http://www.moneyextra.com/mortgages Public perception of the mortgage market still lags behind what is actually happening Study from unbiased.co.uk found 46% of people thought they could only get a mortgage worth up to 3 times their current salary…..
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I just did a short sale on my home about 2 months ago. I want to purchase another home because of the deals in the market place. How long do I need to wait and are there any mortgage companies that are willing to work with individuals in my situation? My credit score dropped to 550. I have $15,000 to put down and i’m looking at property in the $100,000-$150,000 range. Any advice would be great.
Unfortunately, it probably isn’t going to happen. If you can find a loan not based on credit score, you are still going to have to obtain PMI, which is based on credit score. It is my understanding that you need a good credit score to even qualify for PMI.
How does a mortgage work when dealing with tax returns?
Do we get back all the interest that we pay off or a certain percentage?
Please provide backup in your answer.
http://www.irs.gov/publications/p936/ar02.html
Im with Nationwide and like the overpayment option therefore i will probably stay with them and have another fixed rate deal. How soon before August 08 can i renew or reserve a new deal? Any advice would be greatly apprecited.
Now is a little too soon to be looking into that.
With my remortgage clients (I’m a Mortgage Consultant myself), I usually contact them 5 months in advance to discuss their remortgage options. This leaves them ample time to go over the options, and to change lenders if a problem arises with their first application. It is normally the case, even with the less stringent lenders, that they will not hold on to a particular deal for you for any longer than this.
I think it is good that you are thinking about this now, but trust me, now is definately not the right time for you, not only because it is too early, but also that good deals are so incredibly difficult to find at the moment. In the wake of these huge government bailouts, my hope is that liquidity will return to the market, and more competitive deals will once again become available.
As for the overpayment option – Nationwide are good for that, but they’re not the most flexible, as they only allow £500 a month over the standard payment to be overpaid without penalty. This means a maximum of £6,000 each year, and you are not able to drop a lump sum in in one go. Many other lenders allow lump sums up to 10% of your full balance each 12 month period to be overpaid without penalty (better for you if you have a large-ish loan), so if you do come into regular lump sums, I would seriously consider casting your eye around the market for lenders that do this.
I would be happy to help you out if you wish, so contact me on my Yahoo email closer to the time, should you want any further info. Hope this helped.
After going into a subject to mortgage deal with an investor two years ago, I have now gotten my credit, finance, and savings together I want to purchase a new home but with this mortgage still showing on my credit as a balance, I need to get rid of this. I can’t pay this balance off and the investor might not put the mortgage into his name, is there legal way of owning a new home? Renting from family member sucks!
Well, legally you still own that home and the "investor" is just a renter.
Since you have been renting to him for 2 years you can count the rent you are receiving as income towards your new house. You just have to show the last 2 years tax statements with the added income. You should be able to qualify for another house with this unearned income added to your earned income. The banks will accept your adjusted income from your 1040 as your actual income.
I came 2 UK past 3 mnths ago with 2 years visa (permanent employment)am I eligible to apply for the mortgage upto 95% & also I need 2 know d mortgage lender providing 4 us.Advance thanx for ur answers
Hi,
Yes, you can get. Checkout http://mortgage.creditmortgagepro.com for some useful info and tips. Good luck!
My mortage with my current provider is coming to an end so I though I should look around for better deals. Im looking for a fix rate mortgage for 10 years. Any ideas of who is offering what at this moment??
Many thanks !!!!
I work for a mortgage broker . the best 10 year fixes are with abbey and nationwide . I personally wouldn’t fix for 10 years as mortgage interest rates are set to come down shortly to try and make the market more stable
I bought my first house in December 2006 jointly with my husband. After having redeveloped the property, we would now like to sell the property on and make a nice profit on the sale of this house. However, Birmingham Midshires state that there will be an early redemption penalty of around £11000 to pay, should the mortgage be repaid within the first two years (i.e. prior to December 2008). Does this early redemption penalty still apply if we wish to continue to use Birmingham Midshires as our lender and if we wish to continue to use the same mortgage deal as we presently do and the new mortgage is the same value as the amount we presently owe? Any suggestions appreciated! Thanks!
There shouldn’t be a charge as what your wanting to do ‘porting’. This is basically where you sell your current house and move the product to the new property. The redemption charge only applies when you’re literally paying off your mortgage by remortgaging or paying it off by other means. This isn’t the case from what you’ve said. Hope this helps xx
This took place in Florida and the property was fraudently appraised higher to sell and later was found out but the lender does not want to back up the buyer. With the exception of having to pay big bucks to an attorney to sue, wanted to check for any organization that may deal with this type of illegal fraudulent act.
Mortgage Banker’s Association can give you referrals http://www.mbaa.org/ or maybe there is a Florida Mortgage Banker’s Association
This company has offered to buy out my current mortgage, cut it in half, reduce my 6.25% interest rate to 4.0%, and cut my monthly payments in half. To me, this just sounds way to good to be true, so I’m trying to find out if anyone else has been contacted by this company.
Spend some smart money and have a lawyer review the docs. One who works for you.