 Tips for buying first home any advice? |
| We are looking into buying our first home. We are working with a mortgage company. Should we apply for more than one? How do we know we are getting the best rates? Should we go ahead and buy ... |
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 Can you negotiate rent? |
| I am moving into an apartment in the Washington DC area. It is fairly expensive for a 1 bed, 1 bath no utilities included apartment, but I dont really have a choice. The rent is 1500/ month. With the ... |
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 My rent cheque has bounced, does the landlord get charged? |
| Basically, my landlord deposited my rent cheque a day before an incoming amount of money entered my account, the cheque has bounced, i have been charged £8, but i was wondering if she would be ... |
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 How formal do I need to dress as a real estate agent? |
| I am starting as a real estate agent next week and really want to rock my new job. It seems like many of the agents I meet wear suits. Do I need to wear pant and skirt suits when I am meeting ... |
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 How come they want a bid on a house then have a home inspection? |
| don't you want to know whats wrong first and adjust the bid accordingly.just like buying a car,you see there price and go to a shop to check it out and then haggle over the price of whats wrong?I... |
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 My tenancy agreement says no more than 3 in my home, my pregancy will make us four can they evict us? |
| My husband and I are renting and have a toddler, my tenancy states I can not exceed the amount of people beyond 3, I have discovered I am pregnant again, is this grounds for eviction once the baby is ... |
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 Can you take anything if your house is foreclosure? |
| if you have to be out of your house a certain date cause your house is foreclosure, can you take anything? like fridge, washer dryer..... |
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 Is it possible to refinance? |
| I bought a new home 1.5 years ago and paid 290k and did an 80/20 loan. The loans are interest only 1st 10yr 232k @6.5% and 58K@11.5% . Since the decline of the FL market the house is probably worth ... |
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 Landlord problems? |
We have been living in a property for 7 months now and our shorthold tenancy has just switched to 'month to month'. (it was for 6 months)
do they have to give 1 month, or two ... |
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 How do you go about buying your first house? where do you start,bank or Realtor? |
Additional Details
This will be in my boyfriends name since he is the one with the good credit. Will they want my credit history? Will that hurt our chances?... |
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 How much can we afford to pay for a house? |
| I know the best answer to this is to contact a professional but we aren't at that stage yet. I was just wondering if anyone could tell me about how much we can afford to spend on a home if we ... |
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 What is a realtor allowed not to disclose when selling a house? |
| What information can a realtor hide from you if the realtor has been made aware of it.... |
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 Can we go after the realtor, or home inspector? Who is responsible? |
| We purchased our home in July 08'. About two weeks after moving in the sewer flooded our bathtubs. We had it cleaned, and thought all was well. Since then it flooded the bathroom two times, and ... |
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 How much do you think my husband and i can get a loan for a house? |
| Together a month our income is $11,000 and a year our income together is $145,000... |
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Lorraine S | How do I get out of my fixed rate mortgage? I'm paying 5.7% interest? |
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M S
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I'm sorry is that to low of an interest rate for you? 6% is considered "good." If you want out of it you have to refinance. Find out if the cost of refinancing is worth the potential savings of your new rate. |
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Do-lally
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You can't get out of it, that's the point of a FIXED mortgage. You have it until the end of it's term. Unless you want to pay the whole lot off in one go! |
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Judy
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You have an amazing fixed mortgage (best thing in the world), AND you have an amazing rate.
Why would you want to change that?
Re-fi also costs a lot of money. Never do it unless you can get more than 1% lower rate.
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GorGeous_Girl
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read your mortgage terms, you may not be able to get out of the mortgage without paying a penalty fare within first x number of years of taking the mortgage, if you are past that, then suggest you 'shop around'
call up a few reputable names and see what they have on offer, in current situation i would have thought banks are desperate for people to borrow money so they will have favourable terms for you to move your mortgage over to them
good luck ! |
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HickoryDickoryDock-TheClockMouse
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I agree. 5.7% is a very good fixed rate.
The low interest rates won't last forever, besides which, you won't get a tracker at anywhere near the current 1.5% BoE base rate.
Stay on the product you currently have, is my advice. |
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mjazenko
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It really depends on the length of the term of the mortgage and when does it come up for renewal? If you have say, a few months left on the mortgage before it comes up for renewal then you can renew at a lower rate. If you have longer, then you would have to pay a penalty to lending institution for breaking the contract. Just make sure that if you do, the new rate and payments are lower than the existing rate. Not only that, but make sure that the penalty that you pay is a small as possible. I just sold my house but because I had a 3 year term, the bank wanted their pound of flesh so to speak. I had to pay a significant penalty plus the outstanding balance of the mortgage which came off the top from the sale price. In this case talk to your lending institution and see what they can do for you. |
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WelshLad
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Read your documents. |
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I Buy And Sell Houses
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As the others say, you've got a great mortgage rate.
If you want to get out of it, you can refinance. Or contact the lender for a loan modification. Or you can sell the property. |
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locsman
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pay whatever buyout fees,then applie for a tracker.its the best thing i ever done.i'm now saving a fortune |
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SimonC
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I think the first 2 posters must be American. I'm fairly sure in the UK that there are plenty of deals around at 4% or even lower.
You will usually have a redemption penalty if you want to leave your deal before the fixed term has expired. You will have to do the maths, but it may be more than you would save if you switched to a lower rate, which means you would be better off staying put.
Even if you can afford to pay the penalty, you may not actually be able to get a better deal. Most mortgage companies are restricting the best deals to customers who only need to borrow 75%, or less, of the current value of their home. As most homes have fallen in value over the last year, this may be difficult. Also, most companies are being more cautious when considering how much borrowers can afford to pay back. A few years ago they may have been happy to lend 5x income. Now it might only be 3x. If your income has not gone up you may find it harder to borrow the same amount as you did before.
Even if everything else is OK you need to consider the cost of remortgaging. Brokers love it when you remortgage every couple of years, because they get commission each time. But it costs you money each time, possibly as much as £1000 in valuation, arrangement and legal fees. This can easily cancel out any saving you may make by getting a slightly lower interest rate.
Personally, I would look for a long term tracker mortgage. |
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joscasta
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Why would you want to get out of a great mortgage like that? That is a great rate, and its fixed! You have a great deal! |
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Emanon
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I'll trade you - I'll take your 5.7% and you can have my 7.1%! |
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