Best of Niner Niner July 06
Niner Niner, a collaborative weblog network, has over 25 great blogs and this “Best Of” highlights just a few of the posts that were written by some of the Niner authors, in topics that range from High Heels, Ajax, HIPAA Privacy Regulation to gadgets, books and health.
In Ajax Blog, Sreejith introduces us to a few new things. First is Vox a new blogging service from Six Apart that uses WYSIWYG with a taste of web 2.0. After that we learn about Krun.ch and Wishlistr.
Blogging Naked: Scarification and lip plates are shown to be some of the newest and more popular form of “self-expression” in recent years.
Bookadoodle: Nancy Callahan posted more in her series “Getting Published” and this latest edition was part 5.
Boomer 2.0 had posts that pointed out that boomers can still have that second career and another that shows many are not even planning retirement anytime soon.
In Class Action Questions find out about lawsuits involving pyramid scams, hair raising beauty product claims and why State Farm was penalized.
Credit Cardenza: Unfortunately, millions of people are drowning in credit card debt, have to worry about credit scams and fraud, and let’s not even talk about the international fees.
Dealsneak managed to sneak more than a few deals pass us this summer including, the Samsonite laptop case, a gorgeous leather bench, and a sweet looking Thermaltake Tsunami computer case.
Feed Money discusses the fact the Ebay has jumped on the contextual ad bandwagon as well as blog feeds and a program called RSS To Blog.
If you need to Fix Your Finances one of the first steps is learning how to save your money. After that you can check out Mvelopes to learn all about budgets.
At Games For Money you can find places to play free online gambling games and also learn some card counting tricks and tips.
The High Heels Blogs show us which killer heels are on sale including boots, sandals, slides and mules. Also take a look at some killer wedding heels for this summers nuptials.
A few notable gadgets that were blogged in the HyperGadget blog were the Kurzweil-National Federation of the Blind Reader, and the jumbled and messy looking organizer.
Over at the Medcare Forum, Kathleen Milazzo tells us more about that scary mad cow disease and our medical privacy laws.
Find out just how much house you can afford before you go running off to get that mortgage. And is the housing bubble really ready to blow? All this and more in Mortgage Updates.
At My Secret Side Biz learn how to make a profit, how to get your own powerwash, and simple business and Ebay tips.
On Healthy Living: Sarah White tells us all about a new study that could help with asthma reduction when it comes to do light exercise that involves stead breathing like yoga.
On Movies has a decade of super heroes list that includes recent and unreleased movies. Leafworks reviewed The Omen and we got to see the trailer for the new Ghost Rider movie.
Powersellers Blog: Ebay has done it. They finally reached 200 million members and they are also expanding into new ideas. Also people are fed up with Paypal while crooks are finding more ways to defraud your account.
Seo Updates: Yahoo one of the biggest email services was hit with a worm and Google expanded into real estate but won’t be making a browser, at least not anytime soon.
Get some free exercise tips from The Diet Logs. You will certainly need them if you plan to take a bite of this $100 burger.
Living the Single life? Well take a look at some great break up lines and if your looking to meet people Leafworks posted a great review of club La Rumba.
Thumb Gods: Nintendo is no, no to the name Wii for their new console a game system that is at the end of this long list containing The Evolution of Video Game Consoles.
Las Vegas Revealed that it was ill prepared for a massive disaster, but til then you can still get married and get comp’d in Vegas.
Wander the World, well the State of Colorado with Leafworks. He takes us to the Cherry Blossom Festival, Gothnic in Denver, Old Colorado City, Plaza del Arte Festival in Downtown Denver and Garden of the Gods.
Real Estate Confusion
Trying to get a loan for a house can be more difficult than getting your teeth pulled. Especially when the information is just as confusing before you read it. Get a good grasp on what each loan means and try to figure out which is right for you:
Lawsuit Against Internet Mortgage Company Bankrate
A former advertiser is suing Bankrate.com because they say that Bankrate allowed mortgage companies to run amok. Many companies were pulling bait and switch tricks when it came to the rates that they would offer consumers.
I’m sure however that things like:
a consumer would need “a direct pipeline to God” to qualify for its advertised rate
Is probably not a great way to conduct business. But hey they obviously know better right? Another problem is that quietly Bankrate has been fielding lots of complaints from it’s customers about the advertisers, but the new management said that things were going much better since they took over the company two years ago.
Mortgage Loans and Lending Decline
A year ago today mortgage loans and applications was a much higher number and people in the industry are saying that the numbers have fallen sharply from the same time year when it was higher. Experts say that loans and lending have fallen 11% since June ‘05 and that not that many people are getting homes.
I think it would have something to do with skyrocketing home prices. When the real estate boom is going full throttle many just cannot afford the prices that are asked on many of these homes.
Home Equity Loan Article
The problem with getting your own house or trying to at least is that most of it can be confusing and many potential home owners find themselves getting ripped off because they didn’t know what they were doing or even where to start. Home buying have many parts. Here is one: Home Equity Loans. This article can explain it to you.
What is a home equity line of credit?
A Home equity line of credit is a revolving line of credit secured by a real-estate asset. A Line of Credit can represent your whole home loan if at the time of application your property is unencumbered, or it may form a part of your overall mortgage. The interest rate on a Home Equity Loan and payments on such a facility must remain variable because the borrower is allowed to draw moneys out and pay moneys into the line of credit as often as they wish.
A line of credit is like a credit card secured by your home or investment property. Most people use their credit lines only for major expenses such to finance home improvements, or pay off major debts. With a home equity line, you will be given access to a set amount of credit, but you only pay interest on the amount you access.
How Do I know How Much Equity I have in my Home?
This really quite simple. Your available equity is the difference between your current home value and your outstanding mortgage. If you have had your current home loan for a number of years without revaluing your property, you may find that you have a lot more free equity than you think. Some lenders in Australia are offering home loans at 100% and even 106% of the value of your home. These loans are offered on home purchases. For a mortgage refinance, most lenders will be happy to lend you up to 95% of the value of your home. To qualify for such a high LVR (Loan to Value Ratio) you must have a clean credit history and have adequate financials to support your loan application. You will still be able to obtain a Line of Credit against your home even if your financials are not up-to-date or if you have had some defaults in your history – however the LVR available to you will be slightly lower (perhaps 80% – 90%) and the interest rate charged on the loan may be slightly higher.
Lets assume that your home is worth $400,000 and your outstanding mortgage is $200,000. If this is the case, your current mortgage is up to 50% LVR of your home value. You should be able to obtain a Line of Credit to the value of $ 120,000, taking the total loan to $320,000 – ie. to 80% of the value of your home.
Why Should I Consider A Line of Credit?
The main advantage of a Line of Credit is that you decide when and how much you spend. You are only charged a home loan interest rate on the money you draw out. You are free to repay the moneys drawn at any point in time. While a Line of Credit can be used for anything from a car loan to an overseas holiday or home renovations, education expenses, further investment etc., one of the best uses for this facility is Debt Consolidation. By using some of your line of credit to repay all your other unsecured debts, you will see yourself paying around 7% interest on these debts instead of 15-20%. Therein lies a major saving allowing you to reduce your monthly obligations and pay off your mortgage faster.
What are the main advantages of a home equity line of credit?
The primary advantages from a home equity line of credit are lower monthly payments, because you only need to cover the interest expense on the money drawn out. The other benefit with an equity line of credit, is that the interest rate is lower in most cases than the credit card rate. Your financial position may change between the time that you apply for your initial home loan and some years down the track. By incorporating a Line of Credit into your Mortgage you may find that this line of credit will help you to make your mortgage repayments if you:
-loose your job;
- suddenly get sick and are unable to work for some months;
- need to take maternity/paternity leave and your income drops;
- have any other unexpected changes in personal circumstances.
In effect your Line of Credit acts as your ‘emergency insurance’.
Are there any Disadvantages to a Home Equity Line of Credit?
There are no real disadvantages. However you do need to be disciplined to ensure that you do not go on a spending spree with your line of credit. As you are in effect using your home as security to pay your other debts, you must take extra care in ensuring that you do not ‘overspend’. The risk of spending beyond your means is that you may lose your home. However this risk like all financial risks can be managed and should not prevent responsible adults from taking control of their financial future.
What if I wish to make principal payments?
You may make additional principal payments on your line of credit whenever you wish.
Will I need to Pay Penalties for early repayment?
In general terms your line of credit can be drawn and repaid at will without any penalties. You will however need to consult your chosen lender to determine what fees and charges will apply with your loan.
For more information on a Line of Credit or Home Equity Loan please visit:
Maya Pavlovski holds a Bachelor of Commerce Degree from the University of Melbourne and is a qualified CPA
Source: Maya_Pavlovski
Mortgage Calculator
I just came across a website that I think would help many people if they are looking to get a mortgage but are unsure of the cost, especially if they are renting at the moment. There are different types of mortgage calculators that you can use and you can compare rates from a few things such as home equity, finance or purchase.
Mortgage Companies Avert Huge Accounting Disasters
“A potential financial disaster that could have shaken the housing market was averted because regulators discovered accounting failures at Fannie Mae and Freddie Mac, the new head of the agency that oversees the mortgage giants said Monday. “
“Fannie Mae, the second-largest U.S. financial institution after Citigroup Inc. and the second-biggest borrower after the federal government, is restating its earnings back to 2001 — a correction expected to reach at least $11 billion. The company was fined $400 million in a settlement in May with OFHEO and the Securities and Exchange Commission, one of the largest civil penalties ever in an accounting fraud case. It also agreed to make top-to-bottom changes in its corporate culture, accounting procedures and ways of managing risk.”
When I first heard these stories I immediately thought Enron but it looks as though it was simple accounting mistakes and that nothing was done on purpose. At least that’s how it seems now, but I’m a little untrusting of large companies right now. Let’s check back in a few years.
No Mortgage For Trader
Kyle MacDonald a Canadian man got up one day and decided he wanted a house but with no job or ideas to get one, he figured out a plan. He would trade his large red paperclip for a house. How would he do that? With one item at a time.
He went from a paperclip to a snow globe, record contract, atv and many other items before he finally got that house. A small town heard of him and were in fear of having their town dwindle to nothing and decided to get the publicity of Mr. MacDonald. They built and offered him a home which he accepted. He doesn’t have a mortgage and the house came free but he will have all the bills regular folks have such as utitlity and taxes. He says that’s fine because there a few restaurants in town where he plans to go get a job. He and his girlfriend plan to move in this November.
Bad Credit and Mortgages
The sad fact is that millions have bad credit and that is something that will be a lot of trouble when trying to get a mortgage. For some hell will freeze over before anyone wants to work with them and their awful credit. Read this article about bad credit/mortgages.
Home Buying Process: Mortgage with Bad Credit?
A mortgage approval gives the buyer a general idea of how much money that can be spent for the purchase of a home. This is the first step to obtaining the money to purchase a home. The next step would be to determine how much money is required to put down as a down payment. There are many programs for purchasing a home without down payment. Nothing is written in stone. However, this doesn’t give you permission nor does it limit you to a certain amount. Pre-qualification is a good starting point. However, no documentation has been shared with the lender at this point.
On the other hand, in the case of pre-approval documentation will be exchanged. The information is not verified and you may not qualify to get a loan. The lender will check your credit and your employment status. This would give the lender a view of your financial status and give the buyer a view of what type of house he/she could buy.
There are many companies that offer buyers no qualifying, no income verification, and no cash down mortgages. Going to a bank is not the only option. Firms that offer no credit and no qualifying mortgages are popular and can be found inside of your local real estate guide and on the internet.
No one can actually make the process of getting a mortgage or financing simple, there are several companies that make getting a mortgage easy…even with bad credit, no credit, and no cash down. In most cases, companies will not look at the job that you may or may not have. Many companies look beyond a person’s credit score or how long they have been at a particular job.
To find out further information about how to purchase a home with bad credit or no credit visit your local real estate company and they might be able to refer you to a bad credit mortgage specialist. On the internet there are hundreds of companies that specialize in people with bad credit. If you are in a bad credit situation and your dream is to purchase a home, your dream can become a reality. Every person deserves a chance to purchase their own home.
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Connie Barker is the owner of several financial websites including those which deal with Obtaining a Mortgage With Bad Credit
Article Source: http://EzineArticles.com/?expert=Connie_Barker |