All of these answers are great! You really need to consult with a professional who can analyze your particular needs along with you. There are so many programs available to borrowers, but without guidance, you can get stuck in something that just is not suitable!
Contact me, if you would like. I represent one of the nation's largest lenders... BEST OF LUCK TO YOU! I hope that someone is able to ';show you the way HOME!'; =)Mortgages??
Check out lbalending.com and their 1.85% loan thats available for up to $500,000. This loan could save you $40,000 over a 10 yr span. The details are in the pudding they say. Get the details from the site.
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if you are in the uk - see a mortgage advisor or trail through the internet. Try www.moneysupermarket.com for more details of what is out there once you know what it is you are looking for.
All of the answers above are really good ones. Think this through because this is the biggest buying decision you will make in your life time. How long do you want to live there? Do you have a down payment? How is your credit? Are all valid points. Deal with a mortgage banker. This professional can help you decide what is best for you and will not charge any origination fees and can offer FHA, Conventional Loans and can even have access to other financial companies who lend money in the sub-prime arena or bruised credit. This professional should give you at least three to four options and give you the ups and downs of each one. If you get advise from one who only wants to push a certain loan and not give you options, don't walk away, RUN. I represent a major mortgage bank and deal with over 200 other lenders as well and we lend money in 48 states, excluding Hawaii and Alaska. Call me anytime. Cary Stephens 765-271-1987
An independent mortgage adviser will be the best person to talk to. They will be able to calculate your monthly disposable income and give you the best option available but shop around. In the mean time check out the mortgage calculators in Yahoo Finance section, it'll give you a rough idea.
Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a ';hard'; pull and it drags down your credit score.
All is not HOPELESS - ok - take a deep breath. If your credit score is 500 or higher, anything is workable.
Lenders look at the middle score...of the 3 scores. If you only have 1 score or 2 scores (have seen it), it is still workable....but unless a lender sees the whole picture - credit - income - job time, etc - than you will not have a ';true'; picture of what you can afford - Hope this helps - There are also Government programs out there, but they too are looking for job time, etc.....They are not so much looking a credit - but the other factors are taken into consideration. With a government loan - collections and judgements will have to be paid (most ppl do not know that) but for FHA it is true.
Decided on the type of program (loan ) you are wanting. A 30 yr fix is still roughly at a 6.5 rate right now - but if you are needing a 100 percent ltv the rate is around 7 -7.5 percent ( This is a estimate only, since I do not know what your credit score's are....There are also, interest only loans - adjustable loans, option arms (where you pick the payment, from 4 payments, including interest only). Interest only are lower payments, but nothing is being paid on your home. Some self-employed ppl like the payment options, in a lean month when money is tight., they can pay a lesser amount.
Good Luck to you - A Broker, who cares, will go over it all with you and be in contact with you daily. The one on one customer service is important, to you, the client, to let you know the whole loan process
IMA / IFA will scour the market for you and advise what will be best for you.
Make a list of things you have question on, make another list of what you the mortgage to do for you. (payoff bills, firsttime home buyer, flexible payments, short term, interets only) So many choices. A good broker will set you up to have some choices but also explain which is best for you. They cannot make you take the one they like so you have some freedom. If you have more questions let me know. Shoot me an e-mail.
Hi there
Before you go to a mortgage broker of independent financial adviser it is worth reading up on the subject. One useful site that is mortgages.co.uk.
The main types of mortgages for UK market are:
Repayment - each month you pay the interest plus some of the original loan/capital. As years go by the amount of loan outstanding reduces. This type is quite popular.
Interest only - each month you pay back only the interest. The company loaning the money will normally ask for you to have a separate savings plan or investment plan to repay the original loan - but not always, some let you pay interest only and in 10, 25 years, or whatever the term, you can sell the property and pay back the loan, remortgage, etc. This type of loan has the lowest monthly outgoings ... but your loan never reduces in value.
There are many other types which are variants on the interest only mortgage where you tie the loan to a savings policy of some time. These policies include endownments (less popular now after recent failures), pension plans, equity (e.g shares) plans, etc.
As to which mortgage is best for you it will depend on your age and income amongst other things. The safest option for most people is a repayment mortgage - but this is not always the best option and that is where you need the specialist advice.
Good luck
The mortgage that it best suited to you will depend on many things, income, employed or self-employed, credit rating, etc once a broker has considered your circumstances he/she will be able to place you with a lender whose criteria you satisfy at a rate that reflects your status. Need any further advice please feel free to e-mail me. Hope this helps.
There are many factors that will dictate the type of mortgage program that is best for your needs and situation. Including but not limited to, credit score, length of stay in the residence, amount of financing needed, etc...
You should consult with a mortgage planner, about your situation and discuss the different programs that are out there and how each one would benefit you.
Some examples might be that if you plan on staying in the location for just five years, maybe a 5/1 ARM would be good. Or if you already have significant equity in the property and staying only for one or two more years, you could go with an Interest Only product. If you credit is OK, but not great, you may want to go with a 2/28 (sometimes referred to as a band-aid loan), where you make the mortgage payments on time for 12-24months to improve your credit score, with the intentions of switching to a 30 or 15 year mortgage at which time your improved credit score will qualify you for better interest rates. If you are looking to purchase with no money down, you will probably need an 80/20 mortgage to avoid paying PMI.
There are so many angles to think of, only an experienced mortgage planner can help you find whats best for your particular situation, and then find the appropriate lender and program options to best serve you.
There are plenty of places to ';pre-educate'; yourself on different programs, and it never hurts to shop around to two or three different planners to make sure your getting straight answers!
Go see a mortgage adviser. They complete a fact find on your financial circumstances now and in the future and based on that they will recommend the best type of deal for you.
Ask yourself a few questions....
How long will you be in this house?
What is your tolerance for payment fluxuation?
What kind of down payment can you afford if any?
How is your credit? Income?
These are the basic questions any mortgage professional will ask you. There are literally hundreds of programs available out there.
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