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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  • Upside Down Mortgage Help for Homeowners #suntrust #mortgage


    #upside down mortgage

    #

    Upside Down Mortgage Help for Homeowners

    As of August 2010, when this article was published, approximately 11 million homeowners were upside down in their mortgage loans. Much of this results from the housing crisis that came to a head in 2008. In the wake of that financial crisis, property values began dropping all across the country. In places like California, Arizona and Florida, they dropped considerably.

    This leaves many homeowners scratching their heads over what to do next. What can you do about an upside down mortgage loan? Can you sell or refinance the home when you re in this boat? Is there any help for upside down homeowners? These are the questions we will address below.

    A Resource for Upside Down Homeowners

    As the number of upside down homeowners has grown, so too have the number of programs available to them. But this creates a dilemma. With so many program updates and announcements, the average consumer is left feeling overwhelmed and confused. There is help for homeowners with upside down mortgage loans it s just hard to find the right path. Our goal is to compile information and resources related to upside down mortgage loans. We will update this page as needed, to ensure it stays current.

    The Upside Down Mortgage, Defined

    What is an upside down mortgage loan? Here s a simple definition. If you owe more on your mortgage than your home is currently worth, you are upside down in the loan.

    Here s an example. If my home is worth $185,000 in the current market, but I owe $195,000 on my mortgage loan, I am upside down. My loan balance exceeds the value of my property. This is also referred to as being underwater in the loan. The two terms are interchangeable.

    Why Is This a Problem?

    Upside down homeowners have a hard time selling or refinancing their homes. If you sell the house for less than what you owe to the lender, you ll probably have to pay the difference out of pocket. On the refinancing side, the lack of equity makes it hard to qualify for a mortgage refinance loan. Upside mortgage loans can create a situation where the homeowner is stuck can t sell the house, can t refinance the loan.

    When homeowners plan to stay in the home for a long time, being upside down is less of a concern. They can simply stay put, continue making their mortgage payments, and hope that their property values rise again in the future. But for those who want to sell or refinance their homes, an upside down mortgage will put up a financial roadblock.

    Refinancing Options Through the FHA

    Underwater homeowners are often unable to refinance their homes. They lack the equity that most lenders require. But there is help for upside down homeowners who want to refinance.

    In May 2010, the Department of Housing and Urban Development (HUD) announced changes to the FHA s loan-backing program that would make refinancing possible for underwater homeowners. This new program will be rolled out in the fall of 2010. To qualify, homeowners must (1) have a loan that is not currently insured by the FHA, (2) be current on their mortgage payments, and (3) be upside down in their mortgage loan. TARP funds are being used to give incentives to lenders, encouraging them to participate in the program.

    This program is being referred to as the FHA short refi for underwater homeowners, and you can learn more about it through the links below:

    Other Programs to Help Homeowners

    If your mortgage loan is currently owned or guaranteed by Freddie Mac or Fannie Mae, you may have additional options for underwater refinancing. This would be through the federal government s Making Home Affordable program. Here again, you need to be current on your mortgage payments to pursue this option.

    You can learn more through the links below:

    Upside Down Mortgages in the News

    It is our goal to make this resource page as useful as possible. So we will be tracking the various programs and topics mentioned above. Here is some recent (2010) news regarding upside down mortgages and help for homeowners.

    Post navigation


    Federal Law Protecting Homeowners from Foreclosure Scams #obama #mortgage #relief


    #federal mortgage assistance

    #

    Federal Law Protecting Homeowners from Foreclosure Scams

    Homeowners facing foreclosure sometimes pin their hopes on companies that claim they can stop a foreclosure by negotiating new mortgage terms with lenders. These companies are often called foreclosure consultants or mortgage assistance services. Unfortunately, some of these services are scams — and homeowners end up losing their homes and lots of money too.

    Congress passed the Mortgage Assistance Relief Services (MARS) in an effort to protect homeowners from foreclosure consultant scams. The federal law requires mortgage assistance relief service companies to disclose information about their services. Read on to learn more about the MARS rule and how it protects consumers from unscrupulous companies associated with mortgage assistance relief services.

    (To learn more about how these scams work, and how to avoid them, see our Foreclosure Rescue Scams topic area.)

    Mortgage Assistance Relief Services Companies

    The MARS rule applies to mortgage assistance relief services companies. It defines “mortgage assistance relief service” as any service, plan, or program offered to a consumer to assist, or attempt to assist, the consumer with:

    • stopping, preventing, or postponing a foreclosure
    • negotiating, obtaining, or arranging a loan modification or forbearance
    • negotiating, obtaining, or arranging any extension of the period of time to cure a default, reinstate the loan, or redeem the property
    • obtaining a waiver of an acceleration clause or balloon payment, or
    • negotiating, obtaining or arranging a short sale, deed-in-lieu of foreclosure, or any other disposition of the dwelling (other than a sale) to a third party.

    The rule requires certain disclosures, prohibits mortgage assistance relief services companies from taking advance fees, and bans certain untrue or misleading claims. Below are the details.

    Required Disclosures

    The MARS rule requires mortgage consultants to disclose specific information to consumers. In advertising to a general audience, companies must disclose that:

    • they are not associated with the government
    • their services have not been approved by the government or the lender
    • your lender may not agree to adjust your loan, and
    • if the company instructs you to stop making payments, that you could lose your home and damage your credit rating by not making payments.

    Companies also must explain in their in communications with prospective customers that:

    • you can stop doing business with the company at any time
    • you can accept or reject any offer the company obtains from the lender or servicer, and
    • if you reject the offer, you don’t have to pay the company’s fee, the amount of which must be disclosed.

    Advance Fees are Prohibited

    Under the MARS rule, mortgage assistance relief services companies are not allowed to collect any fees until:

    • you receive a written offer from your mortgage lender to reduce, modify, or otherwise change the terms of mortgage, and
    • you accept the offer.

    This means that even if you hire a company to help you, you are not required to pay a fee until they get results that you like. The company must also provide you with a written document from the lender or servicer that explains the key changes to your loan that would result if you accept the offer, as well as remind you that if you reject the offer you do not have to pay the company its fee.

    Additionally, if you negotiate an alternative to foreclosure, like a loan modification, on your own, you are not required to pay the mortgage assistance relief services company’s fee.

    Prohibited Misrepresentations

    Mortgage assistance relief services companies sometimes make misrepresentations to consumers to convince them to sign up for the company’s services. The MARS rule prohibits companies from making untrue or misleading claims about, among other things:

    • the likelihood of obtaining a specific form of mortgage relief
    • the amount of time it will take to obtain mortgage relief
    • the company’s refund and cancellation policies
    • affiliation or endorsement by the government or any other entity
    • the terms and conditions of the homeowners’ mortgage, including how much they currently have to pay
    • the amount homeowners may save if they use the mortgage relief services
    • whether the company has performed the services it promised
    • whether the company will provide legal representation to consumers
    • the total cost of the mortgage relief service, and
    • the terms, conditions, or limitations of a lender or servicer’s offer of mortgage relief, including how much time the homeowner has to accept the offer.

    If a company makes claims about the benefits, performance, or effectiveness of the services they provide, they must be able to support those claims.

    Example. If a company claims they can reduce your mortgage payment by 50%, this claim must accurately reflect the results they achieved for previous customers.

    In addition, the MARS rule prohibits companies from telling consumers to stop communicating with their lender or loan servicer.

    Attorneys Are Generally Exempt from the MARS Rule

    Attorneys that provide mortgage assistance relief services are generally exempt from the law. To be eligible for the exemption, the attorney must:

    • be providing mortgage assistance relief services as part of the practice of law
    • be licensed in the state where the consumer lives or where the property is located, and
    • comply with state laws and regulations that cover the same type of conduct the MARS rule addresses.

    To be exempt from the prohibition on advance fees, an attorney must place any fees collected in a client trust account, withdraw fees only as they are earned, and abide by state regulations covering such accounts.

    For More Information

    To learn more about the MARS rule, go to www.ftc.gov and search for “Mortgage Assistance Relief Services” to find links to further information.


    Upside Down Mortgage Help for Homeowners #td #mortgage #calculator


    #upside down mortgage

    #

    Upside Down Mortgage Help for Homeowners

    As of August 2010, when this article was published, approximately 11 million homeowners were upside down in their mortgage loans. Much of this results from the housing crisis that came to a head in 2008. In the wake of that financial crisis, property values began dropping all across the country. In places like California, Arizona and Florida, they dropped considerably.

    This leaves many homeowners scratching their heads over what to do next. What can you do about an upside down mortgage loan? Can you sell or refinance the home when you re in this boat? Is there any help for upside down homeowners? These are the questions we will address below.

    A Resource for Upside Down Homeowners

    As the number of upside down homeowners has grown, so too have the number of programs available to them. But this creates a dilemma. With so many program updates and announcements, the average consumer is left feeling overwhelmed and confused. There is help for homeowners with upside down mortgage loans it s just hard to find the right path. Our goal is to compile information and resources related to upside down mortgage loans. We will update this page as needed, to ensure it stays current.

    The Upside Down Mortgage, Defined

    What is an upside down mortgage loan? Here s a simple definition. If you owe more on your mortgage than your home is currently worth, you are upside down in the loan.

    Here s an example. If my home is worth $185,000 in the current market, but I owe $195,000 on my mortgage loan, I am upside down. My loan balance exceeds the value of my property. This is also referred to as being underwater in the loan. The two terms are interchangeable.

    Why Is This a Problem?

    Upside down homeowners have a hard time selling or refinancing their homes. If you sell the house for less than what you owe to the lender, you ll probably have to pay the difference out of pocket. On the refinancing side, the lack of equity makes it hard to qualify for a mortgage refinance loan. Upside mortgage loans can create a situation where the homeowner is stuck can t sell the house, can t refinance the loan.

    When homeowners plan to stay in the home for a long time, being upside down is less of a concern. They can simply stay put, continue making their mortgage payments, and hope that their property values rise again in the future. But for those who want to sell or refinance their homes, an upside down mortgage will put up a financial roadblock.

    Refinancing Options Through the FHA

    Underwater homeowners are often unable to refinance their homes. They lack the equity that most lenders require. But there is help for upside down homeowners who want to refinance.

    In May 2010, the Department of Housing and Urban Development (HUD) announced changes to the FHA s loan-backing program that would make refinancing possible for underwater homeowners. This new program will be rolled out in the fall of 2010. To qualify, homeowners must (1) have a loan that is not currently insured by the FHA, (2) be current on their mortgage payments, and (3) be upside down in their mortgage loan. TARP funds are being used to give incentives to lenders, encouraging them to participate in the program.

    This program is being referred to as the FHA short refi for underwater homeowners, and you can learn more about it through the links below:

    Other Programs to Help Homeowners

    If your mortgage loan is currently owned or guaranteed by Freddie Mac or Fannie Mae, you may have additional options for underwater refinancing. This would be through the federal government s Making Home Affordable program. Here again, you need to be current on your mortgage payments to pursue this option.

    You can learn more through the links below:

    Upside Down Mortgages in the News

    It is our goal to make this resource page as useful as possible. So we will be tracking the various programs and topics mentioned above. Here is some recent (2010) news regarding upside down mortgages and help for homeowners.

    Post navigation


    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.

    Share this article

    • Share this article on Facebook

    Share this article on Facebook

  • Share this article on Twitter
    Share this article on Twitter
  • Share this article by Email

    Share this article by Email


  • Upside Down Mortgage Help for Homeowners #amortization #chart


    #upside down mortgage

    #

    Upside Down Mortgage Help for Homeowners

    As of August 2010, when this article was published, approximately 11 million homeowners were upside down in their mortgage loans. Much of this results from the housing crisis that came to a head in 2008. In the wake of that financial crisis, property values began dropping all across the country. In places like California, Arizona and Florida, they dropped considerably.

    This leaves many homeowners scratching their heads over what to do next. What can you do about an upside down mortgage loan? Can you sell or refinance the home when you re in this boat? Is there any help for upside down homeowners? These are the questions we will address below.

    A Resource for Upside Down Homeowners

    As the number of upside down homeowners has grown, so too have the number of programs available to them. But this creates a dilemma. With so many program updates and announcements, the average consumer is left feeling overwhelmed and confused. There is help for homeowners with upside down mortgage loans it s just hard to find the right path. Our goal is to compile information and resources related to upside down mortgage loans. We will update this page as needed, to ensure it stays current.

    The Upside Down Mortgage, Defined

    What is an upside down mortgage loan? Here s a simple definition. If you owe more on your mortgage than your home is currently worth, you are upside down in the loan.

    Here s an example. If my home is worth $185,000 in the current market, but I owe $195,000 on my mortgage loan, I am upside down. My loan balance exceeds the value of my property. This is also referred to as being underwater in the loan. The two terms are interchangeable.

    Why Is This a Problem?

    Upside down homeowners have a hard time selling or refinancing their homes. If you sell the house for less than what you owe to the lender, you ll probably have to pay the difference out of pocket. On the refinancing side, the lack of equity makes it hard to qualify for a mortgage refinance loan. Upside mortgage loans can create a situation where the homeowner is stuck can t sell the house, can t refinance the loan.

    When homeowners plan to stay in the home for a long time, being upside down is less of a concern. They can simply stay put, continue making their mortgage payments, and hope that their property values rise again in the future. But for those who want to sell or refinance their homes, an upside down mortgage will put up a financial roadblock.

    Refinancing Options Through the FHA

    Underwater homeowners are often unable to refinance their homes. They lack the equity that most lenders require. But there is help for upside down homeowners who want to refinance.

    In May 2010, the Department of Housing and Urban Development (HUD) announced changes to the FHA s loan-backing program that would make refinancing possible for underwater homeowners. This new program will be rolled out in the fall of 2010. To qualify, homeowners must (1) have a loan that is not currently insured by the FHA, (2) be current on their mortgage payments, and (3) be upside down in their mortgage loan. TARP funds are being used to give incentives to lenders, encouraging them to participate in the program.

    This program is being referred to as the FHA short refi for underwater homeowners, and you can learn more about it through the links below:

    Other Programs to Help Homeowners

    If your mortgage loan is currently owned or guaranteed by Freddie Mac or Fannie Mae, you may have additional options for underwater refinancing. This would be through the federal government s Making Home Affordable program. Here again, you need to be current on your mortgage payments to pursue this option.

    You can learn more through the links below:

    Upside Down Mortgages in the News

    It is our goal to make this resource page as useful as possible. So we will be tracking the various programs and topics mentioned above. Here is some recent (2010) news regarding upside down mortgages and help for homeowners.

    Post navigation


    Homeowners and Tenants Insurance: Renters Insurance #difference #between #homeowners #and #renters #insurance


    #

    Homeowners Tenants Insurance

    Renters Insurance

    Many uninsured renters are under the mistaken impression that their landlord s policy covers their possessions. A landlord does not provide insurance for a tenants personal property. An exception to this can occur if the landlord was aware of a prior hazardous condition, failed to correct it in a reasonable time frame, and as a result your property was damaged.

    If you are a renter residing in New York, by law the building owner is required to maintain insurance on the dwelling you rent. This means that the building itself is insured, and should something happen to this structure as the result of fire, water damage, etc, the building owner is entitled to file a claim. However, the landlord’s insurance does not protect you as a renter. If this same fire or water damage should ruin your sofa, clothes or other personal items, you are not protected against the loss of these items unless you buy a renters insurance policy. Moreover, if someone becomes injured while on the premises you rent, you could potentially be held liable for any medical and hospital expenses.

    To protect yourself and your belongings, renters should consider purchasing renters insurance, also known as tenants insurance.

    What is Renter’s Insurance?

    Renters insurance, also known as tenants insurance, is a type of policy offered by most major New York insurers. These policies provide contents coverage and liability protection in the event someone becomes injured at your residence.

    Cost

    Renter s insurance is generally less expensive than many people realize: a basic policy costs about $300 a year for around $50,000 worth of property protection.

    Coverage

    Coverage generally provided under a Renter’s Policy includes:

    • Personal Property
    • Loss of Use
    • Personal Liability
    • Medical Payments to Others

    Renter’s insurance typically covers loss or damaged caused by:

    • Falling objects
    • Weight of snow, ice or sleet
    • Water (plumbing failure, appliance failure, fire sprinklers or other accidental discharges of water)
    • Electrical surges

    It also may cover:

    • injuries that others sustain while at your home (including medical expenses and any resulting lawsuits)
    • damage that you may cause to other people’s property
    • living Expenses. If your rental unit is damaged and you need to live elsewhere during repair

    Your renter’s insurance policy will generally pay to replace any property that is stolen, damaged or destroyed by a covered cause, subject to any policy limits or exclusions. This includes, but is not limited to:

    • appliances
    • jewelry (limited)
    • collectibles (limited)

    Important Note: Renters insurance often protects your belongings even when you’re away from home. So, if your laptop is stolen from your car or your bike gets taken from the rack at work, your renters insurance may pay to replace them.

    Consider whether you may need more protection than the basic renters insurance policy provides. Coverage you may be able to add includes:

    • high value items – a good idea if you own jewelry, artwork, antiques, collectibles or firearms with a total value that exceeds your policy’s maximum pay out for such items.
    • earthquake or flood – a must-have if you live in an area prone to such conditions. a standard renters insurance policy does not include coverage for a flood or earthquake.
    • sewer and drain back-ups – back-ups happen more often than you would think, and they cause a lot of damage when they do.
    • replacement value coverage – if you make a claim, you’ll be reimbursed for the full replacement cost of your items – rather than the depreciated cash value of your items.
    • home business and business merchandise coverage – if you work from home, or store business inventory at home, consider adding a home business rider to boost your equipment and liability coverage. most policies offer very little coverage for business equipment or inventory.

    Things to Remember

    Before purchasing a renters policy, conduct a complete inventory of all your personal belongings, taking photos or a video of things like furniture, jewelry and expensive electronics items. Calculate the replacement costs for these items and double check with your insurance agent to make certain you are fully protected against any type of loss.

    Choose the coverage according to your property. If you have a lot of electronics, choosing a policy that provides replacement cost coverage instead of actual cash value coverage might be the best option for you.

    Like they do for homeowners, most insurance companies offer discounts to a rental policyholder to lower the cost of premiums. They may offer discounts for smoke detectors, dead bolts, etc.

    Make sure that the policy has liability coverage. The best renters insurance policies will also include liability coverage for medical and legal costs if someone gets hurt in your residence.

    The best renters insurance policies will also include emergency living expenses. This means that if you have to vacate the property due to damage, the insurance company will pay for you to live somewhere else.

    Condominium Insurance

    A condominium association typically will have insurance that covers the building structure and common areas, such as corridors.

    Separately purchased condominium insurance covers the unit-owner and is similar to renters insurance. Coverage typically includes interior damage to the unit, personal property and improvements. Loss of use is generally limited to 40 percent of the contents limit.

    Loss Assessment Coverage can be an important policy provision. It covers certain assessments the condominium association may make due to a covered loss, such as fire affecting a common area. Carefully analyze the type of insurance your association has and how it might affect you in the event of a loss.


    Homeowners Insurance in Mamaroneck, Westchester County, New York #homeowners #insurance #new #york


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    Homeowners Insurance – Manhattan & Westchester County, NY, Fairfield County, CT & New Jersey

    It took years and a lot of hard work for you to buy and set up your home. It’s where your family nests, where most of your possessions are, and where your memories take place. You take special care of your home, including wanting to find the best insurance protection available to safeguard you and your family against property damage and liability exposures. This is why at AJ Benet we recommend protecting your assets with Homeowners Insurance .

    Whether your house is a contemporary ranch in New Rochelle, an all-brick Georgian Colonial in Scarsdale, or shingle home in Greenwich, CT, A.J. Benet has a team of experienced insurance professionals specializing in insuring all types of homes including luxury properties and houses. Our policies can cover the basics, with property and liability coverage for damaging events, such as windstorm, fire, theft, vandalism or injury, or they can be tailored to take into account high-end collections, such as art, silver, wine, jewelry and more. If your risks of injury to visitors are increased because of a pool, trampoline, or a certain breed of dog, we can find a policy for you.

    We can also enhance your protection with flood insurance. earthquake insurance or umbrella insurance. which extends the coverage limits of your underlying homeowners and auto policies. Our homeowners policy can cover legal defense if you or your family should be brought into a lawsuit alleging that you’re responsible for injuries or property damage to others, and we offer enhancements suited to homes that employ domestic help or have special insurance needs.

    What’s more, when you meet with us, one of our professional advisors will conduct a thorough fact-finding, including inspecting your property, to provide you with a detailed insurance presentation that’s based on your input, our discussions and evaluation. Our goal is to help you get the right amount of coverage for your property. Contact us today for Homeowners Insurance in New York.

    Home is where your heart and hard work is.

    We invite you to give us a call at your convenience at (888) 639-4560. or if you prefer email us or return the form on this page.

    Since 1964, A.J. Benet has been serving residents in New York City, Pelham Manor, Pelham, New Rochelle, Larchmont, Mamaroneck, Harrison, Rye, Port Chester, Rye Brook, South Salem, Purchase, White Plains, Scarsdale, Eastchester, Bronxville, Armonk, Chappaqua, Briarcliff, Pound Ridge, Bedford, Mt. Kisco, and Katonah, New York; as well as in the Connecticut communities of Greenwich, Cos Cob, Riverside, Stamford, Darien, Rowayton, Fairfield, Westport, Southport, and New Canaan.


    Home, Auto & Farm Insurance – SBS Insurance Agency #insurance, #auto #insurance, #home #insurance, #car


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    Choosing the right auto insurance is the key to keeping you and your car safe on the road in the event of an accident or other vehicle damage.

    Home Insurance

    Look after your biggest investment and everything in it with a proper policy that ensures its protection in the event of an accident or natural disaster.

    Other Personal Insurance

    Keep your confidential information and personal assets secure with extended coverage options including personal umbrella insurance.

    Farm Insurance

    Preserve your livelihood with an agribusiness policy that safeguards your farm and everything on it, from buildings and machinery to crops and livestock.

    Life Insurance

    Provide your family with the security they deserve in the event of your passing with a life insurance policy that meets your financial and personal needs.

    Recreational Vehicle Insurance

    Insure your freedom for adventure with a recreational vehicle policy that covers everything from your boat and RV to your ATV or motorcycle.

    Financial Services

    Ensure a bright future for you and your loved ones by securing your financial independence with professional planning and fiscal services.

    Additional Insurance Services

    Take care of all your specialty insurance needs and other services with extended policy options for your convenience and satisfaction.

    Coverage for Specific Industries

    Industry-specific risks make it impossible for insurance companies to lump together one insurance plan for every business.

    Coverage for Your Business

    Coverage for Your Employees

    We work hard to provide the best protection plans for businesses and their employees.

    SBS Insurance Agency

    Your Source for Personal and Commerical Insurance in Seneca, Sabetha, and Hiwatha, Kansas

    SBS Insurance Agency is a locally-owned and operated agency that delivers all-inclusive insurance and risk management solutions in Northeast Kansas. We ve been insuring individuals and businesses for over three decades and have the experience and local knowledge necessary to provide the best products and services possible. Our primary goal is to give clients the best coverage and customer service for their insurance needs at a competitive price.

    We re local agents and we have nearly 250 years of combined experience. Our experience and our local knowledge and familiarity with the areas we serve enable us to deliver customized solutions and personalized services that are unparalleled. As an independent agency we source coverages from a number of top-rated insurance carriers. The coverages that these carriers provide allow our clients to make choices that help tailor their policies, which make the policies more effective.

    We offer a vast array of expansive programs for personal and commercial lines of coverage, including home. auto. life. farm. crop. and business. Farming is an industry that we know particularly well, as many of us grew up on or around farms. It s a point of pride for us that we can help agribusinesses flourish.

    We re available when clients need us and we manage risk and claims, which helps reduce costs and allows us to advocate for clients and ensure that claims resolutions are satisfactory. Everything we do is an effort to give clients the most value. In addition to being good insurers, we provide value by being good citizens. We re involved with and support many local groups, schools, benefits and volunteer as board members for several organizations. We support these organizations to help make the communities we serve better places to live and work.

    If you would like to know more or speak to an agent, please contact us in any of our six locations or give us a call. You can request a quote to get started on a policy.

    Copyright 2017 SBS Insurance Agency