This blog is about many things, there are a lot of other things about this blog that you might not have known about. Read around for more information.
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Moneysupermarket.com editor Clare Francis questions mortgage expert Louise Cuming on how to find the best mortgage to suit you…
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(Best Syndication) This video will explain various mortgage options including a fixed rate mortgage (sometimes called a FRM), an adjustable rate mortgage (sometimes referred to as an ARM), and interest only loans. Although fixed rate mortgages are usually more desirable, there are instances when customers may want to choose either an adjustable rate mortgage or even an interest only loan.
The interest rate of a fixed rate mortgage remains constant throughout the loan term. Payments are fixed and will not vary, and this amount is independent of the additional costs on a home including as property taxes and property insurance. Some lenders may require an impound account for both taxes and insurance. This benefits the lender by ensuring that these required payments are made.
If there is very little money down, the lender may require an impound account. But impound accounts can confuse the borrower who is not sure if those payments were actually made. In some instances they may continue to be billed by the county assessor and / or the insurance company.
Adjustable Rate Mortgages have become very popular lately. They are characterized by low initial payments which make it easier for the borrower to qualify. This allows borrowers to qualify and purchase larger homes.
The payments may be adjusted periodically with the interest rate tied to an index. Common indexes include the 11th District Cost of Funds Index (COFI), London Interbank Offered Rate (LIBOR), 12-month Treasury Average Index (MTA), Constant Maturity Treasury (CMT), National Average Contract Mortgage Rate, or the Bank Bill Swap Rate (BBSW).
Adjustable rate mortgages are usually easier to qualify for because the lender is protected from spikes in interest rates. But lenders and investors need to consider the default rates due to hybrid adjustable rate mortgages which offer an initial low payment period. After that period the loan payments are adjusted upward and may even double leading to defaults and foreclosures.
But what do the numbers mean in Hybrid mortgages? A 3/1 ARM means the payment is fixed for a 3-year period and a subsequent 1 year adjustment period. After a specified “reset date” the loan is free to adjust or “float” to the index specified in the loan documents.
When interest rates are high borrowers may prefer an adjustable rate loan. If a borrower feels that he or she may sell their home within five or maybe ten years, they may consider either an adjustable rate mortgage or an Interest Only Loan. If property values increase in that period the home buyer benefits because they invested less money compared to a standard Fixed Rate Mortgage.
Borrowers with Interest Only Loans pay only the interest for a specified period of time. Unlike Adjustable and Fixed Rate Mortgages, no principal is paid on the loan. At the end of interest only period the loan may convert to a regular amortized loan or a balloon payment may become due. The terms are spelled out in the loan agreement.
In the United States a five or ten year interest-only period is typical. After that time the loan usually converts to a regular amortized loan for the remaining term. For instance, a homebuyer may pay interest only for 10 years but then pays both interest and principle for the remaining 20 years of a 30-year loan.
Adjustable rate and interest only mortgages can help buyers qualify for larger loans and homes. There is a risk to both the borrower and note holder when the loan either resets or converts to a regular amortized loan. For this reason lenders will usually require a higher interest rate on these types of loans.
Homeownership offers many advantages when compared to renting. This presentation was not meant to be advice. Always consider all of your options and talk to loan and / or real estate professionals before making your decision.
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Experts in FHA, VA: http://www.freemanteammortgage.com
Video produced by Get Found Stay Found http://www.getfoundstayfound.com
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Deborah Freeman owner of Freeman Team Mortgage, Inc. would love to help 1st time home buyers, Veterans, and those who wish to refinance find the mortgage that best fits their needs. Personal Service without sacrificing great rates. Check out our Testimonials & Reviews and then give us a call.
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Getting the best and cheapest remortgage rates are important for any Home owner / property investor. That is why you should consider remortgaging with a cheaper rate lender. Visit: http://www.cheapestremortgagerates.com
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http://www.kw.com
A Fixed Rate Mortgage offers peace of mind. Regardless of fluctuations in the market, your principal and interest payment remains the same for the duration of the loan.
Lenders generally offer Fixed Rate Mortgages for 10, 15 and 30 year terms. The longer the term of your loan, the lower the monthly payment will be. With a shorter term, you will build equity in your home more quickly.
Because they offer a monthly payment that is known and does not change, fixed-rate mortgage loans are the traditional choice of home buyers who plan to stay in their home for many years and want to build equity in their home.
For more information, please contact a Citi Mortgage Consultant at 1-877-693-0217.
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Renovation/Construction Mortgage Video Blog.
If you are looking at building a new home or doing major renovations and need mortgage financing you will be looking at obtaining a construction mortgage. Construction mortgages are also referred to as a draw mortgage, builders mortgage, or renovation mortgage.
If you are building a home from the ground up on your own (called a self-build) or through a builder and you do not have enough cash to pay for the whole project (who does really) you will need to obtain a specific type of mortgage that deals with all the different stages of building a home.
Unlike a regular residential mortgage on a complete home where the lender funds all of the required money on the date of possession a construction mortgage is advanced in stages. There typically are 4 stages where funds can be advanced. Those include when the foundation is complete, when the home is at lock up stage (framed, rough electrical and plumbing, and windows and doors are in), drywall complete and ready for paint and then the rest will be advanced when the home is complete. In some cases there also may be an advance to cover some of the cost to purchase the land that the home is being built on.
A construction mortgage may also be required when completing a major renovation on an existing home. In this situation a specific advance schedule will be determined between the lender and the consumer.
If you are looking at building a new home or purchasing a home that needs a substantial renovation contact Stephen Foster at www.stephenfoster.ca or give him a call at 250-889-7862 to discuss any of your real estate needs.
For more information on construction mortgage or any other mortgage visit www.jasonroy.biz or contact Jason Roy Residential Mortgage Specialist with TMG — The Mortgage Group Canada at 1-866-612-1312
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http://www.chrisjenkins.remn.com
Many people believe mortgage underwriting standards are becoming tighter and stricter. However, tighter underwriting standards are a myth. In fact mortgage underwriting standards are easing slightly for qualified home buyers.
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This is a brief informative webinar to help home buyers understand the qualifications for purchasing a home. Questions may be sent to CUSTOMERSUPPORT@NATHOMELENDING.COM
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