Monthly Archives: March 2009

Author : john mce

The newspapers might be full of doom and gloom but the credit crunch and general economic downturn has to be good news for someone Despite the stories about first time buyers being forced out of the market by banks refusing them large mortgages, the housing recession poses a great opportunity for those wishing to get their first foot on the ladder

The government has announced a package to help first time home buyers and those struggling to pay their mortgage It has suspended stamp duty for houses sold for 175, 000 pounds and under It also announced HomeBuy Direct scheme allowing those with low incomes to sell a share of their home and rent it back

With the financial turmoil and rising food and petrol prices, many home owners are facing repossession or the possibility of approaching home purchases to buy their home and rent it back to them The new government scheme allows those who might otherwise have their houses repossessed to keep up with payments without having to surrender their home

Those struggling to keep up with mortgage repayments and facing repossession can sell their home to a registered social landlord (RSL) who will pay off the mortgage and then rent the property back to the occupants at a level which is affordable

In some cases, the RSL could purchase a portion of the property, or provide an equity loan which could help to reduce the homeowners mortgage repayments This is similar to many Buy and Rent Back schemes offered by many private companies

The new HomeBuy Direct scheme allows first-time home buyers with a household income under 60, 000 pounds to buy newly-built properties with a free equity loan of up to 30% of the property’s value

A spokeswoman said “We welcome the Government’s stamp duty initiative This is a sensible measure and it will help the housing market” on behalf of Halifax The Treasury has estimated that the one-year stamp duty freeze will cost the Government 600 million pounds

Around half of the 90, 000 home purchases made each month are on houses worth 175 thousand pounds or less, but deals below 125 thousand are exempt from stamp duty anyway

It seems that the government has finally stopped dithering and is committed to helping first time buyers and the market as a whole House prices are falling, but their value at the beginning of the year was probably inflated, so they still probably have a way to fall

A Quick Sale is the number one property buyer in the UK. We can help you with a quick property sale and find solutions to keep you in your home, through rent or buy-back options. We can help if you are facing repossession.

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Author : Giles Kavanagh

I ve been in business for a long time and I ve rarely seen so many people so discouraged The economy is currently going through a tough time and people everywhere are worrying about their futures

TV and newspapers are full of stories about hard working people who lost their job and their house Others are working harder and longer than ever for the same money, barely able to pay rising fuel and food costs

What s the solution? Start your own business You will earn more money and you can t be fired or downsized

This is the perfect time! When times get tough, great businesses are started I m always amazed at how thousands of America s most famous businesses were started in the Great Depression of the 1930s when every 3rd person was out of work Then again, in the 1970s and early 80s, when recession and hyper inflation ruled the day, many great companies like Bill Gate s Microsoft got their start

Tough economic times are great for starting your own business for two very important reasons:

1) Very few new businesses are being started right now The field is not crowded like it normally would be Your product, service, or idea will receive a LOT more attention from potential customers

That means you can start up for less, advertise for less, and make your first sales sooner

It s important to note when the economy tightens, advertising rates drop like a rock Suddenly you can advertise in top e zines, on heavily visited web sites, and even on radio and cable TV for far less money

Advertising rates become highly negotiable in times like these A new business can take full advantage using low cost ads to reach lots of people who are ready to listen

2) You can NEVER be fired, downsized, or underutilized in your own business YOU own You re the boss If you think something is a good idea, you do it If you don t agree with the idea, you don t do it Nobody is playing politics with your career

When YOU are the boss, the harder you work, the more money you make And there is absolutely no limit to how much you can earn in your own business The average small business owner pulls down around $70,000 per year, but many, many more see their income jump into the six figure rage within a relatively short time

Can you do that as an employee working for someone else? Usually not!

Owning your own business gives you amazing security You can comfortably continue to grow your business year after year, giving yourself and your loved ones a great lifestyle while building a fine retirement for yourself

So you ve decided business ownership is for you But what will you sell? If you don t already have your own product or service, that question can be a hard one

Fortunately there are some excellent businesses that are turnkey and ready to go The parent company sets you up with popular products millions of people want, training on how to run your business, marketing materials, and expert help anytime you need it

One of the very best of these companies is Melaleuca based here in the United States They re a large Fortune 500 company, yet ALL their members are independent business owners It only costs a few dollars to start your business with them, yet I personally know dozens of members who are earning fabulous incomes that put them firmly in America s elite

Don t hesitate Your BIG opportunity to start your own business is RIGHT NOW Remember, anyone can own their own profitable business You simply have to take the first step

Giles Kavanagh is a longtime business owner who helps others start their own businesses See his complete business package perfect for starting your own business fast and at low cost:

http://xtracheck ownanewbusiness com Reach Giles at giles@my180 net

Giles Kavanagh is a longtime business owner who helps others start their own businesses. See his complete business package perfect for starting your own business fast and at low cost: http://xtracheck.ownanewbusiness.com Reach Giles at giles@my180.net .

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Author : Joseph Kenny

Before asking when is a good time to remortgage, it’s a good idea to understand why people remortgage Very basically, the reason for remortgaging, or moving your mortgage from one company to another, is to save money

Usually, the saving will be in the form of playing less per month in mortgage payments If you do not save money by switching companies, there is generally no point in remortgaging if you do not make a substantial monthly saving

Up until fairly recently, most people in the UK would stay with one mortgage company for the entire length of the loan This was mainly because there really wasn’t a lot of choice Interest rates at banks and building societies were very similar So, there was little point in moving the mortgage

That has changed over the last few years, with vastly increased competition for mortgage business Lenders are now far more competitive, and are far more willing to make ‘special offers’ Something that was unheard of in mortgage circles 30 years ago

When is a good time to remortgage? Often comes down to individual circumstances If you are in need of perhaps an extension, because since you took out your original loan, you have had two children Therefore you need an additional bedroom This is when it is a good time to remortgage, for you, in those circumstances

Remortgaging is not a particularly challenging procedure These days brokers are well trained, and make it their business to keep up with all the latest interest rates, options, and offers that dozens of lenders, may have at any one time

After some conversation and reviewing your paperwork, a broker should instinctively know which are the most suitable lenders to approach with your remortgage situation

If you see an advertisement offering a mortgage rate that is lower than the one you are paying at the moment You should at least make tentative enquiries about the details and requirements of the offer The reason is very simple; saving half a percent on a mortgage may sound unimportant

But consider this, if you shave just 100 off the cost of your mortgage per month, which is 1200 per year, if you still have 20 years to run on your mortgage that equals 24,000

That could be a year’s salary, which means you have to work one less year out of 20 to pay off your mortgage If your boss said to you tomorrow, ‘I’m give you a year’s paid leave’ you would jump at the chance So why not jump at the chance of saving that amount of money

So exactly, when is a good time to remortgage? One excellent point, at which you should definitely consider moving your mortgage, is at the end of a fixed deal with your existing mortgage holder Where for example for the first three years, you paid a lower interest rate, but now, your agreement, says that you will have to pay a higher rate

There is almost certainly a better deal, out there for you The new mortgage may keep your pavements the same or even reduce them That is definitely a good time to remortgage

If interest rates are increasing, and you have a variable rate mortgage that you took out because at that time, it was a better deal than a fixed rate mortgage You will now be paying more each month than you were at the start of your mortgage three years ago Now may be a good time to change tactics and move to a fixed rate mortgage

Remember that if you do not psychologically handcuff yourself to your lender, and to your mortgage You will be free to shop around and find the best deal You are not obligated to stay with the mortgage company, just because they were good enough to give you a loan a few years ago

You have made your payments on time, you have been a good customer, if they wish to increase your payments, then you are free to look elsewhere for new opportunities

So, back to the question When is a good time to remortgage? The answer is, whenever it suits you, whenever you feel you can get a better deal elsewhere or, you need cash to invest back into your home, or perhaps a different investment such as a buy to let property A good time to remortgage is any time you feel he will be advantageous to you

Joe Kenny writes for Glitec.org, offering loans in the UK, visit them today for remortgages or for US residents, Rebuild for mortgages

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Author : Daniel Riley

A conventional loan is essentially any type of lender agreement that is not fully protected by the FHA (the Federal Housing Administration) or fully backed by the Veterans Administration Potential homebuyers who have at least 3% of the purchase price available to make as a down payment may be eligible for this most popular type of loan program

Fixed Rate Loans

Several categories of conventional loans exist, the most common and familiar being the fixed rate mortgage In the cases of fixed rate mortgages, the borrower will lock in an interest rate, and pay down both the principal and interest on the loan at that interest rate every month until the mortgage is paid off The most typical term of a fixed rate loan is 30 years, though fixed rate mortgages can also be obtained for much shorter terms, the primary difference being in the size of the monthly mortgage payment

Conforming Loans

Other conventional loans are known as conforming loans In these cases, an arrangement is made between borrower and lender that comply with the stipulations of two federally run mortgage trading companies (or Government Sponsored Entities – GSEs) Fannie Mae (FNME) and or Freddie Mac (FHLMC)

Fannie Mae and Freddie Mac do not directly approve or deny loans They buy and sell home mortgages, working with lenders to make home ownership easier for people to attain Lenders like to sign up borrowers with conforming loan, because they can then sell these loans to Fannie May or Freddie Mac in order to more quickly receive the funds coming to them, and use those funds to make other investments Fannie Mae and Freddie Mac, in turn, then repackage these loans to sell to investors as securities

The current guidelines for a conventional Fannie Mae loan set a maximum purchase price for a single-family home at slightly above $415,000 (though residents of Alaska, Hawaii, or Guam may be able to qualify for an even larger loan)

The interest rate as well as the short- and long-term pricing on a conforming loan is determined primarily by the type of loan applied for Also taken into consideration will be the amount of funds you already have to contribute to closing costs, your credit rating, credit score, and credit history, your employment history, and the type and location of the home in question

Jumbo Loans

Other forms of conventional loans are nonconforming loan instruments that do not meet Fannie Mae or Freddie Mac loan qualifications, such as jumbo loans, or loans so large they fall outside the Fannie Mae and Freddie Mac loan limits (or purchase limits) Jumbo loans are provided by private investors and as such ordinarily come with much higher interest rates than conforming loans

Somerset Mortgage Lenders has been in business since 1979. Whether you are looking to refinance your mortgage, consolidate your debt, improve your home, we can help. Call us toll-free at 1-800-675-9783 or visit us online.

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Author : Daniel Riley

The Federal Housing Authority (FHA) insures loans against default, protecting both lenders and borrowers It neither makes loans directly nor sets the interest rates on loans it insures FHA insured loans can be used to purchase new or refinance existing 1-4 family homes, condominiums, or mobile or manufactured homes on a permanent foundation

Many excellent reasons exist to select an FHA mortgage, particularly if you fit one of more of the following qualifications:

* you are a first-time homebuyer;

* you are unable to offer much of a down payment;

* you would like to have the lowest possible monthly mortgage payments;

* you have concerns regarding monthly mortgage payments increasing at some point;

* you have concerns regarding the consequences of falling behind on your monthly mortgage payments;

* you have concerns about even being able to qualify for the loan in the first place;

* your credit is less-than-ideal;

If any of those factors apply to you, then an FHA mortgage might be just thing for you to apply for This is because FHA mortgages are insured, offering several protections and benefits otherwise unavailable to you through most other loan packages

The benefits of an FHA mortgage include the following:

* Lower Rates: Since it’s the Federal Government insuring FHA loans for the lenders, FHA mortgages typically offer interest rates considerably lower than the norm For this reason alone, it is always worth comparing all other loans available at any given point in time against FHA-insured loans

* Less of a Down Payment: FHA mortgages can be obtained with only 3% down and, unlike most other mortgages, permit the down payment come in the form of a gift from employers, family members, or charitable organizations

* Easier to Qualify: As FHA mortgages are insured, lenders are generally far more willing to offer loan terms and qualifications that are easier to meet

* Lower Credence Given to Credit: FHA loans are ideal for people with poor or less-than-perfect credit, as even people who’ve suffered credit and employment challenges (including bankruptcy) can still qualify for one

* More Protection: The FHA was formed in 1934 to help people buy and keep their homes, and they’re not about to watch the homeowners they help then lose those homes to foreclosure Rather, the FHA offers numerous options to FHA mortgagees in a bind, a boon most conventional loans don’t come close to

Somerset Mortgage Lenders has been in business since 1979. Whether you are looking to refinance your mortgage, consolidate your debt, improve your home, we can help. Call us toll-free at 1-800-675-9783 or visit us online.

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