Mortgage Loans

Mortgage Loans

Reverse Mortgages in Delaware: Financing the Golden Years

John Thomas February 12, 2007 Tags: , ,
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Reverse Mortgages in Delaware

Reverse Mortgages in Delaware – Financing the Golden Years

Reverse Mortgages in Delaware –  Until recently, seniors 62 years of age and older have not had the best choices when it came to getting cash from their homes. Traditional home loans only offered the option of either selling one’s house or borrowing against its equity.  Now you can use a Reverse Mortgage to tap into your home’s equity in your golden years.  Call 302-703-0727 with questions or to get started or apply online at DELAWARE REVERSE MORTGAGE APPLICATION

With Reverse Mortgages in Delaware coming on the scene, Delaware seniors now have some additional cash-flow alternatives. This type of loan allows mature borrowers to convert their home equity into tax-free income without leaving their current home or making mortgage payments – and they do not need an existing income to qualify. Keep Reading...

Financial News for February 2007

John Thomas February 9, 2007 Tags:
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Financial News for February 2007

Citing healthy economic growth and reduced inflation, the Federal Reserve on January 31 held its key federal funds rate at 5.25%. The Fed Funds Rate is the overnight interest rate that banks charge one another to borrow money. It was the fifth straight time the Fed has held steady, a move that was widely expected by Wall Street analysts.

In the final quarter of 2006, the economy grew at a faster-than-expected 3.5% pace, despite lagging automotive and real estate markets, the Commerce Department said January 31. The performance exceeded analysts’ forecasts for a 3% growth rate. For all of 2006, the gross domestic product (GDP) increased by 3.4%, an improvement over 2005’s 3.2% showing. Keep Reading...

Interest Only Home Loan – Is This Mortgage Right For You?

John Thomas January 11, 2007 Tags:
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Interest Only Mortgage Loan

An Interest Only Mortgage Loan can be a viable option for buying a home in the Delaware Home Loan Market.  The first step to deciding if this is the right loan product for your situation is to become educated on the Interest Only Loan.

The Interest Only Loan abbreviated (I/O) is a loan in which the minimum loan payment required by the lender is only the interest on the borrowed money.  This leaves the original amount of borrowed money unchanged.

The advantage of the interest only mortgage is that it provides flexibility to the borrower in the early years of the loan.  Borrowers can pay only interest, or can choose to repay some portion of the loan balance as they see fit.  The typical interest only period is for either five or ten years. Keep Reading...

Can you get a home after bankruptcy in Delaware?

John Thomas January 9, 2007 Tags: , ,
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Can You Get a Home After Bankruptcy in Delaware?

Yes, you can get into a home again after a bankruptcy in Delaware and every other state, but be prepared for higher interest rates.  A bankruptcy will stay on your credit report for seven to ten years, but it stops affecting your credit significantly after two years if you report has been updated correctly.  If you want to apply for a mortgage loan after a bankruptcy filing call 302-703-0727 or APPLY ONLINE

Be sure to check your credit report annually, and make sure that all accounts that were part of your bankruptcy were discharged.  Lawyers get paid to file the bankruptcy and have no interest in making sure that your credit report is accurate after the bankruptcy. Keep Reading...

Financial News – December 2006

John Thomas December 12, 2006 Tags: ,
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Financial News December 2006

On December 12, 2006 the Federal Reserve held interest rates steady by keeping the Federal Funds Rate at 5.25% for a fourth straight meeting, a move widely anticipated by industry experts. This comes on the coat tails of the Fed calling the recent cooling in the housing market “substantial.”

Even so, retail sales jumped 1% in November, their largest rise since July 2006, the Commerce Department reported December 14. Excluding autos and gasoline, which gives a more reliable core measure of household spending, retail sales increased 0.9%. Analysts had forecast a 0.2% rise in retail sales in November. November’s sharp rise supports the Fed’s view that there is little evidence that a cooling housing market will have a negative effect on the wider economy. Keep Reading...