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Month: January 2018

5 Reasons Why You Should Know About Buy To Let Mortgages

An increasing number of people are taking advantage of buy to let mortgages and why should not they? With the advantages to be taken here there is no reason why you should not take a look at this too. Below are 5 reasons why you should know about buy to let mortgages. 1. Buying property is an investment for the future. Maximizing the ability to rent out portions or all of the property is a sound financial move. Historically property has usually gone up in value and rarely goes down. The good news is that many mortgage companies are now more receptive than ever to buy to let mortgages. 2. The real advantage to a buy to let mortgage is that the property is viewed as the real source of collateral for the mortgage. Since these properties can be rented out fairly fast, the banks value that as the source of income and not your personal income! 3. The range of buy to let mortgages has an increase in the past several years which means there is more opportunity for you to take advantage of this type of mortgage. You can choose the best rate that applies to your specific situation with regard to your investment properties. 4. An increasingly large number of banks are making it possible to obtain a specific buy to let mortgage that fits your...

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Mortgages – You Always Pay More Than The Home Is Worth

One of the predictable consequences of the collapse of the housing bubble and the foreclosure crisis is that property values ​​are declination in many areas of the United States. As subprime loans go into foreclosure, more homes are listed on the market, driving prices down, and erasing equity that homeowners thought they had. When this happens on a large scale in areas that were inflated by the era of easy credit, homeowners may find that they owe tens or hundred of thousands of dollars more on their homes than they are worth. Nobody wants to pay more for an item, be it a house, car, or pair of pants, than it is worth, and the temptation just to walk away from these homes is growing. But it seems that few homeowners realize that they were always going to have to pay far more for their house than it was worth, and paying anything could have considered too much based on how much they actually borrowed. First of all, a mortgage loan consists of a smaller portion of principal and a much larger interest charge; and second, the bank does not actually lend out any money that is not created out of thin air. For example, consider a house that is purchased for $ 150,000 at 6% interest with a 30-year, fixed rate loan. Homeowners may feel like they have...

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How to Find California Mobile Home Mortgage Lenders

A mobile home is a great choice for people who are constantly on the move or really enjoy traveling. With all of the beautiful scenery, and great destinations to visit, owning a mobile home in California can be very convenient. Searching for California mobile home mortgage lenders can be a little more difficult then looking for a mortgage lender for a normal home. This is because you are usually unable to get the same type of a home mortgage loan that you would with a traditional home mortgage, and will need to find someone who specializes in mobile home mortgages. Often times, a mobile home mortgage lender will treat the loan the same way they would when financing a loan for something like a boat or a car. Since some of the limitations that you will face, this article will give you a basic understanding of your options, and help you find the mobile home mortgage that you need. Internet Searches One of the first things you should do is to do an internet search for "California Mobile Home Mortgage Lenders". This will give you a list of specialized mobile home mortgage lenders in your area and you can begin calling and researching some of these companies to see what they offer. When financing with this type of lender, the word 'mobile' will often lead to a higher interest...

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Reverse Mortgage Myths

Reverse Mortgage Myths With all of the hoopla these days about the Reverse Mortgage for Senior program, it is important that we take a hard look at some of the myths that people are hearing about. 1. The Reverse Mortgage lender will own your home – FALSE! You and your family or your estate continues to retain ownership of your home at all time that the reverse mortgage is in place. The Lender does not take control of the title. The lender’s interest is limited to the outstanding loan balance, just like a traditional mortgage. 2. Reverse Mortgage lenders just want to sell your house – FALSE! Lenders earn their income by helping you keep your home and meet whatever financial needs you may have in order to help you maintain financial independence. Reverse Mortgage borrowers may remain in the home for as long as they wish. However, should they decide to sell the home for any reason, the loan would then become due and payable. 3. Your heirs will be saddled with the Reverse Mortgage loan – FALSE! The Reverse Mortgage is a non-recourse loan. This means that the lender can only derive repayment of the loan from the proceeds of the sale of the property. When you no longer live in the home on a permanent basis, the home must be sold and the reverse mortgage repaid....

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Mortgages For People With Bad Credit

Mortgages for people with bad credit are not easy during the early years. Having a bad credit used to be the largest hindrance for obtaining approval for mortgages or loans; thus, causing numerous people to feel frustrated and disheartened. Now, there is this good news. People with bad credit can still get loans and it is not that difficult anymore. There are chances now for such people to gain success in getting their desired loans. At present, numerous companies have been engaging in loans and mortgages for people who have bad credit. Even big lending companies have now joined the fray. These companies saw a great opportunity to earn from granting loans and mortgages for people with bad credit. These types of companies are called bad credit mortgage companies or sub-prime mortgage companies. They entertain applications from undesired people. What they do is that they consult and depend on scores given by FICO in order to determine a person's worthiness in obtaining credit. There are agencies which can provide these credit scores. The credit score of 620 is considered as a bad credit. Bad credit mortgage companies can still grant loans for a person who has the credit score of 620 and below that; however, if it goes below 500, its application will not be approved. Because of this type of operation, those who are looking forward to obtain...

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