Before I being telling you a very small portion of my recent incidents, allow me to share my belief. I am not a religious person, although I attend churches, temple and used to go to mosques (years ago). However, I believe in God. Everyday, my trust in Him increases. In simple words, there is not a day that I loudly do not announce, "God I Love you and my life is yours." "God you gave me life and my existence. Every breath that I take, every move that I make, everything that I eat or drink and so much more, is either because you allow me to do so, you provide for me or you make it happen." It is all because I have seen Hell and life both in the past fifteen (15) years (BEYOND YOUR BELIEF). I believe in a few old sayings: "Love one another", "Do unto others as you would have them do unto you," "Think right, do right and talk right." I also believe in the sayings: "Knowledge is wealth," "More is lost by indecision than by bad decision", "Ask and you shall receive," and "Tomorrow is not promised to anyone." I use this last one sensibly and carefully as some people misunderstand its true meaning.
However, before you read the rest, I want you to understand that I am NOT bragging. I am just sharing the true fact of established credit and how a good and long term established credit could make you credit invincible.
As much as I do not believe in fortune telling, palm reading, card or coffee reading concepts, once a while to just throw my money away, I would listen to the advice of friends and drive with them to a few of these places, listening to what the "so called, spiritual readers" had to say. It should read like this, "To my dismay, I had done this three times since 1994, when I was seeking for a way to see how I could turn my horrible life around, as described in my book "When I-RAN," available to the public in four months. Every time to my disappointment, I would lose a little money just listen to some nonsense that would never come true. Of course, you must understand that from 1994 through 2000, I was working on some large scaled business application/data storage software packages (for the laymen out there- large computer programs for multi-million dollar businesses). I needed a sense of direction and was lost. God was not answering me (or that I thought -He was not). I guess I was expecting Him to come and squeeze & twist my ears and force me to listen. I guess it is called knowledge and patience (that I was lacking and still am).
Anyway, for the past two years, due to my massive legal battles and … (read in the "When I-RAN" book), my former wife asked me to contact Sylvia Brown (the "so-called world renounced psychic"). I asked my wife, how she learned about Sylvia. She stated, "Through the Montel Show." Since I heard about Montel before (although I never listened to his programs), I decided to listen to his program when he had Sylvia on his show. After a couple of times, I became doubtful as I could not understand how a person can tell a group of audience members what the after life or "other side" looks like. Then, I understood. No one actually knows what the after life is about, yet people are easily deceived. Who knows? I can have you hear anything you want and you would not know the difference anyway. My wife persuaded me by stating that Sylvia helped law enforcement agencies to solve murder crimes. Then I said, "So the police departments do not need to invest millions of dollars and hire full time investigators -spend weeks, months or even years to solve a crime. All they need to do is hire Sylvia and her son (Chris) to go around the country and let these two finger point the criminals and the cases would be solved so much easier and more efficiently. This way millions of taxpayers' dollars would be saved, the district Attorneys and the governors would look like angels, and would be happy to hold on to their jobs for life."
For years, I believed that if the psychics had the ability to predict, then they all would be able to win the lottery all across this country (if not the globe) and did not need to read someone's palm, card, a coffee cup or have a crystal ball. See, it is easy to predict the unknowns and unpredictable, if you discipline yourself. You may wonder how? Then, read the book "When I-RAN." However, predicting someone else's life or future, is a bit out of our hands, for those who believe in God, and is unusually suspicious when it comes to those who do not believe in God.
Anyway, as a result of my wife's persistence, I agreed to blow away several hundred dollars by calling Sylvia Brown's organizations. Of course, after a long recording and leaving several messages, I became frustrated and left an educated yet, frustrating message. As a result, I received a phone call and was told that Sylvia's schedule is booked six (6) to nine (9) months in advance and Chris' is booked ahead about 3-4 months.
However, to have Sylvia read my life it requires the fee of $750.00 advanced payment of several months and for Chris, it requires payment of $450.00 several months ahead.
The organization would not take any sort of payment but a credit card. To my amusement, would you like to know why? It is so that you would NOT be able to dispute the charge and that by the time the reading comes into the schedule, you would have no way to dispute as your time to dispute would have legally passed.
As a result of persistence, I authorized the charge of $450.00 since I needed to get a sense of direction for a couple of my legal issues.
This was the result of Mr. Chris Brown's reading: He insisted that I must stop my litigations, as I would lose them all and I would be spending a lot of time and money for no reasons. He even stated that I would be throwing good money after bad. (MBNA/BOA wants to settle).
He said we do not have any health issues…. And even commented about my family's…
He said that my finances would be on the up and up and I would not suffer and insisted that I had to continue with my real estate and that only work on my book writing as a hobby and not as a source of income. Again, he emphasized that I must stop litigations.
He also told my wife, who had been recently demoted at her work, not to worry and in June she would be promoted and it would all workout best for her. He persisted that there should be no need for litigation in that matter either.
He also suggested that our relationship, the severely damaged relationship, would workout as he even commented by saying, "You kids need to work it out and everything will be alright."
He noted a few other things.
I guess God had His own agenda and did not like for me to place my life, future, or trust in the hands or mouths of a "so called spiritual reader (a fortune teller)."
Let me describe what transpired immediately after the reading of February 29, 2008. A week or so later, my investment account of many years with Ameritrade/Accutrade was liquidated as a result of repeated errors of Accutrade and its representatives' belligerence, ignorance and stubbornness. I was placed into foreclosure by SunTrust bank shortly thereafter and came to a point in life that I, who never stutters in speaking, practically lost my sense of speech to the point that a friend came to my house baby sitting me, making certain that nothing would happen to me.
Not long thereafter, my aunt who raised me since the age of four, died and three weeks later my mom, who I lacked seeing so much and missed spending time with, died in a horrible car crash.
Yet this is October 19, 2008 as I am writing this, my wife is still at the same demoted position, and we live in separate houses because "we kids could not work it out."
Then, I realized that I was right all along. No one knows anything about my life other than the God who created me. The knowledge and ability He gave me is what makes or breaks me and it is not what a "so called fortune teller" tells me. God gave me several paths to choose, and I must choose one that would be most desirable and fulfilling to me. Although from time to time, just like any other human being, I may scream and say, "GOD, WHY DO YOU DO THIS TO ME?" Then, I realize, he put water, fire, hills and cliffs in front of me, told me the differences and showed me what will happen if I choose each. I did not want to listen and decided to hug the fire and jump off the cliff.
I further realized that I could become credit invincible under His guidance. Allow me to explain this part.
Immediately after having a foreclosure by SunTrust Mortgage Department along with a series of +150 days late payment, a late payment by another creditor and also being involved in a litigation with MBNA/Bank of America due to a "Charge Off" all on my credit reports, I was able to buy several expensive, new, or almost new vehicles ALL in a matter of less than seven months. Guess how good my credit was that all these negative impacts (describe above) had little to no impact on my buying power? You may say, "Okay, so what, you are suffering from high interest rates." Yes, you are right. My interest rates on these vehicles are--are you ready to read…?
1. A truck of $25,000.00 that has a rate of 4.9%,
2. A fully loaded Avalanche of $48,000.00 that has a rate of 5.5%,
3. A Porsche Cayenne that has an interest rate of 0.99% (using a credit card),
4. A fully loaded Silverado 2500 that has an interest rate of 5.75%, and
5. An Infiniti M series at a rate of 1.99% at a price over 50 is my most recent purchase.
I have all these vehicles and am making payments on all.
Now, let's see if you understand what I am trying to say. In a matter of a few months in 2008, I have all of these on my credit report along with massive credit card limits; 1. I received a recent foreclosure and several 150+ day late payments for one mortgage loan; (soon to file action against)
2. I received a recent late payment on another loan;
3. I also had a credit card "Charge Off" of an amount -almost $14,000.00;
4. I Bought my first vehicle and still had enough credit and buying power to buy the second vehicle;
5. Negotiate, paid, bought and repaired a house for soon to be Ex,
6. Still had buying power and credit left to buy the third vehicle;
7. Have a judgment on my credit file; because, I was mourning the death of two mothers back to back, fighting a wife, negotiating, transacting and fixing a house for a wife; therefore, I forgot I had another life.
8. Bought another house (not Ex) using a credit card along with small line of credit;
9. Still had buying power to buy the fourth one;
10. Still had credit to buy yet another.
11. And am still fighting.
If you still did not get the message, it means every time you get a loan, that loan and purchase reduces your chances of making the next purchase. Each new purchase/loan must be settled and remain on your credit report for at minimum six (6) months for it to create any positive impact. This means, any new loan will drop your credit score for the first six months, as it is NOT an established account. Now, if your overall credit history is not a long terms history of 5 years or more, a new loan will take even up to a year to become a positive impact.
Sabtu, 28 Februari 2009
Rabu, 25 Februari 2009
L@@k at how you compose your eBay auction title
OK, I just wanted a reason to say "don't get cute". It reminds me of a tough guy movie and me, being a guy, like those kinds of movies. Now let's get some of the basic eBay stuff out of the way. Back in the day when eBay first came around it was kind of cute to put stuff like L@@K in your eBay title to try to attract some @@s... uh, I mean eyes to your auction. It still kind of cute, but it's not something that will help your item get found on eBay. Just for fun (uh... my life must be really boring) I did a search for L@@K on eBay and here is what I found.
45,961 results for L@@k!
I don't know about you, but when I am searching for something on eBay or online for that matter, I never use L@@K in my search. Something else that you not do is use other modifiers like CUTE, WOW or NICE, in your title just to name a few. The point, if you haven't gotten it yet, is that buyers never go on eBay to search for something by typing in, "L@@k vintage Mickey Mouse watch WOW," but they would do an eBay search for, "red vintage Mickey Mouse watch new with tags." Get the point? eBay suggest that you NEVER use modifiers, but I have to disagree... a little. When I am creating a title for a listing, and have used every search word that I can possibly think of (I try to use all 55 characters), if I still have three or four spaces left, I will throw in a modifier, so that I use all my available title letters. Think of your 55 characters as eBay real estate; you want to use them all, because eBay is charging you for them anyway. When in doubt, think about this quote, "Just the facts ma'am", or sir. What are the facts? For people searching on eBay the facts are things like, make, model, color, size, desirable features and so on
45,961 results for L@@k!
I don't know about you, but when I am searching for something on eBay or online for that matter, I never use L@@K in my search. Something else that you not do is use other modifiers like CUTE, WOW or NICE, in your title just to name a few. The point, if you haven't gotten it yet, is that buyers never go on eBay to search for something by typing in, "L@@k vintage Mickey Mouse watch WOW," but they would do an eBay search for, "red vintage Mickey Mouse watch new with tags." Get the point? eBay suggest that you NEVER use modifiers, but I have to disagree... a little. When I am creating a title for a listing, and have used every search word that I can possibly think of (I try to use all 55 characters), if I still have three or four spaces left, I will throw in a modifier, so that I use all my available title letters. Think of your 55 characters as eBay real estate; you want to use them all, because eBay is charging you for them anyway. When in doubt, think about this quote, "Just the facts ma'am", or sir. What are the facts? For people searching on eBay the facts are things like, make, model, color, size, desirable features and so on
Minggu, 22 Februari 2009
Rabu, 18 Februari 2009
Minggu, 15 Februari 2009
Solo IRAs--Four Options For Your Consideration
It is never too early or too late to consider all options when planning for your future with either solo IRAs, 401ks, Roth IRAs or self directed IRAs. Maybe you need to save for college fees, buy a home and of course, save for a comfortable retirement. Whatever your situation is, whether you are self employed or an employee there is something in this article for you.
With today's economic climate it is a good idea to look for a broker that diversifies your funds. Rather than just investing in stocks and bonds, real estate is now gaining popularity. Also, a broker that offers all types of accounts is advisable.
Option #1
Solo IRAs are useful if you are self employed and your contributions are tax deductible. The paperwork is straight forward and most brokers recommend this method. The maximum amount you and your spouse can contribute is more than $100,000 per year, depending on your income. Tax is paid after retirement when you access these funds.
Option #2
401ks are much the same with a higher limit on contributions. This type of fund is only for the self employed with no employees except for your spouse. You can hire contractors but not anyone with a W-2. The paperwork is more complicated so not encouraged by brokers. Tax advantages are very similar to the above.
Option #3
Roth IRAs are suitable for both the self employed and the employee. The contributions are not tax deductible, instead you pay tax on your contribution that tax year. The maximum yearly contribution is $10,000 per couple. You do not pay tax on retirement when you access your funds. An added advantage to this is that you do not pay tax on your profits, they are tax free. The principal amount can be withdrawn before retirement with no tax penalties.
Option #4
Self directed solo IRAs are becoming increasingly popular and for good a reason. You get to gave the say where your money is invested. That, combined with the right information can be very beneficial.
As you can see by the above options all four, solo IRAs, 401ks, Roth IRAs and self Directed IRAs can be of use to you. The key is to diversify in today's economic situation. Self directed IRAs are very beneficial particularly when you have good advice. There are such people around that do as little or all of the work for you while you reap in the profits.
If you lead a busy lifestyle planning for retirement can be the last thing on your mind. Don`t delay, find a company that you can trust to assist you. The right advice is crucial. I have a lot of interesting information on my site if you would like to take a look, please click on the link.
With today's economic climate it is a good idea to look for a broker that diversifies your funds. Rather than just investing in stocks and bonds, real estate is now gaining popularity. Also, a broker that offers all types of accounts is advisable.
Option #1
Solo IRAs are useful if you are self employed and your contributions are tax deductible. The paperwork is straight forward and most brokers recommend this method. The maximum amount you and your spouse can contribute is more than $100,000 per year, depending on your income. Tax is paid after retirement when you access these funds.
Option #2
401ks are much the same with a higher limit on contributions. This type of fund is only for the self employed with no employees except for your spouse. You can hire contractors but not anyone with a W-2. The paperwork is more complicated so not encouraged by brokers. Tax advantages are very similar to the above.
Option #3
Roth IRAs are suitable for both the self employed and the employee. The contributions are not tax deductible, instead you pay tax on your contribution that tax year. The maximum yearly contribution is $10,000 per couple. You do not pay tax on retirement when you access your funds. An added advantage to this is that you do not pay tax on your profits, they are tax free. The principal amount can be withdrawn before retirement with no tax penalties.
Option #4
Self directed solo IRAs are becoming increasingly popular and for good a reason. You get to gave the say where your money is invested. That, combined with the right information can be very beneficial.
As you can see by the above options all four, solo IRAs, 401ks, Roth IRAs and self Directed IRAs can be of use to you. The key is to diversify in today's economic situation. Self directed IRAs are very beneficial particularly when you have good advice. There are such people around that do as little or all of the work for you while you reap in the profits.
If you lead a busy lifestyle planning for retirement can be the last thing on your mind. Don`t delay, find a company that you can trust to assist you. The right advice is crucial. I have a lot of interesting information on my site if you would like to take a look, please click on the link.
Kamis, 12 Februari 2009
Self Investing IRA--Food For Thought
For those of you that have a 401K, I wonder if you have thought of rolling it over and converting it to a self investing IRA to invest into real estate? It is just the same as investing 401K money in real estate except an IRA or self directing IRA would give you the flexibility of controlling where, what amount and what you invest your money into. The reason I am suggesting this is explained in this article.
I was speaking to my neighbor the other day and he told me that he had been contributing around 3% of his pay into his company 401K plan. The problem with this was that he was only able to self direct a small percentage of his contributions leaving him with very little control over his own money. The reason for this, was that the company restricted the amount that he could self direct. He was also informed that if he left his job or the company changed their rules he could even lose more authority over what he directed the 401K to invest in.
Following this, the 401K went on to lose more than 10% in the space of one year. He then realized that he needed to take more control over his money so that it would be working for him and adding to his retirement fund.
With full steam ahead, he started researching how he might be able to roll these funds from the 401k into a self investing IRA. He wanted the IRA to give him full control over his funds with no limitations.
His research lead him to discover that traditional IRAs also had restrictions but a self directed IRA would allow him more options including real estate investment. This appealed to him as he realized the potential of investing in real estate.
The main difference between self investing IRA money into real estate and investing 401k money in real estate is that the 401K Plan can limit the amount that he could use to buy an investment. With self investing IRA funds there are no restrictions on the amount he could spend. He could use the lot, if he wanted to.
Of course, he then had the responsibility of directing his new IRA along the right path. This is a huge responsibility but with the right advice and guidance he could create an incredible opportunity.
Similar to investing 401k money in real estate he now had the option to look for companies that offered turn-key investments and good management processes. It is important that the paperwork be well managed so that all legalities are covered.
This is an ideal situation offering great opportunities in today`s economic situation. Don`t delay, just click on the link for a whole lot more information.
I was speaking to my neighbor the other day and he told me that he had been contributing around 3% of his pay into his company 401K plan. The problem with this was that he was only able to self direct a small percentage of his contributions leaving him with very little control over his own money. The reason for this, was that the company restricted the amount that he could self direct. He was also informed that if he left his job or the company changed their rules he could even lose more authority over what he directed the 401K to invest in.
Following this, the 401K went on to lose more than 10% in the space of one year. He then realized that he needed to take more control over his money so that it would be working for him and adding to his retirement fund.
With full steam ahead, he started researching how he might be able to roll these funds from the 401k into a self investing IRA. He wanted the IRA to give him full control over his funds with no limitations.
His research lead him to discover that traditional IRAs also had restrictions but a self directed IRA would allow him more options including real estate investment. This appealed to him as he realized the potential of investing in real estate.
The main difference between self investing IRA money into real estate and investing 401k money in real estate is that the 401K Plan can limit the amount that he could use to buy an investment. With self investing IRA funds there are no restrictions on the amount he could spend. He could use the lot, if he wanted to.
Of course, he then had the responsibility of directing his new IRA along the right path. This is a huge responsibility but with the right advice and guidance he could create an incredible opportunity.
Similar to investing 401k money in real estate he now had the option to look for companies that offered turn-key investments and good management processes. It is important that the paperwork be well managed so that all legalities are covered.
This is an ideal situation offering great opportunities in today`s economic situation. Don`t delay, just click on the link for a whole lot more information.
Senin, 09 Februari 2009
Roth IRA Rules--A Powerful Wealth Builder
I am about to show you a very powerful way to build your wealth by investing in real estate. One opportunity that I want to bring to your attention is what is known as a Roth IRA. Here, I am going to discuss the definition of a Roth IRA , Roth IRA rules and how to use the Roth to your advantage to build your real estate investments.
Definition of a IRA
The Individual Retirement Arrangement/Account was introduced in1974 by congress as a way for people to save money for their retirement.The contributions are tax deductible so that may be useful to you. The main advantage of this type of fund is that tax on the profits is not paid until the individual withdraws money from it. This is on retirement when the individual is more than likely to be on a lower tax bracket. In the meantime the money has grown and not been subject to yearly taxes.
Definition of a Roth IRA
First introduced in 1997 by Senator William Roth. The main difference with this type of IRA is that the money contributed is not tax deductible.However it is not taxed when the money is withdrawn.It is important to be aware that this exemption only applies if the individual withdraws the funds after the age of 59 years and six months and has had a Roth account for a minimum of 5 years.
How Does A Roth Provide Massive Profits With Real Estate?
Normally you purchase investment real estate with cash. If you sell the property you have to pay capital gains tax. This can amount to as much as 15% or your profit. Therefore if you made a profit of $10,000.00 you would pay $1,500.00 in capital gains tax. Your profit would end up being $8,500.00.
If you invested the original $10,000.00 back into a Roth you would have the full amount to reinvest again. For example, if you originally invested $30,000.00 into a property and resold it for $40,000.00 you would be able to reinvest the whole amount. Each time you make a profit your IRA amount would have increased enabling you to invest and purchase more. This is a very powerful strategy that offers you a very comfortable lifestyle when you reach retirement age which will hit you before you know it.
Roth IRA Rules
There are several but here I am only going to mention those most relevant to profiting from real estate investment.
#1 You are unable to borrow money from your account.
#2 You cannot use your Roth as security for a loan.
#3 You cannot use your Roth to buy real estate for yourself , your immediate family or descendants. If you purchase a rental property to make profit and rent it out to a stranger that is okay.
#4 You can contribute to your Roth for as long as you like and it is all tax free.
#5 You can own a Roth IRA if you are single or if you file a single tax form and your income is $116.000 per year or less. If you file a joint tax file with your spouse the amount must be $169,000.00 per year or less.
Now that you are aware of the definition of a Roth IRA and the Roth IRA rules you can see the wonderful potential you have in using a Roth to build your financial future using real estate investment as the tool. I have some very exciting information on my website. Please click on the link to learn more.
Definition of a IRA
The Individual Retirement Arrangement/Account was introduced in1974 by congress as a way for people to save money for their retirement.The contributions are tax deductible so that may be useful to you. The main advantage of this type of fund is that tax on the profits is not paid until the individual withdraws money from it. This is on retirement when the individual is more than likely to be on a lower tax bracket. In the meantime the money has grown and not been subject to yearly taxes.
Definition of a Roth IRA
First introduced in 1997 by Senator William Roth. The main difference with this type of IRA is that the money contributed is not tax deductible.However it is not taxed when the money is withdrawn.It is important to be aware that this exemption only applies if the individual withdraws the funds after the age of 59 years and six months and has had a Roth account for a minimum of 5 years.
How Does A Roth Provide Massive Profits With Real Estate?
Normally you purchase investment real estate with cash. If you sell the property you have to pay capital gains tax. This can amount to as much as 15% or your profit. Therefore if you made a profit of $10,000.00 you would pay $1,500.00 in capital gains tax. Your profit would end up being $8,500.00.
If you invested the original $10,000.00 back into a Roth you would have the full amount to reinvest again. For example, if you originally invested $30,000.00 into a property and resold it for $40,000.00 you would be able to reinvest the whole amount. Each time you make a profit your IRA amount would have increased enabling you to invest and purchase more. This is a very powerful strategy that offers you a very comfortable lifestyle when you reach retirement age which will hit you before you know it.
Roth IRA Rules
There are several but here I am only going to mention those most relevant to profiting from real estate investment.
#1 You are unable to borrow money from your account.
#2 You cannot use your Roth as security for a loan.
#3 You cannot use your Roth to buy real estate for yourself , your immediate family or descendants. If you purchase a rental property to make profit and rent it out to a stranger that is okay.
#4 You can contribute to your Roth for as long as you like and it is all tax free.
#5 You can own a Roth IRA if you are single or if you file a single tax form and your income is $116.000 per year or less. If you file a joint tax file with your spouse the amount must be $169,000.00 per year or less.
Now that you are aware of the definition of a Roth IRA and the Roth IRA rules you can see the wonderful potential you have in using a Roth to build your financial future using real estate investment as the tool. I have some very exciting information on my website. Please click on the link to learn more.
Jumat, 06 Februari 2009
Forecasting 2009 - 2010 Home Prices
Credit crises is plummeting real estate values all across U.S. and it is not allowing home prices to move up any time soon. So when is it a good time to sell a home or buy a home?
Today, more and more banks made it more difficult for borrowers to qualify for a home loan. With 20% down payment and good credit score, your interest rate might be around 6.5%. These rates might not be heading down any time soon, so even though you will try to get 6% you may have to end up buying points.
More than 18.6 million homes are sitting vacant, more than any other time from 1960s. If recession will remain for three quarters of the year the number of foreclosures could rise and homes will be sitting on the market longer, bringing value of homes even lower.
Home prices are down 20 percent nationwide and economists predict another 20 percent decline through 2009. Market should start slowly turning back in late 2009.
If you are selling:
Wait it out until late 2009 and early 2010. Home prices should improve as fewer foreclosed homes will be on the market. It is expected that early 2009 we should see investors snapping up foreclosed homes and holding them for a longer term. This will help unclog the real estate prices.
If you have to sell right now, one of the best options is to rent it out and cover your mortgage payment. Other options are lease-purchase agreements as many people are looking for homes but cannot afford it due to bad credit or no down payments. Lease agreement can offer a solution to your new tenant-buyer to purchase a home at certain time. Best of all, all repairs are covered by tenant-buyer.
Price it below the market. If a quick sale is necessary visit online websites and determine your value. Once you find your price, deduct additional 5% of the value to give you more accurate estimate.
If you are buying:
Best bet is to see which homes have been sitting on the market for at least 60-120 days. At this point sellers have to sell their home for any reason. This can prove an advantage to new buyers as they can ask 5 percent to 15 percent below market value. When first purchasing a home make your offer 10 below market value.
Improve your credit score. It is time to get your credit back and you have a year of hard work ahead of you. If you are planning to buy a home in 2010 your chances are higher that your credit score can be better. You need 780-820 credit score to get a good interest rate. Boosting your credit score 660 to just 740 can lower your mortgage rate by a quarter of a point. If you have a bad credit
To get you back on track you need to downsize. If you continue with your current situation and your situation is not allowing you to save money and pay off your debt, downsize. In some cases it may be difficult, but remember, to get a home in the future you need to take action.
Contact debt relief agencies that can help you deal with your problem. One of them is 1DebtMoney.com and you can request a free consultation and try to find out how long it will take you before your credit score can improve.
Reduce your credit cards at least 50 percent below your credit limit. Reduction will help you to get higher score. In most cases if you have a multiple credit cards, first try to reduce balances at least 50 percent, rather than paying off one by one. If you keep paying one by one, it will take you longer and your credit score will not improve that much. Once a credit reporting agency sees that you are making payments on all your credit cards on time and you are reducing your debt on all cards at the same time, your credit score will improve.
Today, the time to get your new home might a be a one time chance to get it right for a great low priced home. If property values increase starting 2010 and you are able to fix your credit by the end of 2009, you have a pretty good chance that if you buy early 2010 your house will appreciate in value within few weeks.
Today, more and more banks made it more difficult for borrowers to qualify for a home loan. With 20% down payment and good credit score, your interest rate might be around 6.5%. These rates might not be heading down any time soon, so even though you will try to get 6% you may have to end up buying points.
More than 18.6 million homes are sitting vacant, more than any other time from 1960s. If recession will remain for three quarters of the year the number of foreclosures could rise and homes will be sitting on the market longer, bringing value of homes even lower.
Home prices are down 20 percent nationwide and economists predict another 20 percent decline through 2009. Market should start slowly turning back in late 2009.
If you are selling:
Wait it out until late 2009 and early 2010. Home prices should improve as fewer foreclosed homes will be on the market. It is expected that early 2009 we should see investors snapping up foreclosed homes and holding them for a longer term. This will help unclog the real estate prices.
If you have to sell right now, one of the best options is to rent it out and cover your mortgage payment. Other options are lease-purchase agreements as many people are looking for homes but cannot afford it due to bad credit or no down payments. Lease agreement can offer a solution to your new tenant-buyer to purchase a home at certain time. Best of all, all repairs are covered by tenant-buyer.
Price it below the market. If a quick sale is necessary visit online websites and determine your value. Once you find your price, deduct additional 5% of the value to give you more accurate estimate.
If you are buying:
Best bet is to see which homes have been sitting on the market for at least 60-120 days. At this point sellers have to sell their home for any reason. This can prove an advantage to new buyers as they can ask 5 percent to 15 percent below market value. When first purchasing a home make your offer 10 below market value.
Improve your credit score. It is time to get your credit back and you have a year of hard work ahead of you. If you are planning to buy a home in 2010 your chances are higher that your credit score can be better. You need 780-820 credit score to get a good interest rate. Boosting your credit score 660 to just 740 can lower your mortgage rate by a quarter of a point. If you have a bad credit
To get you back on track you need to downsize. If you continue with your current situation and your situation is not allowing you to save money and pay off your debt, downsize. In some cases it may be difficult, but remember, to get a home in the future you need to take action.
Contact debt relief agencies that can help you deal with your problem. One of them is 1DebtMoney.com and you can request a free consultation and try to find out how long it will take you before your credit score can improve.
Reduce your credit cards at least 50 percent below your credit limit. Reduction will help you to get higher score. In most cases if you have a multiple credit cards, first try to reduce balances at least 50 percent, rather than paying off one by one. If you keep paying one by one, it will take you longer and your credit score will not improve that much. Once a credit reporting agency sees that you are making payments on all your credit cards on time and you are reducing your debt on all cards at the same time, your credit score will improve.
Today, the time to get your new home might a be a one time chance to get it right for a great low priced home. If property values increase starting 2010 and you are able to fix your credit by the end of 2009, you have a pretty good chance that if you buy early 2010 your house will appreciate in value within few weeks.
Selasa, 03 Februari 2009
Gilbert Homes - Mortgage, Understanding Its Various Types
Most of us have encountered the term mortgage. However, only few understand its real meaning. Usually, when we hear the terms, we immediately associate it with debts and real estate acquisition. Although they are somewhat related, mortgage is not a debt. It seems like debt because it involves the pledging of a certain property to ensure that the lender will receive payment.
Mortgage takes several forms. If you are able to find an arrangement that suits you best, you will surely benefit from the transaction. So before you get too excited with the house offered by Gilbert Homes, take time to understand the following types of mortgage:
1. Fixed Rate Mortgage
As the name suggest, the interest rate for this type of mortgage does not change. This means that for the duration of the loan, the rate used is the same. Typically, the amount paid for the ensuing months will be lesser because the balance used to calculate the interest decreases.
2. Adjustable Rate Mortgage
This type of mortgage on the other hand uses interest index to determine the percentage of the interest for a certain period. This means that unlike the fixed rate mortgage, here the interest used changes. Many choose this type of mortgage because its first interest rate is lower than the fixed rate.
3. Balloon Mortgage
This type of mortgage is relatively shorter. The borrower should make full payment by the end of the fifth or the seventh year. This is appealing to many because it uses the calculation for the 30-year fixed rate mortgage. There is so much at stake here though. By the end of the seven-year period, you have to finish the payment. You have the option to refinance it or resell it.
4. Shared Appreciation Mortgage
The interest rate used is lower than that of the market value. The lender sets it at a lower rate in return for an agreement that the lender will benefit from the appreciation of the property in the future.
5. Dual Index Mortgage
Although this type of mortgage does not exist in the US, it is worth mentioning since it is popular in the countries of Latin America. This type of mortgage depends on the interest and wage rates.
6. Blanket Mortgage
This type of mortgage will allow you to create a mortgage for different properties. Instead of borrowing differently for various properties, you can use a blanket mortgage for them.
7. 80/20 Mortgage
Many call this as the piggybank loan. Usually, borrowers will make two loans. First for the 80% of the entire value and the next is for the remaining 20%. People with good credit usually get this type of mortgage.
You can pick from the various forms of mortgages. The next time you check out Gilbert Homes, rest assured that you would find a mortgage that will suit your financial situation. It is always easy to take the type of mortgage offered. However, you will find a more suitable mortgage. Ask about the different types of mortgage available so that you will be able to make the most out of it.
Mortgage takes several forms. If you are able to find an arrangement that suits you best, you will surely benefit from the transaction. So before you get too excited with the house offered by Gilbert Homes, take time to understand the following types of mortgage:
1. Fixed Rate Mortgage
As the name suggest, the interest rate for this type of mortgage does not change. This means that for the duration of the loan, the rate used is the same. Typically, the amount paid for the ensuing months will be lesser because the balance used to calculate the interest decreases.
2. Adjustable Rate Mortgage
This type of mortgage on the other hand uses interest index to determine the percentage of the interest for a certain period. This means that unlike the fixed rate mortgage, here the interest used changes. Many choose this type of mortgage because its first interest rate is lower than the fixed rate.
3. Balloon Mortgage
This type of mortgage is relatively shorter. The borrower should make full payment by the end of the fifth or the seventh year. This is appealing to many because it uses the calculation for the 30-year fixed rate mortgage. There is so much at stake here though. By the end of the seven-year period, you have to finish the payment. You have the option to refinance it or resell it.
4. Shared Appreciation Mortgage
The interest rate used is lower than that of the market value. The lender sets it at a lower rate in return for an agreement that the lender will benefit from the appreciation of the property in the future.
5. Dual Index Mortgage
Although this type of mortgage does not exist in the US, it is worth mentioning since it is popular in the countries of Latin America. This type of mortgage depends on the interest and wage rates.
6. Blanket Mortgage
This type of mortgage will allow you to create a mortgage for different properties. Instead of borrowing differently for various properties, you can use a blanket mortgage for them.
7. 80/20 Mortgage
Many call this as the piggybank loan. Usually, borrowers will make two loans. First for the 80% of the entire value and the next is for the remaining 20%. People with good credit usually get this type of mortgage.
You can pick from the various forms of mortgages. The next time you check out Gilbert Homes, rest assured that you would find a mortgage that will suit your financial situation. It is always easy to take the type of mortgage offered. However, you will find a more suitable mortgage. Ask about the different types of mortgage available so that you will be able to make the most out of it.
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