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You may be one of the many who are tired of renting. Or you may be someone who’s about to be married and saving for that wonderful place you intend to call home. Will owning a house you can call your own remain a dream? It doesn’t have to be. There are many ways to make this dream become a reality for you. It’s just a matter of putting things in order. All these considerations may sound complicated, but they’re actually not. Just like everything else in life, it’s simply a matter of “looking at the bigger picture” and then breaking them down into smaller pieces, working on accomplishing each piece slowly but consistently.

How to Begin

Start with a well designed plan. First, you have to decide on the basic four: 1) the type of house you want; 2) the location; 3) are you building or buying? and 4) How much is your budget?

Knowing the type of house you want is very basic because building a house, or buying a finished one is not something you do everyday. And so a lot of thought has to be put into considerations such as size and functionality. To address these two concerns, think about your family now, or your family five to ten years from now. What’s the size of your family? How many children do you have? Will you have more in the coming years? How many bedrooms do you plan to have? How big will be the kitchen? Or the dining room? How many bathrooms? All these may sound very simple, but if left unconsidered, it will have an effect later on.

The location of the house is also crucial. More than considerations on distance from your workplace and the school, location also determines the value of the land where you intend to build your house (or where the house you intend to buy is already built). This adds up to the actual cost of the house.

Know the amount of the house you want – even of it’s a rough estimate. Knowing and seeing the amount will help you and guide you in your decisions.

From there, you can now proceed by asking your self this question: can you afford it? If through your pencil pushing you realize that you can’t afford it, then at least the knowledge will help you make some adjustments. Moreover, although you may not have the money now, in lump sum, but there is a way. There are home loans available for those who can afford it in the long haul …

What to Do Next

First, evaluate your finances to find out how much you have, and if you need to get a loan, how much you need to borrow. Second, be familiar with the different lenders in your area and find out as much as you can about them. Do Internet research and visit deifferent websites. Make comparisons. Identify which amongst the many lenders can help you best.  Find out about the different home loans they’re offering, their interest rates, the benefits of their loans, and many other information necessary before you make your decision. You can also consult a local mortgage broker for additional information.

Bottom line, there is help out there. Just find the best one, and start working to own the home you’ve always wanted.

In 2012, the HARP refinance program for underwater homeowners was revamped.  New guidelines have been set forth by the government and they are soon expected to be adopted by lenders.  But, will the HARP program 2.0, as it has been nicknamed, live up to the expectations?

First, let’s take a look at what this program was designed to do.  HARP was designed as a way for underwater homeowners to refinance their mortgages to current interest rates.  This is assuming that their current interest rate on their mortgage is higher than todays rates, which is usually the case.

Homeowners who are current on their mortgage payments and have a loan that is backed by Freddie and Fannie will be able to refinance the loans.  Homeowners who have late payments will not qualify and must look to other options such as loan modification or a short sale to avoid foreclosure.

The original HARP program placed a cap on your loan to value ratio, which eliminated many homeowners as participants in the program.  Too many people had homes that were worth far less than they owed.  With the new program, this cap has been lifted so that anyone who is upside down on their mortgage and meets the other requirements should be able to qualify and refinance.  Exciting, right?

Sure, if you believe everything that you read.

Here is the main problem I see with the HARP underwater refinance program:  The government does not control what lenders do.  They only set the “guidelines” for the program and expect lenders to adopt them.   The lenders have to agree to these guidelines and use them.

Why they won’t agree to these guidelines

Loans are backed by investors.  For lenders to agree to these guidelines, investors must agree to these guidelines as well.  Wall Street must agree to these guidelines!  Do you think an investor will let someone who owes $300,000 on their home that is worth $125,000 refinance to a lower rate? I for one, do not.

What I think will happen with HARP

When the guidelines are officially adopted by lenders there will definitely be a “feeling out” period.  Sure, HARP refinances will happen, but the majority of those refinances are going to be loans with an LTV (loan-to-value) of 125% or less.  This is what investors are looking for.  I think some lenders may be able to push up the cap to 135% or maybe even 145%, but I just don’t see it getting any higher than that.

HARP can say that they have new guidelines and no LTV cap for underwater homeowners looking to refinance, but it doesn’t mean it’s going to happen.

I imagine we will see similar problems with HARP that we saw with the HAMP loan modification program.  Sounds great, but not many homeowners will qualify and get the help that they need.

About the author:  Jeff G. is a prolific financial writer who has composed numerous articles relating to loan modification and the HARP refinance program.

Are you eyeing a mortgage relief? Well, the answer is most likely to be ‘yes’, as millions of homeowners across the U.S.A are struggling hard to find the effective relief program or help. Often, homeowners feel that the money that could be saved via the relief programs would help them sustain other costs that were so long been postponed due to financial restrictions. A number of alternatives offer effective relief programs helping the mortgager adjust with his or her payments. The relief ideas in actual sense come to your best help in times when a particular circumstance blocks your road to payment.

Therefore, if you find yourself in hard times owing to mortgage payment then, consider relying upon any one of the following methods –

The Lender

While looking for a mortgage relief idea, consider contacting your lender, as a priority. All you need to do is call up the mortgage statement and request the call to be offered to the department of loss mitigation. This particular department helps in establishing a loan modification program that allows you to change the mortgage terms according to your convenience leading you towards a safe payment rather than foreclosure.

Refinance Program

The Home affordability Refinance Program (HARP) help in cases you have Freddie Mac or a Fannie Mae loan. This program allows the Fannie and Freddie mortgage holders to refinance their present mortgage within a value of 105 per cent to 125 per cent of the present value and worth of the home. This particular program also focuses on the idea of helping the mortgagers with better terms and conditions on the mortgage laying an improved situation financially. For availing, the best benefits with these two above-mentioned relief programs consider contacting the loan service provider for the application procedure.

Consult an Attorney

Consulting an attorney or a specialized real estate lawyer in times of hardship with your mortgage also helps in finding an effective mortgage relief program. If you are in a fixed financial situation then, consider relying upon your attorney for a loan medication program that can help in either delaying or avoiding a foreclosure.

Government Help

If you are facing problem in paying off your mortgage then, turning to government programs help in dealing with the mortgage issue. The Making Home Affordable Program and the Home Affordable Refinance Program are two such programs that are designed to assist the homeowners experiencing trouble with the mortgage payments.

However, while finding out the effective mortgage relief program, you need to keep in mind taking cautious steps towards the idea. Many a time, steps taken in hurry have resulted in bad decision that had further made the mortgage situation worsen leaving the mortgager in trouble. Therefore, it is advisable that you choose a relief program doing the background research well to save yourself from the hassles.

The author, Aalina Jones here provides smart suggestions on mortgage relief. This article will certainly help people gather plenty of information regarding loans and mortgage policies.

If you have a new car, you’re amongst the lucky as purchasing a new car isn’t an easy thing to do. New cars come with a big price tag and you need to have a big budget if you want to make the dream of owning a car come true. However, overtime, as other things have become easier to do, purchasing a car is not that big of a problem for anyone who wants to get it, all thanks to several online lending groups. There are several types of auto loans that you can choose from to get a car loan but the decision is yours to make; either you can get a new car loan or acquire loan for used cars; it depends on how much you can pay.

Choosing an auto loan is the tricky part. Many people think that since they will have to pay the loan back in monthly payments, it shouldn’t be an issue to get an expensive car, which otherwise would have been out of their reach. It is better if you stay realistic and be practical and choose an auto loan according to your purchasing power capability. For instance, if you can’t afford paying monthly installments for a new car, DON’T go for it, rather choose something that you can easily afford to pay.

Submitting an application for a used car loan is relatively simpler if you’re doing it online. Several lenders are present online that provide the quote of their loans free of charge. You should start by gathering information on quotes from several online lending groups available out there and once you have collected the rates, it is advisable that you then compare and contrast to select the one that is best for you.

In order to calculate the amount of money that you will be required to pay out every month and to assure if you can really get a new car, use an auto loan calculator which will help in clearing out the picture in your mind as to how much money will be escaping your pocket every month to finance your car loan.

There is however, a common problem amongst buyers which arises because of online lenders charging hate rates of APR or interest rates. If you come across this problem, you should resort to a refinance auto loan. What the refinance auto loan does is that it assists you in saving money when you are paying back money of the acquired car loan. Refinancing will help in reducing your monthly payments. Moreover, there is also an option of you paying out the entire remaining balance of your loan if you want to after paying some installments initially. Tip for choosing a refinance loaner is that you need to search for a good rated company which also has a good repute. They will require you to put your signature on some papers and go through the terms of paying the balance off. If things go smooth, the company you have taken the refinance from will pay out the remaining balance of yours left with your previous lender and provide you a new loan at better terms and rates.

It is advisable for you to go through different sources before you select an auto refinance loan providing company. To get the car loan, you will have to make the choice yourself. Do the math and choose the best option for yourself.

Knowing how your mortgage works can help you keep it from working against you.  Many people think that their mortgage payment is only used to pay off the amount of the loan.  That assumption can hurt those people, as the mortgage payment is based on the length of the mortgage loan taken out.

1. How a Mortgage Works

If a mortgage is to be paid over 30 years, the payments extend the amount owed, due to the interest charges added to the total. This interest is also compounded, meaning eventually you will also pay interest on this interest. Quite simply, a large chunk of you payments could be devoted to simply paying interest.

2. Getting the Best Deal

Once the interest has been paid, the loan amount will be lessened each year and the 30-year mortgage will be paid in full with interest at the end of the 30 year period.  Understanding that your mortgage payment is actually an interest payment might help you to try and learn how to save money.  For instance, make sure that you can pay more than the monthly payment and that you can even pay in full. This may sound like irrelevant, but an unforeseen inheritance or great night at the casino could make this a distinct possibility. Also, make sure you shop around for the best deal. If your credit score is low enough, you may be able to get a great interest rate!

3. Paying it Off

You can save money on your mortgage by making the mortgage payments on time, avoiding late fees. If you can pay more than is due, this will also help. An extra $100 a month means an extra $1200 a year and this could save you years of payments. Try to anticipate your future income and you could make sure your payment plan fits well.

4. Tips and Secrets

Your mortgage is attached to the property that you have borrowed money to buy.  However, you are still in control of that property if you continue to make your payments on time. For instance, if your house is a little bigger or nicer than necessary, you can sell your property for more than you have borrowed to buy it and use the proceeds to pay off your mortgage and make a profit.  Or, if you have a great interest rate on a savings account, you could put the money you’d normally use to make higher payments in this account and profit – then use the profit to pay a big chunk of your mortgage in a lump sum.

It’s easy to save money on your mortgage, but you need to understand it fully. Speak with your lender to find out where every dollar you pay goes and ask every question that comes to mind. Also be sure to ask for any ways you could say money, because you’d be surprised at the secret options out there!