Government Shutdown & Mortgages

The government shutdown is affecting many areas of the economy.  A great article about how the shutdown could cause delays on mortgage industry but also affect the housing market.
Quoted from the article:
The longer the government is closed, the more housing deals could be delayed or even wrecked altogether. That’s why home buyers, sellers and bankers are worried. A prolonged government shutdown could really hurt the housing market, with consequences for the entire economy.


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How did they make the Mona Lisa

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Avoiding bad credit mortgage

It is very essential for a person to avoid getting a bad credit in your mortgage loan, as that would simply mean not getting any other loan in the near future, until and unless your credit rating has been pulled up.

The credit rating on your mortgage loan actually reflects your intention of paying up the money of the loan, and due diligence must be taken in order to avoid getting a bad credit in your mortgage loan.

Saving up some amount, and giving them to the financial institution from where you have taken such a mortgage loan can easily avoid getting a bad credit tag in your mortgage loan. By doing so, you are actually avoiding the dreaded bad credit, and this exercise will actually help you a lot in the future, whenever you are in need of a loan.

Such an exercise can never be futile, and it can help you a lot in the near future, whenever you do apply for a loan in any department of any financial institution. Always try and avoid getting a bad credit mortgage, and make sure to save some extra money, and not buying useless items, thus saving up that money will help you to pay your mortgage loan.

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Bad credit mortgages as a lifeline

There are many companies and financial institutions that can even give you credit when you have a very bad credit rating in your mortgage loan.

Such companies will actually charge you a very high rate of interest, and they would also make sure that they have all the necessary documentation, as well as all the necessary requirements and prerequisites that they would need in order to sanction the loan, and make sure that you never default on their loan again.

No matter what is your credit rating, there are always some companies, who can offer you mortgage loan for the amount of property that you have, and the service each and every client that has a property to their name.

In order for you to actually get rid of a bad credit history, you must make sure to get all the payments done in due time, and if any other financial institution is actually having a little bit of trust in you, albeit their higher rate of interest, you must make sure to keep the trust, and pay up all the installments in due time.

Following such a regimen can also help you in improving your credit ratings, and maybe after a while, you can actually approach even better financial institutions for a loan.

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Pay off your mortgage early

It would be a very good decision for you to pay off your mortgage early, if you have the amount of money that is required for that specific job.

In case you are in a mortgage loan that has you paying for nearly about 30 years, it would be very essential, if you could manage to peg back on the amount of days required to pay the mortgage, by about 5 to 10 years.

It could save you up a lot of money by doing so, and also the amount of interest that would have been incurred by you in the remaining 10 years would have been nullified, making the whole exercise very fruitful for you.

Always try and keep in mind that whenever you get a chance to save up money, though so, without spending it on useless merchandise or things which you have no use for.

Managing to do such a thing can actually enable you to save precious amount of money, in order for you to pay the mortgage loan earlier than possible, and which would mean that you would get to save up on a lot of money, that he would have had to pay to the financial institution, from where the mortgage loan has been taken.

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Reverse mortgage

If you happen to be and elderly person, and you are in a very sticky wicket, then it would be better for you to sell off all the equity in your home in return for paying off your mortgage loans. Such a thing can actually be done when you have a lot of houses, or more than one house, so that you can actually sell off all the equity of that house, and with that money, you can reverse the mortgage of your current home.

In reverse what case, there is no payment that is to be expected on the loan, until and unless that person leaves the home, or sells the property, or is dead.

If that house actually sold, any equity debt will remain after the loan – mortgage is to be repaid and distributed to the borrower, and also to any of his heirs and near and dear ones.

Many laws and bylaws have actually been introduced by the government of specified countries in order to make sure that there is no fraud that is to be committed in reverse mortgage, and you do not have to be the subject of such a fraudulent activity from people who appear to be harmless and are in need of money.

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Reducing the mortgage

In order for you to actually reduce the mortgage loan, or for you to actually decrease the rate of interest on your mortgage, you would have to be a very good person, with flawless background, on your credit ratings.

Your credit ratings would have to be very high, or you’d have to be a new lender in the field of mortgage loans, or else there are many financial institutions which can actually chat you a higher rate of interest, for your inexperience, as well as your not being able to pay off the loans in due time.

In certain situations, negotiations with the broker that have actually provided with mortgage loans can be very fruitful for you, and you would only have to pay brokerage fees to him for a single time, and the broker can actually negotiate with the bank and get your lower rate of interest.

In order for you to actually do this, you must approach a very good broker, who has a reputation in this field, and you must mention the conditions and whatever situations that is present or inherent with you, and the amount of deduction you would desire, and the rate that you would have been willing to pay him.

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