 |
A Personal Mortgage Experience
I don't know what the mortgage situation is around the world
but here in England the mortgage industry is a constant point of
debate. It used to be that everyone aspired to having a mortgage
on a nice home - you know the kind of house with enough rooms to
cater for the average family with 2.4 children. I was no
different myself when I first wanted to get on the first rung of
the housing ladder ten years ago.
At the time I was living in a council flat (a government
housing apartment) with my husband and our baby daughter. The
apartment was a fairly decent size but I had gone back to work
and my partner was working long hours so we thought that we
wanted to stop renting and take out a mortgage to buy our
own house.
I felt quite strongly that I wanted to have a mortgage so that
we were not paying 'dead money' in rent. We looked around the
area we were in for suitable house, nothing too fancy, just a
comfortable two-bedroom property with a small garden for our
daughter to play in safely as she grew older. We narrowed down
our choices to get an idea of what size of mortgage we required.
The next step was to approach a number of mortgage
providers to see who offered the best rate for our needs.
It was rare to be able to obtain a mortgage that covered 100%
of the property's purchase price but we were lucky in the fact
that a member of my family was happy to make up the shortfall for
our deposit. After a few weeks we had our mortgage set up and put
in our offer for the house we both loved. All that was left then
was to wait to see if the house seller would accept our bid. That
was one of the longest waits I had ever had, up to that point!
Finally, we received the call that told us that the house was
ours! The paperwork was all exchanged and the money from our
mortgage transferred into the buyer's account. Now we could make
arrangements to move in and look forward to a long and happy life
in our new home or that was the hope at the time.
Unfortunately, my marriage broke down after only a year in our
new home. I contacted the mortgage company to see if I could take
on the mortgage myself. Sadly, the amount of money I was earning
was not enough and the mortgage company refused my application. I
had no choice but to try and sell the house and find a smaller
property that I could afford by taking out a mortgage in my own
right. The house prices in my area, and the majority of England
too, were rising at a ridiculous rate and fewer people were able
to take out a mortgage to cover the inflated costs. This was the
problem that I faced. Eventually, the reality sank in that I was
going to lose my house and have to go back into a council
apartment and that is exactly what happened.
I know my story is not unique by any means but the situation
has got to the stage in this country that no one can afford to
get a mortgage to cover the high cost of houses and apartments.
This is not restricted to first-time buyers either. I strongly
believe that the housing market is going to crash in the near
future as there are too many houses for sale that people are
unable to obtain a mortgage to buy. The average salary in this
country is too low to qualify for a 100% mortgage on a middle of
the range house or apartment. I know I am not alone to be in the
frustrating situation that I am in at present but I am still
positive that the situation will change in the near future and
mortgages will be available to cover the cost of a new home. I am
looking forward to that day so that my new family and I can stop
paying 'dead money' in rent and get a mortgage to buy our own
family home.
About the Author:
Cheryl Lind is the owner and operator of http://www.yestomortgage.com.
She is dedicated to helping people get the information they need
about mortgages.
 MORE RESOURCES updated Thu. February / 09 / 2012
|
Mortgage-refinance bill a dangerous dealArizona Republicby Robert Robb, columnist - Feb. 10, 2012 12:00 AM State Sen. Michele Reagan wants to help out underwater homeowners in the worst way. And she has succeeded with SB 1451 -- it's hard to imagine a worse bill. Reagan proposes to establish a state agency ... |
|
AgedLeadStore.com to Add 1100000 Aged Mortgage Refinance LeadsMiddle East North Africa Financial NetworkCOM, January 26, 2012 ) Baltimore, MD AgedLeadStore.com is increasing its value for its customers by adding 1.1 million aged Mortgage Refinance Leads in February. This is important as many people depend upon their ability to refinance to make progress ... |
Google News
|
|
|
RELATED MORTGAGE AND REFINANCING ARTICLES:
Mortgage Information for
the First Time Homebuyer
Inflation in the United States is increasing rapidly and
home prices are soaring! There are millions of american
families that are unaware of the many mortgage programs
that are available for first time homebuyers. There are many
types of mortgage finance programs available to first time
homebuyers.
How To Get a Mortgage If
You're Self-Employed
If you are self-employed, work on a contract basis, or have
an income that is irregular or comes from multiple sources,
it will generally be harder for you to get a mortgage than
it is for someone who is an employee and can easily prove
their income. A self-employed person is someone who runs
their own business and works for themselves without an
employer.
What You Don't Know About
The Real Estate Process, Some Inside Secrets
Some people in the real estate industry have a terrible
reputation. Why, because they deserve it.
Mortgage Debt Elimination
in 5 to 7 years!
Mortgage Debt Elimination shows that most home loan debts
will be secured. Secured debts usually are tied to an
asset, like your house for a mortgage.
Home Mortgages: Should
You Apply Now?
If you're thinking about applying for a new mortgage or
refinancing your current mortgage, you might want to take
action now. In its survey this week (the week of Aug.
Need Mortgage?
Alternative Finance Often Masks Predators, Who Want to
Steal Your House
So, your bank had just turned you down for a mortgage
application. The same thing also happened, when you went to
other banks in your area.
Refinancing Online - Get
The Best Refinance Home Loan You Can Get
When going to refinance or get a mortgage loan quote, the
internet can be a useful tool to shop around for the best
interest rate. The reason the internet is a good place to
start applying, is because most mortgage applications
online do not typically pull your credit with the first
application.
Key an Eye on Your
Mortgage Payments
In previous decades, when a borrower missed a payment on a
mortgage, the lender would often consider them one month
behind until they eventually caught up. Most lenders would
impose a late fee and other interest or penalties, tacking
them onto the back end of the loan as long as the lender
stayed current with the rest of their payments.
Escrow Accounts, Do You
Absolutely Need One?
With escrow accounts the money for your home insurance and
property tax is added to your monthly mortgage payment and
is paid out each year. With that said, you may think that
having an escrow account takes the responsibility off your
shoulders because the bank will make the payment for you
each year from your escrow savings account.
Securing a Cheap Home
Improvement Loan
Finding a cheap home improvement loan can be a challenge at
times, but the extra work involved can pay off by saving
you money in the long run.Taking the time to get extra
quotes, do a bit more research, and finding the best people
to work on your home improvements is always a good idea?
and if it results in a cheap home improvement loan, all the
better!How home improvement loans workThe first step to
finding a cheap home improvement loan is to know exactly
how it is that home improvement loans work.
Are You A Victim Of A
Predatory Mortgage Foreclosure?
Help is available to borrowers who have claims against
their lenders for violating the Truth in Lending Act and
other laws regulating credit transactions. Such violations
may be a defense to a mortgage foreclosure.
Refinancing and Car
Finance - Is it worth it?
Refinancing and Car Finance - Is it Worth It? No doubt you
have heard of refinancing your mortgage. It has become all
the rage, but now you can also refinance your car loan.
How to Utilize Your Cash
Investment in Your Home
Have you ever noticed how hard it can be to get to the
equity in your home?Recently I had a client come to my
office who had quite a bit of equity in their home. I'm not
talking about $50,000 or even $200k, I'm talking about over
$250k.
Debt Counseling -
Healing Touch for the Ailing Finances
The financial stories remain similar over the months and
the years. With debts becoming a nuisance, people make
resolutions and resolve to stand by these resolutions.
Mortgage: Effective
Household Investment for Financial Autonomy
If finances had a copyright, we would have bought it by
now. But it is hardly sold anywhere near the place we live.
FHA Home Mortgage
Purchase or Refinance Loan - Why You Might Consider Getting
an FHA Loan
Most borrowers have heard of FHA home loans. They are very
common.
Your Mortgage Rate
Compare and Save
When trying to obtain the best mortgage rate compare offers
from several lenders or brokers. Know how much of a down
payment you can afford, and find out all the costs involved
in the loan.
Stop Foreclosure - 7
Tips to Save Your Home
Faced with the threat of a foreclosure on their home, with
all the weight of the mortgage industry and its army of
attorneys against them, the average homeowner might feel
like David facing Goliath. But David defeated Goliath !David
had a sling and some pebbles.
Bad Credit? With Poor
Credit You Can Still Refinance Or Get A Home Equity Line Of
Credit
Have you decided to refinance your home or apply for a home
equity line of credit but worry about your credit rating?
Even with poor credit it is possible to refinance your
existing mortgage or obtain a home equity line of credit.
New practices in the lending industry have made it easier
than ever for you to refinance your mortgage or get a home
equity line of credit.
Poor Credit Home Equity
Loan Tips
A home equity loan can help repair your poor credit
history. Begin by finding a competitive financing lender
with affordable rates and terms.
|
used office furnishings-supplies-equipment-desks-cubicles-service-counters for
sale in Akron Ohio
Die cast model cars for sale in Akron Ohio
used cars for sale in Akron Ohio
unfurnished homes for
rent in Akron Ohio
| first second
ARM compare rates find the best rates current in your area lenders read reviews calculator adjustable rate loan home lenders brokers
quotes florida houston gmac washington interest only 2nd software debt consolidation
reverse senior equity texas maryland options lending bad credit
option one ameriquest chase first banks emc residential california miami dallas est branch marketing
home company commercial yahoo online bad credit low credit no credit |
|
