Mortgage Moans

If you're looking to get your foot on the property ladder, you may want to save for a while first. The recent credit crunch in the UK has led to mortgage lenders withdrawing many of their cheaper deals in an attempt to discourage all but the most affluent from taking out a mortgage.

Only one provider in the UK now offers a 100% mortgage to the general public, while the rest are reserving this deal for professionals or imposing other restrictions. The 100% mortgage was originally introduced to help first-time buyers with no savings to get on the property ladder. Now, without substantial savings, it's unlikely buyers will be able to get a low, affordable mortgage rate.

95% mortgages are also becoming scarcer. Realistically, if you have a deposit of less than 25% of the total cost of the home you wish to buy, you may want to put off your purchase until you can save more. For example, on a house costing 180,000 you'd need a deposit of 45,000 to get a good mortgage deal. If you have high savings, an offset mortgage may be the best deal - it will subtract your savings from the total amount, leaving the overall debt slightly lower.

It's also bad news for those wishing to sell their home. Because house prices have now fallen by 2.5 - 5% across the country, many homeowners are finding themselves sliding into negative equity - their mortgage debts are more than their house would sell for. The lack of affordable mortgages available to buyers also mean that many sellers are seeing initial interest only to have buyers walk away because they cannot get the necessary funds.

It's not all bad news though. There are still deals available which will allow you to pay off your mortgage at rates you can afford, or pay extra per month. Flexibility is more common as lenders find that 'one size fits all' doesn't apply to the mortgage market. Alternatively, go for a fixed-rate deal which will guarantee payment amounts for a fixed term (usually 5 years). The most important thing is to look around. Don't sign up to the first deal you find; compare different mortgage types and find which one will suit you and your circumstances best.

Although mortgages are becoming harder to obtain, they're not impossible. Offset mortgages are ideal for those with savings, and if you have equity in your home consider a remortgage to cut payments and release cash.

FHA Secure Refinance For Reset Mortgage Rates

Are you a good borrower who has struggled recently with late mortgage payments because your adjustable loan was reset to a high rate, or because of a temporary financial hardship?

The good news is that you may be able to take advantage of the FHA Secure program and refinance into a 30 year fixed rate mortgage. The potential bad news is that you have to qualify using the standard FHA debt ratio, which may be one reason why you have your current loan.

What is FHA Secure? It's a refinance mortgage program designed by FHA to help you if you had good credit until the interest rate on your adjustable mortgage was reset or recast to where the monthly payments were too high to handle, resulting in late or delinquent mortgage payments.

What are the benefits? Providing that you qualify, an FHA Secure loan can:

* Allow for late mortgage payments which normally disqualifies a loan
* Refinance a high adjustable rate into a 30 year fixed rate mortgage
* Allow financing for your home with as little as 3.5% home equity
* Provide help to avoid defaulting on your mortgage and keep your house

The new FHA Secure loan is a rate and term refinance, with no cash out allowed. If there is enough equity available, the loan can include money to cover past due mortgage payments, closing costs, and late fees. The loan applies only to an owner occupied principal residence.

How do you qualify? The general requirements for FHA Secure include:

* The rate reset was the main cause of the delinquent mortgage payments
* Credit must have been good for at least 6 months prior to the rate reset
* The mortgage being refinanced is a non-FHA adjustable rate mortgage
* Must have sufficient income to qualify for the new mortgage payments
* A sustained verifiable history of employment for a minimum of 2 years
* A letter of explanation regarding the late payments should be provided

One of the primary goals of the FHA Secure program is to help restore liquidity and stability to the real estate markets, which includes assistance to subprime borrowers. It can assist people who have missed up to three mortgage payments over the previous 12 months. The program can also help people who have experienced a temporary economic hardship, such as medical expenses, loss of overtime pay, as well as those affected by payment shock from a rate reset.

Any type of conventional loan can be refinanced with FHA Secure, as long as you have been current on your mortgage for the last 6 months, and have sufficient income for the payment. If you are delinquent now, the default must have been due to the payment shock of a mortgage rate reset or, in the case of an Option ARM, the recasting of your mortgage to a fully amortized loan.

To determine the maximum loan amount, FHA will rely on a current home appraisal, even if you have owned the home for less than one year, and may review appraisals in declining markets.

Article written by Rick Smith at http://www.crhome.com, additional FHA mortgage information at http://www.ditech.com

Lowest Home Equity Loan Rates

Tired of high interest rates? Loan rates can be burdensome, especially when they are high. Often, high interest rates dampen our zeal to borrow money. Fortunately, some companies, banks, and financial institutions work to make our wishes come true by offering the lowest interest rates to us on certain conditions.

Home equity loans probably provide the best interest rates. They are secured against the equity of a home, keeping the home as collateral. Equity refers to the difference between the estimated value of a home and the outstanding mortgages against it.

Such home equity loans offer interest rates which are fixed until the end of the loan period. Hence, repayment is made in equal sums every month. Home equity loan rates may seem slightly higher than other rates from the beginning of the loan payment, but are actually affordable and reasonable when viewed later on.

Most financial institutions look into a number of factors such as credit history, credit score, financial standing, outstanding debts, and other things, while considering our application for home equity loan rates.

Some excellent companies and financial institutions providing low home equity loan rates include E-loan, Loan Web, Ditech, Lower my Bills, Mortgage Loan, Home Loan Center, Lowest Rate, Country Wide Home Loans, and Quicken Loans, besides others.

The aforementioned companies usually provide free loan rates and quotes, enabling us to find the rate that works best for us. HSH Associates provides current home equity rates too. With loans extending to 5 ears, 10 ears, and even 15 ears, someone with a good credit history can borrow up to 100% of the equity value of a home with low fixed interest rates.

Different companies, financial institutions, and organizations provide different interest rates. Hence, to get the best home equity loan rates, one has to research well and find out about the different rates offered by different companies. Only then can one get the best deal at the lowest rates.

Home Equity Loan Rates provides detailed information on Home Equity Loan Rates, Lowest Home Equity Loan Rates, Best Home Equity Loan Rates, Fixed Rate Home Equity Loans and more. Home Equity Loan Rates is affiliated with Fixed Rate Home Equity Loans.