| Free resouces for home buyers in Northern California, including current
local service guide, newsletter and on-line mortgage and loan amortization
calculators. Additional resources for Real Estate Agents |
| It turns out my Mortgage company (Charter One Mortgage)
charged me $124.50 extra each month for the last 9 months
(from start). With this rate, I will be paying off my mortgage
within 25 years instead of 30 years. I talked to 2 CharterOne
representatives. One of them was able to figure the monthly
interest amount for the 1st month for me. The 2nd person said
that he will transfer to the finance department. Then the phone
just handup on me! |
| I presume that you will be purchasing under the Buy To Let rules. If so,
most lenders will advance 80% of the Loan To Value of the property and would
base lending on a rental income of at least 125% of the monthly mortgage
payments. Some lenders will go to 85% for first timers. |
| Do you have enough for 20% down + closing costs + incidentals? This may differ
between regions, but at least where I live, if 20% is put down, one can avoid
having to pay mortgage repayment insurance. Closing costs can be a significant
chunk of money. (Some mortgage calculators, like at http://www.excite.com, can
also give you an estimate of closing costs. These can include fees for
inspection of the property, loan processing fees, title search or title
insurance, etc.) Incidentals are things you have to pay for out of your pocket
that will become your property. For example, you may have to pay for curtains
or blinds if they dont come with the place you are purchasing. Refrigerator?
It might or might not come with the place. If you do not get in writing that a
certain item comes with the place, you have to plan as if it doesnt. |
| If you are looking for an information source for your web site mortgage
information, check out Mortgage 101. If you have specific mortgage
companies that you would like to see on your Mortgage 101 site, send the
contact information. If you have suggestions or an article for content,
send them to us. Want to see the site, go to http://www.mortgage 101.com
Want to see how the Site Program works, go to
http://nt.mortgage101.com/partner-scripts/tools/signup1.asp?p=mtg101 |
