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mortgage brokers


Why Use a Mortgage Loans broker?

Probably the first thing that comes to your thoughts when looking for a Mortgage Broker is to walk into your local standard bank branch and inquire to speak with someone who specializes in home loans. This, obviously, is one of the right treatments, as we all rely on our very own banks to provide us with the best rate and the finest product, in the best, knowledgeable, as well as straight forward way.
Distinct mortgage brokers as well as providers, on another hand, work for corporations that focus, typically, only in home loans. In Ontario, distinct home loan brokerages are usually headed by a signed up mortgage broker who usually has various providers working for him/her. These providers are usually known as home loan experts, experts, professionals or even consultants, even though general public is utilized in order to with reference to the presents because mortgage brokers. These individuals are knowledgeable home loan experts, frequently having experienced monetary skills.
Using a mortgage broker to obtain your own home loan has become a growing trend amongst Canadians in the last 2 whole decades. During 1998 only 8% of most residential home loans were obtained utilizing mortgage brokers, the percentage of the who utilize mortgage brokers is close to 30% these days. The actual driving force regarding this trend is not any doubt the benefits related to using a mortgage broker for your home loan needs. Here are some of them.
Admission to the best rates as well as products Mortgage brokers have a relationship having various banking institutions that are competing to get your home loan business. These institutions continuously compete with rate, product as well as provider campaigns, hoping to get your business. Working with a mortgage loans broker will provide you with admission to the best deals and most innovative home loan products you are able to acquire for the home loan market.
Obtaining the best interest rate may well be one of the most important reasons why consumers utilize mortgage brokers. Mortgage brokers shop the market for the best mortgage rate for you personally. They usually have the admission to so-called "wholesale" home loan rates, which are significantly lower than the actual published rates offered by Banks towards the general public via their branches. In most cases, your own mortgage broker is able to find the best rate on the market and still place your own home loan using the lender or even standard bank of your choice, which sometimes would not be the case in the event you wandered right into a branch as well as negotiated the pace yourself.
Obtaining the finest home loan product is another major reason it is good for use a loans broker. Each financial institution has its line of products and sometimes to find the actual home loan product that satisfies your unique needs there is a need to check various banks. A mortgage loans broker is familiar with several products offered by banking institutions and will do the search for you actually.
Non-Traditional Lending Mortgage brokers possess operating relationships not only having major organization for example banks or even credit unions (known because "A" lenders), but also having so-called "B", "C" and private loan companies. These institutions will frequently overlook the standard circumstances needed by "A" loan companies, especially for individuals with stressed credit rating, those who cannot offer standard earnings confirmation, or have inadequate down payments or even very similar Mortgage Advisers.
Shopping Around Purchasing the best mortgage rate on your own may easily turn into a process that can negatively affect your credit score. Every time you submit an application for a mortgage approval or perhaps a pre-approval, your credit score falls. As a result on various banking institutions you might be running a risk of significantly affecting your credit score. Mortgage broker will check your credit rating only once, as well as based on the info obtained will assess the quality of your software as well as send it towards the lender that can provide you with the best home loan alternative available. Your credit will be checked only once by the lender wherever your application is sent, since the mortgage broker inquiry of your credit rating does not affect your credit score mortgage rates UK.
Mortgage brokers solutions are free to you The services of mortgage brokers are usually paid for by the lending institution where the home loan is placed through so-called "finder's fee". To put it differently, mortgage broker solutions are free to you. You will find instances, however , where the institutions usually do not spend a finder's fee towards the loans broker, in which case the actual loans broker will charge the client directly, however this is usually false having "A" loan companies, but rather "B", "C" and private loan companies.Other ArticlesInput your own post here...

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Why is my mortgage going up?

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mortgage lenders increase rates.

Why is my mortgage going up when the base rate hasn't changed

It's the fear factor in markets that drives up borrowing costs -- even when the UK base rate remains unmoved.

The Bank of England has kept its key bank rate pinned down at 0.5 per cent for nearly three years in a bid to keep borrowing cheap for individuals and businesses.

However, banks also need to borrow from each other on money markets so that they have enough to lend out as loans and

mortgages. Even money they have lent years before on mortgages needs to be 'funded' by borrowing fresh batches of money.

Some Good news in housing market | mmibrokers.com

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Some 'buoyancy' in housing market, lenders say

The UK housing market is showing some signs of "buoyancy" despite mortgage lending remaining static in February, lenders have said.

Gross mortgage lending stood at an estimated total of £10.7bn in February, the Council of Mortgage Lenders (CML) said.

This was virtually unchanged from the previous month, but up 14% on the same month a year earlier.

It marked the seventh month in a row of higher year-on-year lending.

"Property sales remain fundamentally weak, but have shown strong year-on-year increases since the closing months of 2011," said CML chief economist Bob Pannell.

"Allowing for the seasonal factors that depress activity over the winter months, the underlying picture for house purchase activity continues to show some buoyancy."

Gross mortgage lending remains lower than during last summer, although activity does traditionally pick up as the weather improves.

However, a recent pick-up in activity from first-time buyers is expected to fizzle out after a 1% stamp duty rate for homes of between £125,000 and £250,000 is reintroduced on 

24 March for those buying for the first time.

"We expect the number of first-time buyers to drop back after March as would-be buyers adopt a wait and see attitude," said Mark Harris, chief executive of mortgage broker SPF Private Clients.

"Weak consumer confidence and a shortage of homes coming to market are set to continue, although we do not expect interest rates to rise for three to five years, 

which will support the market to an extent. Mortgage rates, however, will continue to rise on the back of higher funding costs."

The Council of Mortgage Lenders' members are banks, building societies and other lenders who deliver 95% of all residential mortgage lending in the UK.

 

Some Good news in housing market | mmibrokers.com

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http://mmibrokers.com/
Some 'buoyancy' in housing market, lenders say

The UK housing market is showing some signs of "buoyancy" despite mortgage lending remaining static in February, lenders have said.

Gross mortgage lending stood at an estimated total of £10.7bn in February, the Council of Mortgage Lenders (CML) said.

This was virtually unchanged from the previous month, but up 14% on the same month a year earlier.

It marked the seventh month in a row of higher year-on-year lending.

"Property sales remain fundamentally weak, but have shown strong year-on-year increases since the closing months of 2011," said CML chief economist Bob Pannell.

"Allowing for the seasonal factors that depress activity over the winter months, the underlying picture for house purchase activity continues to show some buoyancy."

Gross mortgage lending remains lower than during last summer, although activity does traditionally pick up as the weather improves.

However, a recent pick-up in activity from first-time buyers is expected to fizzle out after a 1% stamp duty rate for homes of between £125,000 and £250,000 is reintroduced on 

24 March for those buying for the first time.

"We expect the number of first-time buyers to drop back after March as would-be buyers adopt a wait and see attitude," said Mark Harris, chief executive of mortgage broker SPF Private Clients.

"Weak consumer confidence and a shortage of homes coming to market are set to continue, although we do not expect interest rates to rise for three to five years, 

which will support the market to an extent. Mortgage rates, however, will continue to rise on the back of higher funding costs."

The Council of Mortgage Lenders' members are banks, building societies and other lenders who deliver 95% of all residential mortgage lending in the UK.

 

why should i use a mortgage broker?

<div><b id="internal-source-marker_0.08035637298598886">Q. why should i use a mortgage broker?

A.  Speaking to a mortgage broker is the equivalent of making an appointment with every lender in the UK, high street and specialist lender, and going through all of their products before making the decision, what mortgage is best for my circumstance.  This would no doubt take hundreds of hours of your valuable time and lets face it, never going to happen.  A mortgage broker will search the whole of the market on your behalf to ensure you get the best deal for your circumstances, and most good mortgage brokers will review your mortgage every 2 years for example, to ensure you continue to get the best deal, even if your circumstances change.

A traditional mortgage broker will handle the full mortgage application on your behalf from the initial agreement in principal right the way through to completion for both purchase mortgage and remortgage.  Mortgage brokers are continuously updating their mortgage market knowledge, speaking to underwriters and lenders on a daily basis.  A good mortgage broker will have existing relationships with lender personnel and underwriters, the decision makers, who can assist in those difficult cases. If you are declined a mortgage by your own bank or building society, the next port of call should be a mortgage broker, talk to an expert to get you the mortgage you need.

At MMI Mortgage brokers we want to create a long term relationship with our clients.  Clients who do mortgage business with us will automatically be entered into or mortgage management programme where the clients mortgage will be reviewed every 2 years to make sure our mortgage clients are on the best deal. This could in turn save our clients thousands of pounds over the mortgage term.  Talk to one of our expert MMI mortgage brokers today to see how we can save you money with a mortgage review.

Q.  Why bridging finance?

A.  Bridging finance can be an effective short term financing solution, with minimal referencing and paperwork, if you need to raise capital fast to complete on a property, or another project then please contact us below and one of our dedicated consultants will contact you to discuss your options. Bridging finance is available through a number of sources such as private individuals and foreign banks operating here in the UK.

For example if you are a home owner with a mortgage and that house you have always wanted comes onto the market and you need to complete quickly.  One solution would be to bridge the purchase of your new property without having to sell your existing property in order to complete on the purchase, in some cases the bridging loan company will give you up to 6 months to sell the existing property and repay the loan.  The bridging loan company will help you raise the money you need to put down a deposit on the purchase, then the loan is repaid when you sell or remortgage your current property.

Bridging finance is also available for many other situations including commercial business.  There is no set criteria and every case is looked at on its own merits, therefore no matter what the situation is, it is always worth speaking to one of our brokers here at MMI brokers to get the best deal for you.

Secured loans are very popular at the moment as an alternative lending solution, many borrowers at the moment are on very low interest rates because of the low bank of England base rate but still need to raise some finance for the home improvements or to consolidate outstanding unsecured debt but do not want to remortgage the whole loan and give up the low interest rate.  Secured loan lending may be the answer.</b></div>

shared ownership mortgage

Self employed mortgages

Mortgages for self employed applicants were fairly straight forward before 2008 when there was a range of mortgage lenders who were offering self certification products, mortgages where no proof of income was required by the lender,however these days there are currently no self cert mortgage available in the UK today so the question remains, what can self employed people do to improve their chances to mortgage or remortgage?

Self employed mortgages can still be done without necessarily having account from an accountant.

Mortgage lenders have adapted to these new times by somewhat relaxing the rules on mortgage criteria, for example, there are mortgage lenders now offering up to 6 times income, also there are other forms of income that can be included in the mortgage application such as tax credits, working family tax credits, non guaranteed bonuses as long as there is a record of bonus or commission be paid previously, child benefit payments etc.  If you are self employed and don't think you can get a mortgage or remortgage it is always worth talking to one of the expert mortgage advisers at MMI Brokers to see if something can be done.

Other mortgage news today is that buy to let is still hot with the Skipton building society releasing a new buy to let product today 4.09% fixed rate with very low fees. Northern Rock who were recently acquired by Virgin Money have got in on the buy to let mortgage act with the release of a new product today, please call one of our expert mortgage advisers today for details.

non standard construction mortgages have been in the news this week, lenders are opening their doors to a lot more types of construction such as concrete, timber frame, once again call mmi brokers advisers for details.

First time buyers, there are a number of mortgage exclusives from lenders available at the moment which are not available on the high street.

shared ownership mortgage

Currently Santander are leading the way on income multiples, they are offering 5 or even 6 times joint income for mortgage and remortgage deals.

There is now a revised mortgage product range from the Coventry building society available from 03/01/2012 please call MMI Brokers for details of there new fixed rate product range.   First time buyer 95% mortgage with a fixed rate of 5.09% for 2 years. Coventry building society also have a buy to let mortgage without fees.

There are currently a number of lenders offering free valuation and legals on their remortgage range with interest rates from as low as 2.39% tracker.

Buy to let arrangement fees are starting to come down especially when it comes to remortgage deals so call for details.

Shared ownership and government first start mortgage schemes now becoming even more popular, mortgage lenders are starting to respond by opening up their product ranges to first time buyers on part buy part rent mortgages.

Speak to one of our mortgage advisers regarding your requirements today, we are one of the UK’s leading mortgage brokers.

Clydesdale bank and Yorkshire bank are waiving their fees on a number of products starting in the new year, great deals for first time buyers and remortgage.

UK house prices up 1% overall in 2011, is remortgage the answer to reduce your monthly mortgage costs?