How a Reverse Mortgage Can Help You Finance Your Home

How a Reverse Mortgage Can Help You Finance Your Home

You have done everything right your entire life.  Worked hard, raised a family, bought a home, made the payments.  You name it, you have done it.  Now you are over 62 and you either want to find a way to pay for improvements to your house, or you want to buy a second home.  What can you do?  You don’t want another loan payment.  In fact, you want to get rid of the existing mortgage on your home.  What if I told you that there is a way to tap into the equity in your home without having to make any payments today?  You probably think I was joking.  But that way is called a reverse mortgage and it is a great way to help you finance your home. What is a reverse mortgage?  It is a home equity loan with a twist.  Unlike more traditional loans, you don’t need to make any interest or principal payments with a reverse mortgage.  All you have to do is pay the taxes, utilities, and insurance on your home.  The loan itself will be paid off when you sell your home or take up permanent residency in another location.To qualify for a reverse mortgage, the borrowers must be over the age of 62. Why would someone use a reverse mortgage to buy a home?  Well, it might sound too good to be true, but it actually happens.  In 2008, the Federal Housing Administration (FHA) changed the rules of the Home Equity Conversion Mortgage (HECM) to allow for the purchase of property.  The program is call HECM for purchase and it can be used to buy a residence by using a reverse mortgage. Whilst you will need to provide a down payment, the balance of the funds will be provided by the equity available in the property you are buying.  Granted the are certain Loan-to-Value requirements you will need to meet.  But this is a great option for buying a home without paying for it.  If this sounds interesting, then you can check out this HECM loan calculator found here. The biggest benefit of this program is that your mortgage payment will be deferred until you sell your home.  This actually frees up hundreds of thousands of dollars over the life of a loan. So you can see why it is a really interesting option for qualified borrowers. Just remember, this is not exactly free money.  While you don’t need to make any payments over the life of the loan the interest amount will accrue and the FHA does restricting using this program to buy coops, new houses, boarding houses, and certain types of manufactured homes.  In addition, you must continue to maintain the home or the loan will fall into default. All of that being said, this is an inventive tool for an older borrower to purchase a house.  In addition, the HECM program can be used to refinance a house.  Think of it like a cash-out refinance, but you don’t need to make any payments. What is the catch you are asking?  Well, reverse mortgages don’t have an expiration date.  However, the interest will accrue over time.  This is part of the reason for the Loan-to-Value limits as the interest can eat away at the remaining equity in certain market conditions....

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Business Tax Credit Considerations for the Real Estate Industry

Business Tax Credit Considerations for the Real Estate Industry

Taking advantage of tax credits starts long before tax season. It’s something that real estate businesses have to consider before breaking ground on a project or putting up the first “For Sale” sign. From the projects you take on to the people you hire, there are a number of tax credits and incentives that can help you keep more of your revenue. Identifying Business Tax Incentives Before you can claim tax credits you have to first identify them and then follow the requirements so that your company is eligible. This can be a very labor-intensive process since incentives and regulations can change at any time. ADP business tax credits and incentives allow real estate businesses to more easily identify applicable tax credits within a database of over 3,000 incentives. They also have mapping software that allows you to search for tax incentives based on geographic location. Where the Business is Located Like real estate, taxes are all about location. Federal taxes are just one piece of the tax pie. State, county and city taxes can also come into play. Some cities are luring in new businesses with tax breaks for a specified period of time. This can make startup much easier on a real estate business, however, forecasting for the added expense once taxes do kick in has to be done first. The most tax-friendly states that offer the lowest combined tax rate are also worth considering if you are looking to start a business or relocate. For example, Delaware doesn’t have a sales tax and the property taxes are among the lowest in the country. This could be extremely beneficial for a business that is just starting out and purchasing a lot of equipment, supplies, etc. Available Tax Credits for Real Estate Businesses Right now there are many tax deductions and incentives for professionals working in the real estate industry. There are also lucrative tax credits that will lower your liability right off the bat. Some are specifically tied to real estate while others are tax credits that any business can claim as long as they meet the requirements. Work Opportunity Tax Credit – The Work Opportunity Tax Credit can help you reduce your tax liability by $9,600 for every new employee that qualifies. The federal government has outlined specific target groups that employers must hire within to receive the credit. These groups include military veterans and people receiving social assistance. Federal Empowerment Zone Employment Credit – This credit was recently extended and can be used to reduce your 2015 taxes. Businesses located in a designated Federal Empowerment Zone can get a tax credit of 20% on the first $15,000 paid to qualified zone employees. To qualify the employee must live and perform the majority of their work within a federal empowerment zone. Federal Indian Employment Credit – This tax credit is designed to encourage businesses to hire individuals who live on or near a reservation. You don’t have to be in an empowerment zone to claim this credit. To qualify the employee must meet certain criteria including being an enrolled member of a Native American tribe or the spouse of a member. New Markets Tax Credit – The New Markets Tax Credit was developed by the Department of Treasury to encourage investment in distressed or low-income communities. This...

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Save your dollars on your variable rate home loan and stay at an edge over others

Save your dollars on your variable rate home loan and stay at an edge over others

Are you in the market to take out a home loan for realizing your dream of becoming a homeowner? If answered yes, you must have been confused to know the wide array of home loan options available in the market. Mortgage loans are generally categorized into three types, the fixed rate home loans, the variable rate home loans, and hybrid loans which carry some features of both fixed rate and variable rate loans. Although there are many advantages of taking out fixed rate loan, it is not that variable rate loans shouldn’t be taken out. There are number of lenders like NPBS who lend variable rate home loans and if you wish to save your dollars on such loans, here are some steps that you need to follow. Reduce the term of the loan: Like most lending institutions, they offer variable rate home loans with a standard 20 year bond. If you can shorten the term of the loan by only a couple of years, you can cut down the interest rates considerably, thereby saving hundreds of your dollars. That may create the difference between seeking an early retirement and having to continue work. Pay more than the scheduled payments: If you decided to shorten the term of your home loan, you can afford to pay a little extra payment each month. For that you might have to sacrifice some of your expenses, but that will help you in the long run. Even a few hundred dollars added to your variable rate home loan payment might save thousands on interest rate. Make extra payments: Speak to your lender about the penalty charges of making extra payments on your home loan. If you’re lucky enough and if you don’t have to pay penalty charges for pre-paying on the loan, you can remind yourself to make additional payments whenever you think is possible for you. You can use a mortgage calculator to check how you’re saving on this venture. Shop around and compare rates: Remember that there is never any harm associated with finding out what the other lenders are offering you. However, make sure you remember that seeking the lowest rate is not always the only criterion to look for. The lowest rate that you get today might not be the lowest tomorrow. Also be aware of the fine print. Consider the flexibility of the loan so that you know whether or not you’re able to change the terms according to your own wish. Steer clear of introductory rates: There are some organizations which lower the initial rate and name it as a ‘gift’ rate to lure customers. Such offers are generally replete with pitfalls and different hidden costs. You might have to pay a much higher rate once this period comes to an end. Many mortgage lenders recommends prospective homeowners to be careful while taking out variable rate home loan or any other types of loan. He also adds by saying that homeowners require managing their finances to the utmost level so that they can cope up with the changing rates....

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Using Debt Settlement to Get Out of Debt

Using Debt Settlement to Get Out of Debt

Debt settlement is the process of negotiating with the creditors to settle the debt at a reduced amount in lump sum for example 75% or 50% of the original amount you owe. The cost for the debt settlement vary across different companies and is about 10% – 15% of your total debts. Most of the time, debt settlement is used in settling credit card debts. In the past, it is hard to settle a credit card debt for a reduced amount but nowadays you can easily get a debt settled with the help of a debt settlement company. There are so many people that have credit card debt problems and credit card companies are willing to settle a debt for a reduced amount so that they can get back some money instead of nothing at all. You will be asked to stop making repayment to your creditors and make payment to a trust account that the debt settlement company has set up instead. Some of the payments will be used for covering the fees with the rest going to each of the creditors as they agree to the settlement. The missed payment will be recorded in your credit report and it will cause your credit score to drop consequently. The debt will get written off when you are at least 6 months behind payment. In the meantime, you must wait for your balance to be high enough for paying the lump sum. It is when the creditor had sold your debt to the debt collection agency that the debt settlement company starts to negotiate for a reduced debt. Debt settlement company acts as a middleman between you and the credit card company. You must always be in touch with the company and kept informed about the progress so that you know that they are doing their job. If you don’t follow up on them, they could delay in carrying out the negotiation with the company after taking your money. With many scams around, it is advised that you always review the ratings of the debt settlement firm at the Better Business Bureau. Besides, you must review the fee structure and find out what types of fees they charge. It is very important to only sign up with an established debt settlement company that has good ratings at the reviews site and get lots of positive complements from customers. When your debt is settled, you may be liable to pay taxes for the forgiven amount. The creditor will report the debt that is forgiven by using the IRS 1099 form. However, you can be qualified to be exempted to pay the tax if you can come up with proof that the money you owe exceed the amount of funds you have in your hand. Debt settlement is worthwhile if you are under the burden of having to pay a lot of debts and you are struggling to have enough money to cover your living expenses. You must have a significant savings in order to entice the creditor to agree to the settle the...

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5 Expert tips for a college student who is planning to buy a home of his own

5 Expert tips for a college student who is planning to buy a home of his own

Are you someone who is a college student with moderate level of student loan debt and who is planning to buy a house of his own? If you don’t owe huge levels of student loan debt and if you have some savings and a reliable job, investing in your home is something that you can try in order to enhance your personal wealth. We usually see a lot of coverage that is given to the slow rate of Millennials buying homes but there is no news of a graduate who has shown interest in investing in a real estate property. Student loan debt doesn’t have as bad an impact on your credit score as credit card or auto loan debt. However you have to ensure that you have the ability to repay the home loan on time after managing all your other payments. Here are some tips for the recent graduates. Pay down high interest debt: The higher are the interest rates on your loans, the higher is the priority that you should give to repay that account. If you owe a certain amount on your credit cards, take immediate steps to pay them down before the interest rates multiply and take a huge shape. The sooner you repay high interest debt, the sooner you can improve the chances of grabbing a deal on your home. Watch out your debt to income ratio: One of the biggest factors for people who don’t get a loan is a high DTI ratio. When you have too many debt defaults in accordance with your income, you will have a high DTI ratio and this is when the mortgage lender won’t allow you a loan at an affordable rate. Being a student, this can become a big hurdle and hence you should decrease your debts in order to reduce your DTI ratio. Research for low down payment programs: Chances are high that if you’re paying down your student loan debt, a major portion of your income is set aside for those payments. Then how would you pay down for a mortgage loan? This is when you should research for the low down payment mortgage assistance programs like the FHA loans where you can get a loan with very little down payment. Look for distressed properties: If you’re young with very little assets, a distressed property that needs very little renovation can be a good choice for you. Although you should remember to consider the costs of renovation yet even after calculating them you can be sure of saving money rather than buying a new home. Make wise buying decisions: Above all, you should purchase a home that is going to make you money and not just get a home that you can afford. Know the buyer trends and then get a home that will help you earn money in the long run rather than become a burden. Manager of Marketing Department of Essay-on-time.com shares tips on how a student should buy a real estate property of his own despite owing money on student loans. Take into account the above mentioned advice if you’re a student planning to buy a...

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Does the housing market still bear scars of the Recession or is it on the path of recovery?

Does the housing market still bear scars of the Recession or is it on the path of recovery?

It has been a very odd year for the US housing market! The year started off with the Polar Vortex that was blamed for slowing down home sales during the initial part of the year. As we’re gradually nearing 2016, the National Association of Realtors expect sales of previously owned home to fall short of 2015, while according to the latest data, sales of new home show an improvement of just 2.8%. We all know that the housing market and the ups and downs have a direct impact in the mortgage market as well. Whenever there’s a positive improvement in the housing market, there has to be a noteworthy development in the mortgage market too as people usually tends to take out more mortgages when they get favorable conditions to purchase their dream home. The recession might be over years ago but the scars are still remaining in the housing market. Take for instance the homeownership rate. In the year 2005, the homeownership rate in America was around 70% and today it stands at 64%, the lowest level that this nation has seen since 1994. However, the good news for sellers is that the demand for homes is again back and the prices of homes are continuing to rise. But for the homebuyers, especially the first time homebuyers, inflating price tags are not a positive change. Apart from rising prices, the issues of rapidly rising rent, sluggish growth in wages and huge amounts of student loans are coming in the way of American Dream. Housing predictions for 2015 now that we’re halfway through the year At the beginning of the year 2015, there have been so many predictions but now that we’re halfway through, here are some points that you need to know about how the rest of the year will unfold. Demand is still rising: In the largest 100 markets within the nation, it is still cheaper to own a home than rent a home, by a staggering 40% on a national basis. Real estate is definitely local and conditions usually vary, still there are many renters who see the portion of their paychecks that go to housing and they know that it makes sense to purchase rather than take a home on rent. The recovering job market is yet another reason behind the rising demand of houses. In fact, reports suggest that the nation gained around three million jobs. There are not enough homes for sale: The biggest and perhaps the saddest story of 2015 is that there is lack of inventory. In spite of the fact that the investors are no more in the market as the greatest deals during Recession are now a thing of past, normal laymen are still competing for owning too few homes. In the month of May, 2015, groundbreakings stood at an annual rate of 1.046 million. Too many homes are listed with higher prices: To add to the problem, the builders are focusing mostly on higher-end homes. New homes are currently selling for $25,000 more than those that were previously-owned. Nowadays, the new homes are selling for around $75,000 and this clearly means that the builders are mostly catering to the more affluent people. Among the major homebuilders, there are few who are targeting some of the low-tier homebuyers. People...

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Americans are still struggling with mortgage debt – Tips to pay off your mortgage earlier

Americans are still struggling with mortgage debt – Tips to pay off your mortgage earlier

Reports say that there are certain homeowners who are still reeling from the after-effects of the Great Recession and it may take around a decade for them to recover. According to a real estate company Zillow, the percentage of underwater mortgages, where the worth of the home is lower than the mortgage, has been seen to drop with the recovery of the housing market but more than 5 million US homeowners owe to their banks at least 20% more than the worth of their homes, which totals to $579 billion in the form of negative equity. Homeowners have reportedly said that remaining underwater would likely be the toughest to set themselves free from negative equity. On the other hand, the rate of underwater homeowners is way much higher among the homes that carry the least value and this has been noticed by using data from credit bureau, TransUnion. In Atlanta, 46% of the low-end homeowners were all underwater as compared to 10% of the high-end borrowing homeowners. In Baltimore, 42% of the low-end homeowners had negative equity as compared to a small 9% of those who owned houses of higher value. Then what’s the good news? You must be wondering about the good news among all this negative news of the US housing industry. It has been seen that there were 15 million homes with underwater mortgages during the peak moment of the housing crisis. However, this negative equity rate dropped down to 15.4% of all homes with mortgage loans in the first quarter, that was down from the rate of 18.8% during the same period last year. Hence, it is being seen that the rate of negative equity improved in some of the largest housing markets in the initial quarter of 2015, which is a clear sign of the fact that the nation is continuing to recover from the tough lending rules and the housing market bust. Are there any ways of paying off your mortgage debt sooner? The stories of people who pay off a 20 year term mortgage loan throughout a term of 20 years are rare indeed. Nowadays, mortgage debt is something that is pricking people like their credit card debt. They’re desperately looking for ways in which they can repay their mortgage debt sooner and move towards owning their homes. Here are some ways that you can take into account. Add some extra amount to every monthly payment: When you make the decision of adding some extra amount to every monthly payment, the biggest benefit is that most of the money is devoted towards the principal of the mortgage. Early in a mortgage loan, most of your payment goes towards the interest rate. If you could add an extra $100 to your payment of a new $100,000 30 year mortgage at 4.5%, you would rather pay it off 8 and a half years early and save around $26,400 in the form of interest rates. Pay every 2 weeks: While there are companies that may volunteer to set this up for you, there are some others who won’t allow you pay more than just the scheduled amount. You can even do it yourself for nothing. When you pay every 2 weeks, you are actually making a full extra payment every year. This could cut off...

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Get Loan Even With Bad Credit

Get Loan Even With Bad Credit

Financial problems are sudden and definitely unfortunate. This is the main reason why people feel the need to take necessary precautions before it is too late. This precaution is to have the necessary amount of savings so that you have the required back up in case of any emergency. Thanks to the various financial institutions, they come handy in helping us come out of our financial crisis because sometimes savings is not good enough to salvage the situation. These are the times when you need to take the help of financial institutions in order to avail for a loan. The other major problem that people face is the fear of getting their loan request rejected. The reason for that being their bad credit score. Bad credit scores have a major negative impact on your credit history leading to the inability to avail loans in the future. Bad credit score already implies that lenders are viewing you as a high risk customer. However, this does not mean that there is no silver lining behind the dark clouds. There is still scope for you to avail loan, in case you are unaware of what they are, then allow us to inform you about the same. Use the Home Equity Line of Credit – It is because of the housing bubble that many homeowners actually owe more than what their home was actually worth. The only way you can do something good in this situation is when you have a home equity against your property. The best form of equity that you can have for your home would be a low interest and tax deductible line of credit that will allow you to spend the money the way you like. Merging your home equity lets you put your property in trouble only if you are not able to repay the loan amount. So the only time when you can avail home equity is when you have a steady income to fall back on. Reliable income is not the only important thing, you also need to have the discipline or the self control to pay an equity line because it is an extremely inexpensive option which is completely irrespective of your credit score. Apply in the Credit Unions – Credit unions are lot like the banks with a slight difference. This difference is the former is owned and headed by members who work in the same industry or live within the same geographical area. Credit unions are extremely non profit in nature and the earnings that the unions receive are passed on to members in the form of income. Applying to credit unions should be done only after you have checked up with all the other financial institutions so that you can verify where you are getting it all at the lowest interest rate. Avail the Peer to Peer Loan – Peer to peer lending has been in practice for quite some time now, to be precise it started in 2005 and still continues to rule the roost. This is basically an online platform which allow individuals to borrow the money directly from the person who is willing to lend you that much. The slight difference here is you don’t have to fall back on an institution to give you the money. Ever...

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Tax Lien Sales: Tips for Leveraging a Home Buying Opportunity

Tax Lien Sales: Tips for Leveraging a Home Buying Opportunity

Most people just buy a home straight up from a real estate agent or realtor. But, for the savvy shopper, this isn’t enough. If you’re obsessed with getting a great deal, then you’re probably looking for something along the lines of a Tax Lien. It’s the best deal in town, except when it isn’t. Here’s how to leverage a tax lien when buying your next home and avoid getting burned. Tax Lien Basics Tax liens are basically government liens against a property owner for non-payment of property taxes. You don’t want to be on the receiving end of one of these. But, as an investor, it’s how you pick up properties a for a discount. tax deed investing program is one of the more famous on the Internet, and it shows you all the ins and outs of the investing aspects of this process. So, basically, when a property becomes delinquent on taxes, the county will sell a tax lien certificate to an investor as a way of recouping the losses to the government. The private investor then becomes the creditor who must collect on the homeowner. The property owner still owns the property, however. The lien holder is entitled to repayment for the amount of the tax lien certificate, plus interest. If the property owner doesn’t pay up, then the investor can foreclose on the property and take ownership. This isn’t something most people want to do but it’s an option. Now, if the lien holder doesn’t move forward with foreclosure within the time period specified by the government, the lien will be forfeited and the investor loses his money. Tax Deed Basics Tax deeds are a bit simpler than tax liens because when you buy a tax deed, you’re actually buying the property itself. So, if you want to avoid the investing angle, go for the deed. There is no redemption period in most states. But, like tax liens , you are picking up the slack for the delinquent taxpayer by paying the tax on behalf of the former property owner. Unlike a tax deed, you take ownership of the property. It’s a clean “sale,” and you can do whatever you want with the property afterwards. From a prospective homeowner’s perspective, this is definitely the easiest way to go – at least, it’s easier than a tax lien and there’s a lot less paperwork and regulation to wade through. Some deeds can be picked up pretty cheaply too. The only drawback is that you may end up with homes that were abandoned or were poorly maintained by the previous owner. If you think about it, they didn’t really have a lot of incentive to maintain a property that they knew they were going to lose – and most delinquent taxpayers know they’re going to lose a property well in advance of losing it. The government sends notices and all. In other words, yes, you will get a property, but it might be a rehab project. If you’re OK with that, and you like the idea of dusting off someone else’s dream to make it your own, this is an awesome way to do it. Redeemable Deeds A redeemable deed is somewhere between a tax deed and a tax lien. Redeemable liens are liens that you purchase during...

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HAVE A BAD CREADIT: GET MORTGAGE FIXING THEM

HAVE A BAD CREADIT: GET MORTGAGE FIXING THEM

Getting a Mortgage With Bad Credit would be a mortifying course.  Credit is a misinterpreted deal, knowing or not knowing the regulations would distress the result. If a customer has bad credit and are in need of a mortgage, there are top mortgage lenders to help the customers in Toronto. WHAT IS A BAD CREDIT MORTGAGE Bad credit mortgages are primarily same as standard mortgage, but the difference is that the customer would fail pay as per a standard lender credit following past records. But after a few years of on time payment, would reconcile your credit rate satisfactorily according to a standard mortgage at a lower interest rate. HOW DOES IT WORK Mortgage With Bad Credit is almost alike to a standard mortgage. In some cases they differ, such as- Bad credit mortgage have higher interest rates Fixed, variable or discounted mortgage; they have a good rate though not better than a standard mortgage As the loan consumer have a poor credit history, the risk on the money lender is alleviated by issuing a higher interest rate and larger deposit than standard mortgage BE NOTED ABOUT BAD CREDIT It is always recommended to check your credit report before applying for any mortgage. There are a number of reasons behind having a bad credit. One may have been declared bankrupt, IVA etc. Missed credit card payment and/or previous loan or mortgage payments If someone posses any court judgments against them. MANAGE A MORTGAGE WITH BAD CREDIT One who need a mortgage with Mortgage With Bad Credit, It is highly necessary to compare the total cost of different mortgages. One must avoid making a number of claims for credit, as this investigation would influence credit rating. One must speak to their current money lender to know about the offers they could provide and Must explain your credit history and current requirement to the provider for better option. If they do not have a suitable option for you then look for another. It is also highly advised to compare the present market situation to find the best deal as per your needs. HOW TO FIX There are few way outs you can opt to develop your credit rating and probably enhance the chances to get approval for your bad credit mortgage. Must be careful about- You are on the electoral roll Pay all your bills and any payment on time and in full Close any credit accounts which is not in use Check and be sure that all the information you provided in your credit report, is correct; otherwise you would become a faulty. BAD CREDIT MORTGAGE PROVIDERS There are many misconceptions about Mortgage With Bad Credit. They think that they cannot claim a mortgage having a poor past credit rating. But this is actually not the truth. There are a many mortgage broker and firms in Toronto who are liable to help your condition with a bad credit mortgage. The only thing is that the property they are purchasing or refinancing, need to be in a good condition and in a preferred location.  Find out today if you qualify for one of our bad credit mortgages. They would even provide 80% of your mortgage even at the poor credit case in...

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Top Seven Tax-Friendly States in the U.S.

Top Seven Tax-Friendly States in the U.S.

Image Source: www.shutterstock.com Taxes can impose some of the hardest financial difficulties on families. Determining which states have the lowest combination of taxes can be challenging, as taxes can even vary from one city to the next in a particular state. However, these are currently the seven states as a whole that have the lowest combined tax rates: 1. Delaware The first state to be admitted to the union in 1787, Delaware maintains a low tax average. It is one of the most tax-friendly areas, for it does not impose any sales tax on its consumers, making it a whole lot cheaper for residents to pay for their groceries, clothing purchases, and even extras like TV from http://www.tvproviders.com/comparison.html. Delaware has some of the lowest property tax in the U.S., as recorded by the Tax Foundation. And, the tax on gas is around $0.23, which is about $.08 less than the national average. 2. Wyoming Thanks to Wyoming’s revenues from oil and minerals, this Cowboy State has one of the lowest combined tax rates of all states. The state’s sales tax is around 4 percent, gas taxes are around $0.24, and the excise tax on beer is the lowest in the U.S. Additionally, prescription drugs and food are exempt from state sales tax. 3. Louisiana This southern state has a state income tax that ranges anywhere from 2 percent to 6 percent, depending upon which city you are living in. Sales tax is only 4 percent, however, due to certain jurisdictions, some companies may be able to add their own sales taxes, which can skyrocket sales tax from 4 percent to almost 11 percent. But, gas taxes are only 20 cents to the gallon. 4. Mississippi The Magnolia State is known for having one of the lowest property taxes in the U.S, according to the Tax Foundation. Moreover, income tax is relatively low at 3 percent to 5 percent, and sales tax is around 7 percent. Included in that sales tax is grocery purchases, but prescription drugs, and residential utilities are exempt. 5. Alabama Alabama has the lowest cigarette tax in the U.S., and only a 4 percent sales tax. However, Alabama, like Mississippi also does not exempt food from sales tax, and like Louisiana, certain counties have a higher sales tax. But, Alabama has the lowest property taxes, which is part of the reason Alabama is so desirable. 6. Arizona Not only is the state income tax extremely low, at anywhere from 2.5 percent to 4.5 percent, the income tax does not kick in until there is a taxable income exceeds $150,000 for singles and $300,000 for married couples. 7. Nevada With no income tax and low property tax, Nevada is a much cheaper state. While gas is $0.33, a little over the national average, states sales tax is also almost 7 percent. Counties may also add up to 1.25 percent in sales tax as well. If ready to move somewhere with a low tax average, these seven should definitely be...

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Information on a Property Lien

Information on a Property Lien

The best way to get information on a property lien, title search resources are probably your best bet. In these resources, you should be able to find all the information you need in order to make an informed decision on whether or not to purchase a property. You should never buy land or a house on which a lien is still attached, because that will make you responsible for payment. Luckily, a lot information on liens is available online, or through your local government. Databases to Search for a Property Lien There are various databases online where you should be able to find information on a property lien. If they are good sites, they will tell you about why someone decided to file a property lien, how many property liens exist and what their possible resolutions have been. However, there are many poor quality databases out there as well, and you need to make sure that you have actually found good information. Because you cannot make any mistakes when it comes to property liens, you will always have to double check your information with the proper authorities. You may want to considering enlisting the services of a lawyer as well. If you are certain of the fact that you have uncovered a lien on a property that you are interested in, then you must now communicate with the property owner about this. You should never purchase a property that still has a lien, so you need to know how this will be resolved. If you sign any agreement before this is done, then the lien responsibility becomes yours as soon as the property is in your name. Hence, if the current owner agrees to have the liens removed, you need to verify this independently before you hand over any cash. Once a lien is removed, it should come with a clearance certificate. As such, the property owner should be able to provide you with this together with the deeds to the house or land. Buying land or a house is an exciting time. It makes us feel alive and as if we are moving up in the world. The problem is, however, that this excitement has the potential to blind sight us. It is all too easy to fall in love with a house and decide to buy it there and then, without performing any of the necessary checks. If you are working with a realtor to purchase your property, you should find out whether or not they look into liens as well, just to be on the safe side. You will not be the first person to have purchased a property or a piece of land, only to then end up in lengthy legal debates because someone else left a debt on that property. Take your time to do your research and always get professional help. Unless you are a property expert yourself, it may be difficult to find out just what information you should look for and...

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Avoid future hassles regarding mortgage with the best service provider

Avoid future hassles regarding mortgage with the best service provider

In the present costly world, purchasing a house in any country in the world has become extremely easy for the normal people. The land prices are increasing overnight because of the demand created mostly by the rich people. But that is a completely different issue altogether. The real fact is purchasing a house is not an easy job for most of the people. And this is why they have no choice but to take the assistance of mortgage companies. Such companies have helped a number of people in having their own beautiful house. Normally a host of companies offer mortgage to the people against interest but when it comes to the reliability, people only trusts in Benson mortgages. There is a lot of difference between the service of other companies and our company. We possess years of experience in the mortgage and real estate industry. And we associated with the real estate world of Canada so people can anytime expect the best solution from us. We understand the different needs of different people. We know that the financial condition of each person is different and that requires special attention. Whether you are looking for 2nd mortgage Toronto or third mortgage, mortgage renewals, we have solution for every situation. And we look at each concern carefully so that we can offer you the best solution. We always make sure to stand beside our clients. We have discreet policies where mortgage bad credit lenders are also available. Since we are a private organization and not a bank, we have the liberty of offering various personalized loans to our clients. We only believe in transparent transactions. You can rest assured about the fact that getting in touch with us means getting your dream home. So, don’t waste your time in unnecessary works, contact with us right away and explore your possibilities of owning a new...

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Get your suitable mortgage rate during property transaction

Get your suitable mortgage rate during property transaction

Everyone dreams of having their own house. It’s a pleasurable feeling to get to spend the rest of your life in your own house. Considering the importance and necessity of the fact, we all prefer to buy our own house. Many also prefer to construct the house as per their requirement and desire. In both the cases, you need to remain prepared with lump sum amount of money to invest in the project. This goes beyond saying that investing in home is one of the most important investments in everyone’s life and for this reason, we don’t want to make any mistake or don’t get into trapped into any kind of deceptive activities. However, it is true that most of the home purchasers do not make the full payment at the time of buying the property. A certain amount is paid upfront and the buying and the rest of the amount are paid through installments, on a monthly basis. Well, if you are looking for such a flexibility of making payments, opting for the mortgage facility would certainly be the best natural way provided you are familiar with the aspects like; mortgage calculator, Bad Credit Mortgage, mortgage bad credit lenders. You need to consider another fact as well that you are not going to purchase a home on every second year and this is why we try to put our best efforts to purchase a house that we love. Whatever, while you choose to pay through installments, you need approach a bank that would lend you the rest of the money as loan. The amount of the loan, the monthly payment and the tenure of the payment are fixed and will be decided at the time of acquiring the loan, based on factors like; your income and current savings etc. While you’ve decided to opt for a mortgage loan, you must be looking for the lowest amount of interest rates and installments, well for detail information on this you need to approach banks or proficient mortgage brokers who will help you to get the loan from the banks. At the time of appointing a broker you need to be careful about few factors such as; mortgage calculator, Bad Credit Mortgage, mortgage bad credit lenders because considering these facts will prevent you from being deceived by fraudulent activities. There are number of brokers available in the market who offer very low rates on the mortgage loan and you would very likely get attracted by their rates. In such cases, it is mostly seen that they add various types of other charges and you end up with paying a much more amount than you’ve calculated. So it’s better to get familiar with some effective way outs that can help you to find lower the mortgage rates Initially you can get yourself registered with a property website. Plenty are available there so you shouldn’t have any trouble finding them. On successfully registering with them you get various advantages. More so, you can search for the lower mortgage rates that are being offered by the various banks. Furthermore, you can specify the type of property you are looking for while searching through the website. This helps to get to the desired deal. You can take help from various online forums as well. There are numerous property...

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How to Get a Mortgage Being Self-Employed

How to Get a Mortgage Being Self-Employed

In this day and time it can seem almost impossible to get a mortgage if you are self-employed. Banks are more selective than ever even though are millions of legitimately self-employed, full-time workers who are just sitting on go, ready to and able to buy a new home. The good news, there IS help and hope, with the right tips, getting a mortgage even if you are self-employed is easier than you think. Embedded from MortgageCWF.com Content research and design by Mortgage Canada Wide Financial Company providing bad credit mortgages and second mortgages in Canada. Endorsements: FOR TWITTER: How to Get a Mortgage Being Self-Employed http://bit.ly/1DpNKLx #badcreditloans #secondmortgage #selfemployed @canadawf FOR FACEBOOK: Ways and Tips for Applying for a Mortgage When You are Self-Employed. Find out more at http://bit.ly/1DpNKLx – Canada Wide Financial – #badcreditloans #mortgage #selfemployed...

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What Can a Reverse Mortgage Do For Me?

What Can a Reverse Mortgage Do For Me?

When it comes to your retirement years, many people find that there is a gap between what Social Security and pensions offer in income and what their regular monthly bills require. For some, reverse mortgages provide the additional monthly income they need to make ends meet. Reverse mortgages are very useful financial tools that can be used to bridge the gap for those on fixed incomes. But there are drawbacks to the use of these loans. What is a Reverse Mortgage? In short, a reverse mortgage is a loan made to the owner of a home that allows them to receive regular monthly payments in exchange for an ownership stake in their homes. In essence, you are selling your home to the lender, however instead of getting a lump sum payment and being asked to vacate the home, you’ll get a portion of the sale price per month and will be allowed to continue living in the home. The amount of cash you stand to receive in a reverse mortgage will vary based on a number of factors. One of the easiest ways to see what you might be eligible for is to use a reverse mortgage calculator. What Are Your Obligations Under a Reverse Mortgage Agreement? When you take out a reverse mortgage, you won’t be responsible for making regular monthly payments. However, you will need to maintain homeowners insurance as well as pay your property taxes in order to not default on the agreement. What Are the Eligibility Requirements for a Reverse Mortgage? In order to be eligible for a reverse mortgage, you have to be at least 62 years old and own your home free and clear. Both single family homes and condos are eligible for reverse mortgages, but they have to be your primary residence. No investment properties are eligible. This is because the equity in your home is what will stand as collateral for the loan. You won’t be required to make a down payment, but there may be fees associated with the origination of the loan that you will need to cover. What Happens If I Die? If you have a reverse mortgage and pass away, your heirs will be responsible for repaying the loan if they are interested in keeping your house. If not, ownership of the house reverts to the lender with no additional financial obligations from you or your heirs. If you are age 62 or older and are having a tough time keeping up with your regular monthly expenses, you might consider taking out a reverse mortgage and ease your financial worries. These loans are a great financial tool for those who aren’t concerned with leaving their homes to their heirs and are in need of extra income to cover their monthly bills or want to use the money to participate in activities they couldn’t otherwise...

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Investing in Real Estate is Hot Again

Investing in Real Estate is Hot Again

Despite some problems relating to the recession, investing in real estate is finally hot again. During the early and mid part of the 2000s, you could flip on the television and stumble across any number of shows from people buying house at low prices, making some modest improvements and flipping those properties for a high profit. The recession led to fewer buyers on the market, which left investors stuck with homes they couldn’t sell. Thanks to the recent decrease in unemployment rates and the average home price rising, investors can now get back to buying, selling and investing in real estate. Flipping Homes One way in which investors make money in the real estate market is through flipping. Professional flippers know that buying homes for the lowest price possible lets them make big money when they sell those properties later. They usually make some minor cosmetic changes, including painting the walls and doing some landscaping outside. They also repair or replace any damaged or non functioning items in the house. Flippers may need to repair a damaged roof or replace an outdated HVAC system. With smart investing, they can sometimes get back double what they paid for and put into a home. Investment Properties An investment property lets an investor make money over a longer period of time from a home. After buying a property and putting a small amount of money into it, the investor will then find a tenant to rent that home. Some investors even find that when they buy a home for a low enough price that they can make back their investment within one or two years of ownership. Property management companies make it even easier for individuals and groups to own and operate multiple rental homes and properties. Those companies make any repairs needed, collect rent from tenants and provide other services. Auction vs. Listings The two main ways to buy investment properties is through auctions or real estate listings. A real estate agent can look at how much you want to spend and find properties in the area selling at that price point, and agents can also pull up listings of other similar houses to find out the price those properties sold for, which may help you get a better price. The biggest benefit of an auction format is that you can usually get those homes for well below the current market value. Often sold after a foreclosure, the seller will set the opening price and sell the home for whatever the final bid brings. Depending on the area where you buy homes, you may purchase a few for less than $10,000 or $20,000. Buying in Up and Coming Areas Sukanto Tanoto, who is an expert in investing and entrepreneurship and has a net worth of more than $2 billion, recommends that you buy in up and coming areas. This lets you get in on the ground floor of the real estate market and buy properties that will increase in value later. There are a number of investors flocking to Detroit to purchase homes from individual sellers and banks, and those investors can purchase homes for just a few hundred dollars. When you buy property in up and coming areas, your initial investment will only rise in the coming...

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Tapping the Equity in Your Home

Tapping the Equity in Your Home

As you pay down your mortgage, and your home increases in value, the amount it’s worth, minus what you still owe, is the equity in your home. If you sell your home, this will be your profit. However, if you don’t want to sell your home, but need money for medical expenses, college tuition or a great vacation, you can easily get a loan that is secured by your equity. Also called a second mortgage, equity loans have a lot of advantages. Another way to look at this type of loan is as a home equity line of credit (HELOC) that is secured by your home. This is useful if you don’t need a large amount of money at one time. You only pay interest on the money you actually borrow. However, the bank can close or cancel your HELOC before you use it. One popular use for a HELOC is to pay a child’s college tuition. Since it is an amortizing loan, part of your payment goes to pay the interest and part goes to pay down loan balance. The interest rate on such loans is usually lower than standard loans and is often adjustable and not fixed. It’s important to make regular repayments because if the loan falls into default, the lending institution can sell your home to pay the remaining debt. Benefits of a Home Equity Loan Borrowers and lenders both like equity loans. They are considered low-risk for lenders because the equity in the home serves as collateral, and because borrowers tend to make regular payments on these loans to protect their home. If they have a choice of making a payment on their equity loan or on their credit card, they will choose the loan every time. Along with the lower annual percentage rate (APR), you don’t necessarily need to have a good credit score to qualify because your home is the collateral. The interest you pay may be tax deductible, and the loan can be relatively large compared to other types of personal loans. One way banks and other lenders protect themselves is to limit the loan to 85 percent of the home’s value. The value available in your home is called the loan to value ratio and may be different for each lender. Some Common Uses for Equity Loans Since this is an opportunity to get a large amount of money at one time, most people use it for a large purchase or other large expenses. Home improvement is the number one use of this type of loan. This a good choice as long as you don’t improve your home to the point where it has more value than you can get when you sell it. For example, you may install an expensive spa and swimming pool that put the cost of your home higher than its location will support. You can invest the amount you borrow for a higher return than the interest you pay on the loan. For example, if your interest rate is four percent, and you invest the money for a return of eight percent, you are making four percent profit. Paying for a child’s college education is a good idea as long as the parents aren’t putting their financial security in jeopardy. The loan can be used...

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Buying Your First Home? Don’t Let The Bank Dictate Your Mortgage, Use A Broker Instead

Buying Your First Home? Don’t Let The Bank Dictate Your Mortgage, Use A Broker Instead

source: http://hcmsmaine.org/ The tumultuous climate in real estate markets has many first-time home investors worried about taking the plunge. Home ownership is a decision you have to consider very carefully. It’s nothing short of a mistake if you venture in mortgaging a home independently, let alone with a bank. Mortgage brokers have become the preferred advocates for an estimated 45 per cent of first-time homeowners in Canada. This percentage keeps rising due to the fact that they often offer far better rates and benefits. A 2009 study undertaken by CAAMP (the Canadian Association of Accredited Mortgage Professionals), showed that 40 per cent of mortgage origination was represented independent brokers. In 2003, it was recorded at 26 per cent, which speaks volumes of the market influence a broker has over other avenues in the industry. Banks have wielded their influence on real estate investors in the past, but they’re quickly being outpaced by new entities. Sure, home owners appreciate the option to consolidate their services, but it’s not enough. A broker helping a first-time buyer to invest in the least expensive mortgage and benefits package is a profitable investment. A mortgage broker is entitled to volume discounts from their partners, which they can extend to their clients. This makes it easier for them to offer competitive rates, which are not offered in retail real estate. Banks have a limited range of products and services to offer their first-time mortgage investors. This slows their offerings to just their own structured rates as agreed upon in their contract policy. A real estate broker is immune and has access to a roster of lenders who are open to sponsoring mortgages. This makes it so much easier for a broker to search their database for the lowest prices and home investment solutions to meet a buyer’s criteria. Another advantage is that a broker holds the authority to negotiate the best fee-based plan for their client. In some circumstances, they can ask for a lender or institution to waive or lower their fees in the best interest of their client. Banks won’t cater their services and products to Canadians without a credit rating or a high-risk borrower. But a brokerage firm won’t impose unreasonable terms or fees to deprive these mortgage seekers of owning a home. If a bad credit mortgage investor were to enlist the services of a bank, they would be subjected to even higher fees. This happens even when a customer has a pre-existing relationship with a financial institution. A mortgage broker is familiar with a roster of lending institutions outside of the bank.Their intimate knowledge of their fee structures and payment policies makes it easy for them to connect a client to the best match. A broker’s main interest is to make sure that their client receives a fair trade. It doesn’t matter if it involves appraisal fees, origination or any other structured expenditures tied to a new mortgage. If you use a broker, you’ll be working with someone who has the negotiating skills to get any of or all fees waived. For a trusted broker out west that can consolidate your debts and offer you a package that is unheard of, contact Mark Price Mortgages who are based in Kelowna, BC.On their website right now, they can offer you a...

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How Much Insurance Protection is Too Much?

How Much  Insurance Protection is Too Much?

Several critics of insurance policies will inform you that a mortgage protection insurance policy is just an extra and pointless expense in your part to avail. But truly, there are a lot of motives as to why you should insure your home using a mortgage protection insurance policy. Like any other insurance policy, mortgage protection aims to present you support and protection for that issues which can be of absolute value with your life-like your house. We all know that owning a house is not only a large financial stage but a terrific investment to possess. Isn’t it a wonder why numerous individuals strive to personal one particular someday? What exactly is unfortunate however is the fact that, on this planet, nothing at all lasts permanently. Right now you might be residing the good lifestyle. You have a good job that may support your life-style and let you pay out of your debts like your house mortgage. Tomorrow however might be a distinct story altogether. With job redundancies and lower backs happening right here and there, you, becoming unemployed, isn’t a far off reality. You do not want to find yourself declaring personal bankruptcy and struggling financially since you have misplaced your implies of cash flow, do you? If a poll of 100 people was taken to ask if their deceased loved one left too much insurance protection probably every person would answer with a resounding, “NO!” It really isn’t possible to leave too much revenue to provide for your family’s future. Many people do have life insurance but the addition of home mortgage protection ensures the home you lovingly created is always there for your family’s comfort. Finding the Right Policy As with all insurance you need to do your homework. Competitive pricing and terms that are upfront and straight forward will eliminate any surprises. Your policy should have enough coverage to totally eliminate any mortgage remaining on your home if circumstances warrant it. Companies that offer a free quote and a trial period where you have an opportunity to really examine the policy to make sure it is right for you are solid companies with your best interests in mind. Online browsing makes it simple to compare companies- at least on a superficial perusing until you can get actual quotes and talk to representatives. One very helpful feature to look for is sample premiums. You can quickly compare prices and terms of the policies to narrow down your search. You will save time in the long run by noting the premiums for gathering further information because your family is worth the peace of...

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Upscale Residential Units For Lease

Upscale Residential Units For Lease

Hard working individuals need a comfortable place to relax after a long day at work. Owning a home can be too much of a hassle for some busy individuals. Some people simply don’t have the time to maintain and care for a house. Fortunately, blue collar and white collar professionals could live in luxurious apartments and condominiums that offer an array of amenities. Best of all, there aren’t any worries about maintenance and other issues for residents living in managed apartment buildings. Crystal City apartments are an example of luxurious apartments in a major metropolitan area of the United States of America. The location of a modern apartment building plays a major role in the overall comfort and lifestyle of residents. For example, it’s very desirable to live right near public transportation that connects to a major metropolitan city. Some contemporary apartment developments are built right above underground metro stations or near commuter rail stops. Commuters in such apartment buildings can truly benefit from the convenient ride between home and work. Additionally, shopping plazas may also be within walking distance of premier apartment units that are for lease or sale. There are plenty of recreational amenities that are featured in upscale modern apartment building. Onsite fitness centers with state of the art equipment can be used to get in shape. Outdoor recreational facilities may include in ground swimming pools, illuminated tennis courts and other athletic venues such as basketball courts and ball fields. Dog runs also encourage residents to bring out their precious pets and have some fun. Apartment buildings are also family friendly as they may feature playgrounds for young children. Residents living in luxurious apartment buildings never have to worry about parking problems. First of all, there may be common garages that include assigned parking spaces. Each unit may be allowed to have up to two personal parking spaces. The garages are climate controlled, well lit and monitored with 24 hour video surveillance. Managed apartment buildings can provide 24 hour assistance to residents. For example, a plumbing problem can be quickly addressed when residents call a phone hot line for emergency maintenance issues. Onsite maintenance staff is always available to take care of any problems that residents may have with the apartments. The common areas such as hallways and elevators are also regularly inspected, maintained and cleaned by onsite staff members that get to know residents by...

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Legal Assistance For Financial Problems

Legal Assistance For Financial Problems

The housing market has been hit hard during the economic recession of the United States in recent years. Many people have lost their homes due to foreclosures. Furthermore, banks also suffered major losses by having to sell homes well below market prices just to receive some sort of compensation for unpaid mortgages. During touch economic times, people may also struggle to find the money for basic expenses that go beyond mortgages. Evictions and bankruptcies are some of the major issues involve with tough economic times for ordinary folks that have worked hard their entire lives. Fortunately, there are companies that can provide legal assistance to people facing various housing and financial issues during difficult times in the United States. Rosicki Rosicki is an example of a legal firm that specializes in various aspects of debt relief for American citizens. Sometimes, banks and other financial institutions can be unfair when it comes to foreclosures. For example, some banks may call for evictions of homes on which mortgage payments have not been paid for several months. However, sometimes banks don’t always play by the rules as they treat people unfairly and illegally during the eviction process. United States laws protect people that are facing foreclosures. Such people can’t just be forced out of their homes with a notice of 30 days. If people fall short on their mortgage payments, they can consult with legal firms that can provide the right advice regarding moving out smoothly rather than getting forcefully evicted. Defaulted mortgage payments should lead to foreclosures in a matter of months and allow homeowners adequate time to move out. Sometimes, homeowners may use some sort of equity in order to catch up on missed mortgage payments. Additionally, banks may also negotiate with burrowers about the exchange of personal property for missed mortgage payments. For example, people may be willing to give up their vehicles just to cover some of the mortgage payments and avoid foreclosure. Legal firms that represent homeowners can properly handle the deals that involve banks acquiring equity and other property in exchange for loan payments. Bankruptcy can also be a difficult situation for individuals facing financial woes. Legal firms can provide the right advice to properly file for bankruptcy such as chapter 7, 11 or 13. After filing for bankruptcy, individuals can stop the harassment from collection agencies that may demand payments for unpaid loans and credit. Legal companies that represent clients can directly contact all collectors and prevent any future efforts of trying to recover unpaid payments. In fact, people that have successfully filed for bankruptcy may be able to file lawsuits against agencies that continue to attempt collecting payments on previous outstanding balances for loans and credit cards. When people are having trouble paying off large loans, legal assistance is also available. For example, consultation firms can help people modify loans in order to lower monthly payments and to possibly extend the length of the loan. By law, lenders must be able to work with people that wish to modify the terms on a loan. Customers simply need to prove that they are having financial problems and cannot keep up with the large monthly payments for a current loan. Sometimes, loan modification requests may have to be settled in court if stubborn lenders fight the...

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