|Mortgage & Refinancing Information|
Essence of Self Certified Mortgages
Your search for a mortgage isn't leading results.
Check for any impediments. May be the lenders dread offering credit on the grounds that you are self employed.
But are you alone in the pursuit? No. The statistics put the figure of self employed people at around three million. Add to this the people who are working freelance and those working as temporary hires. They too are denied mortgages on the same grounds as a self employed.
If the mortgage companies continue with this step motherly attitude towards such a vast group of population, it is not late when they lose plenty of their business.
And what are the grounds for such denial. The most basic reason is that these persons do not have a stable income. The self employed persons, for instance, earn a lot one month, and nothing in another. This increases the chances of a default or arrears.
Second reason for not allowing them an access to mortgages is that they get their income from varied sources, thus making the computation of income difficult. A freelancer may work for a number of people, each paying him/ her different remuneration for his services.
Finally these people do not have any means to prove their income like those who are in employment with others. The salary slip or P60 forms can prove income of the latter. But there is no such document with the self employed persons. Audit results of three previous years would have served the purpose, had accounts not been fudged to evade tax.
This is where self certified mortgages step up to provide relief. A self certified mortgage can help self employed and freelancers to draw as much fund as they like, without having to prove their income. This includes no dishonest ways and means to prove a larger income. In this kind of mortgage a customer has to declare income and no further checks are made. The customer is required to put forth no documents to prove his contention. It is his words that value more.
Self certified mortgages allow borrowers to take as much as ₤1 million with a 10 - 15% of deposits (this is dependent on the lenders). Self certified mortgage carries a higher rate of interest than most of the regular mortgages because of the increased risk.
The amount of money that a customer can borrow on self certified mortgages is calculated after adding up the annual income of both customer and his/ her spouse (if both are working), along with any bonus, commission, and any other sources of income pertaining to the customer.
Customers shall after making the calculations decide how much can they pay as the monthly installment. They have to be careful in deciding this. They know their monthly income better than any other person. Both extraordinarily high income and an unusually low income as the basis for deciding the monthly payment can result into problems. In the former case, the borrower is stuck up in the payment. In the latter, the mortgage takes more time to be repaid. An average income, trimming off the fluctuations, will be the optimum payment.
Customers can have as many choices through the self certified mortgages as they could have on the regular mortgages. They can have a flexible mortgage wherein they can pay more in the months when his earnings are increasing. In the months of depression he can pay less or take a payment holiday. Similarly the self certified mortgages come with the features of tracker rates, fixed rates, capped rates and many other interest alternatives.
But the process of self certified mortgages differs with lenders. Some lenders may conduct special enquiries as to the credibility of the customer. Normally banks may be contacted and accountant details checked. As discussed earlier about the legality of the purpose, lenders may ask for proofs if they have any doubts.
It is recommended to take professional advice regarding the suitability of self certified mortgages for your income. The customers must choose the mortgage provider properly. Choose the one who charges the best of rates. Before signing on any document examine the various clauses properly. It may have included hefty redemption charges, for instance, to check the customers from shifting over to a regular mortgage.
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Sorry, but your browser does not support the video tag.
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Refinance rates were mixed today. See what that means for you if you're in the market for a mortgage.
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Multiple key mortgage rates sunk lower today. If you're in the market for a home loan, see what that means for you.
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Refinancing at the right time can save you thousands of dollars a year.
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Rocket Mortgage Review Bankrate.com
Rocket Mortgage from Quicken Loans lets you apply for a mortgage in minutes using nothing more than a smartphone app.
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Bad Credit Home Loan - Apply Online and Keep Your Credit Score as High as Possible
If you have a poor or bad credit history with something in your past like a bankruptcy or a foreclosure, you know how difficult it can be when you try to get financing for a home mortgage purchase, refinance, home equity or second mortgage loan. Its important to be persistant in looking because there are home mortgage loans out there for people with bad credit.
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A Guide to Getting a Bad Credit Remortgage
There are several reasons why you might be in the market for a bad credit remortgage. You might be wanting to try to lock in a lower interest rate, or perhaps you simply need to use the bad credit remortgage as a way to consolidate some of your debts.
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About 29% of current homeowners and a much larger percent of consumers with income levels above $50,000 feel it best to stay as far away from offers to finance or refinancing their home as possible. And this seemly for good reason.
The Mortgage Loan Application Online - Save Time & Money By Applying On The Internet
"You can save time and money by applying for a mortgage loan online." This often touted tagline seems like a gimmick, but it's true.
Homeowner Loans - Drawing Lessons of the Past
Loans are not of a recent origin. People used to take help from others even at times when money was unseen and barter was the mode of trade prevalent.
The Top 5 Reasons to Buy a Home
1. Save on your income tax.
Home Loans For People With Bad Credit - When you Should Wait and When You Should Get a Home Loan
Home loans may seem like a bad idea for people with bad credit, but there are times when a home loan can help your credit score and your budget. To know if a home loan is best for you, consider factors such as your current financial situation, current rent payment, and future goals.
A Mortgage and Bank Trick You Should Avoid at All Costs
Once you've purchased your home, you will begin to get correspondence from your lender about a "Mortgage Reduction Program," in which you can cut years off your mortgage, without adding money to your payment. This is another trick bankers have to get you to give them your payment sooner, so they can hold it in escrow and make more money off of you.
FHA Home Mortgage Purchase or Refinance Loan - Why You Might Consider Getting an FHA Loan
Most borrowers have heard of FHA home loans. They are very common.
Remortgage Serves To Rewind The Reimbursements Of Mortgage
It takes a mighty big effort to secure a home and even mightier to convert it into an earning member. Can a home be converted into an earning member? In contemporary configuration anything is possible! You must be aware of the advantages of mortgage, for you certainly have opted for that before going for a remortgage.
Buying a Home With Bad Credit - Why a Recent Bankruptcy Will Not Stop You From Getting Approved
Buying a home with bad credit is possible with the help of a subprime lender even if you have a recent bankruptcy or foreclosure. These mortgage lenders specialize in financing home loans for people with poor credit.
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Real Estate Mortgage Loans Online
Online real estate mortgage loans enable borrowers to be sure they are getting the best financing rates. By comparing online quotes, you can save time and money with no risk.
Bad Credit? Qualify Yourself For A Zero Down Mortgage Loan
I decided to write this article today after closing a home purchase loan for a couple that had some major credit issues. They got into the house with ZERO down payment, and only had to bring $600 for the closing costs.
Why Refinance Back into a 30-Year Loan?
One of the biggest reasons homeowners refinance their mortgage is to obtain a lower interest rate and lower monthly payments. By refinancing, the borrower pays off their existing mortgage and replaces it with a new one.
Good FICO Credit Score? Tips to Getting the Most Out of Your Home Mortgage Loan With Good Credit
Sometimes so much is talked about how to solve the problem of having bad credit, but what about when you have an excellent credit rating? Good credit is considered to be a credit score of 650 or higher. How can you get the best interest rate and loan terms to make your good credit history work for you? Even with excellent credit, you have to be careful not to get talked into a loan that may not be the best one you could qualify for.
Reverse Mortgages: Information You Need to Know
Reverse Mortgages are exploding in popularity and as the baby boomers reach age 62 and beyond they will become eligible to cash in on their home equity with a reverse mortgage.A reverse mortgage is a home loan that you do not have to pay back for as long as you live in your home.
Outlined below is a useful remortgages guide. Remortgaging has become increasingly popular due to the relatively simple and flexible process.
Which is Better? Fixed-Rate or Adjustable-Rate Mortgages
The answer depends on several factors including your financial situation. Lets take a look at the main differences between the two types of mortgages.
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