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    Archived pages: 512 . Archive date: 2012-07.

  • Title: First Time Home Buyers Guide
    Descriptive info: Chapter 6: Choosing the Right Mortgage.. How to pick the best mortgage.. A home buyer s conversation with a mortgage broker usually starts with the following question:.. Which Lender offers the best mortgage?.. The answer they get (or at least the answer they should get) begins with.. It depends.. It depends because different lenders target different types of customer, so a bank that is great for high earning.. property investors may not be good for someone trying to get on the property ladder.. It depends on whether you have a big deposit or the bare minimum.. It depends on how much flexibility you need in a mortgage.. It will depend on how long you are planning  ...   be right for you.. So the question really should be:.. Where can I get the mortgage that will suit me best?.. Previous Page.. Next Page.. Contents Page.. Download the Full 127 Page Home Buyers Guide.. Search the Home Buyers Guide using Google:.. Download a Sample Chapter (free).. or instantly download the full 100+ page guide for 17.. Get a Mortgage Quote NOW.. Quotes from Mortgages Direct.. Low Cost Legal Fees.. For Home Buyers or Sellers.. 799 + vat + outlay.. House Surveys, Snags, BER.. Find a surveyor at surveyors.. ie.. Mortgage Quote.. Property Surveys.. Snag Lists.. BER Energy Ratings.. Property Guides.. Property News.. Home Buyers Guide 2009.. HOME BUYER WEBSITES:.. 2009.. Pay Per Click.. by.. PPC Ireland..

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  • Title: First Time Home Buyers Guide
    Descriptive info: Step 1: What are your plans over the coming years?.. It sounds a bit nosy, doesn t it - What are your plans?.. But it s a vital question when choosing a mortgage.. Because your plans over the coming years will affect the type of mortgage you should choose now.. Here are a few questions to ask your self:.. How long are you planning on living in your new home?.. When you decide to move again, will you sell the house or do you plan  ...   or will your income increase over the coming years?.. Do you have any plans for a career break in the future?.. Do you or your spouse have any plans on returning to college?.. Would you like a 6 month round the world trip?.. Do you have plans for a family? If so, will one of you stay at home full time? Will you work part time? If you ll both continue working full time, how much will crèche fees cost?.. When do you want to retire?..

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  • Title: First Time Home Buyers Guide
    Descriptive info: Step 2: Are there any flexible options you want in your mortgage?.. When people are looking for a mortgage they usually look at the interest rates or the monthly payment to decide.. on which lender to go with.. (Of course these are really important elements which we will discuss later).. But the interest rate should only be one element to help you make the decision.. Here are some flexible options that you might find useful:.. Deferred Start.. Interest Only.. Overpayments.. Skip  ...   payment for a number of.. months, usually 1 6 months.. (In the current environment, you may find it hard to get a deferred start mortgage.. unless you have a big deposit).. This can be useful as the first few months in a house tend to be very expensive, between decorating, buying.. furniture and upfront fees such as legal fees etc.. The payments you defer are added to the mortgage balance and you pay them over the whole term of your.. mortgage..

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  • Title: First Time Home Buyers Guide
    Descriptive info: Step 3: What type of interest rates are available?.. There are 5 main types of interest rate.. Fixed Rate.. Variable Rate.. Tracker Rate.. Discount Rate.. Offset Mortgage.. 1.. Fixed Rate Mortgage.. The concept of a fixed rate mortgage is simple.. No matter what happens to the ECB rate, your monthly.. repayments remain the same for however long the rate is fixed for.. In return for this peace of mind, you have to.. commit yourself for a set period of time.. If you decide  ...   called a 'breaking fee'.. Fixed Rate Basics:.. The fixed rate period can be as short as 1 year, or as long as 20 years.. Generally speaking, the longer you fix the rate for, the higher the interest rate.. Advantages of a fixed rate mortgage:.. You are not affected by rises in interest rates.. Most people find it is easier to budget because payments are consistent.. Provides peace of mind for people on a tight budget.. Worth considering if you think rates will go up..

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  • Title: First Time Home Buyers Guide
    Descriptive info: Step 4: What type of interest rate should I choose?.. Do you need flexibility?.. If you want to be able to make regular extra payments or occasional once off lump sum payments, a variable or.. tracker rate is what you should consider, as fixed rates usually do not offer the flexibility of making extra payments.. So, for example, if you get a large annual bonus, or if you expect to inherit money in the near future, a discount or standard variable rate should be considered, as you would be able to pay a chunk off your mortgage balance.. Do you want the comfort of level repayments?.. If your budget is  ...   will change lenders, or pay off your mortgage within the fixed rate period.. So, if for example you think you might move in 3 years time, you shouldn t take out a fixed rate of more than 3 years, to avoid any early repayment penalty fees.. Consider a Split Mortgage:.. Some lenders will allow you to split your mortgage into 2 parts so you d have 50% of the mortgage on a fixed rate and the other 50% of the balance on a tracker rate.. This would allow you some of the benefits of the fixed rate while also allowing you some of the flexibility of the tracker or variable rate..

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  • Title: First Time Home Buyers Guide
    Descriptive info: Step 5: Consider Mortgage Fees.. The good news is that many of the fees that the banks traditionally charged no longer exist.. Fees will vary from bank to bank, but here s what to look out for:.. Valuation Fee.. This is standard will all the lenders and it usually costs 130 - 150.. If you are buying a brand new home, which hasn t been completed yet, the lenders will also require a final valuation when the property is finished.. This usually cost about 65 - 70.. Indemnity Bond Fee.. This is an upfront one-off fee charged by some  ...   first time buyers, most lenders will not absorb the cost of the bond, and pay it themselves but some lenders may pass this fee onto you.. The fee can vary from hundreds to thousands of euros so make your lender doesn t charge it.. Arrangement or Acceptance Fee.. These fees are not charged by the main stream lenders, but specialist and sub prime lenders do charge fees.. generally between 0.. 5% to 1% of the mortgage amount.. Broker Fee.. Some mortgage brokers will charge you a fee to arrange your mortgage, but many brokers don t.. so shop around..

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  • Title: First Time Home Buyers Guide
    Descriptive info: Step 6: Choose the right mortgage term.. The mortgage term is simply the number of years you take your mortgage over.. Mortgage terms can be as short as 5 or 10 years and as long as 40 years.. Usually, the lenders will require you to complete your mortgage by the age of 70, so for example if you are 34 now, the maximum term you could get would be 36 years.. There are two main factors you should consider when you are choosing your term.. Mortgage Approval Amount.. Most lenders calculate how much you can borrow based on how much of your  ...   so with many lenders, the longer the.. mortgage term, the bigger the mortgage they will approve you for.. If you are trying to get as big a mortgage as possible, you will probably have to go for a longer term.. If you choose a tracker or a variable rate mortgage, you can usually reduce the term at a later stage.. Interest Payments:.. The other factor to consider is that the longer the mortgage term, the more interest you will pay.. So, everything else being equal, if you take a shorter mortgage term, you can save a lot of money in interest payments..

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  • Title: First Time Home Buyers Guide
    Descriptive info: Step 7: Picking a lender.. The next thing to do is to rule out those lenders which are non-runners and create a shortlist of those lenders who you might apply to.. There are two main factors which can make a lender a non-runner.. The deposit they require you to have.. The maximum mortgage approval they will offer.. Deposit:.. So for example, if you are a first time buyer with only a small deposit, a lender which requires you to have a 20%.. deposit will probably be a non-runner.. In this case we d rule out all those who require bigger  ...   use to calculate how big a mortgage they will offer.. Lenders will look at your income, how long you ve been in your job, your credit history, current loan payments and commitments (among other things) to work out your approval amount.. The good news is that if one lender falls a little short, it doesn t mean that all lenders will because the rules they use vary from one lender to the next.. For example, some lenders will only take a small portion of your overtime or bonus into account, whereas others may take most or all of it into account..

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  • Title: First Time Home Buyers Guide
    Descriptive info: Step 8: Things to do to help you get a mortgage.. When you submit a mortgage application you should include a case summary highlighting the reasons why the bank should approve the mortgage.. It s all about proving to them that lending you money is a no brainer and that it makes good business sense for them.. Show evidence to prove that you can afford the mortgage repayments, that you ll pay on time, and that there is no risk of you defaulting.. So here s how you can prove to the lender that you are a good risk:.. Show the ability to pay the mortgage:.. Rent..  ...   cash), because that creates a positive paper trail.. You ll be seen as less of a risk by the lenders because if you pay rent on time you are lightly to pay your mortgage on time too.. Make regular savings.. The banks love people with a regular savings history.. Again, even if it s only for a short period, showing your ability to save money will help.. Make sure you pay your credit card and loans payments on time.. It s pretty straight forward if you are late with your credit card payment or your car loan payment, how lightly are you to pay your mortgage on time?..

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  • Title: First Time Home Buyers Guide
    Descriptive info: Try to clear off existing loans.. It s important to talk to a mortgage consultant before you do this, (as in some cases it doesn t make sense to pay off your loans before you get your mortgage), but generally speaking, having existing loans will significantly reduce the amount you can borrow, so you may be able to borrow a lot more if you have no loans.. For example a 400 per month car loan can reduce what you could borrow by more than 65,000.. Step 9: Things to avoid when you are  ...   say you should consider paying off your existing loans, we d suggest that you don t take out any new finance.. Lenders will often do a credit search just before they issue your mortgage cheque.. If you have borrowed money in the mean time, it could put getting your mortgage at risk.. Don t Quit Your Job.. If at all possible, you shouldn t change jobs before you take out your mortgage, as most lenders will not offer.. mortgages to people who have just started a job or are on a probationary period..

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  • Title: First Time Home Buyers Guide
    Descriptive info: Step 10: Get approval in principle so you are a cash buyer.. Estate agents love cash buyers.. They don t have to worry about the sale falling through after they do the deal ,.. because the buyer couldn t get finance.. In some cases, an estate agent who has two offers on a property, will actually accept the lower offer if the lower bidder already has mortgage approval in place.. Getting Approval in Principle simply means getting mortgage approval in place prior to finding the specific property.. which you're going to buy.. Pre Approval  ...   about whether you'll get mortgage approval, as you'll already have it in place.. There are also other reasons to Get Approval in Principle.. It removes the guess work and doubts about what you can and can't afford.. You can easily identify homes within your price range.. You won't find the 'perfect home' and then discover you can't get finance for it.. You'll be able to move fast when the right property comes up.. To arrange mortgage approval, call independent mortgage advisers Mortgages Direct on 1890 44 66 44 or fill in.. an.. online enquiry..

    Original link path: /guides/first-time-buyers-guide-76.asp
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    Archived pages: 512