There is a new relatively unheard of method of obtaining a mortgage which is intended for people with less than ideal credit or those who are first time home buyers. It is called co-buying. It is a name which is also synonymous with co-purchasing or co-signing. It has yet to gain major attention in the United States, but it has been rearing its ugly head in the UK and in Australia.

The basic concept behind co-buying is that you find someone to help you obtain your mortgage by being a co-signer and co-purchaser on your mortgage. This person is your “mortgage buddy”, who takes over part of the financial responsibility of your mortgage thus making you less of a risk for a lender. For a first time buyer this would appear to be an excellent way to get into real estate as fast as possible. More »« Less

Not to advocate doing anything too drastic when you have a bad experience related to owning a home, but Todd Carpenter, owner and writer of mortgage blog Lenderama, has a very entertaining recent post involving some disgruntled home owners and what they did to make some noise about their complaint.

Jog on over and take a look at his article titled “Never underestimate the power of referrals”, and enjoy the pictures!

When choosing a mortgage broker it is important to look for accreditation or licensing which represents a well trained and professional person to negotiate your mortgage through. With the purchase of a home or mortgage being perhaps the biggest investment a person will ever make, the necessity for trust is essential. An excellent group to examine for this type of thought is the National Association of Mortgage Brokers, or NAMB. They have an excellent directory of NAMB associated brokers in your area, as well as a very nice and concise Code of Ethics. When you go for a mortgage know who you are dealing with and what kind of credentials they carry, it can make a huge difference in your experience. 

If you have just bought or are considering buying a new home, then you will also need to plan the process of moving home. While there are many things that you have to remember, planning them in advance will make the whole move easier and less traumatic. So it is a good idea that, as soon as you know the completion date for your move, that you start planning.

There are certain things that take quite a bit of time and should be arranged at least a month in advance. You will want to inform your landlord or any flatmates, if you have any, of the date that you are leaving. This can mean the difference between getting your deposit back or not, if you are renting, so it’s a good idea to let everyone know your plans as soon as you know them yourself. More »« Less

Own residential rental properties? This article discusses how income from those properties impacts your taxes.

What Constitutes Revenue?

Generally, rental income is defined as any revenue you receive from the occupancy or use of residential property. Rent, obviously, is included in that revenue. Many owners are surprised to learn revenue also includes rent advancements, expenses paid by a tenant and any security deposits not returned to the tenant. In fact, revenue can also include amounts paid to cancel a lease, even if you had to sue the defendant to get it. More »« Less

Undoubtedly, you’ve heard the radio commercial claiming you can get a mortgage despite having bad credit. Bad credit mortgages are better known as subprime mortgages.

Subprime

“Subprime” is a euphemism for a borrower who simply doesn’t qualify for a traditional home mortgage. Subprime loans used to be very difficult to get, but things changed in the 1990’s. Banks began to realize there were a lot of borrowers with less than stellar credit or other problems. More borrowers meant more revenues, so banks started creating subprime mortgages and the game was on. As a result of these new loans, home ownership in the United States has risen to all time highs.

One of the biggest determinants in qualifying for a loan is your credit score. A borrower’s credit history is analyzed using a “FICO” score, named after Fair Isaac and Company, Inc. Generally, a FICO score below 620 is considered an indication of bad credit. The borrower is then classified as a subprime borrower. More »« Less

Getting started with used cars does not require a mortgage or a student loan, but it is not free either. Buying used cars costs money. That is why it is extremely important to know all the possible factors that might lead the buyer into buying a used car that is suspect.

In reality, it is easy for the buyer to get carried away by convincing sales pitches, special offers, fantastic deals, magnificent bundles, freebies, and the like. However, it would take a really smart buyer to get the best deal when it comes to used cars.

Hence, it is equally important to know the basic factors that need to be considered before the buyer decides on a particular used car, especially if the car will be bought directly from the owner. More »« Less

If you have recently filed bankruptcy, it won’t be long before you are starting to ask yourself, “Ok, now, what do I do when I need a loan? Where do I got to get approved? Can I get approved?” Here are some overall basics about getting any kind of credit after a bankruptcy.

2-3 Years after bankruptcy discharge is the magic number - Once you have filed bankruptcy, even the next day you can still get a car loan and possibly a mortgage loan. But, getting an unsecured loan like a credit card or a personal is usually out of the question until you have some collateral or until 2-3 years have passed. More »« Less