Tag Archives: Home Loans

Home Loans

Can I Get An FHA Loan If I Haven’t Had One Before?

An FHA home loan for a refinance is the way to go for any borrower. You don’t have to have an FHA loan currently to get one. For many years, FHA loan refinancing was viewed as a program that was used for those who had average or less than average credit. Understanding what it takes to get an FHA loan and the process for the refinance is important.

An FHA home loan can either be done in what is called a streamline or a cash -out loan. The streamline FHA loan refinancing allows you to refinance the loan, and take some cash out if you want to pay off debt, but there are some guidelines associated with it. A refinance option will allow you to take up to 97.75%. These limits are just simply a guideline to prevent another economic crisis like what we are having now. These limits also will prevent you from going into a payment that is much larger than what you may have right now.

Any loan that is not currently an FHA home loan can certainly be refinanced to an FHA loan, so long as the borrower qualifies according to the FHA guidelines. In order to determine what your debt load is, they will look at what you owe on the home and your existing debts outside of that. It is always important to know what you can afford. Many people are always quick to take a look at the maximum that they can borrow, which is the wrong place to start. FHA loan refinancing takes a close look at the factors that tell the lender if you can afford the loan, and if you are likely to be able to pay in the future.

Consider that when your pay off from your current home loan comes in, it may include any unpaid interest calculated through the end of the month, and will include any late fees that were tacked onto your loan from the past. Escrow shortages can also account for this final payoff, so be prepared to consider how you want to refinance your loan before you start the process. Your FHA home loan will provide you with the experience of how your loan process should be handled, and will show you what you have been missing. The process of FHA loan refinancing is very different from other loans, so be prepared and know what you need up front.

If you aren’t sure what to do I can help. For more information on how to get your FHA home loan you can go to www.fhaloansnow.net. There is a lot of information and a place for you to fill out information to get a quote today.

Learn more about Fha Home Loan. Stop by Mayer Dallal’s site where you can find out all about FHA Refinance Loan and what it can do for you.

Home Loans

A Remortgage Or A Secured Loan Arrange The Best Debt Consolidation Loans

Off and on many people feel pressurised by being laden down by too much debt that is too much to manage, and this can make many people extremely stressed out..

It is far from difficult to get into debt as this is very much an I want world in which we live, and the simple little joys of life that our fore fathers enjoyed for free nothing do not appeal to us these days.

In days of yore, a family would gather round the piano and sing happy tunes on Saturday evenings but this does not happen any more and where the piano used to be there is now a state of the art huge television that cost thousands .Everyone stares all evening at the television until the simple act of conversation no longer exists.

Years ago holiday were mainly spent at sea side resorts in Great Britain, and people enjoyed the cartons of jellied eels in Brighton or the hamburgers in Blackpool. A visit to the little theatre on the pier to watch a puppet show was one of the simple pleasures , but children of today would no longer like these things Simply hiring a rowing boat or enjoying a ride on a little donkey on the beach would no more be thought on as entertainment any more, as children ride horses at the local riding school or can hire rowing boat at the local park any day of the week now.

When people started going abroad they were perfectly happy to go to Spain on a self catering break in a flat but more expensive and luxurious holidays are now the order of the day.

All of a sudden you understand that the pleasures in life cost too much, and you start to find it impossible to deal with all your debts.

For homeowner there is an easy answer to debt and this is debt consolidation which is the unification of all debts into the one payment which means arranging debt consolidation loans.

A remortgage has an interest rates from 1.84% and a secured loan starts at about 9% which is a fraction of the rates for credit cards, etc.

Want to find out more about debt consolidation loans then visit Champion Finance’s site on how to choose the best remortgage

Home Loans

Knowing The Requirements On FHA Loan Refinancing

If you have considered applying for an FHA loan, then you should become familiar with the FHA requirements so that you know what to expect. There are plenty of good reasons to choose FHA over conventional, so whether you are a first time homebuyer, or you are wishing to refinance your current home loan, you can talk to a professional about getting approved for an FHA loan.

The FHA loan requirements make it clear, that your first step is in knowing how much you can afford when considering buying a home. For this, there is a specific calculation that compares your current gross income to your existing debts in order to provide a maximum loan amount that you can qualify for. The guidelines are such that it forces to consider what can fit into your budget rather than focusing on what the maximum is you can borrow. Whether you are purchasing a home, or refinancing your current home loan, your FHA loan will be built around having a reasonable debt to income ratio, so what you budget for is important.

The second step is getting qualified. In a sense, you will still have to qualify even for a refinance. An FHA loan is not necessarily based on credit score, but it is based on several factors. Pay history, job time, and income are all a part of what helps you to qualify. The FHA requirements want you to show that you have the ability to repay the loan. Your loan will be driven by the documentation that you can provide, such as w2’s, tax returns, insurance, and above all good pay history. Your rental history will be used as pay history when buying a home, and even utility bills will be considered as alternative credit if you have no credit.

FHA guidelines state that a loan can be done for someone who has had a chapter 7 bankruptcy. The FHA requirements state that a new loan can be done two years from the date of the discharge. Additionally, an FHA loan for the purpose of a refinance can be done to pay off a Chapter 13 bankruptcy. Again, their guidelines their guidelines are very specific. Not only does the bankruptcy have to be paid off, but the pay history must be perfect and must be given by the Bankruptcy Court Trustee.

Most anyone can apply for an FHA loan, and that includes investors or those who have rental properties. Rental income can be used as income, but the FHA requirements state that the individual needs to be able to prove that the rental income is stable. Rental properties or multi-family units can be considered as rental income, but rent from a property that is considered a second home for the borrower cannot be included in this. The documentation that FHA guidelines ask for, is the IRS schedule E from the 1040. From there, the underwriters have a specific calculation they work with to come to a determination.

For more information on FHA loans, and how you can qualify, you can visit www.fhaloansnow.net. There you will find valuable resources on FHA, the guidelines, and credit requirements.

Want to find out more about Fha Home Loan, then visit Mayer Dallal’s site on how to choose the best Fha Loan for your needs.

Home Loans

A Conversation About Consolidation Loans, Homeowner Loans And Remortgages

Having decided to buy something expensive , the t next thought must be about the best way to pay for it.

People wishing to make a large purchase such as a car, a caravan, a new bathroom or such, almost all require to borrow if they are making an expensive purchase

There are numerous means of paying for things, and these ways include car loans, personal loans, secured loans, remortgages,etc.

There is a loan called as the unsecured personal loan which is not really advanced for one specific reason , but is given to the borrower personally.

Car loans are loans specifically for the purpose of buying a car and thay can be obtained from the garage offering the car. Interest rates for car loans can be high unless the car being bought is a new one that the car manufacturer is offering at 0% interest or with a one of special low interest rate for a certain period of time and normally just before a new model is introduced and as such they want rid of the old model.

If some one wants to do home improvements, a home improvement loan is usually required , especially for big jobs and can be got for from home improvement companies .

However the bad aspect of paying for home improvements by this means is that the loan usually has the interest rate of about 25%.

If some one wants to borrow for a special holiday abroad he can obtain a bank loan, but the interest rate is expensive and the repayment period is tight at normally only a year or sometimes it can be spread over two years.

There are two great ways of borrowing that takes the place pf all these other loans and these are secured loans, also known as homeowner loans and also remortgages.

Secured loans and remortgages need to be secured on a property, rendering only homeowners able to make an application for secured loans and remortgages

A remortgage and a secured loan have cheap interest rates with tracker remortgages available starting at 1.84%, and from 2.99% for fixed remortgages. Secured loans have rates from only about 9% APR making these loans cheap ways to acquire extra cash as and when needed..

In addition to all the purposes already mentioned , remortgages and homeowner loans can also be used as debt consolidation loans which save a lot by combining all high interest credit card debts, etc. into one considerably cheaper payment monthly.

Ot is obviously stupid for people who own their property to consider anything apart from remortgages and secured loans when they want extra cash..

Learn more about remortgages. Stop by Champion Finance’s site where you can find out all about the very best deals on a remortage for you.

Home Loans

Remortgages And Secured Loans Are Handy Ways To Borrow.

Sometimes people want to raise capital for a specific purpose such as to go on a special holiday, to buy an expensive purchase , to pay school fees, etc.

Having decided that they require additional cash, the second thought must always be the best way to go about achieving this.

The reason for the loan will determine what loan is the most appropriate

When a person wants to buy a vehicle whether it is a car, a motor bike, etc it is sometimes possible to get a bank loan but this would be a personal loan and banks these days are not keen to grant such loans especially since they have tightened up their lending criteria. You also have to go personally into the bank during business hours which are Monday to Friday 9am to 5Pm.

Often people get the loan from the garage selling them the car,, but rates in particular for second hand vehicles is expensive and you must always have a deposit.

When some one wants to carry out home improvements, loans may be obtained from the bank or from the company that are engaged to carry out the improvements.

The inconvenience of paying the home improvements with a loan from the bank is tha same as for the car loan, and that is you have to go into the bank yourself at a time to suit them and you must prove the purpose of the loan.

Loans from the home improvement company have high interest rates of about 25%.

Much better and much cheaper and more convenient loans for these, or almost any other, purpose are secured loans and remortgages that are low cost homeowner loans that can buy most things, and they are also good for debt consolidation.

When arranging a secured loan or a remortgage you do not have to go into a bank or building society and a secured loan or mortgage broker can arrange it by phone and post or call to see you at home.

Looking to find the best deal on homeowner loans, then visit www.championfinance.com to find the best rates on remortgages for you.

Home Loans

Foreclosure Fundamentals

In today’s world, nearly each person has at least heard of the word “foreclosure”. Even elementary school children are open to this matter at dinner tables by very troubled parents or other members of the family who fear for the security of their home. These children might not realize what this strange new word implies that has consumed their parents’ conversations. The adults usually don’t even fully understand what all the implications of a “foreclosure” are and the way it will modify their lifestyles forever.

As little as five years ago, only a tiny portion of Americans could clarify to you precisely what “foreclosure” meant. Everybody with a mortgage had probably be aware of it, but very few in fact disturbed themselves with how a foreclosure worked. Give your credit on time and this dreadful little word never came to visit you. These days nevertheless, situations beyond most individuals’ power have triggered a huge number to face the potential of this very panic appearing right on their front door step.

One of the simplest ways to define a “foreclosure” will be the lawful removal of a home from a buyer when the buyer has futile to respect his obligation to pay mortgage payments to a lender in an appropriate approach. Or much more simply said – Fail to pay for mortgage, lender takes home, homeowner is out on street with nothing but unfavourable credit ratings, and lender sells home. When a homeowner does not pay his mortgage payments on time, the bank or lender instantly takes notice of the homeowner and the home. Mortgage lenders approximately never tolerate incomplete payments for a home loan. When your full monthly payment is not received, the bank charges you a late fee and any other interest or penalty payments legally permitted in line with your loan contract. Now, on your next month’s payment, you are expected to pay two mortgage payments plus all those gathered charges. If you couldn’t pay last month, odds are you really can’t pay this month!

Your bank or lender will eagerly embark on contacting you about these delinquencies. If you persist to fail to notice mortgage payments, they will move forward to get hold of your home from you. In line with the terms of the mortgage agreement you authorized at closing, the lender will launch the legal course of action to take back full ownership of your home. You will then be required to vacate the property.

The lender then employs the mandatory methods to sell the home in the public auction, generally on the county court house steps, for a minimum charge that includes the mortgage amount you owed added to all interest, late fees, and penalties. If a satisfactory bid will not be reached, the lender keeps the property.

As a part of the foreclosure development, many lenders may even get a deficiency ruling against you for any portion of the funds you be obliged them which was not satisfied by the sale of your home by the bank. This can be in addition to the foreclosure reporting they convey to the credit bureaus. A foreclosure notification remains on your credit report for seven years and makes future credit requests (for purchases or credit cards), renting, and even employment opportunities thorny, if not impossible.

Today’s economy, with its high percentage of unemployment, large sink in home values, and increased price of daily living, has created a large number of the homeowners in foreclosure or dangerously near evolving into another statistic. “Foreclosure” is a terrible word most of us want our children were not being exposed to at such an early age. Regardless of how simple we make the definition, it continues to be a very complex, emotional, devastating process for homeowners and their families.

Another great article by Edmonton Real Estate Unique version for reprint here: Foreclosure Fundamentals.

Home Loans

Explanations About Mortgages And Remortgages.

Mortgages are kinds of home loans and are the loans required for property purchase and most people need mortgages whether it is to purchase a property for the first time to become a brand new homeowner or to buy a second property as a subsequent home mover.

Mortgages come in all different varieties and this makes it important to seek advice from a mortgage broker if you yourself are not very in the know about mortgages, and all their aspects..

Getting advice from a mortgage expert is essential especially for first time buyers as their knowledge about mortgages will most likely be too little..They will not be sure of the difference between tracker mortgages and fixed rate mortgages, for example.

A home loan that is very like a mortgage is a remortgage, and remortgages are only for those who are already homeowners homeowners as they involve moving mortgage lenders, that is changing from the current mortgage provider to a different one.

Sometimes people apply remortgages only to obtain a lower interest rate,and this is a like for like remortgage when no extra funds are asked for.

Therefore mortgages are used to buy properties and remortgages involve changing from one mortgage provider to a different one.

Remortgages can be taken out for a larger sum than the current mortgage to raise funds for a great variety of reasons.

As well as like for like remortgages, remortgages can be the means of releasing funds on the equity of a property to buy just about anything.

Remortgages are great means of paying for home improvements and they can even enable you to carry out the improvements for less money as prices tend to go down when paying cash for labour and materials.You are not tied to using the servives of a major home improvement company.

Remortgages are ideal ways of carrying out debt consolidation which combine all debts into one lower payment and it also saves money and debt are easier to deal with.. It is a great to have one payment every month instead of a number of them.

To sum up, mortgages are the home loans required to buy a property and remortgages buy just about anything that you could ever wish for.

Want to find out more about remortgages then visit Champion Finance’s site on how to choose the best mortgage for you.

Home Loans

VA Home Loan Hawaii

Veterans are eligible for purchasing cost effective with the help of the VA mortgage loans. These loans enable you to make purchasing and refinance 100% of the loan value. In order to qualify for this loan you should first understand what the eligibility requirements are. Many Hawaii veterans of the US military are eligible for the VA mortgages and all the veterans can take advantage of these benefits.

Through the VA mortgages you have the chance to own a property in Hawaii which is a dream come true for every American citizen. If you are having a property in Hawaii then it is a big advantage because you can retire and live in this wonderful place or you can sell it at double the profit. Veteran affairs (VA) mortgage loans have been certified by the US government and it helps to serve those war veterans who have served the country.

Hawaii VA mortgage loans are mainly designed to help those who have served in the state of Hawaii up to a certain period. VA mortgage loans help the veterans to own a house in Hawaii without placing any sort of down payment. It has very little paperwork and it helps you to pass the whole process with considerable.

The benefits of VA mortgages loans

VA mortgage loans help you to maximize your chances of owning a house in Hawaii. It helps you to skip a few steps and just go through the basic steps. The Hawaiian veterans have a standing chance of owning a house with a lot of loan benefits included into it. These loans are like a tribute to the servicemen who have given their lives to the service of the state. The VA mortgage loans are the best choice for all the Hawaii veterans who are planning to purchase a house or are trying to refinance their already existing homes in Hawaii.

The department for veteran affairs in United States was initially started in the year 1930 and it offers a list of loan benefits which includes financial benefits for both the veterans and dependents. This type of benefit is provided by the administration for veterans who have served in the state of Hawaii. When you are applying for a VA mortgage, you should always look for the pros and cons that are involved in it. You should always compare between the different VA mortgage loan types that are offered and choose the best out of it.

Basic idea of VA loans

It is important to understand that VA is not offered by mortgage lenders where FICO score is vital. The department for VA does not create any loans they just ensure that the VA mortgage loans are offered by traditional and reliable lenders. The VA administration does not guarantee the repayment of the loan by the veterans. The government’s role is to reduce the risk of any sort of payment default. Vets can be benefited from the low rates in interest when purchasing or refinancing a house. If you are trying for a VA mortgage loan then you should have the certificate for eligibility which will be accessed by the mortgage lender.

The lender will then request for income documentation like the pay stub or W2. The automated certificate will indicate the eligibility which will enable the borrowers to apply for a VA mortgage loan. The administration advices the veterans to talk with a credit counselor in order to discuss the credit issues. The VA mortgage loans are flexible and it can easily adjust with any credit situations. Veterans have a great chance for all the US army vets to own their dream home in the paradise of Hawaii.

If you are in the market for an Alabama mortgage loan or a Hawaii mortgage loan or a home loan in any part of the country find out if an ARM mortgage or a fixed rate mortgage is right for your financial situation

Home Loans

The Changing Face Of Secured Loans, Mortgages And Remortgages

The last few years have been very stormy for homeowner loans, remortgages and mortgages and for most financial products , but eventually matters seem to be improving.

Property prices is of course essential to secured loans, remortgages and mortgages.

As house prices crashed , so too did remortgages, mortgages and homeowner loans.

When a person wants to purchase a property , he needs to arrange a mortgage, and very few buyers have the finances needed to pay cash. As house prices fell so too did the requests for mortgages, as many were not prepared to move house with all the money that it costs in such unsettled times.

Whenever some one takes out a mortgage he is tied in to a deal for some years, after which in the past, many homeowners remortgaged which means the changing from one mortgage lender to another.

The reason behind this was to achieve a lower rate of interest, and sometimes extra cash was raised which could be used for almost any valid reason.

As property prices went down, many would no longer get a lower by taking out a remortgage as the equity was no longer enough to obtain a good remortgage deal.

In the same way, as remortgages and mortgages changed, so too did secured loans.

Homeowner loan lenders stopped trading one after the other at an amazing rate, going down from over twenty to less than a hand ful. The remaining lenders became so strict regarding underwriting that many homeowners were excluded from making an application.

One secured loan lender has introduced self certification of net profit for self employed applicants as long as the maximum LTV is 60% and three months bank statements are needed.

Loan to value has now been raised to 85% for employed applicants and 75% for the self employed.

Now all looks to get better with the increase of loan to values and secured loans now available at up to 85% for employed homeowners and 75% for those who are self employed.

Learn more about secured loans. Stop by Champion Finance’s site where you can find out all about remortgages for you.

categories: secured loans,homeowner loans,remortgage,remortgages,mortgage,mortgages

Home Loans

Benefits In FHA Loans

When it comes to qualifying for a mortgage loan, there are many different types of programs available. With the many different mortgage programs available, it is important to choose the best program for your particular home loan needs.

One of the home programs you can choose from is a FHA mortgage loan. This type of program is designed for 1st time home buyers. FHA home loans can be used to purchase a primary residence or refinance an existing mortgage. Below are the many benefits to the FHA program.

Reduce Down Payment

A FHA mortgage loan offers buyers a program with a lower down payment. The current minimum down payment for a FHA home mortgage loan is 3.5%. The source of the funds for the down payment can also come from many different sources including a gift from a family member or church, a 401K loan or withdrawal, and any money saved up in a checking or savings account. By allowing the down payment to come from many different sources, the FHA mortgage program helps buyers purchase their new home.

Seller Paying up to 3% Closing Cost

FHA loans also allow the seller to contribute up to 3% towards buyers closing cost. This is extremely important in assisting a buyer purchase a new house and reducing the amount of money needed for closing. Sellers can pay closing cost, prepaid items like taxes and home insurance as well as interest on the loan. For example, if a buyer purchases a home for $100,000, the seller can contribute $3000 towards the buyers closing cost.

Reduce Mortgage Rates

For many clients, FHA home mortgage loans offer the most competitive rates. FHA home loan rates are not tied to credit scores like the way conventional home mortgage loan rates are. For example, if a homebuyer has a credit score of 660, the FHA home mortgage loan the rate would be same if their score was 740, but on a conventional home loan, the credit score of a 660 compared to a 740 would see an increase of about .75% to the rate.

Mortgage Insurance

Another benefit in the FHA mortgage loan program is the approval of mortgage insurance. FHA home loan mortgage insurance is approved as long as the home mortgage loan is approved. This is not the same when it comes to a conventional home loan. Many times, a borrower can be approved for a conventional mortgage loan, but will not be approved for mortgage insurance. This results in the loan being turned down, but with a FHA mortgage loan, as long as the loan is approved, mortgage insurance is approved. Also, the monthly mortgage insurance payment for a FHA home loan is usually less than the private mortgage insurance offered on conventional home mortgages.

Home Loan Size Limits

FHA home mortgages do have set loan limits that are established by HUD. To determine the loan limit in your area, contact your mortgage loan officer. For example, in the Dallas – Fort Worth area, FHA loan limits are $271,050.

Streamline Refinances

Finally, another benefit to a FHA mortgage loan is the ability to do a streamline refinance. A streamline refinance is when a homeowner refinances an existing FHA home loan into a new FHA mortgage. The streamline refinance program allows the client to refinance with limited paperwork. Though, it might be in the best interest of the homeowner to consider a full refinance over a streamline. Consult a mortgage loan advisor to see which program is best for you!

FHA loans are a great way to refinance or purchase a house. It is important to understand the benefits of each mortgage program that you qualify for and to make sure you are getting the best possible home loan.

David White is a mortgage officer with over 10 years experience. He specializes in FHA Mortgage Loans. Begin the FHA Home Loan process today. This article, Benefits In FHA Loans has free reprint rights.