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In today’s market, getting the most out of your home’s value is at the top of the list when it comes to being able to save money on any type of mortgage. The more your home is worth, the more mortgage options you will available to you.

There are a lot of factors involved in the valuation of your home. Some of these are can’t be controlled by you, as the homeowner, but there are definitely some areas you can help.

1. Be there when the appraiser gets there – Starting off on the right foot is important for everyone. The appraiser will schedule a time for you, and you shouldn’t be late.
2. Make a list of any improvements or upgrades you have made to the house – Upgrading your home can keep it on the top of the value curve for your neighborhood. Make a detailed list of any home improvements you have made since you purchased the home. If you are interested in doing some home improvement, take a look at a few home improvements that give the most bang for your buck!
3. Let the appraiser be the appraiser – All appraisers have to take classes and be mentored prior to become fully licensed. They are the most qualified to value your home, so let them work to get the best value from your home.

The common sense approach is to just take care of your home. Don’t let your house fall into disrepair and keep on top of things that can really affect the appearance and value of your home.

Also, remember, by law, a loan consultant cannot influence the appraiser in any way. Be wary of loan consultants that say they can guarantee the value of your home.

• When filing for a personal bankruptcy, you have a couple options. They are Chapter 7 Bankruptcy and the Chapter 13 Bankruptcy. In the spirit of keeping it easy, here is a table comparing the different types of bankruptcy and how they affect your ability to get a mortgage.

  Chapter 7	Chapter 13
  This involves asking the court to discharge most, if not all, of the debt you owe. The discharge is made on the condition that the bankruptcy trustee can take any property or assets that you own, that aren’t exempt from collection, and sell it to pay your creditors. Each state will have its own exemption policies.	This allows you to create a repayment plan and pays back all or part of your debt over a certain time. The payoff time is a set schedule and your payments are based several factors including how much you earn.
  You will usually have to wait at least two years after the discharge of the bankruptcy to apply for a mortgage.	You will have to make your payments on time for at least a year depending on the mortgage lender or investor.

  If you’re still unsure about your type of bankruptcy and whether or not you can get a home mortgage, give one of our mortgage consultants a call at 1-855-MILEND-1 and we will be able to help you with any information you need.

• A mortgage checkup is simply evaluating your current mortgage and determining if you are in the best interest rate and mortgage product available to you.

  Having a licensed mortgage consultant review your home mortgage can help you save money over the life of the loan, and it may even open up some financial opportunities you didn’t know you had available to you.

  Mortgage rates and programs change often. In the case of mortgage rates, they change multiple times throughout the day. That is why it is important to regularly check your current mortgage to see if it is the best program for you. Make sure you have your home equity and money working for you and not just sitting there.

  Here are some reasons to get your mortgage evaluated:

  Have you seen rates dropping since your last refinance?

  This is a good time to get a mortgage checkup. Our licensed mortgage consultants will be able to look at your current rate and financial situation and give you an honest answer on whether it is the right time to refinance or not.

  Been in the same mortgage for five years or more?

  We often run into people that have been in the same mortgage for 10+ years. If you have been in the same mortgage for that long, you should call a mortgage consultant to see what options you have available. In today’s market, this more than likely means your rate is too high and you are paying the same amount on a principle that has gone down by a good chunk. Qualify for a new mortgage and lower your monthly payment!

  Finding yourself deeper in debt?

  The economy hits everyone at some point, and debt can be a necessary evil. A mortgage checkup may open the doors for a debt consolidation mortgage loan. In most cases the debt consolidation loan will relieve some of your monthly financial stress by tying all of your debt into one installment loan at a much lower interest rate than most revolving accounts.

  Contact one of MiLEND’s mortgage consultants at 1-855-MILEND-1 to get a free mortgage checkup today!

In today’s economy, debt is an unfortunate fact of life. The good news is things are getting better, and that gives you a great opportunity to start cleaning up your debt situation and relieve some of that debt stress. In the spirit of better days ahead, here are some tips for getting rid of that debt.

1. Pay more than minimum – Paying more than minimum on your debt will help you lower the principle balance, which will also help you pay less interest over the life of the loan. Even paying just a little extra each month will help you over the long run.
2. Debt Consolidation Loan – Use the equity in your house to consolidate your debt into one payment. Doing this will help you lower your monthly payment and save on interest compared to standard credit card rates. Talk to a MiLEND Mortgage Consultant about a debt consolidation loan.
3. Roll old payments to different debt – Once you are done paying off one debt, roll that payment into the next debt. This is called “snowballing your payments” and can result in paying off your debt surprisingly fast.
4. Move your debt to a lower interest loan – Credit card companies are notorious for having very high interest rates. They are also famous for offering extremely low initial interest rates. Move all your high interest rate credit card debt to lower interest rate credit cards. If your credit can handle it, apply for a new low interest card and transfer all your high interest balances to that card.
5. Ask for lower interest rates – Credit card companies want your money. It doesn’t hurt to ask for a lower interest rate, especially if you have the leverage of a lower interest card and are able to move your money to another company.
6. Borrow from yourself to pay off debt – There are people that will tell you to never touch your 401k or savings accounts. I ask you to look at the numbers. If your 401k is making about 8% and your savings account is making about .3%, and your debt is costing you 18%, which one is winning? Take money from your savings or 401k and pay down the 18% debt. Once you pay that high interest debt off, pay yourself back with the monthly savings.
7. Borrow from family to pay off debt – This is a tough call because it is always hard to ask family for help. However, you may be surprised how quickly friends and family may jump to your aid. Work out a loan repayment plan and set up a contract just like you would with a lender. If it will seal the deal, offer to pay them back at a low interest rate. This is one debt you will never want to default on.
8. Stop spending more than you have – It’s hard to admit, but sometimes we just spend more than we are able to spend. Evaluate everything you have and budget appropriately.

We are not financial advisors and this is not meant to be anything other than a list of friendly neighborhood tips. It’s always a great idea to do research on your own and see what kind of options you have out there.

Riddle me this, if you knew you had a $50 bill in your jacket pocket, would you just let it sit there? You may take it out and put it in your savings account, or even buy something, but you wouldn’t just let it sit there.

Equity is your home’s value over and above the principle amount of your loan. Allowing your home equity to just sit there is like leaving that $50 bill in your jacket pocket. Instead of using your money to make more money, or improve your home or debt situation, you are letting it just sit there.

There are a few options when it comes to home equity:

• You can just leave it sitting there and do nothing – This is considered the safe bet by some people. However, like I mentioned, it is just letting money sit in the hopes it will still be there years from now.
• You can take out a home equity loan and use the money to improve or refurbish your house – Doing this will help improve the value of your home.
• Use the home equity to pay off existing debt – Revolving and installment debt usually come at a higher price than mortgage debt. Using your home equity to pay off existing debt at a lower interest rate will allow you to free up monthly income and relieve some debt stress.
• Take out a home equity loan and invest the money – This option let’s your money work for you. If you are paying 3.5% on the home equity loan, but gaining 8% a year on the investment, you are effectively making money on your home’s value.

So the real question is, why wouldn’t you take a look at how much equity you have in your home? With super low interest rates and home values increasing, this could be the perfect time to cash in.

It’s time to see if you are in the position to take advantage of this perfect storm of rates and values.

In most places across the US, a jumbo mortgage is one that exceeds $417,000. There are a few “high-cost” areas where jumbo loans start at $625,000 and there are a few counties where the jumbo limit is somewhere in between.

So what’s the difference?

First of all, there are different rates for jumbo loans vs conventional loans. Typically, jumbo loans have a higher rate. Also, jumbo loans usually have guidelines that are tougher than those of a conventional loan. For example, jumbo mortgages normally require two appraisals instead of just one. In addition, they have lower debt-to-income requirements and require a larger down payment.

Jumbo loans are available for a single family residence, whether it’s a primary residence, vacation house, second home, or investment property.

It’s time to see if you are in the position to take advantage of this perfect storm of rates and values.

An ARM is an Adjustable Rate Mortgage and is exactly what it sounds like, a mortgage interest rate that will adjust, up or down, over time.

ARMs usually start out with very low interest rates and will keep that low rate for a fixed amount of time before adjusting.

The important thing to know is when your ARM will adjust, and by how much.

A Reverse Mortgage is a mortgage in which a homeowner can borrow money against the value of their home. No repayment of the mortgages principal or interest is required until the home is sold or the borrower(s) do not occupy the home as their primary residence for more than 12 months. The only monthly financial obligations the borrower is responsible for is the taxes, insurance and basic maintenance.

Reverse Mortgages allow homeowners aged 62 or older to borrow up to $625,500 depending on several factors, such as the age of the borrower.

With a Home Equity Conversion Mortgage (or HECM) you can turn the equity of your house into cash without having to sell the property, move out of your home, or make monthly mortgage payments. If you are looking for another financial option for retirement, a Home Equity Conversion Mortgage may be just the thing for you.

Read more about Reverse Mortgages

Of course! We’ve compiled a glossary of mortgage terms just for you.

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