standard mortgage http://www.artwoo.com Returned search results for standard mortgage Copyright 2008 Sun, 23 Nov 2008 04:39:37 +0000 http://www.artwoo.com/rss/standard+mortgage Standard Variable Rate Mortgages http://www.artwoo.com/article/standard-variable-rate-mortgages http://www.artwoo.com/article/standard-variable-rate-mortgages#comments Sun, 22 Jul 2007 21:14:59 +0000 fixed rate mortgagemortgage paymentsyear fixed rate mortgagemortgage lendersvariable mortgagemortgage comparisoncurrent mortgage http://www.artwoo.com/article/standard-variable-rate-mortgages variable mortgage rate by at least the same amount and indeed some have already done so. But what is a standard variable rate (svr) and how does it affect you?

The svr is typically the rate of interest that you would be charged by a lender if you were not on a "special deal". The rate of interest varies and normally moves up and down in line with movements in the Bank of England base rate. This means that if you have a mortgage which is based on a svr your will fluctuate from time to time. However, if you took out a two- year this is, by definition, not the lender's standard variable rate. The fixed rate will apply for the two year period and after that the lender would normally charge you their standard variable rate.

Most people would normally then be better off if they could get another "special deal". At the time of writing (10 July 2007) standard variable rates are moving to in excess of 7.5% whereas you can still get fixed rate mortgages at less than 7.0%.

Many people are on svr mortgages because they have simply never thought to re-mortgage. They have not looked to see whether the lender that gave them the good deal two, three or five years ago is still giving them a good deal now that they are not on the rate they originally got.

The simple way to check that you are still getting a good deal is to use a site. This will show you what the best deal available happens to be =96 it is better to check this than to just hope that it is the that you have. http://www.mform.co.uk allows you to compare mortgages form all UK . ]]> Save A Fortune With A Simple Mortgage http://www.artwoo.com/article/save-a-fortune-with-a-simple-mortgage http://www.artwoo.com/article/save-a-fortune-with-a-simple-mortgage#comments Mon, 25 Dec 2006 12:27:17 +0000 interest mortgagestandard mortgagesimple mortgagedaily basisleap yearsinterest rategrace period http://www.artwoo.com/article/save-a-fortune-with-a-simple-mortgage interest mortgage is a mortgage in which the interest is calculated daily rather than monthly as with a .

Contrary to implications of the name, a simple interest mortgage is nothing but simple.

However a does have its benefits.

First consider a standard mortgage of $100,000 with a 6% with interest calculated on a monthly basis.

The interest due each month on a standard mortgage is equal to the monthly interest rate multiplied by the balance of the loan. The monthly interest rate is the annual interest rate of 6% divided by the number of months in a year.

So in the first month, the interest calculates to .5% multiplied by $100,000 giving $500.

With a simple interest mortgage, the 6% interest rate is divided by 365, since the interest is calculated daily rather than monthly.

In , the annual interest rate is divided by 366.

In a typical year, the daily interest rate is .016% (rounded).

The interest due for each day is equal to the daily rate multiplied by the balance of the loan.

For the first month, it is $16.44 each day.

This $16.44 accrues each day until the payment is received. When the lender receives a payment for the simple interest mortgage, the payment is first applied to the interest, then to the principle.

Since a simple interest mortgage accrues interest on a , the number of days in the month has an affect on the amount of interest charged.

For example, if the first month of the loan has 30 days, the total interest is $493. However, if the month has 31 days the interest charged is $510. So, in a 31-day month, the interest on a simple interest mortgage is higher than that of a standard mortgage.

If you borrow using a simple interest mortgage, you must be wary of when you send your payments.

Since interest on a simple interest mortgage is calculated monthly, there is no as with a standard mortgage. Each day past the due date costs you an additional $16.44 a day.

Since a simple interest mortgage applies payments first to your interest and to your principle second, late payments can cost you more than just the extra amount in interest.

If you are more than six days late with your payment during the first month, not a single penny will go toward your principle. Not only that, you could end up with negative amortization, especially if you are more than six days late.

Being meticulous with your payments is a must if you have a simple interest mortgage, otherwise, you will find yourself paying more money in interest than necessary.

In addition, it could take you longer to pay off your loan.

Don't think that just because the lender receives the extra interest when you are late on a simple interest mortgage payment that you are not subject to a late payment charge.

Late payment fees still apply. Also consider that "late" to the lender depends on when the payment is posted to your account, not when you wrote the check or when you placed the payment in the mail. Download a free ebook that shows you how to get the best mortgage: http://www.freelandproperty.com/ ]]> Fixed Rate Mortgage -- Is it Right For You? http://www.artwoo.com/article/fixed-rate-mortgage-is-it-right-for-you http://www.artwoo.com/article/fixed-rate-mortgage-is-it-right-for-you#comments Wed, 29 Oct 2008 14:50:24 +0000 variable rate mortgagefixed rate mortgagefixed rate mortgagesmortgage fixed ratestandard variable rateredemption penaltyinterest rate rise http://www.artwoo.com/article/fixed-rate-mortgage-is-it-right-for-you fixed rate mortgage.

There are certainly some advantages to going for a fixed rate mortgage.

• If it's important to you to be able to budget, it's very helpful to know exactly what your mortgage payment is going to be throughout the period of the mortgage. With a variable rate, budgeting is obviously much more difficult, since your mortgage payment is probably by far the biggest of your monthly outgoings.

• With a , an unexpected major interest-rate rise can be very worrying. Having a fixed rate mortgage gives you the security of knowing that even if the bank base rate rises, your payments will stay the same.

• If your fixed rate mortgage is for a fairly short term, you can fix it at quite a low rate. This can be very beneficial especially for first-time buyers.

But of course, also have a number of drawbacks.

• If mortgage rates fall during the period of your mortgage deal, it could well prove to have been more expensive in the long run than a mortgage.

• Fixed rate mortgages often come with a . This means that, if you wanted to switch to another fixed rate mortgage from another lender at the end of your term, instead of reverting to your own lender's standard variable rate mortgage, you would have to pay.

• If interest rates have gone up during the period of your fixed rate mortgage, and you then revert to your lender's standard variable rate mortgage, the difference could come as a nasty shock. You could well struggle to budget, both because of the higher payments, and because you are not used to the uncertainty of not knowing whether the payments will stay the same.

• Sometimes going for a longer-term fixed rate mortgage can seem very tempting, especially if interest rates seem to be on the rise. However, you may well find you are locked into it, which can cause problems if your circumstances change. Plus of course, if interest rates fall, you would end up paying well over the odds.

So what do you do if you seriously want to find out whether a fixed rate mortgage would be right for you or not? There are some steps you can take to help you make the decision

• Talk to a mortgage broker or mortgage adviser, to help you weigh up the pros and cons, and to help you find the product that would be right for you.

• If you are interested in a specific product, look carefully at all the costs including arrangement fees and redemption charges, to make sure you get the most advantageous deal.

• Remember that taking out a fixed rate mortgage is always a gamble to a certain extent. Nobody can predict interest rates over a period of time.

A fixed rate mortgage can be a very good idea for some people. But don't think of it as a magic bullet. Take advice and look at the pros and cons, to see whether it's right for you.Sean Horton is a Director of Enhanced Wealth who offer fixed rate mortgages]]> Advantages And Disadvantages Of A Reverse Mortgage http://www.artwoo.com/article/advantages-and-disadvantages-of-a-reverse-mortgage http://www.artwoo.com/article/advantages-and-disadvantages-of-a-reverse-mortgage#comments Wed, 27 Sep 2006 06:27:08 +0000 reverse mortgagemortgage fundsstandard mortgagetraditional mortgageexisting mortgagehttpheirs http://www.artwoo.com/article/advantages-and-disadvantages-of-a-reverse-mortgage reverse mortgage. It allows you to get the money you need to live on, pay medical expenses, or what ever need you happen to have. You don't have to qualify your need or your credit to obtain a reverse mortgage. They are easy to obtain and fast to close. It's no wonder they are so popular for a lot of older folks.

However there are a few disadvantages which are worth taking a look at.

are left with a mortgage to pay off.

When you permanently leave your home because you move or die, the home will have to be sold to pay off the mortgage. The mortgage will be due in a lump sum. This leaves the task of selling your home to pay off the mortgage to your heirs. If they decide to keep the home, it is possible if they begin payments on the mortgage within one year of it coming due.

A reverse mortgage has hefty fees.

The fees for a reverse mortgage are more costly than the fees for a . An additional 2 percent is added for insurance and another 2 percent is added to the origination fees. Closing costs are added as well so a $200,000 reverse mortgage could potentially have $10,000 worth of fees added to it and they must be paid first before the funds are dispersed.

must be paid of with dispersed funds.

If a exists on the home when you obtain your reverse mortgage, you will need to pay off in full with your reverse or your personal funds.

A reverse mortgage can be ideal under the proper circumstances. It is important to discuss the loan particulars with several lenders to compare terms and to also discuss the situation with your heirs so everyone is aware of what is going on. Geoff Spencer is a staff writer at http://www.finance-journal.com and is an occasional contributor to several other websites, including http://www.onlinebusinessgazette.com. ]]> Canadian Mortgage Rates http://www.artwoo.com/article/canadian-mortgage-rates http://www.artwoo.com/article/canadian-mortgage-rates#comments Sun, 14 May 2006 15:32:03 +0000 canadian mortgage ratesmortgage rateinsured mortgagecanada mortgagetraditional mortgagemulti pretscmhc http://www.artwoo.com/article/canadian-mortgage-rates Canadian s are going down and real estate prices are in full swing.

To cover the heavy demand for more mortgages, lenders have adapted flexible techniques, like lowering down their Canadian mortgage rates and coming up with new products all the time.

A traditional Canadian mortgage rate would be a loan requiring the buyer to put down 20 per cent of the property's value in cash. Such a Canadian mortgage rate requires a big amount of money but the benefits are great.

Look around for low Canadian mortgage rates

Shopping around the Canadian mortgage rate market can cut down your down payment costs. With a little research, buyers can even access the posted Canadian mortgage rates and interest rates of large banks and get them for less, about one percentage point or sometimes more.

For instance, the Canadian brokering company in Montreal, Multi-Prets Hypotheques is currently offering their customers a five-year Canadian mortgage rate of 5.1 per cent. This is low compared to other banks posted Canadian mortgage rate of 6.5 per cent. This allows consumers to save thousands of dollars in Canadian mortgage rates and interest rates alone over the life of their loan.

Lower down Canadian mortgage rate with loans

Another way to lower down Canadian mortgage rates and minimize the amount of cash you put down is to get a and Housing Corporation (CMHC) . A CMHC-insured mortgage can reduce the Canadian mortgage rate and down payment to 5 per cent. That Canadian mortgage rate is 20 per cent lower than loans.

With a CMHC-insured mortgage, you get a loan that is like most other loans except that you get insurance from CMHC on the additional loan amount, which is the difference between the traditional 25 per cent Canadian mortgage rate and the actual payment you put down. Getting a CMHC insurance involves only a one-time payment with Canadian mortgage rates varying between 1 per cent and 3.25 per cent of the total loan, depending on the amount of cash put down.

Low Canadian mortgage rates with non-standard mortgages

Reducing your Canadian mortgage rate can also be achieved by opting for non-standard mortgages. Aggressive financial market players like Toronto's Xceed Mortgage Corporation offer incredibly low Canadian mortgage rates and minimum down payments.

Getting a non-standard mortgage is perfect for people who have large earning powers but few capital resources. Because they have few assets to back them up, lenders might up their Canadian mortgage rates when they apply for loans. For instance, an entrepreneur whose assets are mainly invested in her business wants to apply for a loan. Her chances of a getting a low Canadian mortgage rate for a traditional loan is less compared to getting a reduced Canadian mortgage rate from a non-standard mortgage.

Lenders of non-standard loans will cover the entire purchase price of your house, leaving you to save a lot on high Canadian mortgage rates and a large down payment. However, lenders will only provide financial backing if your total monthly financial commitments (debt, interest, taxes, etc.) are no higher than 40 per cent of your monthly income. To find out more about mortgages just visit the Info-Portal: http://www.2nd-mortgage.com-internet-online.com or for more individual help: http://www.credit-repair-consultant.com ]]> What Is A Jumbo Mortgage? http://www.artwoo.com/article/what-is-a-jumbo-mortgage http://www.artwoo.com/article/what-is-a-jumbo-mortgage#comments Wed, 24 Jan 2007 06:27:16 +0000 fixed rate mortgagejumbo mortgageadjustable rate mortgagesecond mortgagemortgage lenderssize mortgagepackage mortgage http://www.artwoo.com/article/what-is-a-jumbo-mortgage jumbo mortgage means a larger than normal . While getting a jumbo size anything usually means getting a good deal - especially when it comes to hamburgers and fries - it may not mean the best deal in the case of mortgages, however. Here are a few things you need to know about jumbo mortgages.

The largest in the United States - Freddie Mac and Fannie Mae, determine mortgage sizes. They determine what is to be considered the standard size each year. Anything above that amount is considered to be what is called a jumbo mortgage. Currently, as of 2006, the amount is set at $417,000. This amount is higher for the Hawaiian Islands, Alaska, and in the U.S. Virgin Islands.

A jumbo mortgage, also referred to as a non-conventional, or non-standard mortgage, also comes with jumbo interest rates. In other words, the amount of interest that you pay for your larger than usual mortgage also comes with higher interest. Part of the reason for this is because the lenders believe that they are at a higher risk for possible loss. Like any other type of loan, though, the interest amounts do vary from one location to another.

For a larger home, jumbo mortgages may be just about the only option you have, but there are still ways around it if the home is not priced too high. Some companies offer a solution in the form of a deal - getting a first and at the same time. By financing the first mortgage at 80%, you can then get financing on a second mortgage to cover the balance. By going this route, you may also be able to avoid having to pay for private mortgage insurance, too.

A jumbo mortgage is available in either a or as an . You do need, however, to pay attention to the economy at the time in order to know which way is best at the time. Both have their advantages, and both have their drawbacks depending on which way the economy is going.

Some companies are even offering no doc loans on their jumbo mortgages. Typically this type of mortgage comes with higher interest but some mortgage companies declare that their rates are the same for doc and no doc alike. Other forms may be developing so you will need to do some research to see if another form of jumbo mortgage suits your needs a little better.

As with any loan, you need to do some comparison shopping in order to find the best deal. This means learning the terms that may be involved. The easiest way is to go online and go to a broker website where you can get several mortgage quotes with one application. Separate the principal from the interest and then compare that with the other fees that apply. Before long you will have the best deal. You also may want to investigate the company some, too, if you have not heard of them before. Joe Kenny writes for the UK personal finance sites http://www.ukpersonalloanstore.co.uk and also http://www.cardguide.co.uk ]]> Applying For New York Mortgage Loans http://www.artwoo.com/article/applying-for-new-york-mortgage-loans http://www.artwoo.com/article/applying-for-new-york-mortgage-loans#comments Sun, 23 Sep 2007 01:14:59 +0000 fixed rate mortgagenew york mortgagemortgage loansmortgage loanconforming mortgagecontacttagged http://www.artwoo.com/article/applying-for-new-york-mortgage-loans mortgage loan is commonplace in the United States where majority of the citizens own personal properties across the country. Their personal property will serve as collateral to assure the bank or financing institution of payment of loans. If you live in New York and is planning to get a mortgage loan, you must know a number of facts about loans.

The standard New York , as is similar to other states, follows the (FRM) loan model. A Fixed Rate Mortgage is paid periodically with a fixed interest rate over a loan term, which can take up to 30 years. The main advantage of the Fixed rate Mortgage over the Floating Rate Mortgage is that no changes are supposed to take effect on the principal and the interest rate throughout the life of the loan. This is especially an advantage for start-up families who need the loan as capital.

New York mortgage loans will be as a , or a mortgage with an acceptable level of risks, if the loan met the rules of at least two major entities in the finance market that is sponsored by the government.

No need to worry, lenders of New York mortgage loans usually use the salary of an applicant as reference for a mortgage loan so a bundle of pay slips together with real estate documents can be enough to persuade approval of the loan. Even self-employed individuals have their Self-Certification Mortgages to be able to apply for a New York mortgage loan. Evidently, New York mortgage loans are easily acquired as long as you have the proper documents with you.

Please note: all above information is not an advice. Before you make ANY financial decisions please with your financial adviser. Your financial adviser can keep up with changing federal regulations regarding to new york mortgage loans. For more articles and resources on New York mortgage loans http://newyorkmortgageloans.us please visit our website. ]]> Who Wants Low Mortgage Rates? http://www.artwoo.com/article/who-wants-low-mortgage-rates http://www.artwoo.com/article/who-wants-low-mortgage-rates#comments Sat, 29 Apr 2006 00:50:03 +0000 refinance mortgagemortgage ratesmortgage refinancemortgage ratemortgage corporationeloangeorgia http://www.artwoo.com/article/who-wants-low-mortgage-rates s? A low mortgage rate means spending on monthly payments during the course of a mortgage. A low mortgage rate can save homebuyers like you several thousands of dollars. A low mortgage rate means having more funds to spend on investments that might prove profitable.

Despite the reported increase of previously low mortgage rates, rates today are still low enough to consider a for your home. The Internet provides you with the perfect portal to start applying for those low mortgage rates. Below is a list of websites where you can apply for low mortgage rates.

Low Mortgage Rates at Interest .com

Interest.com offers you an opportunity to compare rates of several lending companies in your state so you can have a better chance at getting a low mortgage rate. For instance, you want to apply for a low mortgage rate on a 30-year fixed rate in . The amount you wish to borrow is $100,000 with no discount points and a standard loan type. After clicking on the search button, the page will display the low mortgage rates of several lending companies in Georgia, including Sterling Home whose low mortgage rate is 5.375%. There are several other lending companies that offer low mortgage rates and all you have to do is choose the one offering the lowest rate.

The Low Mortgage Rates of MortgageRatesUSA .com

Mortgage Rates USA is yet another company that offers choices and options for costumers who are on the look out for low mortgage rates. Their online low mortgage rate quote request is free and secure. The information you provide so the website could generate your low mortgage rate quote request is only shared with the lender and not with any third party.

The Low Mortgage Rates of .com

E-Loan is one of the top lending companies offering low mortgage rates. The reason for their low mortgage rates is that they do not charge you with any lender fees or any other hidden costs which is the main culprit to an increased mortgage rate. For example, a 5-year adjustable rate mortgage with E-Loan has a low mortgage rate of 4.625% and an APR of 5.078%.

How to take advantage of low mortgage rates

Refinancing is something that all homebuyer should consider when the market offers low mortgage rates. When you refinance, you take advantage of low mortgage rates by paying off your first mortgage with a new mortgage with low mortgage rates. This move can help you lower down your monthly payments and save on your overall interest bill.

For example, you have a year into a $150,000 loan for 30 years. The interest rate is 8.5 per cent and fixed for the duration of the loan period. You can refinance your first loan with a new 30-year loan with a low mortgage rate of 7 per cent. By doing this, you can cut down on your monthly payment by $155 to $998. The low mortgage rate of the new loan can also help you reduce your overall interest bill by $42,200 to $223,000. To find the best resources for a 2nd mortgage the author provides a website with detailed infos and resources at: http://www.2nd-mortgage.com-internet-online.com ]]> What Is A Self Cert Offset Mortgage? http://www.artwoo.com/article/what-is-a-self-cert-offset-mortgage http://www.artwoo.com/article/what-is-a-self-cert-offset-mortgage#comments Mon, 04 Feb 2008 18:30:00 +0000 independent mortgage brokersmortgage interest ratesmortgage repaymentsmoney laundering lawslump sum paymentspayment holidayscriminal offence http://www.artwoo.com/article/what-is-a-self-cert-offset-mortgage lump sum payments, underpayments, and .

Suitability

A self cert offset mortgage is designed for people who find it difficult to prove their income, such as: self-employed people; seasonal workers; freelancers and contractors; commission only workers; and temporary or agency staff. The term self cert means exactly what it says =96 you certify your income is enough to repay the mortgage you are applying for without having to prove your income or your financial and employment status. However, self cert lenders will perform a standard credit check and you need to prove your identity to comply with anti-.

Differences

There area few differences between a self cert offset mortgage and a mainstream mortgage: interest rates are slightly higher by 0.5% to 1.5%; many specialist self cert lenders will only deal with approved and not directly with you; you need to be at least 21 years of age, whereas mainstream mortgages are available to people over 18 years of age.

Income Multiples

The income multiples for a self cert offset mortgage are usually the same as for a mainstream mortgage, approximately 2.5 =96 4.5 times your annual individual income, or for a couple it is approximately 2.5 =96 4 times their combined annual income. It is not worth exaggerating your income so you can get a bigger mortgage because it is a to lie on a mortgage application, and it could be difficult to make the which could put you at risk of losing your home.

Loan to Value

The amount you can borrow (the loan to value or LTV) may well depend on your individual circumstances, for example: if you have been self-employed for several years and you can show a regular income, you are likely to get a higher LTV than if you've been self-employed for only a year or two. You will also need a bigger deposit for a self cert offset mortgage as most lenders tend to advance 85% of the property's value, although there a few lenders that will advance 90% of the property's value.

Advisers tend to recommend people who are opting for a self cert offset mortgage to have a short-term mortgage deal of two or three years. Once the fixed or discounted term has come to an end you may meet standard lending criteria and be able to switch to a mainstream mortgage with a lower rate.

Mortgage Broker

A self cert offset mortgage can be complex, so it is worthwhile going to an independent mortgage broker for advice as they will assess your application and inform you what a lender requires, as each self cert lender's criteria is different. For example: some lenders will want to contact your employer (if employed) or your accountant to verify the information regarding how long you have been in business, but not how much you earn. Some lenders will not want any verification. They will also know the best deals in the market and have access to products that aren't available on the high street.

Conclusion

A self cert offset mortgage is ideal for people who have an unpredictable income and want to own their own home but can not obtain a traditional mortgage. A self cert offset mortgage allows greater flexible than a standard self cert mortgage, as it allows you to make over and underpayments, lump sum payments and even payment holidays. For more information, visit http://www.offsetmortgagecentre.co.uk/self-cert-offset-mortgage.html ]]> New Home Mortgage - Common Mortgage Types http://www.artwoo.com/article/new-home-mortgage-common-mortgage-types http://www.artwoo.com/article/new-home-mortgage-common-mortgage-types#comments Tue, 08 Jul 2008 08:01:22 +0000 mortgage interest rateadjustable rate mortgagestandard mortgagemortgage typesballoon paymentprofitable dealrising interest rates http://www.artwoo.com/article/new-home-mortgage-common-mortgage-types mortgage types. Knowing and understanding this information can save your hard-earned housing loan dollars.

A new home mortgage is an important financial decision in the lives of most people, yet there is an appalling lack of understanding in many instances of just what the various terms associated with applying for and obtaining a mortgage. If you are considering making this type of financial commitment, it behooves you to spend some time educating yourself about the process, the terms and the consequences.

In the course of such self-education, you may find that you have been able to gain a much more for yourself. Here are a few terms to review and understand on the subject of mortgages.

Fixed rate

A fixed rate for a new home mortgage was the norm until a relatively short time ago. The fixed rate, particularly when interest rates were high kept all but a few wealthy or stable borrowers out of the market. Fixed rate, as the name implies, fixes the rate of interest for the entire term of the mortgage. The rate doesn't increase due to fewer homes on the market, or , or a high rate of inflation. It is helpful in structuring long term budgets and stable expenditures. The fixed rate tends to be somewhat higher than the other types of mortgages, at least during the early phases of the loan term.



An adjustable rate mortgage (ARM) is a common type of new home mortgage. Because of the nature of the mortgage, it allows people who would not be eligible for a mortgage loan under a fixed rate or to be approved for a mortgage loan. It also allows borrowers to obtain a much larger loan than would be acceptable under a standard loan. It provides for a that starts out lower than standard and can be increased over the following months or years to a much higher interest rate.

Balloon

A new home mortgage with a is one in which the rates are usually fixed for a period of two to four years, at which time the entire balance become due and payable. It is expected that there will be a new mortgage or refinance negotiated at that time which will take into consideration any significant change in interest rates. A possible disadvantage to this type of mortgage is when the creditworthiness of the homeowner has changed significantly, making it difficult or perhaps impossible to qualify for the new loan at the time of the balloon payment due date.

Negative Amortization

A recently used type of new home mortgage is known as negative amortization or sometimes Option ARM (Adjustable Rate Mortgage). This type of loan works well when the individual has variable income that fluctuates during various seasons or times so that the income is not fixed. With an Option ARM, the mortgage payment is set at a rate that is the lowest common denominator, so to speak. When income increases, the borrower can pay more than the minimum payment so that the loan balance drops. Otherwise, the loan balance continues to increase in spite of the monthly payment.If you are looking for a New Home Mortgage or for information about almost any type of mortgage loan, the best location to find it is at http://www.homemortgageloan-refinance.com.]]> Remortgaging With No Proof Of Income: Is It A Possibility? http://www.artwoo.com/article/remortgaging-with-no-proof-of-income-is-it-a-possibility http://www.artwoo.com/article/remortgaging-with-no-proof-of-income-is-it-a-possibility#comments Thu, 05 Jul 2007 19:25:15 +0000 self cert mortgageself cert mortgagesself certified mortgagestandard mortgagemortgage companiesself employedremortgage http://www.artwoo.com/article/remortgaging-with-no-proof-of-income-is-it-a-possibility
While many of these enterprises are successful, it can often be problematic for the self-employed to buy a home, as can be mistrustful of anyone who is unable to provide evidence of their earnings through standard means, such as pay-slips.

People in this situation often turn to self-certification or `self-cert' mortgages, in which they are asked to state their probable annual income, rather than providing documentary proof of the required information. As well as working for the self-employed, this system provides an alternative for those whose income is commission-based or perhaps works within a specialised field where their income rate can fluctuate.

For anyone, a mortgage is likely to be the biggest, single financial commitment they'll ever have to consider; be it self-certified or standard. However, those turning to self-certification (or non-s) are likely to find they pay more than for a standard one.

The reasoning behind this is that, statistically, a large percentage of small or self-employed businesses cease trading within their first two years. Typically, a self-cert mortgage owner will be asked to pay a higher deposit and can expect to be offered a loan-to-value rate of around 75 =96 90%, whereas a standard mortgage offer will have a typical loan-to-value offer of around 95%.

Situations can then arise where a becomes necessary: a change in family circumstances can mean the need for more space and, consequently, a larger house. Some mortgages are portable, in that they can be transferred to new properties. Upgrades to the existing property can require large expenditure or even the consolidation of outstanding debts can be a reason behind considering a remortgage.

A remortgage is also available to the self-employed who have a self-certified mortgage. An application to the original lender will provide the likelihood of this being a possibility, although many like to `shop around' and apply to other mortgage lenders in the hope of getting a more competitive rate. A consultation with a mortgage broker can be helpful, although it is likely to cost money.

As the market itself is extremely competitive, someone owning a mortgage or remortgage can potentially save themselves some money by keeping an eye on the market and moving between lenders as a more competitive rate becomes available. However, deciding to move between lenders can carry penalties; costs can be incurred for leaving a lender before the contract expires and the mortgage is paid off. There is also a fee involved in joining a new lender and there are likely to be legal costs incurred during the process.

Self-certified mortgages and remortgages can also vary in their value for money. There are those who offer `financial holidays' and the opportunity to pay more when the funds are available. This is a useful facility for anyone self-employed or who earns through a commission-based job, as it can cater for the fluctuation in earnings. Tom Mead is a qualified mortgage advisor writing http://www.crystalclearhomeloans.co.uk/Self-Certification/self-cert-mortgag= e.html editorial, on how best to arrange a http://www.crystalclearhomeloans.co.uk mortgage. ]]> Mortgage Cycling Versus Bi-weekly Mortgages http://www.artwoo.com/article/mortgage-cycling-versus-bi-weekly-mortgages http://www.artwoo.com/article/mortgage-cycling-versus-bi-weekly-mortgages#comments Mon, 11 Sep 2006 06:27:06 +0000 bi weekly mortgagemortgage paymentsyear mortgagesenior mortgagebi weekly mortgagescyclingpatent pending http://www.artwoo.com/article/mortgage-cycling-versus-bi-weekly-mortgages Cycling versus Bi-Weekly Mortgages which one is really right for you? Choosing the correct one could literally save you thousands of dollars and shave off approximately 20 years on the life of your 30 .

So, a little background on the principal of each program needs to be told. Bi-weekly mortgages became popular a few years back when interest rates were extremely high and it made a lot of sense to pay as much on the principal of your mortgage as you can in a systematic way.

The way it works is that your are split in two every month so you end up paying (26) 1/2 payments instead of 12 whole payments which in effect ends up paying one additional month towards your principal.

Doing this ends up saving the average homeowner thousands of dollars on the interest payments over 30 years and shaves off around 7 years of payments. Not bad for back then. But as interest rates started to drop the net effect of savings are not as great now as they were when rates were higher.

But with the discovery of a recent mortgage loophole by Craig Romero, a analyst, Mortgage Cycling was born. Mortgage cycling allows a homeowner to build up 10 times faster then biweekly mortgages and allows you to pay of your 30 year mortgage in 10 years or less.

Mortgage cycling allows a homeowner to build up equity in their home fast using a technique. So fast, it ends up paying off a traditional 30 year mortgage in just about 10 years.

At first I was skeptical on how powerful mortgage cycling is until I compared using a typical $150,000 loan for thirty years at 7% interest. After running the figures though the difference between a bi-weekly mortgage versus mortgage cycling is dramatic.

Equity using a Bi-weekly Mortgage verusMortgage Cycling

Equity 1st year

$1,520$14,061 Equity 3rd year

$4,900$44,972 Equity 5th year

$8,787$74,179 Equity 9th year

$18,397$136,429

No matter the loan amount, interest rates or mortgage terms, mortgage cycling showed to dramatically cut down the payment time and interest payments to your mortgage company over the life of the loan.

Imagine what you could do with all that extra money that you can put back in your pocket instead of your mortgage company.

Now mortgage cycling may not be for everyone. But for someone who has the discipline it can be a very effective way of building up the equity in your home and to pay it off extremely fast versus using a standard bi-weekly option. Ted Kushner writes about consumer issue topics of interests. If you would like to learn more about Mortgage Cycling and how it can reduce your 30 year mortgage to just 10 years visit: http://www.affiliaterevenuesources.com/mortgage-cycling ]]> Understanding Second Mortgage http://www.artwoo.com/article/understanding-second-mortgage http://www.artwoo.com/article/understanding-second-mortgage#comments Tue, 11 Sep 2007 09:35:00 +0000 second mortgagefirst mortgagefact that therethis means thatfinancially stablesecond mortgagesreal estate http://www.artwoo.com/article/understanding-second-mortgage second mortgage is not as difficult as you think. Generally speaking, a second mortgage is exactly what it sounds like. This is a loan that is taken on a home or property that already has a . Second Mortgage will get you into a lot of debt.But a second mortgage is something that lot of people prefer. Many people have no idea that whether they can get a second mortgage on their home or another piece of property that they own. But in , a home can have more than one loan against it.

The main issue with this is that the lender expects you to pay the money back over time. if you cannot afford to pay your first mortgage, there is no way that you can handle another one. Sometimes getting a second mortgage can be advantageous. It is important to know exactly what you are getting yourself into before moving forward with this process.

The loan on real estate that is registered first is known as the first mortgage. And obviously, the one that you register second is known as the second mortgage. It is hard to believe the fact that, there are even people who have third and fourth mortgages on their home. While this is not a common occurrence, there are many people who have done this. But it is advisable to stick to one mortgage or only two if you must.

You should also know that a second mortgage is known as subordinate. The reason for this is quite simple. If this loan goes into default, the first mortgage that was taken on the home will get priority. In other words, it will be paid off first. So as you can see, are much more risky for a lender. In order to cover themselves, they usually charge a much higher interest rate on a second mortgage. A second mortgage may be right option for you if you need some cash and feel that you will be able to pay back both loans without any problems. But if you are not , stay away from a second mortgage until you get things under control.

For more Information check http://www.rentinsingapore.com Kim Lee writes for Singapore's Rental Portal http://www.rentinsingapore.com ]]> Is An Interest-Only Mortgage For You? http://www.artwoo.com/article/is-an-interest-only-mortgage-for-you http://www.artwoo.com/article/is-an-interest-only-mortgage-for-you#comments Thu, 05 Oct 2006 22:27:06 +0000 fixed rate mortgageadjustable rate mortgagemortgage paymentsinterest only mortgageinterest only mortgagesmortgage paymentmortgage interest http://www.artwoo.com/article/is-an-interest-only-mortgage-for-you interest only mortgages. It's no wonder. There is actually no such thing as a mortgage which you only pay the interest on. With an interest only mortgage, you still have to pay down the principal on the loan. What you actually get is an interest only payment method which lasts for a set period and then you revert to a more traditional type of mortgage.

As you probably know, your mostly goes to pay off the interest; typically 95% of your payment goes toward the loan interest. So for a standard $100,000 mortgage at 6% interest, your monthly payment would be $600. Of that $600, $100 goes to pay down your principal and $500 goes to pay the interest charges.

involve jumbo loans and the difference in the monthly loan payment gets larger as the loan amount increases. So while there is a difference of $100 for a $100,000 loan, the difference on a $1,000,000 loan would be $1000. Savvy investors can use that $1000 per month to leverage their income and build assets much faster.

Interest only mortgages have traditionally been used by investors or wealthy individuals who are able to make a profit on the principal part of their mortgage payment. However, today virtually anyone can obtain an interest only mortgage.

The payment period of the interest only mortgage is based upon the . However, sometimes, it can be offered with a fixed rate as well. However, the payment period usually does not run for the entire loan term, even with a . Interest only mortgages are only temporary; InterstFirst loans only allow interest only to be made for half of the total loan term. When the interest only mortgage payments come to an end, the amount of your loan payment will then rise to include both the interest and principal.

Interest only mortgages have advantages for certain types of borrowers. For one thing, the payments at the onset are lower so this frees up additional cash to be used elsewhere It can be invested or it can be used for needed cash flow. The spare cash can be used in any manner such as additional income, college expenses, or to build savings. The catch is that after a certain time, your interest only payments will expire and then your loan payment will be higher each month thereafter.

You are the only one who knows your situation and can determine if an interest rate mortgage is right for you. Consult with a banker or mortgage broker for advice and specific financial information such as projected monthly payments, then weigh your other mortgage options before you decide. Gavin Sanderson writes articles about mortgages. Discover more information about mortgages at http://www.mortgage-savvy.com and http://www.mortgage-future.com. ]]> Mortgage Comparison: Benefiting in the Future http://www.artwoo.com/article/mortgage-comparison-benefiting-in-the-future http://www.artwoo.com/article/mortgage-comparison-benefiting-in-the-future#comments Wed, 29 Oct 2008 15:22:26 +0000 best mortgage dealmortgage packagespayment holidaysfirst time buyermortgage comparisoncompetitive mortgagemortgage product http://www.artwoo.com/article/mortgage-comparison-benefiting-in-the-future best mortgage deal can seem daunting, complicated and lengthy at first. With hundreds of s on the market, each offering a different set of extras and incentives, it is can be difficult to know where to even start looking, let alone which product is the best for you. The temptation can be strong to take up the first reasonable mortgage quote that suits your current situation, without considering how that fits with your life plans. It might be in your interest, therefore, to give some serious thought to how your future might pan out, and then compare mortgages to find the best deal in the long run.

Choosing the right mortgage can mean that for the next two or three decades you will still be seeing the benefits; saving money on the terms that suit you. Choosing the wrong mortgage, however, can be disastrous, leading to the stress of losing money and the hassle of changing your mortgage or remortgaging. This is why the process, either handled through a website or a mortgage broker, can be very useful for you, providing the security and peace of mind that your mortgage will not turn out to be a burden in 20 years' time.

There are a wide range of different that might be more suitable for various situations, and each lender offers slightly different deals on each type of mortgage product. Using a mortgage comparison tool can help you find the most quotes if you are, for example, self-employed, a first-time buyer, or have adverse credit, and feel as though all the mortgage products out there are unaffordable or will not fit into your lifestyle a little later down the line.

Getting the best quotes now makes life easier later

If, for example, you may need to alter your repayments due to a varying income, a flexible or lifestyle mortgage might be the best option. With one of these, you have the ability to take when money is tight, and pay off larger amounts when you have better cash-flow. Or, perhaps, you are interested in buying a property that you will not be living in; with mortgage comparison, you can weigh up many buy-to-let mortgage products at the touch of a button. Maybe you work in a job that you know, in the future, will deliver hefty yearly bonuses; in this case, you could put those lump sums into an offset mortgage, reducing the balance of your mortgage. Or perhaps you might feel that you need longer than the standard 25 year length of a first-time mortgage, making your monthly repayments lower and so more affordable.

If any of these situations sounds like yours, you could use mortgage comparison services to find a whole range of quotes to work out which kind of mortgage, and then which lender, could leave you better off in the future, rather than behind with payments, or paying costs you could have avoided.Steven Clarke -- Marketing Manager -- The Mortgage Broker -- Providing a mortgage comparison of the whole mortgage lender market to find you the best mortgage loan rates. Visit the Mortgage Broker to get a quote on the type of mortgage you want.]]> Tracker Rates: Options Your Mortgage Broker Should Present http://www.artwoo.com/article/tracker-rates-options-your-mortgage-broker-should-present http://www.artwoo.com/article/tracker-rates-options-your-mortgage-broker-should-present#comments Fri, 07 Nov 2008 21:36:21 +0000 bank of englands base rateglobal economic problemsrate trackersfixed rate mortgagestandard variable ratebase rate of interesttracker mortgage http://www.artwoo.com/article/tracker-rates-options-your-mortgage-broker-should-present
Due to the current economic turmoil, it is particularly relevant to discuss with your mortgage broker not just what the best deal is now, but how things are likely to change in the future.

When it comes to rates, the options are fixed-rate or a . Your mortgage broker will be able to hunt around and find the best deal for you in either case. However, it pays to know a little in advance when comparing best mortgage quotes. A fixed-rate mortgage is one in which you will pay the same amount for a fixed period of time (typically two, three or five years) -- great if you want to make the same monthly payment without worrying that circumstances beyond your control might push rates up.

On the other hand, a tracker mortgage reflects interest rates, which means that if rates go down, so do your payments (though equally, your payments will rise with the interest rate). Trackers have seen a huge increase in popularity in the last year, as customers suspected that, as a result of the , interest rates would stay the same or fall further.

Tracker mortgages: Bank of England or ?

When you are comparing tracker mortgage quotes, there is one important question to bear in mind: what are they actually tracking? This may seem like an obvious question -- tracker mortgages are directly linked to the interest rate (plus a fixed difference of a percent or so for the bank's profit) -- and so the amount you pay on a monthly basis rises and falls as the interest rate does. However, although many of these track the Bank of England's , others follow the bank's own internal base rate -- their Standard Variable Rate, or SVR. This is also linked to the Bank of England's base rate, but can vary due to a number of factors.

The thing to remember is that, although any changes in the Bank of England's base rate may be reflected in the SVR and therefore passed down to you, they do not have to be. There may be a considerable lag in the time it takes for you to benefit from any falls (sadly, the same is not true of the rises, which tend to work their way through the system considerably faster). One crucial question to check with your mortgage broker is therefore whether your tracker follows the Bank of England's base rate or the mortgage lender's SVR. If you feel (like many people at the moment) that you would benefit not only from the Bank of England's current relatively low base rate but also the likelihood of further cuts in the future, then you need to make sure you know what sort of tracker you are buying. Plus, if you are on an SVR, now may be the time to consider switching to a better deal if you can.Steven Clarke -- Marketing Manager -- The Mortgage Broker -- Providing amortgage comparison of the whole mortgage lender market to find you the best mortgage loan rates. Visit the Mortgage Broker to get a quote on the type of mortgage you want.]]> How To Obtain The Best Offset Mortgage http://www.artwoo.com/article/how-to-obtain-the-best-offset-mortgage http://www.artwoo.com/article/how-to-obtain-the-best-offset-mortgage#comments Wed, 28 Nov 2007 17:20:00 +0000 offset mortgageindependent mortgage advisormortgage lendersmortgage dealmortgage providersmortgage tablesmortgage deals http://www.artwoo.com/article/how-to-obtain-the-best-offset-mortgage offset mortgage is; and how an can help you buy the best offset mortgage.

An offset mortgage links your main current account and/or savings accounts to your mortgage. Every day or month, the amount owed on your mortgage is reduced by the amount in these accounts, before the interest is calculated on the loan. When the money in your savings/current account increases, you pay less on your mortgage. If the money in your savings/current account decreases, you pay more on your mortgage.

When it comes to finding the best offset mortgage, it pays to have expert advice because there is more to a than meets the eye. Your mortgage will probably be the largest financial commitment in your life, and it pays to take time to look at the different options available to you.

There are different types of offset mortgages available on the market. You could look at `best buy ' to find the best offset mortgage, but that only gives you superficial information. It doesn't show you the mortgage's flexibility; i.e. the ability to underpay, take payment holidays, or overpay, or what the fees and charges are. In the last couple of years, fees for mortgages have increased. Fees can be in excess of =A31000, and several are now charging fees as a percentage of the sum being borrowed, for example: a 2% fee on someone borrowing =A3120,000 on a new low two-year fixed rate deal would pay =A32,400. Once fees are taken into account, the best offset mortgage deal may not be the one with the lowest interest rate.

Recent research has shown that the best offset mortgage is not necessarily offered by the top 10 biggest . The top 10 mortgage lenders offered only 11% of the best 250 available on the market, despite the top 10 having more than a 60% share of the mortgage market. To guide you through this myriad amount of information available, an independent mortgage broker will give you impartial advice about the best offset mortgage, as they have comprehensive knowledge of the mortgage market. A mortgage broker is fully authorized by the Financial Services Authority (FSA) and they have the necessary qualifications to advise you.

Your mortgage broker will perform a `factfind' to learn about your financial situation and circumstances, and your wants and needs. Your broker will assess your ability to repay the mortgage, your credit history and credit scoring profile. Offset mortgages are usually calculated on an affordability basis and not on a simple income multiplier, which allows people with ad hoc financial income, such as a self-employed person, to possibly obtain a larger mortgage than with a standard, more traditional mortgage. All of the information you provide will help your broker obtain the best offset mortgage available for you on the market.

After the best offset mortgage has been sourced for you, your independent mortgage broker will provide you with written details about the mortgage, which will include:

- How much you want to borrow - The type of offset mortgage you're interested in - A description of the mortgage; who the lender is and the interest rate - Overall cost of the mortgage including the fees - How much your payment would be if the interest rates increased - The flexibility of your offset mortgage

An independent mortgage adviser will answer any questions you have and ensure you have all the necessary information about the mortgage market. It is worth spending time with them, as they are there to help you find the best offset mortgage.Resources For more information, visit http://www.offsetmortgagecentre.co.uk/best-offset-mortgage.html ]]> Few Advantages Of Second Mortgage http://www.artwoo.com/article/few-advantages-of-second-mortgage http://www.artwoo.com/article/few-advantages-of-second-mortgage#comments Tue, 29 Apr 2008 02:17:45 +0000 second mortgagekim leesecond mortgagesinformation checktax deductionpros and conscollateral http://www.artwoo.com/article/few-advantages-of-second-mortgage second mortgage is the right option,you need to move forward with the process of getting the money. Remember, a second mortgage is not the right option for everybody. Even if you need some money, there are other types of loans that you can avail. But there are thousands of people who take each year and many of them love the decision that they have made. The thing that you want to do is make sure that your decision is the right one.

Here are a couple of reasons that a second mortgage may be right for you.

1. If you need money right away, you can consider second mortgage. Since this type of loan is based on your home's equity, you will get the funds right away. Remember, since a second mortgage is based on your home's equity you are putting it as . If you do not pay back your loan on time you may end up losing your home.

2. The interest that you pay on a second mortgage is usually tax deductible. For this reason, you may definitely consider a second mortgage if you are in need of immediate money. After all, any that you can get is a good one. Eventhough this is not reason enough for a second mortgage, it is a benefit that you will always want to keep in mind.

There is no way of saying for sure if a second mortgage is right for you. It may be the perfect way for you to get the money .You have to analyze the . Once you have done this, you will be well on your way to either deciding about securing a second mortgage or putting it off for a bit. But either way, knowing the details is the best way to know if a second mortgage is right for you.

For more http://www.rentinsingapore.com writes for Singapore's Rental Portal http://www.rentinsingapore.com ]]> Second Mortgages And Lenders http://www.artwoo.com/article/second-mortgages-and-lenders http://www.artwoo.com/article/second-mortgages-and-lenders#comments Thu, 09 Aug 2007 23:34:59 +0000 second mortgagesooner rather than latereventhoughkim leepiece of cakeinformation checkfinancial problems http://www.artwoo.com/article/second-mortgages-and-lenders second mortgage? Do you think that second mortgage is the answer to all of your ? If so, you may very well be right about all of this. But before getting a second mortgage there quite a few details that everybody should know. One of the most important is that you cannot get a second mortgage until you are approved by a lender. While this may seem like a , the real fact is that choosing a lender to get your second mortgage is not always the easier

The first you must consider is that all lenders are different. Even if you think that you know what you want out of your second mortgage, you still need to shop around. This is the only way to get the second mortgage that is best for you. If you do not shop around you may be setting yourself up to not get the best rate on your second mortgage. Did you know that all lenders offer different interest rates? the rate may not vary much, if you shop around you may be able to save yourself quite a bit of money.

When searching for a lender for your second mortgage,first you need to start online. This is the best way to get a large group of lenders in front of you. From there, you can request further information which will help you to decide which one suits you best. Also, do not forget that you may be able to get a second mortgage from the same lender who lended you for the first one. This is not always the best way to go, but if you liked what they offered the first time around this may be an option for you to consider.

Overall, to get a second mortgage you are going to have to deal with a lender . Eventhough this is a time consuming process, the good thing is that there are many lenders out there who are willing to work with you. Simply put, you need to search long and hard until you find the best second mortgage for your needs.

For more http://www.rentinsingapore.com writes for Singapore's Rental Portal http://www.rentinsingapore.com ]]> The Two Basic Types Of UK Mortgage http://www.artwoo.com/article/the-two-basic-types-of-uk-mortgage http://www.artwoo.com/article/the-two-basic-types-of-uk-mortgage#comments Fri, 14 Apr 2006 20:50:03 +0000 fixed rate mortgageadjustable rate mortgagemortgage providerworst case scenariomarket interest rateinterest rate changeshttp http://www.artwoo.com/article/the-two-basic-types-of-uk-mortgage
The fixed-rate mortgage is the most simple of mortgages and the one which most people see as the traditional way to purchase your home. This involves the lending you the money you need to buy your home and, using their interest rate, calculating how much interest the loan will accrue over the period for which the mortgage has been borrowed. This is usually either 15 or 30 years. The sum of the interest is added on to the amount being borrowed and the monthly repayments are simply the result of this total divided by the number of months over which the mortgage will be repaid. This ensures that the monthly amount stays the same for the life of the mortgage.

The adjustable-rate mortgage is slightly different. The interest to be paid on the amount of the loan that you borrow changes dependent on in the country. The first year of the mortgage is usually offered with a teaser rate of interest. This is generally slightly lower than the . After this point the interest reverts to the standard level for that time. However, you do have a cap at which point the interest will not get any higher. This is usually five points higher than your teaser interest rate so if your teaser was 4% your cap would be 9%. The important thing to consider if you are thinking about opting for the adjustable-rate mortgage is that you may have to pay the capped level of interest for the life of the loan. That is the but it is certainly worth calculating whether you could afford this level of monthly repayment just in case you may have to in the future. Mark Lambie is the founder of http://www.loan-source.co.uk a website providing homeowners with free secured loans quotes. ]]>