To port a mortgage means that you are transferring an existing mortgage to a new property, commonly referred to as portable mortgage or simply port mortgage. Essentially, you would want to port your mortgage in order to get out of dangerous grounds like negative equity which can become severe if left with no action. Low interest rate could also encourage you to go for port mortgage so as to take advantage of the current low rates. Porting your mortgage can also help you escape possible penalties.

Limited lenders
It is understood that only a few lenders would allow you to port mortgage due to negative equity because they want to limit risks as much as possible. Most of them did allow borrowers to port mortgage negative equity during the early nineties but this was specifically done as a way of stimulating the market. There are still a number of them allowing it and you might be lucky to find out that your lender is one of them. All the same, if you really think that port mortgage negative equity is the best option you have got, don’t be discouraged. Go a head and discuss it with your lender, convince them why you think you must do it.

Better than selling
When faced with negative equity, most borrowers find themselves in devastating conditions with very limited options. Often, selling the property could just be the main alternative available to you as a victim of negative equity. However, selling is not actually a wise decision because it can often be a cause of significant mortgage shortfall and this will worsen the situation further. Instead of selling, porting will be most appropriate in such circumstances and you will need to consult with your lender before making any move towards selling. Provided you have no intentions of acquiring additional lending, there are some lending entities that will allow you to port your current mortgage to a new property all together. Examples of lenders that can allow you to port your mortgage include Lloyds Banking Group (part of it), Lloyds TSB and Halifax, plus Nationwide and Coventry building societies.

You can port part of the mortgage
If you are not keen on porting your entire current mortgage, it is still possible to port just part of the mortgage and be left with the rest. This would happen in circumstances where you still want to retain some of the current features due to specific reasons that would favor your situation. It could be that there are certain features of the mortgage you do not want to let go. Maybe it’s a special rate that you want to retain because you will not enjoy it if you port your entire mortgage.

With home affordability at an all time low, the number of UK mortgages that are borrowed on an interest only basis has risen steadily over the past few years.

This is because interest only mortgages are cheaper to maintain in the short-term as the monthly repayments are smaller. With mortgage expenses accounting for more than a third of the average UK household budget, any opportunity to reduce the cost is welcome.

However, the downside to an interest only mortgage is that the capital portion of the loan is not being reduced during its term. This means that the borrower must repay the loan balance when the term is complete.

While this may seem harmless, many borrowers who opt for interest only mortgages have not been saving enough money to pay off the balance. The industry regulator, the FSA, has become concerned that up to a third of all borrowers who have an interest only mortgage are not saving for the impending repayment of the loan balance.

The FSA has become concerned enough to bring in new regulations that are designed to force lenders to only issue such mortgages where there is proof that the borrower is operating a repayment vehicle for the capital value of the loan.

They will primarily be looking for situations in which the borrower is operating a personal equity plan (PEP) or an Individual Savings Account (ISA) specifically to account for eventual repayment of the loan balance.

However, borrowers must be aware that simply claiming they will establish such a facility will not be proof enough. They will need to provide evidence to the lender that these financial arrangements are in position before the loan can be approved.

Whether or not the new rules have an impact on the overall number of borrowers who opt for an interest only mortgage remains to be seen.

Visit UK Mortgage Source for up-to-date information on UK Mortgages

The city of Chattanooga has shown itself to be Tennessee’s fastest recuperating metropolitan area in the aftermath of the 2009 economic downturn. Despite that, you’ll still discover yourself struggling to meet your home payments. If you hope to refinance your mortgage in Chattanooga, for instance, you must take note of these 3 vital problems:.

Differences in Rate e

As you already know, home loan rates can either be set or flexible. Modifiable rates have the disadvantage of being in consistent flux, which means your rate of interest likewise regularly change. On one hand, you can be spending for more than what you actually should. However, when rates of interest decrease, you stand a chance of paying much less than what those with fixed mortgage rates are paying for.

Fixed rates are the polar opposite of flexible rates. They stay regularly fixed, regardless of how the economic climate is faring at the moment. The security is certainly enticing; but if rates become positive, those with modifiable rates pay less than what you would with fixed rates. This indicates losing out on cost savings you should have had if you had gotten adjustable home loan rates.

Your Home Equity

While you spend time gradually settling your home loan, the number of years you invest in your house offers it equity value that can work in your favor. A minimum of 20% equity is what most banks require to help spend for your home loan. On a different note, one team of Chattanooga mortgage refinance experts recommends using this equity value to settle your charge card financial obligation, or to buy new products for your home.

Your Credit Score

A high credit score suggests a bank or other financial establishment is more likely to lend you money. This can work in your favor if you want to refinance your rates; though a wrong decision might net you even more interest to spend for. The lower your chance of paying, the lesser your credit score becomes, and the less likely you become to get loans in the future.

Choosing to change home loan rates just to save more money is considered a gamble at best. There are risks and chances included, however you wish to pay for your home, so select wisely. For further ideas in refinancing home loan rates, go to: financialplan.about.com/od/realestatemortgages/qt/RefinanceOrNot.htm.

All that skepticism when you plan to buy a new home adds up when you get to choose between a mortgage broker and a loan officer. Availing finance for your dream house might seem really daunting.

However, if you are heading to a loan office instead of a mortgage broker, you might possibly be losing on something good. Before going any further, let us first see who exactly a mortgage broker is. Mortgage brokers are professionals that act as an intermediate between lenders and borrowers and are paid for the same cause.

They usually work as freelance agents for dozens of lenders and borrowers. The task of a mortgage loan broker incorporates finding and evaluating homebuyers and analyzing the status of an individual to make sure to get the best lender that fits their needs.

Presently not many people would want to approach a mortgage broker. However, there are innumerous reasons stating that why Mortgage brokers can play a key role in shopping of your home loan. The reasons are well stated below: Experience and know-hows Mortgage brokers often own independent business of their own. In the end, they are committed to their client sand offer the best possible solutions that are based on their years of experience.

After all, this is what they are paid for. Choices A conversation with broker is analogous to sitting with a dozen of different bankers. This is in contrary with a dialogue with a bank loan office who has access to only his company’s products that are likely to get you off the way if you do not have a sincere understanding about what it takes to get a suitable home mortgage loan.

Paper work and follow up All those paper work, loan applications and following up the progress of your loan sanctioning can prove to be frustrating and exasperating. Nevertheless, your broker takes care of all the errands that are to be done.

Specialized assistance Brokers have definite knowledge about every know how when it comes to mortgage Loan brokerage and investing in the same. So, if you are looking for specialize assistance for your loans, talk it out with your broker for additional information.

Overall, a mortgage loan broker is like a personal banker who is familiar with one’s status. They have immense knowledge about what has to be done and they make sure that it is done too. However, it is advisable that one possesses sheer knowledge about mortgage brokerage in order to avoid any discrepancy in the long run.

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Assess Your Needs For a Mortgage Renewal

At some point over the life of your mortgage, it will have to be renewed. It is at this point that you will be given an opportunity to re-evaluate your lifestyle and factors that have changed in your life since you first applied for, and secured, your mortgage.

Life is unpredictable – many things can happen that may require additional finances. Perhaps you have to pay for your child’s college tuition, or maybe you suddenly have a large medical expense that needs to be paid. You might have a big trip planned, or an extensive renovation on your home in the works. Whatever your need, a mortgage renewal may be the perfect opportunity to make some changes in your home loan to better suit your current situation.

When you were first approved for your mortgage upon purchasing your home, you may have been locked in at a considerably higher mortgage loan rate. Over the last few years, interest rates on mortgages have experienced record lows, giving borrowers the opportunity to save hundreds or even thousands of dollars over the term of their mortgage by paying less into interest and more into their principal. Renewing your mortgage can give you the option of locking in these lower rates, as well as refinance your mortgage if you need to borrow more money or want to pay your mortgage off quicker.

Mortgage renewals give homeowners the chance to shop around for a new mortgage. When you receive a notice from your bank or current lender reminding you that your mortgage is coming up for renewal, take that opportunity to shop around elsewhere to see if there are any other lenders available that are willing to provide you with a mortgage that offers a lower rate and more convenient packages and conditions.

What was ideal for your situation 5 or 10 years ago may not necessarily be what`s best for you now. Get in touch with an experienced mortgage broker who can help you shop around for a mortgage at the lowest interest rate and most convenient package for you before your mortgage needs to be renewed.

If you are looking for a Lethbridge mortgage renewal, or renewal for any other city in Alberta, call award winning accredited mortgage broker Jim Black and his team at (877) 394-9422 or visit www.mortgageloansalberta.ca for more information.

The FSA announced its concern regarding mis-sold mortgages in 2008. The growing number of mis-sold mortgages complaints was really alarming so the FSA has banned many mortgage brokers when it found out that they are mis-selling the product to their clients. It was reported in 2007 that more than 371,000 homeowners believe they might have been given bad advice or have been mis-sold mortgages by their lender and their mortgage brokers.

The FSA learned that lenders are giving bad tips to their clients causing mis-sold mortgages problems. They learned that some of these mortgage brokers are able to offer mortgages they know to be unaffordable and to accept self certification business even if they had concerns that the financial information provided by the customers were doubtful. Mortgage brokers did not bother to check the financial information of their customers and worse, in some cases, the mortgage brokers themselves encouraged the borrowers to inflate the borrowers income so that you can get a higher amount of loan. All of these practices are completely inconsistent with treating customers fairly.

You could be able to make mis-sold mortgages claim if you were sold a mortgage while you were on benefits. If your borrower or mortgage broker failed to properly assessed to check that you may afford the monthly mortgage repayments, then you can be also one of many victims of mis-sold mortgages and may be able to claim compensation. People whose mortgages run past their retirement age were also mis-sold mortgages by their lender and mortgage broker. If you were advised to switch to another lender without being told of the many fees and penalty charges that would actually make you worse off, then you have been mis-sold mortgages victim. If the commission paid to the mortgage broker from the lender was not explained to you, then you are more likely have been mis-sold mortgages. If you were a council tenant and was suggested to purchase your council house without the lender undertaking an adequate analysis of your financial circumstances, then your home could be one of the mis-sold mortgages in the country. If you paid the mortgage broker a separate fee which was a percentage in the loan, then your home was also mis-sold to you.

If some of these things happen to you, then you are one of the victims of mis-sold mortgages cases in the country and you might lose your home if you don’t act accordingly. You might be able to save your home by filing a complaint towards your lender and may even be able to make compensation claim for being mis-sold a mortgage.

Over the last few months and again today I’ve seen new tracker mortgages being pushed by lenders here in the UK and it got me thinking about the current mortgage market and if these products are a good or bad thing if I had to remortgage right now?

I’ll use an example of a 2 year base rate tracker mortgage, this is an actual mortgage on offer in the UK but I won’t say which lender it is. The interest rate tracks the Bank of England base rate (at the moment this is 5 per cent) and you pay +0.98 per cent on top. So if you took out this mortgage today you’d be paying 5.98 per cent interest.

CUstomers can borrow up to 75 per cent of the value of their property and there is a 999 arrangement fee, which is fairly cheap in comparison with other fees around.

Firstly I must say it’s good to see a fairly competitive interest rate with the added benefit of a reasonable product arrangement fee. I say ‘reasonable’; personally I think mortgage fees are a rip off becuase the lender is providing mortgages to people every day, at the very least I think there should be a cap on mortgage fees. However, in today’s market a fee under 1,000 is a good start.

It’s also quite a warning sign for me that all the tracker mortgages seem to have competitive interest rates and low fees at the moment, compared to fixed rate mortgages. I say this because industry experts are predicting interest rate rises in the coming months, on-one knows when exactly of course but I’d say interest rates will rise again before the end of 2008.

This means that everyone taking out a tracker mortgage now will end up with higher monthly payments by the end of the year. It seems like lenders may be trying to attract new customers with the low fees and relatively low interest rates of a tracker mortgage rather than a fixed rate mortgage. No wonder the fees and interest rates of fixed rate mortgages are increasing – lenders don’t want people to take out these products so they’re pricing consumers out.

One thing is for sure though, everyone has a choice when it comes to mortgages.

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After disappearing from the mainstream mortgage market for nearly 5 years, stated income and no income mortgages are finally making a comeback.

You may remember stated income loans – these are the ones in which borrower state their income on the loan application but are not required to provide supporting documentation such as tax returns, paycheck stubs or W-2s.

Primarily used by business owners with generous write-offs up until late 2006, stated income loans are now available for both self-employed and W-2 employees. The general guidelines for stated income loans are as follows:

Up to 70% loan-to-value Loan amounts up to $1,000,000 Minimum credit score of 700 Property must be located in California Debt-to-income ratios not to exceed 40% Property must be the borrower’s primary residence Purchase, rate and term refinance, or cash out refinance allowed Single-family homes, condominiums, townhomes and 2-4 units properties The income stated must be reasonable in relation to the position of employment No tax returns, W-2, paycheck stubs, or 4506-T are required Borrowers must be U.S. citizen or permanent residents Self-employed or W-2 employees allowed

Unlike a stated income loan, where the borrower is required to state their income, on a no income mortgage the income section of the loan application is left blank and the borrower’s debt-to-income ratios are not calculated.

No income mortgages are available for both self-employed and W-2 employees, and may be used to purchase or refinance a primary residence, second home, or investment property. The general guidelines for no income mortgages are as follows:

Up to 65% loan-to-value Loan amounts up to $2,000,000 No minimum credit score required Property must be located in California Borrower may finance up to 3 properties under this program Purchase, rate and term refinance, or cash out refinance allowed Single-family homes, condominiums, townhomes and 2-4 units properties allowed Primary residence, second home or investment properties allowed No tax returns, W-2, paycheck stubs, or 4506-T are required Income section on the loan application is left blank Debt-to-income ratios are not calculated Self-employed or W-2 employees allowed Borrowers may be U.S. citizens, permanent residents, or foreign nationals

This is the perfect opportunity for people who are unable to qualify for a traditional full documentation mortgage to purchase or refinance a primary residence, second home or investment property.

For more information on stated income or no income mortgages, call Lenderline at 1-888-661-7888 or go to www.lenderline.com for more loan programs.

Several places are available for obtaining mortgage rates from different Colorado Mortgage companies. Look at the ads or scour the advanced engines online and you will find many companies offering different rates in your area. Try to find one in the state of Colorado when you are looking for the best Denver refinance rates. The homes in and around Colorado are unique and offer homes that range from modest to luxury.

First, try to find a Mortgage company that offers quotes that spell low interest rates. However, just because the company offers low rates does not mean that they are the best. It is important to ascertain that they have a reputation in the area and are not out to take your money by luring you with false quotes. You should start by examining the fees charged for the mortgage loans. Each company offers different closing costs which you should note. The terms and condition of Colorado Mortgage companies differ and therefore you should be able to make your final decision after studying these points and making comparative notes. The company you select should have excellent customer service and answer all your queries. They should be experienced in the field and help you understand the rates and quotes that are offered.

Refinance is the term that refers to the replacement of a current home loan debt with another obligation of debt with different terms. People do this to either extend the length of the repayment period or to change the existing parameter. People may prefer to pay the Denver refinance rates if their present agreement involves adjustable interest rates. Due to various reasons such as economic turmoil, the interest rates may fluctuate and this affects the mortgage interest rates. This may cause someone in Denver to refinance the adjustable rate mortgage and make it a fixed rate to enable them to pay the amount determined beforehand on the mortgage.

If you plan to live long in your current home in Denver, then you can use this option of refinancing. Call your mortgage counselor and ask them for their valued advice and guidance. They will explain the benefits and disadvantages and help you make the right decision. People in Denver are now refinancing their mortgages in the hope of getting a lower rate. Some people may use their mortgage on their property in Denver to consolidate debts. They may be able to transfer their debt from a high interest rate to a lower interest rate and save money.

There are many reasons to refinance the mortgage but it is important to know the different options and consider the pros and cons when taking one on the Denver home. Beacon Financial is a private company that arranges for loans, using money of others. They offer exceptional service and great rates including low closing costs. This is why you should select one of the best mortgage companies in Colorado to help you make a vital decision on Denver refinancing.

Financing a manufactured home can be confusing to the first time home buyer. The most common questions asked during this time are; how do I find the best loan and is it necessary to pre-qualify? Answering these two questions will help move the process along and give the home buyer the information they need to make an informed buying decision.

The first thing to do is find a loan that fits into your home buying plan and overall financial plan. This means shopping around for a lender that offers financing with the terms that best fit your situation. This means determining how much house you can afford through the pre-approval process.

All lenders will require prospective homeowners to be pre-approved before working out the details of the loan terms. During this process the lending institutions are evaluating your financial situation to determine if you will be a good risk for one of their loans.

Getting pre-qualified also allows you the home buyer the ability to know how much house you can afford once you begin hunting for your new home. This is also the time to start comparing loan terms from the different lenders who have pre-approved your application.

This is probably the most important part of manufactured home financing; be sure to shop around to different lenders to ensure that you get loan terms that work best for you. Lenders interest rates will vary and while it may not seem like much over the term of the loan a half of a percentage point can literally save you thousands of dollars. You’ll also want to check what sort of down payment may be needed and what other closing costs are involved. These can vary from lender to lender so be sure to read the terms carefully before deciding on a mortgage provider.

Knowing the basics of manufactured home financing and mortgages will be a benefit to you during your home buying experience. Finding the right mortgage financing that fits your financial needs will take some time but it is well worth the effort once you are able to move into your new manufactured home.

To learn more about a manufactured home financing please visit the website Manufactured Home Loans & Refinance by Clicking Here.