Tag: Loan Program

What your broker can do for you

When you are planning to buy an investment property or a dream home it is important for you to look for a broker because he is able to smooth the way for you and make you to achieve what you want. The main role of the mortgage broker is to act as an intermediary so that financial transactions are done in a proper and more secure way. Getting the help of a mortgage broker is very important and this will help you buy a good home or investment at an affordable price.

What exactly does a mortgage broker do?

A mortgage broker is the one who is interested in knowing your property ownership goals and what type of investment you intend to have in the days to come. Most people tend to ignore them but they play a very important role as they enable to you to make your dreams valid. They are the ones who ensure that the decisions you make will not affect or hinder your future plans and dreams. When they are negotiating a loan for you they have to look at your individual circumstances and then do a comparison on the many financial institutions available and their rates. They do this negotiation on your behalf so that they can secure a good home loan for you. Click here.

How are they important?

Mortgage brokers are very important people in the society because they negotiate a loan for you and they also go an extend mile of assisting you in the buying process. They are involved in all the stages here ranging from the pre-approval right to the settlement of the purchase. There are other good brokers who go an extra mile and help you beyond the settlement process. They ensure that their clients are well updated with the market changes so that you can be able to remain on an interest rate that is competitive. Mortgage brokers Melbourne are very important people in Melbourne as they have assisted people to realize their dreams and get their dream investments.

Why is it not good to just go for a bank?

There are several financial institutions in the world today that offer mortgage loans and therefore going for a bank itself means that you will only get their home loan options and financial advice. This cannot be compared with mortgage brokers who know all the market rates from all financial institution and they can be able to compare and tell which is right for you and which one is not. Mortgage brokers have a range of lenders where they can get home loans from and this also includes even the big banks. For more information about mortgage brokers visit Mortgagebroker247.com.au

Last but not least it is important for us to know that mortgage brokers are the only people who can lead you to a better deal because they understand the market better and know the rates for all the lenders. It will save you some costs if you use them to access home loans because of the experience and knowhow that they have about market loans.

New FHA Loan Program Availability

New FHA Loan Program Availability

A new FHA loan program was instituted in October 2008 that has the express intent to insure $300 billion dollars worth of mortgage loan payments for three consecutive years. HOPE for Homeowners Act of 2008, previously signed into law, is intended to help those of you who are in eminent need of help to forestall foreclosure of your home mortgage.

If you qualify for the new FHA loan program, you can get an FHA backed loan to refinance your current mortgage at 90% of the present market value of your home regardless what you paid for it originally. You will also be eligible to receive a more comfortable fixed rate loan plus a 10% equity interest.

The new FHA loan program also contains a $7500 tax credit, which is intended to help you get a mortgage loan if you are a first time homebuyer or a new homebuyer. Inexpensive housing areas of the country, the mortgage loan limit is capped at $625,000. There is also a $4 billion grant, which expressly indicates its use for renovating homes in blighted areas. Additionally, the bill sets aside $180 million to provide homeowner counseling for those of you facing eminent foreclosure.

New FHA Loan Program Availability

The new loan program provides you the ability to cut your loan balance up to 40% plus maintain a 10% equity interest. To qualify, you must be in an owner occupied thehome, pay no more than 31% of your gross monthly income in mortgage payments and not be an owner of investment property. If you have defaulted on your current mortgage, you must prove it was not done intentionally.for further details, visit : https://www.usbank.com/home-loans/mortgage/fha-mortgages.aspx

An FHA lender will appraise your home at up to 90% of its current market value rate if you qualify for the program. The lender will be required to waive any fees or penalties if you are in dire financial straits. Also, you must agree to a shared equity schedule for five years except in loans that are made for home improvements or home maintenance.

This new FHA loan program should be a major help to many of you who have been stung by the current economic and housing crisis. While this program has certain constraints, it certainly beats the alternative option of losing your home forever to foreclosure. To determine if you qualify for this program contact your local HUD authorized counselor or contact the FHA office directly.