Cheap mortgage

Questions and Answers

Which one Council flat and cheap rent or Mortgage and owning your own home?

Q) I am 25yrs old i have an very expensive repayment mortgage. My husband has quiet allot of friends that rent privately or from the council he thinks that renting and receiving housing benefit is better i don't think it is better when you own your home you can always sell it a move on but with a rented council property it doesnt belong to you. WHAT DO YOU THINK?

A) you buy for say 100,000 you pay a mortgage the ammount you owe comes down eventually you own the property. in the meantime the value increases and 20 years down the line its worth 200 000 thats a fair return if you match what youve paid less 200 000.rents increase all the time,money down the drain with zero return.the sheltered housing problem is an if and but senario.always better to buy

UK - Mortgages. What is the upper age limit for taking out a new mortgage? And for how many years?

Q) Have successfully paid off one (cheap) mortgage.

A) you can get a mortgage up to 70. Halifax only 65, but if you can show how you will pay it off then companies will agree any age for a 25 year mortgage.

what is the uk's Cheapest 100% mortgage provider called?

Q) no S**t annie lol but the question is who is the cheapest be it 1 2 or 100 providers whats the lowest possible rate i can get for a 100% mortgage and what is the name of that company. thankyou

A) check out http://www.moneysupermarket.com/mortgages/mortgage.asp they will compare all of the UK's companies, and hopefully find the best fo you

What is the cheapest type of mortgage to have and what will repayments be per £10000 over 30 years?

A) It depends on the interest rate at the time. Mine is fixed at the rate of when I took out the mortgage for 2 years. After that it goes up. An interest only mortgage is the cheapest but you will only pay the interest and will have to save seperately for the actually main payment (the value of the house) at the end. This is good to get you on the ladder, you can change later. The best thing to do is speak to a broker because they will be able to tell you the correct figures at the current rates. My mortgage was for £120k and my payments are £520 a month. A friend of mine has a £120k mortgage too and his payments are £680 a month because the interest rate had gone up when he got his. His is also fixed for 2 years. Our mortgages are both interest only which is the cheapest. We also had to put down deposits of around £40k.

What is the quickest and cheapest way of passing the CeMAP mortgage advisors qualification from home? cheers.?

Q) I am about to embark on career change. I am going into mortgages. i want someone to advise me about CeMap Training. i want to learn from home and take the exams without signing up for an expensive college/training course. can you please help? £50 to the person who puts me on the right course.

A) Read through he manual none stop don't even stop when you don't understand something just carry on, once you have read the book go through it and highlight only the important parts then read through again only reading the highlighted parts if you don't understand something google it or give me an email and i will call you and help, I completed all 3 modules on my own in 6 weeks and got merits and distinctions on all tests. Where abouts are you from?

I too would like to know if I can get a 100% mortgage?

Q) I would like to buy my council flat as I will get 50% discount and, as I live in north Scotland, property's are still relatively cheap. ( Full price I think would be no more than £30.000) However, I will need a 100% mortgage as I am a poor admin assistant for the health service. I have made an apppintment with the Halifax as I am currently Bank of Scotland. I have about £1,800 of debt and am also paying off council tax arrears, which I lknow have to be clear before I buy ( I may have to borrow to pay this). I would also like to borrow for home improvements but I think the council have to agree to these. Where's the best place for a mortgage or any other advice gladly accepted.

A) NORTHERN ROCK - YOU CAN GET A 105% OR 110% MORTGAGE. VERY GOOD COS YOU GET HELP WITH LEGAL FEES TOO, THEY HELPED ME OUT ANYWAY :O)

How cheap is the 'part buy - part rent' scheme?

Q) I read that the 'part buy - part rent' scheme is meant to help those who may find it difficult to buy a house. But many offers in this scheme are really built in some central areas of London. And you also have to take into account of the subsidized rent. Does anybody have experience with this scheme? Is it cheaper than buying a house with a straightforward mortgage?

A) It is not cheaper. But it is designed for those who have bad credit or for some reason cannot be approved for regular financing. So those who for whatever circumstances cannot get approved for a "normal" loan, this is the option that allows them to start buying a place they otherwise would have to rent.

Can you "port" your current mortgage to another provider?

Q) My mortgage rate has increased 4 times in 6 months and I'm now paying well over the odds for the property. I don't want to re-mortgage, I'm looking to find out if I can transfer my mortgage basically like for like to another provider which will have a cheaper rate.

A) Depending on which country you are in, there may be penalties for redeeming your existing mortgage early. Check with your current lender for this and ask them for a redemption figure. This will show a breakdown of everything you owe. Then, if you have established there are no early redemption penalties, go and see a bank that provides ADVICE on mortgages and can help find one that suits your circumstances. It is worth visiting a bank for the advice then shopping around for the cheapest equivalent product. When you have your product, you need to ensure that you meet the providers lending criteria (ie, you earn enough money and you are not credit impaired). The provider will quite often do a credit check to determine this. On application for a remortgage your property will be valued and they will need to use a solicitor to place a charge on your property in favour of them. If you are thinking of doing any home improvements etc.. think about whether or not you want to borrow that money at this stage to avoid costs later on. (The adviser should be able to tell you wether this would be in your best interests) Alternatively, call your existing mortgage provider and ask if they have a more competitive rate you can switch to. I would like to point out, that under no circumstances have I advised on any products or features of specific mortgages in this posting.

debt mortgage sellup & move? what to do?

Q) Hi, This is doignmy head in, can you help? I have a £255k house with a160k mortgage with 25 years to go, im 33. I have about 24k loans/debts/credit cards (£600 a month) i take home £1700a month & after paying off energy mortgage, food car etc etc , my debts arent going down or up! just breaking even. I asked my bank about selling my house and getting a smaller house and another mortgage so to use equity to pay off loans/debts but the bank have said i would only get 100k mortgage now. so that 100k mortgage after solicitors fees/debts/loans moving im looking at 70k deposit so i can get a house for £170k it would have to be somewhere i dont want to live. or, just carry on do as much overtime as possible and live skint for next 6 years stressed until debts have gone? moving away from this area i really dont want to do but the cheapest 2 bed around here is 200k.. I know alot of people are in worse case and some may not even be able to get a home. what to you think i should do plz

A) Can you rent a roon out? I think you can earn around £80/week from doing that without declaring it and paying tax so you could clear say an extra £250/month of the debts and keep £70 to give you some breathing space

How should I pay off the rest of my mortgage?

Q) I have 3 years and 3 months left on my mortgage and the outstanding balance is £23,281.10 - I can't decide whether it would be cheaper to get a personal loan out and pay it off or whether to just stick with it. I might also look at changing lenders, although I don't know whether or not I am under the limit for most companies to be interested in taking over the load (?) Any advice would be greatly received! Also I would like to cut down the time left to pay back if possible.

A) I doubt a personal loan would be cheaper as personal loans are generally at a higher interest rate. With only 3 years left, I would think that very little of your payment is going towards interest and most is going toward principal, so paying it off early isn't going to save you that much money. I say keep paying the mortgage as you have been.

Where would I buy cheap Mortgage leads ( .05) per lead?

A) why do you want cheap ones. that usually means old and worthless. by good new ones. spend a little more and save yourself some headaches.

Does anyone know where to buy good mortgage leads for cheap on the Internet?

A) How cheap are you looking to go? Do they need to be exclusive, how old do you want them? More information is necessary to give a good answer.

Lending Tree, can it really be that cheap to get a mortgage ?

Q) Would any lender out there give an offer on Lending Tree without making any money? or are there hidden fees. A friend said that they got a good offer, but when my other good friend who works as a Loan Officer did the calculations with the rates etc, they said that the rate given by the lender via Lending Tree can't be possible. Because that would mean the company is working for free. Is there a catch?!?!?! Has anyone used them before and got stung on hidden fee's? Do tell.....

A) DO NOT USE LENDING TREE OR ANY OTHER ONLINE OR TV MORTGAGE COMPANY! There ARE hidden fees, higher rates, etc. I've never known anyone who had a good experience with any of the dot com companies. I know of someone whose loan never got funded, here they sat at the settlement table with no money, and it NEVER came through and we weren't able to reach the person in California. I know of another case where Lending Tree ran the couples credit so many times that they couldn't qualify for the loan. (They didn't have the best credit to start with, but with all the inquiries on their report, it was totally shot) Do yourself a favor and call a local mortgage lender.

What are some cheap marketing ideas that can produce qualified mortgage applicants looking to buy or refinance

Q) I am a Mortgage Consultant from the Macomb County Michigan Area that is looking to help those in need of purchasing or refinancing a home. I have already purchased the websites, www.MACOMBLOANS.com, www.LOTLOANGUY.com, www.MSHDALOANS.com, www.UBUILDITLOANS.com as a low cost way of targeting specific markets. I need your thoughts on how to generate some additional business. The Macomb County Michigan housing market has certainly become challenging due to the local economy and our counties high forclosure rate. Any thoughts and ideals that could help generate some much needed business would be appreciated.

A) network! network! network! tell all your family and friends, tell all the Real Estate Agents you know- and giving them gifts doesn't hurt either. Oh and make friends with with Real Estate Agents, they're a good source for leads. If you need help help creating "stronger" buyers, I have a product that can increase credit scores by 50 points in 60 days guaranteed. Typically my clients get 100point in 45 days...

If you get a HUD mortgage . . . then shortly thereafter (maybe 6 months)?

Q) let your 30 yr old daughter move-in and you move-out (to an apt.or family) is there a penalty if the HUD agency finds out you moved but that you left the mortgage in your name so that your daughter could pay cheap mortgage? Does agency - HUD ever check? What is rule for how long you have to live there? Can you eventually sub-let if want to? Want to get a HUD mortgage for my daughter . . but she has not been a resident of this state long enough, so must do in my name and then try to "give" her the house/mortgage (yet, I guess, keep it in my name).

A) On an FHA or VA loan you would be committing loan fraud if you do what you're thinking. When you sign for a government or government-backed mortgage you are signing papers at application and at closing that confirm that you will occupy the house. To purchase a non-owner occupied (commercial) property, the paperwork is different and the down payment is generally higher. Sometimes the interest rate is as well. Also, there is a due on sale clause that states that if you aren't occupying the property and the lender finds out, they can call the balance of the loan to be paid in full immediately. If you can't pay the balance, they can foreclose. It's a risky proposition you're looking at. Instead, you should see if you can co-sign for your daughter on her own loan. Or better yet, help her get her income, debt and credit situation to the point that she can qualify for her own mortgage. "When you give a man a fish...." If she's not in that position, perhaps she could look into a contract for deed or lease with option to purchase, where she could rent for a while while she gets her financial situation in order and then purchase the house in a year or two. See my articles about mortgages and loans at the following link to find secrets and money-saving tips:

where can i find a cheap house to buy and renovate, i need 100% mortgage so will need to buy a run down house?

A) Contact a real estate agent or go to HUD forclosure auction's

How to I find the cheapest mortgage?

Q) I'm looking for (preferrably internet) resources that help me find the best mortgage for buying our first house.

A) I agree with the above posted as to having a bunch of people pull your credit report. I would recommend staying away from lead generating companies like lending tree; you'll agree to the terms and conditions and next thing you know, 20 brokers are calling and they have all pulled your credit. I would recommend 1 of 2 options: 1) Pull your credit or have one broker pull it and then provide you with a copy, most will if asked. You then can speak to many people and fax them a fresh copy of the report which these brokers can use to find pricing information for you. If a Loan Officer tells you he can not use that report to find pricing then tell them thanks for their time and move on. Keep in mind that once you find someone you want to work with they will eventually need to run the credit report in their companies name. 2) Check out Bankrate.com. They list hundreds of lenders and thier rates. Same thing though. Most are brokers listed there so have your credit report handy for them. Please keep this in mind; don't just call and ask, "what's your rate?". We have NO IDEA what the rate is until we know about you and your specific situation. Credit score, loan to value, loan amount, purchase, refi, state etc... Anyone who quotes a price without any information is a liar and a fool. Anyone who trusts that pricing is just asking to be 'suprised' at the signing table when all of a sudden the pricing is totally different. If you would like to discuss your specific scenario, drop me a line. Kevin 866-562-6838 x 106 kruorock@firstratelending.com

who can i ask to check my mortgage papers after I bought the house who is cheap?

Q) I bought a house after a year and my neighbor was telling me how she found lots of mistakes in her morgage paper and we have the same lender. So who can i find to check and look over my morgage papers for me? Her friend wants to charge me 100 an hour which is too much? How can i get a good one but not at too much cost?

A) Call some real estate attorneys. Tell them that you want them to review the paperwork for the mortgage and you want that done for a fixed fee, and for them to give you the list of problems. See if any bite. It is the marketplace, perhaps some lawyers will do it for $100 flat? -luck

What website can I go to, to find great mortgage leads for the d.c., maryland and virginia area, for cheap?

Q) I am just starting out a job as a loan originator and I need business bad. I am young and I am not exactly the most experienced. I have excellent contacts but I am looking for a steady flow of business. If you have experience with leads or know some good websites please help me.

A) The best way to build your business is to build rapport with local agents. Chose one or two high volume Real Estate offices in your area and drop in once a week, introduce yourself to everyone in the office, tell them what you do that is different from all the other lenders out there. Make flyers they can give to clients that highlight some of your loan programs. Not flyers like "Good rates! Use Me!" But flyers with real information, like special loan programs, with expamples of what payments would be with a certain purchase price and rate.

How to get cheapest mortgage rates?

A) First of Xander; it is quite the opposite. The cheaper the home the higher, and in some cases harder, to get mortgaged. Banks want to make money, and they can’t if they mortgage a $40,000 home, and in order to mortgage it and make money they will need to charge large upfront fees and a pretty hefty interest rate. Next, Minda, don't over concern yourself with interest rate. First find yourself a program that best suites what you are trying to do with the house. If this is your first home, the likelihood that it will be your last is pretty slim. So think about doing an interest-only loan for 5 to 10 years fixed. This will greatly reduce your monthly mortgage payment and will remain constant for the term you choose. I highly suggest against doing any type of loan that includes reverse mortgage. As delicious as those 1% introduction rates are, they are bad news, so stay away. Try to limit yourself to interest only, and no less, that way even though you are not paying down the principle, you are at least not going backwards. Next, focus on the deal. For every $100 you get the price reduced, you will be saving yourself around $7. Doesn't sound like much, but a simple reduction of $5000 saves you about $30 per month. And, if you shop for great houses in great areas that have been on the market for a long time (90+ days), I bet you can find an even better deal. Bottom line, there are many factors into creating a great deal. Many more than just the mortgage rate. Look at the whole deal, and ask yourself if you think you are getting a great deal. If you don't think you are, then you probably aren't. Almost everything in real estate is negotiable, don't forget that. Happy Hunting I will just add something here to rebut Mark G's response to my suggestion of the interest-only loan. Having a 15 or 30 year fixed conventional loan does not mean that you will own the property any faster. Let me say this, if having an interest-only loan affords you the opportunity to buy a better home, isn’t that the house you want to own? Its appreciation will probably go up faster than one that is not as big or as well located. And, if this is not going to be you final home, why give more money to the bank, in the form of mortgage payments, than you need to. If, for about the first 10 years you are paying between 80%-90% interest anyhow, what does it matter if you pay a couple of bucks to the principle. Would you rather not save that money instead, in case of rainy day? If you've owned homes as I have, it never fails. Something comes up and you need money for it. Is your bank going to give you back the money you gave it, so freely? Heck no, they will charge you to take the money out, and then they will charge you a higher interest on it as well. So why give them more than you need to. Next, if you saved a couple of hundred bucks every month, you could put that money away in a savings, and with enough discipline, you could buy a second, third, forth, fifth home as an investment, or invest into some stocks or any other thing that will give you a return greater than your 6 or 7 percent, and there are plenty to choose from. Now I want to set the record straight. I am not promoting or suggesting you get an interest-only loan, I am suggesting you don't get anything worse than an interest-only loan. I’ve owned many homes, and still own many homes, I’ve owned home free and clear, and I’ve mortgaged myself 100%. Every mortgage fit the situation I was attempting to achieve. However, there is a realization that you must confront; if you live in the US, you will never fully own your home. You will still have to pay taxes, and if you are smart, you will still have to pay insurance. The myth of owning your home is from the good old day, when our grandparents used to pay large sums of cash to buy their home. That doesn’t exist any more. Even the wealthiest of the wealthiest, keep leveraging themselves over and over again to keep getting richer. There are no real advantages to owning your home fully outright. Why tie up $200,000 in owning your home, and when you need that money, you have to pay to get it out. It ludicrous. Lastly in regard to preparing for the next one (home, I’m assuming), how many years will it take to make a dent into the principle of that loan, before you’ve made enough to make a decent profit. Even though you are not paying down the principle with your interest-only loan, the appreciation is going to take care of the equity in your home. Buying a better house, a bigger house will appreciate just as fast if not faster than the other house, except the percentage translates into bigger cash in the homeowner’s pocket. And, with the markets as soft as they are right now, why not try to buy as many houses as you can respectfully. If the appreciation is going to be there in 3-5 years, when you are ready to refinance; with all the money you could have saved and reinvested, you could own 5 or even more homes. Refinance a few, maybe sell a few, do whatever you want, but the result will still be astronomical than if you had spent every dollar on that one smaller, cheaper home, just because you finance incorrectly. I do agree with one thing you said, buy within your means. But the advantage of an interest-only loan is that you don’t have to put a bunch of money down, and for the same reasons as I stated above, it’s ridiculous. The potential homeowner needs to remember that once the property is bought, they are fully responsible for the upkeep and the payments of the mortgage. If a full PITI payment is $1500 per month and an interest-only payment is $1000, and assume something happens where they need some money, would you lend it to them if they called you with their problem and you has sold them that house? If they lost their job, how easy do you think it would be to refinance, without any job verification, even going stated. Yeah, it would still be difficult to come up with the mortgage payment, but last time I checked, getting $1000 is easier than $1500. But I guess you could rest assured, after all owning that home is what matters, it’s not like the bank is going to want their money or anything like that. Oh wait, yeah they will, and how will that pride of ownership feel when a auction is taking place at your front door and people are bidding to buy your house and put you out on the street. Think about that. Happy Hunting