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In a recent article appearing on IndyStar.com*, it was reported that Indiana and Ohio lead the nation in the number of home mortgage foreclosures. As the article describes, there are many reasons for the high mortgage foreclosure rate. Regardless of the reason, one key to avoiding this situation is proper mortgage planning. Unexpected medical expenses or the loss of a job are likely beyond your control, however, you can control the decision regarding your next mortgage. Making an informed and educated decision regarding a mortgage refinancing, second mortgage, or home purchase loan will help you avoid trouble. Remember the following the next time you are shopping for a mortgage.

Credit Pacific Service Union Think Independently - Most children have heard this sage advice. "If your friend jumps off a cliff, are you going to jump, too?".essentially meaning "think for yourself." That same philosophy applies when talking to your loan officer. Just because he/she states that you qualify for a certain mortgage refinancing, second mortgage, or home purchase loan amount does not mean you should accept the loan. Compared to a few years ago, today's lending guidelines accept higher debt to income ratios and/or reduced income documentation, which allows more mortgages to be approved. Remember, you are the one who must make the mortgage payment, not the loan officer. If you are not comfortable with the payment, do not accept the loan.

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Credit First Service Union Understand Your Mortgage - It is imperative that you understand the terms of the new mortgage refinancing, second mortgage, or home purchase loan you are considering. You need to know the following:
1) Is the mortgage a fixed or variable interest rate?
2) Is the mortgage interest only, deferred interest, or fully amortizing?
3) Is there a prepayment penalty?
4) Are there any balloon features to the new mortgage?
5) Are the property taxes and homeowners insurance included in the mortgage payment?

Staying in contact with your creditors every month can help you avoid bad credit. If you research the marketplace before coming to a buying decision, you are well on your way to avoiding bad credit and repairing credit hassles. You want to consider everything, including student loans, credit cards, mortgages, and car loans carefully to avoid being overcharged. Making wise decisions ahead of time is the best solution to keeping good credit.

Card Credit Mobile Service If your loan officer is elusive or gives vague answers to these or any other questions, find a new loan officer. Click here for more information on Mortgage Refinancing and Second Mortgage Solutions.

Got bad credit problems Let us help you to find a mortgage. Find out more about Bad Credit Mortgages.

Card Credit Discover Service Shop - Consult with two or three loan officers about your mortgage refinance, second mortgage, or home purchase loan. You will find a wide range of knowledge and ability among loan officers. At the same time, working with more than three will often lead to information overload. Along with comparing interest rates and closing costs, consider your loan officer's integrity, knowledge, and experience.

Ita s important to know how interest rates work in relation to your mortgage if youa re going to get the best home loan. Getting a mortgage quote How much can you borrow and how much do you need as a deposit Our guide reveals all. Bad credit mortgages Having a less than perfect credit history doesna t exclude you from getting a mortgage. buyer mortgages

Credit Public Service Union These guidelines are simple and common sense ideas, but are often forgotten during the excitement and emotion of completing a home purchase loan, mortgage refinancing, or second mortgage. Click here for more information on Mortgage Refinancing and Second Mortgage Solutions.

The first poor credit mortgage scheme is available at 4.9 per cent discounted variable rate over a year, and the other at 6.74 per cent. Gary Lacey, N&P's group product manager said the poor credit mortgage market is growing, and before launching these mortgages, the Society looked carefully at how it should be helping members. A successful pilot of these two poor credit mortgage schemes showed that homeowners with adverse credit problems are not already satisfied with the poor credit mortgage market.

Card Credit Processing Service *www.indystar.com; March 18, 2006; Title "Foreclosures in Indiana Hit New High"; Author Ted Evanoff

Center Credit Service Union Chris France is a professional mortgage planner with over 10 years lending and banking experience. His programs assist clients with increasing cash flow, reducing liabilities and building equity by integrating a client's mortgage decision with their overall financial plan. He is a manager with CFIC Home Mortgage providing both purchase and refinance transactions. Chris holds a B.S. in Finance and is Fair Credit Reporting Act certified. Click here for more information on Mortgage Refinancing and Second Mortgage Solutions.

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