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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 Mon. July / 22 / 2019
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Should you refinance your mortgage now? Clark.com - Clark Howard
Money expert Clark Howard has a simple rule for when to refinance your mortgage. See if it applies to you and how you can hit a "grand slam" if you do it.
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This is how ridiculously low mortgage rates are now. A historical perspective - The Mortgage Reports
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Refinance rates were mixed, but one key rate slid lower. See what that means for your chances of scoring a killer refi rate.
Weekly mortgage rates fall further, but only refinance applications rise CNBC
Mortgage application volume was 40% higher than a year ago, largely because lower rates are strengthening the refinance market.
Mortgage rates today, July 19, 2019, plus lock recommendations The Mortgage Reports
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Mortgage rates today, July 15, 2019, plus lock recommendations The Mortgage Reports
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Liz Weston: Shop for refinance rates with no credit score dip for multiple inquiries OregonLive
Dear Liz: We're planning to refinance our mortgage and are concerned about generating multiple credit inquiries which would lower our excellent credit scores.
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Fed interest rate cuts to usher in new era for home buyers The Mortgage Reports
Home prices are high but there's hope for home buyers. Falling rates should make homeownership more affordable as the Fed seeks to cut rates in 2019.
It's Your House, Only Cheaper — Why Homeowners Should Refinance Now to Save Big - PaperCity Magazine
It's Your House, Only Cheaper — Why Homeowners Should Refinance Now to Save Big PaperCity Magazine
Are you leaving money on the table when it comes to your home mortgage payments? If you are one of 5.9 million, homeowners who could lower interest rates ...
Fixed mortgage rates end up back where they started after an up-and-down week The Washington Post
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Over 8 million homeowners are leaving big money on the table by not refinancing The Coloradoan
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Mortgage rates sink to a 31-month low after Federal Reserve expresses uncertainty about the economy - The Washington Post
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Mortgage rates fall for Tuesday Bankrate.com
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Weekly mortgage applications stall as rates take a respite CNBC
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Nearly 6 million people can now cut their mortgage payments with refinancing.
Mortgage rates today, June 25, 2019, plus lock recommendations The Mortgage Reports
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Mortgage rates haven’t been this low since 2016 — here’s how to decide whether to refinance your home loan - MarketWatch
Mortgage rates haven’t been this low since 2016 — here’s how to decide whether to refinance your home loan MarketWatch
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Homeowners scramble to refinance mortgages as rates hit the lowest level in 17 months. But mortgage applications for home purchase rose just 0.5%.
The power of mortgage insurance — and which state's buyers use it most | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
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Nearly 6 million people can now cut their mortgage payments with refinancing Bankrate.com
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Whether you've owned your home for a short time or you've had your mortgage a bit longer, a mortgage refinance involves careful consideration. After all, you'll ...
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More, Hirt, and Henn of Mission Capital Advisors arrange
$15.2 million first mortgage refinance for The Box Factory - New York Real Estate Journal Online
More, Hirt, and Henn of Mission Capital Advisors arrange
$15.2 million first mortgage refinance for The Box Factory New York Real Estate Journal Online
Brooklyn, NY Mission Capital Advisors' debt and equity finance group has arranged $15.2 million of first-mortgage financing for The Box Factory, redeveloped ...
Mortgage refinancing spree becomes a race against the clock Bankrate.com
Some 2.43 million homeowners can reduce their mortgage interest rate by refinancing, according to a recent mortgage report by Black Knight, a mortgage data ...
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Let us do the heavy lifting for you. Compare rates from multiple lenders with no impact to your credit score. Refinance your mortgage with peace of mind.
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A turnaround in interest rates turned borrowers back on their heels last week, deflating a quick boom in refinance demand.
If You Ever Want To Retire, Here's The Best Way To Refinance Your Mortgage Forbes
The usual reasons to refinance are to reduce the monthly payment or to raise cash. The third option, which is under-appreciated, is to shorten the period of ...
DAVID W. MYERS: Bounced checks wont scuttle homeowners refinancing plans Sarasota Herald-Tribune
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Mortgage Rates Drop Again -- Homeowners Can Save Hundreds Per Month By Refinancing Forbes
Mortgage rates are continuing their downward spiral. According to Freddie Mac, the average rate on a 30-year fixed-rate loan has dropped to just 3.82%—down ...
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Interest rates are near historic lows, and one particular VA loan refinance option that is easy to qualify for can enable homeowners to save thousands on their ...
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REAL ESTATE MATTERS | For a home-run refinance, try to find a deal that helps you do these four things: lower your interest rate, shorten your loan term, lower ...
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India's central bank is seeing “signs of fragility” in some of the 50 mortgage lenders and other shadow banks it is monitoring to prevent the spread of a crisis that ...
Freddie Mac CHOICERenovation construction / renovation loan: 2019 guidelines The Mortgage Reports
The CHOICERenovation (sometimes written “Choice Renovation”) mortgage from Freddie Mac gives borrowers a new option to buy and fix-up homes without ...