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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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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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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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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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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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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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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