|Mortgage & Refinancing Information|
The Right Home Loan - Floating or Fixed Rate Loan
Choosing a home loan has never been tougher. Yes, with all these cheap interest rates floating around, you as a customer are faced with a happy predicament. The banker finally seems to be your friend. He calls you in the morning, day and evening. He remembers your name and offers you the best deal. He meets you and tries to convince you to take a loan to buy your dream home. And in cash if you have only a vague idea of your dream home, the banker friend might also help you decide on the property.
With all these friends to help you, it is advisable that you look at the choices objectively and arm yourself with the requisite information.
Before deciding on a lender and before a lender evaluates you, one of the first things you need to grapple with this the choice between a floating and a fixed rate of interest. Floating rates swing both ways. They could rise in the long term or may fell. The rates that the lenders announce are for new borrowers. While this is grate news for new borrowers, it leaves people who took a floating rate loan a few years ago with a sinking feeling. This is due to a basic flaw in the floating rate loan arrangement on account of the respective benchmarks of interest (read: prime lending rate or PLR) not keeping pace with the fall in interest rates all across.
As a new customer you get the best deal as offers at sub - PLR interest rates. But if you are an existing borrower, you will have to take the initiative to strike a better deal. For example, take someone who took a floating rate loan one year back for 20 years at the rate of 7% and now pays 5%. As against this, a fresh loan for the same tenure is available at 4.5% (Dec' 2004). This is only because the lender didn't cut its PLR (to which the floating interest rate is pegged) to the extent of the fall in rates.
Just imagine, if the home loan market grew by $40,000 million (fresh loans disbursed) in the last fiscal and on an average, the lenders increased their spread by, say, 100 basis due to the above, then the home loan customers stand to lose $400 million! It is a serious consumer rights issue.
Lenders benefit more than the borrowers in the above situation. The anomaly in the contract is that while both the lender and the borrower take equal interest rate risks by entering into a floating rate contract, the rewards are shared unequally by the two.
What this indicates is that the timing and reduction of the PLR applicable for home loan is not all that transparent and a customer might not know when he is suppose to expect the cut. From the analysis of the trend in movement of PLR it is clear that competition has been the main driver in reduction and the timing of reduction for the PLR. The PLR is supposed to be the rate at which a lender offers loans to prime borrowers. Due to increased competition, lenders offer rates well below PLR to new customers. However, the reference point for these loans is still the PLR. So the lenders can offer the best deals to attract new customers but when it comes to changing the rates, it depends upon the change in PLR.The banks have a system of reset dates. These are the dates when existing floating interest loans can be repriced in cash the PLR changes. But the important thing is that if a lender does not reduce its PLR, it is hard to get a reduction in the rate.
You might argue that you could transfer your loan to another lender in case the existing lender dose not reduce rates in the future while it offers lower rates to newer customer. Loan transfer is something that is best avoided. There might be a penalty on it. (The fact the new lender will finance your penalty charges also is no consolation.) So the penalty cancels out the lower interest rate that the new lender might offer you. Also, the existing lender will insist that you clear up the loan first and then only will the property documents be released. And the new lender will refuse to release the loan without the property documents! I am sure bankers fix up a date on which the documents are exchanged and loan is transferred but the loan transfer process takes time and effort. So choose the lender and the loan option sensibly.
Author: Aron Dsouza
NOTE: This article can be re-printed and/or published online or offline for free, provided the website, http://www.RefinanceMortgagesLoans.com/, is posted along with it. The article must remain intact without any alteration.
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Sorry, but your browser does not support the video tag.
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Refinance Your Home Mortgage Online
The largest financial obligation most people ever take on couldn't escape the reach of the Internet. Home mortgage loans originated online comprise an integral part of one of the largest and most profitable aspects of the banking industry.
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Home Loans -- Federal Regulators Warn Lenders to Be More Careful
Federal banking regulators have recently expressed some concern over the housing market as home prices in the United States have risen to record levels. While homes are more unaffordable than ever for many people, the lending market remains strong, mostly because of the introduction of new, ever-more-flexible types of loans.
How to Get the Best Mortgage
This is a guide on how to get the best mortgage deal. Do not rush into the first offer that is made to you even if you are in a hurry for a mortgage.
What On Earth are Home Equity Loans?
Home equity loans are one of the most common types of financing for doing improvements on your house. These loans are not necessary used for home improvements but can also be used to simply obtain extra cash.
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Your goal is not only to find the best rates and programs, by searching through a huge number of lenders products, and save yourself thousands of dollars on mortgage payments every year, but also, to save time and hassle by simplifying the loan process and reducing the paperwork. Here are some things you can keep in mind when selecting a mortgage provider.
How To Find A Mortgage With Bad Credit
Shopping online for mortgages ought to be trouble free, even should you have poor credit or no credit score. You can nonetheless find a bad credit lender that can facilitate you.
Home Mortgage Quotes Online - How Do They Compare To a Quote From a Broker in The Real World?
Online home mortgage quotes are very similar to the quotes given by mortgage brokers in "the real world," except lower. With the reduced cost due to a simplified application process and reduce overhead for office space and personnel, online mortgage lenders can offer financing with no fees or lower interest rates.
Save Yourself from Homebuying Disasters
Whether you are a first time home buyer or a happy home owner who wants to refinance an existing home loan, there are some cardinal "dos" and "don'ts" to follow. For many, home ownership is the biggest investment in their lives and that could be the reason why some people act irrationally, as if they purposely want to sabotage the deal.
Tips for First Time Home Buyers
When looking at tips for first time home buyers, you've come to the right place. Many people are looking all over the Internet for reliable information.
A New Choice for Home Financing: Correspondent Lenders
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Do You REALLY Need a Home Equity Loan?
Your equity is the amount your home is worth, on the market, minus the amount you owe to your mortgage broker. For example, if your property is worth $200,000 and the balance you owe your mortgage broker is $100,000, then your home equity - the part of your property that you own free and clear - is $100,000.
Bad Credit Mortgage Lenders - Things You Should Know About Subprime Lenders
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Guide to Home Equity Loans
Here is a useful guide to home equity loans. A home equity loan is quite simply a loan against your house.
For Mortgage-Refinance Help, Get the Best Mortgage Professional, Not a Bank Loan Officer
When you need a mortgage -- either because you are buying, refinancing, taking out equity or getting into investment real estate, you need a good mortgage professional. Now, you may be tempted to go to your local savings and loan, as they may promise lower fees or zero costs.
Home Loans - Lenders Continue to Offer High-Risk Loans
Home prices in the Untied States continue to soar, and the remarkable run of real estate as the "must have" investment continues. The median price of a new home, which only recently crossed the $200,000 barrier, is now $215,000.
Homes, To B(uy) or Not to B(uy)
Whether you are just moving out on your own for the first time, or you've moved ten times before, there is always a big choice to make. Do you rent or buy your home? There are valid arguments on both sides, and in different scenarios either one could be the right choice.
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