Month: February 2009

What is a Government Tax Foreclosure?

Are you curious what government tax foreclosure really is? Most people have heard about a government foreclosure property before but never really knew what it was and so they didn t think about it any further. Well there is no better time to learn than now, because if you want to buy a home but are unable to afford the regular rates, a government tax foreclosure home may be the perfect solution for you.

What it is

So there are a few things that you need to know when it comes to a government tax foreclosure. For one, although not many people are aware of this, there are actually a few different possible reasons as to why a home would become government tax foreclosure.

One of the most common reasons of course is that the homeowners were unable to pay the mortgage and so as a result they were required to get out of the home and it was put up for sale. Foreclosure is, after all, to shut out a mortgagor s right of redeeming a mortgaged estate.

The foreclosure numbers around the world are growing daily and this is for a few reasons but more than anything because homeowners are going into this experience uneducated and unaware, thinking that they are going to be able to afford a certain mortgage. A few years down the road or even sooner, they realize that it is just too much and they are then essentially kicked out of the home that they loved and thought they would have forever.

Another important tip when it comes to government foreclosed homes involves what to do when you are thinking of buying a home, and almost anyone can buy one of these homes. If you want to search for listings you will want to look everywhere from real estate magazines to newsletters and Internet search engines.

The Internet in particular is always very helpful, so make sure that you see what the different websites have to offer. You will want to check back almost every single day, because there are always going to be new homes listed and you don t want to miss your chance.

As long as you are educated and aware, you can find a great home and save yourself a bundle when you purchase a government tax foreclosure home. Just make sure that you still put the same time and care into it because rushing to buy a home is never a good idea.

Mortgage Insurance Quote Information

In today s market, buyers are in the best position to buy a house at an affordable price with an affordable interest rate on their mortgage. With the housing market taking a downturn, today is when you should be looking to purchase a home. However, you may be confused about the options available to you with your mortgage. You will get a mortgage interest quote as well as a mortgage insurance quote if you choose certain mortgages. Here is some information to help you decipher your mortgage insurance quote.

What Is Mortgage Insurance?

Your mortgage insurance quote is the price you will pay for your mortgage insurance. The most common mortgage is the first time home owner s association mortgage, or an FHA mortgage. These insurances require that you get mortgage insurance with your mortgage. A mortgage insurance quote will tell you how much you are going to pay for your mortgage insurance, which is the insurance policy that will protect the lender during the course of the mortgage. Lenders will be protected against the losses that happen when people default on their mortgages. In many cases in addition to FHA loans, buyers will be required to purchase mortgage insurance if they are putting less than twenty percent down on their loan.

What Is Included In Your Mortgage Insurance Quote

Your mortgage insurance quote will tell you exactly how much you are going to pay. The mortgage insurance charges half a percent per year of the loan amount. The homeowner pays this each month. Also, FHA loans will charge a mortgage insurance premium of a percent and a half of the loan amount.

Finding A Mortgage Insurance Quote

When you are getting a mortgage insurance quote, you really do not need to compare mortgage insurance quotes. Because the insurance is based on the loan that you are taking out, the quote should be the same at every place you look for your quote.

When The Mortgage Insurance Ends

Your mortgage insurance payments will end after several conditions occur. First, if your loan is for more than fifteen years, the payments for your mortgage loan will cease after the loan to value ratio is seventy eight percent, as long as the homeowner has paid the premium each year for at least five years. In addition, payments will stop for mortgages that are fifteen or less years and have a loan to value ratio of ninety percent when the loan to value ratio reaches seventy eight percent, no matter how long the homeowner has paid the premiums. Finally, mortgages that are fifteen years or less and have a loan to value ratio of 89.99% and less will not have to have mortgage insurance.