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If your credit rating is less than perfect you can even apply for bad credit loans

Check out our mortgage calculator to see your estimated payment for different loan amounts, interest rates, and terms.

    What's advantage for you:

    Bad Credit Loans If your credit is truly damaged, you may need a "SubPrime" loan. These loans may have higher interest rates, but they can often get you approved when no one else can.
    Refinance Your Home Mortgage Refinancing replaces your existing loan with another lower interest rate loan for the same amount. This can save you tons of money when market interest rates drop 1 or more percentage points lower than your present rate. Refinancing can be used to reduce your interest rate, change the term of your loan, or to consolidate your debts.
    Home Equity Loans With a Home Equity Loan you can use your home as collateral to consolidate bills, make home improvements, buy a new car, plan a vacation, etc. The minimum amount available for a loan is $10,000, but you can borrow as much as $250,000. There are no closing costs or fees associated with the loan.
    Debt Consolidation Signup for a free debt reduction analysis and see how you can save lots of money!
    Second Mortgages If you don't want to refinance your existing first mortgage, but would like to use your home equity for debt consolidation or just to get cash for any purpose.
    Home Improvement The Title I loan is for individuals requiring funds for home improvement, but who have little or no equity in their property or who live in a state where equity loans are very limited. If you have some equity in your home you may want to consider refinancing for your home improvements. Title I loans bear a higher interest rate than other loan types available.
    First Time Home Buyer Loan Generally, a lender will want your monthly mortgage payment to total no more than 29% of your monthly income before taxes and other paycheck deductions are taken out. Use our mortgage calculator to see what will be your monthly payment
       
       

    Take just 5 minutes and find the loan that fits your needs and save thousands of dollars, and best of all it's FREE!

Mortgage Interestrates Blog

Cannabis Workers Face Difficulties Getting a Mortgage

Mortgage and CBD Oil

Medical marijuana has been around for ages. Its legalization has only recently come to the attention of the public. It has also gained traction with the masses. However,  it is understandable why some kind of stigma remains when it comes to topics related to cannabis.

The cannabis industry, of course, directly takes the hit. Even with the passing and approval of state legislation legalizing both medical and recreational marijuana use, it is still not entirely accepted by everyone. Despite this, the cannabis industry is a rapidly growing industry, with more and more facilities dedicated to the cultivation of marijuana and related products – such as CBD Oils – opening each and every day, with more and more employees and workers legally in the sector.

However, it is not only the stigma around cannabis that slows down the growth of this industry, but it is also the legality surrounding its cultivation, production, and usage. As with any business, companies and workers dedicated to the cannabis industry need a bank to put in their money. However, most banks in operation today are still not completely open to negotiating and doing business with any company or person involved with marijuana, as the legalities are still foggy and difficult to navigate.

Looking closer, this creates a problem for the employees and workers who are directly involved with the cannabis industry and those whose primary source of income has something to do with marijuana.

In simpler words, for legal reasons and prohibitions, the mortgage industry and the cannabis industry are still not open to collaborating together. Typically, if a worker gets about fifty percent of his income from a business related to marijuana – for example, a vape shop employee, or someone involved in selling CBD oils – the bank will not allow them to get credit for income, thus, disallowing them from taking out loans.

Although the mortgage industry has seen developments and changes over the past few years, they are still very much torn about this issue. Some experts have come forward stating that it is not that banks are incapable, it is just that they are waiting for one of them to take the lead. In this way they get to measure how other companies and the government will react thereafter, they can decide on a course of action.

There is no business that wants to lose profit after all., Enmeshing with the cannabis industry opens the banks to the large possibility of ending up with dollars upon dollars upon dollars of uncollectible loans. In addition, the unclear legal situation surrounding the cannabis industry exposes these banks to possible suspension or even termination of their licenses.

While workers and employees stationed in stores and working under the cannabis industry work hard to earn a living, concerned parties such as the bank and the government continue their efforts to address this problem. There is not much that can be done at the moment, say experts, but to put faith in the hope that banks rewrite their guidelines to better suit the needs of these employees.


The Celebration That Pushed Them to Debt

Mortgage and Babies

Joshua Shroyer, his wife, and their two sons were able to get by even with their student loans and mortgage. However, last 2016 they received news that they were going to have a third boy in the family. The pregnancy was difficult for both the mother and the child. Thankfully, both of them were able to get through it safely even when the baby arrived prematurely at 26 weeks.

The difficult pregnancy forced Ivonne, Shroyer's wife, off work for 6 months. Oftentimes, she was also without pay.  Though she only makes $15.75 an hour, without this amount, it will make things hard for the young couple.

The family needed to have both parents earning to pay off the loans and the mortgage. By the time their child was using a baby walker, their credit cards were eventually maxed out, and the celebration of having another child was weighed down by debt. Without the credit cards as a stop gap, the family found it hard to pay their obligations. They eventually stopped paying their loans. Their credit score fell, and interest rates skyrocketed.  It came to a point where the couple found it hard to put food on the table. 

The Shroyers then turned to payday loans.  Unlike a mortgage, you will not need to put anything out as collateral. Plus, the loan is short-term and easy to get. Most states will only need one valid I.D,  a bank account, and a proof of income.  Another alternative for payday loans is the bad credit loans. Though this type of loan has higher interest rates, it can easily get approved.

Shroyer applied for a $430 loan, but he was given an $830 installment loan instead. What Shroyer did was actually what people often do nowadays.  People choose to get the loans with higher interest rates. Almost fifty-one percent of millennials have considered to take out risky loans to cover daily expenses. This includes payments for utilities, rent, and groceries. This is due to salaries having a lower purchasing power.  Although Shroyer had to pay higher interest rates, what mattered to him the most was putting food on the table.  He also thought of using the loan to pay their bills and increase his credit score again. 

There are plenty of loans that can be of help in situations like what the Shroyers are in.  You can go for bad credit loans. This type of loan has higher interest rates, but it is often times approved. It also usually taken out by people who have very low credit scores to allow them to build things back together again. Mortgage refinancing loans can also be an option. This type of loan can help you save money and can be used to reduce interest rates or to consolidate your debts. The interest rate decreases when the market's interest rates lower as well. The next option is to take out Home Equity Loans. You can make your home a collateral and use it to consolidate bills and more.

Now, the Shroyers are now slowly getting back on their feet.  Their youngest son is already a year old. The mortgage rates increased because their credit score went down. They have to take into account everything from health care to even groceries.  The couple cannot easily indulge as well. Though the family is still not out of debt, things are slowly getting back to normal. 


Why Should You Buy Home Insurance for Your Dream Home?

Home Insurance

Getting a building insurance is different from contents insurance. There are several factors that are not included in the contents insurance but are stated in the building insurance.  Building insurance is often added as part of the mortgage that you are paying for your home.

Having a building insurance is very important because it can help you financially, in case of disasters caused by accidental fire, landslides, and other man-made disasters. If you do not have one yet, it is best that you get one as soon as possible or coordinate with your mortgage company to help you choose the cheapest home insurance for your home. Here are some of the things that you need to consider when choosing one.

To what extent is the coverage for your insurance?

There are two types of coverage that you can choose for your building insurance. We have the total replacement coverage and the sum insured coverage. The total replacement coverage includes all the costs that you will need when rebuilding your home. This type of insurance can be expensive considering the total amount of rebuilding your house might be more expensive than the previous one. 

The sum insured insurance is cheaper compared to the total replacement coverage. This is because the insurance will only cover a certain amount and that amount can be a fixed price.

How much insurance can I get for my house?

The insurance company has two specific ways to measure the amount of coverage for your house. The company will not only measure the house based on the raw materials but they will also consider the land and location where your home stands.

One of the methods that they consider is the cost per square meter wherein they will give you the amount based on the rough guide on the size of the house and the materials used in building it.  The other one is elemental estimating. This method is used to assess the different elements in the building in order to get the correct rebuilding cost, laborers' fees and prices of the raw materials.

Should I also get a contents insurance?

If your building insurance comes with a contents cover, then you won't have to get a contents insurance. But if contents insurance is excluded from your building insurance coverage, call your building insurance company and ask if them if they can bundle both. In this way, it will help you save more money rather than getting two different insurance policies.

When and where should I purchase a home insurance?

Mortgage companies automatically add home insurance whenever you decide to get their service. Make sure that you check the insurance company that your mortgage company is working with. In this way, you will know the coverage and the fees that you will be paying for the home insurance.

How much do we pay for home insurance?

There are several factors that will be considered to get the amount that you will be paying for the home insurance. They will consider the location, the amount of coverage that you wish to get your home insured for and the contents cover.

Insurance companies offer several types of home insurance that you can choose from. Most people will usually choose the cheapest amount for the insurance but you have to make sure that your house will not be underinsured.  You need to read the coverage as well as the terms and conditions before buying a home insurance.

Choosing the best home insurance for your home is very important. In that way, you are financially ready to rebuild your home in case of disasters. It is best, therefore, that you contact your mortgage company to help you choose the best insurance policy for your home.


Singaporean Property Affordability Leads to Home Upgrades

Singapore Condos

The good news for Singaporean property buyers and mortgage lenders is that property is now more affordable than it was in 2013. A report out from Savills Singapore hinted towards a decline in market warmth towards increased property prices. Although many have been holding out for an increase in prices, this trend is yet to be seen. Savills' Senior Director, Alan Cheong, also pointed out that this has led many new homeowners to invest into their homes. Local resident, and new homeowner, Alex Lim, told us that he invested home upgrades. He noted that items such as ceiling fans in Singapore not only enhances the warmth of the home, but increase future property value.

The report put out by Saville detailed that the last quarter bucked the trend with a rise in private home sales compared to previous quarters. This coincided with the release of more private land available for building. This rise eclipsed the trends of the past few years and shows positive signs ahead. Household incomes are moving up and business balance sheets are looking healthier. Hotspot areas such as Riverfront Residences and Sterling Residences saw many new upgrade investments as well as property sales in the past quarter. This trend is due to continue according to the Saville report.

Reasons for Market Cooling

There are many factors in play that are impacting on the Singaporean mortgage market. Many point firstly towards increases in stamp duties for the developers. This means developers are less likely to bid on the newly available land. Without new buildings coming onto the market, the prices of the current properties rose accordingly. Developers are fickle about the small changes in prices in an already tight market. This has some larger banks in Singapore worried about the growth in mortgage loans. However, Citibank Singapore has reported recent increases in housing loans in the first half of 2018.

Locals Investing in Comfort

Many Singaporean locals who had previously been saving for their second property investment are now redirecting fund in improving their current residences. Alex Lim has invested nearly 10% of his mortgage into household upgrades. He believes that with the state of the current property market, he will realize his return on selling the property in years to come when the market picks back up again. Local businesses that offer home supplies have picked up marketing on social networks to ride the demand of local consumers.

Outlook Moving Forward

In the next short to medium terms, many analysts agree that Singaporean home loan growth will be muted. However, in the longer term, as the supply of more land picks up, the market will adjust and pick up the pace with a positive longer-term outlook. Singapore has long enjoyed a globally comparative low-interest rate. It is a gateway city to Asia and foreign investors have always seen the local property market as a positive investment. As a local borrower, always do your research and make sure you choose a loan that suits your circumstances.

What has been your experience with investing in the Singaporean property market? Is the stamp duty too high? Tell us your thoughts and we will publish the feedback in a future post.


3D Printed Houses: How to Convince Clients to Get Your Mortgage Services

3D Print House

3D printing has been changing the real estate world as it continues to allow the creation of prototypes of one’s dream homes. It makes it easier for people to visualize what they want to see in their future homes. It also allows them to create designs that would cater to people with different needs and space requirements. However, mortgage lenders have started to use 3D printing as a way of getting clients to apply for mortgages for them.

3D models for your homes

On most occasions, we do not usually use 3D printed models when we apply for mortgages. When we apply, we usually just give the documents and sign the papers for our mortgage. And once it is finalized, you can have the cash and proceed to purchase your dream house. However, many mortgage lenders have started to use 3D printed house models as a remembrance of how their clients were able to get their dream home with the help of their financing. It makes clients feel that they are well accommodated and well taken care of. This way, both clients and mortgage lenders feel that they were able to build a relationship from a single transaction. Hopefully, that business relationship will not only stop with that lone transaction.

Banks and other mortgage companies can have the 3D printed version before the final signing of papers. One of the requirements for applying for a mortgage includes the blueprint of the house or the picture of the house itself. They can copy the images from there. They can print it with any 3D printers that are available in the market. If they happen to have many customers, they can ask for an additive marketing firm to help them with their 3D printing needs. In this way, the little present is ready before the official mortgage signing day.

Other 3D memorabilia

Aside from that, it does not have to be just a 3D printed version of the house. They can also have the 3D printed version of their dream car, dream business center, or building. 3D printing is applicable to services that the company can offer. These memorabilia are a perfect way of remembering how one simple dream transformed into something big.

3D printed models as marketing tool

It may seem expensive to some mortgage lenders, considering this is another expense on their part. 3D printers can be expensive, however there are websites that have found lower cost models too, e.g. visit website. Considering the massive printing requirement for each client, the amount can be really high. However, using 3D printed versions as memorabilia can be the “Yes “factor for the clients to avail of their services instead of those from other mortgage lenders in the market. Building good rapport with the client helps mortgage companies in their businesses. The clients can put in a good word for the company and refer them to their friends, which can result in more clients and better opportunities in the future.

3D Printing has slowly shaped many sectors in the sectors. Investing in it can help any company such as mortgage lenders to get more and better opportunities by building strong ties with their clients.


Interest Rate Changes Effecting New Home Owner Choices

The reserve bank's latest move on interest rates has placed new stresses on first home owners as they look for alternative methods for saving money. July saw yet another increase in interest rates that the US Federal Reserve said was needed to counter the growing employment and lower underlying inflation. Home owners who are already penny pinching each dollar are now put under more pressure to find alternative methods of saving money.

There is even more bad news ahead with rumored increases to occur again in September. As the stock markets are seeing some nervous moments and an impending financial crisis in the Turkish market, some say these increases may be a little excessive. However, quarter on quarter growth needs to be balanced and this is one of the fundamental reasons for the increase in rates. Consumer confidence is high, and this has lead first home owners to seek a better way to save money.

MasterChef Takes the Challenge Head On

Sous Vide Torch

Carrol Jacobs of Louisiana is one such home owner who is also building on new land. Ms. Jacobs spoke with us about the methods and means she is using to curb the rate increases on the variable mortgage. Ms. Jacobs is an avid home chef and loves cooking for all occasions. However, with these rate increases, she has had to postpone investing in a new oven and stovetop for the recently completed kitchen. Although this would cripple many chef's dreams of produce top quality meals, the always innovative Ms. Jacobs has found an alternative solution. Carrol has recently discovered the sous-vide method of cooking.

Sous-vide is a French word which means "under vacuum". It describes a way of cooking which can deliver deliciously cooked food without the hassle of an oven or stovetop. One would simply place their chosen food into a plastic bag and submerge it into heated water. Once cooked, Carrol uses her special sous vide torch to sear the outside of the meat for that BBQ look.

How to Overcome Future Interest Rate Increases

As mentioned earlier, these rate increases are set to continue, and new home owners will need to work out methods to handle the impact on the bottom line. Carrol Jacobs is innovate with her sous vide cook and torch sear process, but let's now look at some other means.

Firstly, make sure that you review your current budget plan. This could also involve possibly re-arranging your current payment schedule. Whatever happens, try to avoid using the credit card to pay for everyday items. This just increases the debt pressure with interest rates that quite possibly higher than the mortgage itself.

Next, try to book in another meeting with the lender of the mortgage. As part of US law, lenders must have hardship programs that are in place for exactly situations where paying for food on the table is a struggle. Lenders can often recommend other services that can help with financial planning and money management.

Lastly, but definitely not least, seek mental help from both close friends and family as well as professionals. What tips do you have? Email in your suggested ideas about handling the rising rates and we will feature it in future articles.


Benefits of Availing of Prize Indemnity Insurance

Prize Insurance

When you're holding a big event or a competition, one of the big costs that you'll have to think about would be the cost of the prizes that you're going to give. People go to events for the prizes, and if you don't give out some freebies in a lottery or some other kind of game, your event won't be as attractive. Fortunately, there is a way to pay for the cost of all of these prizes without having to release cash on the spot. With prize indemnity insurance, you can have certain coverage of all your prizes without having to risk any money. Let's check out some of the benefits of using this type of coverage.

It Saves You Money

First of all, you get to save a lot of money on expenses on prizes. When you make use of the coverage of your prize indemnity insurance, your total expenses are covered by the insurance plan that you have. Your insurance plan, depending on the package, may reach up until 30% to even 100% coverage so that you don't have to shell out money right away. Big and expensive prizes like TV or sound systems will not be a problem for your company's budget anymore.

It Saves You All the Effort of Making a Budget

Aside from saving money, you'll also be able to save up on time and effort in making a budget. Making a budget for the contest or event prizes will take a lot of time and effort as well as a lot of pencil pushing. Once you have an insured prize, you'll be able to save a lot of energy and not have to think too much about making your budget. With this, you can concentrate on other aspects of the event that are more important.

It Gives You a Chance to Have More Flexible Promotions

The more coverage you have for prizes, the more prizes you can buy. With the more prizes you have in your arsenal, you can be even more flexible with your promotions. You can have a lottery, a big contest, a talent contest, or other types of competitions that your creativity can think of.

It Makes Your Guests Enjoy the Event

Lastly, you'll be able to make your guests and your clients happy! Everyone loves free gifts and the chance to get a lot of free stuff. Once you have the coverage that you need, you won't have to worry about letting everyone have a good time in the event. With big prizes that cost hundreds of dollars covered, you have spent on prizes that customers and guests would definitely like.

These are some of the benefits that having a prize indemnity coverage would give businesses. As long as businesses would have this sort of coverage, then they'd be able to hold fun and exciting events that'll make the guests really enjoy their time in the event. Prize indemnity coverage is really important especially for companies that hold events often. It helps save a lot of money, aid in promotions, and overall makes life easier for everyone.

 

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