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Dave Ramsey HATES Reverse Mortgages – But You Shouldn’t. – Video

#Dave #Ramsey #HATES #Reverse #Mortgages #- #But #You #Shouldn’t

Dave Ramsey HATES Reverse Mortgages - But You Shouldn't, REMMONT.COM


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Dave Ramsey HATES Reverse Mortgages – But You Shouldn’t


Dave Ramsey HATES Reverse Mortgages - But You Shouldn't, NEF2.COM

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Dave Ramsey HATES Reverse Mortgages – But You Shouldn’t


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Commercial Mortgages #calculate #auto #loan


#best loan rate
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What is a Commercial mortgage?

Commercial mortgages are used to buy business premises or to buy an existing business in its entirety.

Lenders generally require a deposit of around 25%-40% of the total value and mortgage terms can run for one year, up to 40 years.

Obtaining a commercial mortgage is based on the ability of your business to make the repayments. You will also find that lenders will assess your business before quoting you an interest rate.

They generally look at past performance, the current position and long term future plans of the business. The interest rate you will be quoted may be based on these factors and may be higher if the underwriter identifies higher risk in the proposal. You may need to provide a detailed business plan which demonstrates that you can make repayments, and a professional valuation will usually be required.

Our commercial mortgage best buys

Our commercial mortgage best buys show a selection of the most competitive lenders operating in different lending sectors. It is usually the case that these lenders also consider other types of property (a lender which lends on garage showrooms may also lend on office buildings for instance), although you should note that the deposit you are required to provide may differ between lending sectors, so it’s always best to check the deposit you’d need for the type of business premises you have, or are considering.

Speak to a commercial mortgage advisor



Bad credit mortgages #home #loan #calculator


#bad credit mortgage
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Bad credit mortgages

There are mortgages available for people with a bad credit rating if you know where to look.

Perhaps you ve missed a few credit card payments, had a County Court Judgment awarded against you or have previously been made bankrupt leaving you with a poor credit rating.

Find bad credit mortgages

Compare bad credit mortgage if you’re remortgaging, a first-time buyer or moving home

If this has left you wondering whether you can get a mortgage, there s no need to panic. There are still options open to you as there are bad credit mortgages available.

Can you get a mortgage with bad credit?

Interest rates on bad credit mortgages are higher than standard mortgages and you will probably need a larger deposit, but there are still options available.

They won t work in conjunction with any government scheme such as Help to Buy or Shared Ownership and usually don t accept applications from people made bankrupt in the past six years – unless your credit file is now clear with no defaults showing.

Applicants will still need a steady income and this should be above £15,000 per annum, with the deposit making up at least 15% or more of the property value.

Bad credit mortgages

Compare bad credit mortgage if you’re remortgaging, a first-time buyer or moving home

How do I know if I have adverse credit?

Credit scores can be harmed by a number of reasons but there are some clear causes why you might have a bad credit rating.

  • Having been declared bankrupt, or have had a debt management plan, IVA etc.
  • Missed credit card, loan or mortgage payments.
  • Having County Court Judgements against your name.

It is always a good idea to have a look at your credit report  before you apply for any kind of mortgage – bad credit or not.

See the section below for tips to help improve your credit rating.

What is a bad credit mortgage?

Bad credit mortgages can help people with a poor credit rating get a mortgage; they are also known as sub-prime mortgages and adverse credit mortgages.

If you have bad credit, taking out a mortgage may not be the correct next step for you, so consider your options thoroughly.

Bad credit mortgages are the same as standard mortgages, but they are available to people who would fail a standard lender credit check.

Interest rates and charges tend to be higher as people with poor credit ratings are deemed to be a higher risk.

But after a few years of paying a bad credit mortgage on time it should repair your credit rating sufficiently to be able to move to a standard mortgage at a lower rate.

Getting a mortgage with bad credit how does it work?

A bad credit mortgage is similar to a standard mortgage, but they have higher interest rates and charges.

Many types of bad credit mortgage deals are available, for example, fixed, variable, and discounted rates, but that doesn t mean they will have better rates than a standard mortgage. The opposite of this is actually more likely to be the case.

The reason for this is that the mortgage provider has less reason to loan you a larger amount of money at a lower interest rate if your credit history is poor.

The risk on their side is mitigated by the higher interest rate and larger deposit you pay.

You will also probably need a deposit of at least around 15% or more of the value of the property. If you can get to the 30% mark or higher that would be better for your chances of being approved.

If you d like to learn more about loan-to-value (LTV) ratios then visit our dedicated pages:

How to get a mortgage with bad credit

Before looking for any mortgage it is a good idea to check what is on your credit reference agency file to see if you have any credit problems.

It s essential that you compare the total cost of different mortgages, taking into account fees and charges too.

You should also avoid making lots of applications for credit, as these searches will affect your credit rating.

You may also wish to speak to your current account provider to see what mortgages they offer and explain to them your credit history situation. If they have no products suitable for you, then at least you know without having to make an application.

It s also highly recommended that you compare a wide range of mortgages to find the best deal for you. Compare mortgages with uSwitch today.

How to remortgage with bad credit

Remortgaging  with bad credit might not be worth it and sticking with your current lender could be preferable.

If your credit score has worsened since you took out your current mortgage you may actually get a worse rate by remortgaging. Meaning you may be best off staying put until your credit score has improved. And remember when remortgaging exit and booking fees will eat into the money you could potentially save from lower rate.

If you do think you will be better off by remortgaging, despite having a bad credit  score the process is just the same as getting a bad credit mortgage, but you are likely to be in a better position as you will have the equity of your home to boost your deposit.

How much could I borrow with a bad credit mortgage?

If you can get a mortgage, the amount you can borrow is typically determined by your income (salary, benefits, pension and other sources of income) multiplied by a set figure. However, lenders are also increasingly taking other factors and outgoings into account.

How can I improve my bad credit rating?

There are some things you can do, which could improve your credit rating and possibly increase your chances of being approved for a bad credit mortgage.

  • Make sure you re on the electoral roll.
  • Pay your bills on time and in full.
  • Close any credit accounts you don t use.
  • Consider applying for a credit builder credit card to improve your credit rating.
  • Sustainable borrowing with a guarantor loan can also improve your credit score.
  • Check your credit report regularly to make sure that all the information is correct. If you notice any errors, contact the relevant lender and ask for them to be corrected.

Remember, doing all of these things is no guarantee that your credit score will have improved enough to be approved for a bad-credit mortgage. It takes time for your credit score to recover if you have been rejected multiple times or missed multiple repayments.

Each mortgage provider will have their own criteria for eligibility, but generally these amendments to your personal finance habits could help improve your score.

Find out more about credit reports here and see if your score can tell you more about your finances and what you can do to improve your credit rating.

Check your credit rating

Checking your credit score could save you the trouble of applying for a bad credit mortgage and having the rejected application show up on your profile to future credit and mortgage providers.

Use our comparison table below to find a credit reference agency who can show you your credit report and score.

Bad credit mortgages

Compare bad credit mortgage if you’re remortgaging, a first-time buyer or moving home



Mortgages – Hudson Valley Federal Credit Union #loans #for #people #with #bad #credit #instant #decision


#fha loan rates
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Fixed Adjustable Rate Mortgages

1 As an example, for a $220,000 30-Year Fixed Rate Mortgage at 4.875% with zero points, the APR is 4.90%. Your payment schedule would be 359 payments at $1,164.26 and 1 final payment of $1,163.55. Payments do not include amounts for taxes and insurance premiums, if applicable, and your actual payment obligation will be greater.

3 Additional Information about our 1-Year Adjustable Rate Mortgage (ARM) – The APR, interest rate and principal and interest payment are subject to increase and will change after the loan is closed due to market-driven changes to the index. As an example, for a 30 year 1 Year ARM loan with a $220,000 loan amount (assuming a 20% down payment) at a 4.00% start rate, the APR is 4.72%, subject to change. Your payment schedule would be 12 payments of $1,050.31; 347 payments of $1,145.08; and 1 payment of $1,147.88. Payments do not include amounts for taxes and insurance premiums, if applicable, and your actual payment obligation will be greater.

4 Additional Information about our 15-Year Adjustable Rate Mortgage (ARM) – The APR, interest rate and principal and interest payment are subject to increase and will change after the loan is closed due to market-driven changes to the index. As an example, for a 15 / 15 Year ARM loan with a $220,000 loan amount (assuming a 20% down payment) at a 4.125% start rate, the APR is 4.216%, subject to change. Your payment schedule would be 180 payments of $1,066.23; 179 payments of $1,093.42; and 1 payment of $1,089.89. Payments do not include amounts for taxes and insurance premiums, if applicable, and your actual payment obligation will be greater.

5 BUSINESS DAY: A Business Day is defined as Monday through Friday between the hours of 10:30 a.m. and 4:00 p.m. EST excluding HVFCU observed holidays. Also, excluded are holiday hours that the FHLMC Cash Desk observes (i.e. The Securities Industry and Financial Markets Calendar) but the HVFCU is opened (e.g. Good Friday). Nor will we be able to Rate Lock your loan if we are unable for any reason to Rate Lock with the FHLMC Cash Desk.

6 As an example, for a $220,000 25-Year Fixed Rate Mortgage at 4.875% with zero points, the APR is 4.904%. Your payment schedule would be 299 payments at $1,270.13 and 1 final payment of $1,269.19. Payments do not include amounts for taxes and insurance premiums, if applicable, and your actual payment obligation will be greater.

7 As an example, for a $220,000 20-Year Fixed Rate Mortgage at 4.625% with zero points, the APR is 4.659%. Your payment schedule would be 239 payments at $1,406.72 and 1 final payment of $1,405.90. Payments do not include amounts for taxes and insurance premiums, if applicable, and your actual payment obligation will be greater.

8 As an example, for a $220,000 15-Year Fixed Rate Mortgage at 4.000% with zero points, the APR is 4.006%. Your payment schedule would be 179 payments at $1,67.31 and 1 final payment of $1,627.97. Payments do not include amounts for taxes and insurance premiums, if applicable, and your actual payment obligation will be greater.

9 As an example, for a $220,000 10-Year Fixed Rate Mortgage at 3.875% with zero points, the APR is 3.883%. Your payment schedule would be 119 payments at $2,214.35 and 1 final payment of $2,213.94. Payments do not include amounts for taxes and insurance premiums, if applicable, and your actual payment obligation will be greater.

10 Additional Information about our 3-Year Adjustable Rate Mortgage (ARM) – The APR, interest rate and principal and interest payment are subject to increase and will change after the loan is closed due to market-driven changes to the index. As an example, for a 30 year 3 Year ARM loan with a $220,000 loan amount (assuming a 20% down payment) at a 4.50% start rate, the APR is 4.73%, subject to change. Your payment schedule would be 36 payments of $1,114.71; 323 payments of $1,145.12; and 1 payment of $1,142.98. Payments do not include amounts for taxes and insurance premiums, if applicable, and your actual payment obligation will be greater.

11 Additional Information about our 5-Year Adjustable Rate Mortgage (ARM) – The APR, interest rate and principal and interest payment are subject to increase and will change after the loan is closed due to market-driven changes to the index. As an example, for a 30 year 5 Year ARM loan with a $220,000 loan amount (assuming a 20% down payment) at a 4.625% start rate, the APR is 4.74%, subject to change. Your payment schedule would be 60 payments of $1,131.11; 299 payments of $1,145.50 and 1 payment of $1,148.18. Payments do not include amounts for taxes and insurance premiums, if applicable, and your actual payment obligation will be greater.

12 Additional Information about our 7-Year Adjustable Rate Mortgage (ARM) – The APR, interest rate and principal and interest payment are subject to increase and will change after the loan is closed due to market-driven changes to the index. As an example, for a 30 year 7 Year ARM loan with a $220,000 loan amount (assuming a 20% down payment) at a 5.00% start rate, the APR is 4.91%, subject to change. Your payment schedule would be 84 payments of $1,181.01; 275 payments of $1,153.57; and 1 payment of $1,153.31. Payments do not include amounts for taxes and insurance premiums, if applicable, and your actual payment obligation will be greater.

13 Additional Information about our 10-Year Adjustable Rate Mortgage (ARM) – The APR, interest rate and principal and interest payment are subject to increase and will change after the loan is closed due to market-driven changes to the index. As an example, for a 30 year 10 Year ARM loan with a $220,000 loan amount (assuming a 20% down payment) at a 5.25% start rate, the APR is 5.11%, subject to change. Your payment schedule would be 120 payments of $1,214.85; 239 payments of $1,165.05; and 1 payment of $1,164.89. Payments do not include amounts for taxes and insurance premiums, if applicable, and your actual payment obligation will be greater.

14 Additional Information about our 10/10/10-Year Adjustable Rate Mortgage (ARM) – The APR, interest rate and principal and interest payment are subject to increase and will change after the loan is closed due to market-driven changes to the index. As an example, for a 10 / 10 / 10 Year ARM loan with a $220,000 loan amount (assuming a 20% down payment) at a 3.875% start rate, the APR is 4.274%, subject to change. Your payment schedule would be 120 payments of $1,034.52; 239 payments of $1,175.07; and 1 payment of $1,168.39. Payments do not include amounts for taxes and insurance premiums, if applicable, and your actual payment obligation will be greater.

Government Mortgages (FHA, VA, SONYMA USDA)



Motorcycle Loans, Mortgages – Credit Cards #jumbo #loan


#motorcycle loan
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Motorcycle Loans

Overview

Motorcycle loans are similar to other loans that are available for automobiles. Motorcycle loans are designed for persons who want to purchase a new, used, or custom bike or refinance an existing motorcycle loan. Motorcycle loans depend on the actual cost of the specific motorcycle. Motorcycle loans are more expensive than auto loans. It is always important that you choose the motorcycle based on how much you can pay. Before taking a motorcycle loan, you must decide on the motorcycle that you are planning to purchase. This will give you an idea of which motorcycle you can afford to buy.

How It Works

You can approach your bank for motorcycle loans. You can also check out the deals available on the Internet and fill in the application online. You must be above 18 years of age, if you want to go in for a motorcycle loan. You ought to provide your personal and business information to the financial institution that is financing your loan. There are various aspects you need to consider before you apply for a loan. You should look into the down payment, interest rates, and amount of monthly payments. Usually the term of a motorcycle loan is 12 to 36 months. You can even extend it to 72 months if the size of your motorcycle loan is large. Once your online application is approved, it becomes very easy for you to get your loan.

Benefits

You can buy a brand new motorcycle of your choice, with the help of a motorcycle loan. The process of getting loan approval is very simple and you may not have to pay a down payment. There are no hidden costs or penalties when you are paying your motorcycle loans.

Cost/Pricing

Motorcycle loans usually have high interest rates, so better check the total amount of your loan. Your monthly payments will depend on your loan amount and interest rate. Before you apply for a motorcycle loan, surf the Internet for deals offered by various companies. You can compare the interest rates and go for the best offer.

Timing

You can go in for a motorcycle loan when you want to buy a new motorcycle or when you are looking to refinance an existing loan.

Companies/Industries

You can get a motorcycle loan from your local motorcycle dealer. You can also approach your bank for a loan. If your credit history is good, you can also borrow from your credit card. Some of the companies that offer motorcycle loans are Citibank, GMAC, Washington Mutual, and HSBC.



What Are Simple Interest Mortgages? Mortgage Professor #interest #loan #calculator


#simple interest loan calculator
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If two loans are exactly the same but one is simple interest, I would take the traditional mortgage. You will pay more interest on the simple interest mortgage unless you systematically make your monthly payment before the due date.

What Are Simple Interest Mortgages?

January 5, 2004, Revised July 16, 2004, April 15, 2005, November 27, 2006, April 29, 2008

What are the benefits/drawbacks of a simple interest loan versus a traditional mortgage? Which would you take if offered the choice?

If two loans are exactly the same but one is simple interest, I would take the traditional mortgage. You will pay more interest on the simple interest mortgage unless you systematically make your monthly payment before the due date.

Calculating Interest on a Simple Interest Mortgage

The major difference between a standard mortgage and a simple interest mortgage is that interest is calculated monthly on the first and daily on the second.

Consider a 30-year loan for $100,000 with a rate of 6%. The monthly payment would be $599.56 for both the standard and simple interest mortgages. The interest due is calculated differently, however.

On the standard mortgage, the 6% is divided by 12, converting it to a monthly rate of .5%. The monthly rate is multiplied by the loan balance at the end of the preceding month to obtain the interest due for the month. In the first month, it is $500.

On the simple interest version, the annual rate of 6% is divided by 365, converting it to a daily rate of .016438%. The daily rate is multiplied by the loan balance to obtain the interest due for the day. The first day and each day thereafter until the first payment is made, it is $16.44.

[Note: On many commercial mortgages, the annual rate is divided by 360 instead of 365, making the daily rate a little larger.]

The $16.44 is recorded in a special accrual account, which increases by that amount every day. No interest accrues on this account, which is why it is called simple interest . See The Nomenclature of Simple Interest Mortgages. or Mortgage Concepts Homebuyers Should Know.

When a payment is received on a simple interest mortgage, it is applied first to the accrual account, and what is left over is used to reduce the balance. When the balance declines, a new and smaller daily interest charge is calculated.

Total Interest Payments on a Simple Interest Mortgage

How does this work out for the borrower? We know that a standard 30-year mortgage pays off in 30 years. Beginning January 1, 2004, this amounts to 10,958 days. On a loan of $100,000 and an interest rate of 6%, total interest payments amount to $115,832.

On the simple interest version of the same mortgage, assuming you pay on the first day of every month, you pay off in 10,990 days, or 41 days later than with the standard mortgage. Total interest payments are $116,167 or $335 more.

These are small differences, due largely to leap years. Over the 30 years beginning 2004, there are 8 years with 366 days, and the lender collects interest for those days. Leap years do not affect total interest payments on a standard mortgage.

The disadvantage of a simple interest mortgage rises with the interest rate. At 12%, and continuing to assume payment on the first day of every month, it pays off in 11,049 days or 91 days later than the standard mortgage. Total interest is $3082 higher.

Total Interest When Payments Are Late

But the borrowers who really get clobbered by the simple interest mortgage are those who pay late. The standard mortgage has a grace period within which borrowers can pay without penalty. On a simple interest mortgage, in contrast, borrowers pay interest for every day they are late.

Suppose the borrower pays on the 10th day of every month, for example. With a standard mortgage, he gets a free ride because of the grace period. With a simple interest mortgage at 6%, he pays off 101 days later than the standard mortgage and pays $1328 more interest. At 12%, he pays off 466 days later and pays $15,137 more interest.

Penalties for payment after the grace period work the same way on both types of mortgage. For this reason, I have not included penalties in the calculations.

Borrowers making extra payments also do better with a standard mortgage. A borrower who includes an extra $1,000 in his regular monthly payment, for example, will save the interest on that $1,000 for each day the payment is late, provided it is within the grace period. With a simple interest mortgage, in contrast, interest accrues for those days.

Making Payments Early

The only transaction that works out better for the borrower with a simple interest mortgage is monthly payments made early. If every month you pay 10 days before the payment is due, for example, you pay off 40 days sooner than the standard mortgage at 6%, and 254 days earlier at 12%. There is no benefit to early payment on a standard mortgage, since it is credited on the due date, just like a payment that is received 10 days late.

Bottom line: other things the same, take the standard mortgage. But if you are stuck with a simple interest mortgage, make it a habit to pay early; it will pay big dividends.

Note: Simple interest biweekly mortgages raise other issues. See Simple Interest on a Biweekly .

Days to Payoff and Total Interest Payments on a Standard Mortgage and Simple Interest Mortgage of $100,000 for 30Years Beginning January 1, 2004



Quiddi Compare – Compare Loans, Cards, Savings, Mortgages – More #online #payday #loans #instant #approval


#payday loan lenders uk
#

Credit

Compare Loans, Cards, Accounts and more!

Welcome to Quiddi Compare! We are leading price comparison site in the UK offering the best rates for loans, cards, accounts and more. Using our simple loan comparison can save you so much time. Instead of shopping around for the best loans, we feature some of the best loan providers in the country and our easy to use comparison tables allow you to search, compare and save money.

You can compare loans by looking at the Representative APR and repayment example to give you an idea on how much you will be repaying over time. You can also use our ‘Smart Search’ tool that will ask you a few basic details and then personally recommend you the providers with the highest approval rates.

Find the Best Loan Rates

We are committed to offering the best loan rates in the UK. Our dedicated team updates the comparison tables on a regular basis and we are always looking for new partners to ensure our customers have access to the best loan and financial products available in the UK.

We know that making decisions over which provider to use can be confusing. To make life easier we provide a list of useful information for each product to help you understand key terms and things to consider when applying. We try to make the entire process from applying to repaying as clear as possible so you don’t have to worry.

How does it work

Our service is completely free to use and to apply with one of our providers, all you need to do is click on the company of your choice and it will take you directly to their site where you will be able to apply safely and securely.

Follow our blog for regular guidance and advice on how to choose the best products and smart ways to manage your finances. Keep up to date with our social media for any changes that we make and get involved in regular giveaways and competitions.



Payday Loans, Mortgages – Credit Cards #auto #title #loans


#bad credit loans not payday loans
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Payday Loans

Overview

Payday loans are small, short-term loans that require repayment at high interest rates. They are also referred to as paycheck advances or cash advance loans.

Generally, these types of loans are available for people who do not qualify for traditional bank loans and who cannot extend their credit limits.

For the most, you should avoid a payday loan if you can. The interest rates for these types of loans are extremely high, and can even double the initial amount borrowed if you cannot repay your debt on time. In any case, you might need a payday loan if you are experiencing a temporary and short-term financial setback.

Most payday agencies require borrowers to repay their loans with their next paychecks. In some situations, you might be able to set up a plan to pay back the borrowed amount over a period of several months.

Because interest rates are high and loan amounts are small, payday loans are relatively easy to obtain. Even if you have bad credit, you can still apply for a payday loan to help make ends meet. Some lenders do not even require borrowers to have a job.

Payday centers are located throughout the United States. If you are located in a rural or remote area, you can even apply for a payday loan online.

How It Works

Cash advances are short-term loans that can help you meet your basic living expenses until you receive your next paycheck. In general, payday loans are not available for amounts exceeding $1,000, and the borrowed funds will be subject to an extremely high interest rate. You will know this interest rate ahead of time, and you will be able to negotiate your repayment terms accordingly. For the most part, payday loans need to be repaid as soon as you receive your next paycheck. Sometimes, you can repay your payday loans within one month.

In most situations, lenders will require borrowers to prove some sort of income. Even if you have a bad credit history, you can still apply for a loan. Even if you do not have a job, you can probably still apply for a payday loan; however, you might need to repay your debt at an even higher interest rate.

Once you have settled on a payday loan company, fill in the application form with the necessary details. If you personally apply, you will be asked to write a postdated check for the lender.

Many online payday loan companies will automatically deduct the payment from your checking account. Once your application is submitted and approved, you will receive a cash advance or a check advance. Your repayment becomes due on your next payday, which is generally not more than two weeks.

Benefits

Any form of income will secure a payday loan. After you are approved, the lending agency will release funds within 24 hours of the loan application. Quick access to cash will help you settle some of your short term and temporary financial difficulty.

You can apply for a loan in person, over the Internet, or by telephone. The application process will take you 20 minutes at most since paperwork is kept to a minimum. No matter what method you choose for your application, your financial information will always be kept private.

Cost/Pricing

You pay a high price for the convenience. A payday loan is termed as “costly cash” by the Federal Trade Commission in the United States. You may pay interest as high as 30 percent on a two week loan. Payday loan lenders charge process fees and interest just like any loan company. Some lending companies might require non-sufficient funds checks and a minimum of $100 in the borrower’s checking account.

Timing

Because they are so costly, payday loans are a last resort. You should make every effort to ensure that you have exhausted all possible options. Sometimes, paying a late fee, missing a payment, or negotiating with a creditor is worth it because payday loans are so costly.

Payday loans are not permanent solutions to financial problems. Instead, cash advances should be considered a quick fix. You should not take regular payday loans. They are very expensive and could ultimately cause you to waste your money. It is recommended that you avoid payday loans unless you are experiencing a genuine emergency.



New Rules to Prohibit No-Doc and Low-Doc Mortgages in 2014 #federal #student #loan #consolidation


#low doc home loans
#

New Rules to Prohibit No-Doc and Low-Doc Mortgages in 2014

2015, QualifiedMortgage.org | This page contains copyrighted material. Please see our sharing and citation guide .

A new set of federal rules will eventually limit the use of low-documentation and no-documentation mortgage loans. Under the new rules, which are scheduled to take effect in January 2014, mortgage lenders must thoroughly review and document a borrower s ability to repay the loan obligation. This Ability-to-Repay rule will effectively prohibit the use of low-doc and no-doc mortgages.

The Rise and Fall of No-Doc / Low-Doc Loans

During the housing boom of the early to mid 2000s, a borrower could qualify for a mortgage loan with little to no documentation. Most lenders, for example, offered stated-income loans that allowed borrowers to verbally declare their earnings and income. No supporting documents were required. Those were the days of lax regulation and easy credit, the days when almost anyone could qualify for a home loan.

In 2006 and 2007, the Federal Reserve Board of Governors held hearings to discuss a variety of consumer-protection issues relating to the mortgage industry. In those hearings, a number of government officials and consumer groups shared their concerns about risky underwriting practices, such as the use of stated income and low documentation loans. These were scenarios where borrowers provided little or no documents to prove their income, assets and debts.

Today, low-doc and no-doc mortgages have been lumped into the category of high-risk exotic mortgages. Lenders shy away from them. Investors don t want to buy them. And the federal government is attempting to squash them once and for all.

In the wake of the 2008 housing crisis, the government began looking for ways to limit the use of high-risk mortgage products, including low-doc and no-doc mortgages. These efforts were formalized in the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was signed into law in 2010.

The Dodd-Frank Act introduced what is now known as the ability-to-repay rule. In short, it requires lenders to verify and document a borrower s income, assets and debts. They must ensure the borrower has the financial means to repay the loan, based on the size of the monthly payments in relation to the borrower s debt and income.

To recap. As a result of these new rules, no-documentation and low-documentation mortgages will soon become a thing of the past. They will be prohibited by the Ability-to-Repay rule, which was mandated by the Dodd-Frank Act and finalized by the Consumer Financial Protection Bureau (CFPB).

Today, High Documentation is the Name of the Game

In the current market, borrowers must provide a variety of documents when applying for a mortgage. This is the way it should be. We got away from this sensible verification process during the housing boom. Now we are getting back on track. Lenders are once more requiring sufficient documentation to verify income and earnings. In 2014, it will become the law.

Here s an excerpt from the Ability-to-Repay fact sheet released by the CFPB earlier this month:

Under the new Ability-to-Repay rule, lenders will have to determine the consumer’s ability to pay back both the principal and the interest over the long term Lenders can no longer offer no-doc, low-doc loans, otherwise known as Alt-A loans, where some lenders made quick sales by not requiring documentation

The language is clear. Unless the Ability-to-Repay rule is amended or altered between now and January 2014, it will effectively abolish the use of no-documentation and low-documentation mortgages. Such loans are expressly prohibited by the Ability-to-Repay rule. As stated on the CFPB website, mortgage lenders generally must document the following items:

  • The borrower s employment status
  • The income and assets being used to qualify for the loan
  • The borrower s current debt obligations (credit cards, car loans, etc.)
  • The borrower s credit history
  • Monthly payments for all mortgage-related obligations

This list is not exhaustive, but merely represents the minimum requirement under the Ability-to-Repay provision. Some lenders will require much more in the way of documentation. The items shown above pertain to the borrower s income and debt specifically.

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Mortgages With Low Rates, Find The Home Loan For You #unemployment #loans


#low rate loans
#

Loan Options

Mon to Fri 8:30AM-5:30PM CST

Check out some of our most popular loan options:

The 30 year fixed rate mortgage is one of the most popular and secure home loan options available, especially if you want your monthly payments to be low and never change. Apply now for a 30 year fixed rate mortgage.

  • 15 Year Fixed Rate Mortgage
    If you re looking to save thousands in interest expense and you want to own your home quicker versus a 30 year fixed rate mortgage, a 15 year fixed rate mortgage could be good for you. Plus, your payment and interest rate will never change during the term of this mortgage. Apply now for a 15 year fixed rate mortgage.
  • Adjustable Rate Mortgage (ARM)
    Take advantage of the lowest rate available with an adjustable rate mortgage! It s a great loan option if rates are on the decline or you re staying in your home for a short time. Apply now for your ARM.
  • FHA Loan
    Offering loan flexibility and rate security if you want it, an FHA loan is an easy way to get a new home loan. Downpayments can be as low as 3.5%. Apply now for your FHA loan.
  • VA Loan
    With relaxed credit standards and low down payment options, the VA loan is geared specifically to help veterans and military personnel get a mortgage and own a home. Apply now for your VA loan.
  • Jumbo Loan
    If your home loan amount exceeds the current conforming loan limit (in most cases $417,000), a Jumbo loan is likely a good choice for you. Jumbo loans can be of the fixed or adjustable variety. Apply now for a Jumbo loan.
  • Interest Only Mortgage

    An interest only mortgage is great if you are interested in the lowest possible monthly payment for an initial period of time. Apply now for an interest only mortgage.

  • Looking for additional information about your home loan options?

    Should you get a Fixed or an ARM. See what the differences between the two home loan choices are and which one fits better for you.

    Want to know more about the mortgage process or how to save money by refinancing? Check out our free e-books, Demystifying the Mortgage Process and “Time to Refinance Your Mortgage? The Five Most Important Questions to Answer.” The e-books are jargon-free and help you through the process, whether you’re a prospective home buyer or looking to get a lower mortgage rate by refinancing. Submit your loan inquiry and Download it now for free.

    If you re not sure which loan option is right for you, call us at 1-866-934-7283  or find a friendly, home loan expert near you, and we ll be happy to help you.



    Mortgages In Australia: Temporary, Non-Residents – Expats #no #credit #check #loan


    #loan calculator australia
    #

    Australian Mortgages

    Obtaining a mortgage in a foreign country can be hard, and research itself can be difficult too! Often there is too much information available, and it can be spread out thinly in many different places.

    The professionals there to help are often working in their own self interest too (particularly in the US). However, it does not have to be that way!

    Mortgages in Australia can be easy!

    Mortgages in Australia can be far easier and less stressful than other countries. As most regulations are nation wide and not state by state (like the US), it is easier for websites and brokers to bring together the information for you.

    Australian professionals such as mortgage brokers are also bound to far stricter rules and regulations than those of other countries. They are therefore more likely to find you a mortgage with great terms and competitive rates. Mortgage broker services are mostly free for residential loans too!

    Our brokers specialise in Australian mortgages and work with over 40 different lenders. You can contact us on 1300 889 743 (when outside Australia call +61 2 9194 1700 ), or enquire online.

    What are some features of Australian mortgages?

    There are many common loan features available for Australian mortgages. Australian mortgage brokers work with many different banks and lenders and know what each lender offers.

    Mortgages often come as a banking package known as a professional package, where you get a discount. Payments for your loan can be made monthly, weekly or fortnightly, and are normally deducted automatically from an Australian bank account.

    Additional repayments are allowed on variable interest rate loans, while restrictions apply to fixed loans. You are allowed pay off the interest in advance, however in most cases only for up to 5 years.

    Are redraw and offset accounts features of Australian mortgages?

    You can redraw your additional repayments on variable interest rate loans. However, as above, restrictions will apply to some fixed rate loans. Offset loans are also available including 100% offset home loan accounts .

    In the USA and UK in the late 1990 s it became popular to refer to 100% offset mortgages (known as Flexible Mortgages / Current Account Mortgages) as Australian Mortgages as this type of loan originated in Australia in the early 1990 s.

    Are there flexible interest rates?

    Over 80% of mortgages in Australia are variable, which is similar to the USA’s adjustable rate mortgage (ARM). Fixed interest rates are available for up to 5 years. This will normally vary from lender to lender, and will revert to a variable rate at the end of the fixed term.

    The long term average interest rate for Australian mortgages is about 7%. However, in the last ten years it has deviated between 5% and 9.5%.

    Which bank or lender will accept my application?

    Many banks will not lend to temporary residents or non-residents, regardless of their financial and/or asset position. Mortgages brokers like us know banks that will lend to most non-residents, foreign citizens and Australian expats.

    Do you have real estate or property in mind? Contact us today on 1300 889 743 (when outside Australia call +61 2 9194 1700 ), or enquire online.

    How much can I borrow?

    Borrowing up to 80% of the property value (80% LVR ) is considered a low risk by most banks and is relatively straightforward.

    However, borrowing above 80% LVR constitutes a greater risk for the lender. Therefore whilst possible, it may require lenders mortgage insurance (LMI) premium to be paid.

    How much banks will lend to you depends upon many different factors including:

    • Your credit history
    • Your proof of income
    • Your savings
    • Your visa status
    • The length of your stay
    • And many more.

    Most lenders willing to assess your situation will consider 80%LVR (LTV in the US). However, applying to borrow above this value will decrease the possibility of approval, and may increase the cost of your loan.

    Applying for an Australian mortgage

    Are you a foreign citizen. temporary resident or Australia expat. Apply for an Australian mortgage with us at the Home Loan Experts! We specialise in different types of Australian mortgages and work with over 40 different banks and lenders.

    Enquire online or contact us on 1300 889 743 (when outside Australia call +61 2 9194 1700 ) to find out more!

    How else can Australian loans differ?

    You must prove that you can afford the loan prior to it being approved. This typically means that you must provide evidence of your income, such as two recent payslips. If you are a foreign citizen you will also need Australian Government approval from the FIRB (Foreign Investment Review Board).

    Make your repayments on time!

    Australian lenders are very strict about making repayments on time. You should make all of your payments on time every time. Even just one payment default per year on a 30 year loan could see you paying tens of thousands more in interest and late fees.

    Lenders must know if your situation changes

    It is the borrower’s responsibility to update the lender if they change their address or contact details. If you are overseas (living outside of Australia), then some lenders will require you to have an Australian mailing address and a nominated person in Australia to act on your behalf. They may be required to hold a Power Of Attorney (POA).

    Australian mortgages are non-transferable

    You cannot transfer an Australian mortgage to someone else. Banks need to know that the person liable for the mortgage can afford the repayments themselves. If you sell the property, the buyer must apply for their own loan.

    Mortgage brokers are commonly used in Australia

    It is common to use mortgage brokers in Australia. There are several mortgage brokers such as ourselves who specialise in lending to temporary residents, foreign citizens (USA, UK, Singapore and NZ are most common) and Australian expatriates.

    Australian banks are very safe!

    Australian banks have excellent ratings and are some of the safest in the world. This is due to prudent regulation and the supervision of ASIC. APRA and the Banking Association.

    In 2010 credit licensing introduced additional responsible lending rules which made the banks even safer. In fact, typically at any one time less than 1.5% of Australians are missing the repayments on their home loans. This is one of the lowest rates of arrears in the world.

    Call us and apply today for an Australian mortgage!

    Looking to purchase your own Australian property? We specialise in helping temporary residents, foreign citizens, and Australian expatriates. Contact us today on 1300 889 743 (When outside Australia call +61 2 9194 1700 ), or enquire online.



    Mobile Home Loans – With or WITHOUT THE LAND, manufactured housing mortgages, Land Home Finance and Refinance #loans #with #no #credit #check


    #manufactured home loans
    #

    We specialize in Mobile and Manufactured Homes – its all we do. Finance your singlewide, doublewide, or triplewide MH in a mobile home park, on your land, with a mortgage, or a chattel loan. Refinance today at low fixed interest rates whether you need to finance with or without land. Trailer financing, OK. Your good credit = Lowest internet rates. Manufactured Housing Mortgages nationwide! We also offer chattle mortgages. Some programs allow for modular homes at interest rates comparable to current mortgage rates.

    Mobile home loans and manufactured housing lending is still available. Low FIXED Interest Rates on Purchases, Refinances, Debt Consolidation, or even Cash Out.

    Get an Instant, Anonymous, and Hassle Free MH Loan Evaluation BEFORE you give any personal information! Simply CLICK HERE to use our Automated Answer System. You will be asked a series simple questions on exactly what you are trying to accomplish with this loan and then be directed to the most appropriate application to fit your individual needs.

    You will know in the next few minutes if it there is a program available to fit your unique needs.

    Get free quotes for mobilehome programs and start saving today.



    Mackinac Bank specializes in co-op mortgages and providing coop financing in cooperative communites in FL, MI and other states #lenders #for #bad #credit


    #co op loans
    #

    CO-OP MORTGAGES

    Mackinac is an experienced coop lender offering a wide variety of coop mortgage financing products in Florida and Michigan. Since there is often little uniformity among Florida co-operatives, Mackinac maintains a database with the special requirements of each approved Florida coop to facilitate Florida coop mortgage loan closings. Michigan documentation is more standard.

    Mackinac is a Fannie Mae approved seller-servicer of coop mortgage loans. Mackinac also lends for its own portfolio and offers flexible coop financing in those communities that have unusual conditions such as land leases, blanket mortgages and non-standard coop documentation.

    Mackinac also offers a Home Equity Line of Credit (“HELOC”) designed for coop financing with checkbook access when a regular share loan or coop mortgage loan is not appropriate.

    For approval of a cooperative community not previously reviewed, click on, print and complete Coop Questionnaire .

    CO-OPERATIVE MORTGAGE LOAN HIGHLIGHTS

    • For purchase or refinance
    • Primary, Vacation or Investment
    • Free review of coop documents to determine project eligibility for mortgages
    • Creative cures for co-operative document defects
    • Land and Recreation leases allowed
    • Non-Stock Co-op mortgage loans allowed
    • Non-Leasehold Coop mortgage loans allowed
    • Blanket coop mortgages may be allowed
    • Long term loans may be available
    • Low down payment may be available
    • Manufactured Housing in Florida coop communities considered


    Low Doc Home Loans: Mortgages For The Self-Employed #bad #credit #loans #no #guarantor


    #low doc loans
    #

    Low Doc Loans

    Low doc home loans are for those who are self employed and are unable to prove their income through traditional means.

    This is the only way that you can borrow without recent tax returns or financial statements.

    You may have already found that choosing the right low doc home loan can be difficult as lenders have different requirements and interest rates.

    Interest rates

    Is there anything I should watch out for?

    Low doc loans are a higher risk to financial institutions so they tend to place greater restrictions on this type of loan.

    Speak to one of our specialist mortgage brokers by calling 1300 889 743 or enquiring online .

    How do I get approved for a low doc mortgage?

    Getting approval for your loan isn t as easy as it used to be.

    We use the following three step process to help you to find a lender:

    1. Find out which documents you can provide, what your needs are and which lenders you can qualify with.
    2. Select the lender with the lowest interest rate, fees and LMI premium, as well as the loan features that you require.
    3. Present your application in a way to make sure it is seen favourably by the lender.

    Did you know that if you provide partial proof of your income (e.g. an old tax return) that some lenders are now required to ask you for full financial statements and tax returns for all entities?

    A lender cannot ignore a document he sees when completing their assessment. To avoid this issue, only provide the documents requested by the lender, nothing more!

    Apply for a low doc home loan today!

    Which lender has the lowest interest rates? Which has the lowest LMI premium for their low doc loans? Which lenders do you qualify with?

    Our mortgage brokers specialise in low doc mortgages. They can quickly assess your situation and get back to you with the best options.

    Please call us on 1300 889 743 or enquire online to go through your situation with an expert.



    Home loans and mortgages interest rates #loan #point #usa


    #home loan interest rates australia
    #

    Home loan interest rates

    Residential Investment Home Loans

    This includes investment loan applications where the principal property securing the loan will be used to derive rental income or where the loan application purpose is to invest in real estate or to construct or make property improvements to an investment.

    Owner Occupier ## Home Loans

    The Detail

    Conditions, fees and credit criteria apply:

    View the terms and conditions:

    Please read these documents and keep a copy. You can request a paper copy at a branch .

    The information on our website is prepared without knowing your personal financial circumstances. Before you act on this, please consider if it’s right for you. If you need help, call 13 22 66 .

    1 The comparison rate is based on a loan of $150,000 over a 25 year term. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

    * Advantage Package. Advantage Package Conditions of Use apply and are available upon request. Advantage Package annual fee, currently $395, is payable from an eligible Bank of Melbourne transactional account.

    # Limited time special discounts. These special interest rate discounts are only available for Standard Variable Rate and Portfolio Variable Rate Advantage Package Home Loans. These are current offers and may be withdrawn at any time. These special interest rate discounts are instead of, and cannot be taken in addition to the standard Advantage Package discounts. If you apply after the end of this offer the standard Advantage Package discounts which will apply are available at http://www.bankofmelbourne.com.au/personal/home-loans/our-home-loans/popular/advantage-package .

    ^ Basic Home Loan Promotional Rate: Special limited time discounted Basic Home Loan offer may be withdrawn at any time. This offer is only available for new Basic Home Loan applications received from 1 September 2015. Offer current as at 1 September 2015. Refer to info.bankofmelbourne.com.au/homeloanhub or call us for more information on current offers available. This is a current offer which may be varied or withdrawn at any time. If you apply after this offer has been withdrawn the interest rate which will apply is the standard Basic Variable Rate without any discount. Applicable to new loan applications only (excluding internal refinances) and is not available in conjunction with, or in addition to any other special offers, negotiated rates or discounts.

    ## This is a current offer as at 1 September 2015 and may be withdrawn at any time. Excludes Investment loan applications where the principal property securing the loan will be used to derive rental income or where the loan application purpose is to invest in real estate or to construct or make property improvements to an investment property. Refer to info.bankofmelbourne.com.au/homeloanhub or call us for more information on current offers available.

    There may be tax consequences arising from this promotion for our business customers and rental property investors. This is not taxation advice. Customers should seek independent taxation advice on any taxation matters.

    Bank of Melbourne – A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714. (03/12).



    FHA Mortgages, FHA loans, lenders and rates #discovery #student #loans


    #what is a fha loan
    #

    Other lenders for Mortgage Refinance of $200,000 in California

    The mortgage products on HSH.com are from companies from which QuinStreet may receive compensation. Compensation may impact where products appear on HSH.com (including the order in which they appear). QuinStreet does not include all mortgage companies or all types of products available in the marketplace.

    The Lender Showcase is an advertising forum where lenders display their best and most competitive mortgage rates and other loan programs. HSH does NOT make loans. Visit our other Lender Showcase

    The loan amounts for Federal Housing Administration ( FHA ) mortgages — known by lenders as 203(b) mortgages (one- to four-family owner-occupied properties) — vary according to whether or not you’re in a “high cost” area.

    In fact, the loan limits are actually set buy a formula, based upon the median home price in each county. With more liberal qualification and downpayment rules, an FHA-backed loan might be a perfect fit for your circumstance. You can find FHA loan limit at https://entp.hud.gov/idapp/html/hicostlook.cfm



    Commercial Mortgages #loan #amortization #schedule


    #best loan rate
    #

    What is a Commercial mortgage?

    Commercial mortgages are used to buy business premises or to buy an existing business in its entirety.

    Lenders generally require a deposit of around 25%-40% of the total value and mortgage terms can run for one year, up to 40 years.

    Obtaining a commercial mortgage is based on the ability of your business to make the repayments. You will also find that lenders will assess your business before quoting you an interest rate.

    They generally look at past performance, the current position and long term future plans of the business. The interest rate you will be quoted may be based on these factors and may be higher if the underwriter identifies higher risk in the proposal. You may need to provide a detailed business plan which demonstrates that you can make repayments, and a professional valuation will usually be required.

    Our commercial mortgage best buys

    Our commercial mortgage best buys show a selection of the most competitive lenders operating in different lending sectors. It is usually the case that these lenders also consider other types of property (a lender which lends on garage showrooms may also lend on office buildings for instance), although you should note that the deposit you are required to provide may differ between lending sectors, so it’s always best to check the deposit you’d need for the type of business premises you have, or are considering.

    Speak to a commercial mortgage advisor



    Mortgages Unlimited #mn #mortgages, #mortgages #unlimited, #minnesota #mortgage, #minnesota #mortgages, #mortgage #rates #mn, #best #mortgage #company, #home #mortgage, #mortgage #brokers, #interest #rate, #mortgage #rates, #mortgage, #minnesota, #wisconsin, #south #dakota, #home #loans, #mn, #wi, #sd, #refinance, #good #faith #estimate, #closing #costs, #fha #lender, #va #lender, #joe #metzler, #mn #va #loans, #refinance, #down #payment #assistance, #first #time #home #buyer, #second #home #mortgage, #home #refinancing, #investment #property #mortgage, #mn #housing #bond, #maple #grove, #minneapolis, #st. #paul, #eagan, #edina, #bloomington, #elk #river, #otsego, #west #st. #paul, #woodbury, #stillwater, #rice #lake, #wi


    #

    Like, Print, Forward, and Share: Mobile Site

    MN, WI, and SD Home Mortgage Loans

    As a Direct Mortgage Lender, MN, WI, and SD home loans are all we do. We beat the banks, the big internet lenders, and the Realtor’s in-house lender everyday with our great interest rates on home loans, and personalized service from LOCAL professional Licensed Loan Officers. Our ultimate goal is to create lasting relationships by closing your home loan on time with a stress free process.

    READY TO APPLY? Our Secure Online Mortgage Application is available 24/7. There is no application fee, and we will only move forward with an actual loan your permission after reviewing all your options with you.

    WANT JUST A QUICK QUOTE? Complete the Online Mortgage Rate Quote Form . This option allows our Licensed Loan Officers the opportunity to research current mortgage interest rates, refinance options and programs, then get back to you with our accurate quote.

    Check today’s mortgage interest rates based on your personal situation. Get live market mortgage rates and closing cost cost options. Pick what interest rate or closing cost option works best for you.

    Call (651) 552-3681. Speaking with an experienced, and Licensed Loan Officer is easily the best way to apply, or to obtain an accurate interest rate quote and an Estimate of closing costs.

    Your Loan Officer in an important decision. Why choose Joe Metzler to assist you?

    2016 – Top 300 Loan Officer in the Nation (National Mortgage News )
    2015 – Top 100 Loan Officer in the Nation (Orignation News )
    2014 – Minnesota Loan Officer of the Year (Minnesota Mortgage Association)
    2012 – Best Mortgage Professionals in the Twin Cities based on Customer Satisfaction (Minneapolis St Paul Magazine)
    2011 – Top 40 Most Influential Mortgage Professionals to Watch (National Mortgage Professional Magazine)
    2010 – Top 150 Loan Officer in the Nation (Origination News)

    TOP REASONS YOU SHOULD HAVE US HELP YOU:

    We keep it simple for you! Slick advertising is not our game. We are a top MN lender, and it’s not just because of our LOW mortgage rates. Its because we offer the whole package. We provides fully automated processing, with all of the latest instant approval systems. We even give you instant Email notification for each step of your loan!

    NO applications fees

    Minnesota based – not some out-state 800 number

    Purchase: Using your Realtor’s in-house lender, or the big banks

    Refinance: Assuming the company you currently make payments to is your best option

    Dakota County First Time Homebuyer City Living Program Zero down Payment VA Loans and USDA Rural Development Loans HARP Lender in MN, WI, and SD (Home Affordable Refinance Program

    Mortgages Unlimited CLIENT TESTIMONIALS

    “Thanks for helping us get this done, I really didn’t think I could refinance. I called on a whim because you had placed my original mortgage on this house. Now we will be enjoying a lower house payment for years to come. Best wishes to you.”
    Angie W. St Paul, MN

    “Hello Joe Eric, I just wanted to personally thank you both for helping me secure my home in Cottage Grove. You made the process simple and easy to follow and took a lot of worry out of purchasing the home. I will gladly recommend you to anyone who is also seeking a home mortgage.”
    -Tim M. Minneapolis, MN
    (Read more client testimonials)

    Mortgage Loan Programs

    Conducting Your Minnesota, Wisconsin, or South Dakota Mortgage Rate and Lender Search

    Shopping for a home loan has never been this easy. To obtain the most accurate and up-to-date mortgage rate quote for your loan scenario, call us at 651-552-3681. If you are simply shopping for a mortgage. you can fill-out our easy Mortgage Rate Quote Form and someone will usually contact you within minutes with that information.

    Y ou can also initiate the application process by completing our Secure Online Mortgage Application. We advertises our services in many places and we are committed to honoring the displayed rates and mortgage closing costs as defined by the various publishers’ guidelines.

    You can always count on Mortgages Unlimited for great rates and low mortgage closing costs. Please do not hesitate to contact us with any questions. We are always here to address your concerns and offer you up-to-the minute mortgage quotes and home loan advice.

    Smart people know Mortgages Unlimited is your St Paul, Minneapolis best lender choice for your home loan needs.

    Our staff of Loan Officers are thankful for the opportunity to provide you with comprehensive mortgage rate quotes and mortgage closing cost information. Your Loan Officer will be happy to provide you with a Good Faith Estimate and Truth-In-Lending Statement so that you can better compare Mortgages Unlimited to other Mortgage providers. We wish you the best during your loan process, and remind you that a low rate quote is only part of your overall satisfaction!

    I know you have lender options, and I understand the importance of securing the very best interest rate and lowest closing costs for you and your family. I do not take that obligation lightly and will work hard to prove the value in having a long term relationship with myself and my team.

    Joe Metzler and his team are committed to helping you make a truly informed mortgage decision. Our advice goes way beyond just quoting rates and fees. We provide you with a complete analysis of your mortgage debt picture through analysis and reports. Most people don’t understand the life changing differences between different loan programs. We do. Learn More

    Get real interest rate and closing cost estimates so you can see specific numbers right up front. No surprises. Our rates are typically 0.125% to 0.25% lower than the big banks and little mom-and-pop mortgage brokers, with lower closing costs, too.

    With our low interest rates and low closing costs. you might be wondering about the kind of service or expertise you ll receive. You re in for a pleasant surprise. We ve gone to great lengths to streamline the loan process and make it the easiest, most convenient experience imaginable. No appointment needed. No account numbers or shoebox full of financial papers. Just the information that s in your head.

    Find out how good it feels to work with a lender that delivers on both price and service, and read a few real customer comments. Then you’ll know why we enjoys a 98.0% overall recommendation rating. which we’d like to point out is a far higher standard than mere satisfaction.

    I have closed thousands of loans in my career. That’s a lot! Those customers contributed to our continuing success because they know WE GOT THEM A BETTER DEAL!

    We can do the same for you ! So if you are checking mortgage rates in Minneapolis, St Paul, all of Minnesota, Wisconsin, or South Dakota. we can help you get the lowest cost mortgage of anyone on your area, saving you thousands of dollars!



    Best Mortgages #pay #advance #loans


    #best home loan
    #

    BEST MORTGAGES Compare loans and calculate your repayments

    Best Mortgage

    There are many different products on the market, with many of them claiming to offer the best mortgage rates around. However, there s only one way to be truly sure which is the right one for your needs, and that s to carry out a thorough search of the market.

    The good news is that this doesn t have to be a time consuming process. With a mortgage broker on your side, you can let them carry out the mortgage comparison on your behalf, freeing up your time to be spent elsewhere.

    What does a mortgage broker do?

    One of the biggest problems that people face when trying to find the best mortgage is that they attempt to assess the whole market. With literally hundreds of different home loan providers, this can be both time consuming and impractical.

    On the other hand, if you don t look at a wide range of products, then how will you know which is the best mortgage for you? This is where the services of a mortgage broker come in useful.

    Rate City will carry out a mortgage comparison on your behalf. We have access to more than 2,000 different home loans and work with lenders across the country, both big and small. All you need to do is give us some information, such as the amount of the loan you want to apply for and whether you want a fixed or variable rate product, and we ll narrow down the comparison to a range of suitable providers.

    It s worth bearing in mind that while we can offer you a selection of home loan products, we won t be able to make specific recommendations. The only person who can decide which is the best mortgage for you is you – we re just here to make the whole process easier!

    How do I decide which is the best mortgage for me?

    There are various aspects of a home loan you ll need to consider when weighing up whether it s the right one for you. Among the questions you should be asking yourself are:

    • How long will I need to take out the loan for?
    • Is it a fixed or variable rate product?
    • What will my repayments be?
    • Are there any restrictions I need to be aware of?
    • Can I sustain a good lifestyle while paying off this mortgage?
    • Are there any added fees that I need to factor into my calculations?
    • Can I make any additional repayments if I want to?

    Remember that while asking for advice from friends and family might be useful, it shouldn t form the basis of finding the best mortgage for your requirements. Everyone is different, which is why your mortgage comparison is so important.

    What are the next steps in finding the best mortgage?

    It s also a good idea to take a look at the Rate City Home Loan Guide. which will give you further information on what you should consider when choosing the best mortgage for your needs.

    Once you think that you ve found the right product, it s time to sit down and take a look at the terms and conditions. There will be plenty of fine print to go through, and it s critical that you understand it as thoroughly as possible before signing up for the product. This way, you can avoid any unpleasant surprises further down the line!

    Everyone s situation is different, which is why you must put in the necessary legwork before making that all-important application. While carrying out a mortgage application might seem difficult, with the right preparation and research, it could be easier than you think. If you are uncertain still, a good mortgage broker can help you through the process.



    15 Year Mortgages – Is a 15 year or 30 year Mortgage Your Best Option? #12 #month #loans


    #loan rates today
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    15 Year Mortgages

    Should You Choose a 15 Year Mortgage Rate?

    At first glance, anyone that might consider taking on a 15 year mortgage might find the notion not only a logical choice, but a reasonable option as well. While the monthly payments are indeed larger, the obvious end-game results in the homeowner being able to pay off the mortgage in half the standard time of 30 years. In addition, there is the added benefit of pocketing a considerable amount of money saved on the interest payments over the shorter duration of the loan’s term, which can be re-applied toward many different investment options.

    Before moving forward with this option, there are a few negative aspects to consider when deciding if a 15 year mortgage is indeed possible, or if a prospective homeowner’s income and budget parameters can absorb the impact. The primary factor to be weighed in this important decision is of course the hefty monthly payment. For the purposes of illustration, it might be wise to review a hypothetical breakdown of the 15 year mortgage payout versus the 30 year payout. If it was assumed that a current mortgage rate of 5.26% is applied for a 30 year fixed rate mortgage. and, a corresponding 4.78% interest rate is applied for the 15 year mortgage, the payment comparison would be approximated as follows:

    Monthly payments: $1,948 vs. $1,382 = $566 per month more for the 15-year loan

    Total payments: $350,721 vs. $497,540 = $146,819 more over the life of the 30-year loan

    Total interest: $100,721 vs. $247,540 = $146,819 more over the life of the 30-year loan

    As is revealed in this comparison, and under these particular loan terms, the monthly repayments indicate a 40% increase in the 15 year loan over the 30 year loan. while the total repayment amount for the 15 year loan are just about 30% less than the 30 year loan. A substantial monetary savings of about $147,000 is realized by implementing the 15 year mortgage option, which is a considerable sum of money that could be utilized in many different and productive ways.

    While this comparison reveals a substantial and highly favorable side to the 15 year mortgage option. the potential borrower needs to realize that there is a large increase in monthly repayment expense which represents a lesser amount of budgetary flexibility for handling any unexpected financial situations. These variables could be a loss of income, unemployment, long or short-term medical emergencies, or even an increase in dependents as the family grows. It could also mean a loss of opportunity for any circumstance requiring an input of funds for investing, such as a business venture, or even improvement or upgrading of the home itself.

    One additional factor in considering the 15 year mortgage option is the mortgage interest tax deduction. which certainly could affect the overall decision-making process. Simply put, the lower interest paid out on the 15 year loan equates to the homeowner having less to deduct at income tax time, making it perhaps a relatively less favorable option in the long run. There is also the rule of thumb regarding the long-term affects of inflation that states that payments made during the later years of a mortgage will be lower in “real” terms than at present, since prices, as well as incomes, have a tendency to rise over the life of any mortgage. Therefore the 15 year mortgage is less affected by inflationary factors due to its shorter duration.

    The proverbial bottom line when considering the 15 year mortgage option is to simply examine the basic mathematics involved. There are numerous mortgage calculators available to scrutinize each variable and repayment option. In the end, and with the numbers in hand, weighing the pros and cons of mortgage types is most beneficial to the homeowner becomes far more practical, and certainly much clearer, and easier to integrate into whatever financial plan suits their particular long-term needs.



    Commercial mortgages #payday #loans #lenders


    #commercial loan calculator
    #

    Commercial mortgages

    Flexible mortgages for business

    Whether you need to buy a new building or release equity from your existing one, a commercial mortgage 3 could be the answer.

    Looking to move your business banking to Barclays?

    Important information

    1. Lines open Monday to Friday, 8am-7pm. To maintain a quality service, we may monitor and record phone calls. Call charges

    2. Lines are open Monday to Friday 8am-8pm and Saturday 9am-1pm. To maintain a quality service, we may monitor and record phone calls. Call charges

    3. The Lending Code. Barclays Bank PLC subscribes to the Lending Code which is monitored and enforced by the Lending Standards Board. The Lending Code sets minimum standards of good practice when dealing with certain customers in the UK in relation to loans, current account overdrafts, charge cards and credit cards. Further details can be found at Lending Standards Board

    4. Winner Moneyfacts Best Commercial Mortgage Provider 2007, 2008, 2009, 2010, 2011.

    5. Subject to status and application.



    Home Page #reverse #mortgages, #hecm, #hecm #home #equity #conversion #mortgage, #hud #insured #reverse #mortgage, #fha #insured #reverse #mortgage, #facts, #questions, #reverse #mortgage #information #georgia #tennessee, #testimonials, #medicaid, #no #monthly #payments, #interest #rates, #lump #sum, #fixed #rate, #adjustable #rate, #based #in #decatur #ga, #metro #atlanta, #macon, #consultants, #loan #officers, #how #does #a #reverse #mortgage #work?, #contact #us, #jack #wilkes #reverse #mortgage, #michael #julian #bond, #reverse #mortgage #counseling, #no #obligation #no #cost #free #information, #62 #and #older, #primary #residence, #home #equity


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    Reverse the Future

    What is a Reverse Mortgage?

    A Reverse Mortgage is a type of home loan that lets you convert a portion of the equity in your home without having to sell the home, give up title or take on a new monthly mortgage payment. It is also known as a HECM. The money you receive can be used for any purpose you choose. The program has been around for 27 years and is insured by the Federal Housing Administration.

    Based on the final totals in the 2015 calendar year, 945,287 Senior Citizens have benefited from the FHA insured Reverse Mortgage since the program began in 1989. Although the program has been in existence for twenty seven ears, almost one third of the loans been done in just the past five years. That total is 293,058 Reverse Mortgages. These numbers show how popular the program has become for many senior citizens in the recent past.

    To learn more about how Reverse Mortgages work, please click here .

    Reverse Mortgages Resources

    The Seniors Home Reverse Mortgage Blog

    There are many reasons to celebrate our modern day healthcare. We are living longer our quality of life is better today than at anytime in the history of the world. Doctors are performing medical procedures today that didn t exist only a decade ago! New prescription medicine is saving hundreds of thousands of lives today in the United States. On average Americans can expect to live well in to their 80s. This is a great time to be alive!

    There is a downside to this wonderful news.

    Latest News



    VA Mortgage Bad Credit – Military Mortgages Bad Credit Ok #unemployment #loans


    #bad credit lenders
    #

    Filling out this form puts you under no obligations. By clicking “Get Started” I am consenting to have my information shared with one to four brokers or lenders and other business partners and for them to contact you (including through auto means; ie. autodialing, text & pre-recorded messaging) via telephone, mobile device (including SMS & MMS) and email, even if your telephone number is currently listed on any state, federal or corporate Do Not Call list.

    Getting qualified for a VA mortgage is still possible for borrowers with damaged credit. Of course compensating factors are important to VA lenders who are considering your loan approval. To qualify for a bad credit VA mortgage you must be able to demonstrate your ability to repay the proposed loan to the Dept. of Veterans Affairs. Finding a lender that offers military home loans for bad credit can be tricky, even though the Federal government guarantees VA mortgages for qualified applicants.

    VA Home Loans Bad Credit Ok for Qualified Military Borrowers Across the U.S.

    The government continues to take more risks than the private sector when it comes to credit. The VA lenders have the ability to approve a VA mortgage with a bad credit history. There is no minimum fico score with bad credit VA mortgages but check with each lender because some companies impose their own minimum credit score. When it comes to the “Bad Credit VA Mortgage”, not all lenders are the same.

    If you are unable to qualify to refinance your VA mortgage because of bad credit or late mortgage payments consider a loan modification. Because VA loan defaults are low VA lenders are more likely to approve you for a loan workout through the Home Affordable Modification programs (HAMP). According to the recent reports, VA loan servicers are now encouraged to modify VA home loans with the same guidelines. The VA loan modification is similar to a refinance in that it lowers the interest rate on your VA mortgage. However, since home prices have been rising it has become much more difficult to achieve a modification. People who have late payments should shop lenders that provide alternatives like the bad credit military mortgage loan.

    MBA released a report recently regarding the National Delinquency Survey that indicated the delinquency rate for bad credit VA mortgages in the first quarter last year was 5.09 %. The prime loan delinquency rate was 7.08 % so that gives you an idea how well the VA mortgages are performing sided by side with traditional good credit loans.

    Talk to VA Mortgage Lenders Have Access to the Best Home Loans in America!

    • VA Mortgages for Less than Perfect Credit
    • Bad Credit VA Loans
    • Refinance with VA Mortgage Lenders for Bad Credit
    • Low Credit Scores ok with VA Refinancing
    • Bad Credit allowed with VA Mortgages
    • Fixed VA Mortgage Rates Competitively Priced
    • Finance a Home with a Bad Credit Military Mortgage
    • 100% Refinancing with VA Home Mortgages


    Mortgages – Real Estate #loan #modification #calculator


    #personal finance
    #

    Rising home prices are keeping Canadians from starting families, survey says

    Millennials have been hit the hardest by rising housing prices and now 72.1%t say their ability to start or expand a family has been directly impacted by real estate prices, a survey says

    Scorching Toronto, Vancouver housing markets push Canadian home sales higher in October

    Canadian home sales grew in October to the second-highest levels in almost six years as demand remained strong in the red-hot real estate markets in Vancouver and the Greater Toronto Area

    How the Queen s rent collector quietly morphed into a US$17-billion property powerhouse

    London’s Regent Street is a global shopping mecca and the landlord is the Crown Estate, which manages a multi-billion-dolllar property portfolio on behalf of the British monarchy

    CMHC chief says foreign buyers may be behind substantial portion of luxury home sales

    CMHC chief Evan Siddall said a lack of accurate and reliable data is making it hard to determine the level of foreign investment and added most of Canada’s information is anecdotal

    British Columbia house prices forecast to keep climbing into 2017

    Central1, which represents credit unions in B.C. says the median sale price of a home in Greater Vancouver will climb another 6.1 per cent in 2016 after a 4.5 jump this year

    OECD s warning of sharp Toronto housing correction condemned by leading Canadian economist

    The Organization for Economic Co-operation and Development, in a report released Monday, expressed concern about new home construction at a national level and singled out Toronto for its biggest worry

    Yonge and Busy! Big deals are on tap that will reshape Canada s hottest retail corner

    The jumping off point for Toronto’s famed Mink Mile, the hottest retail corner in Canada is about to get even hotter with big name tenants like Apple and Nordstrom close to deals, sources say

    Canada s long-awaited homebuilding slowdown may be at hand as housing starts slip in October

    The report from the Canadian Mortgage and Housing Corp showed the seasonally adjusted annualized rate of housing starts fell to 198,065 in October from an upwardly revised 231,304 in September

    Canadian banks help Chinese flout their laws to get piece of smurfing billions

    In China, moving money in small increments out of the country to avoid reporting requirements is called ‘smurfing,’ a growing practice that raises ethical questions for the banks around the world who help them



    Reverse Mortgages: Big Changes Ahead – Next Avenue #types #of #reverse #mortgages


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    Reverse Mortgages: Big Changes Ahead

    Get ready for some major renovations in the federal reverse mortgage program.

    On Wednesday, the U.S. Senate joined the House in passing legislation giving the Federal Housing Administration authority to alter its Home Equity Conversion Mortgage program, or (HECM). protect borrowers and help the agency avoid a federal bailout. The agency is expected to reveal later this month exactly how it’ll alter the rules, which could take effect as early as Oct. 1.

    The changes will likely make it harder for some people to qualify for reverse mortgages. But they will also help prevent borrowers who have them – women, especially – from being booted out of their homes.

    A reverse mortgage is a loan for people 62 or older that lets you tap your home equity and requires repayment upon the homeowner’s death, move or sale of the property. If you’re thinking about getting one, the impending revisions to the federally insured program may be reason to apply soon – before they take effect.

    Two more reasons you might consider applying for a loan that’ll let you age in place:

    The National Council on Aging, which offers applicants the type of counseling that’s required by law to get a reverse mortgage, has reduced its $125 fee to $90 through Sept. 30. (Call the council’s toll-free number for details: (800) 510-0301.)

    The amount of money you can receive from a reverse mortgage may drop if interest rates keep rising, as expected. That’s because the maximum size of a borrower’s loan depends on a variety of factors, including your age, the value of your home and interest rates (the higher they are, the less money you can get).

    Some reverse mortgage experts are happy about the news about coming changes in the HECM program, but others aren’t.

    “The National Council on Aging is pleased that Congress has provided HUD the tools it needs to quickly shore up the program for all involved, including strengthening consumer protections,” says Ramsey Alwin, the nonprofit’s senior director for economic security.

    But AARP is upset that the FHA will be allowed to unilaterally amend the program quickly without time for outside experts to weigh in. “We are deeply disappointed that the agency can now circumvent due process in an attempt to solve problems in the HECM program without the benefit of public comment,” says Cristina Martin-Firvida, AARP’s director of financial security and consumer affairs.

    Here are four changes you’re likely to see:

    1. Applicants will be required to undergo “financial assessments.” With a regular mortgage, of course, you must prove to the lender that you’ll be able to make the payments. Reverse mortgage applicants haven’t had to demonstrate their financial fitness for approval since they don’t make monthly payments. They soon will need to show they’re good risks for these loans, however.

    Financial assessments – which will evaluate a prospective borrower’s cash flow and future obligations – are designed to prevent giving reverse mortgages to people who can’t make their property tax and homeowners insurance payments. Some 9.8 percent of reverse mortgage borrowers are in “technical default” for nonpayment of those required expenses, which can lead to foreclosure.

    Credit scores will probably be part of the financial assessment. That worries some consumer advocates who fear the change could lead to the rejection of worthy applicants.

    “We don’t believe a credit score is relevant,” says Lori A. Trawinski, senior strategic policy adviser for the AARP Public Policy Institute. “Many older people don’t use credit and have not had a mortgage for many years, so they may not have a credit score.” She fears that such applicants might then be turned down for reverse mortgages.

    Gerri Detweiler, director of consumer education for Credit.com, is also concerned. “Some seniors may find their credit scores are lower due to the fact that they simply don’t use much credit at that stage in their life,” she says. “In addition, this could hurt the seniors who might need reverse mortgages the most: those who are house-rich but cash-poor and are trying to use the equity in their home to resolve financial problems or pay off debts.”

    Most reverse mortgage borrowers use their loans to pay off existing mortgages and other debt. And according to the United States of Aging Survey released this week by the National Council on Aging, United Healthcare and USA Today, 37 percent of people 60 and older would consider using their home equity to stay in their home, if necessary.

    The National Reverse Mortgage Lenders Association’s president and chief executive, Peter Bell, believes credit scores will instead be more likely to help some people get approved for the loans.

    If an applicant’s financial assessment gives a lender pause but he or she has a good credit history, “that might be a compensating factor,” Bell says. “Credit scores would be a very marginal part of the financial assessment.”

    2. Borrowers deemed risky would have a portion of their reverse mortgage’s proceeds withheld to cover property taxes and homeowner’s insurance. This so-called “set aside” rule would be the equivalent of escrow for a conventional mortgage.

    3. There’ll be a limit on how much money you’ll be able to receive at closing. The HECM program is expected to cap that amount at the total of: what you’ll need to pay off any existing liens on the property (your original mortgage, for instance), the reverse mortgage’s closing costs (which can be quite steep) and a modest stipend to pay other day-to-day expenses. The rest of the proceeds would be available as a line of credit or paid out in fixed monthly payments.

    4. Surviving spouses of reverse mortgage borrowers would be protected from eviction. Today, a spouse who’s not listed on the loan documents can be forced out of the home if he or, typically, she isn’t able to pay off the full mortgage balance when the reverse mortgage holder dies.

    AARP, which has sued the U.S. Department of Housing and Urban Development, to prevent such evictions, says that under the current rules, thousands of people could find themselves in this predicament.

    The government is expected to address the problem by requiring lenders to put both spouses’ names on reverse mortgages, even if one isn’t on the deed or is younger than 62.

    As the federal Consumer Financial Protection Bureau, or CFPB, noted in its exhaustive report on reverse mortgages last year, these loans are “complex products and difficult for consumers to understand.”

    If you’re considering turning your home into a source of cash with one, here’s my advice:

    Go online and read one of the excellent plain-English consumer brochures about reverse mortgages. I particularly like the National Council on Aging’s “Use Your Home to Stay at Home ” booklet and the CFPB’s “Considering a Reverse Mortgage? ”

    Meet with a federally approved reverse mortgage counselor before applying. You can find one by calling the U.S. Department of Housing and Urban Development, (888) 995-4673, or searching the government’s website .

    If you decide to apply for a reverse mortgage, you and the counselor can then discuss the particular loan details before committing. Keep in mind, however that reverse mortgage counselors are prohibited from providing advice, Trawinski says.

    Steer clear of counselors who get paid only if clients sign up for reverse mortgages. That fee structure “could undermine their impartiality,” according to the CFPB.

    Consider alternatives that could provide you with extra income or lower your expenses. A refinancing or home equity line might be a better, less expensive choice, for example.

    The NCOA’s Homeequityadvisor.org site can help you weigh various options. Its online Benefits Checkup tool will tell you about programs that could lower your property taxes or subsidize the cost of your medications, health care, food, housing or utilities.

    You might also want to consider selling your home and downsizing to reduce housing expenses, Alwin says.

    Don’t be taken in by bogus marketing claims. I’m not talking about those TV commercials with Fred Thompson, Henry “The Fonz” Winkler or Robert Wagner, with their alluring come-ons about a “smart, safe option” that provides “tax-free cash” but “never any income or credit score requirements.” (The last description will soon need to go, though.)

    I’m referring to direct-mail solicitations boasting, for instance, that reverse mortgages provide “income for life.” In reality, what they’re giving you is an advance on a loan and you’ll need to pay it off if you move or sell your home.

    A reverse mortgage can be a useful way to remain in your house and supplement your income. But be sure you know what you’re getting into before you sign on the dotted line.

    Next Avenue Editors Also Recommend:



    Mortgage Broker Training Courses – Diploma – Cert IV #become #a #mortgage #broker, #mfaa #fbaa #accredited #mortgage #broker #accreditation #training #cert #iv, #fns40815, #become #an #mfaa #accredited #mortgage #broker, #credit #advisor #career #in #mortgages #finance, #finance #association #of #australia, #mfaa, #fns40815 #certificate #iv #in #financial #services, #mortgage #broking, #mortgage #course, #credit #advisor #course, #sydney #melbourne, #brisbane #mortgage #careers, #training, #broker, #preferred #trainer #broker #training, #mortgage #broker #training, #australia, #finance #training #mortgage, #recognised #course, #mortgage #franchise #training #mortgage #certificate, #iv, #mortgage #broker, #mortgage #industry, #mortgage #finance, #certificate #iv, #finance #mortgage, #finance #broker, #industry #associations, #broker #training, #finance #association #australia, #association #australia #mfaa, #mortgage #finance #broker


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    Broker Training Couses

    Specifically designed to get you started and help you advance within the Mortgage and Finance Industry.

    How do you become a mortgage or finance broker? Start or expand your career in the finance and mortgage industry or simply improve your skills as a broker?

    ExperiencedBroker Requiring Certificate IV or Diploma – Click Here

    Mortgage Broker Training provides courses to get you started as an Australian finance or mortgage broker. The main industry requirement to become a mortgage broker or credit adviser is a FNS40815 Certificate IV in Finance and Mortgage Broking. Even experienced brokers are now required to have the Certificate IV in Finance and Mortgage Broking under ASIC requirements for licencing, MFAA guidelines. FBAA guidelines and to become accredited with lenders.

    The Certificate IV in Finance and Mortgage Broking enables you to become accredited with lenders and the industry associations – the Mortgage and Finance Association of Australia, MFAA and the Finance Brokers Association of Australia – FBAA. The Certificate IV will also meet the educational standard of the National Consumer Credit Protection Act – NCCP (Federal licencing requirements).

    The MFAA also require current members to hold a Diploma in Financial Services (Mortgage Management) and new entrants to either currently hold the Diploma or be enrolled to complete the Diploma.

    The courses offered are all nationally recognised within the Australian Mortgage Finance Industry by Broker Groups, Industry Associations and Australian Lending Institutions.

    This is the starting point for your career as an Accredited Mortgage Broker or Credit Advisor.

    If you are wanting to enter the industry, some Broker Groups and franchises will offer training courses, however you need to commit to them prior to the training, often paying large franchise fees before you can join or really understand the industry. Learning about the industry and achieving industry and government recognised qualifications gives you the knowledge prior to committing to a group or paying franchise fees. By completing one of these courses you obtain the educational requirements and knowledge of the mortgage industry first. Then with an understanding of the industry you can choose where you want to start in the mortgage industry. – Whether with a franchise, a mortgage group or independently.

    So how do you become a mortgage broker?

    The industry associations requirements to become a broker include completion of a Certificate IV in Finance and Mortgage Broking – (FNS40815) and under MFAA requirements, from the 31st of January 2013, all current members will require the Diploma to stay compliant with guidelines – New members require the certificate IV and to obtain the diploma within a year of joining. The National Consumer Credit Protection Act RG206 implemented during 2010 also has the Certificate IV as a key educational requirement.

    On completion of this course, not only will you gain the required educational standard but gain meaningful hands on experience. All our trainers have had years of real experience in the mortgage industry. You also have the ability to apply to the MFAA as an Accredited Mortgage Broker (AMC) or FBAA provided you meet their other requirements.

    Courses are available face to face monthly in Sydney, Melbourne and Brisbane, and other capitals and regional centres or by distance learning or electronic media. (See course Schedule for details )

    On completion of the course we can even put you in touch with groups to get you started.

    This course could also be the starting point of a range of career opportunities and jobs including:



    USDA Mortgage Rates – USDA Rural Housing Loans – USDA Mortgages #cheap #car #loan


    #housing loan interest rates
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    USDA Rural Housing Loans

    As an approved USDA Rural Housing lender, American Financial Resources is excited to bring you the option of a USDA mortgage. For those who qualify, 100% financing is available bringing the dream of home ownership within reach. With low interest rates and flexible guidelines a USDA home loan could help you achieve your financial goals.

    Contact Us for a Free Quote and Consultation (3 Options)

    • Call toll-free 800-634-8616
    • Use the Rate Quote Form on this page to request more information.
    • Get Started Online in minutes .

    Who qualifies for a USDA Mortgage (subject to change)?

    Eligibility is based both on the property and the borrower. The property must be located in a rural development eligible area, and be occupied as your primary residence. Your American Financial Resources loan consultant can help you determine whether there are properties near you that qualify. Even if you do not consider your area rural you may be surprised to learn there are eligible properties nearby.

    To qualify for a USDA Rural Housing loan a borrower must meet income (people who earn above a certain threshold are ineligible), credit, and employment requirements and be a US citizen, US non-citizen national, or a qualified alien. Contact us today and we’ll help you determine whether or not you may be eligible for USDA financing. If a USDA mortgage is not a good fit for you don t worry, we have a wide variety of home loan programs to help you meet your goals.

    3 Reasons to Consider a USDA Mortgage

    Rural homes are often financed through USDA Rural Housing Loan programs. Although it is certainly not new, the USDA Rural Housing Loan program may be one of the most overlooked opportunities available to prospective home buyers. Established in 1949 by the US Department of Agriculture, its goal is to give residents of rural areas the opportunity to own a home and promote development in underdeveloped areas.

    There are certain eligibility requirements for both the borrower and the property to be purchased. Borrowers must meet certain income, credit and employment requirements while the home to be purchased must lie within the USDA’s Property Eligibility Map. The USDA works with approved lenders in all 50 states. Since the program began, over 2.7 million rural borrowers have become proud homeowners. Here are 3 compelling reasons why this is such an outstanding prospect for anyone thinking of buying a home:

    • Rural does not mean remote Please do not assume that the eligible properties are all located miles and miles from civilization. A quick check with the USDA’s website will allow you to track down homes that meet the USDA guidelines. Guess what? Many of them are in close proximity to some of the nation’s fastest growing metro areas – including places like Austin, TX; Bend, OR; or Santa Fe, NM.
  • Unparalleled affordability USDA financing is one of the only mortgages available other than those for members of the US military that offers zero money down (note: there may be some programs available in certain locations where 100% financing may exist). It is an excellent option for those with lower incomes or less than perfect credit. Mortgage insurance is not required and loans can be used to purchase or refinance. Monthly payments are kept affordable, thanks to the fact that the loans are 30-year fixed rate mortgages.

  • More borrowers are eligible than ever before As part of the American Recovery and Reinvestment Act that came about in 2009, the guidelines for USDA home loans have become more streamlined and opened the door for higher eligibility rates. Borrowers must still meet certain income requirements and provide a credit report; however, the guidelines are not as strict as they were previously. To learn more about USDA Rural Housing loans and their eligibility requirements, discuss your home purchase plans with a mortgage consultant from American Financial Resources.
  • Contact American Financial Resources today to speak with an experienced mortgage consultant who can guide you through the process of obtaining a USDA Rural Housing loan. Get started online or call 800-634-8616 – we look forward to working with you!



    Poor Credit Home Loans, Bad Credit Mortgages #bankrate #loan #calc


    #poor credit home loans
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    Poor Credit Home Loans

    Compare Poor Credit Mortgages and Low Interest Rates for House Buying, Refinancing, Consolidation and Cash Out

    The home equity lending market has tightened significantly for cash out refinancing transactions like second mortgages and equity lines of credit, so most borrowers are returning to their 1st home loan to refinance and obtain cash out. As the dust begins to settle after the Fannie Mae and Freddie Mac crisis, the bad credit home loan market is hoping the Fed will intervene with mortgage rate cuts that will spur positive changes.

    Refinance your home with a Low Fixed Rate Loan with No Pre-Pay

    Are you having trouble qualifying for bad credit mortgages ? Homeowners with fair and bad credit scores have found qualifying for sub-prime loans nearly impossible, so they are turning to FHA and VA that are more lenient with equity and poor credit. Even borrowers with good credit have struggled to qualify for conventional loans because millions of Americans have lost a significant amount of their home equity with deflated values. FHA loans have helped these good credit borrowers refinance even without equity.

    Refinance Bad Credit Home Loans with a Low Fixed Rate Loan with No Pre-Pay and No Closing Costs out of Pocket!

    With traditional lenders, refinance loans are more difficult to get approved when the borrowers have bad credit scores, but with record low rates anything is possible! We know that get approved for a loan with poor credit can be challenging, so we will connect you with lenders that hire a staff of loan officers that have experience with subprime and government financing.

    Considering The Risk With Home Loans For Bad Credit

    A prospective homebuyer, especially one with less than perfect credit, may be concerned that they won’t be able to qualify for a traditional loan from their local bank or credit union. This concern is not unfounded as banks are more aware now than ever before of the risks associated with giving out home loans to individuals with bad credit or a limited credit history. To put it simply, home loans for bad credit borrowers put lenders at significant risk.

    Many Applicants Offer More Than Just Bad Credit History

    While an individual’s credit score is definitely one of the primary things that lenders look at, there is much more than just credit that can affect whether or not an individual qualifies for a loan at all or gets the best rates available. Other factors, such as employment, debt to income ratios, and even previous judgments are collections can all lead to being disqualified from a loan.

    What this means is that individuals who are interested in purchasing a house need to take a careful look at their personal finances, both currently and over the last few years, so that they know exactly what to expect when they walk into a lending institution for the first time and discuss their options.

    Alternative Home Mortgage Loans for People With Poor Credit Scores

    One resource that individuals with bad credit have available to them when it comes to purchasing a home is the FHA. The Federal Housing Administration has the specific goal of helping as many people as possible qualify for home loans even if they would be declined a loan from other lending institutions. While the FHA may not be able to provide a loan for every person out there, they do have the authority to provide loans to individuals who would be prevented by lending regulations that apply to other lenders. One example of this is when it comes to the “ability to pay” rules that have been put in place.

    Most lenders are required to prove that borrowers have a debt to income ratio no higher than 43% in order to qualify for a loan. Because banks are concerned with the risk that comes from loans to individuals with bad credit, this means that they often focus only on loans that have the lowest amount of risk associated with them and try to do business with borrowers who have exceptional credit scores and very low debt to income ratios. However, the FHA continues to take more risks as they allow many poor credit mortgage lenders to do business with individuals with a much higher debt to income ratio and who have credit scores as low as 500.

    Military Financing Incentives with Poor Credit Mortgages for Cash Out

    The Department of Veterans Affairs has put a lot of thought into their home financing program that is extended to the active military personnel and veterans in the United States. The VA program enables qualified VA borrowers to buy a house with zero down-payment. Military borrowers have a unique opportunity to get VA house loans for people with low credit scores. They also approved underwater programs to Vets who need to refinance regardless of what their loan to value may be.



    No Deposit Home Loans and Mortgages in Australia #easy #student #loans


    #home loans australia
    #

    No Deposit Home Loans

    No deposit home loans are not exactly that; but they do allow you to borrow around 95% of the purchase price of your dream home.

    A no deposit home can be the fast track to home ownership if you can find a lender who still offers this type of loan.

    In the glory days of pre-GFC, when anyone and everyone could virtually borrow as much money as they liked, no deposit home loans were readily available. But with the credit crunch came a tightening of lenders’ purse strings that have only been slightly loosened since.

    How No Deposit home loans work

    This type of loan is often sought after by first home buyers with minimal or no savings and investment property buyers who want maximum negative gearing benefits.

    Your lender will allow you to borrow up to 95% or even 97% of the purchase price of your dream home, but to cover the lender’s risk, you will have to pay lenders mortgage insurance (LMI), which can be costly. For example: On a property worth $316,000 LMI will be around $8,349. And you need to be very clear on the fact LMI does not cover you in the event of default – it covers your financial institution.

    You may also have to repay your home loan at a higher interest rate than if you saved a larger deposit for a standard or standard variable loan. And you will have to prove that you have a reliable income, and strong employment history.

    Many lenders will offer a no deposit loan if your parents will act as a guarantor. This will also save you thousands of dollars on LMI as your parents simply provide your lender with a limited guarantee supported by a registered mortgage over their property.

    Your parents are not liable for the full debt, only an agreed, guaranteed amount and they are also not responsible for your scheduled monthly payments.

    Use iSelect home loan comparison website to find out if a no deposit loan is right for you.

    Advantages:

    The big winner here is of course that you can get into your own home sooner without wasting more money in rent, or living with your parents or flatmates.

    No deposit home loans still come with the same features as other loan options such as redraw facilities and the ability to make additional repayments.

    No Deposit Home Loan Disadvantages:

    The lending standards are very stringent and this is not an easy type of loan to get. Your financial history will be thoroughly scrutinised so you need to make sure you’re in a position to meet all the requirements.

    If you are self-employed or not on a high income, you may find it hard to get approval, and you may also be restricted as to which postcodes you can buy in but this will vary from lender to lender.

    Find out if you’re eligible for a no deposit home loan with iSelect today.



    Low APR auto loans, mortgages, rewards credit cards, & more. #car #calculator #payment


    #refinancing auto loan
    #

    How Low Can You Go?

    Interest rates are dropping, which means you get a lot more car for the same monthly payment, OR you can get a lot less payment for the car you already own!

    Start saving money today with rates as low as 1.49% APR*

    Let us take the current auto loan you have financed elsewhere, lower the rate, and shrink your monthly payment to a more affordable size! You can finance up to 125% of your car’s value, and don’t have to pay anything at all for 90 days!**

    Do you live in one of these states: AZ, CA, DC, MA, MD, ME, NH, NV, or VA? Perfect – that’s exactly where we offer vehicle loans.

    Auto Expert is a convenient and hassle-free service dedicated to saving people a lot of time and money when buying a car. You’ll save time because you don’t have to hunt down the car you want and haggle with a dealer. And you’ll save money, an average of $1,900, through Auto Expert’s volume discount pricing. Plus, there is absolutely no fee to use this service.

    You’ll also save yourself a lot of hassle. By letting Auto Expert handle the vehicle search, car dealers, DMV hassles and other details, you can get on with your life. And enjoy your new car.



    Death, Reverse Mortgages and Heirs – MLS Reverse Mortgage #reverse #equity #mortgages


    #

    Death, Reverse Mortgages and Heirs

    We all know that there are only two guarantees in life: death and taxes. Seeing as none of us are going to get out of here alive, it seems appropriate to discuss what happens when the last surviving spouse passes away when a reverse mortgage is secured by the property.

    This is a question that comes up with nearly every client of ours when discussing the option of a reverse mortgage. And there’s good reason for it. This loan is designed exclusively for older adults aged 62 or older. Seniors want to protect their estate and make sure that they are not making a decision that will harm their legacy when bequeathed to their heirs. So, what happens when the last surviving spouse passes away?

    The lender is generally notified of a borrowers passing by the heirs / estate, by “death audit” service, which compares the lender’s database against other databases including the social security death index, or other methods available. Once the lender has confirmed the death of the last surviving spouse, a letter is sent to all known heirs. The letter acts as a repayment notice that informs the estate / heirs that the mortgage is due and payable as well as all of the options available for satisfying the loan obligation, which are:

    1. Pay the debt in full;
    2. Sell the property to an unrelated third party for the lesser of the debt, if any, or 95% of the appraised value;
    3. Complete a deed in lieu of foreclosure (this is when the estate / heirs signs the property back to the investor); or
    4. Walk away from the property, which would result in foreclosure.

    It’s important to remember that a reverse mortgage is a “non-recourse” loan, which means that the property stands for itself. This means that if the loan balance has grown beyond the value of the property, the heirs / estate could just sign a deed in lieu of foreclosure with no negative effect on their financial standing. On the flip side, if there’s still remaining equity, the heirs / estate can sell the home or satisfy the lien by any other method available to them and retain whatever equity remains after the debt has been satisfied.

    The heirs / estate have up to one year to sell the property or payoff the loan. This can be accomplished only by constant communication with HUD and the lender. Per HUD Handbook 4330.1, “If the estate is making reasonable effort to sell the property, extensions should be granted in 3-month intervals with the entire process not to exceed 12 months.

    To summarize, dealing with death is not an easy subject, but it is of utmost importance to seniors and their heirs / estate to understand every facet of reverse mortgages including what happens after the last surviving spouse passes away. In the words of Mahatma Gandhi, “Live as if you were to die tomorrow. Learn as if you were to live forever.”

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    15 Year Mortgages – Is a 15 year or 30 year Mortgage Your Best Option? #payday #loans #no #brokers


    #loan rates today
    #

    15 Year Mortgages

    Should You Choose a 15 Year Mortgage Rate?

    At first glance, anyone that might consider taking on a 15 year mortgage might find the notion not only a logical choice, but a reasonable option as well. While the monthly payments are indeed larger, the obvious end-game results in the homeowner being able to pay off the mortgage in half the standard time of 30 years. In addition, there is the added benefit of pocketing a considerable amount of money saved on the interest payments over the shorter duration of the loan’s term, which can be re-applied toward many different investment options.

    Before moving forward with this option, there are a few negative aspects to consider when deciding if a 15 year mortgage is indeed possible, or if a prospective homeowner’s income and budget parameters can absorb the impact. The primary factor to be weighed in this important decision is of course the hefty monthly payment. For the purposes of illustration, it might be wise to review a hypothetical breakdown of the 15 year mortgage payout versus the 30 year payout. If it was assumed that a current mortgage rate of 5.26% is applied for a 30 year fixed rate mortgage. and, a corresponding 4.78% interest rate is applied for the 15 year mortgage, the payment comparison would be approximated as follows:

    Monthly payments: $1,948 vs. $1,382 = $566 per month more for the 15-year loan

    Total payments: $350,721 vs. $497,540 = $146,819 more over the life of the 30-year loan

    Total interest: $100,721 vs. $247,540 = $146,819 more over the life of the 30-year loan

    As is revealed in this comparison, and under these particular loan terms, the monthly repayments indicate a 40% increase in the 15 year loan over the 30 year loan. while the total repayment amount for the 15 year loan are just about 30% less than the 30 year loan. A substantial monetary savings of about $147,000 is realized by implementing the 15 year mortgage option, which is a considerable sum of money that could be utilized in many different and productive ways.

    While this comparison reveals a substantial and highly favorable side to the 15 year mortgage option. the potential borrower needs to realize that there is a large increase in monthly repayment expense which represents a lesser amount of budgetary flexibility for handling any unexpected financial situations. These variables could be a loss of income, unemployment, long or short-term medical emergencies, or even an increase in dependents as the family grows. It could also mean a loss of opportunity for any circumstance requiring an input of funds for investing, such as a business venture, or even improvement or upgrading of the home itself.

    One additional factor in considering the 15 year mortgage option is the mortgage interest tax deduction. which certainly could affect the overall decision-making process. Simply put, the lower interest paid out on the 15 year loan equates to the homeowner having less to deduct at income tax time, making it perhaps a relatively less favorable option in the long run. There is also the rule of thumb regarding the long-term affects of inflation that states that payments made during the later years of a mortgage will be lower in “real” terms than at present, since prices, as well as incomes, have a tendency to rise over the life of any mortgage. Therefore the 15 year mortgage is less affected by inflationary factors due to its shorter duration.

    The proverbial bottom line when considering the 15 year mortgage option is to simply examine the basic mathematics involved. There are numerous mortgage calculators available to scrutinize each variable and repayment option. In the end, and with the numbers in hand, weighing the pros and cons of mortgage types is most beneficial to the homeowner becomes far more practical, and certainly much clearer, and easier to integrate into whatever financial plan suits their particular long-term needs.



    Bad credit mortgages #savings #and #loans


    #bad credit mortgage
    #

    Bad credit mortgages

    There are mortgages available for people with a bad credit rating if you know where to look.

    Perhaps you ve missed a few credit card payments, had a County Court Judgment awarded against you or have previously been made bankrupt leaving you with a poor credit rating.

    Find bad credit mortgages

    Compare bad credit mortgage if you’re remortgaging, a first-time buyer or moving home

    If this has left you wondering whether you can get a mortgage, there s no need to panic. There are still options open to you as there are bad credit mortgages available.

    Can you get a mortgage with bad credit?

    Interest rates on bad credit mortgages are higher than standard mortgages and you will probably need a larger deposit, but there are still options available.

    They won t work in conjunction with any government scheme such as Help to Buy or Shared Ownership and usually don t accept applications from people made bankrupt in the past six years – unless your credit file is now clear with no defaults showing.

    Applicants will still need a steady income and this should be above £15,000 per annum, with the deposit making up at least 15% or more of the property value.

    Bad credit mortgages

    Compare bad credit mortgage if you’re remortgaging, a first-time buyer or moving home

    How do I know if I have adverse credit?

    Credit scores can be harmed by a number of reasons but there are some clear causes why you might have a bad credit rating.

    • Having been declared bankrupt, or have had a debt management plan, IVA etc.
    • Missed credit card, loan or mortgage payments.
    • Having County Court Judgements against your name.

    It is always a good idea to have a look at your credit report  before you apply for any kind of mortgage – bad credit or not.

    See the section below for tips to help improve your credit rating.

    What is a bad credit mortgage?

    Bad credit mortgages can help people with a poor credit rating get a mortgage; they are also known as sub-prime mortgages and adverse credit mortgages.

    If you have bad credit, taking out a mortgage may not be the correct next step for you, so consider your options thoroughly.

    Bad credit mortgages are the same as standard mortgages, but they are available to people who would fail a standard lender credit check.

    Interest rates and charges tend to be higher as people with poor credit ratings are deemed to be a higher risk.

    But after a few years of paying a bad credit mortgage on time it should repair your credit rating sufficiently to be able to move to a standard mortgage at a lower rate.

    Getting a mortgage with bad credit how does it work?

    A bad credit mortgage is similar to a standard mortgage, but they have higher interest rates and charges.

    Many types of bad credit mortgage deals are available, for example, fixed, variable, and discounted rates, but that doesn t mean they will have better rates than a standard mortgage. The opposite of this is actually more likely to be the case.

    The reason for this is that the mortgage provider has less reason to loan you a larger amount of money at a lower interest rate if your credit history is poor.

    The risk on their side is mitigated by the higher interest rate and larger deposit you pay.

    You will also probably need a deposit of at least around 15% or more of the value of the property. If you can get to the 30% mark or higher that would be better for your chances of being approved.

    If you d like to learn more about loan-to-value (LTV) ratios then visit our dedicated pages:

    How to get a mortgage with bad credit

    Before looking for any mortgage it is a good idea to check what is on your credit reference agency file to see if you have any credit problems.

    It s essential that you compare the total cost of different mortgages, taking into account fees and charges too.

    You should also avoid making lots of applications for credit, as these searches will affect your credit rating.

    You may also wish to speak to your current account provider to see what mortgages they offer and explain to them your credit history situation. If they have no products suitable for you, then at least you know without having to make an application.

    It s also highly recommended that you compare a wide range of mortgages to find the best deal for you. Compare mortgages with uSwitch today.

    How to remortgage with bad credit

    Remortgaging  with bad credit might not be worth it and sticking with your current lender could be preferable.

    If your credit score has worsened since you took out your current mortgage you may actually get a worse rate by remortgaging. Meaning you may be best off staying put until your credit score has improved. And remember when remortgaging exit and booking fees will eat into the money you could potentially save from lower rate.

    If you do think you will be better off by remortgaging, despite having a bad credit  score the process is just the same as getting a bad credit mortgage, but you are likely to be in a better position as you will have the equity of your home to boost your deposit.

    How much could I borrow with a bad credit mortgage?

    If you can get a mortgage, the amount you can borrow is typically determined by your income (salary, benefits, pension and other sources of income) multiplied by a set figure. However, lenders are also increasingly taking other factors and outgoings into account.

    How can I improve my bad credit rating?

    There are some things you can do, which could improve your credit rating and possibly increase your chances of being approved for a bad credit mortgage.

    • Make sure you re on the electoral roll.
    • Pay your bills on time and in full.
    • Close any credit accounts you don t use.
    • Consider applying for a credit builder credit card to improve your credit rating.
    • Sustainable borrowing with a guarantor loan can also improve your credit score.
    • Check your credit report regularly to make sure that all the information is correct. If you notice any errors, contact the relevant lender and ask for them to be corrected.

    Remember, doing all of these things is no guarantee that your credit score will have improved enough to be approved for a bad-credit mortgage. It takes time for your credit score to recover if you have been rejected multiple times or missed multiple repayments.

    Each mortgage provider will have their own criteria for eligibility, but generally these amendments to your personal finance habits could help improve your score.

    Find out more about credit reports here and see if your score can tell you more about your finances and what you can do to improve your credit rating.

    Check your credit rating

    Checking your credit score could save you the trouble of applying for a bad credit mortgage and having the rejected application show up on your profile to future credit and mortgage providers.

    Use our comparison table below to find a credit reference agency who can show you your credit report and score.

    Bad credit mortgages

    Compare bad credit mortgage if you’re remortgaging, a first-time buyer or moving home



    VA Mortgage Bad Credit – Military Mortgages Bad Credit Ok #loan #against #property


    #bad credit lenders
    #

    Filling out this form puts you under no obligations. By clicking “Get Started” I am consenting to have my information shared with one to four brokers or lenders and other business partners and for them to contact you (including through auto means; ie. autodialing, text & pre-recorded messaging) via telephone, mobile device (including SMS & MMS) and email, even if your telephone number is currently listed on any state, federal or corporate Do Not Call list.

    Getting qualified for a VA mortgage is still possible for borrowers with damaged credit. Of course compensating factors are important to VA lenders who are considering your loan approval. To qualify for a bad credit VA mortgage you must be able to demonstrate your ability to repay the proposed loan to the Dept. of Veterans Affairs. Finding a lender that offers military home loans for bad credit can be tricky, even though the Federal government guarantees VA mortgages for qualified applicants.

    VA Home Loans Bad Credit Ok for Qualified Military Borrowers Across the U.S.

    The government continues to take more risks than the private sector when it comes to credit. The VA lenders have the ability to approve a VA mortgage with a bad credit history. There is no minimum fico score with bad credit VA mortgages but check with each lender because some companies impose their own minimum credit score. When it comes to the “Bad Credit VA Mortgage”, not all lenders are the same.

    If you are unable to qualify to refinance your VA mortgage because of bad credit or late mortgage payments consider a loan modification. Because VA loan defaults are low VA lenders are more likely to approve you for a loan workout through the Home Affordable Modification programs (HAMP). According to the recent reports, VA loan servicers are now encouraged to modify VA home loans with the same guidelines. The VA loan modification is similar to a refinance in that it lowers the interest rate on your VA mortgage. However, since home prices have been rising it has become much more difficult to achieve a modification. People who have late payments should shop lenders that provide alternatives like the bad credit military mortgage loan.

    MBA released a report recently regarding the National Delinquency Survey that indicated the delinquency rate for bad credit VA mortgages in the first quarter last year was 5.09 %. The prime loan delinquency rate was 7.08 % so that gives you an idea how well the VA mortgages are performing sided by side with traditional good credit loans.

    Talk to VA Mortgage Lenders Have Access to the Best Home Loans in America!

    • VA Mortgages for Less than Perfect Credit
    • Bad Credit VA Loans
    • Refinance with VA Mortgage Lenders for Bad Credit
    • Low Credit Scores ok with VA Refinancing
    • Bad Credit allowed with VA Mortgages
    • Fixed VA Mortgage Rates Competitively Priced
    • Finance a Home with a Bad Credit Military Mortgage
    • 100% Refinancing with VA Home Mortgages


    Maine Mortgages & Home Loans #simple #loan #agreement


    #land loan calculator
    #

    Mortgage Loans Serviced in Maine

    At Bath Savings, service makes the difference. Whether you’re looking for a land or construction loan, or financing for your mortgage, our knowledgeable lending team will lead you step-by-step through the mortgage loan process. And because we service our mortgages* ourselves, you ll always have someone you can talk to.

    Apply for a mortgage or home equity loan online today. It s convenient, secure and easy. Your loan can be approved online in minutes.

    Check Today s Home Loan Rates

    Mortgage Loans

    Land Loans

    Discover great home loan tools like our Rate Watch that alerts you to rate changes, and our online calculators that help you make the decision that s right for you. Plus enjoy a free checking account with your first Bath Savings mortgage loan.

    Construction and Land Loan Specialists

    As a primary lender of land loans and construction loans in Mid-Coast and Southern Maine, we understand the complexities of building projects and the need to be flexible when working with a builder. Your new home building project will be in good hands with Bath Savings.

    Affordable Home Loans

    Talk to our friendly team of lenders about our many affordable housing programs. Our lenders know the best financing opportunities to take you from renting to owning.

    • Maine State Housing Loans*
    • MSHA/Rural Housing Development (RHD)
    • VA/FHA and other government programs
    • Home Equity Builder Program

    * Maine State Housing loans are not serviced by Bath Savings.

    Call 1-800-447-4559, email. or stop by your local branch to discuss the lending option that s best for you.



    Mortgages – Real Estate #3000 #loan


    #personal finance
    #

    Rising home prices are keeping Canadians from starting families, survey says

    Millennials have been hit the hardest by rising housing prices and now 72.1%t say their ability to start or expand a family has been directly impacted by real estate prices, a survey says

    Scorching Toronto, Vancouver housing markets push Canadian home sales higher in October

    Canadian home sales grew in October to the second-highest levels in almost six years as demand remained strong in the red-hot real estate markets in Vancouver and the Greater Toronto Area

    How the Queen s rent collector quietly morphed into a US$17-billion property powerhouse

    London’s Regent Street is a global shopping mecca and the landlord is the Crown Estate, which manages a multi-billion-dolllar property portfolio on behalf of the British monarchy

    CMHC chief says foreign buyers may be behind substantial portion of luxury home sales

    CMHC chief Evan Siddall said a lack of accurate and reliable data is making it hard to determine the level of foreign investment and added most of Canada’s information is anecdotal

    British Columbia house prices forecast to keep climbing into 2017

    Central1, which represents credit unions in B.C. says the median sale price of a home in Greater Vancouver will climb another 6.1 per cent in 2016 after a 4.5 jump this year

    OECD s warning of sharp Toronto housing correction condemned by leading Canadian economist

    The Organization for Economic Co-operation and Development, in a report released Monday, expressed concern about new home construction at a national level and singled out Toronto for its biggest worry

    Yonge and Busy! Big deals are on tap that will reshape Canada s hottest retail corner

    The jumping off point for Toronto’s famed Mink Mile, the hottest retail corner in Canada is about to get even hotter with big name tenants like Apple and Nordstrom close to deals, sources say

    Canada s long-awaited homebuilding slowdown may be at hand as housing starts slip in October

    The report from the Canadian Mortgage and Housing Corp showed the seasonally adjusted annualized rate of housing starts fell to 198,065 in October from an upwardly revised 231,304 in September

    Canadian banks help Chinese flout their laws to get piece of smurfing billions

    In China, moving money in small increments out of the country to avoid reporting requirements is called ‘smurfing,’ a growing practice that raises ethical questions for the banks around the world who help them



    Mortgages – GE Money #interest #rate #on #car #loan


    #ge loans
    #

    Mortgages

    Finance Your Housing With Us

    Use your Genius Active or Genius Gold account and reduce your monthly installment on your new mortgage, or at the time of the roll-over of 0.5 % on your interest rate.

    Advantages of Our Mortgage

    • We will loan you up to 80% of the market price of your property,for 5 to 30 years
    • HypoExpres � we will approve your mortgage amount within 3 hours
    • Extraordinary repayment during the fixed term without any sanctions
    • Upside-down Mortgage � we will approve your mortgage before you get your real property
    • We will reimburse your investments into the property, going back up to 3 years
    • You no longer need to present invoices when drawing a loan for renovation or construction � we will send the money directly to your account
    • 30-day interest rate guarantee � the rate is the same for new and existing clients

    Mortgage Refinancing

    At GE Money Bank, you can get more competitive monthly installments on your mortgage. Simply transfer your mortgage to GE Money.

    Do you already have a property and need money?

    Do you need money for anything and own a property? We can offer you a Home Equity Loan or a Supplementary Loan.

    Live in Your Own Place

    GE Money Bank mortgages are designed for financing, or investing into, real properties designated for housing purposes.

    Mortgages can be used for:

    • Purchasing an apartment (even co-op owned), a family house, a summer home or cottage, or a building lot
    • Renovation, construction, or additions � when you draw a loan, you do not need to present us with invoices; we will send the money directly to your account
    • Settlement of a co-ownership share in a real property (joint marital property, inheritance, etc.)
    • Refinancing / paying down formerly provided housing loans
    • Reimbursement of investments into real property, going back up to 3 years
    • A combination of the purposes listed above

    Advantages of the Upside-down Mortgage

    • You have money in your pocket before choosing a property
    • The Bank gives you an irrevocable contractual promise to provide you a mortgage, subject to the agreed contractual conditions
    • You get up to 6 months to find housing that will suit your needs, or to prepare renovations
    • You only document your income once, at the beginning

    Advantages of HypoExpress

    • Fast processing, merely on the basis of your income
    • Executed at branch (a mortgage banker need not be present)
    • You do not need any document concerning the real property
    • Before we approve your HypoExpress, we do not burden you with any fees or any other costs, related for example to a property valuation, excerpt from the land registry, etc.
    • You have up to 6 months to select your property or to prepare the renovation of your property
    • If you already have a property selected, you will get a binding and irrevocable promise from the Bank, concerning the amount of the future mortgage
    • If you sign the mortgage agreement within one month, we guarantee you the interest rate applicable on the day you signed your HypoExpress agreement

    Mortgage Applicants

    A mortgage application can be submitted by a natural person of legal age/natural person who is a sole proprietor, or a foreigner with a permanent or temporary residence in the Czech Republic.

    One mortgage application may be submitted by a maximum of four persons living in two households (example: you are applying for a mortgage, and your co-mortgagees are your wife, mother, and father).

    Collateral

    A mortgage is a long-term loan secured with a pledge on the financed real property or another real property in the Czech Republic (apartment, family house, a summer home or cottage, including the lots associated with those buildings, auxiliary buildings, if they constitute a functional unit with the real properties listed above, e.g. garage).

    The collateral may comprise several real properties combined, and if the purpose of the mortgage is construction, you can use the unfinished building as collateral.

    Mortgage Amount

    The collateral may comprise several real properties combined, and if the purpose of the mortgage is construction, you can use the unfinished building as collateral.

    We will loan you a minimum of CZK 300,000 and a maximum of 80% of the market price of your property. There is no upper limit set on how much a mortgage can amount to.

    Mortgage Approval and Draw-Down

    We will asses your application within 3 business days of the submission of your documents.

    You can draw your mortgage down in a lump sum or over time, depending on the purpose of the loan; the draw-down must be commenced within 12 months and completed within 24 months of the signing of the mortgage agreement:

    • One-time draw-down
    • Gradual draw-down

    Repayment Period and Interest Rate Guarantee

    You will choose your mortgage repayment period yourself, from anywhere between 5 and 30 years. You must not be aged over 70 on the final mortgage repayment date.

    You can lock the interest rate in, contractually, for 1, 3, 5, and 10 years.

    Mortgage Repayment

    Your mortgage is repaid by a regular direct debit from a current account with GE Money. You choose the payment day.

    You only start repaying your mortgage once you have fully drawn the mortgage down or once the Bank receives a written request from you to stop the draw-down. Until then, you pay interest to the Bank on the actually drawn amount. The monthly installment amount is annuity-based and includes both the principal and interest.

    Advantageous Insurance

    We have also prepared advantageous real property insurance with our mortgages, as well as insurance of your ability to repay.

    Property insurance is provided by our contractual partner Generali Poji��ovna a.s.

    The insurance of your ability to repay the mortgage in the event of unexpected events in your life, e.g. work disability or loss of employment, is provided by our contractual partner POJI��OVNA CARDIF PRO VITA, a.s.

    Furthermore, you will get a discount on your mortgage interest rate if you take out this insurance.

    Apply for Mortgage

    Leave us your contact information and our telephone banker will call you back at no cost to you and help you. Or you can find and contact our Personal Mortgage Bankers.

    Before You Visit GE Money

    Before you contact us, please have answers prepared to the following questions:

    • For what do I wish to use the mortgage?
    • What do I wish to finance with the mortgage?
    • How high is the expected investment into the property?
    • What mortgage amount do I want?
    • Who will be making the mortgage application?

    Meeting with a Mortgage Banker

    1. Request a call from us
      • Our mortgage banker will call you back at no charge and agree on a date for a personal meeting.
    2. Selection of the appropriate product
      • At the meeting, you will find out how much we will loan you and subject to what conditions
      • Bring with you proof of your income (need not be confirmed), on the basis of which the mortgage banker will asses your credit-worthiness and evaluate your situation; together, you will choose the product that is most suitable for you
      • Subsequently, you can enter into a contractual relationship with the vendor (agreement on a future purchase agreement, contract for work, etc.) and order a property valuation together with the mortgage banker
    3. Completing a mortgage application
      • At your meeting, you will submit all of the documents required for the approval of the mortgage, on which you agreed with the mortgage banker
      • The mortgage banker will check whether the information you are documenting is in order and will give you a confirmation of the receipt of the documents
    4. Signing the contractual documentation
      • Following the approval of the loan, your mortgage banker will go through the draft contractual documentation with you and you can sign your mortgage agreement
      • You will also agree on the steps to take in drawing down the mortgage
    5. Mortgage draw-down
      • Your mortgage banker will help you prepare the documents required to draw your mortgage in line with the conditions of your mortgage agreement, and you will send them for disbursement together


    Purchase home loans, mortgages, for problem credit, bad credit and income problems. eMortgage Auction by #usda #home #loans


    #home loans for bad credit
    #

    eMortgageSolution.com Last Update 10-24-2015

    A powerful eMortgage auction for problem credit, bad credit and income problems.

    PURCHASE HOME LOANS AND MORTGAGES

    If you are buying a new home, you probably already know that your monthly mortgage payments will most likely be your greatest personal expense. No doubt, you will want to optimize your cashflow with the lowest rate possible. This website and the nationwide research that supports it, uses a proven eMortgage auction to get the right wholesale lenders to bid for your loan application. If you are purchasing a home with problem credit or income problems – or if perhaps you think your situation is unusual, you might want to check the following table for criteria relevant to your particular scenario.

    Copyright © 1998 – 2009 eMortgageSolution.com. All rights reserved.

    Low Credit Score

    With technology vastly on the rise, more and more mortgage lenders are using “credit scores” as the primary guideline for underwriting and approving loans. A credit score is a number; thus obviously digital in nature and therefore lends itself to automation. Online or off-line, a credit score can easily be entered into a computer program for time saving underwriting.

    In the majority of cases, this works well and keeps the costs down for folks with good credit or certain types of damaged or bad credit. However, it’s often a deal killer for folks who’ve been trying to repair or re-establish credit. The formulae used by the three major credit bureaus, Experian (formally TRW), Trans Union and Equifax, are algorithms that satisfy the needs of the majority; but unfortunately outcast the needs of many families, deserving as anyone else, to live the American dream. If the combination of derogatory items on your credit report fall into play in an unfriendly way to these algorithm formulae, your credit scores will be calculated low; making it almost impossible to get a fair deal on a home loan; or perhaps, unlikely to be approved at all.

    The eMortgage auction addresses this dilemma by incorporating certain programs that are “credit matrix driven” rather than “credit score driven”. If you have a high credit score, the eMortgage auction will direct your file to appropriate “credit score oriented” lenders. If you have a low credit score, your file will be directed toward lenders that underwrite the old fashioned way; more specifically known as “credit matrix underwriting”. With matrix underwriting, credit scores are irrelevant.

    Problem Credit, Bad Credit

    The terms Problem Credit and Bad Credit usually refer to previously good credit that has been negatively affected throuh a time period, several months or even years in a row, during which the individual experienced financial hardship that was not possible for the individual to control. Late payments on credit cards, auto loans and other consumer debt occur throughout a time period. As such the credit problems are caused by an event, usually a period of problem time, a single occurance of cashflow problems; or a string of events causing caseflow problems. The right mortgage underwriting can consider this; and approve an application. If a credit report shows good credit prior to the problem credit and if there is an explanation for why credit will be good in the future, intelligent mortgage underwriting should provide a fair and reasonably priced home loan. The eMortgage auction specifically targets this type of “intelligent” mortgage underwriting.

    Income Problems

    Income problems are usually caused by misfortune. Ilness, loss of a family member, lapse of employment, career loss; and self employment issues can produce a devestating effect on someone’s income, cashflow and credit. Programs within the eMortgage auction can frequently provide a fresh start for people that have experienced hardship as a result of income problems. Extenuating circumstances, “outside of someone’s control”, can be an explainable cause, and if there is a realistic expectation that the problems have been resolved, eMortgage auction lenders will often provide a home loan with a reasonable and fair rate for the home owner; often regardless of prior income problems, or problem credit.

    No Income Check and/or Non Provable Income

    “No Income Check” and “Non Provable Income” home loans and mortgages are generally no longer available. However, often non-occupying co-signers can be added to help borrowers having difficulty when proving income is either too complicated or time consuming. Some common applications for these loans are for:

  • Self employed borrowers



  • VA loans: The best mortgages #loan #servicing #software


    #best home loan
    #

    VA loans: The best mortgages

    By: Amy Fontinelle, October 19th 2015

    If you can qualify for a home loan backed by the Department of Veterans Affairs, you’ve probably found the best mortgage available.

    VA loans don’t require a down payment and have lenient qualification standards.

    Yet they charge a lower interest rate than conventional loans and are widely available. Many lenders offer this type of mortgage, from big banks to VA mortgage specialists.

    Millions of veterans, as well as anyone on active duty and those in the National Guard and reserve units, are eligible. (Find the full eligibility requirements on the VA website.)

    There’s a key reason why this loan is so attractive to banks and mortgage companies. If you default, the government covers some of the lender’s losses, typically 25% of what you borrowed.

    That gives lenders the same protection as if you had put 25% down on the home, so they can offer lower mortgage rates on a loan for which it’s easier to qualify.

    Mortgage Delinquency Rates



    USDA Mortgage Rates – USDA Rural Housing Loans – USDA Mortgages #mortgage #interest #rates


    #housing loan interest rates
    #

    USDA Rural Housing Loans

    As an approved USDA Rural Housing lender, American Financial Resources is excited to bring you the option of a USDA mortgage. For those who qualify, 100% financing is available bringing the dream of home ownership within reach. With low interest rates and flexible guidelines a USDA home loan could help you achieve your financial goals.

    Contact Us for a Free Quote and Consultation (3 Options)

    • Call toll-free 800-634-8616
    • Use the Rate Quote Form on this page to request more information.
    • Get Started Online in minutes .

    Who qualifies for a USDA Mortgage (subject to change)?

    Eligibility is based both on the property and the borrower. The property must be located in a rural development eligible area, and be occupied as your primary residence. Your American Financial Resources loan consultant can help you determine whether there are properties near you that qualify. Even if you do not consider your area rural you may be surprised to learn there are eligible properties nearby.

    To qualify for a USDA Rural Housing loan a borrower must meet income (people who earn above a certain threshold are ineligible), credit, and employment requirements and be a US citizen, US non-citizen national, or a qualified alien. Contact us today and we’ll help you determine whether or not you may be eligible for USDA financing. If a USDA mortgage is not a good fit for you don t worry, we have a wide variety of home loan programs to help you meet your goals.

    3 Reasons to Consider a USDA Mortgage

    Rural homes are often financed through USDA Rural Housing Loan programs. Although it is certainly not new, the USDA Rural Housing Loan program may be one of the most overlooked opportunities available to prospective home buyers. Established in 1949 by the US Department of Agriculture, its goal is to give residents of rural areas the opportunity to own a home and promote development in underdeveloped areas.

    There are certain eligibility requirements for both the borrower and the property to be purchased. Borrowers must meet certain income, credit and employment requirements while the home to be purchased must lie within the USDA’s Property Eligibility Map. The USDA works with approved lenders in all 50 states. Since the program began, over 2.7 million rural borrowers have become proud homeowners. Here are 3 compelling reasons why this is such an outstanding prospect for anyone thinking of buying a home:

    • Rural does not mean remote Please do not assume that the eligible properties are all located miles and miles from civilization. A quick check with the USDA’s website will allow you to track down homes that meet the USDA guidelines. Guess what? Many of them are in close proximity to some of the nation’s fastest growing metro areas – including places like Austin, TX; Bend, OR; or Santa Fe, NM.
  • Unparalleled affordability USDA financing is one of the only mortgages available other than those for members of the US military that offers zero money down (note: there may be some programs available in certain locations where 100% financing may exist). It is an excellent option for those with lower incomes or less than perfect credit. Mortgage insurance is not required and loans can be used to purchase or refinance. Monthly payments are kept affordable, thanks to the fact that the loans are 30-year fixed rate mortgages.

  • More borrowers are eligible than ever before As part of the American Recovery and Reinvestment Act that came about in 2009, the guidelines for USDA home loans have become more streamlined and opened the door for higher eligibility rates. Borrowers must still meet certain income requirements and provide a credit report; however, the guidelines are not as strict as they were previously. To learn more about USDA Rural Housing loans and their eligibility requirements, discuss your home purchase plans with a mortgage consultant from American Financial Resources.
  • Contact American Financial Resources today to speak with an experienced mortgage consultant who can guide you through the process of obtaining a USDA Rural Housing loan. Get started online or call 800-634-8616 – we look forward to working with you!



    No Deposit Home Loans and Mortgages in Australia #calculate #interest #on #loan


    #home loans australia
    #

    No Deposit Home Loans

    No deposit home loans are not exactly that; but they do allow you to borrow around 95% of the purchase price of your dream home.

    A no deposit home can be the fast track to home ownership if you can find a lender who still offers this type of loan.

    In the glory days of pre-GFC, when anyone and everyone could virtually borrow as much money as they liked, no deposit home loans were readily available. But with the credit crunch came a tightening of lenders’ purse strings that have only been slightly loosened since.

    How No Deposit home loans work

    This type of loan is often sought after by first home buyers with minimal or no savings and investment property buyers who want maximum negative gearing benefits.

    Your lender will allow you to borrow up to 95% or even 97% of the purchase price of your dream home, but to cover the lender’s risk, you will have to pay lenders mortgage insurance (LMI), which can be costly. For example: On a property worth $316,000 LMI will be around $8,349. And you need to be very clear on the fact LMI does not cover you in the event of default – it covers your financial institution.

    You may also have to repay your home loan at a higher interest rate than if you saved a larger deposit for a standard or standard variable loan. And you will have to prove that you have a reliable income, and strong employment history.

    Many lenders will offer a no deposit loan if your parents will act as a guarantor. This will also save you thousands of dollars on LMI as your parents simply provide your lender with a limited guarantee supported by a registered mortgage over their property.

    Your parents are not liable for the full debt, only an agreed, guaranteed amount and they are also not responsible for your scheduled monthly payments.

    Use iSelect home loan comparison website to find out if a no deposit loan is right for you.

    Advantages:

    The big winner here is of course that you can get into your own home sooner without wasting more money in rent, or living with your parents or flatmates.

    No deposit home loans still come with the same features as other loan options such as redraw facilities and the ability to make additional repayments.

    No Deposit Home Loan Disadvantages:

    The lending standards are very stringent and this is not an easy type of loan to get. Your financial history will be thoroughly scrutinised so you need to make sure you’re in a position to meet all the requirements.

    If you are self-employed or not on a high income, you may find it hard to get approval, and you may also be restricted as to which postcodes you can buy in but this will vary from lender to lender.

    Find out if you’re eligible for a no deposit home loan with iSelect today.



    Mortgages In Australia: Temporary, Non-Residents – Expats #auto #loan #rates


    #loan calculator australia
    #

    Australian Mortgages

    Obtaining a mortgage in a foreign country can be hard, and research itself can be difficult too! Often there is too much information available, and it can be spread out thinly in many different places.

    The professionals there to help are often working in their own self interest too (particularly in the US). However, it does not have to be that way!

    Mortgages in Australia can be easy!

    Mortgages in Australia can be far easier and less stressful than other countries. As most regulations are nation wide and not state by state (like the US), it is easier for websites and brokers to bring together the information for you.

    Australian professionals such as mortgage brokers are also bound to far stricter rules and regulations than those of other countries. They are therefore more likely to find you a mortgage with great terms and competitive rates. Mortgage broker services are mostly free for residential loans too!

    Our brokers specialise in Australian mortgages and work with over 40 different lenders. You can contact us on 1300 889 743 (when outside Australia call +61 2 9194 1700 ), or enquire online.

    What are some features of Australian mortgages?

    There are many common loan features available for Australian mortgages. Australian mortgage brokers work with many different banks and lenders and know what each lender offers.

    Mortgages often come as a banking package known as a professional package, where you get a discount. Payments for your loan can be made monthly, weekly or fortnightly, and are normally deducted automatically from an Australian bank account.

    Additional repayments are allowed on variable interest rate loans, while restrictions apply to fixed loans. You are allowed pay off the interest in advance, however in most cases only for up to 5 years.

    Are redraw and offset accounts features of Australian mortgages?

    You can redraw your additional repayments on variable interest rate loans. However, as above, restrictions will apply to some fixed rate loans. Offset loans are also available including 100% offset home loan accounts .

    In the USA and UK in the late 1990 s it became popular to refer to 100% offset mortgages (known as Flexible Mortgages / Current Account Mortgages) as Australian Mortgages as this type of loan originated in Australia in the early 1990 s.

    Are there flexible interest rates?

    Over 80% of mortgages in Australia are variable, which is similar to the USA’s adjustable rate mortgage (ARM). Fixed interest rates are available for up to 5 years. This will normally vary from lender to lender, and will revert to a variable rate at the end of the fixed term.

    The long term average interest rate for Australian mortgages is about 7%. However, in the last ten years it has deviated between 5% and 9.5%.

    Which bank or lender will accept my application?

    Many banks will not lend to temporary residents or non-residents, regardless of their financial and/or asset position. Mortgages brokers like us know banks that will lend to most non-residents, foreign citizens and Australian expats.

    Do you have real estate or property in mind? Contact us today on 1300 889 743 (when outside Australia call +61 2 9194 1700 ), or enquire online.

    How much can I borrow?

    Borrowing up to 80% of the property value (80% LVR ) is considered a low risk by most banks and is relatively straightforward.

    However, borrowing above 80% LVR constitutes a greater risk for the lender. Therefore whilst possible, it may require lenders mortgage insurance (LMI) premium to be paid.

    How much banks will lend to you depends upon many different factors including:

    • Your credit history
    • Your proof of income
    • Your savings
    • Your visa status
    • The length of your stay
    • And many more.

    Most lenders willing to assess your situation will consider 80%LVR (LTV in the US). However, applying to borrow above this value will decrease the possibility of approval, and may increase the cost of your loan.

    Applying for an Australian mortgage

    Are you a foreign citizen. temporary resident or Australia expat. Apply for an Australian mortgage with us at the Home Loan Experts! We specialise in different types of Australian mortgages and work with over 40 different banks and lenders.

    Enquire online or contact us on 1300 889 743 (when outside Australia call +61 2 9194 1700 ) to find out more!

    How else can Australian loans differ?

    You must prove that you can afford the loan prior to it being approved. This typically means that you must provide evidence of your income, such as two recent payslips. If you are a foreign citizen you will also need Australian Government approval from the FIRB (Foreign Investment Review Board).

    Make your repayments on time!

    Australian lenders are very strict about making repayments on time. You should make all of your payments on time every time. Even just one payment default per year on a 30 year loan could see you paying tens of thousands more in interest and late fees.

    Lenders must know if your situation changes

    It is the borrower’s responsibility to update the lender if they change their address or contact details. If you are overseas (living outside of Australia), then some lenders will require you to have an Australian mailing address and a nominated person in Australia to act on your behalf. They may be required to hold a Power Of Attorney (POA).

    Australian mortgages are non-transferable

    You cannot transfer an Australian mortgage to someone else. Banks need to know that the person liable for the mortgage can afford the repayments themselves. If you sell the property, the buyer must apply for their own loan.

    Mortgage brokers are commonly used in Australia

    It is common to use mortgage brokers in Australia. There are several mortgage brokers such as ourselves who specialise in lending to temporary residents, foreign citizens (USA, UK, Singapore and NZ are most common) and Australian expatriates.

    Australian banks are very safe!

    Australian banks have excellent ratings and are some of the safest in the world. This is due to prudent regulation and the supervision of ASIC. APRA and the Banking Association.

    In 2010 credit licensing introduced additional responsible lending rules which made the banks even safer. In fact, typically at any one time less than 1.5% of Australians are missing the repayments on their home loans. This is one of the lowest rates of arrears in the world.

    Call us and apply today for an Australian mortgage!

    Looking to purchase your own Australian property? We specialise in helping temporary residents, foreign citizens, and Australian expatriates. Contact us today on 1300 889 743 (When outside Australia call +61 2 9194 1700 ), or enquire online.



    Bad Credit Loans, Mortgages – Credit Cards #loan #comparison


    #loan companies for bad credit
    #

    Bad Credit Loans

    Overview

    When you have bad credit, almost all banks or credit unions will not allow you to get a loan. The bad credit loan, however, can help people who are currently in a situation of bankruptcy, foreclosure, or other credit-challenged circumstances. When you have a poor credit rating, you are considered a risk for banks and credit unions. When people with a poor credit history need money, the only type of loan they may be able to get is the bad credit loan, which charges very high interest rates.

    How It Works

    There are many different ways you can acquire bad credit loans. People who need this loan can search online for companies that give bad credit loans. You can get a payday loan, where you postdate a check for usually no more than two weeks. The check covers the amount of the loan plus interest. Usually, the basic requirement is that you have some kind of income.

    There are two types of bad credit loans: secured and unsecured. Secured bad credit loans can be taken up if you offer a vehicle or some other valuable property as collateral for the loan. If you do not repay the loan properly, the company seizes the collaterated car or the property. On the other hand, unsecured bad credit loans do not require any collateral, but the interest rates are higher than the secured bad credit loans.

    Some companies offer bad credit loans without either of these prerequisites. You are required to show one or two recent check stubs to show you have an income that is over and above their lowest allowed amount. You are required to sign your name, report your current financial status, and assure them of regular repayment.

    Benefits

    If you need cash quickly, bad credit loans, like payday loans or title loans, can provide you with cash the same day you apply for it. This can help you pay bills and prevent worsening your situation. It will also save you late fees on your payments or NSF fees from bounced checks. People with bad credit can get money from friends and relatives who may charge a lower rate of interest. However, the person must make sure that he repays the amount quickly.

    Cost/Pricing

    Most bad credit loans charge up to 30% interest, or more accurately, they have an annual percentage rate (APR) in the range of 500% to 600%. This is higher than you would ever pay on a traditional loan or even a credit card balance. For the convenience of being loaned the money quickly without a credit check, the interest is often worth it. Bad credit loan companies charge high interest to offset those loans that default. The better the credit history, the lower the interest rates are. So, a person with a bad credit history will have to pay a higher interest rate as compared to another person whose credit history is much better.

    Timing

    For short-term loans like payday loans, you must figure out if the amount you will save in the late payment and NSF fees is worth the interest you will pay on a two-week loan. For longer loans, read the fine print because you could be paying several times the amount of the loan in interest.

    Companies/Industries

    There are a number of financial companies offering loans for people with bad credit. Payday loan companies, title loan companies, and small same-day loan companies all offer bad credit loans, as do many companies now online. Zimbio and Credit Loan is a couple of companies that offer bad credit loans.



    No Deposit Home Loans and Mortgages in Australia #montel #williams #loan


    #home loans australia
    #

    No Deposit Home Loans

    No deposit home loans are not exactly that; but they do allow you to borrow around 95% of the purchase price of your dream home.

    A no deposit home can be the fast track to home ownership if you can find a lender who still offers this type of loan.

    In the glory days of pre-GFC, when anyone and everyone could virtually borrow as much money as they liked, no deposit home loans were readily available. But with the credit crunch came a tightening of lenders’ purse strings that have only been slightly loosened since.

    How No Deposit home loans work

    This type of loan is often sought after by first home buyers with minimal or no savings and investment property buyers who want maximum negative gearing benefits.

    Your lender will allow you to borrow up to 95% or even 97% of the purchase price of your dream home, but to cover the lender’s risk, you will have to pay lenders mortgage insurance (LMI), which can be costly. For example: On a property worth $316,000 LMI will be around $8,349. And you need to be very clear on the fact LMI does not cover you in the event of default – it covers your financial institution.

    You may also have to repay your home loan at a higher interest rate than if you saved a larger deposit for a standard or standard variable loan. And you will have to prove that you have a reliable income, and strong employment history.

    Many lenders will offer a no deposit loan if your parents will act as a guarantor. This will also save you thousands of dollars on LMI as your parents simply provide your lender with a limited guarantee supported by a registered mortgage over their property.

    Your parents are not liable for the full debt, only an agreed, guaranteed amount and they are also not responsible for your scheduled monthly payments.

    Use iSelect home loan comparison website to find out if a no deposit loan is right for you.

    Advantages:

    The big winner here is of course that you can get into your own home sooner without wasting more money in rent, or living with your parents or flatmates.

    No deposit home loans still come with the same features as other loan options such as redraw facilities and the ability to make additional repayments.

    No Deposit Home Loan Disadvantages:

    The lending standards are very stringent and this is not an easy type of loan to get. Your financial history will be thoroughly scrutinised so you need to make sure you’re in a position to meet all the requirements.

    If you are self-employed or not on a high income, you may find it hard to get approval, and you may also be restricted as to which postcodes you can buy in but this will vary from lender to lender.

    Find out if you’re eligible for a no deposit home loan with iSelect today.



    New Rules to Prohibit No-Doc and Low-Doc Mortgages in 2014 #fast #payday #loan


    #low doc home loans
    #

    New Rules to Prohibit No-Doc and Low-Doc Mortgages in 2014

    2015, QualifiedMortgage.org | This page contains copyrighted material. Please see our sharing and citation guide .

    A new set of federal rules will eventually limit the use of low-documentation and no-documentation mortgage loans. Under the new rules, which are scheduled to take effect in January 2014, mortgage lenders must thoroughly review and document a borrower s ability to repay the loan obligation. This Ability-to-Repay rule will effectively prohibit the use of low-doc and no-doc mortgages.

    The Rise and Fall of No-Doc / Low-Doc Loans

    During the housing boom of the early to mid 2000s, a borrower could qualify for a mortgage loan with little to no documentation. Most lenders, for example, offered stated-income loans that allowed borrowers to verbally declare their earnings and income. No supporting documents were required. Those were the days of lax regulation and easy credit, the days when almost anyone could qualify for a home loan.

    In 2006 and 2007, the Federal Reserve Board of Governors held hearings to discuss a variety of consumer-protection issues relating to the mortgage industry. In those hearings, a number of government officials and consumer groups shared their concerns about risky underwriting practices, such as the use of stated income and low documentation loans. These were scenarios where borrowers provided little or no documents to prove their income, assets and debts.

    Today, low-doc and no-doc mortgages have been lumped into the category of high-risk exotic mortgages. Lenders shy away from them. Investors don t want to buy them. And the federal government is attempting to squash them once and for all.

    In the wake of the 2008 housing crisis, the government began looking for ways to limit the use of high-risk mortgage products, including low-doc and no-doc mortgages. These efforts were formalized in the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was signed into law in 2010.

    The Dodd-Frank Act introduced what is now known as the ability-to-repay rule. In short, it requires lenders to verify and document a borrower s income, assets and debts. They must ensure the borrower has the financial means to repay the loan, based on the size of the monthly payments in relation to the borrower s debt and income.

    To recap. As a result of these new rules, no-documentation and low-documentation mortgages will soon become a thing of the past. They will be prohibited by the Ability-to-Repay rule, which was mandated by the Dodd-Frank Act and finalized by the Consumer Financial Protection Bureau (CFPB).

    Today, High Documentation is the Name of the Game

    In the current market, borrowers must provide a variety of documents when applying for a mortgage. This is the way it should be. We got away from this sensible verification process during the housing boom. Now we are getting back on track. Lenders are once more requiring sufficient documentation to verify income and earnings. In 2014, it will become the law.

    Here s an excerpt from the Ability-to-Repay fact sheet released by the CFPB earlier this month:

    Under the new Ability-to-Repay rule, lenders will have to determine the consumer’s ability to pay back both the principal and the interest over the long term Lenders can no longer offer no-doc, low-doc loans, otherwise known as Alt-A loans, where some lenders made quick sales by not requiring documentation

    The language is clear. Unless the Ability-to-Repay rule is amended or altered between now and January 2014, it will effectively abolish the use of no-documentation and low-documentation mortgages. Such loans are expressly prohibited by the Ability-to-Repay rule. As stated on the CFPB website, mortgage lenders generally must document the following items:

    • The borrower s employment status
    • The income and assets being used to qualify for the loan
    • The borrower s current debt obligations (credit cards, car loans, etc.)
    • The borrower s credit history
    • Monthly payments for all mortgage-related obligations

    This list is not exhaustive, but merely represents the minimum requirement under the Ability-to-Repay provision. Some lenders will require much more in the way of documentation. The items shown above pertain to the borrower s income and debt specifically.

    Leave a Reply Cancel reply



    Mortgages With Low Rates, Find The Home Loan For You #fha #loan #requirements


    #low rate loans
    #

    Loan Options

    Mon to Fri 8:30AM-5:30PM CST

    Check out some of our most popular loan options:

    The 30 year fixed rate mortgage is one of the most popular and secure home loan options available, especially if you want your monthly payments to be low and never change. Apply now for a 30 year fixed rate mortgage.

  • 15 Year Fixed Rate Mortgage
    If you re looking to save thousands in interest expense and you want to own your home quicker versus a 30 year fixed rate mortgage, a 15 year fixed rate mortgage could be good for you. Plus, your payment and interest rate will never change during the term of this mortgage. Apply now for a 15 year fixed rate mortgage.
  • Adjustable Rate Mortgage (ARM)
    Take advantage of the lowest rate available with an adjustable rate mortgage! It s a great loan option if rates are on the decline or you re staying in your home for a short time. Apply now for your ARM.
  • FHA Loan
    Offering loan flexibility and rate security if you want it, an FHA loan is an easy way to get a new home loan. Downpayments can be as low as 3.5%. Apply now for your FHA loan.
  • VA Loan
    With relaxed credit standards and low down payment options, the VA loan is geared specifically to help veterans and military personnel get a mortgage and own a home. Apply now for your VA loan.
  • Jumbo Loan
    If your home loan amount exceeds the current conforming loan limit (in most cases $417,000), a Jumbo loan is likely a good choice for you. Jumbo loans can be of the fixed or adjustable variety. Apply now for a Jumbo loan.
  • Interest Only Mortgage

    An interest only mortgage is great if you are interested in the lowest possible monthly payment for an initial period of time. Apply now for an interest only mortgage.

  • Looking for additional information about your home loan options?

    Should you get a Fixed or an ARM. See what the differences between the two home loan choices are and which one fits better for you.

    Want to know more about the mortgage process or how to save money by refinancing? Check out our free e-books, Demystifying the Mortgage Process and “Time to Refinance Your Mortgage? The Five Most Important Questions to Answer.” The e-books are jargon-free and help you through the process, whether you’re a prospective home buyer or looking to get a lower mortgage rate by refinancing. Submit your loan inquiry and Download it now for free.

    If you re not sure which loan option is right for you, call us at 1-866-934-7283  or find a friendly, home loan expert near you, and we ll be happy to help you.



    Mortgages – Compare Cheap Mortgage Loans Online #short #term #loans #uk


    #cheapest home loans
    #

    What is your credit rating?

    Remember you should shop and compare before finalizing a mortgage rate. To find the best mortgage rates. do your research and contact lenders, as well as brokers.

    There are some types of mortgages you should try to avoid and we will endeavor to explain why they may not be the best thing for you.

    Before any of these are mentioned, it needs to be said that for some of these, there may be situations where they could be good. Overall, though, people need to be careful in each case.

    Balloon Mortgages

    This type of mortgage loan gives you low payments up front for a specified number of years, and then the balance of the mortgage becomes due – in full. Often, this arrangement is used to be able to get a larger home with a lower payment until finances get better. It is good though, for investors, who only want to keep it for a little while and then turn around and sell it. Another good reason could be if you know that you are only going to live in it for a few years. Be careful, though, because it could force you into refinancing at a new rate that you may not be able to pay.

    125% Mortgages

    These mortgages offer you the possibility of being able to get a mortgage on a new house, and also be able to have extra money too.

    The best applicant that is really suited for is someone who is sure they are on the fast track to success. Heading in that direction, however, may not be good enough. If there is a promise of a larger income, soon, and you know that you can pay down the mortgage balance to a below 100% level, then it may be for you. Otherwise, there is a danger of not having any equity in the house for a long time.

    Interest Only Mortgages

    Interest only mortgages imply that you will only pay the interest. In reality there is no such thing as an interest only mortgage, because eventually you will pay the principal, too. These home mortgages provide a lower fixed payment for a few years, then will switch to a payment that will fully amortize it. Because the payment is about 8% lower than one that would be fully amortized, it allows the buyer to get more house for a smaller amount, initially.

    When it goes to the normal amortized payments, an interest only mortgage must go to a much higher monthly payment, which could be hundreds of dollars more, in order to make up for the lower payments that did not allow full amortization. For many, refinancing would become necessary, or moving.

    The person that this type of mortgage is ideal for is one who knows about investing and can see a greater profit with the difference, than the amount of interest on the mortgage loans. Another individual, would be the one that is confident that a greater income is on the way.

    Rebuild.org brings you the latest news headlines related to Mortgage Loans:

    More Americans are late with mortgage loan payments these days as they grapple with unemployment and other economic woes.

    A survey by Trulia states that buying a two-bedroom home beats renting in 37 of America’s 50 largest cities.

    The U.S. government is looking for suggestions on how to turn some foreclosed homes into rentals.

    Mortgage fraud is alive and preying on victims all over the country, so it’s important to know some of the signs of a scam.

    The wealth gap between whites and blacks and Hispanics has risen to a record high, according to a new report from the Pew Research Center.

    [July 28th, 2011]

    Recent articles related to Mortgages:

    If you live in an area with high cost housing, a recent change to government-insured mortgages may offer you an opportunity to refinance with less equity or buy a home with less money needed for a down payment.

    If you live in an area with high cost housing, a recent change to government-insured mortgages may offer you an opportunity to refinance with less equity or buy a home with less money needed for a down payment.

    Millions of homeowners who are underwater on their mortgage have been left out of the refinancing rush and are stuck with a mortgage with rates above five or six percent because of declining home values. The federal government announced an expansion of the Home Affordable Refinance Program (HARP) which could help some of those homeowners.

    Plenty of homeowners, particularly those who struggle with debt, have wanted to take advantage of today’s mortgage rates and refinance their home loans. In addition to having trouble meeting tight credit standards, many of these homeowners have been unable to benefit from mortgage refinancing because they lack equity in their property.

    While no one wants the U.S. economy to continue to stumble, if you want to buy a home or refinance your home you can benefit from the low mortgage rates that seem to go hand-in-hand with bad economic news. The problem is, that same bad news can affect your ability to qualify for a home mortgage.

    [October 12th, 2011]



    Mortgages In Australia: Temporary, Non-Residents – Expats #home #mortgage #rates


    #loan calculator australia
    #

    Australian Mortgages

    Obtaining a mortgage in a foreign country can be hard, and research itself can be difficult too! Often there is too much information available, and it can be spread out thinly in many different places.

    The professionals there to help are often working in their own self interest too (particularly in the US). However, it does not have to be that way!

    Mortgages in Australia can be easy!

    Mortgages in Australia can be far easier and less stressful than other countries. As most regulations are nation wide and not state by state (like the US), it is easier for websites and brokers to bring together the information for you.

    Australian professionals such as mortgage brokers are also bound to far stricter rules and regulations than those of other countries. They are therefore more likely to find you a mortgage with great terms and competitive rates. Mortgage broker services are mostly free for residential loans too!

    Our brokers specialise in Australian mortgages and work with over 40 different lenders. You can contact us on 1300 889 743 (when outside Australia call +61 2 9194 1700 ), or enquire online.

    What are some features of Australian mortgages?

    There are many common loan features available for Australian mortgages. Australian mortgage brokers work with many different banks and lenders and know what each lender offers.

    Mortgages often come as a banking package known as a professional package, where you get a discount. Payments for your loan can be made monthly, weekly or fortnightly, and are normally deducted automatically from an Australian bank account.

    Additional repayments are allowed on variable interest rate loans, while restrictions apply to fixed loans. You are allowed pay off the interest in advance, however in most cases only for up to 5 years.

    Are redraw and offset accounts features of Australian mortgages?

    You can redraw your additional repayments on variable interest rate loans. However, as above, restrictions will apply to some fixed rate loans. Offset loans are also available including 100% offset home loan accounts .

    In the USA and UK in the late 1990 s it became popular to refer to 100% offset mortgages (known as Flexible Mortgages / Current Account Mortgages) as Australian Mortgages as this type of loan originated in Australia in the early 1990 s.

    Are there flexible interest rates?

    Over 80% of mortgages in Australia are variable, which is similar to the USA’s adjustable rate mortgage (ARM). Fixed interest rates are available for up to 5 years. This will normally vary from lender to lender, and will revert to a variable rate at the end of the fixed term.

    The long term average interest rate for Australian mortgages is about 7%. However, in the last ten years it has deviated between 5% and 9.5%.

    Which bank or lender will accept my application?

    Many banks will not lend to temporary residents or non-residents, regardless of their financial and/or asset position. Mortgages brokers like us know banks that will lend to most non-residents, foreign citizens and Australian expats.

    Do you have real estate or property in mind? Contact us today on 1300 889 743 (when outside Australia call +61 2 9194 1700 ), or enquire online.

    How much can I borrow?

    Borrowing up to 80% of the property value (80% LVR ) is considered a low risk by most banks and is relatively straightforward.

    However, borrowing above 80% LVR constitutes a greater risk for the lender. Therefore whilst possible, it may require lenders mortgage insurance (LMI) premium to be paid.

    How much banks will lend to you depends upon many different factors including:

    • Your credit history
    • Your proof of income
    • Your savings
    • Your visa status
    • The length of your stay
    • And many more.

    Most lenders willing to assess your situation will consider 80%LVR (LTV in the US). However, applying to borrow above this value will decrease the possibility of approval, and may increase the cost of your loan.

    Applying for an Australian mortgage

    Are you a foreign citizen. temporary resident or Australia expat. Apply for an Australian mortgage with us at the Home Loan Experts! We specialise in different types of Australian mortgages and work with over 40 different banks and lenders.

    Enquire online or contact us on 1300 889 743 (when outside Australia call +61 2 9194 1700 ) to find out more!

    How else can Australian loans differ?

    You must prove that you can afford the loan prior to it being approved. This typically means that you must provide evidence of your income, such as two recent payslips. If you are a foreign citizen you will also need Australian Government approval from the FIRB (Foreign Investment Review Board).

    Make your repayments on time!

    Australian lenders are very strict about making repayments on time. You should make all of your payments on time every time. Even just one payment default per year on a 30 year loan could see you paying tens of thousands more in interest and late fees.

    Lenders must know if your situation changes

    It is the borrower’s responsibility to update the lender if they change their address or contact details. If you are overseas (living outside of Australia), then some lenders will require you to have an Australian mailing address and a nominated person in Australia to act on your behalf. They may be required to hold a Power Of Attorney (POA).

    Australian mortgages are non-transferable

    You cannot transfer an Australian mortgage to someone else. Banks need to know that the person liable for the mortgage can afford the repayments themselves. If you sell the property, the buyer must apply for their own loan.

    Mortgage brokers are commonly used in Australia

    It is common to use mortgage brokers in Australia. There are several mortgage brokers such as ourselves who specialise in lending to temporary residents, foreign citizens (USA, UK, Singapore and NZ are most common) and Australian expatriates.

    Australian banks are very safe!

    Australian banks have excellent ratings and are some of the safest in the world. This is due to prudent regulation and the supervision of ASIC. APRA and the Banking Association.

    In 2010 credit licensing introduced additional responsible lending rules which made the banks even safer. In fact, typically at any one time less than 1.5% of Australians are missing the repayments on their home loans. This is one of the lowest rates of arrears in the world.

    Call us and apply today for an Australian mortgage!

    Looking to purchase your own Australian property? We specialise in helping temporary residents, foreign citizens, and Australian expatriates. Contact us today on 1300 889 743 (When outside Australia call +61 2 9194 1700 ), or enquire online.



    Bad Credit Mortgages #small #cash #loans


    #bad credit lenders
    #

    bad credit mortgage

    In today s difficult economic landscape, many of us find that we are facing issues with a low credit score. If you have an issue with bad credit history, but still want to get a mortgage for your upcoming home purchase, then you are in the right place!

    There are many people today who have been scared into thinking that they cannot get a mortgage if they have had poor credit in the past. This is not true for those who turn to Mortgage First. Our firm has access to several trusted companies that can help make your mortgage dreams a reality. These experts are able to provide up to 80% of the mortgage funds to our clients, even when they have poor credit. This is all assuming that the home they are purchasing or refinancing is in good shape and that they are located in a liquid area. Find out today if you qualify for one of our bad credit mortgages.

    Let Us Syndicate Your Bad Credit Mortgages

    With the help of our firm, you can easily get the funding you need, through a number of different pathways. Mortgage First is even able to syndicate two mortgages at once, if required. We can do this in order to cover the balance of the mortgage funds from the trust company; taking the first mortgage position in the deal and providing the second mortgage to the client.

    Learn About the Competitive Advantage With Our Bad Credit Mortgage Lenders

    Turn to us for help with your bad credit mortgages, and experience our competitive advantage. By working with us, you can discover why we are the best bad credit mortgage lenders in the business. We have established channels with trust companies that fund B deals and we also have in house private fund that can be used to top up on loans.

    We have done hundreds of bad credit and no credit deals, either with one equity mortgage in the deal of two mortgages close simultaneously. Most Toronto area mortgage lenders are unable to guarantee simultaneous closing and not many area mortgage companies have the experience we do with handling these types of mortgages. Let us show you our competitive advantage in person, by contacting us to get started.

    Financing After Bankruptcy Is Possible With Our Bad Credit Mortgage Lenders

    If you have dealt with a bankruptcy in the past, then a mortgage can still be in your future. We work to provide any client who may have been burdened with bankruptcy before with the assistance they need to get the mortgage they have always wanted. Here is the major criteria for getting a post-bankruptcy mortgage with our lending company:

      Must be discharged after bankruptcy Significant down payment or equity in the house that the mortgage is registered to Good confirmed income High quality asset (home in liquid and favourable area)

    If our clients have a significant down payment or good equity in their home, we can almost guarantee that we will be able to secure a deal. Come find out what our bad credit mortgage lenders can do for you, and see if a quality loan is in your future.

    Fast and Friendly Service From Our Bad Credit Mortgage LendersВ 

    With our Toronto based in-house mortgage lending operation, we are able to handle the entire mortgage application quickly. Let our friendly associates get to work for you and provide you with the help you need to get the mortgage you want; no matter what your credit profile looks like. We are standing by to help answer your questions and show you the possibilities that await. Call us today, we know you will be happy you did!



    Commercial mortgages #mortgage #interest #rates


    #commercial loan calculator
    #

    Commercial mortgages

    Flexible mortgages for business

    Whether you need to buy a new building or release equity from your existing one, a commercial mortgage 3 could be the answer.

    Looking to move your business banking to Barclays?

    Important information

    1. Lines open Monday to Friday, 8am-7pm. To maintain a quality service, we may monitor and record phone calls. Call charges

    2. Lines are open Monday to Friday 8am-8pm and Saturday 9am-1pm. To maintain a quality service, we may monitor and record phone calls. Call charges

    3. The Lending Code. Barclays Bank PLC subscribes to the Lending Code which is monitored and enforced by the Lending Standards Board. The Lending Code sets minimum standards of good practice when dealing with certain customers in the UK in relation to loans, current account overdrafts, charge cards and credit cards. Further details can be found at Lending Standards Board

    4. Winner Moneyfacts Best Commercial Mortgage Provider 2007, 2008, 2009, 2010, 2011.

    5. Subject to status and application.