Tag: Los Angeles

Know All About Your Mortgage Before You Choose One

Posted by admin on July 14, 2016


With the rate at which current property prices are soaring, it is not
possible for everyone to afford a home on their income or on mere
savings. This is the reason many mortgages and home loans exist. This is
also the reason why there are many mortgage brokers who help in getting
the borrowers and the lenders together. They also help out with
arranging and submitting the paperwork to the lenders on behalf of the
borrowers. They charge a fee or commission for their services. The
lenders charge interest for the loans they lend. These interests are
known as interest rates or mortgage rates.

What is a mortgage?


A mortgage is basically a lien against property. It is a loan obtained
by a borrower by pledging his home with the lender, usually the bank.
This is in the eventuality that if the borrower stops making payments,
the lender can foreclose. In cases where the borrower borrows from the
bank, for example, the bank has a claim on his property in case where he
doesn’t pay up. The bank can then evict the tenants in the property and
sell the house and appropriate the sale proceeds towards the repayment
of the loan. Los Angeles mortgage rates have a big effect on mortgages
that are adjustable rate mortgages. The other type of mortgages that
home buyers can opt for are the fixed rate mortgage and foreign currency
mortgage.

What is a mortgage rate?


In a mortgage, a lender lends money to the borrower and charges him
interest. The rate at which the lender charges the interest is known as
the mortgage rate.This rate could be fixed or variable. Depending on the
interest rates, the mortgage rates in Los Angeles too fluctuate and
have an impact on the homebuyers’ market. There are several factors that
affect this rate and one of the most important among them is the
borrowers’ credit. Another important factor affecting the mortgage rates
in Los Angeles is the size of the loan the borrower intends to take
out. This rate in turn decides the amount the borrower eventually pays
out in equal installments and the total interest component of the entire
mortgage.

Basic concepts of a mortgage


In Los Angeles, or in fact anywhere, in addition to Los Angeles
mortgage rates, there are other concepts too that one must understand
when it comes to mortgages. These are property, which usually means the
property being financed; borrower, meaning he home buyer taking out the
mortgage and the lender, usually the bank. There are also some others,
such as redemption, foreclosure, insurance, principal and so on. Yet
other important terms one always gets to hear when talking about
mortgages, are closing costs, escrow, loan to value ratio, lock-in,
title ratio and so on. Apart from keeping oneself abreast of these
terms, it is always advisable to do your homework and compare more than
one mortgages available in the market so as to ensure that you end up
with the best deal.Knowledge is correctly said to be power and helps you
carry out a smooth transaction.

A Debt Free You

Posted by admin on June 16, 2015

Cash. Money. You. No Debt.


Imagine what it would be like to be debt free. I’m talkin’ no credit
card balances, no student loans and no mortgage. Nothin. Just money in
the bank. And you have assets that produce income to cover your monthly
nut. This is possible. Really. It’s probably a long way off but with a
real plan, you could have this.

The first step is getting out of
credit card debt. Ahhh . . . The feeling of having no credit card debt.
It’s such a good one. Seeing those zero balances on all of your credit
cards will make you feel like a million bucks!!! Gangnam style!

Can we get to work and take care of this pah-leez!!! It’s totally doable. Here’s the plan.

Step 1 – Take a deep breath!

Step 2 – Identify how much debt you have. Write that number down. The real number, not a ballpark number.


Step 3 – Create a working monthly budget. Get clear on what your
monthly living expenses are. I have gone through more than 100 financial
plans with clients. The 3 most common areas where spending can get out
of control are: shopping, eating out at restaurants, and travel. Don’t
get me wrong. I love doing these 3 things. But they have to be done
within reason. Instead of using your credit cards for these 3 things,
use cash or your debit cards. Literally put the cash in an envelope and
use it only for these 3 categories. It will force you to stay on track.


Step 4 – Write down your after tax income. Take this # and subtract
your living expenses. Now you know how much additional money you can
save towards paying off your debt. Lets make it happen right here.

Step 6 – Pay off the debt with the highest rate first.


Step 7 – Call your credit card company and ask for a lower rate. See if
they have a special offer or can work with you on this. Ask for a
supervisor. Be nice. Give ’em the cream and sugar treatment.


Step 8 – Consider a balance transfer to another credit with a 0%
introductory rate. If you have more than one card with a balance, see if
you can transfer all of your debt to one single card.

Step 9 –
Make more money too! If you are an employee, ask your company/boss what
you can do to earn more money. See what additional responsibilities you
can take on. Call a headhunter. See what else is out there! If you’re an
entrepreneur, watch this video. Better yet, come to my next live event
in Los Angeles where I will give you 7 ways to grow your business
revenue. Don’t spend the additional money you make on a pair of shoes
for $400. Use it to pay down your credit cards.

Step 10 –