First-time house buyers choosing 35-year mortgages as a quick fix for cashflow problems

FIRST-time buyers are increasing the time they pay off their mortgages to solve short-term cashflow problems. Figures from broker L&C Mortgages have shown the proportion of new buyers taking out 31 to 35-year mortgages instead of the tradition 25 years, has doubled in the last decade. This means young people looking to take their first […] 13-10-17
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First-time house buyers choosing 35-year mortgages as a quick fix for cashflow problems
FIRST-time buyers are increasing the time they pay off their mortgages to solve short-term cashflow problems. Figures from broker L&C Mortgages have shown the proportion of new buyers taking out 31 to 35-year mortgages instead of the tradition 25 years, has doubled in the last decade. This means young people looking to take their first […]
Of course. Realtors work with buyers all the time, buyers who may be looking for a home exactly like the one for sale. I approach for sale by owners frequently because I have a buyer who wants to see their house. Yes, I expect a commission if I sell it, but I discuss that with the FSBO before showing the house to my buyer. Smart buyers are represented by an agent, and they are looking at all the homes on the market that meet their requirements.
The persistent rise in house prices is insane. According to government figures, an 'affordable' first time buyer mortgage is anything up to £250,000 which might buy you a shoe box in London or a 5 bedroom house in the North East of England. But a 5% deposit on that is £12,500 and you would need a mortgage for £237,500. Even if the lender gave you 5 times you annual salary as a mortgage, you would need to be earning £47,500 per year before tax. How many people earning that much are first time buyers? It's a joke!
No, its much more complicated than that, Thatchers idea was really to allow people to have control of their own lives instead of the state looking after them, the trouble is that it only really benefited the privileged and they stopped building homes. We need to build more and build them smarter. Also, 100% mortgages should be available to all first time buyers who are in employment with 'zero' interest, we should have our own government run bank especially for that, the private banks are just fleecing folk
Having discipline problems with my nieces (ages 7-15)? My nieces live with me. Their mom loved them but didn't act like a mother so I'm making up for a lot of lost time. My biggest problems with her (15 year old) are the sneaking back out after she gets home (her curfew for being in the house is 11:00 on weekends 8:30 on week nights , I'm not unreasonable),...
Sounds like the they have "seller's remorse" and may also anticipate that the inspection will turn up some repairs that need to be done, which they will most likely not want to follow through with, so you walk away from the sale. Some mortgage companies will not lend money to buyers when certain problems are revealed during an inspection, unless they are rectified prior to closing. This seller sounds like they made a strategic move by going back to the original price while still under contract (which has zero consequence to your contract). You see, with your inspection report, the SELLER also finds out what the inspection reveals. He may anticipate that you will back out of the deal or not get the financing; leaving him with knowledge of what needs repairs before the next offer is received or accepted. The seller is protecting their financial investment, that's all. Actually, it is a tricky maneuver, but effective in selling his house for what he wants for it. Only time will tell what actually does happen, if anything. But, as you realize, this does not effect you at this time...........only after the inspection does the deal follow through or fall apart. Unless you are getting married immediately, it really is not wise to buy a house with a boyfriend. Please be sure the deed states: that you own 50% of the house, NOT jointly. This way, if something goes awry with your relationship, it is easier to free yourself from the house or get him out. I know you are not thinking of these things, but you should.
In my area (North Texas) we sell year round. Normally the spring and summer are our strongest months (have both more sellers and more buyer) but the last few years there has been so little inventory for buyers to look at that many buyers are watching every day for the new listings.
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A single mom of five kids choosing a carpet for the house
Why are 30-year mortgages seen as unwise, if you can pay off the loan in a shorter period of time anyway? I'm slowly working towards buying my first home (yay!), and have been playing around with the numbers. As far as I can tell, there's literally zero advantage for getting a 10 or 15-year mortgage since ...
Choosing a vacation location based on climate at a given time of the year I am looking for a resource to help with picking a holiday destination. This year I would like to take some time off in August (school holidays), and I would like to find counties or regions that usually have reasonably nice weather, e.g. I would like to avoid the worst monsoon season Asia or the winter in Northern UK. In this case the obvious candidates are Europe and North America, but I am specifically looking for somewhere different. Now, if you know where you want to go, it's fairly easy to find out what the typical weather will be like in that place over the course of the year. What about going the other way though? For a given time of year, and a given ideal set of weather conditions, how do you find out where in the world is likely to have them?Bonus marks for a likelihood factor associated with them - e.g. somewhere with an average temperature of 15 degrees in Spring might seem nice, but if in late winters it's zero and early summers it's 30 with not much in-between, that's possibly a different story!(This question may seem subjective, but still I think this kind of resource would be handy for anyone planning holidays. Of course, at other times one might be interested in different time of the year.)
Why do people use mortgages, when they could just pay for the house in full? I would like your recommendation on whether you should buy a house with a mortgage, which you would pay as you go, or should you buy it in full.
How will Brexit affect house mortgages? I'm a software developer who recently moved from Eastern Europe to the UK and I'm considering applying for a mortgage. I have a good deposit to offer (30%), which should ensure that I will get the ...
What's the best time of a year to buy a car or a house in Canada? Are there any months where car or house prices usually drop in Canada? Is the difference noticeable enough to justify the waiting?
First time buyers in the UK Are there currently any grants or interest free loans available to first time buyers in the north of England on a home worth around £145,000? My partner and I are looking to purchase a house in the ...
What are the qualifications for the top 100 mortgages for first time buyers? The best thing a first time buyer can have to qualify for a mortgage is a large down payment. If a 20% down payment can be made then the homeowner is judged to have significant equity and the lender has much less exposure. In the absence of a down payment, then high and reliable income is key as well as your prior credit experience as shown in your credit report.
What types of mortgages are best for first time buyers? The type of mortgage that is best for first time buyers is going to depend on your needs. Sometimes a bank mortgage would be best for some while an FHA would be better for others. Typically, most first time home buyers go for an FHA loan because it only requires 3% down.
What are some benefits for mortgages for first time buyers? First time buyers get tax benefits and begin to build a credit.
Are there any special requirements for mortgages for first time home buyers? According to a recent article, it is expected that there will be a larger down payment. First time home buyers may need to look for other ways of getting cash, such as from grants. A good tip is to avoid homes that require major renovation. Also brace for competition, since more people are paying with cash.
Where can one find information on the requirements of first time buyers mortgages? The requirements of first time home buyers varies from lender to lender. In order to find the exactly requirements it would be beneficial to call the lender directly for exact requirements.
Is now a good time to purchase for first time house buyers? Now is a good time to purchase for first time buyers. House prices are lower in many places which makes it a buyers market. One may want to look into foreclosed homes for even cheaper options.
Are house mortgage rates lower for first time buyers? The house mortgage rates are lower for first time buyers. At least they were just recently. You can call up a local real estate agent and ask them to make sure.
Do first time house buyers still get a tax credit from the government on their federal income tax return? First time house buyers do still get a tax credit from the government on their federal income tax return. This is a very nice tax credit that helps thousands of new home buyers every year.
Does Freedom Finance offer mortgages for new home buyers? Yes, Freedom Financial does offer mortgages to first time home buyers. They also offer mortgages with low down payments. They recommend stopping in and getting pre-approved before you begin looking at homes so that you know what size mortgage you can afford.
When did people start getting 30 year mortgages and did America have 30 year mortgages in 1929? I'm not quite that old but....I believe in 1929-early 30's mortgages only had terms of 3 to 5 years...Banks made people refinance them over & over. I believe in 1934 The National Housing Act allowed for longer term loans then the Servicemen's Act in 1944.
At what time of year can one find low rate mortgages? There are several times during the year that someone can find low rate mortgages. There are times during the year when the housing markets are down, so finance companies will be more willing to give a lower mortgage rate at these times, like in fall and winter.
If you want to buy a house in Arizona that has 3 mortgages on it and the previous owners declared chapter 13 bankruptcy on all three do you assume all 3 mortgages if you assume the senior loan? Seek the help of a real estate lawyer to fully understand the contract. You want free and clear ownership when you purchase with one loan. Usually, your lender will not approve a loan for property that is subject to liens or judgements until they are paid.
I'm a 13 year old boy who needs motivation i have problems i know i can fix with will power but every time my brain keeps thinking i need to fix these problems i just don't budge please help?
What if your family is having health probems and can no longer keep the payments and wanted to quick deed the house to me.will i still be able to receive first time buyer help? Your family has both a mortgage and a title to the house. Just because they quitclaim the title to you does not remove them from responsibility for the loan. If the health problems are temporary, you could continue to make the house payments (write checks from your personal account) and then you could place a lien on the house for the final amount which you could receive back when the house is sold. For a longer term solution, they need to consider whether they should sell the house and at that time you could decide if that is what you want to buy. It is all going to hinge on what is happen
Does choosing quick format shorten the lifespan and affect the ultimate reliability of a disk?
What problems do buyers and sellers face in online auctions? There are so many problems that buyers and sellers face in online auctions. Common problem include dishonesty, low quality products, failure to pay or deliver products paid for and so much more.
If you got a quick claims deed and put your mom's house in your name a few years ago and she had work done to the house and then passed away and your name was not on the contract do you have to pay? Generally the property owner is responsible for repairs or improvements done even if they were not the one to enter into the contract. In this case the person owning the property seems to have been aware that maintenance or improvements were being done, therefore they are responsible for the cost incurred.  First, if the quit claim deed was not filed you may not be able to protect the home from your mom's debts. If that was your intention you should have recorded the deed at the county recorders office back then.Second, the work was performed on the house and as such falls under the states R
Does bad credit lead to problems with mortgages? Bad credit can lead to problems with mortgages because a low credit score could affect your annual interest rate for a loan and cause it to become higher. It could also affect your monthly payment because bad credit will put restrictions on the down payment amount which will consequently raise your monthly payment and inevitably lead to problems with mortgages.
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