All About No Closing Cost Home Mortgages

Have you seen any of those banners on the Internet, “No Closing Cost” home mortgages? Do you question whether or not they too good to be true? Believe it or not, sometimes they are true. I did one of these a few years back. Usually the deal is that you need to be refinancing your existing home mortgage, so your home mortgage company can roll the costs of the loan into your new home mortgage.

Typically you can qualify for this type of arrangement without closing costs when you are refinancing for less than your house is worth. Bottom line, the lender wants to make sure that there’s some equity in the property, in order to minimize their risk. When the home mortgage company completes this type of loan, they actually get to increase the amount of the loan by a little, which are the closing costs that you aren’t paying. So technically you have closing costs with this type of loan, money just isn’t coming out of your pocket at closing.

Alternatively, your home mortgage company may mean that they are waiving their fees for the closing. Although this would save you money, you still have to pay the appraiser, the closer, etc. So, my recommendation is it’s best to ask if you will have to bring money to the closing for anything.

If you are purchasing a home, a “No Closing Cost” home mortgage may mean something different. It may mean that your home mortgage company waives their fees, but you still have to pay the appraiser, the lawyer, the home mortgage broker. This may mean that you have to bring a few thousand dollars or more to the closing.

These days, it really is not enough to rely on the good faith estimate for your home mortgage. Once you get it, call an attorney who handles home closings. Have the attorney figure their estimate for closing costs. Unless you’re practiced at reading the good faith estimate, you may find that the difference between this estimate and what you actually pay at closing may be $3,000 or more. I have experienced this at closing mostly because of the timing of the home closing. If the closing is at or near the beginning of the month, the prepaids (interest, insurance and taxes) may be much more than if closing were completed at the end of the month.

There are some “No Closing Cost” home mortgages that have everything rolled into them. With these mortgages, the only money you will need is for owner’s title insurance. All lenders require you to buy an insurance policy called Title Insurance for them. That means that if someone sues you claiming that the property is really theirs, the insurance company will have to pay. This policy really just protects the lender. To protect yourself, you need owner’s title insurance. It is very cheap, and now often comes with some identity theft protection. I recommend that you ask about it. Most of the time it cost less than the carpet in one room to protect your investment.

Technically for either definition, the closing isn’t really free. Even if you aren’t paying the home mortgage company, there will always be some other people to be paid. Question is, do you want to pay now or later. In my experience, the closing costs are so little in comparison to a home mortgage that it can make sense to roll them into a home mortgage. So ask if this is possible.

Thanks to advances in technology and changes to banking laws, the cost to get a home mortgage is dropping. Eventually, rates will rise and No Closing Cost home mortgages will go the way of 0% financing for car loans. Take advantage of the great deals while they are around.

A Home Based Business – Is It For You?

Whether you start an online Home Based Business or a traditional offline business the requirements are much the same. You need to do market research, product development, product marketing, advertising, planning, time management, commitment, and have lots of patience.Regardless of what you read or hear you will not get rich overnight. There are lots of opportunities but there are also lots of competitors. Developing and applying the strategies that are required is almost a full time job in the beginning.The first thing you need is to have a goal.Why start a Home Based Business?What is your objective?How much time and money are you prepared to spend?Where will you run your business at home?When is the best time to work on your business?Having a Home Business gives you some flexibility of your working hours and eliminates the commute everyday. Many people dislike getting up at set times and traveling to work everyday. Although you will still need to work some long hours at first while you get your Home Business up and running.You are going to have to have some self control and avoid all of the distractions that keep you away from your business as you will not have a boss holding you accountable and supervising your work.A home based business is a business just like any other business and it will take some self discipline, patience, and commitment to be successful. There are several approaches that can make you money in your home based business.You can join affiliate programs or create your own affiliate program. The difference between the two being that you will be marketing and selling your own product versus selling someone else’s product.Developing your own product can be very daunting for some people and also keep in mind the competition.Affiliate programs are just one way to run a home based business. If you have professional skills you could do freelance work and work a

How to Find Great Live Auctions for Resale Items

Hi, my name is Walt. I’m an auctioneer with 25 years of experience in the auction business and licensed in the state of MA. I own Quick Auction Service, a company that specializes in building and running custom auctions, I’m also the webmaster of my own site and have been on eBay for 8 years. Besides eBay, the types of auctions I run most frequently are antiques and on-site estate auctions, although I’ve run everything from business overstock auctions to charity & special event auctions.

I enjoy sharing my knowledge and stories of the auction business. My goal for article is to help folks get the absolute most out of their auction experience.

Whether your fresh out of the package or a seasoned dealer I think I can offer something in this article to help you with your auciton adventures.

There may be as many reasons to attend auctions as there are types of auctions to attend. Maybe you want to attend an auction to buy items for re-sale on eBay, or some other market. Maybe you want to furnish your home with wonderful antiques, or you want to furnish your home as inexpensively without sacrificing quality.Some folks are just looking for a fun night out. With a little perseverance all these things are possible.

There are antiques and estate auctions, auto auctions, overstock auctions, absolute and no reserve auctions, real estate auctions, specialty auctions where only one genre of items are sold, tailgate auctions, live auctions, online auctions, sealed bid auctions, silent auctions, charity and fund raising auctions and many more.

Can you really buy for pennies on the dollar at an auction? You bet! Many times I’ve seen folks buy and re-sell at the same auction on the same night for a good profit, although be advised, this should only be done after the auction is over.

There are a lot of ways to find an auction, but here are some tips on how to find and attend the best ones.

Visit the genre of shops in the area that apply to the type of auction you want to attend. IE: If your looking for a good antique auction to attend, stop in the local antiques shops and ask for what there are for good auctions in the area. Sounds obvious right? But listen to what they don’t say as well as what they do say. Oftentimes when a dealer speaks poorly about an auction he or she attends, it may be likely that they are trying to keep a good thing secret. Think for a moment, why would a dealer keep attending a lousy auction?

Newspaper ads: I personally like to find ads in the classified ad section rather than flashy display ads. Flashy ads are usually indicative of an auction that will be high priced, may have reserves, (a set price on an item), and usually an enormous crowd. While any auction can be profitable to attend, it is usually best to steer clear of the glitzy ones, at least for the beginner.

Here’s the minimum you want to find out before you go. If there is a phone number in the ad, call and ask for the terms of the sale. What forms of payment do they accept? Is it an absolute auction? An absolute auction is one that has no minimum or reserve bids on items. These are the best auctions to attend! Is there a buyers premium? A buyers premium is like a tax that everyone who makes purchases at that auction must pay above the winning bid price. Most auctions these days do charge a buyers premium, 10% is not unreasonable but I feel much more than that is greedy, and the auctioneer that charges over 10% is counting on most bidders not doing the extra math as the bids quicken in pace.

A fair auction will have ample time to inspect the merchandise, usually at least 2 or 3 hours. Find out when inspection starts and make sure to attend! Never attend an auction if you can’t make the inspection, not unless your prepared to gamble. Most auctioneers sell at a rate of about 100 items per hour, which is why they sell “as is”. They simply don’t have the time to give a detailed description of all the items. Since almost all items at auction are sold AS IS, there are sure to be some damaged, refinished, fake and incomplete items at any given auction. Beware of any auctions that offer very little or no inspection time.

Good auctions will usually have 150 to 400 lots. A lot may be one item or a group of items. The exception to this are specialty auctions, auto auctions, real estate auctions etc.

When you attend your first sale, take note of the 1/2 dozen or so dealers that buy the most often. See if you can find out about other area auctions they attend.

When you do find an excellent auction, attend it as often as possible. By frequenting good sales, you help increase the bottom line of that business. It’s difficult for many auctioneers to keep the quality of merchandise consistent, so good attendance certainly helps. And when an auctioneer gets to know you as a buyer, he/she will go out of the way to accommodate you, to keep you coming back.