Housing and Real Estate

If you want a home for your family but you are not affiliated with the official institutions can not acquire a bank loan or you are self employed, there are other agencies that can help you get financing.

The Limited Purpose Financial Companies and the Federal Mortgage Society  offers lines of credit for house purchase new, used, construction, expansion and remodeling.

Although each of these financial intermediaries have their own mortgage products with very specific characteristics, we can speak of some widespread credit conditions as:

- The value of the home can be anywhere from 157 thousand to 500 thousand Udi’s

- The average fixed interest rate is 12.5%

- The repayment terms are between 5 and 25 years

- No prepayment penalty

- The maximum amount of funding is 90% of home value (more…)

Today the mortgage market is experiencing one of its greatest crisis, leaving 800 families homeless each week for failing to meet the mortgage payment, no individual who is not afraid to be in a similar situation by product crisis. However, there are some solutions that can help us cope with the mortgage to renegotiate it. There are many ways to reduce our mortgage payment given that to date we have always paid correctly. But what ways are these?

1) Extend the term: This is the easiest way to reduce the quota but as a negative effect is that ultimately end up paying much more for your home.

2) Lack of Capital: Many lenders offer grace periods of capital, these peak periods which vary from entity to entity will offer a period in which only pay the interest on the mortgage, reducing the share up to 70%. From then to end this “grace period” you will have to pay hundreds of dollars more but at least this way you can get out of trouble and avoid being garnished because of insufficient funds.

3) Deferred Capital: This option means that agreements with the entity to pay the last installment, for instance, 20% of the home. With this method the mortgage is made on the remaining 80% thus reducing the monthly impact. At the same time to avoid having to pay that 20% of nothing is often the entity agrees to an extension of the mortgage to deal with this 20%.

4) Negotiate your interest: This is only an option for those with a good financial profile with a link to the entity either through procurement of products associated with the mortgage or trust them their finances. (more…)