Home Buyers Mortgage Brokerage Firm Alberta #bad #credit #mortgage


#direct mortgage lenders

#

Canada Mortgage Direct

Canada Mortgage Direct has been active in the mortgage industry for the last 15 years. As a company we are striving to make an unexpected difference to your life. We do this by helping you solve problems you may not even realize you have.

We have created CMD’s culture with four fundamentals:

  • A company is only as good as the people who form it.
  • Attract, educate and retain the industry’s leaders so they can deliver best in class service to our clients.
  • Produce a transparent, educational and consistent level of service to every client.
  • Manage every deal on a regular and ongoing basis to fast track clients to their long-term objectives.

Home Buyers Mortgage Brokerage Firm – Canada Mortgage Direct

Buying Or Selling A Home Made Easy With The Calgary Home Buyers Program. Become a smarter home buyer while getting $2000 Cash back when you buy or sell your next home. The Calgary Home Buyers Academy is a trusted program to discover, discuss, learn and meet local Real Estate partners in your area – online and in person.


What Is a Conventional Loan for Home Buyers? #home #mortgage #loan


#conventional mortgage rates

#

What Is a Conventional Loan?

Updated June 05, 2016

I advise first-time home buyers to meet with a mortgage broker before deciding on a loan because mortgage brokers carry a vast array of products, including the tired and boring old conventional loans. A bank can make a conventional loan, too, but generally a bank s product line is limited and particular only to that bank. Whereas a mortgage broker can broker loans through any number of banks.

After the mortgage meltdown of 2007, many of the exotic types of loans vanished, and conventional loans started to become more popular.

Conventional loans gained a reputation of being a safe type of loan, but there are a variety of conventional loans to choose from as well.

The main difference between a conventional loan and other types of mortgages is the fact a conventional loan is not made by a government entity nor insured by a government entity. It s what we refer to as a non-GSE loan. A non-government sponsored entity.

Types of government loans are FHA and VA loans. An FHA loan is insured by the government and a VA loan is backed by the government. Down payment requirements are different as well. The minimum down payment for an FHA loan is 3.5%. For a VA loan, the minimum down payment is zero.

Amortized Conventional Loans

Home buyers can take out an amortized conventional loan from a bank, a savings and loan, a credit union or even through a mortgage broker that funds its own loans or brokers them. Two important factors are the term of the loan and the loan-to-value ratio :

  • 95% LTV with a 30-year term
  • 90% LTV with a 30-year term
  • 85% LTV with a 30-year term
  • 80% LTV with a 30-year term

The LTV can be lower than 80%. It can be whatever is comfortable for a borrower. If the LTV is higher than 80%, lenders require that borrowers pay for private mortgage insurance *. The term of the loan can be longer or shorter, depending on the borrower s qualifications.

For example, a borrower might qualify for a 40-year term, which would lower the payments. A 20-year term loan would raise the payments. Here are a few examples of how the payments can change depending on the term of the loan:

  • A $200,000 loan at 6% payable over 20 years would result in a payment of $1,432.86 per month.
  • A $200,000 loan at 6% payable over 30 years would result in a payment of $1,199.10 per month.
  • A $200,000 loan at 6% payable over 40 years would result in a payment of $1,100.43 per month.

A fully amortized conventional loan is a mortgage in which the same principal and interest payment is paid every month, from the beginning of the loan to the end of the loan. The last payment pays off the loan in full. There is no balloon payment .

Conforming loan limits are $417,000. A minimum FICO score for a good interest rate is higher than those required for an FHA loan. Loan limits above $417,000 are considered jumbo loans and the interest rates are higher.

*Some conventional loan products allow the lender to pay the private mortgage insurance.

Adjustable Conventional Loans

An adjustable-rate conventional loan means the loan is adjustable, it can fluctuate. Some loans are fixed for a certain period of time, and then they turn into adjustable-rate loans. Here are three popular types of adjustable conventional loans:

  • 3 / 1 ARM. This loan is fixed for 3 years, and then it begins to adjust for the remaining 27 years.
  • 5 /1 ARM. This loan is fixed for 5 years, and then it begins to adjust for the remaining 25 years.
  • 7 / 1 ARM. This loan is fixed for 7 years, and then it begins to adjust for the remaining 23 years.

Features of an Adjustable Conventional Loan

Many borrowers shy away from an adjustable rate conventional loan and prefer to stick with a traditional amortized loan. For borrowers whose income may go up, an adjustable rate mortgage might be just the ticket to help with the early years of payments.

  • The initial interest rate is lower than the rate for a fixed-rate loan .
  • There is a maximum amount the loan can adjust over the life of the loan known as a cap rate.
  • The interest rate is determined by adding a margin rate to the index rate .
  • Adjustment periods can be monthly, every six months, or every year, among other choices.

At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.


Government schemes for first-time home buyers and existing homeowners – Money Advice Service #uk #mortgage


#government mortgage help

#

Government schemes for first-time home buyers and existing homeowners

There are a number of government schemes to help you buy a home such as Help to Buy, Right to Buy, Shared Ownership, and more. Find out more about these affordable housing schemes and how to apply.

Help to Buy

Help to Buy is a government scheme for those who have a small deposit, when buying a home. Have you at least a 5% deposit? If so, you could use the Help to Buy scheme through:

  • Equity loans – available to first-time buyers and existing homeowners who want to buy a ‘new build’ house. The purchase price must be no more than £600,000.
    Under this scheme, you can borrow 20% of the purchase price interest-free for the first five years as long as you have a 5% deposit.
    If you live in London, you can borrow up to 40% of the purchase price.
    The scheme is available until 2021.
  • Mortgage guarantees – available for new and old properties across the UK. The government undertakes to cover any of your mortgage lender’s losses as a result of any problems you might have in paying it back. However, you are still responsible for keeping up your mortgage repayments on a Help to Buy scheme in exactly the same way as any other mortgage.
    The scheme is open until 31 December 2016.

With both schemes there are limits on the cost of the property you buy. These limits differ across the UK.

Right to Buy/Right to Acquire

Right to Buy is for tenants in England, Wales and Northern Ireland who rent their home from their local council. It allows tenants, who qualify, to buy their home at a discount. The size of the discount varies depending on where you live and the type of property you want to buy.

Tenants who were living in council homes before it transferred to another landlord such as a housing association, may be eligible to buy their home under the ‘Preserved’ Right to Buy or Right to Acquire schemes.

In most cases, tenants will need to have rented from the public sector (i.e. local council or housing association) for three years before they can buy under these schemes.

The three years can be non-consecutive, so tenants who have rented from the private sector in the middle of a total of three years renting from the public sector, can still qualify.

In 2016, the Right to Buy scheme is getting extended to include housing association tenants in England.

This extension is starting out with a small number of housing associations in certain areas. It will then be rolled to the rest of England over the year. For more information, visit the Right to Buy website .

In Scotland. the Scottish Government plans to end the scheme for all council and housing association tenants in Scotland, but there are other schemes available .

Right to Acquire is a scheme offered in England and Wales for housing association tenants who don’t qualify for Right to Buy. The discounts are slightly smaller.

In Northern Ireland this scheme is called the House sales scheme and is for tenants who rent from the Northern Ireland Housing Executive or a housing association. Find out more on the nidirect website .

Shared ownership

Shared ownership is where you buy a share of a home from the landlord, who is usually the council or a housing association, and rent the remaining share.

You need a mortgage to pay for your share, which can be between a quarter and three-quarters of the home’s full value. You then pay a reduced rent on the share you don’t own and you have the option later on to buy a bigger share in the property up to 100% of its value.

The eligibility restrictions on the shared ownership have lifted. So, from April 2016 anyone who has a household income of less than £80,000 (outside London) or £90,000 (inside London) can buy a home through shared ownership.

Only military personnel will be given be priority over other groups. The scheme will apply across England.

Co-Ownership in Northern Ireland

This scheme is exclusive to Northern Ireland and is available for both newly built and older homes. You buy between 50% and 90% of the property (known as the ‘starter share’) and can increase that share at any time (known as ‘staircasing’). You pay rent on the portion you don’t own.

First Steps London

This scheme aims to help low and modest income earners buy or rent at a price that’s affordable. You part buy and part rent the property – mostly for newly-built homes but some resale properties are included. There are eligibility criteria around earnings and you can’t buy a home on the open market.

If you’re looking in London, find out more on the First Steps website .

Shared equity schemes

The Help to Buy equity loan scheme is a government scheme currently set to run until 2020. It’s available to first-time buyers as well as homeowners looking to move – but only for newly built homes.

Scotland

Scotland has two shared equity schemes – New Supply Shared Equity and Open Market Shared Equity.

Wales

The Homebuy scheme offers help by providing an equity loan (30% increasing to 50% of the purchase price), and is designed for people who would otherwise need social housing. The loan can be repaid at any time before the property is sold, but if you sell the property then it must be repaid at that point.

Find out more about Welsh home buying schemes at the Wales Government site .

Northern Ireland

There’s an Equity sharing scheme in Northern Ireland where you can buy a property, often at a discount, with a housing association or the Northern Ireland Housing Executive (NIHE).

Starter Home scheme

The Starter Home scheme is a new government plan where 200,000 new build homes are available to first-time buyers under 40 years old with a minimum of 20% off the market price.

The discounted price for these homes should be priced no more than £250,000 outside London, and £450,000 in London.

For more information about the homes available in this scheme, visit the New Homes website .

Next steps

Use the Mortgage payments calculator to estimate the monthly interest and repayment amount.

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  • Lloyds Bank – Mortgages – Mortgage Deals For First Time Buyers #home #equity #loans


    #first time mortgage

    #

    First time buyer mortgages

    5. Your interview with a mortgage adviser

    Average time: 2 hours

    If you are applying with someone else, make sure you are both available as this will save time. In preparation for your interview you ll need to:

    • Prepare the documents you ll need such as payslips, bank statements, details of any financial commitments or bonus, and proof of your identity
    • Bring details of the property you want to buy

    At the interview your Mortgage Adviser will:

    • Complete background checks with a Credit Reference Agency
    • Talk to you about valuation schemes
    • Review your income and commitments
    • Review your needs and circumstances and recommend our most suitable mortgage for you
    • Give you an Illustration, which sets out the terms of the mortgage product and the total cost of the loan.

    In Scotland sellers must provide a Home Report which includes survey, Energy Performance Certificate and Property Questionnaire.

    When all this is done and if everything is ok, we ll write to make you a mortgage offer.

    6. You ll need a Solicitor or Licensed Conveyancer

    Average time: 2-3 months

    The legal side of buying or selling a property can be carried out by either a solicitor or licensed conveyancer , for simplicity we refer to both of these as conveyancer . They will check who owns the property you want to buy, what s included in the sale, and whether there are any clauses in the property s deeds you or your lender need to be aware of. In Scotland your solicitor will also put in your offer to buy the property and negotiate for you.

    You ll need to:

    • Get an estimate from them of costs, including any legal fees and tax
    • Ask your conveyancer to explain anything in your Mortgage Offer you don t understand
    • Ask your conveyancer to confirm any Stamp Duty charge payable
    • Tell your conveyancer if you have negotiated for any items such as curtains, carpets or kitchen appliances to be included in the sale
    • Make sure you read any documents your conveyancer sends you very carefully.
    • You and the seller, known as the vendor
    • Seller s estate agent
    • Your conveyancer and the seller s conveyancer
    • Your lender.

    You can appoint your own conveyancer, or your mortgage adviser can help arrange this during your mortgage appointment using the Lloyds Conveyancing Service .

    The Lloyds Conveyancing Service is a comparison tool that gives you quotes, covering all known legal costs, from our approved panel of over 200 conveyancing professionals. You can review the quotes and choose a conveyancer based on what matters to you – the price, the firm’s location or their service rating.

    All conveyancers instructed through the Lloyds Conveyancing Service offer a ‘no completion, no legal fee’ guarantee, so you’ll have nothing to pay for the legal work done if the purchase falls through. No legal fee is payable, however if the conveyancer has made payments to third parties on your behalf, such as fees for searches, these will still be payable.

    Using the Lloyds Conveyancing Service isn t a requirement of applying for a mortgage with us and inclusion of a firm on our eConveyancing panel does not constitute a recommendation or endorsement of that firm by Lloyds Bank.

    7. You’re about to exchange contracts

    Average time: Usually takes place in one day.

    When you have read all the documents your conveyancer will ask you if you are happy to proceed with the purchase. They will then ask you to sign the contract. When everyone is ready contracts will be exchanged, usually by phone, to form a binding legal agreement to buy and sell.

    You ll need to:

    • Make sure you have given your conveyancer the money they will need to pay as a deposit on exchange of contracts
    • Sign the contract sent to you by your conveyancer (In Scotland, you exchange ‘missives’ which are letters of exchange with the sellers conveyancer)
    • Give your conveyancer a date on which you wish to complete the process
    • Make sure you have buildings insurance.
    • Your conveyancer and the seller s conveyancer
    • Once you ve exchanged contracts (In Scotland concluded missives) you can start to make arrangements for moving.

    8. Pick up the keys to your new home!

    After exchange your conveyancer will ask you to sign the mortgage deed and the document to transfer your new home to you. They will also apply to us for the mortgage money and ask you for any balance they need to complete your purchase.

    Your conveyancer will call you to confirm the legal process is complete. You can then pick up the keys to your new home.

    Congratulations! You now own your first home.


    What Is a Conventional Loan for Home Buyers? #calculate #mortgage #payments


    #conventional mortgage rates

    #

    What Is a Conventional Loan?

    Updated June 05, 2016

    I advise first-time home buyers to meet with a mortgage broker before deciding on a loan because mortgage brokers carry a vast array of products, including the tired and boring old conventional loans. A bank can make a conventional loan, too, but generally a bank s product line is limited and particular only to that bank. Whereas a mortgage broker can broker loans through any number of banks.

    After the mortgage meltdown of 2007, many of the exotic types of loans vanished, and conventional loans started to become more popular.

    Conventional loans gained a reputation of being a safe type of loan, but there are a variety of conventional loans to choose from as well.

    The main difference between a conventional loan and other types of mortgages is the fact a conventional loan is not made by a government entity nor insured by a government entity. It s what we refer to as a non-GSE loan. A non-government sponsored entity.

    Types of government loans are FHA and VA loans. An FHA loan is insured by the government and a VA loan is backed by the government. Down payment requirements are different as well. The minimum down payment for an FHA loan is 3.5%. For a VA loan, the minimum down payment is zero.

    Amortized Conventional Loans

    Home buyers can take out an amortized conventional loan from a bank, a savings and loan, a credit union or even through a mortgage broker that funds its own loans or brokers them. Two important factors are the term of the loan and the loan-to-value ratio :

    • 95% LTV with a 30-year term
    • 90% LTV with a 30-year term
    • 85% LTV with a 30-year term
    • 80% LTV with a 30-year term

    The LTV can be lower than 80%. It can be whatever is comfortable for a borrower. If the LTV is higher than 80%, lenders require that borrowers pay for private mortgage insurance *. The term of the loan can be longer or shorter, depending on the borrower s qualifications.

    For example, a borrower might qualify for a 40-year term, which would lower the payments. A 20-year term loan would raise the payments. Here are a few examples of how the payments can change depending on the term of the loan:

    • A $200,000 loan at 6% payable over 20 years would result in a payment of $1,432.86 per month.
    • A $200,000 loan at 6% payable over 30 years would result in a payment of $1,199.10 per month.
    • A $200,000 loan at 6% payable over 40 years would result in a payment of $1,100.43 per month.

    A fully amortized conventional loan is a mortgage in which the same principal and interest payment is paid every month, from the beginning of the loan to the end of the loan. The last payment pays off the loan in full. There is no balloon payment .

    Conforming loan limits are $417,000. A minimum FICO score for a good interest rate is higher than those required for an FHA loan. Loan limits above $417,000 are considered jumbo loans and the interest rates are higher.

    *Some conventional loan products allow the lender to pay the private mortgage insurance.

    Adjustable Conventional Loans

    An adjustable-rate conventional loan means the loan is adjustable, it can fluctuate. Some loans are fixed for a certain period of time, and then they turn into adjustable-rate loans. Here are three popular types of adjustable conventional loans:

    • 3 / 1 ARM. This loan is fixed for 3 years, and then it begins to adjust for the remaining 27 years.
    • 5 /1 ARM. This loan is fixed for 5 years, and then it begins to adjust for the remaining 25 years.
    • 7 / 1 ARM. This loan is fixed for 7 years, and then it begins to adjust for the remaining 23 years.

    Features of an Adjustable Conventional Loan

    Many borrowers shy away from an adjustable rate conventional loan and prefer to stick with a traditional amortized loan. For borrowers whose income may go up, an adjustable rate mortgage might be just the ticket to help with the early years of payments.

    • The initial interest rate is lower than the rate for a fixed-rate loan .
    • There is a maximum amount the loan can adjust over the life of the loan known as a cap rate.
    • The interest rate is determined by adding a margin rate to the index rate .
    • Adjustment periods can be monthly, every six months, or every year, among other choices.

    At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.


    Mortgage Buyers #refinancing #mortgage


    #mortgage notes

    #

    Mortgage Note Buyers

    The Mortgage Buyer, Inc. has established itself as a premier mortgage note buyer and nationwide purchaser of notes, mortgages, trust deeds and contract for deeds. Since our founding in 1994, The Mortgage Buyer has purchased over a thousand privately held mortgage notes, deed of trusts and land contracts. A distinctive twenty-year history of doing business with honesty and integrity has made us one of the most accomplished mortgage note buyers in the country. Our extensive experience and high annual sales volume allows us to offer the highest prices for the notes and mortgages we purchase. Note holders who contact The Mortgage Buyer consistently receive the highest cash sale prices and the best customer service in the industry.

    Receive an Offer

    Complete our easy to use form to request a purchase proposal for your mortgage note.

    Highest Price Guarantee

    We offer an iron-clad guarantee that you will receive the highest sale price for your note.

    Sell a Mortgage Note

    If you own a private mortgage or deed of trust, The Mortgage Buyer can convert all or any portion of your future payments into cash. There are no fees or costs for the person selling their note and we take care of all the work. To learn more about selling your mortgage note call one of the country’s leading mortgage buyers at (800) 618-2485. Our President, John Avenia, will answer your questions, explain the factors that determine the market value of your note and provide a no-cost, no-obligation purchase proposal for your important asset. If you would prefer to receive a purchase proposal without calling us you can do so easily and confidentially by completing our online mortgage buyers form .

    Note Sale Options

    Learn about the sale options available when liquidating a mortgage note investment.

    Note Sale Steps

    Learn about the best way to approach selling a private mortgage note investment.

    A Note’s Market Value

    The market value of a privately-held mortgage note, deed of trust or land contract is determined by a number of characteristics unique to the note and property that secures it. In fact, each mortgage note is a unique investment and therefore has a unique market value. Because no two mortgage investments are alike, every note and mortgage needs to be priced on an individual basis. It is true in every case that the market value of a note will be an amount less than the outstanding balance due on it. It is incumbent on every note holder considering the sale of their note to thoroughly research their options and maximize the value they receive for it.

    A Note’s Market Value

    Learn about the factors that determine the market value of a mortgage note.

    Receive Top Dollar

    Our tips on how to receive the best sale price for your mortgage note.

    Promissory Notes Facts

    A promissory note is a financial instrument that contains a written promise by one party to pay another party a definite sum of money either on demand or at a specified future date. A promissory note typically contains all the terms pertaining to the indebtedness by the issuer or maker to the note’s payee, such as the amount, interest rate, maturity date, date and place of issuance, and issuer’s signature. A mortgage note is a promissory note secured by a mortgage, deed of trust or trust deed. It is the fact mortgage notes are secured by specific real estate collateral that makes them salable. Without real estate as collateral a promissory note would simply be a written promise to pay and there would be few buyers for them.

    Note Sale Benefits

    Note holders who sell their mortgage achieve a number of important benefits.

    Protecting Your Note

    We show you how to properly service your mortgage note investment.

    Owner Financing

    In 2007 the United States mortgage market experienced a sudden and dramatic meltdown. Without notice mortgage originators across the country were forced to tighten their belts and stop creating sub-prime loans. Overnight a large group of potential home buyers were left with no place to secure mortgage financing. Then, in 2014 the new Dodd-Frank law went into effect placing additional restrictions on potential home buyers and further limiting the number of individuals who qualify for mortgage financing. Today, there are a staggering number of potential real estate buyers who can only look to the property seller for the financing they need.

    Offering owner financing has proven to be an excellent way to attract potential buyers for your property. We recommend, however, that you learn some fundamental elements of the business before becoming a mortgage lender. Continue for valuable insight into the benefits of owner financing and learn how to create a quality mortgage note investment.

    Owner Financing Benefits

    Learn why offering owner financing is one of the best marketing tools available when selling real estate.

    Creating a Quality Note

    Learn how to create a quality note and mortgage investment when offering owner financing.

    Why Choose
    The Mortgage Buyer

    Over twenty years of professional note buying experience allows us to deliver outstanding pricing, customized sale options and the best customer service in the industry. Our Highest Price Guarantee ensures that every note holder has the opportunity to receive the maximum sale price for their deed of trust, mortgage or land contract.

    If you would like to receive a no-cost, no-obligation purchase proposal for your mortgage note, call our President John Avenia at (800) 618-2485, email John. or complete our easy to use online mortgage note quote form.

    John A. Avenia, President Founder

    At The Mortgage Buyer, Inc. you will never receive a sales pitch, just straightforward talk and honest advice about your note and mortgage investment.

    NOTE SELLING TIP

    Benefits of Selling a Note

    Every person considering the sale of their mortgage note has a unique set of reasons motivating them. Note holders who sell their note achieve some important benefits, including eliminating the risk of foreclosure, eliminating the need to service the note and eliminating having your funds tied up in a long-term investment. Selling your mortgage note will convert the uncertain stream of future payments into an immediate source of cash while eliminating all future financial risk from the investment.

    Private Mortgage Financing 101
    Mortgage Buyer Testimonials

    I can’t thank you enough for being as honest as possible and for doing all that you could. I appreciate your integrity more than you know. Again I thank you for handling our situation as timely as possible.
    – Jennifer C. Chattaqua, NY

    I’m very big on quality service and I can say that working with John at The Mortgage Buyer, Inc. was a professional experience from start to finish. Pricing was fair and no surprises which goes a long way in making a seamless transaction possible. Looking forward to our next deal together.
    – PJ, Jones Equities, LLC

    Please accept my heart-felt appreciation for your personal attention. I did not feel like I was in a “take a number and have a seat” kind of place. I can pay off our high interest debts, and have a bit left over for our future.
    – M. Sanblise, Salem, OR

    Thank you for personally handling our difficult sale. Your attention to detail made everything go smoothly.
    – L. Smith, Sunset Beach, NC

    Read more first-hand testimonials from past clients who have sold their note to The Mortgage Buyer.

    The Mortgage Buyer, Inc. 2016


    The Best Mortgage Loans for Home Buyers – Homeowners #mass #mortgage #rates


    #best mortgage loans

    #

    The Best Mortgage Loans for Home Buyers Homeowners

    Best Mortgage Loans at BestMortgageLoans.com is a new addition to The Real Estate Savings Center s Network of consumer-focused real estate portals.We think you will like it!

    Best Mortgage Loans is an integral part of the fast growing network of Real Estate Gateways including ABuyersAgent.com, ASellersAgent.com, and BestHouseBuilders.com all of which contribute to the overall time and money savings benefits offered at Online Real Estate Savings Centers opening to serve consumers throughout the United States.

    Best Mortgage Loans is designed to help Home Buyers and Homeowners locate their best options when financing or re-financing their residential real estate. Best options are basically defined as the highest-rated Mortgage Lenders offering the most competitive Loan Program and Mortgage Rates. Get the Know Before You Owe Mortgage Guide

    The Real Estate Savings Center offers you the great combination of top Mortgage Lenders plus MLS Home Search functionality, along with highly-rated Realtors, and other real estate service providers for your easy access. To locate the best mortgage loans and refinancing options for homes and other real estate, start by visiting the Real Estate Savings Center closest to you.

    Best Mortgage Loans is for home purchases, equity lines of credit and mortgage loan refinancing for you and your family just about anywhere in the United States.

    For Your Best Mortgage Loan Information You may already know that it is wise to first search for the best mortgage loans, mortgage lenders, and the mortgage programs available and get pre-approved for your mortgage loan before you start actually looking at properties. Getting your finances in order and getting approved first will put you in a much better negotiating position when you make an offer on just about any residential property of interest. If you are serious about securing a mortgage loan for the smooth purchase of a home or other real estate then our network of lenders should be able to save you time and effort, while helping to direct you through a smooth home buying transaction. Our Network Members have access to hundreds of loan programs and should be able to find one to meet your specific needs.

    The Federal Consumer Information Center says: If you have decided to sell your home, chances are you will be caught up in a host of emotions. You may be looking forward to moving up to a dream house or facing the uncertainty of a major move across country. You may be reluctant to leave your memories behind of eager to start a new adventure . That’s where the BestHomeSearch.com Network of Realtors and the lenders of BestMortgageLoans.com come in. They can help you in your hometown and in your destination city.

    If you are already under contract with another Real Estate Service Provider, please stay with them, as our website is not meant as a solicitation to get you to change agents or companies.

    Thank you for visiting Best Mortgage Loans and check out The Real Estate Savings Center for more information


    Government schemes for first-time home buyers and existing homeowners – Money Advice Service #calculate #home


    #government mortgage help

    #

    Government schemes for first-time home buyers and existing homeowners

    There are a number of government schemes to help you buy a home such as Help to Buy, Right to Buy, Shared Ownership, and more. Find out more about these affordable housing schemes and how to apply.

    Help to Buy

    Help to Buy is a government scheme for those who have a small deposit, when buying a home. Have you at least a 5% deposit? If so, you could use the Help to Buy scheme through:

    • Equity loans – available to first-time buyers and existing homeowners who want to buy a ‘new build’ house. The purchase price must be no more than £600,000.
      Under this scheme, you can borrow 20% of the purchase price interest-free for the first five years as long as you have a 5% deposit.
      If you live in London, you can borrow up to 40% of the purchase price.
      The scheme is available until 2021.
    • Mortgage guarantees – available for new and old properties across the UK. The government undertakes to cover any of your mortgage lender’s losses as a result of any problems you might have in paying it back. However, you are still responsible for keeping up your mortgage repayments on a Help to Buy scheme in exactly the same way as any other mortgage.
      The scheme is open until 31 December 2016.

    With both schemes there are limits on the cost of the property you buy. These limits differ across the UK.

    Right to Buy/Right to Acquire

    Right to Buy is for tenants in England, Wales and Northern Ireland who rent their home from their local council. It allows tenants, who qualify, to buy their home at a discount. The size of the discount varies depending on where you live and the type of property you want to buy.

    Tenants who were living in council homes before it transferred to another landlord such as a housing association, may be eligible to buy their home under the ‘Preserved’ Right to Buy or Right to Acquire schemes.

    In most cases, tenants will need to have rented from the public sector (i.e. local council or housing association) for three years before they can buy under these schemes.

    The three years can be non-consecutive, so tenants who have rented from the private sector in the middle of a total of three years renting from the public sector, can still qualify.

    In 2016, the Right to Buy scheme is getting extended to include housing association tenants in England.

    This extension is starting out with a small number of housing associations in certain areas. It will then be rolled to the rest of England over the year. For more information, visit the Right to Buy website .

    In Scotland. the Scottish Government plans to end the scheme for all council and housing association tenants in Scotland, but there are other schemes available .

    Right to Acquire is a scheme offered in England and Wales for housing association tenants who don’t qualify for Right to Buy. The discounts are slightly smaller.

    In Northern Ireland this scheme is called the House sales scheme and is for tenants who rent from the Northern Ireland Housing Executive or a housing association. Find out more on the nidirect website .

    Shared ownership

    Shared ownership is where you buy a share of a home from the landlord, who is usually the council or a housing association, and rent the remaining share.

    You need a mortgage to pay for your share, which can be between a quarter and three-quarters of the home’s full value. You then pay a reduced rent on the share you don’t own and you have the option later on to buy a bigger share in the property up to 100% of its value.

    The eligibility restrictions on the shared ownership have lifted. So, from April 2016 anyone who has a household income of less than £80,000 (outside London) or £90,000 (inside London) can buy a home through shared ownership.

    Only military personnel will be given be priority over other groups. The scheme will apply across England.

    Co-Ownership in Northern Ireland

    This scheme is exclusive to Northern Ireland and is available for both newly built and older homes. You buy between 50% and 90% of the property (known as the ‘starter share’) and can increase that share at any time (known as ‘staircasing’). You pay rent on the portion you don’t own.

    First Steps London

    This scheme aims to help low and modest income earners buy or rent at a price that’s affordable. You part buy and part rent the property – mostly for newly-built homes but some resale properties are included. There are eligibility criteria around earnings and you can’t buy a home on the open market.

    If you’re looking in London, find out more on the First Steps website .

    Shared equity schemes

    The Help to Buy equity loan scheme is a government scheme currently set to run until 2020. It’s available to first-time buyers as well as homeowners looking to move – but only for newly built homes.

    Scotland

    Scotland has two shared equity schemes – New Supply Shared Equity and Open Market Shared Equity.

    Wales

    The Homebuy scheme offers help by providing an equity loan (30% increasing to 50% of the purchase price), and is designed for people who would otherwise need social housing. The loan can be repaid at any time before the property is sold, but if you sell the property then it must be repaid at that point.

    Find out more about Welsh home buying schemes at the Wales Government site .

    Northern Ireland

    There’s an Equity sharing scheme in Northern Ireland where you can buy a property, often at a discount, with a housing association or the Northern Ireland Housing Executive (NIHE).

    Starter Home scheme

    The Starter Home scheme is a new government plan where 200,000 new build homes are available to first-time buyers under 40 years old with a minimum of 20% off the market price.

    The discounted price for these homes should be priced no more than £250,000 outside London, and £450,000 in London.

    For more information about the homes available in this scheme, visit the New Homes website .

    Next steps

    Use the Mortgage payments calculator to estimate the monthly interest and repayment amount.

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  • Lloyds Bank – Mortgages – Mortgage Deals For First Time Buyers #interest #calculator #mortgage


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    First time buyer mortgages

    5. Your interview with a mortgage adviser

    Average time: 2 hours

    If you are applying with someone else, make sure you are both available as this will save time. In preparation for your interview you ll need to:

    • Prepare the documents you ll need such as payslips, bank statements, details of any financial commitments or bonus, and proof of your identity
    • Bring details of the property you want to buy

    At the interview your Mortgage Adviser will:

    • Complete background checks with a Credit Reference Agency
    • Talk to you about valuation schemes
    • Review your income and commitments
    • Review your needs and circumstances and recommend our most suitable mortgage for you
    • Give you an Illustration, which sets out the terms of the mortgage product and the total cost of the loan.

    In Scotland sellers must provide a Home Report which includes survey, Energy Performance Certificate and Property Questionnaire.

    When all this is done and if everything is ok, we ll write to make you a mortgage offer.

    6. You ll need a Solicitor or Licensed Conveyancer

    Average time: 2-3 months

    The legal side of buying or selling a property can be carried out by either a solicitor or licensed conveyancer , for simplicity we refer to both of these as conveyancer . They will check who owns the property you want to buy, what s included in the sale, and whether there are any clauses in the property s deeds you or your lender need to be aware of. In Scotland your solicitor will also put in your offer to buy the property and negotiate for you.

    You ll need to:

    • Get an estimate from them of costs, including any legal fees and tax
    • Ask your conveyancer to explain anything in your Mortgage Offer you don t understand
    • Ask your conveyancer to confirm any Stamp Duty charge payable
    • Tell your conveyancer if you have negotiated for any items such as curtains, carpets or kitchen appliances to be included in the sale
    • Make sure you read any documents your conveyancer sends you very carefully.
    • You and the seller, known as the vendor
    • Seller s estate agent
    • Your conveyancer and the seller s conveyancer
    • Your lender.

    You can appoint your own conveyancer, or your mortgage adviser can help arrange this during your mortgage appointment using the Lloyds Conveyancing Service .

    The Lloyds Conveyancing Service is a comparison tool that gives you quotes, covering all known legal costs, from our approved panel of over 200 conveyancing professionals. You can review the quotes and choose a conveyancer based on what matters to you – the price, the firm’s location or their service rating.

    All conveyancers instructed through the Lloyds Conveyancing Service offer a ‘no completion, no legal fee’ guarantee, so you’ll have nothing to pay for the legal work done if the purchase falls through. No legal fee is payable, however if the conveyancer has made payments to third parties on your behalf, such as fees for searches, these will still be payable.

    Using the Lloyds Conveyancing Service isn t a requirement of applying for a mortgage with us and inclusion of a firm on our eConveyancing panel does not constitute a recommendation or endorsement of that firm by Lloyds Bank.

    7. You’re about to exchange contracts

    Average time: Usually takes place in one day.

    When you have read all the documents your conveyancer will ask you if you are happy to proceed with the purchase. They will then ask you to sign the contract. When everyone is ready contracts will be exchanged, usually by phone, to form a binding legal agreement to buy and sell.

    You ll need to:

    • Make sure you have given your conveyancer the money they will need to pay as a deposit on exchange of contracts
    • Sign the contract sent to you by your conveyancer (In Scotland, you exchange ‘missives’ which are letters of exchange with the sellers conveyancer)
    • Give your conveyancer a date on which you wish to complete the process
    • Make sure you have buildings insurance.
    • Your conveyancer and the seller s conveyancer
    • Once you ve exchanged contracts (In Scotland concluded missives) you can start to make arrangements for moving.

    8. Pick up the keys to your new home!

    After exchange your conveyancer will ask you to sign the mortgage deed and the document to transfer your new home to you. They will also apply to us for the mortgage money and ask you for any balance they need to complete your purchase.

    Your conveyancer will call you to confirm the legal process is complete. You can then pick up the keys to your new home.

    Congratulations! You now own your first home.


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