Are you eligible for Mortgage Refinancing?

posted on 16 Mar 2016 03:54 by theretirementwiz

Watching all the commercials on television, and seeing how many mortgage websites crop up everyday, you would think that there was an endless supply of lenders just waiting to give everyone mortgages. It would also appear that there are no restrictions on who receives a mortgage and indeed, it seems like it is a rather simple process. But the truth is, even when mortgages were written haphazardly during the recent mortgage debacle in the US, there were still criteria for choosing who received a mortgage. And now even more than ever, one must ask, "are you eligible for mortgage refinancing?".



In order to determine your eligibility, below you will find a TEN POINT checklist that should start you in the right direction.

  1. Property taxes are paid.
  2. Insurance is paid and the amount insured meets the basic amount required in time of disaster or liability.
  3. Income taxes are filed and paid.
  4. Current mortgage is in relatively good standing. Most lenders accept that sometimes honest mistakes are made so even if you do have one or two NSFs or late payments, it still may be possible to refinance, assuming you are looking at a new lender. Where an issue arises is in the case of consistent, and consecutive arrears. Likewise, if you have resolved a financial issue and have moved forward, it will bode well for you when applying for mortgage refinancing.
  5. If you are requesting a mortgage refinance so that you have available cash for something else (also called a cash-out refinance), some lenders will require a reason for the extra funds. And in some cases, such as refinancing to pay out other debt, they may actually make the payments to the creditors to protect their investment. In a case where some people may use debt consolidation as a reason for refinancing, if they spend the money elsewhere, their ability to repay the mortgage may be jeopardized.
  6. A credit history that indicates you have a record of paying debt on time, and one that shows no issues with debt fraud is important. Further, some lenders will not do business with individuals who have had bankruptcies. But again, each lender has different requirements.
  7. The home is of the same value or higher. The lender will require an appraisal and your home should be kept in good repair. Houses that have depreciated, or are not up to code are going to be a problem when determining whether you are eligible for mortgage refinancing.
  8. If it's a reverse mortgage that you need to refinance, make sure you get specialized information, such as what's available here: http://reversemortgagealert.org/reverse-mortgage-factsheet/
  9. The area or demographic of a home may impact your mortgage eligibility. For example, houses in rural areas may be harder to refinance than houses in the city. And, certain types of homes may be more difficult to mortgage. Forced to choose between customers, a lender will ultimately choose a brick home in a major metropolitan area than an aluminum sided home in an obscure or smaller center.
  10. The number of mortgages on the home will also impact whether you are eligible for mortgage refinancing.
  11. Your equity in the home is your advantage. Generally, the more equity you have, the easiest it is to obtain a mortgage refinance.

Confused About Retirement Options? Check Out These Top Tips!

posted on 07 May 2015 05:56 by theretirementwiz
Saving for retirement should start as early as possible and continue until the day you retire. You have a lot of retirement options and the following tips will help you choose the options that are right for you. Read the tips carefully and keep them in mind while your choosing a retirement route for your future.

Do not waste any time when you are planning for your retirement. The most important way to increase your savings for retirement is to start as soon as possible and build your bankroll immediately. This will increase your chances at the highest interest rate and cause it to compound faster than if you were to wait.

Set reasonable goals for retirement. Reaching too high in the sky can lead to disappointment if you do not have the resources to hit them in the first place. Set very conservative goals and increase them gradually as you hit them year by year. This will also prevent you from making rash decisions as you save.

If your employer offers a retirement plan, invest in it. Many employers offer a matching plan which increases your savings, so make sure you invest at least up to the matching amount. In addition to saving for retirement, a 401k plan will help lower your income taxes every year.

If your employer offers a pension plan, find out if you're covered under the plan. If you are covered, it is important that you understand how the plans work. You should know what happens to your benefits if you change jobs. Also, if your spouse's employer offers a plan, learn what benefits you are entitled to.

Retirement is an expensive endeavor, and you should be prepared for that when doing your planning. Experts have estimated that you'll need between 70% and 90% of your income before retirement in order to keep the same standard of living. Understand these needs early on in the planning process so that you won't become frustrated later.

Begin by saving as much as you can. True, as time goes on you can save a little at a time and it will help, but you should start things off as health as possible. The more you invest to begin with, the more money you will earn over time.

Learn some interesting hobbies that you can continue when you retire. You will have a lot of time on your hands during your golden years. Hobbies and classes will keep your mind sharp and energy going. Something like art and photography are popular choices because they are not too physically demanding.

If your employer offers retirement plans, take advantage of them! Contributing to a 401(k) plan can lead to lower taxes, and your employer may even contribute more on your behalf. As time goes on, compounding interest and tax deferrals on your plan will begin to accumulate, and you'll be saving even more.
 
You may also want to consider a reverse mortgage. This unique type of loan allows homeowners with significant equity to receive money from their home while continuing to use it as a primary residence. Though not for everyone, this can be a great source of supplemental income. For more information, consider this Reverse Mortgage of Texas website.
 
Make sure that you stay in touch with your friends during retirement. When you were working, a majority of your socialization came from the workplace. However, after you retire, you will not have that any more. To make your days more interesting, spend more time doing things with your friends.

Set short-term and long-term goals. All aspects of life ought to be planned, especially when money is involved. Setting a target amount for savings will help you attain the amount you need. Do the math and come up with the amount you need to save every week or every month.

Get informed and learn as much as you can about the different topics discussed in the tips above. Learning as much as possible about your retirement options is how you guarantee that you get the most from your future. These tips are just the starting point, but you'll need to do the rest yourself.

Wonderful Aging Tips For Those That Want To Look Young

posted on 24 Mar 2015 04:37 by theretirementwiz
Don't let yourself feel that just because you are getting older, you are somehow less relevant than you used to be. With age comes wisdom and confidence. Knowing who you are and what you believe in. This is an article that has advice for any age or stage of life, on how to cope with aging in a positive way.
 
Keep your body fit and functioning at its peak, even while growing older. Exercising is not just for weight loss, it is also incredibly important for keeping your body young and working at its optimum level. Cardio exercise is extremely important for your heart health, so keep your body moving to keep the years away.
 
Be alive while you are alive. Many sad things are going to happen in your life. You should take the time to grieve and then endure the pain that you experience. Do not spend too much time holding onto those painful feelings. They will surely bring you down and out.
 
Take some great anti-aging supplements with your vitamins each morning. Be sure to do your research about the supplement that you choose as they do not all have the same beneficial ingredients in them. Consult your doctor if you cannot decide on the kind of a supplement to take.
 
When you get older, you tend to want to hold onto the past and resist change, but you should really embrace this change as the whole part of the process of getting older. It's all in the attitude. Look forward to them, and think of them as a new adventure.
 
Having a positive outlook on life can give anyone a more youthful vibe and appearance. This article has given a lot of great ways to keep yourself in check when it comes to your age, and also how to be the best that you can be no matter what the number.
 
Learn more at Wikipedia.