Why Credit Crisis isn't Touching Reverse Mortgage Biz

By Tupania Vanrock

We're growing downright numb to hearing about all the horrors related to the current credit and mortgage crisis. Its a wicked thing making a wake through our entire economy.

I know mortgage loan officers all over the country. Each one tells a similar story. All their businesses have nose dived, and some have lost as much as three quarters of their business.

One common denominator of those crying the blues is that they are all in the forward mortgage segment of mortgage lending. On the contrary, reverse mortgages are booming.

The reasons are really two and a half fold. The first and most important is reverse mortgages by their very nature do not obligate the borrower to make payments. It's why people get reverse mortgages in the first place.

The one real risk to the reverse mortgage involves a negative equity position for the bank. To combat this the bank lends with relatively low loan to value ratios, which in turn give it the security its investors desire to fund the loans.

Additionally, and I say this facetiously, the senior population might be on a growth spurt. In the fall of '07 the first Baby Boomer turned 62, with I suspect a few others on the way.

Coupling with the growing senior population is the ever increasing cost of living. Invevitably a segment of the fixed income seniors are faced with a choice between selling the home or using the home's equity as a financial tool.

I haven't looked at the exact numbers of how much the stock market is down, but many seniors are running scared because of it. Many of my new reverse mortgage applications have been predicated on this.

From early indications this group is taking out a reverse mortgage and using it in one of two ways. They are either paying off a mortgage to free up more money for savings, or they are simply using the loan as a financial safety net.

It's hard to say exactly where this goes in the next few months to the next several years. Home values continue to fall nationally and no one knows where they will bottom out.

The reverse mortgage industry could take a hit if house valuations take a deep plunge. However, with a softer landing the reverse industry will continue its upward curve.

About the Author:

To get a great guide discussing the ins and outs of the California reverse mortgage click here. For a great Q&A site for the reverse mortgage in California questions, you click here.

The Only Remortgage Advice You Need

By Jeremy Stanley

There is a lot of pressure to remortgage your house (or other property that you own), and you might be wondering whether or not it's the best move. Once you do decide to remortgage, you are probably wondering what exactly you should and shouldn't do to make the whole process smooth and successful.

Should: Window shop. When you remortgage, you are taking your current mortgage with your bank and moving it to an entirely new bank. It doesn't count as a remortgage if you don't change banks or mortgage companies. If you want to get a great deal on your remortgage you are going to have to window shop. You are not going to be able to talk to just one bank, you are going to have to go to many different banks and see what each one has to offer.

Should: Take a look at your budget. When people remortgage, they often imagine that they are going to save a lot of money, but that isn't always the case. If you realize how much the bank fees are going to be to remortgage, you might just realize that you are going to save money by putting the money that you would have paid to remortgage towards your current loan. The extra payments might just help you out more than remortgaging and be a lot easier to do. Don't just think of how remortgaging is going to lower your interest, think of how it is going to affect your entire mortgage.

Shouldn't: Don't do what your neighbor does. If your neighbor recently remortgaged his house, it doesn't mean that it is time to do yours too. Just because it was a smart move for them, doesn't mean that you should do the same thing without doing a lot of research and making an independent decision.

Shouldn't: Don't fall for any gimmicks. A lot of times banks are deceptive in their practices offering a special rate in a television commercial just to get you in the door and then telling you the rate expired when you ask about it. If it is too good to be true, then you should probably leave it be.

Shouldn't: Don't hurry the process too much. Don't forget, if you don't remortgage today, you will still have the option today, tomorrow, in a year, and in five years. You definitely shouldn't sign a mortgage contract even if the special deal that you were offered expires tomorrow. Remortgaging is a big hassle and the mortgage that you get is going to be with you for a long time (unless you want to go through the paperwork and fees again), so do it right the first time.

When you finally do decide to remortgage your home, you are going to want to follow these tips on what you should and shouldn't do. When remortgaging, perhaps the most important thing to remember is how the whole process is going to affect your future. Remortgaging is a personal decision that you are going to have to make yourself.

About the Author:

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Airline Miles Credit Cards

By Gray Rollins

Most people are familiar with the term frequent flier. This can be used in different aspects but perhaps one of the best ways it has been used it with airline miles for credit cards. This is a great way for people who do a great deal of traveling to earn free airline tickets. Many people like the credit cards that give back rewards but you have to be sure to get one that works for the things that you do or things that you like. If you are someone who travels a great deal then this can be the credit card for you.

Whenever you consider getting a credit card like frequent flier card, you have to make sure that it fulfills at least two basic requirements. You must see that it offers airlines suitable to you for redeeming the miles. It should also be able to quickly earn you the miles so that there is not a very long wait for you to redeem them. If these two conditions are met, then you can safely decide to go ahead with the said card.

Another thing you should find out is whether there is a hub for their airlines in the area where you stay. This will make it easy to reach the airport that your card qualifies for. If this requirement is also met, you will be able to use the miles without any inconvenience so you will be able to use it more frequently. This will not only make your traveling easy and efficient, but it will also make it more economical.

Just make sure that you know all the offers that your card provides to redeem your points or miles. You have to carefully plan how to avail your free travel without any problems. It is always better to go for an airlines miles credit card of a reputed airline as then you can afford to be a little relaxed too. To live up to their reputation, these airlines will make sure that the customers get maximum benefits from their cards.

There are lots of businessmen who are already using these kinds of credit cards. Because of their jobs, they keep traveling a lot and this enables them to complete the required miles very quickly. Thus they earn many free trips all through the year. If you belong to this category, you make sure that the card you get should be affiliated with the airlines that you generally use for traveling.

One of the most popular types of rewards cards that are used frequently today is the Delta Skymiles Card. People really love this card, as Delta Airline is located all over so you can be sure to find a hub that is close to you. When you first join, you automatically get 1,000 bonus miles when you make your first purchase. You will also get 1,000 bonus miles each year if your purchases total at least $5,000.

Another feature contributing to its popularity is that there is no annual fee and for every eligible $1 you spend with Delta, you can earn 1 mile. For every $2 you spend on other purchases, you automatically get to earn 1 mile. People find these lovely offers very attractive and that is another reason why more and more people like to use this card. These facilities definitely make it a popular choice of many travelers.

For all the travelers who travel a lot and want to get a rewards credit card that provides a lot in return, you must go for an airlines miles card. You have to get the most suitable card and you will end up getting a lot of benefit. Don't forget to use it as often as possible to ensure that you quickly rack up the free miles.

About the Author:

If you are a frequent flyer, then the Delta Sky Miles card from AMEX will like serve you well. There are no black out dates and no seat restrictions. Visit us at BestSkyMiles.com and we'll expedite your applications and get you a decision in less than 60 seconds.

CFD TRADER Rules- Ten little Gems

By Singapore Trader Reports

A well fact amongst the trading community is that 90 percent of investors lose money in futures and Forex tradin! This leaves 10%, which is then broken down to 4-6 percent break even and only 4-6 percent make money.

What Group Are YOU in?

Given the high numbers of clients that are unsuccessful, it is all the more important for investors to approach futures and forex trading in the right manner. So we have put together some rules that hopefully help you become a more successful trader.

Secret 1: Trade with Money you can afford to Lose

Now that you have decided to get involved in trading, sit down and asses how much money am I going to trade, investor, speculate on the market with. I understand that this is trading and therefore there is the chance that I can lose my money.

Secret 2: It's Not how many trades: Do not OVERTRADE

So many new traders come to the market thinking, I am going to pick 8 winners out of 10 and make all of this money. Well it is possible to pick more winners but still lose on the market. Why because of risk and money management, so always put in equal amounts per trade. Eg: if you have $20,000 to trade, break it up into $2,000 trades, this will help with you staying in much longer and increasing your success to become a successful or a full time trader.

Secret 3: Run with the profits, and cut those losers.

If a trade goes against you, remember to cut it. No one can pick the market 100% of the time, so don't think you are different. If the trade is going the wrong way cut it. Re look at the trade, there is going to be plenty more. Once they start going up, let them go, who knows how high they go. Remember always use trailing stop losses.

Secret 4: Feel Like you can't pick your nose- Have a Break

It can be possible that you are just not picking the market right or there are strange market conditions if this is the case take a break. Walk away and then come back and look again.

Secret 5: Work like an Egyptian build pyramids

As the market moves up and you are long much earlier, you must learn not to double up your positions. Instead, reduce your positions each time you add to a position. If at first you had 10 contracts, the second should not be more than 5-6 contracts and the third should be 50% of your second (i.e. 3 contracts). An upside down pyramid will be top heavy and could wipe out all your hard-earned profits should the market reverse.

Secret 6 : Don't Double Down- It just compounds losses

If start to add to a losing position by averaging down this is going to be very dangerous. Remember you are investing with "margin". The contract is not yours; you merely paid a percentage of the total value. Averaging a losing position is equivalent to not admitting your mistakes, that you were wrong in the first place. Successful traders cut their losses short and realize that you can't get 100% of winning trades. We all try, but we can't. So cut losses.

Secret 7: WHO wants to be a millionaire? Don't Put it all in One Trade

Use risk and money management to protect your capital, divide your trading capital into 10 equal parts and never lose more than 10 percent on one trade. If you lost the first trade, you still have nine more opportunities to be right. Putting all your capital on one trade is suicidal and you will go down.

Secret 8: NEVER MEET MARGIN CALLS - CUT THE $hit- Saves you Money

When you are wrong about the market, get out, admit it and move on. Once you start thinking, very often prices will go against your position, further triggering a margin call from your broker. A margin call simply means that you are wrong in the market and your position should be closed out. Margin calls are made because people do not want to admit being wrong and take a loss; they hope the market will eventually go in their direction and that they will get there money back. It will come back, I am not wrong. Yes you are.. Get out. To avoid this mistake, you should never meet margin calls. Just cut your losses and "get the hell out".

Secret 9: Transfer Profits

Probably no more than 1% of traders have a rule to take profits out of their trading account. The few wise investors I know have bought their house, a car or simply put part of their winnings into a fixed deposit account, or into some long term shares, otherwise the chances are high that they may lose them all back.

Secret 10: James Blunt knows- Baby because I've got a plan Make a Plan

Lack of planning can only result in no plan, and without a plan you are gambling. Look at getting advice, from stock market reports, Great Broker look finding a great stock broker, use this site to see who they recommend.

HELP HINTS: Most traders should listen to the Kenny Rogers song The Gambler, there are aspects of that song that can learn from, mainly, know when to hold them, know when to fold them, and know when to 'cut' RUN

1. Know when and at what price you are going to enter the market. 2. Know how much money you are going to risk on each and every trade. 3. Know when and at what price you are going to get out when you are wrong. 4. Know when and at what price you are going to take your profits if you are right. 5. Know how much money you are going to make if you are right. 6. Have a safety stop in case the market does the unexpected. 7. Have an approximate idea of when the market should meet your objectives or when it should begin to make a move; and if it has not done so, get out.

FINAL WRAP UP

One of the most important things to take away are set a plan, has your risk and money management plan in front of you and stick to it. If you have that plan and it doesn't work, re plan, that's why if you start small you can soon build up to be whatever trader you want to be.

Happy Trading

About the Author:

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Can You Get a Mortgage Loan with Bad Credit?

By Mark Dawson

Even though your credit scoring might be a little high, you could still qualify for a mortgage. Not easy, but not impossible either.

One of the things that a loan advisor will look at, when considering taking or rejecting a mortgage application, is your credit score. If you know this is going to be a problem, then look at getting this improved as soon as possible. Such as, limit the number of credit cards you have, debt and the number of credit checks done on you and late payments. The better the credit score, the better the interest rate, but even though your credit maybe bad, it does not necessarily mean you will be declined a mortgage.

If there is no hope for your credit, you need to look for other ways to buy a house, because a mortgage probably won't ever be granted to you. You can thank these mortgage rules on the downturn of the economy, which is making it difficult for those with bad credit to get a mortgage. One way that those with terrible credit can get approved is to ask someone to cosign the mortgage papers with them. This is risky for the cosigner, because they are putting their credit on the line for you.

Maybe you have managed to improve your credit over the last six months, paying bills on time and clearing some off the debt. You could go to a number of banks to see who is offering the best rates and try and get the best deal available to you. You can always remortgage, should you continue to improve your credit score over the next few years.

It's likely you will pay a higher interest if you have a poor credit rating and they may insist you get insurance if you don't have enough funds for down payment. This could increase the cost drastically, so make sure you account for all this and know exactly how much you will be paying each month to the bank. You don't want to be in the position of defaulting on the mortgage, which will virtually be impossible to get another mortgage in future.

If you have actually had to file for bankruptcy or defaulted on a mortgage in past, right now it's very unlikely you will get a mortgage. The only thing you can do is shop around, you may have to pay high interest, so it may well be that it's not even worth pursuing.

Be smart, save to get the best deal and keep that credit score good!

About the Author:

Mark Dawson writes for the the Loan Arrangers where you can compare loans and apply online for tenant loans, and bad credit loans.

Simple Tips On Refinance Mortgage Loan

By John Bear

Everyone knows that comparing lenders can help you find the best refinancing deal, but those numbers can get confusing, especially when you are comparing lenders. You should investigate rates, fees, and points. Remember too that just because a mortgage company has the lowest rates, it doesn't mean that they have the best deal for you.

Many of the financing companies post their rates online. In fact, the lower interest on an ARM or fixed-rate mortgage can be tempting, but do look at the fine print. What fees or points are required for the rate? Mortgage lenders tend to lure consumers with low initial numbers only to have high closing costs. The best number to look at is the APR.

The federal law requires the annual percentage rate, or the APR, to be disclosed to consumers before signing any contract. The APR would include the interest rate of the mortgage and closing costs and this will give you an accurate idea of the total cost of the refinance mortgage loan.

Just as your original mortgage had closing costs, so will your refinanced mortgage. Standard fees include origination fees, appraisal costs, and closing fees, while points may also be required to secure a low rate. By looking at the APR, you can determine which lenders are offering the best fees in relation to their rates.

When researching for a mortgage, do ask about penalty fees because early payment or late payment fees can get really pricey. So there are some instances that you can waive part of these fees, such as an early payment, by paying a point at closing.

The lowest rate refinance mortgage loan may not always be the best deal and it will clearly depend on your situation. For example, paying points for low rates will not save you money if you plan to move in a couple of years later.

Before having to refinance, decide first on how long you plan to keep the mortgage. You can then compare the costs of mortgages for how long you will keep them, even if you plan to take out a 30 year term mortgage that you plan to have for only a couple of years. You can always use mortgage calculators to help you with the math calculations.

Lastly, to find the best options regarding your refinance mortgage loan, request quotes for refinancing your mortgages together and separately. Also look at the other lenders to make sure you will get the best deal that is being offered. With proper research, you will surely end up with the best refinancing deal for your situation.

About the Author:

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