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Do You Have To Have A Mortgage To Buy A Home?
Buying a house is almost certainly the most expensive purchase you will ever have to make. Finding or saving the funds to buy your first home and get your foot on to the property ladder used to be almost impossible without taking out a mortgage to lend you the required funds.
Although most people still dont have access to the amount of cash you would need to buy a home, alternate options to the mortgage are starting to be explored. With the increased use of the internet to search for your new home, and the increased involvement of the buyer and seller of the house, direct communication between the two parties has never been better.
Buyers and sellers are now communicating together to see if they can reach a compromise for the exchange for the house which doesnt always include financial payment. These deals are becoming increasingly creative and can accommodate a whole host of requirements for either or both parties.
The most widely used alternative to the traditional mortgage is that of the seller mortgage. Most buyers, particularly first time buyers, require a substantial down payment towards the purchase of their new home. This is usually a percentage of the overall price and is 10% as standard. The cost of houses in the UK has risen hugely over the past decade and so this can be as much as 18,000 in some areas of the country for a small two bedroomed terraced house. Given that many buyers have to rent their current home, savings are not always easy to come by. Should they wish to buy a house from someone who has no outstanding mortgage to pay a seller mortgage agreement is a possibility.
The seller mortgage involves the original owner remortgaging the property and then setting up an amortized loan for the new buyer. This is a complicated loan but has been made much easier lately as it can be set up online and does not necessarily need an experienced and expensive accountant to work out the details.
About The Author
Mark Lambie is the founder of http://www.loan-source.co.uk a website providing homeowners with free secured loans quotes.
More Useful Resource and Updates on refinance loan home mortgage rate calculator
- Countrywide Agrees to $3.5B Mortgage Sttlement in California (KESQ Palm Springs)
Calabasas-based mortgage lender Countrywide has reached a settlement with 11 states designed to provide up to $8.68 billion in relief to borrowers, including $3.5 billion to Californians, Attorney General Jerry Brown announced Monday.
- Many pieces go flying from mortgage implosion (Dallas Morning News)
WASHINGTON ? Your taxpayer credit card is on the counter, all set to get the economy moving again. Caveat emptor ? let the buyer beware. The value of the mortgage-backed securities the federal government is set to buy is hard to decipher when the good, the bad and the scary are bundled together.
- Countrywide to pay $10M for bad loans (Detroit News)
More than $9.8 million will be paid to assist Michigan homeowners who have lost their homes to foreclosure and nearly 10,000 residents will be able to refinance their mortgages at lower rates.
- New federal program is supposed to help struggling mortgage borrowers (Lincoln Journal Star)
The Bush administration last week rolled out a program that aims to help thousands of struggling borrowers refinance into more affordable government-backed mortgages and thus provide some relief for the foreclosure crisis that has contributed to crippling the financial markets.
- How Countrywide-BofA mortgage settlement helps California homeowners (San Francisco Chronicle)
More than 120,000 struggling California homeowners could see their monthly mortgage payments lowered, after Bank of America Corp. agreed to provide $3.5 billion in loan and foreclosure relief to settle lawsuits it inherited with its takeover of Countrywide...
- Countrywide settlement to help 21,000 in Illinois keep homes (Chicago Tribune)
Illinois, 7 states reach $8.8 billion settlement with mortgage giant Countrywide to refinance homes Illinois, California and at least six other states have reached an $8.8 billion settlement of their lawsuits against Countrywide Financial, the biggest subprime mortgage lender, in a deal that should help some 21,000 Illinois residents keep their homes.
- Countrywide Settlement Could Help Mortgage Holders (Channel 8 San Diego)
City Attorney Michael Aguirre said today he intends file additional litigation against subprime mortgage lenders in an effort to halt further foreclosures in San Diego.
- House of cards built with good intentions (The Australian)
GREED didn't drive the mortgage meltdown, it was do-gooders peddling universal home ownership.
- Countrywide borrowers bailed out (SouthtownStar)
A loan modification program that's part of an $8.7 billion national settlement about deceptive mortgage practices will help tens of thousands of borrowers stay in their homes and could be a national model, Illinois Attorney General Lisa Madigan said Monday.
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