Posts Tagged ‘mortgage’

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The Benefits of a Mortgage Adviser

Wednesday, April 27th, 2011

When it comes to mortgages, there is a lot of information that you have to wade through in order to end up with the best possible deal. But let’s face it, it’s easy to get confused by the different interest rates and types of mortgages available.

For these reasons, you should seek expert mortgage advice. Independent advisers can make the difference between getting a reasonable deal and one that saves you serious money. How can a mortgage adviser help you get the best deal?

A Perfect Match

When it comes to mortgage advice, independent mortgage advisers are the best people to turn to as they have access to every mortgage deal on the market – not just those found on the average High Street or price comparison websites. This means the chances of finding a mortgage deal suitable for your current and future needs dramatically increases – a key reason why it pays to seek independent mortgage advice. UK based advisers will guide you towards the best mortgage during face-to-face meetings at your own home if required.

Continuing to Meet your Needs

A mortgage adviser will not just find you a suitable deal and then leave you to it. Remember that a mortgage is a long term arrangement and therefore a mortgage adviser will place emphasis on building a relationship with you to ensure it is still meeting your needs as the market evolves over the years, as well as being there to provide ongoing mortgage advice. UK based mortgage advisers who do not offer this as a key part of their service should be avoided.

There are many things to consider when seeking mortgage advice. Independent whole of marketmortgage advisers who are dedicated to matching you with the best deal and who keep an ongoing interest in your circumstances are the crème de la crème of the mortgage industry and should be sought for peace of mind.

Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

For money saving mortgage and mortgage protection advice, contact Bower Mortgage Company today.

Article Source: http://www.articlesbase.com/mortgage-articles/the-benefits-of-a-mortgage-adviser-4684123.html

About the Author

Barry Smart is a qualified Mortgage and Protection Consultant working for Bower Mortgage Company: FSA regulated UK-wide friendly, experienced mortgage planning specialists. Quality, face to face advice and a strong focus on building long term customer relationships is guaranteed. For money saving mortgage and mortgage protection advice, contact Bower on 0800 411 8668; e-mail info@bowermortgagecompany.co.uk or visit http://www.bowermortgagecompany.co.uk/

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Managing the home loan process

Tuesday, April 26th, 2011

Once you have determined the type of loan program that suits your needs, the next step for your mortgage professional (MP) is to begin to secure documentation from the borrower and third party entities, coordinating inspections, appraisals, survey’s, etc. In the mortgage industry this is called “home loan process“. We will discuss what exactly is involved in the processing of the loan and break it down in to five sections. Three of which will be covered in this article.

An additional step that your mortgage professional will have taken is to have priced your loan and advise you on whether you should “lock-in” you interest rate. Since pricing and rate lock information are very important aspects of your loan, I will save this topic for another discussion. For the sake of this particular conversation, we will assume that your MP has provided you with a favorable rate, your loan has been locked, and the processing has begun.

Insight: What does a rate lock mean? When a rate is locked, it means that you are committed to that particular rate and you and your MP have the allotted days to close the loan. Your typical lock period is 30 days, but can go up to 45 days and as low as 15 days. Anything over the selected lock period will typically cause your rate to increase. As I mentioned, we will talk more at length about this topic and pricing in the articles to come.

Behind the Scene – On to processing
Now that your loan application has been signed and you have submitted the required documents, your MP begins the processing. Depending on the office set up, some loan officers turn the file over to a processor, someone designated to handle the file from that point on, or out source the processing to a company that specializes in mortgage processing, or they may process the file themselves.

Section 1 – File Submission
Your loan package is submitted to the lender. Here the lender will begin preliminary underwriting. In finance terms, underwriting means that the lender will analyze the credit risk of the borrower. By this time your MP should have requested your financial documents, identification information, supporting documentation regarding your financial stability, and all necessary loan apps and disclosure information related to the loan process. It is important to have all this info ready and submitted to your MP so there is no delay for the lender to review the file.

There are times when underwriters request additional information from the borrower depending on the situation. Since all loans and borrowers are different, the information that is requested, if any, will vary. This is called a condition, and we will discuss this is section three.

Section 2 – Third Party Documentation
In all home loan transactions there is third party involvement that must be coordinated through out the process. These parties include, but are not limited to appraisers, surveyors, insurance agents, Title Company, attorneys, inspectors, etc. These industry partners help with assuring the lender that the property meets the lending criteria. With a typical home loan transaction, all lenders will require this information before the lender will fund the closing of the property. Depending on how your MP organizes their work, and what lenders require at the time of file submission, will determine when these industry partners are contacted.

Section 3 – Conditions
Meeting conditions is another term used in the mortgage industry. A “condition” is a item of information that the underwriter feels they need in order to satisfy the risk level assessments. Conditions will vary. Sometimes there may be a lengthy list of conditions or just one that your MP may have already anticipated, for instance an updated appraisal or bank statement or contract. What ever it is, these conditions must be meet before the underwriter will sign off on the file and move it to the closer. There is much more to cover about conditions, so come back next week so we can finish this topic

Article Source: http://www.articlesbase.com/mortgage-articles/managing-the-home-loan-process-4679313.html

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Boone, Thompson and Wagner: Proponents for Reverse Mortgages

Tuesday, April 26th, 2011

In an economy dominated by consumer debt and doubt, the principle of healthy skepticism has snowballed into an avalanche of outright paranoia. The market has proven itself far flimsier, far more fickle than we’d hoped, and in the wake of its wavering reliability, many people are choosing to hold fast to their funds and equity rather than risk the unpredictability of weighty financial decisions. In the wake of our floundering economy, reverse mortgages as well as countless other major financial commitments are not even considered for their merit.

Enter accomplished actors Pat Boone, Fred Thompson, and Robert Wagner. They’ve been making noise, news, and movies for many years now, each in his own respective sphere. But recently, all three have come together in a common cause, becoming spokespersons for reverse mortgages and their benefits. They’ve offered their celebrity to bring credibility to a financial opportunity that, under proper circumstances, could be a godsend to seniors faced with foreclosure, mounting medical expenses, or a myriad of other financial ailments.

A far cry from the classic hollow celebrity endorsements, these gentlemen are promoting awareness and education so that seniors can know their options and make responsible decisions with their equity. Boone defined his goal as spokesperson, “…to assist… in an effort to reach and educate seniors about the benefits of reverse mortgages so that they are able to make better informed financial decisions.” Both Wagner and Thompson similarly echoed his sentiments in their own statements.

Bear in mind, they aren’t trying to discourage that healthy skepticism; loans of any kind can be tricky business, and it’s crucial to know exactly what you’re getting into and how it complements your situation. Reverse mortgages are no exception to the rule, but they’re also not the scams that some skeptics make them out to be. They’re very serious commitments of capital, but when used properly, they can be incredibly beneficial to seniors seeking to tap into their equity without sacrificing their homes.

It’s true that the market is fickle, and its eccentricity seems to have a taste for utter ruthlessness. And consumers, quite reasonably, have become very conservative and very wary with their finances. But our triad of actors has come to remind us that paranoia is no substitute for education and well-balanced planning. If you’re a senior with untapped equity, perhaps a reverse mortgage would be a wise decision for you. Or perhaps not; every situation is different.

But Boone, Thompson, and Wagner are not coaxing consumers into taking out irresponsible loans. Rather, their counsel urges the courage and good sense to at least explore the financial options and find out both their benefits and limitations. Even if a reverse mortgage doesn’t seem sensible now, it can’t hurt to know more about it. There’s nothing to lose and knowledge to gain. And in an unreliable market like ours, knowledge sure can’t hurt.

Article Source: http://www.articlesbase.com/mortgage-articles/boone-thompson-and-wagner-proponents-for-reverse-mortgages-4675206.html

About the Author

Legacy Reverse Mortgage is here to help! We provide the best reverse mortgage service in the industry – hands on help with your reverse mortgage!

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Achieve the financial goal with Madison mortgage refinance

Monday, April 25th, 2011

In case you are trying to get the actual Madison mortgage refinance for the first time, it might trigger a few small as well as key problems within the afterwards stage. Therefore it will likely be smart think to maintain specific points in your mind prior to going for this type of mortgage plan. It is usually smart to get the assist from the mortgage broker simply because he could be professional with this discipline as well as have taken a few substantial thought regarding various home loan regulations.

 

In the event you are not very well aware of the functions as well as purpose associated with mortgage broker, you shouldn’t overlook that refinance mortgage broker performs an important purpose within the mortgage loan market. Their own function is simply identical to brokers of other sectors. These people behave as a middleman between the Mortgage Company as well as customer plus attempts to find out the very best home loan strategy inside the marketplace region. For anyone who is beneath any kind of monetary dissolve down scenario, it will likely be a good concept to obtain a Madison mortgage refinance simply because this is actually the simplest way via that you can get rid of a variety of monetary problems out of your day to day activities.

 

The majority of the people contemplate it among the easiest way in order to eliminate just about all monetary problems. You have to be nicely aware of numerous elements that are linked to the Madison mortgage refinance process. Requesting the assist coming from this type of expert is definitely ideal for the lending company along with customer. The lending company obtains an opportunity to provide the best form of service or product towards the marketplace much like the actual wish of clients while the client will get an opportunity to obtain the ideal mortgage program just by sitting down at home.

 

In the event of other forms of regular home loan plan, the interest rate as well as payments are very higher that occasionally create a few more than load for that person. As opposed to that Madison mortgage refinance includes comparatively lower rates of interest along with regular installments that might permit you to conserve lots of cash in the long run activity. In case you are dealing with issue whilst selecting a mortgage loan arrange for you, it will likely be a good concept that you should go to among the mortgage loan adviser of your town. He can demonstrate a few distinctive strategies and offer you actually the very best plan according to the needs you have.

Article Source: http://www.articlesbase.com/mortgage-articles/achieve-the-financial-goal-with-madison-mortgage-refinance-4667414.html

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BT Kane Financial is a professional Madison mortgage refinance Company providing you great options at the most feasible rates. Opt for their unbeatable Waukesha Mortgage lender services today!

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The UK Mortgage Market in 2011 and Future Outlook – Market Research Report

Sunday, April 24th, 2011

Aarkstore.com announces that a new market research report is available in its vast collection:

The UK Mortgage Market in 2011 and Future Outlook

http://www.aarkstore.com/reports/The-UK-Mortgage-Market-in-2011-and-Future-Outlook-118903.html

Introduction

The UK mortgage market continued to suffer from the after effects of the credit crunch in 2010. A lack of funding restricted the ability of providers to increase lending, and demand was adversely affected low consumer confidence. Matters are unlikely to improve in 2011, and the best that can be hoped for is a slow and gradual recovery.

Features and benefits

* Summarizes the main macroeconomic and regulatory developments affecting the mortgage market.
* Assesses the impact of interest rate movements, funding constraints, increased regulation and other factors upon the mortgage market.
* Sets out Datamonitor’s gross lending forecasts for the period 2011-2015.

Highlights

Remortgaging activity was slow throughout 2010, as borrowers remained inclined to remain on low standard variable rates. However, renewed speculation about possible rises in the base rate over the next few months could help to fuel a partial recovery in this market.
House prices will, at best, remain static in 2011, as consumer demand for housing falls in response to higher taxation, spending cuts and decreasing real incomes. This will limit the amount of equity many homeowners have in their properties, reducing their ability to remortgage or move home. Providers may also be less inclined to lend as a result
Funding remains problematic. New securitizations are scarce, and are not keeping pace with redemptions. Lenders will also have to deal with the winding down of government support through the Special Liquidity Scheme and Credit Guarantee Scheme. Forthcoming Basel guidelines will severely restrict the ability of banks to lend at high loan-to-values.

Your key questions answered

* Understand the key factors that will drive the mortgage market in 2011 and beyond.
* Assess the prospects for an increase in lending activity in 2011.
* Use Datamonitor’s forecasts to help inform your future plans.

Table of Contents :
DATAMONITOR VIEW
Catalyst
Summary
ANALYSIS
forecasts a lean market for gross lending over the next five years
Gross lending will rise to just £200bn by 2015
Under the optimistic scenario, gross lending will reach £220bn in 2015
The pessimistic forecast sees gross lending growing to £180bn by 2015
Business activity was sluggish throughout 2010
Gross lending in 2010 did not improve on the levels seen in 2009
The fragile state of the UK economy has held back consumer demand for mortgages
Remortgaging levels remained depressed throughout 2010
Mortgage interest rates barely shifted in 2010
House purchase activity appears to have bottomed out
Credit availability has stabilized, but not yet begun to recover
The post-crash recovery in house prices ended in early 2010
Arrears and possessions declined in 2010
Uncertainty surrounded progress on the Mortgage Market Review in 2010
Prospects for growth in 2011 are subdued
Mortgage lending got off to a slow start in 2011
expects the base rate to end the year at 1%
House prices are likely to remain flat at best in 2011
Funding issues will become more pressing as the year progresses
Poor availability of high LTV mortgages will continue to hinder first-time buyers
Arrears and possessions may rise slightly in 2011
Buy-to-let is the only major sector of the market that will see significant growth in 2011
APPENDIX
Supplementary data
Definitions
Bank of England base rate
CAGR
Gross advances
Remortgaging
RMBS
Methodology
Forecasting methodology
Further reading
Ask the analyst
consulting
Disclaimer

Article Source: http://www.articlesbase.com/mortgage-articles/the-uk-mortgage-market-in-2011-and-future-outlook-market-research-report-4652338.html

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We specialize in providing online market business information on market research reports, books, magazines, conference booking at competitive prices, and strive to provide excellent and innovative service to our customers.

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