home loans

Seems like a dream, but many of today’s retirees who have embraced technology and new forms of second home ownership are living the dream.

By combining condo hotel and technology, many people are finding they can spend more time in the places they love, with less expense and more luxury.

Condo hotels are hotels that have been converted or built for individual ownership of the hotel rooms and suites as traditional condominium. A condo hotel unit offers the owner hassle free rental income when the owner is not in residence and personal luxury of maid service, valet, etc when in residence.

As technology evolves many of us are finding that the office is anywhere with WiFi and blackberry cellular service. So why not office in luxurious surroundings? On a beach or in a luxury hotel?

Will retirement be simply a free-range office space that is looks like a series of condo hotel suites? Many demographers beleive the baby boomer generation will redefine retirement as a second career of one’s choosing and not an endless round of golf or a rocker on a lonely front porch. That retirement will look like a wall-less and wireless career of new ideas and invention.

if these predictions are correct, the future is indeed bright for the condo hotel industry.

Bob Waun , Founder & CEO

bwaun@vacation-finance.com

Bob is CEO of Vacation Finance, America’s First Second-Home Lender. As a VP at Paramount Bank, and while at Wells Fargo, Bob innovated lending for Condo Hotel projects. He holds a Master’s degree in finance/economics and BBA in finance from Walsh College and a MI Real Estate Broker’s License. He has personally lent over $750+ million in residential loans, and over seen operations lending $1+billion. He has been a professional guest speaker and taught numerous courses/seminars on real estate finance.

He managed controlled business relationships for a national real estate brokerage in MI and OH, held top sales honors for Wells Fargo in 7 states. Bob has a 17 year track record of cutting-edge innovation in the mortgage finance.

Since 2002, Bob has worked with condo hotel developers and lenders to improve the market for condo hotel financing.

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A home equity loan is a loan, which you take against the equity available in your home. It is like a second mortgage and allows you to turn the equity tied-up in your home into hard cash. A home equity loan remains ideal when need to take out not-so-big an amount with favourable terms.

Being secured against your home equity this loan comes with easily manageable terms and conditions. So, it remains ideal for accomplishing personal works like making home improvement, raising fund for business, financing education, bearing medical expenditure and such other works. Most importantly, you can consolidate your multiple debts into one loan with the help of a home equity loan.

Through a home equity loan, you can borrow as much amount as the equity in your home allows. Home equity comprises of the difference between the amount your home worth and the amount you owe on the mortgage or mortgages. High value equity will help you taking out a bigger amount and vice versa. The repayment term of a home equity loan depends on the amount you borrow. It also varies from lender to lender.

As for the interest rate for a home equity loan, you have various options to choose from. If you choose fixed rate then your monthly repayment instalment will be same always. Adjustable or floating rate will keep the instalments fluctuating. Both these kind of interest rate have their respective merits and demerits.

Finally, it must be remembered that a home equity loan is secured against the equity of your home. In case you fail to pay off the loan, you have to lose your home. Therefore, the terms and conditions of the loan must be taken care of properly.

About The Author :The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Chance4Finance as a finance specialist.

For more information please visit:http://www.chance4finance.co.uk

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Settlement (also referred to as closing) is a critical part of the home buying process.

During settlement, ownership of the home gets transferred from the seller to the buyer. This involves a lot of paperwork, a lot of signatures, and usually a lot of questions.

As a home buyer, you can prepare for settlement by understanding what you need to do before the actual day of settlement. This will make the entire home buying process smoother and less stressful.

Some of the items on this list may seem obvious, but I’ve included them anyway to make the list as complete as possible. Keep in mind that settlement laws and requirements may vary from state to state.

Pre-Settlement Checklist:

• Loan Approval - This is first and foremost, because you can’t proceed toward settlement / closing until you get approved for the loan. Once you’re approved for the loan, the settlement process is in motion.
• Truth-in-Lending Statement - Shortly after applying for the loan (usually within three business days), the lender will give you a truth-in-lending statement. This statement shows the total estimated cost of the loan, including fees, interest rates and payment terms.
• Set the Date - The time and place of settlement will usually be agreed upon between the lender, the settlement company, and the buyer and seller.
• Transfer Utilities - Call to transfer all applicable utilities (gas, electric, etc.) to your name, effective on the settlement date.
• Hazard Insurance - Most lenders will require hazard and liability insurance, at least up to the loan amount. You need this to satisfy their requirements, but you should also choose a policy that protects your investment and give you peace of mind.
• Final Walk-Through - A day or two before settlement, you will conduct a final walk-through of the house. This is your last chance to view the property before taking ownership of it. Make sure everything is as you remember it (no new damages, all conveyed items present, etc.). Also, if you made the contract contingent upon certain repairs (based on the home inspection), make sure those repairs have been completed.
• Settlement Statement - At least one business day before settlement, you should receive a settlement statement (also referred to as a HUD-1 statement). This document will list all the costs you’re required to pay at settlement. Review it carefully. If you find errors or items you don’t understand, bring it up with your real estate agent, attorney or settlement agent. Don’t let your questions go unanswered!
• Certified Check - In most cases, you will need to bring a certified check with you to settlement to cover all the closing costs. The amount of this check will be based on the settlement statement. Be sure to bring a photo ID with you as well.

Understanding the settlement process will help ensure a smoother home buying process. Be proactive about the items on this list. Don’t just wait for them to happen — make them happen.

* Copyright 2006, Brandon Cornett. You may republish this article if you keep the byline and author’s note, and also leave the hyperlinks active.

Learn more!
To learn more about the home buying process visit HomeBuyingInstitute.com, the Internet’s largest library of home buying advice. Visit: http://www.homebuyinginstitute.com today!

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