Finessing the Financing – Navigating the Current Real Estate Buyers Market Part I

Every one is talking about the foreclosure crisis and the slump in the economy. With all the despair surrounding our Nations economy how is one to take advantage of this once in a lifetime buyers market?

Patience, persistence, negotiation, and creativity in financing will be a good point to begin with. For most people going to the bank and asking for a loan is the only way they know how but this series of articles will give you insight on how to finance a home without initially using the bank.

The techniques are legal and are in use by investors. We learned these techniques to be able to finance the deals we have put together for the person with less than stellar credit.

Financing, until recently, was not the barrier. People were being given sub prime loans and are now paying the price of the sub prime lending scam. The loans were legal but they were a disservice to people, this is why I’m calling sub prime loans a scam.

Sub prime loans take advantage of people who are, one not informed, or two who have less than perfect credit. The techniques that will be in this article will not be scams of the sub prime lending. These are techniques you can start using today to help you be in a house in less than thirty days.

These are not sub standard property’s that are involved in the techniques of this article although the same techniques can be used on the less than desirable home.

For many Americans a few blemishes on their credit can keep them from homeownership. Many have sought the services of the credit cleaners, but still a few things may stay due to the nature of the type of account or length of delinquency.

With a conventional loan comes conventional thinking. In our current time and economy there is a call for unconventional thinking on the part of buyers as well as sellers.

One creative technique would be to have a seller carry the financing for either the second mortgage, if the buyer cannot finance the entire amount. Or the seller could carry a first mortgage if the buyer is really having trouble with the bank. Loans like these will probably become more common as the banks begin to tighten the lending requirements.

According to many analysts lending is not as tight as it is going to get in the very near future.

Of course the seller would only hold the note for a short period of time, unlike a conventional loan, which would be for thirty years. The buyer’s mortgage would be for three to five years. At the end of the time period the buyer would find the financing for the remaining portion of the loan. By that time the buyer should qualify for a refinance of the loan.

This is only one of the many ways to finance a home creatively and legally without the buyer or seller losing anything but gaining everything.

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Universal Life Insurances Can Be Popular – But Is It For You?

Of all the different types of policies, the universal life insurance seems to be the most favorite among today’s policyholders. It is a much later innovation, conceived to meet a modern need. However, it does not mean that the earlier policies have all become redundant. No, even term life, the original life insurance policy, has quite a big following even today and so have the whole life policies. Nonetheless, people seem to prefer universal life because it combines the low cost protection of the term life with the saving elements of a whole life to provide a perfect solution to modern insurance need.I am sure you are aware that the term life is the original type of insurance policy. Indeed, life insurance may have actually started in the form of burial clubs and artisans’ guilds in the Middle Ages, but the term insurance that we know of today is a much refined version. It is a pure life insurance policy valid a temporary period only. You can buy one for a period of 1/5/10/15/20/25/30 years. Since these policies do not accrue any cash value, you can have a large coverage at a very reasonable rate.However, on the con side, unless you die within the valid period, the term insurance policies offer no return. The whole life policies were next conceived as its antidote. They had saving element incorporated in them. However, such policies were little too expensive and premium payment mode was little too rigid. The universal policies came next. It became instant hit because it offered more flexibility when it comes to cost and coverage.Indeed, if you want to take advantage of the market without loosing the security of the life policy, there can be nothing better than a universal life. Following are some of its salient points:• It is a permanent policy valid for the life of the insured and so whenever the insured dies, his beneficiary is sure to get the benefit.
• These policies are slightly overpriced and amount paid above the cost of insurance is credited to a cash value account.
• Interest too is credited to the account. It may either be determined by the insurer or pegged to financial indexes such as stock, bond etc.
• If you fail to pay the premium, the amount will be debited from this account, thus keeping policy in force in spite of occasional lapses.Today we also have variable universal insurance, which allows the cash value to be directed to a number of separate accounts that operate like a mutual fund. However, since these policies are equity based, they can offer higher return, but if the market goes down, they offer greater risk too. If you are buying the policy solely for insurance purpose, such a policy may not be a very good idea because the death benefit will be paid as long as you have enough cash value to pay the costs of insurance in the policy.However, it is not for me to tell you what type of policy to buy. Receive different categories of life insurance quote on line and then decide. All said and done, I cannot stop myself from adding that, for life insurance purpose, you will do well if you buy only a term life insurance. It is true that a term life does not offer cash value, but its rates are so low that only a financial fool will expect it from the policy. Instead, the financial advisers say that one should buy a low cost term life for insurance purpose and then invest the difference in separate fund.However, not every type of term insurance is cheap. The term life insurance no medical exam policy for example is so expensive that the concept of investing the difference cannot be applicable here; in fact, the price structure of such a policy does not leave any difference to invest. Sometimes they are as expensive as a universal life policy is. Yet, such policies are no less popular because they too have some unique advantages.No medical policies provide instant coverage. You apply today and if you qualify, your family will start being covered by the policy from tomorrow and that too for the full amount. Of course, just as every other case, suicide within first two years is always excluder from its purview; otherwise, every other type of death in included under this policy. You may wonder why this policy is so expensive. Actually, without the medical test, the carriers can never work out the exact cost of insurance and so they charge more. Remember, they are here to do business, not for charity.