First Time Buyer Mortgages – Compare First Time Buyer Rates #loan #calc

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First time buyer mortgages


Guide to first time buyer mortgages

Buying your first home is hugely exciting but it can also be quite daunting and nerve-wracking. One of the things many first time buyers worry most about is applying for a mortgage. With thousands of mortgage products available how on earth do you know what to go for?

Choosing a mortgage is actually more straight forward than you might initially expect. Here we explain all you need to know to help you find the best mortgage to enable you to buy your first home.

Deals for first-time buyers

There are thousands of mortgages on the market and they are all theoretically available to first-time buyers. Many banks and building societies also package specific deals for first-time buyers, which may include incentives such as cashback, low fees or a contribution towards legal costs.

How much can I borrow?

It’s a good idea to work out roughly how much you can borrow before you go house hunting. There is no point in picking your ideal home only to find that it is beyond your financial reach.

In the past, lenders traditionally calculated the amount you could borrow as a multiple of your salary. So, you might typically be granted a mortgage of three times your gross annual earnings. But most banks and building societies these days advance funds according to affordability and will ask for details of your incomings and outgoings before they decide on a figure. They will also take into account the impact of future interest rate rises.

Our mortgage calculator will give you a rough idea as to the amount you should be able to borrow.

However, your ability to get a mortgage isn’t down to your salary and outgoings alone, your credit score is important, too. If you have suffered from bad debts in the past, your application for mortgage finance might be turned down.

Save for a deposit

You will almost certainly have to save up for a deposit because the days of a 100% mortgage are gone. Some banks and building societies will lend up to 95% of the property’s value – this will be described as the loan to value of LTV. In other words, you will need a minimum deposit of 5%. You will have a wider choice if you can put down a 10% deposit. However, the very best rates are reserved for borrowers with a big deposit – in some cases you’ll need as much as 40%.

Therefore, aim to save as large a deposit as possible because you will have access to a wider range of mortgage products and be able to benefit from more competitive rates.

Fixing your mortgage rate

There are thousands of different mortgage deals but they broadly fall into two categories – variable rate and fixed rate.

Many first-time buyers favour fixed-rate mortgages because they allow them to budget with certainty. With a fixed rate, you know exactly how much you will have to pay out each month, so you don’t need to worry about fluctuations in interest rates.

You can usually fix your mortgage for two, three or five years. But some lenders offer long-term fixes of ten years or more.

It’s important to think about how long you want to lock yourself into a mortgage for. Most will charge you a penalty – known as an early repayment charge (ERC) – if you need to get out of the deal before the end of the fixed term. Therefore, most first time buyers tend not to go for long term fixed rate deals because a lot can change in 10 years.

The interest rates on fixed rates tend to be slightly higher than those on the best variable rate deals, but that is because you are paying for the security and peace of mind. Remember, variable rates can change so if the Bank of England puts interest rates up, variable rates will rise while a fixed rate will remain the same.

Our easy-to-use base rate calculator will help you work out how your mortgage repayments will be affected by interest rate fluctuations.

Variable mortgages

There are two types of variable rate mortgage.

Trackers are directly linked to the Bank of England base rate and move in line with changes to that. So if the Bank of England puts the base rate up by 0.25%, your mortgage rate will rise by the same amount.

The other type is a discount. Discount mortgages are linked to the lender’s standard variable rate (SVR), not the Bank of England Base rate. SVRs are set by each lender and therefore they can change even if there’s been no change in the Bank of England rate. There’s a bit more risk attached to a discount so trackers tend to be more popular with those opting for a variable mortgage.

Some lenders play around with different types of mortgage. They might combine a fix and a tracker, or offer some sort of guarantee that a variable loan will not rise above a certain rate. Always make sure you understand how your mortgage works so that you do not pay a premium for a product that you don’t need.

Fees for first-time buyer mortgages

Don’t forget to factor fees into your cost calculations. Most lenders charge an arrangement fee for your mortgage, which could be £1,000 or more. Some also levy a non-refundable booking fee of several hundred pounds.

Also, don’t forget the other fees and costs associated with buying a home – you’ll have to pay for a survey and for the conveyancing. Then of course, there’s the cost of furnishing your first home. It can all mount up pretty quickly.

Choosing the right mortgage

MoneySupermarket makes it easy for first-time buyers to choose the right mortgage. Whether you have a big deposit or small, want a fixed or a variable rate deal, we compare first-time buyer mortgages from a wide range of lenders so it’s one less thing for you to worry about. What’s more, our comparison service is free, independent and online.

The figures and information provided by this tool are for illustration purposes only

Ready to learn more about first time buyer mortgages?

Contact at Moneysupermarket House, St David’s Park, Ewloe, Flintshire, CH5 3UZ. © Ltd 2013 Limited is an appointed representative of Financial Group Limited, which is authorised and regulated by the Financial Conduct Authority (FCA FRN 303190). Financial Group Limited, registered in England No. 3157344. Registered Office: Moneysupermarket House, St. David’s Park, Ewloe, CH5 3UZ. Telephone 01244 665700

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Buying a house for the first time

Your real estate agent is your partner and a valuable asset. They know the neighborhoods and schools and will help negotiate a fair price for the house you want. Your Mortgage Banker can answer questions about how much you can comfortably afford and provide guidance at every step. Get opinions from those you trust, such as your family and friends.

In addition to your monthly mortgage payment, you also pay interest, taxes, private mortgage insurance (if your down payment is less than 20% on a conventional loan) and several one-time fees at closing. These closing costs typically range from 2–6% of the total amount of the mortgage loan. Make sure you know the total cost.

A good credit score increases your chances of being approved for a mortgage and may lower your interest rate. If your score is low, try to improve it by making your payments on time, paying the monthly minimum (or more) and keeping your existing credit card accounts with zero balances open.

You can get an estimate of how much you’ll be able to borrow by being prequalified for a mortgage. You will need to provide some basic financial information and a lender determines how much you may borrow. Prequalification is simple and usually can be done in one conversation. You may choose to start a prequalification online or speak with your local Chase Mortgage Banker .

You’ll need to provide various documents, such as pay stubs, bank statements and tax forms. Make sure you know what papers you need and have them readily accessible. A Mortgage Banker can help you determine what documents are needed.

Islamic Mortgage #30 #year #mortgage

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Islamic Mortgage

Under the Sharia law of Islam, the payment or receipt of riba (interest) is prohibited, and thus a conventional mortgage cannot be utilized by a practicing Muslim. Obviously this poses a problem, as home prices are far too expensive to buy outright for the typical consumer.

However, this can be solved by having the bank purchase the property and sell it back to the mortgagee in one of three ways. The bank will either sell the property at a higher price to the mortgagee under an installment plan, or rent it to the tenant/homeowner, and have the mortgagee pay a contribution towards the equity of the home each month until it is paid off in full. The second method is also known as lease to purchase because the homeowner rents the property while paying down principal and gaining equity. Another option is to create an LLC whereby the finance company and the homebuyer own shares.

With regard to the western world, Islamic Mortgages are probably most common in the United Kingdom, although they seem to be gaining steam in the United States. Roughly five years ago, mortgage financier Freddie Mac agreed to buy these types of mortgages, and at this point, others probably wish they had too.

Because Islamic mortgages tend to be more straightforward than some of the exotic offerings seen in traditional Alt-A and subprime lending. the borrower default rate is probably a lot lower. The lack of trickery and bait-and-switch has also encouraged more Muslims to consider an Islamic mortgage, as it further justifies the choice.

About the Author: Colin Robertson

Before creating this blog, Colin previously worked as an account executive for a wholesale mortgage lender in Los Angeles. You can follow him on Twitter and connect via Google Plus .

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Online Calculator

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For example, you want to multiply 1542 by 147. First, you consistently enter the numbers 1,5,4,2 and look at the screen:

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Mortgage, Body Mass Index (BMI) and Scientific online calculator

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Customer service is our first priority. As a U.S. Bank mortgage customer, you can access your account online, see current rates and learn more about the mortgage products we have to offer.

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Islamic Mortgages: In a nut shell how does an Islamic mortgage work for different types of purchases? #mortgage #interest #rates #forecast

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In a nut shell how does an Islamic mortgage work for different types of purchases?

  • you choose property, agree price, undertake survey
  • bank enters into contract to buy the property from vendor
  • bank sells property to you at higher price
  • the higher price is paid by you in equal instalments over a fixed term, irrespective of what happens to Bank of England base rate
  • choose property, agree price
  • bank undertakes survey, buys property and sells it to you for the same price, in return for payments spread over fixed period up to 25 years
  • in addition to monthly payments, you pay a sum for ‘rent’ – assessed annually in line with market trends
  • you can overpay (as with a conventional flexible mortgage) to buy the house more rapidly

Replacing a conventional mortgage with a Shariah compliant one:

  • bank buys property from you at current market value
  • you agree to buy back the property at the same market price
  • the bank pays off your interest-based mortgage
  • you repay the bank in equal monthly instalments

Copyright 2011 Islamic Please read our Terms and Conditions
The entire product range offered on this website is Shariah compliant. However, from time to time we will promote relevant none Halal products where no Islamic / Halal alternatives exist. Your home is at risk if you do not keep up monthly payments due under an Islamic / Halal mortgage agreement (your lease and / or diminishing ownership agreement).

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Mortgage Library and Resources

Below you ll find some great resources to help you understand the steps involved in applying for a mortgage and what your options are:

Guides and Brochures

Your Step-by-Step Mortgage Guide
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Why Use a Mortgage Broker
If you want to save time, reduce your leg work, understand all your options and make sure you find the best possible deal a mortgage associate is the ideal solution. The best news is that you can get started without even leaving your house or office. Take advantage of the expert knowledge provided by a Brokers For Life Mortgage associate to make an informed mortgage choice.

Why is your Credit Score Important
Your credit report is simply a listing of all your mortgage and consumer debt. In Canada mortgage brokers use two credit bureaus, Trans Union and Equifax find out what s on these and how they affect you.

When your Mortgage is about to expire
When your mortage is due for renewal, it is a great opportunity to make sure you have the right mortgage for your current needs.

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Consent Forms

Client Consent Form
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Watch our Fixed Rate Mortgage Acceleration Calculator “How To” video

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.

While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.

Your mortgage quote request has been sent to our lending partners and you should receive emails from multiple lenders shortly

Comparing proposals from multiple lenders is the best way to save money on your mortgage!

By clicking “GET FREE QUOTES,” you authorize selected lenders to contact you using the information you provided. This authorization overrides any previous registrations on federal, state, or private Do Not Call registries or any private solicitation preference you previously expressed. You agree that lenders may use automatic dialing systems to make calls to any phone number entered, even to a cell phone or other service for which the called party is charged. You understand that consent is not a condition of purchase.

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How can this help my business?

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What else do I need to know?

  • To qualify, the real estate must be a multi-purpose, industrial, office, commercial, retail, or a multi-residential (5+ units) property
  • The property must be located in an active resale and rental market where current market rents exist for comparable properties, and where the property is readily marketable
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