http://www.themortgageu.com/blog.htmThe Mortgage U Bloghttp://www.themortgageu.com/mortgage/buying_and_selling_homes.htmMany people have heard of house flipping, buying and selling real estate for profit, real estate investing, fixing up homes and selling them for double the purchase price, and many other ways to make money with real estate. So how does one get involved with real estate investing? First off, this line of work is not nearly as easy as it is always described or talked about. Real estate investors really need to have a background in real estate, a background in home improvement, and smart investors. There are many people who tried to get involved into real estate investing and/or house flipping who fail at this. They don't take into account that they will have to pay closing costs when they buy a home, they will have to pay closing costs and probably a Realtor fee when they sell the home, capital gains taxes normally on the profit generated from the sale of the home, cost of repairs end up higher than anticipated, the home does not sell very quickly and you have unanticipated mortgage payments, and many other items that are not taken into consideration. Before you know it that 40k of profit that you thought you were going to turn this home into, has ended up creating a 5k loss on the property. So just how do so many people make money buying and selling homes and investing in real estate? Read on throughout this entire page to find out more information on this lucrative, yet tough business.http://www.themortgageu.com/mortgage/financial_planning_-_tips.htmFinancial planning is highly recommended for everyone, no matter how much or how little money you make. Financial planning has to do not only with investing money but with making out monthly and yearly budget's, financial goals, setting up retirement accounts and investment accounts, life insurance policies, re-arranging your family finances, among many, many other things. Therefore, even if you can do not want to sit down with a financial planner it is highly recommended that you make out budgets, make sure you and/or your spouse are covered in case of tragedy, and you have set up retirement and investment accounts for retirement.http://www.themortgageu.com/mortgage/fixed_rate_mortgage_rates.htmThe 30 year fixed rate mortgage is the most popular fixed rate mortgage. 30 year fixed rate mortgages are now low based on history. 30 year fixed rates were 6.2% in early 2007, 8.2% in 2000 and 9.2% in 1995.http://www.themortgageu.com/mortgage/home_equity_line_of_credit.htmHome Equity Line of Credit or most commonly reffered to as "HELOC", refers to a loan in which the lender agrees to lend a maximum amount within an agreed time period. A Home Equity Line of Credit in many ways is similar to a credit card. At closing you are assigned a specified credit limit that you may borrow up to. A draw period usually lasts anywhere from 5 to 10 years and allows you to borrow HELOC funds whenever you feel the need; you’re only required to pay back the amount you use plus any interest.http://www.themortgageu.com/mortgage/refinance_out_of_an_arm.htmAn unprecedented number of loans currently are set to adjust from the fixed portion of the loan to an adjustable rate. How do I refinance out of an ARM? What should I know about my ARM that is about to adjust? What are my options to refinance out of my Adjustable Rate Mortgage?http://www.themortgageu.com/mortgage/loan-to-value_ratio.htmLoan-to-Value Ratio (LTV) is one of the most important factors banks scrutinize when evaluating the potential default risk of a mortgage loan application. The LTV is derived by dividing the loan amount by the purchase price or the appraisal value of the property, whichever value is less.http://www.themortgageu.com/mortgage/chapter_13_bankruptcy.htmChapter 13, also called a “wager earners” plan, allows an individual with regular income to submit a plan to the courts for repayment of debts, usually over a period of three to five years. Most importantly, Chapter 13 allows you the opportunity to keep your home, potentially saving it from foreclosure. In fact, in most cases, filing under Chap. 13 can stop a foreclosure already in process. http://www.themortgageu.com/mortgage/chapter_7_bankruptcy.htmUnlike a Chapter 13 or 11, which allows for restructuring and settlement of debt, Chapter 7 Bankruptcy doesn’t necessarily involve a payment plan to settle with creditors. Instead, Chapter 7 liquidates your assets and then allocates the proceeds to your creditors. The debtor receives a discharge for MOST of their debts and creditors are no longer able to take action to collect monies owed. That being said Chapter 7 can result in the loss of property and your home, so consider your options carefully and consult with the proper legal professionals to determine the right Chapter for you. http://www.themortgageu.com/mortgage/credit_after_bankruptcy.htmNot all creditors react the same way to bankruptcy, but your credit will be hurt. This does not mean that you will not be able to obtain credit. A mortgage professional can advise you on what credit you need to get a mortgage after bankruptcy. http://www.themortgageu.com/mortgage/getting_a_mortgage_after_a_bankruptcy.htmTraditional mortgage financing dictated lending after seven to ten years after a bancruptcy. Today, a mortgage can be obtained after only 1 day from release.http://www.themortgageu.com/mortgage/bankruptcy.htmBankruptcy can be an option when facing financial woes, but it comes with a price. Bankruptcy can affect your credit for up to 7 years.http://www.themortgageu.com/mortgage/tri_merge_score_or_fico_score.htmChoosing between a tri merge score or fico score maybe a dilemma your facing when its time to order your credit report on an annual basis for viewing any errors or discrepancies on it. The two are different indeed, and you should become aware of which one you need to get. http://www.themortgageu.com/mortgage/agressive_mortgage_programs.htmThere are many aggressive mortgage programs available to consumers. Some of the more common names of these aggressive mortgage programs are: Pay Option ARM's, Smart Choice Loans, Smart Loans, Interest Only Loans, Pick A Payment Loan, 1 month Option ARM, 12 month MTA Pay Option ARM, Cash Flow Option Loan, Option ARM, Choice Option Loans, Choose a Payment Loans, Secure Advantage, amongst many, many others.http://www.themortgageu.com/mortgage/5_year_arm.htmA 5 year adjustable rate mortgage (ARM) is a 30 year mortgage whose rate is fixed for the first 5 years, then adjusts every 5 years. A 5/1 adjustable rate mortgage (ARM) is a 30 year mortgage whose rate is fixed for the first five years, then the rate adjusts each year.http://www.themortgageu.com/mortgage/the_importance_of_paying_your_rent_by_check.htmMany potential homeowners make a huge mistake by paying their monthly rental payment to their landlord in cash. Why is this a mistake?http://www.themortgageu.com/mortgage/how_long_after_bankruptcy_can_i_get_a_mortgage.htmIf you have had a discharged chapter 7 or chapter 13 bankruptcy recently you can still qualify for a mortgage to refinance or buy a home. There are even mortgage programs availible for borrowers who are one day out of bankruptcy discharge. Most if not all of these bankruptcy mortgage programs are availible fro sub prime lenders and will need to be originated through a mortgage broker.http://www.themortgageu.com/mortgage/foreclosure_process.htmDepending on which state the property being foreclosed is located, the home foreclosure process can take on one of two forms; judicial or non-judicial. In a judicial state, as the first step of the foreclosure process, the lender must obtain from the county court a court order to foreclose upon the delinquent homeowner's property. In a non-judicial state, the lender does not have to go through the court system to begin the foreclosure.http://www.themortgageu.com/mortgage/refinancing_when_self-employed.htmCan I refinance if I am self-employed? What are the qualifications that I must meet? How long do I need to be self-employed? These are just a few of the questions that many self-employed people ask when they are looking to refinance their mortgage on their home. Yes, you can refinance your home, even if you are self-employed. Most lenders will want to see a 2 year history of being self-employed, but some lenders will make exceptions on that requirement.http://www.themortgageu.com/mortgage/real_estate_invesment_loans.htmOne of the best loans for investment property is the Interest only loans. They allow the investor to optimize the cash flow for when a property maybe performing less then average due to under market rents.http://www.themortgageu.com/mortgage/non_owner_occupied_loans.htmOne of the great loans for non owner occupied property is the Pay Option ARM. This is a loan that allows you to make a minimum payment that is less than the interest payment. For investors who will be making a great deal of money off of their property, this loan is a great tool to maximize your cash flow.http://www.themortgageu.com/mortgage/consolidation_loans.htmConsolidation loans are considered a cash out refinance. As a borrower, you have the option have taking cash from escrow, or having escrow paying the debts off for you with most consolidation loans vying for the later. If you choose to have your escrow company pay your debts, you will need to provide current payoff statements and addresses to send the check.