Home Mortgage Guide-Learn About Mortgage

It has happened in the past and will most likely happen again: people not able to qualify for a home being talked into adjustable rate mortgages in order to qualify for a larger home payment. While a smaller house may not be desired, in tough economic times, a small house is better than no house. When situations get better, the smaller house can always be sold. Find out how to avoid financial troubles by only purchasing as much house as you need. Now that I have given you a headache, take another look at your life on paper and decide which pieces are really yours. If it looks anything like mine, I only see slivers of light where I shine on center stage. The rest is given to clients, family and..cleaning. I once told a colleague my hobby was cleaning, funny enough. If you would like to lose weight, you can join TOPS in Sanford. TOPS is a fun and informative weight loss group that will support you during your weight loss journey. TOPS is non profit and very affordable. You can join ME 113 Sanford any Wednesday at the Fish and Game Club on Route 4 in Sanford. Weigh in is between 5:00pm to 5:55pm and the meeting is from 6:00pm to 7:00pm. New members are asked to arrive at 5:00pm for their first visit. Registration fee is only $26 per year and that includes 10 issues of TOPS magazine. Dues are only $2.00 per week. For more information about TOPS, please visit the official TOPS website. Jumbo loans remain a problem. Rates are actually pretty low but only for top qualifiers. You must have a lot of equity and a 700 plus credit score along with a heck of a monthly cash flow to refinance into a low rate jumbo loan. In other words if you don't really need it they're willing to give it to you. The major problem in jumbo financing is the collapse of the high end home market. When higher end home prices stabilize you can expect lenders to loosen up standards on jumbo loans. It is very easy to use a Debt To Income Ratio calculator. You simply put in some numbers and you will be able to view results immediately. You may also have a choice of lenders that will show their rates and compete for your business. This can be a great way to do some comparison shopping all in one place. Get out a calendar and circle every other Friday for one full year. Now count the circled Fridays and you'll find that there are 26 total. Think of these Fridays as your payment dates. If you don't want a Friday payments then choose any day, it works for all of them. A scotia mortgage calculatorcan be also a fun tool to experiment with, if you find the kind that will let you switch scenarios. Some of them allow you to punch in a particular payment amount that you are willing to pay and discover the loan amount that you are able to afford. It's similar to the first scenario, only backwards. Looking for a really good deal on housing? Bernie Madoff's penthouse could be yours for as little as $10M. It will be going on the market this week. The Palm Beach mansion is also expected to go on the market later this week, and the beachfront home in Montauk, Long island is apparently gaining a lot of attention from prospective buyers, after it was listed last week. One young couple gave us some great advice early on in our marriage. Both had careers in the financial field, and stated that they didn't have a lot of money. Any month that had three paydays in it, they took a large portion of that third payday check and applied it to their mortgage. With bills paid off the first two paychecks of the month, the third paycheck was extra. While there were only a couple of months out of the year that had three paydays, it made enough to equal one extra mortgage payment per year, greatly reducing the amount of interest they would pay over the lifetime of their loan. When you take the time to compare these various terms, you'll see the amount of money that you will be really charged to purchase the home that you want. There are many other things that this tool can tell you as well. It can help you to figure out the total cost of the loan at various interest rate levels and with different types of loans as well. The mortgage calculator is a tool that every home buyer needs to have and use.