A transfer on death account (TOD) is an investment account that is designed to make the transfer of an account to a designated beneficiary easier. Transfer on death accounts helps those who want to avoid going through probate.
Community property is property jointly owned by a husband and wife. This typically includes all money earned, debts incurred and property procured during the marriage. There are eight community property states: [Read more…]
When you are a loan officer, you may have clients with money market accounts. It’s important to understand what a money market account is and how it works. That way, you can educate clients about the best investing options for them.
What is a Money Market?
A money market is a type of savings account offered by banks and credit unions. They are similar to a traditional to savings accounts in that they earn interest, but at a slightly higher rate. The bank will take the money clients invest to create other loans or investments. [Read more…]
Is your mortgage company veteran friendly? Veterans have unique needs and requirements than civilians, so your mortgage company needs to be able accommodate them respectfully and efficiently. Here’s why you company should be veteran friendly:
Veterans Have Different Needs
Unlike civilian home buyers, veterans tend to have different and more unique needs. For example, the VA has minimum property requirements (MPR’s) that veterans must meet when looking for a home in order to be eligible for a VA loan. [Read more…]
A new home is one of the biggest purchases you can make. So to buy the home you want, it’s a good idea to start saving up early so you can cover the costs of buying a home. To start saving up, opening a savings accounts is a great first step for future homeowners. When you open a savings account, there will be a savings rate associated with that account. What is it and how does it affect you? [Read more…]
Purchasing a home is a huge investment and it’s important that your ROI (return on investment) will measure your investment’s profitability when it comes time to sell your home. However, many people expect their return on investment to be larger than what it actually ends up being. A variety of factors can explain why your ROI isn’t as much as you had hoped when you bought your house:
The condition of the housing market has the biggest impact on your ROI. However, this is a factor something you cannot fully control. In a thriving economy, real estate investments can be very profitable. The opposite is true for a recessionary economy. If the market experiences a downturn, you could even end up owing more money than what your home is worth. Markets can be fickle, and there are no guarantees. Given the choice, watch the market and try to sell at the best time and season. [Read more…]
When considering the offers from buyers who are interested in buying your home, who would you be more likely to choose; the buyer with a history of making their payments on time or the buyer who has a history of being unable to pay? Naturally, you’d prefer the buyer who has a good payment history. But does that mean you should never take into consideration buyers who have re-performing loans, even if they have a good offer? It depends. [Read more…]
As a loan officer, you will have clients come to you for advice about restructuring their loan. Also known as loan modifications, restructuring a loan makes the current loan more affordable for the borrower and they can possibly avoid foreclosure.
Restructuring verses Refinancing
First, you must understand that restructuring a loan is not the same as refinancing a loan. When you refinance a loan, you are essentially creating a new loan for the borrower. Then, the new loan pays off the old one .On the other hand, restructuring a loan means the existing loan is kept, but modified for lower payments so a homeowner can afford to pay their monthly statements. [Read more…]