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Posts Tagged ‘Arizona real estate’

A Look At A Few Of Dangers Of Purchasing An Arizona Foreclosure Home

July 31st, 2010

Home foreclosure sales are taking place in record numbers and investors are snapping them up. It is important to understand, though, that often these bargains may not be all that they seem. An Arizona foreclosure may be fraught with danger, not matter how good the deal looks. Here are some things to look out for if you’re thinking of buying a foreclosure house in AZ.

You will be very tempted to purchase a foreclosed house in the state of Arizona. Arizona enjoyed some of the most rapid rises in property values during the years when prices were soaring. After the property bubble burst, however, it was one of the states that was hardest hit. Since so many investors had over extended themselves during the boom years in Arizona, there are now a huge number of foreclosure real estate sales happening there.

Because of the huge numbers of homeowners who got caught in the bust cycle in Arizona, there is a great deal of competition between lending institutions who are trying to recoup their losses. This means that they foreclosure prices they are asking are often very attractive. They are more interested in a fast turnaround than a profit. However, this is also where some of the dangers begin for the potential buyer.

The whole process of foreclosing is a lengthy one and when it’s over, the lenders are going to want to unload the property as fast as possible. Prospective buyers are only going to have a small window of opportunity in which to place their offers. Those buyers who can pay cash for the property will be given first priority. You will only be given one chance, so if you need financing, you will probably have to bid on several homes before you finally have your bid accepted and you will need to bid at least the full asking price or even more.

All foreclosures have the clear stipulation that the homes are being sold “as is.” If you have not had the opportunity to fully inspect a property, you are likely to be in for a big shock when you take possession of the property. It is not the end of the world, though. After your bid is accepted, you have the opportunity to inspect the property. If upon close inspection you find that the cost of repairing a home is far greater than you anticipated, you can cancel the contract and receive a refund on your deposit. However, you will have spent a great deal of incidental money going through the process of buying and inspecting the home and will have nothing to show for your efforts.

Even during your initial house inspection, you are likely to have found that a lot of these foreclosure houses are in a shocking state of disrepair. Sometimes angry owners or renters will have deliberately soiled and damaged the property. Sometimes properties that have not been lived in will have been visited by thieves who will have taken everything they could find. Never place a bid on a place you haven’t seen first.

If you are planning on getting financing for your Arizona foreclosure, the home must be in a safe condition. This means that there can be no exposed wiring, the air conditioning must have a working thermostat, etc. There are many such details that the appraiser will look for. Since you will be making your offer so quickly, you may overlook these details and be sorely disappointed when you get turned down for a loan.

These are some of the dangers of buying Arizona foreclosure. Your best option is to get the advice and assistance of a qualified real estate adviser and not attempt to do it on your own.

Arizona foreclosure businesses can tell you the upcoming foreclosed homes, if your searching to purchase homes thats being foreclosed. To avoid Az foreclosures, you could consider searching for valuable information on the Internet that could help you.

Bob Johnson Finance , , , , , , , , , , ,

The Legal Process Of An Arizona Refinance Or Arizona Mortgage For You

July 30th, 2010

If you are thinking about the legal process of an Arizona refinance or Arizona mortgage, then you probably want to know everything you can about it. If you have good credit and a steady income, it should not be hard for you to acquire one. There are some great tips that can save you money and ideas to get you started in the process. When you have the option to save money through a refinance or mortgage, you will feel great about making a good decision.

If you would like to secure a loan, then you will need to find some possible lenders who will do it for you. You might check on line and do a search on lenders. You just might find some numbers in the phone book. With a list in front of you, you can then start calling them and asking them questions.

The next thing to do is to contact them about their policies and procedures. Each company will have different methods and requirements for approval. Be sure to write down some questions to ask the professional and have a pen handy to take notes. When you are done, you will then compare all of your notes to see which ones looks the best.

It is important to keep in mind your monthly budget. Try shopping around for a good interest rate. Try to keep your cash flow positive. The lower your rate, the more money you will have to spend. Each lender that you review will have their own rate and amortization period for your loan. You can compare what their terms are before you make a commitment.

The experts you contact will explain the different programs and loans that are available. Many people will refinance their house in order to free up some money. The money could be used to pay off debt, buy a new vehicle or to pay for something that is needed such as a home repair or renovation. These loans can be a quick way to ease up some extra monthly cash flow or have a project completed.

It is important to read all of the fine print and make sure that you understand everything you are filling out in an application. When you decide upon a lender to use, they will send you an application that you will need to fill out. It might ask you for all of your credit information and employment status. When you are finished, you just send it back and wait for them to call you.

If you are approved for a loan, they might ask you for some additional information. Things like tax information, income information and credit report. This paperwork gets stapled to your application and it all gets kept on file.

When you learn what the legal process of an Arizona refinance or Arizona mortgage is you can then get started on your loan applications. Saving money for debts or extra money can make you feel great about your ability to do so. You will know if you are going to be approved when you first call a lender and hear what their expectations are. Then, you can decide if you would like to use them for your loan or not.

Learn the choices you have for an Az mortgage by heading online. With an Az refi you have more choices than you may know about. Head online today and learn more.

Brad Cochran Finance , , , , , , , , , ,

Learn Learn About How You Can Locate Arizona First Time Home Buyer Grants

July 26th, 2010

It is a unique time to buy a home today. With low interest rates and low home prices, there has never been a better time to look into buying your first home. Several states are even offering first time homeowner grants to qualified home buyer. It is time to find out how to find Arizona first time home owner grants.

Many states have grant programs for first time home owners and some even offer down payment assistance to low income residents. These grants vary from state to state. Some states offer grants only to low income residents, while other states offer them to all new home buyers. It is important to check with your state for details.

Arizona is one of the states that offer down payment assistance. This assistance comes in the form of a grant and never has to be repaid. This grant is considered a gift on the mortgage application and does not affect the mortgage approval adversely. This grant can also be used to help cover the closing costs. There is a limit on how much you can receive in grants for a home purchase.

These grants make it possible for people to buy homes who never imagined that they could. It is no longer necessary to save up a 20% down payment in order to own your own home. This has opened the door to home ownership to many people who believed that they could never buy a house. You no longer have to have a large savings to put into buying a home.

There are many places on the Internet where you can find information regarding first time homeowner grants. The first place to check is the Arizona state government website. It should be quite simple to find the information on grants as well as how to apply for them on the state website.

If for some reason you cannot locate the information on the state website it may be possible to locate the information, a link, or a phone number on the federal government website. You can search state grants through the federal government website. This can also be helpful if you are looking for grant information for more than one state. Not all state grants are listed on the federal website, but most of them are.

After you find the information that you were looking for on grant programs, take a moment and make a few phone calls. Ask as many questions as you can about the program and the application process. Buying a home is a time sensitive matter and the more you know, the more likely you will be to successfully purchase your home.

It is a great time to get into your own home and numerous incentives for first time homeowners are now available. Take a moment to find out how to find Arizona first time home owner grants. You will be happy that you did. With down payment assistance grants and grants for closing costs it has never been easier to buy a home. It is now possible to buy a home even if you do not have much money in your savings account.

Thanks to the status of the economy, an AZ first time home buyer has opportunities never before available. Take advantage of the first time home buyer grants to assist in your new house purchase now.

Fred Flinton Finance , , , , , , , , , , , , ,

Warnings About The Meaning Of New Arizona Foreclosure Laws

July 26th, 2010

Many people today are trying to pick up Arizona foreclosure property while prices are still at an all-time low. It makes sense investing in the future, but one needs to proceed cautiously as laws passed within the past couple of years have done nothing, but muddy the waters of an already complicated process. With the passage of the July 2009 Senate Bill 1721 and the revision passed in Section 33-814 the following September, not only are those losing homes in peril, but so are lenders and new buyers.

The original law contained many loopholes and failed to protect lenders. As a result, the revision sought to correct this deficit, but the result was a set of mandates that failed to clarify much of anything, but left many more questions. In order to try to protect the interests of lenders, the revision allowed liens to be placed on foreclosed properties in an attempt to ensure payment on the original loan, but the result was that those purchasing these structures faced years of struggle without the option of reselling in order to move on.

Those promoting revision claimed that the current law was designed to protect those reselling a foreclosed home, such as a bank, from loosing money on the deal and making it harder to foreclose in the first place. However, the result was an interpretation of the law that allowed lenders to file a deficiency judgment against the property if the sale price was less than the debt owed. This addition not only left the former owners unprotected, but also placed a lien against the property so new owners were unable to resell until the old debt was resolved.

A concern has also arisen about residency. If a person is hospitalized and needs to go to a rehabilitation center afterward, or even if they go on vacation for 30 days or more and fail to make a payment while absent, the lender has the right to foreclose on the property. It is up to the owner to prove that the residence was not vacant for that length of time. Imagine getting back from that a fabulous vacation or devastating hospitalization to find all your property gone and your house sold. And, imagine the ordeal then to be faced by the new owners who bought the property in good faith.

It is estimated it will take several years in appeals courts before clarification is received. In the meantime, lenders are becoming ever cautious about what to do with the many foreclosed properties on the market for fear the courts will come back and repeal any deficiency orders leaving lenders in financial ruin and confused as to what to do with property that had been resold, but was held by the courts under lien. This puts new buyers in a precarious position as well, as they may eventually lose the purchased property through no fault of their own.

Those losing a home who find they may still owe the debt are now seriously reconsidering options. It is more than likely more bankruptcies will be filed, filling the courts even further. Additionally, knowing they may never receive payment is making lenders more tentative about taking on new mortgages. This is also a good time for those looking for a new home to reconsider the option of buying this type of property for without understanding where one stands with the law, they may find themselves out on the street in short order.

Unfortunately, courts are now being inundated with lawsuits and injunctions which are filed by lenders within 90 days of the sale of the property. They hope to eventually collect on the full value of the loan but, in the meantime, those who already couldn’t pay their mortgage payment are now faced with the cost of mounting a strong defense which could result in litigation lasting for years and costing thousands of dollars. For those who purchased one of these properties, they may find themselves in much the same position especially as those fighting the system and the law find new ways of reinterpreting it.

For those considering the purchase of foreclosed property, there are many legal questions that should be asked especially with the new Arizona foreclosure laws. As with any transaction of this magnitude, it is always best to work only through qualified real estate agents as well as with estate attorneys or other legal expert who can navigate the muddy waters of this complex legal mandate.

Finding the information you need to find AZ foreclosures is easy when you know where to look! Start today, and find your Arizona foreclosure fast!

Carl Hurdleton Finance , , , , , , , , , , , ,

Understanding How To Get A Great Deal On An Arizona Refinancing And Mortgage

July 25th, 2010

If you are in the market to buy a home, you need to know how to get a great deal on an Arizona refinancing and mortgage without going crazy. The great thing is that you can use the Internet to get started. There are plenty of online sites that give useful information about mortgages and refinancing. They exist because lenders really do want you to succeed. Here are some top tips for keeping yourself informed and organized.

Many experts suggest that you think about the kinds of cost savings that you find important. It may be that you are looking to find the lowest possible payment, the best interest rate, low overall interest costs, or perhaps a good combination of the three. You want to consider where you stand financially, and what hopes you have in terms of housing.

Arizona really differs little from other states in terms of what kind of mortgages are available. There are fixed-rate, adjustable-rate, and second mortgages available for all types of properties. You should decide which you prefer, and try to find a home with options that suit your ability to purchase.

Online mortgage calculator are very handy if you just want to do some browsing. Simply look over real estate options that interest you. Learn the loan amounts, interest rates, and terms in years for any homes that you may like to buy. Insert the numbers into the calculator and you will get a mortgage calculation immediately.

If you have particular properties in mind, you should consider doing some initial comparison shopping this way. It may help to look at some real estate sites to get an idea of homes you might like, and then compare mortgages to figure out if your goals are realistic.

There are excellent mortgage websites that specialize in home buyer education. They provide online tools to help you calculate interest rates and even to browse through available brokers in Arizona. These tools are there to help you find brokers that will work with you to achieve your goals. But, you can also use the sites to learn as much as possible about the best deals available. You will be better prepared to ask for what you need that way.

Some websites are designed to put you in contact with a group of mortgage lenders that will compete for your business. These lenders can help you get a mortgage, or even refinance your existing home. What you do is input your details at the website, and the information you provide is given to a group of lenders. They will offer their best bids. They want your business. And, you want their loan. You can look over the various offers, compare, and then choose the best offer.

You must be prepared to do business if you give your information to a lenders site. They will start contacting you quickly. Be prepared for them to be persuasive, and very persistent. They are doing business to make money. These are usually experienced lenders who can help you if let them. You may even get several contacts in a day.

As long as you know this is coming, then you will be ready for your phone to ring, and your email to be full. When you consider how to get a great deal on an Arizona refinancing and mortgage, then using your computer and a few good websites is your answer. Do your homework, be prepared to do business, and you may find the home of your dreams.

If you live in Arizona and need a mortgage, you found the right place. Our services give some of the correct rates and Az mortgage deals available. You will find that our Az refi is very helpful as well.

Jack Bennington Finance , , , , , , , , , , ,

The Ins And Outs Of Arizona First Time Home Owner Grants

July 22nd, 2010

It is often said that owning your own home is the American dream. The Arizona first time home owner grants can help you achieve that dream. The terrible housing crisis has inspired government programs to help first time home buyers.

These programs, which are administered by the cities, counties and state government agencies, are a terrific way for ordinary working people to qualify for a home mortgage. These programs are part of the economic stimulus package, which under the wise and strong leadership of the Obama administration, is helping our economy to recover.

First time home buyer programs come in several varieties. Some are based a combination of grants, low interest rates, and easier down payment requirements. There are programs that will pay part of the down payment as a grant. A portion of the home mortgage may be at zero per cent interest or a very low interest rate.

Besides these programs to help families purchase of their first homes, there are programs to help low-income families refurbish their existing homes. This type of program is important because it keeps neighborhoods from getting run down. These programs will finance major repairs like roofing, new windows, insulation and furnaces offering low interest or interest free loans and grants. Studies have shown that there is a relationship between crime and the deterioration of residential neighborhoods.

It is often a good idea to work with a mortgage broker or a real estate agent when applying. An experienced and licensed real estate professional can guide you through this complex process, helping you with the paper work and the eligibility requirements. It is a professional’s job to know what programs are currently open. They can connect you with a program that fits your unique needs.

You should always use the services of an experienced real estate attorney when entering into a real estate transaction. Attorney fees are a lot less than the financial costs of committing yourself to a bad deal. It is your attorney’s duty to protect your interests. Do not make the mistake of doing this type of deal without an attorney.

You can find more information about government programs that help people with their real estate problems on the internet. However, take the information you read on the internet with a grain of salt. While there is much excellent to be found on the internet, it is best to rely on the advice of your attorney and real estate broker when making these important financial decision. Work only with reputable brokers with whom you can establish a personal relationship of trust.

Now you have gained a better understanding about how Arizona first time home owner grants can work for you. You are ready to begin the process. With patience and determination, one of these fantastic government programs will help you buy your first home or maybe restore your current home. These programs are helping restore prosperity to hard working Americans everywhere.

AZ first time home buyer options are more common than ever before. Use first time home buyer grants to lock in your new home purchase.

Brad Lenden Finance , , , , , , , , , , , , ,

The Arizona Foreclosure Procedure Is Rapid And Simple

July 12th, 2010

Any time a home owner falls in arrears on his mortgage payments, an Arizona foreclosure may be employed rather promptly as well as quite easily by a mortgage company. While an average foreclosure procedure takes approximately half a dozen months, the complete activity will be sometimes settled in as few as 90 days in certain instances.

If it should happen that a homeowner becomes incapable to produce payments on his home loan, the consequence is typically the foreclosure process. Foreclosure constitutes a legal action that may allow a mortgage lender to assume ownership and take possession of a property. This procedure withdraws every right a borrower could have bearing on a property and also allows for that eviction of a homeowner from that property.

In most cases, a foreclosure can begin as soon as any home owner is late with a single mortgage payment. For example, if a payment is due on the first of the month, a mortgage company technically has every right to begin legal foreclosure proceedings the next day. However, in most cases, a lender will try to work out alternatives a borrower before trying to repossess their home.

Unlike popular belief, mortgage companies would normally rather not reclaim the home for it can be challenging to speedily sell the home for the amount of money that is outstanding. Usually, if a borrower will attempt to work with them, the lenders will typically give the homeowner up to three months additional time to rectify the delinquent situation. It is in reality in the better sake of a mortgage company to aid a homeowner in catching up.

If a suitable alternative is not worked out between the mortgage holder and the home owner right away, the lender will probably begin foreclosure proceedings. In Arizona, most home owners have what is called a trust deed and a foreclosure does not have to go to court for a lender to foreclose on a home. When the lender decides to foreclose, it is a very simple procedure and can happen very quickly.

The lender needs to commence the action by naming a trustee. This constitutes an individual or an entity bearing the lawful right to handle the legal paperwork in the trustee sale. That trustee has to enter a proper record in the business office of that applicable county recorder which is recognized as a “Notice of Trustee Sale”. This comprises the legal notification that announces that a property would be sold no sooner than ninety days beyond the date of filing of the notice.

A notice is also required to be published, in a “newspaper of general circulation, ” once each week for at least four consecutive weeks in the county where the property is to be sold. The trustee also needs to send a written notice to the borrower within five days of notice recording and to any remaining parties which might be involved with the foreclosure proceeding.

The trustee will proceed to conduct the scheduled sale on the proclaimed date and this sale is normally for cash, sold to the highest bidder. Profits from a sale will then be expended to fix the primary loan on the property as will be observed on the trust deed. If there have been any proceeds left over, payment will be produced to any other lien holders in order of their priority. Should there be funds left over subsequently when all debts are paid, the trustee will remand any remainder to the former owner of the home.

Arizona foreclosure laws are relatively simple. Also, after a foreclosure process is originated, the action is by and large discharged very promptly.

It is easy to get more information about the easy steps to get your dream home today through Az foreclosures. When you get all the details, you will find that an Arizona foreclosure can provide you with the affordable home you are seeking fast!

Chick Corea Finance , , , , , , , , , , ,

Why It Is Easy To Get Arizona First Time Home Owner Grants

July 11th, 2010

Many people are looking for Arizona first time home owner grants. They just may not know where they can look or what they may need. It is really not as bad as they may think to find this perfect grant. All they need is to look in the right places.

Where to Look

There are a ton of places that a person can look for a grant for their new home. The first is at their local bank. They might have banked with them for a long time. This can help the relationship and can help them to want to work for people they know a little harder.

If you are a customer of theirs, they will want to keep your business. The best way to do that is to help you find Arizona first time home buyer grants to meet your needs. You may find that they are more willing to work with you and that you will get a far better result from them, than any other lender out there.

Another place potential homeowners can look is online. There are a lot of lenders that are looking to help as many people as they can. They may look at a lot of places just to find the right Arizona first time home owner grants that will work for those people.

Do use caution when going this route because some places will not be as honest as others. You may have to research lenders and grant givers that are online so you know you are happy with the lender and will not get scammed out of your time and money.

How to Get an Arizona First Time Home Buyer Grant

There are couple of ways that you might get a grant to help you with your grant finding process. The first is to fill out an application. This will give you a start in your grant finding process because you may be able to fill out one application for more than one lender. Talk to your banker or lending company to find out if this is possible for your grant.

After you have filled out the application, you will really have a waiting period before you hear if the loan has been accepted or not. This can be a short or long time depending on the loan company. You may be asked to show what you are applying too the mortgage and how much in loans you already have. This is to let the grant giver know that you are committed to your home and to the costs that go with it.

Getting a loan and grant is a process that can really help you get a home you want. Do take some time and make sure you understand what you are getting into so you do not mess it up and lose your home. The last thing you want is to not have a home after all the work you went too in order to get the home of your dreams. Be sure you can afford the payments and are ready and willing to do it.

You can get more the information and details that you will need to be a successful AZ first time home buyer fast! When you learn about the first time home buyer grants that are available, you will be able to save money when you purchase your home.

William Telthorn Finance , , , , , , , , , , ,

What You Want To Know About The Arizona Foreclosure Procedure

July 10th, 2010

Arizona works with a Deed of Trust system. Under this type of deed, the loan holder can take back the distressed property in the event of a default. The subject property can then be sold to satisfy the loan conditions. An Arizona foreclosure occurs when the the borrower can’t make payments on the mortgage and thus loses the property.

Under the Deed of Trust, the ownership of a property remains with a lender until all liens against a property are satisfied. Under Arizona law mortgages are considered liens. Arizona law calls for judicial foreclosures through the courts. Deeds of Trust usually contain a Power of Sale provision so that a non-judicial foreclosure is the typical method of foreclosure.

When a borrower misses payments, known as defaulting on the loan, the lender must file a default notice called a Lis Pendens to place the property into pre-foreclosure. This puts the burden on the borrower to remedy the past due payments during the grace period that is allowed. Clearing the past due payments will take the property from the pre-foreclosure process.

The borrower can also deal with potential foreclosure by selling the property to another buyer. With the proceeds from the sale, the original borrower can cure the default and perhaps even make enough to allow the borrower for a new start in other property. This solution doesn’t impact the borrower’s credit report, since the defaulted amounts are cured through the property sale.

The third way in which the grade period ends is for the loan holder to take possession of the subject home according to a Power of Sale agreement. The property is then owned by the lender and is known as REO property. The lender has the right to sell the property, usually through an auction sale.

There are numerous steps that must occur prior to the actual sale. The lender has to publish the notice of sale in the local newspaper for at least four weeks prior to the date of sale. The newspaper has to be one that is commonly read in the area. The date of sale minus twenty days means that there must be a notice of sale posted at the location itself. The County Recorder must have a notice of sale filed there also within the 20 days preceding a sale.

The published notice must contain a number of components. The name and contact information of sale trustees and the price of the original obligation and the date, location and time of the sale must appear in the notice. There must be a street address and the legal property description. The beneficiaries of the sale must be a part of the notice in order for the sale to go forward.

The usual time requirement to accomplish an Arizona foreclosure is four months, although a rushed process can happen in as little as 90 days. The completion of the sale means that a new buyer owns the house. Some lenders and original buyers elect to shorten the process by going to court and agreeing to a judicial foreclosure.

We all know that we dread thought of foreclosure and it happening to your house. To find the right information that could help you in az foreclosures, you need to look online. A lot of Arizona foreclosure sites can help you.

Hal Brooks Finance , , , , , , , , , , ,

Search For An Arizona Foreclosure

July 9th, 2010

An Arizona foreclosure can be searched online, found in the local newspaper listing, and local Realtors may have a listing as well. There are also professional foreclosures listing services available that will put you on their email list. No matter how they are found, in today’s market, foreclosures are numerous.

In the years since the real estate bubble popped in America, foreclosures have become a sad and common reality. Many people and families simply cannot afford their homes. What used to be an asset now becomes a liability. In some instances, it may be either the taxes or the mortgage that defaults the loan.

Buying a house at a foreclosure auction sounds much better than it sometimes is. While there are great deals to be had, often times, the purchase can go sour. The location of the property, the condition of the property, and the amount of the original mortgage can play huge factors in a blind bid or non-inspection auction. Caution is suggested and you may want to hire a Realtor who has experience in foreclosed property.

There are also instances where the house is in good condition and the lien is almost paid. The house is purchased for next to nothing, renovated, and then flipped by the buyer. Often times this will result in the bank being satisfied, the purchaser making a profit, and a new buyer getting a great deal on a new home.

Other types of foreclosures are auctioned as Tax Deed Sales and Tax Lien Sales. The laws for all foreclosures vary from state to state. If you are unfamiliar with a particular states laws governing foreclosed property, you should check the local government websites or check with most of the local foreclosure listing services. In some states, the foreclosure is handled by the courts.

A tax deed sale is the straightforward auction of the deed of a foreclosed property. This is the easiest form of foreclosure for those investors looking to flip a house for a profit. In many instances, the auction is looking to satisfy the back taxes owed and the property can be had at a very modest price.

Arizona tax liens are some of the most lucrative sales in the US. They provide a monthly, prorated interest up to 16 percent. The investor will receive a 16 percent penalty from the owner should he repay the taxes in the time provided by law after the sale. The tax lien sale in Arizona is so popular that it is often done online to allow out of state bids. You can contact local Arizona governments for dates, times, and more information.

The increase in foreclosures over the last five years can be directly attributed to the sub prime mortgage crisis caused by major deficiencies in bank regulations and the financial system on a global scale. The United States of America was not alone in this near worldwide crisis and the US government had to step in and bail out many financial institutions. Many people believe the crisis was caused by the large amount of foreclosures, including Arizona foreclosure by the banks in the first place. Our current administration has taken positive steps in turning this huge problem around.

It’s simple to find more details about ways you can start taking advantage of the Arizona foreclosure market today! When you see the AZ foreclosures available, you will be able to find a home within your budget quickly!

Carla Stoops Finance , , , , , , , , , , ,


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