Mortgage Backed Securities Analysis

Posted on July 23, 2009
Filed Under Mortgage Loans | Leave a Comment

Palantir analyzes individual Mortgage Loans, the higher order structures they collateralize, and institutions that hold tranches of those higher order structures

Duration : 0:8:27

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MMA on the News Accelerated mortgage payoff

Posted on July 23, 2009
Filed Under Mortgage Loans | 25 Comments

See Jubileex.com for more info. MMA Accelerated Mortgage Pay Off In 8 to 11years News Video. Pay Off your Mortgage in as little as 8 to 11 years or less just by doing what you are currently doing, and without any change to your current lifestyle or current cash flow.

Duration : 0:4:8

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Connie De Groot on Cashin’ In - Recorded Apr 4, 2009, FBNHD

Posted on July 23, 2009
Filed Under Mortgage Rates | Leave a Comment

Connie De Groot discusses current trends in housing and Mortgage Rates.

Duration : 0:4:6

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Mortgage Loan Modification Help for Homeowner - TV Interview

Posted on July 23, 2009
Filed Under Mortgage Loans | Leave a Comment

Loan modification and mortgage modification programs, Help for homeowners. Visit us online at www.GuardianMods.com or call us today at 1-877-511-MODS (6637) - TV Interview with Mike Luchen

Duration : 0:6:18

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How To Deal With The Loan Modification Nightmare!

Posted on July 22, 2009
Filed Under Mortgage Loans | Leave a Comment

A plan of attack when making your submission to the Lender for a Loan Modification.

Duration : 2 min 50 sec

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Wholesale Loan Modification and its Advantages

Posted on July 22, 2009
Filed Under Home Mortgage | Leave a Comment

http://www.60MinuteLoanModification.com – FREE CD shows how I modified loans on all 5 of my properties. My simple system helps you beat the bank, lower your payments, and save your home. CLICK the link above to learn more
“I Can Help You Save Your Home!”

Duration : 2 min 36 sec

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Current on first, late on second mortgage. How does that work?

Posted on July 22, 2009
Filed Under Second Mortgage | 3 Comments

I am current on my first mortgage, but about 2 months late on my second. Can the second mortgage foreclose on my home if I am current on the first?

Yes. They already have a lein on your home. It’s called a "Jr. lein" and they have the right to start foreclosure proceedings if you don’t pay. If it is a matter of just being late on the Jr. lein, then it will adversly affect your credit.

Your second mortgage is separate from your first mortgage. When you secured the loan, it might have been an 80/20 loan. In essence, the 80% is your first mortgage and the 20% is your second mortgage. Though they cover the same home, they are two separate mortgage payments.

However you obtained this Second Mortgage, it will always remain separate from your first mortgage unless you refinance them together into one payment.

Find the bill to your second mortgage and pay it immediately. If you have a first AND second mortgage on your home, then you haveTWO mortgage payments each month and maybe two separate banks holding the mortgages. Not just one. Pay it as soon as you can.

Could it be that short term interests are used by the greedy as an excuse to increase mortgage rates?

Posted on July 22, 2009
Filed Under Mortgage Rates | 2 Comments

(in reference to my question) Short term interest rates only apply to installment loans such as credit cards, but they do not have any impact on Mortgage Rates because those are determined by Treasure Bond rates or long-term rates.

Please do your own research and homework.

Why is home mortgage loan considered a tax benefit ?

Posted on July 22, 2009
Filed Under Home Mortgage | 8 Comments

I am planning to buy a home and wanted to know why everyone thinks that Home Mortgage loan is tax beneficial.

Example:-
If we are paying around $15,000 a year in interest+property taxes and in tax refund( 15% tax bracket) we get back around $2K-3K and we are happy.

Its like paying government $100 and getting back $15 and we are happy with that.

Correct me if I am wrong

You’re partially wrong.

If you pay $15,000 a year in interest and property taxes AND you are in the 15% tax bracket, you get to reduce that $15k from your income. This means you will pay $2,250 less in federal income taxes. So in other words, you are paying $15k to save $2k. It’s not good business sense, but it’s better than not saving anything…but that’s not the entire story…it gets worse.

You only get to deduct the $15k IF AND ONLY IF you itemize your deductions (instead of taking the standard deduction). If you are married, your standard deduction is $11,400 ($5,700 if you are single).

Since you are paying $15k in interest/taxes, you get to deduct an extra $3,600 than you otherwise would have been entitled to anyway. Therefore, your net tax benefit really isn’t $2,250. It’s only $540 (15% of $3,600).

But wait…it gets worse…

You are only paying $15k in interest/property taxes the FIRST YEAR of the mortgage. Keep in mind that part of your mortgage payment goes to principle. While your payment each year will be the same, the amount going towards principle and the amount going towards interest will change. Eventually, that $15k payment each year will only be a few thousand worth of interest…at which point there is ZERO tax benefit.

Pre-qualifying for mortgage loans in order to shop around?

Posted on July 22, 2009
Filed Under Mortgage Loans | 4 Comments

Is pre-qualifying for a mortgage loan the way to compare loans? I am a first time home buyer and want to understand the best way to shop for a loan. Then if I chose a loan and wanted to get pre-approved, how long does it take to get approved before I can put a bid on a house?

You could do that, or just ask the current rates for someone with your credit score, income level, and debt-to-income ratio. They can’t guarantee that’s the rate you’ll get but it’s a start. Often what happens is you will pick a bank you trust and they will shop within their own programs for the best loan for your circumstances. When you are ready for pre-approval, this process can be done within a few hours. Have your pay stubs, copies of two years of tax returns, monthly debt payment amounts and account numbers for debt and saving accounts handy. When pre-approved, the bank will email, fax, mail, or hand you a letter (depending on the location and circumstances) that you can use when making an offer on a home.

Your rate may not be locked in until underwriting, which is after you and a seller agree to an offer on a home and complete the inspection process. This can take a couple of weeks and requires a more thorough check of your finances and credit situation. Sometimes that means the loan program you were approved for will no longer be approved or that more down payment money will be required.

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