mortgage

Ways to Pay Off Your Mortgage in Advance

Lower mortgage rates often allow a homeowner to pay off mortgages in advance. However, you’ll need to determine if that’s a good idea or not. You may explore certain other alternatives like that of investing a portion of your extra income in a 401(k). You may pay off your mortgage earlier if you haven’t applied for any academic aid for kids based on your need.

Consider a few good ways for paying off your mortgage earlier:

Opt for short-term mortgage refinancing

You may consider refinancing into some 15-year or 10-year mortgage for paying off your mortgage within a short-term. Let’s assume you have a mortgage for $200,000 at a fixed rate of 4.5 per cent for 30 years. Suppose, after a period of 5 years you agree to refinance into a loan for 15 years at a rate of 4 per cent. By doing this, you’re actually paying off your mortgage some 10 years in advance and it will help you save a little over $60,000 with the exclusion of your refinance closing costs.

Compared to all 30-year term mortgages, those worth shorter terms come with interest rates between quarter and three-quarters of the percentage point. But you’ll need to bear the closing costs when it comes to a mortgage refinance. The value of monthly payments is bound to become higher when you opt for a quicker payoff. In case you don’t have adequate money to pay for your mortgage on a particular month, then you’d be locked in. You should only consider refinancing if the old interest rate is higher than the new rate.

Pay an extra amount every month

If you can afford to pay a little more every month, then you may enjoy the benefits of an advance payoff without having to worry about the additional refinance costs. You may recalculate your monthly payment by enjoying the fruits of an advance payoff without bearing any extra charges for refinancing your mortgage. The interest and the principal amount that you pay every month have to be divided by 12 and added to your monthly payment for up to 12 months. For all these 12 months, you’ll be making about 13 payments.

By doing so, you’ll end up saving an amount over $18,000 in terms of interest and get your mortgage paid off in advance by about three years. In order to get your additional payments adjusted properly with your loan, you’ll need to get in touch with the mortgage servicer. Just to make sure that your payment has been adjusted properly, you ought to pay more attention to the following statement. Let your servicer know how eagerly you’re trying to repay and seek out the best repayment options.

Make an additional payment every year

It might be in your interest to bear an extra monthly payment every year instead of paying an extra amount every month. You may continue to save an amount worth 1/12th of your monthly payment each month, which you can pay once every year.



You may try doing this for the very first month after you achieve your mortgage for $200,000, which is distributed over a 30-year term with an interest rate of 4.5%. You’ll end up saving an amount worth $27,000 in terms of interest and your mortgage will be repaid by about 4 years in advance.

You may get your money directed towards the mortgage regardless of whether you’re experiencing an unforeseen windfall, some tax refund, or achieved a bonus for your performance at work. However, you must take care of your other financial needs in advance. For that, you’ll need to assess your entire financial situation and achieve a true picture.


Guide for Canadians to the new mortgage rules in 2018 – A rulebook to follow

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From 1st January, 2018, the Canadians who are getting a mortgage, or renewing their old one or refinancing their mortgage may require proving that they have enough ability to cope with the rising rates which are considerably higher than their contract rate. The new rules were announced by the federal financial regulator of Canada during October and this means that the borrowers who can even pay down 20% will now have to go through a stress test as it has been since 2017, January, particularly for the borrowers who have smaller down payments.

The state of Ottawa has already started taking steps to make the rules stronger and stricter around the mortgage market with a series of regulatory changes which are aimed at controlling the total amount of debt that the Canadians and the institutions take on. This turn taken on the Canadians can have a huge impact. Read on to know how these new guidelines will set an impact on you.

If you plan to purchase a house with 20% down payment in 2018

Having to qualify for the stress test clearly means that the banks will vet your application for mortgage by utilizing a qualifying rate that’s equal to the greater of the Bank of Canada or their contractual rate. So, if you’re going out for house-hunting in the coming year, you might have to settle down for a less amount home than what you could buy today. Or you would have to wait and save more for making a bigger down payment.

If you’re renewing your home loan in 2018

The lenders don’t require applying the stress test on the clients who are renewing their already existing mortgage loan. This clearly means that in case you don’t qualify the stress test, you will get stuck while renewing your loan with the current bank without being allowed to shop for a better rate. There are some cases where renewing borrowers will be forced to take the unreasonable rates from the present lenders.

If you’re refinancing your mortgage

In case you’re planning on refinancing your home loan, you will require qualifying according to the high stress state rates rather than the current contractual mortgage rate. Today, your lender would ensure that you can take out the best possible loan amount at the most comfortable rate.

All about credit unions

The OSFI or the Office of the Superintendent of Financial Institutions rules usually apply only to the financial institutions that are regulated by the federal government. This means that the Canadians should be able to continue borrowing money without taking a stress test if they take resort to credit unions that are provincially regulated.

Therefore if you’re a prospective mortgage borrower in 2018, you should make sure you have saved enough money for making the required down payment so that you can qualify through the stress test and end up with the loan of your choice.

 


Mortgage Application Has Been Rejected? Don’t Panic

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Lending a mortgage is a huge risk for the companies who are in the home loan business, so it is hardly surprising that a huge number of applicants are turned down and have their dreams dashed each year in the USA. If this is something that has recently happened to you, it is important that you don’t panic or become too disheartened because there are several options you can explore to get that all important home loan.

If your mortgage application has been rejected, one of these options might just help you become a homeowner in the near future:

Try Another Lender

Just because the first lender you tried wasn’t interested in granting you a mortgage, doesn’t mean a second or third lender won’t. Different companies have different lending criteria, and it might be that you fit at least one of them.

If you do decide to try another lender, don’t mention that you are doing so because you’re desperate, as that could set alarm bells ringing. Go to your meeting cool, calm and confident and who knows; you might just come out with a brand new mortgage.

Enlist a Cosigner

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If your mortgage application was declined because your income simply isn’t high enough, one option would be to find a cosigner with a large enough disposable income to count towards your home. Your cosigner doesn’t necessarily have to help you pay your mortgage off, but by offering their income as part of your application, they are guaranteeing the lender that one way or another, your mortgage will always be paid and that they will step in when necessary.

Obviously, if you are going to ask someone to be a cosigner, you will need to be confident in your ability to pay, and you must ensure that they understand their financial obligations as a guarantor because if you cannot pay yourself, they will be liable for the full debt.

Wait and Work on It

It might not be what you want to hear, but sometimes waiting for a year or two before you make a new application is the best thing you can do, especially if a low credit score was your downfall. By waiting just a short while, you can work on rebuilding your credit rating and save for a larger down payment. Often, conditions will also improve, and lenders will feel more confident in loaning people money who they would not have touched before.

Downsize Your Dreams

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So, you might really want that big corner property in your town’s hippest neighborhood, but if the mortgage is just too expensive for you to secure a loan, you might want to start smaller. This doesn’t mean that you should give up on your dreams, it just means that you might have to take more small steps to get there. Chances are, if you look at a smaller properties, or pick out a place in a more affordable location, you’ll qualify for a home loan, get a foot on the ladder, and be able to trade up to what you really want in a few short years.

Have you successfully obtained a mortgage after being rejected How did you do it? What steps did you take?


US mortgage market outlook – Proposed changes in mortgage investment market 2016

Though home prices keep climbing, yet homes remain affordable throughout the US. What may be the reason behind this? Well, the present mortgage rates are tempering the rising home prices. In the last quarter, more than 7 among 10 US homes were deemed as ‘reasonable’ to households which earn the median income of the nation, although assuming that the family took out a 30 year mortgage, made a prudent down payment on the property and also boasted good credit scores. The second quarter of 2016 saw low rates on mortgage loans and rates reached an all-time low level.

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This kept a check on affordability but then it was deduced that affordability of homebuyers was entirely dependent on continuous low rates. Home prices keep rising and then it hit the highest level since the 2nd quarter of 2007. For all those buyers who are looking forward to capitalize on their home buying dollar, the next couple of months might be the best time to do so. At the same time, there have been some changes to the mortgage investment industry which homebuyers should know of. Let’s take a look at some of the proposed changes.

  • Collateral requirements will increase: As per the new rules, private-label issuers of residential mortgage-backed securities as of Dec, 24 will need to collect at least 5% of the mortgage deal unless the loans abide by the criteria for qualified residential mortgage loans.
  • Loan limits will be higher in few counties: There are around 39 expensive counties where FHFA (Federal Housing Finance Agency) will increase the size limits of loan purchase for Freddie Mac and Fannie Mae in 2016. Limits on FHA loans which serve as collateral to Ginni Mae securities will also be increased in around 188 counties.
  • Availability of new hedging instruments: On January 11th, CME Group’s Ultra 10 year Treasury note will debut. The head of the group of interest rate products, Agha Mirza is of the opinion that this product will assist originators in managing risks related to mortgage products.
  • Fannie Mae to collect more data on credit: Fannie Mae in the middle of 2016 will start asking the loan sellers to utilize detailed data on credit, including rate of utilization over time, as against static information on balances and payments. Brad German, a Freddie spokesman said that GSE will also be going through a change.
  • Increased options for small investors: There will be increased options for accredited investors which will help them grow their business. Income and plans to purchase prime-credit non-QM loans can be made to eligible borrowers who are non-agency eligible. They can also get notes which reference mortgages’ pass via cash flows.
  • Increased margin for GSE modifications: This rule has already come into effect since 1st March and as per this change, mortgage servicing companies need to calculate the full obligation of a borrower to determine whether or not he is eligible for a Freddie Mac or a Fannie Mae loan. Can the borrower opt for a loan modification in exchange of the principal balance which was used previously?
  • New process of electronic filing: Under the Uniform Mortgage Data Program, the GSEs will soon start querying the mortgage sellers about submitting closing data electronically by the last quarter of 2016. It has also been noted that this program will most probably become compulsory by the middle of 2017.

So, although this is being deemed to be the market for homebuyers, yet you have to be aware of the changes so that you may make a measured decision while getting a mortgage loan. Stay within your affordability and manage your monthly payments systematically too.


How to Begin Renting Out Your Property

You are considering buying or building a new home. You cannot afford the mortgage payments without selling your present home. The market conditions do not allow you to sell your present home without suffering a huge loss. Have you considered renting your present home and using the rent to make the mortgage payments?

Creative Financing Can Salvage Your Dream

This kind of creative financing can work. You can have the best of both worlds. If done properly, the rent on your old home will make the mortgage payments on an existing mortgage. If you are fortunate enough to have a low or no mortgage balance on your present home, the rent may make the mortgage payments on your new home. You could always upgrade your old home with the help of Red Deer home renovations personnel, which would allow you to charge even more for rent. As a fringe benefit, you have become a landlord.

Investing in propertyCheck on Local Regulations

First, government authorities must be contacted to be sure renting the house does not violate zoning regulations. It is important to have accurate knowledge of the local rental real estate conditions. The realistic rent must be high enough to cover mortgage payments, maintenance and other expenses. Allowance must be made for an occasional vacancy. If the rent is realistic and renters are properly screened, vacancies can be minimized.

Do You Have a Landlord’s Personality?

Be sure you have the temperament necessary for a good landlord. If you are a worrier, turn the property over to a property management company. If you live in another town, do the same. Long-distance management does not work well. If you have the right temperament and expertise, you can keep all the profit for yourself. Running a rental business also means being able to evict bad renters.

A Lease or No Lease?

If you have a good renter, a long-term lease is wonderful. With a problem renter, a lease makes it much harder to evict a renter. You will probably need to go to court, and you will need an indisputable reason for the eviction. Eviction may be easier when renting by the month. If the rent is reasonable, renters who are treated fairly usually stay a long time.

Screening Renters is Critical

There are many things you want to do before renting out your house to a prospective tenant. Start with interviewing the whole family. Check credit references and former landlords. If possible, inspect the prospective renter’s present home. If possible, obtain a security deposit equal to three month’s rent. This will help to cover damages and back rent.

If you are able to keep a good relationship going with renters who are able to pay on time then you’ll definitely have the revenue available to build that dream home of yours with the help of Red Deer custom home builders. And just think… in the future you may choose to rent out your custom home as well. Once you turn your first house into a rental property you have started yourself on the path to continual revenue.


How To Get Organized And Save Money

These are affluent times that we live in.  Our lives are stuffed with all of the things that we desire, from entertainment systems to ornaments to crowded wardrobes to music collections, the list goes on.  Although it may be nice to have all those things in some ways, becoming overwhelmed is also very easy.  Your house gets so crowded and full of stuff that you can’t even remember what you have.  It’s almost impossible to find what you are looking for.  You might even buy something and then realize you already had the item.  Maybe it was hidden away in a drawer.

One obvious solution to this problem is to go buy boxes, shelves and other kinds of storage solutions at a furniture store.  However, that can get expensive.  Your new storage could also wind up just as cluttered and messy as what you currently have.  There are some fantastic mortgages available for families and professionals, and this is something you may consider, however I have other ideas before you make a decision about purchasing a new home for storing all of your clutter.

“Here are some effective ways to save money and reduce clutter at the same time” says John Thompson from YourNextMortgage.co.uk.

Storage Inside Storage

Save empty takeaway trays and small cardboard boxes.  These work really well to store small things in that you have laying around the house, including pens, kitchen ingredients or accessories for your electronic devices.

Another thing you can do is take lidless boxes and line drawers with them.  You can divide the drawer into different storage compartments, similar to a cutlery drawer.  Doing this will prevent wires from getting tangled up and make it easier to find various items.

If you happen to have a cupboard stocked with different shaped containers, you might want to transfer the contents and put them into storage tubs.  You can neatly stack these and use your space more efficiently.  If you get clear plastic ones, you will be able to see what is inside them.

Ebay

Go through your stacks of DVDs and CDs.  Ask yourself whether you actually listen or watch them.  If you can’t decide whether to hold onto to something or not, check eBay to see how much you could sell it for.  Ask yourself whether you would like to have the money or the copy or the CD or DVD.

Then start selling on eBay, you can turn your unwanted entertainment items into cash and also reduce clutter, free up much needed storage space and provide yourself with some money to buy something that you will truly enjoy.

Your Mending Pile

Is there a mending pile in your house full of items that you don’t ever get around to fixing, like the broken vase or coat missing a button?  Do you have broken tools and toys hidden in the back of a drawer?

Anything that is broken that you are holding onto is just wasting space.  Think about whether it is something that you want bad enough to buy a new one.  If not, just throw out the broken one.  If yes, then maybe it is something worth fixing.

To ensure that your mending does get done and prevent having to buy these things new, have a box next to the television for your mending items along with any equipment or tools you will need to do your repairs with, such as superglue, needle and thread.  The next time you are watching one of your favorite shows on television, get something out of the box and start to mend it as you are watching your show.  This will make it not feel like such a chore if you have something enjoyable to watch.

Only Keep Good Food

Don’t allow your refrigerator to get cluttered with old food.  Once a week, go through it.  Look for jars and leftovers that are out of date.  Either get rid of them or figure out what you will use them for before they go bad.

Getting your house organized doesn’t need to be a huge task.  It also doesn’t need to be expensive,  In fact, you can save lots of money in the process, so why not start today?

Citations:
  • More ideas on how to de-clutter your home
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Amy Rice writes about de-cluttering your home and mortgages, when not writing she enjoys swimming and horse riding with her daughter.


What to Consider When Buying a UK Holiday Home

Investing in propertyBuying a UK holiday home for letting purposes is very much something that needs to be done as much with the head as with the heart. For example, a property may strike you as being lovely and somewhere you would wish to spend your holidays but would it necessarily seem so to others? Of course, you cannot please all of the people all of the time but there are a few general points to think about before you start identifying target properties and thinking about holiday home mortgages.

Location
One of the few things that people won’t debate is that this continues to be the single most important aspect when selecting a holiday let property. Almost any property which has a pleasant view whether it be coastal, river, countryside or even over a pretty village, is going to be desirable to significant numbers of people. Those properties which simply look out over onto a road or a property directly adjacent, are likely to be less appealing to many as holiday accommodation.

Privacy

Whatever might be the case in Mediterranean high-density holiday locations, in the United Kingdom, most people wish to have a degree of privacy. So, properties which are overlooked or have gardens that are overlooked may prove to be something of a turn-off to many.

Surroundings

With today’s internet facilities and the ability to look down directly on to a location by satellite, properties that have a great view one side but which are only 200 yards from a cement factory on the other side are going to be spotted and rejected. So, think carefully about the wider surroundings – not just an immediate picturesque view.

Facilities
Many people, once past a certain age, don’t particularly enjoy the prospect of needing to rough it on holiday. So, properties that have good bathroom, dining and kitchen facilities may be much appreciated. That also goes for things like a washing machine and dryer.

Elderly and infirm
Things such as spiral and open staircases and may look great on an architect’s drawing board but they may prove to be exceptionally difficult for elderly or slightly infirm people. Given the aging population and the need to think broadly in terms of your target market place, it might be sensible to favour practicality over design ascetics.

Access and car parking
That cute village-centre coastal property may look idyllic but it might not be particularly attractive to families and older visitors if the nearest car parking is half a mile away. Keep in mind that even on holiday, people may need to shop and engage in other occasional similarly mundane activities.  That won’t be much fun if the weather has turned against them and they can’t park their car anywhere near the property concerned. It can also be an issue in terms of initially dropping off suitcases and baggage etc.

Match the property with your target marketplace
Larger multi-bedroomed properties may be very attractive to families but they might be rather less interested in locations that are isolated inland and a long way from anywhere else. Young children can only sit and appreciate views for so long. That type of location might suit couples looking for a romantic getaway but then they will probably be looking for smaller and more intimate properties.

Garden areas
Many British people are hopeless optimists and they look forward every summer to the chance of having some barbecues and al fresco dining. Even if in reality these opportunities are not easy to come by, nevertheless, remember you are selling the dream. So having a reasonable garden with somewhere that you can put some furniture and a barbecue might be essential in appealing to significant numbers of potential customers.


What is Underwriting and How Does it Work?

Mortgage_monkeyOnce you’ve finished your house search, made an offer for the property and been pre-approved for a mortgage, you may feel as though that home is yours. Unfortunately, however, the process is far from finished.

You still have to prove your credit worthiness to the underwriter before everything will go through on the sale, and if it is proved that you’re not worthy of credit, the sale will not go through. The job of checking your credit risk lies with the underwriter, and if you’ve told any ‘little white lies’ on any of your forms, the underwriter will find them.

Why Do Underwriters Exist?

For this reason, you can think of the underwriter as a form of ‘real estate detective’. Although your loan company may have pre-approved your finances, the deal isn’t sealed until the underwriter has approved it too. This is because the standards of the underwriter are much higher than the loan company. They will examine your application with a fine toothcomb in order to see if you have represented yourself in a fair and accurate manner. A loan company will assess your request at face value.

The reason that underwriters have increased their scrutiny is because of the reckless lending that led to the financial crash. Beforehand, banks were relatively loose with their lending and, as a result, many people were given loans that they simply couldn’t pay off. As a result, many homes have been repossessed, and because banks cannot afford to lend, they have tightened their regulations, employing underwriters. Today, you won’t be approved for a mortgage unless you can afford it and this provides both you and the bank with reassurance.

Spotting ‘Red Flags’

Any declared bankruptcy in your credit history or any irregularly will be considered to be a ‘red flag’. A red flag does not disqualify your loan qualification straight away, but it does make obtaining a mortgage much harder. If you have a solid employment history and can prove that you have rebuilt your financial situation significantly, however, you can still qualify. At the very least, they’ll accept a large down payment.

When your application is underwritten, the amount of money you owe will be factored into the equation. As a general rule,

Types of Underwriting

Underwriting, however, doesn’t only apply to mortgages. Many businesses the world over use underwriters to assess their insurance and the insurance they offer to others. Huge underwriting and insurances companies such as Catlin USA have specialist insurance policies for every situation and, as a result, they employ underwriters who specialize in specific niches.

So, to conclude, an underwriter will assess how much of a risk you are for a mortgage or how much of a risk you pose for insurance purposes. Remember, just because you’ve been pre-approved for finance doesn’t mean the underwriter will agree, and they will always flag it up if they think that you are trying to borrow more than you can afford.


What are the most important types of insurance?

If it might be unrealistic bordering on naïve to assume that anyone really likes paying for insurance.

However, it is something that might one day be all that stands between you and financial disaster so it might be important to take the matter seriously.

There are, of course, dozens if not hundreds of different types of insurance but some are perhaps rather more important to the average person’s daily life than others.

Possibly the most familiar and also potentially reassuring forms of cover are:

  • Household cover – This is what protects us financially against the consequences of things such as fire, storm damage, burglary and so on. Liverpool Victoria (also known as LV) is a provider of this type of policy;
  • Motor vehicle insurance – This is not only important it is one of those rare forms of cover that is actually a legal requirement if you plan to use a motor vehicle on the public roads. Axa Insurance is one specialist in this area;
  • Another car insurance provider is Esure who also offer additional insurance cover such as breakdown assistance and legal protection;
  • Life Insurance / Assurance – Policies here provide financial help to our families in the event of our death. Aviva is one well known provider of life cover;
  • Mortgage protection – The form of cover is typically aimed at meeting your mortgage repayments for a specified period of time if you cannot work due to accident, sickness or unemployment. Drewberry Mortgage Insurance is a specialist broker in this area.

Life_insuranceThis list is by no means exhaustive but you may find that some insurance providers offer broad spectrum cover across many of these domains whilst others specialise or major in one or two of them.

Almost inevitably in tough economic times, some people start to question whether they really need any form of insurance other than perhaps in situations, such as motor cover, where they have no real choice.

It is often said that insurance is absolutely useless to you – but unfortunately only up until the moment that you need to make a claim against your policy.  At that point and immediately afterwards your insurance policy might easily become one of the most important things in your life.

So, being casual and dismissive about insurance might not be advisable.  Any responsible adult should perhaps take stock of their risks and financial exposures, plus those of their family and loved ones, then decide how best to protect them with an appropriate policy.


How Can I Improve My Mortgage Credit Report?

There’s a new buzzword around town. And that buzzword is “mortgage credit report.” And it’s definitely in your best interest to pay attention to this new buzzword. Because if you ever hope to buy a home it is vital to know how important these mortgage credit reports truly are.

Mortgage credit reports explained

mortgage_card_explainedSo let’s start off with the basics, shall we? In order to recognize how important mortgage credit reports are, you first have to understand what they are. They really are a basic concept. When mortgage companies are considering you for a mortgage loan (and deciding what interest rate they will charge you), they want copies of all three of your credit reports. If your husband/wife will also be on the loan, they want copies of all three of their credit reports also. That equates to pages and pages to analyze in their loan acceptance process. That takes too much time.

So, in come Mortgage Reporting Companies. Instead of your mortgage lender having to pour over these endless pages of credit reports, they hire these mortgage reporting companies to do that for them. Mortgage reporting companies order copies of your credit reports and consolidate them into one report. This consolidated report created by the mortgage reporting company is called, you guessed it, your mortgage credit report. It is the information found in this report that is used by mortgage lenders to decide your acceptance or denial for your loan, and of course your interest rate. Everything to do with your mortgage loan rests on the information found in your mortgage credit report.

Ways to improve your mortgage credit report

Now that we’re all on the same page of understanding the importance of mortgage credit reports we can get down to the reason why we’re here: discussing how we can improve these reports. First things first, you are probably wondering how to access your mortgage credit report. As of right now, the only way for you to access your mortgage credit report is if you’ve already been issued a mortgage loan. If that is the case, then your mortgage credit report should be included with your closing paperwork.

If you don’t already have a copy of your mortgage credit report, don’t fret. You can start by accessing copies of your normal credit reports from the three major credit bureaus (Equifax, Experian, and Transunion). If you are wanting to improve your mortgage credit report this is probably your best bet anyway, because the information found on your mortgage credit report is pulled from your major credit reports anyway.

Now on to improving these reports. There is no way to go about particularly improving your mortgage credit report on its own. That is because, as explained above, the information found on it is pulled directly from your other credit reports. So if you want to improve your mortgage credit report, then you would go about the same processes and steps that you would use to improve your normal credit reports and scores. As your normal credit reports improve, then so will your mortgage credit report. So, the typical steps that you would use to improve your credit, including paying your bills on time, paying down balances, working with a credit repair company if needed, etc, will all also help to directly improve your mortgage credit report.

That is the good news! You don’t have to take any extra separate steps to improve your mortgage credit report. It really is that basic: if you want to improve your mortgage credit report, then start by focusing on improving your basic credit reports. As you see improvements in your normal credit reports, your mortgage credit report will simultaneously improve. This new and improved mortgage credit report will help you to find easier acceptance on a mortgage loan, as well as lower interest rates for your new home.

This article was contributed by Chase Sagum. Chase writes about credit repair and personal finance issues/opportunities.

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