Mortgages

Home Equity Loans are a great way to have your house work for you. The equity your property has can be used for college education, improvements, vacation or anything you need your money for. Often, interest from a Home Equity Loan can be deducted from your taxes even lowering the cost of the further. Is there anything you could use a Loan for today? Just click on the link above to go to GSFONLINE and let one of professional consultants help you with your needs.

Do you wonder how much equity you may have available for a loan? GSFONLINE offers Loans up to 125% of your properties value. To find out what your comparables are in your housing market Golden Shores Financial has made arrangements for you to have access to a leading comparable site that all the professionals use. Go to our web site and click on Loan Tools and look for comparables. Try it, it is a great resource!

Golden Shores Financial opened it's doors in 1988 dedicated to purchase and refinance mortgage First Trust Deeds. In only 11 short years we have become a full service Mortgage Banker now offering residential loans from purchases to refinances, 2nds, improvements, lines of credit, commercial loans and our newest division Mexico second financing. With the advent of the World Wide Web we have doubled in size in just the last 18 months. We are now able to shop over 100 investors to find you the best available rate for your particular situation. This allows you to take advantage of the market instead of the market taking advantage of you.

What Should I Know About Buying A Home?
1. Plan ahead. Establish good credit and save for the down payment and closing costs.
2. Set a budget and stick to it. Refer to “How Much House Can You Afford?”
3. Know what you really want in a home. How long you want to live there? How much room you need? What kind of neighborhood appeals to you? Are schools important? How long is your commute? Consider a new home from every angle.
4. Make a reasonable offer. Your real estate agent can prepare a comparative market analysis listing the sales prices of other houses in the neighborhood. You can use this to arrive at a reasonable offer.
5. Choose your mortgage (and your lender) carefully. There are many different types of home loans. Your lender should be willing to show you all the available options - and don't be afraid to ask.
6. Consult with your lender before paying off debts. Carrying debt isn't necessarily if it gives you more cash. Ask your lender what you need to qualify and how much debt, if any, you should pay off before applying for a loan.
7. Keep your day job. A stable employment history can go a long way to help you qualify. Besides, verification of income from a new job can delay the loan process. If there's a new career on the horizon, make the move after your loan is approved.
8. Don't shift money around. New accounts can complicate the loan application process because a lender has to verify all sources of funds. So keep it simple, and keep your money where it is.
9. Don't add to your debt. This isn't the time to be financing a new car, boat, furniture or anything that will increase your debt load. It could prevent you from qualifying.
10. Timing is everything. If you already own a home, ask your lender if you must sell your current home in order to qualify for your new loan. If you're renting, it's simply a matter of timing the move with the end of your lease.

How Much House Can I Afford?
How much house you can afford depends on how much cash you can put down and how much a creditor will lend you. There are two rules of thumb: You can afford a home that's up to 2 1/2 times your annual gross income. Your monthly payments (principal and interest) should be 1/4 of your gross pay, or 1/3 of your take-home pay. The down payment and closing costs - how much cash will you need? Generally speaking, the more money you put down, the lower your payment. You can put as little as 3% down, depending on the loan, but you'll have a higher interest rate. Furthermore, anything less than 20% down will require you to pay (PMI) which protects the lender if you can't make the payments. Also, expect to pay 3% to 6% of the loan amount in closing costs. These are fees required to close the loan including points, insurance, inspections and title fees. To save on closing costs you may ask the seller to pay some of them, in which case the lender simply adds that amount to the price of the house and you finance them. A lender may also ask you to have two months' payments in savings when applying for a loan.

The loan - how much can you borrow?
A lender will look at your income and your existing debt when evaluating your loan application. They use the following two ratios as guidelines: Housing expense ratio. Your monthly PITI payment (Principal, Interest, Taxes and Insurance) should not exceed 28% of your monthly gross income. Debt-to-income ratio. Your long-term debt (any debt that will take over 10 months to pay off - car loans, student loans, alimony, child support, credit cards) shouldn't exceed 36% of your monthly gross income. Lenders are flexible, these are just guidelines. If you can make a large down payment or if you've been paying rent that's close to the same amount as your proposed loan, the lender may bend a little.

Should I Refinance?
If you have a low, 30-year fixed interest rate you're in good shape. But if any of these Five Reasons applies to your situation, you may want to look into refinancing.
1. Decrease monthly payments. If you can get a fixed rate that's lower than the one you currently have, you can lower your monthly payments.
2. Get cash out of your equity. If you have enough equity you can get cash out by refinancing. Just decide how much you want to take out and increase the new loan by that amount. It's one way to release money for major expenditures like home improvements and college tuition.
3. Switch from an adjustable to a fixed rate. If interest rates are increasing and you want the security of a fixed rate, or, if interest rates have fallen below your current rate you can refinance your adjustable loan to get the fixed rate you're looking for.
4. Consolidate debt. You can refinance your loan to pay off debt, too. Simply increase the new loan amount by the amount you need and the lender will give you that cash to pay off creditors. You'll still owe the lender but at a much lower interest rate - and that interest is tax-deductible.
5. Pay off your loan sooner. If you switch to a shorter term or a biweekly payment plan, you can pay off your home earlier and save in interest. And if your current interest rate is higher than the new rate, the difference in monthly payments may not be as big as you'd expect. Is refinancing worth it? Refinancing costs money. Like buying a new home, there are points and fees to consider. Usually it takes at least three years to recoup the costs of refinancing your loan, so if you don't plan to stay that long it isn't worth the money. But if your interest rate is high it may be smart to refinance to a lower interest rate, even if it is for the short term. If your loan has a prepayment penalty, this is another cost you will incur if you refinance. Use the reasons above as a guideline and determine whether or not refinancing is the right thing to do.

What Are the Costs of Refinancing?
Here's what you can expect to pay when you refinance: The 3-6 Percent Rule Plan to pay between 3% and 6% of the amount of the new loan amount (if you want cash-out, the loan amount will be larger). Yet some lenders offer no-cost refinancing in exchange for a higher rate. Getting to the Points Points play a big part in how much it'll cost to refinance - the more points you pay, the lower your interest rate. Points are a good idea if you're planning to stay in your home for a while, but if you'll be moving soon you should try to avoid paying points altogether. Negotiate the Fees Be aggressive and investigate the fees your lender is asking you to pay. You may not need an appraisal, or your loan-to-value may be such that you no longer need PMI. Sometimes if you refinance with your current lender they won't need a credit report. With a little research it's amazing how much you can save. Here, we've explained the different loan refinancing fees.
Application Fee: This covers the initial costs of processing your loan application and checking your credit.
Appraisal Fee: An appraisal provides an estimate or opinion of your property's value.
Title Search and Title Insurance: A Title Search examines the public record to discover if any other party claims ownership of the property. Title Insurance covers you if any discrepancies arise in ownership. (A reissue of the title can save 70% over the cost of a new policy.)
Lender's Attorney's Review Fees: In any financial transaction of this scope, a lawyer's participation ensures that the lender isn't legally vulnerable. This fee is passed on to you.
Loan Origination Fees: This is the cost of evaluating and preparing a loan. Points: These are basically finance charges you pay the lender. One point equals 1% of the loan amount (for example, one point on a $75,000 loan is $750). The total number of points a lender charges depends on market conditions and the loan's interest rate.
Prepayment Penalty: Some loans require the borrower to pay a penalty if the loan is paid off before a certain time. FHA and VA loans, issued by the government, are forbidden to charge prepayment penalties.
Miscellaneous: Other fees may include costs for a VA loan guarantee, FHA insurance, credit checks, inspections and other fees and taxes.

How to Save Money Refinancing:
Research all costs and fees. Don't be afraid to negotiate with your lender. Shop around for the lowest rates. Check with your current lender for lower rates with costs that are reduced or waived.

What Kinds of Loans Are Available?
Fixed-Rate - interest rates and monthly payments remain unchanged for the life of the loan
Adjustable-Rate - interest rates and monthly payments can go up or down, depending on the market Hybrid Loans

How do you decide which loan is best?
These questions may help. How much cash do you have for a down payment? What can you afford in monthly payments? How might your financial situation change in the near future and beyond? How long do you intend to keep this house? How comfortable would you be with the possibility of your monthly payments increasing? Discuss these with your lender so they can help you decide which loan would best suit you.

What is a Fixed Rate?
This is the most common loan arrangement in the US With a fixed-rate the loan's principal and interest are amortized, or spread out evenly, over the life of the loan, giving you a predictable monthly payment. The upside is, if rates are low, you can lock in for as long as 30 years and protect yourself against rising rates. However, if rates fall you can't change your rate without refinancing the loan, and that could cost money. The 30 year Fixed-Rate loan, the most popular and easiest to qualify for, will give you the lowest payment. But you can also get a 20, 15 and even a 10 year fixed-rate loans if you wish to save interest and pay your home off sooner.

What is an Adjustable Rate Loan?
With Adjustable-Rate loans (ARMs) interest rates are tied directly to the economy so your monthly payment could rise or fall. Because you're essentially sharing the market risks with the lender, you are compensated with an introductory rate that is lower than the going fixed rate. How often does the interest rate change? That depends on the loan. Changes can occur every six months, annually, once every three years or whenever the loan dictates.