Posts Tagged With 'Mortgage'

Should I Switch My Mortgage?

By Admin  Jan, 29, 2012  

Here is a common scenario: a home owner has signed up to a mortgage or loan a couple of years ago, and has already taken advantage of the introductory offers. Now those offers are ending, and the borrower is beginning to wonder if the grass might not be greener elsewhere.

Alternately, the mortgage on offer did not come with any introductory incentives whatsoever, but the home owner is still getting itchy feet. Perhaps it is a fixed rate mortgage, and the borrower would rather switch to a variable rate.

In either case, home owners are frequently reluctant to engage with the process of switching mortgage providers because of fear that this will be overcomplicated, and they will unwittingly incur penalties. But switching mortgages is often easier than it appears. Read more…

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CML Reports Stagnating Mortgage Market

By Michael McConachy  Oct, 23, 2010  

Mortgage lending in the UK remained slow last month, according to the latest figures from the Council of Mortgage Lenders (CML).

Total lending for home loans stood at £12bn in September, the lowest September total since the year 2000.

The CML’s figures, which cover borrowing for house purchases as well as remortgaging, were down 1% from August and 7% lower than in September last year, figures that indicate that lending is stagnating after picking up earlier in the spring.

“Gross lending in the third quarter of 2010 was an estimated £37.4bn, a 9% increase from the second quarter and down 4% from the third quarter of last year,” said the CML’s director general Michael Coogan.

“Lending volumes do not seem likely to increase substantially towards the end of the year.

“Funding pressures on lenders remain, and the practical implications of government and public spending cuts are beginning to emerge, with a resulting impact on consumer confidence,” he added.

The official Bank of England figures show that approvals fell from 60,000 in June to 55,000 in July and then 48,000 in August.

Analysts have suggested that uncertainty over the economic effects of the government’s spending review, public sector cutbacks and demands by lenders for increasingly higher deposits from first time buyers are behind the decrease.

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Disputed Tradelines Could Endanger Your Mortgage

By Admin  Oct, 27, 2009  

If you dispute a credit tradeline and it’s noted on your credit report, Fannie Mae and Freddie Mac will make it more difficult for your mortgage to get approved, according to a report in the LA Times.

The pair, which own or guarantee a large chunk of mortgages these days, recently changed their automated underwriting guidelines to kick back any files that show signs of credit disputes.

While a credit dispute isn’t inherently a bad thing (it shouldn’t hurt your credit score), the mortgage financiers wants to make sure the dispute(s) is legit, as there are certainly companies and consumers out there gaming the system.

You know, those credit repair companies that claim to remove negative items from your credit report even if they are legitimate and accurate.

While it may seem like an unnecessary, untimely bureaucratic move, it’s a measure to reduce fraud, because mortgage delinquencies continue to rise at the pair of government sponsored entities.

They won’t decline your mortgage application outright, but they will force it into manual underwriting, which will slow the process and lead to a lot more scrutiny.

That means there’s a greater chance your home loan application will get pushed to the bottom of the pile, or possibly never get processed if business is flowing relatively smoothly otherwise for loan originators.

All that said, if you believe a creditor is reporting something in error, you should attempt to fix it; learn more about how to dispute an item on your credit report.

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