Dave Shepard

If you're considering a mortgage loan, you might be wondering what options are available. Today, there are many options besides the conventional methods of obtaining a mortgage. Whether you're applying for a home loan for a new home, a refinance loan, an equity loan, a HELOC, or a reverse loan, you should be aware of what each loan entails.

Buying a New Home

When buying a new home, you'll need to be approved for a new home loan through a lender, or ask the seller to finance the home for you. Before applying at a lending institution, research your options. Determine how much "house" you can afford. Use online mortgage payment calculators to figure what the payments would be for different home loan amounts. Then, you'll know what price range you can shop within, and whether or not you can afford the payments. Remember, your income/debt ratio must fit within the lender's guidelines to qualify for a conventional loan.

Healthy and "Not-so-healthy" Credit Scores

If you have an excellent credit score, then your income/debt ratio along with the investment capital you have available will be the main factors in determining home loan availability. However, if there are flaws in your credit history due to non-payment or repossession, you will be limited in the type of home loan you can obtain. But don't lose heart. Many homebuyers whose credit is "not-so-great" do qualify for non-prime loans. Non-prime loans can be a bit higher-priced than prime loans or have higher interest, but you might still be able to buy your dream home!

Creative Financing

Don't settle for conventional loans if you don't have to. There are many creative ways to finance a new home loan. If you do not have the needed investment capital or a down payment, some lenders will finance the down payment for you as well as the closing costs. If not, the seller might be willing to finance part of the loan to cover these costs. This can work even if the seller doesn't have extra "money to lend!"

Explain to the seller that it could be advantageous to him because of income taxes. He might much rather claim an income of $100,000 than $120,000! Spreading out payments for $20,000 of the loan amount over a period of five or ten years could make a huge difference on his taxes due for that year. Consult with an accountant to find out if this could work in your situation.

Unusual Types of Home Loans

If you're worried about budgeting with a new home loan payment each month, try a FlexPay loan where several monthly payment options are available to you every month. These options include interest only payments, full-amortized payments, and minimum payments. There are also bi-weekly mortgages for paying more toward your premium each year through a bi-weekly payment schedule.

Hard Money loans are also available when there is a large amount of equity built up in a home. The loan approval is based more on the home or property's value than the borrower's credit history or job/salary history.

Refinance Loans

If you plan to refinance your home, there are several options. A refinance means you are re-evaluating the terms, payments and interest of your loan. You might refinance to simply get the interest rate or payment lowered. Or, you might want to keep a little cash out for yourself as well. This is called "Cash-out" refinancing. Cash-out loans are made when you want to refinance your home for more than is owed on it. For instance, you owe $60,000, but want to refinance for $80,000. You'll pocket the additional $20,000 to use for home repairs, remodeling or whatever else!

Reverse loans are available for those over 62 years of age who own their home free and clear or have much equity built into it. They can receive a monthly payment, a lump sum or a line of credit. This does not have to be repaid until the borrower moves or passes away. Then, the estate can be sold to pay the note.

Another option for leveraging your home equity is to create a HELOC (home equity line of credit) that is secured by the equity in your home. HELOCs can be used to pay debts, make purchases, or anything else. Be aware, however, that the interest rate can fluctuate monthly.

Now that you are armed with many options for obtaining a home loan or refinancing your mortgage, check with an online lender to find out what plan will work best for you. Use the available tools and calculators to do some budgeting on your own as well. You'll be moving in that new dream home in no time!

In selling your home in Contra Costa County, you definitely want to get the full measure of your property value. Selling a home is not always that easy. It is quite difficult especially if you don’t have the help of your family and friends. In this case, the best person that can help you out in selling your home is a real estate agent. Through the professional means of the real estate agent, you can have a quick sale of your home.

Typically, you need to find a real estate agent that has the knowledge about the market and of the property prices and comparative price range of your home. So it is really best for you to find the right real estate agent that can aid you with a quick sale of your home.

You should take time in finding the right real estate agent ,do not rush out, you really have to make sure that you will have the person that has the proper knowledge and experiences in real estate, and in the Contra Costa County market. You can ask for recommendations from family and friends in order to at least contact a few real estate agents to interview.

As soon as you have the right real estate agent, he/she will definitely ask you to make home improvements. Your real estate agent will make you improve your home in order to attract potential buyers. Yes, indeed, you need to attract buyers in order to make quick sale of your home.

Your real estate agent will ask you to repaint your home if it needs to be repainted. Your real estate agent will let you clean the whole house and make sure it is comfortable and spacious enough for the buyers. You need to remove unnecessary or unusable equipment or furniture.

You have to free your home from unpleasing odor. You have to clean up the bathrooms and the kitchen. Check out the faucets, if they have leaks or if they are still functioning well, if not, better to replace them with new ones.

Check out the yard, trim the trees, grass and clean the gutter. Plant some flowers and hang potted plant, these can help you attract buyers.

Yes, this process takes lots of work, so if you can’t do it by yourself, you can hire someone to help you out in cleaning the whole house.

Your real estate agent will help you out in coming up with the right asking price. The agent has the skill and ability to help you out and give you the true value of your home. Yes, the right real estate agent can get you the best deal with your home.

Estate planning for business owners

For business owners, an effective estate plan addresses a number of concerns over and above the desire to care for surviving family members. Control over who will run the business, conservation of the owner's assets in the face of legal expenses and taxes, and the liquidity to pay estate taxes due shortly after death are just some of the most pressing issues.

For the sake of their heirs, business owners should plan for the orderly transfer of their wealth — including their business interests — well in advance.


Prepare for Estate Taxes:

Depending on the value of business and personal assets at the time of death, the law may require that estate taxes be paid on the value of the business. If there is not enough cash on hand, heirs may have no choice but to sell the business prematurely or for less than the real value.

Some business owners use an irrevocable life insurance trust to purchase policies on their life, collect any death benefits, and distribute the money according to prearranged terms. The proceeds can be used to pay any estate taxes due, so heirs are not forced to sell a business, property, or other assets they would prefer to keep in the family. The use of these approaches can involve a complex web of tax rules and regulations. You should consider the counsel of an experienced estate planning professional before implementing such strategies.

Plan for Successful Succession:

A buy-sell agreement may be forged between the owners or shareholders of a business, outlining the terms for a buyout in the event of death or disability. It usually includes a pre-negotiated sale price, but can also explicitly request individuals to sell their interests to others or indicate who should manage the business operations.

Payments from a life insurance trust may also be used to buy assets from an estate, such as transferring ownership of a family business according to a pre-existing buy-sell agreement.

Your business is not just your livelihood. It's likely to be the largest portion of your estate and thus the core of the legacy and security you intend to leave behind for your family. A solid estate plan can help keep your business intact through the most difficult transition of all.

Considering the purchase of Foreclosure property? Here are some steps to follow to help you achieve your goal.

The market is being bombarded weekly with new Foreclosures in every area in the USA. How can you find them? Simple, call a few real estate agents in your area and ask them to send you daily listings that meet your criteria, don’t be vague, be as detailed as possible and within a realistic price range. In other words if you qualify for a $100,000 loan don’t focus on $ 1,000,000 homes, odds are you will never get an offer accepted and if you did we are talking about hundreds of offers. That takes time and energy and you will probably end up losing your agent.

Once you start receiving the list contact the different agents and see who gives you the best serves. I recommend that you stick to one agent, why? Because you will need a lot of hand holding and you are looking for an advocate, someone that will go the extra mile. Every property you like, you will need Market Reports CMA’s, information, etc. In addition you will need to be looking at property weekly with your agent. It is important for both of you to see eye to eye. Remember you are looking for the diamond in the rough and believe me they are out there you just have to look.

The most pressing piece that many folks ignore is that you have to, no way around it make offers every week. The more offers the better; your agent will guide you with the right wording to avoid having to commit to all accepted offers. The bottom line is that if you don’t make offer it’s impossible to make a deal.

Your broker will help you put together a well packaged offer. Make sure you provide the pre-qualified letter, proof of funds, etc. The better you look on paper the easier it will be. If you can close in 10 days, put it in the contract. Every detail helps the bank decide in your favor.

Good luck!