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Hi, I was wondering if anyone could provide me with a bit of advice. My partner and I will have been in our first bought property for two years this coming january. Our fixed rate mortgage will be up then adn the rate is going to go substantially higher than we are paying right now. What is the best way to go about finding a better rate from another company and what does it all involve? Do we have to pay another company to take us on?Thanks in advance!
Just like to add that we are in Scotland.

I remortgage every 2 years to get a better fixed rate deal. If you go into your local mortgage advice company they will talk you through it. Try the estate agents Connells, as they have independant mortgage consultants in each of their offices.

Each time I remortgage, it costs about £200 for the fees. Which works out a lot cheaper than the higher interest rates that I would have paid. That £200 just gets added to the mortgage.

I'm interested mostly in 15 and 20 year fixed mortgage rates for the current day and over the past several weeks.
I'm looking for a direct link to a site with this information in a quantified format, without having to fill out any personal info and, in effect, apply for a new loan.

There are so many sites that have this info. Try this one…lots of helpful loan information. http://loan.divinfo.com/

And how does this differ from the AER?

The overall cost is the total cost for the term of the mortgage.
That is 5,10,25 years.

It should show all costs for getting the mortgage any fees that are payable on completion of term etc.

AER is the annual equivalent rate which is interest rate that you will pay.

The for comparison is so you can compare the overall cost of the mortgage against any other quotes from banks, building societies who will have different overall costs.

If you have not any other quotes then it would be a good idea to get some particularly in these 'credit crunch' days - the quote you've got may be very good - on the other hand - you'll never know unless you look!

Regards

I have 3 years left on my repayment mortgage - can I remortagge now on a 5 year product? - what happens when I get to year 3 and my mortgage is repaid?. I have asked the Nationwide but the adviser does not know> In theory I will have a 3% penalty - but my argument is 3% of nothing is nothing
What are your thoughts

When you tie in to a fixed rate for however long you can leave the rate but there will be financial penalties, these will be in letter from the inital company you took the loan out with on the Nationwide site it states the following.

Early repayment charges for fixed rate and tracker mortgages
If you repay the loan or make an overpayment of more than £500 per month within the initial fixed or tracker term, within the first 5 years of a Lifetime tracker, or within the first 10 years of the 25 year fixed rate, an early repayment charge will be payable on the entire overpayment amount. The percentage charge payable is detailed in the table below.

Deal Term Percentage Payable
2 years 1.5%
3 years 2.0%
5 years 3.0%
10 years 3.0%

Redemption charge
If you enter into a new mortgage with Nationwide and subsequently repay your mortgage more than ten years before the natural term, you will pay a charge (currently £90) unless you are taking a new Nationwide mortgage at the same time.

25 years 3.0%
Lifetime 3.0%

I suggest that you get this clarified as the financial penalty will be a nasty sting if you are not anticipating it, at present , Building Societies can pick and chose who to offer a mortgage to, if you dont want the product on offer you may find it hard to find another as deals are being withdrawn daily.

With interest rates falling I would not tie in.

I bought my house in Feb 2006 for 450k. I have a 5 year fixed rate. I cant keep up with the payments because my husband job (tile industry) is extremely doing BAD. How much will my interest or payment go up in 5 years if I cant refinance? I have a 6 month prepayment penalty if I refi or sell before 3 years. Should i wait till 2009 to try to refinance? Or do a short sale? Credit is not great anymore because of late payments.

Depend what is your rate? let see if your rate is a 6.5 after 5 yrs some loans going up to 13 % or more (read your contract has to be there maximo rate.) now if you have a late payments and do not have a home equity don`t even try Refi, Short sale is not the best sollution, but if you can`t afford, what else you can do? call you lender to waive the Pre-payment penalty and sale before foreclosure! if have more question e-mail me fabbian@myfirstcontinental.com

I live in MA but want to find the best mortgage rate on a 30 year fixed mortgage, We have ability to put 25-30% down, maybe more. Rates were showing at 5.3% last week. They went up.
Can I use an out of state lender to finance in MA?

This is a non biased service for finding rates on mortgages, CDs, credit cards, etc.

if not then why do people take out arms, everywhere i read says dont do that under any circumstances, is this just bc the people dont know any better?

The qualifications are just about the same.

If you believe that you will be reselling the house within three or four years or you think that interest rates will be going down over the next few years then an ARM might be a great idea.

That may not be true right now for you but it might be true 10 years from now when you buy your next house- so rule like "under any circumstances" don't really hold true.

not ARM mortgage loans , I am asking about fixed rate loans.

Probably down due to the fear of a recession and the Fed's lowering of interest rates. But they change may be only slight.

I have been researching mortgages for months and no one gives me a straight answer and even if it seems that they do. The next person I talk with has a conflicting answer. It seems that Brokers charge more closing costs but banks don't seem to have as much information on the market and they seem more difficult to work with.

The way to determine this is to get a Good Faith Estimate from all three, compare them and see which entity is offering you the BEST deal. ( Best deal = lowest interest rate, lease amount of out of pocket expenses)

Choosing your mortgage is just as important a decision as choosing your home.

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