Housing Bubble

The owes of mortgage market continues still now and the country's economic condition is bad too. Even the number of unemployment has increased sharply and we are not sure whether this condition is going to be recovered in near future or not. But we can't even think that property prices are so low and it can't be lower. In future the condition may be worse. I think in this Christmas the mortgage rates are going be increased further. Hope in this housing bubble and economic rescission, our new government will be a bit more proactive, so that we can overcome this situation.

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Quit Claim Deed

A Quit claim deed is mainly used to transfer the real estate property among family members or friends. The quitclaim deed doesn't assure that the title free from any kind of liens. By the way, the quit claim deed needs to be notarized and recorded in the county recorder's office to make the deed valid. If you are buying or selling a property, then it is better to avoid the quit claim deed and use a Warranty deed as a Warranty deed assures that the title is clear from the liens and thus you can avoid future confusions.

A quitclaim deed does not release the grantor from the mortgage obligations unless or until the grantee takes the mortgage on his or her name. By the way if the property is in mortgage then it is better to take confirmation from the lender before signing the quitclaim deed.

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Debt to Income Ratio:

Debt to income ratio is also called DTI. Debt to Income Ratio means the percentage of gross income of the consumer that he uses to pay his debts. This is one of the most important factors that a lender or a lending institute checks before approving a loan or mortgage. If your debt to income ratio is less then 36 percent then you have a very good chance to get approve for a loan program with affordable rates and terms.

There are other factors also which a lender checks before approving the loan but it certainly help if you have a lower debt to income ratio. Like, for FHA loan, your DTI ratio should be between 28 to 36 percent.

How to Calculate Debt to Income Ratio:

Calculating a Debt to income ratio is not time consuming or difficult task. Just calculate all your monthly debts, mortgage expenses, home insurance and divide it with your gross monthly income. But don’t count your expenses towards utilities food, entertainment.

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Mobile home loans...Solution for your dream home:

Are you renting for a long time and thinking that you can't afford a home loan? When you are renting, your are just spending the money and giving it away to the landlord. But if you are buying a home then you are actually investing the money and can use it when it is needed the most. So I think an affordable mobile home loan is the solution for you.

You can get a mobile home loan as a personal property loan. But there are some requirements to qualify for the mobile home loan, like your credit score should be above 680, your mobile home should have a permanent foundation, you should make at least 10 percent down payments etc. BTW the interest on mobile home loan is tax detectable. So you can get the tax benefits too. So what are you waiting for... if you are still renting a home, then simply go for a mobile home loan

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