Category: Mortgage

Mortgage Consumer Survey in Canada

Posted by admin on August 6, 2016


RBC bank customer services reveal that mortgage consumers have become
smarter than ever when looking back at the surveys in 2013. However,
every home buyer is still looking for some good advice and Rbc Calgary
nw Locations Looking at their behavior and tendencies in detail, it has
been seen that Canadians prefer and continue to pay off their mortgages
sooner than required. Under the current economic scenarios and the
fluctuating economies, it only makes sense to do market research well in
advance and get the best deals available in the market.


Mortgage Consumer Surveys have revealed that 31% of recent home buyers
in Canada preferred making a lump-sum payment. Many turned to Rbc 1800
Number to increase their regular mortgage payment. This is in comparison
to the 29% of home buyers in the 2011. Another trend seen among the
home buyers in Canada was to set off their payment set more than the
minimum needed. This trend has been consistent across the country and
the inclination was to lessen the life of their Rbc Main Branch Calgary.

Recent surveys also indicate that 32% of mortgage holders made
use of Rbc Bank Mortgage 1800 Number to accelerate the pace to pay off
their mortgage, either through lump-sum payments or payment increases.
These findings hold true for the young and middle-aged home buyers
seeking Royal Bank pre approval mortgage. The average equity for
homeowners was 47% and 71% of the home buyers had at least 25% housing
finance. The market competition as echoed in the recent months is
leading to Mortgage rate discounting at different Rbc branch locator.


Look for a reliable Rbc Chestermere Branch that will support your
negotiating power and lead you to better mortgage rates. Majority of
consumers make use of online resources and rbc bank mortgage phone
number to research different mortgage options available as well as learn
about the new and the upcoming features. Locate Rbc Bank Customer
Service to get more information about mortgage options. We find a rise
in the number of online visits to the sites of different lenders and
brokers. The 2013 survey shows nearly 300 Rbc Bank Customer Service
on-line.

The highlights of the survey tell that the mortgage
consumers have started use of different mobile apps and on-line tools
when looking for a mortgages. they do not mind undertaking a range of
mortgage shopping activities and looking for the phone number for Rbc
mortgages for use in future. They value the advice offered by
professional and seek professional follow-up and client services when
seeking Rbc self employed e to add to their satisfaction. This would
only mean repeat business and referrals for the construction mortgage
Rbc brokers and lenders and new business opportunities.

Older Borrowers Facing a ‘Rapidly Shrinking’ High Value Mortgage Market

Posted by admin on July 29, 2016

The credit crunch forced lenders to revisit their mortgage policy
and, over the last few years, there have been some seismic changes to
the large mortgage industry in the UK. One of the major repercussions of
changes to lending policy and mortgage rules has been that there are
now far fewer mortgageoptions for older borrowers or those wanting to
borrow into their retirement.

Mortgage Strategy reports that older people are
facing a rapidly shrinking market as providers cut the maximum age on
their standard mortgage ranges. But, should lenders restrict high value
mortgage lending to older clients? And what options do you have
available if you’re an older person looking for a mortgage? We look at
the issues next.

Cuts in maximum age limits make it harder for older borrowers to get a mortgage


Before the global financial crisis, most banks and building societies
would lend up to the age of 85, making it relatively easy for borrowers
in their 60s and 70s to get a home loan. Today, however, the choice of
mortgage options has shrunk significantly with many lenders slashing
their maximum age to just 65 or 70.

Even in the last few months
lenders including the Skipton, Leeds and Newcastle building societies
have cut their maximum lending age to 75. But, have lenders gone too far
in restricting high value mortgage finance to older borrowers?

Is it time for lenders to change their policy towards older borrowers?


Mortgage Strategy’s recent poll found that 68 per cent of respondents
believed banks and building societies are too strict when it comes to
lending to the over 60s.


And, earlier this year, several high profile industry experts said that
lending into retirement must become easier. In a panel discussion in
early 2013, Sesame chief executive George Higginson said current
restrictions are ‘not right’ and failed to reflect the needs of a
workforce which is being asked to work for a larger proportion of life.


In his opinion it is not right to expect people to pay off their
mortgage before retirement. Hardly anyone will retire at 65, and many
will probably have to work into retirement. If that is the case now, the
nature of products available will also have to change and there need to
be new designs and products coming to the market in the near future.


Islay Robinson, CEO of London mortgage broker Enness Private Clients,
agrees that there are still lenders out there who will consider
approving a large mortgage for older clients but they are harder to
find. However, brokers such as Enness have access to a wide range of
lenders, many of whom have the underwriting flexibility to look at
individual cases on their merits and make a sensible lending decision.


The industry does need to take a hard look at the options for older
borrowers. If someone in their 60’s has guaranteed pension or investment
income and the ability to service a loan, why should they be treated
differently to someone much younger?

Mr Robinson, the London
mortgage adviser and million pound mortgage expert believes it has
become more difficult for older borrowers to secure a large mortgage.
Many High Street lenders have reduced their maximum age limit and it
means that older borrowers who want to save money by re-mortgaging or
who want to move home are finding that their options are very limited.

Role of a Mortgage Broker in Real Estate

Posted by admin on July 28, 2016


A mortgage broker is a well trained professional who helps in finding
the best loan option that suits your requirements. Usually, they are
educated in their field and are regulated by licenses. They offer the
borrowers different plans from different lenders. They can be employed
by an organization or they may work privately. People who are looking
for a mortgage loan can hire these professionals, because they know the
exact status of the current market.

Here are the reasons for a hiring mortgage broker:


Broker helps in realizing all the mortgage related information that is
necessary. First and foremost, there are numerous types of loans
available in the market, and each of these has several variations and
different parameters that can be rather hard to read. A good broker will
definitely explain all these mortgage related information along with
the different type of deals available. Once you realize all this
information, the broker can facilitate you to get the best mortgage.


Brokers can help you in finding a better deal on your mortgage.
Usually, they are well connected within the industry and are aware of
market fluctuations. They will definitely help you obtain a good
interest rate on your loan which will save a lot of money in the long
run. They may also reduce our time and energy, because looking for a
right mortgage is a time and energy consuming exercise, and brokers can
easily burn down this factor.


Another important factor is that, the broker works only for you. This
makes them favor you, not the lending institutions. This point clearly
reflects the truth that the broker will work for getting you the best
loans as soon as possible. Dealing directly to the lending institution
or lenders is a tough task to perform and they may not offer the best
interest rates. A mortgage agent is paid to avail the borrower in
finding the best deal in a short time.

Brokers help you in
finding the most suitable one for your specific needs. When it comes to
mortgage, everyone has different demands and requirements; mortgage
broker helps in getting the best one which benefits the borrower.
Employing the right broker will also cut down the paperwork. Usually,
you need to fill out your loan application and hand it to your broker.
Then, your broker will present it to several lenders. This makes the
whole process a lot easier with the help of a mortgage broker who
specializes in this mortgage process.

Act Now to Avoid Reverse Mortgage Rule Changes Coming Soon

Posted by admin on July 20, 2016

Homeowners in the Westlake Village/Thousand Oaks and local areas are
seeking a hassle-free reverse mortgage need to act now to secure one,
as changes to the Federal Housing Administration’s Home Equity
Conversion Mortgage program will make obtaining this financial product
more difficult. Mortgage bankers in Westlake Village/Thousand Oaks can
help local residents obtain a reverse mortgage before the January 2014
rule change.

What Is a Reverse Mortgage?


A reverse mortgage is a financial product that allows seniors to tap
into a portion of the accumulated equity in their homes. With a reverse
mortgage, the borrower retains title to the home throughout the life of
the loan. The borrower cannot, as a result of the reverse mortgage be
forced out of his or her home, as long as property charges, such as
taxes and insurance, are paid and the home is maintained in reasonable
living condition.

When the last borrower on the loan permanently
leaves the property as a primary residence, for whatever reason, the
loan becomes due. If there is equity remaining, the property can be
either refinanced or sold to capture that equity. Two of the great
safeguards for reverse mortgages are that they are structured so that
the borrower or his estate can never owe more than the value of the home
upon repayment. In addition, the HECM products are insured by the
Federal Housing Administration, an arm of the U.S. Department of Housing
and Urban Development (HUD

Over 800,000 reverse mortgages have
been secured by homeowners. Approximately 10,000 baby boomers turn 65
every day – the minimum age for this is 62.

New Rules


New rules are tightening the requirements for obtaining a reverse
mortgage, requiring homeowners to provide more information about their
financial situation to mortgage bankers Westlake Village, Thousand Oaks,
Conejo Valley, and Simi Valley homeowners seeking this will now have to
provide more proof of income and credit to lenders.

According
to the new regulations, lenders will now have to do a more rigorous
assessment of a homeowner’s financial status before issuing reverse
mortgages. Under the new rules, lenders will need to check for:


Any delinquent debt to the federal government borrowers may oweAny
unpaid debts on the property considered for a reverse mortgageCredit
history on credit cards, mortgages and other loansHistory of payment on
property charges

Under the new rules, homeowners will need to
submit more paperwork to lenders regarding their income and their
creditworthiness. This likely will make getting a reverse mortgage more
time- consuming and stressful for homeowners in need of the extra cash
this financial product can provide.

While reverse mortgages will
still be available under the rule change, the burden of verifying
income and credit has increased for bankers. Westlake Village, Thousand
Oaks, Conejo Valley, Simi Valley homeowners seeking this mortgage should
act now, before the January 2014 deadline, to secure a reverse
mortgage, to avoid the increased requirements and avoid unnecessary
hassle.

Know All About Your Mortgage Before You Choose One

Posted by admin on July 14, 2016


With the rate at which current property prices are soaring, it is not
possible for everyone to afford a home on their income or on mere
savings. This is the reason many mortgages and home loans exist. This is
also the reason why there are many mortgage brokers who help in getting
the borrowers and the lenders together. They also help out with
arranging and submitting the paperwork to the lenders on behalf of the
borrowers. They charge a fee or commission for their services. The
lenders charge interest for the loans they lend. These interests are
known as interest rates or mortgage rates.

What is a mortgage?


A mortgage is basically a lien against property. It is a loan obtained
by a borrower by pledging his home with the lender, usually the bank.
This is in the eventuality that if the borrower stops making payments,
the lender can foreclose. In cases where the borrower borrows from the
bank, for example, the bank has a claim on his property in case where he
doesn’t pay up. The bank can then evict the tenants in the property and
sell the house and appropriate the sale proceeds towards the repayment
of the loan. Los Angeles mortgage rates have a big effect on mortgages
that are adjustable rate mortgages. The other type of mortgages that
home buyers can opt for are the fixed rate mortgage and foreign currency
mortgage.

What is a mortgage rate?


In a mortgage, a lender lends money to the borrower and charges him
interest. The rate at which the lender charges the interest is known as
the mortgage rate.This rate could be fixed or variable. Depending on the
interest rates, the mortgage rates in Los Angeles too fluctuate and
have an impact on the homebuyers’ market. There are several factors that
affect this rate and one of the most important among them is the
borrowers’ credit. Another important factor affecting the mortgage rates
in Los Angeles is the size of the loan the borrower intends to take
out. This rate in turn decides the amount the borrower eventually pays
out in equal installments and the total interest component of the entire
mortgage.

Basic concepts of a mortgage


In Los Angeles, or in fact anywhere, in addition to Los Angeles
mortgage rates, there are other concepts too that one must understand
when it comes to mortgages. These are property, which usually means the
property being financed; borrower, meaning he home buyer taking out the
mortgage and the lender, usually the bank. There are also some others,
such as redemption, foreclosure, insurance, principal and so on. Yet
other important terms one always gets to hear when talking about
mortgages, are closing costs, escrow, loan to value ratio, lock-in,
title ratio and so on. Apart from keeping oneself abreast of these
terms, it is always advisable to do your homework and compare more than
one mortgages available in the market so as to ensure that you end up
with the best deal.Knowledge is correctly said to be power and helps you
carry out a smooth transaction.

More Choice of Mortgage Deals for High Deposit Borrowers

Posted by admin on July 4, 2016

Over the last six years the number of deals available to high value
mortgage clients has been decreasing. As lenders have fallen by the
wayside and those that remain have become more reluctant to lend, the
choice of large mortgage deals has fallen sharply.

However, new research has found one area of the
residential property sector which has benefited over the last six years:
those buyers who are seeking a large mortgage and have a large deposit.
Typically these buyers will be high net worth clients looking to borrow
less than 60 per cent of their home’s value. The number of deals
available to these clients has increased significantly during this time
as lenders compete for such low-risk business. Here, we look at the one
area of the mortgage market that is seeing strong competition, in
contrast to the major part of the market in the UK.

Research
from financial analysts Moneyfacts has discovered that the number of
mortgage products in the 60 per cent ‘loan to value’ bracket has
rocketed since 2007. There are now approaching 500 deals available for
people with a 40 per cent deposit, compared to just 21 in October 2007.


Sylvia Waycot, of Moneyfacts.co.uk, said that in 2007 lenders offered
high loan to values as a norm. High income multiples and sub-prime were
not automatically rejected. This all changed in 2008 with the onset of
the banking crisis. High loan to values quickly disappeared and even
today are few and far between. They were predominately replaced with the
60 per cent loan to value which is virtually risk-less to any lender
and as a result, the first-time buyer market has stagnated.

At
times price wars have broken out between lenders keen to secure high
deposit mortgage business. Banks in the UK such as HSBC have even
offered five year fixed rate mortgages at under 3 per cent.


Hugh Wade-Jones, director of London mortgage adviser Enness Private
Clients, said that while mortgage deals for first time buyers and for
those seeking higher loan to values are hard to come by, there are
plenty of deals if you are a large mortgage borrower looking for under
60 per cent ‘loan to value’. The low risk nature of this type of
borrowing has led many lenders to offer superb rates in order to attract
good quality large mortgage business.

As well as the mortgage
deals reported by MoneyFacts there are countless more products available
through private banks in the UK and overseas. High value mortgage
clients who need over 500,000 at a low “loan to value” have a superb
choice of deals right now.

The Government’s Funding for Lending
scheme has been a contributing factor to the increased choice of deals.
There were 87 new products at 60 per cent loan to value in the first few
months of the schemes introduction. However, some experts believe the
government initiative is not targeting the right type of borrower as it
was designed to help first time buyers without a large deposit. Yet the
number of new deals available for those with only a 10 per cent deposit
remains limited. It has simply improved the choice of deals for those
seeking a large mortgage, who already had a good range of choices
anyway. Only time will tell if the government’s new Help To Buy scheme
will redress this imbalance.

Mortgage Lending at its Highest Level Since 2007

Posted by admin on June 4, 2016


The latest official figures show that the recovery in the UK’s large
mortgage market is alive and well and continued into the third quarter
of 2013. The most recent data from the Council of Mortgage Lenders (CML)
showed that 27.1 billion of house purchase loans were advanced between
July and September, the highest quarterly figure since the end of 2007.


Lending to first time buyers is up by a third year-on-year while buy to
let lending is up 36 per cent. We look at the latest figures that show
the high value mortgage market in the UK is recovering strongly.

First time buyers driving the large mortgage market


Despite a small drop in lending in September, the UK’s large mortgage
sector has grown strongly in the past year according to CML
figures.Lending to first-time buyers was up 34 per cent in September
2013 compared to September 2012 while buy to let lending was 36 per cent
higher in the third quarter of 2013 than in the same period last year.


Paul Smee, director general of the CML, said that the typical seasonal
fall in lending in September was expected but the market is seeing
appreciable year-on-year and quarterly lending rises that suggest the
market is continuing its recovery.

He said that first-time
buyers were a key driver in the first half of 2013 but now home movers
and remortgages are showing renewed strength which puts the market in a
good position to continue momentum into the final few months of 2013 and
the new year.

In the third quarter of 2013, 74,800 loans were
advanced to first-time buyers witha value of 10.4billion.The typical
first-time buyer income multiple continued an upward trend with
first-time buyers typically borrowing 3.39 times their gross income.


And, high value mortgage customers are increasingly choosing fixed rate
deals. Jeremy Duncombe, director, Legal & General Mortgage Club,
said that 2013 had seen a revival in fixed rate products. 86 per cent of
all house purchases and re-mortgages in August were taken out with a
fixed rate mortgage deal. This is compared to 67 per cent for August
2012 and 77 per cent at the peak of the housing boom in August 2007.


He pointed out that the popularity of fixed products is in part due to
the historically low rates currently available.The average rate in
August 2013 was 3.31per cent, compared to 4.25 per cent and 5.86 per
cent for the same periods in 2012 and 2007 respectively.

Buy to let lending also booming


The CML figures showed that 1.9 billion of buy to let loans were
advanced in September, unchanged from August. Overall, buy-to-let
lending in the third quarter of 2013 grew with 43,900 loans advanced in
this quarter which was up 16 per cent on the second quarter and up 36
per centon the same period last year.

Both buy to let purchase
and remortgage lending has increased in recent months, suggesting that
landlords are keen to withdraw equity from their properties in order to
reinvest.

Islay Robinson, CEO of London mortgage adviser Enness
Private Clients, said “There are some excellent buy to let deals
available in the market and so many clients are taking advantage of
these low rates. Whether it’s simply to reduce their borrowing costs or
to withdraw capital to expand their portfolios, there are plenty of
great large mortgagedeals available”.

Finding The Best Mortgage Broker In Brisbane

Posted by admin on May 27, 2016


The road to own a house may have many traps; one missteps may get you
completely broke. If you are buying a home for the very first time in
Brisbane and you are completely perplexed about what to do, start with
finding the best mortgage brokers in Brisbane.


Buying a home in Brisbane and finding loan can be a daunting mission
and it may appear too tempting to simply buy the first house that fits
in your budget or to just continue living in a rented house. Let the
challenges of buying a home does not trounce your desire of own home.
Here are the top tips to find a best mortgage brokers in Brisbane to
simplify the entire process for you:

Take References


This is the easiest but most important step. Talk to your
acquaintances, friends or neighbors in Brisbane who might have recently
bought a house from one of the mortgage brokers in Brisbane. Make a list
with complete address and contact numbers.

Do A Homework


Now that you have lead to some of the names of mortgage companies and
brokers who can help you, it is time to do some homework. You can use
resources like phone and internet to research about these names. You can
check about current offers (if any) and general terms and conditions to
use their services.

It is important to keep in mind that if you
take a loan from them, they would be associated to you for long 20 or
30 years; so, do not hesitate to ask questions that really matters to
you. Compare shop for loans to find the best deal possible.

Weigh The Deals


If you are offered some tempting deals, check it to be right and not be
misleading you into some non-agreeable conditions. Be wise enough to
know what is right for you.

Get Offers In Writing


If you are dealing with an online mortgage broker, it is very necessary
to take the offers made in writing. If possible, meet them personally
or ask them to send you written offers.

Don’t Let The Dates And Names Puzzle You


The offered offers may have some ending dates to make it quite
imperative to keep a note of all the important dates in a well organized
folder. In case of any dispute on amount, date or name of the offer,
you would always have a ready proof to refer and support your argument.

Look For Stable Establishment


An established mortgage broker would always have a stable office and
verified contact number. A stable establishment is an affirmation that
you know where you have to reach the brokers in any case of requirement.

Enquire About Complaint Mechanism


While you are hunting for best mortgage broker in Brisbane, make sure
that you adequately enquire about their mechanism to file and resolve
complaints. These details would come handy in case of any dispute and
would also be the most important deciding factor in selecting the best
mortgage broker.

Ask For Broker’s Basis Of Recommendation


Generally, mortgage brokers in Brisbane recommend loans on commission
basis. It is important to know this so as to get an idea if the broker
is charging you extra over their commission to make the deal more
expensive for you.

After checking all the things to be
satisfactory, make sure that you feel confident and comfortable with
your selected mortgage broker for an effective and fruitful association.

Best Steps to Finding Great Mortgage Loans

Posted by admin on May 26, 2016


It has now become very tough for the persons to get mortgage loans. The
major reason behind this is that there are a number of formalities that
desires to be followed. These days, mortgage businesses are evolving
strict. This is the major cause why persons are modifying the procedures
on how to seek for the right lends officers. If you do not pursue the
right procedure you might not come across right mortgage provider. Below
mentioned are a couple of ways through which you can seek for the best
Milwaukee mortgage businesses.

Search for a good mortgage service


It is essential for you to make a register of the mortgage providers
that provide the best home Loans. The register must include six to seven
businesses that you thing are the most befitting in the market. To
select the right business, what you need to do is inquire the persons
round you who have taken loans in the past. This is advised to be the
best medium through which you can get authentic recommendations.

Communication with the mortgage company


The next thing that you need to do is communicate all the mortgage
companies whose titles are on the list. One time you converse to the
company hold in brain the ones you find befitting and annul the rest.
You can even note down the ones you find right for your needs. One of
the most significant things that you need to make certain is that the
business you communicate should be happy to help you. This means that
the employees should readily and joyously guide you. If this is not the
case, then it is shrewd for you to skip that Mortgage services out of
consideration.

The rates provided by the companies


The basic and the foremost thing that is considered by most of the
lenders is the rate that is being charged by the companies for the
Mortgage Loans. If the rates are cheap enough then off course most of
the lenders would get attracted towards it as price is the major factor
for most of the lenders.

Also what can do is ask the business
about the past purchasers they have worked with. You can even visit the
company’s website to understand about the business as well as the
history of the business. You should furthermore go through the feedback
and the testimonials that are dispatched by the clients. This will help
you know the value of service they supply and the lending rates.

Why Borrowers are Increasingly Seeking Specialist Mortgage Advice

Posted by admin on May 25, 2016

More and more borrowers in the UK are using the services of
specialist mortgage advisers to help them secure the best home loan
deal.The Council of Mortgage Lenders revealed that brokers increased
their market share across all business types in the first quarter of
2013; a clear indication that customers want to draw on the financial
and mortgage experience of these advisers.

As interest rates continue to be driven down due to
various government schemes to boost the property market, the range of
mortgage deals available has also reached its highest level for more
than 5 years.

Data from the Council of Mortgage Lenders shows
that more than half of first-time buyers and those people securing a
remortgage deal arranged the loan through a mortgage broker while 48 per
cent of other home movers also used an intermediary to assist with the
funding for their purchase.

These data reveal that more and more
people are appreciating that selecting the right mortgage for their
specific set of circumstances is not always a straightforward process
and that consulting a professional adviser can not only streamline the
process and make it less stressful but also ensure the right choice is
made.

Affordability criteria by which mainstream lenders assess
potential borrowers remain tight, and high value mortgage clients are
often much more likely to find the right deal by using the services of
an intermediary. Brokers take the time to understand the needs of a
client and assess their financial circumstances in detail, unlike
mainstream banks, which still tend to use a tick box list to determine
affordability.


The Association of Mortgage Intermediaries (AMI) have been predicting
for some months that recent initiatives would encourage consumers back
into the market and intermediaries continue to be able to help those
consumers. AMI anticipate that this tendency will continue during 2014.


So the number of borrowers asking a broker for guidance and help has
been continuing to increase but so too has the number of home loan
products available to those potential borrowers so much so that the
choice of mortgage deals in the UK is now higher than at any time in the
past 5 years.

A report from the analysts Money facts indicated
that there are approaching two thousand home loan products available
from UK lending institutions. This is the greatest range of options
since early 2008 and more than double the number of deals available in
March 2009.

Large mortgage specialists are suggesting that as
the choice of mortgage products increases, so does the complexity of the
mortgage market. This makes it increasingly hard for a typical home
owner to find the best mortgage from the options available to them. This
is one of the reasons that brokers have seen a rise in interest from
clients in recent months. Mortgage advisers have access to a variety of
products not available from mainstream lenders and can establish exactly
what a borrower is looking for and match the client with the right deal
from the right lender.