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Most First-Time Home Buyer mortgage programs require a 30-year mortgage although there are some exceptions. Most offer a lower down payment or even no down payment but there are downsides to these programs. Consultation with a reputable mortgage broker and your banker will help cut through the confusing language and give you the best advice.
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What are the average current mortgage refinance rates?
The average current mortgage refinance rates are 3.75 for the national population. This figure is changing a lot and is never the same over a long period of time.
When is mortgage refinancing not a good idea?
Mortgage refinancing is not a good idea when you have had your mortgage for a long period of time.
Where can someone get a first time mortgage rate?
The best place to look for a first time mortgage rate is a local broker. They often know the ins and outs of your local market as well as recommending a suitable and affordable mortgage to save you time on wasted applications.
What are the pitfalls for a mortgage first time buyer?
The pitfalls of a first time mortgage customer are all directly related to the customers inability to provide a substantial amount of collateral. When going into a mortgage without collateral, quoted interest rates will be considerably higher.
What are the general deal terms of a remortgage?
It is possible to change the term of one's mortgage. The monthly mortgage payment amount will change since one is paying the mortgage off for either a long period of time or a short period of time.
What are the average current mortgage refinance rates?
The average current mortgage refinance rates are 3.75 for the national population. This figure is changing a lot and is never the same over a long period of time.
What is the conventional mortgage rate in the UK?
Currently, the average fix-rate mortgage rate in the UK is 3.96% as of May 2013. This mortgage rate sets an all time low for the UK falling below 4% for the first time.
When is mortgage refinancing not a good idea?
Mortgage refinancing is not a good idea when you have had your mortgage for a long period of time.
Which banks give mortgage loans to first time buyers?
To purchase your first house and get a mortgage you should definitely take a look at US bank for First-time buyers. Take a look here - https://www.usbank.com/mortgage/first-time-home-buyers.html
Where can someone get a first time mortgage rate?
The best place to look for a first time mortgage rate is a local broker. They often know the ins and outs of your local market as well as recommending a suitable and affordable mortgage to save you time on wasted applications.
What are the pitfalls for a mortgage first time buyer?
The pitfalls of a first time mortgage customer are all directly related to the customers inability to provide a substantial amount of collateral. When going into a mortgage without collateral, quoted interest rates will be considerably higher.
Follow up answer but the mortgage states it is a first mortgage while we know for sure that the property already had a morgtage by our dead mother?
Just because the mortage says it is the first mortgage doesn't necessarily mean it is. The time of filing at the court house will determine which is the first mortgage and which is sub-ordinant.
What are the general deal terms of a remortgage?
It is possible to change the term of one's mortgage. The monthly mortgage payment amount will change since one is paying the mortgage off for either a long period of time or a short period of time.
How long does it take for mortgage loan approval?
The length of time it takes for a mortgage loan to get approved is highly dependent on the mortgage lender you are working with. Many large commercial banks can approve a mortgage in as little as 48 hrs. however.
How long after buying a house can you refinance it?
Considerations would include the type of refinancing that you want, whether you have a pre-payment penalty on the current mortgage, and the rules of the new mortgage lender. Theoretically you can refinance any time after you close purchase on the first loan.
Can the second mortgage holder force the sell of your home?
Yes. If you do not pay the 2nd mortgage, you can lose your home in a foreclosure sale. The difference between the first and 2nd mortgage holder in that case varies according to the unit of government. The law in the United States is according to state law. At one time in this state, the first mortgage holder had certain rights concerning whether or not to foreclose. There was a time period when the first mortgage holder had the chance to try to sell the first mortgage or something like that. I have not kept up with all the changes in the law involving second mortgages. Still, when there is a foreclosure, the first mortgage holder gets paid off first. If there is anything left, the second mortgage holder gets paid. Some commercial property has as much as a fifth mortgage.
What should a first time home buyer look for in a mortgage loan?
The most important thing that a first time home buyer should look for in a mortgage loan is that it works for the person who is getting the loan. It's always smart to ensure that it's a reasonable amount and time, in order to fully pay off the mortgage when planned.
