home mortgages Let Ditech

Refinance Mortgage - Refinance Home Mortgage Refinance Home Mortgage Refinance Mortgage Refinance Home Mortgage : ditech.com strives to offer you the best refinance mortgage you can find. If you are looking for a refinance mortgage Ditech can help you. We refinance home mortgages Let Ditech refinance your home mortgage, we offer great home mortgage refinance rates. About Ditech Questions? Calculators Testimonials Live Chat Contact Us My Account Apply Now En Español -- Reach a home loan agent 24/7:   Refinance Overview     Start saving on your monthly payments or use your equity to get cash out with the following home mortgage refinance products: Refinance Lower your interest rate and start saving on your monthly payments. Both 15 year fixed rate or 30 year fixed rate products are available. View Refinance Rates $395.00 Refinance Flat Fee Option More details about our new $395.00 Flat Fee* option...   ARM Our Adjustable Rate Mortgage offers a low rate that is fixed for the first five years. This allows you to purchase ... get cash out of your home ... or refinance to lower your monthly payments at rates you thought you had missed. Rates may vary by State. View ARM Rates *Assumptions "We rolled a first and second loan together and took some other money out and paid off some credit cards and stuff. It was a very easy experience. When we consolidated the loans that we had, it actually cut our payments in half and there was over a $700 a month savings. The interest rate was lower over all. The payments were half and within 18 days we had everything done and had the checks in hand - yeah, we were just tickled to death that we could do it." Allen H, Mesa, AZ A GMAC Financial Services Company ditech.com, a part of the GMAC Financial Services family of companies, is ready to help customers with solutions to their financial needs. Imperfect Credit Looking to re-establish your credit? Want to consolidate your debt? more details Fast & Easy ditech.com, a national direct mortgage lender, offers some of the most competitive rates and fees available on first mortgages and home equity loans. Deal direct and get the right home loan for you without paying a commission or a broker fee to a middleman. The whole process is fast & easy. ditech.com. Speed Guaranteed (SM) ! "I've dealt with a few different companies and was totally unsatisfied until I got in touch with ditech. Very painless." - Charlene N. New Purchase   Overview Product Solutions Adjustable Rate Loan Home Strength Imperfect Credit 80/20 Program Overview Ditech $395 Flat Fee Moving Solutions Rates and Fees Rates at a Glance Payment Calculator Interest Rates Calculators Payment Calculator How Much Can I Afford? Free eAppraisal Frequent Questions Refinance   Overview Product Solutions Adjustable Rate Loan Imperfect Credit Ditech $395 Flat Fee Rates and Fees Rates at a Glance Payment Calculator Interest Rates Calculators Payment Calculator Free eAppraisal Frequent Questions Home Equity   Overview Product Solutions 125% Value Overview $49 2nd Mortgage Flat Fee Interest Only HELOC HELOAN vs. HELOC Benefit Comparison Detail Comparison Additional Research Home Improvements Financing Debt Consolidation Loan How Do Equity Loans Work? How Much Equity Do I Have? Types of Interest Types of Interest Rates Calculators Payment Calculator How Long to Pay Off My Credit Cards? Free eAppraisal Frequent Questions Home Equity Frequent Questions 125% Value Frequent Questions print bookmark size + : size ++ : size +++ Equal Housing Opportunity Lender   A GMAC Financial Services Company Assumptions | Disclosures | Terms of Use | Privacy Policy | Security | Site Map State licensing © 2005 ditech.com

Home Equity Conversion (HEC).

Home Equity Conversions: Reverse Mortgages Home Equity Conversions: Reverse Mortgages Authors: Celia Ray Hayhoe, Ph.D, CFP®, Family Resource Management Cooperative Extension Specialist and Stacey Williamson, Graduate Assistant; Virginia Tech Publication Number 354-025, Posted April 2004 Many senior adults are finding it hard to live on their fixed retirement incomes and are looking for ways to supplement those incomes. For some, the largest asset they own is their home, but they do not want to sell their home and move. For these individuals, there is an option called Home Equity Conversion (HEC). One type of home equity conversion is a reverse mortgage. The equity or cash value of the house is used to provide income to repay the loan. All reverse mortgage options are not the same. They have different eligibility requirements, income amounts, timing of payments, interest rates, and/or initial costs. Homeowners should compare the different options, keeping in mind their goals and needs. Advantages The value of your house, not your income, is used to determine eligibility. You can receive a lump sum, a line of credit, or a monthly amount, without having to make a monthly repayment. You do not have to sell your home and move, and can continue to live in the same familiar surroundings. You do not have to worry about losing your home to foreclosure since the payments are made out of your equity in the home, not from your income. The loan must be repaid when the house is no longer used as your personal residence. However, the lender can only look to the proceeds from the sale of the house for repayment. They cannot go to your heirs if the house sells for less than what was borrowed. Money can be used for any purpose. You must attend a free HECM/HUD approved counseling session to see if this type of mortgage is right for you. Disadvantages Interest for a reverse mortgage is compounded, and cannot be deducted on income taxes until you repay it. The income you receive decreases the equity in your home, and the equity may not be adequate for your future needs or for your estate. Interest rates and initial costs (application fees, points and closing costs) are usually higher for a reverse mortgage than for other equity loans. Income ends when you sell your home or no longer use it as a principal residence. Payments may affect Supplemental Security Income and Medicaid payments. You must attend a free HECM/HUD approved counseling session. This may add time to the process of obtaining a loan. You may need to pay off your existing mortgage out of the proceeds of your reverse mortgage. You will be required to maintain the house, pay the taxes, and carry property insurance. Eligibility You could be eligible if you own your own home, use the home as your principal residence, and are at least 62 years of age. You must also have adequate equity in the home. A lender looks at the equity in the home plus any expected appreciation or depreciation in the value of the home to calculate a base amount. The costs associated with any reverse mortgage loan (application fees, interest rates, closing costs, initial charges, sales commissions, and homeowner's insurance) also must be considered. All reverse mortgages currently available in Virginia require homeowner's insurance. The lender and the homeowner must work together to determine the type of payment, the payment amount, and the time period. This is determined not only by the calculations of the base amount by the lender, but also by keeping your goals and financial needs in mind. Income Income from a reverse mortgage is not taxable, and will not affect Medicare eligibility or benefits. But the added income can affect both Supplemental Security Income and Medicaid eligibility and benefits for Virginia residents. Confused? A home equity conversion is not a home equity loan! Home-equity loans require that a homeowner has enough income to pay back the loan, and the payments are made in monthly amounts. A home-equity loan would not work for the majority of senior adults who are living on limited fixed incomes and who could not afford a loan payment. Example A wide variety of loan options are available depending upon your age, the amount of equity available, the time period of the loan, and the way payments are disbursed. For example, Mary Jones, a 75-year-old widow whose home is her principal residence, is looking at a ten-year reverse mortgage that will provide her with additional monthly income of approximately $450. At the end of the ten years the monthly income payment will stop. But because her loan is through an insured lender (loans offered by HUD approved lenders have government guarantees), the loan will not have to be repaid until she sells the home, moves, or dies. Home Equity Conversion Checklist These questions can to help you determine if you are eligible for a home equity conversion (HEC). YES NO 1. Are you 62 years of age or older? _____ _____ 2. Is your mortgage paid off in full or nearly so? _____ _____ 3. Do you use your home as your primary residence? _____ _____ If you have answered yes to questions 1 through 3, you might want to consult with an HEC lender for specific information. The following questions will help to determine if you are eligible for a Housing and Urban Development (HUD) home equity conversion. A HUD-HEC is similar to other HECs but with additional requirements for the property and residents. 4. Is your home a single-family dwelling? _____ _____ 5. Will your home probably meet HUD minimum property standards? _____ _____ 6. Is your family income less than 80% of area median? _____ _____ If you have answered yes to questions 1 through 6; you might want to consult with a HUD-HEC lender for specific information. The following is a list of HEC/Reverse mortgage programs. FHA - HECM (Home Equity Conversion Mortgage) Guaranteed by FHA/HUD Flexible Income Payment Option Growing Line of Credit Maximum Lending Limit - $ 280,749 Cash Account Flexible Income Payment Options Growing Line of Credit Higher Equity Release Options No Maximum Lending Limit HomeKeeper by Fannie Mae Guaranteed by Fannie Mae Line of Credit Options Maximum Lending Limit - $ 322,700 Zero Point Cash Account Closing Costs Limited Minimum Draw at Closing Required Interest Rate Cap No Maximum Lending Limit The following lenders offered HEC/Reverse mortgages as of March 2004: Mortgage Capital Investors Equity Division 6571 Edsall Road Springfield, VA 22151 (703) 941-0711 East West Mortgage - HECM, HK, CA 4321 Northview Drive Bowie, MD 20716 (866) 9REVERSE [(866) 973-8377] (301) 809-1568, ext. 225 Financial Freedom Senior Funding Corp. (Subsidiary of Lehman Brothers, FSB) - HECM, HK, CA (800) 368-3254 Reverse Mortgages of the Mid-Atlantic - HECM, HK, CA (800) 745-0102 Suntrust 564 Lynnhaven Parkway Virginia Beach, VA 23452 (757) 431-4876 Fidelity & Trust Mortgage, Inc. - HECM, HK, CA 7229 Hanover Parkway Suite C Greenbelt MD 20770 (703) 273-3797 (800) 458-4624 People's Choice Mortgage - HECM, HK, CA (757) 564-8596 Wells Fargo Home Mortgage - HECM, HK (888) 292-1180 Inclusion on this list of lenders does not imply endorsement by Virginia Cooperative Extension, nor does omission from this list imply a lack of endorsement. Home Equity Conversion Comparison Worksheet Name of Lender Features Payment Option: ----------------------- ----------------------- ----------------------- Lump Sum Option Line of Credit Option Monthly Benefit Option APR (Annual Percentage Rate) Time Period Application Costs Closing Costs Sales Commissions Insurance Costs Other Initial Charges For More Information AARP Home Equity Information Center 601 E. Street NW Washington D.C. 20004 (202) 638-2863 http://www.aarp.org/revmort/ Reverse Mortgage Money (866) 363-1914 requestinfo@reversemortgagemoney.com American Credit Counselors Tudor Square, Ste. 10 211 Roanoke St. Christiansburg, VA 24073 (800) 926-0042 virginia@cccsswva.org http://www.americancredit.org HECM Counseling National Center for Home Equity Conversion 360 Robert Street North Suite 403 St. Paul, MN 55101 (651) 222-6775 People Incorporated 1173 W Main St Abingdon, VA 24210-2428 (540) 623-9000 HECM Counseling Original authors: Patricia Gorman, graduate assistant, and Kathleen Parrott, former Extension housing specialist, Virginia View this document in PDF format Visit Virginia Cooperative Extension

Home Mortgage Loan The

Home Mortgage Loan - Forbes.com - Home Loan Mortgage Company U.S. | EUROPE | ASIA Jump Select Section Home Investment Newsletters Polls & Discussions Premium Tools Special Reports Video & Audio Watchlist IT Research Library IT Product & Service Search Business -Manufacturing -Technology -Commerce -Services -Energy -Healthcare -Small Business Technology -E-Business -Enterprise Tech -Infoimaging -Personal Tech -Science & Medicine -Wireless Markets -Equities -Economy -Commodities -Bonds -Emerging Markets -Currencies Work -Careers -Compensation -Entrepreneurs -Management Lists -Companies --Forbes 500s --Forbes Global 500 --200 Best Small Cos. --400 Best Big Cos. --Largest Private Cos. -People --World's Richest People --100 Top Celebrities --400 Richest Americans --Best Paid CEOs -Places --Best Places Personal Finance -Estate Planning -Funds -Philanthropy -Retirement -Strategies -Taxes Lifestyle -Collecting -Health -Real Estate -Sport -Travel -Vehicles -Wine & Food Columnists Magazines -Forbes Magazine -Forbes Global -Forbes FYI -Forbes ASAP -Best of the Web -Archives -Subscriptions Tools About Us Contact Us Help Reprints/Permissions Sitemap Advertising Conferences Forbes Collection Forbes Mobile Special Advertising Search Quote HOME PAGE FOR THE WORLD'S BUSINESS LEADERS Home Special Advertising Section Tell Us About Your Loan Needs What Type of Loan do You Need? * Refinance Purchase Home Debt Consolidation Home Equity Estimated Home Value * $ Select One 75,000 - 80,000 80,001 - 85,000 85,001 - 90,000 90,001 - 95,000 95,001 - 100,000 100,001 - 105,000 105,001 - 110,000 110,001 - 115,000 115,001 - 120,000 120,001 - 125,000 125,001 - 130,000 130,001 - 135,000 135,001 - 140,000 140,001 - 145,000 145,001 - 150,000 150,001 - 155,000 155,001 - 160,000 160,001 - 165,000 165,001 - 170,000 170,001 - 175,000 175,001 - 180,000 180,001 - 185,000 185,001 - 190,000 190,001 - 195,000 195,001 - 200,000 200,001 - 210,000 210,001 - 220,000 220,001 - 230,000 230,001 - 240,000 240,001 - 250,000 250,001 - 260,000 260,001 - 270,000 270,001 - 280,000 280,001 - 290,000 290,001 - 300,000 300,001 - 310,000 310,001 - 320,000 320,001 - 330,000 330,001 - 340,000 340,001 - 350,000 350,001 - 360,000 360,001 - 370,000 370,001 - 380,000 380,001 - 390,000 390,001 - 400,000 400,001 - 420,000 420,001 - 440,000 440,001 - 460,000 460,001 - 480,000 480,001 - 500,000 500,001 - 520,000 520,001 - 540,000 540,001 - 560,000 560,001 - 580,000 580,001 - 600,000 600,001 - 620,000 620,001 - 640,000 640,001 - 660,000 660,001 - 680,000 680,001 - 700,000 700,001 - 720,000 720,001 - 740,000 740,001 - 760,000 760,001 - 780,000 780,001 - 800,000 800,001 - 820,000 820,001 - 840,000 840,001 - 860,000 860,001 - 880,000 880,001 - 900,000 900,001 - 920,000 920,001 - 940,000 940,001 - 960,000 960,001 - 980,000 980,001 - 1,000,000 1,000,000+ 1,500,000+ 2,000,000+ Where is the property located? * Select One Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Missouri Mississippi Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Home Description * Single Family Multi Family Town House Condo Tell Us About Your Current Loan Your Mortgage Balance * $ Select One 0 1 - 5,000 5,001 - 10,000 10,001 - 15,000 15,001 - 20,000 20,001 - 25,000 25,001 - 30,000 30,001 - 35,000 35,001 - 40,000 40,001 - 45,000 45,001 - 50,000 50,001 - 55,000 55,001 - 60,000 60,001 - 65,000 65,001 - 70,000 70,001 - 75,000 75,001 - 80,000 80,001 - 85,000 85,001 - 90,000 90,001 - 95,000 95,001 - 100,000 100,001 - 105,000 105,001 - 110,000 110,001 - 115,000 115,001 - 120,000 120,001 - 125,000 125,001 - 130,000 130,001 - 135,000 135,001 - 140,000 140,001 - 145,000 145,001 - 150,000 150,001 - 155,000 155,001 - 160,000 160,001 - 165,000 165,001 - 170,000 170,001 - 175,000 175,001 - 180,000 180,001 - 185,000 185,001 - 190,000 190,001 - 195,000 195,001 - 200,000 200,001 - 210,000 210,001 - 220,000 220,001 - 230,000 230,001 - 240,000 240,001 - 250,000 250,001 - 260,000 260,001 - 270,000 270,001 - 280,000 280,001 - 290,000 290,001 - 300,000 300,001 - 310,000 310,001 - 320,000 320,001 - 330,000 330,001 - 340,000 340,001 - 350,000 350,001 - 360,000 360,001 - 370,000 370,001 - 380,000 380,001 - 390,000 390,001 - 400,000 400,001 - 420,000 420,001 - 440,000 440,001 - 460,000 460,001 - 480,000 480,001 - 500,000 500,001 - 520,000 520,001 - 540,000 540,001 - 560,000 560,001 - 580,000 580,001 - 600,000 600,001 - 620,000 620,001 - 640,000 640,001 - 660,000 660,001 - 680,000 680,001 - 700,000 700,001 - 720,000 720,001 - 740,000 740,001 - 760,000 760,001 - 780,000 780,001 - 800,000 800,001 - 820,000 820,001 - 840,000 840,001 - 860,000 860,001 - 880,000 880,001 - 900,000 900,001 - 920,000 920,001 - 940,000 940,001 - 960,000 960,001 - 980,000 980,001 - 1,000,000 1,000,000+ 1,500,000+ 2,000,000+ Current Interest Rate * Select 3.00 3.25 3.50 3.75 4.00 4.25 4.50 4.75 5.00 5.25 5.50 5.75 6.00 6.25 6.50 6.75 7.00 7.25 7.50 7.75 8.00 8.25 8.50 8.75 9.00 9.25 9.50 9.75 10.00 10.25 10.50 10.75 11+ % Existing Rate Type * Fixed Adjustable Fixed/Adj Do You Have a Second Mortgage Balance? None 5,001 - 10,000 10,001 - 15,000 15,001 - 20,000 20,001 - 25,000 25,001 - 30,000 30,001 - 35,000 35,001 - 40,000 40,001 - 45,000 45,001 - 50,000 50,001 - 55,000 55,001 - 60,000 60,001 - 65,000 65,001 - 70,000 70,001 - 75,000 75,001 - 80,000 80,001 - 85,000 85,001 - 90,000 90,001 - 95,000 95,001 - 100,000 100,001 - 105,000 105,001 - 110,000 110,001 - 115,000 115,001 - 120,000 120,001 - 125,000 125,001 - 130,000 130,001 - 135,000 135,001 - 140,000 140,001 - 145,000 145,001 - 150,000 150,001 - 155,000 155,001 - 160,000 160,001 - 165,000 165,001 - 170,000 170,001 - 175,000 175,001 - 180,000 180,001 - 185,000 185,001 - 190,000 190,001 - 195,000 195,001 - 200,000 200,001 - 210,000 210,001 - 220,000 220,001 - 230,000 230,001 - 240,000 240,001 - 250,000 250,001 - 260,000 260,001 - 270,000 270,001 - 280,000 280,001 - 290,000 290,001 - 300,000 300,001 - 310,000 310,001 - 320,000 320,001 - 330,000 330,001 - 340,000 340,001 - 350,000 350,001 - 360,000 360,001 - 370,000 370,001 - 380,000 380,001 - 390,000 390,001 - 400,000 400,001 - 420,000 420,001 - 440,000 440,001 - 460,000 460,001 - 480,000 480,001 - 500,000 500,001 - 520,000 520,001 - 540,000 540,001 - 560,000 560,001 - 580,000 580,001 - 600,000 600,001 - 620,000 620,001 - 640,000 640,001 - 660,000 660,001 - 680,000 680,001 - 700,000 700,001 - 720,000 720,001 - 740,000 740,001 - 760,000 760,001 - 780,000 780,001 - 800,000 800,001 - 820,000 820,001 - 840,000 840,001 - 860,000 860,001 - 880,000 880,001 - 900,000 900,001 - 920,000 920,001 - 940,000 940,001 - 960,000 960,001 - 980,000 980,001 - 1,000,000 1,000,000+ 1,500,000+ 2,000,000+ How Much Additional Cash do You Wish to Borrow? $ Tell Us About Your Home Purchase Is there a Specific Home You Want to Buy? * Yes No Purpose of Property * Primary Secondary Investment Vacation How Much do You Want to Put Down? * Select One 0 1 - 5,000 5,001 - 10,000 10,001 - 15,000 15,001 - 20,000 20,001 - 25,000 25,001 - 30,000 30,001 - 35,000 35,001 - 40,000 40,001 - 45,000 45,001 - 50,000 50,001 - 55,000 55,001 - 60,000 60,001 - 65,000 65,001 - 70,000 70,001 - 75,000 75,001 - 80,000 80,001 - 85,000 85,001 - 90,000 90,001 - 95,000 95,001 - 100,000 100,001 - 105,000 105,001 - 110,000 110,001 - 115,000 115,001 - 120,000 120,001 - 125,000 125,001 - 130,000 130,001 - 135,000 135,001 - 140,000 140,001 - 145,000 145,001 - 150,000 150,001 - 155,000 155,001 - 160,000 160,001 - 165,000 165,001 - 170,000 170,001 - 175,000 175,001 - 180,000 180,001 - 185,000 185,001 - 190,000 190,001 - 195,000 195,001 - 200,000 200,001 - 210,000 210,001 - 220,000 220,001 - 230,000 230,001 - 240,000 240,001 - 250,000 250,001 - 260,000 260,001 - 270,000 270,001 - 280,000 280,001 - 290,000 290,001 - 300,000 300,001 - 310,000 310,001 - 320,000 320,001 - 330,000 330,001 - 340,000 340,001 - 350,000 350,001 - 360,000 360,001 - 370,000 370,001 - 380,000 380,001 - 390,000 390,001 - 400,000 400,001 - 420,000 420,001 - 440,000 440,001 - 460,000 460,001 - 480,000 480,001 - 500,000 500,001 - 520,000 520,001 - 540,000 540,001 - 560,000 560,001 - 580,000 580,001 - 600,000 600,001 - 620,000 620,001 - 640,000 640,001 - 660,000 660,001 - 680,000 680,001 - 700,000 700,001 - 720,000 720,001 - 740,000 740,001 - 760,000 760,001 - 780,000 780,001 - 800,000 800,001 - 820,000 820,001 - 840,000 840,001 - 860,000 860,001 - 880,000 880,001 - 900,000 900,001 - 920,000 920,001 - 940,000 940,001 - 960,000 960,001 - 980,000 980,001 - 1,000,000 Over 1,000,000 Are you Looking for a Fixed or an Adjustable Loan? * Fixed Adjustable Fixed/Adj Tell Us About Yourself Select Your Credit Profile * Excellent Good Fair Poor Annual Income $ What is Your Occupational Status Employed Self Employed Retired Unemployed Monthly Debt Payments $ Select 0-249 250-499 500-749 750-1,000 Over 1,000 Have You Declared Bankruptcy * No Not in the last 7 years 1-2 years 2-5 years Your Contact Information First Name * Last Name * Email * Street Address * City * State * Select One Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Missouri Mississippi Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Zip * Primary Phone * Secondary Phone Best Contact Time * Morning on Primary Morning on Secondary Afternoon on Primary Afternoon on Secondary Evening on Primary Evening on Secondary * REQUIRED FIELDS Service and Data Privacy provided by Secure Rights Note: Secure Rights is responsible for the collection and transfer of information on this page for the purpose of completing your request. By submitting your request you agree to be contacted in accordance with Secure Rights Privacy Policy . View Secure Rights licenses . Paid Advertisement Article Make Dreams a Reality with a Home Mortgage Loan The decision to buy a home is one of the most important commitments you’ll make in your life. If you’re thinking about making the transition from renting to owning, or even buying a new house and selling an old one, many factors come into play. For most Americans looking to buy a house, financial considerations can be daunting. Home mortgage loans are available to most, but deciding which option makes most sense for your personal situation can seem a difficult task, since there are many varieties of home mortgage loans, each with its own advantages and disadvantages, and numerous companies offering advice. Submit the form above to acquire your own home mortgage loan consultant to help you get started with the mortgage process and explain which type of loan is best. Obtaining a Home Mortgage Loan Isn't So Bad When seeking home mortgage loan advice, you should know that there are essentially two types: fixed-rate loans and adjustable-rate loans (ARMs). Fixed-rated loans are very predictable – when the contract is made, the rate of interest to be paid on the loan is calculated and locked in. The interest paid on adjustable-rate loans over the years changes with the interest rate, so when rates are low, you pay less each month, but when rates are high, you will pay more accordingly. Within the two main types, there are variations to suit the specific needs of individuals, which your home mortgage loan company consultant will be happy to discuss with you in greater detail. Your consultant will also explain the fees involved in buying a house, for such necessary tasks as appraisal, closing and settlement. Most home mortgage lenders charge a “loan origination fee,” usually defined as one percent of the amount you’ve borrowed. If you haven’t got the cash to pay these fees up front, they can usually be “rolled” into your loan and paid over time. Buying a house is challenging, but it need not be overwhelming. We’re always on call to help you make the best choices for today, and for the future. Fill out the form on the very top of this page to get the ball rolling. ^ Paid Advertisement Article ^ Ad Information        Forbes.com Wireless        Reprints / Permissions        Subscriber Services        ©2004 Forbes.com™      All Rights Reserved       Privacy Statement        Terms, Conditions and Notice Search Engine Marketing by 360i, Inc.

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Pottawattamie County Assessor Pottawattamie County Assessor Steve Palm Governed By the Pottawattamie County Conference Board City Mayors County Supervisors AVOCA Marvin Piittmann CARTER LAKE Emil L. Hausner CARSON Lyndon K. Taylor COUNCIL BLUFFS Tom Hanafan CRESCENT Taurino Delgado HANCOCK Wayne Bivens MACEDONIA James Braden MCCLELLAND Emmett Dofner, Jr. MINDEN Richard Armstrong NEOLA Donald E. Fischer OAKLAND Gayle Perkins TREYNOR Charles Killion UNDERWOOD Craig A. Zenor WALNUT Elwyn Ferry Find Your Property Data (how to) Owner: Last name First name Address: Street Town Parcel#: Map No warranty, express or implied, is provided for the data herein or its use. How to always reach our web page. Find Residential Sales Find Commercial/Industrial DOVs Board of Review Levy Computation Iowa State Association of Assessors Pottawattamie County Assessor's Office 227 South 6th Street Council Bluffs, Iowa 51501 Phone: (712) 328-5617 On Line Since September 1997 What are the Assessor's Duties? Misconceptions About the Assessor's Work Information About the Assessor What is Market Value? How the Assessor Estimates Market Value Why Value Changes Tax Levies and Assessed Values Exemptions and Credits Dates to Remember Things to Remember (Tax Example) Information About Property Taxation -- Melvyn Houser Delbert E. King Loren Knauss Lynn D. Leaders Betty J. Moats School Districts A-H-S-T COMMUNITY John Pattee COUNCIL BLUFFS Mark McGee GRISWOLD CSD Terry Whiley LEWIS CENTRAL Don Christensen MISSOURI VALLEY No Return RIVERSIDE Brad Cleaveland TREYNOR Doug Klahn TRI-CENTER James Fischer UNDERWOOD Julie Hanbury WALNUT Ellen Holtz

Denver Real Estate Site

Denver real estate; financial glossary Financial terms glossary Common Mistakes to Avoid Home buying mistakes can be avoided, you need to know what some of them are. Getting a Loan Follow these steps prior to applying for your home loan. The Mortgage Loan Application A few minutes of preparation can save you hours of hassle, here's the list of what you will need. Interest Rates Lock in your rate with confidence, after you have read these facts. Loan Approval What constitutes as loan approval in Denver? Earnest Money Why is it necessary to pay earnest money before I buy the house? Closing Costs Home buying costs vary by region, here are sample costs for Denver. Down payment for a mortgage Learn about the various allowable sources to obtain your down payment. What is PMI? PMI, do you really need it? FICO Scores FICO scoring is a standard, you need to understand the basics to protect your credit! The steps to getting a VA Loan The steps to getting a VA loan, do you need one? What does it take to get one? Reverse Mortgages Reverse Mortgages have many benefits for older home owners. search Denver Real Estate Site Glossary of Financial Terms Amortization - The gradual reduction of debt by means of periodic payments sufficient to pay principal and interest and thereby liquidate the debt. ARM - Adjustable Rate Mortgage. A loan where the interest rate can change according to the index, caps, and margin. Appraisal - An unbiased, professional estimate of a property's value based on style, appearance, quality of construction, improvements, usefulness, and the comparable value of nearby properties. Balloon Mortgage - A short term loan, usually 5 to 7 years, that features a fixed interest rate, and a final large balloon payment for balance of the mortgage. Borrower - A person who receives funds in the form of a loan with the obligation of repaying the loan in full with interest, if applicable. Broker - One who, for a commission or fee, brings parties together and assists in negotiating contracts between them. In real estate transactions, the broker usually brings together the buyer and the seller. Caps - The maximum or minimum amount by which the interest rate on an adjustable rate mortgage can change over each adjustment and over its life. For example a 2/6 cap means that the ARM cannot adjust more than 2% up or down each adjustment, or 6% from the start rate during its life. Chattel - Personal property. Closing - The final settlement of the transfer of property. Involves the buyer's signing the mortgage note and an exchange of title. Closing Agent - Assures that all documentation related to the sale of a house has been completed properly, including the title search and title insurance. The closing agent explains all closing documents to the buyer and the seller, obtains their signatures where necessary, and records the documents. Closing Costs - Fees and other charges paid by the buyer and seller at closing. Closing Statement - A financial disclosure giving an account of all funds received and expected at the closing, including the escrow deposits for taxes, hazard insurance, and mortgage insurance. Co-Borrower - The person who is sharing the mortgage responsibility with the borrower. Contingency - A clause within an Offer to Purchase or within the Contract For Sale that requires a certain condition be met before proceeding t closing. Contract - An agreement between two or more parties to do or not to do a particular thing. Contract for Sale - AKA: Conditional Sales Contract - A sales contract whereby the borrower has possession of the property, but seller retains ownership of the property until the buyer has fulfilled the obligations put forth in the contract. Conventional Mortgage - A Mortgage not insured by the government, such as FHA or VA. Counter Offer - The offer made by one party (buyer or seller) in response to an offer presented by the other. Credit Report - A report to a prospective lender on the credit standing of a prospective borrower, used to help determine credit worthiness. Debt-To-Income Ratio - Long-term debt expense as a percentage of monthly income. Deed - The instrument that transfers title from the seller to the buyer. Down Payment - The buyer's payment to the seller at closing for a percentage of the purchase price required by the buyer's mortgage loan. Earnest Money - Money paid by the buyer to the seller at the time the Offer to Purchase is presented. Generally, earnest money is applied to the purchase price. Equity - The home owner's interest in a property. It is different between fair market value and the current amount the owner owes on the property. Fair Market Value - The price at which a property is transferred between a willing buyer and a willing seller, each of whom has a reasonable knowledge of all pertinent facts and neither being under any compulsion to buy or sell. FHA - Federal Housing Administration - A division of the Department of Housing and Urban Development. Its main activity is the insuring of residential mortgage loans made by private lender. FHLMC - Federal Home Loan Mortgage Corporation - A private corporation created by Congress to support the secondary mortgage market. It sells participation certificates secured by pools of conventional mortgage loans, their principal and interest guaranteed by the federal government through FHLMC. Popularly known as Freddie Mac. First Mortgage - A mortgage that is a first lien on the property pledged as security. FNMA - Federal National Mortgage Association - A private corporation created by Congress to support the secondary mortgage market. FNMA sells mortgage - backed securities backed by pools of conventional loans. Payment of principal and interest on these securities is backed by the US Government. Popularly known as Fannie Mae. Gross Monthly Income - The amount of consistent and stable income that an individual receives each month. averaged over a period of time. This amount includes overtime pay, bonuses, commissions, and income from dividends and interest, provided that the individual can show a consistent history of receiving such income. Hazard Insurance - A contract whereby, for an agreed premium, one party undertakes to compensate the other for loss on a specific subject by specified hazards, such as acts of God or war. Homeowners Association - An organization of homeowners residing within a particular development whose major purpose is to maintain and provide community facilities and services for the common enjoyment of the residents. Housing Expense Ratio - A home owner's percentage of their monthly income. Index - A published financial benchmark used to help determine the interest rate for an adjustable rate mortgage on its adjustment. The margin is added to it. Interest - Money paid for the use of money - that is, money paid for a loan. Loan-To-Value Ratio - The relationship between the amount of a home loan and the total value of the property. For example if you receive a loan of $95,000 on ah home that costs $100,000, the loan-to-value ratio is 95%. Margin - The amount added to the index to help determine the new interest rate of an adjustable rate mortgage. Mortgage Insurance - A policy that allows mortgage lenders to recover part of their financial losses if a borrower fails to fully re-pay a loan. Mortgage insurance makes it possible to buy a home with as little as 5% down. Offer To Purchase - A legally-binding, written contract that declares how much a buyer will pay for a house, provided certain condition are met. Origination Fee - Similar to a point, it is a fee paid to lenders for originating the mortgage. PITI - Principle, Interest, Taxes, and Insurance - the four main parts of a monthly mortgage payment. Planned Unit Development -(PUD) - A subdivision having lots or areas owned in common and reserved for the use of some or all of the owners of the separately owned lots. Discount Points - One point equals one percent of the total mortgage amount. This is a fee paid to lenders to get lower rate on the mortgage. Pre-Approval - Having the loan processed, underwritten, and obtaining loan approval before an Offer to Purchase has been accepted by a seller. Pre-Qualify - Preliminary indications on how large a mortgage a buyer can quality for. Qualify - Ability to meet a lender's mortgage approval requirements. Servicer - After a mortgage loan closes, the loan servicer collects the payments, manages escrow accounts, pays taxes and insurance, and manages delinquent payments. Lenders may often sell or "release" servicing to another business, which means that a home buyer will not necessarily send house payments to the original lender. Title - The right of ownership and possession of a property. Title Insurance - A policy that protects a buyer against errors or omissions or defects in the title of the property. Veterans Administration - (VA)An independent agency of the federal government created in 1930. The VA home loan guaranty program is designed to encourage lenders to offer long-term, low down payment mortgages to eligible veterans by guaranteeing the lender against loss Home Buying Directory Buyer Broker Down Payment How to Qualify for a Mortgage Loan Application Locking in Interest Rate Earnest Money Loan Application Checklist Fico Scores Moving List Moving Pets What is PMI? Finance Glossary Financing Your Home Reverse Mortage Home Buying Process Closing Costs Kristal Kraft , ABR, CIPS, CRS Licensed real estate broker selling Colorado Since 1984 The Berkshire Group Realtors, Inc. 3801 E. Florida Ave, Suite 502, Denver, Colorado U.S.A. 80210 800-319-7738 toll free | 303-589-2022 direct | 720-554-7961 fax E-mail: Kristal Kraft, Realtor 1998-2005, © Reflective Motion Inc. | Privacy Policy | Site Credits | Disclaimer | Site Map ~2 ~3 ~4 Denver Relocation | Buy a Home In Denver | Sell a Home in Denver | Denver Map | Denver Neighborhood Profiles | Denver Sales Statistics | International Real Estate | A Bio | My Favorite Places | Real Estate Resources Denver Loft Homes | The Berkshire Group | Buy and Sell Denver | We Sell Denver | Denver Colorado Real Estate | Denver Blog