Archive for the ‘First Home Buyers’ Category

Mortgage Hardship Programs

January 9th, 2011

Handling a mortgage can be a daunting task on its own. But when such variables as unpredictable employment, unexpected and costly illness or repair, and the ups and down of the global economy are factored in, making consistent and timely repayments can seem impossible. Many home owners who find themselves in such situations can begin to believe that their only option is bankruptcy, default, and the inevitable foreclosure of their homes.
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Getting an Instant Deposit with a Mortgage

January 9th, 2011

Potential house buyers are often presented with advertisements from house sellers for “no cash down mortgages” or “instant deposits” with a mortgage and such offers can take many different forms.  It must be stressed, however, that these are highly dubious and can lead the buyer into trouble.
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Advantages to Renting over Buying

January 8th, 2011

Home ownership is one of the most powerful financial tools that a consumer can have in their portfolio. Owning a home and doing so responsibly can provide a healthy return on the owner’s investment many years down the road and open up to them additional lines of credit. But for many people, owning a home is either not a possibility or  does not suit their lifestyles for the immediate future. Below is a list of advantages to renting over buying, which may help people decide if renting is right for them.
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Shared-Equity Mortgages

January 8th, 2011

A shared-equity mortgage, also known as an equity finance mortgage (EFM), is a home loan in which the deposit is paid in part by a family member or friend of the primary borrower. In return for assisting with the down payment, the secondary borrower is granted a share of the equity in the property. This arrangement is common between parents and children, when the children wish to own their own home but cannot raise enough capital for a sufficient deposit.
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Mortgage Extensions

January 7th, 2011

When home-owners seek to extend their mortgage, the most frequent reason relates to the freeing up of equity from their property. Some people mistakenly believe that, by extending a mortgage they can stretch their terms to include more time for repayments, thereby reducing instalments since they have longer to satisfy the loan.
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