Getting Credit
Every successful homeowner had to put some effort into getting and maintaining good credit before they were eligible for a mortgage. If you’re having trouble getting qualified, here are some tips for successfully acquiring good credit.
Tapping into the Secondary Mortgage Market
High-yield investing can be risky, and the property market is no exception - many properties lose their value unexpectedly, and the process of buying and selling is often time consuming and stressful. That’s why many property investors choose to work in the secondary mortgage market. This option has less potential to produce quick millions, but is safer, and enables buyers to make smaller, more calculated investments that can be redeemed individually. Newcomers to this market should first get acquainted with government sponsored enterprises authorized to create and sell investment packages. These agencies provide one of the nation’s safest and best-established investment vehicles, and help expand the real estate market by returning money to banks and primary lenders, so they can provide more loans to home buyers.
Help and Tax Breaks for Sub Prime Mortgage Holders
Although the economic outlook is not too bright for Americans with increasing gas prices affecting almost everything we travel in, use for warmth and feed ourselves with, nevertheless there are a few slivers of sunshine in the gray clouds.
It’s the Right Time for the First Time
It might be the single most common question a realtor hears - is this a good time to buy a house? While the answer depends on your personal circumstances, there are certainly times and circumstances that make “yes!” the right answer for most people. If you’re a first time home buyer, this is one of those times. What’s bad news for home sellers has created an excellent market for anyone who is in the market for a home.
Mortgage lending for 2007 hit record levels
Despite trailing off towards the end of the year gross mortgage lending hit record levels during 2007, according to figures released by the Council of Mortgage Lenders (CML).
UK slipping towards recession
The UK risks slipping into recession in the next two years, according to authors of the Deloitte Economic Review; and even if that gloomy forecast doesn’t transpire, the best we can hope for is the weakest economic growth in the last 15 years.
The Sub-Prime Mortgage Crisis: What You Need to Know About Buying Real Estate
The buzz word phrase that is causing so much sting these days is indeed, “the sub- prime mortgage crisis”. With far too many people having made impulsive and unwise decisions over the past few years, the economy is being led toward an unprecedented economic crisis. The spending wheels have now come off, the housing boom is bust, while foreclosures are at an all time high. If you are looking to buy in today’s market, you should be educated as to the risks and, yes, the potential opportunities. Consult a realtor and mortgage broker whom you can trust. There are still great options in such a market, but you may need to be flexible and you will certainly have to do some proper research.
Getting a Mortgage: Dos and Don’ts
So you’ve established a great credit rating and are ready to visit a lending institution to see about getting pre-qualified for a mortgage. Here’s a few tips for what to do or not do.
Getting a Mortgage: Establishing Credit
One of the keys to getting a mortgage is having good credit, and the easiest way to establish good credit is to acquire a credit card or small loan, and then pay it back on schedule. With a credit card, it isn’t enough to simply have it. You must be using your credit card consistently in order to obtain good credit. It can be difficult to get a credit card if you’ve never had one before, but there are a few easier ways to get started. First, many department stores offer their own in-store credit cards. These are often easier to obtain than a regular credit card. However once you’ve obtained one of these, used it in the store and then paid your bills on time, this will build your credit. This could take between six months to a year. While good credit with a department store credit card probably isn’t enough to get you a mortgage on its own, it does make you more attractive to the major credit card companies, and you shouldn’t have trouble getting your application accepted.
Mortgage Rates - How Low Can We Go?
Well, surely it can’t drop much lower? If you haven’t locked a mortgage rate in by now, or haven’t got yourself pre-approved, you had better hurry up. All those people who can remember the 11% mortgage interest rate will be trampling over each other to try and re-new at these rates.
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