"After much prayerful consideration, I feel that I must say I have climbed my last political mountain."George C. Wallace
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More Bang for Your Buck With Mortgages
More Bang for Your Buck with Mortgagesby Elaine VonCannonChoosing a knowledgeable mortgage lender can make a difference in the quality of home you are able to purchase with your finances. I prefer to recommend a mortgage broker to my clients, because they ...
Refinancing Real Estate Investments
Why should you consider refinancing real estate investments instead of selling them? Maybe you've owned a rental property for years, you've paid down the mortgage, the value is up, and you want to cash in on that equity. You will do better to refinance. ...
The Attractive Tax Break for Home Loans
So, you've decided on the house, you've researched your mortgage product options, and you know which product you need. Have you taken into consideration the tax advantages that are being touted as an attractive benefit of the interest only loan? No, you ...
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1. Watch out for the 'Deal Of A Lifetime', the deal that seems too good to be true. The company may be saving money by cutting back on their level of service.
2. When getting a fixed rate: get a written statement which details the interest rate, how long the rate is fixed for, and the conditions attached.
3. When interest rates fall: try and leave your repayments as they are. You will therefore be paying more than the minimum each month. You'll repay your loan much earlier. When rates rise again you may not have to change your payment.
4. Consider a fifteen or twenty year term. Try to pay off your mortgage quickly. Use a mortgage calculator with an amortization function, and see what's possible.
5. Keep your mortgage as small as possible. Aim for *comfortable* affordability.
6. Try not to 'churn' your mortgage. Each time you refinance you'll probably incur completion costs and non-refundable fees.
7. Beware of prepayment penalties. Many 'no fee' credit lines have a pre-payment penalty. This can be very expensive if you are planning to refinance or sell your house in a few years time.
You don't need to sign a mortgage agreement which contains any significant prepayment penalty, if you have good credit. One of the smartest things you can do with a mortgage is to prepay it.
8. Don't look for a home without being pre-approved. You will have much more negotiating power with the vendor, and may be able to save thousands of pounds.
9. Get a full, professional survey. Human beings can be perverse; happy to spend £150,000 on a house after a half-hour viewing, but be-grudge spending £500 finding out whether it's worth buying in the first place!
10. Find out the true value of your home-to-be. Get more than one independent appraisal. Compare it with the prices of similar-sized houses for sale in the same area.
11. Start gathering documents. Provide your mortgage company with documents in good time; don't let your rate lock expire!
12. Verbal (oral) agreements are worthless. When buying or selling property, always get it in writing.
A mortgage is the biggest financial committment most of us will ever make; worth spending a little time on, to get it right!
About The Author
T. O' Donnell (www.tigertom.com/mortgages-uk.shtml) offers mortgage quotes, advice, an ebook and a mortgage calculator, in London, UK.
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 U.S. MBA’s Mortgage Applications Index Decreased 6.2% Last Week (Bloomberg)
Nov. 19 (Bloomberg) -- Mortgage applications in the U.S. dropped last week as demand for home-purchase financing slumped to an almost eight-year low. The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan fell 6.2 percent to 398.6 for the week ended Nov. 14, from 425 the prior week.
Mortgage application volume falls 6.2 pct (Lexington Herald-Leader)
Mortgage application volume fell 6.2 percent during the week ended Nov. 14, according to the Mortgage Bankers Association's weekly application survey. The trade group's application index slipped to 398.6 during the week, down from 425 a week earlier. Refinance volume decreased 2.6 percent, while purchase volume declined 12.6 percent during the week. Refinance volume accounted for 49.9 ...
Mortgage applications drop in week (Moldova.org)
The volume of applications for U.S. mortgages decreased last week, falling by a seasonally adjusted 6.2 percent, an industry group said.The Market Composite Index, which measures mortgage loan application volume, fell 6.2 percent from 425 to 398.6 in the week ending Nov. 14, the Mortgage Bankers Association said in a release Wednesday.The Refinance Index increased, however, up 2.6 percent to ...
Jumbo mortgage deadline looms (Bankrate.com via Yahoo! Finance)
Some mortgage borrowers are about to get squeezed by the shrinking of something called the jumbo conforming limit.
Mortgage application volume falls 6.2 pct (AP via Yahoo! News)
Mortgage application volume fell 6.2 percent during the week ended Nov. 14, according to the Mortgage Bankers Association's weekly application survey.
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