Recently (01-26-2015) the FHA lowered the monthly insurance premiums by 0.5%. The change does not apply retroactively. Sorry! The news got a lot of homeowners wanting to refinance so they could lower their expenses. And a lot of mortgage companies (or, anyway, Chicago mortgage companies) to send out postcards and letters to FHA mortgage holders … Read More “FHA Lowers the Monthly Mortgage Premiums – Should You Refinance Your FHA Loan?” »
Category: Debt technique
The specter of insurmountable credit card debt keeps many people from using credit. While it is good to be aware of the dangers of misusing credit cards, one should remember that with proper forethought credit cards can greatly improve one’s resource pool. Here are a few tips on using credit cards to maximum advantage. The … Read More “Credit Card Basics: How and When to Use Them” »
Although mortgage interest rates have hit a historic low, many households are paying over a third of their income on housing costs. According to an Ipsos MORI survey commissioned by the BBC’s Panorama programme, 31% of household surveyed spend over a third of their income on a mortgage or rent. There are a number of … Read More “Over One-Third of Income Spent on Mortgages or Rent in Many Households” »
There is a growing number of first-time buy to let landlords in the UK. With buy to let mortgages offering attractive rates, rent prices hitting new highs, and house prices setting records, landlords are seeing impressive returns. This doesn’t mean, however, that success on the buy to let market is easy and requires little effort. … Read More “Top 7 Tips for Buy to Let Mortgages” »
Over the last decade, the offset mortgage market has experienced exponential growth. Low savings rates combined with increased consumer awareness have pushed offset products into the mainstream, after years of relative obscurity. However, many potential borrowers are still left with questions: What are the benefits of offset mortgages? Who can benefit from this type of … Read More “Who Can Benefit from an Offset Mortgage?” »
If you’re wondering how to compare loans, two of the most important elements to look at are the index and margin. These are especially important in ARMs, which feature varying rates of interest and flexible monthly payments. The Index An index is essentially a base rate of interest from which your lender establishes the interest … Read More “Basics of How to Compare Loans: Understanding Index and Margin in Adjustable-Rate Mortgage Loans” »
Signing up for a mortgage is a necessity for many people who wish to own their own home. There aren’t many people who can afford to spend several hundred thousand pounds for the home of their dreams at one time. Mortgages allow people to borrow money from a lending organization like a bank to finance … Read More “Tips for Mortgages” »