Re mortgage

Questions and Answers

Are there any mortgage lenders who will re-mortgage your home if you are on benefits.?

Q) 3 years ago my husband became disabled, due to 3 prolapsed discs in his back, and have not been able to work at all. I am his carer. We have a interest paying mortgage only at present. Our mortgage is payed by social services only the going interest rate, the rest we have to make up for, but we want to re-mortgage our house where the interest in low and we can pay the capital as well. How does one go about doing this & is there any one who can help?

A) Try TML they will remortgage for you

solicitors fee's for a re-mortgage?

Q) does anyone know a breakdown of the solicitors conveincing fee's when re-mortgaging your home?

A) The banks give them a commission, there should be no fee to you.

Re-Mortgage confuses me?

Q) I have a 2 year fixed rate of 6.49% which end 1 year from now. I took a 110% mortgage over 35 years and I intend to remortage in a year. I understand that I can do this and take the money ganed in equity out and put it back in as a deposit? I cannot fathom out how this can work although it made sense at the time the mortgage guy explained it. If my house was 200k and I borrowed 220 and it was valued at 240k after the 2 years is this good or do I want it be worth more or less? I want to stay in the same house. I am baffled.

A) If you intend to stay in your house,why re-mortgage? Is it to release the equity to improve it or just to have some spending money? What you are talking about,is that if you wanted to move to another house,you can use the equity as a deposit. In a years time,and your fixed rate stops,you negotiate a new mortgage at a better rate and any equity gained cuts the % amount you borrow.Hope this makes it clearer for you.

If I re-mortgage my jointly-owned second home, will I have to pay capital gains tax on the capital?

Q) I want to release capital from my second home (one which I jointly own but isn't my principal residence). What are the capital gains tax implications for the lump sum which I will receive? I live in London, UK.

A) There is no CGT liability arising on remortgaging. Borrow as much as you can afford, there are no tax implications.

euro re-mortgage?

A) There are some around. Euro interest rates are generally lower than those in the UK, but that doesn't necessarily mean the saving will be passed on to you. The capital and the interest are expressed in euros. That means if Sterling reduces in value, you're going to have to find more pounds to maintain and repay your mortgage. As a general rule, it's best to arrange your mortgage in the same currency as the income you're using to repay it. If you're buying to let and the rents in euros, go for a euro mortgage. If the repayments come out of your UK salary, stick to sterling.

3 years ago i re-mortgage my house with the one account, did i do the right thing?

A) plus the taxes you did pay. Depends on how long you intend to stay there, the interest rate you now have, and if you pulled money out of your home. If the rate is 7% or less, good. If you intend to stay there another several years then you will recover the cost of the refi if the payments went down. If you are moving you gave up money that would have been better spent paying on the mortgage principal balance and leaving all else alone. It builds your own wealth to own your home free and clear. That is the single largest asset most people will ever have. Look at the power you have if you owner your home debt free. You can save the cash to buy anything w/o borrowing and making banks richer. Tax deduction? Is it wise to spent $7500.00 to save 28% of that in taxes? NO! It is better to pay the taxes only as it costs less than interest that you did deduct but look at how much you had to spend top save only the amount that is equal to your tax bracket. What if you are in the 15% tax bracket, is it worth paying $6500.00 to save 15% of that amount? Again no. So my friend work towards debt free, you'll live longer, better and sleep more contently than ever before.

buying to let how does re-mortgage work? do i need to change my home mortgage provider to borrow on my equity?

A) Your home mortgage and your buy to let (BTL) mortgage are two separate entities. You can remortgage your BTL Mortgage in the same way you would remortgage your residential property. This could be done to lower payments, borrow equity etc. If you are in a tie in (early repayment charge) period, then you could ask your current provider for a further advance. Beware though, this could be at standard variable rate not at the same rate as your product and could be as high as 6.50% - 7.0%. All borrowing is usually related to rental income and has a maximum loan to value (usually 85 - 90%). Provided it all fits then shouldn't be a problem. Further advance may attract a valuation fee, admin fee. Remortgaging may also incur legal fees as BTL mortgages are not as forthcoming with the 'freebies'. If in doubt speak to your mortgage provider. Best of luck.

Does anyone know of a company willing to re-mortgage to someone who receives benefits, to indemnify the ex.?

Q) Have been transferred deeds of home but 1st and 2nd mortgages remain in both names, need to remortgage to indemnify ex from loans, however in receipt of benefits and so far no-one wants to know.

A) Are you the transferee? If so, you should have indemnified your spouse in the consent order within the divorce proceedings. If so, then you don't need to remortgage. If your spouse has trouble getting a mortgage, he/she will have to ask a mortgage lender to refer his/her appln. to their underwriters. Most of the time, if the other person has indemnified them in the consent order, a new lender will give them a new mortgage because there's no risk of them having to pay the old mortgages. Your solicitor should have gone through all of this with you.

Which career? Legal Secretary or Re-mortgage Fee Earner??? HELP!?

A) hi there, why not take an aptitude test, I have just seen a free one here it might well tell you what suits your character better http://www.job--listings.info/ good luck

what is a charging order on a property and how can i avoid this. will it help if I re-mortgage?

A) A charging order basically means that someone else has a major interest in a property, so, for instance if they have loaned you money against the value of the property you cannot sell up and vanish with the cash. Remortgaging will simply give you another charge against the property

Re-mortgage- further to my earlier question?

Q) My re-mortgage arrangement fees are split into two parts, one of £2650 & one of £6500 who do these fees go to -respectively?

A) mortgage broker, lawyer, state, city, alot of it are junk fees though.

Time to re-mortgage my home to eliminate ccd debt.?

Q) I have about $30,000 in credit card debt due to a layoff (I am otherwise highly responsible). I have 30K in home equity. I have very good payment history on my credit (I make double payments on my car, 10X the min. on my ccds). For the last 2 years I have played the credit card companies against each other with 0% interest offers. However, it appears my luck has run out because now they wont give me large balance transfer offers anymore. I have been sending about 2K per month towards credit cards so I have plenty of excess monthly income. My other 0% offers expire in Nov. Is it time to re-mortgage my home to eliminate that debt (I cant do home-equity in Texas)? Is it worth the closing costs and higher interest rate (current rate 5.15%) to take that route? As it currently stands, the 30K will be gone within 2 years without the re-fi the house. Please advise. Thanks! To the person who said: Don't Carry Credit Cards. When you have to be laid off for 1.25 years and you go from a 6-figure salary to 1/4 of you are used to working freelance, thats when you HAVE to turn to credit cards. That was what they were CREATED for.

A) You strike me as being an ideal candidate for paying off credit card debt through refinancing your mortgage. The main reason financial advisers caution against this strategy is that many people pay off the credit cards temporarily only to run up huge balances in a few years. But you've shown yourself to be a responsible borrower who got into debt because of exceptional circumstances. In the meantime your current strategy of transferring balances to 0% cards has run its course and you are looking for an inexpensive alternative. I see no reason not to pay off the cards through a cash-out refinancing. Go for it.

The RE Subprime Mortgage will collapse the economy?

Q) Much of the growth was fueled by a "robust" RE market the past 6 years. Now it is coming apart like the proverbial house of cards. Well actually mortgage defaults going up has been in the news for at least a year, things are just coming to a head now. Coupled with reduced domestic funding available to finance this war for oil, lots of municipalities have had to cut way back. I am an LPN. I work for my state. The facility I work at has lost about 10% of the staff due to cuts. Other facilities have experienced similar situations. I work four 10 hour shifts. It is hard work. Some of you who don't know better, will say I'm a lazy union employee making $20 an hour for sitting on my butt. Other than being a union worker, none of that is true, not of me or any of my co-workers. This means good jobs paying $14-16 per hour have vanished from your community. The lower middle class workers that make your community function the way you'd like. This hurts everyone. Workers once earning $16 an hour, with benefits live a very different lifestyle from those working for $8 per hour without benefits. Less income, declining tax revenues. Will this be what collapses our fragile economy? As fuel now jumps past $2.50 per gallon, is there any doubt we'll be fleeced out of $3.50 per gallon this summer? Has gas prices, which have risen an average of 50¢ per year finally taken its toll on the middle class? How could you possibly still support the party of greed and corruption? Haven't you been burned enough? How many moire have to die? How many more kids have to go hungry? WHITE CHRISTIAN kids. I know many of you don't care about blacks and Hispanics, but many of YOUR OWN KIND have suffered tremendously as well. YOU have suffered, yet sadly you don't believe it or still live in a fantasy world of wealth, power and respectability here on Y!, even though we know that simply isn't true and never was. Six minutes. No answers. Too cons many have to sound out the big words?

A) http://www.helium.com/tm/226327/planning-buying-months-problems

re: mortgage lending- What is the difference between a mortgage broker, correspondent lender , and bank.?

Q) Is there any advantage that one of these might have over another eg. interest, closing costs, etc.

A) The lender is the one who provides the money to the borrower at the closing table. In exchange, the lender receives a note evidencing the borrower's debt and obligation to repay, plus a lien on the subject property. Mortgage brokers do not lend. They are independent contractors who offer the loan products of multiple lenders, called wholesalers. A broker finds potential customers and counsels them on the loans available from different lenders. They also counsel on any problems involved in qualifying for a loan, including credit problems, take the borrower's application, and usually process the loan. Processing includes compiling the file of information about the transaction, including the credit report, appraisal, verification of employment and assets, and so on. When the file is complete, it is handed off to the lender, who funds the loan. Lenders who perform all the loan origination functions themselves are called "retail lenders". Lenders who have certain functions performed for them by mortgage brokers are called "wholesale lenders". Many large lenders have both retail and wholesale divisions. The term "direct lender" is one that small lenders sometimes use to distinguish themselves from mortgage brokers. Loan officers are employees of lenders or mortgage brokers. Loan officers find, sell and counsel customers, and take applications. Loan officers employed by mortgage brokers may also be involved in loan processing. In the case of a one-person mortgage broker firm, that person is both the broker and the loan officer. While loan officers are employees, they act more like independent contractors. They are compensated largely, if not entirely, on a commission basis. The typical commission rate is 1/2 of 1% of the loan amount, and successful loan officers earn 6 figure incomes. Both lenders and mortgage brokers post prices with loan officers to be offered to consumers. The loan officers usually have limited discretion to reduce the price if necessary to meet competition, and full discretion to raise the price if they can. The difference between the posted price and the price charged the consumer is called an "overage", and it is usually shared with the loan officer. Reasonably astute shoppers will probably do better dealing with a mortgage broker than with a lender. Because mortgage brokers deal with multiple lenders, they can shop for the best terms available on any given day. In addition, they can find the lenders who specialize in various market niches that many other lenders avoid, such as loans to applicants with poor credit ratings. On the other hand, the risk of encountering a rogue who will trick you into paying more than you should is higher among mortgage brokers than among lenders. Lenders are further distinguished as "mortgage bankers" or "portfolio lenders." Mortgage bankers sell all the loans they make in the secondary market because they don't have the long-term funding sources necessary to hold mortgages permanently. They fund loans by borrowing from banks or by selling short-term notes, repaying when the loans are sold. Mortgage banks now dominate the US market. Of the 10 largest lenders last year, 9 were mortgage banks and only one was a portfolio lender. However, many of the large mortgage banks, such as Chase Manhattan Mortgage and Wells Fargo Mortgage, are affiliated with large commercial banks. Portfolio lenders include commercial banks, savings banks, savings and loan associations, and credit unions. They are sometimes referred to as "depository institutions" because they offer deposit accounts to the public. Deposits provide a relatively stable funding source that allows these institutions to hold loans permanently in their portfolios. Washington Mutual, a savings bank, is the only depository on the list of the 10 largest mortgage lenders. Mortgage banks often offer better terms on fixed-rate mortgages than portfolio lenders, while the reverse is more likely for adjustable rate mortgages. It would be a mistake to place too much reliance on this rule, however, because the variability within each group is very wide.

Can I re-finance my mortgage for a higher amount?

Q) My ex-husband and I are both co-borrowers on a mortgage. I want to re-finance the mortgage in my name only (I have excellent credit with a good debt-to-income ratio, so this shouldn't be a problem as far as my credit is concerned). I would like to re-finance for about $15,000 more than my current mortgage, so I can use the extra funds to "buy him out" of the mortgage. He has agreed to this. We currently have $40,000 in equity. Do mortgage companies allow you to have a higher mortgage and "cash out" the remaining funds (in this case roughly $15,000)?

A) Yes, it would be considered a cash-out refinance. Let's say your current mortgage liens are $300,000, and your home is worth $400,000. You would have a loan-to-value of 75%, and that leaves room to lend an additional 25%. You only need $15,000, so you can either refinance your existing $300,000 loan by opening a new mortgage at $320,000 ( a bit extra to cover associated costs and fees), or simply add a home equity line behind your existing mortgage to get the cash-out. Either way, it's perfectly feasible and common practice. http://www.thetruthaboutmortgage.com

i want to re mortgage my hs. only 4 5yrs. any good web sites or advice?

A) Take out a 5 or 7 year Adjustable Rate Mortgage. That means the interest rate is fixed until the end of the 5 or 7 years, then it adjusts. If you pay it off in 4-5 years you don't have to worry. They're common and easy to shop.

where can i get the cheapest fixed rate re - mortgage?

A) Shop around. Your interest rate will be determined primarily by your credit history, source of income, loan amount, and LTV (loan-to-value). http://www.fairwaymortgagelending.com

What legal right do i have if a family member on the same mortgage re-financed and i am not listed on new one?

Q) very sticky situation. Took over family house due to a foreclosure. Stupid me kept their name on with mine and my husbands. They turned around and re-financed with out my knowlege. What are my legal rights?

A) I take it that you added your name along with your husband's name on deed. I also take it that you did not record the deed or you took title in such a manner that allowed the other party get a loan on their share of the property secured on their share of property. You need a lawyer at this point because you have two issues: 1. Title to a property that is not being recognized by a public title search. You need to establish that you were given title and have rights to the property. 2. The loan is now an issue because if it doesn't get paid, they will foreclose on you. You might have issues due to the "due on sale" clause if you were to record the deed now. Regards

On-line Banking prevents from re-financing mortgage?

Q) I heard that someone couldn't refinance her mortgage, because she pays her bills on-line rather than the old fashioned way with paper checks. Is this true? Will I be prevented from refinancing my house, because I pay all bills through on-line banking?

A) Doesn't sound right. As stated above, if your payments are showing up on your credit report, you are ok. Also, even if they are not (some lenders don't report, very few, but some) I can't see the difference in today's society between a canceled check and her statements verifying her payments. She needs to find a local mortgage broker who she knows. They should be able to give her a better explanation - sounds like there is more to this story than what you are saying above. Best of Luck! Joe...

once i start to pay down my mortgage early, should my mortgage re-amortize and should my payment go down?

A) The payment stays the same, the loan is simply paid off sooner and more of your payments go to the principle.