Tag: Misconception

Making Travels and Vacations Fun-filled and Ever Memorable

Lesley Lyon asked:

You must be wondering where do all people travel but just imagine your life without traveling. We all like to travel and it is part of our life. People travel for many reasons as mentioned below.

Most of us do travel, as we want to spend our time with our friends and relatives no matter at what distance they live. This type of travel is solely decided by you just to be with them. Sometimes people travel in search of soul mates and they try their luck by traveling till they get their life partners. Sometimes people need to travel due to job reasons. In search of work you may be forced to travel or as a business traveler, you have to move around leaving your families behind.

Some people travel to different places to learn their culture. Culture aspects like celebrations, food, dressing, language etc are always strange and new to a traveler. Travelers want to experience this significant difference and learn with fun while traveling.

Some writers travel to destinations for writing articles and story relevant to the place. There are people who are nature lovers and they travel to different countries to see the nature and enjoy all beautiful sceneries.

There are people who travel just for shopping alone. Rich people alone do not travel; everyone travels depending on budgets. Travel always makes you relaxed with lot of fun and gaining rich experiences. Today the development in transportation and communication technologies has changed the people’s lifestyle with a lot of movement. You have a number of options for travel planning and by choosing wisely you can save your money and time.

Travel agents provide you all the services needed for your travel and there is a misconception that you have to pay the travel agent, an extravagant fee. It’s not true because the travel agent provides you all the services at a discounted price but they get commissions from the service providers like hotels, airlines and car rentals for the sales done by them. Another advantage of using a travel agent is that your travel package will comprise travel insurance and that’s a bonus to you.

By using the Internet you can do online booking and compare the rates and services offered by different companies. Online booking saves your time and also hard earned money, by sitting in your home.

The best friend for a traveler is the guidebooks and these books will be available in the local libraries free of cost. Seasoned and experienced travel writers compile these guidebooks and all our requirements will be available. Cruise lines and tour companies have special deals for customers who do bookings directly with them. If your travel plan is flexible, you will get best rates on last minute bookings.

In the Unites States, the following forecast for travel industry is made. First, the baby boomers will have huge effect on the industry and the recent estimation is there are one million of them reaching their sixties. So they won’t settle down for tea after retirement but they have serous travel plans. Secondly, consumer spending is increasing because of the outgrowing economy and so the economists strongly believe that travel will get double in this decade. Travel encompasses all facets of transportation and lifestyles like dining, boating, lodging, air transport, safari etc. and the list of activities does not have an end.

100% Home Loan Financing – Flex your Muscle

Kristin Abouelata – Home Loans asked:

With the current “mortgage meltdown” we hear so much about these days, your average consumer thinks that the days of 100% financing have gone by the wayside. True, you are hard pressed these days to find a bank or lender that will want to carry a second mortgage that combined with a first mortgage adds up to 100% financing. That’s because if there is a default, sitting in second lien position is particularly dicey. Too much risk is involved. And since, in recent history, that scenario of the 80/20 combo was the most common 100% financing vehicle available to a certain group of consumers (non first time homebuyers), there’s a misconception out there that 100% options are all but dried up.

But, a-ha! There is hope for someone who has great credit but prefers to invest his/her assets elsewhere when rates are so low. It’s called the Flex 100. And it can apply to purchases and refinance transactions.

I heard an analyst mention on television the other day that mortgage money is so cheap right now it’s like a sale at Macy’s. That made me chuckle, but it’s true. In which case, why not invest your money elsewhere if you qualify for 100% financing. After all, the homes are still appreciating in most areas, but not at the stellar rate we saw in the past.

The Flex 100 requires you to invest $500 of your own cash towards the transaction, so I guess it’s technically not 100% financing, but it’s pretty darn close. And no, you don’t have to be buying your first home to get this deal. You can actually have owned a home in the past three years! However, it does apply to financing your primary residence only. You can’t get this deal for that nice cabin in Gatlinburg you want to use on the weekends or for that great rental down the street you think you can get a good deal on. You’ve got to live in the house to qualify for this financing.

But you can do a refinance, as long as it’s not a “cash-out,” meaning you’re not paying off debt or taking equity out of the property. It must be a rate term refinance only. However, you can pay off that second mortgage or home equity line of credit you hate, IF you obtained that 2nd lien mortgage when you got your first mortgage (a piggy back closing, we call it). Or to make it clearer, you originally had that 80/20 combo mentioned earlier. If you got that home equity mortgage a month or two after your initial closing to build a deck or payoff a credit card, than it that won’t work for a Flex 100 refinance.

What about your credit score? Well, it will affect the price you get, but there is no “minimum” credit score required for this program. You just have to get an approval through the automated underwriting system required. But be realistic – if you’ve got “iffy” credit, you probably won’t get an approval. A borrower with a credit score below a 620 would probably have to have a low loan to value or debt to income ratio for a chance of an approval.

A Flex 100 may or may not make sense for you. But hey, at least you know it’s an option. Your lender should be able to help you determine if this opportunity to flex your mortgage muscle makes sense for you.