Consolidating two mortgages
Here are the advantages of FHA mortgages in 2018: The FHA requirements for credit score and down payments are far lower than for conventional loans.
If the customer has an interest-only mortgage, this debt does not get paid off until you reach the end of the mortgage, meaning the amount you repay could be twice the value of what you've spent.One click of the 'enquire' button and it is all systems go from there onwards.Claims management companies (CMCs) are eying new sources of revenue after helping fuel an explosion in claims for mis-sold payment protection insurance (PPI), the cover sold alongside loans and credit card to cover repayments if the borrower loses their job.Borrowing £60 000 can be different from firm to firm and it is our job to make sure you decide on the right one.To make sure we direct you in the right way, we have provided an online searching system to explore the market in detail to find the most appropriate plan possible.Similarly people who are on repayment mortgages they can no longer afford remortgage onto an interest only, again without being aware of the implications.
Having paid off a certain element of a mortgage, a broker extends the term, say from 20 to 25 years, without their knowledge and without providing a comparison of the shorter term and longer term implications.
Although the cost of an FHA-backed mortgage probably won't fall in 2018, access to funding may improve as lenders reduce or remove so-called "overlays", where an individual lender will require a higher credit score than the minimums that the FHA requires.
Borrowers with less-than-stellar credit should shop around for these more aggressive lenders.
Even though there is no imminent likelihood of a cut in the FHA's annual mortgage insurance premium, there is still a chance that a trim in costs could come in 2018.
In 2017, the FHA's insurance pool held reserves that exceeded mandatory levels for the third consecutive year, but just barely, so if a cut does come it would likely be later in the year.
The potential to claim compensation for being mis-sold their mortgage will be attractive to borrowers in this position, but it remains unclear how a borrower with an interest-only loan would come to think they were paying anything other than only the interest.'And once again, only a fraction of the problem's huge scale is visible above the surface.