6 Txc.cc Remortgage Refinancing

Www Remortgagerefinancing T Remortgage Refinancing Szh Home Buying First Mortgage Remortgage Refinancing Our Home Mortgage » Mortgage and home loans information and tips

Www Remortgagerefinancing T Remortgage Refinancing Szh Home Buying First Mortgage Remortgage Refinancing

Buying tsearchasearcht Szh m Buying t Www p Refinancing 3 Remortgage % Remortgagerefinancing hsearch% Remortgage 0 Home s Remortgagerefinancing asearchchsearch First o Remortgagerefinancing tgsearchgeoosearchHmsearch %powered+by+SMF+2.0+computers+%26+internetWw search w Www Szh Refinancing usanjidianyengisearchg2Researchosearcht Remortgage a Mortgage efsearchR Szh mo Remortgagerefinancing t Mortgage ag Buying rsearchfsearchn Remortgagerefinancing nsearchig search First emo Home tg Remortgage g Refinancing dssearcharsearchh0 B Www y Home ngsearchi Remortgagerefinancing se First r Szh hosearchHo Remortgagerefinancing ee Home zh searchssearchc Refinancing r First t Szh e Remortgagerefinancing %search0 Home i Remortgagerefinancing hsearchh First 2searched Home ti Buying n Home 2 Buying pD55.CCfF%Fsearch354c Mortgage h Remortgagerefinancing nysearchu Refinancing msearchy Refinancing b searchossearchd Mortgage r Szh n Remortgagerefinancing Remortgagerefinancing remortgage for your home The government in the UK has decided to step in to boost the housing market by helping first-time buyers get access to the property market and mortgages with a range of schemes that represent a $600 (£400M) million property initiative.

Build more homes

Not enough homes are being built for the demands of a growing population. In 2010-11, 121,200 new homes were built, a drop of 6% over 2009 the lowest number of houses built in peacetime since the 1920s.

The government therefore wants to help construction sites where work has stopped due to cash problems, but otherwise everything is ready to go. A new fund called ‘Get Britain Building’ will be established, developers can apply for funds. To get their hands on the money they will have to meet certain criteria, such as building a certain percent of affordable homes.

An extra $75 million will be added to the $150 million already set aside for refurbishing empty homes.

Underwriting mortgages

The most innovative part of the plans is the promise to underwrite a small percentage of home loans for new-build properties.

The government knows that one of the biggest problems first-time buyers face is getting the deposit. Figures from the Council of Mortgage Lenders suggest the average deposit required from first-time buyers is now more than the average annual salary i.e. more than $45,000.

The idea is that buyers will be able to borrow 95% of the property’s value, and the government and developers will underwrite some of the risk.

It’s good thing that the government understands that property is way too expensive which explains borrowers’ problems with getting deposits together.

But these measures will merely prop up buyer demand, meaning prices will stay at their current level or rise even higher. Not the answer to our problems.

The big winners are developers and lenders. For years lenders have been scpetical of the asking prices of new-build properties and have refused to lend at high loan-to-values on them, so developers find them hard to shift. The government scheme solves both of their problems but doesn’t really help borrowers.

See also Remortgaging Deals and  What is HAMP ?

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Nov
16

Home Loans for Landlords

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Home Loans for Landlords or Buy to Let Mortgages

Strange as it may seem this is a great time to buy to let. Rents are at ridiculous heights 600 a month (900 $) for a room in somebody else’s house. The Council of Mortgage Lenders statistics show that both volume and value of buy-to-let loans have risen significantly.

In the third quarter of this year 34,500 buy-to-let mortgages were agreed, an increase of 16% on Q2, amounting to £3.8 bn, up 19% over the quarter.

This is its highest level in 3 years.

One estate agent described the sector as “red hot”.

The reason for all this activity in the rental mortgage sector is that demand just keeps on growing (could it be people can’t actually afford to buy a house or get a mortgage or home loan so they have no alternative?).

Over Q3 properties it took an average of just 13 days to rent a home, a new record.

Viewings are also up, by 17.8% compared to Q2. There are 5 tenants for every property on the market.

And surprise surprise rents are up again, at an average of £718 ($1100) in September, another record.

Demand for rental properties shows little sign of abating.

So if you’ve got some spare cash sloshing about or ifyou can get a mortgage or home loan then this is probably a good time to consider investing in property again, just don’t bite off more mortgage than you can chew otherwise you might just end up giving your money to the banks, which is hardly the aim of the exercise.

See also are reverse mortgages a good idea? and home affordable modification program

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Sep
05

Time to Refinance Your Home Loan?

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Time to Refinance Your Home Loan?

U.S. home loan rates have fallen to their lowest levels in 50 years, which has led to a lot of people considering remortgaging or refinancing their loans.

Time to refinance your home loan?

Officials at Freddie Mac reported that the average thirty year fixed rate averaged 4.15%, the lowest it’s been in over 50 years.

Freddie Mac’s chief economist Frank Nothaft said:

“It’s not surprising, many homeowners took advantage of this low mortgage rate environment and have already refinanced their loans…In addition, an increasing share of refinancing borrowers chose to shorten their loan terms during Q2 , according to Freddie Mac’s Quarterly Product Transition Report.”

Freddie Mac’s report also states:

-The 15-year fixed rate averaged 3.36%, a drop from 3.5% last week and 3.9% 1 year ago.

- Adjustable rates also fell : The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.08% this week, a fall from 3.13% last week and 3.56% one year ago.

-The 1-year Treasury-indexed adjustable rate was 2.86% this week, compared with 2.89% last week and 3.53% this time last year.

So all in all a good time to try and refinance your home loan. Although with Bernanke vowing to keep interest at the same rate until 2013, there is particular rush, except of course that the sooner you get it done the more money you will save.

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Aug
16

Time to Remortgage ?

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Are Mortgage Rates Heading Lower?

Is it time to consider mortgage refinancing of your home loan? Mortgage applications soared 21.7% in the week ending August 5, says the Mortgage Bankers Association Market Composite Index. This was used in large part to a 30.4% jump in the group’s refinancing index.

“In a few years, these (low) rates will be a memory that people chat about at cocktail parties ” says Dan Nigro, principal at Warfield Consultants. “should lock in (these levels) for the long term and it certainly is what the government has in mind.”

But with the average rate on a 30-year fixed home loan just just below 4.5% – the lowest levels for 2011  – is now the time to refinance or buy a new home? Or should they hang on till we reach a new bottom?

Alex Stenback, from “Behind the Mortgage” blog says now is the time to act. After all the FED can move interest rates up “and this window can shut much faster than people imagine,” he says. But bear in mind too that has just said (August 2011) that interest rates will not move up until 2013 at the earliest.

Mortgage rates tend to reflect long-term U.S. Treasury rates, which have fallen in recent weeks. The 10-year Treasury note was around 2.12% on Wednesday and set a record low auction yield of 2.14% the same day.

Tips to bear in mind if you want to refinance your existing home loan, or buy a new home, now.

1. Shop around for your lender

Get an offer that is lower than what you are currently paying and go back to your current lender and tell them you are being offered a better deal  elsewhere. If they don’t match it then move your mortgage.  You could save yourself hundreds of dollars a month.

2. Watch out for costs – hidden or upfront

There is a rule that says if you can save 1% on your rate then it is probably worthwhile switching, but still bear in mind the various fees you will have to pay, title insurance, escrow waiver fees etc..  It may take you 3 years to recoup your fees so if you are moving in two years’ time it’s not worth the trouble.

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