Tag Archives: terms
Apply Obama Mortgage Plan -How Do You Qualify?
If you are searching the internet looking for more information on the Barack Obama Home Mortgage Plan or the Obama Loan Modification Plan, this article should help you understand how it works.
With Americans losing their homes left and right, streets are now filled with dead lawns, weeds and “Bank Owned” signs. To combat this foreclosure epidemic, Obama released his Mortgage Plan. Their are many critics out there saying that this plan is not working, but it has helped many homeowners to lower their monthly payments. The trick is filling out the paperwork correctly.
People tend to lie. Simple as that. They think they need to “fudge” their applications and make themselves look dirt poor. Nothing will get you denied faster than that! The bank wants to see that you are still making money, but have suffered a financial hardship – not a financial disaster. You have to be able to show that you could afford your lowered payments – even with the Obama plan. It is still the banks discretion on who they choose to accept.
You might want to seek the advice of experts on this one, because the Obama mortgage plan will drastically lower your monthly payments if you do get qualified.
How low? Not greater than 31% of your total monthly pre tax income. That is a huge monthly savings for most people, especially if they are in a high interest rate loan, which is who this plan was made for. There are a few different ways that your lender will get your payments this low and it always starts in the following order.
The first way your lender will try to get your payments within the 31% threshhold is by lowering your interest rate. This will go down all the way to 2% if necessary. If this doesn’t get your payment low enough, they will move on to the next step…
The second step is to extend your terms. This lowers your payment even more. If you currently have a 30 year loan and extend that into a 40 year loan, you are spreading out your payments over 10 more years. If this doens’t work, they will try step 3.
The final step would be a principal reduction. They could choose to knock some money off of your loan balance to get you under the 31%. This is pretty rare, but I have heard of it. Usually, getting a super low 2% interest rate and extending the terms to 40 years is going to do the trick. Some people want to get a loan modification just to try and knock money off of their principal, but this doesn’t usually happen. The goal is to get your payment low enough so you can afford to stay in your house, not to take money off of a balance that you agreed to pay. But think of it this way, your interest rate will be lower than almost everyones and that has the same effect as lowering your balance in terms of your monthly payments.
If you would like assistance with the Obama Mortgage Plan, you can visit the links below. They have helped people get qualified who were originally denied by their lenders.
Finding a Reputable No Credit Check Car Dealership
In today’s auto sales industry, more consumers than ever before are seeking alternatives to traditional car purchases and leases. Financing a car is a lot of work for most people but it doesn’t have to be a daunting task if you know what you are getting into. The first step to your unique needs is to find a car dealership that is reputable, dependable, and will give you the car and financing terms that you deserve. Here are some things to keep in mind to help you get the best dealership for your needs:
-Always make sure that a dealer has an upstanding reputation in the community. No matter how good their deals claim to be or what type of credit approval they offer, they need to have a stable reputation, history in the market, and a commitment to helping their customers. That way, you can buy a car from someone you can trust.
-Read all of the terms and conditions of their “no credit check” process or financing solutions. Depending on the dealer or seller, there might be different rules and guidelines that have to be followed. You need to know exactly what you’re agreeing to when you choose this type of financing.
-Do your homework on the cars. Don’t assume that something is listed for its value. Right now the market is yours, and you need to make sure that dealers aren’t charging you too much for the car you want. Check out the value and make sure that you get a fair price along with good terms and conditions.
-Ask about payment reporting. In some situations, consumers want to have a dealer report their payments to their credit to help improve things. If this is something you were considering, you should ask a dealer if they offer the service. This is a helpful tool if you can find it, but it isn’t essential.
There is a lot that goes into buying a car. When you need non-traditional financing solutions, it can get even more complicated. Keep these tips and guidelines in mind so that you can check out all of your options for auto financing and get the loan that you need on a car that you love. It isn’t difficult, by any means, but it is something that takes a little time and effort on your part to ensure that you’re getting a good deal from a reputable car dealership.