice knows what they are talking about. A wall full of degrees doesn’t mean they know the details of the lending business. In other words your doctor is probably a very educated man, but would you go to him if you wanted stock advice? Another thing is; don’t disqualify yourself because you think you know the rules. It doesn’t hurt to talk to a mortgage professional and get their opinion.
5. Moving Too Quickly During the Reverse Mortgage Loan Process.
It only takes about 10 minutes to teach you everything you need to know on a reverse Loan. But you will probably have questions that will make you more comfortable when you get the answers. Sometimes these questions take a little time to formulate, so don’t let your loan officer rush you into making a decision. Don’t mistake doing your loan quickly with pushing you to make up your mind in a hurry. Once you have determined you want a reverse mortgage, the process should be fairly quick. It will take about a month to a month and a half to get your loan closed.
6. Try to Get More Money by Waiting Until You are Older
Bonus mistake: I know I said five, but this one came up while typing this. Waiting until you’re older is not always the best option. With rates being so low and terms being so good, it probably makes more sense to do the loan now rather than later. This is because adding another year or two to your age will get you a little more money. But, if the interest rates go up just a half of a percent, it could make thousands of dollars difference. The point is; Lower rates trump age, assuming all potential borrowers are at least 62 years old.
Very few lenders and/or loan officers are aware of the information I am about to share with you concerning obtaining an FHA, VA, or HUD Guaranteed Loan for a Manufactured Home. In fact, I have mortgage brokers, lenders, loan officers, real estate agents, and even the home owners, calling my office for advice on how to expedite these types of loans for their manufactured home. I’m surprised that many of these professionals don’t know one of the most important components to getting their loan approved. I am not a loan officer, or a mortgage broker, or a real estate agent – I am an engineer.
So why would these professionals be asking an engineer about a critical aspect in getting their FHA/HUD, or VA loan approved for their manufactured home loan? Because for every FHA/HUD, VA, and other HUD guaranteed loans for manufactured homes, an Engineer Foundation Certification is required for each and every manufactured home receiving a federally guaranteed loan. Most lenders are surprised at such a requirement and I end up explaining the process to them during the course of our professional relationship. It’s quite amusing some times.
So what is an Engineer’s Foundation Certification? It is a document from a professional licensed engineer where the home resides, that certifies that the manufactured home rests on a permanent foundation. Not just any permanent foundation, but a permanent foundation complying with the HUD Permanent Foundation Guide for Manufactured Homes (PFGMH – HUD 7584).
Most lenders are not aware of this document, and sad to say, most engineers also. Most engineers are not familiar with the HUD guidelines for a permanent foundation on a manufactured home – so when seeking out an engineer, make sure you get one with plenty of experience. Otherwise, the loan that you’re trying to expedite will get tremendously delayed. And we all know that time is money!
The engineer certifying the home needs to be extremely confident and familiar with the HUD PFGMH code/manual as mentioned above. It is the Manufactured Home Foundation Bible, so to speak. This manual is not an easy read, even for many engineers. The manual is vague and requires a sound understanding of how manufactured homes work, and a fine understanding of building analysis in general. Manufactured homes do not follow the same building codes as in-place stick built homes – this is why most engineers are not familiar with the codes (they simply don’t have the time or want to expend the effort in learning yet another code book.)
If you’re a mortgage lender, loan officer, manufactured home builder, real estate agent, or the like, you need to team up with an engineer that has a reputation of providing clear judgment concerning manufactured home foundations. If you don’t, the delay could be very costly. If you do hire the right engineer who has experience in manufactured home foundations that are HUD compliant, and the keyword here is HUD compliant, then the loan process will be very smooth and expeditious.
We get questions about the California 433a process quite often in our office. In this article I will answer the following questions concerning manufactured homes in California:
- What is California Form 433a?
- What does a recorded 433a document in California accomplish?
- What is the process in filing a California 433a?
So, let’s go ahead and get right into it…
1. What is a California 433a?
In California, to convert the manufactured home to real property, Form 433a must be recorded. Generally speaking, the recorded 433A is required by the mortgage lender and/or the Title Company. Form 433A is a California Department of Housing and Community Development (HCD) Form. It is also known as “Installation of a Manufactured Home on a Foundation System”.
The California Department of Housing and Community Development requires manufactured housing owners who affix their units to foundation systems to record a form known as Form 433A with HCD. The form is to be completed at the time a building permit is issued. After installation has been approved and on the same day the certificate of occupancy has been issued, HCD shall record Form 433A with the county recorder’s office. Thus, a preliminary title report should reveal whether a Form 433A was recorded.
2. What does a recorded 433a document in California accomplish?
When completed by the governing building division and recorded by the City/County Recorder, the form certifies that the manufactured home was installed on a California-approved permanent foundation or foundation system and acts as an investment instrument (security) to the mortgage lender, the Title Company and even the homeowner.
Once recorded it ensures that:
- the manufactured home has been placed on an appropriate foundation. After this, it is no longer personal property, but real property subject to real property taxes.
- a professional engineer, licensed in the State of California, has certified that the foundation has been installed according to the appropriate standards.
3. What is the process for filing and recording a 433a in California?
In general terms, it means: 1) applying for a permit, 2) installing an engineered retrofit, 3) obtaining an engineer’s certificate of compliance, 4) inspection by the governing building department, and finally 5) recording the 433a document.
To be more complete, prior to installation of the manufactured home on the foundation system, the owner or a licensed contractor shall obtain a building permit from the appropriate enforcement agency (city, county, etc.). To obtain a permit, the owner or contractor shall first provide the following:
- Written evidence that owner owns, holds title to, or is purchasing the real property where the mobile home is to be installed on a foundation system.
- Written evidence acceptable to the enforcement agency that the registered owner owns the manufactured home.
- If it is a new manufactured home on a new foundation, then required plans and specifications need to be designed by an engineer licensed in California. If it is an older manufactured home on an existing foundation, then a certification by a California licensed engineer will be required; this may require the design of a retrofit to meet appropriate standards.
- Applicable permitting fees.
How can I gain compliance with the HUD/FHA requirements for my manufactured home permanent foundation?
According to federal regulations, in order to meet the requirements for a manufactured home permanent foundation you must comply with the Permanent Foundations Guide for Manufactured Housing, (HUD-7584), dated September 1996.
ALL foundation certifications for manufactured homes require an inspection to determine compliance.
At a minimum, there are several compliance issues that must be met; these are:
- A permanent skirting around the perimeter.
- Permanent piers to support the structure.
- Anchorage to resist loads caused by wind and earthquake forces.
- And others…
A professional engineer in the state where the house is located must certify that the foundation is in compliance, or non-compliant. Each M.H. is site specific, and loan specific; so there is not cookbook scenario. Each M.H. must be evaluated separately.
So, you probably say, “Why is a professional licensed engineer required for a foundation certification?”. I’m glad you asked.
Foundation systems are a complex engineering design process. In order to safeguard, life, health and property, to promote the public welfare, and to establish and maintain a high standard of integrity and practice, a professional licensed engineer is required.
An experienced engineer that is familiar with the manufactured home industry can evaluate the M.H. and determine whether the foundation is in compliance to HUD standards. However, every engineer does not necessarily have the experience to properly evaluate the site and determine its standing with HUD. It takes a knowledge of the HUD code book (which most engineers are not even aware of) and a keen knowledge of the manufactured housing building industry.
A particular manufactured (mobile) home could be in compliance as-is. However, you can’t necessarily make that determination until an on-site inspection is completed. It is a wise to remember that before you start trying to retrofit an existing M.H. to bring it up to HUD’s Permanent Foundation Standards, you need to hire an experienced Engineer familiar with M.H. foundation certifications from day one. It can save a lot of time, and money.
By refinancing and home applications, which is currently under renovation now at an amazing pace, a common question from homeowners’ What are the Home Mortgage rate forecast for the year 2009? ” Know now more than ever, homeowners that want to get on the housing market in the future, and here is some help.
Right now across the country, home mortgage rates around 5% can be achieved. These are some of the lowest recorded home loan ratesin the countries of the story. They are so low, due to the struggling housing market, and President Obama’s “Making Affordable Home” plan. The 75 billion U.S. dollars economic stimulus package allows the lenders and banks lending to lower prices, are working to fight to homeowners. Interest rates needed to be reduced by to return a portion of consumer confidence in the market.
With home mortgage rates as low as they are now, it’s hard to imagine that they Drop much lower. Most, I guess home interest rates are, however, at 4.25%, however, is the prime time for this has been done, begins to fade. With that said, I would expect to get home mortgage rates hover around the 5.25% mark for the rest of the year 2009 to be seen. This is still a much lower rate than previously available, and homeowners who may already be entitled to take out a mortgage and refinance it now.
I can not predict sharp rise in the home Violate> prices because of the housing market. Banks and mortgage bankers and home builders and sellers who want to get homeowners in a home and they keep theirs. This is the best way for everyone to benefit
Refinancing a home loan must be considered with extra caution. Consumers with poor credit score should particularly be more careful when considering bad credit home refinancing. There are advantages and disadvantages of taking such loans.
In some cases, a bad credit home refinancing product is a good financial option that would help people to meet their financial goals. Such a loan could bring about good and bad consequences and implications at the same time. As you consider applying for and taking a bad credit mortgage refinance product, it is important that you take note of the possible advantages and disadvantages of the product.
What Are The Advantages
For the advantages, a bad credit home mortgage refinance product could bring about a better interest rate. However, such ideal rates could be rarely found or acquired, especially because such loans are tailored for people with poor credit scores. As always, bad credit history is a strong detriment to getting loans with lower rates and costs. However, you should not stop on scouting the market because it is still possible to find a bad credit home loan refinance product with lower interest rates than your current mortgage.
The refinance product could also be your shield against the adjusting rates of your original or existing home loan. Refinancing your home loan could be a good choice if you intend to reduce risks coming with interest rates. Your adjustable rate mortgage (ARM) might be set to increase interest rates in the coming months. It would be better if you could find a bad credit home refinancing product with lower rates compared to your new ARM rate.
You could significantly lower your monthly payments. This is possible because your refinance loan could be smaller than your original mortgage. You could also ask for a better term so you would not be feeling the crunch of your monthly amortization.
What Are The Disadvantages
For the disadvantages, a bad credit home refinancing product could incur inevitable costs. This is because your refinancing loan is actually a new loan. As such, it would logically require new loan application fees, appraisal fees, closing expenses, title insurance, prepayment penalties, and other relevant charges.
The refinance loan could also possibly lengthen the total duration of your mortgage. This is because as mentioned, such a loan is a new one. Thus, it would start its count for maturity from Day 1. You would not continue counting the maturity of your original mortgage since you would repay it in full using proceeds from the bad credit home refinance product, which you would repay every month.
It could also be harder for you to find a good bad credit mortgage refinance provider in your community. There are numerous lenders out there but not all should be trusted. You need to do ample and further research efforts to make sure you are choosing the best refinance loan provider there is.
Mortgage Plans are loans that a person takes out specifically to buy property. If it is a new build, the construction expenses will be paid to the construction company by a loan company that is offering you the mortgage plan, if you are buying privately, the deal with be handled by an property agent. You will get your house and your monthly repayments will take care of the mortgage deal for the next twenty five years to come.
However, the loan company is going to require an assurance of sorts on your mortgage and this will probably be your house itself. It you are unable to pay the monthly fees, then you will be get a black mark on your credit file to start with, you will receive notification from the bank or mortgage broker giving you deadlines to get your loan into order and late payment fees will be applied on top. Eventually, if they do not hear from you, they will then take over your property and sell it on to another buyer, thus making sure they lose as little as possible on the mortgage plan deal.
A loan company is able to give you a loan of this size through their investors, as they invest in the mortgage company to make profit from the loan interest charged to borrowing customers. Therefore, it is essential for the finance company to make sure you are paying your monthly repayments on a regular basis.
There are many UK mortgage companies that offer house hunters good deals on their mortgages. However, you will have to be very careful in choosing the kind of mortgage plan you wish to take in the first place. Take into account your monetary situation, and the amount of money you will need to cover on regular basis, to make sure your mortgage deal is suitable for you.
To find the best UK mortgage company, it is best to check out their website and learn about their mortgage capacities, as some of the loan companies that offer mortgage loans need to sort out the loan capital in the first place, and whenever there is a drop in the financial market, the rules of the financial world change thus affecting your interests and your mortgage loan in the long term. However, the mortgage company will be able to give you a very clear view of your options.
There are a variety of loans you can pick. With a fixed rate loan, the rate of interest on the mortgage is not really going to shift and you need to keep track of it for the whole length of the loan. In fact, there are some loan companies that will charge you early payment fees if you finish the loan plan early.
You might also opt for a more flexible mortgage like a shared ownership mortgage; however, you will have to study the present financial market to make sure this is not going to be a risky move in the long term. A stable market plays a essential role in a mortgage and therefore, playing it safe is very important.
Fulton’s Landing Jersey City is a newer condominium development in Jersey City. This building was built in 2005 and has six stories. One, two and three bedroom condominiums are available for purchase in Fulton’s landing. Homes can also vary based on layout and total square footage. This beautiful building is located in the historic Paulus Hook district and is centrally located to many of the happenings in the Jersey City area.
Individuals who wish to go into Manhattan are steps away from ferry service or a PATH train that will take them right to their destination. Night life and culture such as music and the arts are common in this area of Jersey City. Condos range in size from 700 to 2000 square feet with an extremely glamorous two story penthouse suite available. Cable and internet access are included with each condominium. Temperature is independently controlled by the owner with a separate heating and cooling system for each home.
Living areas of these homes are extremely spacious. There is more than enough room for a family or a large gathering to occur. Large walk in closets are a plus to individuals who love to shop and have a large selection of clothes for the perfect occasion. Hardwood floors are installed throughout the condominium’s living room and kitchen. Marble tile is used for the floor in the bathroom. Eight to nine foot ceilings make the space feel much larger than it might otherwise feel.
The kitchens are furnished with top of the line GE profile appliances. This includes a gas range, microwave, dishwasher and refrigerator. Wood kitchen cabinets make the space feel more like a home with vibrant color. A private courtyard plaza is just steps outside of your home. This area is open to residents only. Fulton’s Landing is a pet friendly development. Many owners choose to bring their pets into this private courtyard so that they can play with them.
After you have had a long day at work and eaten improperly you can shed off those excess pounds at Fulton’s Landing’s exclusive fitness center. This is a state of the art facility that includes many new machines which you can use to help your body regain the shape it is supposed to have. Parking is available at Fulton’s Landing that is both covered and indoor. This ensures that your vehicle will be protected no matter how often you decide to use it. There are so many attractions near Fulton’s Landing that it may be difficult for you to decide when to go home.
Downtown Jersey City condo prices are known to be quite high. However, as far as prices go, Fulton’s Landing is quite reasonable. This development has private condominium homes ranging from the 400’s to one million dollars. The price that you pay will vary based on the layout, square footage and demand for that particular unit. Make sure to take a look at units inside of this revolutionary building quickly. It is small and once the units are gone, they are all gone!