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5 Steps to Lowering Your Rent Print E-mail
(1 vote, average 5.00 out of 5)
Personal Finance - Mortgage
Written by Omie Ismail   
Monday, 08 February 2010 05:10

If you rent, you have a golden opportunity that won't last much longer.  Unlike your mortgage encumbered friends, you have the opportunity to cut your monthly expenses by negotiating your rent down.  Seem like a long shot with your landlord?  Think again.  In the Great Recession, everything is negotiable including your monthly rent.  Here's 5 steps that will give you the best shot of lower rent.

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Underwater Home? Might be Time to Stop Paying Your Mortgage Print E-mail
(8 votes, average 4.63 out of 5)
Personal Finance - Mortgage
Written by Ahmed Amr   
Friday, 18 December 2009 10:21

With all the talk of economic recovery and a bottom to the housing bust, there appears to be a new trend out there that should give pause to anyone buying into rosy scenarios of an economic recovery around the corner.  People are walking away from their underwater homes even when they can afford the mortgage payments.  And they're doing it because it's in their best financial interests. The financial industry coined a term for this new phenomenon - "Strategic Defaults on Mortgages." It's happened before, notably in California in the 90s, but this time, it is far more widespread.

House

Read more: Underwater Home? Might be Time to Stop Paying Your Mortgage
 
Low Rate Mortgages: The Benefit You Never Heard Of Print E-mail
(6 votes, average 4.17 out of 5)
Personal Finance - Mortgage
Written by Omie Ismail   
Sunday, 13 September 2009 08:02

Everyone wishes they had an ultra low rate mortgage because of the low monthly payments.  A 30 year mortage under 5% would classify as low interest today.  The monthly payment for a $400,000, 30 year loan at 4.5% is $2,027.  Compare that to a higher cost loan of 9 percent that might be given to someone with lower creditworthiness.  The same loan at 9 pecent is $3,218 a month, almost $1,200 more.  But there is something that very few people understand that may be far more important in today's flat or declining markets than the obvious lower monthly payment.

Read more: Low Rate Mortgages: The Benefit You Never Heard Of
 
How to Get a Cheap Mortgage - The Basics Print E-mail
(2 votes, average 5.00 out of 5)
Personal Finance - Mortgage
Written by Omie Ismail   
Friday, 11 September 2009 15:57

Getting a cheap mortgage has gotten is much easier with the Internet.  You have the ability to research rates, submit applications, and get a quote within minutes or hours.  However, getting a great rate means you have to be ready.  Here are some basics that you should know:

1) Your FICO score is the single most important factor in determining the interest rate you will be charged.  If you want the rates that everyone is touting keep your FICO above 720.  Don't know your FICO you can check Experian or one of the other rating agencies to get your latest score.  If you don't know your score, don't apply for credit.

Read more: How to Get a Cheap Mortgage - The Basics
 
Loans - Understanding Amortization Print E-mail
(3 votes, average 4.67 out of 5)
Personal Finance - Mortgage
Written by Omie Ismail   
Thursday, 10 September 2009 15:09

A byproduct of getting a finance degree is that you vastly improve your personal finance abilities.   Loans are just a financial instrument with certain terms associated with them.  Loans are a financial instrument that a bank or investor ("Lender") makes to a borrower.  Typically there is some use of the funds that the Lender approves.  For instance a home mortgage is an "asset backed" loan, which means that if the borrower doesn't pay back the loan, the lender can seize the asset.

Read more: Loans - Understanding Amortization
 
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