Peter’s Business and Economy Issues

A hybrid ARM has an initial fixed rate that lasts for a set number of years (usually three, five, seven or 10), then adjusts annually thereafter. A traditional ARM typically has its first rate adjustment after one year. The “hybrid” refers to the blend of fixed rate and adjustable rate characteristics found in hybrid ARMs.
Read more »

A Jumbo Mortgage is a mortgage with a loan amount above conventional loan limits. This standard is set by the two largest secondary market lenders, Fannie Mae and Freddie Mac. The loan amounts reflect average loan sizes nationwide. Jumbo mortgages apply when Fannie Mae (FNMA) and Freddie Mac (FHLMC) limits don’t cover the full loan amount.
Read more »

With a lower adjustable interest rate the monthly amount will be less. You may therefore qualify for a larger mortgage, or you may qualify for a loan easier. Lenders use your gross monthly income and your monthly mortgage payment to determine how much you can qualify for.
Read more »

An adjustable rate mortgage, often called ARM, is a mortgage loan program in which the interest rate is adjusted periodically based on an index. The interest rate varies based on one or many indexes. This could be to the one-year treasury bills or to another specific index. You may note that different lenders tie the adjustable rate to different indexes.
Read more »

Once you have been declared bankrupt, your choices when it comes to obtaining a mortgage are limited. Even if you have been discharged as a bankrupt, you are still likely to find it impossible to take out a mortgage with a traditional high street lender.
Read more »

If you have had a county court judgement or a number of judgements registered against you in the past you could find yourself rejected by many of the mortgage lenders on the high street because you present too much of a lending risk to them.
Read more »

Applicants who have arrears on a current mortgage may experience problems if attempting to arrange a new mortgage or remortgage through a mainstream lender. However a number of lenders do specialise in this area of the market.
Read more »

Sometimes due to unforeseen financial emergencies you may or a lack of funds default on your credit repayment. Repeated defaults can drag down your credit rating badly, permanently damaging your credit report and credit score. This makes you a bad customer for mortgage loans.
Read more »

When you apply for any type of financial product, in this case a mortgage, you will have your credit rating checked.Credit rating is a way for the lender to see how reliable you have been in the past with financial products. They need to make sure you are worth the risk of lending you the money.
Read more »

One of the factors to consider is how long you expect to stay in your home? If your planning to move in the next few years the monthly savings may never add up to the costs that involved in refinancing and, therefore, we would never recommend that you refinance under that circumstance.
Read more »

« Previous entries Next entries »