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Month: November 2017

Exactly What Are Reverse Annuity Mortgages?

Mortgages come in many varieties and can be quite confusing. Reverse annuity mortgages have a confusing name but can be very helpful for seniors. A reverse annuity mortgage is one form of reverse mortgages in general. Reverse mortgages were created for seniors and you must be at least 62 years of age at time of application. A reverse mortgage is a variation of a home equity loan. Normal home equity loans require payments made monthly towards the balance of the loan taken out. If the payments are not made, then the home is subject to foreclosure. For this reason, it can be very dangerous for seniors to take out normal home equity loans. Fixed imports might not keep up with increasing home equity interest rates. With a reverse mortgage there are no payments due on the loan balance until one of three things happened. The first is if the house is sold. If sold, the reverse mortgage balance must be paid off first with the home sale proceeds. The second event would be if the borrower no longer occupied the home. An example would be going into a retirement home. The final instance is the death of the borrower. There are two different ways that money can be received from a reverse mortgage. The first is a lump sum. This means the entire amount of the loan is given...

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Exactly What Are Reverse Annuity Mortgages?

Mortgages come in many varieties and can be quite confusing. Reverse annuity mortgages have a confusing name but can be very helpful for seniors. A reverse annuity mortgage is one form of reverse mortgages in general. Reverse mortgages were created for seniors and you must be at least 62 years of age at time of application. A reverse mortgage is a variation of a home equity loan. Normal home equity loans require payments made monthly towards the balance of the loan taken out. If the payments are not made, then the home is subject to foreclosure. For this reason, it can be very dangerous for seniors to take out normal home equity loans. Fixed imports might not keep up with increasing home equity interest rates. With a reverse mortgage there are no payments due on the loan balance until one of three things happened. The first is if the house is sold. If sold, the reverse mortgage balance must be paid off first with the home sale proceeds. The second event would be if the borrower no longer occupied the home. An example would be going into a retirement home. The final instance is the death of the borrower. There are two different ways that money can be received from a reverse mortgage. The first is a lump sum. This means the entire amount of the loan is given...

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Rate Locks And How They Work

Remember, rates change all the time, and it can be one or two months between the time you apply for a loan and when your sale closes … and rates can have jumped in that time. A lock commits the lender to lend at a specified interest rate and points, provided the loan is closed within the specified "lock period." For example, a lender agreements to lock a 30-year fixed-rate mortgage of $ 200,000 at 7.5 percent and 1 point for 30 days. The lock lapses if the loan does not close within 30 days. A lock implies a cost on the lender, and the longer the lock period, the higher the cost. This cost is in the price quoted to borrowers. The lender who quotes 7.5 percent and 1 point for a 30-day lock, for example, might charge .875 points for a 15-day lock, and 1.125-1.25 points for a 60-day lock. Some borrowers elect to "float" the rate, meaning not to lock it, as long as possible. If the market is stable, they expect to benefit from the declining lock price. They may also believe that market rates will decline. It would be pretty silly for a home purchaser who barely qualifies at today's rate to risk a rate increase – if rates jump they may no longer qualify for the loan. But even if qualification is not...

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What is a Mortgage Checking Account?

So you scrimped and saved and found a way to buy your first home. You’re proud of the fact that your efforts have earned you a substantial down payment, allowing you to get a smaller loan to pay for the house. Your friends tell you to get an interest only loan or a short term ARM. “Rates are much better,” they tell you “and you can just refinance before it adjusts.” While it may be tempting, you’re no dummy. “Only a fool would get something other than a 15 or 30 year fixed!” You can still hear the words of your father counseling you about the purchase. Not quite being able to afford the 15 year payment, you opt for the 30 year and couldn’t be happier. Your rate is good, your rate is fixed, and your paying down your house with each payment. You did the smart thing . . . right? While it’s true that a 30 year fixed offers you the peace of mind that your loan will never adjust, there’s a serious flaw that most people see but just don’t grasp enough to do something about. Have you ever took the time to add up how much that peace of mind is actually costing you? Consider this: a $200,000 loan with a 30 year fixed rate of 7% takes 29 months and costs you a...

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Scottsdale Culinary Arts School

Getting a formal education for whatever career you want to pursue allows you to get a secured position in the industry. But to succeed in any field, your mind should be in tune with what your heart desires. It's true, is not it? How can you last in a job that you are not happy doing? This also applies in the world of culinary arts. If you believe deep in your heart that your greatest passion is cooking, then you have a bright future in the food service industry. Before you aim in getting a higher position in the industry, you should first get a formal education in culinary that many top culinary school provide, such as Scottsdale culinary school – the Scottsdale Culinary Institute or SCI. There is no better way to prepare you for a career in the field of culinary than taking the world-restructured courses included in the Le Cordon Bleu Culinary Arts program. The institute gained its international popularity from the quality culinary programs of Le Cordon Bleu in culinary or patisserie and baking. SCI is accredited by the Accreditation Commission of Career Schools and Colleges of Technology and the Culinary Arts Program is accredited by the American Culinary Federation Educational Institute Accrediting Commission. This top Scottsdale culinary school, SCI, offers degree programs that prepare students for an exciting and rewarding career in the field...

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