Finding Flexible Mortgages : Home mortgage review 2008

Finding Flexible Mortgages

by Aixa Villa

Being a home owner can be frustrating at times. You may reach a point where your finances require that you find a mortgage. This opens an entirely different challenge to you. Where do you go for your mortgage? Whose advice do you trust? Totally Money provides you with all of the information and advice that you need regarding finding the mortgage that is right for you.
Through Totally Money's easy to use and fast service, you can find the right fixed rate mortgage, bad credit mortgage, or remortgage. First, you simply have to fill out the United Kingdom mortgage finder form to determine which mortgages are available. You will receive a phone call from an independent mortgage broker who will find out your personal needs. Finally, you will receive a mortgage quote that is individually tailored to your personal needs and circumstances.
Not only does Totally Money help you to find and compare mortgages, the service also provides many guides that contain information all about mortgages. The "First Time Buyer Mortgage Options" guide gives you a simple explanation of the many different mortgages available for first time home buyers. The "Long Term Fixed Rate Mortgages" guide provides you with all the information you need regarding long term fixed rate mortgages, while the "Remortgage Tarts" gives you the tools you need to make wise remortgage choices.
Whether you have had mortgages before or are a first-timer, Totally Money has all of the information you need to choose a mortgage that is ideal for your particular situation and need. When you need information about mortgages, visit Totally Money for knowledge you can trust

Does My House Require Flood Insurance For A Mortgage? : mortgage review

Does My House Require Flood Insurance For A Mortgage?
by Bernie Dozier

Are You Asking, Does My House Require Flood Insurance for a Mortgage?
First time home buyers or mortgagees may be wondering, does my house require flood insurance for a mortgage? With all the other types of insurance and riders that you are required to get for a mortgage, it's no wonder that you may be wondering this. So what are the rules and regulations about flood insurance? Does your house require flood insurance for a mortgage, and if so, where is the best place to go for such insurance? Can you bank or lender arrange this and if they offer, is this a good deal or should you get your own?
Does Your House Require Flood Insurance for a Mortgage?
The quick answer is that not all homes require flood insurance for a mortgage. If your lender does require flood insurance, lenders must document the determination using the Standard Flood Hazard Determination Form provided by the Federal Emergency Management Agency (FEMA) and retain that form for the life of the loan. The answer to your question, does my house require flood insurance for a mortgage is going to be determined by the federal government if FEMA determines that the home is in a flood zone or flood plane. If not, then your lender should not require flood insurance for a mortgage loan.
Why Does My House Require Flood Insurance for a Mortgage?
Remember that a mortgage is a loan on a home and that home is considered the collateral for the loan. Any obvious danger to that collateral is something that the bank will need protection against. This includes fire, vandalism, natural disaster, and flood. Chances are that you don't have enough money to cover the remainder of the mortgage loan in cash, so the bank needs to protect its investment.
You might also ask, does my house require flood insurance for a mortgage and if not, should I get some anyway? Usually any insurance company that provides homeowner's insurance will be able to attach a rider on the policy that covers flood, and you may want to consider getting this even if your bank doesn't require it. What will you do if there is a flood and your things are destroyed or the home is damaged beyond repair, or will cost tens of thousands of dollars to repair? It's surprising how easily a flood can happen even if the home is not on a flood plane. You might do well to compare plans with your insurance provider.
So does your house require flood insurance for a mortgage? This actually depends on whether or not the federal government thinks that it's in danger of being flooded, but even if they don't you might consider just getting flood insurance for your own peace of mind. Typically, homeowners' insurance policies do not cover such things as flooding, landslide and earthquakes. A special policy or rider is needed to cover damage from these as well as other special hazards. Check with your insurance agent to find out what is and is not covered in your homeowner's policy.

Re-mortgages : Home mortgage 2009

Re-mortgages
by R Rama

Most borrowers become unhappy with the deal that they have availed from a lender with the passage of time. This is because lenders may often change offers, or provide new offers that will have better terms and conditions. A vigilant buyer can assess the new offers and may be able to change lenders if he or she feels that the existing mortgage is not enough to create adequate savings.
When planning for a remortgage, it is better to enquire with the lender whether they are willing to change the offer. If the lender obliges, it is better to stick on with the current lender. However, if the lender does not oblige, it makes sense to find a new mortgage provider who may be able to provide a better deal for a much better bargain. Re-mortgaging one's house is a way of availing a better offer for one's home.
There could be many reasons why a house owner would try and re-mortgage his or her property. The biggest reason would be an offer from a new lender that provides lower interest rates. Since mortgage loans are long-term loans, a small change in repayment interest rates would benefit the house owner in the long run. Additionally, a house owner can also use a re-mortgaging initiative to capitalise on the higher equity value of the home. In addition, home owners can also benefit from additional offers that are often provided by banks on new re-mortgaging initiatives. A re-mortgaging initiative will also help a homeowner to manage his or her finances and reduce a complex mortgage loan into a manageable loan that can be easily paid back. Remortgages can also be used to pay off high cost debts provided the new offer provides for lower interest rates.

When Should You Remortgage Your Home? : Home remortgage refinancing review 2008

When Should You Remortgage Your Home?
by Michael Sterios
If you're a homeowner, you'll know only too well the cost of owning a house. With ongoing maintenance costs, council tax and more, often being a homeowner is at the expense of things like holidays and new cars. However, this needn't be the case, with remortgages proving extremely popular over the last few years when it comes to needing extra money.
Additionally, remortgages are also an excellent way to make sure you continue to get the best interest rate available, and offers you the chance to change mortgage lenders or providers if necessary. Despite this, many people still aren't taking advantage of this opportunity, through a mixture of misunderstanding and belief they have the best deal anyway. This is why it's important to look at what a remortgage can offer you.
Getting a Better Interest Rate
One of the prime reasons for remortgaging your home is that it can help you choose a better interest rate than what you're currently paying. For example, when you first buy your house, you'll usually either take out a fixed-rate mortgage or one that has a variable rate.
Because interest rates fluctuate quite often, it doesn't make sense staying in a fixed interest rate mortgage that is charging 5%, when you could easily swap to one that's only charging 4.5%. The same goes for variable interest mortgages - use the opportunity that a remortgage offers you to swap to a lender that can offer you a lower interest rate than what you're currently paying. Even if you find that there's a penalty for doing this, the savings you make will be more than worth the cost.
Release the Equity in your Home
Another benefit that remortgaging your home can offer is that it can release a lump sum of money whenever you need it. This can be for a variety of reasons, and best of all it's often far cheaper than taking out a more traditional loan from a bank or similar.
Many homeowners are now using the equity in their home to pay for things like a child's wedding; home improvements and renovations; or even a luxury cruise for a special occasion, such as a golden wedding anniversary. You can even use the money release by a remortgage to buy yourself a new car - unlike a lot of normal loans, there's no restrictions on what you use the money for.
How it Works
One of the reasons there are still so many people not making use of this easy way to free up some extra money is that they misunderstand what a remortgage involves. However, it's a fairly straightforward process yet can make such a difference to you financially.
At its simplest, remortgaging your home is simply replacing your current mortgage with a new one. This may mean only changing the type of mortgage you have with your current lender, or changing lenders altogether. Just like an actual mortgage, there are a host of different rates and types of remortgages available to you, so before you make the final decision, make sure you shop around.

Remortgage - tips for finding a suitable deal : Home mortgage review 2008

Remortgage - tips for finding a suitable deal
by Peter Patagrew
When you have to make high amount of payments each month towards a home loan, it becomes a huge burden on your finances for variety of reasons. There is less money left for meeting other necessary expenses. Well, in such a scenario, taking out remortgage could be a solution.
Remortgage means that you intend to get rid of your existing loan and want to replace it with a new loan. In doing so, the main motive usually is that your monthly outgoings are down substantially. You can achieve it by availing the new loan at lower interest rate. In fact, the reasons for replacing an existing loan vary from borrowers to borrowers. One reason could be that you wan to repay the balance payments early. Another one could be that you want to pay for your child's tuition fee through the amount you save on the interest payments.
When should you go for replacing your current burdensome loan? Well, generally, the adequate time is when the interest rates have fallen substantially in the market. However, even if the market rates are not down, you can have the new loan at lower rate than the rate on your existing loan. This is because you are likely to have an improved credit rating in past few months after making timely repayments for the current loan installments. Check your FICO credit score before approaching a lender.
Another aspect you should keep in mind while opting for remortgage is that you should take it out in the early stages of the existing loan. You can save much more money this way as compared to replacing the loan in its later stages.
Each lender has different interest rates on remortgage. Instead of rushing to the first offer, you locate, apply for the rate quotes and make an extensive comparison of them. This way, you can find a suitable deal for your circumstances.

Mintel predict mortgages doom ahead : Home mortgage remortgage refinancing review 2008

Mintel predict mortgages doom ahead
by Paul McIndoe

According to market research company Mintel, as many as one in three people holding UK mortgages - almost 5.5million people - are facing the prospect of severe financial difficulties, all because of the sub-prime crisis in the USA. Mintel says that it's not just those with poor credit records who are being assessed as 'risky', but those who move home regularly and the self-employed. After carrying out a thorough analysis of the nation's entire mortgage book they have concluded that almost one in ten of the UK's 16.5 million mortgage holders would be classified as sub-prime borrowers. Almost another one in four can be classified as non-standard borrowers; these are people who may be self-employed, have irregular income or have fallen behind on regular payments and therefore fall into the 'high-risk' category. Because of the perilous state of the financial markets following the mortgage crisis in the US, people who are not in traditional, financially secure situations will become the first casualties of the tighter lending criteria imposed by lenders. Homeowners in that category will now face increased fees and higher interest rates if they move or attempt to remortgage. However, it is ironic that more people are moving into the so-called 'non-standard' mortgages category due to changing circumstances, such as increasing levels of divorce and self-employment, just as the estimated £125billion market becomes more expensive, and loans become harder to obtain. Many lenders are already withdrawing products such as bad credit mortgages, and seeking to improve the margins on their remaining lending portfolios. It's unlikely that borrowers in the 'non-standard' category will be unable to compare mortgage products favourably against traditional mortgages; the interest rates will be higher and the supply severely restricted, as lenders become more risk averse. Senior Finance Analyst at Mintel, Toby Clark said: "Sub-prime borrowers form only the tip of the ice-berg. As lenders become increasingly cautious, mortgage-holders will be offered less than favourable terms when they need to remortgage. As many will not be able to afford the increases, we may see millions suffer." Clark points out that the amount of standard mortgage holders of two and three year fixed rate deals due to expire shortly, will only make the situation worse. Many will find that arrangement fees and interest rates are dramatically higher than when they took out their original deals. In some cases borrowers will be unable to afford the increased payments and could be facing the spectre of repossession.

What is mortgage and bad credit mortgage? : Home mortgage remortgage refinancing review

What is mortgage and bad credit mortgage?
by Jenny Holmes

In many countries it is normal for home purchases to be funded by a mortgage. In countries where the demand for home ownership is highest, strong domestic markets have developed, notably in Spain, the United Kingdom and the United States. A mortgage represents a loan or lien on a property/house that has to be paid over a specified period of time.
Most banks and building societies offer mortgages, as well as specialist mortgage lending companies. If you change lenders but don't move home it's referred to as a 'remortgage'. You can get a mortgage direct from the lender (banks, building societies and specialist mortgage lenders), or you can use a mortgage broker. You can buy based on 'information' only or get advice and recommendation on a mortgage that suits your particular needs. Once you decide on the mortgage you want, do your homework. Different lenders offer different rates, points, and fees. Ask around and compare. Understanding the benefits of different mortgage offerings can be a complex process. How do you figure it all out? Think of it as your personal guarantee that you'll repay the money you've borrowed to buy your home. Mortgages come in many different shapes and sizes, each with its own advantages and disadvantages. Make sure you select the mortgage that is right for you, your future plans, and your financial picture. In the last few years, mortgage lenders have been looking at affordability, rather than just salary multiples. A mortgage lender will look at all your regular incomings and outgoings and calculate how much they are prepared to lend. You may be able to get a bigger mortgage than you initially thought.
However many people these days have a bad credit mortgage rating, often due to circumstances beyond their own control. You may need a bad credit mortgage (also known as impaired credit mortgages, or subprime mortgages) if you have been declared bankrupt in the past, have fallen into arrears on a mortgage or suffered other debt problems. Or you may simply have a CCJ (County Court Judgement) against your name, due to non-payment of a utility bill, for example, which may necessitate a bad credit mortgage when you come to buy a property.
Before you are going to get bad credit mortgage, be sure that you know all this tips: 1. Don’t borrow too much in the first place 2. Allow for the fact that interest rates may go up 3. Allow for the fact that your income may go down 4. Prioritize 5. Fixed rate agreements come to an end at some point 6. Get rid of the millstone 7. Do not sublet without permission 8. Speak to the lenders Remember that the two main ways to repay your mortgages or bad credit mortgages are 'repayment' and 'interest only'. With a repayment mortgage you make monthly repayments for an agreed period (the 'term') until you've paid back the loan and the interest. With an interest only mortgage you make monthly repayments for an agreed period but these will only cover the interest on your loan (endowment mortgages work in this way). You'll normally also have to pay into another savings or investment plan that'll hopefully pay off the loan at the end of the term.