Mortgage Market | All Home Loan Info

Dec
29

Could the mortgage market be starting to thaw?

admin

There are plenty of new and improved deals coming onto the market in the last couple of weeks. Having a look at the best buy tables there are a number of fixed rate mortgage deals that have much better interest rates but more importantly there are a couple of newer higher loan to value mortgages entering the market. There are new 30% LTV deals and interestingly new 10% deposit deals. This will be welcome news for those trying to save the hefty deposits needed.

While mortgage lenders will still have their strict lending criteria in place this does look like the market is beginning to thaw. More competition especially in the higher loan to value should translate into continued improvements in the rates available to borrowers. It is however predicted that interest rates will again increase in 2010 so this may well be the time to lock into a fixed rate mortgage deal if you are of the cautious type. Rates for fixed rate mortgages may again start to climb.

Variable deals have improved also with some great two year deals on the market. I even spotted a great first time buyer deal with a very competitive interest rate and no arrangement fee payable.

Like I always say it is best to get expert, professional advice from a qualified source especially since it is going to the biggest investment you are likely to make ever. Someone who also has local knowledge can add extra benefit. If you are buying a home in Falkirk, then look for recommended Falkirk mortgage advisers.

Things are certainly looking promising for a pickup in the mortgage market during 2010. It may be slow but it looks like a more competitive market is on the cards that should benefit us all.

Chris Borthwick writes articles covering a broad range of subjects. His main area of expertise is mortgage advice and writes many articles on mortgages for finance industry, mortgage brokers and for the general public. Most recent articles detailed the benefits of a fee free mortgage broker.

Article Source:http://www.articlesbase.com/mortgage-articles/could-the-mortgage-market-be-starting-to-thaw-1635566.html

Add comment

Oct
27

3.5% Down payment make FHA Loans are a good option Florida

admin

mortgages

3.5% Down payment make FHA Loans are a good option Florida

For those who are looking for a Florida home loan you may have heard it can be difficult without a down payment of 20% or more. That is true but only in the traditional, conventional mortgage market. The good news for today’s Florida home buyers is that The Federal Housing Authority (FHA) provides loan programs requiring as little as 3.5% down.

Minimal Down Payment and Closing Costs.

Down payment less than 3.5% of Sales Price
100% Financing options available
No reserves or required.
FHA regulated closing costs.
Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines such as:

No minimum FICO score or credit score requirements.
FHA will allow a home purchase 2 years after a Bankruptcy.
FHA will allow a home purchase 3 years after a Foreclosure.

Easier Debt Ratio & Job Requirement Guidelines such as:

Higher Debt Ratio’s than other home loan programs.
Less than two years on the job is allowed.
Self-Employed individuals o.k.

FHA is a loan program that has been around since the 1930’s but had fallen out of favor. Now however it has become the loan of choice for Florida homebuyers because of the many advantages versus conventional loans. What are the advantages of an FHA loan?

FHA requires only 3.5% down payment
Unlike conventional loans, the entire down payment may come from a family gift. Family members can help the buyer qualify too.
Your FICO credit score has a minimal impact on qualification
The FHA interest rates are very competitive versus conventional financing
FHA approvals are easier to get
The loan limits are very high … In Hawaii, FHA loans can be as high as $793,750!
No prepayment penalties
FHA loans are assumable

FHA loans may be obtained through FHA approved banks, mortgage companies, and mortgage brokers.

Article Source:http://www.articlesbase.com/mortgage-articles/35-down-payment-make-fha-loans-are-a-good-option-florida-1381589.html

Add comment

Oct
22

A stirring mortgage market

admin

mortgages

It is a subject which splits opinion on a daily, weekly and monthly basis – the housing market. The sector is pored over in minute detail, with many lenders, bodies and other organisations publishing figures at the end of each month, detailing average house prices, annual changes, monthly changes, regional breakdowns, discrepancies between asking and selling prices, and so on.

Data released recently by the Royal Institution of Chartered Surveyors (RICS) says that house prices are showing their most pronounced rise for more than two years. This, in part, has been caused by a lack of supply, but should not take away from the fact that the proportion of surveyors reporting price increases is at its highest point since May 2007 – well before the outset of the credit crisis.

It is difficult to ascertain just how accurate or reliable these surveys – and there are a great many – actually are. Most are released by groups or organisations that have a vested interest in the value of property going up. One of the more reliable reports comes from the Land Registry, which bases its figures on the prices houses are actually sold for, not what they are deemed to be worth by the owners or agents. After all, a house is only worth what somebody is willing to pay for it.

That being said, there does seem to be evidence that an appetite for entering the housing market is returning. Reporting its figures for September, the National Association of Estate Agents said that the average number of house hunters registered at its agents had jumped from 238 to 294 in the month. Furthermore, a survey has found that it is cheaper to buy a home in the UK than it is to rent in all regions apart from London, although this assumes that first time buyers have sizeable deposits in place.

What is certain is that at the end of September, there were more mortgage products to choose from than there have been for almost a year, with a shade over 1,400 on the market. There are still just a handful of products that offer buyers a loan worth the total value of the property, or even 95 per cent, but the 90 per cent loan-to-value market is now comprised of more than 100 products, which has not been the case for most of 2009.

A number of new trackers have also been launched by providers and, with some predicting that the base rate of interest will remain low for some years to come, the more daring of potential homeowners have a number of competitive deals to choose from.

There is still some way to go before the housing market can be considered in good health, but a number of providers have decreased their rates lately as well as launching new products that look competitive. Those who had given up designs on owning their own homes could do worse than giving the mortgage best buys a cursory glance once more.

Moneyfacts.co.uk is the leading independent financial information provider in the UK. Since 1988, we’ve been providing impartial information to financial services professionals which has helped thousands of customers get the best deal on their mortgages, savings accounts, credit cards, loans and other personal finance products.

www.moneyfacts.co.uk Limited is authorised and regulated by the Financial Services Authority (FSA).

Article Source:http://www.articlesbase.com/mortgage-articles/a-stirring-mortgage-market-1367846.html

Add comment

Categories

Archives

Pages

Blogroll

Meta

Could the mortgage market be starting to thaw?

3.5% Down payment make FHA Loans are a good option Florida

A stirring mortgage market