Deciding on an Escrow Account after a Refinance

The monthly mortgage dues of a borrower consist of homeowner’s insurance, private mortgage insurance and property taxes apart from the mortgage principal and interest payments. Lenders require that you pay the insurance amounts and the property taxes in an escrow account held by a third party called escrow services....

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HUD Guidelines for Manufactured Homes

A set of directives prepared by the Department of Housing and Urban Development (HUD) may have served to enhance the quality of manufactured homes. Homebuyers are quite willing to apply for mortgages for this highly affordable quality of housing. Here are the key guiding principles put forward by the...

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Top Mistakes of First Time Buyers

Declining home values can be a boon for potential homebuyers. However, buying a home could be a daunting task, especially for the uninitiated. Here are some common pitfalls to avoid while making your first home purchase. Not Getting a Pre-Approval Many homebuyers look for homes before seeking a pre-approval...

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Features of an FHA Streamline Refinance Program

The Federal Housing Administration (FHA) makes available a convenient streamline refinance program for homeowners. The plan allows borrowers to refinance their existing FHA mortgages into new loans at lower interest rates. The streamline applies to reduction of paperwork and easing the underwriting process so that a borrower may avail...

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Options for Postponing Mortgage Payments

Most lenders are willing to help borrowers who find it difficult to meet their scheduled mortgage dues. Initiating foreclosure proceedings against a homeowner is expensive and demanding for a lender. Lenders look for various options until the homeowners can tide over their current financial difficulties. Here are some deferment...

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The Basics of a Construction Mortgage

A construction mortgage is a loan taken out for building a home. It involves more paperwork than a purchase mortgage does. Here are some aspects of a construction mortgage. Fundamental Features The lender advances the funds in different stages of the construction. Usually, the lender makes available the funds...

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How to Get a Mortgage for a Repossessed Home

A repossessed home can be a good opportunity for a potential homebuyer to ascend the first step of the property ladder. These homes are available at lower prices than usual. Lenders do not generally make available information on mortgage products for repossessed property. However, an enquiry about packages may...

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Taking out a Flexible Mortgage for Home Renovation

A home improvement job is a popular reason for taking out a second mortgage. If you are not over with the repayments of the primary mortgage, it is crucial to obtain a deal that makes for manageable reimbursements on the additional loan. A flexible mortgage is a good idea...

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The Benefits of a Superior Mortgage Sourcing Software

A mortgage broker has to decide on an appropriate loan package for a client based on the individual needs and qualifications of the applicant. A good quality mortgage sourcing software makes use of advanced technology to facilitate this process. Here are some aspects of the program that help a...

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Tips for Refinancing a Mobile Home Mortgage

The process of acquiring mortgages and refinances for mobile or manufactured homes have become easier than before. Lenders were formerly unwilling to extend financing for this category of housing as they felt the value of the homes would decline rapidly due to a lack of permanent foundation. However, most...

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Pros and Cons of First Time Homebuyer Loans

Lenders make use of several programs initiated by the federal government to present loans catering to first time homebuyers. A first time homebuyer is an individual not listed on a deed as the proprietor of a real estate property. The loans aim to ease the path of homeownership for...

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How to Acquire Compensation for a Defective Mortgage

Taking out a mortgage is one of the most crucial decisions made by an individual. Most borrowers rely on mortgage brokers and loan specialists for the transaction. Unfortunately, some of these professionals may take advantage of a client’s inexperience and make available a substandard product that makes the mortgage...

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How to Manage Mortgage Payments to Avert Financial Crisis

A financially stable homeowner may face no difficulty in managing the monthly mortgage reimbursements. However, it is crucial to ensure the regular payment of mortgage dues in the event of a possible monetary crisis. An unexpected illness or redundancy may bring about a significant fall in your income to...

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Frequently Asked Questions on Overpayment of Mortgage

Overpayment of mortgage is a sensible idea to reduce your loan balance. You may pay off your largest debt in less time and shell out less money in interest expenses. However, there are several issues to take care of before deciding to make an overpayment. Here are some answers...

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Essential Features of a Let to Buy Mortgage

A homeowner may take out a let to buy mortgage to buy a new property. The borrower moves into the new home and lets out the old property to tenants. The mortgage product is ideal for an individual who needs to move to a new home but does not...

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Tips for Getting Mortgage Insurance

When you take out a mortgage to buy a home, you will have to pay back the loan over a set period. You may find it difficult to meet the scheduled repayments, if there is a decline in your financial circumstances at any time during the mortgage term. A...

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The Basics of Graduate Mortgages

The high cost of university education leaves most graduates with considerable debts. Few of them can lay down a substantial deposit towards the cost of a home to secure a traditional first time buyer mortgage. Several lenders are exploiting the market and offering mortgage products with favourable terms to...

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Extending a Mortgage for Refurbishment

An extension of your mortgage involves borrowing an additional sum from your existing lender. You could use the funds for instituting essential home improvements that could enhance the value of your property. It is crucial to consider several aspects related to extending a mortgage. Deciding on the Extension If...

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Understanding Prepayment Penalties for a Refinance

A lender generally imposes a prepayment penalty, if the borrower chooses to refinance a mortgage product. A prepayment penalty is a technique to discourage early reimbursements of mortgage. A premature payment deprives a lender of interests accrued over a long term. Cost of a Prepayment A lender generally allows...

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Mortgage Schemes for Key Workers

A key worker is a professional employed in specific public sector jobs like health, education and emergency services. The government has initiated several mortgage schemes for the purpose of engaging and retaining key workers in areas where housing costs are high. These programmes make available homes to these essential...

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Benefits of Online Mortgage Calculators

A mortgage calculator is a software tool that makes possible computation of mortgage payments in a convenient manner. The Internet and software technology have made available the application to all borrowers. An individual may use the application to figure out the payments for a mortgage product without having to...

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How to Prevent Repossession of Your Home

Since a mortgage is a loan secured against your home, the lender making available the loan may repossess your home, if you default in the monthly repayments. If you are not eligible for any kind of governmental assistance or you do not possess a policy for mortgage repayment insurance,...

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Benefits of Working with a Manufactured Home Loan Expert

It is difficult to acquire regular mortgages for a mobile home, also known as a manufactured or a modular home. Mortgages that are suitable for traditional homes are not so for mobile homes. An unscrupulous or inexperienced broker may drag you through the entire loan application process and charge...

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A Guide to Equity Release Schemes

You may need to tap into your wealth or equity built up in your home, should you have to deal with essential expenses like medical bills, college expenses for your children or repairs on your home. There are equity release plans for the purpose. You may avail of the...

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Frequently Asked Questions on Fixed Rate Mortgages

 A borrower may avail of a fixed rate mortgage, which necessitates a payment of a fixed interest every month for a fixed period. The fluctuations of the base rate determined by the Bank of England or the standard variable rate proffered by the lender do not affect the monthly...

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Features of Credit Score Estimators

Your credit score is a key factor in determining the terms of your mortgage and how much you can borrow. A decent score can avail of a home loan at low interest rates. You may use a credit score estimator to obtain a reasonably good guess about your credit...

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Benefits and Drawbacks of Home Improvement Loans

A home-owner may make use of a home improvement loan to facilitate the renovation of the property. In the real estate market, the condition of the property determines its worth. It is crucial to recognise the nature of home improvement loans to distinguish the benefits and shortcomings of the...

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The Features of Flexible Loan Products

A flexible mortgage allows you the choice of making mortgage payments according to your convenience. The changing job scenario with short-term contract employment and the grant of performance related bonus has increased the appeal of these mortgages. You may step up or reduce your repayments to suit your circumstances....

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How to Get a Mortgage with a New Job

Securing a new job with good prospects may encourage you to purchase a home. Unfortunately, a mortgage lender may not feel reassured enough to extend an attractive loan package to you. Lenders look for a steady employment record for at least a couple of years before deciding on your...

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Aspects of a Land Mortgage

Borrowers need to take out a land mortgage to purchase a piece of land. An individual may acquire land with the aim of developing it or incorporating a structure on it. A land mortgage is quite different from mortgages for homes and structures used for other purposes because a...

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How to Cope With Mortgage Payment Difficulties

There could be several reasons, which could make the monthly repayments of your mortgage a challenge. It is advisable to get assistance at the earliest to contend with the problem. You may go by these tips to avoid repossession of your home. Intimate Your Lender You ought to apprise...

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Benefits of Refinancing an Investment Property

It is a good idea to take advantage of low interest rates in the mortgage market and refinance the loan on your rental property. Refinancing an investment property requires around 50% equity. However, it is reasonable to expect that you have established significant stake in the property through regular...

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A Viewpoint on Mortgage Payment Holiday

You can arrange with your lender a mortgage payment holiday that permits you to stop your monthly mortgage payments temporarily. The mortgage deal, your circumstances and the discretion of the lender determine your eligibility for the option and the length of the payment holiday. Nature of the Mortgage Package...

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Shared Ownership for a First Mortgage

A person who finds it difficult to make an outright purchase of a home can avail of various shared ownership schemes in the real estate market. Shared ownership offers a technique to individuals by which they can partly own a property and partly rent it. There are schemes sanctioned...

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How to Finance Renovations for a Derelict Property

A home in a state of disrepair may catch your fancy. However, you will need to secure a mortgage for buying the property and for instituting renovations to make the home habitable. You may go by these guidelines to ease the process of restoration of your new home. Surveying...

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Looking at tips to select a proficient software program for collecting mortgage payments

Mortgage collection systems are crucial for lenders to take in the mortgage repayments of the borrowers of their loan packages. A good collection program minimises bad debts. Preparing for the collection system is vital for the success of the software. Here are some guidelines for choosing a mortgage collection...

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Major Considerations in Buying a Mobile Home

A mobile or manufactured home is significantly different from a traditional bricks and mortar house. You may choose from several categories of manufactured homes including: caravans, motor homes or park homes. It is crucial to consider the viability of the idea before deciding to purchase a mobile home suited...

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How to Save Money with an Offset Mortgage

An offset mortgage package links a new loan with one or more of your bank accounts. If savings rates are low and mortgage rates are high, an offset mortgage may increase your savings. In addition, the competitive rates allowed by lenders for these mortgages have made them popular among...

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Reasons for a Borrower to Streamline a Refinance Mortgage

A streamline refinance project utilises the mortgage approval and underwriting facets of the first mortgage. This accelerates the process of acquiring the refinance and reduces the closing costs. You may opt for a streamline refinance of avail of several benefits. Lower Overall Costs In a streamline refinance, the underwriter...

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Qualifying for a Home Improvement Loan with No Equity

Most home improvement mortgages are home equity loans. The lender will hold your equity in the home as collateral. If you have no equity in your home, it may be difficult to secure a mortgage for implementing the necessary improvement schemes. You need to look for alternative sources of...

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Exploiting the Features of a Tracker Mortgage

A tracker mortgage is a special type of variable rate mortgage. As the name suggests, it tracks or follows the movement of another mortgage product instead of adjusting the rates on its own. Generally, tracker mortgages follow the base rate set by the Bank of England. A thorough knowledge...

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How to Obtain a Mortgage for a Second Home

Procuring a mortgage with reasonable terms on a primary home is a tough job. The procedure is even more demanding for a second home. Lenders scrutinise the application for a mortgage on a second home in a more stringent fashion than that your application for your first mortgage would...

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Tips To Beat The Mortgage Crisis

Stringent lending regulations set by banks and building societies will worsen the housing market and reduce the availability of mortgage packages. First time buyers and freelancers will find it hard to buy a home. Homeowners may find it difficult to arrange for a refinance. However, the following guidelines may...

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Mortgage Considerations for Purchasing an Investment Property

Mortgages for purchasing investment properties are significantly different from products for buying residential homes. The lender will provide you with a mortgage package based on the expected income from the investment property and not on your current personal income. You may go by these guidelines for securing a suitable...

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The Benefits of Using Mortgage Broker Software

Brokers in the mortgage industry employ several software programs for ironing out the complex issues in mortgage application processing. The programs allow a great deal of flexibility to the loan officers and help in saving time. Here are some benefits of using the programs. Enhances Output Brokers may purchase...

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First Buy Equity Loan Scheme for a Property

If you live in the United Kingdom and want to buy your first home, you can avail of financial assistance from different home ownership plans. The First Buy Equity Loan Scheme is a mortgage assistance programme that provides a respite through supportive aid. An Overview of the Scheme The...

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What Is a Streamline Refinance Mortgage

Standard refinance plans involve fresh underwriting requirements and a new closing process, which typically involves additional closing costs. On the other hand, a streamline refinancing makes use of the approval and the underwriting details of the original mortgage. This approach helps a homeowner secure the refinance quickly. In addition,...

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Submission for No Case to Answer by a Defendant

A criminal court requires a prosecution to bring forward evidence against the defendant. The defendant may file a submission for no case to answer, if the prosecution fails to produce evidence of their guilt. The upshot of a successful application is the end of the trial with the complete...

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Mortgage Requirements for a Freelancing Individual

It is undeniably difficult to acquire a mortgage for a freelancer. A lender requires salary and tax details of the mortgage application process, which the freelancer may find it difficult to provide. However, a freelancer may not find it an impossibility to acquire a suitable mortgage product. The following...

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Differentiating a Good Loan Origination Software From An Inferior Variety

Loan origination software processes all the steps of decision making right up to the closing process of a mortgage. A lending institution using advanced loan origination software may reap several benefits, which a faulty program may not provide. Here are some pointers, which may help distinguish between good and...

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How to Get a Mortgage for Buying a Home

Universal economic conditions such as; employment rate, property prices and inflation or recession control the mortgage purchase market. A borrower may find it difficult to avail a favourable mortgage deal in present market conditions. We encourage you to follow these tips in order to acquire an advantageous mortgage proposition....

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Common Facts on Refinancing a Mortgage

Refinancing a mortgage enables a homeowner to substitute a new mortgage in place of the current loan. You may go for a refinance, if the fresh mortgage scheme secures a lower interest rate. In general, a refinance will entail a change in the lender. However, in some cases, your...

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Guidelines for Taking out a Mortgage for a Mobile Home

The laws governing the ownership of mobile and modular homes are quite different from those relating to traditional homes. This is primarily because the homeowner does not own the piece of land on which the home rests for any length of time. In addition, most banks and other lending...

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Commonly Asked Questions on Commercial Mortgages

A commercial mortgage is one of the best methods used to finance the acquisition of land or buildings for business ventures. It affords an accommodating and very reasonable financial plan for the purchase. Here are some questions a borrower may have when thinking about obtaining a commercial mortgage. Q. ...

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Some Commonly Asked Questions On Mortgages

An application for a mortgage plan and repayments of the mortgage loan can involve several issues. A mortgage is a lengthy process, and lenders impose a variety of restrictions on the applicant. Here are some clarifications to questions that may arise in the mind of an uninitiated borrower. Q....

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An Overview Of The Mortgage Rescue Scheme

The Mortgage Rescue Scheme affords financial help to individuals who are unable to make their monthly mortgage payments and are at risk of losing their homes. A borrower may talk to his lender about this plan, after trying all options available to him for making the repayments easier. The...

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Improvements of Homes through Easy Mortgage Loans

Homes need regular repairs and maintenance after a year or so of occupation. Having spent heavily on the down payment for the house, furnishings and gadgets, etc., you may be a little bewildered of the quick passage of time, and the need to effect improvements in the home. The...

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Evaluation of the Best Mortgage Loan for First Time Home Buyers

The first thought that passes through your mind when you plan on purchasing a home for your own use, will be about how much it will cost and how much of it can be covered by the money available to you either as cash or in some other form....

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Disaster Help throughthe Mortgage Insurance

When a lending agency agrees to a mortgage loan to a borrower, it does check the credibility and credit worthiness of the applicant before the loan is sanctioned. In spite of this, several cases of default happen, resulting in the lender incurring losses because of the delay or total...

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Need To Clear Doubts aboutthe Best Mortgage

You might be planning to go for a loan by mortgaging your property to meet any planned or unplanned expenditure. Mortgage loans are covered by a number of regulations. Lenders also add their own conditions to protect them from defaulters. Some of these conditions might be of questionable nature....

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Good News for Veterans with Bad Credit Rating Applying For VA Loans

Veterans, in general, and those who have been affected by the recent recession and consequent downgrading of credit score are bound to be a downcast lot. Recent developments should bring good cheer to them. The good news for them is lenders have started taking a more liberal view of...

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Clear Your Doubts Through Answers With FAQ

The first question to crop up if you are unfortunate enough to get a bad credit rating is how to get a loan to meet expenses of an emergency nature. A UK Debt Advisor will give you the required guidance regarding where you can apply and the formalities required...

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How to Get a Mortgage for Upgrading a Home

Enhancing the features of a home is an effective way to add to its worth. Home development plans could include an extension for additional rooms, the conversion of a loft into a living space or adding a patio in the backyard. However, securing the right kind of mortgage for...

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A Few Basic Questions on Mortgage

A mortgage is a loan made available by a lender to a homebuyer for a long period. The borrower repays the principal of the loan and the interests incurred on the principal, on a monthly basis. If the borrower fails to make the monthly repayment, the lender takes possession...

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Advantages and Risks of Refinancing a Mortgage

Refinancing involves the procedure of acquiring a fresh mortgage in place of the original loan. It may allow the homeowner to obtain a better interest rate. Lower rates make for reduced monthly payments. A borrower may engage in a refinance programme to change from a changeable rate of interest...

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Top Tips for a First Time Buyer

A first time homebuyer has greater opportunities in the property market due to a new scheme proposed by the government and easier mortgage rates than earlier. The government proposal includes a loan without interest for five years. The loan helps provide a sum for the deposit for purchasing the...

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Exploring All About Mortgage Refinance

What Is Mortgage Refinance A mortgage refinance is simply obtaining a new loan on his real estate to consolidate his first loan effectively. In other words, refinancing is availing a new loan to close an old loan in the best possible way. However, you may wonder how one could...

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A Viable Mortgage Seeking Home Improvement

The Best Mortgage Option That One Should Choose If you are a homeowner and formed some equity then improvement of your home with a mortgage is the most effective choice. Home improvement can be in varied forms from a new bathroom to a kitchen, siding, roof, etc. One acquires...

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The Mortgage Application Process and the Mortgage Broker

What most people fail to understand is when they apply for a mortgage, there is no certainty that they will be offered one. Each lender has their own lending criteria and all applications are assessed accordingly. Major considerations for the lender are the amount you want to borrow, the...

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Do Not Write-Off the FLS So Easily – News

This week, the Bank of England has published utilisation data for the FLS or the Funding for Lending Scheme. Almost everyone agrees that this scheme has not worked quite the way it was expected to. However, it can also be seen differently. Since the onset of the credit crisis,...

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Better Finance with Bad Credit – News Story

There are several exciting loan offers to the people with bad credit in the United Kingdom. The loans can be possessed at cheaper rates of interest and have various benefits. The loans are provided on easy conditions. People, who fall short of cash and usually hesitate in applying for...

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Lower Your Payments on the Existing FHA Loan Easily

There is an easy as well as a fast way to lower your monthly loan payments on the existing FHA loan. It does not require money for the closing costs and does not require an appraisal. It does not even require any credit qualifying, if you have been making...

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What Do You Mean By Offset Mortgage

The offset loan is similar to the current account loan, however, all the accounts are held separately rather than having everything in one account. The offset loan concept treats the money as a giant pot, and each element, such as the savings, mortgage, current accounts are separate to the...

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Drop In the Home Repossessions to a 5 Year Low

The number of houses that are being repossessed has fallen to a 5-year low, say the lenders. CML or Council of Mortgage Lenders says that there were 8,200 repossessions in the third quarter of the year 2012, which is the lowest quarterly number recorded since 2007. The number of...

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Mortgage Industry FAQ – Part 1

Q1.   What is a mortgage? A.   A mortgage is a loan secured from a lending institution to buy real estate property. It is a legal claim on a property that obtains a promise from the borrower to pay off the debt. All mortgages have two common aspects, which are...

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Mortgage Industry FAQ – Part 2

  Q21.   What is meant by the term rate lock? A.   A rate lock ensures the borrower immunity from fluctuations in the financial market. A person taking a loan may opt to lock the interest rate for a certain period. In such a case, the rate of interest remains...

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Mortgage Industry FAQ – Part 3

  Q41.   What is a sub-prime loan? A.   A sub-prime loan is characterized by high interest rate as compared to those of traditional or prime rate loans. A borrower with low credit ratings will not be considered for any of the prime loans detailed above. In such an event,...

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Mortgage Industry FAQ – Part 4

  Q61.   What factors could delay the approval of a loan? A.   There could be delays in the approval process, if the borrower does not present the necessary information accurately. The borrower should let the lender know about any change in his financial status before the loan is closed....

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Mortgage Industry FAQ – Part 5

Q81.   Can an application be made online? A.   Several lending institutions have websites detailing their services. You may visit the websites and check out if they have a facility for online applications. You may fill up the online application form by entering the information asked for. A home mortgage...

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London Property Rates Prop Up the UK Average

The prices of a typical home in the UK rose by almost 1.7 per cent in the last one year, which means that the average property here now costs 233,000 pounds. However, the monthly home price index of the Office National Statistics suggests that this is majorly because of...

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All You Wanted To Know About the FHA Mortgage Loans

There are several reasons for asking your lender about the FHA mortgage instead of the conventional mortgage or any expensive and risky sub-prime mortgage. The lower cost of the FHA loans and the competitive rate of interest is the major benefit of an FHA loan. The Federal Government insures...

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What Is the Electronic Mortgage Registration System

The need for an electronic Mortgage Registration System was first felt on October 1993. This was first proposed by Freddie Mac, Fannie Mae and Ginnie Mae in a white paper. Soon thereafter, the acronym MERS was coined. It took until October 1995 and the involvement of the Mortgage Bankers...

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Should Financial Institutions Disclose Data about Home Purchases

Every March, LARs from reporting institutions must reach the FFIEC or the Federal Financial Institutions Examination Council;this being the interagency body administering HMDA or Home Mortgage Disclosure Act. Since reporting is nowadays electronic, the data is screened for errors and FFIEC releases it to the public via the internet...

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Fixed Rate Purchase

When purchasing a home, an FHA loan is often the right choice. This is especially true if any of the following are true: You are putting less than 20% down You are buying a 3-4 unit property You have less than stellar credit You need a cosigner You want...

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ARM Purchase

The Adjustable Rate Mortgage (ARM) program provides insurance for adjustable rate mortgages, used in conjunction with other widely used FHA single-family products—Mortgage Insurance for One- to Four-Family Homes, Single-Family Rehabilitation Mortgage Insurance, and Single-Family Mortgage Insurance for Condominium Units. With FHA’s ARM loan, the initial interest rate and monthly...

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Refinance Loans

FHA refinance loans can be used to accomplish a number of goals, For instance you can: Convert your ARM into a fixed Refinance into a lower rate and payment Get cash out for debt consolidation Shorten your mortgage term You can even rehabilitate or upgrade your home When refinancing...

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Disaster Help – 203h Loans

Disaster Help For Homeowners in Presidentially Declared Disaster Areas If your home has been damaged or your ability to make your monthly mortgage payments has been affected by a flood, hurricane, tornado, or other event that the President declared a disaster, you may qualify for relief to help you...

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Manufactured Homes

Manufactured homes are generally acceptable collateral for an FHA loan. The property, however, must conform to HUD’s manufactured home guidelines. In order to be accepted, the property must meet the following minimal criteria: Property must be at least a doublewide property (no singlewides) The FHA loan must cover both...

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About the FHA

The Federal Housing Administration Generally known as FHA; the FHA provides mortgage insurance on the loans that are made by FHA approved lenders in the United States and its Territories. FHA is the largest insurer of mortgages in the world and has insured over 34 million properties since 1934....

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Get Pre-Approved

When buying a home, the first place to start is to get Pre-Approved. Getting Pre-Approved for your FHA loan gives you the authority to place offers on properties for the amount you are Pre-Approved for or less. This is a very important step in the process and it is...

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Eligibility

The first step is meeting FHA’s basic eligibility requirements. These involve some very general requirements that are pretty easy for most people to meet. The second part is meeting the qualification requirements. This is where your income, your credit history and your savings are evaluated. It’s a little more...

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Streamline Refinancing

An FHA Streamline Refinance allows you to refinance your current FHA loan into another FHA loan. An FHA Streamline allows you to: Refinance into a lower rate and payment Convert you FHA ARM into a fixed rate Convert you 203(k) rehab loan into a 203(b) FHA loan Shorten you...

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Good Neighbor Next Door

With the Good Neighbor Next Door (GNND) program, HUD offers for sale at 50% discount from the listing prices certain properties in HUD designated revitalization areas to teachers. The teacher must be employed full-time by a public school, private school, or federal, state, county, or municipal educational agency as...

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Home Improvement Loan

Overview The FHA 203(k) program allows the homeowner to refinance the current mortgage, while also getting funds necessary to rehabilitate or upgrade the property. Most lenders will not allow financing for a home unless the condition and value of the property provide adequate loan security. When rehabilitation is required,...

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Streamline 203k

This FHA insured mortgage program, called the “Streamlined 203k” Limited Repair Program permits homebuyers to finance up to an additional $35,000 of repairs into their mortgage to purchase and improve or upgrade the home before move-in or to refinance an existing mortgage and add up to $35,000 in repairs...

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First Time Home Buyers

When you apply for the FHA First Time Home Buyers program you get the very best service and the utmost in respect to make you a proud American Homeowner. Once you apply your FHA Loan Officer will guide you along the path of homeownership. As long as you listen...

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Securing the future of American Homeownership

Please note: There are no fees to submit your application or to request your free consultation with an FHA loan officer. These services are provided to you at no charge and no obligations. Not a government agency, Not a Lender. Not affiliated with HUD or the FHA.

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FHA Mortgages Explained

Why ask for an FHA mortgage loan? There are many reasons to ask your lender for an FHA loan instead of a conventional loan or an expensive, risky sub-prime loan. Lower cost – FHA loans have competitive interest rates because the Federal Government insures the loans. Always compare an...

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The Home Buying Process

If you have never bought a home before the process may seem complicated! But buying a home with an FHA loan is really no different than buying a home with any other loan-except–you have more protection against foreclosure with FHA, it is also easier to qualify, and you don’t...

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Qualifying

Your lender will decide if you qualify for a mortgage based on the “Four 4 C’s of Credit”: Credit history Capacity to repay Cash to close Collateral How the lender rates you in each of these four categories determines your ability to repay the loan on a monthly basis....

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Bad Credit is OK

Having bad credit no longer means that you cannot get the financing you need, or that you have to accept less than favorable terms. Because the loan is insured by the Federal government, you will get the loan you need, at the terms you want. No minimum credit score...

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Deciding on an Escrow Account after a Refinance

The monthly mortgage dues of a borrower consist of homeowner’s insurance, private mortgage insurance and property taxes apart from the mortgage principal and interest payments. Lenders require that you pay the insurance amounts and the property taxes in an escrow account held by a third party called escrow services....

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HUD Guidelines for Manufactured Homes

A set of directives prepared by the Department of Housing and Urban Development (HUD) may have served to enhance the quality of manufactured homes. Homebuyers are quite willing to apply for mortgages for this highly affordable quality of housing. Here are the key guiding principles put forward by the...

visit the full blog »