Posted on: 27th Oct, 2008 08:19 am
hi!
my name is ivan. i'm doing a project for my finance course(first year) and was wondering if you guys could help me a little. so far internet is great at providing mortgage related info, but i've stumbled on some questions that i can't find answers to anywhere.
here are the questions. i know it's a little too much, but if you can answer even 1 it will be helpful!
• is land registration fee charged on home equity loans?
• what must be a debt to income ratio to qualify for home equity loan?
• what is a minimum credit score for no downpayment mortgage?
• how much is mortgage insurance per month in money from $50 to $200?
• when is mortgage considered high ratio, 20% or 25%?
• what are "no cost" mortgage requirements?
• how many lenders do the no cost mortgage? for example, most high street banks or only b type lenders..
• how big are variable rate fluctuations in terms of money, not the rates. for example $100 plus or $100 less?
• do people pay for mortgage renewal? how much do customers pay for mortgage renewal?
thanks!
my name is ivan. i'm doing a project for my finance course(first year) and was wondering if you guys could help me a little. so far internet is great at providing mortgage related info, but i've stumbled on some questions that i can't find answers to anywhere.
here are the questions. i know it's a little too much, but if you can answer even 1 it will be helpful!
• is land registration fee charged on home equity loans?
• what must be a debt to income ratio to qualify for home equity loan?
• what is a minimum credit score for no downpayment mortgage?
• how much is mortgage insurance per month in money from $50 to $200?
• when is mortgage considered high ratio, 20% or 25%?
• what are "no cost" mortgage requirements?
• how many lenders do the no cost mortgage? for example, most high street banks or only b type lenders..
• how big are variable rate fluctuations in terms of money, not the rates. for example $100 plus or $100 less?
• do people pay for mortgage renewal? how much do customers pay for mortgage renewal?
thanks!
okay ivan, here goes.
1 - don't know precisely what you're referring to here;
2 - this will vary depending on the lender - each lender sets its own criteria. national lenders are pretty much out of that market, and the primary lenders are the credit unions and local banks;
3 - there's no such animal as a no down payment mortgage any longer;
4 - i don't understand your question - mortgage insurance varies depending on credit score, loan-to-value ratio, occupancy, etc;
5 - "high ratio, 20% or 25%" - not understanding your query;
6 - a "no cost" loan is one that is at a higher rate, or with a lender who chooses to absorb some of the costs while offering a reduced rate in order to simply obtain the loan;
7 - first, there are no "b" type lenders around; not sure what a "high street" bank is; all sorts of lenders will offer a no-cost loan, though usually only if they are doing high volume;
8 - no idea what you are referring to;
9 - again, no idea what "mortgage renewal" is.
hope that helps a little bit
1 - don't know precisely what you're referring to here;
2 - this will vary depending on the lender - each lender sets its own criteria. national lenders are pretty much out of that market, and the primary lenders are the credit unions and local banks;
3 - there's no such animal as a no down payment mortgage any longer;
4 - i don't understand your question - mortgage insurance varies depending on credit score, loan-to-value ratio, occupancy, etc;
5 - "high ratio, 20% or 25%" - not understanding your query;
6 - a "no cost" loan is one that is at a higher rate, or with a lender who chooses to absorb some of the costs while offering a reduced rate in order to simply obtain the loan;
7 - first, there are no "b" type lenders around; not sure what a "high street" bank is; all sorts of lenders will offer a no-cost loan, though usually only if they are doing high volume;
8 - no idea what you are referring to;
9 - again, no idea what "mortgage renewal" is.
hope that helps a little bit
"Land registration fee", "high street bank", are you in the UK? or Canada per chance? These terms aren't customary in my neck of the woods. Although there are areas of the U.S. that will utilitze a land registration system of recording real estate documents - known as Torrens system.
lol, thanks for trying :))
sorry for the confusion, i will restate my questions more clearly:
1. what are estimated monthly payments for private mortgage insurance? maybe an average benchmark from your experience (say from $50 to $200 per month).
2. what is considered high ratio mortgage. then one where downpayment is less than 20% or the one where downpayment is less than 25%? i've heard different sources quote both numbers and wanted to confirm.
3. how much do rate fluctuations on an adjustable mortgage affect monthly payments. by how much can the payments go up or down from your experience. for example, go up by $100 or go down by $200. a rough estimate is fine.
in regards to mortgage renewal it's a canadian thing. in canada mortgage terms are only 6 months to 5 years. after that people are forced to "renew" their mortgage. renewal is basically the same as refinance, but with less hassle. after renewal borrower is give a new rate.
borrowers can renew with the same lender or go to a new one.
so the list got smaller and i hope you can understand questions more clearly.
sorry for the confusion, i will restate my questions more clearly:
1. what are estimated monthly payments for private mortgage insurance? maybe an average benchmark from your experience (say from $50 to $200 per month).
2. what is considered high ratio mortgage. then one where downpayment is less than 20% or the one where downpayment is less than 25%? i've heard different sources quote both numbers and wanted to confirm.
3. how much do rate fluctuations on an adjustable mortgage affect monthly payments. by how much can the payments go up or down from your experience. for example, go up by $100 or go down by $200. a rough estimate is fine.
in regards to mortgage renewal it's a canadian thing. in canada mortgage terms are only 6 months to 5 years. after that people are forced to "renew" their mortgage. renewal is basically the same as refinance, but with less hassle. after renewal borrower is give a new rate.
borrowers can renew with the same lender or go to a new one.
so the list got smaller and i hope you can understand questions more clearly.
""Land registration fee", "high street bank", are you in the UK? or Canada per chance? These terms aren't customary in my neck of the woods. Although there are areas of the U.S. that will utilitze a land registration system of recording real estate documents - known as Torrens system."
Yep Im in Canada :) didn't realize its so easy to pick it up.
Yep Im in Canada :) didn't realize its so easy to pick it up.
Hi Guest!
The PMI(private mortgage insurance) depends upon the amount of down payment and loan to value ratio. These are also tax deductible.
Less than or round about 20% down payment is normally what the lenders ask for. If you pay something below that, the lender will ask for a PMI. When you are paying a down payment of 25% or even more, you may easily get the loan amount without the lender willing to check your past credit problems and present income.
As far as I know, the rate fluctuations of the adjustable rate mortgage will depend upon the market. If the prices go up, your payments can increase, if the prices fall, you payments will be lowered.
Thanks.
The PMI(private mortgage insurance) depends upon the amount of down payment and loan to value ratio. These are also tax deductible.
Less than or round about 20% down payment is normally what the lenders ask for. If you pay something below that, the lender will ask for a PMI. When you are paying a down payment of 25% or even more, you may easily get the loan amount without the lender willing to check your past credit problems and present income.
As far as I know, the rate fluctuations of the adjustable rate mortgage will depend upon the market. If the prices go up, your payments can increase, if the prices fall, you payments will be lowered.
Thanks.