One of the surest ways of ensuring a secure future for oneself and one’s family is the purchase of a home. A house or apartment is a massive commitment to the future but it ensures that one has a permanent address and, once it is paid for, there is no rent and the expenses of daily living drop dramatically.
Most young families who go this route are likely to move at least twice between buying their first home and the one they eventually pay off and retire in. Having bought affixed property one is then a homeowner with a vested interest in the neighborhood and the future of the country and its economy.
Very few families, when starting out, or even when buying a property to retire to have the cash up front. So they go to mortgage lenders. There are many mortgage lending institutions in Canada and most of them offer similar deals. Much depends on the following; the property to be mortgaged, the amount one wishes to borrow, the amount of personal equity one is investing, one’s credit history, one’s assessed ability to pay.
All of these conditions are logical if one thinks about them. If one is
The 30 year rate fell from 4.42 to 4.36 this week. This is the 6th week in a row where rates have fallen. But more importantly this is the 5th week where we have hit a new all time low. In that time the 30 year rate has dropped from 4.57 to 4.36. Considering that 4.57 was an all time low this is a decent drop.
The 15 year dropped from 3.90 to 3.86. The 5 year arm stayed even at 3.56 and the 1 year arm dropped from 3.53 to 3.52. These were all time lows for the respective mortgage products. Below are rates from the weeks from Jul 29, 2010 to Aug 26, 2010
Aug 26, 2010
30-fixed 4.36 15-fixed 3.86 5 ARM 3.56 1 ARM 3.52
Aug 19, 2010
30-fixed 4.42 15-fixed 3.90 5 ARM 3.56 1 ARM 3.53
Aug 12, 2010
30-fixed 4.44 15-fixed 3.92 5 ARM 3.56 1 ARM 3.53
Aug 05, 2010
30-fixed 4.49 15-fixed 3.95 5 ARM 3.63 1 ARM 3.55
Jul 29, 2010
30-fixed 4.54 15-fixed 4.00 5 ARM 3.76 1 ARM 3.64
Feb 11, 2010
30-fixed 4.97 15-fixed 4.34
Is the FHA streamline mortgage refinance really free or a scam?
The FHA streamline refinance is a mortgage program that allows borrowers, with FHA loans, to lower their existing mortgage payments and bypass many of the requirements that lenders usually require for new loans. The logic behind the reduced requirements is simple. FHA streamline refinances do not allow borrowers to increase their current loan balances. Since no additional money is being loaned, there is no additional risk for FHA or the lenders. This is also why they often waive appraisals.
Although FHA streamlines are simple and fast (most close within 30 days), they are still considered mortgage refinance transactions. Under the Real Estate Settlement and Procedures Act (RESPA) all refinance transactions require that the title companies (usually attorneys) review the files and pay all of the required municipal fees at closing. Even if a lender waives their fee (Ex. no-closing-cost loans), the title company and local recording fees must still handle the closing and be paid. This raises the primary question. Can mortgage companies advertise no-closing-costs programs when essentially all mortgages have mandatory fees? Are FHA streamline loans really free?
The answer is yes and no. Yes, there are legitimate
Are you a homeowner looking for sample mortgage modification letters to base your own hardship letter off of? Trust me, you’re not alone. It seems like there are things you should and shouldn’t do on your modification letter and if you mess up with even one part, you’re whole application is out the window. I’ve created a sample mortgage modification letter for you to look at and see how it’s done. You can’t risk not having your loan modification application approved just because of a letter.
Every homeowner has their own story of how they came to not be able to afford their mortgage payments. The one below is based around a rate increase, but you may have an entirely different circumstance. No matter the reason you can’t make your payments, you need to be as clear as possible on the reasons why.
Sample Mortgage Modification Letter
Name: (The one the loan is under, and maybe your own depending on circumstances.)
‘Dear Sir or Madam’ or ‘To Whom It May Concern’:
(State why you are sending them the letter.) I have sent this letter to support our application for a
Mortgage brokers in Bristol or any other part of the UK are known for helping out consumers in getting easy mortgages. You may be wondering how these mortgage brokers can help you save time and money. Basically the mortgage advisers or mortgage brokers provide you with loans from various lenders. The task of the broker is to act as the mediator between the loan provider and the borrower.
The mortgage broker helps you save time by mediating between the loan provider, and the borrower. Usually the loan providers are reluctant to offer loans or mortgages to everyone. They evaluate the applicants on the basis of credit scores, their financial stability, income and other related factors. Basically the entire time wasted on evaluating the financial potential of the client is saved. Mortgage brokers handle the process, and also start researching about the client immediately.
The borrower saves time and money because he or she does not waste time on market research. They dont have to spend too much time getting mortgage quotes from different lenders. The best deal can be had for a certain kind of mortgage loan. These mortgage brokers function with numerous lenders, and match the suggested lender with the individual