GFM President Issues Warning to Consumers Looking to Refinance: 'Be Wary of All Those Rock Bottom Interest Rates'
Fullerton, CA (ContentDesk) March 1, 2006 -- Thousands of faxes and emails are being sent to consumers all over the country, not to mention television, radio, newspaper and internet ads urging homeowners to refinance mortgage loans at never-before, rock bottom rates for use to help pay down high rate credit cards and other outstanding bills.
Some ads are touting loan plans with rates as low as 1.75% that can cut monthly payments in half.
If it sounds to good to be true, then its probably not, warns Gavin Fenske, President of Great Financial Mortgage, Inc.,www.greatfinancialmortgage.com. 
Although very appealing, the ads dont tell the whole story such as this low rate does not cover the true cost of a loan which can cause even more trouble in the months or years ahead.
The actual rate of a 1.0% mortgage is in fact around 7.0% with the possibility to climb even higher depending upon the life cap.
These are monthly adjustables with the potential for negative amortization meaning your loan balance may grow over time.
Moreover, these types of loans are truly suited for those with substantial equity or a larger down payment.
Having said this, many lenders are selling borrowers on these loans anyway even if they do not fit the profile. We have been inundated with calls from people all over the country wanting to refinance at these low rates and I am finding out that most people dont really understand the ultimate cost to them.
Its more important that my clients totally understand the effect on their monthly payments even if it means they choose not to refinance at this time, explains Fenske.He advises anyone shopping for this type of mortgage to ask about the start rate, margin, index and life cap.
These loans all look the same on the surface but getting a good deal will all come down to details.
Compare the margin, index and life cap to really understand whether you are getting a good deal or not.
Fenske further notes there may also be some interest only loans that are not quite as aggressive that may work for your specific situation.Finally, for those looking for a low payment and can absorb the inherent risks associated with the low start rate adjustables, then the following loan is the hottest in the marketplace:Start Rate: 1.24Margin: 2.50%Life Cap: 9.95%Amortization: 40 YearFor more information contact Great Financial Mortgage at (866) 553-1113 or log onto www.greatfinancialmortgage.com.About Great Financial Mortgage:Great Financial Mortgage is based in Fullerton, California. A top originator of mortgage loans, Great Financial Mortgage offers a wide range of home lending services to homeowners and prospective buyers throughout the state of California via person-to-person attention and its website, www.greatfinancialmortgage.com. This coupled with their unique ability to keep ahead of the fast-moving real estate marketplace enables Great Financial Mortgage to exceed client expectations by making their dream a quick realty.Media Contact:PRIME L.A. Public Relations818.995.1290www.primela.com.
Access Business Technologies Obtains SAS 70 Type II Audit Report
Sacramento, CA (ContentDesk) July 26, 2006 -- Access Business Technologies, the Mortgage Technology Experts, announced today that it has received the Statement on Auditing Standards No. 70 (SAS-70) Type II Service Auditors' Report on its Hosting, Integration & Web Services operations. By receiving this award, ABT sets itself apart from the competition by ensuring the enterprises security and risk controls are appropriately designed and operational. The Statement on Auditing Standards (SAS) No. 70, is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA).
A SAS 70 audit or service auditor's examination is widely recognized, because it represents that a service organization has been through an in-depth audit of their control activities, which generally include controls over information technology and related processes.
In today's global economy, service organizations or service providers must demonstrate...
Mortgage > Access Business Technologies Obtains SAS 70 Type II Audit Report
Self Employed Mortgage Loans - A Survival Guide
When you're self employed you have numerous advantages. As you are a free agent, you will write off every deduction you can on your tax return. You acquire the potential to earn extra income much more so than someone who is employed by someone else. The best part is that you are the gaffer, the boss! On rare occasions, being freelance has some drawbacks. One is when you go to get finance for a property or a large purchase.
However, here are some items to know that could help you prepare for the mortgage loan process. A self-employed mortgage loan survival guide, if you will.While confirming your income - the average lender will need to be made aware of at least 2 years of self employment history, occasionally they will request 3 years. They will ask to see this history verified in tax returns, generally. Occasionally the lenders may figure your income as being the average income you claimed on your income taxes as profits, not your gross business income. Another time the lender...
Self Employed Mortgage Loans - A Survival Guide
Mortgage > Self Employed Mortgage Loans - A Survival Guide
Stop Money Worries Killing You!
Copyright 2006 Christopher Green
Recently, as I was surfing around the web, I found yet another website offering misguided, uninformed and irrelevant advice to people who are stressed, depressed or anxious. The site had the following advice for sufferers:
"Most people who become stressed, anxious or depressed do so because they are experiencing financial difficulties. Debt is a big problem for a lot of people, and many struggle to service debts because they are on a low income. Other factors include poverty, unemployment, and a feeling of worthlessness because financial aspirations haven't been met. Money is one of the biggest causes of stress and depression in the Western world."
It is a statement I have seen and heard from many people, from medical professionals to sufferers and of course, in many publications and websites.
I'm sure you too will have either been told money is the root cause of your problems or heard it from various sources.
Mortgage > Stop Money Worries Killing You!
Fixed Mortgage Loans - What You Need To Know
Getting a home loan can be a tricky business - there are so many choices out there, and it's not always easy to know which one is right for you.
Once you cut through all the bells and whistles, though, there are really only 3 main types of home loan to choose from.
Of the three, the most common type of home loan is the fixed mortgage loan.
This mortgage has a fixed time period, say 30 years, for you to repay the loan.
The good thing about this is that over time your loan will decrease, but every time you get a pay rise or some extra bonus money, you can pay a little extra off and often pay out the loan a lot quicker.
You can also choose the time period you want the loan for.
If you're a little strapped for cash and want to get the lowest monthly repayments you can, then look at a 30 year loan.
This is an extremely common time period, and will probably give you the most options to choose from out in the market place.
Mortgage > Fixed Mortgage Loans - What You Need To Know
Amazing Free Government Grants Giveaway!
Free Money Got Bad Credit, No Credit, No Problem. Got the Bad Credit blues. Bankers turning their back to you. Take a long hard look at the new method of getting money and no banker is going to turn you down. Better yet there's NO INTEREST and you NEVER have to REPAY it.
Those who know where the money is, get the MONEY! Interested! Get ready for an eye opener. Become one of those who knows where the money is. Read on! Free Money ALL NEW for 2004!!! Matthew Lesko wants you to get Free Money TO PAY YOUR BILLS!!! Billion of dollars are given out every year that you can use and Lesko's new book will show you how to get it! Get Free Money for: Bad Credit will not hold you back for free money reasons below living expenses mortgage, rent closing costs education costs health bills chile care home and auto repairs entertainment travel and even credit card bills!!! Everyone qualifies! Even with Bad Credit Government Free Money programs aren't only for the very needy. Even those who make...
Amazing Free Government Grants Giveaway!
Mortgage > Amazing Free Government Grants Giveaway!
Fixed Mortgage Loans - What You Need To Know
Getting a home loan can be a tricky business - there are so many choices out there, and it's not always easy to know which one is right for you.
Once you cut through all the bells and whistles, though, there are really only 3 main types of home loan to choose from.
Of the three, the most common type of home loan is the fixed mortgage loan.
This mortgage has a fixed time period, say 30 years, for you to repay the loan.
The good thing about this is that over time your loan will decrease, but every time you get a pay rise or some extra bonus money, you can pay a little extra off and often pay out the loan a lot quicker.
You can also choose the time period you want the loan for.
If you're a little strapped for cash and want to get the lowest monthly repayments you can, then look at a 30 year loan.
This is an extremely common time period, and will probably give you the most options to choose from out in the market place.
Mortgage > Fixed Mortgage Loans - What You Need To Know
Tax Lien Certificates and Subsequent Tax Procedures
Tax lien auctions have gotten more and more competitive in recent years. Some factors that have led to this trend include: more awareness among small investors because of new courses on the market, more Wall Street money entering the market and the new trend of internet tax sales.
If you have been to the tax lien sale lately you may have noticed something interesting. The big dog investors are bidding the properties down to next to nothing. In Florida, it's very common to see properties bid down to one quarter of one percent. Has your banker gone insane? Or do they know something that you don't?
It's probably a little of both, or they are probably playing the sub tax game.
What's the sub tax game? It's very simple, really. In many states, the regulations allow tax lien investors to pay the taxes for the following years, also called subsequent taxes. In other states, the investor is actually even required to pay the sub taxes. Even more interesting,...
Tax Lien Certificates and Subsequent Tax Procedures
Mortgage > Tax Lien Certificates and Subsequent Tax Procedures
Mortgage
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