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Author: MichaelSterios

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The Truth About Comparing Mortgage Lenders

May 29, 2012 | Posted in Finances

If you’re looking for the truth about being able to compare mortgage lenders, then you’ll definitely want to spend a little time on this article. You need to do several things in preparation before applying for a home loan. First, you need to gather information on several mortgage lenders, prior to talking to them in …

What Everybody Ought to Know About Reverse Mortgages

May 29, 2012 | Posted in Finances

What exactly is a reverse mortgage? It is a type of home loan that allows retirees to use the equity in their home while still living in the property. This can be a viable tool to increase cash flow for a senior. Before taking out a reverse mortgage it is important to know the facts. …

Second Mortgages and Financial Problems

February 18, 2012 | Posted in Finances

Lying awake at night you worry about having enough money to get by. You know sleep is impossible so you go downstairs and try to watch a little television to relax, but it’s no use. Its times like this it feels like there is no way out of your financial woes. We’ve all been there. …

The Basics of Stamp Duty

July 3, 2011 | Posted in Finances

Stamp duty is a tax that has existed for hundreds of years in countries with English law. It is essentially a tax that is levied on documents. Historically, the documents were stamped as evidence that the duty had been paid. In modern times, physical stamps are no longer used. Transferring property from one party to …

First Home Owners Grant

May 6, 2010 | Posted in Finances

In the year 2000 the Australian government introduced a scheme to help first time buyers get a foot on the property ladder. The First Home Owners Grant (FHOG) is a lump sum payment awarded to Australians who qualify for the scheme when they buy their first home. Although the FHOG is a national initiative it …

Can I Still Buy a Home With No Deposit?

April 17, 2010 | Posted in Finances

No-deposit home loans may seem like an impossible dream in this market. Current conditions for borrowers and for lenders may appear tight when you read all the headlines but the world has not stopped. Before the Global Financial Crisis no-deposit loans were just another mortgage product. They were used by people who had not saved …

All About the Bank Bail Out – Part 2

February 4, 2009 | Posted in Finances

In the UK the credit crunch firmly wrote itself into the history books when one of the largest mortgage lenders in the country – Northern Rock – was nationalised. The nationalisation of the bank was undertaken by the government to prevent the bank from completely collapsing, which effectively rescued thousands of jobs and a large …

All About the Bank Bail Out – Part 1

February 2, 2009 | Posted in Finances

The phrase “credit crunch” has been firmly etched into the history books thanks to the countless media stories circulating around the globe over the past few years. The phrase has been coined to summarise into a few words the massive problems with the banking system throughout the developed world. While the term has been used …

The Future For Mortgage Brokers – Part 4

December 27, 2008 | Posted in Finances

The independent mortgage broker industry in Australia is still young and should prosper again after the credit crunch. The industry is yet to fall under a national regulatory body in order to give it credibility, however this is planned. When the industry becomes regulated in a similar fashion to the FSA in the UK and …

Is Buy-to-Let Still a Good Investment? – Part 2

December 26, 2008 | Posted in Finances

Future millionaires were abandoned by the thousand by both mortgage lenders and the property courses that had previously filled their heads full of dreams. While buy-to-let mortgage products were disappearing from the lenders’ best buy tables the various courses and companies operated by the so-called property gurus were disappearing from the property investment game. Anyone …

The Future For Mortgage Brokers – Part 3

December 7, 2008 | Posted in Finances

Unemployment is certainly a statistic that prudent mortgage brokers should keep an eye on during the coming year and beyond. Recent dramatic decreases in the Bank of England Base Rate will hopefully provide some sort of relief for businesses that are heavily financed and could have a knock-on affect of reducing the need for them …

Is Buy-to-Let Still a Good Investment? – Part 1

December 5, 2008 | Posted in Finances

Rewind a couple of years and the media was awash with stories of property investment successes and buy-to-let miracles. Mum and Dad investors throughout the country, and indeed the world, were becoming millionaires with the help of unprecedented capital gains on their often small property portfolios. Those who were lucky enough to buy properties before …

The State of Self-Certification Mortgages – Part 1

December 1, 2008 | Posted in Finances

Self-certification mortgages have endured a rollercoaster ride over the last few years. It seems only yesterday they were hailed as an innovative product and a Godsend to millions of self-employed workers who failed to reach the requirements of standard home loan products. Now they are considered a pariah, have been labelled “liar loans” in the …

The Future For Mortgage Brokers – Part 2

November 27, 2008 | Posted in Finances

Estate agents, magazines, newspapers, websites, and even mortgage brokers were enticing people to buy almost any property they could get their hands on citing extraordinary historical capital growth rates as a basis for expecting the same growth in future years. Had properties around the world continued to grow at such alarming rates it is likely …

Adverse Credit Mortgage Investors Seek Help

August 23, 2008 | Posted in Finances

Major financial institutions which hold billions of pounds in mortgage backed securities have been watching mortgagors default on their home loans in record numbers in recent times. Surprisingly these investors have not shored up their defenses against the rogue borrowers enough and as a result have been losing money hand over fist. However the institutions …

Time Heals All Wounds

August 23, 2008 | Posted in Finances

The current mortgage and loan market has undergone a period of turmoil recently that has been felt all around the world. The full damage from the fallout from the turmoil has yet to be assessed and this is partly because the pattern of behaviour in the lending market is somewhat different to what it should …

Mortgage Lending Hits a New Low

August 16, 2008 | Posted in Finances

Approvals for home loans in the UK have hit the lowest level ever recorded for a single month. The blame has been set squarely on the credit crunch as lenders are not only finding it difficult to obtain the funds to lend to home owners but they seem unwilling to lend the funds they do …

Repackaging Adverse Credit Mortgages

August 16, 2008 | Posted in Finances

What do you do with a massive package of adverse credit mortgages that no one wants to buy? This is the dilemma facing many financial institutions in the current economic climate. Several years ago it was easy to approve thousands of mortgages then bundle them together and sell them to a financial institution such as …

Buy-to-Let Benefits From Market Slowdown

August 16, 2008 | Posted in Finances

The flagging property market has claimed many scalps over the past year or two. Most notable of these are specialist lenders who opened their doors to borrowers of questionable worth and home owners who have since been issued with repossession orders in record numbers. Amid all the chaos at least one section of the property …

Credit Crunch and Self-Certification Mortgages

June 20, 2008 | Posted in Finances

With the credit crunch forcing lenders to evaluate their loan books and reassess the types of products they offer it would appear sensible to anticipate the demise of the self-certification mortgage. However the market for self-certs remains buoyant as lenders have not tightened the reigns as much as expected and as much as they have …

All About Self-Employed Mortgages

June 20, 2008 | Posted in Finances

There are a growing number of people in our society who choose to work for themselves and are therefore regarded as self-employed. Such individuals may be required to apply for specialist self-employed mortgages when buying a home rather than traditional mortgages. This is because high street lenders typically regard such workers as high risk when …

Self-Certification Mortgage Applications Rise

June 20, 2008 | Posted in Finances

The attractiveness of self-certification mortgage products is boosting the overall number of home loan applications in the UK. For true self-cert products, the applicant does not need to fully prove their income by way of documentary evidence such as pay slips and tax records. Rather, applicants will make a declaration of income to the lender …

Buy-to-Let Booms as Property Market Halts

June 17, 2008 | Posted in Finances

While the overall mortgage market has slowed in the wake of recent interest rate rises, buy-to-let mortgage lending has surged. This is a clear indication that buy-to-let property investing has returned to favour following a recent period of uncertainty. There are several reasons why the property investment market has picked up pace despite the steady …

Adverse Credit Mortgage For Discharged Bankrupt

June 17, 2008 | Posted in Finances

People who are discharged bankrupts are usually required to apply for an adverse credit mortgage when searching for a home loan to fund the purchase of their property. It is highly unlikely that an applicant with such a poor credit record will ever be able to apply for a standard product again. Bankruptcy was once …

Overview of Remortgages

June 17, 2008 | Posted in Finances

Remortgages comprise a significant and ever-growing proportion of the overall mortgage market. Property owners are always on the lookout for ways to save money, and with remortgages being relatively simple to organise, it has emerged as a popular method for helping home owners restructure their personal finances. Refinancing a home is an activity that is …

Lenders of Problem Remortgages

June 17, 2008 | Posted in Finances

There are a growing number of lenders who will consider applications for problem remortgages. This is an indication of the growth in the market for home loan applications from borrowers with non-standard credit histories and financial situations over the past few years. Such growth has largely been consumer driven. Problem remortgages are also known as …

All About Adverse Credit Remortgages

June 12, 2008 | Posted in Finances

In recent years, adverse credit remortgages have become a popular choice for people seeking to refinance their property who suffer from impairments to their credit files. Regular high-street banks will usually not refinance your property if you have a poor credit history. However, there are specialist home loan products to suit this situation available from …

Hedge Your Remortgage

June 10, 2008 | Posted in Finances

What a great life it would be if we could predict future interest rates. Imagine being able to wait it out on your remortgage until such a time as interest rates dropped by several percentage points, just as you knew it would. While this scenario is better placed in a science fiction movie there is …