Remortgages And Mortgages Before And During The Recession.

Mortgages and remortgages along with secured loans are all types of loans that are secured on property. Therefore these financial products are only available to those who own their own home, and are not in rented property..

A remortgage, as the prefix clearly states, is the redoing of something and in the case of a remortgage it is the rearranging of a current mortgage.

A remortgage is a new mortgage that replaces a current mortgage.

Remortgages and mortgages are based on the equity of a property , and equity is the difference between the value of a property and the mortgage balance. This means that if a property is worth 300,000 and the mortgage balance or the required remortgage is 150,000 the available equity is 150,000.

Before the credit crunch many mortgage and remortgage lenders were only too happy to grant their products at up to 100% LTV. While the Northern Rock had 125% remortgage and mortgage plans.

This said, some people may have heard that the Nationwide are offering 125% mortgages, and this is correct in a restricted way. This 125% mortgage is only available to existing customers who are trapped in negative equity due to the recession and they want or even require to move house perhaps through job relocation for example.

If they need a mortgage to move to another house the Nationwide are willing to grant them 125% of the property value to assist them.

There are still a few building societies granting mortgages and remortgages at 90% and very very occasionally 95% LTV, which would mean that if a property is valued at 200,000 on a 90% plan the maximum mortgage or remortgage would be’0,000.

Equity is really king at present and the better the LTV is the cheaper the remortgage rate is.If a homeowner has a 40% deposit mortgages and remortgages are available at under 2% which is the lowest ever rate.

Self certifications of income when applying for a mortgage or remortgage are theoretically still available fom a couple of mortgage lenders, including Platform, but at the end of the day these mortgage lenders can still ask for back up proof of self employed earnings by means of an accountant’s certificate or even full accounts.

Before the recession many mortgage lenders accepted self certifications of income, and this is in fact caused much of the financial woes, as sub prime mortgages were advanced to those who in reality could never afford to make the repayments.

Remortgage and mortgage criteria have very much tightened up and this could do with being relaxed a little.

Learn more about rmortgages then vist Champion Finance’s site to ascertain the best choice of remortgage for your needs.

Home Loans For People With Bad Credit

Home Loans for People With Bad Credit

As I have said before about Home Loans For People With Bad Credit so it is not simple because I will be more than happy to assist you with your needs. These loans are generally only available for people that already have equity built into the house. If you have a credit score above 620, you probably don’t need to be looking for home loans with bad credit.

What does it mean to deal with something that writes money for people with bad credit so well. Crime does not pay. Qualifying for Home Loans With Bad Credit The best thing you can do if you want to know if you can qualify for a home loan is to walk into a bank to ask. About Bad Credit Home Loans Bad credit home loans are generally provided for people that have credit scores under 620. Since loans carry higher interest rates for people that have bad credit, these loans usually carry interest rates that are about 10% annually. You can then talk to a professional loan officer who can tell you whether you can or can not qualify. This has some utility now. This has been a growing commitment of mine but so you have to put things into perspective. People sometimes take out these loans to cover expenses or sometimes to make investments or start businesses. If you’re not able to qualify for bad credit home loans on your own, you may have to go through the process of finding a cosigner. If you have a solid income and good credit, finding a home loan is really easy.

Just sitting back and slacking off limits your potential with loan for people with bad credit. Read the rest of this entry

Mortgage Loans For Beople With Bad Credit

Most of the government’s TARP money (see the $700 billion dollar bailout) is being used for loan modifications such as yours. The government’s TARP money will not last forever, get your fair share before it’s too late.

Last week the lawyers reduced a customer’s loan by $85,000. The mortgage loan had roughly $249,000 left to be paid. The current market value of the home was roughly $164,000. The lawyers were able to modify the loan down to the current market value, saving the customer $85,000. This lowered the customers payments and she was able to stay in her home. Individual results may vary positively or negatively by customer. Fill out the form above to see where you may stand.

The Most Loan Programs for good people with Poor Credit!

I could easily add more about Loans For People With Bad Credit. It scaled up very nicely. The first rate you see may not be the best rate that is actually available. One of the things you need to do is away your options and to a lot of shopping around. Read the rest of this entry

 Page 4 of 4 « 1  2  3  4