Reverse Mortgage Charlottesville VA | (434) 260-7773 | SLS Mortgage

Reverse Mortgage Charlottesville VA | (434) 260-7773 | SLS Mortgage Reverse Mortgage Charlottesville VA - (434) 260-7773 - http://sls-mortgage.com/reverse-mortgage - SLS Mortgage One of the most frequent questions that we receive when assisting with Reverse Mortgages in Charlottesville VA is, "If I already have a mortgage, can I still do a Reverse Mortgage?" The consensus seems to be that most people believe the answer to this questions is no. In reality, however, the Reverse Mortgage is a system that allows the borrower to reverse their mortgage payment. Instead of paying from out of their pockets every month, the borrower uses a Reverse Mortgage to end their mortgage payments forever. Now because the Reverse Mortgage is a Federally guaranteed and regulated program, there are some limits that should be talk about with the Reverse Mortgage. One is the fact the Reverse Mortgage is designed to utilize the equity in the home, there are limits to the amount of money that a Reverse Mortgage can produce, and of course, how much mortgage can be paid off. A good way to know if a Reverse Mortgage will perform efficiently for you is first judge whether or not your current mortgage is under 70% of your home's appraised value. This is the maximum lending ceiling for most cases. A Reverse Mortgage Lender will provide the exact figures. http://www.youtube.com/watch?v=HHdhtW6KSpQ Next, the money that you will receive from a Charlottesville Reverse Mortgage MUST go towards paying off your mortgage. Any money that is left over will be available to you with no restrictions, but only after your current mortgage is paid off in full. This should be a goal for Reverse Mortgage applicants who have a large first mortgage or home-equity loan. An obvious benefit of using the Reverse Mortgage to remove the current mortgage is the added income you will receive from removing your monthly mortgage payments. Reverse Mortgages never require you to make a monthly payment for the rest of your life, while you are a resident of the home. The Reverse Mortgage is a product that is useful to remove monthly payments on credit card debts, medicine, and medical bills. The idea behind the Reverse Mortgage originated in Europe, and has been the most popular senior financial vehicle in England, Germany, France, and the Scandinavian nations for the last 35 years. Although the United States has only perfected the safety and administration of the Reverse Mortgage in the last 15 years, its popularity has exploded in the last decade. It is at a point now that we are experiencing a 200% growth from each year to the next in the number of seniors around the country joining the Reverse Mortgage program. With social security and Medicare benefits not providing the amount of income that seniors expected to last them through their retirement, Reverse Mortgage are a tax-free, safe, and minimal out-of-pocket-cost strategy that does not affect any government benefits or income, protects the home from default and foreclosure, and relives the senior of the stress of monthly mortgage payments. Most people who do a Reverse Mortgage are ready to enjoy their retirement, travel, and "Do Stuff!" This is the reason the Reverse Mortgage is now becoming the one of the most popular senior financial vehicles, not in Europe, but in the United States. Article Source: http://EzineArticles.com/113133 To learn more about reverse mortgages and our other loan programs, visit our YouTube channel: http://www.youtube.com/user/culpeperhomeloans To get any questions answered concerning reverse mortgages, call our loan professionals at SLS Mortgage for a free consultation: SLS Mortgage (434) 260-7773 (855) 571-8800 Toll Free Reverse Mortgage Charlottesville VA - http://sls-mortgage.com/reverse-mortgage

Reverse Mortgage Reston VA | (703) 594-9229 | SLS Mortgage

Reverse Mortgage Reston VA | (703) 594-9229 | SLS Mortgage Reverse Mortgage Reston VA - (703) 594-9229 - http://sls-mortgage.com/reverse-mortgage - SLS Mortgage A reverse mortgage is one of many vehicles that individuals 62 years of age or older can use to turn the equity in their home into cash. It is very important, though, for an individual to fully understand reverse mortgages, their ramifications, and the alternatives. This article will provide an overview of reverse mortgages. What is a Reverse Mortgage? With a "normal" home loan you pay a monthly amount (principal and interest). With each month, the amount that you owe goes down and the equity in your home goes up. As one might expect from its name, a reverse mortgage works in an opposite fashion. With a reverse mortgage you can turn the equity in your home into cash. You do not have to make monthly payments. The cash may be paid to you in one or more of the following ways: *** As a single lump sum payment *** As a regular monthly amount (a cash advance) *** As a credit line account that you draw upon as needed With a reverse mortgage in Reston VA, the homeowner continues to own their home and receives cash in whatever way is preferable to them. As they receive cash, their loan amount goes up, and the equity in their home declines. A reverse mortgage cannot grow to more than the amount of the equity of the house. In addition, a lender cannot seek payment of the loan from anything other than the value of the house. Your other assets and the assets of your heirs are protected by what is called a "non-recourse limit." A reverse mortgage, plus accrued interest, does eventually have to get paid back. Repayment of a reverse mortgage happens when the last owner of the property named on the loan either dies, sells the home, or permanently moves out of the home. Before then, nothing needs to be paid on the loan. http://www.youtube.com/watch?v=KdLYk9jx2Do There are other circumstances in which reverse mortgage lenders can also require repayment of a loan prior to the above conditions. These include: *** The borrower fails to pay their property taxes *** The borrower fails to maintain and repair their home *** The borrower fails to keep their home insured There are also other default conditions that can cause repayment of the loan. Most of these are similar to default conditions for traditional mortgages (for example, declaration of bankruptcy, donation or abandonment of the home, perpetration of fraud or misrepresentation, and more). A Reston reverse mortgage should not be confused with a home equity loan or home equity line, both of which are other means of obtaining money for the equity in your home. With either of these loan vehicles, an individual must pay at least monthly interest on the loan amount received, or amount that they have drawn on their equity line. Reverse Mortgage Eligibility All owners of a home must apply for the reverse mortgage and sign the appropriate loan papers. To qualify for a reverse mortgage the borrower(s) must: *** Own their own home *** Be at least 62 years of age or older *** A reverse mortgage is most typically a "first" mortgage, meaning that there cannot be any other mortgages or loans against the property, such as an equity line. An individual typically owns their home "free and clear" prior to seeking a reverse mortgage. Reverse Mortgage Loan Amounts The amount of money that an individual may receive from a reverse mortgage is a function of many different factors, including: *** The specific reverse mortgage Reston VA program that the individual selects *** The type of cash advances received (e.g., lump sum vs. monthly payment) *** The individual's age (the older an individual is, the more cash they get) *** The value of the individual's home (the more valuable the home, the more cash they get) Article Source: http://EzineArticles.com/177721 To learn more about reverse mortgages and our other loan programs, visit our YouTube channel: http://www.youtube.com/user/culpeperhomeloans To get any questions answered concerning reverse mortgages, call our loan professionals at SLS Mortgage for a free consultation: SLS Mortgage (703) 594-9229 (855) 571-8800 Toll Free Reverse Mortgage Reston VA - http://sls-mortgage.com/reverse-mortgage

Home Mortgage Arlington VA | (703) 594-9229 | SLS Mortgage

Home Mortgage Arlington VA | (703) 594-9229 | SLS Mortgage Home Mortgage Arlington VA - http://sls-mortgage.com - (703) 594-9229 - SLS Mortgage Below is an explanation of why using a mortgage broker is best when shopping for a home mortgage in Arlington VA. To begin the process of attaining your home mortgage loan, contact one of our home loan specialists at SLS Mortgage. We anticipate helping you obtain your dream house. SLS Mortgage (703) 594-9229 (855) 571-8800 Toll Free Buying a home is an exciting time, and is most likely the largest and most important investment you will make in your lifetime. There are many factors that go into buying a home, including securing a mortgage. Many home buyers will probably automatically look to their banks or financial institutions to obtain a mortgage on the home they wish to purchase. What many of these people may not realize is that the banks will probably only offer them one rate, with specific conditions and terms for their home loan. It would be beneficial for these home buyers to work with an independent mortgage broker who will almost guarantee a lower rate that what the bank will quote them. Why Use a Mortgage Broker For Your Home Mortgage Loan Needs? Mortgage brokers are trained experts in the field of home mortgages, equity loans, and other financial products. They get to know their clients' financial situation, and attempt to find them a mortgage that suits their specific and individual needs. Independent mortgage brokers are not employees of major lending institutions, so they are not limited in the rates and products that they can offer their clients. Independent mortgage professionals know many lenders across Canada that they have a relationship with, and that they deal with on a regular basis. You only need to fill out one application, then your mortgage agent shops it to all the lenders, in order to maximize the chances of obtaining financing for the mortgage. For this reason, they are often able to secure a mortgage package for hard to place mortgages that the banks turn down. The benefit is that you only have to fill out one application and have one credit report pulled, and they can then shop it to all their lenders. Many of the lending products they can access are not available to retail clients. Get a Home Mortgage Loan at Lower Rates With a Mortgage Broker Getting a home mortgage using an independent mortgage broker is a process that will save you money, because more often than not, mortgage brokers are able to secure mortgages at a much lower rate than what traditional banks may be able to offer. This is because the brokers communicate with a variety of lenders at once, comparing which lender will offer them the best and lowest rate. A lower rate on your home mortgage will most definitely translate into lower monthly mortgage payments, and more money going towards principal rather than interest. Because of this monthly saving, the home owner is then able to pay their house off faster, or put more equity in the home that they can use later on if they ever need to finance something that requires a lot of money to do so. For example, if there is a major home renovation that needs to be financed, you can use the equity in your home to pay for it, by arranging for a home equity loan or line of credit. Save Time Shopping For the Best Home Mortgage Loan - Get a Mortgage Broker to Shop Around For You! Smart consumers take the time to shop around and compare prices on a specific product before buying it to be sure they are paying the best price for that particular product. This is very much the same when it comes to home loans. This is essentially what mortgage brokers do. They will shop around at various lenders and banks to find the lowest rate and best terms and conditions for your mortgage. Having the mortgage broker shop around for you saves you a lot of time from having to do it yourself. If the banks have turned you down due to poor credit, being self employed, new to Canada, or other reasons, an accredited mortgage professional can usually find you a lender. Mortgage Brokers Working on Your Behalf - At No Cost To You! Most mortgage brokers are paid by the lenders, which means they do not look to you for any service fees or charges. You get the best of both of worlds - a mortgage broker who will act in your best interests and get you the best rate and terms, all at no charge to you! Article Source: http://EzineArticles.com/7062643 Want to know more about the mortgage loan products offered by SLS Mortgage? Visit our YouTube channel: http://www.youtube.com/user/culpeperhomeloans Home Mortgage Arlington VA - http://sls-mortgage.com

Home Mortgage Reston VA | (703) 594-9229 | SLS Mortgage

Home Mortgage Reston VA | (703) 594-9229 | SLS Mortgage Home Mortgage Reston VA - http://sls-mortgage.com - (703) 594-9229 - SLS Mortgage Below are some great tips you should adhere to when searching for a home mortgage in Reston VA. To begin the process of attaining your home mortgage loan, contact one of our home loan specialists at SLS Mortgage. We anticipate helping you obtain your dream house. SLS Mortgage (703) 594-9229 (855) 571-8800 Toll Free Tip #1: Always Shop For Home Mortgage Rates Don't blindly accept a Realtor or Builder referral to apply for a Home Mortgage through their preferred lender. Many times they will say, "We work closely with this guy and he gets the job done". Translation: "We play golf together and he buys the beer". Remember, the Realtor won't be paying the bill each month for the next 30 years, you will. If you apply for a Home Mortgage through a preferred lender without shopping, you will pay hundreds or even thousands of dollars in additional costs. Tip #2: Call For Home Mortgage Quotes After 11:00 a.m. Eastern Time Mortgage Rates change each day and sometimes midday. The previous day's rates typically expire by 8:30 a.m. the next morning. Generally, Home Mortgage Rates are published each day by 11:00 a.m. Eastern time. This varies from lender to lender. To make sure you are getting Home Mortgage Rates from the current day and not a mixture of rates from the previous day from some lenders and the current rates from other lenders, always do your rate shopping after 11:00 a.m. Eastern time. Get all your quotes after 11:00 a.m. Eastern time. Sometimes Home Mortgage Rates change midday due to a volatile bond market. When this happens, some Home Mortgage Lenders will adjust the Discount Points for their rates in accordance with the new bond prices and publish new Home Mortgage Rates for that day. Other Lenders may continue to honor their morning rates. Tip#3: Always Tell The Mortgage Loan Officer You Are Prepared To Apply For A Loan NOW How will you compare quotes if you don't know which quotes are real and which are part of a bait and switch plan? The only way to ensure getting real quotes is to box in the Home Mortgage Loan Officers by making them think you are ready to Lock-In a Home Mortgage Rate immediately. Tip#4: Ask For The Total Points And The Total Fees When you call a Mortgage Lender, ask for the "Total Points" (Discount Points, Loan Origination Fee, Broker Points) for each Home Mortgage Rate. Some lenders will only quote the Discount Points and deliberately leave out the Loan Origination Fee. You won't find out about the 1.00 Point Loan Origination Fee until you apply for the Home Mortgage. By that time, the Loan Officer figures you will just accept it because he's got your application and pulled your credit report. In addition, Mortgage Brokers often neglect to mention their Broker Fee. Some lenders do not charge a Loan Origination Fee. When you are quoted the Total Points, specifically ask them if there is an additional Loan Origination Fee or Broker Fee being charged. You truly have to nail this down when you talk to a Home Mortgage Loan Officer. Tip#5: Always Confirm The Rate Lock Period When Asking For A Rate Quote If you are buying a home and you need 60 days to close, make sure you specifically request Mortgage Rate quotes with a 60 Day Lock period. Some Home Mortgage Loan Officers will quote rates with 15 Day or 30 Day Lock periods because the Discount Points for shorter lock periods are less than rate locks for longer periods. Quoting a Home Mortgage Rate with a 15 Day lock period obviously gives that Loan Officer an unfair edge. It is also a waste of your time because the quote isn't real if you can't settle on your loan within 15 days. Always specify a 60 Day Lock-In if you are buying a home. Ask for 45 Days if you are refinancing, but you may be able to get it done within 30 days if you are very diligent and call your Home Mortgage Loan Officer twice a week for a status of your application. Article Source: http://EzineArticles.com/4271545 Want to know more about the mortgage loan products offered by SLS Mortgage? Visit our YouTube channel: http://www.youtube.com/user/culpeperhomeloans Home Mortgage Reston VA - http://sls-mortgage.com - (703) 594-9229

VA Mortgage Fredericksburg VA | (540) 216-0665 | SLS Mortgage

VA Mortgage Fredericksburg VA | (540) 216-0665 | SLS Mortgage VA Mortgage Fredericksburg - http://sls-mortgage.com (540) 216-0665 VA Mortgages are also sometimes referred to as VA guaranteed loans, since they are guaranteed by the Department of Veterans Affairs. This means that if a borrower defaults on their loan, the Department of Veterans Affairs will repay the lender a portion of the delinquent balance. Advantages of VA Loans: Veterans who are considering buying a home should first consider obtaining a VA mortgage loan instead of a traditional mortgage loan. There are a number of different advantages of these types of loans compared to traditional loans. How to Get a VA Home Loan: Getting a VA mortgage loan is very similar to getting any other type of mortgage loan. First, however, potential borrowers should make sure that they are eligible to take advantage of this loan program, and request a certificate of eligibility. If you would like more information on VA mortgage loans, don't hesitate to contact our mortgage professionals. We're happy to help you determine your eligibility and walk you through the process. To see more about the variety of loan programs we offer, visit our YouTube channel: http://www.youtube.com/user/CulpeperHomeLoans SLS Mortgage (540) 216-0665 (855) 571-8800 Toll Free VA Mortgage Fredericksburg - http://sls-mortgage.com

Mortgage Refinance Reston VA | (703) 594-9229 | SLS Mortgage

Mortgage Refinance Reston VA | (703) 594-9229 | SLS Mortgage Mortgage Refinance Reston VA - http://sls-mortgage.com/mortgage-refinance - (703) 594-9229 - SLS Mortgage If you are in the process of mortgage refinancing, you might feel overwhelmed by all of the mortgage loan options available to you. There are different types of mortgage refinancing loans for every situation; however, choosing the wrong type of loan when mortgage refinancing could be a costly mistake. Here are several tips to help you choose the right mortgage for your individual situation. Which Type of Lender Should You Choose When Mortgage Refinancing? There are many options available when choosing a lender for mortgage refinancing. Banks, mortgage brokers, online portals, and local mortgage companies all offer mortgage refinancing loans. Choosing the wrong type of mortgage lender is a costly mortgage mistake you need to avoid. Banks and broker-banks should be avoided when mortgage refinancing. Banks are exempt from disclosure laws in the United States that protect borrowers from predatory lending practices. If you take out a mortgage from your bank they could overcharge for the loan and you'd never know. Mortgage companies and brokers are retail outlets for mortgage loans and can help you find competitive offers for your new loan. There are still risks when dealing with a broker or your local mortgage company. These companies regularly mark up the interest rates they receive from wholesale lenders to receive an additional bonus from that lender. If you learn how to recognize retail markup on your interest rate, you can avoid paying it. What Type of Loan Should You Choose When Mortgage Refinancing? There are a number of loan options when mortgage refinancing. You have the choice of taking out a loan with a fixed interest rate, an adjustable interest rate, or a hybrid loan with both types of interest rates. When interest rates are rising, mortgage refinancing with a fixed interest rate loan has the advantage of a predictable payment amount you can plan your budget around. Fixed interest rate mortgage refinancing typically comes with higher rates than a comparable loan with an adjustable interest rate, at least initially. Adjustable Rate Mortgages save money in the beginning because these mortgages come with an introductory interest rate that is significantly lower than the actual rate. Once the introductory period expires the lender will adjust the monthly payment amount to include the actual interest rate. When this adjustment occurs the payment amount will go up significantly. Cash-out Mortgage Refinancing When refinancing your mortgage you have the option of taking cash back from the equity you own in your home. Cash-out mortgage refinancing has a number of advantages over home equity loan options. The main advantage over other home equity loan types is that you will only have one monthly payment to make. Because you will only be carrying one mortgage on your home you will also qualify for a lower interest rate. Article Source: http://EzineArticles.com/?expert=Louie_Latour Article Source: http://EzineArticles.com/350541 Contact SLS Mortgage to help you determine if a mortgage refinance in Reston VA is right for you. Want to know more about SLS Mortgage and our loan programs? Visit our YouTube channel: http://www.youtube.com/user/culpeperhomeloans SLS Mortgage (703) 594-9229 (855) 571-8800 Toll Free Mortgage Refinance Reston VA - http://sls-mortgage.com/mortgage-refinance

Mortgage Refinance Vienna VA | (703) 594-9229 | SLS Mortgage

Mortgage Refinance Vienna VA | (703) 594-9229 | SLS Mortgage Mortgage Refinance Vienna VA - http://sls-mortgage.com/mortgage-refinance - (703) 594-9229 - SLS Mortgage If you're paying too much for your mortgage every month, a mortgage refinance could be a great option. Keep in mind though, that refinancing a mortgage is not for everyone. While it can make financial sense for some borrowers, it could also be a big mistake for others. Determining if a mortgage refinance is right for you is largely determined by your individual situation. There can be a number of advantages to refinancing a mortgage, such as lower monthly payments and lower interest rates, but a loan refinance isn't for everyone. There are a few factors to consider before considering a mortgage refinance. You should also consider both the short-term and long-term ramifications of mortgage refinancing. For instance, make sure that you're able to make the new monthly payments and that you're comfortable with the final price you'll end up paying for your home. Contact SLS Mortgage to help you determine if a mortgage refinance in Vienna VA is right for you. Want to know more about SLS Mortgage and our loan programs? Visit our YouTube channel: http://www.youtube.com/user/culpeperhomeloans SLS Mortgage (703) 594-9229 (855) 571-8800 Toll Free Mortgage Refinance Vienna VA - http://sls-mortgage.com/mortgage-refinance