mortgage

The Easiest Way to go for Home Loan Balance Transfer

Angela Manning Finance , , ,
The Easiest Way to go for Home Loan Balance Transfer

Home loans are among the longest loans to serve. A portion of your income is consistently spent, over a long period, on the repayment of your home loan. The home loan interest rate, although presently low, amounts to a significant sum due to the long tenor. Besides, there is always another lender offering a better home loan deal with lower interest rates. Therefore, by opting for a home loan balance transfer, you can earn yourself a low-interest rate agreement for your prevailing home loan.

Eligibility for a home loan balance transfer

Before anything else, you must find out if you are eligible for the home loan balance transfer. To be eligible,

  • You should have a prevailing home loan from another bank or lender.
  • You should have completed paying at least 12 EMIs of your existing loan.
  • You should not have defaulted in paying any or a specific number of EMIs for your prevailing loan.
  • Also, if your property’s registration is not done, you are not eligible for the balance transfer.

While the exact specifications may vary, these are the common eligibility criteria sought by lenders when you apply for a home loan balance transfer.

Steps to follow for Home Loan Balance Transfer

  1. Visit the website of the lender where you wish to transfer your home loan.
  2. Go through all the terms and conditions and know their interest rate and processing fee.
  3. Once you are contented with their proposition, apply for the balance transfer.
  4. To apply, you have to fill in your personal details, financial details, employment details, current property details, tenure of your current loan, and existing bank’s name.
  5. Once you complete filling in the above-mentioned details, you can view your loan offer.
  6. Upload all the necessary documents and pay all the required fees.
  7. Upon completion of your application, wait for their approval.

But before you apply for the balance transfer from one lender to another, remember to do the following important tasks:

  • Get all the important documents from your current lender, which are necessary for the balance transfer.
  • Get a consent letter from the prevailing lender with the remaining loan amount.
  • These documents are necessary to be submitted to the new lender where you wish to transfer the home loan balance.
  • A home loan EMI calculatorcan help in your decision-making. So, use it to calculate the monthly installment and make a wise decision regarding your home loan balance transfer.

Conclusion

While transferring your home loan, do note that the cost of the transfer shouldn’t be too high. Charges by both the existing and the new lender may eat away some of the cost-benefit you hope to achieve. With that cost kept in mind and under control, you stand to save a lot of money in the long run through a home loan balance transfer.

Get Help with Your Mortgage in Florida and Avoid Foreclosure

Angela Manning Finance , , , , , , , ,
Get Help with Your Mortgage in Florida and Avoid Foreclosure

Source

A lot of people believe that, once they are facing foreclosure, no bank will touch them anymore. In reality, however, Florida mortgages are there to help them avoid foreclosure as well. Not just that, thousands of people who took out a mortgage in Florida many years ago have found that their original lender is now owned by a major national bank, is no longer in business, or has been sold to a different, out-of-state lender. In all of these cases, it may be time to consider a different mortgage altogether.

Start Anew

Florida mortgages are there to help you start afresh, and this can help you avoid or stop foreclosures. In fact, purpose foreclosure loans exist, which can take on your mortgage and any other debt you may have, combining them into one. Once you have done that, a weight will fall off your shoulders as you can suddenly meet all your financial obligations. All you have to do is find a Florida mortgage expert that deals specifically with foreclosure situations. A quick internet search will reveal many of these professionals just waiting to help you.

What Foreclosure Experts Do

Foreclosure experts work specifically with those who are in dire financial straits. They know that their clients have been turned away by the vast majority of other lenders but are able to find them other solutions. Foreclosure rates have always been at the highest in Florida and the government has created a number of programs to provide assistance with this.

Foreclosure loans do require a down payment. However, there are federal programs in place that can help with this as well. An example of a solution that is out there is the Florida Assist loan program, which offers help of up to $15,000 for a down payment. While this is a loan, it is non-amortizing and no interest is charged on it. Furthermore, the loan is offered as a second mortgage, and no monthly payments have to be made specifically for that loan. Instead, you will not have to repay it until the home is refinanced or sold on.

Another option is the HAMI (Homeowner Assistance for Moderate Income), which offers help towards down payments or towards the cost of closing. Furthermore, there are a variety of incentives and credit programs available through the government, all designed to ensure people can either buy their own home, or avoid foreclosure. The Office of Community Affairs provides a wealth of information on these options.

Naturally, the best option is to never get into a position in which you face foreclosure. There are many different Florida mortgage lenders around who have very friendly acceptance criteria. They would be more than happy to hear from you and discuss the options available to you. It is best to do this as soon as possible, rather than waiting until the bank starts to make moves towards foreclosure, as the longer you wait, the worse your situation will look on paper.