Home Mortgage Refinancing – How Can This Help to Reduce Cost?

Home mortgage refinancing can be a significant cost benefits to homeowners who have too much credit card debt. In addition to reducing the interest cost, you can reduce your obligations even further by careful loan shopping.

Check your credit score

The first step you should take before looking for the lowest cost home mortgage refinancing is to check the score that the credit bureaus are reporting for your credit history. The interest rates that you will be charged on your new loan are related to the quality of the score as tied to your creditworthiness. If your score is high, you generally will get a better rate on your interest. Conversely, if your credit score is low, you will find you must pay a higher interest rate. Often, the credit report will contain errors that if corrected will improve the score significantly.

Use a reputable lender

The next step you should decide on is the lender that you will use for your home mortgage refinancing. Not only should you check the prices and fees that they will be able to obtain for the loan itself, but you will need to check their personal or business fees that can inflate the cost of the loan. In addition, you will need to do the needed due diligence to make certain that the broker or lender is a reputable and professional businessperson. Look for their reputation at the Better Business Bureau site or perform a search to see what other buyers have reported about the professional attitude of the lender.

Interest rates

The interest rates are the largest part of the cost of home mortgage refinancing. As a homeowner, you should strive to get the lowest rate possible. Review the economic situation in the country to decide whether variable or fixed interest rates are your most prudent choice. Variable rates typically start out lower, but can rise quickly to keep pace with rising indices in the country. Fixed interest rates usually start a little higher, but you have the assurance that they will stay the same throughout the repayment period.

What term should you use

The term or the number of payment periods associated with your home mortgage refinancing has a direct impact upon the cost of your loan. Obviously, the interest rate over a longer period means more money to pay in loan costs. But reducing the length of time that your mortgage will run means you will pay less money in interest expenses. It is amazing how much difference even a single additional amount paid against the loan principal can make in the total cost of the interest. Even paying payments twice a month instead of once per month will reduce your interest rate.

Staying out of debt

When you need to obtain a home mortgage refinancing loan in order to pay off debts that are for frivolous items or that are due to lack of pre planning, one of the best ways to reduce costs for the future is to put yourself on a budget--one that includes provision for genuine emergencies. Emergencies do happen, but generally indiscriminate credit card usage is not an emergency. Do you really want to use the value of your house to pay for such things as video rentals and restaurant dinners.

Author : Home Mortgage Refinance or Home Mortgage is one of the best sites on the internet to get a full range of resources about a home refinancing. Here there are hints, tips, cautions and links of all types.

Home Mortgage Refinance - The Benefits of Debt Structuring

When you take advantage of the equity in your home through a home mortgage refinance, you get a lot more than just cash. You get peace of mind and organization to your financial future.

Reduce the number of bills

With a home mortgage refinance, you no longer have to be concerned about missing one of your monthly credit card bills and suffering with added interest charges, penalties and fees. Your refinance loan will pay off the balances on all of those high interest loans and leave you with one payment, one due date, and an amount that doesn't vary from one month to the next. You are likely to have a single payment that costs you less than the total of all the smaller bills. If you receive a regular paycheck, you can even arrange in many instances to have the payment deducted from your payroll so that you don't have any chance of missing the payment.

Set up a savings plan

Discipline yourself to set up a savings plan with the savings you make from not paying multiple minimum payments and set it aside to fund future purchases that previously would have resulted in you charging your credit card and going further into debt. You can save for an emergency fund or save to pay cash for future purchases, or even for creating an investment portfolio to build toward your retirement. A home mortgage refinance should not be a routine part of your financial planning, but a final determination to get your financial house in order. Imagine being able to plan for a vacation and to know precisely when you will be able to book your cruise.

Renovate your home

With a home mortgage refinance, you can provide yourself with a sizable chunk of cash to renovate or even completely remodel your existing home. You won't need to charge the lumber on a credit card and pay double digit interest rates. Instead, you can set up an account with the proceeds of the refinance and pay for your renovation materials and supplies as they are required. You can provide a complete makeover to your home so that its future value will be increased. Whether you need to redo the carpets, replace the roof, or fix the plumbing, a home loan will help you pay for the repairs easily.

Timing benefits

Depending upon the timing of your loan and the purchases you make, you can definitely save money on interest rates. Choose your home mortgage refinance loan period to take advantage of the regular payroll periods at your house. Enjoy the ability to schedule the loan to suit your financial schedule. Imagine the peaceful feeling to know that when the payment comes due, there is already money in your bank account to cover it.


Consistency benefits

The peace of mind gained by knowing each month what the payment will be on your home mortgage refinance loan cannot be downplayed. There are no surprises when the monthly statement arrives. There is also no change in the due date each month. You will never again have to spend money on late fees, minimum payments or over limit penalties. The value of the reduced stress by being able to plan your finances each month is hard to deny.

Author : Home Mortgage Refinance or Home Mortgage is one of the best sites on the internet to get a full range of resources about a home refinancing. Here there are hints, tips, cautions and links of all types.

Tips for Changing a loan agreement.

I May be difficult to reach agreement on a loan modification with the lender, but anyone who sticks to it and followed the steps can get a loan modification you are looking for.

Most people trying to enter into a loan modification from their lender seems to think that there is an invisible wall between them in steel and a loan modification. Donors may be difficult to accept applications, but most people do not know or they do not meet all the requirements, or that even the smallest mistake can prevent their implementation.

Almost every lender looks the same when considering the change of ownership loan, but each is different from what you are looking for.

Some creditors carrier focused on the home loan, while others do not as much weight on him. There are lenders that require owners, they were behind at least one mortgage payment to come to a loan agreement for the amendment. And some lenders disqualify based on very high value of the house, bankruptcy, or even a huge amount of debt.

Anyone considering applying for a modification of loan agreement is a creditor of the search criteria for approval before applying. This May shed some more light on what the lender particular research.

It is also a good idea to look around for other people who have acquired changes in the lender to see how they are with their changes and how the difficult art of coping

It can be eight weeks of the lender to approve the application, then it is a good idea for applicants to call and check the status of their application. Some lenders are not interested in the conversation, while others like an owner really needs to change. Most, if not call to check the status as a tool for disqualification.

Coming from a modified mortgage with the lender, it is time, but not impossible, and not a steel wall between the owner and the change. Check the requirements and complete the application correctly will increase your chances of approval BIFOLD.

Why screening for a mortgage?

In the past it was easy to apply and obtain a mortgage. Lenders are open to entertain applications for loans has not shown that verifiable income and could be more risky investments. Since the loan market strengthened considerably in recent years, screening of mortgage loans has become a necessity. In the process itself is quite easy. Candidates with the lender of their choice and discuss the different mortgages available. The complainant offers basic information on debt, income, liabilities, and permit the lender to pull credit report. Once all the data available to the lender, the Bank determines how much money they would be willing to lend to the borrower.

It is important to realize that screening of mortgage is not the same as a request for it. Instead, it simply presents a brief description of the applicant's financial affairs in the underwriting department for evaluation, and based on the facts presented to the users to develop the approximate amount of funds they are willing to invest in the consumer. The Bank does not charge any fees in advance before the borrowers and instead provide them with a document indicating that the user is a serious buyer who has the support of the bank. This explains - partly - why to re-mortgage is an excellent idea.

Future home owners a letter of prequalification from the bank as a guarantee that they are dealing with a potential buyer who is serious about the deal. This practice ensures that the property will not fail to address the lack of funding. Gee, preselection is no guarantee of a loan, but it is more likely that the bank - on the basis of information they were given - determine that the consumer is a good credit risk and is prepared to give a certain amount of money. In addition, it sets a limit on the cost to the consumer. This also vendors at ease, as she qualified buyers who can actually afford the loan on their doors.

A vendor who works with a number of proposals for the house will be careful to choose candidates for the buyer who looks like he / she will be part of a simple real estate transaction. Of course, in some cases, the buyer may accept the offer of the buyer, not by a lender, but does not want to pay more than you want a price in most cases, however, screening inaugurates buyer will be at the front line. Moreover, it has the possibility of putting buyers and sellers in negotiating more favorable.

Lenders like to work with buyers who are pre-qualified because it helps to create a file that already-be borrowers and work - where he found a suitable property - can continue rapidly. Indeed, with pre-set, real estate buyers can specify a date and to be part of a real estate transaction.

EMC completed change of the mortgage Get It fast!!!

If EMC is scouring the Internet to change how to get the mortgage, this is a program that you have read it.

A "promising to fix your loan for EMC" EMC have seen ads for other companies in the module team. Well, all is not forgotten. I check the cake for this program.

In fact, very simple. In addition, loan modifications, the main problem is that many of them, please see end is the default anyway. Lender's files, and stack, are trying to pass all of the hard to change someones final loan to avoid the waste of time and the last breach of their lenders.

To combat this problem, there is certainly a new housing is a program to do can afford to pay below. If so, immediate payment will be reduced to around 20% 30%. In this case, if you can make three consecutive monthly payments are guaranteed a loan modification. The lender will get paid on time financially, you can find as the trial period may make a kind of ability.

And loan companies, to handle the fix, the call is accepted, you fix, it's going to be about a month later.

Your mortgage payment each month how much money? If you have a 20-30% mortgage payment that is a great! This is a very, the only currently available to EMC customers.

EMC to use this moment to change the mortgage contract, visit the following link may need to do is to call them. They are, if you want to hold, you can call your lender to see if a good candidate!

If you tired of working for some monotonous job and that makes you tired and bored, mortgage brokers marketing area is the right domain for you to be

If you tired of working for some monotonous job and that makes you tired and bored, mortgage brokers marketing area is the right domain for you to be engaged in. being a pert of the area you will be able to interact with so many people since your service would be to help them in their utter needs. Moreover this will help you to make unlimited income. This will also enable you to set your own hours. You will be free from doing any manual labor.

To make you a part this area you have to be a mortgage broker. A mortgage broker is simply a person who acts between a borrower and mortgage lender. Since mortgage brokers are the source of numerous loan programs because of their engagement with so many lenders, the borrowers prefer them. Lenders can also make their process going without doing any marketing as and so their first choice is the mortgage brokers. It is the mortgage brokers who get the customers and process the paperwork.

A mortgage broker should be efficient enough to attract his customers. Don’t forget the fact that once you become a mortgage broker, you have to take the main role in assessing the borrower’s circumstances. What your clients need should be known by you. You must recommend your customers the most suitable mortgage product. You have to gather all the required documents like bank statements, pay slip etc. the lenders will deposit the documents. Being a mortgage broker you should give your customers a sound advice because it is you to be liable to your advice if it proves defective. Moreover you will liable for fraud for the life of a loan. For the benefit of the clients you have to be aware of the standards when you charge fees to a borrower. You cannot exceed the lower percentage while doing this.

In mortgage brokers marketing, the role of the secondary market is undeniable. Fannie Mae and Freddie Mac are the largest secondary market or wholesale institutions in the USA. Mortgage brokers can get loan approvals from the secondary wholesale market leaders in the country. Then the approved loan is assigned to the mortgage bankers of the approved list. The mortgage brokers compare the rates and then the loan is assigned to a licensed lender. The customer’s are made aware of the pricing and closing speed. Then the lender accepts it or not. The lender can carry in service in a permanent basis or a temporary basis.

So the mortgage brokers play a major role in wholesale capital markets. But to be successful in this domain, the mortgage brokers should be educated enough in this respect. They should be experienced enough to achieve success. Mortgage brokers are the other name of the distributors of mortgage products on behalf of the lenders. They are regulated with banking or in the finance laws. The US is the exception in this case since they have no laws that govern mortgage lending.

By D.C. Fawcett

Get The Best Beginners Investing Tips

Maximizing Profit With Real Estate Investment

Real estate investment may prove to be extremely profitable and satisfying if done with proper planning, concentration and knowledge. Real estate agents can prove to be very helpful for this purpose.

Real estate investment has been treated as one of the major cases of budgeting capital with the use of up to date investment analysis incorporating future streams of income that it is able to generate and the related adjustments of risks. It has been in the highlight as many investment theorists have extended analysis to techniques since 1970's such as money's time value, probability and utility.

Basically, real estate is defined as any immovable property like buildings and land. From a business point of view, investing in real estate can be extremely attractive as it is able to generate cash flow in the form of rent, business venture, resale amount and cash savings upon tax-deductible rate of interest losses.

Real estate of an individual includes the property in which he or she resides in and other properties owned through which rental income is accrued. It may also be associated with the appreciation that comes in the property's value in the form of capital gains.

Things to consider before investing
The foremost thing that you should consider before making your real estate investment is whether you can afford the property or not. If you want to take a loan to make your investment, make sure that you will definitely be able to repay it within time. Even if you are purchasing the property outright on cash, make sure that you do not render yourself in financial crisis after investing such a large sum of money.

Next, you should consider the purpose of your real estate investment. If it is intended for yourself or your family as a residential property, you need to check out all the papers and other formalities regarding the property and also consider road, electricity and water connectivity. Other things you should look into include schools, markets, shops and other necessities present in the nearest neighbourhood.

The e-book available over the Internet will guide you on how to check the property for any necessary repairs and renovations. If you are making your investment for business purpose, look into its future prospects as per its previous appreciation or depreciation.

Learning to make sound investment
The ebooks on real estate investment include tips and strategies of experienced investors who have practical hands-on experience in this field. It will guide you on how to finance your loan and communicate with other parties to earn a profitable deal.

Getting knowledge from this professional, qualified and experienced will assist you in finding and securing the property that you had always desired for and make a wise real estate investment decision.

With these ebooks on real estate investment, you can make massive profits in real estate market irrespective of the fact that you area a novice or an experienced realtor. These ebooks are easily accessible on the Internet and can fetch you both short-term and long-term benefits. So, what are you waiting for? Access the easily available e-book and start making profits out of the business of real estate.

by Matt20 Gerchow20

Why Investors Are Still Buying Property in Dubai

Some doomsayers are warning that the property boom in is now over, thanks to an oversupply of property in Dubai. While this may indeed be the case across some parts of the emirate, certainly as far as apartments are concerned, overall demand for property in Dubai, which initially stimulated international appetite for UAE real estate, reportedly continues to outstrip supply.

Property in Dubai has witnessed robust growth over the past few years, since the Dubai government developed a strategy aimed at encouraging foreign investment, supported by the liberalisation of foreign freehold ownership of property in Dubai.

The decree was officially issued by the then Crown Prince, Sheikh Mohammed bin Rashid al Maktoum in 2002, and stems from the emirate's desire to reduce its reliance on oil, and to diversify its economy into the financial services and tourism sectors.

With prices of property in Dubai generally low and payment terms rather favourable, the government sparked a wave of mass investment in property in Dubai from investors from all around the world.

This in turn led to increasing levels of new developments and regeneration. In fact, the plans for the emirate are truly remarkable and the state's pockets are seemingly bottomless.

Dubai's awesome skyline is rapidly expanding, as it is one of the fastest growing cities in the world - a true global hub for large businesses.

The volume of investments in new property in Dubai is expected to reach well in excess of £100 billion by 2020.

Capital growth
Prices of property in Dubai have appreciated significantly over the past few years, as demand has far exceeded supply. This has typically attracted a surge of speculators - many of which have traded in off-plan property in Dubai - buying and selling title deeds, long before ground has even broken on a new development, otherwise referred to as 'flipping'. This is not uncommon in an emerging market, as it can prove to be a highly lucrative, high risk, way of making money.

Average prices of property in Dubai's 'Marina Terrace', for example, constructed by Damac, have appreciated by well in excess of 200 per cent since the development was launched in 2002.

Residential units in 'The Waves', also located in Dubai Marina, have appreciated by over 160 per cent per cent since its launch, also in 2002.

Cluttons Middle East reports that the average price of property in Dubai stood at between £90 to 100 per square foot in 2004. Today, that figure stands at close to £250 per square foot.

Alex Upson of Cluttons Middle East says: "A one-bedroom apartment in The Greens sold by the developer in 2004 for approx £75,000. Today the same unit changes hands at £250,000."

Although capital growth has now generally slowed, average prices of property in Dubai continue to grow at an impressive rate, currently appreciating at annual rate of around 15 per cent per year, according to Middle East business provider, AME Info. However, with so many off-plan projects now nearing completion, there is a genuine fear that there may soon be an oversupply of property in Dubai and that the phenomenal level of growth recorded in the past cannot be sustained.

Not so, according to some market experts. "Investors who enter the market now will be able to snap up a property in Dubai for far less than if they wait until a later date, says an AME spokesperson. "Furthermore, buying property in Dubai early will allow owners to enjoy considerable capital appreciation.

"Sitting on an asset that is rising in value makes obvious sense. The boom in property in Dubai is far from over, as all the drivers of growth in the market are firmly in place." Upson supports these views, adding that the residential market remains "very active", due to growing demand for property in Dubai from end-users. "If buyers are looking for growth then current demand appears to be exceeding supply and prices continue to rise," he says. "However, we urge caution and always recommend thorough research into comparable property prices and developer history. Delays in delivery should be expected."

Construction delays are one of the biggest risk factors of buying property in Dubai. Earlier this year Middle East developer Rakaa Properties estimated that 40 per cent, or $160 billion (£79.5 billion) worth of total construction projects in Dubai have so far been suspended, due to rising material costs, which in part is fuelling soaring inflation levels. Construction delays are also holding up the supply of property in Dubai, which could very well culminate in further capital growth over the coming years.

In fact, 57,000 properties in Dubai were due for completion last year, and yet only 11,000 residential units were actually delivered, according to Peter Riddoch of Damac Properties.

Nevertheless, the volume of land being purchased in the emirate is increasing - up 170 per cent in 2007 to reach $48 billion (£24billion), illustrating the fact that there are plenty more developments in the pipeline. Much of this land is being purchased by Britons, who are now the leading foreign owners of land in Dubai, according to a report compiled by the Dubai Land Department.

Major developments
Nakheel, which is currently constructing The World, among other projects, has announced that it plans to build the 'Universe'. The project, which will be situated off the coast of Dubai, in between Palm Deira and Palm Jumeirah, will take up to 20 years to construct.

Other spectacular projects recently announced or already under construction, include the £395 million Palazzo Versace, Trump International Hotel & Tower on Palm Jumeirah, and the world's first rotating tower, the latter scheme, an 80-storey skyscraper, will see each floor spin around a central core, offering residents an ever-shifting view of the Persian Gulf.

Buy-to-let
Anyone wishing to invest in buy-to-let property in Dubai should expect to achieve an annual rental yield of eight to ten per cent, according to Riddoch. However, investors in rental property in Dubai should avoid prime developments, as they tend to offer relatively low rental returns.

The greatest returns from rental property in Dubai can be found in The Palm Jumeirah and Old Town Burj Dubai, according to UAE estate agency Asteco.

However, the largest rental increases are being recorded in the cheaper areas in and around International City. Comparable data shows that the greatest annual rental increase of property in Dubai has been recorded in International City, where average two-bedroom apartments have appreciated by 36 per cent year-on-year.

The declining cost of finance to buy a property in Dubai could yet boost the market further. This is because the UAE Dirham (AED) is fixed to the US dollar, which means that the currencies do not fluctuate against each other and remain fixed at one value. Consequently, the UAE Central Bank has to follow US interest rates, which currently stands at 2.25 per cent. This effectively devalues the local currency, it also lowers the cost of borowing money to buy property in Dubai, which can lead to higher property investment returns.

Moving forward it's almost impossible to forecast what will happen to the market for property in Dubai. The sheer volume of new homes coming onto the market suggests that it's not long until there is an oversupply of property in Dubai, if not already the case. However, the emirate has one of the fastest growing populations in the world.

It's reported that up to 857 people are moving to Dubai every day, totalling some 5,000 per week. In fact, Peter Riddoch of Damac Properties estimates that around 60,000 people will be looking to purchase property in Dubai this year. He also reports that Dubai's workforce, which currently stands at around two million will grow to around five million by 2015, undeterred by the likely introduction of VAT next year.

One thing is for sure - Dubai will keep growing.

by Marc Da-Silva

Unsecured Personal Loans: For Those Who Have No Collateral To Offer!

We've all heard of the importance of collateral when it comes to taking a loan. It is this collateral that puts the hesitance of taking loans in us. Additionally for those of us who have no collateral to offer, does it mean we have no option in case we meet a financial crisis? Hold on—this time the answer's NO! There are Unsecured Personal Loans to help us!

Unsecured Personal Loans are a tenant's best friend. Not only tenants; in fact, anyone in need of financial assistance, with no collateral to offer tends to befriend Unsecured Personal Loans; for example, students, non homeowners, etc. Being unsecured means not compelled to offer collateral.

Collateral is any asset offered by the borrower to assure a lender of repayment. It usually takes the form of your home, vehicle, jewellery, bank account, etc. Higher the value of your collateral, better and more flexible are the loan terms and conditions offered to you. So what happens now when collateral isn't required? Does it mean no flexible terms and conditions?

“Yes and no!" —Unsecured Personal Loans do not offer the best possible options. These are loans meant solely for individuals who have no collateral to offer. To compensate for the absence of collateral, lenders hike interest rates, minimize loan amounts and shorten repayment terms, tightening the repayment schedule for all borrowers availing them. This is justified because no lender in his right frame of mind would approve a loan when he has no assurance of repayment from the borrower.

This is why Unsecured Personal Loans have more stringent terms and conditions compared to Secured Personal Loans. At the same time, if you scan the market well and search for the right lender, you can most certainly find a loan that offers better options than other unsecured loans.

Unsecured Personal Loans encompass a whole lot of options that you can choose from. Your repayment potential is often determined by your past financial records, i.e. your credit history. You need to have an excellent credit record to obtain the best opportunity. Additionally, to better your position, you must be in full-time employment and you must have few or no outstanding payments. These essentials differ from lender to lender and so you need to offer your lender exactly what he needs.

Unsecured Personal Loans approve loan amounts that extend up to $15,000. Your credit score determines how much actually gets approved. A typical loan term or repayment term for Unsecured Personal Loans extends up to 10 years only. This is a very limited range when compared to the “up to 30 years" for secured loans. A lender wants his money returned as soon as possible. This is typically why he shortens your loan term.The interest rate offered on Unsecured Personal Loans is much higher than that offered on secured loans due to the absence of collateral.

It may seem a little unfair. But if you put yourself in your lender's shoes and have nothing to bank on when your borrower defaults in his payments, then you'll definitely understand the restricted options.

If your do your rounds well enough, choose your Unsecured Personal Loan from the right lender, select a loan tailored to your pocket and stick to your repayment schedule, then Unsecured Personal Loans are simply perfect! They are all you can ever ask for. Ultimately, it's not what the loan offers but what you make of it that really matters...!

Where to Find Cheap Property for Sale in France

The Basque Country and beyond
With direct, low-cost flights into Biarritz and Pau (plus Bilbao, across the Spanish border), the Pyrénées-Atlantiques département is easily reached from the UK. Most visitors are familiar with bourgeois Biarritz and its chic, art deco architecture, but beyond the cosmopolitan town is a less-populated landscape of palm-fringed coast, rolling green countryside, white-water rivers, forests and mountain peaks, where the thermometer rarely dips below six degrees Celsius.

To the north of the county, the Landes area encompasses pine forests and vast, deserted beaches; one of France's least-populated areas, it is perfect for property hunters craving unspoilt scenery. “Property for sale on the coast will always command high prices, but head half an hour inland and there are vast farms with land starting from €550,000," says Julia Troccaz of Beyond Biarritz. “Basque farmsteads traditionally housed both family and livestock, so this kind of property comes with huge amounts of living space; villages like Sare, Ascain and Espelette are attractive, well-kept, and still relatively near the Atlantic."

Farms to be renovated cost from €300,000 (£240,000), but remember to factor in the work needed to render the property habitable; materials and labour are expensive here, according to Troccaz, who suggests that the best buys to be had in Landes are directly inland from the popular resorts of Capbreton and Hossegor: “Prices of property for sale in Landes are lower than around Biarritz, because there's more available land, yet the access is still incredibly good; you can be 15 minutes inland but only 20 minutes from Biarritz airport, five minutes from the motorway, and 25 minutes from Saint-Jean-de-Luz."

Budget upwards of €500,000 (£397,000) for a renovated Landaise farm with around 6,000 square metres of land.

Lozere - the road less travelled
Down on the Mediterranean coast, the region of Languedoc-Roussillon is made up of five administrative departments, of which only one - Lozère - lacks a coastline. This hilly, land-locked area of long, winding roads has low visitor numbers and an even lower profile, particularly when it comes to British property buyers (figures released last year classified Lozère as the French département with the lowest number of overseas-property owners, qualifying the presence of Johnny Foreigner as “insignificant.")

This authentically French spot is also very quiet: French news magazine L'Express and its 2007 “Best Places to Live in France" survey voted Lozère the ideal retirement destination, by dint of its unspoilt landscapes, quiet roads, and low pollution and crime rates. It has a small population (around 73,500, which works out as 14 locals per square metre), and arguably not much in the way of cultural infrastructure (the area is ranked 94th out of 96 on this particular point), but Lozère is undeniably well suited to those in search of a quiet, safe base, and property for sale in Lozère comes cheap.

The L'Express survey ranks Lozère as the seventh least-expensive area to buy property in.

Alex Charles of Crème de Languedoc comments: “You won't find much opportunity for capital growth or rental potential, but Lozère's property market offers great value, and its large, stone-built properties are perfect for self-sufficient types with the necessary know-how. Your money will go further here than in the Languedoc's busier southern areas of Gard and Hérault. A budget of €242,000 (£192,000) buys a two-bedroom stone property set in 1.5 acres [over half a hectare] of land in the Cévennes national park, which would be ideal for nature lovers; or, for twice the price we're selling a vast, five-bedroom, renovated farmhouse with outbuildings, with an acre [just under half a hectare] of ground near the village of Florac."

Cognac - Tipped to rise
The Charente area sits amid the undulating countryside and forests of western France's Poitou-Charentes region, and has been in the spotlight recently for two reasons.

Firstly, some of the world's most famous brandy is produced in the Charente town of Cognac, and sales of this precious tipple reached a new all-time high in 2007. With business booming, the cherry on the cake for locals was the opening, in spring this year, of the new Angoulême-Cognac airport, with direct flights to London Stansted.

"It's bound to have a positive effect on the property market in and around Cognac and Jarnac," says Graham Downie, a property search agent who tips this part of western France to soar. “There are several reasons that make the Cognac area worth a look: it has a very convenient location, within striking distance of four airports, and only five and a half hours by train from London; the cognac industry makes it an affluent area popular with tourists, who come to visit Rémy Martin, Hennessy, Martell and Courvoisier, which means it's lively year-round; and the thriving local economy spells good news for property owners and investors alike."

Figures released in June 2008 show that of the nine areas that make up Poitou-Charentes, property for sale in Charente has the most accessibly priced dwellings, and its traditional stone properties will appeal to property buyers with a penchant for character property. According to Downie, a two-bedroom townhouse within five minutes' walk of Cognac's main square can be picked up for around €120,000 (£95,000), while €200,000 (£159,000) bags a three-bedroom stone property in a nearby village, with a small garden and easy access to shops and restaurants. For an imposing four- to six-bedroom property with pool, walled garden and vineyard views (the kind coveted by many UK property buyers), allow €300,000 to €450,000 (£240,000 to £355,000); in the lively market town of Jarnac (home to the house of Courvoisier), a three-bedroom property in immaculate condition, with pool and garden, is selling for just under €400,000 (£318,000).

by Louise Taylor

Property Investors! Are You Under Pressure?

As the credit crunch bites, fixed rates come to an end, and cash flow dries up, more and more investors are feeling the squeeze. Countless investors I talk to are finding things tough with several even going back to work full time, and only last week a high profile lead provider was in the spotlight on the forums as his Ready Made Deal partner went into liquidation. These things are never nice to hear but will, I fear, become more commonplace in the months ahead.

Whether we are individually 'hurting' yet or not, this is a wake up call to us all. It is all too easy to get complacent when cash flow is rolling OK and the feel good factor of easy money is around. But as they say, the only thing we can be certain of is 'change' and the successful people are those that are prepared for and adapt to changing conditions.

If you are 'hurting' or feel that you will be shortly then PLEASE make sure your head is not in the sand and take some action NOW! I remember several years ago when I got made redundant again and things got on top of me as it took me 8 months to find work. I continually felt so overwhelmed and I will never forget the feeling of instant relief when I faced up to the mess we were slipping into and TOOK ACTION. It was an unbelievable feeling of the proverbial weight being taken off of my shoulders and there was far more help around than I ever imagined once I faced up to the fact that I needed it - understanding listeners to talk to, experienced people to advise and guide, clear sighted help from an independent viewpoint who could see through the fog when I couldn't.

As I have said many times in the past, property can be a lonely business at the best of times but even more so if you are struggling and not facing up to it. Confide in a partner, trusted friend or mentor. Speak to your creditors as early as possible to put them in the picture and gain their support and understanding. Look at all possible income sources and brainstorm ways to raise capital or generate extra income. Its incredible how resourceful we can all be when we put our minds to it and it can be surprisingly good fun too. It is also important to look at ways to reduce your outgoings to help bridge the cash flow gap - both personally and in your businesses.

On a brighter note its certainly not all doom and gloom out there with many BMV bargains still to be had out there and more financing options available. The biggest stumbling block is still the lenders themselves but that is an issue we cannot control, and why those who have looked after their cash reserves in anticipation of this market will be doing the deals that others can't.

Work Less and Earn More

Perhaps, the most protracted parts of property management are the synchronization of rent gathering and increases. So as to abridge your property management for superior profitability, focus on the listed three items first:

1) Rent should be due on the first day of the month. Some people gather rent founded on when during the first month an occupant or tenant moved into the place. This is a disastrous tactic. Knowledgeable property managers will tell you to at all time pro-rate the rent of the first month and then gather all upcoming rents on the first of the month.

2) Raise rent on all leases at restitution. When signing the lease, it should be implicit that rents will ascend at the ending of the lease period. The best way out is to make the resident or tenant agree to the increase in rent in their original lease. People are usually excited to get a new place and usually agree to the raise on the rent by say $50 after a year from now.

3) Raise all month-to-month payments at the same time. If you utilize a rigid lease period with the inhabitant having an alternative of pulling out on a month to month basis, then plan all increases at the same time. By this means you can send out a blanket letter to all residents fitting in that category. This is a way of making everyone feel equal as when a whole group of people receive the same notice they do not feel singled out for the increase. What is more is that it is easier to modify your bookkeeping/billing program one time per year for this function than multiple times. Additionally, if you decide intelligently what time of year to put into practice these enhances, less people would be going away from your place because of the supplementary rent for the reason that they will be too active to look for a different place, the weather would either be too hot or too cold, or they will wish to have stable holidays. The lifestyle of your residents would give you a fair idea about the best time of the year.

If you develop your business to take benefit of this kind of management process in a methodical manner, you will discover that property management is not as hard or time consuming as is generally believed. Property Management can be a magnificent and money-spinning part of the business.

Taking Care Of Your Property

Taking Care Of The Property

Living in a rental property brings up questions of how to care for the residence. The property should be treated with respect and free of intentional damage, of course, there are areas where the renter might not be sure of their responsibility or privileges in their position as the tenant. An agreement will, in most instances, clearly state answers to any questions. The agreement will point out what the leasing companys and the renters responsibilities are.

Care for the Property Like it Is Your Own

The idea behind treating a rental property like your own home is appropriate but in reality often times will not be true. You should treat it in the same manner you would if it were your own home. Simply, this means the renter should not do damages intentionally or neglect repairs needlessly. Often this will not happen because the renter is not free to do modifications without permission through the contract.

Obtain Assistance from the Manager

The manager of a rental property is there for the renter to get assistance when repairs are needed. These repairs that fall under the contract might include plumbing needs such as clogged drains, fixing or replacing broken appliances and installing new lighting fixtures. The contract will specify what items are the responsibilities of the property owner or manager, even if the renter is able to perform the repairs themselves. Renters can be held liable for damages if they attempt to fix the items themselves. Although the renter may be capable of performing some or all of these actions, the agreement may specify these items are the responsibility of the property owner or manager. Renters who make an attempt to fix these items may be held legally responsible for damages that can crop up during these attempts.

Agreements can imply, simply by leaving out certain items, what the renter is responsible for. Usually these are small items such as replacing light bulbs or something like that. The renter is allowed to make the changes needed in these instances. If the agreement states the manager will handle certain types of complaints, the renter should let the management know quickly.

Manager Complaints

Occasionally the manager of a rental property does not respond to complaints from renters. Situations brought to the attention of the manager are often not dealt with. The renter can bring complaints against the manager to the attention of the supervisor of the manager. The responsiveness of the manager to address repairs and concerns is necessary for the safety for the tenants. When the manager fails to do so, the tenants should not be afraid of retaliation for reporting the lack of care. The contract specifies the rights of the renter to complain to higher authority when the quality of service is not satisfactory.

When you live in a rental property, you often have questions on how the maintenance of the residence should be handled. The property should be treated with respect. The contract will specify the types of maintenance each party is responsible for. When repairs or problems are needed, a renter needs to report them to the manager. The manager is responsible for addressing and fixing any possible problems in a timely manner. When those complaints are not met by the manager, or satisfactorily addressed, the supervisor should be contacted.

Green Property Management

As spring approaches, many cities and towns will celebrate Earth Day. Earth Day is a day that is set-aside for people to recognize the beauty of the Earth and to try to minimize the impact we have on it. Earth Day celebrations often include booths that have information about Earth friendly products, and services. Many booths will include information on how you can become more Green. Music is usually included in many Earth Day celebrations and of course there is always food. People gather together to show their respect for the planet we live and love on.

Being more Green is a very hot topic right now in the news and media. It seems that everyone from soda pop to soap to light bulbs to cars are getting the Green treatment. Jumping on the Green bandwagon shows that you are trying to be responsible in your treatment of the Earth. One industry that is getting on the Green train is the self storage industry. Property management companies that own self storage facilities are seeing Green. Some self storage sites that are owned by property management companies are looking over their existing sites to see where they can improve in the Green department. Here are some things that property management companies can do to help their self storage sites be a better place in this world.

Putting lights on timers and motion sensor switches to avoid prolonged usage
Using Earth friendly chemicals for melting ice and snow and fertilizing the grass
Using Earth friendly pest control chemicals to knock down those pests
Reduce office paper consumption
Recycle office paper, and aluminum cans
Collect rainwater or use reclaimed water for watering plants and grass in your green areas
Plant more trees, grass and flowers around your property
Switch to more energy efficient light bulbs
Utilize rooftop space for solar panels
Hiring property management companies that have a Green plan

These are just a few of the many things that property management companies can do for their properties. You do not have to be some long haired tree hugging type person to believe in doing what is right for the environment and the planet. Many people are seeing the impact that people have on the Earth and they want to stop it. Many property management companies have self storage sites that look barren and industrial. But what if property management companies wanted to build a self storage site that was full of greenery and laid out to be very pleasing to the eye? Some property management companies are trying to get away from the old industrial gray building style and going to the trendy, hip looking self storage site. These newer or refurbished self storage sites can easily fit on the outskirts of a neighborhood or nestled next to an elementary school. Property management companies do not have to be ugly to be functional. Functional can be hip and it can be Green.

So, in recognition of Earth Day, try to find property management companies that are doing their part to save the Earth. If we all can do a little it will turn out to be a lot. Jumping on the Green bandwagon is a way to feel good about what you are doing to save the planet we call Earth. Do your part!

Online Real Estate/Property Search:Making us smarter

"The notion that the world's knowledge is literally at your fingertips is very compelling and is very beguiling."
--Vint Cerf, Internet pioneer

Terabytes of easily accessed data, always-on Internet connectivity, and lightning-fast search engines are profoundly changing the way people gather information. A decade back, information could be sourced through newspapers, magazines, books. A lot of it was 'Word of Mouth'. Searching for relevant information was not only difficult but also cumbersome. Internet has brought it all under one roof and technology has made it searchable. Hours of work reduced to seconds, just at the click of a button.

The ease is extended to real estate search. Unlike earlier, house searching is no longer a tedious task and online portals offer the convenience of browsing properties anytime, anywhere. In fact, a lot of information flow in the space is being facilitated by online portals. The Broker and Builder community have adapted and realized the potential of the medium and a plethora of sites have come up to cater to their needs. Indicative of the pace with which they are growing is, that barely two years old in the country, sites like www.99acres.com have over 2 lakh residential and commercial properties listed on the site. Consequently, Internet is emerging as one of the most relevant, trusted and easily accessible source of information.

It is however important to know the right source and how to optimally use information available online on Real Estate.

Through real estate portals like www.99acres.com, one can buy, rent, sell and much more. One may search property on budget, type and location, and further refine search based on requirement. The sites provide complete contact details of brokers and builders. Builders also post a virtual walk through and complete description of the property on the site. Therefore, the initial search may be done online before getting on the ground. One may also set an alert for properties and sit back and relax, while the portals send regular alerts on the property updates on the site. After shortlisting, you may find it judicious to surf the website of the builder and get a fair idea on the properties and thereby doubly ensure safe investment

With extensive reach, real estate portals are a convenient medium to showcase your property to the world. Advertising on the medium is not only cost effective but measurable as well. Posting property details on the site for a year comes at a cost of one full page print ad in the newspaper and therefore the medium is very cost effective. Besides it also ensures targeted reach. When displaying a property on the website, the user gets to see just the kind of information that he is looking for and therefore it helps in eliminating unnecessary inquiries. One may also be able to eliminate the middleman fee in the process.

You may also advertise on listing websites for space available for commercial rent out on Yellow Pages sites like yellowpages.co.in, Indialist.com. Post in detail about your property on a blog. One can host a free Blog on Blogger, Type Pad or Word Press. So, get your mouse rolling and fingers ticking to bringing the customer to your doorstep.

Another important aspect of real estate investment is finance. Investment is all about judicious risk taking. With information at fingertips one may minimise the risk by researching the net carefully.

Investigate property rates: Check out the recent developments in real estate on news websites like indianrealtynews.com. Search for news specific to the city you are keen on investing in. Refer to research reports of Cushman and Wakefield, Jones Lang La Salle etc. 99acres.com, host a section on reports on property rates in various cities as published by Cushman and Wakefield.

Check the location on Wikimapia and Google Maps: these sites provide a satellite view of a city. One can log on to the sites and take a virtual look at a city. The sites give a fair idea on location of a property, routes and connectivity. In their nascent stage, these sites are sure to evolve to become a Mecca for routes and maps and locations.

Find about Home loans and interest rates: Sites like Loanwala.com and Apnaloan.com give exhaustive information on Home Finance. These sites breakdown each of the different parameters you should be considering while taking a home loan, into the minutest detail. Home Finance information is also available on real estate and property sites. One may also browse through websites of banks like ICICI and HDFC that have evolved overtime and can get genuine information as well as apply for loans through their site.

Another useful new age tool is RSS and XML readers. For regular news updates subscribe to e-newsletters and RSS feeds on real estate from Economic Times, Indianrealtynews.com etc. RSS feeds automatically updates the reader as soon as there is an update on the site subscribed to. RSS reader software is available online and can be easily setup on the computer. One may also create an online account with Google reader.

To summarize it all, you can research and get advice through real estate experts through reports released by them, get advise on finance and get news updates by being active as well as subscribing to the right sites.

The information on the net is easily searchable and downloadable and new age tools bring them straight to a desktop. As internet penetrates, it is sure to transform the information sharing and communication landscape and to be competitive one must be on the internet edge at all times.

by Aakriti Bhargav

Tips for Finding a Rental Apartment

Finding a rental apartment is not always easy. Depending on occupancy rates in a particular area, it actually might be quite difficult to find available apartments that are also within your price range and meet all of your pre-determined requirements. However, even in areas where there is not a great deal of competition for the available apartments, renters may still have some difficulty finding the perfect apartment. This article will offer some tips for finding a rental apartment that suits all of your needs.

Figure Out Your Needs

The first step of any apartment search should begin with the potential renter carefully identifying all of their needs in an apartment. This list of needs will be different for every renter. While some renters are simply looking for a place to eat, bathe and sleep other renters may be looking for a living space which will serve a number of purposes including working, entertaining and participating in leisure activities or hobbies. When making this list of needs the renter should consider the options they cannot live without as well as the options they want to have but can live without. It is important to make this distinction because the renter will want to ensure the apartment they choose has all of the features they need and ideally a few features they want. However, an apartment which does not have all the required features may become an uncomfortable living situation very quickly.

Do Your Research

Once a renter has a good idea of the basic features he is looking for in an apartment, he should begin researching his options. Researching apartments can be done on the Internet, through the newspaper or through rental magazines. Renters may use one of these research methods exclusively or may combine a few of the methods to form a customized strategy for researching apartments. The research phase will give the renter an idea of the types of properties available for rent in the area.

Comparison Shop

The next step is the process of comparison shopping. This basically entails visiting several different rental properties and touring these facilities. During the tour the renter will get a good idea of available options as well as the costs associated with these options. This is helpful for two very important reasons. First it gives the renter a good idea of the types of apartments available within their budget. Second it gives the renter the ability to bargain regarding price. Renters who have proof of other apartment complexes offering more favorable rental terms, may be able to entice another complex to lower their prices slightly.

Ask for Recommendations

Renters can also help themselves in their search for an apartment by seeking recommendations from trusted friends and family members. These recommendations can be taken to be much more worthwhile than recommendations offered by the apartment complex from previously satisfied tenants. It is important to note the apartment complex is likely to only offer testimony from tenants who were happy with their rental agreement. For this reason, opinions offered by friends and family members are much more valuable because they do not have a vested interest in the rental property and simply offer their honest opinion. Friends or family members who share your interests and personality traits can be very helpful in offering recommendations for apartments because it is very likely you will be happy with the apartment they recommend.

Consult the Better Business Bureau

Finally, renters should consult the Better Business Bureau (BBB) before making a final decision and choosing an apartment complex. This can be very helpful especially if the renter finds a particular apartment complex has a number of unresolved complaints against them. While a lack of complaints is not necessarily an endorsement, it is a good sign if the complex has been in business for number of years without a slew of unresolved complaints.

What First Time Home Buyers Need To Know About The Mortgage Process

Buying a home for the first time can be confusing. There are so many things to consider and so many things that must be done the right way before you sign your name on the dotted line. Understanding the steps of the mortgage and home buying process can make it much easier to navigate. Here's a brief guide to what first time home buyers need to know about the mortgage process.

Before you look for a home:

* Decide if you're financially ready to buy a home. When you compare rents side by side with mortgage payments, buying a home may seem like a great bargain, but it's important to consider all the costs that come along with owning a home.

* Learn about the different mortgages available and figure out which is best for you. T

* Get your financial information together. In order to be approved for a mortgage, you'll need to document your income, your assets, your employment, your residence and your existing debt.

* Get pre-approved. A pre-approval letter will give you a firm idea of your prospective price range for a new home, and it will tell your real estate agent and home sellers that you are serious about buying a home and financially capable of managing it. Pre-approval is a more formal and in-depth process than pre-qualification. A pre-approval letter is a formal certificate from a lender saying that you are qualified for a mortgage up to a certain amount. While it is not an agreement to give you a mortgage, it is one step closer to having the cash in hand to buy a house.

* Find a real estate agent. Your real estate agent will work in your best interest and help guide you through the rest of the process.

Once you find your house:

* Work with your agent to determine a fair offer price. A written offer will include the price you'll pay, any conditions that must be met, amount of earnest money, complete legal description of the house, down payment and financing details.

Earnest money is included with your offer to show the seller that you are serious. If your offer is accepted, the earnest money becomes part of the down payment. If your offer is rejected, the earnest money is returned to you. If you pull out of the agreement for reasons other than those stated in the offer, you'll forfeit the earnest money.

* Once your offer is accepted, make a formal application for a mortgage. At this point, you will usually have to pay a mortgage application fee. If your mortgage is approved, it generally locks in the mortgage rate you are offered for 30 to 90 days.

* Your lender will arrange for a home appraisal to determine that the house is worth the amount you are asking to borrow in order to purchase it.

* You or the lender will order a home inspection, which is not the same as a home appraisal. A home inspection will point up any problems with the home that may have been missed by a casual inspection.

Insurance Policies that You Will Need

* Get home owners insurance and provide proof of coverage to your lender.

* Private mortgage insurance is a policy that will pay off your mortgage if you should default on the loan under specific circumstances. Most lenders require that you carry PMI if you make a down payment of less than 20%. Generally, the cost of PMI is added to the amount financed.

* Title insurance is a policy that guarantees a clear title to the house. When you purchase title insurance, the insurance company will do their own title search. If any issues of ownership related to title arise after you have taken over the house, the insurance company will pay all legal and other costs related to the title issue.

Closing on Your New Home

* Your lender will let you know in advance how much the closing cost will be. This is generally a "good faith estimate", and may vary slightly from the actual amount when all costs are totaled.

* You will be expected to bring valid identification and certified funds or a cashier's check for the amount of the closing costs.

* The closing costs will include any loan fees, prepayment of interest (points), copying fees and administrative fees charged by the lender.

* You will have a chance to read over all the documents concerning your mortgage and your home. The closing attorney will give you concise explanations of each document that you are asked to sign, but you have the right to read each one over yourself as well.

* Once all the papers are signed, you will endorse the check to the closing attorney, and receive the documents that make the home yours. The closing attorney will see to the disbursement of funds - paying off any remaining mortgage, payment to the current owners, and any other associated costs.

by Shawn Thomas

How A Mortgage Rate Is Calculated

One of the most important parts of your mortgage is the mortgage rate - the rate of interest that you'll pay on the money you borrow to buy your house. Often, ads for mortgage lenders make it sound as if they offer a single mortgage rate to all lenders. If that were the truth, it would be easy to find the right mortgage - just shop around for the lender advertising the lowest interest rate and apply for a mortgage with them. Unfortunately for simplicity, calculating a mortgage rate is far more complex than that. The truth is that the mortgage rate that you're offered is influenced by many different things.

Prime Lending Rate

Mortgage lenders generally base their calculations of their mortgage rates on the prime lending rate. That's not to say that the prime lending rate is the mortgage rate that they'll offer to customers. Rather, it's the starting point of their calculations for their mortgage rates. The prime lending rate is the interest rate that most commercial banks charge their most creditworthy customers. It is adjusted up or down, usually in increments of 1/8 or ¼ of a percentage point. It responds to both the availability of money to loan and the demand for loans in the marketplace. Because those things tend to be the same across the board, most of the major banks will be offering the same prime lending rate.

First time borrower?

If you're a first time home buyer and your credit is good, banks and lenders will often offer mortgages at a discounted rate - one that is below the prime lending rate - in order to attract your business. First time home buyers who meet certain income guidelines may also qualify for first-time home buyer loans guaranteed by the federal government. One of the conditions of those loans is a very low interest rate, usually several points below the prime lending rate.

Your credit rating

One of the major factors that affects the mortgage rate a bank or lender will offer you is your credit rating or your credit score. Lenders use your credit score to determine whether or not they'll lend you money, and how much they'll charge you in interest for the money that you borrow. The better your credit rating, the lower the mortgage rate you'll be offered.

The type of mortgage

Different types of mortgages carry different risks for lenders. The higher the perceived risk to the lender, the more interest they'll charge you for your mortgage. Adjustable rate mortgages (ARMs) present the lowest risks to the lenders because your mortgage rate can rise if the interest rates rise. Fixed rate mortgages are riskier for lenders. They're making the gamble that interest rates won't rise above the mortgage rate that they charge you. Thus, fixed rate mortgages nearly always carry higher interest rates than adjustable rate mortgages. This can be affected by the size of the loan, and how adjustments are calculated.

The amount and length of the mortgage

It's a general but not a hard and fast rule that the larger the amount borrowed, the lower the interest rate will be. In addition, the longer the term of your mortgage, the lower the rate will be. These differences can be very slight up front, but they add up over the life of the loan. A difference of an eight of a percent can save you tens of thousands over the course of thirty years.

The amount of your down payment

In many cases, the amount that you can offer up as down payment will affect your mortgage rate. The reason is simple enough - the more you put down on your house, the more likely it is that you will not default on your mortgage. Zero-down mortgages generally carry mortgage rates that are considerably higher than the prime lending rate. Depending on the lender and the state of the economy in general when you take out a mortgage, a down payment of as little as 5% or as high as 20% may make a difference in the amount of mortgage rate that you're offered.

What about the APR?

The Annualized Percentage Rate is the total cost of the loan expressed as an annual percentage rate on the amount borrowed. The APR includes any fees that are paid in addition to the interest rate, so it may differ from the mortgage rate advertised by the lender. In the United States, lenders are required by law to disclose the cost of the loan as a standardized APR in order to make it easier for consumers to compare loans.

Negotiating A Mortgage Loan

You have found the perfect home. You are ready to move – yesterday. But you have no idea how to go about in the mortgage world. All home owners learn their way through this maze and you are no exception. Take the time to learn – it is well worth the effort you put into it.

To begin, find out what your credit rating is. There are three credit bureaus in the U.S.A. You are entitled to one free credit report per year and either of the bureaus can provide you with your score. Your credit score will give you a lot of information and it may even help you discover if someone has used your credit or your name without you knowing about it.

Once you know your credit score, then you are in a position to negotiate with your lender. While the interest rate may not be negotiable, several other items relating to your loan may be. You must know what to ask for in the negotiation stage. Remember, to go into escrow to buy a house, you will have points or costs that you must pay toward the loan. Points are actually a charge that the lenders use toward the cost of borrowing the money they will need to finance your loan. Each point equals 1% of total amount you are going to borrow. If you borrow $125,000 and your lender is asking you to pay three points, your total cost to borrow the money is $3,750.00. Ask about lowering the points by a quarter or a half.

In some mortgage loan transactions there are still institutions that charge for their attorney’s legal work on the loan. Point out that some of the other lenders you have talked to no longer charge for this service and ask for a break on the lawyer’s fees. There are document preparation fees and there are the advertisements of other lenders across town. Use the competitive price system to your advantage. Saving a few hundred dollars in up-front escrow costs are a few hundred dollars you might need to put in that skylight that would look great in your new den.

Learn how the mortgage loan industry works; learn its lingo. When you know what the person on the other side of the desk is talking about, then the terms and phrases that they pull out of their hat are not so scary and you can converse and ask questions with confidence.

Fill out your application and begin to get quotes from three or four different lenders. Sometimes, looking at the bottom line is helpful. However, knowing what the escrow costs are and what the long-term mortgage rate is will help you make an important decision: do you want to pay more up front in order to get a better long-term rate or would you prefer to pay less up front and pay a little more each month? Examine the various offers and make sure you know what each charge is for and what it means. If they are professionals in the business, the lender will not mind helping you to understand – they want the other business that you might have for them in the future.

Once you have the quotes and you understand what the programs and costs mean, then you are in a position to choose the lender you prefer. Let the lender know that you have gotten other quotes and start asking them to work with you in the places where the other lenders quote might look better.

There are several laws that you also need to be aware of as you begin to search for a loan. The first one is the Equal Credit Opportunity Act. Another is the Fair Housing Act. Both of these prohibit lenders and sellers from discriminating against any buyer/borrower and they make it illegal to charge more for their services to people of a different backgrounds, belief systems, nationalities, etc. These laws are designed to protect you, the buyer and borrower. You need to know your rights as you begin this process.

Even if you have credit problems, there are still ways to negotiate loans. You might need to explain the circumstances of late pay situation, especially if it was due to the loss of a job or an illness. It is especially important to point out to lenders when you have fixed the situation and show them the plan you have in place now to avoid future situations of the same nature.

You need to learn something about interest rates and the different types of interest rates available. Some interest rates appeal because of their stability while others appeal because of their flexibility. Can you work with the flexibility of an adjustable-rate mortgage or do you feel more comfortable with a fixed-rate loan? Those are questions you need to ask and examine with your financial advisor and your lender.

Once you have your questions answered, pursue the dream for purchasing your home for yourself and your family.

Refinancing Your Home Mortgage

In the past 30 years, interest rates have ebbed and flowed significantly in a financial tide of home mortgage offerings. Near the beginning of the 1980s, for example, rates for traditional 30 year, fixed rate mortgages were around 18 percent. Right now, though, we're seeing rates for the same type of loan around 5 percent - and on some days recently, in the 4 percent range.

Many home owners who bought when rates were sky-high are now considering refinancing in order to reap the benefit of today's lower rates. If you're one of these people, know that there are some costs involved in refinancing your home, such as an appraisal, title insurance, and a loan origination fee, just to name a few. To figure out whether these costs will balance out with the potential money you can save by refinancing, you can use the general rule of thumb called the 2 percent rule. In plain English, this rule suggests that the percentage difference between the current rate you have on your loan and the new rate being offered should be at least 2 points. So, if you were one of those borrowers in the 1980s who got a rate in the teens (and you can get a rate now for around 5 percent), it would make pretty good sense to refinance.

I've included below 3 benefits for refinancing with a lower rate:

1) Lowering monthly payments - By lowering the rate of your loan, you can see a significant difference in your monthly mortgage payment. And, every little bit adds up. Some borrowers who refinance can save thousands of dollars over the course of their loan period. How much you save, though, completely depends on your numbers. So, be sure to talk with a mortgage specialist who can do the number crunching for you to see how much you can potentially save by refinancing.

2) Changing the type of loan you have - Some borrowers choose to refinance even if they won't save any money by doing so. Think of the many borrowers who got an adjustable rate mortgage. We're seeing a lot of these borrowers refinancing simply to switch to the fixed rate mortgages. Also, some borrowers who have a balloon worked into their mortgage choose to refinance when it's gets closer to the time to make that bulk payment.

3) Getting money from your equity - If you've been in your home for ten or more years, you probably have a good bit of equity due to the overall appreciation of your home (even with the current dip in home values) and to the fact that you've been making those monthly payments for some time. For this reason, some borrowers opt to pull money out when they refinance their mortgage in order to help with retirement or with their children's costs for college.

If you're considering refinancing your home, be sure to talk with a home loan professional - someone experienced in refinancing who can sit down with you and go over your numbers and the options available to you. And, know that each situation is different. Your lender should be able to go over short-term and long-term benefits (or consequences) that are specific to you and geared towards your financial future.