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Mortgage Tips For The Frantic
It is a curious fact of human nature that people will haggle over the price of an umbrella, but buy a house on impulse.
We understand small amounts of money; we know what they can buy. £200,000 is harder to grasp; you can't fit it in your pocket. The desire to acquire, combined with the stress of the purchase, can make people do funny things. With this in mind, here are a few tips to review when getting a mortgage.
Watch out for the 'Deal Of A Lifetime', the deal that seems too good to be true. The company may be saving money by cutting back on their level of service.
When getting a fixed rate: get a written statement which details the interest rate, how long the rate is fixed for, and the conditions attached.
When interest rates fall: try and leave your repayments as they are. You will therefore be paying more than the minimum each month. You'll repay your loan much earlier. When rates rise again you may not have to change your payment.
Consider a fifteen or twenty year term. Try to pay off your mortgage quickly. Use a mortgage calculator with an amortization function, and see what's possible.
Keep your mortgage as small as possible. Aim for *comfortable* affordability.
You will find mortgage lenders who will stretch your qualification ratios. They aren't doing you a favour. The qualification ratio is the ratio of your total mortgage payment to your total income.
The traditional ratios are: The mortgage payment as 28% of your income; the total of your mortgage payment plus your monthly debt payments as 36% of your income.
Try not to 'churn' your mortgage. Each time you refinance you'll probably incur completion costs and non-refundable fees.
Beware of prepayment penalties. Many 'no fee' credit lines have a pre-payment penalty. This can be very expensive if you are planning to refinance or sell your house in a few years time.
You don't need to sign a mortgage agreement which contains any significant prepayment penalty, if you have good credit. One of the smartest things you can do with a mortgage is to prepay it.
Don't look for a home without being pre-approved. You will have much more negotiating power with the vendor, and may be able to save thousands of pounds.
Get a full, professional survey. Human beings can be perverse; happy to spend £150,000 on a house after a half-hour viewing, but be-grudge spending £500 finding out whether it's worth buying in the first place!
Find out the true value of your home. Get more than one independent appraisal. Compare it with the prices of similar-sized houses for sale in the same area.
Start gathering documents. Provide your mortgage company with documents in good time; don't let your rate lock expire!
Verbal (oral) agreements are worthless. When buying or selling property, always get it in writing.
When you do get your mortgage, check your payments are correct - do the mathematics. There's a one in ten chance you could be paying more than you should.
Review your mortgage regularly - this, and possibly remortgaging, will ensure you pay as little as possible in interest.
Finally, consider the following advice from the U.S. Department of Housing and Urban Development:
Be sure to read and understand everything before you sign;
Refuse to sign any blank documents;
Do not buy property for someone else;
Do not overstate your income;
Do not overstate how long you have been employed;
Do not overstate your assets;
Accurately report your debts;
Do not change your income tax returns for any reason;
Tell the whole truth about gifts;
Do not list fake co-borrowers on your loan application;
Be truthful about your credit problems, past and present;
Be honest about your intention to occupy the house;
Do not provide false supporting documents.
A mortgage is the biggest financial committment most of us will ever make; worth spending a little time on, to get it right!
About the author: T. O' Donnell (http://www.tigertom.com/mortgages-uk.shtml) offers mortgage quotes, advice, an ebook and a mortgage calculator, in London, UK.
MORE RESOURCES updated Thu. August / 06 / 2020
Don't let mortgage rates distract you. You should also consider this when refinancing - Fox Business
Rocket’s Refinance-Fueled Blastoff Might Not Last The Wall Street Journal
Compare Today's Mortgage Refinance Rates: Aug 05 Credible News
Now's a good time to refinance your mortgage KTNV Las Vegas
Refi Rates Today, July 24, 2020 | Rates slide Bankrate.com
Is It Already Time To Refinance Again? Mortgage News Daily
What is the average refinance closing costs? The fees add up Business Insider
Current Refinance Rates, July 15, 2020 | Rates slide Bankrate.com
Mortgage industry faces 'tsunami' of refinancing deals Phoenix Business Journal
Wells Fargo tells new clients they need $1 million in balances for certain mortgage refinancings - CNBC
Wells Fargo tells new clients they need $1 million in balances for certain mortgage refinancings CNBC
Mortgage rates sink to another record low The Washington Post
Don't make these mortgage refinancing mistakes | Business | swoknews.com The Lawton Constitution
You might have a tough time getting a 'jumbo mortgage' during pandemic. Here's what to expect - CNBC
What is the cheapest way to borrow money? Fox Business
What Is A No-Closing-Cost Mortgage? Bankrate.com
Experts Say Now Is The Time To Refinance Your Mortgage, Though Process Might Take Longer Than Normal - CBS Los Angeles
Experts Say Now Is The Time To Refinance Your Mortgage, Though Process Might Take Longer Than Normal CBS Los Angeles
Compare mortgage, refinance, insurance, CD rates Bankrate.com
New Mortgage Rate Record; What Is a "Top Tier" Scenario? Mortgage News Daily
Your Mortgage: Confessions of a refi addict Shawnee Mission Post
Mortgage rates hit historic low and local real estate market soars WNEP Scranton/Wilkes-Barre
Mortgage Credit Availability Up in July Banker & Tradesman
Should I pay off my mortgage or invest the money instead? | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Should I pay off my mortgage or invest the money instead? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Figure Names Wall Street Vet Robert Hershy as Head of Capital Markets Effort for Provenance - Business Wire
Figure Names Wall Street Vet Robert Hershy as Head of Capital Markets Effort for Provenance Business Wire
The feared jumbo mortgage debacle is here — thanks to the coronavirus — and ready to pound the housing market - MarketWatch
The feared jumbo mortgage debacle is here — thanks to the coronavirus — and ready to pound the housing market MarketWatch
Mortgage refinance: Everything you need to know Fox Business
How to get the best mortgage refinance rates Fox Business
How to refinance your mortgage Fox Business
Scammer sells $32m in imaginary mortgages – all to the same bank Mortgage Professional America
LowRates.com Mortgage Reviews & Ratings Bankrate.com
10 things to know before refinancing your mortgage Fox Business
Is now the best time to refinance your mortgage? Fox Business
There Has Never Been a Better Time for Co-ops to Refinance Habitat magazine
Milliman analysis: Increased economic risk from COVID-19 puts pressure on mortgage performance in 2020 Q1, but losses not expected to rise to global financial crisis level - PRNewswire
Milliman analysis: Increased economic risk from COVID-19 puts pressure on mortgage performance in 2020 Q1, but losses not expected to rise to global financial crisis level PRNewswire
When should you refinance your mortgage? Fox Business
Student Loan Refinancing Rates Fall to New Lows Credible News
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears CNBC
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway - MONEY
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway MONEY
How does mortgage refinancing work? Bankrate.com
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world - MarketWatch
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world MarketWatch
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 - Business Insider
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 Business Insider
The impact of the coronavirus on mortgage refinancings Brookings Institution
The basics of no-closing cost mortgage refinancing Fox Business
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years - CNBC
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years CNBC
Successfully Refinancing Your Mortgage Isn’t Just About Getting A Great Interest Rate. Here’s What Else You Need To Look For - Forbes
Successfully Refinancing Your Mortgage Isn’t Just About Getting A Great Interest Rate. Here’s What Else You Need To Look For Forbes
Rushing to Refinance Your Mortgage: 6 Tips and What to Avoid The New York Times